10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________ 

FORM 10-Q

______________________________________ 

QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

Commission File Number: 000-32191

______________________________________ 

T. ROWE PRICE GROUP, INC.

(Exact name of registrant as specified in its charter)

Maryland	52-2264646
(State of incorporation)	(I.R.S. Employer Identification No.)

100 East Pratt Street, Baltimore, Maryland 21202

(Address, including Zip Code, of principal executive offices)

(410) 345-2000

(Registrant’s telephone number, including area code)

______________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.    x  Yes    ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨ (do not check if smaller reporting company)	Smaller reporting company ¨
	Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨  Yes    x  No

The number of shares outstanding of the issuer’s common stock ($.20 par value), as of the latest practicable date, July 21, 2017, is 240,357,961.

The exhibit index is at Item 6 on page 39.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

	12/31/2016		6/30/2017
ASSETS
Cash and cash equivalents	$	1,204.9	$	1,542.2
Accounts receivable and accrued revenue	455.1		488.7
Investments	1,257.5		1,333.7
Assets of consolidated sponsored investment portfolios ($1,446.1 million at December 31, 2016 and $1,412.6 million at June 30, 2017, related to variable interest entities)	1,680.5		1,604.0
Property and equipment, net	615.1		624.3
Goodwill	665.7		665.7
Other assets	346.2		274.0
Total assets	$	6,225.0	$	6,532.6
LIABILITIES
Accounts payable and accrued expenses	$	180.8	$	185.8
Liabilities of consolidated sponsored investment portfolios ($56.8 million at December 31, 2016, and $44.2 million at June 30, 2017, related to variable interest entities)	65.6		55.4
Accrued compensation and related costs	92.6		306.3
Supplemental savings plan liability	150.9		172.9
Income taxes payable	39.3		16.0
Total liabilities	529.2		736.4
Commitments and contingent liabilities
Redeemable non-controlling interests	687.2		627.6
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares	—		—
Common stock, $.20 par value—authorized 750,000,000; issued 244,784,000 shares at December 31, 2016, and 240,262,000 at June 30, 2017	49.0		48.1
Additional capital in excess of par value	654.5		654.5
Retained earnings	4,293.6		4,477.6
Accumulated other comprehensive income (loss)	11.5		(11.6		)
Total permanent stockholders’ equity	5,008.6		5,168.6
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$	6,225.0	$	6,532.6

The accompanying notes are an integral part of these statements.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per-share amounts)

	Three months ended					Six months ended
	6/30/2016			6/30/2017		6/30/2016			6/30/2017
Revenues
Investment advisory fees	$	920.6		$	1,043.9	$	1,791.4		$	2,035.0
Administrative fees	88.5			91.3		177.9			178.6
Distribution and servicing fees	35.6			36.4		69.5			71.6
Net revenues	1,044.7			1,171.6		2,038.8			2,285.2
Operating expenses
Compensation and related costs	371.0			403.8		726.2			801.2
Advertising and promotion	14.9			18.6		38.0			44.2
Distribution and servicing costs	35.6			36.4		69.5			71.6
Depreciation and amortization of property and equipment	33.8			36.3		66.0			71.9
Occupancy and facility costs	40.8			46.8		82.2			92.2
Other operating expenses	98.9			122.1		196.3			224.8
Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter	166.2			—		166.2			(50.0		)
Total operating expenses	761.2			664.0		1,344.4			1,255.9
Net operating income	283.5			507.6		694.4			1,029.3
Non-operating income
Net investment income on investments	15.3			71.4		76.6			136.2
Net investment income on consolidated sponsored investment portfolios	26.4			39.4		50.2			88.3
Other income (expense)	(.2		)	1.2		(.2		)	2.5
Total non-operating income	41.5			112.0		126.6			227.0
Income before income taxes	325.0			619.6		821.0			1,256.3
Provision for income taxes	113.8			229.6		296.5			465.9
Net income	211.2			390.0		524.5			790.4
Less: net income attributable to redeemable non-controlling interests	7.9			16.1		17.1			30.6
Net income attributable to T. Rowe Price Group	$	203.3		$	373.9	$	507.4		$	759.8
Earnings per share on common stock of T. Rowe Price Group
Basic	$	.81		$	1.52	$	2.02		$	3.08
Diluted	$	.79		$	1.50	$	1.97		$	3.04
Dividends declared per share	$	.54		$	.57	$	1.08		$	1.14

The accompanying notes are an integral part of these statements.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net income	$	211.2		$	390.0		$	524.5		$	790.4
Other comprehensive income (loss)
Net unrealized holding gains (losses) on available-for-sale investments	5.4			13.9			(.9		)	32.2
Reclassification adjustments recognized in non-operating income:
Net gains realized on dispositions determined using average cost	—			(30.3		)	(52.3		)	(77.9		)
Net unrealized gains recognized upon the transfer to trading investments	—			(23.6		)	—			(23.6		)
Total net unrealized holding gains (losses) recognized in other comprehensive income	5.4			(40.0		)	(53.2		)	(69.3		)
Currency translation adjustments
Consolidated sponsored investment portfolios - variable interest entities	(26.9		)	30.0			14.0			37.0
Equity method investments	—			6.7			(.8		)	3.5
Total currency translation adjustments	(26.9		)	36.7			13.2			40.5
Other comprehensive loss before income taxes	(21.5		)	(3.3		)	(40.0		)	(28.8		)
Net deferred tax benefits	1.8			4.6			18.2			15.3
Total other comprehensive income (loss)	(19.7		)	1.3			(21.8		)	(13.5		)
Total comprehensive income	191.5			391.3			$	502.7		$	776.9
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	(9.0		)	23.6			23.1			$	40.2
Comprehensive income attributable to T. Rowe Price Group	200.5			367.7			479.6			736.7

The accompanying notes are an integral part of these statements.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS⁽¹⁾

(in millions)

	Six months ended
	6/30/2016			6/30/2017
Cash flows from operating activities
Net income	$	524.5		$	790.4
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	66.0			71.9
Stock-based compensation expense	75.6			74.2
Realized gains on dispositions of available-for-sale sponsored investment portfolios	(52.3		)	(77.9		)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	—			(23.6		)
Net gains recognized on other investments	(16.9		)	(23.9		)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	—			(129.0		)
Net change in trading securities held by consolidated sponsored investment portfolios	(717.2		)	(802.0		)
Other changes in assets and liabilities	106.1			259.1
Net cash (used in) provided by operating activities	(14.2		)	139.2
Cash flows from investing activities
Purchases of available-for-sale sponsored investment portfolios	—			(.7		)
Dispositions of available-for-sale sponsored investment portfolios	89.2			293.7
Net cash of sponsored investment portfolios on consolidation (deconsolidation)	68.3			(45.9		)
Additions to property and equipment	(79.2		)	(82.6		)
Other investing activity	83.7			(26.9		)
Net cash provided by investing activities	162.0			137.6
Cash flows from financing activities
Repurchases of common stock	(244.0		)	(446.9		)
Common share issuances under stock-based compensation plans	59.4			74.4
Dividends paid to common stockholders of T. Rowe Price Group	(271.6		)	(280.4		)
Net subscriptions received from redeemable non-controlling interest holders	540.0			717.7
Net cash provided by financing activities	83.8			64.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	(21.3		)	3.8
Net change in cash and cash equivalents during period	210.3			345.4
Cash and cash equivalents at beginning of year	1,172.3			1,270.5
Cash and cash equivalents at end of period, including $107.4 million at June 30, 2016 and $73.7 million at June 30, 2017 held by consolidated sponsored investment portfolios	$	1,382.6		$	1,615.9

⁽¹⁾ See note 12 for a supplementary consolidating cash flow schedule.

The accompanying notes are an integral part of these statements.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(shares in thousands; dollars in millions)

	Common shares outstanding		Common stock			Additional capital in excess of par value			Retained earnings			Accumulated other comprehensive income (loss)			Total stockholders’ equity			Redeemable non-controlling interests
Balances at December 31, 2016	244,784		$	49.0		$	654.5		$	4,293.6		$	11.5		$	5,008.6		$	687.2
Net income	—		—			—			759.8			—			759.8			30.6
Other comprehensive income (loss), net of tax	—		—			—			—			(23.1		)	(23.1		)	9.6
Dividends declared	—		—			—			(280.0		)	—			(280.0		)
Common stock-based compensation plans activity
Shares issued upon option exercises	1,942		.4			76.1			—			—			76.5			—
Restricted shares issued, net of shares withheld for taxes	15		—			(.1		)	—			—			(.1		)	—
Shares issued upon vesting of restricted stock units, net of shares withheld for taxes	6		—			(.3		)	—			—			(.3		)	—
Forfeiture of restricted awards	(5	)	—						—			—			—			—
Stock-based compensation expense	—		—			74.2			—			—			74.2			—
Restricted stock units issued as dividend equivalents	—		—			.1			(.1		)	—			—
Common shares repurchased	(6,480	)	(1.3		)	(150.0		)	(295.7		)	—			(447.0		)	—
Net subscriptions into sponsored investment portfolios	—		—			—			—			—			—			687.4
Net deconsolidations of sponsored investment portfolios	—		—			—			—			—			—			(787.2		)
Balances at June 30, 2017	240,262		$	48.1		$	654.5		$	4,477.6		$	(11.6	)	$	5,168.6		$	627.6

The accompanying notes are an integral part of these statements.

Page 6

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group (Price Group) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the sponsored T. Rowe Price U.S. mutual funds and other investment portfolios, including separately managed accounts, subadvised funds, and other sponsored investment portfolios. We also provide our investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; and trust services.

Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary to a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. Certain prior year amounts have been reclassified to conform to the 2017 presentation.

The unaudited interim financial information contained in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2016 Annual Report.

NEW ACCOUNTING GUIDANCE

We early adopted Accounting Standards Update No. 2016-09 — Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting on July 1, 2016, which changed the accounting for certain aspects of stock-based compensation awards, including the accounting for income taxes upon settlement of awards, the classification of cash flows associated with awards, the accounting for award forfeitures, and the treatment of hypothetical tax benefits when calculating weighted-average shares outstanding assuming dilution. The guidance required adjustments to be reflected as of January 1, 2016, so we recognized adjustments related to the first and second quarter of 2016 in our condensed consolidated financial statement results for the nine months ended September 30, 2016. As such, we have revised the three- and six-months ended June 30, 2016 financial statements reported in these statements to reflect the impact of the new guidance.

For the three and six months ended June 30, 2016, the recognition of net tax benefits on exercised options and vested restricted stock relative to the stock-based compensation expense reduced our previously reported income tax provisions by $8 million and $16.9 million, respectively. The impact (in millions) on our condensed consolidated statement of income and earnings per share on common stock data three- and six-months is as follows:

	Three months ended 6/30/2016				Six months ended 6/30/2016
	As previously reported		As reported herein		As previously reported		As reported herein
Income before income taxes	$	325.0	$	325.0	$	821.0	$	821.0
Provision for income taxes	121.8		113.8		313.4		296.5
Net income	203.2		211.2		507.6		524.5
Less: net income attributable to redeemable non-controlling interests	7.9		7.9		17.1		17.1
Net income attributable to T. Rowe Price Group	$	195.3	$	203.3	$	490.5	$	507.4
Less: net income allocated to outstanding restricted stock and stock unit holders	3.8		4.0		9.4		9.8
Net income allocated to common stockholders	$	191.5	$	199.3	$	481.1	$	497.6

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Earnings per share on common stock of T. Rowe Price Group
Basic	$	.78	$	.81	$	1.95	$	2.02
Diluted	$	.76	$	.79	$	1.91	$	1.97
Weighted-average common shares
Outstanding	246.9		246.9		246.8		246.8
Outstanding assuming dilution	252.1		252.6		251.8		252.2

The impact (in millions) of reporting excess tax benefits from stock-based compensation as an operating activity rather than a financing activity in the consolidated statements of cash flows for the six months ended June 30, 2016, follows:

	As previously reported			As reported herein
Net cash provided by operating activities	$	(31.5	)	$	(14.2	)
Net cash (used in) provided by financing activities	$	101.1		$	83.8

NOTE 2 – INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Accounts receivable from our sponsored investment portfolios, including our U.S. mutual funds, for advisory fees and advisory-related administrative services aggregate $303.1 million at December 31, 2016, and $320.7 million at June 30, 2017.

Revenues (in millions) from advisory services provided under agreements with our sponsored U.S. mutual funds and other investment clients include:

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Sponsored U.S. mutual funds
Stock and blended asset	$	551.1	$	628.6	$	1,070.6	$	1,222.7
Bond and money market	118.0		125.7		230.6		247.4
	669.1		754.3		1,301.2		1,470.1
Other investment portfolios
Stock and blended asset	210.3		240.3		408.2		468.2
Bond, money market, and stable value	41.2		49.3		82.0		96.7
	251.5		289.6		490.2		564.9
Total	$	920.6	$	1,043.9	$	1,791.4	$	2,035.0

Other investment portfolios include advisory revenues of $94.0 million and $108.6 million for the three months ended June 30, 2016 and 2017, respectively, that were earned from other sponsored investment portfolios. Fees earned during the six months ended June 30, 2016 and 2017, total $182.2 million and $214.7 million respectively.

We voluntarily waived $3.3 million and $7.3 million in money market related fees, including advisory fees and fund expenses, during the three and six months ended June 30, 2016 respectively, in order to maintain a positive yield for investors. We did not waive any money market related fees during 2017.

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The following table summarizes the investment portfolios and assets under management (in billions) on which we earn advisory fees.

	Average during				Average during
	the second quarter of				the first half of
	2016		2017		2016		2017
Sponsored U.S. mutual funds
Stock and blended asset	$	383.6	$	440.1	$	372.4	$	430.6
Bond and money market	108.5		120.1		106.4		117.8
	492.1		560.2		478.8		548.4
Other investment portfolios
Stock and blended asset	209.9		244.7		203.2		238.0
Bond, money market, and stable value	70.7		81.0		68.4		79.2
	280.6		325.7		271.6		317.2
Total	$	772.7	$	885.9	$	750.4	$	865.6
					As of
					12/31/2016		6/30/2017
Sponsored U.S. mutual funds
Stock and blended asset					$	401.3	$	445.5
Bond and money market					112.9		121.0
					514.2		566.5
Other investment portfolios
Stock and blended asset					220.8		254.0
Bond, money market, and stable value					75.8		83.1
					296.6		337.1
Total					$	810.8	$	903.6

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 4.7% and 4.9% of our assets under management at December 31, 2016, and June 30, 2017, respectively.

The following table summarizes other fees (in millions) we earn from our sponsored U.S. mutual funds.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Administrative fees	$	69.7	$	71.9	$	142.0	$	141.4
Distribution and servicing fees	$	35.6	$	36.4	$	69.5	$	71.6

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NOTE 3 - INVESTMENTS.

The carrying values of investments (in millions) we do not consolidate are as follows:

	12/31/2016		6/30/2017
Available-for-sale sponsored investment portfolios	$	709.0	$	524.4
Equity method investments
Sponsored investment portfolios	252.3		317.8
26% interest in UTI Asset Management Company Limited (India)	140.9		151.4
Investment partnerships	5.3		5.1
Sponsored investment portfolios held as trading	75.4		256.9
Cost method investments	73.6		77.1
U.S. Treasury note	1.0		1.0
Total	$	1,257.5	$	1,333.7

During the first six months of 2016 and 2017, certain sponsored investment portfolios in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Additionally, during the first six months of 2016 and 2017, certain sponsored investment portfolios that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our condensed consolidated balance sheets and income statements as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net decrease in assets of consolidated sponsored investment portfolios	$	(24.4	)	$	(38.1	)	$	(363.2	)	$	(1,074.0	)
Net decrease in liabilities of consolidated sponsored investment portfolios	$	(1.3	)	$	(0.4	)	$	(2.2	)	$	(133.6	)
Net decrease in redeemable non-controlling interests	$	(8.7	)	$	(19.5	)	$	(161.3	)	$	(787.2	)
Gain (loss) recognized upon deconsolidation	$	—		$	—		$	—		$	—

We did not recognize any additional gain or loss in our consolidated statements of income upon deconsolidation as the sponsored investment portfolios’ functional currencies were U.S. dollars and were carried at fair value. Depending on our ownership interest, we are now reporting our residual interests in these sponsored investment portfolios as either equity method or available-for-sale investments.

AVAILABLE-FOR-SALE SPONSORED INVESTMENT PORTFOLIOS.

The available-for-sale sponsored investment portfolios (in millions) include:

	Aggregate cost		Unrealized holding					Aggregate fair value
			gains		losses
December 31, 2016
Stock and blended asset funds	$	162.9	$	88.0	$	(1.9	)	$	249.0
Bond funds	463.3		1.7		(5.0		)	460.0
Total	$	626.2	$	89.7	$	(6.9	)	$	709.0
June 30, 2017
Stock and blended asset funds	$	106.0	$	12.0	$	—		$	118.0
Bond funds	405.6		3.8		(3.0		)	406.4
Total	$	511.6	$	15.8	$	(3.0	)	$	524.4

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The following table details the number of holdings, the unrealized holding losses, and the aggregate fair value of available-for-sale sponsored investment portfolios with unrealized losses categorized by the length of time they have been in a continuous unrealized loss position:

	Number of holdings	Unrealized  holding losses			Aggregate fair value
December 31, 2016
Less than 12 months	8	$	(4.2	)	$	328.1
12 months or more	2	(2.7		)	169.5
Total	10	$	(6.9	)	$	497.6
June 30, 2017
Less than 12 months	3	$	(.8	)	$	24.5
12 months or more	1	(2.2		)	168.3
Total	4	$	(3.0	)	$	192.8

In addition to the duration of the impairments, we reviewed the severity of the impairment as well as our intent and ability to hold the investments for a period of time sufficient for an anticipated recovery in fair value. Accordingly, impairment of these investment holdings is considered temporary at December 31, 2016 and June 30, 2017.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2016 and June 30, 2017, include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss (in millions) related to our involvement with these entities is as follows:

	12/31/2016		6/30/2017
Investment carrying values	$	149.2	$	116.4
Unfunded capital commitments	46.4		45.7
Uncollected investment advisory and administrative fees	5.9		5.8
	$	201.5	$	167.9

The unfunded capital commitments totaling $45.7 million relate primarily to investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances.

NOTE 4 – FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and certain investments using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. We do not value any investments using Level 3 inputs.

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These levels are not necessarily an indication of the risk or liquidity associated with our investments. There have been no transfers between the levels. The following table summarizes our investments (in millions) that are recognized in our condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs.

	Level 1		Level 2
December 31, 2016
Cash equivalents	$	1,052.3	$	—
Available-for-sale sponsored investment portfolios	709.0		—
Sponsored investment portfolios held as trading	60.3		15.1
Total	$	1,821.6	$	15.1
June 30, 2017
Cash equivalents	$	1,323.8	$	—
Available-for-sale sponsored investment portfolios	524.4		—
Sponsored investment portfolios held as trading	239.3		17.6
Total	$	2,087.5	$	17.6

The table above excludes investments held by consolidated sponsored investment portfolios which are presented separately on our condensed consolidated balance sheets and are detailed in Note 5.

NOTE 5 - CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS.

The sponsored investment portfolios that we consolidate in our condensed consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. sponsored investment portfolios are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.

The following table details the net assets of the consolidated sponsored investment portfolios:

	December 31, 2016						June 30, 2017
	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	10.3	$	55.3	$	65.6	$	6.6	$	67.1	$	73.7
Investments(2)	219.3		1,340.6		1,559.9		179.8		1,325.6		1,505.4
Other assets	4.8		50.2		55.0		5.0		19.9		24.9
Total assets	234.4		1,446.1		1,680.5		191.4		1,412.6		1,604.0
Liabilities	8.8		56.8		65.6		11.2		44.2		55.4
Net assets	$	225.6	$	1,389.3	$	1,614.9	$	180.2	$	1,368.4	$	1,548.6
Attributable to redeemable non-controlling interests	$	69.5	$	617.7	$	687.2	$	50.1	$	577.5	$	627.6
Attributable to T. Rowe Price Group	156.1		771.6		927.7		130.1		790.9		921.0
	$	225.6	$	1,389.3	$	1,614.9	$	180.2	$	1,368.4	$	1,548.6

⁽¹⁾Cash and cash equivalents includes $8.8 million and $5.9 million at December 31, 2016 and June 30, 2017, respectively, of investments in sponsored money market mutual funds.

⁽²⁾Investments includes $4.2 million and $9.0 million at December 31, 2016 and June 30, 2017, respectively, of investments in sponsored portfolios.

Although we can redeem our net interest in these sponsored investment portfolios at any time, we cannot directly access or sell the assets held by the portfolios to obtain cash for general operations. Additionally, the assets of these investment portfolios are not available to our general creditors.

Since third party investors in these investment funds have no recourse to our credit, our overall risk related to the net assets of consolidated sponsored investment portfolios is limited to valuation changes associated with our net interest. We, however, are

Page 12

required to recognize the valuation changes associated with all underlying investments held by these portfolios in our condensed consolidated statements of income, and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests.

The operating results (in millions) of the consolidated sponsored investment portfolios for the three- and six- months ended June 30, 2016 and 2017, are reflected in our condensed consolidated statements of income as follows:

	Three months ended
	6/30/2016									6/30/2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.3	)	$	(3.2	)	$	(3.5	)	$	(.2	)	$	(2.5	)	$	(2.7	)
Net investment income reflected in non-operating income	5.8			20.6			26.4			4.8			34.6			39.4
Impact on income before taxes	$	5.5		$	17.4		$	22.9		$	4.6		$	32.1		$	36.7
Net income attributable to T. Rowe Price Group	$	3.9		$	11.1		$	15.0		$	3.4		$	17.2		$	20.6
Net income attributable to redeemable non-controlling interests	1.6			6.3			7.9			1.2			14.9			16.1
	$	5.5		$	17.4		$	22.9		$	4.6		$	32.1		$	36.7

	Six months ended
	6/30/2016									6/30/2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.8	)	$	(5.3	)	$	(6.1	)	$	(.5	)	$	(4.8	)	$	(5.3	)
Net investment income reflected in non-operating income	12.1			38.1			50.2			10.1			78.2			88.3
Impact on income before taxes	$	11.3		$	32.8		$	44.1		$	9.6		$	73.4		$	83.0
Net income attributable to T. Rowe Price Group	$	7.7		$	19.3		$	27.0		$	7.3		$	45.1		$	52.4
Net income attributable to redeemable non-controlling interests	3.6			13.5			17.1			2.3			28.3			30.6
	$	11.3		$	32.8		$	44.1		$	9.6		$	73.4		$	83.0

The operating expenses of these consolidated portfolios are reflected in other operating expenses. In preparing our condensed consolidated financial statements, we eliminated operating expenses of $1.8 million and $1.0 million for the three months endedJune 30, 2016 and 2017, respectively, against the investment advisory and administrative fees earned from these portfolios. Operating expenses eliminated for the six months ended June 30, 2016 and 2017, were $3.1 million and $1.8 million, respectively. The net investment income reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated sponsored investment portfolios.

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The table below details the impact of these consolidated investment portfolios on the individual lines of our condensed consolidated statements of cash flows (in millions) for the six months endedJune 30, 2016 and 2017.

	Six months ended
	June 30, 2016									June 30, 2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Net cash (used in) provided by operating activities	$	(40.9	)	$	(632.4	)	$	(673.3	)	$	(6.4	)	$	(727.8	)	$	(734.2	)
Net cash provided by investing activities	25.4			42.9			68.3			(6.2		)	(39.7		)	(45.9		)
Net cash provided by financing activities	27.6			706.1			733.7			8.9			775.5			784.4
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	(21.3		)	—			3.8			3.8
Net change in cash and cash equivalents during period	12.1			95.3			107.4			(3.7		)	11.8			8.1
Cash and cash equivalents at beginning of year	—			—			—			10.3			55.3			65.6
Cash and cash equivalents at end of period	$	12.1		$	95.3		$	107.4		$	6.6		$	67.1		$	73.7

The net cash provided by financing activities during the first half of2016 and 2017 includes 193.7 million and $66.7 million, respectively, of net subscriptions we made into the consolidated sponsored investment portfolios, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

We determine the fair value of investments held by consolidated sponsored investment portfolios using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The value of investments using Level 3 inputs is insignificant.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. There have been no material transfers between the levels. The following table summarizes the investment holdings held by our consolidated sponsored investment portfolios (in millions) using fair value measurements determined based on the differing levels of inputs.

	Level 1			Level 2
December 31, 2016
Assets
Cash equivalents	$	8.8		$	.8
Equity securities	281.8			325.3
Fixed income securities	—			918.1
Other investments	.4			34.3
	$	291.0		$	1,278.5
Liabilities	$	(.6	)	$	(13.6	)

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	Level 1			Level 2
June 30, 2017
Assets
Cash equivalents	$	6.2		$	.3
Equity securities	406.0			356.2
Fixed income securities	—			731.9
Other investments	.3			11.0
	$	412.5		$	1,099.4
Liabilities	$	(.2	)	$	(12.0	)

NOTE 6 – STOCKHOLDERS’ EQUITY.

Regular cash dividends declared per share during the first six months of 2016 and 2017 were $1.08 and $1.14, respectively.

At June 30, 2017, a liability of $.1 million is included in accounts payable and accrued expenses for common stock repurchases that settled by July 5, 2017.

NOTE 7 – STOCK-BASED COMPENSATION.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during the first half of2017.

	Options		Weighted- average exercise price
Outstanding at December 31, 2016	24,364,322		$	61.90
Exercised	(2,676,181	)	$	48.73
Forfeited	(29,237	)	$	73.88
Expired	(39,631	)	$	76.06
Outstanding at June 30, 2017	21,619,273		$	63.49
Exercisable at June 30, 2017	14,847,765		$	58.67

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the first half of2017.

	Restricted shares		Restricted stock units		Weighted-average fair value
Nonvested at December 31, 2016	931,508		4,634,461		$	72.19
Time-based grants	17,022		72,547		$	68.94
Vested	(9,018	)	(20,379	)	$	73.72
Forfeited	(4,406	)	(27,556	)	$	72.83
Nonvested at June 30, 2017	935,106		4,659,073		$	72.13

Nonvested at June 30, 2017, includes 14,400 performance-based restricted shares and 401,138 performance-based restricted stock units. These performance-based restricted shares and units include 14,400 restricted shares and 342,049 restricted stock units for which the performance period has lapsed and the performance threshold has been met.

Page 15

FUTURE STOCK-BASED COMPENSATION EXPENSE.

The following table presents the compensation expense (in millions) to be recognized over the remaining vesting periods of the stock-based awards outstanding at June 30, 2017. Estimated future compensation expense will change to reflect future awards of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.

Third quarter 2017	$	38.4
Fourth quarter 2017	34.4
2018	86.6
2019 through 2022	73.4
Total	$	232.8

NOTE 8 – EARNINGS PER SHARE CALCULATIONS.

The following table presents the reconciliation (in millions) of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares (in millions) that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflect the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Net income attributable to T. Rowe Price Group	$	203.3	$	373.9	$	507.4	$	759.8
Less: net income allocated to outstanding restricted stock and stock unit holders	4.0		8.5		9.8		17.2
Net income allocated to common stockholders	$	199.3	$	365.4	$	497.6	$	742.6
Weighted-average common shares
Outstanding	246.9		239.8		246.8		240.9
Outstanding assuming dilution	252.6		243.0		252.2		244.2

The following table shows the weighted-average outstanding stock options (in millions) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.

	Three months ended		Six months ended
	6/30/2016	6/30/2017	6/30/2016	6/30/2017
Weighted-average outstanding stock options excluded	8.7	8.5	9.7	9.0

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NOTE 9 - OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

The following table presents the impact of the components (in millions) of other comprehensive income or loss on deferred tax benefits (income taxes).

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net deferred tax benefits (income taxes) on:
Net unrealized holding gains or losses	$	(2.1	)	$	(5.4	)	$	0.4		$	(12.5	)
Reclassification adjustments recognized in the provision for income taxes:
Net gains realized on dispositions	—			11.9			20.6			30.5
Net gains recognized upon transfer to trading  investments	—			9.2			—			9.2
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	(2.1		)	15.7			21.0			27.2
Total deferred tax benefits (income taxes) on currency translation adjustments	3.9			(11.1		)	(2.8		)	(11.9		)
Total net deferred tax benefits	$	1.8		$	4.6		$	18.2		$	15.3

The changes (in millions) in each component of accumulated other comprehensive income (loss), including reclassification adjustments for the first half of2017 are presented in the table below.

				Currency translation adjustments
	Net unrealized holding gains			Equity method investments			Consolidated sponsored investment portfolios - variable interest entities			Total currency translation adjustments			Total
Balances at December 31, 2016	$	52.2		$	(32.3	)	$	(8.4	)	$	(40.7	)	$	11.5
Other comprehensive income before reclassifications and income taxes	32.2			3.5			27.4			30.9			63.1
Reclassification adjustments recognized in non-operating income	(101.5		)	—			—			—			(101.5		)
	(69.3		)	3.5			27.4			30.9			(38.4		)
Net deferred tax benefits (income taxes)	27.2			(1.2		)	(10.7		)	(11.9		)	15.3
Other comprehensive income (loss)	(42.1		)	2.3			16.7			19.0			(23.1		)
Balances at June 30, 2017	$	10.1		$	(30.0	)	$	8.3		$	(21.7	)	$	(11.6	)

NOTE 10 - DELL APPRAISAL RIGHTS MATTER.

In 2016, we paid $166.2 million to compensate certain T. Rowe Price mutual funds, trusts, separately managed accounts, and subadvised clients (collectively, Clients) for the denial of their appraisal rights by the Delaware Chancery Court (Court) in connection with the 2013 leveraged buyout of Dell, Inc. (Dell).

The Court ruled on May 11, 2016, that the Clients could not pursue an appraisal of any shares they held that were voted in favor of the Dell merger. The appraisal statute governing the transaction required the record holder to vote against or abstain from voting on the transaction in order to assert appraisal rights. After previously voting against prior transaction proposals, the voting instructions submitted on behalf of the Clients in connection with voting on the final proposed transaction were incorrectly submitted in favor of the transaction. On May 31, 2016, the Court determined that the fair value of Dell at the time of the merger was $17.62 per share, as opposed to the $13.75 price offered in the transaction. As a result, any shareholder perfecting appraisal rights is entitled to a payment at $17.62 per share plus statutory interest from the date the Dell transaction closed. The compensation to Clients was intended to make them whole for the voting discrepancy that resulted in the denial of their appraisal rights.

Page 17

On December 30, 2016, we signed a settlement agreement with our insurance carrier for insurance proceeds totaling $100.0 million related to this matter. We recognized the proceeds as a reduction to the $166.2 million nonrecurring charge that we recognized in the second quarter of 2016 and as a receivable in other assets at December 31, 2016. We received the insurance proceeds on January 24, 2017. In the first quarter of 2017, we recognized a reduction in operating expenses from insurance recoveries from other insurance carriers totaling an additional $50 million, of which $40 million was paid during the first quarter and the remaining $10 million was paid during the second quarter.

NOTE 11 - COMMITMENTS AND CONTINGENCIES.

On February 14, 2017, T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, current and former members of the management committee, and trustees of the T. Rowe Price U.S. Retirement Program were named as defendants in a lawsuit filed in the United States District Court for the District of Maryland. The plaintiff is a former employee who alleges breaches of ERISA’s fiduciary duty and prohibited transaction provisions on behalf of a class of all participants and beneficiaries of the T. Rowe Price 401(k) Plan from February 14, 2011, to the time of judgment. The plaintiff is seeking certification of the complaint as a class action. T. Rowe Price believes the claims are without merit and intends to vigorously defend the action. This matter is in the early stages of litigation and we cannot predict the eventual outcome or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome.

On April 27, 2016, certain shareholders in the T. Rowe Price Blue Chip Growth Fund, T. Rowe Price Capital Appreciation Fund, T. Rowe Price Equity Income Fund, T. Rowe Price Growth Stock Fund, T. Rowe Price International Stock Fund, T. Rowe Price High Yield Fund, T. Rowe Price New Income Fund and T. Rowe Price Small Cap Stock Fund (the “Funds”) filed a Section 36(b) complaint under the caption Zoidis v. T. Rowe Price Assoc., Inc., against T. Rowe Price Associates, Inc. (“T. Rowe Price”) in the United States District Court for the Northern District of California. The complaint alleges that the management fees for the identified funds are excessive because T. Rowe Price charges lower advisory fees to subadvised clients with funds in the same strategy. The complaint seeks to recover the allegedly excessive advisory fees received by T. Rowe Price in the year preceding the start of the lawsuit, along with investments’ returns and profits. In the alternative, the complaint seeks the rescission of each fund’s investment management agreement and restitution of any allegedly excessive management fees. T. Rowe Price believes the claims are without merit and intends to vigorously defend the action. This matter is in the early stages of litigation and we cannot predict the eventual outcome or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome.

In addition to the matters discussed above, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

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NOTE 12 - SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENT.

The following tables summarize the cash flows (in millions) for the six months ended June 30, 2016 and 2017, that are attributable to T. Rowe Price Group, our consolidated sponsored investment portfolios and the related eliminations required in preparing the statements.

	Six months ended
	6/30/2016												6/30/2017
	Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported			Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported
Cash flows from operating activities
Net income	$	507.4		$	44.1		$	(27.0	)	$	524.5		$	759.8		$	83.0		$	(52.4	)	$	790.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	66.0			—			—			66.0			71.9			—			—			71.9
Stock-based compensation expense	75.6			—			—			75.6			74.2			—			—			74.2
Realized gains on dispositions of available-for-sale sponsored investment portfolios	(52.3		)	—			—			(52.3		)	(77.9		)	—			—			(77.9		)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	—			—			—			—			(23.6		)	—			—			(23.6		)
Net gains recognized on investments	(43.9		)	—			27.0			(16.9		)	(76.3		)	—			52.4			(23.9		)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	—			—			—			—			(129.0		)	—			—			(129.0		)
Net change in trading securities held by consolidated sponsored investment portfolios	—			(717.2		)	—			(717.2		)	—			(802.0		)	—			(802.0		)
Other changes in assets and liabilities	109.4			(.2		)	(3.1		)	106.1			277.0			(15.2		)	(2.7		)	259.1
Net cash (used in) provided by operating activities	662.2			(673.3		)	(3.1		)	(14.2		)	876.1			(734.2		)	(2.7		)	139.2
Net cash provided by investing activities	(103.1		)	68.3			196.8			162.0			114.1			(45.9		)	69.4			137.6
Net cash provided by financing activities	(456.2		)	733.7			(193.7		)	83.8			(652.9		)	784.4			(66.7		)	64.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	—			(21.3		)	—			3.8			—			3.8
Net change in cash and cash equivalents during period	102.9			107.4			—			210.3			337.3			8.1			—			345.4
Cash and cash equivalents at beginning of year	1,172.3			—			—			1,172.3			1,204.9			65.6			—			1,270.5
Cash and cash equivalents at end of period	$	1,275.2		$	107.4		$	—		$	1,382.6		$	1,542.2		$	73.7		$	—		$	1,615.9

Page 19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

T. Rowe Price Group, Inc.:

We have reviewed the condensed consolidated balance sheet of T. Rowe Price Group, Inc. and subsidiaries (“the Company”) as of June 30, 2017, the related condensed consolidated statements of income and comprehensive income for the three- and six- month periods ended June 30, 2017 and 2016, the related condensed consolidated statements of cash flows for the six-month periods ended June 30, 2017 and 2016, and the related condensed consolidated statement of stockholders’ equity for the six-month period ended June 30, 2017. These condensed consolidated financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of T. Rowe Price Group, Inc. and subsidiaries as of December 31, 2016, and the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 7, 2017, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2016, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ KPMG LLP

Baltimore, Maryland

July 25, 2017

Page 20

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

GENERAL.

Our revenues and net income are derived primarily from investment advisory services provided to individual and institutional investors in our sponsored U.S. mutual funds and other investment portfolios. The other investment portfolios include: separately managed accounts, subadvised funds, and other sponsored investment portfolios including collective investment trusts, target-date retirement trusts, open-ended investment products offered to investors outside the U.S., and portfolios offered through variable annuity life insurance plans in the U.S. Investment advisory clients domiciled outside the U.S. account for nearly 5% of our assets under management at June 30, 2017.

We manage a broad range of U.S., international and global stock, bond, and money market mutual funds and other investment portfolios, which meet the varied needs and objectives of individual and institutional investors. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management affect our revenues and results of operations. We incur significant expenditures to develop new products and services, and improve and expand our capabilities and distribution channels in order to attract new investment advisory clients and additional investments from our existing clients. These efforts often involve costs that precede any future revenues that we may recognize from an increase to our assets under management.

We remain debt-free with ample liquidity and resources that allow us to take advantage of attractive growth opportunities; invest in key capabilities, including investment professionals, technologies, and new product offerings; and, most importantly, provide our clients with strong investment management expertise and service both now and in the future. We expect to continue our investment in long-term initiatives to sustain and deepen our investment talent, add investment capabilities both in terms of new strategies and new investment vehicles, expand capabilities through enhanced technology, and broaden our distribution reach globally.

We expect to sustain our current pace of spending on a series of key strategic priorities to address evolving client needs and to grow and further diversify our business. Based on these planned initiatives, we currently expect that our planned operating expenses, excluding the operating expense impact of the Dell appraisal rights matter, will grow about 10% in 2017 versus 2016. For 2018, we currently expect our operating expenses could grow by up to 7% over 2017 levels. We could elect to moderate the pace of spending on our planned initiatives should markets decline significantly. In addition, other events not currently planned or expected could impact our expense levels.

BACKGROUND.

Major U.S. stock indexes rose, and many reached all-time highs, during the second quarter of 2017. Large-cap shares outperformed their smaller peers, and growth stocks surpassed value stocks across all market capitalizations. Strong first-quarter corporate earnings outweighed negative factors such as mediocre first-quarter economic growth, a mid-June interest rate increase from the Federal Reserve, domestic political controversies, and increased global geopolitical tensions.

Stocks in developed non-U.S. markets outperformed U.S. shares, as returns to U.S. investors were boosted by a weaker dollar versus most major non-U.S. currencies. Japan and most other developed Asian markets produced positive returns in U.S. dollar terms. European equity markets were broadly higher, buoyed by signs of a pickup in economic growth and continued central bank stimulus efforts. UK market generally lagged.

Emerging markets equities performed in line with developed markets, helped by a generally improving growth backdrop. In dollar terms, markets in Asia strongly outperformed other regions. Major Latin American markets were mixed. Several emerging European markets rose sharply, but Russian shares skidded almost 10%, as oil prices and the ruble declined.

Returns of several major equity market indexes for the three- and six-month periods ended June 30,2017, are as follows:

	Three months ended	Six months ended
Index	6/30/2017	6/30/2017
S&P 500 Index	3.1%	9.3%
NASDAQ Composite Index (1)	3.9%	14.1%
Russell 2000 Index	2.5%	5.0%
MSCI EAFE (Europe, Australasia, and Far East) Index	6.4%	14.2%
MSCI Emerging Markets Index	6.4%	18.6%

⁽¹⁾ returns exclude dividends

Page 21

Global bond returns were broadly positive in the second quarter of 2017. In the U.S., investment-grade bond prices rose as long-term interest rates declined, even though the Fed raised short-term rates again in June. Fed officials also provided some details of their plan to begin reducing the size of the central bank’s balance sheet-possibly later this year. The 10-year Treasury note yield slipped from 2.4% to 2.3% during the second quarter of 2017. Among high-quality taxable bonds, long-term Treasuries and corporate bonds performed best. Municipal bonds surpassed taxable fixed income securities, helped by steady demand and limited supply. High yield issues generally outperformed investment-grade issues, as investors continued to seek attractive yields.

Bonds in developed non-U.S. markets produced good returns in dollar terms, helped by stronger European currencies. Near the end of the quarter, UK and eurozone bond prices fell and yields spiked as comments from central bank officials raised expectations that the Bank of England and the European Central Bank would begin to reduce their accommodative monetary policies in the months ahead. Japanese bond yields remained very low, as the Bank of Japan’s bond purchases kept the 10-year Japanese government bond yield near 0%. Emerging markets bonds produced positive returns in dollar terms, with local currency bonds faring better than dollar-denominated issues. Major emerging markets currencies were mixed.

Returns for several major bond market indexes for the three- and six-month periods ended June 30,2017, are as follows:

	Three months ended	Six months ended
Index	6/30/2017	6/30/2017
Bloomberg Barclays U.S. Aggregate Bond Index	1.5%	2.3%
JPMorgan Global High Yield Index	2.1%	5.0%
Bloomberg Barclays Municipal Bond Index	2.0%	3.6%
Bloomberg Barclays Global Aggregate Ex-U.S. Dollar Bond Index	3.6%	6.1%
JPMorgan Emerging Markets Bond Index Plus	2.4%	6.3%

ASSETS UNDER MANAGEMENT.

Assets under management ended the second quarter of 2017 at $903.6 billion, an increase of $42.0 billion from March 31, 2017 and $92.8 billion from December 31, 2016. We had net cash inflows of $3.7 billion in the second quarter of 2017 and $4.4 billion for the first half of 2017. The following table presents our assets under management (in billions) at December 31, 2016, and June 30, 2017, by investment portfolio and asset class.

	As of
	12/31/2016		6/30/2017
Sponsored U.S. mutual funds	$	514.2	$	566.5
Other investment portfolios	296.6		337.1
Total assets under management	$	810.8	$	903.6

	As of
	12/31/2016		6/30/2017
Equity	$	450.6	$	508.9
Fixed income	121.2		125.4
Asset allocation	239.0		269.3
Total assets under management	$	810.8	$	903.6

Our target date retirement portfolios, which invest in a broadly diversified portfolio of other T. Rowe Price funds or T. Rowe Price collective investment trusts and automatically rebalance to maintain their specific asset allocation weightings, continue to be a significant part of our assets under management. Assets under management at June 30, 2017, in these target date portfolios totaled $213.8 billion, including $164.9 billion in target date retirement funds and $48.9 billion in target date retirement trusts.

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The following table details the changes in our assets under management (in billions) during the three- and six-month periods ended June 30,2017:

	Three months ended 6/30/2017							Six months ended 6/30/2017
	Sponsored U.S. mutual funds			Other investment portfolios		Total		Sponsored U.S. mutual funds			Other investment portfolios		Total
Assets under management at beginning of period	$	548.3		$	313.3	$	861.6	$	514.2		$	296.6	$	810.8
Net cash flows before client transfers	1.9			1.8		3.7		4.4			—		4.4
Client transfers from mutual funds to other portfolios	(7.6		)	7.6		—		(7.9		)	7.9		—
Net cash flows after client transfers	(5.7		)	9.4		3.7		(3.5		)	7.9		4.4
Net market appreciation and income	23.9			14.4		38.3		55.8			32.6		88.4
Change during the period	18.2			23.8		42.0		52.3			40.5		92.8
Assets under management at June 30, 2017	$	566.5		$	337.1	$	903.6	$	566.5		$	337.1	$	903.6

The client transfers from mutual funds to other investment portfolios noted in the table above were primarily transfers from the target date retirement funds to target date retirement trusts.

The net cash flows (in billions) during the three- and six-month periods ended June 30,2017, include the following:

	Three months ended 6/30/2017			Six months ended 6/30/2017
Stock and blended asset	$	(1.4	)	$	(5.3	)
Bond, money market, and stable value	5.1			9.7
Total net cash flows	3.7			4.4

Net cash inflows into our target date retirement portfolios were $3.1 billion in the second quarter of 2017 and $5.4 billion in the first half of 2017.

Page 23

RESULTS OF OPERATIONS.

The table below presents financial results on a U.S. GAAP basis as well as a non-GAAP basis that adjusts for the impact of the Dell appraisal rights matter, the firm's consolidated sponsored investment portfolios and other non-operating income. We believe the non-GAAP financial measures below provide relevant and meaningful information to investors about our core operating results.

	Three months ended
(in millions, except per-share data)	6/30/2016			6/30/2017		Dollar change			Percentage change
U.S. GAAP Basis
Investment advisory fees	$	920.6		$	1,043.9	$	123.3		13.4	%
Net revenues	$	1,044.7		$	1,171.6	$	126.9		12.1	%
Operating expenses	$	761.2		$	664.0	$	(97.2	)	(12.8	)%
Net operating income	$	283.5		$	507.6	$	224.1		79.0	%
Non-operating income	$	41.5		$	112.0	$	70.5		169.9	%
Net income attributable to T. Rowe Price Group	$	203.3	(1)	$	373.9	$	170.6		83.9	%
Diluted earnings per share on common stock of T. Rowe Price Group	$	.79	(1)	$	1.50	$	.71		89.9	%
Weighted average common shares outstanding assuming dilution	252.6		(1)	243.0		(9.6		)	(3.8	)%
Adjusted(2)
Operating expenses	$	593.3		$	662.3	$	69.0		11.6	%
Net income attributable to T. Rowe Price Group	$	285.6		$	317.9	$	32.3		11.3	%
Diluted earnings per share on common stock of T. Rowe Price Group	$	1.11		$	1.28	$	.17		15.3	%
Assets under management (in billions)
Average assets under management	$	772.7		$	885.9	$	113.2		14.6	%
Ending assets under management	$	776.6		$	903.6	$	127.0		16.4	%

⁽¹⁾As discussed in Note 1, The Company and Basis of Preparation, to the condensedconsolidated financial statements, prior year amounts have been adjusted to reflect the impact of implementing new stock-based compensation accounting guidance in the third quarter of 2016.

⁽²⁾See the reconciliation to the comparable U.S. GAAP measures at the end of the results of operations sections of this management discussion and analysis.

Investment advisory fees earned in the second quarter of 2017 increased over the comparable 2016 quarter as average assets under our management increased $113.2 billion, or 14.6%, to $885.9 billion. Recent increases in money market fund yields have resulted in no fee waivers for those portfolios in the second quarter of 2017. Comparably, we waived $3.3 million in advisory fees from certain of our money market mutual funds in the second quarter of 2016 quarter.

The average annualized effective fee rate earned on our assets under management during the second quarter of 2017 was 47.3 basis points, compared with 47.9 basis points earned during the second quarter of 2016. Our effective fee rate has declined in part due to fee reductions we made to certain mutual funds and other portfolios since the second quarter of 2016. The impact of the fee reductions was offset in part by higher equity valuations, which resulted in a greater percentage of our assets under management being attributable to higher fee equity portfolios. We regularly assess the competitiveness of our investment advisory fees and will continue to make adjustments as deemed appropriate.

Page 24

The second quarter of 2016 results included a nonrecurring operating charge of $166.2 million related to our decision to compensate certain clients in regard to the Dell appraisal rights matter. This nonrecurring charge reduced net income in the second quarter of 2016 by $100.7 million, or $.39 in diluted earnings per common share. A quarterly summary of the financial impact of the Dell matter on our pre-tax operating expenses and pre-tax operating cash flows (in millions) since the matter arose is as follows:

Three months ended	Pre-tax operating expense			Pre-tax operating cash flow
June 30, 2016	$	166.2		$	(164.0	)
September 30, 2016	—			(.9		)
December 31, 2016	(100.0		)	(1.3		)
Total - 2016	66.2			(166.2		)
March 31, 2017	(50.0		)	140.0
June 30, 2017	—			10.0
Total impact from Dell appraisal rights matter	$	16.2		$	(16.2	)

Our operating margin in the second quarter of 2017 was 43.3%, compared to 27.1% earned in the 2016 quarter. Excluding the nonrecurring charge related to the Dell appraisal rights matter, our operating margin in the second quarter of 2016 would have been 43.0%.

Net revenues

Investment advisory revenues earned in the second quarter of 2017 from the T. Rowe Price mutual funds distributed in the U.S. were $754.3 million, an increase of $85.2 million, or 12.7%, from the comparable 2016 quarter. Average mutual fund assets under management in the second quarter of 2017 were $560.2 billion, an increase of 13.8% from the average in the second quarter of 2016.

Investment advisory revenues earned in the second quarter of 2017 from the other investment portfolios were $289.6 million, an increase of $38.1 million, or 15.1%, from the comparable 2016 quarter. Average assets under management for these portfolios in the second quarter of 2017 were $325.7 billion, an increase of 16.1% from the average in the second quarter of 2016. The second quarter of 2016 and 2017 include the elimination of $2.0 million and $1.1 million, respectively, in advisory fees against the related management fee expense recorded by our consolidated sponsored investment portfolios.

Administrative fee revenues in the second quarter of 2017 were $91.3 million, an increase of $2.8 million from the comparable 2016 quarter. The increase is primarily attributable to the servicing activities we provide to the sponsored U. S. mutual funds and their investors. These changes in administrative fee revenues are generally offset by similar changes in related operating expenses that are incurred to provide such services to the funds and their investors.

Operating expenses

Compensation and related costs were $403.8 million in the second quarter of 2017, an increase of $32.8 million, or 8.8%, compared to the second quarter of 2016. Our base salaries and related benefits have increased $26.6 million from the second quarter of 2016 primarily as a result of a 6.8% increase in our average staff size and modest increases in base salaries at the beginning of 2017. Our interim accrual for annual variable compensation increased $9.7 million from the 2016 quarter. Our interim accrual for annual variable compensation program is recognized ratably over the year using the ratio of recognized quarterly net operating income to forecasted annual net operating income. Higher market valuations on a larger supplemental savings plan liability resulted in $4.4 million in additional compensation expense in the second quarter of 2017 compared with the 2016 period. These higher costs were offset, in part, by a $9.1 million increase in labor capitalization related to internally developed software as we continue to invest in technology capabilities. We employed 6,651 associates at June 30, 2017.

Occupancy and facility costs, together with depreciation expense, were $83.1 million in the second quarter of 2017, an increase of $8.5 million, or 11.4%, compared to the second quarter of 2016. The increase is attributable to higher facilities costs as well as the added costs to update and enhance technology capabilities, including related maintenance programs.

Page 25

Other operating expenses in the second quarter of 2017 were up $23.2 million from the comparable 2016 quarter. More than half of the increase is attributable to professional fees incurred to support the firm’s continued investment in its operating capabilities. The remainder of the change from the second quarter of 2016 is a result of increases in other operating costs to meet the growing operational and regulatory business demands. These costs include those related to our defined contribution recordkeeping business, third-party service costs, and travel costs.

Non-operating income

Net non-operating income in the second quarter of 2017 was $112.0 million, an increase of $70.5 million from the 2016 quarter. The following table details the components of non-operating income (in millions) during the second quarter of 2016 and 2017 and the related dollar change.

	Three months ended
	6/30/2016			6/30/2017		Dollar change
Net gains realized on dispositions of available-for-sale investments	$	—		$	30.3	$	30.3
Ordinary dividend distributions from sponsored fund investments	1.8			3.5		1.7
Unrealized gains on sponsored equity method and trading investments	7.5			32.0		24.5
Net investment income on sponsored fund investments not consolidated	9.3			65.8		56.5
Other investment income	6.0			5.6		(.4		)
Total earned from investments	15.3			71.4		56.1
Net investment income of consolidated sponsored investment portfolios	26.4			39.4		13.0
Other non-operating (expense) income, including net foreign currency gains	(.2		)	1.2		1.4
Non-operating income	$	41.5		$	112.0	$	70.5

Nearly all of the $30.3 million in net realized gains and $23.6 million of the $32.0 million in unrealized gains on sponsored funds recognized during the second quarter of 2017 resulted from our decision to economically hedge the market exposure associated with our supplemental savings plan liability. In order to fund the hedge portfolio, we used the proceeds from the sale of certain available-for-sale sponsored investment holdings as well as designated a sponsored fund that was held as available-for-sale. The designation of the sponsored fund investment resulted in the reclassification of the investment's unrealized holding gain to the income statement from the balance sheet where it was previously recognized as it was transferred from an available-for-sale security to a trading security.

The impact (in millions) of consolidating certain sponsored investment portfolios on the individual lines of our condensed consolidated statements of income for the 2016 and 2017 quarters is as follows:

	Three months ended
	6/30/2016			6/30/2017
Operating expenses reflected in net operating income	$	(3.5	)	$	(2.7	)
Net investment income reflected in non-operating income	26.4			39.4
Impact on income before taxes	$	22.9		$	36.7
Net income attributable to T. Rowe Price Group’s interest in the consolidated sponsored investment portfolios	$	15.0		$	20.6
Net income attributable to redeemable non-controlling interests (unrelated third party investors)	7.9			16.1
Impact on income before taxes	$	22.9		$	36.7

Page 26

Provision for income taxes

The effective tax rate for the second quarter of 2017 was 37.1%. We currently estimate our effective tax rate for the full-year 2017 will be 37.4%. We expect there to be volatility in our effective tax rate in future periods as the stock-based compensation benefits now recognized in our tax provision are impacted by market fluctuations in our stock price and the timing of when option holders exercise their awards. Our effective tax rate will also be impacted by changes in our consolidated sponsored investment portfolios that are driven by the market and changes in the non-controlling interest. Our effective income tax rate also reflects the relative contribution of pre-tax income generated by our foreign subsidiaries that are subject to tax rates lower than our U.S. rates. Changes in the relative contribution of pre-tax income from U.S. and foreign sources or changes in tax rates in relevant jurisdictions may affect our effective income tax rate and overall net income in the future.

First half of 2016 versus first half of 2017.

The table below presents financial results on a U.S. GAAP basis as well as a non-GAAP basis that adjusts for the impact of the Dell appraisal rights matter, the firm's consolidated sponsored investment portfolios and other non-operating income. We believe the non-GAAP financial measures below provide relevant and meaningful information to investors about our core operating results.

	Six months ended
(in millions, except per-share data)	6/30/2016			6/30/2017		Dollar change			Percentage change
U.S. GAAP Basis
Investment advisory fees	$	1,791.4		$	2,035.0	$	243.6		13.6	%
Net revenues	$	2,038.8		$	2,285.2	$	246.4		12.1	%
Operating expenses	$	1,344.4		$	1,255.9	$	(88.5	)	(6.6	)%
Net operating income	$	694.4		$	1,029.3	$	334.9		48.2	%
Non-operating income(1)	$	126.6		$	227.0	$	100.4		79.3	%
Net income attributable to T. Rowe Price Group	$	507.4	(1)	$	759.8	$	252.4		49.7	%
Diluted earnings per share on common stock of T. Rowe Price Group	$	1.97	(1)	$	3.04	$	1.07		54.3	%
Weighted average common shares outstanding assuming dilution	252.2		(1)	244.2		(8.0		)	(3.2	)%
Adjusted(1)
Operating expenses	$	1,175.2		$	1,302.4	$	127.2		10.8	%
Net income attributable to T. Rowe Price Group	$	545.7		$	615.1	$	69.4		12.7	%
Diluted earnings per share on common stock of T. Rowe Price Group	$	2.12		$	2.46	.34			16.0	%
Assets under management (in billions)
Average assets under management	$	750.4		$	865.6	$	115.2		15.4	%
Ending assets under management	$	776.6		$	903.6	$	127.0		16.4	%

⁽¹⁾As discussed in Note 1, The Company and Basis of Preparation, to the condensed consolidated financial statements, prior year amounts have been adjusted to reflect the impact of implementing new stock-based compensation accounting guidance in the third quarter of 2016.

⁽²⁾See the reconciliation to the comparable U.S. GAAP measures at the end of the results of operations sections of this management discussion and analysis.

Investment advisory revenues earned in the first half of 2017 increased 13.6% over the comparable 2016 period as average assets under our management increased $115.2 billion, or 15.4%, to $865.6 billion. We waived no money market fees in the first half of 2017, compared to $7.3 million in the 2016 period. The average annualized fee rate earned on our assets under management was 47.4 basis points in the first half of 2017, compared with the 48.0 basis points earned in the first half of 2016. Our effective fee rate has declined in part due to fee reductions we made to certain mutual funds and other portfolios since the end of 2015. The impact of the fee reductions was offset in part by higher equity valuations, which resulted in a greater percentage of our assets under management being attributable to higher fee equity portfolios.

Page 27

As discussed previously, we recognized in the second quarter of 2016 a nonrecurring operating charge of $166.2 million related to our decision to compensate certain clients in regard to the Dell appraisal rights matter. During the first quarter of 2017, we recognized insurance recoveries totaling $50 million from claims filed in 2016 related to this matter. A summary of the financial impact of the Dell appraisal rights matter on our periodic financial results since the matter arose is summarized in a table on page 25.

Our operating margin in the first half of 2017 was 45.0%, compared to 34.1% in the 2016 period. Excluding the impact of the Dell matter, our operating margin was 42.9% in the first six months of 2017, and 42.2% for the comparable 2016 period.

Net revenues

Investment advisory revenues earned from the T. Rowe Price mutual funds distributed in the U.S. increased 13.0%, or $168.9 million, to $1.5 billion. Average mutual fund assets in the first half of 2017 were $548.4 billion, an increase of 14.5% from the average for the comparable 2016 period. The increase in advisory revenues was also due in part to the reduction in money market fee waivers made in the first half of 2017 compared with the 2016 period.

Investment advisory revenues earned on the other investment portfolios for the first half of 2017 were $564.9 million, an increase of $74.7 million, or 15.2%, from the $490.2 million earned in the comparable 2016 period. The first half of 2017 includes the elimination of $2.1 million in advisory fees against the related management fee expense recorded by our consolidated sponsored investment portfolios. Average assets in these portfolios were $317.2 billion during the first half of 2017, up16.8% from the comparable 2016 period.

Distribution and servicing fee revenues earned from 12b-1 plans of the Advisor, R, and Variable Annuity II class shares of our sponsored portfolios were $71.6 million in the first half of 2017, an increase of $2.1 million from the comparable 2016 period on higher average assets under management in these share classes. The 12b-1 fees earned are offset entirely by the costs paid to third party intermediaries who source these assets. These costs are reported as distribution and servicing costs in the condensed consolidated income statements.

Operating expenses

Compensation and related costs were $801.2 million in the first half of 2017, an increase of $75.0 million, or 10.3%, compared to the 2016 period. The largest part of the increase is attributable to a $47.6 millionincrease in base salaries and related benefits which resulted from an increase of 5.8% in average headcount from the 2016 period combined with a modest increase in salaries at the beginning of 2017. The interim accrual for our annual variable compensation in the 2017 period rose $28.1 million over the interim accrual in the 2016 period. Increased market values underlying our supplemental savings plan drove costs higher by $11.1 million over the comparable 2016 period. We also experienced an increase in recruiting and other employee-related costs as a result of the increase in headcount from the 2016 year-to-date period. The increases in these compensation and related expenses were offset in part by an increase of $18.5 million in the level of labor capitalized in 2017 compared with the 2016 period.

Advertising and promotion costs were $44.2 million in the second quarter of 2017, compared with $38.0 million in the 2016 period. We currently expect advertising and promotion costs for 2017 will be up to 10% higher than the 2016 year as we execute on a number of strategic initiatives.

Occupancy and facility costs, together with depreciation expense, increased$15.9 million, or 10.7%, compared to the first half of 2016. The increase is attributable to higher facilities costs as well as the added costs to update and enhance technology capabilities, including related maintenance programs.

Other operating expenses were $224.8 million in the first half of 2017, an increase of $28.5 million from the comparable 2016 period. About half of the increase is attributable to professional fees incurred to support the firm’s continued investment in its operating capabilities. The remainder of the change from the first half of 2016 is a result of increases in other operating costs to meet the growing operational and regulatory business demands. These costs include those related to our defined contribution recordkeeping business, information and third-party service costs, and travel costs.

Page 28

Non-operating income

Net non-operating investment activity during the first half of 2017 resulted in income of $227.0 million, an increase of $100.4 million from the 2016 period. The following table details the components of non-operating income (in millions) during the first half of 2016 and 2017.

	Six months ended
	6/30/2016			6/30/2017		Dollar change
Net gains realized on dispositions of available-for-sale investments	$	52.3		$	77.9	$	25.6
Ordinary dividend distributions from sponsored fund investments	3.3			5.9		2.6
Unrealized gains on sponsored equity method and trading investments	12.8			42.3		29.5
Net investment income on sponsored fund investments not consolidated	68.4			126.1		57.7
Other investment income	8.2			10.1		1.9
Total earned from investments	76.6			136.2		59.6
Net investment income of consolidated sponsored investment portfolios	50.2			88.3		38.1
Other non-operating expenses, including net foreign currency gains	(.2		)	2.5		2.7
Non-operating income	$	126.6		$	227.0	$	100.4

During the first six months of 2017, non-operating income includes $30.8 million in gains realized from the disposition of certain available-for-sale investments and $23.6 million in unrealized gains recognized on sponsored trading investments as a result of our decision to economically hedge the market exposure associated with our supplemental savings plan liability. In order to fund the hedge portfolio, we used the proceeds from the sale of certain available-for-sale sponsored investment holdings as well as designated a sponsored fund that was held as available-for-sale. The designation of the sponsored fund investment resulted in the reclassification of the investment's unrealized holding gain to the income statement from the balance sheet where it was previously recognized as it was transferred from an available-for-sale security to a trading security.

The impact (in millions) of consolidating certain sponsored investment portfolios on the individual lines of our condensed consolidated statements of income for the first half of 2016 and 2017 is as follows:

	Six months ended
	6/30/2016			6/30/2017
Operating expenses reflected in net operating income	$	(6.1	)	$	(5.3	)
Net investment income reflected in non-operating income	50.2			88.3
Impact on income before taxes	$	44.1		$	83.0
Net income attributable to T. Rowe Price Group’s interest in the consolidated sponsored investment portfolios	$	27.0		$	52.4
Net income attributable to redeemable non-controlling interests (unrelated third party investors)	17.1			30.6
Impact on income before taxes	$	44.1		$	83.0

Page 29

Non-GAAP information and reconciliation

We believe the non-GAAP financial measures below provide relevant and meaningful information to investors about our core operating results. These measures have been established in order to increase transparency for the purpose of evaluating our core business, for comparing current results with prior period results, and to enable more appropriate comparison with industry peers. However, non-GAAP financial measures should not be considered a substitute for financial measures calculated in accordance with U.S. GAAP and may be calculated differently by other companies. The following schedule reconciles (in millions, except for per-share amounts) U.S. GAAP financial measures to non-GAAP measures for the three- and six-month periods ended June 30,2016 and 2017.

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Operating expenses, GAAP basis	$	761.2		$	664.0		$	1,344.4		$	1,255.9
Non-GAAP adjustments:
Expenses of consolidated sponsored investment portfolios, net of elimination of its related management fee(1)	(1.7		)	(1.7		)	(3.0		)	(3.5		)
Insurance recoveries (nonrecurring charge) related to Dell appraisal rights matter (3)	(166.2		)	—			(166.2		)	50.0
Adjusted operating expenses	$	593.3		$	662.3		$	1,175.2		$	1,302.4
Net income attributable to T. Rowe Price Group, GAAP basis	$	203.3		$	373.9		$	507.4		$	759.8
Non-GAAP adjustments:
Net income of consolidated sponsored investment portfolios, net of redeemable non-controlling interests(1)	(15.0		)	(20.6		)	(27.0		)	(52.4		)
Non-operating income, excluding impact of consolidated sponsored investment portfolios(2)	(15.1		)	(72.6		)	(76.4		)	(138.7		)
Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter (3)	166.2			—			166.2			(50.0		)
Income tax impacts of non-GAAP adjustments (4)	(53.8		)	37.2			(24.5		)	96.4
Adjusted net income attributable to T. Rowe Price Group	$	285.6		$	317.9		$	545.7		$	615.1
Diluted earnings per common share, GAAP basis	$	0.79		$	1.50		$	1.97		$	3.04
Non-GAAP adjustments:
Consolidated sponsored investment portfolios (1)	(.04		)	(.05		)	(.07		)	(.13		)
Non-operating income, excluding impact of consolidated sponsored investment portfolios(2)	(.03		)	(.17		)	(.17		)	(.33		)
Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter (3)	.39			—			.39			(.12		)
Adjusted diluted earnings per common share(5)	$	1.11		$	1.28		$	2.12		$	2.46

⁽¹⁾ We implemented new consolidation accounting guidance on January 1, 2016, that resulted in a larger number of our sponsored investment portfolios, that we provide seed capital to at formation, to be consolidated in our financial statements as we were deemed to have a controlling financial interest. The non-GAAP adjustments add back the management fees we earn from the consolidated sponsored investment portfolios and remove the investment income and operating expenses of these portfolios that have been included in our U.S. GAAP condensed consolidated statements of income. We believe the consolidated sponsored investment portfolios may impact the reader's ability to understand our core operating results.

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net investment income of consolidated sponsored portfolios	$	26.4		$	39.4		$	50.2		$	88.3
Operating expenses of consolidated sponsored portfolios	(3.5		)	(2.7		)	(6.1		)	(5.3		)
Net income of consolidated sponsored portfolios	22.9			36.7			44.1			83.0
Less: net income attributable to redeemable non-controlling interests	7.9			16.1			17.1			30.6
T. Rowe Price's portion of net income	$	15.0		$	20.6		$	27.0		$	52.4

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⁽²⁾ This non-GAAP adjustment removes the non-operating income that remains after backing out the portion related to the consolidated sponsored investment portfolios. We believe excluding non-operating income helps the reader's ability to understand the firm’s core operating results and increases comparability to prior years. Additionally, we do not emphasize the impact of non-operating income when managing our firm and evaluating our performance.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Total non-operating income	$	41.5	$	112.0	$	126.6	$	227.0
Less: net investment income (loss) of consolidated sponsored portfolios	26.4		39.4		50.2		88.3
Total other non-operating income	$	15.1	$	72.6	$	76.4	$	138.7

⁽³⁾In the second quarter of 2016, we recognized a nonrecurring charge of $166.2 million related to our decision to compensate certain clients in regard to the Dell appraisal rights matter. In the first quarter of 2017, we recognized insurance recoveries of $50 million as a reduction in operating expenses from claims that were filed in relation to the matter. We believe it is useful to readers of our consolidated statements of income to adjust for these non-recurring insurance recoveries in arriving at adjusted operating expenses and net income attributable to T. Rowe Price Group, Inc. and diluted earnings per share, as this will aid with comparability to prior periods and analyzing our core business results.

⁽⁴⁾These were calculated using the effective tax rate applicable to the related items.

⁽⁵⁾ This non-GAAP measure was calculated by applying the two-class method to adjusted net income attributable to T. Rowe Price Group, Inc. divided by the weighted-average common shares outstanding assuming dilution.

CAPITAL RESOURCES AND LIQUIDITY.

We increased our quarterly recurring dividend per share by 5.6% to $.57 per share in the second quarter of 2017. Additionally, we expended $447.0 million to repurchase 6.5 million shares, or 2.6%, of our outstanding common stock in the first half of2017. These dividends and repurchases were expended using existing cash balances and cash generated from operations. We will generally repurchase our common stock over time to offset the dilution created by our equity-based compensation plans.

Since the end of 2014, we have returned nearly $4.0 billion to stockholders through stock repurchases, our regular quarterly dividends, and a special dividend in 2015.

(in millions)	Recurring dividend		Special dividend		Stock repurchases		Total cash returned to stockholders
2015	$	534.5	$	524.5	$	987.8	$	2,046.8
2016	541.2		—		676.9		1,218.1
Six months ended 6/30/2017	280.0		—		447.0		727.0
Total	$	1,355.7	$	524.5	$	2,111.7	$	3,991.9

We remain debt-free with ample liquidity, including cash and sponsored portfolio investment holdings (in millions) as follows:

(in billions)	12/31/2016		6/30/2017
Cash and cash equivalents	$	1,204.9	$	1,542.2
Discretionary investments in sponsored investment portfolios	700.6		678.7
Total discretionary investments	1,905.5		2,220.9
Redeemable seed capital investments in sponsored investment portfolios	1,263.8		1,169.1
Investments in sponsored investment portfolios to hedge supplemental savings plan liability	—		172.3
Total cash and sponsored investment holdings	$	3,169.3	$	3,562.3

The cash and discretionary sponsored investment holdings held by our subsidiaries outside the U.S. is $.4 million at June 30, 2017.

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The following table details (in millions) the line items of the condensed consolidated balance sheet as of June 30, 2017, where our cash and sponsored portfolio investment holdings are presented as well as the amount of other investments that make up the remainder of the investments line. The investment presentation on the balance sheet is based on the type of investment, as well as how we account for the item.

	Interest Held by T. Rowe Price Group
	Cash and discretionary investments in sponsored portfolios		Redeemable Seed capital investments in sponsored portfolios		Investments in sponsored investment portfolios to hedge supplemental savings plan liability		Investment in UTI and other investments		Total		Redeemable non-controlling interest		As reported on consolidated balance sheet 6/30/2017
Cash and cash equivalents	$	1,542.2	$	—	$	—	$	—	$	1,542.2	$	—	$	1,542.2
Investments	675.6		251.2		172.3		234.6		1,333.7		—		1,333.7
Net assets of consolidated sponsored investment portfolios	3.1		917.9		—		—		921.0		627.6		1,548.6
	$	2,220.9	$	1,169.1	$	172.3	$	234.6	$	3,796.9	$	627.6	$	4,424.5

Our condensed consolidated balance sheet reflects the cash and cash equivalents, investments, other assets and liabilities of those sponsored portfolios we consolidate, as well as redeemable non-controlling interests for the portion of these sponsored portfolios that are held by unrelated third party investors. Although we can redeem our net interest in these sponsored investment portfolios at any time, we cannot directly access or sell the assets held by the portfolios to obtain cash for general operations. Additionally, the assets of these investment portfolios are not available to our general creditors. Our interest in these sponsored investment portfolios was used as initial seed capital and is recategorized as discretionary when it is determined by management that the seed capital is no longer needed. We assess the discretionary investment portfolio and liquidate our interest, if decided, in a way as to not impact the portfolio and ultimately, the unrelated third party investors.

We anticipate property and equipment expenditures for the full-year 2017 to be up to $200 million, of which about two-thirds is planned for technology initiatives. Given the availability of our financial resources, we expect to fund our anticipated capital expenditures with operating resources, and do not maintain an available external source of liquidity.

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The following table summarizes the cash flows (in millions) for the six months ended June 30, 2016 and 2017, that are attributable to T. Rowe Price Group, our consolidated sponsored investment portfolios, and the related eliminations required in preparing the statement.

	Six months ended
	June 30, 2016												June 30, 2017
	Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported			Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported
Cash flows from operating activities
Net income	$	507.4		$	44.1		$	(27.0	)	$	524.5		$	759.8		$	83.0		$	(52.4	)	$	790.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	66.0			—			—			66.0			71.9			—			—			71.9
Stock-based compensation expense	75.6			—			—			75.6			74.2			—			—			74.2
Realized gains on dispositions of available-for-sale sponsored investment portfolios	(52.3		)	—			—			(52.3		)	(77.9		)	—			—			(77.9		)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	—			—			—			—			(23.6		)	—			—			(23.6		)
Net gains recognized on investments	(43.9		)	—			27.0			(16.9		)	(76.3		)	—			52.4			(23.9		)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	—			—			—			—			(129.0		)	—			—			(129.0		)
Net change in trading securities held by consolidated sponsored investment portfolios	—			(717.2		)	—			(717.2		)	—			(802.0		)	—			(802.0		)
Other changes in assets and liabilities	109.4			(.2		)	(3.1		)	106.1			277.0			(15.2		)	(2.7		)	259.1
Net cash (used in) provided by operating activities	662.2			(673.3		)	(3.1		)	(14.2		)	876.1			(734.2		)	(2.7		)	139.2
Net cash provided by investing activities	(103.1		)	68.3			196.8			162.0			114.1			(45.9		)	69.4			137.6
Net cash provided by financing activities	(456.2		)	733.7			(193.7		)	83.8			(652.9		)	784.4			(66.7		)	64.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	—			(21.3		)	—			3.8			—			3.8
Net change in cash and cash equivalents during period	102.9			107.4			—			210.3			337.3			8.1			—			345.4
Cash and cash equivalents at beginning of year	1,172.3			—			—			1,172.3			1,204.9			65.6			—			1,270.5
Cash and cash equivalents at end of period	$	1,275.2		$	107.4		$	—		$	1,382.6		$	1,542.2		$	73.7		$	—		$	1,615.9

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Operating activities attributable to T. Rowe Price Group during the first half of 2017 provided cash flows of 876.1 million, an increase of $213.9 million from the 2016 period. More than half of the increase is attributable to the $150.0 million in insurance proceeds received in the first six months of 2017 from insurance claims filed in 2016 in regard to the Dell appraisal rights matter. The remaining increase in cash flows is primarily related to the timing of settlement of our other assets and liabilities offset by new investments made in sponsored investment portfolios held as trading in order to economically hedge our supplemental savings plan liability. Our interim operating cash flows do not include the cash impact of variable compensation that is accrued throughout the year before being substantially paid out in December. The net cash provided by operating activities attributable to T. Rowe Price Group was offset in part by the net change in trading securities held in our consolidated sponsored investments’ underlying investment portfolios.

Net cash used in investing activities that are attributable to T. Rowe Price Group totaled $114.1 million in the first half of 2017, an increase of $217.2 million from the comparable 2016 period. During the first half of 2017, we realized $204.5 million more proceeds from the sale of our available-for-sale investments compared with the 2016 period. Additionally, the amount of seed capital investments we provided in the first half of 2017 decreased by $127.4 million compared with the 2016 period. Since we consolidate these sponsored investment portfolios, the seed capital that we provided less any seed capital received back was eliminated in preparing our consolidated condensed statement of cash flow. During the 2016 period we recognized $85 million in proceeds from the sale of equity method investments compared with $1.2 million in 2017 period. The cash flow attributable to consolidated sponsored investment portfolios of $45.9 million represents the net cash removed from our balance sheet from consolidating and deconsolidating portfolios during the first half of 2017. During the 2016 period the equivalent cash flow added $68.3 million to our balance sheet.

Net cash used in financing activities attributable to T. Rowe Price Group were $652.9 million in the first half of 2017 compared with $456.2 million in the 2016 period. The increase in cash used in financing activities is largely related to the $202.9 million more we expended in common stock purchases in the first half of 2017 compared to the 2016 period. This increase was offset by higher cash proceeds of $15.0 million received from stock option exercises in the first half of 2017 compared with the 2016 period. The increase in net cash used in financing activities attributable to T. Rowe Price Group was largely offset by the $177.7 million increase in cash provided by consolidated sponsored investment portfolios from the net subscriptions received from redeemable non-controlling interest holders.

CRITICAL ACCOUNTING POLICIES.

The preparation of financial statements often requires the selection of specific accounting methods and policies from among several acceptable alternatives. Further, significant estimates and judgments may be required in selecting and applying those methods and policies in the recognition of the assets and liabilities in our consolidated balance sheets, the revenues and expenses in our consolidated statements of income, and the information that is contained in our significant accounting policies and notes to consolidated financial statements. Making these estimates and judgments requires the analysis of information concerning events that may not yet be complete and of facts and circumstances that may change over time. Accordingly, actual amounts or future results can differ materially from those estimates that we include currently in our consolidated financial statements, significant accounting policies, and notes.

There have been no material changes in the critical accounting policies previously identified in our 2016 Annual Report on Form 10-K.

NEW ACCOUNTING STANDARDS.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09 — Revenue from Contracts with Customers, and subsequently has issued five related accounting standard updates clarifying several aspects of ASU 2014-09, including technical corrections and improvements. The overall objective of the new standards updates is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. The revenue standard contains principles that will be applied to determine the measurement of revenue and timing of when it is recognized. We anticipate adopting the new standard on its effective date, January 1, 2018, though we have not yet selected whether we would adopt using the retrospective approach with adjustments to each prior period or the retrospective method with the cumulative effect of initial application recognized at the date of initial application. Our implementation efforts include a detailed review of revenue contracts within the scope of the guidance and evaluation of the impact on the Company's revenue recognition policies. While we are continuing to assess all potential impacts these standards will have on our financial position and results of operations, early conclusions indicate that these standards will not have a material impact. While we have not identified material changes in the timing of revenue recognition, we continue to evaluate the presentation of certain revenue-related costs on a gross versus net basis and related disclosures of revenue.

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In January 2016, the FASB issued Accounting Standards Update No. 2016-01 — Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2017, and requires a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. Early adoption is not permitted. The new guidance will require the change in fair value of equity investments with readily determinable fair values to be recognized through the income statements. We are currently evaluating the full impact of the standard, however, upon adoption the change in the fair value of our available-for-sale investments will be recognized in our consolidated income statement rather than our consolidated statement of comprehensive income.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02 — Leases (Topic 842). The objective of the update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact this standard will have on our financial position and results of operations.

In August 2016, the FASB issued Accounting Standards Update No. 2016-15 — Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The amendments in this update provide guidance on eight specific cash flow issues. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We evaluated the impact of the standard and believe it will not have a material impact on our consolidated statements of cash flows.

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

FORWARD-LOOKING INFORMATION.

From time to time, information or statements provided by or on behalf of T. Rowe Price, including those within this report, may contain certain forward-looking information, including information or anticipated information relating to: our revenues, net income and earnings per share on common stock; changes in the amount and composition of our assets under management; our expense levels; our estimated effective income tax rate; and our expectations regarding financial markets, future transactions and strategic initiatives, dividends, investments, capital expenditures, stock repurchases, and other conditions. Readers are cautioned that any forward-looking information provided by or on behalf of T. Rowe Price is not a guarantee of future performance. Actual results may differ materially from those in forward-looking information because of various factors including, but not limited to, those discussed below and in Item 1A, Risk Factors, of our Form 10-K Annual Report for 2016. Further, forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.

Our future revenues and results of operations will fluctuate primarily due to changes in the total value and composition of assets under our management. Such changes result from many factors including, among other things: cash inflows and outflows in the T. Rowe Price U.S. mutual funds (Price funds) and other managed investment portfolios; fluctuations in global financial markets that result in appreciation or depreciation of the assets under our management; our introduction of new products, including mutual funds and investment portfolios, and services; and changes in retirement savings trends relative to participant-directed investments and defined contribution plans. The ability to attract and retain investors’ assets under our management is dependent on investor sentiment and confidence; the relative investment performance of the Price funds and other managed investment portfolios as compared to competing offerings and market indexes; the ability to maintain our investment management and administrative fees at appropriate levels; competitive conditions in the mutual fund, asset management, and broader financial services sectors; and our level of success in implementing our strategy to expand our business. Our revenues are substantially dependent on fees earned under contracts with the Price funds and could be adversely affected if the independent directors of one or more of the Price funds terminated or significantly altered the terms of the investment management or related administrative services agreements. Non-operating income will also fluctuate as a result of the consolidation of certain of our investment portfolios as well as the size of our investments, changes in their market valuations, and any other-than-temporary impairments that may arise, or in the case of our equity method investments, our proportionate share of the investees net income.

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Our future results are also dependent upon the level of our expenses, which are subject to fluctuation for the following or other reasons: changes in the level of our advertising expenses in response to market conditions, including our efforts to expand our investment advisory business to investors outside the U.S., and to further penetrate our distribution channels within the U.S.; the pace and level of our planned increase in spending to support key strategic priorities; variations in the level of total compensation expense due to, among other things, bonuses, restricted stock units and other equity grants, other incentive awards, fluctuations in our supplemental savings plan liability due to changes in market valuations, changes in our employee count and mix, and competitive factors; any goodwill or other asset impairment that may arise; fluctuation in foreign currency exchange rates applicable to our investment in and the costs of our international operations; expenses and capital costs, such as technology assets, depreciation, amortization, and research and development, incurred to maintain and enhance our administrative and operating services infrastructure; unanticipated costs that may be incurred to protect investor accounts and the goodwill of our clients; and disruptions of services, including those provided by third parties, such as fund accounting and other recordkeeping services, facilities, communications, power, and the mutual fund transfer agent and accounting systems.

Our business is also subject to substantial governmental regulation, and changes in legal, regulatory, accounting, tax, and compliance requirements may have a substantial effect on our operations and results, including but not limited to effects on costs that we incur and effects on investor interest in mutual funds and investing in general, or in particular classes of mutual funds or other investments.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There has been no material change in the information provided in Item 7A of the Form 10-K Annual Report for 2016.

Item 4. Controls and Procedures.

Our management, including our principal executive and principal financial officers, has evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2017. Based on that evaluation, our principal executive and principal financial officers have concluded that our disclosure controls and procedures as of June 30, 2017 are effective at the reasonable assurance level to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, including this Form 10-Q quarterly report, is recorded, processed, summarized, and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our principal executive and principal financial officers, has evaluated any change in our internal control over financial reporting that occurred during the second quarter of 2017, and has concluded that there was no change during the second quarter of 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

On February 14, 2017, T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, current and former members of the management committee, and trustees of the T. Rowe Price U.S. Retirement Program were named as defendants in a lawsuit filed in the United States District Court for the District of Maryland. The plaintiff is a former employee who alleges breaches of ERISA’s fiduciary duty and prohibited transaction provisions on behalf of a class of all participants and beneficiaries of the T. Rowe Price 401(k) Plan from February 14, 2011, to the time of judgment. The plaintiff is seeking certification of the complaint as a class action. T. Rowe Price believes the claims are without merit and intends to vigorously defend the action.

On April 27, 2016, certain shareholders in the T. Rowe Price Blue Chip Growth Fund, T. Rowe Price Capital Appreciation Fund, T. Rowe Price Equity Income Fund, T. Rowe Price Growth Stock Fund, T. Rowe Price International Stock Fund, T. Rowe Price High Yield Fund, T. Rowe Price New Income Fund and T. Rowe Price Small Cap Stock Fund (the “Funds”) filed a Section 36(b) complaint under the caption Zoidis v. T. Rowe Price Assoc., Inc., against T. Rowe Price Associates, Inc. (“T. Rowe Price”) in the United States District Court for the Northern District of California. The complaint alleges that the management fees for the identified funds are excessive because T. Rowe Price charges lower advisory fees to subadvised clients with funds in the same strategy. The complaint seeks to recover the allegedly excessive advisory fees received by T. Rowe Price in the year preceding the start of the lawsuit, along with investments’ returns and profits. In the alternative, the complaint seeks the rescission of each fund’s investment management agreement and restitution of any allegedly excessive management fees. T. Rowe Price believes the claims are without merit and intends to vigorously defend the action.

In addition to the matters discussed above, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

Item 1A. Risk Factors.

With the exception of the following additions or updates to the Legal and Regulatory Risks discussed in Item 1A of our Form 10-K Annual Report for 2016, there have been no material changes in the risk factors previously provided.

Legal and regulatory developments in the mutual fund and investment advisory industry could increase our regulatory burden, impose significant financial and strategic costs on our business, and cause a loss of, or impact the servicing of, our clients and fund shareholders.

Our regulatory environment is frequently altered by new regulations and by revisions to, and evolving interpretations of, existing laws and regulations. New laws and regulations present areas of uncertainty susceptible to alternative interpretations; regulators and prospective litigants may not agree with reasoned interpretations we adopt. Future changes could require us to modify or curtail our investment offerings and business operations, or impact our expenses and profitability. Additionally, some laws and regulations may not directly apply to our business but may impact the capital markets, service providers or have other indirect effects on our ability to provide services to our clients.

Potential impacts of current or proposed legal or regulatory requirements include, without limitation, the following:

The revised Markets in Financial Instruments Directive (MiFID II Directive) and Regulation (MiFIR) (together “MiFID II”) will apply across the European Union (“EU”) and member states of the European Economic Area beginning on January 3, 2018, unless this date is extended. Implementation of MiFID II will significantly impact both the structure and operation of EU financial markets. Some of the main changes introduced under MiFID II include applying enhanced disclosure requirements, enhancing conduct of business and governance requirements, broadening the scope of pre and post trade transparency, increasing transaction reporting requirements, transforming the relationship between client commissions and research, and further regulation of trading venues. Compliance with MiFID II may materially impact the manner in which we obtain research and increase our costs.

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We cannot predict the nature of future changes to the legal and regulatory requirements applicable to our business, nor the extent of the impacts that will result from current or future proposals. However, any such changes are likely to increase the costs of compliance and the complexity of our operations. They may also result in changes to our product or service offerings. The changing regulatory landscape may also impact a number of our service providers and, to the extent such providers alter their services or increase their fees, it may impact our expenses or those of the products we offer.

We are subject to regulatory and governmental inquiries and civil litigation. An adverse outcome of any such proceeding could involve substantial financial penalties. From time to time, various claims against us arise in the ordinary course of business, including employment-related claims. There also has been an increase in litigation and in regulatory investigations in the financial services industry in recent years, including customer claims, class action suits, and government actions alleging substantial monetary damages and penalties.

We carry insurance in amounts and under terms that we believe are appropriate. We cannot be assured that our insurance will cover every liability and loss to which we may be exposed, or that our insurance policies will continue to be available at acceptable terms and fees. Certain insurance coverage may not be available or may be prohibitively expensive in future periods. As our insurance policies come up for renewal, we may need to assume higher deductibles or co-insurance liabilities, or pay higher premiums, which would increase our expenses and reduce our net income.

In 2016, we paid $166.2 million to compensate certain T. Rowe Price mutual funds, trusts, separately managed accounts, and subadvised clients (collectively, “Clients”) for the denial of their appraisal rights by the Delaware Chancery Court (Court) in connection with the 2013 leveraged buyout of Dell, Inc. (Dell). The Court ruled on May 11, 2016, that the Clients could not pursue an appraisal of any shares they held that were voted in favor of the Dell merger. The appraisal statute governing the transaction required the record holder to vote against or abstain from voting on the transaction in order to assert appraisal rights. After previously voting against prior transaction proposals, the voting instructions submitted on behalf of the Clients in connection with voting on the final proposed transaction were incorrectly submitted in favor of the transaction. On May 31, 2016, the Court determined that the fair value of Dell at the time of the merger was $17.62 per share, as opposed to the $13.75 price offered in the transaction. As a result, any shareholder perfecting appraisal rights is entitled to a payment at $17.62 per share plus statutory interest from the date the Dell transaction closed. The compensation to Clients was intended to make them whole for the voting discrepancy that resulted in the denial of their appraisal rights. On December 30, 2016, we signed a settlement agreement with our insurance carrier for insurance proceeds totaling $100.0 million related to this matter. We received the settlement in the first quarter of 2017. Additionally, we signed settlement agreements totaling $50 million in the first quarter of 2017. As of June 30, 2017, we have received the entire $150 million in related proceeds.

In accordance with the compensation payment, the Clients agreed that in the event the findings made by the Court regarding the fair value of Dell or the amount of interest to be applied were modified by the Supreme Court of Delaware on appeal, T. Rowe Price and the Clients would make an appropriate adjustment between themselves, calculated in a manner that is consistent with the methodology used to compensate Clients. In December 2016, several parties, including Dell and the successful appraisal petitioners, filed appeals to the Delaware Supreme Court to challenge the Chancery Court’s valuation ruling. Our settlement agreements with our insurance carriers provide that if the fair value of Dell is reduced, we would work together to make appropriate adjustments.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(c) Repurchase activity during the second quarter of 2017 is as follows:

Month	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Maximum Number of Shares that May Yet Be Purchased Under the Program
April	238,175	$	70.18	184,049	16,990,153
May	1,469,175	$	69.91	1,406,705	15,583,448
June	372,104	$	73.38	267,655	15,315,793
Total	2,079,454	$	70.56	1,858,409

Shares repurchased by us in a quarter may include repurchases conducted pursuant to publicly announced board authorization, outstanding shares surrendered to the company to pay the exercise price in connection with swap exercises of employee stock options, and shares withheld to cover the minimum tax withholding obligation associated with the vesting of restricted stock

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awards. Of the total number of shares purchased during the second quarter of 2017, 220,203 were related to shares surrendered in connection with employee stock option exercises and 842 were related to shares withheld to cover tax withholdings associated with the vesting of restricted stock awards.

The 1,858,409 shares of our common stock were repurchased pursuant to the Board of Directors’ December 10, 2015, publicly announced authorization. The maximum number of shares that may yet be purchased as of June 30, 2017, under the Board of Directors’ December 10, 2015, and December 6, 2016, publicly announced authorizations is 15,315,793.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On July 25, 2017, we issued an earnings release reporting our results of operations for the second quarter of 2017 and first six months of 2017. A copy of that earnings release is furnished herewith as Exhibit 99. This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

SEC FILINGS.

We make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. To obtain any of this information, access our website at troweprice.com. We use our website as a channel of distribution for material company information, including our monthly disclosure of preliminary assets under management.

Item 6. Exhibits.

The following exhibits required by Item 601 of Regulation S-K are furnished herewith.

3(i).1	Charter of T. Rowe Price Group, Inc., as Amended by Articles of Amendment dated April 10, 2008. (Incorporated by reference from Form 10-Q Report for the quarterly period ended March 31, 2008 filed on April 24, 2008.)
3(ii)	Amended and Restated By-Laws of T. Rowe Price Group, Inc. as of December 10, 2015. (Incorporated by reference from Form 8-K Current Report filed on December 10, 2015.)
10.03	Transfer Agency and Service Agreement as of January 1, 2017, between T. Rowe Price Services, Inc. and the T. Rowe Price Funds. (Incorporated by reference from Form 485BPOS filed on April 27, 2017.)
10.04	Agreement as of January 1, 2017, between T. Rowe Price Retirement Plan Services, Inc. and certain of the T. Rowe Price Funds. (Incorporated by reference from Form 485BPOS filed on April 27, 2017.)
10.05	Fund Accounting Services Agreement as of August 1, 2015 between T. Rowe Price Associates, Inc. and the T. Rowe Price Funds. (Incorporated by reference from Form 485BPOS filed on April 27, 2017.)
10.23	2017 Non-Employee Director Equity Plan (Incorporated by reference from Form S-8 registration statement filed on April 27, 2017.)
10.23.1	Statements of additional terms and conditions for awards granted under the 2017 Non-Employee Director Equity Plan (Incorporated by reference from Form S-8 registration statement filed on April 27, 2017.)
15	Letter from KPMG LLP, independent registered public accounting firm, re unaudited interim financial information.
31(i).1	Rule 13a-14(a) Certification of Principal Executive Officer.
31(i).2	Rule 13a-14(a) Certification of Principal Financial Officer.
32	Section 1350 Certifications.

Page 39

99.1	Earnings release issued July 25, 2017, reporting our results of operations for the second quarter and first half of 2017.
101	The following series of unaudited XBRL-formatted documents are collectively included herewith as Exhibit 101. The financial information is extracted from T. Rowe Price Group’s unaudited condensed consolidated interim financial statements and notes that are included in this Form 10-Q Report.
	101.INS XBRL Instance Document (File name: trow-20170630.xml).
	101.SCH XBRL Taxonomy Extension Schema Document (File name: trow-20170630.xsd).
	101.CAL XBRL Taxonomy Calculation Linkbase Document (File name: trow-20170630_cal.xml).
	101.LAB XBRL Taxonomy Label Linkbase Document (File name: trow-20170630_lab.xml).
	101.PRE XBRL Taxonomy Presentation Linkbase Document (File name: trow-20170630_pre.xml).
	101.DEF XBRL Taxonomy Definition Linkbase Document (File name: trow-20170630_def.xml).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on July 25, 2017.

T. Rowe Price Group, Inc.

By:    /s/ Kenneth V. Moreland

Vice President, Chief Financial Officer and Treasurer

Page 40

EX-15

EXHIBIT 15                     Letter from KPMG LLP, independent registered public accounting firm,

                          re unaudited interim financial information

T. Rowe Price Group, Inc.

100 East Pratt Street

Baltimore, Maryland 21202

Re: Registration Statements on Form S-8: No. 33-7012, No. 333-59714, No. 333-120882, No. 333-120883, No. 333-142092, No. 333-167317, No. 333-180904, No. 333-199560, No. 333-212705 , and 333-217483.

With respect to the subject registration statements, we acknowledge our awareness of the use therein of our report dated July 25, 2017 related to our review of interim financial information.

Pursuant to Rule 436 under the Securities Act of 1933 (the Act), such report is not considered part of a registration statement prepared or certified by an independent registered public accounting firm, or a report prepared or certified by an independent registered public accounting firm within the meaning of Sections 7 and 11 of the Act.

/s/ KPMG LLP

Baltimore, Maryland

July 25, 2017

EX-31.1

EXHIBIT 31(i).1                     Rule 13a-14(a) Certification of Principal Executive Officer

I, William J. Stromberg, certify that:

1. I have reviewed this Form 10-Q Quarterly Report for the quarterly period ended June 30, 2017 of T. Rowe Price Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

July 25, 2017

/s/ William J. Stromberg

President and Chief Executive Officer

EX-31.2

EXHIBIT 31(i).2                     Rule 13a-14(a) Certification of Principal Financial Officer

I, Kenneth V. Moreland, certify that:

1. I have reviewed this Form 10-Q Quarterly Report for the quarterly period ended June 30, 2017 of T. Rowe Price Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

July 25, 2017

/s/ Kenneth V. Moreland

Vice President, Chief Financial Officer and Treasurer

EX-32

EXHIBIT 32                                        Section 1350 Certifications    

We certify, to the best of our knowledge, based upon a review of the Form 10-Q Quarterly Report for the quarterly period ended June 30, 2017 of T. Rowe Price Group, Inc., that:

(1) The Form 10-Q Quarterly Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Form 10-Q Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of T. Rowe Price Group, Inc.

July 25, 2017

/s/ William J. Stromberg

President and Chief Executive Officer

/s/ Kenneth V. Moreland

Vice President, Chief Financial Officer and Treasurer

A signed original of this written statement has been provided to T. Rowe Price Group, Inc. and will be retained by T. Rowe Price Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99

1 NEWS RELEASE T. ROWE PRICE GROUP REPORTS SECOND QUARTER 2017 RESULTS Assets Under Management Increase to $903.6 Billion BALTIMORE (July 25, 2017) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported its second quarter of 2017 results, including net revenues of $1.2 billion, net income of $373.9 million, and diluted earnings per common share of $1.50. On a comparable basis, net revenues were $1.0 billion, net income was $203.3 million, and diluted earnings per common share was $.79 in the second quarter of 2016. The 2016 results included the nonrecurring operating charge of $166.2 million related to the Dell appraisal rights matter, which reduced net income by $100.7 million, or $.39 in diluted earnings per common share. A summary of the impact the matter has had on the firm's periodic financial results is summarized in a table at the back of this release. Adjusted diluted earnings per share for the second quarter of 2017 is up 15.3% compared to the 2016 quarter. Financial Highlights The table below presents financial results on a U.S. GAAP basis as well as a non-GAAP basis that adjusts for the impact of the Dell appraisal rights matter, the firm's consolidated sponsored investment portfolios, and other non-operating income. The firm believes the non-GAAP financial measures below provide relevant and meaningful information to investors about its core operating results. Three months ended Six months ended (in millions, except per-share data) 6/30/2016 (1) 6/30/2017 % change 6/30/2016 (1) 6/30/2017 % change U.S. GAAP Basis Investment advisory fees $ 920.6 $ 1,043.9 13.4 % $ 1,791.4 $ 2,035.0 13.6 % Net revenues $ 1,044.7 $ 1,171.6 12.1 % $ 2,038.8 $ 2,285.2 12.1 % Operating expenses $ 761.2 $ 664.0 (12.8 )% $ 1,344.4 $ 1,255.9 (6.6 )% Net operating income $ 283.5 $ 507.6 79.0 % $ 694.4 $ 1,029.3 48.2 % Non-operating income $ 41.5 $ 112.0 169.9 % $ 126.6 $ 227.0 79.3 % Net income attributable to T. Rowe Price Group $ 203.3 $ 373.9 83.9 % $ 507.4 $ 759.8 49.7 % Diluted earnings per common share $ .79 $ 1.50 89.9 % $ 1.97 $ 3.04 54.3 % Weighted average common shares outstanding assuming dilution 252.6 243.0 (3.8 )% 252.2 244.2 (3.2 )% Adjusted(2) Operating expenses $ 593.3 (3) $ 662.3 (3) 11.6 % $ 1,175.2 (5) $ 1,302.4 (5) 10.8 % Net income attributable to T. Rowe Price Group $ 285.6 (4) $ 317.9 (4) 11.3 % $ 545.7 (6) $ 615.1 (6) 12.7 % Diluted earnings per common share $ 1.11 $ 1.28 15.3 % $ 2.12 $ 2.46 16.0 % Assets under Management (in billions) Average assets under management $ 772.7 $ 885.9 14.6 % $ 750.4 $ 865.6 15.4 % Ending assets under management $ 776.6 $ 903.6 16.4 % $ 776.6 $ 903.6 16.4 % (1)Prior year amounts have been adjusted to reflect the impact of implementing new stock-based compensation accounting guidance in the third quarter of 2016. (2) See the reconciliation to the comparable U.S. GAAP measures at the end of this earnings release.

2 Assets Under Management Assets under management increased $42.0 billion in the second quarter of 2017 to $903.6 billion at June 30, 2017. The firm's net cash inflows were $3.7 billion in the second quarter of 2017. There were $7.6 billion of client transfers from the mutual funds to other portfolios. The components of the change in assets under management are shown in the table below. Three months ended 6/30/2017 Six months ended 6/30/2017 (in billions) Sponsored U.S. mutual funds Other investment portfolios Total Sponsored U.S. mutual funds Other investment portfolios Total Assets under management at beginning of period $ 548.3 $ 313.3 $ 861.6 $ 514.2 $ 296.6 $ 810.8 Net cash flows before client transfers 1.9 1.8 3.7 4.4 — 4.4 Client transfers from mutual funds to other portfolios (7.6 ) 7.6 — (7.9 ) 7.9 — Net cash flows after client transfers (5.7 ) 9.4 3.7 (3.5 ) 7.9 4.4 Net market appreciation and income, net of distributions not reinvested 23.9 14.4 38.3 55.8 32.6 88.4 Change during the period 18.2 23.8 42.0 52.3 40.5 92.8 Assets under management at June 30, 2017 $ 566.5 $ 337.1 $ 903.6 $ 566.5 $ 337.1 $ 903.6 The firm's net cash flows were in the following asset classes: (in billions) Three months ended 6/30/2017 Six months ended 6/30/2017 Stock and blended asset $ (1.4 ) $ (5.3 ) Bond, money market, and stable value 5.1 9.7 Total net cash flows 3.7 4.4 Net cash flows into the firm's target date retirement portfolios were $3.1 billion in the second quarter of 2017 and $5.4 billion in the first half of 2017. The firm's assets under management by asset class and in the firm's retirement date portfolios are as follows: As of (in billions) 12/31/2016 3/31/2017 6/30/2017 Equity $ 450.6 $ 482.9 $ 508.9 Fixed income 121.2 123.5 125.4 Asset allocation 239.0 255.2 269.3 Total assets under management $ 810.8 $ 861.6 $ 903.6 Target date retirement portfolios $ 189.2 $ 202.6 $ 213.8 Investors domiciled outside the United States accounted for about 5% of the firm's assets under management at December 31, 2016, and June 30, 2017.

3 Capital Management T. Rowe Price remains debt-free with ample liquidity, including cash and sponsored portfolio investment holdings as follows: (in millions) 12/31/2016 6/30/2017 Cash and cash equivalents $ 1,204.9 $ 1,542.2 Discretionary investments in sponsored investment portfolios 700.6 678.7 Total discretionary investments 1,905.5 2,220.9 Redeemable seed capital investments in sponsored investment portfolios 1,263.8 1,169.1 Investments in sponsored investment portfolios to hedge supplemental savings plan liability — 172.3 Total cash and sponsored investment holdings $ 3,169.3 $ 3,562.3 The firm's common shares outstanding decreased since the end of 2016 as it expended $447.0 million during the first half of 2017 to repurchase 6.5 million shares, or 2.6%, of its outstanding common shares, including $130.7 million to repurchase 1.9 million shares during the second quarter of 2017. The firm invested $82.6 million during the first half of 2017 in capitalized facilities and technology and expects capital expenditures for 2017 to be up to $200 million, of which about two-thirds is planned for technology initiatives. These expenditures are expected to continue to be funded from operating resources. Investment Performance The percentage of T. Rowe Price mutual funds (across share classes) that outperformed their comparable Lipper averages on a total return basis and that are in the top Lipper quartile for the one-, three-, five-, and 10- years ended June 30, 2017, were: 1 year 3 years 5 years 10 years Outperformed Lipper averages All funds 68% 81% 83% 85% Asset allocation funds 90% 96% 95% 93% Top Lipper quartile All funds 44% 56% 58% 61% Asset allocation funds 66% 67% 84% 79% In addition, 88% of the rated Price Funds' assets under management ended the quarter with an overall rating of four or five stars from Morningstar. The performance of the firm's institutional strategies against their benchmarks remains very competitive especially over longer time periods.

4 Financial Results Investment advisory revenues earned in the current quarter from the T. Rowe Price mutual funds distributed in the U.S. were $754.3 million, an increase of 12.7% from the comparable 2016 quarter. Average U.S. mutual fund assets under management increased 13.8% to $560.2 billion. Investment advisory revenues earned in the current quarter from other investment portfolios were $289.6 million, an increase of 15.1% from the comparable 2016 quarter. Average assets under management for these portfolios increased 16.1% to $325.7 billion. The firm has reduced the management fees of certain of its mutual funds and other investment portfolios since mid-2016. These reductions were a factor in why investment advisory revenue grew slower than average assets under management during 2017. The firm regularly assesses the competitiveness of its fees and will continue to make adjustments as deemed appropriate. Operating expenses were $664.0 million in the current quarter. Excluding the $166.2 million charge related to the Dell matter recognized in the second quarter of 2016, operating expenses have increased 11.6% from the 2016 quarter. The firm currently expects that its operating expenses, excluding the impact of the Dell matter, will grow about 10% in 2017 versus 2016. The firm could elect to modify the pace of spending on its planned initiatives should markets rise or decline significantly. Compensation and related costs were $403.8 million in the current quarter, an increase of 8.8% over the second quarter of 2016, due primarily to additional headcount, an increase in the interim accrual of the annual bonus, and higher benefits. Benefits expenses rose primarily due to increased market valuations on its supplemental savings plan liability, which resulted in additional compensation expense. These increases were offset in part by higher labor capitalization related to internally developed software as the firm continues to invest in its technology capabilities. Average staff size increased by 6.8% from the second quarter of 2016, and the firm employed 6,651 associates at June 30, 2017. Advertising and promotion costs were $18.6 million in the current quarter, compared with $14.9 million in the 2016 quarter. The firm currently expects advertising and promotion costs for 2017 to grow up to 10% over 2016 as the firm executes on a number of strategic initiatives. Occupancy and facility costs, together with depreciation expense, were $83.1 million in the current quarter, an increase of 11.4% compared to the second quarter of 2016. The increase is due primarily to higher facility costs as well as the added costs to update and enhance technology capabilities, including related maintenance programs. Other operating expenses were $122.1 million in the current quarter, an increase of 23.5% from the comparable 2016 quarter, as operational and regulatory business demands continue to grow.

5 Net non-operating income was $112.0 million in the current quarter, an increase of $70.5 million from the second quarter of 2016. The components and variances are included in the table below: Three months ended 6/30/2016 6/30/2017 $ change Net realized gains on dispositions of sponsored fund investments $ — $ 30.3 $ 30.3 Ordinary dividend distributions from sponsored fund investments 1.8 3.5 1.7 Unrealized gains on sponsored fund investments 7.5 32.0 24.5 Net investment income on consolidated sponsored investment portfolios(1) 26.4 39.4 13.0 Other investment income 6.0 5.6 (.4 ) Other non-operating expenses, including foreign currency gains and losses (.2 ) 1.2 1.4 Net non-operating income $ 41.5 $ 112.0 $ 70.5 (1) A table detailing the impact the consolidated sponsored investment portfolios have had on the firm's consolidated statements of income is included at the end of this earnings release. Nearly all of the $30.3 million in net realized gains and $23.6 million of the $32.0 million in unrealized gains on sponsored funds recognized during the second quarter of 2017 resulted from the firm's decision to economically hedge the market exposure associated with its supplemental savings plan liability. The firm's effective tax rate for the second quarter of 2017 was 37.1%. The firm currently estimates its effective tax rate for 2017 will be about 37.4%. Management Commentary William J. Stromberg, the company’s president and chief executive officer, commented: “U.S. stocks rose broadly in the second quarter of 2017 with many major indexes reaching all-time highs. International stocks outperformed U.S. shares, aided by strengthening currencies relative to the U.S. dollar. Fixed income returns were also positive with healthy credit conditions in the U.S. and abroad. "Our assets under management grew by five percent in the second quarter of 2017, boosted by strong market returns, healthy alpha generation, and solid net inflows. Positive net flows continued into our international equity, fixed income, and asset allocation strategies, partially offset by modest outflows from U.S. equity. “Overall we are encouraged by increasing levels of client activity and by execution of our strategy. Our relative investment performance remains strong, investor interest continues to grow globally, and we are making good progress with our investments in product, distribution, and technology. Some highlights of activity that reflect ways we are meeting the needs of our clients and distribution partners include: • New Investment Products—Recently launched portfolios include the Retirement Income 2020 Fund (a new managed-payout fund) and the U.S. High Yield Fund (stemming from the acquisition of the

6 Henderson High Yield Opportunities Fund). We have also filed preliminary registration statements for the Multi-Strategy Total Return Fund and Capital Appreciation & Income Fund, both of which we expect to launch later this year. • Recent Vehicle Launches Gaining Traction—The T. Rowe Price ActivePlus Portfolios, retail separately managed accounts, and model portfolios are each attracting clients and assets. • Expanding Distribution Reach—Our mutual funds are now available on Fidelity Investments’ FundsNetwork® and their Institutional No Transaction Fee (iNTF) Program, further expanding their availability to retail investors and advisors with no transaction fees. This agreement follows the recent addition of our mutual funds to Charles Schwab’s Mutual Fund OneSource® service with no transaction fee. • Client Experience Enhancements—A new relationship management team servicing high-value individual investors in our direct channel is bolstering client engagement, and helping attract and retain assets. Likewise, our agile approach to innovating and developing improved client digital experiences is also seeing initial success. "With the progress we are making on our strategic priorities and the outstanding work of our associates, we are confident we are on the right track to enhance our competitiveness and grow and diversify our business. In this our 80th year, we remain committed to our guiding principle of always doing what is right for our clients. Over time, we believe that this approach will enable us to remain a premier asset manager and create attractive long-term value for our stockholders.” Other Matters The financial results presented in this release are unaudited. The firm expects that it will file its Form 10-Q Quarterly Report for the second quarter of 2017 with the U.S. Securities and Exchange Commission later today. The Form 10-Q will include additional information on the firm's unaudited financial results at June 30, 2017. Certain statements in this earnings release may represent “forward-looking information,” including information relating to anticipated changes in revenues, net income and earnings per common share, anticipated changes in the amount and composition of assets under management, anticipated expense levels, estimated tax rates, and expectations regarding financial results, future transactions, new products and services, investments, capital expenditures, dividends, stock repurchases, and other market conditions. For a discussion concerning risks and other factors that could affect future results, see the firm's 2016 Form 10-K and June 30, 2017 Form 10-Q filed later today.

7 Founded in 1937, Baltimore-based T. Rowe Price (troweprice.com) is a global investment management organization that provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The organization also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. CONTACTS: Public Relations Brian Lewbart 410-345-2242 brian_lewbart@troweprice.com Investor Relations Teresa Whitaker 410-345-6586 teresa_whitaker@troweprice.com

8 Unaudited Consolidated Statements of Income (in millions, except per share amounts) Three months ended Six months ended Revenues 6/30/2016 6/30/2017 6/30/2016 6/30/2017 Investment advisory fees $ 920.6 $ 1,043.9 $ 1,791.4 $ 2,035.0 Administrative fees 88.5 91.3 177.9 178.6 Distribution and servicing fees 35.6 36.4 69.5 71.6 Net revenues 1,044.7 1,171.6 2,038.8 2,285.2 Operating expenses Compensation and related costs 371.0 403.8 726.2 801.2 Advertising and promotion 14.9 18.6 38.0 44.2 Distribution and servicing costs 35.6 36.4 69.5 71.6 Depreciation and amortization of property and equipment 33.8 36.3 66.0 71.9 Occupancy and facility costs 40.8 46.8 82.2 92.2 Other operating expenses 98.9 122.1 196.3 224.8 Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter 166.2 — 166.2 (50.0 ) Total operating expenses 761.2 664.0 1,344.4 1,255.9 Net operating income 283.5 507.6 694.4 1,029.3 Non-operating income Net investment income on investments 15.3 71.4 76.6 136.2 Net investment income on consolidated sponsored investment portfolios 26.4 39.4 50.2 88.3 Other income (.2 ) 1.2 (.2 ) 2.5 Total non-operating income 41.5 112.0 126.6 227.0 Income before income taxes 325.0 619.6 821.0 1,256.3 Provision for income taxes 113.8 229.6 296.5 465.9 Net income 211.2 390.0 524.5 790.4 Less: net income attributable to redeemable non-controlling interests 7.9 16.1 17.1 30.6 Net income attributable to T. Rowe Price Group 203.3 373.9 507.4 759.8 Less: net income allocated to outstanding restricted stock and stock unit holders 4.0 8.5 9.8 17.2 Net income allocated to T. Rowe Price Group common stockholders $ 199.3 $ 365.4 $ 497.6 $ 742.6 Earnings per share on common stock of T. Rowe Price Group Basic $ .81 $ 1.52 $ 2.02 $ 3.08 Diluted $ .79 $ 1.50 $ 1.97 $ 3.04 Weighted-average common shares Outstanding 246.9 239.8 246.8 240.9 Outstanding assuming dilution 252.6 243.0 252.2 244.2 Dividends declared per share $ .54 $ .57 $ 1.08 $ 1.14 Impact of consolidated sponsored investment portfolios on consolidated statements of income (in millions) Three months ended Six months ended 6/30/2016 6/30/2017 6/30/2016 6/30/2017 Operating expenses reflected in net operating income $ (3.5 ) $ (2.7 ) $ (6.1 ) $ (5.3 ) Net investment income reflected in non-operating income 26.4 39.4 50.2 88.3 Impact on income before taxes $ 22.9 $ 36.7 $ 44.1 $ 83.0 Income attributable to T. Rowe Price Group's interest $ 15.0 $ 20.6 $ 17.1 $ 52.4 Income attributable to redeemable non-controlling interests 7.9 16.1 27.0 30.6 $ 22.9 $ 36.7 $ 44.1 $ 83.0

9 Investment Advisory Revenues (in millions) Three months ended Six months ended 6/30/2016 6/30/2017 6/30/2016 6/30/2017 Sponsored U.S. mutual funds Stock and blended asset $ 551.1 $ 628.6 $ 1,070.6 $ 1,222.7 Bond and money market 118.0 125.7 230.6 247.4 669.1 754.3 1,301.2 1,470.1 Other investment portfolios Stock and blended asset 210.3 240.3 408.2 468.2 Bond, money market, and stable value 41.2 49.3 82.0 96.7 251.5 289.6 490.2 564.9 Total $ 920.6 $ 1,043.9 $ 1,791.4 $ 2,035.0 Assets Under Management (in billions) Average during Three months ended Six months ended As of 6/30/2016 6/30/2017 6/30/2016 6/30/2017 12/31/2016 6/30/2017 Sponsored U.S. mutual funds Stock and blended asset $ 383.6 $ 440.1 $ 372.4 $ 430.6 $ 401.3 $ 445.5 Bond and money market 108.5 120.1 106.4 117.8 112.9 121.0 492.1 560.2 478.8 548.4 514.2 566.5 Other investment portfolios Stock and blended asset 209.9 244.7 203.2 238.0 220.8 254.0 Bond, money market, and stable value 70.7 81.0 68.4 79.2 75.8 83.1 280.6 325.7 271.6 317.2 296.6 337.1 Total $ 772.7 $ 885.9 $ 750.4 $ 865.6 $ 810.8 $ 903.6 Unaudited Condensed Consolidated Cash Flows Information (in millions) Six months ended 6/30/2016 6/30/2017 Cash flow attributable to T. Rowe Price Group Cash flow attributable to consolidated sponsored investment portfolios, net of eliminations As reported on statement of cash flows Cash flow attributable to T. Rowe Price Group Cash flow attributable to consolidated sponsored investment portfolios, net of eliminations As reported on statement of cash flows Cash provided by (used in) operating activities, including ($74) of stock-based compensation expense and $150 related to the Dell appraisal rights matter attributable to T. Rowe Price Group in 2017 $ 662.2 $ (676.4 ) $ (14.2 ) $ 876.1 $ (736.9 ) $ 139.2 Cash provided by (used in) investing activities, including ($83) for additions to property and equipment and $294 of proceeds from the sale of available-for- sale investments attributable to T. Rowe Price Group in 2017 (103.1 ) 265.1 162.0 114.1 23.5 137.6 Cash provided by (used in) financing activities, including T. Rowe Price Group common stock repurchases of $(447) and dividends paid of $(280) in 2017 (456.2 ) 540.0 83.8 (652.9 ) 717.7 64.8 Effect of exchange rate changes on cash and cash equivalents — (21.3 ) (21.3 ) — 3.8 3.8 Net change in cash and cash equivalents during period $ 102.9 $ 107.4 $ 210.3 $ 337.3 $ 8.1 $ 345.4

10 Unaudited Condensed Consolidated Balance Sheet Information (in millions) As of 12/31/2016 6/30/2017 Cash and cash equivalents $ 1,204.9 $ 1,542.2 Accounts receivable and accrued revenue 455.1 488.7 Investments 1,257.5 1,333.7 Assets of consolidated sponsored investment portfolios 1,680.5 1,604.0 Property and equipment, net 615.1 624.3 Goodwill 665.7 665.7 Other assets 346.2 274.0 Total assets 6,225.0 6,532.6 Total liabilities, includes $65.6 at December 31, 2016, and $55.4 at June 30, 2017, from consolidated sponsored investment portfolios 529.2 736.4 Redeemable non-controlling interests 687.2 627.6 Stockholders' equity, 240.3 common shares outstanding at June 30, 2017, includes net unrealized holding gains of $10.1 at June 30, 2017 $ 5,008.6 $ 5,168.6 Cash, Cash Equivalents, and Investments Information (in millions) Interest Held by T. Rowe Price Group Cash and discretionary investments in sponsored portfolios Investments in sponsored portfolios to hedge supplemental savings plan Seed capital investments in sponsored portfolios Investment in UTI and other investments Total Redeemable non- controlling interests As reported on consolidated balance sheet 6/30/2017 Cash and cash equivalents $ 1,542.2 $ — $ — $ — $ 1,542.2 $ — $ 1,542.2 Investments 675.6 172.3 251.2 234.6 1,333.7 — 1,333.7 Net assets of consolidated sponsored investment portfolios 3.1 — 917.9 — 921.0 627.6 1,548.6 $ 2,220.9 $ 172.3 $ 1,169.1 $ 234.6 $ 3,796.9 $ 627.6 $ 4,424.5 Quarterly Financial Impact of Dell Appraisal Rights Matter (in millions) Three months ended Pre-tax operating expense Pre-tax operating cash flow June 30, 2016 $ 166.2 $ (164.0 ) September 30, 2016 — (.9 ) December 31, 2016 (100.0 ) (1.3 ) Total - 2016 66.2 (166.2 ) March 31, 2017 (50.0 ) 140.0 June 30, 2017 — 10.0 Total impact of Dell appraisal rights matter $ 16.2 $ (16.2 )

11 Non-GAAP Information and Reconciliation The firm believes the non-GAAP financial measures below provide relevant and meaningful information to investors about its core operating results. These measures have been established in order to increase transparency for the purpose of evaluating the firm's core business, for comparing current results with prior period results, and to enable more appropriate comparison with industry peers. However, non-GAAP financial measures should not be considered as a substitute for financial measures calculated in accordance with U.S. GAAP and may be calculated differently by other companies. The following schedule (in millions, except for per-share amounts) reconciles U.S. GAAP financial measures to non-GAAP measures for the three- and six-month period ended June 30, 2016 and 2017. Three months ended Six months ended 6/30/2016 6/30/2017 6/30/2016 6/30/2017 Operating expenses, GAAP basis $ 761.2 $ 664.0 $ 1,344.4 $ 1,255.9 Non-GAAP adjustments: Expenses of consolidated sponsored investment portfolios, net of elimination of its related management fee(1) (1.7 ) (1.7 ) (3.0 ) (3.5 ) Insurance recoveries (nonrecurring charge) related to Dell appraisal rights matter (3) (166.2 ) — (166.2 ) 50.0 Adjusted operating expenses $ 593.3 $ 662.3 $ 1,175.2 $ 1,302.4 Net income attributable to T. Rowe Price Group, GAAP basis $ 203.3 $ 373.9 $ 507.4 $ 759.8 Non-GAAP adjustments: Net income of consolidated sponsored investment portfolios, net of redeemable non-controlling interests(1) (15.0 ) (20.6 ) (27.0 ) (52.4 ) Non-operating income, excluding impact of consolidated sponsored investment portfolios(2) (15.1 ) (72.6 ) (76.4 ) (138.7 ) Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter (3) 166.2 — 166.2 (50.0 ) Income tax impacts of non-GAAP adjustments (4) (53.8 ) 37.2 (24.5 ) 96.4 Adjusted net income attributable to T. Rowe Price Group $ 285.6 $ 317.9 $ 545.7 $ 615.1 Diluted earnings per common share, GAAP basis $ .79 $ 1.50 $ 1.97 $ 3.04 Non-GAAP adjustments: Consolidated sponsored investment portfolios (1) (.04 ) (.05 ) (.07 ) (.13 ) Non-operating income, excluding impact of consolidated sponsored investment portfolios(2) (.03 ) (.17 ) (.17 ) (.33 ) Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter (3) .39 — .39 (.12 ) Adjusted diluted earnings per common share(5) $ 1.11 $ 1.28 $ 2.12 $ 2.46 (1) The non-GAAP adjustments add back the management fees that the firm earns from the consolidated sponsored investment portfolios and subtract the investment income and operating expenses of these portfolios that have been included in the firm's U.S. GAAP consolidated statements of income. Management believes the consolidated sponsored investment portfolios may impact the reader's ability to understand the firm's core operating results. The following table details the calculation of net income of consolidated sponsored investment portfolios, net of redeemable non-controlling interests, for the three- and six-month period ended June 30, 2016 and 2017:

12 Three months ended Six months ended 6/30/2016 6/30/2017 6/30/2016 6/30/2017 Net investment income of consolidated sponsored portfolios $ 26.4 $ 39.4 $ 50.2 $ 88.3 Operating expenses of consolidated sponsored portfolios (3.5 ) (2.7 ) (6.1 ) (5.3 ) Net income of consolidated sponsored portfolios 22.9 36.7 44.1 83.0 Less: net income attributable to redeemable non-controlling interests 7.9 16.1 17.1 30.6 T. Rowe Price's portion of net income $ 15.0 $ 20.6 $ 27.0 $ 52.4 (2) This non-GAAP adjustment removes the non-operating income that remains after backing out the portion related to the consolidated sponsored investment portfolios. Management believes excluding non-operating income helps the reader's ability to understand the firm's core operating results and increases comparability to prior years. Additionally, management does not emphasize the impact of non-operating income when managing the firm and evaluating its performance. The following table details the calculation of other non-operating income for the three- and six-month period ended June 30, 2016 and 2017: Three months ended Six months ended 6/30/2016 6/30/2017 6/30/2016 6/30/2017 Total non-operating income $ 41.5 $ 112.0 $ 126.6 $ 227.0 Less: net investment income of consolidated sponsored portfolios 26.4 39.4 50.2 88.3 Total other non-operating income $ 15.1 $ 72.6 $ 76.4 $ 138.7 (3) In the second quarter of 2016, the firm recognized a nonrecurring charge of $166.2 million related to the firm's decision to compensate certain clients in regard to the Dell appraisal rights matter. In the first quarter of 2017, the firm recognized insurance recoveries of $50 million as a reduction in operating expenses from claims that were filed in relation to the matter. Management believes it is useful to readers of the firm's consolidated statements of income to adjust for these non-recurring insurance recoveries in arriving at adjusted operating expenses and net income attributable to T. Rowe Price Group, Inc. and diluted earnings per share, as this will aid with comparability to prior periods and analyzing the firm's core business results. (4) These were calculated using the effective tax rate applicable to the related items. (5) This non-GAAP measure was calculated by applying the two-class method to adjusted net income attributable to T. Rowe Price Group, Inc. divided by the weighted-average common shares outstanding assuming dilution.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2017
Entity Registrant Name	PRICE T ROWE GROUP INC
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (shares)		240,357,961
Entity Central Index Key	0001113169
Amendment Flag	false

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 1,542.2	$ 1,204.9
Accounts receivable and accrued revenue	488.7	455.1
Investments	1,333.7	1,257.5
Assets of consolidated sponsored investment portfolios ($1,446.1 million at December 31, 2016 and $1,412.6 million at June 30, 2017, related to variable interest entities)	1,604.0	1,680.5
Property and equipment, net	624.3	615.1
Goodwill	665.7	665.7
Other assets	274.0	346.2
Total assets	6,532.6	6,225.0
LIABILITIES
Accounts payable and accrued expenses	185.8	180.8
Liabilities of consolidated sponsored investment portfolios ($56.8 million at December 31, 2016, and $44.2 million at June 30, 2017, related to variable interest entities)	55.4	65.6
Accrued compensation and related costs	306.3	92.6
Supplemental savings plan liability	172.9	150.9
Income taxes payable	16.0	39.3
Total liabilities	736.4	529.2
Commitments and contingent liabilities
Redeemable non-controlling interests	627.6	687.2
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares	0.0	0.0
Common stock, $.20 par value—authorized 750,000,000; issued 244,784,000 shares at December 31, 2016, and 240,262,000 at June 30, 2017	48.1	49.0
Additional capital in excess of par value	654.5	654.5
Retained earnings	4,477.6	4,293.6
Accumulated other comprehensive income (loss)	(11.6)	11.5
Total permanent stockholders’ equity	5,168.6	5,008.6
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity	$ 6,532.6	$ 6,225.0

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets of consolidated sponsored investment portfolios	$ 1,604.0	$ 1,680.5
Liabilities of consolidated sponsored investment portfolios	$ 55.4	$ 65.6
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.2	$ 0.2
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value (in dollars per share)	$ 0.2	$ 0.2
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares outstanding (in shares)	240,262,000	244,784,000
Common stock, shares issued (in shares)	240,262,000	244,784,000
Variable interest entities [Member]
Assets of consolidated sponsored investment portfolios	$ 1,412.6	$ 1,446.1
Liabilities of consolidated sponsored investment portfolios	$ 44.2	$ 56.8

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Revenues
Investment advisory fees	$ 1,043.9	$ 920.6	$ 2,035.0		$ 1,791.4
Administrative fees	91.3	88.5	178.6		177.9
Distribution and servicing fees	36.4	35.6	71.6		69.5
Net revenues	1,171.6	1,044.7	2,285.2		2,038.8
Operating expenses
Compensation and related costs	403.8	371.0	801.2		726.2
Advertising and promotion	18.6	14.9	44.2		38.0
Distribution and servicing costs	36.4	35.6	71.6		69.5
Depreciation and amortization of property and equipment	36.3	33.8	71.9	[1]	66.0	[1]
Occupancy and facility costs	46.8	40.8	92.2		82.2
Other operating expenses	122.1	98.9	224.8		196.3
Nonrecurring charge (insurance recoveries) related to Dell appraisal rights matter	0.0	166.2	(50.0)		166.2
Total operating expenses	664.0	761.2	1,255.9		1,344.4
Net operating income	507.6	283.5	1,029.3		694.4
Non-operating income
Net investment income on investments	71.4	15.3	136.2		76.6
Net investment income on consolidated sponsored investment portfolios	39.4	26.4	88.3		50.2
Other income (expense)	1.2	(0.2)	2.5		(0.2)
Total non-operating income	112.0	41.5	227.0		126.6
Income before income taxes	619.6	325.0	1,256.3		821.0
Provision for income taxes	229.6	113.8	465.9		296.5
Net income	390.0	211.2	790.4	[1]	524.5	[1]
Less: net income attributable to redeemable non-controlling interests	16.1	7.9	30.6		17.1
Net income attributable to T. Rowe Price Group	$ 373.9	$ 203.3	$ 759.8		$ 507.4
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)	$ 1.52	$ 0.81	$ 3.08		$ 2.02
Diluted (in dollars per share)	1.50	0.79	3.04		1.97
Dividends declared per share (in dollars per share)	$ 0.57	$ 0.54	$ 1.14		$ 1.08

[1] See note 12 for a supplementary consolidating cash flow schedule.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Net income	$ 390.0	$ 211.2	$ 790.4	[1]	$ 524.5	[1]
Other comprehensive income (loss)
Net unrealized holding gains (losses) on available-for-sale investments	13.9	5.4	32.2		(0.9)
Reclassification adjustments recognized in non-operating income: Net gains realized on dispositions determined using average cost	(30.3)	0.0	(77.9)		(52.3)
Reclassification adjustments recognized in non-operating income: Net unrealized gains recognized upon the transfer to trading investments	(23.6)	0.0	(23.6)		0.0
Total net unrealized holding gains (losses) recognized in other comprehensive income	(40.0)	5.4	(69.3)		(53.2)
Currency translation adjustments	36.7	(26.9)	40.5		13.2
Other comprehensive loss before income taxes	(3.3)	(21.5)	(28.8)		(40.0)
Net deferred tax benefits	4.6	1.8	15.3		18.2
Total other comprehensive income (loss)	1.3	(19.7)	(13.5)		(21.8)
Total comprehensive income	391.3	191.5	776.9		502.7
Less: comprehensive income (loss) attributable to redeemable non-controlling interests	23.6	(9.0)	40.2		23.1
Comprehensive income attributable to T. Rowe Price Group	367.7	200.5	736.7		479.6
Variable interest entities [Member]
Other comprehensive income (loss)
Currency translation adjustments	30.0	(26.9)	37.0		14.0
Equity method investments [Member]
Other comprehensive income (loss)
Currency translation adjustments	$ 6.7	$ 0.0	$ 3.5		$ (0.8)

[1] See note 12 for a supplementary consolidating cash flow schedule.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	[1]	$ 790.4	$ 524.5
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment	[1]	71.9	66.0
Stock-based compensation expense	[1]	74.2	75.6
Realized gains on dispositions of available-for-sale sponsored investment portfolios	[1]	(77.9)	(52.3)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	[1]	(23.6)	0.0
Net gains recognized on other investments	[1]	(23.9)	(16.9)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	[1]	(129.0)	0.0
Net change in trading securities held by consolidated sponsored investment portfolios	[1]	(802.0)	(717.2)
Other changes in assets and liabilities	[1]	259.1	106.1
Net cash (used in) provided by operating activities	[1]	139.2	(14.2)
Cash flows from investing activities
Purchases of available-for-sale sponsored investment portfolios	[1]	(0.7)	0.0
Dispositions of available-for-sale sponsored investment portfolios	[1]	293.7	89.2
Net cash of sponsored investment portfolios on consolidation (deconsolidation)	[1]	(45.9)	68.3
Additions to property and equipment	[1]	(82.6)	(79.2)
Other investing activity	[1]	(26.9)	83.7
Net cash provided by investing activities	[1]	137.6	162.0
Cash flows from financing activities
Repurchases of common stock	[1]	(446.9)	(244.0)
Common share issuances under stock-based compensation plans	[1]	74.4	59.4
Dividends paid to common stockholders of T. Rowe Price Group	[1]	(280.4)	(271.6)
Net subscriptions received from redeemable non-controlling interest holders	[1]	717.7	540.0
Net cash provided by financing activities	[1]	64.8	83.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	[1]	3.8	(21.3)
Net change in cash and cash equivalents during period	[1]	345.4	210.3
Cash and cash equivalents at beginning of year	[1]	1,270.5	1,172.3
Cash and cash equivalents at end of period	[1]	$ 1,615.9	$ 1,382.6

[1] See note 12 for a supplementary consolidating cash flow schedule.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Cash and cash equivalents	$ 1,542.2	$ 1,204.9
Consolidated sponsored investment portfolios [Member]
Cash and cash equivalents	$ 73.7		$ 107.4

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Millions	Total	Common stock [Member]	Additional capital in excess of par value [Member]	Retained earnings [Member]	Accumulated other comprehensive income (loss) [Member]	Restricted shares [Member]	Restricted shares [Member] Common stock [Member]	Restricted shares [Member] Additional capital in excess of par value [Member]	Restricted stock units [Member]	Restricted stock units [Member] Common stock [Member]	Restricted stock units [Member] Additional capital in excess of par value [Member]
Balances (in shares) at Dec. 31, 2016		244,784
Balances at Dec. 31, 2016	$ 5,008.6	$ 49.0	$ 654.5	$ 4,293.6	$ 11.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	759.8			759.8
Other comprehensive income (loss), net of tax	(23.1)				(23.1)
Dividends declared	(280.0)			(280.0)
Common stock-based compensation plans activity
Shares issued upon option exercises (shares)		1,942
Shares issued upon option exercises	76.5	$ 0.4	76.1
Shares issued, net of shares withheld for taxes (shares)							15			6
Shares issued, net of shares withheld for taxes						$ (0.1)	$ 0.0	$ (0.1)	$ (0.3)	$ 0.0	$ (0.3)
Forfeiture of restricted awards (shares)		(5)
Forfeiture of restricted awards	0.0	$ 0.0
Stock-based compensation expense	74.2		74.2
Restricted stock units issued as dividend equivalents	0.0		0.1	(0.1)
Common shares repurchased (shares)		(6,480)
Common shares repurchased	(447.0)	$ (1.3)	(150.0)	(295.7)
Balances (in shares) at Jun. 30, 2017		240,262
Balances at Jun. 30, 2017	5,168.6	$ 48.1	$ 654.5	$ 4,477.6	$ (11.6)
Beginning balances attributable to redeemable non-controlling interests at Dec. 31, 2016	687.2
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable non-controlling interests	30.6
Other comprehensive income (loss), net of tax, attributable to redeemable non-controlling interests	9.6
Net subscriptions into sponsored investment portfolios	687.4
Net deconsolidations of sponsored investment portfolios	(787.2)
Ending balances attributable to redeemable non-controlling interests at Jun. 30, 2017	$ 627.6

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THE COMPANY AND BASIS OF PREPARATION.

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

THE COMPANY AND BASIS OF PREPARATION

THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group (Price Group) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the sponsored T. Rowe Price U.S. mutual funds and other investment portfolios, including separately managed accounts, subadvised funds, and other sponsored investment portfolios. We also provide our investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; and trust services.

Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary to a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. Certain prior year amounts have been reclassified to conform to the 2017 presentation.

The unaudited interim financial information contained in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2016 Annual Report.

NEW ACCOUNTING GUIDANCE

We early adopted Accounting Standards Update No. 2016-09 — Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting on July 1, 2016, which changed the accounting for certain aspects of stock-based compensation awards, including the accounting for income taxes upon settlement of awards, the classification of cash flows associated with awards, the accounting for award forfeitures, and the treatment of hypothetical tax benefits when calculating weighted-average shares outstanding assuming dilution. The guidance required adjustments to be reflected as of January 1, 2016, so we recognized adjustments related to the first and second quarter of 2016 in our condensed consolidated financial statement results for the nine months ended September 30, 2016. As such, we have revised the three- and six-months ended June 30, 2016 financial statements reported in these statements to reflect the impact of the new guidance.

For the three and six months ended June 30, 2016, the recognition of net tax benefits on exercised options and vested restricted stock relative to the stock-based compensation expense reduced our previously reported income tax provisions by $8 million and $16.9 million, respectively. The impact (in millions) on our condensed consolidated statement of income and earnings per share on common stock data three- and six-months is as follows:

	Three months ended 6/30/2016				Six months ended 6/30/2016
	As previously reported		As reported herein		As previously reported		As reported herein
Income before income taxes	$	325.0	$	325.0	$	821.0	$	821.0
Provision for income taxes	121.8		113.8		313.4		296.5
Net income	203.2		211.2		507.6		524.5
Less: net income attributable to redeemable non-controlling interests	7.9		7.9		17.1		17.1
Net income attributable to T. Rowe Price Group	$	195.3	$	203.3	$	490.5	$	507.4
Less: net income allocated to outstanding restricted stock and stock unit holders	3.8		4.0		9.4		9.8
Net income allocated to common stockholders	$	191.5	$	199.3	$	481.1	$	497.6

Earnings per share on common stock of T. Rowe Price Group
Basic	$	.78	$	.81	$	1.95	$	2.02
Diluted	$	.76	$	.79	$	1.91	$	1.97
Weighted-average common shares
Outstanding	246.9		246.9		246.8		246.8
Outstanding assuming dilution	252.1		252.6		251.8		252.2

The impact (in millions) of reporting excess tax benefits from stock-based compensation as an operating activity rather than a financing activity in the consolidated statements of cash flows for the six months ended June 30, 2016, follows:

	As previously reported			As reported herein
Net cash provided by operating activities	$	(31.5	)	$	(14.2	)
Net cash (used in) provided by financing activities	$	101.1		$	83.8

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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

6 Months Ended

Jun. 30, 2017

Information about Receivables, Revenues, and Services [Abstract]

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES

INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Accounts receivable from our sponsored investment portfolios, including our U.S. mutual funds, for advisory fees and advisory-related administrative services aggregate $303.1 million at December 31, 2016, and $320.7 million at June 30, 2017.

Revenues (in millions) from advisory services provided under agreements with our sponsored U.S. mutual funds and other investment clients include:

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Sponsored U.S. mutual funds
Stock and blended asset	$	551.1	$	628.6	$	1,070.6	$	1,222.7
Bond and money market	118.0		125.7		230.6		247.4
	669.1		754.3		1,301.2		1,470.1
Other investment portfolios
Stock and blended asset	210.3		240.3		408.2		468.2
Bond, money market, and stable value	41.2		49.3		82.0		96.7
	251.5		289.6		490.2		564.9
Total	$	920.6	$	1,043.9	$	1,791.4	$	2,035.0

Other investment portfolios include advisory revenues of $94.0 million and $108.6 million for the three months ended June 30, 2016 and 2017, respectively, that were earned from other sponsored investment portfolios. Fees earned during the six months ended June 30, 2016 and 2017, total $182.2 million and $214.7 million respectively.

We voluntarily waived $3.3 million and $7.3 million in money market related fees, including advisory fees and fund expenses, during the three and six months ended June 30, 2016 respectively, in order to maintain a positive yield for investors. We did not waive any money market related fees during 2017.

The following table summarizes the investment portfolios and assets under management (in billions) on which we earn advisory fees.

	Average during				Average during
	the second quarter of				the first half of
	2016		2017		2016		2017
Sponsored U.S. mutual funds
Stock and blended asset	$	383.6	$	440.1	$	372.4	$	430.6
Bond and money market	108.5		120.1		106.4		117.8
	492.1		560.2		478.8		548.4
Other investment portfolios
Stock and blended asset	209.9		244.7		203.2		238.0
Bond, money market, and stable value	70.7		81.0		68.4		79.2
	280.6		325.7		271.6		317.2
Total	$	772.7	$	885.9	$	750.4	$	865.6
					As of
					12/31/2016		6/30/2017
Sponsored U.S. mutual funds
Stock and blended asset					$	401.3	$	445.5
Bond and money market					112.9		121.0
					514.2		566.5
Other investment portfolios
Stock and blended asset					220.8		254.0
Bond, money market, and stable value					75.8		83.1
					296.6		337.1
Total					$	810.8	$	903.6

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 4.7% and 4.9% of our assets under management at December 31, 2016, and June 30, 2017, respectively.

The following table summarizes other fees (in millions) we earn from our sponsored U.S. mutual funds.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Administrative fees	$	69.7	$	71.9	$	142.0	$	141.4
Distribution and servicing fees	$	35.6	$	36.4	$	69.5	$	71.6

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INVESTMENTS.

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS.

The carrying values of investments (in millions) we do not consolidate are as follows:

	12/31/2016		6/30/2017
Available-for-sale sponsored investment portfolios	$	709.0	$	524.4
Equity method investments
Sponsored investment portfolios	252.3		317.8
26% interest in UTI Asset Management Company Limited (India)	140.9		151.4
Investment partnerships	5.3		5.1
Sponsored investment portfolios held as trading	75.4		256.9
Cost method investments	73.6		77.1
U.S. Treasury note	1.0		1.0
Total	$	1,257.5	$	1,333.7

During the first six months of 2016 and 2017, certain sponsored investment portfolios in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Additionally, during the first six months of 2016 and 2017, certain sponsored investment portfolios that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our condensed consolidated balance sheets and income statements as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net decrease in assets of consolidated sponsored investment portfolios	$	(24.4	)	$	(38.1	)	$	(363.2	)	$	(1,074.0	)
Net decrease in liabilities of consolidated sponsored investment portfolios	$	(1.3	)	$	(0.4	)	$	(2.2	)	$	(133.6	)
Net decrease in redeemable non-controlling interests	$	(8.7	)	$	(19.5	)	$	(161.3	)	$	(787.2	)
Gain (loss) recognized upon deconsolidation	$	—		$	—		$	—		$	—

We did not recognize any additional gain or loss in our consolidated statements of income upon deconsolidation as the sponsored investment portfolios’ functional currencies were U.S. dollars and were carried at fair value. Depending on our ownership interest, we are now reporting our residual interests in these sponsored investment portfolios as either equity method or available-for-sale investments.

AVAILABLE-FOR-SALE SPONSORED INVESTMENT PORTFOLIOS.

The available-for-sale sponsored investment portfolios (in millions) include:

	Aggregate cost		Unrealized holding					Aggregate fair value
			gains		losses
December 31, 2016
Stock and blended asset funds	$	162.9	$	88.0	$	(1.9	)	$	249.0
Bond funds	463.3		1.7		(5.0		)	460.0
Total	$	626.2	$	89.7	$	(6.9	)	$	709.0
June 30, 2017
Stock and blended asset funds	$	106.0	$	12.0	$	—		$	118.0
Bond funds	405.6		3.8		(3.0		)	406.4
Total	$	511.6	$	15.8	$	(3.0	)	$	524.4

The following table details the number of holdings, the unrealized holding losses, and the aggregate fair value of available-for-sale sponsored investment portfolios with unrealized losses categorized by the length of time they have been in a continuous unrealized loss position:

	Number of holdings	Unrealized  holding losses			Aggregate fair value
December 31, 2016
Less than 12 months	8	$	(4.2	)	$	328.1
12 months or more	2	(2.7		)	169.5
Total	10	$	(6.9	)	$	497.6
June 30, 2017
Less than 12 months	3	$	(.8	)	$	24.5
12 months or more	1	(2.2		)	168.3
Total	4	$	(3.0	)	$	192.8

In addition to the duration of the impairments, we reviewed the severity of the impairment as well as our intent and ability to hold the investments for a period of time sufficient for an anticipated recovery in fair value. Accordingly, impairment of these investment holdings is considered temporary at December 31, 2016 and June 30, 2017.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2016 and June 30, 2017, include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss (in millions) related to our involvement with these entities is as follows:

	12/31/2016		6/30/2017
Investment carrying values	$	149.2	$	116.4
Unfunded capital commitments	46.4		45.7
Uncollected investment advisory and administrative fees	5.9		5.8
	$	201.5	$	167.9

The unfunded capital commitments totaling $45.7 million relate primarily to investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances.

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FAIR VALUE MEASUREMENTS.

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and certain investments using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. We do not value any investments using Level 3 inputs.

These levels are not necessarily an indication of the risk or liquidity associated with our investments. There have been no transfers between the levels. The following table summarizes our investments (in millions) that are recognized in our condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs.

	Level 1		Level 2
December 31, 2016
Cash equivalents	$	1,052.3	$	—
Available-for-sale sponsored investment portfolios	709.0		—
Sponsored investment portfolios held as trading	60.3		15.1
Total	$	1,821.6	$	15.1
June 30, 2017
Cash equivalents	$	1,323.8	$	—
Available-for-sale sponsored investment portfolios	524.4		—
Sponsored investment portfolios held as trading	239.3		17.6
Total	$	2,087.5	$	17.6

The table above excludes investments held by consolidated sponsored investment portfolios which are presented separately on our condensed consolidated balance sheets and are detailed in Note 5.

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CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS.

6 Months Ended

Jun. 30, 2017

Consolidated Sponsored Investment Portfolios [Abstract]

CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS

CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS.

The sponsored investment portfolios that we consolidate in our condensed consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. sponsored investment portfolios are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.

The following table details the net assets of the consolidated sponsored investment portfolios:

	December 31, 2016						June 30, 2017
	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	10.3	$	55.3	$	65.6	$	6.6	$	67.1	$	73.7
Investments(2)	219.3		1,340.6		1,559.9		179.8		1,325.6		1,505.4
Other assets	4.8		50.2		55.0		5.0		19.9		24.9
Total assets	234.4		1,446.1		1,680.5		191.4		1,412.6		1,604.0
Liabilities	8.8		56.8		65.6		11.2		44.2		55.4
Net assets	$	225.6	$	1,389.3	$	1,614.9	$	180.2	$	1,368.4	$	1,548.6
Attributable to redeemable non-controlling interests	$	69.5	$	617.7	$	687.2	$	50.1	$	577.5	$	627.6
Attributable to T. Rowe Price Group	156.1		771.6		927.7		130.1		790.9		921.0
	$	225.6	$	1,389.3	$	1,614.9	$	180.2	$	1,368.4	$	1,548.6

⁽¹⁾Cash and cash equivalents includes $8.8 million and $5.9 million at December 31, 2016 and June 30, 2017, respectively, of investments in sponsored money market mutual funds.

⁽²⁾Investments includes $4.2 million and $9.0 million at December 31, 2016 and June 30, 2017, respectively, of investments in sponsored portfolios.

Although we can redeem our net interest in these sponsored investment portfolios at any time, we cannot directly access or sell the assets held by the portfolios to obtain cash for general operations. Additionally, the assets of these investment portfolios are not available to our general creditors.

Since third party investors in these investment funds have no recourse to our credit, our overall risk related to the net assets of consolidated sponsored investment portfolios is limited to valuation changes associated with our net interest. We, however, are required to recognize the valuation changes associated with all underlying investments held by these portfolios in our condensed consolidated statements of income, and disclose the portion attributable to third party investors as net income attributable to redeemable non-controlling interests.

The operating results (in millions) of the consolidated sponsored investment portfolios for the three- and six- months ended June 30, 2016 and 2017, are reflected in our condensed consolidated statements of income as follows:

	Three months ended
	6/30/2016									6/30/2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.3	)	$	(3.2	)	$	(3.5	)	$	(.2	)	$	(2.5	)	$	(2.7	)
Net investment income reflected in non-operating income	5.8			20.6			26.4			4.8			34.6			39.4
Impact on income before taxes	$	5.5		$	17.4		$	22.9		$	4.6		$	32.1		$	36.7
Net income attributable to T. Rowe Price Group	$	3.9		$	11.1		$	15.0		$	3.4		$	17.2		$	20.6
Net income attributable to redeemable non-controlling interests	1.6			6.3			7.9			1.2			14.9			16.1
	$	5.5		$	17.4		$	22.9		$	4.6		$	32.1		$	36.7

	Six months ended
	6/30/2016									6/30/2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.8	)	$	(5.3	)	$	(6.1	)	$	(.5	)	$	(4.8	)	$	(5.3	)
Net investment income reflected in non-operating income	12.1			38.1			50.2			10.1			78.2			88.3
Impact on income before taxes	$	11.3		$	32.8		$	44.1		$	9.6		$	73.4		$	83.0
Net income attributable to T. Rowe Price Group	$	7.7		$	19.3		$	27.0		$	7.3		$	45.1		$	52.4
Net income attributable to redeemable non-controlling interests	3.6			13.5			17.1			2.3			28.3			30.6
	$	11.3		$	32.8		$	44.1		$	9.6		$	73.4		$	83.0

The operating expenses of these consolidated portfolios are reflected in other operating expenses. In preparing our condensed consolidated financial statements, we eliminated operating expenses of $1.8 million and $1.0 million for the three months endedJune 30, 2016 and 2017, respectively, against the investment advisory and administrative fees earned from these portfolios. Operating expenses eliminated for the six months ended June 30, 2016 and 2017, were $3.1 million and $1.8 million, respectively. The net investment income reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated sponsored investment portfolios.

The table below details the impact of these consolidated investment portfolios on the individual lines of our condensed consolidated statements of cash flows (in millions) for the six months endedJune 30, 2016 and 2017.

	Six months ended
	June 30, 2016									June 30, 2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Net cash (used in) provided by operating activities	$	(40.9	)	$	(632.4	)	$	(673.3	)	$	(6.4	)	$	(727.8	)	$	(734.2	)
Net cash provided by investing activities	25.4			42.9			68.3			(6.2		)	(39.7		)	(45.9		)
Net cash provided by financing activities	27.6			706.1			733.7			8.9			775.5			784.4
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	(21.3		)	—			3.8			3.8
Net change in cash and cash equivalents during period	12.1			95.3			107.4			(3.7		)	11.8			8.1
Cash and cash equivalents at beginning of year	—			—			—			10.3			55.3			65.6
Cash and cash equivalents at end of period	$	12.1		$	95.3		$	107.4		$	6.6		$	67.1		$	73.7

The net cash provided by financing activities during the first half of2016 and 2017 includes 193.7 million and $66.7 million, respectively, of net subscriptions we made into the consolidated sponsored investment portfolios, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

We determine the fair value of investments held by consolidated sponsored investment portfolios using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk. These inputs are based on market data obtained from independent sources.

Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The value of investments using Level 3 inputs is insignificant.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. There have been no material transfers between the levels. The following table summarizes the investment holdings held by our consolidated sponsored investment portfolios (in millions) using fair value measurements determined based on the differing levels of inputs.

	Level 1			Level 2
December 31, 2016
Assets
Cash equivalents	$	8.8		$	.8
Equity securities	281.8			325.3
Fixed income securities	—			918.1
Other investments	.4			34.3
	$	291.0		$	1,278.5
Liabilities	$	(.6	)	$	(13.6	)

	Level 1			Level 2
June 30, 2017
Assets
Cash equivalents	$	6.2		$	.3
Equity securities	406.0			356.2
Fixed income securities	—			731.9
Other investments	.3			11.0
	$	412.5		$	1,099.4
Liabilities	$	(.2	)	$	(12.0	)

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STOCKHOLDERS' EQUITY.

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY.

Regular cash dividends declared per share during the first six months of 2016 and 2017 were $1.08 and $1.14, respectively.

At June 30, 2017, a liability of $.1 million is included in accounts payable and accrued expenses for common stock repurchases that settled by July 5, 2017.

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STOCK-BASED COMPENSATION.

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION.

STOCK OPTIONS.

The following table summarizes the status of, and changes in, our stock options during the first half of2017.

	Options		Weighted- average exercise price
Outstanding at December 31, 2016	24,364,322		$	61.90
Exercised	(2,676,181	)	$	48.73
Forfeited	(29,237	)	$	73.88
Expired	(39,631	)	$	76.06
Outstanding at June 30, 2017	21,619,273		$	63.49
Exercisable at June 30, 2017	14,847,765		$	58.67

RESTRICTED SHARES AND STOCK UNITS.

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the first half of2017.

	Restricted shares		Restricted stock units		Weighted-average fair value
Nonvested at December 31, 2016	931,508		4,634,461		$	72.19
Time-based grants	17,022		72,547		$	68.94
Vested	(9,018	)	(20,379	)	$	73.72
Forfeited	(4,406	)	(27,556	)	$	72.83
Nonvested at June 30, 2017	935,106		4,659,073		$	72.13

Nonvested at June 30, 2017, includes 14,400 performance-based restricted shares and 401,138 performance-based restricted stock units. These performance-based restricted shares and units include 14,400 restricted shares and 342,049 restricted stock units for which the performance period has lapsed and the performance threshold has been met.

FUTURE STOCK-BASED COMPENSATION EXPENSE.

The following table presents the compensation expense (in millions) to be recognized over the remaining vesting periods of the stock-based awards outstanding at June 30, 2017. Estimated future compensation expense will change to reflect future awards of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.

Third quarter 2017	$	38.4
Fourth quarter 2017	34.4
2018	86.6
2019 through 2022	73.4
Total	$	232.8

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EARNINGS PER SHARE CALCULATIONS.

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

EARNINGS PER SHARE CALCULATIONS

EARNINGS PER SHARE CALCULATIONS.

The following table presents the reconciliation (in millions) of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares (in millions) that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflect the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Net income attributable to T. Rowe Price Group	$	203.3	$	373.9	$	507.4	$	759.8
Less: net income allocated to outstanding restricted stock and stock unit holders	4.0		8.5		9.8		17.2
Net income allocated to common stockholders	$	199.3	$	365.4	$	497.6	$	742.6
Weighted-average common shares
Outstanding	246.9		239.8		246.8		240.9
Outstanding assuming dilution	252.6		243.0		252.2		244.2

The following table shows the weighted-average outstanding stock options (in millions) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.

	Three months ended		Six months ended
	6/30/2016	6/30/2017	6/30/2016	6/30/2017
Weighted-average outstanding stock options excluded	8.7	8.5	9.7	9.0

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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME.

The following table presents the impact of the components (in millions) of other comprehensive income or loss on deferred tax benefits (income taxes).

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net deferred tax benefits (income taxes) on:
Net unrealized holding gains or losses	$	(2.1	)	$	(5.4	)	$	0.4		$	(12.5	)
Reclassification adjustments recognized in the provision for income taxes:
Net gains realized on dispositions	—			11.9			20.6			30.5
Net gains recognized upon transfer to trading  investments	—			9.2			—			9.2
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	(2.1		)	15.7			21.0			27.2
Total deferred tax benefits (income taxes) on currency translation adjustments	3.9			(11.1		)	(2.8		)	(11.9		)
Total net deferred tax benefits	$	1.8		$	4.6		$	18.2		$	15.3

The changes (in millions) in each component of accumulated other comprehensive income (loss), including reclassification adjustments for the first half of2017 are presented in the table below.

				Currency translation adjustments
	Net unrealized holding gains			Equity method investments			Consolidated sponsored investment portfolios - variable interest entities			Total currency translation adjustments			Total
Balances at December 31, 2016	$	52.2		$	(32.3	)	$	(8.4	)	$	(40.7	)	$	11.5
Other comprehensive income before reclassifications and income taxes	32.2			3.5			27.4			30.9			63.1
Reclassification adjustments recognized in non-operating income	(101.5		)	—			—			—			(101.5		)
	(69.3		)	3.5			27.4			30.9			(38.4		)
Net deferred tax benefits (income taxes)	27.2			(1.2		)	(10.7		)	(11.9		)	15.3
Other comprehensive income (loss)	(42.1		)	2.3			16.7			19.0			(23.1		)
Balances at June 30, 2017	$	10.1		$	(30.0	)	$	8.3		$	(21.7	)	$	(11.6	)

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DELL APPRAISAL RIGHTS MATTER.

6 Months Ended

Jun. 30, 2017

Unusual or Infrequent Items, or Both [Abstract]

DELL APPRAISAL RIGHTS MATTER

DELL APPRAISAL RIGHTS MATTER.

In 2016, we paid $166.2 million to compensate certain T. Rowe Price mutual funds, trusts, separately managed accounts, and subadvised clients (collectively, Clients) for the denial of their appraisal rights by the Delaware Chancery Court (Court) in connection with the 2013 leveraged buyout of Dell, Inc. (Dell).

The Court ruled on May 11, 2016, that the Clients could not pursue an appraisal of any shares they held that were voted in favor of the Dell merger. The appraisal statute governing the transaction required the record holder to vote against or abstain from voting on the transaction in order to assert appraisal rights. After previously voting against prior transaction proposals, the voting instructions submitted on behalf of the Clients in connection with voting on the final proposed transaction were incorrectly submitted in favor of the transaction. On May 31, 2016, the Court determined that the fair value of Dell at the time of the merger was $17.62 per share, as opposed to the $13.75 price offered in the transaction. As a result, any shareholder perfecting appraisal rights is entitled to a payment at $17.62 per share plus statutory interest from the date the Dell transaction closed. The compensation to Clients was intended to make them whole for the voting discrepancy that resulted in the denial of their appraisal rights.

On December 30, 2016, we signed a settlement agreement with our insurance carrier for insurance proceeds totaling $100.0 million related to this matter. We recognized the proceeds as a reduction to the $166.2 million nonrecurring charge that we recognized in the second quarter of 2016 and as a receivable in other assets at December 31, 2016. We received the insurance proceeds on January 24, 2017. In the first quarter of 2017, we recognized a reduction in operating expenses from insurance recoveries from other insurance carriers totaling an additional $50 million, of which $40 million was paid during the first quarter and the remaining $10 million was paid during the second quarter.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES.

On February 14, 2017, T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, current and former members of the management committee, and trustees of the T. Rowe Price U.S. Retirement Program were named as defendants in a lawsuit filed in the United States District Court for the District of Maryland. The plaintiff is a former employee who alleges breaches of ERISA’s fiduciary duty and prohibited transaction provisions on behalf of a class of all participants and beneficiaries of the T. Rowe Price 401(k) Plan from February 14, 2011, to the time of judgment. The plaintiff is seeking certification of the complaint as a class action. T. Rowe Price believes the claims are without merit and intends to vigorously defend the action. This matter is in the early stages of litigation and we cannot predict the eventual outcome or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome.

On April 27, 2016, certain shareholders in the T. Rowe Price Blue Chip Growth Fund, T. Rowe Price Capital Appreciation Fund, T. Rowe Price Equity Income Fund, T. Rowe Price Growth Stock Fund, T. Rowe Price International Stock Fund, T. Rowe Price High Yield Fund, T. Rowe Price New Income Fund and T. Rowe Price Small Cap Stock Fund (the “Funds”) filed a Section 36(b) complaint under the caption Zoidis v. T. Rowe Price Assoc., Inc., against T. Rowe Price Associates, Inc. (“T. Rowe Price”) in the United States District Court for the Northern District of California. The complaint alleges that the management fees for the identified funds are excessive because T. Rowe Price charges lower advisory fees to subadvised clients with funds in the same strategy. The complaint seeks to recover the allegedly excessive advisory fees received by T. Rowe Price in the year preceding the start of the lawsuit, along with investments’ returns and profits. In the alternative, the complaint seeks the rescission of each fund’s investment management agreement and restitution of any allegedly excessive management fees. T. Rowe Price believes the claims are without merit and intends to vigorously defend the action. This matter is in the early stages of litigation and we cannot predict the eventual outcome or whether it will have a material negative impact on our financial results, or estimate the possible loss or range of loss that may arise from any negative outcome.

In addition to the matters discussed above, various claims against us arise in the ordinary course of business, including employment-related claims. In the opinion of management, after consultation with counsel, the likelihood of an adverse determination in one or more of these pending ordinary course of business claims that would have a material adverse effect on our financial position or results of operations is remote.

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SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENT.

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENT

SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENT.

The following tables summarize the cash flows (in millions) for the six months ended June 30, 2016 and 2017, that are attributable to T. Rowe Price Group, our consolidated sponsored investment portfolios and the related eliminations required in preparing the statements.

	Six months ended
	6/30/2016												6/30/2017
	Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported			Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported
Cash flows from operating activities
Net income	$	507.4		$	44.1		$	(27.0	)	$	524.5		$	759.8		$	83.0		$	(52.4	)	$	790.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	66.0			—			—			66.0			71.9			—			—			71.9
Stock-based compensation expense	75.6			—			—			75.6			74.2			—			—			74.2
Realized gains on dispositions of available-for-sale sponsored investment portfolios	(52.3		)	—			—			(52.3		)	(77.9		)	—			—			(77.9		)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	—			—			—			—			(23.6		)	—			—			(23.6		)
Net gains recognized on investments	(43.9		)	—			27.0			(16.9		)	(76.3		)	—			52.4			(23.9		)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	—			—			—			—			(129.0		)	—			—			(129.0		)
Net change in trading securities held by consolidated sponsored investment portfolios	—			(717.2		)	—			(717.2		)	—			(802.0		)	—			(802.0		)
Other changes in assets and liabilities	109.4			(.2		)	(3.1		)	106.1			277.0			(15.2		)	(2.7		)	259.1
Net cash (used in) provided by operating activities	662.2			(673.3		)	(3.1		)	(14.2		)	876.1			(734.2		)	(2.7		)	139.2
Net cash provided by investing activities	(103.1		)	68.3			196.8			162.0			114.1			(45.9		)	69.4			137.6
Net cash provided by financing activities	(456.2		)	733.7			(193.7		)	83.8			(652.9		)	784.4			(66.7		)	64.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	—			(21.3		)	—			3.8			—			3.8
Net change in cash and cash equivalents during period	102.9			107.4			—			210.3			337.3			8.1			—			345.4
Cash and cash equivalents at beginning of year	1,172.3			—			—			1,172.3			1,204.9			65.6			—			1,270.5
Cash and cash equivalents at end of period	$	1,275.2		$	107.4		$	—		$	1,382.6		$	1,542.2		$	73.7		$	—		$	1,615.9

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THE COMPANY AND BASIS OF PREPARATION. (Policies)

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

New accounting guidance

NEW ACCOUNTING GUIDANCE

We early adopted Accounting Standards Update No. 2016-09 — Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting on July 1, 2016, which changed the accounting for certain aspects of stock-based compensation awards, including the accounting for income taxes upon settlement of awards, the classification of cash flows associated with awards, the accounting for award forfeitures, and the treatment of hypothetical tax benefits when calculating weighted-average shares outstanding assuming dilution. The guidance required adjustments to be reflected as of January 1, 2016, so we recognized adjustments related to the first and second quarter of 2016 in our condensed consolidated financial statement results for the nine months ended September 30, 2016. As such, we have revised the three- and six-months ended June 30, 2016 financial statements reported in these statements to reflect the impact of the new guidance.

For the three and six months ended June 30, 2016, the recognition of net tax benefits on exercised options and vested restricted stock relative to the stock-based compensation expense reduced our previously reported income tax provisions by $8 million and $16.9 million, respectively.

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THE COMPANY AND BASIS OF PREPARATION. (Tables)

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Guidance Impact on Condensed Consolidated Statements of Income and Consolidated Statements of Cash Flows

The impact (in millions) on our condensed consolidated statement of income and earnings per share on common stock data three- and six-months is as follows:

	Three months ended 6/30/2016				Six months ended 6/30/2016
	As previously reported		As reported herein		As previously reported		As reported herein
Income before income taxes	$	325.0	$	325.0	$	821.0	$	821.0
Provision for income taxes	121.8		113.8		313.4		296.5
Net income	203.2		211.2		507.6		524.5
Less: net income attributable to redeemable non-controlling interests	7.9		7.9		17.1		17.1
Net income attributable to T. Rowe Price Group	$	195.3	$	203.3	$	490.5	$	507.4
Less: net income allocated to outstanding restricted stock and stock unit holders	3.8		4.0		9.4		9.8
Net income allocated to common stockholders	$	191.5	$	199.3	$	481.1	$	497.6

Earnings per share on common stock of T. Rowe Price Group
Basic	$	.78	$	.81	$	1.95	$	2.02
Diluted	$	.76	$	.79	$	1.91	$	1.97
Weighted-average common shares
Outstanding	246.9		246.9		246.8		246.8
Outstanding assuming dilution	252.1		252.6		251.8		252.2

The impact (in millions) of reporting excess tax benefits from stock-based compensation as an operating activity rather than a financing activity in the consolidated statements of cash flows for the six months ended June 30, 2016, follows:

	As previously reported			As reported herein
Net cash provided by operating activities	$	(31.5	)	$	(14.2	)
Net cash (used in) provided by financing activities	$	101.1		$	83.8

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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Tables)

6 Months Ended

Jun. 30, 2017

Information about Receivables, Revenues, and Services [Abstract]

Components of revenues from advisory services

Revenues (in millions) from advisory services provided under agreements with our sponsored U.S. mutual funds and other investment clients include:

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Sponsored U.S. mutual funds
Stock and blended asset	$	551.1	$	628.6	$	1,070.6	$	1,222.7
Bond and money market	118.0		125.7		230.6		247.4
	669.1		754.3		1,301.2		1,470.1
Other investment portfolios
Stock and blended asset	210.3		240.3		408.2		468.2
Bond, money market, and stable value	41.2		49.3		82.0		96.7
	251.5		289.6		490.2		564.9
Total	$	920.6	$	1,043.9	$	1,791.4	$	2,035.0

Components of assets under management

The following table summarizes the investment portfolios and assets under management (in billions) on which we earn advisory fees.

	Average during				Average during
	the second quarter of				the first half of
	2016		2017		2016		2017
Sponsored U.S. mutual funds
Stock and blended asset	$	383.6	$	440.1	$	372.4	$	430.6
Bond and money market	108.5		120.1		106.4		117.8
	492.1		560.2		478.8		548.4
Other investment portfolios
Stock and blended asset	209.9		244.7		203.2		238.0
Bond, money market, and stable value	70.7		81.0		68.4		79.2
	280.6		325.7		271.6		317.2
Total	$	772.7	$	885.9	$	750.4	$	865.6
					As of
					12/31/2016		6/30/2017
Sponsored U.S. mutual funds
Stock and blended asset					$	401.3	$	445.5
Bond and money market					112.9		121.0
					514.2		566.5
Other investment portfolios
Stock and blended asset					220.8		254.0
Bond, money market, and stable value					75.8		83.1
					296.6		337.1
Total					$	810.8	$	903.6

Components of other fees

The following table summarizes other fees (in millions) we earn from our sponsored U.S. mutual funds.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Administrative fees	$	69.7	$	71.9	$	142.0	$	141.4
Distribution and servicing fees	$	35.6	$	36.4	$	69.5	$	71.6

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INVESTMENTS. (Tables)

6 Months Ended

Jun. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Unconsolidated investments

The carrying values of investments (in millions) we do not consolidate are as follows:

	12/31/2016		6/30/2017
Available-for-sale sponsored investment portfolios	$	709.0	$	524.4
Equity method investments
Sponsored investment portfolios	252.3		317.8
26% interest in UTI Asset Management Company Limited (India)	140.9		151.4
Investment partnerships	5.3		5.1
Sponsored investment portfolios held as trading	75.4		256.9
Cost method investments	73.6		77.1
U.S. Treasury note	1.0		1.0
Total	$	1,257.5	$	1,333.7

Net impact of deconsolidation and consolidation on condensed consolidated balance sheets and income statements

The net impact of these changes on our condensed consolidated balance sheets and income statements as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net decrease in assets of consolidated sponsored investment portfolios	$	(24.4	)	$	(38.1	)	$	(363.2	)	$	(1,074.0	)
Net decrease in liabilities of consolidated sponsored investment portfolios	$	(1.3	)	$	(0.4	)	$	(2.2	)	$	(133.6	)
Net decrease in redeemable non-controlling interests	$	(8.7	)	$	(19.5	)	$	(161.3	)	$	(787.2	)
Gain (loss) recognized upon deconsolidation	$	—		$	—		$	—		$	—

Available-for-sale sponsored investment portfolios

The available-for-sale sponsored investment portfolios (in millions) include:

	Aggregate cost		Unrealized holding					Aggregate fair value
			gains		losses
December 31, 2016
Stock and blended asset funds	$	162.9	$	88.0	$	(1.9	)	$	249.0
Bond funds	463.3		1.7		(5.0		)	460.0
Total	$	626.2	$	89.7	$	(6.9	)	$	709.0
June 30, 2017
Stock and blended asset funds	$	106.0	$	12.0	$	—		$	118.0
Bond funds	405.6		3.8		(3.0		)	406.4
Total	$	511.6	$	15.8	$	(3.0	)	$	524.4

Continuous unrealized loss positions

The following table details the number of holdings, the unrealized holding losses, and the aggregate fair value of available-for-sale sponsored investment portfolios with unrealized losses categorized by the length of time they have been in a continuous unrealized loss position:

	Number of holdings	Unrealized  holding losses			Aggregate fair value
December 31, 2016
Less than 12 months	8	$	(4.2	)	$	328.1
12 months or more	2	(2.7		)	169.5
Total	10	$	(6.9	)	$	497.6
June 30, 2017
Less than 12 months	3	$	(.8	)	$	24.5
12 months or more	1	(2.2		)	168.3
Total	4	$	(3.0	)	$	192.8

Maximum risk of loss related to investments in variable interest entities

Our maximum risk of loss (in millions) related to our involvement with these entities is as follows:

	12/31/2016		6/30/2017
Investment carrying values	$	149.2	$	116.4
Unfunded capital commitments	46.4		45.7
Uncollected investment advisory and administrative fees	5.9		5.8
	$	201.5	$	167.9

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FAIR VALUE MEASUREMENTS. (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair value measurements summary

The following table summarizes our investments (in millions) that are recognized in our condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs.

	Level 1		Level 2
December 31, 2016
Cash equivalents	$	1,052.3	$	—
Available-for-sale sponsored investment portfolios	709.0		—
Sponsored investment portfolios held as trading	60.3		15.1
Total	$	1,821.6	$	15.1
June 30, 2017
Cash equivalents	$	1,323.8	$	—
Available-for-sale sponsored investment portfolios	524.4		—
Sponsored investment portfolios held as trading	239.3		17.6
Total	$	2,087.5	$	17.6

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CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS. (Tables)

6 Months Ended

Jun. 30, 2017

Consolidated Sponsored Investment Portfolios [Abstract]

Net assets of consolidated sponsored investment portfolios

The following table details the net assets of the consolidated sponsored investment portfolios:

	December 31, 2016						June 30, 2017
	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	10.3	$	55.3	$	65.6	$	6.6	$	67.1	$	73.7
Investments(2)	219.3		1,340.6		1,559.9		179.8		1,325.6		1,505.4
Other assets	4.8		50.2		55.0		5.0		19.9		24.9
Total assets	234.4		1,446.1		1,680.5		191.4		1,412.6		1,604.0
Liabilities	8.8		56.8		65.6		11.2		44.2		55.4
Net assets	$	225.6	$	1,389.3	$	1,614.9	$	180.2	$	1,368.4	$	1,548.6
Attributable to redeemable non-controlling interests	$	69.5	$	617.7	$	687.2	$	50.1	$	577.5	$	627.6
Attributable to T. Rowe Price Group	156.1		771.6		927.7		130.1		790.9		921.0
	$	225.6	$	1,389.3	$	1,614.9	$	180.2	$	1,368.4	$	1,548.6

⁽¹⁾Cash and cash equivalents includes $8.8 million and $5.9 million at December 31, 2016 and June 30, 2017, respectively, of investments in sponsored money market mutual funds.

⁽²⁾Investments includes $4.2 million and $9.0 million at December 31, 2016 and June 30, 2017, respectively, of investments in sponsored portfolios.

Operating results of consolidated sponsored investment portfolios

The operating results (in millions) of the consolidated sponsored investment portfolios for the three- and six- months ended June 30, 2016 and 2017, are reflected in our condensed consolidated statements of income as follows:

	Three months ended
	6/30/2016									6/30/2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.3	)	$	(3.2	)	$	(3.5	)	$	(.2	)	$	(2.5	)	$	(2.7	)
Net investment income reflected in non-operating income	5.8			20.6			26.4			4.8			34.6			39.4
Impact on income before taxes	$	5.5		$	17.4		$	22.9		$	4.6		$	32.1		$	36.7
Net income attributable to T. Rowe Price Group	$	3.9		$	11.1		$	15.0		$	3.4		$	17.2		$	20.6
Net income attributable to redeemable non-controlling interests	1.6			6.3			7.9			1.2			14.9			16.1
	$	5.5		$	17.4		$	22.9		$	4.6		$	32.1		$	36.7

	Six months ended
	6/30/2016									6/30/2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Operating expenses reflected in net operating income	$	(.8	)	$	(5.3	)	$	(6.1	)	$	(.5	)	$	(4.8	)	$	(5.3	)
Net investment income reflected in non-operating income	12.1			38.1			50.2			10.1			78.2			88.3
Impact on income before taxes	$	11.3		$	32.8		$	44.1		$	9.6		$	73.4		$	83.0
Net income attributable to T. Rowe Price Group	$	7.7		$	19.3		$	27.0		$	7.3		$	45.1		$	52.4
Net income attributable to redeemable non-controlling interests	3.6			13.5			17.1			2.3			28.3			30.6
	$	11.3		$	32.8		$	44.1		$	9.6		$	73.4		$	83.0

Cash flows of consolidated sponsored investment portfolios

The table below details the impact of these consolidated investment portfolios on the individual lines of our condensed consolidated statements of cash flows (in millions) for the six months endedJune 30, 2016 and 2017.

	Six months ended
	June 30, 2016									June 30, 2017
	Voting interest entities			Variable interest entities			Total			Voting interest entities			Variable interest entities			Total
Net cash (used in) provided by operating activities	$	(40.9	)	$	(632.4	)	$	(673.3	)	$	(6.4	)	$	(727.8	)	$	(734.2	)
Net cash provided by investing activities	25.4			42.9			68.3			(6.2		)	(39.7		)	(45.9		)
Net cash provided by financing activities	27.6			706.1			733.7			8.9			775.5			784.4
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	(21.3		)	—			3.8			3.8
Net change in cash and cash equivalents during period	12.1			95.3			107.4			(3.7		)	11.8			8.1
Cash and cash equivalents at beginning of year	—			—			—			10.3			55.3			65.6
Cash and cash equivalents at end of period	$	12.1		$	95.3		$	107.4		$	6.6		$	67.1		$	73.7

Fair values of investments held by consolidated sponsored investment portfolios

The following table summarizes the investment holdings held by our consolidated sponsored investment portfolios (in millions) using fair value measurements determined based on the differing levels of inputs.

	Level 1			Level 2
December 31, 2016
Assets
Cash equivalents	$	8.8		$	.8
Equity securities	281.8			325.3
Fixed income securities	—			918.1
Other investments	.4			34.3
	$	291.0		$	1,278.5
Liabilities	$	(.6	)	$	(13.6	)

	Level 1			Level 2
June 30, 2017
Assets
Cash equivalents	$	6.2		$	.3
Equity securities	406.0			356.2
Fixed income securities	—			731.9
Other investments	.3			11.0
	$	412.5		$	1,099.4
Liabilities	$	(.2	)	$	(12.0	)

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STOCK-BASED COMPENSATION. (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Rollforward of stock options

The following table summarizes the status of, and changes in, our stock options during the first half of2017.

	Options		Weighted- average exercise price
Outstanding at December 31, 2016	24,364,322		$	61.90
Exercised	(2,676,181	)	$	48.73
Forfeited	(29,237	)	$	73.88
Expired	(39,631	)	$	76.06
Outstanding at June 30, 2017	21,619,273		$	63.49
Exercisable at June 30, 2017	14,847,765		$	58.67

Rollforward of nonvested restricted shares and restricted stock units

The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the first half of2017.

	Restricted shares		Restricted stock units		Weighted-average fair value
Nonvested at December 31, 2016	931,508		4,634,461		$	72.19
Time-based grants	17,022		72,547		$	68.94
Vested	(9,018	)	(20,379	)	$	73.72
Forfeited	(4,406	)	(27,556	)	$	72.83
Nonvested at June 30, 2017	935,106		4,659,073		$	72.13

Future stock-based compensation expense

The following table presents the compensation expense (in millions) to be recognized over the remaining vesting periods of the stock-based awards outstanding at June 30, 2017. Estimated future compensation expense will change to reflect future awards of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.

Third quarter 2017	$	38.4
Fourth quarter 2017	34.4
2018	86.6
2019 through 2022	73.4
Total	$	232.8

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EARNINGS PER SHARE CALCULATIONS. (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings per share reconciliation

The following table presents the reconciliation (in millions) of net income attributable to T. Rowe Price Group to net income allocated to our common stockholders and the weighted-average shares (in millions) that are used in calculating the basic and diluted earnings per share on our common stock. Weighted-average common shares outstanding assuming dilution reflect the potential dilution, determined using the treasury stock method, that could occur if outstanding stock options were exercised and non-participating stock awards vested.

	Three months ended				Six months ended
	6/30/2016		6/30/2017		6/30/2016		6/30/2017
Net income attributable to T. Rowe Price Group	$	203.3	$	373.9	$	507.4	$	759.8
Less: net income allocated to outstanding restricted stock and stock unit holders	4.0		8.5		9.8		17.2
Net income allocated to common stockholders	$	199.3	$	365.4	$	497.6	$	742.6
Weighted-average common shares
Outstanding	246.9		239.8		246.8		240.9
Outstanding assuming dilution	252.6		243.0		252.2		244.2

Anti-dilutive securities

The following table shows the weighted-average outstanding stock options (in millions) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive.

	Three months ended		Six months ended
	6/30/2016	6/30/2017	6/30/2016	6/30/2017
Weighted-average outstanding stock options excluded	8.7	8.5	9.7	9.0

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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Tables)

6 Months Ended

Jun. 30, 2017

Stockholders' Equity Note [Abstract]

Impact of the components of other comprehensive income (loss) on deferred tax benefits (income taxes)

The following table presents the impact of the components (in millions) of other comprehensive income or loss on deferred tax benefits (income taxes).

	Three months ended						Six months ended
	6/30/2016			6/30/2017			6/30/2016			6/30/2017
Net deferred tax benefits (income taxes) on:
Net unrealized holding gains or losses	$	(2.1	)	$	(5.4	)	$	0.4		$	(12.5	)
Reclassification adjustments recognized in the provision for income taxes:
Net gains realized on dispositions	—			11.9			20.6			30.5
Net gains recognized upon transfer to trading  investments	—			9.2			—			9.2
Net deferred tax benefits (income taxes) on net unrealized holding gains or losses	(2.1		)	15.7			21.0			27.2
Total deferred tax benefits (income taxes) on currency translation adjustments	3.9			(11.1		)	(2.8		)	(11.9		)
Total net deferred tax benefits	$	1.8		$	4.6		$	18.2		$	15.3

Changes in accumulated other comprehensive income

The changes (in millions) in each component of accumulated other comprehensive income (loss), including reclassification adjustments for the first half of2017 are presented in the table below.

				Currency translation adjustments
	Net unrealized holding gains			Equity method investments			Consolidated sponsored investment portfolios - variable interest entities			Total currency translation adjustments			Total
Balances at December 31, 2016	$	52.2		$	(32.3	)	$	(8.4	)	$	(40.7	)	$	11.5
Other comprehensive income before reclassifications and income taxes	32.2			3.5			27.4			30.9			63.1
Reclassification adjustments recognized in non-operating income	(101.5		)	—			—			—			(101.5		)
	(69.3		)	3.5			27.4			30.9			(38.4		)
Net deferred tax benefits (income taxes)	27.2			(1.2		)	(10.7		)	(11.9		)	15.3
Other comprehensive income (loss)	(42.1		)	2.3			16.7			19.0			(23.1		)
Balances at June 30, 2017	$	10.1		$	(30.0	)	$	8.3		$	(21.7	)	$	(11.6	)

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SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENT. (Tables)

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary consolidating cash flow statement

The following tables summarize the cash flows (in millions) for the six months ended June 30, 2016 and 2017, that are attributable to T. Rowe Price Group, our consolidated sponsored investment portfolios and the related eliminations required in preparing the statements.

	Six months ended
	6/30/2016												6/30/2017
	Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported			Cash flow attributable to T. Rowe Price Group			Cash flow attributable to consolidated sponsored investment portfolios			Eliminations			As reported
Cash flows from operating activities
Net income	$	507.4		$	44.1		$	(27.0	)	$	524.5		$	759.8		$	83.0		$	(52.4	)	$	790.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of property and equipment	66.0			—			—			66.0			71.9			—			—			71.9
Stock-based compensation expense	75.6			—			—			75.6			74.2			—			—			74.2
Realized gains on dispositions of available-for-sale sponsored investment portfolios	(52.3		)	—			—			(52.3		)	(77.9		)	—			—			(77.9		)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	—			—			—			—			(23.6		)	—			—			(23.6		)
Net gains recognized on investments	(43.9		)	—			27.0			(16.9		)	(76.3		)	—			52.4			(23.9		)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	—			—			—			—			(129.0		)	—			—			(129.0		)
Net change in trading securities held by consolidated sponsored investment portfolios	—			(717.2		)	—			(717.2		)	—			(802.0		)	—			(802.0		)
Other changes in assets and liabilities	109.4			(.2		)	(3.1		)	106.1			277.0			(15.2		)	(2.7		)	259.1
Net cash (used in) provided by operating activities	662.2			(673.3		)	(3.1		)	(14.2		)	876.1			(734.2		)	(2.7		)	139.2
Net cash provided by investing activities	(103.1		)	68.3			196.8			162.0			114.1			(45.9		)	69.4			137.6
Net cash provided by financing activities	(456.2		)	733.7			(193.7		)	83.8			(652.9		)	784.4			(66.7		)	64.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	—			(21.3		)	—			(21.3		)	—			3.8			—			3.8
Net change in cash and cash equivalents during period	102.9			107.4			—			210.3			337.3			8.1			—			345.4
Cash and cash equivalents at beginning of year	1,172.3			—			—			1,172.3			1,204.9			65.6			—			1,270.5
Cash and cash equivalents at end of period	$	1,275.2		$	107.4		$	—		$	1,382.6		$	1,542.2		$	73.7		$	—		$	1,615.9

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THE COMPANY AND BASIS OF PREPARATION. (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
New accounting pronouncement, early adoption, effect [Member] | Accounting standards update 2016-09, excess tax benefit component [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net tax benefits reducing income tax provision	$ 8.0	$ 16.9

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THE COMPANY AND BASIS OF PREPARATION. THE COMPANY AND BASIS OF PREPARATION. (New Accounting Guidance Impact on Financial Statements) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
New Accounting Pronouncement, Early Adoption [Line Items]
Income before income taxes		$ 619.6	$ 325.0	$ 1,256.3		$ 821.0
Provision for income taxes		229.6	113.8	465.9		296.5
Net income		390.0	211.2	790.4	[1]	524.5	[1]
Less: net income attributable to redeemable non-controlling interests		16.1	7.9	30.6		17.1
Net income attributable to T. Rowe Price Group		373.9	203.3	759.8		507.4
Less: net income allocated to outstanding restricted stock and stock unit holders		8.5	4.0	17.2		9.8
Less: net income allocated to outstanding restricted stock and stock unit holders		8.5	4.0	17.2		9.8
Net income allocated to common stockholders (basic)		365.4	199.3	742.6		497.6
Net income allocated to common stockholders (diluted)		$ 365.4	$ 199.3	$ 742.6		$ 497.6
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)		$ 1.52	$ 0.81	$ 3.08		$ 2.02
Diluted (in dollars per share)		$ 1.50	$ 0.79	$ 3.04		$ 1.97
Weighted-average common shares
Outstanding (in shares)		239.8	246.9	240.9		246.8
Outstanding assuming dilution (in shares)		243.0	252.6	244.2		252.2
Net cash (used in) provided by operating activities	[1]			$ 139.2		$ (14.2)
Net cash provided by financing activities	[1]			$ 64.8		83.8
As previously reported [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Income before income taxes			$ 325.0			821.0
Provision for income taxes			121.8			313.4
Net income			203.2			507.6
Less: net income attributable to redeemable non-controlling interests			7.9			17.1
Net income attributable to T. Rowe Price Group			195.3			490.5
Less: net income allocated to outstanding restricted stock and stock unit holders			3.8			9.4
Less: net income allocated to outstanding restricted stock and stock unit holders			3.8			9.4
Net income allocated to common stockholders (basic)			191.5			481.1
Net income allocated to common stockholders (diluted)			$ 191.5			$ 481.1
Earnings per share on common stock of T. Rowe Price Group
Basic (in dollars per share)			$ 0.78			$ 1.95
Diluted (in dollars per share)			$ 0.76			$ 1.91
Weighted-average common shares
Outstanding (in shares)			246.9			246.8
Outstanding assuming dilution (in shares)			252.1			251.8
Net cash (used in) provided by operating activities	[1]					$ (31.5)
Net cash provided by financing activities	[1]					$ 101.1

[1] See note 12 for a supplementary consolidating cash flow schedule.

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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Receivables) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Receivables from sponsored mutual funds
Accounts receivable for advisory fees and advisory-related administrative services	$ 488.7	$ 455.1
Sponsored U.S. mutual funds and other sponsored investment portfolios [Member]
Receivables from sponsored mutual funds
Accounts receivable for advisory fees and advisory-related administrative services	$ 320.7	$ 303.1

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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Investment Advisory Services) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Revenue and Services [Line Items]
Revenues from advisory services	$ 1,043,900,000	$ 920,600,000	$ 2,035,000,000	$ 1,791,400,000
Average assets under management	885,900,000,000	772,700,000,000	865,600,000,000	750,400,000,000
Period end assets under management	903,600,000,000		903,600,000,000		$ 810,800,000,000
Waived money market related fees [Member]
Revenue and Services [Line Items]
Revenues from advisory services		3,300,000	0	7,300,000
Sponsored U.S. mutual funds [Member]
Revenue and Services [Line Items]
Revenues from advisory services	754,300,000	669,100,000	1,470,100,000	1,301,200,000
Average assets under management	560,200,000,000	492,100,000,000	548,400,000,000	478,800,000,000
Period end assets under management	566,500,000,000		566,500,000,000		514,200,000,000
Sponsored U.S. mutual funds [Member] | Stock and blended asset [Member]
Revenue and Services [Line Items]
Revenues from advisory services	628,600,000	551,100,000	1,222,700,000	1,070,600,000
Average assets under management	440,100,000,000	383,600,000,000	430,600,000,000	372,400,000,000
Period end assets under management	445,500,000,000		445,500,000,000		401,300,000,000
Sponsored U.S. mutual funds [Member] | Bond and money market [Member]
Revenue and Services [Line Items]
Revenues from advisory services	125,700,000	118,000,000	247,400,000	230,600,000
Average assets under management	120,100,000,000	108,500,000,000	117,800,000,000	106,400,000,000
Period end assets under management	121,000,000,000		121,000,000,000		112,900,000,000
Other investment portfolios [Member]
Revenue and Services [Line Items]
Revenues from advisory services	289,600,000	251,500,000	564,900,000	490,200,000
Average assets under management	325,700,000,000	280,600,000,000	317,200,000,000	271,600,000,000
Period end assets under management	337,100,000,000		337,100,000,000		296,600,000,000
Other investment portfolios [Member] | Stock and blended asset [Member]
Revenue and Services [Line Items]
Revenues from advisory services	240,300,000	210,300,000	468,200,000	408,200,000
Average assets under management	244,700,000,000	209,900,000,000	238,000,000,000	203,200,000,000
Period end assets under management	254,000,000,000		254,000,000,000		220,800,000,000
Other investment portfolios [Member] | Bond, money market, and stable value [Member]
Revenue and Services [Line Items]
Revenues from advisory services	49,300,000	41,200,000	96,700,000	82,000,000
Average assets under management	81,000,000,000	70,700,000,000	79,200,000,000	68,400,000,000
Period end assets under management	83,100,000,000		83,100,000,000		$ 75,800,000,000
Other sponsored investment portfolios [Member]
Revenue and Services [Line Items]
Revenues from advisory services	$ 108,600,000	$ 94,000,000	$ 214,700,000	$ 182,200,000

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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Revenues and Services Concentration) (Details)	Jun. 30, 2017	Dec. 31, 2016
Outside U.S. [Member] | Assets under management [Member] | Investment advisory clients [Member] | Geographic concentration [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	4.90%	4.70%

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INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES. (Other Fees Earned from Sponsored U.S. Mutual Funds) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue and Services [Line Items]
Administrative fees	$ 91.3	$ 88.5	$ 178.6	$ 177.9
Distribution and servicing fees	36.4	35.6	71.6	69.5
Sponsored U.S. mutual funds [Member]
Revenue and Services [Line Items]
Administrative fees	71.9	69.7	141.4	142.0
Distribution and servicing fees	$ 36.4	$ 35.6	$ 71.6	$ 69.5

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INVESTMENTS. (Investments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Investment [Line Items]
Available-for-sale sponsored investment portfolios	$ 524.4		$ 524.4		$ 709.0
Trading investments	256.9		256.9		75.4
Cost method investments	77.1		77.1		73.6
U.S. Treasury note	1.0		1.0		1.0
Total	1,333.7		1,333.7		1,257.5
Gain (loss) recognized upon deconsolidation	112.0	$ 41.5	227.0	$ 126.6
Currency translation adjustments [Member] | Reclassification out of accumulated other comprehensive income [Member]
Investment [Line Items]
Gain (loss) recognized upon deconsolidation	0.0	0.0	0.0	0.0
Assets [Member]
Investment [Line Items]
Net decrease in assets and liabilities of consolidated sponsored investment portfolios and redeemable non-controlling interests	38.1	24.4	1,074.0	363.2
Liability [Member]
Investment [Line Items]
Net decrease in assets and liabilities of consolidated sponsored investment portfolios and redeemable non-controlling interests	(0.4)	(1.3)	(133.6)	(2.2)
Redeemable non-controlling interests [Member]
Investment [Line Items]
Net decrease in assets and liabilities of consolidated sponsored investment portfolios and redeemable non-controlling interests	(19.5)	$ (8.7)	(787.2)	$ (161.3)
Sponsored investment portfolios [Member]
Investment [Line Items]
Equity method investments	317.8		317.8		252.3
Interest in UTI Asset Management Company Limited (India) [Member]
Investment [Line Items]
Equity method investments	$ 151.4		$ 151.4		$ 140.9
Equity method investment (ownership percentage)	26.00%		26.00%		26.00%
Investment partnerships [Member]
Investment [Line Items]
Equity method investments	$ 5.1		$ 5.1		$ 5.3

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INVESTMENTS. (Available-For-Sale Sponsored Investment Portfolios) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Aggregate cost	$ 511.6	$ 626.2
Unrealized holding gains	15.8	89.7
Unrealized holding losses	(3.0)	(6.9)
Aggregate fair value	524.4	709.0
Stock and blended asset funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Aggregate cost	106.0	162.9
Unrealized holding gains	12.0	88.0
Unrealized holding losses	0.0	(1.9)
Aggregate fair value	118.0	249.0
Bond funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Aggregate cost	405.6	463.3
Unrealized holding gains	3.8	1.7
Unrealized holding losses	(3.0)	(5.0)
Aggregate fair value	$ 406.4	$ 460.0

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INVESTMENTS. (Unrealized Losses on Available-For-Sale Sponsored Investment Portfolios) (Details) $ in Millions	Jun. 30, 2017 USD ($) security	Dec. 31, 2016 USD ($) security
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions [Abstract]
Fund holdings with temporary unrealized losses less than 12 months (number of securities) | security	3	8
Fund holdings with temporary unrealized losses longer than 12 months (number of securities) | security	1	2
Fund holdings with temporary unrealized holding losses (number of securities) | security	4	10
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract]
Unrealized holding losses on fund holdings that were in a continuous loss for less than 12 months	$ (0.8)	$ (4.2)
Unrealized holding losses on fund holdings that were in a continuous loss for longer than 12 months	(2.2)	(2.7)
Unrealized holding losses on fund holdings that were in a continuous loss	(3.0)	(6.9)
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Unrealized holding losses for less than 12 months at period end are attributable to fund holdings with an aggregate fair value of	24.5	328.1
Unrealized holding losses for longer than 12 months at period end are attributable to fund holdings with an aggregate fair value of	168.3	169.5
Unrealized holding losses at period end are attributable to fund holdings with an aggregate fair value of	$ 192.8	$ 497.6

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INVESTMENTS. (Variable Interest Entities) (Details) - Variable interest entity, not primary beneficiary [Member] - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Investment carrying values	$ 116.4	$ 149.2
Unfunded capital commitments	45.7	46.4
Uncollected investment advisory and administrative fees	5.8	5.9
Maximum risk of loss related to nonconsolidated variable interest entities	$ 167.9	$ 201.5

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FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale sponsored investment portfolios	$ 524.4	$ 709.0
Sponsored investment portfolios held as trading	256.9	75.4
Level 1 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,323.8	1,052.3
Available-for-sale sponsored investment portfolios	524.4	709.0
Sponsored investment portfolios held as trading	239.3	60.3
Total	2,087.5	1,821.6
Level 2 [Member] | Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Available-for-sale sponsored investment portfolios	0.0	0.0
Sponsored investment portfolios held as trading	17.6	15.1
Total	$ 17.6	$ 15.1

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CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS. (Net Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,542.2	$ 1,204.9
Investments	1,333.7	1,257.5
Other assets	274.0	346.2
Total assets	6,532.6	6,225.0
Liabilities	736.4	529.2
Attributable to redeemable non-controlling interests	627.6	687.2
Consolidated sponsored investment portfolios [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	73.7		$ 107.4
Net assets	1,548.6	1,614.9
Attributable to redeemable non-controlling interests	627.6	687.2
Attributable to T. Rowe Price Group	921.0	927.7
Consolidated sponsored investment portfolios [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	73.7	65.6	107.4	$ 0.0
Investments	1,505.4	1,559.9
Other assets	24.9	55.0
Total assets	1,604.0	1,680.5
Liabilities	55.4	65.6
Net assets	1,548.6	1,614.9
Voting interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	180.2	225.6
Attributable to redeemable non-controlling interests	50.1	69.5
Attributable to T. Rowe Price Group	130.1	156.1
Voting interest entities [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	6.6	10.3	12.1	0.0
Investments	179.8	219.3
Other assets	5.0	4.8
Total assets	191.4	234.4
Liabilities	11.2	8.8
Net assets	180.2	225.6
Variable interest entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets	1,368.4	1,389.3
Attributable to redeemable non-controlling interests	577.5	617.7
Attributable to T. Rowe Price Group	790.9	771.6
Variable interest entities [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	67.1	55.3	$ 95.3	$ 0.0
Investments	1,325.6	1,340.6
Other assets	19.9	50.2
Total assets	1,412.6	1,446.1
Liabilities	44.2	56.8
Net assets	1,368.4	1,389.3
Sponsored U.S. mutual funds and other sponsored investment portfolios [Member] | Consolidated sponsored investment portfolios [Member] | Reportable entities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	5.9	8.8
Investments	$ 9.0	$ 4.2

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CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS. (Operating Results) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Income Statements, Captions [Line Items]
Operating expenses	$ (664.0)	$ (761.2)	$ (1,255.9)	$ (1,344.4)
Income before income taxes	619.6	325.0	1,256.3	821.0
Net income attributable to redeemable non-controlling interests	16.1	7.9	30.6	17.1
Investment advisory and administrative fees	(1,171.6)	(1,044.7)	(2,285.2)	(2,038.8)
Consolidation eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses	1.0	1.8	1.8	3.1
Investment advisory and administrative fees	1.0	1.8	1.8	3.1
Consolidated sponsored investment portfolios [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	36.7	22.9	83.0	44.1
Net income attributable to T. Rowe Price Group	20.6	15.0	52.4	27.0
Net income attributable to redeemable non-controlling interests	16.1	7.9	30.6	17.1
Consolidated sponsored investment portfolios [Member] | Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses	(2.7)	(3.5)	(5.3)	(6.1)
Non-operating investment income	39.4	26.4	88.3	50.2
Income before income taxes	36.7	22.9	83.0	44.1
Voting interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	4.6	5.5	9.6	11.3
Net income attributable to T. Rowe Price Group	3.4	3.9	7.3	7.7
Net income attributable to redeemable non-controlling interests	1.2	1.6	2.3	3.6
Voting interest entities [Member] | Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses	(0.2)	(0.3)	(0.5)	(0.8)
Non-operating investment income	4.8	5.8	10.1	12.1
Income before income taxes	4.6	5.5	9.6	11.3
Variable interest entities [Member]
Condensed Income Statements, Captions [Line Items]
Income before income taxes	32.1	17.4	73.4	32.8
Net income attributable to T. Rowe Price Group	17.2	11.1	45.1	19.3
Net income attributable to redeemable non-controlling interests	14.9	6.3	28.3	13.5
Variable interest entities [Member] | Reportable entities [Member]
Condensed Income Statements, Captions [Line Items]
Operating expenses	(2.5)	(3.2)	(4.8)	(5.3)
Non-operating investment income	34.6	20.6	78.2	38.1
Income before income taxes	$ 32.1	$ 17.4	$ 73.4	$ 32.8

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CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS. (Statement of Cash Flows) (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	[1]	$ 139.2	$ (14.2)
Net cash provided by investing activities	[1]	137.6	162.0
Net cash provided by financing activities	[1]	64.8	83.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	[1]	3.8	(21.3)
Net change in cash and cash equivalents during period	[1]	345.4	210.3
Cash and cash equivalents at beginning of year		1,204.9
Cash and cash equivalents at end of period		1,542.2
Consolidation eliminations [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		(2.7)	(3.1)
Net cash provided by investing activities		69.4	196.8
Net cash provided by financing activities		(66.7)	(193.7)
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios		0.0	0.0
Net change in cash and cash equivalents during period		0.0	0.0
Consolidated sponsored investment portfolios [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents at end of period		73.7	107.4
Consolidated sponsored investment portfolios [Member] | Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		(734.2)	(673.3)
Net cash provided by investing activities		(45.9)	68.3
Net cash provided by financing activities		784.4	733.7
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios		3.8	(21.3)
Net change in cash and cash equivalents during period		8.1	107.4
Cash and cash equivalents at beginning of year		65.6	0.0
Cash and cash equivalents at end of period		73.7	107.4
Voting interest entities [Member] | Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		(6.4)	(40.9)
Net cash provided by investing activities		(6.2)	25.4
Net cash provided by financing activities		8.9	27.6
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios		0.0	0.0
Net change in cash and cash equivalents during period		(3.7)	12.1
Cash and cash equivalents at beginning of year		10.3	0.0
Cash and cash equivalents at end of period		6.6	12.1
Variable interest entities [Member] | Reportable entities [Member]
Condensed Cash Flow Statements, Captions [Line Items]
Net cash (used in) provided by operating activities		(727.8)	(632.4)
Net cash provided by investing activities		(39.7)	42.9
Net cash provided by financing activities		775.5	706.1
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios		3.8	(21.3)
Net change in cash and cash equivalents during period		11.8	95.3
Cash and cash equivalents at beginning of year		55.3	0.0
Cash and cash equivalents at end of period		$ 67.1	$ 95.3

[1] See note 12 for a supplementary consolidating cash flow schedule.

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CONSOLIDATED SPONSORED INVESTMENT PORTFOLIOS. (Fair Value Measurements) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	$ 256.9	$ 75.4
Fair value, measurements, recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,323.8	1,052.3
Trading investments	239.3	60.3
Total	2,087.5	1,821.6
Fair value, measurements, recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Trading investments	17.6	15.1
Total	17.6	15.1
Consolidated sponsored investment portfolios [Member] | Fair value, measurements, recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	6.2	8.8
Total	412.5	291.0
Liabilities	(0.2)	(0.6)
Consolidated sponsored investment portfolios [Member] | Fair value, measurements, recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.3	0.8
Total	1,099.4	1,278.5
Liabilities	(12.0)	(13.6)
Consolidated sponsored investment portfolios [Member] | Equity securities [Member] | Fair value, measurements, recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	406.0	281.8
Consolidated sponsored investment portfolios [Member] | Equity securities [Member] | Fair value, measurements, recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	356.2	325.3
Consolidated sponsored investment portfolios [Member] | Fixed income securities [Member] | Fair value, measurements, recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	0.0	0.0
Consolidated sponsored investment portfolios [Member] | Fixed income securities [Member] | Fair value, measurements, recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	731.9	918.1
Consolidated sponsored investment portfolios [Member] | Other investments [Member] | Fair value, measurements, recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	0.3	0.4
Consolidated sponsored investment portfolios [Member] | Other investments [Member] | Fair value, measurements, recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading investments	$ 11.0	$ 34.3

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STOCKHOLDERS' EQUITY. (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stockholders' Equity Note [Line Items]
Cash dividends declared per share	$ 0.57	$ 0.54	$ 1.14	$ 1.08
Unsettled common stock repurchase liability	$ 0.1		$ 0.1
Regular cash dividend [Member]
Stockholders' Equity Note [Line Items]
Cash dividends declared per share			$ 1.14	$ 1.08

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STOCK-BASED COMPENSATION. (Stock Options) (Details)	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at December 31, 2016 (in shares) | shares	24,364,322
Exercised (in shares) | shares	(2,676,181)
Forfeited (in shares) | shares	(29,237)
Expired (in shares) | shares	(39,631)
Outstanding at June 30, 2017 (in shares) | shares	21,619,273
Exercisable at June 30, 2017 (in shares) | shares	14,847,765
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price of options outstanding at December 31, 2016 (in dollars per share) | $ / shares	$ 61.90
Weighted-average exercise price of options exercised (in dollars per share) | $ / shares	48.73
Weighted-average exercise price of options forfeited (in dollars per share) | $ / shares	73.88
Weighted-average exercise price of options expired (in dollars per share) | $ / shares	76.06
Weighted-average exercise price of options outstanding at June 30, 2017 (in dollars per share) | $ / shares	63.49
Weighted-average exercise price of options exercisable at June 30, 2017 (in dollars per share) | $ / shares	$ 58.67

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STOCK-BASED COMPENSATION. (Restricted Shares and Stock Units) (Details)	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value of nonvested restricted shares and restricted stock units at December 31, 2016 (in dollars per share) | $ / shares	$ 72.19
Weighted-average fair value of restricted shares and restricted stock units vested (in dollars per share) | $ / shares	73.72
Weighted-average fair value of restricted shares and restricted stock units forfeited (in dollars per share) | $ / shares	72.83
Weighted-average fair value of nonvested restricted shares and restricted stock units at June 30, 2017 (in dollars per share) | $ / shares	72.13
Time-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-average fair value of restricted shares and restricted stock units granted (in dollars per share) | $ / shares	$ 68.94
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2016 (in shares)	931,508
Vested (in shares)	(9,018)
Forfeited (in shares)	(4,406)
Nonvested at June 30, 2017 (in shares)	935,106
Restricted shares [Member] | Time-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	17,022
Restricted shares [Member] | Performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at June 30, 2017 (in shares)	14,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares where performance threshold has been met (in shares)	14,400
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at December 31, 2016 (in shares)	4,634,461
Vested (in shares)	(20,379)
Forfeited (in shares)	(27,556)
Nonvested at June 30, 2017 (in shares)	4,659,073
Restricted stock units [Member] | Time-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Grants (in shares)	72,547
Restricted stock units [Member] | Performance-based [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested at June 30, 2017 (in shares)	401,138
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested shares where performance threshold has been met (in shares)	342,049

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STOCK-BASED COMPENSATION. (Future Stock-Based Compensation Expense) (Details) $ in Millions	Jun. 30, 2017 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Third quarter 2017	$ 38.4
Fourth quarter 2017	34.4
2018	86.6
2019 through 2022	73.4
Total	$ 232.8

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EARNINGS PER SHARE CALCULATIONS. (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income attributable to T. Rowe Price Group	$ 373.9	$ 203.3	$ 759.8	$ 507.4
Less: net income allocated to outstanding restricted stock and stock unit holders	8.5	4.0	17.2	9.8
Less: net income allocated to outstanding restricted stock and stock unit holders	8.5	4.0	17.2	9.8
Net income allocated to common stockholders (basic)	365.4	199.3	742.6	497.6
Net income allocated to common stockholders (diluted)	$ 365.4	$ 199.3	$ 742.6	$ 497.6
Weighted-average common shares
Outstanding (in shares)	239.8	246.9	240.9	246.8
Outstanding assuming dilution (in shares)	243.0	252.6	244.2	252.2
Weighted-average outstanding stock options excluded (in shares)	8.5	8.7	9.0	9.7

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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Deferred Tax Benefits (Income Taxes)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net unrealized holding gains or losses [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on other comprehensive income (loss) before reclassifications	$ (5.4)	$ (2.1)	$ (12.5)	$ 0.4
Total net deferred tax benefits	15.7	(2.1)	27.2	21.0
Net gains realized on dispositions [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on reclassifications from AOCI	11.9	0.0	30.5	20.6
Net gains recognized upon transfer to trading investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net deferred tax benefits (income taxes) on reclassifications from AOCI	9.2	0.0	9.2	0.0
Currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits	(11.1)	3.9	(11.9)	(2.8)
Total accumulated other comprehensive income (loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net deferred tax benefits	$ 4.6	$ 1.8	$ 15.3	$ 18.2

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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME. (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances			$ 5,008.6
Other comprehensive income (loss)			(23.1)
Balances	$ 5,168.6		5,168.6
Net unrealized holding gains [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances			52.2
Other comprehensive income before reclassifications and income taxes			32.2
Reclassification adjustments recognized in non-operating income			(101.5)
Other comprehensive income (loss), before taxes			(69.3)
Net deferred tax benefits (income taxes)	15.7	$ (2.1)	27.2	$ 21.0
Other comprehensive income (loss)			(42.1)
Balances	10.1		10.1
Currency translation adjustments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances			(40.7)
Other comprehensive income before reclassifications and income taxes			30.9
Reclassification adjustments recognized in non-operating income			0.0
Other comprehensive income (loss), before taxes			30.9
Net deferred tax benefits (income taxes)	(11.1)	3.9	(11.9)	(2.8)
Other comprehensive income (loss)			19.0
Balances	(21.7)		(21.7)
Currency translation adjustments [Member] | Equity method investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances			(32.3)
Other comprehensive income before reclassifications and income taxes			3.5
Reclassification adjustments recognized in non-operating income			0.0
Other comprehensive income (loss), before taxes			3.5
Net deferred tax benefits (income taxes)			(1.2)
Other comprehensive income (loss)			2.3
Balances	(30.0)		(30.0)
Currency translation adjustments [Member] | Consolidated sponsored investment portfolios - variable interest entities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances			(8.4)
Other comprehensive income before reclassifications and income taxes			27.4
Reclassification adjustments recognized in non-operating income			0.0
Other comprehensive income (loss), before taxes			27.4
Net deferred tax benefits (income taxes)			(10.7)
Other comprehensive income (loss)			16.7
Balances	8.3		8.3
Total accumulated other comprehensive income (loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances			11.5
Other comprehensive income before reclassifications and income taxes			63.1
Reclassification adjustments recognized in non-operating income			(101.5)
Other comprehensive income (loss), before taxes			(38.4)
Net deferred tax benefits (income taxes)	4.6	$ 1.8	15.3	$ 18.2
Other comprehensive income (loss)			(23.1)
Balances	$ (11.6)		$ (11.6)

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OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassification Adjustments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reclassification adjustment out of accumulated other comprehensive income
Non-operating income	$ (112.0)	$ (41.5)	$ (227.0)	$ (126.6)
Provision for income taxes	229.6	113.8	465.9	296.5
Reclassification out of accumulated other comprehensive income [Member] | Net unrealized holding gains or losses [Member]
Reclassification adjustment out of accumulated other comprehensive income
Non-operating income			(101.5)
Reclassification out of accumulated other comprehensive income [Member] | Net gains realized on dispositions [Member]
Reclassification adjustment out of accumulated other comprehensive income
Provision for income taxes	11.9	0.0	30.5	20.6
Reclassification out of accumulated other comprehensive income [Member] | Net gains recognized upon transfer to trading investments [Member]
Reclassification adjustment out of accumulated other comprehensive income
Provision for income taxes	9.2	0.0	9.2	0.0
Reclassification out of accumulated other comprehensive income [Member] | Currency translation adjustments [Member]
Reclassification adjustment out of accumulated other comprehensive income
Non-operating income	$ 0.0	$ 0.0	0.0	$ 0.0
Reclassification out of accumulated other comprehensive income [Member] | Total accumulated other comprehensive income (loss) [Member]
Reclassification adjustment out of accumulated other comprehensive income
Non-operating income			(101.5)
Equity method investments [Member] | Reclassification out of accumulated other comprehensive income [Member] | Currency translation adjustments [Member]
Reclassification adjustment out of accumulated other comprehensive income
Non-operating income			0.0
Variable interest entities [Member] | Reclassification out of accumulated other comprehensive income [Member] | Currency translation adjustments [Member]
Reclassification adjustment out of accumulated other comprehensive income
Non-operating income			$ 0.0

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DELL APPRAISAL RIGHTS MATTER. (Details) - Dell appraisal rights matter [Member] - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 30, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016
Unusual or Infrequent Item [Line Items]
Nonrecurring charge, net of insurance recovery, related to Dell appraisal rights matter				$ 166.2
Court determined fair value per share at time of Dell merger (in dollars per share)				$ 17.62
Price offered per share in Dell merger (in dollars per share)				13.75
Payment per share for any shareholder perfecting appraisal rights (in dollars per share)				$ 17.62
Insurance proceeds	$ 100.0		$ 50.0
Insurance proceeds, received		$ 10.0	$ 40.0

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SUPPLEMENTARY CONSOLIDATING CASH FLOW STATEMENT. (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Condensed Financial Statements, Captions [Line Items]
Net income		$ 390.0	$ 211.2	$ 790.4	[1]	$ 524.5	[1]
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment		36.3	33.8	71.9	[1]	66.0	[1]
Stock-based compensation expense	[1]			74.2		75.6
Realized gains on dispositions of available-for-sale sponsored investment portfolios	[1]			(77.9)		(52.3)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading	[1]			(23.6)		0.0
Net gains recognized on other investments	[1]			(23.9)		(16.9)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability	[1]			(129.0)		0.0
Net change in trading securities held by consolidated sponsored investment portfolios	[1]			(802.0)		(717.2)
Other changes in assets and liabilities	[1]			259.1		106.1
Net cash (used in) provided by operating activities	[1]			139.2		(14.2)
Net cash provided by investing activities	[1]			137.6		162.0
Net cash provided by financing activities	[1]			64.8		83.8
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios	[1]			3.8		(21.3)
Net change in cash and cash equivalents during period	[1]			345.4		210.3
Cash and cash equivalents at beginning of year	[1]			1,270.5		1,172.3
Cash and cash equivalents at end of period	[1]	1,615.9	1,382.6	1,615.9		1,382.6
Consolidation eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income				(52.4)		(27.0)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment				0.0		0.0
Stock-based compensation expense				0.0		0.0
Realized gains on dispositions of available-for-sale sponsored investment portfolios				0.0		0.0
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading				0.0		0.0
Net gains recognized on other investments				52.4		27.0
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability				0.0		0.0
Net change in trading securities held by consolidated sponsored investment portfolios				0.0		0.0
Other changes in assets and liabilities				(2.7)		(3.1)
Net cash (used in) provided by operating activities				(2.7)		(3.1)
Net cash provided by investing activities				69.4		196.8
Net cash provided by financing activities				(66.7)		(193.7)
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios				0.0		0.0
Net change in cash and cash equivalents during period				0.0		0.0
Cash and cash equivalents at beginning of year				0.0		0.0
Cash and cash equivalents at end of period		0.0	0.0	0.0		0.0
Attributable to T. Rowe Price Group [Member] | Reportable entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income				759.8		507.4
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment				71.9		66.0
Stock-based compensation expense				74.2		75.6
Realized gains on dispositions of available-for-sale sponsored investment portfolios				(77.9)		(52.3)
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading				(23.6)		0.0
Net gains recognized on other investments				(76.3)		(43.9)
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability				(129.0)		0.0
Net change in trading securities held by consolidated sponsored investment portfolios				0.0		0.0
Other changes in assets and liabilities				277.0		109.4
Net cash (used in) provided by operating activities				876.1		662.2
Net cash provided by investing activities				114.1		(103.1)
Net cash provided by financing activities				(652.9)		(456.2)
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios				0.0		0.0
Net change in cash and cash equivalents during period				337.3		102.9
Cash and cash equivalents at beginning of year				1,204.9		1,172.3
Cash and cash equivalents at end of period		1,542.2	1,275.2	1,542.2		1,275.2
Attributable to consolidated sponsored investment portfolios [Member] | Reportable entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income				83.0		44.1
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property and equipment				0.0		0.0
Stock-based compensation expense				0.0		0.0
Realized gains on dispositions of available-for-sale sponsored investment portfolios				0.0		0.0
Gains recognized upon transfer of an available-for-sale sponsored investment portfolio to sponsored investment portfolios held as trading				0.0		0.0
Net gains recognized on other investments				0.0		0.0
Investments in sponsored investment portfolios held as trading to economically hedge supplemental savings plan liability				0.0		0.0
Net change in trading securities held by consolidated sponsored investment portfolios				(802.0)		(717.2)
Other changes in assets and liabilities				(15.2)		(0.2)
Net cash (used in) provided by operating activities				(734.2)		(673.3)
Net cash provided by investing activities				(45.9)		68.3
Net cash provided by financing activities				784.4		733.7
Effect of exchange rate changes on cash and cash equivalents of consolidated sponsored investment portfolios				3.8		(21.3)
Net change in cash and cash equivalents during period				8.1		107.4
Cash and cash equivalents at beginning of year				65.6		0.0
Cash and cash equivalents at end of period		$ 73.7	$ 107.4	$ 73.7		$ 107.4

[1] See note 12 for a supplementary consolidating cash flow schedule.