XML 51 R24.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS. (Tables)
 3 Months Ended
Mar. 31, 2020
Consolidated Sponsored Investment Portfolios [Abstract]  
Net assets of consolidated sponsored investment portfolios
The following table details the net assets of the consolidated T. Rowe Price investment products:
 
3/31/2020
 
12/31/2019
(in millions)
Voting
interest entities
 
Variable interest entities
 
Total
 
Voting
interest entities
 
Variable interest entities
 
Total
Cash and cash equivalents(1)
$
23.1

 
$
94.6

 
$
117.7

 
$
9.9

 
$
66.6

 
$
76.5

Investments(2)
197.3

 
1,641.3

 
1,838.6

 
281.1

 
1,891.3

 
2,172.4

Other assets
8.1

 
59.9

 
68.0

 
10.6

 
17.4

 
28.0

Total assets
228.5

 
1,795.8

 
2,024.3

 
301.6

 
1,975.3

 
2,276.9

Liabilities
10.9

 
72.0

 
82.9

 
12.2

 
27.0

 
39.2

Net assets
$
217.6

 
$
1,723.8

 
$
1,941.4

 
$
289.4

 
$
1,948.3

 
$
2,237.7

 
 
 
 
 
 
 
 
 
 
 
 
Attributable to T. Rowe Price Group
$
155.0

 
$
815.4

 
$
970.4

 
$
199.6

 
$
917.1

 
$
1,116.7

Attributable to redeemable non-controlling interests
62.6

 
908.4

 
971.0

 
89.8

 
1,031.2

 
1,121.0

 
$
217.6

 
$
1,723.8

 
$
1,941.4

 
$
289.4

 
$
1,948.3

 
$
2,237.7


(1) Cash and cash equivalents includes $22.5 million and $9.1 million at March 31, 2020, and December 31, 2019, respectively, of T. Rowe Price money market mutual funds.
(2) Investments includes $35.3 million and $40.2 million at March 31, 2020, and December 31, 2019, respectively, of T. Rowe Price investment products.
Operating results of consolidated sponsored investment portfolios
The operating results of the consolidated T. Rowe Price investment products for the three months ended March 31, 2020 and 2019, are reflected in our unaudited condensed consolidated statements of income as follows:
 
Three months ended
 
3/31/2020
 
3/31/2019
(in millions)
Voting interest entities
 
Variable interest entities
 
Total
 
Voting interest entities
 
Variable interest entities
 
Total
Operating expenses reflected in net operating income
$
(.2
)
 
$
(3.5
)
 
$
(3.7
)
 
$
(.3
)
 
$
(2.8
)
 
$
(3.1
)
Net investment income (loss) reflected in non-operating income (loss)
(35.2
)
 
(295.1
)
 
(330.3
)
 
8.0

 
93.9

 
101.9

Impact on income before taxes
$
(35.4
)
 
$
(298.6
)
 
$
(334.0
)
 
$
7.7

 
$
91.1

 
$
98.8

 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to T. Rowe Price Group
$
(22.6
)
 
$
(134.9
)
 
$
(157.5
)
 
$
8.7

 
$
48.7

 
$
57.4

Net income (loss) attributable to redeemable non-controlling interests
(12.8
)
 
(163.7
)
 
(176.5
)
 
(1.0
)
 
42.4

 
41.4

 
$
(35.4
)
 
$
(298.6
)
 
$
(334.0
)
 
$
7.7

 
$
91.1

 
$
98.8
Cash flows of consolidated sponsored investment portfolios
The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2020 and 2019.
 
Three months ended
 
3/31/2020
 
3/31/2019
(in millions)
Voting
interest entities
 
Variable interest entities
 
Total
 
Voting
interest entities
 
Variable interest entities
 
Total
Net cash provided by operating activities
$
11.3

 
$
(87.0
)
 
$
(75.7
)
 
$
(28.7
)
 
$
(65.0
)
 
$
(93.7
)
Net cash provided by (used in) investing activities
(.8
)
 
—

 
(.8
)
 
(5.1
)
 
1.7

 
(3.4
)
Net cash used in financing activities
2.7

 
116.2

 
118.9

 
31.6

 
72.2

 
103.8

Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
—

 
(1.2
)
 
(1.2
)
 
—

 
(.7
)
 
(.7
)
Net change in cash and cash equivalents during period
13.2

 
28.0

 
41.2

 
(2.2
)
 
8.2

 
6.0

Cash and cash equivalents at beginning of year
9.9

 
66.6

 
76.5

 
18.5

 
51.6

 
70.1

Cash and cash equivalents at end of period
$
23.1

 
$
94.6

 
$
117.7

 
$
16.3

 
$
59.8

 
$
76.1
Fair values of investments held by consolidated sponsored investment portfolios The following table summarizes the investment holdings held by our consolidated T. Rowe Price investment products using fair value measurements determined based on the differing levels of inputs.
 
3/31/2020
 
12/31/2019
(in millions)
Level 1
 
Level 2
 
Level 1
 
Level 2
Assets
 
 
 
 
 
 
 
  Cash equivalents
$
22.5

 
$
—

 
$
9.1

 
$
1.1

Equity securities
149.9

 
548.3

 
162.8

 
724.5

Fixed income securities
—

 
1,097.9

 
—

 
1,248.6

Other investments
3.3

 
39.2

 
2.7

 
33.8

 
$
175.7

 
$
1,685.4

 
$
174.6

 
$
2,008.0

 
 
 
 
 
 
 
 
Liabilities
$
(2.3
)
 
$
(31.9
)
 
$
(.4
)
 
$
(11.2
)