Maryland | 52-2264646 | |||||||
State of incorporation | IRS Employer Identification No. |
Common stock, $.20 par value per share | TROW | The NASDAQ Stock Market LLC | ||||||
(Title of class) | (Ticker symbol) | (Name of exchange on which registered) |
Large accelerated filer |
☒
|
Accelerated filer |
☐
|
||||||||
Non-accelerated filer (do not check if smaller reporting company) |
☐
|
Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
|
PAGE | |||||||
ITEM 1. |
Business
|
|||||||
ITEM 1A. | ||||||||
ITEM 1B. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM. |
Information about our Executive Officers
|
|||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
ITEM 7. | ||||||||
ITEM 7A. | ||||||||
ITEM 8. | ||||||||
ITEM 9. | ||||||||
ITEM 9A. |
Controls and Procedures
|
|||||||
ITEM 9B. |
Other Information
|
|||||||
ITEM 10. | ||||||||
ITEM 11. | ||||||||
ITEM 12. | ||||||||
ITEM 13. | ||||||||
ITEM 14. | ||||||||
ITEM 15. | ||||||||
ITEM 16. | Form 10-K Summary | |||||||
(in billions) | 2020 | 2019 | |||||||||
Assets under management by vehicle | |||||||||||
U.S. mutual funds | $ | 794.6 | $ | 682.7 | |||||||
Subadvised and separately managed accounts | 400.1 | 313.8 | |||||||||
T. Rowe Price collective investment trusts and other sponsored investment products: | |||||||||||
Collective investment trusts | 199.6 | 158.7 | |||||||||
Stable value, variable annuity products, and exchange-traded funds | 28.0 | 21.4 | |||||||||
SICAVs and other sponsored funds regulated outside the U.S. | 48.2 | 30.2 | |||||||||
Total T. Rowe Price collective investment trusts and other sponsored investment products | 275.8 | 210.3 | |||||||||
Total assets under management | $ | 1,470.5 | $ | 1,206.8 | |||||||
Assets under management by asset class | |||||||||||
Equity | $ | 895.8 | $ | 698.9 | |||||||
Fixed income, including money market | 168.7 | 147.9 | |||||||||
Multi-Asset(1)
|
406.0 | 360.0 | |||||||||
Total assets under management | $ | 1,470.5 | $ | 1,206.8 | |||||||
Assets under management by distribution channel | |||||||||||
Global financial intermediaries(2)
|
$ | 765.4 | $ | 623.0 | |||||||
Global institutions(2)(3)
|
335.9 | 265.4 | |||||||||
Individual U.S. investors on a direct basis | 221.7 | 190.7 | |||||||||
U.S. retirement plan sponsors - full service recordkeeping | 147.5 | 127.7 | |||||||||
Total assets under management | $ | 1,470.5 | $ | 1,206.8 | |||||||
Assets under management by account type | |||||||||||
Defined contribution retirement assets: | |||||||||||
Defined contribution - investment only | $ | 614.0 | $ | 510.6 | |||||||
Defined contribution - full-service recordkeeping | 136.0 | 121.0 | |||||||||
Total defined contribution retirement assets | 750.0 | 631.6 | |||||||||
Deferred annuity and direct retail retirement assets | 219.6 | 186.0 | |||||||||
Total defined contribution, deferred annuity, and direct retail retirement assets | 969.6 | 817.6 | |||||||||
Other | 500.9 | 389.2 | |||||||||
Total assets under management | $ | 1,470.5 | $ | 1,206.8 |
Americas financial intermediaries | EMEA & APAC financial intermediaries | Individual U.S. investors on a direct basis | U.S. retirement plan sponsors - full service recordkeeping | Global institutions | ||||||||||||||||||||||
U.S. Mutual Funds |
SICAVs(1) / FCPs(2)
|
U.S. Mutual Funds | U.S. Mutual Funds | U.S. Mutual Funds | ||||||||||||||||||||||
Collective Investment Trusts | Australian Unit Trusts ("AUTs") | Separate Accounts | Collective Investment Trusts | Collective Investment Trusts | ||||||||||||||||||||||
Subadvised Accounts |
OEICs(3)
|
College Savings Plans | Separate Accounts |
SICAVs(1) / FCPs(2)
|
||||||||||||||||||||||
Managed Accounts / Model Delivery | Subadvised Accounts |
Model Portfolios(4)
|
Separate / Subadvised Accounts | |||||||||||||||||||||||
College Savings Plans |
Japanese ITMs(5)
|
Active Exchange-Traded Funds | Canadian Pooled Funds | |||||||||||||||||||||||
Canadian Pooled Funds | Managed Accounts / Model Delivery |
Japanese ITMs(5)
|
||||||||||||||||||||||||
Active Exchange-Traded Funds | Cayman Funds |
Equity | ||||||||||||||||||||
Growth | Core | Value | Concentrated | Quantitative | Sustainable | |||||||||||||||
U.S.: | All-Cap, Large-Cap, Mid-Cap, Small-Cap, Sectors | Large-Cap, Mid-Cap, Small-Cap | Large-Cap, Mid-Cap, Small-Cap | Large-Cap (Growth & Value) | Large-Cap (Value), Multi-Cap, Small-Cap | Large-Cap (Growth & Value) | ||||||||||||||
Global / International: | All-Cap, Large-Cap, Small-Cap, Sectors, Regional | Large-Cap | Large-Cap | Large-Cap | Large-Cap (Growth & Value) | All-Cap, Large-Cap |
Fixed Income | |||||||||||||||||||||||
Cash /
Stable Value |
High Yield / Bank Loans | Emerging Markets | Credit | Multi-Sector | Government / Securitized | Municipal | |||||||||||||||||
U.S.: | Stable Value, Taxable, Tax-Exempt | Credit Opportunities, Bank Loans, High Yield | N/R | Investment Grade Corporate, Long Duration | Enhanced Index, Short-Term, Core, Core Plus, Investment Grade Core, Total Return, Ultra Short-Term | Inflation Protection, Securitized/GNMA, Treasury | High Yield, Intermediate, Long-Term, Short/Intermediate | ||||||||||||||||
Global / International: | N/R | Euro High Yield, High Income, High Yield | Corporate, Hard Currency, Local Currency | Asia Credit, Dynamic Credit, Dynamic Investment Grade Corporate, Investment Grade Corporate, Euro Investment Grade Corporate | Global Multi-Sector, Aggregate, Global ex US | Government | N/R |
Multi-Asset | |||||||||||||||||
U.S. / Global / International: | Target Date, Custom Target Date | Target Allocation | Global Allocation | Global Income | Managed Volatility | ||||||||||||
Custom Solutions | Real Assets | Retirement Income | Alternatives |
Strategy | Year closed | ||||
U.S. Mid-Cap Growth | 2010 | ||||
High Yield Bond | 2012 | ||||
U.S. Small-Cap Growth | 2013 | ||||
U.S. Small-Cap Core | 2013 | ||||
Capital Appreciation | 2014 | ||||
Emerging Markets Growth | 2018 | ||||
International Small-Cap Growth | 2018 |
T. Rowe Price Subsidiary | Products | Services Provided | ||||||||||||
T. Rowe Price (Luxembourg) Management Sàrl | SICAVs / FCPs | Management company | ||||||||||||
T. Rowe Price Australia | AUTs | Investment management | ||||||||||||
T. Rowe Price UK | OEICs | Authorized corporate director | ||||||||||||
T. Rowe Price (Canada) | Canadian Pooled Funds | Investment management | ||||||||||||
T. Rowe Price Japan | Japanese ITMs | Investment management |
Regulator | T. Rowe Price Entity | ||||||||||
Within the U.S. | |||||||||||
Securities & Exchange Commission ("SEC") | - T. Rowe Price Associates | - T. Rowe Price Hong Kong | |||||||||
- T. Rowe Price International | - T. Rowe Price Japan | ||||||||||
- T. Rowe Price Australia | - T. Rowe Price Singapore | ||||||||||
- T. Rowe Price (Canada) | - T. Rowe Price Advisory Services | ||||||||||
All entities above are registered as investment advisers under the Investment Advisers Act of 1940, which imposes substantive regulation around, among other things, fiduciary duties to clients, transactions with clients, effective compliance programs, conflicts of interest, advertising, recordkeeping, reporting, and disclosure requirements.
|
|||||||||||
State of Maryland, Commissioner of Financial Regulation | - T. Rowe Price Trust Company | ||||||||||
Outside the U.S. | |||||||||||
Financial Conduct Authority ("FCA") | - T. Rowe Price International | ||||||||||
- T. Rowe Price UK | |||||||||||
Securities and Futures Commission ("SFC") | - T. Rowe Price Hong Kong | ||||||||||
Monetary Authority of Singapore ("MAS") | - T. Rowe Price Singapore | ||||||||||
Several provincial securities commissions in Canada | - T. Rowe Price (Canada) | ||||||||||
Commission de Surveillance du Secteur Financier ("CSSF") | - T. Rowe Price (Luxembourg) Management Sàrl | ||||||||||
Australian Securities and Investments Commission | - T. Rowe Price Australia | ||||||||||
Japan Financial Services Agency | - T. Rowe Price Japan | ||||||||||
Swiss Financial Market Supervisory Authority
|
- T. Rowe Price (Switzerland) |
1st
quarter |
2nd
quarter |
3rd
quarter |
4th
quarter |
||||||||||||||||||||
2020 | $ | .90 | $ | .90 | $ | .90 | $ | .90 | |||||||||||||||
2019 | $ | .76 | $ | .76 | $ | .76 | $ | .76 |
Employee and non-employee director plans | Employee stock purchase plan | Total | ||||||||||||||||||
Exercise of outstanding options | 4,329,056 | — | 4,329,056 | |||||||||||||||||
Settlement of outstanding restricted stock units | 6,443,411 | — | 6,443,411 | |||||||||||||||||
Future issuances | 11,085,553 | 1,602,666 | 12,688,219 | |||||||||||||||||
Total | 21,858,020 | 1,602,666 | 23,460,686 |
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 |
||||||||||||||||||||||
October | 56,706 | $ | 144.31 | 300 | 21,612,258 | |||||||||||||||||||||
November | 10,934 | $ | 140.14 | — | 21,612,258 | |||||||||||||||||||||
December | 188,090 | $ | 148.11 | 144,947 | 21,467,311 | |||||||||||||||||||||
Total | 255,730 | $ | 147.33 | 145,247 |
Authorization dates | 12/31/2019 | Additional shares authorized |
Total Number of
Shares Purchased |
Maximum Number of Shares that May Yet Be Purchased at 12/31/2020 | ||||||||||||||||||||||
April 2018 | 7,375,047 | — | (7,375,047) | — | ||||||||||||||||||||||
February 2019 | 10,000,000 | — | (3,532,689) | 6,467,311 | ||||||||||||||||||||||
March 2020 | — | 15,000,000 | — | 15,000,000 | ||||||||||||||||||||||
17,375,047 | 15,000,000 | (10,907,736) | 21,467,311 |
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(in millions, except per-share data) | |||||||||||||||||||||||||||||
Net revenues(1)
|
$ | 6,207 | $ | 5,618 | $ | 5,373 | $ | 4,855 | $ | 4,285 | |||||||||||||||||||
Net operating income | $ | 2,746 | $ | 2,387 | $ | 2,361 | $ | 2,109 | $ | 1,733 | |||||||||||||||||||
Net income | $ | 2,523 | $ | 2,249 | $ | 1,769 | $ | 1,581 | $ | 1,254 | |||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | $ | 151 | $ | 118 | $ | (69) | $ | 83 | $ | 39 | |||||||||||||||||||
Net income attributable to T. Rowe Price Group | $ | 2,373 | $ | 2,131 | $ | 1,838 | $ | 1,498 | $ | 1,215 | |||||||||||||||||||
Adjusted net income attributable to
T. Rowe Price Group(2) |
$ | 2,277 | $ | 1,976 | $ | 1,807 | $ | 1,361 | $ | 1,149 | |||||||||||||||||||
Per common share information | |||||||||||||||||||||||||||||
Basic earnings | $ | 10.08 | $ | 8.82 | $ | 7.41 | $ | 6.07 | $ | 4.85 | |||||||||||||||||||
Diluted earnings | $ | 9.98 | $ | 8.70 | $ | 7.27 | $ | 5.97 | $ | 4.75 | |||||||||||||||||||
Adjusted diluted earnings(2)
|
$ | 9.58 | $ | 8.07 | $ | 7.15 | $ | 5.43 | $ | 4.49 | |||||||||||||||||||
Cash dividends declared | $ | 3.60 | $ | 3.04 | $ | 2.80 | $ | 2.28 | $ | 2.16 | |||||||||||||||||||
Weighted-average common shares outstanding | 228.8 | 235.4 | 242.2 | 241.2 | 245.5 | ||||||||||||||||||||||||
Weighted-average common shares outstanding assuming dilution | 231.2 | 238.6 | 246.9 | 245.1 | 250.3 | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Balance sheet data (in millions) | |||||||||||||||||||||||||||||
Total assets | $ | 10,659 | $ | 9,330 | $ | 7,689 | $ | 7,535 | $ | 6,226 | |||||||||||||||||||
Redeemable non-controlling interests | $ | 1,562 | $ | 1,121 | $ | 740 | $ | 993 | $ | 687 | |||||||||||||||||||
Stockholders’ equity | $ | 7,707 | $ | 7,102 | $ | 6,124 | $ | 5,824 | $ | 5,009 | |||||||||||||||||||
Assets under management (in billions)
|
$ | 1,470.5 | $ | 1,206.8 | $ | 962.3 | $ | 991.1 | $ | 810.8 |
S&P 500 Index | 18.4% | ||||
NASDAQ Composite Index(1)
|
43.6% | ||||
Russell 2000 Index | 20.0% | ||||
MSCI EAFE (Europe, Australasia, and Far East) Index | 8.3% | ||||
MSCI Emerging Markets Index | 18.7% |
Bloomberg Barclays U.S. Aggregate Bond Index | 7.5% | ||||
JPMorgan Global High Yield Index | 5.4% | ||||
Bloomberg Barclays Municipal Bond Index | 5.2% | ||||
Bloomberg Barclays Global Aggregate Ex-U.S. Dollar Bond Index | 10.1% | ||||
JPMorgan Emerging Markets Bond Index Plus | 7.1% |
(in billions) | U.S. mutual funds | Subadvised and separate accounts | Collective investment trusts and other investment products | Total | ||||||||||||||||||||||
Assets under management at December 31, 2017 | $ | 606.3 | $ | 255.2 | $ | 129.6 | $ | 991.1 | ||||||||||||||||||
Net cash flows before client transfers | 4.4 | (.2) | 9.0 | 13.2 | ||||||||||||||||||||||
Client transfers(1)
|
(20.5) | 2.8 | 17.7 | — | ||||||||||||||||||||||
Net cash flows after client transfers | (16.1) | 2.6 | 26.7 | 13.2 | ||||||||||||||||||||||
Net market depreciation, net of income | (22.7) | (7.8) | (8.4) | (38.9) | ||||||||||||||||||||||
Distributions not reinvested | (3.0) | — | (.1) | (3.1) | ||||||||||||||||||||||
Change during the period | (41.8) | (5.2) | 18.2 | (28.8) | ||||||||||||||||||||||
Assets under management at December 31, 2018 | 564.5 | 250.0 | 147.8 | 962.3 | ||||||||||||||||||||||
Net cash flows before client transfers | 7.6 | (.3) | 5.9 | 13.2 | ||||||||||||||||||||||
Client transfers(1)
|
(23.2) | 1.1 | 22.1 | — | ||||||||||||||||||||||
Net cash flows after client transfers | (15.6) | .8 | 28.0 | 13.2 | ||||||||||||||||||||||
Net market appreciation and income | 135.6 | 63.0 | 34.5 | 233.1 | ||||||||||||||||||||||
Distributions not reinvested | (1.8) | — | — | (1.8) | ||||||||||||||||||||||
Change during the period | 118.2 | 63.8 | 62.5 | 244.5 | ||||||||||||||||||||||
Assets under management at December 31, 2019 | 682.7 | 313.8 | 210.3 | 1,206.8 | ||||||||||||||||||||||
Net cash flows before client transfers | (11.5) | 8.0 | 9.1 | 5.6 | ||||||||||||||||||||||
Client transfers(1)
|
(13.7) | 2.0 | 11.7 | — | ||||||||||||||||||||||
Net cash flows after client transfers | (25.2) | 10.0 | 20.8 | 5.6 | ||||||||||||||||||||||
Net market appreciation and income | 140.0 | 76.3 | 43.7 | 260.0 | ||||||||||||||||||||||
Distributions not reinvested | (2.9) | — | (.2) | (3.1) | ||||||||||||||||||||||
Acquired AUM | — | — | 1.2 | 1.2 | ||||||||||||||||||||||
Change during the period | 111.9 | 86.3 | 65.5 | 263.7 | ||||||||||||||||||||||
Assets under management at December 31, 2020 | $ | 794.6 | $ | 400.1 | $ | 275.8 | $ | 1,470.5 |
(in billions) | Equity | Fixed income, including money market |
Multi-asset(1)
|
Total | ||||||||||||||||||||||
Assets under management at December 31, 2017 | $ | 564.1 | $ | 134.4 | $ | 292.6 | $ | 991.1 | ||||||||||||||||||
Net cash flows | (1.4) | 2.9 | 11.7 | 13.2 | ||||||||||||||||||||||
Net market depreciation, net of income(2)
|
(22.8) | (1.2) | (18.0) | (42.0) | ||||||||||||||||||||||
Change during the period | (24.2) | 1.7 | (6.3) | (28.8) | ||||||||||||||||||||||
Assets under management at December 31, 2018 | 539.9 | 136.1 | 286.3 | 962.3 | ||||||||||||||||||||||
Net cash flows | (.2) | 3.5 | 9.9 | 13.2 | ||||||||||||||||||||||
Net market appreciation and income(2)
|
159.2 | 8.3 | 63.8 | 231.3 | ||||||||||||||||||||||
Change during the period | 159.0 | 11.8 | 73.7 | 244.5 | ||||||||||||||||||||||
Assets under management at December 31, 2019 | 698.9 | 147.9 | 360.0 | 1,206.8 | ||||||||||||||||||||||
Net cash flows | — | 14.1 | (8.5) | 5.6 | ||||||||||||||||||||||
Net market appreciation and income(2)
|
196.9 | 5.5 | 54.5 | 256.9 | ||||||||||||||||||||||
Acquired AUM | — | 1.2 | — | 1.2 | ||||||||||||||||||||||
Change during the period | 196.9 | 20.8 | 46.0 | 263.7 | ||||||||||||||||||||||
Assets under management at December 31, 2020 | $ | 895.8 | $ | 168.7 | $ | 406.0 | $ | 1,470.5 |
Assets under management | Net cash inflows/(outflows) for year ended | |||||||||||||||||||||||||||||||||||||
(in billions) | 12/31/20 | 12/31/19 | 12/31/18 | 12/31/20 | 12/31/19 | 12/31/18 | ||||||||||||||||||||||||||||||||
U.S. mutual funds | $ | 176.1 | $ | 164.8 | $ | 144.8 | $ | (12.7) | $ | (10.8) | $ | (14.1) | ||||||||||||||||||||||||||
Collective investment trusts | 145.4 | 119.2 | 79.7 | 5.4 | 19.5 | 21.4 | ||||||||||||||||||||||||||||||||
Separately managed accounts | 10.7 | 8.4 | 5.9 | .8 | 1.1 | 4.7 | ||||||||||||||||||||||||||||||||
$ | 332.2 | $ | 292.4 | $ | 230.4 | $ | (6.5) | $ | 9.8 | $ | 12.0 |
AUM Weighted Performance | ||||||||||||||||||||||||||
% of U.S. mutual funds AUM that outperformed Morningstar median1,2
|
||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 76% | 79% | 84% | 92% | ||||||||||||||||||||||
Fixed Income | 43% | 51% | 57% | 59% | ||||||||||||||||||||||
Multi-Asset | 100% | 97% | 96% | 97% | ||||||||||||||||||||||
All Funds | 79% | 81% | 85% | 90% | ||||||||||||||||||||||
% of U.S. mutual funds AUM that outperformed passive peer median1,3
|
||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 39% | 81% | 77% | 73% | ||||||||||||||||||||||
Fixed Income | 58% | 50% | 37% | 43% | ||||||||||||||||||||||
Multi-Asset | 95% | 96% | 95% | 96% | ||||||||||||||||||||||
All Funds | 54% | 83% | 79% | 77% | ||||||||||||||||||||||
% of composites AUM that outperformed benchmarks4
|
||||||||||||||||||||||||||
1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||||
Equity | 70% | 71% | 73% | 73% | ||||||||||||||||||||||
Fixed Income | 53% | 47% | 49% | 72% | ||||||||||||||||||||||
All Composites | 67% | 67% | 69% | 73% | ||||||||||||||||||||||
2020 compared with 2019 | 2019 compared with 2018 | ||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Investment advisory fees | |||||||||||||||||||||||||||||||||||||||||
U.S. mutual funds | $ | 3,639.9 | $ | 3,452.5 | $ | 3,375.0 | $ | 187.4 | 5.4 | % | $ | 77.5 | 2.3 | % | |||||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,053.2 | 1,660.0 | 1,475.6 | 393.2 | 23.7 | % | 184.4 | 12.5 | % | ||||||||||||||||||||||||||||||||
5,693.1 | 5,112.5 | 4,850.6 | 580.6 | 11.4 | % | 261.9 | 5.4 | % | |||||||||||||||||||||||||||||||||
Administrative, distribution, and servicing fees | |||||||||||||||||||||||||||||||||||||||||
Administrative fees | 402.3 | 385.4 | 384.0 | 16.9 | 4.4 | % | 1.4 | 0.4 | % | ||||||||||||||||||||||||||||||||
Distribution and servicing fees | 111.3 | 120.0 | 138.0 | (8.7) | (7.3) | % | (18.0) | (13.0) | % | ||||||||||||||||||||||||||||||||
513.6 | 505.4 | 522.0 | 8.2 | 1.6 | % | (16.6) | (3.2) | % | |||||||||||||||||||||||||||||||||
Net revenues | $ | 6,206.7 | $ | 5,617.9 | $ | 5,372.6 | $ | 588.8 | 10.5 | % | $ | 245.3 | 4.6 | % |
2020 compared with 2019 | 2019 compared with 2018 | ||||||||||||||||||||||
Increase in average assets under management | Increase in investment advisory fees | Increase in average assets under management | Increase in investment advisory fees | ||||||||||||||||||||
U.S. mutual funds | 7.4 | % | 5.4 | % | 3.0 | % | 2.3 | % | |||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 19.5 | % | 23.7 | % | 13.1 | % | 12.5 | % | |||||||||||||||
Total investment advisory fees | 12.5 | % | 11.4 | % | 7.0 | % | 5.4 | % |
2020 compared with 2019 | 2019 compared with 2018 | ||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Compensation and related costs | $ | 2,182.4 | $ | 1,969.2 | $ | 1,808.6 | $ | 213.2 | 10.8 | % | $ | 160.6 | 8.9 | % | |||||||||||||||||||||||||||
Distribution and servicing costs | 278.5 | 262.5 | 281.2 | 16.0 | 6.1 | % | (18.7) | (6.7) | % | ||||||||||||||||||||||||||||||||
Advertising and promotion | 83.7 | 96.8 | 99.6 | (13.1) | (13.5) | % | (2.8) | (2.8) | % | ||||||||||||||||||||||||||||||||
Product-related costs | 155.5 | 153.2 | 157.1 | 2.3 | 1.5 | % | (3.9) | (2.5) | % | ||||||||||||||||||||||||||||||||
Technology, occupancy, and facility costs | 444.8 | 427.3 | 383.9 | 17.5 | 4.1 | % | 43.4 | 11.3 | % | ||||||||||||||||||||||||||||||||
General, administrative, and other | 316.1 | 321.9 | 296.0 | (5.8) | (1.8) | % | 25.9 | 8.8 | % | ||||||||||||||||||||||||||||||||
Nonrecurring net recoveries related to Dell appraisal rights matter(1)
|
— | — | (15.2) | — | n/m | 15.2 | n/m | ||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 3,461.0 | $ | 3,230.9 | $ | 3,011.2 | $ | 230.1 | 7.1 | % | $ | 219.7 | 7.3 | % |
2020 compared with 2019 | 2019 compared with 2018 | ||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | $ Change | $ Change | ||||||||||||||||||||||||
Net gains (losses) from non-consolidated T. Rowe Price investment products | |||||||||||||||||||||||||||||
Cash and discretionary investments | |||||||||||||||||||||||||||||
Dividend income | $ | 25.2 | $ | 67.6 | $ | 48.8 | $ | (42.4) | $ | 18.8 | |||||||||||||||||||
Market related gains (losses) and equity in earnings (losses) | 67.5 | 58.4 | (16.0) | 9.1 | 74.4 | ||||||||||||||||||||||||
Total cash and discretionary investments | 92.7 | 126.0 | 32.8 | (33.3) | 93.2 | ||||||||||||||||||||||||
Seed capital investments | |||||||||||||||||||||||||||||
Dividend income | 2.2 | 2.3 | 3.9 | (.1) | (1.6) | ||||||||||||||||||||||||
Market related gains (losses) and equity in earnings (losses) | 32.2 | 42.7 | (22.5) | (10.5) | 65.2 | ||||||||||||||||||||||||
Net gain recognized upon deconsolidation | .7 | .1 | 3.6 | .6 | (3.5) | ||||||||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | 91.1 | 67.9 | (6.1) | 23.2 | 74.0 | ||||||||||||||||||||||||
Total net gains from non-consolidated T. Rowe Price investment products | 218.9 | 239.0 | 11.7 | (20.1) | 227.3 | ||||||||||||||||||||||||
Other investment income | 27.9 | 21.4 | 107.5 | 6.5 | (86.1) | ||||||||||||||||||||||||
Net gains on investments | 246.8 | 260.4 | 119.2 | (13.6) | 141.2 | ||||||||||||||||||||||||
Net gains (losses) on consolidated sponsored investment portfolios | 251.7 | 272.9 | (92.9) | (21.2) | 365.8 | ||||||||||||||||||||||||
Other income (loss), including foreign currency gains and losses | (2.0) | 7.0 | (3.1) | (9) | 10.1 | ||||||||||||||||||||||||
Non-operating income | $ | 496.5 | $ | 540.3 | $ | 23.2 | $ | (43.8) | $ | 517.1 |
2020 compared with 2019 | 2019 compared with 2018 | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | $ Change | $ Change | |||||||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | $ | (16.4) | $ | (14.7) | $ | (12.7) | $ | (1.7) | $ | (2.0) | ||||||||||||||||||||||||||||
Net investment income (loss) reflected in non-operating income | 251.7 | 272.9 | (92.9) | (21.2) | 365.8 | |||||||||||||||||||||||||||||||||
Impact on income before taxes | $ | 235.3 | $ | 258.2 | $ | (105.6) | $ | (22.9) | $ | 363.8 | ||||||||||||||||||||||||||||
Net income (loss) attributable to our interest in the consolidated T. Rowe Price investment products | $ | 84.7 | $ | 140.6 | $ | (36.8) | $ | (55.9) | $ | 177.4 | ||||||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests (unrelated third-party investors) | 150.6 | 117.6 | (68.8) | 33.0 | 186.4 | |||||||||||||||||||||||||||||||||
Impact on income before taxes | $ | 235.3 | $ | 258.2 | $ | (105.6) | $ | (22.9) | $ | 363.8 |
2020 | 2019 | 2018 | |||||||||||||||
Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Impact of nonrecurring charge relating to U.S. tax reform | — | — | .8 | ||||||||||||||
Impact of nonrecurring charge related to Maryland state tax legislation | — | — | .3 | ||||||||||||||
State income taxes for current year, net of federal income tax benefits(1)
|
3.8 | 4.3 | 4.6 | ||||||||||||||
Net income attributable to redeemable non-controlling interests | (1.2) | (1.0) | .7 | ||||||||||||||
Net excess tax benefits from stock-based compensation plans activity | (1.9) | (1.5) | (1.7) | ||||||||||||||
Other items | .5 | .4 | .1 | ||||||||||||||
Effective income tax rate | 22.2 | % | 23.2 | % | 25.8 | % |
2020 | |||||||||||||||||||||||||||||||||||
(in millions) | Operating expenses | Net operating income | Non-operating income |
Provision (benefit) for income taxes(7)
|
Net income attributable to T. Rowe Price Group |
Diluted earnings per share(8)
|
|||||||||||||||||||||||||||||
U.S. GAAP Basis | $ | 3,461.0 | $ | 2,745.7 | $ | 496.5 | $ | 718.9 | $ | 2,372.7 | $ | 9.98 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price
investment products(1) |
(6.5) | 16.4 | (251.7) | (19.5) | (65.1) | (.27) | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2)
|
(111.8) | 111.8 | (91.1) | 7.2 | 13.5 | .06 | |||||||||||||||||||||||||||||
Other non-operating income(3)
|
— | — | (61.0) | (16.8) | (44.3) | (.19) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 3,342.7 | $ | 2,873.9 | $ | 92.7 | $ | 689.8 | $ | 2,276.8 | $ | 9.58 |
2019 | |||||||||||||||||||||||||||||||||||
(in millions) | Operating expenses | Net operating income | Non-operating income |
Provision (benefit) for income taxes(7)
|
Net income attributable to T. Rowe Price Group |
Diluted earnings per share(8)
|
|||||||||||||||||||||||||||||
U.S. GAAP Basis | $ | 3,230.9 | $ | 2,387.0 | $ | 540.3 | $ | 678.4 | $ | 2,131.3 | $ | 8.70 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price
investment products(1) |
(7.9) | 14.7 | (272.9) | (35.7) | (104.9) | (.42) | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2)
|
(73.2) | 73.2 | (67.9) | 1.3 | 4.0 | .02 | |||||||||||||||||||||||||||||
Other non-operating income(3)
|
— | — | (73.5) | (18.7) | (54.8) | (.23) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 3,149.8 | $ | 2,474.9 | $ | 126.0 | $ | 625.3 | $ | 1,975.6 | $ | 8.07 |
2018 | |||||||||||||||||||||||||||||||||||
(in millions) | Operating expenses | Net operating income | Non-operating income |
Provision (benefit) for income taxes(7)
|
Net income attributable to T. Rowe Price Group |
Diluted earnings per share(8)
|
|||||||||||||||||||||||||||||
U.S. GAAP Basis | $ | 3,011.2 | $ | 2,361.4 | $ | 23.2 | $ | 615.9 | $ | 1,837.5 | $ | 7.27 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price
investment products(1) |
(6.5) | 12.7 | 92.9 | 6.5 | 30.3 | .12 | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2)
|
5.6 | (5.6) | 6.1 | .1 | .4 | — | |||||||||||||||||||||||||||||
Other non-operating income(3)
|
— | — | (93.7) | (16.7) | (77.0) | (.30) | |||||||||||||||||||||||||||||
Nonrecurring charge related to
enactment of U.S. tax reform(4) |
— | — | — | (20.8) | 20.8 | .08 | |||||||||||||||||||||||||||||
Nonrecurring charge related to
enactment of Maryland state tax legislation(5) |
— | — | — | (7.9) | 7.9 | .03 | |||||||||||||||||||||||||||||
Nonrecurring net charge (recoveries)
related to Dell appraisal rights matter(6) |
15.2 | (15.2) | — | (2.7) | (12.5) | (.05) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 3,025.5 | $ | 2,353.3 | $ | 28.5 | $ | 574.4 | $ | 1,807.4 | $ | 7.15 |
2017 | |||||||||||||||||||||||||||||||||||
(in millions) | Operating expenses | Net operating income | Non-operating income |
Provision (benefit) for income taxes(7)
|
Net income attributable to T. Rowe Price Group |
Diluted earnings per share(8)
|
|||||||||||||||||||||||||||||
U.S. GAAP Basis | $ | 2,746.1 | $ | 2,108.8 | $ | 396.3 | $ | 923.9 | $ | 1,497.8 | $ | 5.97 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price
investment products(1) |
(6.7) | 12.3 | (193.9) | (37.8) | (60.3) | (.24) | |||||||||||||||||||||||||||||
Supplemental savings plan liability(2)
|
(11.7) | 11.7 | (12.3) | (.3) | (.4) | — | |||||||||||||||||||||||||||||
Other non-operating income(3)
|
— | — | (190.1) | (73.4) | (116.7) | (.46) | |||||||||||||||||||||||||||||
Nonrecurring charge related to
enactment of U.S. tax reform(4) |
— | — | — | (71.1) | 71.1 | .28 | |||||||||||||||||||||||||||||
Nonrecurring net charge (recoveries)
related to Dell appraisal rights matter(6)
|
50.0 | (50.0) | — | (19.6) | (30.4) | (.12) | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 2,777.7 | $ | 2,082.8 | $ | — | $ | 721.7 | $ | 1,361.1 | $ | 5.43 |
2016 | |||||||||||||||||||||||||||||||||||
(in millions) | Operating expenses | Net operating income | Non-operating income |
Provision (benefit) for income taxes(7)
|
Net income attributable to T. Rowe Price Group |
Diluted earnings per share(8)
|
|||||||||||||||||||||||||||||
U.S. GAAP Basis | $ | 2,551.4 | $ | 1,733.4 | $ | 227.1 | $ | 706.5 | $ | 1,215.0 | $ | 4.75 | |||||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||||
Consolidated T. Rowe Price
investment products(1) |
(6.5) | 13.0 | (121.1) | (27.1) | (42.0) | (.16) | |||||||||||||||||||||||||||||
Other non-operating income(3)
|
— | — | (106.0) | (41.7) | (64.3) | (.25) | |||||||||||||||||||||||||||||
Nonrecurring net charge (recoveries) related to Dell appraisal rights matter(6)
|
(66.2) | 66.2 | — | 26.0 | 40.2 | .15 | |||||||||||||||||||||||||||||
Adjusted Non-GAAP Basis | $ | 2,478.7 | $ | 1,812.6 | $ | — | $ | 663.7 | $ | 1,148.9 | $ | 4.49 |
Year ended | ||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Adjusted net income attributable to T. Rowe Price Group | $ | 2,276.8 | $ | 1,975.6 | $ | 1,807.4 | $ | 1,361.1 | $ | 1,148.9 | ||||||||||||||||||||||
Less: net income allocated to outstanding restricted stock and stock unit holders | 62.4 | 50.9 | 42.5 | 30.5 | 24.2 | |||||||||||||||||||||||||||
Adjusted net income allocated to common stockholders | $ | 2,214.4 | $ | 1,924.7 | $ | 1,764.9 | $ | 1,330.6 | $ | 1,124.7 |
(in millions) | 12/31/2020 | 12/31/2019 | |||||||||
Cash and cash equivalents | $ | 2,151.7 | $ | 1,781.8 | |||||||
Discretionary investments | 2,095.7 | 1,899.6 | |||||||||
Total cash and discretionary investments | 4,247.4 | 3,681.4 | |||||||||
Redeemable seed capital investments | 1,219.1 | 1,325.6 | |||||||||
Investments used to hedge the supplemental savings plan liability | 768.1 | 561.1 | |||||||||
Total cash and investments in T. Rowe Price products | $ | 6,234.6 | $ | 5,568.1 |
(in millions)
|
Cash and cash equivalents
|
Investments
|
Net assets of consolidated T. Rowe Price investment products(1)
|
Total | ||||||||||||||||||||||
Cash and discretionary investments | $ | 2,151.7 | $ | 1,890.6 | $ | 205.1 | $ | 4,247.4 | ||||||||||||||||||
Seed capital investments | — | 348.1 | 871.0 | 1,219.1 | ||||||||||||||||||||||
Investments used to hedge the supplemental savings plan liability | — | 768.1 | — | 768.1 | ||||||||||||||||||||||
Total cash and investments in T. Rowe Price products attributable to T. Rowe Price Group | 2,151.7 | 3,006.8 | 1,076.1 | 6,234.6 | ||||||||||||||||||||||
Investment in UTI and other investments | — | 244.0 | — | 244.0 | ||||||||||||||||||||||
Total cash and investments attributable to T. Rowe Price Group | 2,151.7 | 3,250.8 | 1,076.1 | 6,478.6 | ||||||||||||||||||||||
Redeemable non-controlling interests | — | — | 1,561.7 | 1,561.7 | ||||||||||||||||||||||
As reported on unaudited condensed consolidated balance sheet at December 31, 2020 | $ | 2,151.7 | $ | 3,250.8 | $ | 2,637.8 | $ | 8,040.3 |
(in millions) | Recurring dividend | Stock repurchases | Total cash returned to stockholders | ||||||||||||||||||||
2018 | $ | 694.7 | $ | 1,099.6 | $ | 1,794.3 | |||||||||||||||||
2019 | 733.6 | 708.8 | 1,442.4 | ||||||||||||||||||||
2020 | 846.0 | 1,192.2 | 2,038.2 | ||||||||||||||||||||
Total | $ | 2,274.3 | $ | 3,000.6 | $ | 5,274.9 |
2020 | |||||||||||||||||||||||
Cash flow attributable to: | |||||||||||||||||||||||
(in millions) | T. Rowe Price Group | Consolidated T. Rowe Price investment products | Elims | As reported | |||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 2,372.7 | $ | 235.3 | $ | (84.7) | $ | 2,523.3 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation, amortization and impairments of property and equipment | 189.6 | — | — | 189.6 | |||||||||||||||||||
Stock-based compensation expense | 246.2 | — | — | 246.2 | |||||||||||||||||||
Net gains recognized on investments | (274.3) | — | 84.7 | (189.6) | |||||||||||||||||||
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability
|
(142.9) | — | — | (142.9) | |||||||||||||||||||
Net change in trading securities held by consolidated T. Rowe Price investment products | — | (798.8) | — | (798.8) | |||||||||||||||||||
Other changes in assets and liabilities | 87.7 | 6.8 | (3.4) | 91.1 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 2,479.0 | (556.7) | (3.4) | 1,918.9 | |||||||||||||||||||
Net cash provided by (used in) investing activities | (65.3) | (53.9) | 82.9 | (36.3) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (2,043.8) | 637.0 | (79.5) | (1,486.3) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | 1.9 | — | 1.9 | |||||||||||||||||||
Net change in cash and cash equivalents during period | 369.9 | 28.3 | — | 398.2 | |||||||||||||||||||
Cash and cash equivalents at beginning of year | 1,781.8 | 76.5 | — | 1,858.3 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 2,151.7 | $ | 104.8 | $ | — | $ | 2,256.5 |
2019 | |||||||||||||||||||||||
Cash flow attributable to: | |||||||||||||||||||||||
(in millions) | T. Rowe Price Group | Consolidated T. Rowe Price investment products | Elims | As reported | |||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 2,131.3 | $ | 258.2 | $ | (140.6) | $ | 2,248.9 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation, amortization and impairments of property and equipment | 190.8 | — | — | 190.8 | |||||||||||||||||||
Stock-based compensation expense | 206.6 | — | — | 206.6 | |||||||||||||||||||
Net gains recognized on investments | (316.9) | — | 140.6 | (176.3) | |||||||||||||||||||
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability
|
(126.0) | — | — | (126.0) | |||||||||||||||||||
Net change in trading securities held by consolidated T. Rowe Price investment products | — | (930.9) | — | (930.9) | |||||||||||||||||||
Other changes in assets and liabilities | 116.5 | 1.9 | (8.8) | 109.6 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 2,202.3 | (670.8) | (8.8) | 1,522.7 | |||||||||||||||||||
Net cash provided by (used in) investing activities | (489.3) | (18.4) | 183.2 | (324.5) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (1,356.4) | 698.1 | (174.4) | (832.7) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | (2.5) | — | (2.5) | |||||||||||||||||||
Net change in cash and cash equivalents during period | 356.6 | 6.4 | — | 363.0 | |||||||||||||||||||
Cash and cash equivalents at beginning of year | 1,425.2 | 70.1 | — | 1,495.3 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,781.8 | $ | 76.5 | $ | — | $ | 1,858.3 |
2018 | |||||||||||||||||||||||
Cash flow attributable to: | |||||||||||||||||||||||
(in millions) | T. Rowe Price Group | Consolidated T. Rowe Price investment products | Elims | As reported | |||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 1,837.5 | $ | (105.6) | $ | 36.8 | $ | 1,768.7 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||
Depreciation, amortization and impairments of property and equipment | 159.5 | — | — | 159.5 | |||||||||||||||||||
Stock-based compensation expense | 197.1 | — | — | 197.1 | |||||||||||||||||||
Net gains recognized on investments | (13.7) | — | (36.8) | (50.5) | |||||||||||||||||||
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability
|
(129.5) | (129.5) | |||||||||||||||||||||
Net change in trading securities held by consolidated T. Rowe Price investment products | — | (437.0) | — | (437.0) | |||||||||||||||||||
Other changes in assets and liabilities | 127.2 | (6.5) | (9.1) | 111.6 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 2,178.1 | (549.1) | (9.1) | 1,619.9 | |||||||||||||||||||
Net cash provided by (used in) investing activities | (945.7) | (23.8) | 94.0 | (875.5) | |||||||||||||||||||
Net cash Provided by (used in) financing activities | (1,709.9) | 555.3 | (84.9) | (1,239.5) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | — | (15.4) | — | (15.4) | |||||||||||||||||||
Net change in cash and cash equivalents during period | (477.5) | (33.0) | — | (510.5) | |||||||||||||||||||
Cash and cash equivalents at beginning of year | 1,902.7 | 103.1 | — | 2,005.8 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,425.2 | $ | 70.1 | $ | — | $ | 1,495.3 |
Total | 2021 | 2022-2023 | 2024-2025 | Thereafter | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Supplemental savings plan liability(1)
|
$ | 772 | $ | 29 | $ | 103 | $ | 151 | $ | 489 | |||||||||||||||||||
Noncancelable operating leases | 168 | 35 | 63 | 58 | 12 | ||||||||||||||||||||||||
Other purchase commitments(2)
|
316 | 223 | 72 | 21 | — | ||||||||||||||||||||||||
Total | $ | 1,256 | $ | 287 | $ | 238 | $ | 230 | $ | 501 |
(in millions) | Fair value 12/31/2020 | Potential lower value |
Potential
loss |
||||||||||||||||||||
Investments in T. Rowe Price products | |||||||||||||||||||||||
Discretionary investments | $ | 1,647.7 | $ | 1,463.1 | $ | 184.6 | 11 | % | |||||||||||||||
Seed capital not consolidated | 169.5 | 139.9 | 29.6 | 17 | % | ||||||||||||||||||
Investments designated as an economic hedge of supplemental savings plan liability | 768.1 | 537.0 | 231.1 | 30 | % | ||||||||||||||||||
Total | $ | 2,585.3 | $ | 2,140.0 | $ | 445.3 | 17 | % | |||||||||||||||
Direct investment in consolidated T. Rowe Price investment products | |||||||||||||||||||||||
Discretionary investments | $ | 205.1 | $ | 124.7 | $ | 80.4 | 39 | % | |||||||||||||||
Seed capital | 871.0 | 668.5 | 202.5 | 23 | % | ||||||||||||||||||
Total | $ | 1,076.1 | $ | 793.2 | $ | 282.9 | 26 | % | |||||||||||||||
Investment partnerships and other investments held at fair value | $ | 95.1 | $ | 78.0 | $ | 17.1 | 18 | % |
Page | |||||
Index to Financial Statements: | |||||
Consolidated Balance Sheets at December 31, 2020 and 2019 | |||||
Consolidated Statements of Income for each of the years in the three-year period ended December 31, 2020 | |||||
Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, 2020 | |||||
Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, 2020 | |||||
Consolidated Statements of Stockholders' Equity for each of the years in the three-year period ended December 31, 2020 | |||||
12/31/2020 | 12/31/2019 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 2,151.7 | $ | 1,781.8 | |||||||
Accounts receivable and accrued revenue | 863.1 | 646.6 | |||||||||
Investments | 3,250.8 | 2,939.8 | |||||||||
Assets of consolidated T. Rowe Price investment products ($2,497.4 million at December 31, 2020 and $1,975.3 million at December 31, 2019, related to variable interest entities)
|
2,695.5 | 2,276.9 | |||||||||
Operating lease assets | 117.6 | 110.8 | |||||||||
Property and equipment, net | 695.4 | 674.4 | |||||||||
Goodwill | 665.7 | 665.7 | |||||||||
Other assets | 219.2 | 234.4 | |||||||||
Total assets | $ | 10,659.0 | $ | 9,330.4 | |||||||
LIABILITIES | |||||||||||
Accounts payable and accrued expenses | $ | 187.7 | $ | 214.5 | |||||||
Liabilities of consolidated T. Rowe Price investment products ($47.7 million at December 31, 2020 and $27.0 million at December 31, 2019, related to variable interest entities)
|
57.7 | 39.2 | |||||||||
Operating lease liabilities | 154.1 | 146.3 | |||||||||
Accrued compensation and related costs | 133.6 | 112.1 | |||||||||
Supplemental savings plan liability | 772.2 | 563.4 | |||||||||
Income taxes payable | 85.0 | 31.8 | |||||||||
Total liabilities | 1,390.3 | 1,107.3 | |||||||||
Commitments and contingent liabilities | |||||||||||
Redeemable non-controlling interests | 1,561.7 | 1,121.0 | |||||||||
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 227,965,000 shares at December 31, 2020 and 235,214,000 at December 31, 2019
|
45.6 | 47.0 | |||||||||
Additional capital in excess of par value | 654.6 | 654.6 | |||||||||
Retained earnings | 7,029.8 | 6,443.5 | |||||||||
Accumulated other comprehensive loss | (23.0) | (43.0) | |||||||||
Total permanent stockholders' equity | 7,707.0 | 7,102.1 | |||||||||
Total liabilities, redeemable non-controlling interests and permanent stockholders’ equity | $ | 10,659.0 | $ | 9,330.4 |
2020 | 2019 | 2018 | |||||||||||||||
Revenues | |||||||||||||||||
Investment advisory fees | $ | 5,693.1 | $ | 5,112.5 | $ | 4,850.6 | |||||||||||
Administrative, distribution, and servicing fees | 513.6 | 505.4 | 522.0 | ||||||||||||||
Net revenues | 6,206.7 | 5,617.9 | 5,372.6 | ||||||||||||||
Operating expenses | |||||||||||||||||
Compensation and related costs | 2,182.4 | 1,969.2 | 1,808.6 | ||||||||||||||
Distribution and servicing costs | 278.5 | 262.5 | 281.2 | ||||||||||||||
Advertising and promotion | 83.7 | 96.8 | 99.6 | ||||||||||||||
Product-related costs | 155.5 | 153.2 | 157.1 | ||||||||||||||
Technology, occupancy, and facility costs | 444.8 | 427.3 | 383.9 | ||||||||||||||
General, administrative, and other | 316.1 | 321.9 | 296.0 | ||||||||||||||
Nonrecurring recoveries related to Dell appraisal rights matter | — | — | (15.2) | ||||||||||||||
Total operating expenses | 3,461.0 | 3,230.9 | 3,011.2 | ||||||||||||||
Net operating income | 2,745.7 | 2,387.0 | 2,361.4 | ||||||||||||||
Non-operating income | |||||||||||||||||
Net gains on investments | 246.8 | 260.4 | 119.2 | ||||||||||||||
Net gains (losses) on consolidated investment products | 251.7 | 272.9 | (92.9) | ||||||||||||||
Other income (loss) | (2.0) | 7.0 | (3.1) | ||||||||||||||
Total non-operating income | 496.5 | 540.3 | 23.2 | ||||||||||||||
Income before income taxes | 3,242.2 | 2,927.3 | 2,384.6 | ||||||||||||||
Provision for income taxes | 718.9 | 678.4 | 615.9 | ||||||||||||||
Net income | 2,523.3 | 2,248.9 | 1,768.7 | ||||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interests | 150.6 | 117.6 | (68.8) | ||||||||||||||
Net income attributable to T. Rowe Price Group | $ | 2,372.7 | $ | 2,131.3 | $ | 1,837.5 | |||||||||||
Earnings per share on common stock of T. Rowe Price Group | |||||||||||||||||
Basic | $ | 10.08 | $ | 8.82 | $ | 7.41 | |||||||||||
Diluted | $ | 9.98 | $ | 8.70 | $ | 7.27 |
2020 | 2019 | 2018 | |||||||||||||||
Net income | $ | 2,523.3 | $ | 2,248.9 | $ | 1,768.7 | |||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Currency translation adjustments: | |||||||||||||||||
Consolidated T. Rowe Price investment products—variable interest entities | 57.8 | (3.4) | (44.7) | ||||||||||||||
Reclassification gains recognized in non-operating investment income upon deconsolidation of certain T. Rowe Price investment products | (.7) | (.1) | (3.6) | ||||||||||||||
Total currency translation adjustments of consolidated T. Rowe Price investment products—variable interest entities | 57.1 | (3.5) | (48.3) | ||||||||||||||
Equity method investments | 2.1 | 2.4 | (15.2) | ||||||||||||||
Reclassification adjustment recognized upon partial disposition of equity method investment | 7.5 | — | — | ||||||||||||||
Total equity method investments | 9.6 | 2.4 | (15.2) | ||||||||||||||
Other comprehensive income (loss) before income taxes | 66.7 | (1.1) | (63.5) | ||||||||||||||
Net deferred tax benefits | (11.8) | .5 | 9.2 | ||||||||||||||
Total other comprehensive income (loss) | 54.9 | (.6) | (54.3) | ||||||||||||||
Total comprehensive income | 2,578.2 | 2,248.3 | 1,714.4 | ||||||||||||||
Less: comprehensive income (loss) attributable to redeemable non-controlling interests | 185.5 | 118.0 | (94.9) | ||||||||||||||
Comprehensive income attributable to T. Rowe Price Group | $ | 2,392.7 | $ | 2,130.3 | $ | 1,809.3 |
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net income | $ | 2,523.3 | $ | 2,248.9 | $ | 1,768.7 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||||||||||||
Depreciation, amortization and impairment of property and equipment | 189.6 | 190.8 | 159.5 | ||||||||||||||
Stock-based compensation expense | 246.2 | 206.6 | 197.1 | ||||||||||||||
Net gains recognized on other investments
|
(189.6) | (176.3) | (50.5) | ||||||||||||||
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability | (142.9) | (126.0) | (129.5) | ||||||||||||||
Net change in securities held by consolidated T. Rowe Price investment products | (798.8) | (930.9) | (437.0) | ||||||||||||||
Other changes in assets and liabilities | 91.1 | 109.6 | 111.6 | ||||||||||||||
Net cash provided by operating activities | 1,918.9 | 1,522.7 | 1,619.9 | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Purchases of T. Rowe Price investment products | (272.4) | (239.7) | (1,124.0) | ||||||||||||||
Dispositions of T. Rowe Price investment products | 454.1 | 131.4 | 352.4 | ||||||||||||||
Net cash of T. Rowe Price investment products on consolidation (deconsolidation) | (53.9) | (18.4) | (23.8) | ||||||||||||||
Additions to property and equipment | (214.6) | (204.6) | (168.5) | ||||||||||||||
Other investing activity | 50.5 | 6.8 | 88.4 | ||||||||||||||
Net cash provided by (used in) investing activities | (36.3) | (324.5) | (875.5) | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Repurchases of common stock | (1,201.9) | (705.8) | (1,090.4) | ||||||||||||||
Common share issuances under stock-based compensation plans | 3.9 | 83.3 | 74.8 | ||||||||||||||
Dividends paid to common stock and equity-award holders | (845.8) | (733.9) | (694.3) | ||||||||||||||
Net subscriptions received from redeemable non-controlling interest holders | 557.5 | 523.7 | 470.4 | ||||||||||||||
Net cash provided by (used in) financing activities | (1,486.3) | (832.7) | (1,239.5) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents of consolidated T. Rowe Price investment products | 1.9 | (2.5) | (15.4) | ||||||||||||||
Net change in cash and cash equivalents during period | 398.2 | 363.0 | (510.5) | ||||||||||||||
Cash and cash equivalents at beginning of period, including $76.5 million at December 31, 2019, $70.1 million at December 31, 2018 and $103.1 million at December 31, 2017 held by consolidated T. Rowe Price investment products
|
1,858.3 | 1,495.3 | 2,005.8 | ||||||||||||||
Cash and cash equivalents at end of period, including $104.8 million at December 31, 2020, $76.5 million at December 31, 2019, and $70.1 million at December 31, 2018, held by consolidated T. Rowe Price investment products
|
$ | 2,256.5 | $ | 1,858.3 | $ | 1,495.3 |
Common
shares outstanding |
Common
stock |
Additional
capital in excess of par value |
Retained
earnings |
AOCI(1)
|
Total
stockholders’ equity |
Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2017 | 245,111 | $ | 49.0 | $ | 846.1 | $ | 4,932.9 | $ | (3.6) | $ | 5,824.4 | $ | 992.8 | ||||||||||||||||||||||||||||
Cumulative effect adjustment upon adoption of new financial instruments and accumulated other comprehensive income guidance on January 1, 2018(2)
|
— | — | — | 22.4 | (7.9) | 14.5 | — | ||||||||||||||||||||||||||||||||||
Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new AOCI(1) guidance on January 1, 2018
|
— | — | — | 2.3 | (2.3) | — | — | ||||||||||||||||||||||||||||||||||
Balances at January 1, 2018 | 245,111 | 49.0 | 846.1 | 4,957.6 | (13.8) | 5,838.9 | 992.8 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 1,837.5 | — | 1,837.5 | (68.8) | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (28.2) | (28.2) | (26.1) | ||||||||||||||||||||||||||||||||||
Dividends declared ($2.8 per share)
|
— | — | — | (694.7) | — | (694.7) | — | ||||||||||||||||||||||||||||||||||
Common stock-based compensation plans activity: | |||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | 2,870 | .5 | 120.8 | — | — | 121.3 | — | ||||||||||||||||||||||||||||||||||
Restricted shares issued, net of shares withheld for taxes
|
(115) | — | (11.4) | — | — | (11.4) | — | ||||||||||||||||||||||||||||||||||
Shares issued upon vesting of restricted stock units, net of shares withheld for taxes | 1,053 | .2 | (36.8) | — | — | (36.6) | — | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted awards | (14) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 197.1 | — | — | 197.1 | — | ||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | — | — | .2 | (.2) | — | — | — | ||||||||||||||||||||||||||||||||||
Common shares repurchased | (10,836) | (2.1) | (461.4) | (636.1) | — | (1,099.6) | — | ||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | 468.8 | ||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | (626.4) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2018 | 238,069 | 47.6 | 654.6 | 5,464.1 | (42.0) | 6,124.3 | 740.3 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 2,131.3 | — | 2,131.3 | 117.6 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (1.0) | (1.0) | .4 | ||||||||||||||||||||||||||||||||||
Dividends declared ($3.04 per share)
|
— | — | — | (733.6) | — | (733.6) | — | ||||||||||||||||||||||||||||||||||
Common stock-based compensation plans activity: | |||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | 2,924 | .6 | 147.9 | — | — | 148.5 | — | ||||||||||||||||||||||||||||||||||
Restricted shares issued, net of shares withheld for taxes
|
(41) | — | (5.9) | — | — | (5.9) | — | ||||||||||||||||||||||||||||||||||
Shares issued upon vesting of restricted stock units, net of shares withheld for taxes | 1,245 | .2 | (59.5) | — | — | (59.3) | — | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted awards | (10) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 206.6 | — | — | 206.6 | — | ||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | — | — | .2 | (.2) | — | — | — | ||||||||||||||||||||||||||||||||||
Common shares repurchased | (6,973) | (1.4) | (289.3) | (418.1) | — | (708.8) | — | ||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | 530.3 | ||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | (267.6) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 235,214 | $ | 47.0 | $ | 654.6 | $ | 6,443.5 | $ | (43.0) | $ | 7,102.1 | $ | 1,121.0 |
Common
shares outstanding |
Common
stock |
Additional
capital in excess of par value |
Retained
earnings |
AOCI(1)
|
Total
stockholders’ equity |
Redeemable non-controlling interests | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2019 | 235,214 | $ | 47.0 | $ | 654.6 | $ | 6,443.5 | $ | (43.0) | $ | 7,102.1 | $ | 1,121.0 | ||||||||||||||||||||||||||||
Net income | — | — | — | 2,372.7 | — | 2,372.7 | 150.6 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 20.0 | 20.0 | 34.9 | ||||||||||||||||||||||||||||||||||
Dividends declared ($3.60 per share)
|
— | — | — | (846.1) | — | (846.1) | — | ||||||||||||||||||||||||||||||||||
Common stock-based compensation plans activity: | |||||||||||||||||||||||||||||||||||||||||
Shares issued upon option exercises | 2,194 | .5 | 95.5 | — | — | 96.0 | — | ||||||||||||||||||||||||||||||||||
Restricted shares withheld for taxes, net of shares issued
|
8 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares issued upon vesting of restricted stock units, net of shares withheld for taxes | 1,457 | .3 | (92.0) | — | — | (91.7) | — | ||||||||||||||||||||||||||||||||||
Forfeiture of restricted awards | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 246.2 | — | — | 246.2 | — | ||||||||||||||||||||||||||||||||||
Restricted stock units issued as dividend equivalents | — | — | .3 | (.3) | — | — | — | ||||||||||||||||||||||||||||||||||
Common shares repurchased | (10,908) | (2.2) | (250.0) | (940.0) | — | (1,192.2) | — | ||||||||||||||||||||||||||||||||||
Net subscriptions into T. Rowe Price investment products | — | — | — | — | — | — | 563.3 | ||||||||||||||||||||||||||||||||||
Net deconsolidations of T. Rowe Price investment products | — | — | — | — | — | — | (308.1) | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 227,965 | $ | 45.6 | $ | 654.6 | $ | 7,029.8 | $ | (23.0) | $ | 7,707.0 | $ | 1,561.7 |
2020 | |||||||||||||||||||||||
Administrative, distribution, and servicing fees | |||||||||||||||||||||||
(in millions) | Investment advisory fees | Administrative fees | Distribution and servicing fees | Net revenues | |||||||||||||||||||
U.S. mutual funds | $ | 3,639.9 | $ | 291.3 | $ | 111.3 | $ | 4,042.5 | |||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 2,053.2 | — | — | 2,053.2 | |||||||||||||||||||
Other clients | — | 111.0 | — | 111.0 | |||||||||||||||||||
$ | 5,693.1 | $ | 402.3 | $ | 111.3 | $ | 6,206.7 | ||||||||||||||||
2019 | |||||||||||||||||||||||
Administrative, distribution, and servicing fees | |||||||||||||||||||||||
(in millions) | Investment advisory fees | Administrative fees | Distribution and servicing fees | Net revenues | |||||||||||||||||||
U.S. mutual funds | $ | 3,452.5 | $ | 281.8 | $ | 120.0 | $ | 3,854.3 | |||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,660.0 | — | — | 1,660.0 | |||||||||||||||||||
Other clients | — | 103.6 | — | 103.6 | |||||||||||||||||||
$ | 5,112.5 | $ | 385.4 | $ | 120.0 | $ | 5,617.9 | ||||||||||||||||
2018 | |||||||||||||||||||||||
Administrative, distribution, and servicing fees | |||||||||||||||||||||||
(in millions) | Investment Advisory Fees | Administrative Fees | Distribution and servicing fees | Net Revenues | |||||||||||||||||||
U.S. mutual funds | $ | 3,375.0 | $ | 302.2 | $ | 138.0 | $ | 3,815.2 | |||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | 1,475.6 | — | — | 1,475.6 | |||||||||||||||||||
Other clients | — | 81.8 | — | 81.8 | |||||||||||||||||||
$ | 4,850.6 | $ | 384.0 | $ | 138.0 | $ | 5,372.6 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
U.S. mutual funds | |||||||||||||||||
Equity | $ | 2,440.4 | $ | 2,219.1 | $ | 2,125.4 | |||||||||||
Fixed income, including money market | 266.5 | 280.1 | 288.2 | ||||||||||||||
Multi-asset | 933.0 | 953.3 | 961.4 | ||||||||||||||
3,639.9 | 3,452.5 | 3,375.0 | |||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | |||||||||||||||||
Equity and blended assets | 1,326.3 | 1,033.4 | 892.0 | ||||||||||||||
Fixed income, including money market | 149.3 | 153.7 | 227.4 | ||||||||||||||
Multi-asset | 577.6 | 472.9 | 356.2 | ||||||||||||||
2,053.2 | 1,660.0 | 1,475.6 | |||||||||||||||
Total | $ | 5,693.1 | $ | 5,112.5 | $ | 4,850.6 |
(in billions) | Average during | As of December 31, | |||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||
U.S. mutual funds | |||||||||||||||||||||||||||||
Equity | $ | 417.0 | $ | 376.3 | $ | 356.9 | $ | 498.6 | $ | 407.1 | |||||||||||||||||||
Fixed income, including money market | 76.8 | 72.0 | 70.3 | 79.4 | 73.7 | ||||||||||||||||||||||||
Multi-Asset | 193.9 | 192.1 | 194.6 | 216.6 | 201.9 | ||||||||||||||||||||||||
687.7 | 640.4 | 621.8 | 794.6 | 682.7 | |||||||||||||||||||||||||
Subadvised funds, separate accounts, collective investment trusts, and other investment products | |||||||||||||||||||||||||||||
Equity | 321.3 | 257.3 | 218.1 | 397.2 | 291.7 | ||||||||||||||||||||||||
Fixed income, including money market | 82.1 | 79.5 | 92.6 | 89.3 | 74.2 | ||||||||||||||||||||||||
Multi-Asset | 156.8 | 132.1 | 104.0 | 189.4 | 158.2 | ||||||||||||||||||||||||
560.2 | 468.9 | 414.7 | 675.9 | 524.1 | |||||||||||||||||||||||||
Total | $ | 1,247.9 | $ | 1,109.3 | $ | 1,036.5 | $ | 1,470.5 | $ | 1,206.8 |
(in millions) | 2020 | 2019 | |||||||||
Investments held at fair value | |||||||||||
T. Rowe Price investment products | |||||||||||
Discretionary investments | $ | 1,647.7 | $ | 1,221.8 | |||||||
Seed capital | 169.5 | 181.1 | |||||||||
Supplemental savings plan liability economic hedges | 768.1 | 561.1 | |||||||||
Investment partnerships and other investments | 95.1 | 99.7 | |||||||||
Equity method investments | |||||||||||
T. Rowe Price investment products | |||||||||||
Discretionary investments | 242.9 | 610.0 | |||||||||
Seed capital | 178.6 | 95.6 | |||||||||
Investment in UTI Asset Management Company Limited (India) | 145.5 | 164.5 | |||||||||
Investment partnerships and other investments | 2.4 | 5.0 | |||||||||
U.S. Treasury note | 1.0 | 1.0 | |||||||||
Total | $ | 3,250.8 | $ | 2,939.8 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Net decrease in assets of consolidated T. Rowe Price investment products | $ | (546.1) | $ | (380.5) | $ | (736.6) | |||||||||||
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products | $ | (10.5) | $ | (15.0) | $ | 17.6 | |||||||||||
Net decrease in redeemable non-controlling interests | $ | (308.1) | $ | (267.6) | $ | (626.4) | |||||||||||
Gains recognized upon deconsolidation | $ | .7 | $ | .1 | $ | 3.6 |
(in millions) | 2020 | 2019 | |||||||||
Investment carrying values | $ | 144.7 | $ | 156.0 | |||||||
Unfunded capital commitments | 12.3 | 18.1 | |||||||||
Receivable for investment advisory and administrative fees | 13.8 | 10.5 | |||||||||
$ | 170.8 | $ | 184.6 |
2020 | 2019 | ||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||
T. Rowe Price investment products | |||||||||||||||||||||||
Cash equivalents held in money market funds | $ | 1,931.1 | $ | — | $ | 1,355.6 | $ | — | |||||||||||||||
Discretionary investments | 1,647.7 | 1,221.8 | — | ||||||||||||||||||||
Seed capital | 156.6 | 12.9 | 171.2 | 9.9 | |||||||||||||||||||
Supplemental savings plan liability economic hedges | 768.1 | — | 561.1 | — | |||||||||||||||||||
Other investments | .5 | .6 | — | — | |||||||||||||||||||
Total | $ | 4,504.0 | $ | 13.5 | $ | 3,309.7 | $ | 9.9 |
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(in millions) | VOE | VIE | Total | VOE | VIE | Total | |||||||||||||||||||||||||||||
Cash and cash equivalents(1)
|
$ | 7.1 | $ | 97.7 | $ | 104.8 | $ | 9.9 | $ | 66.6 | $ | 76.5 | |||||||||||||||||||||||
Investments(2)
|
188.2 | 2,372.7 | 2,560.9 | 281.1 | 1,891.3 | 2,172.4 | |||||||||||||||||||||||||||||
Other assets | 2.8 | 27.0 | 29.8 | 10.6 | 17.4 | 28.0 | |||||||||||||||||||||||||||||
Total assets | 198.1 | 2,497.4 | 2,695.5 | 301.6 | 1,975.3 | 2,276.9 | |||||||||||||||||||||||||||||
Liabilities | 10.0 | 47.7 | 57.7 | 12.2 | 27.0 | 39.2 | |||||||||||||||||||||||||||||
Net assets | $ | 188.1 | $ | 2,449.7 | $ | 2,637.8 | $ | 289.4 | $ | 1,948.3 | $ | 2,237.7 | |||||||||||||||||||||||
Attributable to T. Rowe Price Group | $ | 130.7 | $ | 945.4 | $ | 1,076.1 | $ | 199.6 | $ | 917.1 | $ | 1,116.7 | |||||||||||||||||||||||
Attributable to redeemable non-controlling interests | 57.4 | 1,504.3 | 1,561.7 | 89.8 | 1,031.2 | 1,121.0 | |||||||||||||||||||||||||||||
$ | 188.1 | $ | 2,449.7 | $ | 2,637.8 | $ | 289.4 | $ | 1,948.3 | $ | 2,237.7 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | VOE | VIE | Total | VOE | VIE | Total | VOE | VIE | Total | ||||||||||||||||||||||||||||||||||||||||||||
Operating expenses reflected in net operating income | $ | (1.6) | $ | (14.8) | $ | (16.4) | $ | (2.2) | $ | (12.5) | $ | (14.7) | $ | (1.9) | $ | (10.8) | $ | (12.7) | |||||||||||||||||||||||||||||||||||
Net gains (losses) reflected in non-operating income | 13.2 | 238.5 | 251.7 | 31.0 | 241.9 | 272.9 | (16.7) | (76.2) | (92.9) | ||||||||||||||||||||||||||||||||||||||||||||
Impact on income before taxes | $ | 11.6 | $ | 223.7 | $ | 235.3 | $ | 28.8 | $ | 229.4 | $ | 258.2 | $ | (18.6) | $ | (87.0) | $ | (105.6) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to T. Rowe Price Group | $ | 11.6 | $ | 73.1 | $ | 84.7 | $ | 21.3 | $ | 119.3 | $ | 140.6 | $ | (6.3) | $ | (30.5) | $ | (36.8) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | — | 150.6 | 150.6 | 7.5 | 110.1 | 117.6 | (12.3) | (56.5) | (68.8) | ||||||||||||||||||||||||||||||||||||||||||||
$ | 11.6 | $ | 223.7 | $ | 235.3 | $ | 28.8 | $ | 229.4 | $ | 258.2 | $ | (18.6) | $ | (87.0) | $ | (105.6) |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | VOE | VIE | Total | VOE | VIE | Total | VOE | VIE | Total | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | (155.4) | $ | (401.3) | $ | (556.7) | $ | (7.2) | $ | (663.6) | $ | (670.8) | $ | (43.9) | $ | (505.2) | $ | (549.1) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (23.4) | (30.5) | (53.9) | (7.1) | (11.3) | (18.4) | (.8) | (23.0) | (23.8) | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used in financing activities | 176.0 | 461.0 | 637.0 | 5.7 | 692.4 | 698.1 | 56.1 | 499.2 | 555.3 | ||||||||||||||||||||||||||||||||||||||||||||
FX impact on cash | — | 1.9 | 1.9 | — | (2.5) | (2.5) | — | (15.4) | (15.4) | ||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents during period | (2.8) | 31.1 | 28.3 | (8.6) | 15.0 | 6.4 | 11.4 | (44.4) | (33.0) | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | 9.9 | 66.6 | 76.5 | 18.5 | 51.6 | 70.1 | 7.1 | 96.0 | 103.1 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | 7.1 | $ | 97.7 | $ | 104.8 | $ | 9.9 | $ | 66.6 | $ | 76.5 | $ | 18.5 | $ | 51.6 | $ | 70.1 |
2020 | 2019 | ||||||||||||||||||||||
(in millions) |
Level 1
|
Level 2
|
Level 1
|
Level 2
|
|||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash equivalents | $ | 7.0 | $ | — | $ | 9.1 | $ | 1.1 | |||||||||||||||
Equity securities | 308.0 | 708.0 | 162.8 | 724.5 | |||||||||||||||||||
Fixed income securities | — | 1,411.3 | — | 1,248.6 | |||||||||||||||||||
Other investments | 2.6 | 131.0 | 2.7 | 33.8 | |||||||||||||||||||
$ | 317.6 | $ | 2,250.3 | $ | 174.6 | $ | 2,008.0 | ||||||||||||||||
Liabilities | $ | (.4) | $ | (18.8) | $ | (.4) | $ | (11.2) |
(in millions) | 2020 | ||||
2021 | $ | 35.3 | |||
2022 | 32.8 | ||||
2023 | 29.9 | ||||
2024 | 42.9 | ||||
2025 | 14.8 | ||||
Thereafter | 12.6 | ||||
Total future undiscounted cash flows | 168.3 | ||||
Less: imputed interest to be recognized in lease expense | (14.2) | ||||
Operating lease liabilities, as reported | $ | 154.1 |
(in millions) | 2020 | 2019 | |||||||||
Computer and communications software and equipment | $ | 1,113.1 | $ | 963.8 | |||||||
Buildings and improvements | 457.5 | 466.1 | |||||||||
Leasehold improvements | 169.2 | 157.3 | |||||||||
Furniture and other equipment | 193.3 | 193.5 | |||||||||
Land | 37.2 | 33.4 | |||||||||
Leased land | — | 2.7 | |||||||||
1,970.3 | 1,816.8 | ||||||||||
Less accumulated depreciation and amortization | 1,274.9 | 1,142.4 | |||||||||
Total | $ | 695.4 | $ | 674.4 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Current income taxes | |||||||||||||||||
U.S. federal | $ | 547.1 | $ | 490.9 | $ | 484.2 | |||||||||||
State and local | 135.2 | 135.9 | 138.7 | ||||||||||||||
Foreign | 22.9 | 18.3 | 28.5 | ||||||||||||||
Deferred income taxes (benefits) | 13.7 | 33.3 | (35.5) | ||||||||||||||
Total | $ | 718.9 | $ | 678.4 | $ | 615.9 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Property and equipment | $ | 15.6 | $ | 3.0 | $ | 11.0 | |||||||||||
Asset impairments | 2.9 | (2.4) | .9 | ||||||||||||||
Stock-based compensation | 1.8 | 4.5 | 7.1 | ||||||||||||||
Accrued compensation | (2.2) | 1.3 | (2.2) | ||||||||||||||
Supplemental savings plan liability | (43.3) | (33.6) | (17.4) | ||||||||||||||
Unrealized holding gains recognized in non-operating income | 46.8 | 63.0 | (32.0) | ||||||||||||||
Other | (7.9) | (2.5) | (2.9) | ||||||||||||||
Total deferred income taxes (benefits) | $ | 13.7 | $ | 33.3 | $ | (35.5) |
2020 | 2019 | 2018 | |||||||||||||||
Statutory U.S. federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Nonrecurring charge relating to U.S. tax reform | — | — | .8 | ||||||||||||||
Nonrecurring charge related to Maryland state tax legislation | — | — | .3 | ||||||||||||||
State income taxes for current year, net of federal income tax benefits(1)
|
3.8 | 4.3 | 4.6 | ||||||||||||||
Net income attributable to redeemable non-controlling interests | (1.2) | (1.0) | .7 | ||||||||||||||
Net excess tax benefits from stock-based compensation plans activity | (1.9) | (1.5) | (1.7) | ||||||||||||||
Other items | .5 | .4 | .1 | ||||||||||||||
Effective income tax rate | 22.2 | % | 23.2 | % | 25.8 | % |
(in millions) | 2020 | 2019 | |||||||||
Deferred tax assets | |||||||||||
Stock-based compensation | $ | 79.3 | $ | 81.1 | |||||||
Asset impairments | 7.4 | 10.3 | |||||||||
Operating lease liabilities | 34.9 | 33.9 | |||||||||
Accrued compensation | 7.5 | 5.3 | |||||||||
Supplemental savings plan | 160.9 | 117.6 | |||||||||
Currency translation adjustment | .2 | 11.9 | |||||||||
Other | 13.5 | 15.4 | |||||||||
303.7 | 275.5 | ||||||||||
Deferred tax liabilities | |||||||||||
Property and equipment | (64.9) | (49.3) | |||||||||
Operating lease assets | (34.9) | (33.9) | |||||||||
Net unrealized holding gains recognized in income | (130.9) | (93.1) | |||||||||
Net unrealized holding gains on investments held as available-for-sale | — | — | |||||||||
Other | (12.4) | (22.1) | |||||||||
(243.1) | (198.4) | ||||||||||
Net deferred tax asset | $ | 60.6 | $ | 77.1 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Balance at beginning of year | $ | 23.9 | $ | 16.1 | $ | 7.6 | |||||||||||
Changes in tax positions related to | |||||||||||||||||
Current year | 7.7 | 8.1 | 5.8 | ||||||||||||||
Prior years | (2.6) | .5 | 3.8 | ||||||||||||||
Expired statute of limitations | (2.3) | (.8) | (1.1) | ||||||||||||||
Balance at end of year | $ | 26.7 | $ | 23.9 | $ | 16.1 |
Options |
Weighted-
average exercise price |
Weighted-average
remaining contractual term in years |
|||||||||||||||
Outstanding at December 31, 2019 | 7,388,068 | $ | 71.06 | ||||||||||||||
Exercised | (3,046,414) | $ | 69.01 | ||||||||||||||
Forfeited | (6,874) | $ | 74.48 | ||||||||||||||
Expired | (5,724) | $ | 53.22 | ||||||||||||||
Outstanding at December 31, 2020 | 4,329,056 | $ | 72.52 | 3.1 | |||||||||||||
Exercisable at December 31, 2020 | 4,329,056 | $ | 72.52 | 3.1 |
Restricted
shares |
Restricted
stock units |
Weighted-
average fair value |
|||||||||||||||
Nonvested at December 31, 2019 | 7,404 | 6,718,261 | $ | 98.75 | |||||||||||||
Time-based grants | 7,412 | 1,780,119 | $ | 151.90 | |||||||||||||
Performance-based grants | — | 79,164 | $ | 153.17 | |||||||||||||
Vested (value at vest date was $310.5 million)
|
(7,404) | (2,096,963) | $ | 92.14 | |||||||||||||
Nonvested dividend equivalents granted to non-employee directors | — | 2,356 | $ | 123.48 | |||||||||||||
Forfeited | — | (115,878) | $ | 99.76 | |||||||||||||
Nonvested at December 31, 2020 | 7,412 | 6,367,059 | $ | 116.51 |
(in millions) | |||||
First quarter 2021 | $ | 58.3 | |||
Second quarter 2021 | 57.0 | ||||
Third quarter 2021 | 56.8 | ||||
Fourth quarter 2021 | 50.3 | ||||
Total 2021 | 222.4 | ||||
2022 through 2026 | 215.1 | ||||
Total | $ | 437.5 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Net income attributable to T. Rowe Price Group | $ | 2,372.7 | $ | 2,131.3 | $ | 1,837.5 | |||||||||||
Less: net income allocated to outstanding restricted stock and stock unit holders | 65.3 | 55.3 | 43.6 | ||||||||||||||
Net income allocated to common stockholders | $ | 2,307.4 | $ | 2,076.0 | $ | 1,793.9 | |||||||||||
Weighted-average common shares | |||||||||||||||||
Outstanding | 228.8 | 235.4 | 242.2 | ||||||||||||||
Outstanding assuming dilution | 231.2 | 238.6 | 246.9 |
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Net deferred tax benefits (income taxes) on: | |||||||||||||||||
Currency translation adjustments | $ | (10.3) | $ | .5 | $ | 8.3 | |||||||||||
Reclassification adjustment recognized upon partial disposition of equity method investment | (1.7) | — | — | ||||||||||||||
Reclassification adjustment recognized in the provision for income taxes upon deconsolidation of T. Rowe Price investment product | .2 | — | .9 | ||||||||||||||
Total net deferred tax benefits | $ | (11.8) | $ | .5 | $ | 9.2 |
Currency translation adjustments | ||||||||||||||||||||||||||||||||
(in millions) | Equity method investments | Consolidated T. Rowe Price investment products - variable interest entities | Total currency translation adjustments | Net unrealized holding gains | Total | |||||||||||||||||||||||||||
Balances at December 31, 2017 | $ | (30.6) | $ | 19.1 | $ | (11.5) | $ | 7.9 | $ | (3.6) | ||||||||||||||||||||||
Reclassification of unrealized holding gains to retained earnings upon adoption of new financial instruments guidance(1)(2)
|
— | — | — | (7.9) | (7.9) | |||||||||||||||||||||||||||
Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of new accumulated other comprehensive income guidance | (6.4) | 4.1 | (2.3) | — | (2.3) | |||||||||||||||||||||||||||
Balance at January 1, 2018 | (37.0) | 23.2 | (13.8) | — | (13.8) | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income taxes | (15.2) | (18.6) | (33.8) | — | (33.8) | |||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | — | (3.6) | (3.6) | — | (3.6) | |||||||||||||||||||||||||||
(15.2) | (22.2) | (37.4) | — | (37.4) | ||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | 3.4 | 5.8 | 9.2 | — | 9.2 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (11.8) | (16.4) | (28.2) | — | (28.2) | |||||||||||||||||||||||||||
Balances at December 31, 2018 | (48.8) | 6.8 | (42.0) | — | (42.0) | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income taxes | 2.4 | (3.8) | (1.4) | — | (1.4) | |||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | — | (.1) | (.1) | — | (.1) | |||||||||||||||||||||||||||
2.4 | (3.9) | (1.5) | — | (1.5) | ||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | (.5) | 1.0 | .5 | — | .5 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | 1.9 | (2.9) | (1.0) | — | (1.0) | |||||||||||||||||||||||||||
Balances at December 31, 2019 | (46.9) | 3.9 | (43.0) | — | (43.0) | |||||||||||||||||||||||||||
Other comprehensive income before reclassifications and income taxes | 2.1 | 22.9 | 25.0 | — | 25.0 | |||||||||||||||||||||||||||
Reclassification adjustments recognized in non-operating income | 7.5 | (.7) | 6.8 | — | 6.8 | |||||||||||||||||||||||||||
9.6 | 22.2 | 31.8 | — | 31.8 | ||||||||||||||||||||||||||||
Net deferred tax benefits (income taxes) | (6.3) | (5.5) | (11.8) | — | (11.8) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | 3.3 | 16.7 | 20.0 | — | 20.0 | |||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | (43.6) | $ | 20.6 | $ | (23.0) | $ | — | $ | (23.0) |
Net revenues | Net income |
Net income attributable to
T. Rowe Price Group |
Basic earnings on common stock(1)
|
Diluted earnings on common stock(1)
|
|||||||||||||||||||||||||
(in millions) | (per share) | ||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
1st quarter | $ | 1,462.6 | $ | 166.6 | $ | 343.1 | $ | 1.43 | $ | 1.41 | |||||||||||||||||||
2nd quarter | $ | 1,415.4 | $ | 728.5 | $ | 603.0 | $ | 2.58 | $ | 2.55 | |||||||||||||||||||
3rd quarter | $ | 1,595.8 | $ | 698.6 | $ | 643.2 | $ | 2.75 | $ | 2.73 | |||||||||||||||||||
4th quarter | $ | 1,732.9 | $ | 929.6 | $ | 783.4 | $ | 3.36 | $ | 3.33 | |||||||||||||||||||
2019 | |||||||||||||||||||||||||||||
1st quarter | $ | 1,327.3 | $ | 554.0 | $ | 512.6 | $ | 2.11 | $ | 2.09 | |||||||||||||||||||
2nd quarter | $ | 1,395.2 | $ | 555.9 | $ | 527.5 | $ | 2.18 | $ | 2.15 | |||||||||||||||||||
3rd quarter | $ | 1,426.7 | $ | 545.1 | $ | 545.9 | $ | 2.26 | $ | 2.23 | |||||||||||||||||||
4th quarter | $ | 1,468.7 | $ | 593.9 | $ | 545.3 | $ | 2.27 | $ | 2.24 |
10.01.3 | ||||||||||||||
10.02 | ||||||||||||||
10.03 | ||||||||||||||
10.04 | ||||||||||||||
10.05 | ||||||||||||||
10.08 | * | |||||||||||||
10.08.1 | * | |||||||||||||
10.10 | * | |||||||||||||
10.11.1 | * | |||||||||||||
10.11.2 | * | |||||||||||||
10.11.3 | * | |||||||||||||
10.12 | * | |||||||||||||
10.12.1 | * | |||||||||||||
10.12.2 | * | |||||||||||||
10.12.3 | * | |||||||||||||
10.12.4 | * | |||||||||||||
10.13 | * | |||||||||||||
10.14 | ||||||||||||||
10.15.1 | * | |||||||||||||
10.15.2 | * | |||||||||||||
10.15.3 | * | |||||||||||||
10.15.4 | * | |||||||||||||
10.15.5 | * | |||||||||||||
10.15.6 | * | |||||||||||||
10.15.7 | * | |||||||||||||
10.15.8 | * | |||||||||||||
10.15.9 | * | |||||||||||||
10.15.10 | * | |||||||||||||
10.15.11 | * | |||||||||||||
10.15.12 | * | |||||||||||||
10.15.13 | * | |||||||||||||
10.15.14 | * | |||||||||||||
10.16 | * | |||||||||||||
10.16.1 | * | |||||||||||||
10.16.2 | * | |||||||||||||
10.16.3 | * |
10.16.4 | * | |||||||||||||
10.17 | * | |||||||||||||
10.18 | * | |||||||||||||
10.19.1 | * | |||||||||||||
10.20 | ||||||||||||||
10.21.1 | ||||||||||||||
10.21.2 | ||||||||||||||
10.22.1 | ||||||||||||||
10.22.2 | ||||||||||||||
21 | ||||||||||||||
23 | ||||||||||||||
31(i).1 | ||||||||||||||
31(i).2 | ||||||||||||||
32 | ||||||||||||||
99.1 | ||||||||||||||
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 consolidated financial statements and notes that are included in this Form 10-K Report. | |||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document | |||||||||||||
101.LAB | XBRL Taxonomy Label Linkbase Document | |||||||||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document | |||||||||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document |
Notice of Grant Of
Restricted Stock Units Award
|
T. Rowe Price Group, Inc.
ID: 52-2264646
100 E. Pratt Street Baltimore, MD 21202 USA
|
Notice of Grant Of
Restricted Stock Units Award
|
T. Rowe Price Group, Inc.
ID: 52-2264646
100 E. Pratt Street Baltimore, MD 21202 USA
|
Notice of Grant Of
Restricted Stock Units Award
|
T. Rowe Price Group, Inc.
ID: 52-2264646
100 E. Pratt Street Baltimore, MD 21202 USA
|
•xxxxxxx | •xxxxxxx | •xxxxxxx | ||||||
•xxxxxxx | •xxxxxxx | •xxxxxxx | ||||||
•xxxxxxx | •xxxxxxx |
Price Group’s OM for the Performance Period as a percentage of the Industry Average Margin | Percentage of Stock Units Granted that are Earned | ||||
≥100% | 100% | ||||
≥90%, but <100% | 90% | ||||
≥80%, but <90% | 80% | ||||
≥70%, but <80% | 70% | ||||
≥60%, but <70% | 60% | ||||
≥50%, but <60% | 50% | ||||
<50% | 0% |
Notice of Grant Of
Restricted Stock Units Award
|
T. Rowe Price Group, Inc.
ID: 52-2264646
100 E. Pratt Street Baltimore, MD 21202 USA
|
•Affiliated Managers Group, Inc. | •Federated Investors, Inc. | •Janus Henderson | ||||||
•AllianceBernstein Holding LP | •Franklin Resources, Inc. | |||||||
•BlackRock, Inc. | •Invesco Ltd. |
Price Group’s OM for the Performance Period as a percentage of the Industry Average Margin | Percentage of Stock Units Granted that are Earned | ||||
≥100% | 100% | ||||
≥90%, but <100% | 90% | ||||
≥80%, but <90% | 80% | ||||
≥70%, but <80% | 70% | ||||
≥60%, but <70% | 60% | ||||
≥50%, but <60% | 50% | ||||
<50% | 0% |
Subsidiary companies (1)
|
Place of incorporation | ||||
T. Rowe Price Advisory Services, Inc. | Maryland | ||||
T. Rowe Price Associates, Inc. | Maryland | ||||
TRP Suburban, Inc. | Maryland | ||||
TRP Suburban Second, Inc. | Maryland | ||||
TRP Colorado Springs, LLC | Maryland | ||||
TRP Office Florida, LLC | Maryland | ||||
T. Rowe Price Trust Company | Maryland | ||||
T. Rowe Price Investment Services, Inc. | Maryland | ||||
T. Rowe Price Services, Inc. | Maryland | ||||
T. Rowe Price Retirement Plan Services, Inc. | Maryland | ||||
T. Rowe Price (Canada), Inc. | Maryland | ||||
TRPH Corporation | Maryland | ||||
T. Rowe Price Exchange-Traded Funds, Inc. | Maryland | ||||
T. Rowe Price Global Funds, Inc. | Maryland | ||||
T. Rowe Price Index Trust, Inc. | Maryland | ||||
T. Rowe Price International Funds, Inc. | Maryland | ||||
T. Rowe Price Multi-Sector Account Portfolios, Inc. | Maryland | ||||
T. Rowe Price Quantitative Management Funds, Inc. | Maryland | ||||
T. Rowe Price Retirement Funds, Inc. | Maryland | ||||
T. Rowe Price Short-Term Bond Fund, Inc. | Maryland | ||||
T. Rowe Price Funds SICAV | Luxembourg | ||||
T. Rowe Price International Ltd | United Kingdom | ||||
T. Rowe Price UK Ltd. | United Kingdom | ||||
T. Rowe Price Hong Kong Limited | Hong Kong | ||||
T. Rowe Price Singapore Private Ltd. | Singapore | ||||
T. Rowe Price (Switzerland) GmbH | Switzerland | ||||
T. Rowe Price (Luxembourg) Management Sarl | Luxembourg | ||||
T. Rowe Price Japan, Inc. | Japan | ||||
T. Rowe Price Australia, Ltd. | Australia |
ABOUT T. ROWE PRICE |
Public Relations
Brian Lewbart
443-831-2893
brian.lewbart@troweprice.com
|
Investor Relations
Meghan Azevedo
410-345-2756
meghan.azevedo@troweprice.com
|