2021 Q4 Form 10-K Financial Statement

#000111316922000005 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $1.962B $7.672B $1.733B
YoY Change 13.2% 23.61% 17.99%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.018B $3.726B $939.5M
YoY Change 8.3% 12.71% 10.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.70M $204.8M $45.60M
YoY Change 17.76% 8.02% -22.84%
% of Gross Profit
Operating Expenses $1.099B $3.962B $977.0M
YoY Change 12.51% 14.47% 9.97%
Operating Profit $3.710B
YoY Change 35.12%
Interest Expense $50.00M $288.1M $384.0M
YoY Change -86.98% -42.13% 135.58%
% of Operating Profit 7.77%
Other Income/Expense, Net $300.0K $284.6M $5.500M
YoY Change -94.55% -42.68% -21.43%
Pretax Income $912.6M $3.995B $1.146B
YoY Change -20.37% 23.21% 52.74%
Income Tax $179.0M $896.1M $216.4M
% Of Pretax Income 19.61% 22.43% 18.88%
Net Earnings $740.6M $3.083B $783.4M
YoY Change -5.46% 29.93% 43.66%
Net Earnings / Revenue 37.75% 40.18% 45.21%
Basic Earnings Per Share $13.25 $3.36
Diluted Earnings Per Share $3.263M $13.12 $3.33
COMMON SHARES
Basic Shares Outstanding 224.8M shares 226.6M shares 226.4M shares
Diluted Shares Outstanding 228.8M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.523B $1.523B $2.152B
YoY Change -29.22% -29.22% 20.76%
Cash & Equivalents $1.523B $1.523B $2.152B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.058B $1.058B $863.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.581B $2.581B $3.015B
YoY Change -14.38% -14.38% 24.13%
LONG-TERM ASSETS
Property, Plant & Equipment $736.2M $937.4M $695.4M
YoY Change 5.87% 15.3% 3.11%
Goodwill $2.693B $665.7M
YoY Change 304.57% 0.0%
Intangibles $913.4M $0.00
YoY Change
Long-Term Investments $4.938B $4.938B $5.946B
YoY Change -16.95% -16.95% 13.97%
Other Assets -$7.000M
YoY Change -111.48%
Total Long-Term Assets $9.928B $9.928B $7.644B
YoY Change 29.87% 29.87% 10.76%
TOTAL ASSETS
Total Short-Term Assets $2.581B $2.581B $3.015B
Total Long-Term Assets $9.928B $9.928B $7.644B
Total Assets $12.51B $12.51B $10.66B
YoY Change 17.36% 17.36% 14.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $431.0M $431.0M $188.0M
YoY Change 129.26% 129.26% -12.56%
Accrued Expenses $506.0M $506.0M $288.0M
YoY Change 75.69% 75.69% 11.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.015B $1.015B $561.0M
YoY Change 80.91% 80.91% 11.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.240B $1.240B $830.0M
YoY Change 49.45% 49.45% 37.65%
Total Long-Term Liabilities $1.240B $1.240B $830.0M
YoY Change 49.45% 49.45% 37.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.015B $1.015B $561.0M
Total Long-Term Liabilities $1.240B $1.240B $830.0M
Total Liabilities $2.255B $3.486B $1.390B
YoY Change 62.22% 18.1% 25.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $965.6M $700.2M
YoY Change 37.9% -0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.023B $9.023B $7.707B
YoY Change
Total Liabilities & Shareholders Equity $12.51B $12.51B $10.66B
YoY Change 17.36% 17.36% 14.24%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $740.6M $3.083B $783.4M
YoY Change -5.46% 29.93% 43.66%
Depreciation, Depletion And Amortization $53.70M $204.8M $45.60M
YoY Change 17.76% 8.02% -22.84%
Cash From Operating Activities $361.3M $3.452B $2.000M
YoY Change 17965.0% 79.89% -90.91%
INVESTING ACTIVITIES
Capital Expenditures -$60.40M $239.1M -$59.20M
YoY Change 2.03% 11.42% 6.28%
Acquisitions $2.451B
YoY Change
Other Investing Activities -$1.095B -$30.90M $76.00M
YoY Change -1541.18% -38.81% -139.56%
Cash From Investing Activities -$1.156B -$1.098B $16.80M
YoY Change -6979.17% 2925.07% -106.78%
FINANCING ACTIVITIES
Cash Dividend Paid $1.702B
YoY Change 101.22%
Common Stock Issuance & Retirement, Net $1.139B
YoY Change -5.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.098B -$2.989B -67.00M
YoY Change 1538.36% 101.09% -68.05%
NET CHANGE
Cash From Operating Activities 361.3M $3.452B 2.000M
Cash From Investing Activities -1.156B -$1.098B 16.80M
Cash From Financing Activities -1.098B -$2.989B -67.00M
Net Change In Cash -1.892B -$632.3M -48.20M
YoY Change 3825.52% -258.79% -88.93%
FREE CASH FLOW
Cash From Operating Activities $361.3M $3.452B $2.000M
Capital Expenditures -$60.40M $239.1M -$59.20M
Free Cash Flow $421.7M $3.213B $61.20M
YoY Change 589.05% 88.52% -21.24%

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122500000 USD
CY2020 trow Net Gains Losses Recognizedon Investments
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CY2019 trow Net Gains Losses Recognizedon Investments
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CY2019 us-gaap Proceeds From Payments For Trading Securities
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-14900000 USD
CY2020 trow Increase Decrease In Trading Securities Consolidated Sponsored Investment Portfolios
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798800000 USD
CY2019 trow Increase Decrease In Trading Securities Consolidated Sponsored Investment Portfolios
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CY2021 us-gaap Increase Decrease In Other Operating Capital Net
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CY2020 us-gaap Increase Decrease In Other Operating Capital Net
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CY2019 us-gaap Increase Decrease In Other Operating Capital Net
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Investments
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CY2019 us-gaap Payments To Acquire Investments
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CY2021 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2020 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2019 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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CY2021 trow Net Cash Flow For Consolidation Deconsolidation Of Sponsored Investment Portfolios
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-16900000 USD
CY2020 trow Net Cash Flow For Consolidation Deconsolidation Of Sponsored Investment Portfolios
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-53900000 USD
CY2019 trow Net Cash Flow For Consolidation Deconsolidation Of Sponsored Investment Portfolios
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-18400000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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239100000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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214600000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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204600000 USD
CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Payments For Proceeds From Other Investing Activities
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CY2020 us-gaap Payments For Proceeds From Other Investing Activities
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CY2019 us-gaap Payments For Proceeds From Other Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2021 trow Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price
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CY2020 trow Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price
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3900000 USD
CY2019 trow Proceeds From Stock Options Exercised Net Of Payments For Repurchase Of Common Stock For Employee Tax Withholding Obligations And Strike Price
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83300000 USD
CY2021 us-gaap Payments Of Dividends
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CY2020 us-gaap Payments Of Dividends
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CY2019 us-gaap Payments Of Dividends
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CY2021 us-gaap Proceeds From Payments To Minority Shareholders
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CY2020 us-gaap Proceeds From Payments To Minority Shareholders
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557500000 USD
CY2019 us-gaap Proceeds From Payments To Minority Shareholders
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523700000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2600000 USD
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1900000 USD
CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2256500000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1858300000 USD
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6124300000 USD
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CY2019 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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117600000 USD
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2019 us-gaap Dividends Cash
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206600000 USD
CY2019 us-gaap Dividends Sharebased Compensation Paid In Kind
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0 USD
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CY2020 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2020 us-gaap Common Stock Dividends Per Share Declared
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CY2020 us-gaap Dividends Cash
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CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2021 trow Special Dividends Cash
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CY2021 us-gaap Noncontrolling Interest Decrease From Deconsolidation
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021 us-gaap Use Of Estimates
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These principles require that we make certain estimates and assumptions. Actual results may vary from our estimates.
CY2021 us-gaap Concentration Risk Credit Risk
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Concentration of risk</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Concentration of credit risk in accounts receivable is believed to be minimal in that our clients generally have substantial assets, including those in the investment portfolios we manage for them. </span></div>Our investments held at fair value expose us to market risk, that is, the potential future loss of value that would result from a decline in the fair value of each investment or its underlying net assets. The underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.
CY2021 us-gaap Goodwill Impairment Loss
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CY2021 trow Number Of Investment Advisory Business
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Assets Under Management Average Balance
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CY2020 us-gaap Assets Under Management Average Balance
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CY2019 us-gaap Assets Under Management Average Balance
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CY2021Q4 us-gaap Assets Under Management Carrying Amount
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CY2020Q4 us-gaap Assets Under Management Carrying Amount
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CY2021Q4 us-gaap Investments
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CY2020Q4 us-gaap Investments
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CY2021 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2020 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2019 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2020Q4 trow Number Of Equity Method Investments
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P9Y1M6D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021 us-gaap Operating Lease Expense
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CY2020 us-gaap Operating Lease Expense
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CY2019 us-gaap Operating Lease Expense
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CY2021 us-gaap Variable Lease Cost
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CY2021 us-gaap Operating Lease Payments
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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24900000 USD
CY2021Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1274900000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Property Plant And Equipment Net
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695400000 USD
CY2021Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Intangible Assets Net Including Goodwill
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108500000 USD
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CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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105700000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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105000000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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87700000 USD
CY2021 us-gaap Amortization Of Intangible Assets
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0 USD
CY2020Q4 us-gaap Goodwill
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CY2019Q4 us-gaap Goodwill
Goodwill
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CY2021 us-gaap Goodwill Acquired During Period
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CY2020 us-gaap Goodwill Acquired During Period
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0 USD
CY2021Q4 us-gaap Goodwill
Goodwill
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CY2020Q4 us-gaap Goodwill
Goodwill
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
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547100000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
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490900000 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
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179300000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2019 us-gaap Current State And Local Tax Expense Benefit
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135900000 USD
CY2021 us-gaap Current Foreign Tax Expense Benefit
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28100000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
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22900000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
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18300000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
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-56300000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
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13700000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
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33300000 USD
CY2021 us-gaap Income Tax Expense Benefit
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896100000 USD
CY2020 us-gaap Income Tax Expense Benefit
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718900000 USD
CY2019 us-gaap Income Tax Expense Benefit
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678400000 USD
CY2021 trow Deferred Income Tax Expense Benefit Relatedto Propertyand Equipment
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11800000 USD
CY2020 trow Deferred Income Tax Expense Benefit Relatedto Propertyand Equipment
DeferredIncomeTaxExpenseBenefitRelatedtoPropertyandEquipment
15600000 USD
CY2019 trow Deferred Income Tax Expense Benefit Relatedto Propertyand Equipment
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3000000.0 USD
CY2021 trow Deferred Income Tax Expense Benefit Relatedto Asset Impairments
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2000000.0 USD
CY2020 trow Deferred Income Tax Expense Benefit Relatedto Asset Impairments
DeferredIncomeTaxExpenseBenefitRelatedtoAssetImpairments
2900000 USD
CY2019 trow Deferred Income Tax Expense Benefit Relatedto Asset Impairments
DeferredIncomeTaxExpenseBenefitRelatedtoAssetImpairments
-2400000 USD
CY2021 trow Deferred Income Tax Expense Benefit Relatedto Stock Based Compensation
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-8100000 USD
CY2020 trow Deferred Income Tax Expense Benefit Relatedto Stock Based Compensation
DeferredIncomeTaxExpenseBenefitRelatedtoStockBasedCompensation
1800000 USD
CY2019 trow Deferred Income Tax Expense Benefit Relatedto Stock Based Compensation
DeferredIncomeTaxExpenseBenefitRelatedtoStockBasedCompensation
4500000 USD
CY2021 trow Deferred Income Tax Expense Benefit Relatedto Accrued Compensation
DeferredIncomeTaxExpenseBenefitRelatedtoAccruedCompensation
-1600000 USD
CY2020 trow Deferred Income Tax Expense Benefit Relatedto Accrued Compensation
DeferredIncomeTaxExpenseBenefitRelatedtoAccruedCompensation
-2200000 USD
CY2019 trow Deferred Income Tax Expense Benefit Relatedto Accrued Compensation
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CY2021 dei Auditor Name
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KPMG LLP
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Baltimore, Maryland

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