Company Quick10K Filing
Quick10K
Price T Rowe Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$109.99 236 $26,010
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-06-13 Officers, Exhibits
8-K 2019-04-26 Shareholder Vote
8-K 2019-02-26 Regulation FD, Exhibits
8-K 2019-02-11 Officers, Other Events, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-12-20 Officers, Exhibits
8-K 2018-10-08 Officers
8-K 2018-04-26 Shareholder Vote, Other Events, Exhibits
8-K 2018-02-21 Regulation FD, Exhibits
8-K 2018-01-30 Earnings, Exhibits
8-K 2018-01-22 Other Events
MKTX Marketaxess Holdings 14,787
RJF Raymond James Financial 10,779
YIN Yintech Investment Holdings 7,402
NAVI Navient 2,994
INTL Intl Fcstone 703
GBL Gamco Investors 497
OPY Oppenheimer Holdings 397
GHL Greenhill 293
SIEB Siebert Financial 279
JRJC China Finance Online 227
TROW 2019-06-30
Part I - Financial Information
Item 1. Financial Statements.
Note 1 - The Company and Basis of Preparation.
Note 2 - Information About Receivables, Revenues, and Services.
Note 3 - Investments.
Note 4 - Fair Value Measurements.
Note 5 - Consolidated T. Rowe Price Investment Products.
Note 6 - Leases.
Note 7 - Stockholders' Equity.
Note 8 - Stock-Based Compensation.
Note 9 - Earnings per Share Calculations.
Note 10 - Other Comprehensive Income and Accumulated Other Comprehensive Income.
Note 11 - Commitments and Contingencies.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-15.1 trow-ex15q22019x10q.htm
EX-31.1 trow-ex31i1q22019.htm
EX-31.2 trow-ex31i2q22019.htm
EX-32.1 trow-ex32q22019.htm
EX-99.1 earningsreleasetemplat.htm

Price T Rowe Group Earnings 2019-06-30

TROW 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________ 
FORM 10-Q
______________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-32191
______________________________________ 
T. ROWE PRICE GROUP, INC.
(Exact name of registrant as specified in its charter)
Maryland
 
52-2264646
(State of incorporation)
 
(I.R.S. Employer Identification No.)
100 East Pratt Street, Baltimore, Maryland 21202
(Address, including Zip Code, of principal executive offices)
(410) 345-2000
(Registrant’s telephone number, including area code)
________________
Common stock, $.20 par value per share
TROW
The NASDAQ Stock Market LLC
(title of security)
(ticker symbol)
(Name of exchange on which registered)
______________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.      Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.      Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer (do not check if smaller reporting company)
Smaller reporting company 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No
The number of shares outstanding of the issuer’s common stock ($.20 par value), as of the latest practicable date, July 22, 2019, is 235,565,029.
The exhibit index is at Item 6 on page 40.
 






PART I – FINANCIAL INFORMATION

Item 1.
Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
 
 
 
6/30/2019
 
12/31/2018
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
1,802.4

 
$
1,425.2

Accounts receivable and accrued revenue
 
619.8

 
549.6

Investments
 
2,575.2

 
2,453.4

Assets of consolidated T. Rowe Price investment products ($1,875.1 million at June 30, 2019 and $1,392.6 million at December 31, 2018, related to variable interest entities)
 
2,203.4

 
1,680.4

Operating lease assets
 
120.1

 

Property and equipment, net
 
672.0

 
661.3

Goodwill
 
665.7

 
665.7

Other assets
 
253.7

 
253.7

Total assets
 
$
8,912.3

 
$
7,689.3

 
 
 
 
 
LIABILITIES
 
 
 
 
Accounts payable and accrued expenses
 
$
193.0

 
$
228.5

Liabilities of consolidated T. Rowe Price investment products ($75.8 million at June 30, 2019 and $22.7 million at December 31, 2018, related to variable interest entities)
 
102.5

 
38.7

Operating lease liabilities
 
154.9

 

Accrued compensation and related costs
 
374.1

 
123.3

Supplemental savings plan liability
 
444.0

 
380.0

Income taxes payable
 
52.4

 
54.2

Total liabilities
 
1,320.9

 
824.7

 
 
 
 
 
Commitments and contingent liabilities
 


 


 
 
 
 
 
Redeemable non-controlling interests
 
1,012.3

 
740.3

 
 
 
 
 
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 235,518,000 shares at June 30, 2019 and 238,069,000 at December 31, 2018
 
47.1

 
47.6

Additional capital in excess of par value
 
654.6

 
654.6

Retained earnings
 
5,915.9

 
5,464.1

Accumulated other comprehensive loss
 
(38.5
)
 
(42.0
)
Total permanent stockholders’ equity
 
6,579.1

 
6,124.3

Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity
 
$
8,912.3

 
$
7,689.3


The accompanying notes are an integral part of these statements.
Page 2





UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share amounts)
 
 
Three months ended
 
Six months ended
 
6/30/2019
 
6/30/2018
 
6/30/2019
 
6/30/2018
Revenues
 
 
 
 
 
 
 
Investment advisory fees
$
1,270.2

 
$
1,214.4

 
$
2,464.4

 
$
2,403.6

Administrative, distribution, and servicing fees
125.0

 
130.6

 
258.1

 
269.4

Net revenues
1,395.2

 
1,345.0

 
2,722.5

 
2,673.0

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Compensation and related costs
483.2

 
456.0

 
974.7

 
897.4

Distribution and servicing
64.4

 
71.6

 
130.8

 
141.9

Advertising and promotion
19.8

 
19.0

 
41.4

 
43.6

Product-related costs
33.4

 
37.1

 
77.6

 
79.2

Technology, occupancy, and facility costs
104.9

 
93.2

 
203.0

 
187.3

General, administrative, and other
74.4

 
73.4

 
147.4

 
145.1

Total operating expenses
780.1

 
750.3

 
1,574.9

 
1,494.5

 
 
 
 
 
 
 
 
Net operating income
615.1

 
594.7

 
1,147.6

 
1,178.5

 
 
 
 
 
 
 
 
Non-operating income
 
 
 
 
 
 
 
Net gains on investments
61.8

 
17.4

 
161.9

 
31.8

Net gains on consolidated investment products
62.8

 
19.1

 
164.7

 
19.9

Other income (loss)
(.1
)
 
(2.4
)
 
.7

 
(1.5
)
Total non-operating income
124.5

 
34.1

 
327.3

 
50.2

 
 
 
 
 
 
 
 
Income before income taxes
739.6

 
628.8

 
1,474.9

 
1,228.7

Provision for income taxes
183.7

 
169.2

 
365.0

 
313.6

Net income
555.9

 
459.6

 
1,109.9

 
915.1

Less: net income attributable to redeemable non-controlling interests
28.4

 
10.7

 
69.8

 
12.5

Net income attributable to T. Rowe Price Group
$
527.5

 
$
448.9

 
$
1,040.1

 
$
902.6

 
 
 
 
 
 
 
 
Earnings per share on common stock of T. Rowe Price Group
 
 
 
 
 
 
Basic
$
2.18

 
$
1.81

 
$
4.29

 
$
3.62

Diluted
$
2.15

 
$
1.77

 
$
4.23

 
$
3.55



The accompanying notes are an integral part of these statements.
Page 3





UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 
Three months ended
 
Six months ended
 
6/30/2019
 
6/30/2018
 
6/30/2019
 
6/30/2018
Net income
$
555.9

 
$
459.6

 
$
1,109.9

 
$
915.1

Other comprehensive income (loss)
 
 
 
 
 
 
 
Currency translation adjustments
 
 
 
 
 
 
 
Consolidated T. Rowe Price investment products - variable interest entities
3.7

 
(40.0
)
 
(2.1
)
 
(23.8
)
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products
(.1
)
 
(.5
)
 
(.2
)
 
(3.6
)
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities
3.6

 
(40.5
)
 
(2.3
)
 
(27.4
)
Equity method investments
1.5

 
(3.3
)
 
6.4

 
.5

Other comprehensive income (loss) before income taxes
5.1

 
(43.8
)
 
4.1

 
(26.9
)
Net deferred tax benefits (income taxes)
(1.0
)
 
6.0

 
(.9
)
 
3.5

Total other comprehensive income (loss)
4.1

 
(37.8
)
 
3.2

 
(23.4
)
 
 
 
 
 
 
 
 
Total comprehensive income
560.0

 
421.8

 
1,113.1

 
891.7

Less: comprehensive income (loss) attributable to redeemable non-controlling interests
29.4

 
(9.8
)
 
69.5

 
(1.0
)
Total comprehensive income attributable to T. Rowe Price Group
$
530.6

 
$
431.6

 
$
1,043.6

 
$
892.7



The accompanying notes are an integral part of these statements.
Page 4





UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
 
Six months ended
 
6/30/2019
 
6/30/2018
Cash flows from operating activities
 
 
 
Net income
$
1,109.9

 
$
915.1

Adjustments to reconcile net income to net cash provided by (used in) operating activities
 
 
 
Depreciation and amortization of property and equipment
86.0

 
74.7

Stock-based compensation expense
90.7

 
90.8

Net gains recognized on investments
(124.4
)
 
(5.4
)
Net investments in T. Rowe Price investment products used to economically hedge supplemental savings plan liability
(19.3
)
 
(13.7
)
Net change in securities held by consolidated T. Rowe Price investment products
(444.0
)
 
(407.1
)
Other changes in assets and liabilities
249.9

 
274.9

Net cash provided by operating activities
948.8

 
929.3

 
 
 
 
Cash flows from investing activities
 
 
 
Purchases of T. Rowe Price investment products
(34.9
)
 
(1,110.2
)
Dispositions of T. Rowe Price investment products
103.8

 
259.3

Net cash of T. Rowe Price investment products on consolidation (deconsolidation)
(5.1
)
 
(21.7
)
Additions to property and equipment
(94.5
)
 
(78.6
)
Other investing activity
1.6

 
7.2

Net cash used in investing activities
(29.1
)
 
(944.0
)
 
 
 
 
Cash flows from financing activities
 
 
 
Repurchases of common stock
(402.8
)
 
(450.3
)
Common share issuances under stock-based compensation plans
78.8

 
92.8

Dividends paid to common stockholders of T. Rowe Price Group
(367.8
)
 
(348.7
)
Net subscriptions received from redeemable non-controlling interest holders
190.3

 
318.0

Net cash used in financing activities
(501.5
)
 
(388.2
)
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
(.4
)
 
(6.6
)
 
 
 
 
Net change in cash and cash equivalents during period
417.8

 
(409.5
)
Cash and cash equivalents at beginning of period, including $70.1 million at December 31, 2018, and $103.1 million at December 31, 2017, held by consolidated T. Rowe Price investment products
1,495.3

 
2,005.8

Cash and cash equivalents at end of period, including $110.7 million at June 30, 2019, and $111.9 million at June 30, 2018, held by consolidated T. Rowe Price investment products
$
1,913.1

 
$
1,596.3




The accompanying notes are an integral part of these statements.
Page 5





UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
 
Three months ended 6/30/2019
 
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 March 31, 2019
236,432

 
$
47.3

 
$
654.5

 
$
5,650.8

 
$
(41.6
)
 
$
6,311.0

 
$
886.7

Net income

 

 

 
527.5

 

 
527.5

 
28.4

Other comprehensive income (loss), net of tax

 

 

 

 
3.1

 
3.1

 
1.0

Dividends declared ($0.76 per share)

 

 

 
(183.4
)
 

 
(183.4
)
 

Shares issued upon option exercises
665

 
.1

 
37.7

 

 

 
37.8

 

Restricted shares issued, net of shares withheld for taxes
7

 

 
(.1
)
 

 

 
(.1
)
 

Net shares issued upon vesting of restricted stock units
19

 

 
(.2
)
 

 

 
(.2
)
 

Forfeiture of restricted awards
(2
)
 

 

 

 

 

 

Stock-based compensation expense

 

 
47.2

 

 

 
47.2

 

Restricted stock units issued as dividend equivalents

 

 
.1

 
(.1
)
 

 

 

Common shares repurchased
(1,603
)
 
(.3
)
 
(84.6
)
 
(78.9
)
 

 
(163.8
)
 

Net subscriptions into T. Rowe Price investment products

 

 

 

 

 

 
125.7

Net deconsolidations of T. Rowe Price investment products

 

 

 

 

 

 
(29.5
)
Balances at June 30, 2019
235,518

 
$
47.1

 
$
654.6

 
$
5,915.9

 
$
(38.5
)
 
$
6,579.1

 
$
1,012.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended 6/30/2018
 
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 March 31, 2018
243,282

 
$
48.7

 
$
654.6

 
$
5,205.0

 
$
(6.4
)
 
$
5,901.9

 
$
546.5

Net income

 

 

 
448.9

 

 
448.9

 
10.7

Other comprehensive income (loss), net of tax

 

 

 

 
(17.3
)
 
(17.3
)
 
(20.5
)
Dividends declared ($0.70 per share)

 

 

 
(173.9
)
 

 
(173.9
)
 

Shares issued upon option exercises
1,138

 
.2

 
46.8

 

 

 
47.0

 

Restricted shares issued, net of shares withheld for taxes
8

 

 
(.1
)
 

 

 
(.1
)
 

Net shares issued upon vesting of restricted stock units
50

 

 
(.3
)
 

 

 
(.3
)
 

Forfeiture of restricted awards
(2
)
 

 

 

 

 

 

Stock-based compensation expense

 

 
45.2

 

 

 
45.2

 

Common shares repurchased
(1,296
)
 
(.3
)
 
(91.6
)
 
(44.9
)
 

 
(136.8
)
 

Net subscriptions into T. Rowe Price investment products

 

 

 

 

 

 
144.8

Net reconsolidations of T. Rowe Price investment products

 

 

 

 

 

 
57.7

Balances at June 30, 2018
243,180

 
$
48.6

 
$
654.6

 
$
5,435.1

 
$
(23.7
)
 
$
6,114.6

 
$
739.2


(1) Accumulated other comprehensive income.


The accompanying notes are an integral part of these statements.
Page 6





UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
 
Six months ended 6/30/2019
 
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, 2018
238,069

 
$
47.6

 
$
654.6

 
$
5,464.1

 
$
(42.0
)
 
$
6,124.3

 
$
740.3

Net income

 

 

 
1,040.1

 

 
1,040.1

 
69.8

Other comprehensive income (loss), net of tax

 

 

 

 
3.5

 
3.5

 
(.3
)
Dividends declared ($1.52 per share)

 

 

 
(367.2
)
 

 
(367.2
)
 

Shares issued upon option exercises
1,495

 
.3

 
82.5

 

 

 
82.8

 

Restricted shares issued, net of shares withheld for taxes
7

 

 
(.1
)
 

 

 
(.1
)
 

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes
33

 

 
(1.4
)
 

 

 
(1.4
)
 

Forfeiture of restricted awards
(7
)
 

 

 

 

 

 

Stock-based compensation expense

 

 
90.7

 

 

 
90.7

 

Restricted stock units issued as dividend equivalents

 

 
.1

 
(.1
)
 

 

 

Common shares repurchased
(4,079
)
 
(.8
)
 
(171.8
)
 
(221.0
)
 

 
(393.6
)
 

Net subscriptions into T. Rowe Price investment products

 

 

 

 

 

 
211.6

Net deconsolidations of T. Rowe Price investment products

 

 

 

 

 

 
(9.1
)
Balances at June 30, 2019
235,518

 
$
47.1

 
$
654.6

 
$
5,915.9

 
$
(38.5
)
 
$
6,579.1

 
$
1,012.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended 6/30/2018
 
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 financial instruments and AOCI guidance(2)

 

 

 
22.4

 
(7.9
)
 
14.5

 

Reclassification adjustment of stranded tax benefits on currency translation adjustments upon adoption of AOCI guidance

 

 

 
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

 

 

 
902.6

 

 
902.6

 
12.5

Other comprehensive income (loss), net of tax

 

 

 

 
(9.9
)
 
(9.9
)
 
(13.5
)
Dividends declared ($1.40 per share)

 

 

 
(348.8
)
 

 
(348.8
)
 

Shares issued upon option exercises
2,241

 
.4

 
91.7

 

 

 
92.1

 

Restricted shares issued, net of shares withheld for taxes
8

 

 
(.1
)
 

 

 
(.1
)
 

Shares issued upon vesting of restricted stock units, net of shares withheld for taxes
56

 

 
(.7
)
 

 

 
(.7
)
 

Forfeiture of restricted awards
(6
)
 

 

 

 

 

 

Stock-based compensation expense

 

 
90.8

 

 

 
90.8

 

Restricted stock units issued as dividend equivalents

 

 
.1

 
(.1
)
 

 

 

Common shares repurchased
(4,230
)
 
(.8
)
 
(373.3
)
 
(76.2
)
 

 
(450.3
)
 

Net subscriptions into T. Rowe Price investment products

 

 

 

 

 

 
322.6

Net deconsolidations of T. Rowe Price investment products

 

 

 

 

 

 
(575.2
)
Balances at June 30, 2018
243,180

 
$
48.6

 
$
654.6

 
$
5,435.1

 
$
(23.7
)
 
$
6,114.6

 
$
739.2

(1) Accumulated other comprehensive income.
(2) Includes the reclassification of $1.7 million of stranded income taxes on available-for-sale investments resulting from U.S. tax law changes enacted on December 22, 2017, from accumulated other comprehensive income to retained earnings.

The accompanying notes are an integral part of these statements.
Page 7





NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.

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

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

BASIS OF PRESENTATION.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates. Certain prior year amounts have been reclassified to conform to the 2019 presentation.

The unaudited interim financial information contained in these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2018 Annual Report.

NEW ACCOUNTING GUIDANCE.
We adopted Accounting Standards Update No. 2016-02 — Leases (Topic 842) on January 1, 2019. The update required the recognition of right-of-use lease assets and liabilities on the balance sheet and the disclosure of qualitative and quantitative information about leasing arrangements. We adopted this standard using a modified retrospective approach without restating prior comparative periods. We also elected to use certain practical expedients that allowed us to not perform the following: (1) reassess whether expired or existing non-lease contracts that commenced before January 1, 2019 contained an embedded lease, (2) reevaluate the accounting classification of our existing operating leases, and (3) determine whether initial direct costs related to existing leases should be capitalized under this guidance. On January 1, 2019, we recognized operating lease assets totaling $168.7 million and corresponding operating lease liabilities of $168.7 million related primarily to our real estate leases. At implementation, we also reclassified $27.7 million in deferred rent liabilities related to these leases, reducing the recognized operating lease assets to $141.0 million. The adoption did not have a material impact on our results of operations; however, the initial recognition of our operating lease assets and operating lease liabilities on January 1, 2019, represented a non-cash investing activity that affected the amount reported in other changes in assets and liabilities in our unaudited condensed consolidated statements of cash flows. Our leases accounting policy is included in the Summary of Significant Accounting Policies section below. Additional information on our operating leases is included in Note 6 - Leases.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

In August 2018, the FASB issued Accounting Standards Update No. 2018-15 — Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update provides additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Though early adoption is permitted, we expect to adopt this update on January 1, 2020. We are currently evaluating the impact this standard will have on our financial position and results of operations.

We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do


Page 8





not believe that any such guidance has or will have a material effect on our financial position or results of operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

Leases
We review new arrangements at inception to evaluate whether we substantially obtain all the economic benefits of and have the right to control the use of an asset. If we determine that an arrangement qualifies as a lease, we recognize a lease liability and a corresponding asset on the lease’s commencement date. The lease liability is initially measured at the present value of the future minimum lease payments over the lease term using the rate implicit in the arrangement or, if not available, our incremental borrowing rate. An operating lease asset is measured initially at the value of the lease liability less any lease incentives and initial direct costs incurred.
Our leases qualify as operating leases and consist primarily of real estate leases for corporate offices, data centers, and other facilities. We measure our operating lease liabilities using an estimated incremental borrowing rate as there is no rate implicit in any of our operating lease arrangements. Since we do not have any outstanding borrowings, we estimate our incremental borrowing rate using an estimated credit rating and available market information. Additionally, certain of our leases contain options to extend or terminate the lease term that, if exercised, would result in the remeasurement of the operating lease liability.
Our operating leases contain both lease and non-lease components. Non-lease components are distinct elements of a contract that are not related to securing the use of the lease assets, such as common area maintenance and other management costs. We elected to measure the lease liability of our real estate operating leases by combining the lease and non-lease components into one single lease component. As such, we included the fixed payments and any payments that depend on a rate or index related to our lease and non-lease components in measuring the operating lease liability.
We recognize lease expense on a straight-line basis over the lease term. Operating lease expense is recognized as part of technology, occupancy, and facility costs in our unaudited condensed consolidated statements of income.




Page 9





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

Revenues earned during the three- and six-month periods ended June 30, 2019 and 2018 under agreements with clients include: 
 
Three months ended 6/30/2019
 
Three months ended 6/30/2018
 
 
 
Administrative, distribution, and servicing fees
 
 
 
 
 
Administrative, distribution, and servicing fees
 
 
(in millions)
Investment advisory fees
 
Administrative fees
 
Distribution and servicing fees
 
Net revenues
 
Investment advisory fees
 
Administrative fees
 
Distribution and servicing fees
 
Net revenues
U.S. mutual funds
$
860.7

 
$
69.7

 
$
30.1

 
$