Company: TROW
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001113169-25-000007
Chunk: 110

Company: PRICE T ROWE GROUP INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 110
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 22.1 %(11.6)(3.8)%Advertising and promotion129.6 114.2 97.3 15.4 13.5 %16.9 17.4 %Product and recordkeeping related costs297.5 291.0 300.1 6.5 2.2 %(9.1)(3.0)%Technology, occupancy, and facility costs644.1 632.6 560.5 11.5 1.8 %72.1 12.9 %General, administrative, and other433.8 421.3 412.2 12.5 3.0 %9.1 2.2 %Change in fair value of contingent consideration(13.4)(82.4)(161.2)69.0 (83.7)%78.8 (48.9)%Acquisition-related amortization and impairment costs156.7 134.2 283.5 22.5 16.8 %(149.3)(52.7)%Total operating expenses$4,760.3 $4,474.3 $4,114.7 $286.0 6.4 %$359.6 8.7 %Total adjusted operating expenses(1)$4,498.8 $4,260.7 $4,087.8 $238.1 5.6 %$172.9 4.2 %

(1) See the reconciliation to the comparable U.S. GAAP measures at the end of the Results of Operations section of this Management's Discussion and Analysis. 

Compensation, benefits and related costs were $2,603.4 million, an increase of $152.7 million, or 6.2%, compared to 2023. The increase was driven by a higher bonus pool on an increase in revenue and higher salaries and related benefits partially offset by higher capitalized labor and lower other employee related costs. The firm employed 8,158 associates at December 31, 2024, an increase of 3.2% from the end of 2023. 

For 2023, compensation, benefits and related costs were $2,450.7 million, an increase of $44.9 million, or 1.9%, compared to 2022. The increase was driven by $99.1 million in higher salaries