Company: TROW
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001113169-25-000007
Chunk: 127

Company: PRICE T ROWE GROUP INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 127
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.0 — 250.5 Cash and cash equivalents at beginning of year1,523.1 101.1 — 1,624.2 Cash and cash equivalents at end of year$1,755.6 $119.1 $— $1,874.7 

Operating activities

During 2024, operating activities attributable to T. Rowe Price Group, Inc. provided cash flows of $2,313.9 million, an increase of $255.3 million from $2,058.6 million provided during 2023. The increase was primarily driven by a $311.4 million increase in net income and a $215.6 million increase in the add-back for non-cash items as detailed in the 2024 table above. These increases to operating cash flows were offset in part by a $158.8 million decrease in cash flows related to timing differences associated with the cash settlement of our assets and liabilities. Additionally, in 2024, we made $112.9 million more net investments in sponsored investment products used to economically hedge our deferred compensation liabilities compared to 2023. The remaining change in reported cash flows from operating activities was attributable to the net change in trading securities held in our consolidated investment products’ underlying portfolios. 

During 2023, operating activities attributable to T. Rowe Price Group, Inc. provided cash flows of $2,058.6 million, a decrease of $381.7 million from $2,440.3 million provided during 2022. The decrease was primarily driven by a $986.5 million decrease in the add-back for non-cash items as detailed in the 2023 table above. These decreases to operating cash flows were offset in part by a $230.8 million increase in net income and $365.5 million increase in cash flows related to timing differences associated with the cash settlement of our assets and liabilities. Additionally, in 2023, we expended $8.5 million less in net investments in sponsored investment products used to economically hedge our deferred compensation liabilities compared to 2022. The remaining change in reported cash flows from operating activities was attributable to the net change in trading securities held in our consolidated investment products’ underlying portfolios. 

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Investing activities

Net cash used in investing activities that are attributable to T. Rowe Price Group Inc. totaled $187.9 million in 2024 compared to $310.2 million in 2023. Net investing activities from our investments