Company: TROW
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001113169-25-000007
Chunk: 113

Company: PRICE T ROWE GROUP INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 113
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 consideration liability as of December 31, 2024 is zero.

Acquisition-related amortization and impairment costs primarily relate to the indefinite- and definite-lived intangible assets identified and separately recognized, at fair value, on acquisition date. In 2024, we recognized acquisition-related amortization and impairment costs of $156.7 million, an increase of $22.5 million or 16.8%, compared to 2023. The increase was primarily driven by impairment charges related to the trade name intangible asset. 

For 2023, we recognized acquisition-related amortization and impairment costs of $134.2 million, a decrease of $149.3 million, compared to 2022. The decrease was primarily driven by an insignificant amount of impairment charges in 2023 for certain intangibles compared to $175.1 million in 2022.

The impairment charges for both periods were the result of reduced growth expectations for both investment management and incentive fees and higher discount rate compared to when the acquisition closed in 2021. 

The remaining weighted average amortization period for our definite-lived intangible assets is 3.7 years. Should conditions that led us to recognize these impairment charges worsen, additional impairments may be recognized in future periods.

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Non-operating income (loss) 

Non-operating income was $486.3 million in 2024 compared to $504.1 million in 2023 and a non-operating loss of $425.5 million in 2022. Non-operating activity for the years ended December 31, 2024, 2023 and 2022 are as follows: 

2024 compared to 20232023 compared to 2022(in millions)202420232022$ Change$ ChangeNet gains (losses) from non-consolidated sponsored investment productsCash and discretionary investments Dividend income$138.6 $109.1 $34.7 $29.5 $74.4 Market related gains (losses) and equity in earnings (losses)4.8 24.5 (59.1)(19.7)83.6 Total cash and discretionary investments143.4 133.6 (24.4)9.8 158.0 Seed capital investments Dividend income2.4 1.8 0.8 0.6 1.0 Market related gains (losses) and equity in earnings (losses)62.