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Assets Beneath Administration End Division at $1.01 Trillion

EDGAR Filing Documents for 12-12-000012 - t rowe price tax forms 2017
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BALTIMORE, April 25, 2018 /PRNewswire/ — T. Rowe Bulk Group, Inc. (TROW) today appear its aboriginal division of 2018 results, including net revenues of $1.3 billion, net assets of $453.7 million, and adulterated antithesis per accepted allotment of $1.77.  For the aboriginal division of 2017, net revenues were $1.1 billion, net assets was

$385.9 million, and adulterated antithesis per allotment was $1.54. On a non-GAAP basis, adulterated antithesis per allotment for the aboriginal division of 2018 was $1.74, compared with $1.18 in the 2017 quarter.  The advance in the firm’s adulterated antithesis per allotment year over year is due in allotment to the cogent abatement in the firm’s tax bulk as U.S. tax ameliorate bargain the U.S. federal accumulated tax bulk alpha January 1, 2018, from 35% to 21%.  

The aboriginal division of 2017 net revenues and operating costs presented aural this absolution accept been adapt to reflect the appulse of the close adopting new accounting advice on January 1, 2018, accompanying to acquirement recognition. As ahead appear in its 2017 Form 10-K, the close adopted to accept the new advice on a attendant basis, which requires 2017 and 2016 after-effects to be restated. The new advice requires assertive acquirement accompanying costs that are incurred in application the firm’s U.S. alternate funds to be accustomed in operating costs adjoin actuality presented net adjoin the accompanying revenues. As such, net revenues and assertive product-related operating costs were adapt to reflect an access of $19.0 actor for the aboriginal division of 2017 and $61.9 actor for the abounding year 2017.

Financial Highlights

The table beneath presents banking after-effects on a U.S. GAAP base as able-bodied as a non-GAAP base that adjusts for the appulse of the Dell appraisement rights matter, the circumscribed T. Rowe Bulk advance products, the added accumulation plan, and added non-operating income. The close believes the non-GAAP banking measures beneath accommodate accordant and allusive advice to investors about its bulk operating results.

Quarter-ended

Quarter-ended

(in millions, except per-share data)

3/31/2017

3/31/2018

Q1 2018 vs.Q1 2017

12/31/2017

Q1 2018 vs.Q4 2017

U.S. GAAP basis

Investment advising fees

$

992.7

$

1,189.2

19.8

%

$

1,158.2

2.7

%

Net revenues

$

1,132.6

$

1,328.0

17.3

%

$

1,297.6

2.3

%

Operating expenses

$

610.9

$

744.2

21.8

%

$

766.6

(2.9)

%

Net operating income

$

521.7

$

583.8

11.9

%

$

531.0

9.9

%

Non-operating income(1)

$

115.0

$

16.1

n/m

$

102.0

n/m

Net assets attributable to T. Rowe Bulk Group

$

385.9

$

453.7

17.6

%

$

347.1

30.7

%

Diluted antithesis per accepted share

$

1.54

$

1.77

14.9

%

$

1.37

29.2

%

Weighted boilerplate accepted shares outstanding d dilution

245.5

249.8

1.8

%

247.7

.8

%

Quarter-ended

Quarter-ended

(in millions, except per-share data)

3/31/2017

3/31/2018

Q1 2018 vs.Q1 2017

12/31/2017

Q1 2018 vs.Q4 2017

Adjusted – non-GAAP basis(2)

Operating expenses

$

659.1

(3)

$

741.0

(3)

12.4

%

$

759.2

(2.4)

%

Net assets attributable to T. Rowe Bulk Group

$

297.2

(4)

$

445.6

(4)

49.9

%

$

383.9

16.1

%

Diluted antithesis per accepted share

$

1.18

$

1.74

47.5

%

$

1.52

14.5

%

Assets beneath Administration (in billions)

Average assets beneath management

$

845.4

$

1,025.5

21.3

%

$

976.4

5.0

%

Ending assets beneath management

$

861.6

$

1,014.2

17.7

T
T | t rowe price tax forms 2017

%

$

991.1

2.3

%

(1) The allotment change in non-operating assets is not allusive (n/m).

(2) See the adaptation to the commensurable U.S. GAAP measures at the end of this antithesis release.

Assets Beneath Management

Assets beneath administration added $23.1 billion in the aboriginal division of 2018 to $1,014.2 billion at March 31, 2018. The firm’s net banknote inflows were $11.3 billion in the aboriginal division of 2018, across-the-board of $8.9 billion of applicant transfers from the U.S. alternate funds to subadvised and alone managed accounts and added advance products. The apparatus of the change in assets beneath management, by agent and asset class, are apparent in the tables below.

Quarter-ended 3/31/2018

(in billions)

U.S. alternate funds

Subadvised and alone managed accounts

Other advance products

Total

Assets beneath administration at alpha of period

$

606.3

$

255.2

$

129.6

$

991.1

Net banknote flows afore applicant transfers

8.1

(1.0)

4.2

11.3

Client transfers

(8.9)

2.6

6.3

Net banknote flows afterwards applicant transfers

(.8)

1.6

10.5

11.3

Net bazaar acknowledgment and income

7.5

3.6

.8

11.9

Distributions not reinvested

(.1)

(.1)

Change during the period

6.6

5.2

11.3

23.1

Assets beneath administration at March 31, 2018

$

612.9

$

260.4

$

140.9

$

1,014.2

Quarter-ended 3/31/2018

(in billions)

Equity

Fixed assets and money market

Multi-asset(1)

Total

Assets beneath administration at alpha of period

$

564.1

$

134.4

$

292.6

$

991.1

Net banknote flows

2.8

2.1

6.4

11.3

Net bazaar appreciation/(depreciation) and income(2)

12.4

(.7)

.1

11.8

Change during the period

15.2

1.4

6.5

23.1

Assets beneath administration at March 31, 2018

$

579.3

$

135.8

$

299.1

$

1,014.2

(1) The basal assets beneath administration of the multi-asset portfolios accept been aggregated and presented in this chic and not appear in the disinterestedness and anchored assets columns.

(2) Appear net of distributions not reinvested.

The assets beneath administration in the firm’s ambition date retirement products, which are appear as allotment of the multi-asset cavalcade in the table above, were $239.9 billion at March 31, 2018, compared with $233.8 billion at December 31, 2017. Net banknote flows into these portfolios were $6.0 billion in the aboriginal division of 2018.

Investors domiciled alfresco the United States accounted for about 6% of the firm’s assets beneath administration at March 31, 2018 and December 31, 2017.

Financial Results

In acclimation to access accuracy of operating costs and bigger acclimatize costs that accept agnate bulk drivers, the close has afflicted the presentation of assertive band items of its assets statement. In accomplishing so, the close has reclassified assertive above-mentioned year amounts to accommodate to the 2018 presentation. The banking after-effects for the aboriginal division of 2017 accept been adapt to accommodate to the new presentation as able-bodied as to reflect the appulse of the new acquirement acceptance guidance. For a adapt of 2017 anniversary banking results, accredit to the Form 10-Q to be filed afterwards today.

Investment advising revenues becoming in the accepted division from the firm’s U.S. alternate funds were $832.9 million, an access of 16.1% from the commensurable 2017 quarter. Boilerplate assets beneath administration in these funds added 15.9% to $622.0 billion.

Investment advising revenues becoming in the accepted division for subadvised and abstracted accounts as able-bodied as added advance articles were $356.3 million, an access of 29.4% from the commensurable 2017 quarter. Boilerplate assets beneath administration for these articles added 30.6% to $403.5 billion.

Operating costs were $744.2 actor in the aboriginal division of 2018 compared with $610.9 actor in the aboriginal division of 2017, and $766.6 actor in the fourth division of 2017. The operating costs for the aboriginal division of 2017 were bargain by the acceptance of $50 actor in allowance recoveries accompanying to the Dell appraisement rights matter. On a non-GAAP basis, the firm’s operating costs in the aboriginal division of 2018 added 12.4% to $741.0 actor compared to the 2017 quarter, while abbreviating 2.4% compared to the fourth division of 2017. The 12.4% access from the aboriginal division of 2017 is primarily due to college bazaar and achievement apprenticed costs and connected cardinal investments. The close continues to apprehend its 2018 non-GAAP operating costs to abound in the ambit of 8-11%. This bulk advance ambit factors in the firm’s bulk access efforts.

Story Continues

Compensation and accompanying costs were $441.4 actor in the accepted quarter, an access of 11.1% over the aboriginal division of 2017, due primarily to an access in salaries and allowances from college headcount, the acting accretion of the anniversary bonus, and stock-based advantage expense. These increases were annual in allotment by lower advantage bulk accompanying to the added accumulation plan as markets in the aboriginal division of 2018 were not as able as in the 2017 quarter. Boilerplate agents admeasurement added by 8.2% from the aboriginal division of 2017, and the close alive 6,878 assembly at March 31, 2018.

Distribution and application includes those costs incurred to administer the T. Rowe Bulk articles as able-bodied as applicant or actor servicing, recordkeeping, and authoritative services. These costs were $70.3 actor for the aboriginal division of 2018, an access of 17.6% over the $59.8 actor accustomed in the aboriginal division of 2017. The access was primarily apprenticed by able markets and net banknote flows over the aftermost twelve months, which has resulted in college assets beneath administration in these products.

Product-related costs is a new banking annual band annual that consists of non-advisory costs of assertive T. Rowe Bulk articles incurred by the firm. These costs were $42.1 actor in the accepted quarter, an access of 9.1% over the $38.6 actor accustomed in the aboriginal division of 2017. The access is primarily due to college operating costs of the firm’s aggregate advance trusts as the cardinal of trusts and their net assets accept added aback the end of the aboriginal division of 2017. The application costs the close incurs that are reimbursed by its U.S. alternate funds and accustomed in administrative, distribution, and application fees accept additionally added over above-mentioned year. 

Technology, occupancy, and adeptness costs is a new banking annual band annual that consists of abrasion expense, technology-related accessories and maintenance, software, and costs accompanying to the firm’s facilities. These costs were $94.1 actor in the accepted quarter, an access of 13.6% compared to the $82.8 actor accustomed in the aboriginal division of 2017. The access is due primarily to incremental costs to amend and enhance technology capabilities, including accompanying aliment programs, as able-bodied as broadcast appointment facilities.

General, administrative, and added abide of costs associated with the all-embracing administration of the firm, including advice services, able services, biking and entertainment, analysis costs, and added accepted operating expenses. These costs were $71.7 actor in the accepted quarter, an access of 26.7% compared to the $56.6 actor accustomed in the aboriginal division of 2017. The access was a aftereffect of the firm’s advance in its cardinal initiatives and added growing operational and authoritative business demands.

Non-operating assets was $16.1 actor in the accepted quarter, a abatement of $98.9 actor from the aboriginal division of 2017. The abatement was apprenticed primarily by accomplished assets in the aboriginal division of 2017 that did not reoccur in the 2018 quarter, and lower net advance assets accustomed on the firm’s circumscribed advance products. The apparatus of non-operating assets for the aboriginal division of 2017 and 2018 are included in the tables at the aback of this release.

The firm’s assets tax accouterment for the aboriginal division of 2018 was 24.1%, compared with 37.1% in the 2017 quarter, as U.S. tax ameliorate bargain the U.S. federal accumulated tax bulk from 35% to 21% on January 1, 2018. The afterward reconciles the approved federal assets tax bulk to the firm’s able tax bulk for the aboriginal division of 2018:

Statutory U.S. federal assets tax rate

21.0

%

State assets taxes for accepted year, net of federal assets tax benefits(1)

5.1

%

Net assets attributable to redeemable non-controlling interests

(.3)

%

Net antithesis tax allowances from stock-based advantage affairs activity

(2.1)

%

Other items

.4

%

Effective assets tax rate

24.1

%

(1) State assets allowances are reflected in the absolute allowances for net assets attributable to redeemable non-controlling interests and stock-based advantage affairs activity.

The close estimates its able tax bulk for the full-year 2018 will be in the ambit of 24% to 27%.

On April 24, 2018, the Governor of the State of Maryland alive legislation to accept the distinct sales agency acclimation of agreement for artful assets tax for multi-state companies accomplishing business in Maryland. This legislation is able for years alpha in 2018 and will be phased in over a bristles year period. The close is assessing the abounding appulse the change in law will accept on its able tax rate, but apprehend it will aftereffect in a net annual to T. Rowe Bulk in approaching years.

Capital Management

T. Rowe Bulk charcoal debt-free with abounding liquidity, including banknote and investments in T. Rowe Bulk articles as follows:

(in millions)

12/31/2017

3/31/2018

Cash and banknote equivalents

$

1,902.7

$

1,681.4

Discretionary investments

780.3

1,334.0

Total banknote and arbitrary investments

2,683.0

3,015.4

Redeemable berry basic investments

1,188.9

1,124.9

Investments acclimated to barrier the added accumulation plan liability

268.2

PRICE T ROWE GROUP INC - FORM 12-K - EX-12 - EARNINGS PRESS RELEASE ..
PRICE T ROWE GROUP INC – FORM 12-K – EX-12 – EARNINGS PRESS RELEASE .. | t rowe price tax forms 2017

283.3

Total banknote and investments in T. Rowe Bulk products

$

4,140.1

$

4,423.6

During the aboriginal division of 2018, the close rebalanced its banknote and arbitrary investments portfolio consistent in the reallocation of banknote invested in T. Rowe Bulk money bazaar funds to assertive T. Rowe Bulk concise anchored assets funds. The firm’s accepted shares outstanding decreased during the aboriginal division of 2018, as the close expended $313.5 actor to repurchase 2.9 actor shares, or 1.2%, of its outstanding accepted shares at an boilerplate bulk of $106.84. The close invested $36.7 actor during the aboriginal division of 2018 in capitalized accessories and technology, and expects basic expenditures for 2018 to be about $180 million, of which about two-thirds is planned for technology initiatives. These expenditures are accepted to abide to be adjourned from operating resources.

Management Commentary

William J. Stromberg, the company’s admiral and arch controlling officer, commented: “This was accession actual acceptable division for the close and our clients. Despite airy markets that about belted lower, our assets beneath administration added 2.3% during the aboriginal division of 2018. This advance was authentic by advance achievement that charcoal able adjoin aeon and benchmarks, and by near-record anniversary net inflows exceeded alone by those in the aboriginal division of 2012. The assortment of our flows beyond geographies, applicant segments, and asset classes, continues to reflect able-bodied broker absorption in our access to alive management.

“As accession indicator of the backbone and success of our all-around advance platform, dozens of T. Rowe Bulk strategies, as able-bodied as several of our portfolio managers, accept afresh accustomed industry awards, including from Morningstar and Thomson Reuters Lipper. Along with our able all-embracing advance performance, this acceptance highlights the backbone of T. Rowe Price’s fundamentally apprenticed advance approach.

“As we assassinate on our cardinal plan, we are encouraged by the animation of our bulk business and the absorption we are accepting with newer articles and channels. We apprehend that the advancing body out of our artefact and advance action lineup, our growing administration reach, and added enhancements in our technology capabilities will acquiesce us to abide to abound and alter our company. Contempo highlights include:

“We are beholden to our committed and aggressive assembly for their acknowledged efforts to body our business, and to drive operational adeptness so we can reinvest added in our cardinal initiatives. Our business archetypal and banking bloom abide actual strong, as does our allegation to accommodated the needs of our audience and bear abiding bulk to our stockholders.”

Investment Performance(1)

The allotment of the firm’s U.S. alternate funds (across primary allotment classes) that outperformed their commensurable Morningstar average on a absolute acknowledgment base and that are in the top Morningstar quartile for the one-, three-, five-, and 10-years concluded March 31, 2018, were:

1 year

3 years

5 years

10 years

Outperformed Morningstar median

    All funds

71%

81%

83%

83%

    Asset allocation funds

85%

94%

95%

89%

Top Morningstar quartile

    All funds

43%

53%

56%

56%

    Asset allocation funds

68%

74%

75%

84%

(1)Source: © 2018 Morningstar, Inc. All rights reserved. The advice independent herein: (1) is proprietary to Morningstar and/or its agreeable providers; (2) may not be affected or distributed; and (3) is not acceptable to be accurate, complete, or timely. Neither Morningstar nor its agreeable providers are amenable for any amercement or losses arising from any use of this information. Past achievement is no agreement of approaching results. Historically, the close has appear the allotment of U.S. alternate funds (across all allotment classes) that outperformed their commensurable Lipper averages on a absolute acknowledgment base and that are in the top Lipper quartile for the aforementioned periods. Advance achievement after-effects application the new measures are agnate to the Lipper results.

In addition, 87% of the firm’s rated U.S. alternate funds’ assets beneath administration concluded the division with an all-embracing appraisement of four or bristles stars from Morningstar. The achievement of the firm’s institutional strategies adjoin their benchmarks charcoal actual competitive, abnormally over best time periods.

Other Matters

The banking after-effects presented in this absolution are unaudited. The close expects that it will book its Form 10-Q Anniversary Report for the aboriginal division of 2018 with the U.S. Securities and Barter Commission afterwards today. The Form 10-Q will accommodate added advice on the firm’s unaudited banking after-effects at March 31, 2018.

Certain statements in this antithesis absolution may represent “forward-looking information,” including advice apropos to advancing changes in revenues, net assets and antithesis per accepted share, advancing changes in the bulk and agreement of assets beneath management, advancing bulk levels, estimated tax rates, and expectations apropos banking results, approaching transactions, new articles and services, investments, basic expenditures, dividends, banal repurchases, and added bazaar conditions. For a altercation apropos risks and added factors that could affect approaching results, see the firm’s 2017 Form 10-K.

Founded in 1937, Baltimore-based T. Rowe Bulk (troweprice.com) is a all-around advance administration alignment that provides a ample arrangement of alternate funds, subadvisory services, and abstracted annual administration for alone and institutional investors, retirement plans, and banking intermediaries. The alignment additionally offers a arrangement of adult advance planning and advice tools. T. Rowe Price’s disciplined, risk-aware advance access focuses on diversification, appearance consistency, and axiological research.

Unaudited Circumscribed Statements of Income

(in millions, except per-share amounts)

Three months ended

Revenues

3/31/2017

3/31/2018

% change(1)

Investment advising fees

$

992.7

$

1,189.2

19.8

%

Administrative, distribution, and application fees

139.9

138.8

(.8)

%

Net revenues

1,132.6

1,328.0

17.3

%

Operating expenses

Compensation and accompanying costs

397.4

441.4

11.1

%

Distribution and servicing

59.8

70.3

17.6

%

Advertising and promotion

25.7

24.6

(4.3)

%

Product-related costs

38.6

42.1

9.1

%

Technology, occupancy, and adeptness costs

82.8

94.1

13.6

%

General, administrative, and other

56.6

71.7

26.7

%

Nonrecurring allowance recoveries accompanying to Dell appraisement rights matter

(50.0)

n/m

Total operating expenses

610.9

744.2

21.8

%

Net operating income

521.7

583.8

11.9

%

Non-operating income

Net assets on investments

64.8

14.4

n/m

Net assets on circumscribed advance portfolios

48.9

.8

n/m

Other income

1.3

.9

n/m

   Absolute non-operating income

115.0

16.1

n/m

Income afore assets taxes

636.7

599.9

(5.8)

%

Provision for assets taxes

236.3

144.4

(38.9)

%

Net income

400.4

455.5

13.8

%

Less: net assets attributable to redeemable non-controlling interests

14.5

1.8

(87.6)

%

Net assets attributable to T. Rowe Bulk Group

385.9

453.7

17.6

%

Less: net assets allocated to outstanding belted banal and banal assemblage holders

8.7

10.6

21.8

T. Rowe Price Investment Services, Inc. (Investment Services), a ..
T. Rowe Price Investment Services, Inc. (Investment Services), a .. | t rowe price tax forms 2017

%

Net assets allocated to T. Rowe Bulk Group accepted stockholders

$

377.2

$

443.1

17.5

%

Earnings per allotment on accepted banal of T. Rowe Bulk Group

Basic

$

1.56

$

1.81

16.0

%

Diluted

$

1.54

$

1.77

14.9

%

Weighted-average accepted shares

Outstanding

242.1

244.3

.9

%

Outstanding d dilution

245.5

249.8

1.8

%

Dividends declared per share

$

.57

$

.70

22.8

%

(1) The allotment change in non-operating assets and nonrecurring allowance recoveries is not allusive (n/m).

 

Investment Advising Revenues (in millions)

Three months ended

3/31/2017

3/31/2018

U.S. alternate funds

Equity and attenuated assets

$

594.2

$

705.5

Fixed assets and money market

123.2

127.4

717.4

832.9

Subadvised and alone managed accounts and added advance products

Equity and attenuated assets

227.9

297.0

Fixed assets and money market

47.4

59.3

275.3

356.3

Total

$

992.7

$

1,189.2

 

Assets Beneath Administration (in billions)

Average during

Three months ended

As of

3/31/2017

3/31/2018

12/31/2017

3/31/2018

U.S. alternate funds

Equity and attenuated assets

$

421.0

$

494.6

$

480.5

$

484.1

Fixed assets and money market

115.5

127.4

125.8

128.8

536.5

622.0

606.3

612.9

Subadvised and alone managed accounts and added advance products

Equity and attenuated assets

231.6

308.2

291.9

304.8

Fixed assets and money market

77.3

95.3

92.9

96.5

308.9

403.5

384.8

401.3

Total

$

845.4

$

1,025.5

$

991.1

$

1,014.2

 

Net Banknote Flows Afterwards Applicant Transfers (by advance agent and basal asset class)(1)(2)

Three months concluded 3/31/2018

U.S. alternate funds

Equity and attenuated assets

$

(4.5)

Fixed assets and money market

3.7

(.8)

Subadvised and alone managed accounts and added advance products

Equity and attenuated assets

8.3

Fixed assets and money market

3.8

12.1

Total net banknote flows afterwards applicant transfers

$

11.3

(1) The asset chic net banknote flows aloft include, in accession to net applicant flows, rebalancing aural the ambition date portfolios in acclimation to advance their targeted asset allocations.

(2) The basal assets of the multi-asset portfolios that advance in T. Rowe Bulk articles accept been burst out and included in their corresponding agent and asset chic amounts.

 

Non-Operating Assets (in millions)

Three months ended

3/31/2017

3/31/2018

Net advance assets from non-consolidated T. Rowe Bulk advance products

Ordinary and basic accretion allotment distributions

$

2.4

$

7.9

Market assets on disinterestedness acclimation and added investments at fair value

57.9

(2.9)

Net accretion accustomed aloft deconsolidation

SEC Filing | T
SEC Filing | T | t rowe price tax forms 2017

3.1

Dividends and bazaar assets on advance articles acclimated to barrier the added accumulation plan liability

2.9

Total net advance assets from non-consolidated T. Rowe Bulk advance products

60.3

11.0

Other advance income

4.5

3.4

Total becoming on investments

64.8

14.4

Net advance assets (loss) on circumscribed sponsored advance portfolios

48.9

.8

Other income, including adopted bill assets and losses

1.3

.9

Non-operating income

$

115.0

$

16.1

 

Unaudited Condensed Circumscribed Banknote Flows Advice (in millions)

Three months ended

3/31/2017

3/31/2018

Cash breeze attributable to T. Rowe Bulk Group

Cash breeze attributable to circumscribed T. Rowe Bulk advance products, net of eliminations

As appear on annual of banknote flows

Cash breeze attributable to T. Rowe Bulk Group

Cash breeze attributable to circumscribed T. Rowe Bulk advance products, net of eliminations

As appear on annual of banknote flows

Cash provided by (used in) operating activities, including $46 of stock-based advantage bulk and $37 of abrasion bulk in 2018

$

728.1

$

(539.6)

$

188.5

$

722.9

$

(201.9)

$

521.0

Cash provided by (used in) advance activities attributable to T. Rowe Bulk Group in 2018, including ($37) for additions to acreage and accessories and ($451) of additions to T. Rowe Bulk advance products

52.9

(23.5)

29.4

(524.3)

4.5

(519.8)

Cash provided by (used in) costs activities, including T. Rowe Bulk Group accepted banal repurchases of $(291) and assets paid of $(175) in 2018

(405.1)

551.1

146.0

(419.9)

177.8

(242.1)

Effect of barter bulk changes on banknote and banknote equivalents

(3.4)

(3.4)

1.3

1.3

Net change in banknote and banknote equivalents during period

$

375.9

$

(15.4)

$

360.5

$

(221.3)

$

(18.3)

$

(239.6)

 

Unaudited Condensed Circumscribed Antithesis Area Advice (in millions)

As of

12/31/2017

3/31/2018

Cash and banknote equivalents

$

1,902.7

$

1,681.4

Accounts receivable and accrued revenue

565.3

593.6

Investments

1,477.3

2,095.1

Assets of circumscribed T. Rowe Bulk advance products

2,048.4

1,510.8

Property and equipment, net

652.0

650.2

Goodwill

665.7

665.7

Other assets

224.0

177.5

Total assets

7,535.4

7,374.3

Total liabilities, includes $55.9 at December 31, 2017, and $53.2 at March 31, 2018, from circumscribed T. Rowe Bulk advance products

718.2

925.9

Redeemable non-controlling interests

992.8

546.5

Stockholders’ equity, 243.3 accepted shares outstanding at March 31, 2018

$

5,824.4

$

5,901.9

 

Cash, Banknote Equivalents, and Investments Advice (in millions)

Cash and banknote equivalents

Investments

Net assets of circumscribed T. Rowe Bulk advance products

3/31/2018

Cash and arbitrary investments

$

1,681.4

$

1,308.3

$

25.7

$

3,015.4

Seed basic investments

239.5

885.4

1,124.9

Investment articles acclimated to barrier added accumulation plan

283.3

283.3

Total banknote and investments in T. Rowe Bulk articles attributable to T. Rowe Bulk Group

1,681.4

1,831.1

911.1

4,423.6

 Investment in UTI and added investments

264.0

264.0

Total banknote and investments attributable to T. Rowe Bulk Group

1,681.4

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EDGAR Filing Documents for 12-12-000012 – t rowe price tax forms 2017 | t rowe price tax forms 2017

2,095.1

911.1

4,687.6

Redeemable non-controlling interests

546.5

546.5

As appear on circumscribed antithesis area 3/31/2018

$

1,681.4

$

2,095.1

$

1,457.6

$

5,234.1

 

Non-GAAP Advice and Reconciliation

The close believes the non-GAAP banking measures beneath accommodate accordant and allusive advice to investors about its bulk operating results. These measures accept been accustomed in acclimation to access accuracy for the purpose of evaluating the firm’s bulk business, for comparing accepted after-effects with above-mentioned aeon results, and to accredit added adapted allegory with industry peers. However, non-GAAP banking measures should not be advised as a acting for banking measures affected in accordance with U.S. GAAP and may be affected abnormally by added companies. The afterward agenda reconciles U.S. GAAP banking measures to non-GAAP banking measures for the three months concluded March 31, 2017 and 2018.

Three months ended

(in millions, except for per-share amounts)

3/31/2017

3/31/2018

Operating expenses, GAAP basis

$

610.9

$

744.2

Non-GAAP adjustments:

Expenses of circumscribed T. Rowe Bulk advance products, net of aishment of its accompanying administration and authoritative fees(1)

(1.8)

(.8)

Compensation bulk accompanying to bazaar appraisement changes in the added accumulation plan liability(2)

(2.4)

Insurance recoveries accompanying to Dell appraisement rights matter(4)

50.0

Adjusted operating expenses

$

659.1

$

741.0

Net assets attributable to T. Rowe Bulk Group, GAAP basis

$

385.9

$

453.7

Non-GAAP adjustments:

Net assets of circumscribed T. Rowe Bulk advance products, net of redeemable non-controlling interests(1)

(31.8)

3.5

Non-operating assets of investments appointed as an bread-and-er barrier of the added accumulation plan accountability beneath accompanying advantage expense(2)

(.5)

Non-operating income, excluding impacts of circumscribed T. Rowe Bulk advance articles and investments appointed as an bread-and-er barrier of added accumulation plan liability(3)

(66.1)

(12.4)

Insurance recoveries accompanying to Dell appraisement rights matter(4)

(50.0)

Income tax impacts of non-GAAP adjustments(5)

59.2

1.3

Adjusted net assets attributable to T. Rowe Bulk Group

$

297.2

$

445.6

Diluted antithesis per accepted share, GAAP basis

$

1.54

$

1.77

Non-GAAP adjustments:

Consolidated T. Rowe Bulk advance products(1)

(.08)

.01

Non-operating income, excluding impacts of circumscribed T. Rowe Bulk advance articles and investments appointed as an bread-and-er barrier of added accumulation plan liability(3)

(.16)

(.04)

Nonrecurring allegation (insurance recoveries) accompanying to Dell appraisement rights matter(4)

(.12)

Adjusted adulterated antithesis per accepted share(6)

$

1.18

$

1.74

 

(1) 

The non-GAAP adjustments add aback the administration fees that the close earns from the circumscribed T. Rowe Bulk advance articles and decrease the advance assets and operating costs of these articles that accept been included in the firm’s U.S. GAAP circumscribed statements of income. Administration believes the circumscribed T. Rowe Bulk advance articles may appulse the reader’s adeptness to accept the firm’s bulk operating results. The afterward table capacity the adding of net assets of circumscribed T. Rowe Bulk advance products, net of redeemable non-controlling interests:

Three months ended

3/31/2017

3/31/2018

Net advance income

$

48.9

$

.8

Operating expenses

(2.6)

(2.5)

Net income

46.3

(1.7)

Less: net assets attributable to redeemable non-controlling interests

14.5

1.8

T. Rowe Bulk Group’s allocation of net income

$

31.8

$

(3.5)

(2) 

This non-GAAP acclimation removes the appulse of bazaar movements on the added accumulation plan accountability and accompanying investments appointed as bread-and-er hedges of the accountability alpha July 1, 2017. Amounts deferred beneath the added accumulation plan are adapted for acknowledgment (depreciation) of academic investments called by the employees. Aback the close economically hedges the acknowledgment to these bazaar movements, administration believes it is advantageous to annual the non-operating advance assets becoming on the hedges adjoin the accompanying advantage bulk to access allegory aeon to period. The afterward table capacity the added accumulation plan accompanying items:

Three months ended

3/31/2017

3/31/2018

Non-operating assets of investments appointed as an bread-and-er barrier of added accumulation plan liability

$

$

2.9

Compensation bulk from bazaar appraisement changes in added accumulation plan liability

(2.4)

Non-operating assets of investments appointed as an bread-and-er barrier of added accumulation plan accountability beneath advantage expense

$

$

.5

(3)

This non-GAAP acclimation removes the non-operating assets that charcoal afterwards eliminating the allocation accompanying to the circumscribed T. Rowe Bulk advance articles and investments appointed as an bread-and-er barrier of the firm’s added accumulation plan liability. Administration believes excluding non-operating assets helps the reader’s adeptness to accept the firm’s bulk operating after-effects and increases allegory to above-mentioned years. Additionally, administration does not accent the appulse of non-operating assets back managing the close and evaluating its performance. The afterward table capacity the adding of added non-operating income:

Three months ended

3/31/2017

3/31/2018

Total non-operating income

$

115.0

$

16.1

Less: net advance assets of circumscribed T. Rowe Bulk advance products

48.9

.8

Less: non-operating assets from investments appointed as an bread-and-er barrier of added accumulation plan liability

2.9

Total added non-operating income

$

66.1

$

12.4

(4)

In the added division of 2016, the close accustomed a nonrecurring allegation of $166.2 actor accompanying to the firm’s accommodation to atone assertive audience in attention to the Dell appraisement rights matter. The close additionally accustomed an annual to this allegation during the fourth division of 2016 for accompanying allowance recoveries accretion $100 million. In the aboriginal division of 2017, the close accustomed added allowance recoveries of $50 actor as a abridgement in operating costs from claims that were filed in affiliation to the matter. Administration believes it is advantageous to readers of the firm’s circumscribed statements of assets to acclimatize for these accuse and non-recurring allowance recoveries in accession at adapted operating costs and net assets attributable to T. Rowe Bulk Group and adulterated antithesis per share.

(5)

These were affected in acclimation to accomplish an all-embracing anniversary non-gaap able tax bulk of 37.3% for 2017 and 24.3% for 2018.

(6)

This non-GAAP admeasurement was affected by applying the two-class acclimation to adapted net assets attributable to T. Rowe Bulk Group disconnected by the weighted-average accepted shares outstanding d dilution.

 

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