Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013:



(In millions of dollars)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/14		12/31/13		12/31/14		12/31/13		12/31/14		12/31/13		12/31/14		12/31/13
Assets:
Financial instruments owned:
Mutual funds^(a)	$	150	$	154	$	—	$	—	$	—	$	—	$	150	$	154
Money market funds^(b)	107		45		—		—		—		—		107		45
Interest rate swap derivatives^(c)	—		—		—		3		—		—		—		3
Total assets measured at fair value	$	257	$	199	$	—	$	3	$	—	$	—	$	257	$	202
Fiduciary Assets:
Money market funds	57		—		—		—		—		—		57		—
Total fiduciary assets measured at fair value	$	57	$	—	$	—	$	—	$	—	$	—	$	57	$	—
Liabilities:
Contingent purchase consideration liability^(d)	$	—	$	—	$	—	$	—	$	207	$	104	$	207	$	104
Senior Notes due 2014^(e)	—		—		—		253		—		—		—		253
Total liabilities measured at fair value	$	—	$	—	$	—	$	253	$	207	$	104	$	207	$	357

(a) Included in other assets in the consolidated balance sheets.

(b) Included in cash and cash equivalents in the consolidated balance sheets.

(d) Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets.

(e) Included in long-term debt in the consolidated balance sheets.

Changes in Fair Value of Level 3 Liabilities Representing Acquisition Related Contingent Consideration

The table below sets forth a summary of the changes in fair value of the Company’s Level 3 liabilities for the years ended December 31, 2014 and December 31, 2013 that represent contingent purchase consideration related to acquisitions:



(In millions of dollars)	2014			2013
Balance at January 1,	$	104		$	63
Additions	114			26
Payments	(42		)	(17		)
Revaluation Impact	31			32
Balance at December 31,	$	207		$	104

Equity Method Investments Summarized Financial Information

Below is a summary of the financial information for the Company's significant equity method investees:



For the twelve months ended September 30,
(In millions of dollars)	2014		2013		2012
Revenue	$	239	$	148	$	144
Net investment income	$	161	$	88	$	(19	)
Net income	$	216	$	135	$	36



As of September 30,
(In millions of dollars)	2014		2013
Total assets	$	25,497	$	741
Total liabilities	$	24,209	$	136
Non controlling interests	$	14	$	3

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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