Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015:



(In millions of dollars)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/16		12/31/15		12/31/16		12/31/15		12/31/16		12/31/15		12/31/16		12/31/15
Assets:
Financial instruments owned:
Exchange traded equity securities^(a)	$	89	$	—	$	—	$	—	$	—	$	—	$	89	$	—
Mutual funds^(a)	141		142		—		—		—		—		141		142
Money market funds^(b)	22		140		—		—		—		—		22		140
Total assets measured at fair value	$	252	$	282	$	—	$	—	$	—	$	—	$	252	$	282
Fiduciary Assets:
Money market funds	$	90	$	48	$	—	$	—	$	—	$	—	$	90	$	48
Total fiduciary assets measured at fair value	$	90	$	48	$	—	$	—	$	—	$	—	$	90	$	48
Liabilities:
Contingent purchase consideration liability^(c)	$	—	$	—	$	—	$	—	$	241	$	309	$	241	$	309
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	241	$	309	$	241	$	309

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

(b) Included in cash and cash equivalents 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, 2016 and December 31, 2015 that represent contingent purchase consideration related to acquisitions:



(In millions)	2016			2015
Balance at January 1,	$	309		$	207
Additions	17			104
Payments	(86		)	(47		)
Revaluation Impact	9			45
Other ^(a)	(8		)	—
Balance at December 31,	$	241		$	309

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)	2016		2015		2014
Revenue	$	843	$	1,018	$	239
Net investment income (a)	$	1,824	$	1,620	$	161
Net income	$	91	$	196	$	216



As of September 30,
(In millions of dollars)	2016		2015
Total assets	$	22,997	$	21,101
Total liabilities	$	21,087	$	19,348
Non-controlling interests	$	12	$	12

The information above includes twelve months of income statement activity for Alexander Forbes in 2016, 2015 and two months of activity in 2014, reflecting the timing of the Company's investment.

(a) Net investment income in 2016 and 2015 includes approximately $1.9 billion and $1.5 billion, respectively, related to Alexander Forbes, substantially all of which is credited to policy holders.