Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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, 2019 and 2018:

(In millions of dollars)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/19		12/31/18		12/31/19		12/31/18		12/31/19		12/31/18		12/31/19		12/31/18
Assets:
Financial instruments owned:
Exchange traded equity securities (a)	$	4	$	133	$	—	$	—	$	—	$	—	$	4	$	133
Mutual funds(a)	166		151		—		—		—		—		166		151
Money market funds(b)	55		118		—		—		—		—		55		118
Other equity investment(a)	—		—		8		8		—		—		8		8
Contingent purchase consideration asset(a)	—		—		—		—		84		—		84		—
Total assets measured at fair value	$	225	$	402	$	8	$	8	$	84	$	—	$	317	$	410
Fiduciary Assets:
Money market funds	$	360	$	80	$	—	$	—	$	—	$	—	$	360	$	80
U.S. Treasury Bills	40		20		—		—		—		—		40		20
Total fiduciary assets measured at fair value	$	400	$	100	$	—	$	—	$	—	$	—	$	400	$	100
Liabilities:
Contingent purchase consideration liability(c)	$	—	$	—	$	—	$	—	$	225	$	183	$	225	$	183
Acquisition related derivative contracts	—		—		—		116		—		325		—		441
Total liabilities measured at fair value	$	—	$	—	$	—	$	116	$	225	$	508	$	225	$	624

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

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

(c) Included in accounts payable and accrued liabilities and other liabilities 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, 2019 and December 31, 2018.

(In millions)	2019			2018
Balance at January 1,	$	508		$	189
Additions	36			54
Payments	(63		)	(91		)
Revaluation Impact	70			32
Change in fair value of acquisition related derivative contracts	(325		)	325
Other (a)	(1		)	(1		)
Balance at December 31,	$	225		$	508

(a) Primarily reflects the impact of foreign exchange.

Equity method investments summarized financial information

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

For the Twelve Months Ended September 30,
(In millions of dollars)	2019		2018		2017
Revenue	$	719	$	733	$	628
Net investment income (a)	$	959	$	1,699	$	1,834
Net income	$	482	$	554	$	476

As of September 30,
(In millions of dollars)	2019		2018
Total assets	$	23,366	$	24,644
Total liabilities	$	21,013	$	22,257
Non-controlling interests	$	23	$	22

(a) Net investment income in 2019, 2018 and 2017 includes approximately $645 million, $1.2 billion and $1.5 billion, respectively, related to Alexander Forbes, substantially all of which is credited to policy holders.