Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019.



	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
(In millions)	03/31/20		12/31/19		03/31/20		12/31/19		03/31/20		12/31/19		03/31/20		12/31/19
Assets:
Financial instruments owned:
Exchange traded equity securities^(a)	$	3	$	4	$	—	$	—	$	—	$	—	$	3	$	4
Mutual funds^(a)	138		166		—		—		—		—		138		166
Money market funds^(b)	408		55		—		—		—		—		408		55
Other equity investment^(a)	—		—		8		8		—		—		8		8
Contingent purchase consideration asset^(a)	—		—		—		—		82		84		82		84
Total assets measured at fair value	$	549	$	225	$	8	$	8	$	82	$	84	$	639	$	317
Fiduciary Assets:
U.S. Treasury Bills	$	—	$	40	$	—	$	—	$	—	$	—	$	—	$	40
Money market funds	134		360		—		—		—		—		134		360
Total fiduciary assets measured at fair value	$	134	$	400	$	—	$	—	$	—	$	—	$	134	$	400
Liabilities:
Contingent purchase consideration liability^(c)	$	—	$	—	$	—	$	—	$	239	$	225	$	239	$	225
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	239	$	225	$	239	$	225

^(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 three month periods ended March 31, 2020 and 2019:



	Three Months Ended March 31,
(In millions)	2020			2019
Balance at beginning of period	$	225		$	508
Net Additions	30			11
Payments	(13		)	(35		)
Revaluation Impact	1			11
Change in fair value of the FX contract	—			(42		)
Other ^(a)	(4		)	1
Balance at March 31,	$	239		$	454

^(a)Primarily reflects the impact of foreign exchange.