Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019.


	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
(In millions)	09/30/20		12/31/19		09/30/20		12/31/19		09/30/20		12/31/19		09/30/20		12/31/19
Assets:
Financial instruments owned:
Exchange traded equity securities(a)	$	45	$	4	$	—	$	—	$	—	$	—	$	45	$	4
Mutual funds(a)	167		166		—		—		—		—		167		166
Money market mutual funds(b)	861		55		—		—		—		—		861		55
Other equity investment(a)	—		—		8		8		—		—		8		8
Contingent purchase consideration asset(c)	—		—		—		—		67		84		67		84
Total assets measured at fair value	$	1,073	$	225	$	8	$	8	$	67	$	84	$	1,148	$	317
Fiduciary Assets:


U.S. Treasury Bills	$	25	$	40	$	—	$	—	$	—	$	—	$	25	$	40
Money market funds	176		360		—		—		—		—		176		360
Total fiduciary assets measured at fair value	$	201	$	400	$	—	$	—	$	—	$	—	$	201	$	400
Liabilities:
Contingent purchase consideration liability(d)	$	—	$	—	$	—	$	—	$	230	$	225	$	230	$	225

Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	230	$	225	$	230	$	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 other receivables at September 30, 2020 and other assets at December 31, 2019 in the consolidated balance sheets.

(d) 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 and nine month periods ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Balance at beginning of period	$	233	$	196	$	225	$	508
Net Additions	—		(7)		96		33
Payments	(23)		(13)		(101)		(58)
Revaluation Impact	18		6		8		26
Change in fair value of the FX contract	—		—		—		(325)
Other (a)	2		3		2		1
Balance at September 30,	$	230	$	185	$	230	$	185

(a) Primarily reflects the impact of foreign exchange.