Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2020 and 2019:


(In millions of dollars)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/20		12/31/19		12/31/20		12/31/19		12/31/20		12/31/19		12/31/20		12/31/19
Assets:
Financial instruments owned:
Exchange traded equity securities (a)	$	59	$	4	$	—	$	—	$	—	$	—	$	59	$	4
Mutual funds(a)	186		166		—		—		—		—		186		166
Money market funds(b)	587		55		—		—		—		—		587		55
Other equity investment(a)	—		—		8		8		—		—		8		8
Contingent purchase consideration asset(c)	—		—		—		—		68		84		68		84

Total assets measured at fair value	$	832	$	225	$	8	$	8	$	68	$	84	$	908	$	317
Fiduciary Assets:



Money market funds	$	173	$	360	$	—	$	—	$	—	$	—	$	173	$	360
U.S. Treasury Bills	150		40		—		—		—		—		150		40
Total fiduciary assets measured at fair value	$	323	$	400	$	—	$	—	$	—	$	—	$	323	$	400
Liabilities:
Contingent purchase consideration liability(d)	$	—	$	—	$	—	$	—	$	243	$	225	$	243	$	225
Acquisition related derivative contracts	—		—		—		—		—		—		—		—
Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	243	$	225	$	243	$	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 December 31, 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 years ended December 31, 2020 and December 31, 2019.


(In millions)	2020		2019
Balance at January 1,	$	225	$	508
Net additions	107		36
Payments	(102)		(63)
Revaluation impact	11		70
Change in fair value of the FX contract	—		(325)
Other (a)	2		(1)
Balance at December 31,	$	243	$	225

(a) Primarily reflects the impact of foreign exchange.