Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020:


	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
(In millions)	09/30/21		12/31/20		09/30/21		12/31/20		09/30/21		12/31/20		09/30/21		12/31/20
Assets:
Financial instruments owned:
Exchange traded equity securities(a)	$	60	$	59	$	—	$	—	$	—	$	—	$	60	$	59
Mutual funds(a)	193		186		—		—		—		—		193		186
Money market funds(b)	106		587		—		—		—		—		106		587
Other equity investment(a)	—		—		8		8		—		—		8		8
Contingent purchase consideration assets(c)	—		—		—		—		5		68		5		68
Total assets measured at fair value	$	359	$	832	$	8	$	8	$	5	$	68	$	372	$	908
Fiduciary Assets:


U.S. treasury bills	$	75	$	150	$	—	$	—	$	—	$	—	$	75	$	150
Money market funds	244		173		—		—		—		—		244		173
Total fiduciary assets measured at fair value	$	319	$	323	$	—	$	—	$	—	$	—	$	319	$	323
Liabilities:
Contingent purchase consideration liability(d)	$	—	$	—	$	—	$	—	$	303	$	243	$	303	$	243

Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	303	$	243	$	303	$	243

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

(b) Included in cash and cash equivalents 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 following table 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, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2021		2020		2021		2020
Balance at beginning of period	$	340	$	233	$	243	$	225
Net additions	1		—		99		96
Payments	(54)		(23)		(72)		(101)
Revaluation impact	18		18		35		8

Other (a)	(2)		2		(2)		2
Balance at September 30,	$	303	$	230	$	303	$	230

(a) Primarily reflects the impact of foreign exchange.