Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020:


(In millions)	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
	12/31/21		12/31/20		12/31/21		12/31/20		12/31/21		12/31/20		12/31/21		12/31/20
Assets:
Financial instruments owned:
Exchange traded equity securities (a)	$	61	$	59	$	—	$	—	$	—	$	—	$	61	$	59
Mutual funds(a)	192		186		—		—		—		—		192		186
Money market funds(b)	425		587		—		—		—		—		425		587
Other equity investment(a)	—		—		8		8		—		—		8		8
Contingent purchase consideration asset(c)	—		—		—		—		5		68		5		68

Total assets measured at fair value	$	678	$	832	$	8	$	8	$	5	$	68	$	691	$	908
Fiduciary Assets:



Money market funds	$	527	$	173	$	—	$	—	$	—	$	—	$	527	$	173
U.S. Treasury Bills(e)	55		150		—		—		—		—		55		150
Total fiduciary assets measured at fair value	$	582	$	323	$	—	$	—	$	—	$	—	$	582	$	323
Liabilities:
Contingent purchase consideration liability(d)	$	—	$	—	$	—	$	—	$	352	$	243	$	352	$	243

Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	352	$	243	$	352	$	243

(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, 2021 and other assets at December 31, 2020 in the consolidated balance sheets.

(d) Included in accounts payable and accrued liabilities and other liabilities in the consolidated balance sheets.

(e) U.S. Treasury bills with maturity dates of three months or less.

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 related to contingent consideration from acquisitions for the years ended December 31, 2021 and December 31, 2020.


(In millions)	2021		2020
Balance at January 1,	$	243	$	225
Net additions	107		107
Payments	(77)		(102)
Revaluation impact	81		11

Other (a)	(2)		2
Balance at December 31,	$	352	$	243

(a) Primarily reflects the impact of foreign exchange.