Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of 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 at March 31, 2024 and December 31, 2023:


	Identical Assets (Level 1)				Observable Inputs (Level 2)				Unobservable Inputs (Level 3)				Total
(In millions)	03/31/24		12/31/23		03/31/24		12/31/23		03/31/24		12/31/23		03/31/24		12/31/23
Assets:
Financial instruments owned:
Exchange traded equity securities (a)	$	7	$	5	$	—	$	—	$	—	$	—	$	7	$	5
Mutual funds (a)	183		178		—		—		—		—		183		178
Money market funds (b)	321		606		—		—		—		—		321		606

Contingent purchase consideration assets (c)	—		—		—		—		1		1		1		1
Total assets measured at fair value	$	511	$	789	$	—	$	—	$	1	$	1	$	512	$	790
Fiduciary Assets:



Money market funds	$	76	$	180	$	—	$	—	$	—	$	—	$	76	$	180
Total fiduciary assets measured at fair value	$	76	$	180	$	—	$	—	$	—	$	—	$	76	$	180
Liabilities:
Contingent purchase consideration liabilities (d)	$	—	$	—	$	—	$	—	$	242	$	252	$	242	$	252

Total liabilities measured at fair value	$	—	$	—	$	—	$	—	$	242	$	252	$	242	$	252

(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.

Schedule of 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 months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(In millions)		2024		2023
Balance at January 1,		$	252	$	377
Net additions		13		—
Payments		(26)		(1)
Revaluation impact		6		7

Other		(3)		—
Balance at March 31,		$	242	$	383