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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets measured at fair value on a recurring basis

December 31, 2020

December 31, 2019

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

(in millions)

Assets

Investments (Note 4)

$

8,546

$

174

$

41

$

8,761

$

9,448

$

281

$

3

$

9,732

Derivative contracts, at fair value (Note 6)

 

 

785

 

 

785

 

 

182

 

 

182

$

8,546

$

959

$

41

$

9,546

$

9,448

$

463

$

3

$

9,914

Liabilities

Securities sold, not yet purchased (Note 4)

$

2,521

$

$

$

2,521

$

1,190

$

$

$

1,190

Derivative contracts, at fair value (Note 6)

 

11

 

628

 

 

639

 

 

1,224

 

 

1,224

Other liabilities

 

 

214

 

 

214

 

 

7

 

6

 

13

$

2,532

$

842

$

$

3,374

$

1,190

$

1,231

$

6

$

2,427

Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value

Year Ended December 31, 

    

2020

    

2019

(in millions)

Balance at January 1

$

3

$

372

Transfer in from Level 2

136

Net gains recognized in income

 

48

 

89

Purchases

101

Transfer out of Level 3

(246)

Sales

 

 

(458)

Other

 

(1)

 

Balance at December 31

$

41

$

3