Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table summarizes the valuation of our investments, derivative contracts, securities sold not yet purchased and other liabilities by the above fair value hierarchy levels measured on a recurring and non-recurring basis as of March 31, 2016 and December 31, 2015:



	March 31, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments (Note 4)	$	9,007	$	430	$	249	$	9,686	$	14,447	$	289	$	292	$	15,028
Derivative contracts, at fair value⁽¹⁾	—		40		—		40		—		259		—		259
	$	9,007	$	470	$	249	$	9,726	$	14,447	$	548	$	292	$	15,287
Liabilities
Securities sold, not yet purchased	$	998	$	54	$	—	$	1,052	$	794	$	—	$	—	$	794
Other liabilities	—		1		—		1		—		3		—		3
Derivative contracts, at fair value⁽²⁾	—		469		—		469		—		36		—		36
	$	998	$	524	$	—	$	1,522	$	794	$	39	$	—	$	833


⁽¹⁾	Amounts are classified within other assets in our condensed consolidated balance sheets.


⁽²⁾	Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows:



	Three Months Ended March 31,
	2016			2015
	(in millions)
Balance at January 1	$	283		$	229
Gross unrealized gains (losses)	16			(14		)
Purchases	50			—
Transfers (out) in	(122		)	1
Balance at March 31	$	227		$	216