Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Assets measured at fair value on a recurring basis



	March 31, 2017								December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments (Note 4)	$	9,163	$	389	$	214	$	9,766	$	9,033	$	306	$	212	$	9,551
Derivative contracts, at fair value⁽¹⁾	—		8		—		8		—		23		—		23
	$	9,163	$	397	$	214	$	9,774	$	9,033	$	329	$	212	$	9,574
Liabilities
Securities sold, not yet purchased (Note 4)	$	2,139	$	53	$	—	$	2,192	$	1,087	$	52	$	—	$	1,139
Other liabilities	—		180		—		180		—		187		—		187
Derivative contracts, at fair value⁽²⁾	—		1,673		—		1,673		—		1,139		—		1,139
	$	2,139	$	1,906	$	—	$	4,045	$	1,087	$	1,378	$	—	$	2,465


⁽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.

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



	Three Months Ended March 31,
	2017		2016
	(in millions)
Balance at January 1	$	212	$	283
Net realized and unrealized gains (losses)⁽¹⁾	1		16
Purchases	—		50
Transfers out	—		(128		)
Transfers in	1		6
Balance at March 31	$	214	$	227

⁽¹⁾Includes net unrealized losses of $1 million and $0 million for the three months ended March 31, 2017 and 2016, respectively, relating to investments still held at March 31 of each respective period and which are included in net gain (loss) from investment activities in the condensed consolidated statements of operations.