Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:

			Fair value measurements at  December 31, 2016 using:
Description	December 31, 2016		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions
Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	2,606.5	$	—	$	2,606.5	$	—
Equity-related derivative instruments	524.0		—		—		524.0
Foreign currency forward and option contracts	45.1		—		45.1		—
Other	0.5		—		0.5		—
Total derivative instruments	3,176.1		—		2,652.1		524.0
Investments	2,057.2		1,682.4		—		374.8
Total assets	$	5,233.3	$	1,682.4	$	2,652.1	$	898.8
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,292.2	$	—	$	1,281.5	$	10.7
Equity-related derivative instruments	8.6		—		—		8.6
Foreign currency forward and option contracts	9.0		—		9.0		—
Other	0.1		—		0.1		—
Total derivative liabilities	1,309.9		—		1,290.6		19.3
Debt	344.4		215.5		128.9		—
Total liabilities	$	1,654.3	$	215.5	$	1,419.5	$	19.3

			Fair value measurements  at December 31, 2015 using:
Description	December 31, 2015		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions
Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	2,085.6	$	—	$	2,085.6	$	—
Equity-related derivative instruments	408.5		—		—		408.5
Foreign currency forward contracts	10.4		—		10.4		—
Other	1.6		—		1.6		—
Total derivative instruments	2,506.1		—		2,097.6		408.5
Investments	2,591.8		2,257.2		—		334.6
Total assets	$	5,097.9	$	2,257.2	$	2,097.6	$	743.1
Liabilities - derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,513.4	$	—	$	1,513.4	$	—
Equity-related derivative instruments	74.4		—		—		74.4
Foreign currency forward contracts	1.1		—		1.1		—
Other	5.7		—		5.7		—
Total liabilities	$	1,594.6	$	—	$	1,520.2	$	74.4

Schedule of Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value Using Significant Unobservable, or Level 3, Inputs

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:

	Investments			Cross-currency and interest rate derivative contracts			Equity-related derivative instruments			Total
	in millions
Balance of net assets at January 1, 2016	$	334.6		$	—		$	334.1		$	668.7
Gains included in net earnings (a):
Realized and unrealized gains (losses) on derivative instruments, net	—			(10.7		)	337.6			326.9
Realized and unrealized gains due to changes in fair values of certain investments, net	135.9			—			—			135.9
Settlements (b)	—			—			(184.9		)	(184.9		)
Dispositions	(125.4		)	—			19.2			(106.2		)
Additions	51.1			—			—			51.1
Foreign currency translation adjustments and other, net	(21.4		)	—			9.4			(12.0		)
Balance of net assets at December 31, 2016	$	374.8		$	(10.7	)	$	515.4		$	879.5

 

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(a) Includes an aggregate net gain of $101.4 million related to net assets that were sold or settled during 2016.

(b)

Includes the partial settlement of the Sumitomo Collar and the settlement of the Virgin Media Capped Calls. For additional information, see note 7.