Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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  June 30, 2017 using:
Description	June 30, 2017		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	$	1,999.5	$	—	$	1,999.5	$	—
Equity-related derivative instruments	556.6		—		—		556.6
Foreign currency forward and option contracts	24.1		—		24.1		—
Other	0.9		—		0.9		—
Total derivative instruments	2,581.1		—		2,024.5		556.6
Investments	2,070.2		1,670.8		—		399.4
Total assets	$	4,651.3	$	1,670.8	$	2,024.5	$	956.0
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,414.2	$	—	$	1,399.2	$	15.0
Equity-related derivative instruments	8.8		—		—		8.8
Foreign currency forward and option contracts	19.2		—		19.2		—
Total derivative liabilities	1,442.2		—		1,418.4		23.8
Debt	757.3		356.8		400.5		—
Total liabilities	$	2,199.5	$	356.8	$	1,818.9	$	23.8

			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 instruments	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

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 asset (liability) at January 1, 2017	$	374.8		$	(10.7	)	$	515.4		$	879.5
Gains included in net loss (a):
Realized and unrealized gains (losses) on derivative instruments, net	—			(4.3		)	81.5			77.2
Realized and unrealized gains due to changes in fair values of certain investments and debt, net	21.3			—			—			21.3
Partial settlement of Sumitomo Collar (b)	—			—			(51.0		)	(51.0		)
Additions	12.7			—			—			12.7
Foreign currency translation adjustments, dividends and other, net	(9.4		)	—			1.9			(7.5		)
Balance of net asset (liability) at June 30, 2017	$	399.4		$	(15.0	)	$	547.8		$	932.2

 

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(a) Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of June 30, 2017.

(b) For additional information regarding the partial settlement of the Sumitomo Collar, see note 5.