Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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  March 31, 2018 using:
Description	March 31, 2018		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	$	1,452.6	$	—	$	1,443.8	$	8.8
Equity-related derivative instruments	705.3		—		—		705.3
Foreign currency forward and option contracts	11.0		—		11.0		—
Other	1.0		—		1.0		—
Total derivative instruments	2,169.9		—		1,455.8		714.1
Investments	2,288.8		1,828.4		—		460.4
Total assets	$	4,458.7	$	1,828.4	$	1,455.8	$	1,174.5
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	2,347.2	$	—	$	2,343.9	$	3.3
Equity-related derivative instruments	5.1		—		—		5.1
Foreign currency forward and option contracts	5.8		—		5.8		—
Total derivative liabilities	2,358.1		—		2,349.7		8.4
Debt	949.6		615.1		334.5		—
Total liabilities	$	3,307.7	$	615.1	$	2,684.2	$	8.4

			Fair value measurements at  December 31, 2017 using:
Description	December 31, 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	$	1,729.9	$	—	$	1,722.2	$	7.7
Equity-related derivative instruments	560.9		—		—		560.9
Foreign currency forward and option contracts	17.1		—		17.1		—
Other	1.1		—		1.1		—
Total derivative instruments	2,309.0		—		1,740.4		568.6
Investments	2,315.3		1,908.7		—		406.6
Total assets	$	4,624.3	$	1,908.7	$	1,740.4	$	975.2
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	2,105.5	$	—	$	2,102.3	$	3.2
Equity-related derivative instruments	5.4		—		—		5.4
Foreign currency forward and option contracts	7.9		—		7.9		—
Total derivative instruments	2,118.8		—		2,110.2		8.6
Debt	965.7		621.7		344.0		—
Total liabilities	$	3,084.5	$	621.7	$	2,454.2	$	8.6

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, 2018	$	406.6	$	4.5	$	555.5		$	966.6
Gains included in net loss (a):
Realized and unrealized gains on derivative instruments, net	—		1.0		145.2			146.2
Realized and unrealized gains due to changes in fair values of certain investments and debt, net	3.0		—		—			3.0
Additions	14.7		—		—			14.7
Impact of ASU 2016-01	31.9		—		—			31.9
Foreign currency translation adjustments and other, net	4.2		—		(0.5		)	3.7
Balance of net assets at March 31, 2018	$	460.4	$	5.5	$	700.2		$	1,166.1

 

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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 March 31, 2018.