Fair Value Measurements (Tables)

12 Months Ended

Dec. 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  December 31, 2018 using:
Description	December 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	$	1,742.8	$	—	$	1,742.5	$	0.3
Equity-related derivative instruments	746.3		—		—		746.3
Foreign currency forward and option contracts	7.2		—		7.2		—
Other	0.4		—		0.4		—
Total derivative instruments	2,496.7		—		1,750.1		746.6
Investments	1,174.8		755.9		—		418.9
Total assets	$	3,671.5	$	755.9	$	1,750.1	$	1,165.5
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,368.7	$	—	$	1,354.3	$	14.4
Equity-related derivative instruments	1.4		—		—		1.4
Foreign currency forward and option contracts	0.5		—		0.5		—
Other	0.1		—		0.1		—
Total derivative liabilities	1,370.7		—		1,354.9		15.8
Debt	248.6		—		248.6		—
Total liabilities	$	1,619.3	$	—	$	1,603.5	$	15.8

			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	$	1,548.9	$	—	$	1,548.7	$	0.2
Equity-related derivative instruments	560.9		—		—		560.9
Foreign currency forward and option contracts	17.1		—		17.1		—
Other	0.8		—		0.8		—
Total derivative instruments	2,127.7		—		1,566.6		561.1
Investments	2,315.3		1,908.7		—		406.6
Total assets	$	4,443.0	$	1,908.7	$	1,566.6	$	967.7
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,767.9	$	—	$	1,764.5	$	3.4
Equity-related derivative instruments	5.4		—		—		5.4
Foreign currency forward and option contracts	7.9		—		7.9		—
Total derivative liabilities	1,781.2		—		1,772.4		8.8
Debt	926.6		621.7		304.9		—
Total liabilities	$	2,707.8	$	621.7	$	2,077.3	$	8.8

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 (liabilities) at January 1, 2018	$	406.6		$	(3.2	)	$	555.5		$	958.9
Gains (losses) included in loss from continuing operations (a):
Realized and unrealized gains (losses) on derivative instruments, net	—			(11.5		)	197.5			186.0
Realized and unrealized loss due to changes in fair values of certain investments and debt, net	(39.0		)	—			—			(39.0		)
Impact of ASU 2016-01	31.9			—			—			31.9
Additions	55.0			0.2			—			55.2
Dispositions	(17.7		)	—			—			(17.7		)
Final settlement of Sumitomo Collar (b)	—			—			(7.4		)	(7.4		)
Transfers out of Level 3	(2.0		)	—			—			(2.0		)
Foreign currency translation adjustments, dividends and other, net	(15.9		)	0.4			(0.7		)	(16.2		)
Balance of net assets (liabilities) at December 31, 2018	$	418.9		$	(14.1	)	$	744.9		$	1,149.7

 

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(a) Most of these net gains and losses relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2018.

(b)

For additional information regarding the settlement of the final tranche of the Sumitomo Collar, see note 8.