Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019 using:
Description	June 30, 2019		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	$	1,918.3	$	—	$	1,917.9	$	0.4
Equity-related derivative instruments	855.6		—		—		855.6
Foreign currency forward and option contracts	5.5		—		5.5		—
Other	1.1		—		1.1		—
Total derivative instruments	2,780.5		—		1,924.5		856.0
Investments	1,070.0		624.1		—		445.9
Total assets	$	3,850.5	$	624.1	$	1,924.5	$	1,301.9
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,813.2	$	—	$	1,786.7	$	26.5
Equity-related derivative instruments	1.0		—		—		1.0
Foreign currency forward and option contracts	28.6		—		2.9		25.7
Total derivative instruments	1,842.8		—		1,789.6		53.2
Debt	225.6		—		225.6		—
Total liabilities	$	2,068.4	$	—	$	2,015.2	$	53.2

			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 instruments	1,370.7		—		1,354.9		15.8
Debt	248.6		—		248.6		—
Total liabilities	$	1,619.3	$	—	$	1,603.5	$	15.8

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, interest rate and foreign currency derivative contracts			Equity-related derivative instruments			Total
	in millions
Balance of net assets (liabilities) at January 1, 2019	$	418.9		$	(14.1	)	$	744.9		$	1,149.7
Gains (losses) included in loss from continuing operations (a):
Realized and unrealized gains (losses) on derivative instruments, net	—			(46.2		)	109.8			63.6
Realized and unrealized losses due to changes in fair values of certain investments and debt, net	(1.0		)	—			—			(1.0		)
Additions	28.8			—			—			28.8
Transfers out of Level 3	—			8.4			—			8.4
Foreign currency translation adjustments and other, net	(0.8		)	0.1			(0.1		)	(0.8		)
Balance of net assets (liabilities) at June 30, 2019	$	445.9		$	(51.8	)	$	854.6		$	1,248.7

 

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(a)

Most of these net gains and losses relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of June 30, 2019.