Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020 using:
Description	March 31, 2020		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	$	2,019.4	$	—	$	2,019.4	$	—
Equity-related derivative instruments	1,053.7		—		—		1,053.7
Foreign currency forward and option contracts	5.1		—		5.1		—
Other	0.1		—		0.1		—
Total derivative instruments	3,078.3		—		2,024.6		1,053.7
Investments:
SMAs	1,974.0		520.3		1,453.7		—
Other investments	800.3		364.8		—		435.5
Total investments	2,774.3		885.1		1,453.7		435.5
Total assets	$	5,852.6	$	885.1	$	3,478.3	$	1,489.2
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,341.8	$	—	$	1,330.1	$	11.7
Foreign currency forward and option contracts	1.6		—		1.6		—
Other	0.4		—		0.4		—
Total derivative instruments	1,343.8		—		1,332.1		11.7
Debt	43.6		—		43.6		—
Total liabilities	$	1,387.4	$	—	$	1,375.7	$	11.7

			Fair value measurements at  December 31, 2019 using:
Description	December 31, 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	$	1,157.2	$	—	$	1,157.2	$	—
Equity-related derivative instruments	663.4		—		—		663.4
Foreign currency forward and option contracts	6.0		—		6.0		—
Other	0.9		—		0.9		—
Total derivative instruments	1,827.5		—		1,164.1		663.4
Investments	1,289.2		869.2		—		420.0
Total assets	$	3,116.7	$	869.2	$	1,164.1	$	1,083.4
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,581.5	$	—	$	1,561.6	$	19.9
Foreign currency forward and option contracts	1.2		—		1.2		—
Total derivative instruments	1,582.7		—		1,562.8		19.9
Debt	45.6		—		45.6		—
Total liabilities	$	1,628.3	$	—	$	1,608.4	$	19.9

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, 2020	$	420.0		$	(19.9	)	$	663.4		$	1,063.5
Gains (losses) included in earnings from continuing operations (a):
Realized and unrealized gains (losses) on derivative instruments, net	—			(0.7		)	390.4			389.7
Realized and unrealized losses due to changes in fair values of certain investments and debt, net	(16.1		)	—			—			(16.1		)
Additions	34.4			—			—			34.4
Transfers out of Level 3	—			7.3			—			7.3
Foreign currency translation adjustments and other, net	(2.8		)	1.6			(0.1		)	(1.3		)
Balance of net assets (liabilities) at March 31, 2020	$	435.5		$	(11.7	)	$	1,053.7		$	1,477.5

 

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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 March 31, 2020.