Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 using:
Description	March 31, 2021		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	$	425.2	$	—	$	425.2	$	—
Equity-related derivative instruments	140.4		—		—		140.4
Foreign currency forward and option contracts	6.7		—		6.7		—
Other	0.2		—		0.2		—
Total derivative instruments	572.5		—		432.1		140.4
Investments:
SMAs	1,961.2		426.0		1,535.2		—
Other investments	1,667.8		961.6		87.5		618.7
Total investments	3,629.0		1,387.6		1,622.7		618.7
Total assets	$	4,201.5	$	1,387.6	$	2,054.8	$	759.1
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	773.8	$	—	$	773.8	$	—
Foreign currency forward and option contracts	54.8		—		54.8		—
Other	0.1		—		0.1		—
Total liabilities	$	828.7	$	—	$	828.7	$	—

			Fair value measurements at  December 31, 2020 using:
Description	December 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	$	567.2	$	—	$	567.2	$	—
Equity-related derivative instruments	280.9		—		—		280.9
Foreign currency forward and option contracts	36.6		—		36.6		—
Other	0.1		—		0.1		—
Total derivative instruments	884.8		—		603.9		280.9
Investments:
SMAs	1,965.9		405.7		1,560.2		—
Other investments	1,500.1		888.2		92.3		519.6
Total investments	3,466.0		1,293.9		1,652.5		519.6
Total assets	$	4,350.8	$	1,293.9	$	2,256.4	$	800.5
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,535.3	$	—	$	1,535.3	$	—
Foreign currency forward and option contracts	81.5		—		81.5		—
Total liabilities	$	1,616.8	$	—	$	1,616.8	$	—

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 at January 1, 2021	$	519.6	$	—	$	280.9	$	800.5
Gains included in earnings (a):
Realized and unrealized gains on derivative instruments, net	—		179.4		24.5		203.9
Realized and unrealized gains due to changes in fair values of certain investments and debt, net	100.9		—		—		100.9
Partial settlement of ITV Collar (b)	—		—		(164.9)		(164.9)
Additions	4.3		—		—		4.3
Reclassification of asset to held for sale (c)	—		(179.4)		—		(179.4)
Foreign currency translation adjustments and other, net	(6.1)		—		(0.1)		(6.2)
Balance of net assets at March 31, 2021	$	618.7	$	—	$	140.4	$	759.1

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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, 2021.

(b)For additional information regarding the ITV Collar, see note 5.

(c)Represents the reclassification of the derivative assets associated with the U.K. JV Entities as of March 31, 2021 to assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4.