Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021 using:
Description	September 30, 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	$	388.5	$	—	$	388.5	$	—
Equity-related derivative instruments	114.4		—		—		114.4
Foreign currency forward and option contracts	6.1		—		6.1		—
Other	1.3		—		1.3		—
Total derivative instruments	510.3		—		395.9		114.4
Investments:
SMAs	2,942.6		618.8		2,318.8		5.0
Other investments	1,855.7		740.4		71.5		1,043.8
Total investments	4,798.3		1,359.2		2,390.3		1,048.8
Total assets	$	5,308.6	$	1,359.2	$	2,786.2	$	1,163.2
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	663.0	$	—	$	663.0	$	—
Foreign currency forward and option contracts	31.1		—		31.1		—
Total liabilities	$	694.1	$	—	$	694.1	$	—

			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		—
Total derivative instruments	884.7		—		603.8		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	$	4,350.7	$	1,293.9	$	2,256.3	$	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 from continuing operations (a):
Realized and unrealized gains on derivative instruments, net	—		—		74.3		74.3
Realized and unrealized gains due to changes in fair values of certain investments and debt, net	467.0		179.3		—		646.3
Settlement of ITV Collar	—		—		(240.8)		(240.8)
Additions	83.9		—		—		83.9
Derivative instruments contributed to the VMED O2 JV in connection with the U.K. JV Transaction	—		(179.3)		—		(179.3)
Foreign currency translation adjustments and other, net	(21.7)		—		—		(21.7)
Balance of net assets at September 30, 2021	$	1,048.8	$	—	$	114.4	$	1,163.2

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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 September 30, 2021.