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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Schedule of Investments by Accounting Method
The details of our investments are set forth below:
Accounting MethodMarch 31,
2022		December 31,
2021		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$13,570.7 $13,774.7 50.0
VodafoneZiggo JV (c)
2,444.1 2,572.4 50.0
All3Media Group (All3Media)
171.0 143.7 50.0
Atlas Edge JV
156.3 163.7 50.0
Formula E Holdings Ltd (Formula E)
120.6 115.9 35.9
Other
171.0 174.8 
Total — equity16,633.7 16,945.2 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (d)
1,958.2 2,269.6 
Long-term:
ITV plc (ITV)
428.9 596.3 9.9
Televisa Univision, Inc. (Televisa Univision) (e)
385.5 385.5 6.3
SMAs (d)
374.4 531.7 
Lacework Inc.269.1 269.1 3.3
Plume Design, Inc. (Plume)
188.8 188.8 11.5
EdgeConneX Inc. (EdgeConneX)
148.5 138.7 5.1
Lions Gate Entertainment Corp (Lionsgate)
103.4 105.9 2.9
Pax8 Inc. (Pax8)
99.0 14.7 5.9
Aviatrix Systems, Inc.78.2 78.2 3.8
CANAL+ Polska S.A.67.9 70.8 17.0
Other (f)382.9 378.1 
Total — fair value4,484.8 5,027.4 
Total investments (g)$21,118.5 $21,972.6 
Short-term investments$1,958.2 $2,269.6 
Long-term investments$19,160.3 $19,703.0 
_______________

(a)Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information.

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At March 31, 2022 and December 31, 2021, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,233.9 million and $1,236.0 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media.
(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $775.7 million and $797.1 million, respectively (the VodafoneZiggo JV Receivable I), and (ii) a euro-denominated note receivable with a principal amount of $230.4 million and $236.7 million, respectively (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2022, interest accrued on the VodafoneZiggo JV Receivables was $14.1 million, all of which has been cash settled.

(d)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of March 31, 2022, all of our investments held under SMAs were classified as available-for-sale debt securities. At March 31, 2022 and December 31, 2021, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $5.0 million and $5.1 million, respectively.

(e)At March 31, 2022, the fair value of our investment in Televisa Univision reflects the merger of Univision Holdings Inc. and Grupo Televisa, S.A.B., which was completed during the first quarter of 2022.

(f)Amounts include $1.7 million and $2.1 million, respectively, of a noncontrolling junior interest in receivables we have securitized.

(g)The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs.
Equity Method Investments The preliminary amounts below are subject to adjustment based on the final assessment of the fair values of the identifiable assets and liabilities (in millions):
Current assets$4,186.7 
Property and equipment, net12,523.2 
Goodwill29,502.7 
Intangible assets subject to amortization, net13,274.6 
Other assets, net4,116.2 
Current portion of debt and finance lease obligations(4,352.5)
Other accrued and current liabilities(5,780.8)
Long-term debt and finance lease obligations(21,879.2)
Other long-term liabilities(2,170.9)
Total preliminary fair value of the net assets of the VMO2 JV
$29,420.0 
The following table sets forth the details of our share of results of affiliates, net:
 Three months ended
March 31,
 20222021
 in millions
VMO2 JV (a)
$187.1 $— 
VodafoneZiggo JV (b)
48.6 4.7 
Formula E
7.9 8.7 
All3Media
(4.7)(9.0)
Other, net(8.4)(2.7)
Total$230.5 $1.7 
_______________

(a)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VMO2 JV employees who were formerly employees of Liberty Global, as these awards remain our responsibility.

(b)Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables.
The summarized results of operations of the VMO2 JV for the three months ended March 31, 2022 are set forth below (in millions):
Revenue$3,398.0 
Earnings before income taxes$378.6 
Net earnings$318.1 
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended March 31,
20222021
in millions
Revenue$1,130.0 $1,217.0 
Earnings (loss) before income taxes$127.0 $(21.4)
Net earnings (loss)$72.3 $(16.1)
Schedule of Debt Securities
The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net:
 Three months ended
March 31,
 20222021
 in millions
ITV
$(167.4)$79.8 
Pax8
79.3 — 
Skillz Inc. (Skillz)
(26.1)— 
EdgeConneX
13.5 13.1 
Lionsgate
(2.5)20.8 
Plume
— 55.1 
Other, net9.6 25.8 
Total$(93.6)$194.6 
At March 31, 2022 and December 31, 2021, all of our SMAs were composed of debt securities, which are summarized in the following tables:
March 31, 2022
Amortized cost basisAccumulated unrealized lossesFair value
in millions
Commercial paper$778.7 $— $778.7 
Government bonds609.6 (3.8)605.8 
Corporate debt securities585.8 (6.3)579.5 
Certificates of deposit330.1 (0.3)329.8 
Other debt securities38.8 — 38.8 
Total debt securities$2,343.0 $(10.4)$2,332.6 

December 31, 2021
Amortized cost basisAccumulated unrealized lossesFair value
in millions
Commercial paper$897.4 $— $897.4 
Corporate debt securities705.5 (1.6)703.9 
Government bonds655.9 (3.3)652.6 
Certificates of deposit355.5 (0.1)355.4 
Other debt securities192.0 — 192.0 
Total debt securities$2,806.3 $(5.0)$2,801.3 
The fair value of our debt securities as of March 31, 2022 by contractual maturity are shown below (in millions):

Due in one year or less$1,958.2 
Due in one to five years371.4 
Due in five to ten years2.7 
Due after ten years0.3 
Total (a)$2,332.6 
_______________

(a)The weighted average life of our total debt securities was 0.5 years as of March 31, 2022.