Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 using:
Description	March 31, 2023		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	$	1,299.4	$	—	$	1,299.4	$	—
Equity-related derivative instruments	121.3		—		—		121.3
Foreign currency forward and option contracts	2.0		—		2.0		—
Other	0.2		—		0.2		—
Total derivative instruments	1,422.9		—		1,301.6		121.3
Investments:
SMAs	2,410.0		695.7		1,714.3		—
Other investments	3,585.3		1,950.6		0.1		1,634.6
Total investments	5,995.3		2,646.3		1,714.4		1,634.6
Total assets	$	7,418.2	$	2,646.3	$	3,016.0	$	1,755.9
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	622.0	$	—	$	622.0	$	—
Equity-related derivative instruments	88.8		—		—		88.8
Foreign currency forward and option contracts	7.0		—		7.0		—
Total liabilities	$	717.8	$	—	$	629.0	$	88.8

			Fair value measurements at  December 31, 2022 using:
Description	December 31, 2022		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	$	1,469.0	$	—	$	1,469.0	$	—
Foreign currency forward and option contracts	1.0		—		1.0		—
Other	0.3		—		0.3		—
Total derivative instruments	1,470.3		—		1,470.3		—
Investments:
SMAs	2,854.6		943.2		1,911.4		—
Other investments	2,038.4		399.3		0.1		1,639.0
Total investments	4,893.0		1,342.5		1,911.5		1,639.0
Total assets	$	6,363.3	$	1,342.5	$	3,381.8	$	1,639.0
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	735.5	$	—	$	735.5	$	—
Foreign currency forward and option contracts	11.6		—		11.6		—
Total liabilities	$	747.1	$	—	$	747.1	$	—

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		Equity-related derivative instruments		Total
	in millions
Balance of net assets at January 1, 2023	$	1,639.0	$	—	$	1,639.0
Gains (losses) included in loss from continuing operations (a):
Realized and unrealized gains on derivative instruments, net	—		31.7		31.7
Realized and unrealized losses due to changes in fair values of certain investments, net	(32.8)		—		(32.8)
Additions	16.4		—		16.4
Foreign currency translation adjustments and other, net	12.0		0.8		12.8
Balance of net assets at March 31, 2023 (b)	$	1,634.6	$	32.5	$	1,667.1

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2023.

(b)As of March 31, 2023, $322.8 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.