Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 using:
Description	September 30, 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	$	1,356.8	$	—	$	1,356.8	$	—
Equity-related derivative instruments	229.1		—		—		229.1
Foreign currency forward and option contracts	3.4		—		3.4		—
Other	0.2		—		0.2		—
Total derivative instruments	1,589.5		—		1,360.4		229.1
Investments:
SMAs	1,797.7		430.3		1,367.4		—
Other investments	3,211.6		1,649.4		0.1		1,562.1
Total investments	5,009.3		2,079.7		1,367.5		1,562.1
Total assets	$	6,598.8	$	2,079.7	$	2,727.9	$	1,791.2

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	772.5	$	—	$	772.5	$	—
Equity-related derivative instruments	87.3		—		—		87.3
Foreign currency forward and option contracts	2.0		—		2.0		—



Total liabilities	$	861.8	$	—	$	774.5	$	87.3


			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	—		145.0		145.0
Realized and unrealized losses due to changes in fair values of certain investments, net	(118.6)		—		(118.6)


Additions	73.4		—		73.4
Dispositions	(20.7)		—		(20.7)

Foreign currency translation adjustments and other, net	(11.0)		(3.2)		(14.2)
Balance of net assets at September 30, 2023 (b)	$	1,562.1	$	141.8	$	1,703.9

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of September 30, 2023.

(b)As of September 30, 2023, $361.5 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.