Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Schedule 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 December 31, 2023 using:
Description	December 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	$	943.1	$	—	$	943.1	$	—
Equity-related derivative instruments	310.7		—		—		310.7
Foreign currency forward and option contracts	2.9		—		2.9		—
Other	0.2		—		0.2		—
Total derivative instruments	1,256.9		—		946.2		310.7
Investments:
SMAs	2,276.1		483.7		1,792.4		—
Other investments	3,122.9		1,559.7		0.1		1,563.1
Total investments	5,399.0		2,043.4		1,792.5		1,563.1
Total assets	$	6,655.9	$	2,043.4	$	2,738.7	$	1,873.8

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,318.4	$	—	$	1,318.4	$	—
Equity-related derivative instruments	47.4		—		—		47.4
Foreign currency forward and option contracts	14.0		—		14.0		—

Total liabilities	$	1,379.8	$	—	$	1,332.4	$	47.4


			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 earnings from continuing operations (a):
Realized and unrealized gains on derivative instruments, net	—		258.5		258.5
Realized and unrealized losses due to changes in fair values of certain investments, net	(160.6)		—		(160.6)


Additions	74.1		—		74.1
Dispositions	(20.7)		—		(20.7)


Foreign currency translation adjustments and other, net	31.3		4.8		36.1
Balance of net assets at December 31, 2023 (b)	$	1,563.1	$	263.3	$	1,826.4

_______________

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

(b)As of December 31, 2023, $361.8 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.