Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 using:
Description	March 31, 2024		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	$	972.0	$	—	$	972.0	$	—
Equity-related derivative instruments	304.5		—		—		304.5
Foreign currency forward and option contracts	10.8		—		10.8		—
Other	0.2		—		0.2		—
Total derivative instruments	1,287.5		—		983.0		304.5
Investments:
SMAs	2,029.5		407.0		1,622.5		—
Other investments	3,195.2		1,623.2		0.1		1,571.9
Total investments	5,224.7		2,030.2		1,622.6		1,571.9
Total assets	$	6,512.2	$	2,030.2	$	2,605.6	$	1,876.4

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	802.2	$	—	$	802.2	$	—
Equity-related derivative instruments	90.7		—		—		90.7
Foreign currency forward and option contracts	9.0		—		9.0		—



Total liabilities	$	901.9	$	—	$	811.2	$	90.7


			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

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, 2024	$	1,563.1	$	263.3	$	1,826.4
Gains (losses) included in net earnings (a):
Realized and unrealized losses on derivative instruments, net	—		(43.5)		(43.5)
Realized and unrealized gains due to changes in fair values of certain investments, net	3.4		—		3.4


Additions	30.2		—		30.2


Foreign currency translation adjustments and other, net	(24.8)		(6.0)		(30.8)
Balance of net assets at March 31, 2024 (b)	$	1,571.9	$	213.8	$	1,785.7

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2024.

(b)As of March 31, 2024, $369.4 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.