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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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  December 31, 2019 using:
Description		December 31, 2019				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		$	1,157.2			$	—			$	1,157.2			$	—
Equity-related derivative instruments		663.4				—				—				663.4
Foreign currency forward and option contracts		6.0				—				6.0				—
Other		0.9				—				0.9				—
Total derivative instruments		1,827.5				—				1,164.1				663.4
Investments		1,289.2				869.2				—				420.0
Total assets		$	3,116.7			$	869.2			$	1,164.1			$	1,083.4
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts		$	1,581.5			$	—			$	1,561.6			$	19.9
Foreign currency forward and option contracts		1.2				—				1.2				—
Total derivative liabilities		1,582.7				—				1,562.8				19.9
Debt		45.6				—				45.6				—
Total liabilities		$	1,628.3			$	—			$	1,608.4			$	19.9

						Fair value measurements  at December 31, 2018 using:
Description		December 31, 2018				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		$	1,742.8			$	—			$	1,742.5			$	0.3
Equity-related derivative instruments		746.3				—				—				746.3
Foreign currency forward and option contracts		7.2				—				7.2				—
Other		0.4				—				0.4				—
Total derivative instruments		2,496.7				—				1,750.1				746.6
Investments		1,174.8				755.9				—				418.9
Total assets		$	3,671.5			$	755.9			$	1,750.1			$	1,165.5
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts		$	1,368.7			$	—			$	1,354.3			$	14.4
Equity-related derivative instruments		1.4				—				—				1.4
Foreign currency forward and option contracts		0.5				—				0.5				—
Other		0.1				—				0.1				—
Total derivative liabilities		1,370.7				—				1,354.9				15.8
Debt		248.6				—				248.6				—
Total liabilities		$	1,619.3			$	—			$	1,603.5			$	15.8

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				Cross-currency, interest rate and foreign currency derivative contracts				Equity-related derivative instruments				Total
	in millions
Balance of net assets (liabilities) at January 1, 2019	$	418.9			$	(14.1	)		$	744.9			$	1,149.7
Gains (losses) included in loss from continuing operations (a):
Realized and unrealized gains (losses) on derivative instruments, net	—				58.7				(63.4		)		(4.7		)
Realized and unrealized losses due to changes in fair values of certain investments and debt, net	(16.5		)		—				—				(16.5		)
Partial settlement of Lionsgate Forward (b)	—				—				(18.1		)		(18.1		)
Additions	19.6				—				—				19.6
Derivative instruments settled in connection with the sale of the Vodafone Disposal Group	—				(72.0		)		—				(72.0		)
Transfers out of Level 3	—				8.4				—				8.4
Foreign currency translation adjustments and other, net	(2.0		)		(0.9		)		—				(2.9		)
Balance of net assets (liabilities) at December 31, 2019	$	420.0			$	(19.9	)		$	663.4			$	1,063.5

 

_______________

(a) With the exception of a $72.0 million net gain related to derivative instruments settled in connection with the sale of the Vodafone Disposal Group, most of these net gains and losses relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2019.

(b)

For additional information regarding the Lionsgate Forward, see note 8.

X

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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