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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 using:
Description |  | March 31, 2021 |  | 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 | $ | 425.2 |  |  | $ | — |  |  | $ | 425.2 |  |  | $ | — |
Equity-related derivative instruments | 140.4 |  |  | — |  |  | — |  |  | 140.4 |
Foreign currency forward and option contracts | 6.7 |  |  | — |  |  | 6.7 |  |  | — |
Other | 0.2 |  |  | — |  |  | 0.2 |  |  | — |
Total derivative instruments | 572.5 |  |  | — |  |  | 432.1 |  |  | 140.4 |
Investments: |  |  |  |  |  |  |
SMAs | 1,961.2 |  |  | 426.0 |  |  | 1,535.2 |  |  | — |
Other investments | 1,667.8 |  |  | 961.6 |  |  | 87.5 |  |  | 618.7 |
Total investments | 3,629.0 |  |  | 1,387.6 |  |  | 1,622.7 |  |  | 618.7 |
Total assets | $ | 4,201.5 |  |  | $ | 1,387.6 |  |  | $ | 2,054.8 |  |  | $ | 759.1 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments: |  |  |  |  |  |  |
Cross-currency and interest rate derivative contracts | $ | 773.8 |  |  | $ | — |  |  | $ | 773.8 |  |  | $ | — |
Foreign currency forward and option contracts | 54.8 |  |  | — |  |  | 54.8 |  |  | — |
Other | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
Total liabilities | $ | 828.7 |  |  | $ | — |  |  | $ | 828.7 |  |  | $ | — |
|  |  |  | Fair value measurements at December 31, 2020 using:
Description |  | December 31, 2020 |  | 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 | $ | 567.2 |  |  | $ | — |  |  | $ | 567.2 |  |  | $ | — |
Equity-related derivative instruments | 280.9 |  |  | — |  |  | — |  |  | 280.9 |
Foreign currency forward and option contracts | 36.6 |  |  | — |  |  | 36.6 |  |  | — |
Other | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
Total derivative instruments | 884.8 |  |  | — |  |  | 603.9 |  |  | 280.9 |
Investments: |  |  |  |  |  |  |
SMAs | 1,965.9 |  |  | 405.7 |  |  | 1,560.2 |  |  | — |
Other investments | 1,500.1 |  |  | 888.2 |  |  | 92.3 |  |  | 519.6 |
Total investments | 3,466.0 |  |  | 1,293.9 |  |  | 1,652.5 |  |  | 519.6 |
Total assets | $ | 4,350.8 |  |  | $ | 1,293.9 |  |  | $ | 2,256.4 |  |  | $ | 800.5 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments: |  |  |  |  |  |  |
Cross-currency and interest rate derivative contracts | $ | 1,535.3 |  |  | $ | — |  |  | $ | 1,535.3 |  |  | $ | — |
Foreign currency forward and option contracts | 81.5 |  |  | — |  |  | 81.5 |  |  | — |
Total liabilities | $ | 1,616.8 |  |  | $ | — |  |  | $ | 1,616.8 |  |  | $ | — |
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 at January 1, 2021 | $ | 519.6 |  |  | $ | — |  |  | $ | 280.9 |  |  | $ | 800.5 |
Gains included in earnings (a): |  |  |  |  |  |  |
Realized and unrealized gains on derivative instruments, net | — |  |  | 179.4 |  |  | 24.5 |  |  | 203.9 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 100.9 |  |  | — |  |  | — |  |  | 100.9 |
Partial settlement of ITV Collar (b) | — |  |  | — |  |  | (164.9) |  |  | (164.9) |
Additions | 4.3 |  |  | — |  |  | — |  |  | 4.3 |
Reclassification of asset to held for sale (c) | — |  |  | (179.4) |  |  | — |  |  | (179.4) |
Foreign currency translation adjustments and other, net | (6.1) |  |  | — |  |  | (0.1) |  |  | (6.2) |
Balance of net assets at March 31, 2021 | $ | 618.7 |  |  | $ | — |  |  | $ | 140.4 |  |  | $ | 759.1 |
_______________ (a)Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2021. (b)For additional information regarding the ITV Collar, see note 5. (c)Represents the reclassification of the derivative assets associated with the U.K. JV Entities as of March 31, 2021 to assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4.

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- 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 + Details
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- 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 + Details
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