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Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Schedule of Investments by Accounting Method

The details of our investments are set forth below:

Accounting Method						March 31, 2021						December 31, 2020						Ownership (a)
						in millions												%
Equity (b):
Long-term:
VodafoneZiggo JV (c)						$	2,924.8					$	3,052.3					50.0
All3Media Group (All3Media)						160.3						157.7						50.0
Formula E Holdings Ltd (Formula E)						110.2						105.8						32.9
Other						172.4						172.9
Total — equity						3,367.7						3,488.7
Fair value:
Short-term:
Separately-managed accounts (SMAs) (d)						1,571.7						1,600.2
Long-term:
ITV plc (ITV) — subject to re-use rights (e)						660.8						581.0						9.9
SMAs (d)						389.5						365.7
Skillz Inc.						198.3						225.4						2.8
Plume Design, Inc. (Plume)						110.0						54.9						12.1
Univision Holdings Inc.						100.0						100.0						11.5
Lions Gate Entertainment Corp (Lionsgate)						92.8						72.0						3.0
CANAL+ Polska S.A.						87.5						92.3						17.0
EdgeConneX Inc. (EdgeConneX)						85.1						75.1						5.1
Other (f)						333.3						299.4
Total — fair value						3,629.0						3,466.0
Total investments (g)						$	6,996.7					$	6,954.7
Short-term investments						$	1,571.7					$	1,600.2
Long-term investments						$	5,425.0					$	5,354.5

_______________

(a)Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information.

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At March 31, 2021 and December 31, 2020, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,154.9 million and $1,198.5 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $822.5 million and $855.8 million, respectively (the VodafoneZiggo JV Receivable I), and (ii) a euro-denominated note receivable with a principal amount of $122.1 million and $127.1 million, respectively (the VodafoneZiggo JV Receivable II and, together with the

VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2021, interest accrued on the VodafoneZiggo JV Receivables was $13.4 million, all of which has been cash settled.

(d)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of March 31, 2021, all of our investments held under SMAs were classified as available-for-sale debt securities. At March 31, 2021 and December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $6.2 million and $7.1 million, respectively.

(e)In connection with our investment in ITV, we entered into a share collar (the ITV Collar) with respect to the ITV shares held by our company. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under a secured borrowing agreement (the ITV Collar Loan). Beginning in the third quarter of 2020 through March 31, 2021, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar. As of March 31, 2021, (i) certain of the ITV shares our company held remain subject to the ITV Collar and were pledged as collateral under the ITV Collar Loan and (ii) the fair value of the ITV Collar was a net asset of $77.1 million and principal borrowings outstanding under the ITV Collar Loan were $138.4 million. In April 2021, we cash settled all remaining amounts under the ITV Collar Loan and completed the unwind of the ITV Collar. Accordingly, we currently hold 398.5 million shares of ITV, and these shares are no longer subject to a share collar nor are they pledged as collateral under a secured borrowing arrangement.

(f)As of March 31, 2021 and December 31, 2020, we held a noncontrolling junior interest in receivables we have securitized of $9.8 million and $9.7 million, respectively.

(g)The purchase and sale of investments are presented on a gross basis in our statement of cash flows, including those made by investment managers acting as agents on our behalf.

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:

									Three months ended March 31,
															2021						2020
															in millions
All3Media															$	(9.0)					$	(24.9)
Formula E															8.7						(1.2)
VodafoneZiggo JV (a)															4.7						61.1
Other															(2.7)						(1.6)
Total															$	1.7					$	33.4

_______________

(a)Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivables and (ii) our 50% share of the results of operations of the VodafoneZiggo JV.

The summarized results of operations of the VodafoneZiggo JV are set forth below:

									Three months ended March 31,
															2021						2020
															in millions
Revenue															$	1,217.0					$	1,097.1
Earnings (loss) before income taxes															$	(21.4)					$	124.9
Net earnings (loss)															$	(16.1)					$	99.7

Schedule of Debt Securities

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net:

									Three months ended March 31,
															2021						2020
															in millions
ITV															$	79.8					$	(471.9)
Plume															55.1						—
Lionsgate															20.8						(29.4)
EdgeConneX															13.1						—
Other, net															25.8						(26.7)
Total															$	194.6					$	(528.0)

As of March 31, 2021 and December 31, 2020, all of our SMAs are composed of debt securities, which are summarized in the following tables:

			March 31, 2021
			Amortized cost basis						Accumulated unrealized gains (losses)						Fair value
			in millions
Government bonds			$	473.0					$	(0.2)					$	472.8
Corporate debt securities			710.4						1.2						711.6
Commercial paper			495.6						0.2						495.8
Certificates of deposit			260.7						—						260.7
Other debt securities			20.3						—						20.3
Total debt securities			$	1,960.0					$	1.2					$	1,961.2

			December 31, 2020
			Amortized cost basis						Accumulated unrealized gains						Fair value
			in millions
Corporate debt securities			$	713.2					$	2.3					$	715.5
Commercial paper			523.7						0.6						524.3
Government bonds			474.8						0.2						475.0
Certificates of deposit			251.0						0.1						251.1
Total debt securities			$	1,962.7					$	3.2					$	1,965.9

The fair value of our debt securities as of March 31, 2021 by contractual maturity are shown below (in millions):

Due in one year or less			$	1,571.7
Due in one to five years			383.7
Due in five to ten years			5.8
Total (a)			$	1,961.2

_______________

(a)The weighted average life of our total debt securities was 0.6 years as of March 31, 2021.

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