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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 using:
Description						March 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						$	637.8					$	—					$	637.8					$	—
Equity-related derivative instruments						114.1						—						—						114.1
Foreign currency forward and option contracts						51.5						—						51.5						—
Other						0.6						—						0.6						—
Total derivative instruments						804.0						—						689.9						114.1
Investments:
SMAs						2,332.6						575.6						1,757.0						—
Other investments						2,152.2						546.5						67.9						1,537.8
Total investments						4,484.8						1,122.1						1,824.9						1,537.8
Total assets						$	5,288.8					$	1,122.1					$	2,514.8					$	1,651.9
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts						$	593.7					$	—					$	593.7					$	—
Foreign currency forward and option contracts						7.5						—						7.5						—
Total liabilities						$	601.2					$	—					$	601.2					$	—

												Fair value measurements at  December 31, 2021 using:
Description						December 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						$	379.2					$	—					$	379.2					$	—
Equity-related derivative instruments						113.8						—						—						113.8
Foreign currency forward and option contracts						28.4						—						9.0						19.4
Other						1.0						—						1.0						—
Total derivative instruments						522.4						—						389.2						133.2
Investments:
SMAs						2,801.3						672.1						2,124.2						5.0
Other investments						2,226.1						747.9						70.8						1,407.4
Total investments						5,027.4						1,420.0						2,195.0						1,412.4
Total assets						$	5,549.8					$	1,420.0					$	2,584.2					$	1,545.6
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts						$	879.0					$	—					$	846.3					$	32.7
Foreign currency forward and option contracts						13.0						—						13.0						—
Total liabilities						$	892.0					$	—					$	859.3					$	32.7

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, 2022			$	1,412.4					$	(13.3)					$	113.8					$	1,512.9
Gains included in earnings from continuing operations (a):
Realized and unrealized gains on derivative instruments, net			—						—						0.2						0.2
Realized and unrealized gains due to changes in fair values of certain investments, net			113.0						—						—						113.0
Additions			34.5						—						—						34.5
Dispositions			(5.0)						—						—						(5.0)
Transfers out of Level 3			—						13.3						—						13.3
Foreign currency translation adjustments and other, net			(17.1)						—						0.1						(17.0)
Balance of net assets at March 31, 2022			$	1,537.8					$	—					$	114.1					$	1,651.9

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2022.

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=123874694&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=123874694&loc=d3e19207-110258

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- References

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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=123874694&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=123874694&loc=d3e19207-110258

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