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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 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.

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 102 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-102 + 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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