Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 using:
Description	September 30, 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	$	529.5	$	—	$	464.4	$	65.1
Equity-related derivative instruments	739.7		—		—		739.7
Foreign currency forward and option contracts	30.7		—		30.7		—
Other	0.3		—		0.3		—
Total derivative instruments	1,300.2		—		495.4		804.8
Investments:
SMAs	2,988.5		1,029.0		1,959.5		—
Other investments	941.4		421.5		—		519.9
Total investments	3,929.9		1,450.5		1,959.5		519.9
Total assets	$	5,230.1	$	1,450.5	$	2,454.9	$	1,324.7

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,142.2	$	—	$	920.4	$	221.8
Foreign currency forward and option contracts	37.5		—		32.9		4.6
Other	0.1		—		0.1		—
Total liabilities	$	1,179.8	$	—	$	953.4	$	226.4



			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 instruments	1,582.7		—		1,562.8		19.9
Debt	45.6		—		45.6		—
Total liabilities	$	1,628.3	$	—	$	1,608.4	$	19.9

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, 2020	$	420.0		$	(19.9	)	$	663.4		$	1,063.5
Gains included in loss from continuing operations (a):
Realized and unrealized gains (losses) on derivative instruments, net	—			(300.6		)	454.7			154.1
Realized and unrealized gains due to changes in fair values of certain investments and debt, net	34.7			—			—			34.7
Partial settlement of ITV collar (b)	—			—			(340.3		)	(340.3		)
Settlement of Lionsgate Forward (c)	—			—			(38.0		)	(38.0		)
Additions	60.8			—			—			60.8
Reclassification of liability to held for sale (d)	—			149.5			—			149.5
Transfers out of Level 3	(2.0		)	8.8			—			6.8
Foreign currency translation adjustments and other, net	6.4			0.9			(0.1		)	7.2
Balance of net assets (liabilities) at September 30, 2020	$	519.9		$	(161.3	)	$	739.7		$	1,098.3

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(a)	Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of September 30, 2020.


(b)	For additional information regarding the ITV Collar, see note 5.


(c)	For additional information regarding the Lionsgate Forward, see note 6.

(d)

Represents the reclassification of the derivative liabilities associated with the U.K. JV Entities as of September 30, 2020 to liabilities associated with assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4.