Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Schedule 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 June 30, 2025 using:
Description	June 30, 2025		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	$	270.1	$	—	$	270.1	$	—
Equity-related derivative instruments	29.3		—		29.3		—
Foreign currency forward and option contracts	15.6		—		15.6		—
Other	7.0		—		7.0		—
Total derivative instruments	322.0		—		322.0		—
Investments:
SMAs	82.8		—		82.8		—
Other investments	3,175.3		1,807.5		0.1		1,367.7
Total investments	3,258.1		1,807.5		82.9		1,367.7
Total assets	$	3,580.1	$	1,807.5	$	404.9	$	1,367.7

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	304.5	$	—	$	304.5	$	—

Foreign currency forward and option contracts	21.8		—		21.8		—
Other	6.9		—		6.9		—


Total liabilities	$	333.2	$	—	$	333.2	$	—


			Fair value measurements at December 31, 2024 using:
Description	December 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	$	623.2	$	—	$	623.2	$	—
Equity-related derivative instruments	213.4		—		—		213.4
Foreign currency forward and option contracts	6.5		—		6.5		—
Other	0.8		—		0.8		—
Total derivative instruments	843.9		—		630.5		213.4
Investments:
SMAs	433.1		127.0		306.1		—
Other investments	2,810.2		1,546.3		0.1		1,263.8
Total investments	3,243.3		1,673.3		306.2		1,263.8
Total assets	$	4,087.2	$	1,673.3	$	936.7	$	1,477.2

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	183.1	$	—	$	183.1	$	—

Foreign currency forward and option contracts	3.3		—		3.3		—



Total liabilities	$	186.4	$	—	$	186.4	$	—

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, 2025	$	1,263.8	$	213.4	$	1,477.2
Losses included in loss from continuing operations (a):
Realized and unrealized losses on derivative instruments, net	—		(49.2)		(49.2)
Realized and unrealized losses due to changes in fair values of certain investments, net	(88.6)		—		(88.6)


Additions	60.5		—		60.5

Transfers out of Level 3	—		(173.8)		(173.8)
Foreign currency translation adjustments and other, net	132.0		9.6		141.6
Balance of net assets at June 30, 2025 (b)	$	1,367.7	$	—	$	1,367.7

_______________

(a)Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of June 30, 2025.

(b)As of June 30, 2025, $366.6 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.