Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

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 September 30, 2026 using:
Description	September 30, 2026		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	$	907.6	$	—	$	907.6	$	—

Foreign currency forward and option contracts	4.5		—		4.5		—
Other	18.7		—		18.7		—
Total derivative instruments	930.8		—		930.8		—



Investments	1,060.9		174.3		—		886.6
Total assets	$	1,991.7	$	174.3	$	930.8	$	886.6

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	279.1	$	—	$	279.1	$	—

Foreign currency forward and option contracts	2.5		—		2.5		—
Other	11.8		—		11.8		—


Total liabilities	$	293.4	$	—	$	293.4	$	—


			Fair value measurements at December 31, 2025 using:
Description	December 31, 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	$	240.9	$	—	$	240.9	$	—

Foreign currency forward and option contracts	0.1		—		0.1		—
Other	7.8		—		7.8		—
Total derivative instruments	248.8		—		248.8		—
Investments:
SMAs	76.2		—		76.2		—
Other investments	1,631.5		278.1		0.1		1,353.3
Total investments	1,707.7		278.1		76.3		1,353.3
Total assets	$	1,956.5	$	278.1	$	325.1	$	1,353.3

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	248.2	$	—	$	248.2	$	—

Foreign currency forward and option contracts	2.8		—		2.8		—
Other	8.7		—		8.7		—


Total liabilities	$	259.7	$	—	$	259.7	$	—

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 investments measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows (in millions):





Balance of Level 3 investments at January 1, 2026	$	1,353.3
Gains included in net earnings (a):

Realized and unrealized gains due to changes in fair values of certain investments, net	183.1


Additions	59.5
Dispositions	(677.9)

Foreign currency translation adjustments and other, net	(31.4)
Balance of Level 3 investments at September 30, 2026 (b)	$	886.6

_______________

(a)Amounts primarily relate to Level 3 investments that we continue to carry on our condensed consolidated balance sheet as of September 30, 2026.

(b)As of September 30, 2026, $408.1 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.