Virgin Media 2009 Annual Report Download - page 128
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 10—Derivative Financial Instruments and Hedging Activities (Continued)
no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize
subsequent changes in the fair value of the derivative in gains or losses on derivative instruments in the
statement of operations. As a result of our effectiveness assessment at December 31, 2009, we believe
our derivative contracts that are designated and qualify for hedge accounting will continue to be highly
effective in offsetting changes in cash flow or fair value attributable to the hedged risk.
The foreign currency forward rate contracts, interest rate swaps and cross-currency interest rate
swaps are valued using counterparty valuations, or market transactions in either the listed or
over-the-counter markets, adjusted for non-performance risk. As such, these derivative instruments are
classified within level 2 in the fair value hierarchy. Derivative instruments which are subject to master
netting arrangements are not offset and we have not provided, nor do we require, cash collateral with
any counterparty.
F-32