Virgin Media 2009 Annual Report Download - page 129

VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 10—Derivative Financial Instruments and Hedging Activities (Continued)
The fair values of our derivative instruments recorded on our consolidated balance sheet were as
follows (in millions):
December 31, December 31,
2009 2008
Included within current assets:
Accounting Hedge
Foreign currency forward rate contracts .......... £ 0.3 £ 37.6
Interest rate swaps .......................... — 6.1
Cross-currency interest rate swaps ............... — 61.5
Economic Hedge
Foreign currency forward rate contracts .......... 1.9 63.2
£ 2.2 £168.4
Included within non-current assets:
Accounting Hedge
Cross-currency interest rate swaps ............... £ 63.7 £136.1
Economic Hedge
Cross-currency interest rate swaps ............... 169.5 299.6
Other ..................................... 1.9 —
£235.1 £435.7
Included within current liabilities:
Accounting Hedge
Foreign currency forward rate contracts .......... £ 0.3 £ —
Interest rate swaps .......................... 12.0 2.2
Economic Hedge
Foreign currency forward rate contracts .......... 2.4 79.6
Interest rate swaps .......................... 3.1 2.6
£ 17.8 £ 84.4
Included within non-current liabilities:
Accounting Hedge
Interest rate swaps .......................... £ 21.0 £ 11.5
Cross-currency interest rate swaps ............... 27.6 —
Economic Hedge
Cross-currency interest rate swaps ............... 58.2 31.1
£106.8 £ 42.6
Cross-Currency Interest Rate Swaps—Hedging the Interest Payments of Senior Notes and Senior Credit
Facility
As of December 31, 2009, we had outstanding cross-currency interest rate swaps to mitigate the
interest and foreign exchange rate risks relating to the pound sterling value of interest payments on the
U.S. dollar and euro denominated senior notes and senior credit facility.
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