Virgin Media 2011 Annual Report Download - page 117

VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 7—Long Term Debt (continued)
Long term debt repayments, excluding capital leases, as of December 31, 2011, are due as follows (in
millions):
Year ending December 31:
2012 ............................................................. £ 0.3
2013 ............................................................. 0.1
2014 ............................................................. 0.0
2015 ............................................................. 750.0
2016 ............................................................. 1,661.8
Thereafter ........................................................ 3,225.8
Total debt payments ................................................ £5,638.0
Note 8—Fair Value Measurements
U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date (exit price). The inputs
used to measure fair value are classified into the following hierarchy:
Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted
quoted prices for identical or similar assets or liabilities in markets that are not active, or
inputs other than quoted prices that are observable for the asset or liability
Level 3 Unobservable inputs for the asset or liability
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities
are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The table below presents our assets and liabilities measured at fair value as at December 31, 2011 and 2010,
aggregated by the level in the fair value hierarchy within which those measurements fall (in millions):
December 31, 2011
Level 1 Level 2 Level 3 Total
Assets
Derivative financial instruments, excluding conversion
hedges ......................................... £ 0.0 £219.2 £ 0.0 £219.2
Conversion hedges ................................. 0.0 0.0 138.2 138.2
Total ............................................ £ 0.0 £219.2 £138.2 £357.4
Liabilities
Derivative financial instruments ....................... £ 0.0 £ 70.3 £ 0.0 £ 70.3
Total ............................................ £ 0.0 £ 70.3 £ 0.0 £ 70.3
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