Virgin Media 2011 Annual Report Download - page 122
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 9—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,
2011 2010
Included within current assets:
Accounting Hedge
Foreign currency forward rate contracts ............................ £ 0.1 £ 0.0
Economic Hedge
Foreign currency forward rate contracts ............................ 1.6 0.8
Interest rate swaps ............................................. 0.2 0.0
Cross-currency interest rate swaps ................................ 7.6 0.0
£ 9.5 £ 0.8
Included within non-current assets:
Accounting Hedge
Interest rate swaps ............................................. £ 78.0 £ 8.0
Cross-currency interest rate swaps ................................ 94.3 137.9
Economic Hedge
Interest rate swaps ............................................. 3.1 3.9
Cross-currency interest rate swaps ................................ 34.3 52.9
Conversion hedges ............................................. 138.2 191.9
£347.9 £394.6
Included within current liabilities:
Economic Hedge
Interest rate swaps ............................................. £ 7.5 £ 0.0
Cross-currency interest rate swaps ................................ 9.2 13.3
£ 16.7 £ 13.3
Included within non-current liabilities:
Accounting Hedge
Cross-currency interest rate swaps ................................ £ 7.3 £ 10.3
Economic Hedge
Interest rate swaps ............................................. 38.4 32.2
Cross-currency interest rate swaps ................................ 7.9 19.5
£ 53.6 £ 62.0
Cross-Currency Interest Rate Swaps—Hedging the Interest Payments of Senior Notes and Senior Credit Facility
As of December 31, 2011, 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 and principal payments on the U.S.
dollar and euro denominated senior notes and senior secured notes. We have also entered into cross-currency
interest rate swap agreements to manage our exposure to changes in the fair value of certain debt obligations.
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