Virgin Media 2012 Annual Report Download - page 97
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F-26
The fair values of our derivative instruments recorded on our consolidated balance sheets were as follows (in millions):
December 31,
2012 December 31,
2011
Included within current assets:
Accounting Hedges
Foreign currency forward rate contracts £ — £ 0.1
Economic Hedges
Foreign currency forward rate contracts — 1.6
Interest rate swaps 1.4 0.2
Cross-currency interest rate swaps 4.7 7.6
£ 6.1 £ 9.5
Included within non-current assets:
Accounting Hedges
Interest rate swaps £ 105.9 £ 78.0
Cross-currency interest rate swaps 36.3 94.3
Economic Hedges
Interest rate swaps — 3.1
Cross-currency interest rate swaps 17.0 34.3
Conversion hedges 302.4 138.2
£ 461.6 £ 347.9
Included within current liabilities:
Economic Hedges
Interest rate swaps 2.1 7.5
Cross-currency interest rate swaps 6.0 9.2
£ 8.1 £ 16.7
Included within non-current liabilities:
Accounting Hedges
Cross-currency interest rate swaps £ 62.0 £ 7.3
Economic Hedges
Interest rate swaps 39.6 38.4
Cross-currency interest rate swaps 0.3 7.9
£ 101.9 £ 53.6
Cross-Currency Interest Rate Swaps—Hedging the Interest Payments of Senior Notes and Senior Secured Notes
During the three months ended March 31, 2012, we terminated the cross-currency interest rate swaps on the $500
million 9.50% senior notes due 2016 that were redeemed in the quarter. We also entered into new cross-currency
interest rate swaps to mitigate the foreign exchange rate risk associated with the $500 million 5.25% senior notes due
2022.
During the three months ended December 31, 2012, we terminated the cross-currency interest rate swaps on the $850
million 9.50% senior notes due 2016, the €180 million 9.5% senior notes due 2016, and $100 million of the $600 million
principal 8.375% senior notes due 2019 that were redeemed in the quarter. We also entered into new cross-currency
interest rate swaps to mitigate the foreign exchange rate risk associated with the $900 million 4.875% senior notes
due 2022.
Table of Contents
VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 8—Derivative Financial Instruments and Hedging Activities (continued)