Debt and Capital Lease Obligations

12 Months Ended

Dec. 31, 2018

Debt and Capital Lease Obligations [Abstract]

The U.S. dollar equivalents of the components of our debt are as follows:



	December 31, 2018						Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)				Principal amount
			Borrowing currency		U.S. $ equivalent		December 31,
			Borrowing currency		U.S. $ equivalent		2018		2017


VM Senior Secured Notes	5.40	%	—		$	—	$	6,268.3	$	6,565.6
VM Credit Facilities (c)	4.72	%	(d)		860.3		4,600.5		4,676.2
VM Senior Notes	5.54	%	—		—		1,999.9		3,000.1
Telenet Credit Facility	3.76	%	(e)		509.6		3,145.7		2,177.6
Telenet Senior Secured Notes	4.69	%	—		—		1,687.1		1,721.3
Telenet SPE Notes	4.88	%	—		—		546.2		937.7
UPCB SPE Notes (f)	4.54	%	—		—		2,445.5		2,582.6
UPC Holding Bank Facility (f)	4.96	%	€	990.1	1,133.9		1,645.0		2,576.1
UPC Holding Senior Notes (f)	4.59	%	—		—		1,215.5		1,313.4
Vendor financing (g)	4.18	%	—		—		3,620.3		3,593.1
ITV Collar Loan	0.90	%	—		—		1,379.6		1,463.8
Derivative-related debt instruments (h)	3.37	%	—		—		301.9		361.5
Sumitomo Share Loan (i)	—	%	—		—		—		621.7
Sumitomo Collar Loan	—	%	—		—		—		169.1
Other (j)	5.27	%	—		—		459.8		418.2
Total debt before deferred financing costs, discounts and premiums (k)	4.56	%			$	2,503.8	$	29,315.3	$	32,178.0

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and capital lease obligations:



	December 31,
	2018			2017
	in millions

Total debt before deferred financing costs, discounts and premiums	$	29,315.3		$	32,178.0
Deferred financing costs, discounts and premiums, net	(131.4		)	(171.8		)
Total carrying amount of debt	29,183.9			32,006.2
Capital lease obligations (l)	621.3			638.3
Total debt and capital lease obligations	29,805.2			32,644.5
Current maturities of debt and capital lease obligations	(3,615.2		)	(3,667.5		)
Long-term debt and capital lease obligations	$	26,190.0		$	28,977.0

_______________

(a)

Represents the weighted average interest rate in effect at December 31, 2018 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums

or discounts and commitment fees, but excluding the impact of deferred financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.31% at December 31, 2018. For information regarding our derivative instruments, see note 8.

(b)

Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2018 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2018, based on the most restrictive applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and based on the most restrictive applicable leverage-based restricted payment tests, there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders. Upon completion of the relevant December 31, 2018 compliance reporting requirements, we expect that the full amount of unused borrowing capacity will continue to be available and that there will be no restrictions with respect to loans or distributions. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2018.

(c)

Amounts include £41.9 million ($53.4 million) and £43.6 million ($55.6 million) at December 31, 2018 and 2017, respectively, of borrowings pursuant to excess cash facilities under the VM Credit Facilities. These borrowings are owed to certain non-consolidated special purpose financing entities that have issued notes to finance the purchase of receivables due from Virgin Media to certain other third parties for amounts that Virgin Media and its subsidiaries have vendor financed. To the extent that the proceeds from these notes exceed the amount of vendor financed receivables available to be purchased, the excess proceeds are used to fund these excess cash facilities.

(d)

Unused borrowing capacity under the VM Credit Facilities relates to multi-currency revolving facilities with an aggregate maximum borrowing capacity equivalent to £675.0 million ($860.3 million). During 2018, the VM Revolving Facility was amended and split into two revolving facilities. As of December 31, 2018, VM Revolving Facility A was a multi-currency revolving facility maturing on December 31, 2021 with a maximum borrowing capacity equivalent to £50.0 million ($63.7 million), and VM Revolving Facility B was a multi-currency revolving facility maturing on January 15, 2024 with a maximum borrowing capacity equivalent to £625.0 million ($796.6 million). All other terms from the previously existing VM Revolving Facility continue to apply to the new revolving facilities.


(e)	Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ($458.1 million) under Telenet Facility AG, (ii) €25.0 million ($28.6 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($22.9 million) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2018.


(f)	Subsequent to December 31, 2018, we entered into an agreement to sell our operations in Switzerland. For information regarding the potential impact on the outstanding debt of the UPC Holding borrowing group, see note 21.

(g)

Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our consolidated statements of cash flows.


(h)	Represents amounts associated with certain derivative-related borrowing instruments, including $248.6 million and $304.9 million at December 31, 2018 and 2017, respectively, carried at fair value. These instruments mature at various dates through January 2025. For information regarding fair value hierarchies, see note 9.


(i)	In August 2018, we settled the outstanding amount under the Sumitomo Share Loan with the remaining shares of Sumitomo that were held by our company.


(j)	Amounts include $225.9 million and $160.9 million at December 31, 2018 and 2017, respectively, of debt collateralized by certain trade receivables of Virgin Media.


(k)	As of December 31, 2018 and 2017, our debt had an estimated fair value of $28.5 billion and $32.7 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices

(mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 9.

(l)The U.S. dollar equivalents of our consolidated capital lease obligations are as follows:



	December 31,
	2018		2017
	in millions

Telenet (1)	$	475.2	$	456.1
Virgin Media	69.1		79.1
UPC Holding	29.9		35.9
Other subsidiaries	47.1		67.2
Total	$	621.3	$	638.3

_______________

(1)

At December 31, 2018 and 2017, Telenet’s capital lease obligations included €390.6 million ($447.3 million) and €361.8 million ($414.3 million), respectively, associated with Telenet’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “PICs.” All capital expenditures associated with the PICs network are initiated by Telenet, but are executed and financed by the PICs through additions to this lease that are repaid over a 15-year term. These amounts do not include Telenet’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 18.

General Information

At December 31, 2018, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Virgin Media, UPC Holding and Telenet, include their respective restricted parent and subsidiary entities.

Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows:


•	Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments, on a maintenance basis;

•

Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to, (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;


•	Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares or, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder;


•	In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare

the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);

•

Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder;


•	Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and


•	In addition to customary default provisions, our credit facilities generally include certain cross-default and cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions.

Senior and Senior Secured Notes. Certain of our borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the assets and/or shares of certain members of the relevant borrowing group. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows:

•

Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal prior to the expiration of any applicable grace period, or any acceleration with respect to other indebtedness of the issuer or certain subsidiaries over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes;

•

Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions;

•

If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%;

•

Our senior secured notes contain certain early redemption provisions including, for certain senior secured notes, the ability to, during each 12-month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest; and

•

Certain of our notes are non-callable. The remainder of our notes are non-callable prior to their respective call date (as specified under the applicable indenture). At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). After the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date.

SPE Notes. From time to time, we create special purpose financing entities (SPEs), most of which are 100% owned by third parties, for the primary purpose of facilitating the offering of senior and senior secured notes, which we collectively refer to as the “SPE Notes.”

The SPEs used the proceeds from the issuance of SPE Notes to fund term loan facilities under the credit facilities made available to their respective borrowing group (as further described below), each a “Funded Facility” and collectively the “Funded Facilities.” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note. Each of the Funded Facility term loans creates a variable interest in the respective SPE for which the relevant borrowing entity is the primary beneficiary and are consolidated by the relevant parent entities, including Liberty Global. As a result, the amounts outstanding under the Funded Facilities are eliminated in the respective borrowing group’s and Liberty Global’s consolidated financial statements. At December 31, 2018, we had outstanding SPE Notes issued by entities consolidated by (i) UPC Holding, collectively the “UPCB SPEs” and (ii) Telenet, collectively the “Telenet SPEs”.

Pursuant to the respective indentures for the SPE Notes (the SPE Indentures) and the respective accession agreements for the Funded Facilities, the call provisions, maturity and applicable interest rate for each Funded Facility are the same as those of the related SPE Notes. The SPEs, as lenders under the relevant Funded Facility for the relevant borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over (i) all of the issued shares of the relevant SPE and (ii) the relevant SPE’s rights under the applicable Funded Facility granted to secure the relevant SPE’s obligations under the relevant SPE Notes, the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the applicable Funded Facility. The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures.

The SPE Notes are non-callable prior to their respective call date (as specified under the applicable SPE Indenture). If, however, at any time prior to the applicable SPE Notes call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (a SPE Early Redemption Event), then the SPE will be required to redeem an aggregate principal amount of its respective SPE Notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility. In general, the redemption price payable will equal 100% of the principal amount of the applicable SPE Notes to be redeemed and a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable SPE Notes call date using the discount rate (as specified in the applicable SPE Indenture) as of the redemption date plus a premium (as specified in the applicable SPE Indenture).

Upon the occurrence of a SPE Early Redemption Event on or after the applicable SPE Notes call date, the SPE will redeem an aggregate principal amount of its respective SPE Notes equal to the principal amount of the related Funded Facility prepaid at a redemption price (expressed as a percentage of the principal amount), plus accrued and unpaid interest and additional amounts (as specified in the applicable SPE Indenture), if any, to the applicable redemption date.

Virgin Media - 2018 Financing Transactions

In August 2018, Virgin Media redeemed (i) $190.0 million of the $530.0 million outstanding principal amount of the 6.375% 2023 VM Dollar Senior Notes and (ii) in full the £250.0 million ($318.6 million) outstanding principal amount of the 7.0% 2023 VM Sterling Senior Notes. These transactions were funded with a portion of the proceeds received by another Liberty Global subsidiary in connection with the sale of UPC Austria, as described in note 6. In October 2018, we used existing cash to redeem in full the $340.0 million outstanding principal amount of the 6.375% 2023 VM Dollar Senior Notes. In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment of $36.4 million related to (a) the payment of $28.2 million of redemption premiums and (b) the write-off of $8.2 million of unamortized deferred financing costs and discounts.

Virgin Media - 2017 and 2016 Financing Transactions

During 2017 and 2016, Virgin Media completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Virgin Media recognized losses on debt modification and extinguishment of $67.5 million and $78.4 million during 2017 and 2016, respectively. These losses include (i) the write-off of unamortized deferred financing costs and discounts of $40.6 million and $25.8 million, respectively, (ii) the payment of redemption premiums of $32.6 million and $52.6 million, respectively, (iii) the write-off of $7.0 million of unamortized premiums in 2017 and (iv) the payment of third-party costs of $1.3 million in 2017.

UPC Holding - 2018 Financing Transactions

In August 2018, UPC Holding (i) repaid $330.0 million of the $1,975.0 million outstanding principal amount under UPC Facility AR, which matures on January 15, 2026, bears interest at a rate of LIBOR + 2.50% and is subject to a LIBOR floor of 0.0%, (ii) repaid in full the €500.0 million ($572.6 million) outstanding principal amount under UPC Facility AS, which bore interest at a rate of EURIBOR + 2.75%, and (iii) redeemed €60.0 million ($68.7 million) of the €600.0 million ($687.1 million) outstanding principal amount under UPC Facility AK, which matures on January 15, 2027 and bears interest at a rate of 4.0%, together with accrued and unpaid interest and the related prepayment premiums, which was owed to UPCB Finance IV and, in turn, UPCB Finance IV used such proceeds to redeem €60.0 million of the €600.0 million outstanding principal amount of the UPCB Finance IV Euro Notes, whose terms are consistent with UPC Facility AK. These transactions were funded with a portion of the proceeds received by another Liberty Global subsidiary in connection with the sale of UPC Austria, as described in note 6. In connection with these transactions, UPC Holding recognized a loss on debt modification and extinguishment of $8.9 million related to (a) the write-off of $6.9 million of unamortized deferred financing costs and discounts and (b) the payment of $2.0 million of redemption premiums.

UPC Holding - 2017 and 2016 Financing Transactions

During 2017 and 2016, UPC Holding completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, UPC Holding recognized losses on debt modification and extinguishment of $112.1 million and $77.1 million during 2017 and 2016, respectively. These losses include (i) the payment of redemption premiums of $84.3 million and $57.2 million, respectively, and (ii) the write-off of unamortized deferred financing costs and discounts of $27.8 million and $19.9 million, respectively.

Telenet - 2018 Financing Transactions

In March 2018, Telenet used existing cash to prepay 10% of the €530.0 million ($607.0 million) outstanding principal amount under Telenet Facility AB, which matures on July 15, 2027 and bears interest at a rate of 4.875%, together with accrued and unpaid interest and the related prepayment premiums, which was owed to Telenet Finance VI and, in turn, Telenet Finance VI used such proceeds to redeem 10% of the €530.0 million outstanding principal amount of the Telenet Finance VI Notes, whose terms are consistent with Telenet Facility AB. In connection with this transaction, Telenet recognized a loss on debt modification and extinguishment of $2.6 million related to (i) the payment of $2.0 million of redemption premiums and (ii) the write-off of $0.6 million of unamortized deferred financing costs and discounts.

In March 2018, commitments under Telenet Facility AL, which matures on March 1, 2026, bears interest at a rate of LIBOR + 2.50% and is subject to a LIBOR floor of 0.0%, were increased by $300.0 million (the Telenet Facility AL Add-on) with terms consistent to those of Telenet Facility AL. In April 2018, Telenet drew the full $300.0 million of the Telenet Facility AL Add-on and used the net proceeds, together with existing cash, to prepay in full the €250.0 million ($286.3 million) outstanding principal amount under Telenet Facility V, which bore interest at a rate of 6.750%, together with accrued and unpaid interest and the related prepayment premiums, which was owed to Telenet Finance V and, in turn, Telenet Finance V used such proceeds to redeem in full the €250.0 million outstanding principal amount of the 6.750% Telenet Finance V Notes. In connection with this transaction, Telenet recognized a loss on debt modification and extinguishment of $21.3 million related to (i) the payment of $17.3 million of redemption premiums and (ii) the write-off of $4.0 million of unamortized deferred financing costs and discounts.

In May 2018, Telenet entered into (i) a $1,600.0 million term loan facility (Telenet Facility AN), which was issued at 99.875% of par, matures on August 15, 2026, bears interest at a rate of LIBOR + 2.25% and is subject to a LIBOR floor of 0.0%, and (ii) a €730.0 million ($836.0 million) term loan facility (Telenet Facility AO), which was issued at 99.875% of par, matures on December 15, 2027, bears interest at a rate of EURIBOR + 2.50% and is subject to a EURIBOR floor of 0.0%. The net proceeds from Telenet Facility AN and Telenet Facility AO, together with existing cash, were used to prepay in full (a) the $1,300.0 million outstanding principal amount under Telenet Facility AL, (b) the $300.0 million outstanding principal amount under the Telenet Facility AL Add-on and (c) the €730.0 million outstanding principal amount under Telenet Facility AM, which bore interest at a rate of EURIBOR + 2.75%. In connection with these transactions, Telenet recognized a loss on debt modification and extinguishment, of $7.6 million related to the write-off of unamortized deferred financing costs and discounts.

In August 2018, commitments under Telenet Facility AN and Telenet Facility AO were increased by $475.0 million (the Telenet Facility AN Add-on) and €205.0 million ($234.8 million) (the Telenet Facility AO Add-on), respectively. The Telenet Facility AN Add-on and the Telenet Facility AO Add-on were issued at 98.5% and 98.0% of par, respectively. All other terms of the Telenet Facility AN Add-on and the Telenet Facility AO Add-on are consistent with those of Telenet Facility AN and Telenet Facility AO, respectively. The Telenet Facility AN Add-on and the Telenet Facility AO Add-on were drawn in October 2018, and the net proceeds were used to make an aggregate dividend payment to Telenet shareholders (including Liberty Global) of €600.0 million ($687.1 million).

Telenet - 2017 and 2016 Financing Transactions

During 2017 and 2016, Telenet completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Telenet recognized losses on debt modification and extinguishment of $75.7 million and $52.8 million during 2017 and 2016, respectively. These losses include (i) the write-off of unamortized deferred financing costs and discounts of $54.2 million and $33.8 million, respectively, and (ii) the payment of redemption premiums of $21.5 million and $19.0 million, respectively.

Maturities of Debt and Capital Lease Obligations

Maturities of our debt and capital lease obligations as of December 31, 2018 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts presented below represent U.S. dollar equivalents based on December 31, 2018 exchange rates:

Debt:



	Virgin Media			UPC Holding (a)			Telenet (b)			Other			Total
	in millions
Year ending December 31:
2019	$	2,454.2		$	587.4		$	440.9		$	55.0		$	3,537.5
2020	15.7			24.3			16.9			212.9			269.8
2021	1,320.7			25.4			12.0			962.1			2,320.2
2022	314.1			24.1			11.9			323.2			673.3
2023	75.3			21.3			12.1			—			108.7
Thereafter	11,629.4			5,306.0			5,470.4			—			22,405.8
Total debt maturities	15,809.4			5,988.5			5,964.2			1,553.2			29,315.3
Deferred financing costs, discounts and premiums, net	(38.1		)	(39.3		)	(34.2		)	(19.8		)	(131.4		)
Total debt	$	15,771.3		$	5,949.2		$	5,930.0		$	1,533.4		$	29,183.9
Current portion	$	2,454.2		$	587.4		$	440.9		$	54.5		$	3,537.0
Noncurrent portion	$	13,317.1		$	5,361.8		$	5,489.1		$	1,478.9		$	25,646.9

_______________


(a)	Amounts include the UPCB SPE Notes issued by the UPCB SPEs. As described above, the UPCB SPEs are consolidated by UPC Holding and Liberty Global.


(b)	Amounts include the Telenet SPE Notes issued by the Telenet SPEs. As described above, the Telenet SPEs are consolidated by Telenet and Liberty Global.

Capital lease obligations:



		Telenet			Virgin Media			UPC Holding			Other			Total
	in millions
Year ending December 31:
2019		$	66.9		$	12.3		$	4.9		$	17.3		$	101.4
2020		82.3			9.3			6.1			9.6			107.3
2021		76.4			8.9			6.3			5.1			96.7
2022		76.1			11.2			4.1			3.1			94.5
2023		64.4			6.9			3.9			18.3			93.5
Thereafter		277.6			172.8			13.6			—			464.0
Total principal and interest payments		643.7			221.4			38.9			53.4			957.4
Amounts representing interest		(168.5		)	(152.3		)	(9.0		)	(6.3		)	(336.1		)
Present value of net minimum lease payments		$	475.2		$	69.1		$	29.9		$	47.1		$	621.3
Current portion		$	52.6		$	7.3		$	3.0		$	15.3		$	78.2
Noncurrent portion		$	422.6		$	61.8		$	26.9		$	31.8		$	543.1

Non-cash Financing Transactions

A significant portion of our financing transactions include non-cash borrowings and repayments. During 2018, 2017 and 2016, non-cash borrowings and repayments aggregated $2,583.3 million, $17,104.0 million and $8,939.5 million, respectively.