XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.19.1

Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities:
| March 31, 2019 |  | December 31, 2018
| Current (a) |  | Long-term (a) |  | Total |  | Current (a) |  | Long-term (a) |  | Total
| in millions
Assets: |  |  |  |  |  |  |  |  |  |  |
Cross-currency and interest rate derivative contracts (b) | $ | 372.3 |  |  | $ | 1,405.7 |  |  | $ | 1,778.0 |  |  | $ | 372.7 |  |  | $ | 1,370.1 |  |  | $ | 1,742.8 |
Equity-related derivative instruments (c) | 14.6 |  |  | 746.2 |  |  | 760.8 |  |  | 13.9 |  |  | 732.4 |  |  | 746.3 |
Foreign currency forward and option contracts | 8.4 |  |  | — |  |  | 8.4 |  |  | 7.2 |  |  | — |  |  | 7.2 |
Other | 0.5 |  |  | 0.1 |  |  | 0.6 |  |  | 0.4 |  |  | — |  |  | 0.4 |
Total | $ | 395.8 |  |  | $ | 2,152.0 |  |  | $ | 2,547.8 |  |  | $ | 394.2 |  |  | $ | 2,102.5 |  |  | $ | 2,496.7 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Cross-currency and interest rate derivative contracts (b) | $ | 371.5 |  |  | $ | 964.7 |  |  | $ | 1,336.2 |  |  | $ | 326.5 |  |  | $ | 1,042.2 |  |  | $ | 1,368.7 |
Equity-related derivative instruments (c) | 1.3 |  |  | — |  |  | 1.3 |  |  | 1.4 |  |  | — |  |  | 1.4 |
Foreign currency forward and option contracts | 6.9 |  |  | — |  |  | 6.9 |  |  | 0.5 |  |  | — |  |  | 0.5 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
Total | $ | 379.7 |  |  | $ | 964.7 |  |  | $ | 1,344.4 |  |  | $ | 328.4 |  |  | $ | 1,042.3 |  |  | $ | 1,370.7 |
_______________
(a) | Our current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other current and accrued liabilities, other assets, net, and other long-term liabilities, respectively, on our condensed consolidated balance sheets.
(b) | We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain (loss) of ($58.1 million) and $37.7 million during the three months ended March 31, 2019 and 2018, respectively. These amounts are included in realized and unrealized losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7.
(c) Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar) with respect to ITV shares held by our company and (ii) the prepaid forward transaction (the Lionsgate Forward) with respect to 1.25 million of our voting and 1.25 million of our non-voting Lionsgate shares. The fair values of the ITV Collar and the Lionsgate Forward do not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements.
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized losses on derivative instruments, net, are as follows:
| Three months ended
| March 31,
| 2019 |  | 2018
| in millions
Cross-currency and interest rate derivative contracts | $ | (87.3 | ) |  | $ | (361.9 | )
Equity-related derivative instruments: |  |  |
ITV Collar | 13.8 |  |  | 123.6 |
Lionsgate Forward | 0.8 |  |  | 9.0 |
Sumitomo Collar | — |  |  | 11.4 |
Other | 0.2 |  |  | 1.2 |
Total equity-related derivative instruments | 14.8 |  |  | 145.2 |
Foreign currency forward and option contracts | (10.6 | ) |  | 5.6 |
Other | 0.3 |  |  | (0.2 | )
Total | $ | (82.8 | ) |  | $ | (211.3 | )
Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location | The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments:
| Three months ended
| March 31,
| 2019 |  | 2018
| in millions
Operating activities | $ | (135.5 | ) |  | $ | 41.3 |
Financing activities | (7.1 | ) |  | 9.8 |
Total | $ | (142.6 | ) |  | $ | 51.1 |
Schedule of Derivative Instruments | The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at March 31, 2019:
Borrowing group |  |  | Notional amount due from counterparty |  | Notional amount due to counterparty |  | Weighted average remaining life
|  |  | in millions |  |  | in years
Virgin Media |  | $ | 400.0 |  |  | € | 339.6 |  |  |  | 3.8
|  |  | $ | 7,182.9 |  |  | £ | 4,759.3 |  | (a) |  | 4.7
|  |  | £ | 2,365.8 |  |  | $ | 3,400.0 |  | (b) |  | 5.8
UPC Holding |  | $ | 2,420.0 |  |  | € | 1,999.4 |  |  |  | 5.4
|  |  | $ | 1,200.0 |  |  | CHF | 1,107.5 |  | (a) |  | 6.0
|  |  | € | 2,824.4 |  |  | CHF | 3,221.2 |  | (a) |  | 5.1
|  |  | € | 299.2 |  |  | CZK | 8,221.8 |  |  |  | 1.5
|  |  | € | 375.5 |  |  | HUF | 105,911.9 |  |  |  | 2.8
|  |  | € | 822.9 |  |  | PLN | 3,484.5 |  |  |  | 2.5
|  |  | € | 217.2 |  |  | RON | 610.0 |  |  |  | 2.9
Telenet |  | $ | 3,670.0 |  |  | € | 3,243.6 |  | (a) |  | 6.3
|  |  | € | 1,431.2 |  |  | $ | 1,600.0 |  | (b) |  | 6.2
_______________
(a) | Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2019. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.
(b) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At March 31, 2019, the total U.S. dollar equivalent of the notional amount of these derivative instruments was $4.7 billion. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at March 31, 2019:
Borrowing group |  |  | Notional amount due from counterparty |  | Weighted average remaining life
|  |  | in millions |  | in years
Virgin Media |  | $ | 4,569.4 |  |  | 0.3
UPC Holding |  | $ | 1,645.0 |  |  | 0.3
Telenet |  | $ | 2,075.0 |  |  | 0.3
The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:
Borrowing group |  |  | Decrease to borrowing costs at March 31, 2019 (a)
Virgin Media |  | (0.43 | )%
UPC Holding |  | (0.18 | )%
Telenet |  | (0.69 | )%
Total decrease to borrowing costs |  | (0.42 | )%
_______________ (a) Represents the effect of derivative instruments in effect at March 31, 2019 and does not include forward-starting derivative instruments or swaptions.The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2019:
|  |  | Borrowing group pays fixed rate (a) |  | Borrowing group receives fixed rate
Borrowing group |  |  | Notional amount |  | Weighted average remaining life |  | Notional amount |  | Weighted average remaining life
|  |  | in millions |  | in years |  | in millions |  | in years
Virgin Media |  | $ | 20,109.9 |  |  | 3.4 |  | $ | 11,225.1 |  |  | 4.9
UPC Holding |  | $ | 8,340.9 |  |  | 4.2 |  | $ | 5,229.1 |  |  | 6.6
Telenet |  | $ | 3,775.6 |  |  | 5.0 |  | $ | 1,601.2 |  |  | 4.5
_______________ (a) Includes forward-starting derivative instruments.The following table sets forth certain information regarding our swaption s at March 31, 2019:
Borrowing group |  |  | Notional amount |  | Underlying swap currency |  | Weighted average option expiration period (a) |  | Weighted average strike rate (b)
|  |  | in millions |  |  |  | in years |  |
Virgin Media |  | $ | 6,352.0 |  |  | £ |  | 1.5 |  | 2.45%
|  |  | $ | 482.4 |  |  | € |  | 1.3 |  | 1.96%
______________
(a) | Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts.
(b) Represents the weighted average interest rate that we would pay if we exercised our option to enter into the interest rate swap contracts.

X
- Definition Schedule Of Cash Received Paid Related To Derivative Instruments Statement Of Cash Flows Location. + References No definition available. + Details
Name: | lbtya_ScheduleOfCashReceivedPaidRelatedToDerivativeInstrumentsStatementOfCashFlowsLocationTextBlock
Namespace Prefix: | lbtya_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Realized And Unrealized Gains Losses On Derivative Instruments. + References No definition available. + Details
Name: | lbtya_ScheduleOfRealizedAndUnrealizedGainsLossesOnDerivativeInstrumentsTextBlock
Namespace Prefix: | lbtya_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration