Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2025

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:


	June 30, 2025						December 31, 2024
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	159.9	$	110.2	$	270.1	$	253.8	$	369.4	$	623.2
Equity-related derivative instruments (c)	29.3		—		29.3		26.1		187.3		213.4
Foreign currency forward and option contracts	15.6		—		15.6		6.5		—		6.5
Other	6.9		0.1		7.0		0.6		0.2		0.8
Total	$	211.7	$	110.3	$	322.0	$	287.0	$	556.9	$	843.9

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	156.5	$	148.0	$	304.5	$	144.6	$	38.5	$	183.1

Foreign currency forward and option contracts	21.8		—		21.8		3.3		—		3.3
Other	6.7		0.2		6.9		—		—		—
Total	$	185.0	$	148.2	$	333.2	$	147.9	$	38.5	$	186.4

_______________

(a)Our long-term derivative assets and current and long-term derivative liabilities are included in other assets, net, other accrued and current liabilities 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 net gains (losses) of $5.2 million and ($2.2 million) during the three months ended June 30, 2025 and 2024, respectively, and $9.4 million and ($5.5 million) during the six months ended June 30, 2025 and 2024, respectively. These amounts are included in realized and unrealized gains (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 include the Vodafone Collar. The fair value of the Vodafone Collar does 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. As further described in note 5, the Vodafone Collar was partially unwound during the second quarter of 2025 and fully unwound in July 2025. For additional information regarding our investment in Vodafone and the related Vodafone Collar Loan, see notes 5 and 9, respectively.

Schedule of Realized and Unrealized Losses on Derivative Instruments

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	in millions

Cross-currency and interest rate derivative contracts	$	(323.2)	$	103.2	$	(433.9)	$	280.3
Equity-related derivative instruments	(73.9)		(4.6)		(123.1)		(48.1)
Foreign currency forward and option contracts	(9.0)		(7.4)		(13.7)		(7.7)
Other	0.1		—		—		—
Total	$	(406.0)	$	91.2	$	(570.7)	$	224.5

Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location

The following table sets forth the classification of the net cash inflows of our derivative instruments:


	Six months ended June 30,
	2025		2024
	in millions

Operating activities	$	72.7	$	118.0
Investing activities	(0.1)		—
Financing activities	82.7		(1.4)
Total	$	155.3	$	116.6

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 June 30, 2025:


	Notional amount due from counterparty		Notional amount due to counterparty			Weighted average remaining life
	in millions					in years












Telenet	$	3,890.0	€	3,444.4	(a)	2.4

_______________

(a)Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to June 30, 2025. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

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 June 30, 2025:

Pays fixed rate

Receives fixed rate

Notional
amount

Weighted average remaining life

Notional
amount

Weighted average remaining life

in millions

in years

in millions

in years

Telenet

4,246.3

(a)

3.8

—

_______________

(a)Includes forward-starting derivative instruments.

The following table sets forth certain information regarding our swaptions at June 30, 2025:


	Notional amount		Underlying swap currency	Weighted average option expiration period (a)	Weighted average strike rate (b)
	in millions			in years

Telenet:
Buy position	$	1,646.8	€	0.7	3.0%
Sell position	$	1,646.8	€	0.7	1.4%

_______________

(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 either we or our counterparties exercised our respective options to enter into the interest rate swap contracts.

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 June 30, 2025:


	Notional amount due from counterparty			Weighted average remaining life
	in millions			in years



Telenet	$	5,895.6	(a)	0.3

VM Ireland	$	1,058.6		0.5

_______________

(a)Includes forward-starting derivative instruments.

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:


	Decrease to borrowing costs at June 30, 2025 (a)


Telenet	(1.69)	%
VM Ireland	(1.59)	%
Total decrease to borrowing costs	(1.67)	%

_______________

(a)Represents the effect of derivative instruments in effect at June 30, 2025 and does not include forward-starting derivative instruments or swaptions.