Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026						December 31, 2025
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	135.3	$	121.7	$	257.0	$	127.1	$	113.8	$	240.9

Foreign currency forward and option contracts	2.1		0.7		2.8		0.1		—		0.1
Other	13.0		0.4		13.4		7.8		—		7.8
Total	$	150.4	$	122.8	$	273.2	$	135.0	$	113.8	$	248.8

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	112.5	$	56.1	$	168.6	$	126.2	$	122.0	$	248.2

Foreign currency forward and option contracts	0.4		1.3		1.7		1.9		0.9		2.8
Other	11.8		—		11.8		8.2		0.5		8.7
Total	$	124.7	$	57.4	$	182.1	$	136.3	$	123.4	$	259.7

_______________

(a)Our current and long-term derivative assets and current and long-term derivative liabilities are included in other current assets, 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 of $2.6 million and $5.2 million during the three months ended June 30, 2026 and 2025, respectively, and $3.0 million and $9.4 million during the six months ended June 30, 2026 and 2025, 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.

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,
	2026		2025		2026		2025
	in millions

Cross-currency and interest rate derivative contracts	$	16.6	$	(323.2)	$	146.8	$	(433.9)
Foreign currency forward and option contracts	1.6		(9.0)		3.6		(13.7)
Equity-related derivative instruments	—		(73.9)		—		(123.1)
Other	—		0.1		—		—
Total	$	18.2	$	(406.0)	$	150.4	$	(570.7)

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,
	2026		2025
	in millions

Operating activities	$	41.1	$	72.7
Investing activities	—		(0.1)
Financing activities	(0.2)		82.7
Total	$	40.9	$	155.3

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, 2026:


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












Telenet	$	3,266.6	€	2,899.5	1.8

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, 2026:


			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	$	4,120.5	(a)			2.8		$	—			—

Other (b)			$	248.9	(a)		19.5			$	—		—

_______________

(a)Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to June 30, 2026. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

(b)Represents contracts associated with Egg Power AssetCo Limited, a subsidiary of Liberty Global (Egg Power).

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, 2026:


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



Telenet	$	3,562.0	—

VM Ireland	$	1,027.3	—

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:


	Increase (decrease) to borrowing costs at June 30, 2026 (a)


VM Ireland	(1.89)	%
Telenet	(1.61)	%
Other (b)	0.28	%
Total decrease to borrowing costs	(1.62)	%

_______________

(a)Represents the effect of derivative instruments in effect at June 30, 2026 and does not include forward-starting derivative instruments.

(b)Represents the impact of derivative instruments on borrowing costs at Egg Power.