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Subsequent Event
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventOn February 13, 2023, we announced that we acquired a 4.92% interest in Vodafone, representing 1,335,000,000 Vodafone shares at an average purchase price of £0.9195 ($1.1151 at the applicable rate) per share. The aggregate purchase price of £1,227.6 million ($1,488.7 million at the applicable rate) was funded with $271.3 million of cash on hand and the remainder through a transaction (the Vodafone Collar Transaction). The Vodafone Collar Transaction includes a loan in the amount of $1,217.4 million and a collar on the 1,335,000,000 Vodafone shares. The Vodafone Collar Transaction allows us to realize a potential gain from an increase in the Vodafone share price up to a cap and hedges our potential loss from a decline of Vodafone’s share price below a floor. This is accomplished by call options the counterparty can exercise at the cap price and put options we can exercise at the floor price. We will remain subject to changes in the Vodafone share price between the cap and the floor. The Vodafone Collar Transaction does not subject us to margin calls or capital calls, is fully collateralized by the Vodafone shares, and is structured such that we will never have a net payment obligation to the counterparty, making the transaction effectively non-recourse to us beyond the Vodafone shares. We will retain a portion of the dividends on the Vodafone shares, which we currently expect to be around 28%, but does vary based on the value of the collar on the ex-dividend date. The Vodafone Collar Transaction has settlement dates from July 2025 to December 2026, contains no financial covenants and provides for customary representations and warranties, events of default and certain adjustment and termination events.