Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of our derivative instrument assets and liabilities

The following table provides details of the fair values of our derivative instrument assets and liabilities:

	December 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)	$	23.4	$	126.9	$	150.3	$	30.7	$	82.1	$	112.8
Foreign currency forward contracts	9.8		—		9.8		14.1		—		14.1
Total	$	33.2	$	126.9	$	160.1	$	44.8	$	82.1	$	126.9
Liabilities:
Cross-currency and interest rate derivative contracts (b)	$	34.9	$	99.6	$	134.5	$	23.9	$	41.4	$	65.3
Foreign currency forward contracts	0.5		—		0.5		—		—		—
Total	$	35.4	$	99.6	$	135.0	$	23.9	$	41.4	$	65.3

(a) Our current derivative assets, current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other current assets, net, other accrued and current liabilities, other assets, net, and other long-term liabilities, respectively, in our 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 primary borrowing groups (see note 10). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $4 million, ($23 million) and $23 million during 2019, 2018 and 2017, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 6.

Schedule of realized and unrealized gains (losses) on derivative instruments, net

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

	Year ended December 31,
	2019			2018		2017
	in millions
Cross-currency and interest rate derivative contracts	$	(21.0	)	$	69.6	$	(157.8	)
Foreign currency forward contracts and other (a)	3.8			25.2		(12.3		)
Total	$	(17.2	)	$	94.8	$	(170.1	)

(a)

The amount for 2019 includes $6 million of amortization of the premiums associated with our Weather Derivatives, which we entered into during the second quarter of 2019.

Schedule of classification of the net cash inflows (outflows) of our derivative instruments

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

	Year ended December 31,
	2019			2018			2017
	in millions
Operating activities	$	11.2		$	(15.9	)	$	(26.9	)
Investing activities	6.5			(2.3		)	(3.7		)
Financing activities	(0.3		)	10.0			—
Total	$	17.4		$	(8.2	)	$	(30.6	)

Schedule of derivative instruments

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 December 31, 2019:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,555.0	4.3
VTR Finance	$	187.4	3.1
Liberty Puerto Rico	$	1,000.0	6.6
Cabletica	$	53.5	3.5

(a) Includes forward-starting derivative instruments.

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 basis swap contracts at December 31, 2019:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,340.0	0.8
Liberty Puerto Rico (a)	$	1,590.0	0.7

(a)

Includes forward-starting 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 December 31, 2019:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
C&W	$	108.3	JMD	13,817.5	7.1
	$	56.3	COP	180,000.0	6.6
VTR Finance	$	1,260.0	CLP	854,020.0	2.5