Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 06, 2015 |
Document and Entity Information [Line Items] | |||
Entity Registrant Name | Liberty Global plc | ||
Entity Central Index Key | 1570585 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $32.50 | ||
Class A Ordinary Shares [Member] | |||
Document and Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 251,290,944 | ||
Class B Ordinary Shares [Member] | |||
Document and Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 10,139,184 | ||
Class C Ordinary Shares [Member] | |||
Document and Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 625,736,759 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $1,158.50 | $2,701.90 |
Trade receivables, net | 1,499.50 | 1,588.70 |
Derivative instruments (note 7) | 446.6 | 252.1 |
Deferred income taxes (note 11) | 290.3 | 226.1 |
Prepaid expenses | 189.7 | 238.2 |
Current assets of discontinued operation (note 5) | 0 | 238.7 |
Other current assets | 335.9 | 236.9 |
Total current assets | 3,920.50 | 5,482.60 |
Investments (including $1,662.7 million and $3,481.8 million, respectively, measured at fair value) (note 6) | 1,808.20 | 3,491.20 |
Property and equipment, net (note 9) | 23,840.60 | 23,974.90 |
Goodwill (note 9) | 29,001.60 | 23,748.80 |
Intangible assets subject to amortization, net (note 9) | 9,189.80 | 5,795.40 |
Long-term assets of discontinued operation (note 5) | 0 | 513.6 |
Other assets, net (notes 7, 9 and 11) | 5,081.20 | 4,707.80 |
Total assets | 72,841.90 | 67,714.30 |
Current liabilities: | ||
Accounts payable | 1,039 | 1,072.90 |
Deferred revenue and advance payments from subscribers and others | 1,452.20 | 1,406.20 |
Current portion of debt and capital lease obligations (note 10) | 1,550.90 | 1,023.40 |
Derivative instruments (note 7) | 1,043.70 | 751.2 |
Accrued interest | 690.6 | 598.7 |
Accrued programming and copyright fees | 368.5 | 359.1 |
Current liabilities of discontinued operation (note 5) | 0 | 127.5 |
Other accrued and current liabilities (notes 11 and 14) | 3,045.40 | 2,344 |
Total current liabilities | 9,190.30 | 7,683 |
Long-term debt and capital lease obligations (note 10) | 44,608.10 | 43,680.90 |
Long-term liabilities of discontinued operation (note 5) | 0 | 19.8 |
Other long-term liabilities (notes 7, 11, 14 and 15) | 4,927.50 | 4,789.10 |
Total liabilities | 58,725.90 | 56,172.80 |
Commitments and contingencies (notes 4, 7, 10, 11, 15, 17 and 20) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 17,070.80 | 12,809.40 |
Accumulated deficit | -4,007.60 | -3,312.60 |
Accumulated other comprehensive earnings, net of taxes | 1,646.60 | 2,528.80 |
Treasury shares, at cost | -4.2 | -7.7 |
Total Liberty Global shareholders | 14,714.50 | 12,025.80 |
Noncontrolling interests | -598.5 | -484.3 |
Total equity | 14,116 | 11,541.50 |
Total liabilities and equity | 72,841.90 | 67,714.30 |
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | 2.5 | 2.2 |
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 10,139,184 and 10,147,184 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 630,353,372 and 556,221,669 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | $6.30 | $5.60 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Investments | $1,662.70 | $3,481.80 |
Class A Ordinary Shares [Member] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, issued (in shares) | 251,167,686 | 222,081,117 |
Common stock, outstanding (in shares) | 251,167,686 | 222,081,117 |
Class B Ordinary Shares [Member] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, issued (in shares) | 10,139,184 | 10,147,184 |
Common stock, outstanding (in shares) | 10,139,184 | 10,147,184 |
Class C Ordinary Shares [Member] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, issued (in shares) | 630,353,372 | 556,221,669 |
Common stock, outstanding (in shares) | 630,353,372 | 556,221,669 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue (note 18) | $18,248.30 | $14,474.20 | $9,930.80 |
Operating costs and expenses: | |||
Operating (other than depreciation and amortization) (including share-based compensation) (note 13) | 6,810.40 | 5,417.70 | 3,349.70 |
Selling, general and administrative (SG&A) (including share-based compensation) (note 13) | 3,172.80 | 2,616.50 | 1,860.30 |
Depreciation and amortization | 5,500.10 | 4,276.40 | 2,661.50 |
Release of litigation provision (note 17) | 0 | -146 | 0 |
Impairment, restructuring and other operating items, net (notes 4, 9, 14 and 17) | 536.8 | 297.5 | 76.2 |
Operating costs and expenses | 16,020.10 | 12,462.10 | 7,947.70 |
Operating income | 2,228.20 | 2,012.10 | 1,983.10 |
Non-operating income (expense): | |||
Interest expense | -2,544.70 | -2,286.90 | -1,673.60 |
Interest and dividend income | 31.7 | 113.1 | 42.1 |
Realized and unrealized gains (losses) on derivative instruments, net (note 7) | 88.8 | -1,020.40 | -1,070.30 |
Foreign currency transaction gains (losses), net | -836.5 | 349.3 | 438.4 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 6 and 8) | 205.2 | 524.1 | -10.2 |
Losses on debt modification, extinguishment and conversion, net (note 10) | -186.2 | -212.2 | -213.8 |
Other expense, net | -42.4 | -5.6 | -4.6 |
Non-operating income (expense) | -3,284.10 | -2,538.60 | -2,492 |
Loss from continuing operations before income taxes | -1,055.90 | -526.5 | -508.9 |
Income tax benefit (expense) (note 11) | 75 | -355.5 | -75 |
Loss from continuing operations | -980.9 | -882 | -583.9 |
Discontinued operations (note 5): | |||
Earnings (loss) from discontinued operations, net of taxes | 0.8 | -23.7 | 47.1 |
Gain on disposal of discontinued operations, net of taxes | 332.7 | 0 | 924.1 |
Discontinued operations | 333.5 | -23.7 | 971.2 |
Net earnings (loss) | -647.4 | -905.7 | 387.3 |
Net earnings attributable to noncontrolling interests | -47.6 | -58.2 | -64.5 |
Net earnings (loss) attributable to Liberty Global shareholders | ($695) | ($963.90) | $322.80 |
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3): | |||
Continuing operations (in dollars per shares) | ($1.29) | ($1.39) | ($1.17) |
Discontinued operations (in dollars per shares) | $0.42 | ($0.04) | $1.77 |
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share) | ($0.87) | ($1.43) | $0.60 |
Weighted average ordinary shares outstanding - basic and diluted (in shares) | 798,869,761 | 672,348,540 | 534,641,440 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | ($647.40) | ($905.70) | $387.30 |
Other comprehensive earnings (loss), net of taxes (note 16): | |||
Foreign currency translation adjustments | -935.9 | 900.8 | 98 |
Reclassification adjustments included in net earnings (loss) | 124.4 | -0.7 | -12.1 |
Pension-related adjustments and other | -71.2 | 11.3 | 5.4 |
Other comprehensive earnings (loss) | -882.7 | 911.4 | 91.3 |
Comprehensive earnings (loss) | -1,530.10 | 5.7 | 478.6 |
Comprehensive earnings attributable to noncontrolling interests | -47.1 | -41.3 | -64.8 |
Comprehensive earnings (loss) attributable to Liberty Global shareholders | ($1,577.20) | ($35.60) | $413.80 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive earnings, net of taxes [Member] | Treasury shares, at cost [Member] | Total Liberty Global shareholders [Member] | Non-controlling interests [Member] | Class A Ordinary Shares [Member] | Class B Ordinary Shares [Member] | Class C Ordinary Shares [Member] | Series A Common Stock [Member] | Series B Common Stock [Member] | Series C Common Stock [Member] |
In Millions | Ordinary Shares / Common stock [Member] | Ordinary Shares / Common stock [Member] | Ordinary Shares / Common stock [Member] | Ordinary Shares / Common stock [Member] | Ordinary Shares / Common stock [Member] | Ordinary Shares / Common stock [Member] | |||||||
Beginning balance at Dec. 31, 2011 | $2,931.40 | $3,960.60 | ($2,671.50) | $1,509.50 | $2,805.40 | $126 | $1.50 | $0.10 | $5.20 | ||||
Net earnings (loss) | 387.3 | 322.8 | 322.8 | 64.5 | |||||||||
Other comprehensive earnings, net of taxes (note 16) | 91.3 | 91 | 91 | 0.3 | |||||||||
Repurchase and cancellation of Liberty Global and LGI shares (note 12) | -980.7 | -980.5 | -980.7 | -0.1 | -0.1 | ||||||||
LGI call option contracts (note 12) | -53.2 | -53.2 | -53.2 | ||||||||||
Share-based compensation (note 13) | 70.4 | 70.4 | 70.4 | ||||||||||
Telenet Share Repurchase Agreement (note 12) | -60.6 | -62.8 | -62.8 | 2.2 | |||||||||
Sale of Austar (note 5) | -84.4 | -84.4 | |||||||||||
Puerto Rico Transaction (note 4) | 96.5 | 48.3 | 48.3 | 48.2 | |||||||||
Distributions by subsidiaries to noncontrolling interest owners (note 12) | -351.3 | -351.3 | |||||||||||
Adjustments due to changes in subsidiariesb equity and other, net | 38.4 | -31.2 | -31.2 | 69.6 | |||||||||
Ending balance at Dec. 31, 2012 | 2,085.10 | 2,951.60 | -2,348.70 | 1,600.50 | 0 | 2,210 | -124.9 | 0 | 0 | 0 | 1.4 | 0.1 | 5.1 |
Net earnings (loss) | -905.7 | -963.9 | -963.9 | 58.2 | |||||||||
Other comprehensive earnings, net of taxes (note 16) | 911.4 | 928.3 | 928.3 | -16.9 | |||||||||
Shares issued in connection with acquisitions | 9,375.30 | 9,374.10 | 9,375.30 | 2.1 | 0.1 | 5.6 | -1.4 | -0.1 | -5.1 | ||||
Revaluation of VM Convertible Notes in connection with the Virgin Media Acquisition (notes 4 and 10) | 1,660 | 1,660 | 1,660 | ||||||||||
Repurchase and cancellation of Liberty Global and LGI shares (note 12) | -1,151.90 | -1,151.70 | -1,151.90 | -0.1 | -0.1 | ||||||||
Share-based compensation (note 13) | 206.3 | 206.3 | 206.3 | ||||||||||
Distributions by subsidiaries to noncontrolling interest owners (note 12) | -542.7 | -542.7 | |||||||||||
Purchase of additional Telenet shares / VTR NCI Acquisition (note 12) | -462.2 | -525.7 | -525.7 | 63.5 | |||||||||
Exchange of VM Convertible Notes (note 10) | 113.7 | 113.5 | 113.7 | 0.1 | 0.1 | ||||||||
Adjustments due to changes in subsidiariesb equity and other, net | 252.2 | 181.3 | -7.7 | 173.7 | 78.5 | 0.1 | |||||||
Ending balance at Dec. 31, 2013 | 11,541.50 | 12,809.40 | -3,312.60 | 2,528.80 | -7.7 | 12,025.80 | -484.3 | 2.2 | 0.1 | 5.6 | 0 | 0 | 0 |
Net earnings (loss) | -647.4 | -695 | -695 | 47.6 | |||||||||
Other comprehensive earnings, net of taxes (note 16) | -882.7 | -882.2 | -882.2 | -0.5 | |||||||||
Shares issued in connection with acquisitions | 5,986.40 | 4,904.70 | 4,905.80 | 1,080.60 | 0.3 | 0.8 | |||||||
Repurchase and cancellation of Liberty Global and LGI shares (note 12) | -1,596.90 | -1,596.70 | -1,596.90 | -0.2 | |||||||||
Ziggo NCI Acquisition and impact of Statutory Squeeze-out (note 4) | -416.7 | 663.8 | 663.9 | -1,080.60 | 0.1 | ||||||||
Share-based compensation (note 13) | 216 | 216 | 216 | ||||||||||
Purchase of additional Telenet shares / VTR NCI Acquisition (note 12) | 0 | 185.3 | 185.4 | -185.4 | 0.1 | ||||||||
Adjustments due to changes in subsidiariesb equity and other, net | -84.2 | -111.7 | 3.5 | -108.3 | 24.1 | -0.1 | |||||||
Ending balance at Dec. 31, 2014 | $14,116 | $17,070.80 | ($4,007.60) | $1,646.60 | ($4.20) | $14,714.50 | ($598.50) | $2.50 | $0.10 | $6.30 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net earnings (loss) | ($647.40) | ($905.70) | $387.30 |
Loss (earnings) from discontinued operations | -333.5 | 23.7 | -971.2 |
Loss from continuing operations | -980.9 | -882 | -583.9 |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | |||
Share-based compensation expense | 257.2 | 300.7 | 110.1 |
Depreciation and amortization | 5,500.10 | 4,276.40 | 2,661.50 |
Release of litigation provision | 0 | -146 | 0 |
Impairment, restructuring and other operating items, net | 536.8 | 297.5 | 76.2 |
Amortization of deferred financing costs and non-cash interest accretion | 84.3 | 78 | 65.7 |
Realized and unrealized losses (gains) on derivative instruments, net | -88.8 | 1,020.40 | 1,070.30 |
Foreign currency transaction losses (gains), net | 836.5 | -349.3 | -438.4 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments, including impact of dividends | -203.7 | -523.1 | 19.6 |
Losses on debt modification, extinguishment and conversion, net | 186.2 | 212.2 | 213.8 |
Deferred income tax expense (benefit) | -350.6 | 18.6 | 36 |
Excess tax benefits from share-based compensation | -7 | -41 | -6.7 |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | |||
Receivables and other operating assets | 860.5 | 866.7 | 785 |
Payables and accruals | -1,017.80 | -1,208.10 | -1,171.70 |
Net cash provided (used) by operating activities of discontinued operations | -9.6 | 10.3 | 82.2 |
Net cash provided by (used by) operating activities | 5,603.20 | 3,931.30 | 2,919.70 |
Cash flows from investing activities: | |||
Capital expenditures | -2,684.40 | -2,481.50 | -1,868.30 |
Investments in and loans to affiliates and others | -1,016.60 | -1,350.30 | -32.4 |
Proceeds received upon disposition of discontinued operations, net of disposal costs | 988.5 | 0 | 1,055.40 |
Cash paid in connection with acquisitions, net of cash acquired | -73.3 | -4,073.40 | -154.2 |
Other investing activities, net | -13.8 | -44.9 | 41.8 |
Net cash used by investing activities of discontinued operations, including deconsolidated cash | -3.8 | -14.9 | -123.2 |
Net cash provided by (used by) investing activities | -2,803.40 | -7,965 | -1,080.90 |
Cash flows from financing activities: | |||
Repayments and repurchases of debt and capital lease obligations | -11,316.10 | -8,318.60 | -4,373.60 |
Borrowings of debt | 9,572.40 | 9,670.30 | 5,981.40 |
Repurchase of Liberty Global and LGI shares | -1,584.90 | -1,157.20 | -970.3 |
Payment of financing costs, debt premiums and exchange offer consideration | -379.8 | -389.6 | -229.8 |
Purchase of additional shares of subsidiaries | -260.7 | -461.3 | 0 |
Net cash received (paid) related to derivative instruments | -221 | 524.5 | -108.4 |
Change in cash collateral | -58.7 | 3,593.80 | 59.6 |
Distributions by subsidiaries to noncontrolling interest owners | -11.7 | -538.1 | -335.1 |
Decrease (increase) in restricted cash related to the Telenet Tender | 0 | 1,539.70 | -1,464.10 |
Contributions by noncontrolling interest owners to subsidiaries | 0 | 22.2 | 115.1 |
Other financing activities, net | 0.4 | 137.6 | -139.9 |
Net cash used by financing activities of discontinued operations | -1.2 | -7.4 | -4.7 |
Net cash provided (used) by financing activities | -4,261.30 | 4,615.90 | -1,469.80 |
Effect of exchange rate changes on cash: | |||
Continuing operations | -81.9 | 85.4 | 28.3 |
Discontinued operations | 0 | 0 | -9.6 |
Total | -81.9 | 85.4 | 18.7 |
Net increase (decrease) in cash and cash equivalents: | |||
Continuing operations | -1,528.80 | 679.6 | 443 |
Discontinued operations | -14.6 | -12 | -55.3 |
Net increase (decrease) in cash and cash equivalents | -1,543.40 | 667.6 | 387.7 |
Cash and cash equivalents: | |||
Beginning of year | 2,701.90 | 2,038.90 | 1,651.20 |
End of year | 1,158.50 | 2,706.50 | 2,038.90 |
Less cash and cash equivalents of discontinued operations at end of year | 0 | -4.6 | 0 |
Cash and cash equivalents of continuing operations at end of year | 1,158.50 | 2,701.90 | 2,038.90 |
Cash paid for interest: | |||
Continuing operations | 2,376.70 | 2,148.80 | 1,562.70 |
Discontinued operations | 0 | 0 | 28.9 |
Total | 2,376.70 | 2,148.80 | 1,591.60 |
Net cash paid for taxes: | |||
Continuing operations | 97.3 | 97.5 | 0.3 |
Discontinued operations | 2.2 | 11.7 | 11.5 |
Total | $99.50 | $109.20 | $11.80 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation |
Liberty Global plc (Liberty Global) is a public limited company organized under the laws of England and Wales. As a result of a series of mergers that were completed on June 7, 2013, Liberty Global became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (LGI) (the predecessor to Liberty Global) and Virgin Media Inc. (Virgin Media). In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessor) or collectively to Liberty Global (or its predecessor) and its subsidiaries. | |
We are an international provider of video, broadband internet, fixed-line telephony and mobile services, with consolidated operations at December 31, 2014 in 14 countries. Through Virgin Media and Unitymedia KabelBW GmbH (Unitymedia KabelBW), each a wholly-owned subsidiary, and Telenet Group Holding NV (Telenet), a 56.6%-owned subsidiary, we provide video, broadband internet, fixed-line telephony and mobile services in the United Kingdom (U.K.), Germany and Belgium, respectively. In the Netherlands, we provide video, broadband internet, fixed-line telephony and mobile services through (i) Ziggo Holding B.V. (Ziggo), formerly known as Ziggo N.V., which, as described in note 4, we acquired on November 11, 2014, and (ii) UPC Nederland B.V. (UPC Nederland). We also provide (i) video, broadband internet and fixed-line telephony services in eight other European countries and (ii) mobile services in four other European countries. The operations of Virgin Media, Unitymedia KabelBW, Telenet, Ziggo, UPC Nederland and our other operations in Europe are collectively referred to herein as the “European Operations Division.” In Chile, we provide video, broadband internet, fixed-line telephony and mobile services through VTR GlobalCom SpA (VTR). Our consolidated operations also include the broadband communications operations of Liberty Cablevision of Puerto Rico LLC (Liberty Puerto Rico), an entity in which we hold a 60.0% ownership interest. | |
At December 31, 2013, we owned programming interests in Europe and Latin America that were held through Chellomedia B.V. (Chellomedia). Certain of Chellomedia’s subsidiaries and affiliates provided programming services to certain of our broadband communications operations, primarily in Europe. On January 31, 2014, we completed the sale of substantially all of Chellomedia’s assets (the Chellomedia Disposal Group). On May 23, 2012, we completed the sale of our then 54.15%-owned subsidiary, Austar United Communications Limited (Austar), a provider of direct-to-home (DTH) services in Australia. We have accounted for the Chellomedia Disposal Group and Austar as discontinued operations in our consolidated financial statements. Accordingly, (i) the Chellomedia Disposal Group is presented as a discontinued operation in our consolidated balance sheet as of December 31, 2013, (ii) our consolidated statements of operations and cash flows have been reclassified to present the Chellomedia Disposal Group and Austar as discontinued operations for all periods presented and (iii) the amounts presented in these notes relate only to our continuing operations, unless otherwise noted. For additional information regarding our discontinued operations, see note 5. | |
On January 26, 2014, our board of directors approved a share split in the form of a share dividend (the 2014 Share Dividend), which constitutes a bonus issue under our articles of association and English law, of one Liberty Global Class C ordinary share on each outstanding Liberty Global Class A, Class B and Class C ordinary share as of the February 14, 2014 record date. The distribution date for the 2014 Share Dividend was March 3, 2014. All Liberty Global share and per share amounts presented herein have been retroactively adjusted to give effect to the 2014 Share Dividend. | |
Unless otherwise indicated, ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of December 31, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace existing revenue recognition accounting principles generally accepted in the United States (GAAP) when it becomes effective, currently scheduled for January 1, 2017. Early application is not permitted. This new standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||
Estimates | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. | ||||||||||||
Reclassifications | ||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation. | ||||||||||||
Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||
Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value reported by the investment manager as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value reported by the investment manager. | ||||||||||||
Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. At December 31, 2014 and 2013, our aggregate current and long-term restricted cash balances aggregated $78.0 million and $23.3 million, respectively. | ||||||||||||
Our significant non-cash investing and financing activities are disclosed in our consolidated statements of equity and in notes 4, 5, 9, and 10. | ||||||||||||
Trade Receivables | ||||||||||||
Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $116.1 million and $122.6 million at December 31, 2014 and 2013, respectively. The allowance for doubtful accounts is based upon our assessment of probable loss related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either receipt of payment or the likelihood of collection is considered to be remote. | ||||||||||||
Concentration of credit risk with respect to trade receivables is limited due to the large number of customers and their dispersion across many different countries worldwide. We also manage this risk by disconnecting services to customers whose accounts are delinquent. | ||||||||||||
Investments | ||||||||||||
We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. We generally elect the fair value method for all investments, except those investments over which we exercise significant influence. For investments over which we have significant influence, we consider statutory reporting obligations, the significance of transactions between our company and our equity affiliates and other factors in determining whether the fair value should be applied. We generally will not elect the fair value option if we are required to account for an investment under the equity method of accounting under statutory reporting obligations. In addition, we generally do not elect the fair value option for those significant-influence investments with which Liberty Global or its consolidated subsidiaries have significant related-party obligations. | ||||||||||||
Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. Under the equity method of accounting, investments are recorded at cost and are subsequently increased or reduced to reflect the share of income or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 6 and 8. | ||||||||||||
Dividends from publicly-traded investees are recognized when declared as dividend income in our consolidated statements of operations. Dividends from privately-held investees generally are reflected as reductions of the carrying values of the applicable investments. | ||||||||||||
Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. | ||||||||||||
Financial Instruments | ||||||||||||
Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable, accrued liabilities, subscriber advance payments and deposits and other current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of certain of our investments, our derivatives and debt, see notes 6, 7 and 10, respectively. For information concerning how we arrive at certain of our fair value measurements, see note 8. | ||||||||||||
Derivative Instruments | ||||||||||||
All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a fair value hedge, the changes in the fair value of the derivative instrument and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. We generally do not apply hedge accounting to our derivative instruments. For information regarding our derivative instruments, including our policy for classifying cash flows related to derivative instruments in our consolidated statements of cash flows, see note 7. | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable transmission and distribution facilities and the installation of new cable services. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities such as reconnecting customer locations where a drop already exists, disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. | ||||||||||||
Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. | ||||||||||||
Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under capital leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 9. | ||||||||||||
Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. | ||||||||||||
We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities. Under certain circumstances, the authorities could require us to remove our network equipment from an area if, for example, we were to discontinue using the equipment for an extended period of time or the authorities were to decide not to renew our access rights. However, because the rights of way are integral to our ability to deliver broadband communications services to our customers, we expect to conduct our business in a manner that will allow us to maintain these rights for the foreseeable future. In addition, we have no reason to believe that the authorities will not renew our rights of way and, historically, renewals have been granted. We also have obligations in lease agreements to restore the property to its original condition or remove our property at the end of the lease term. Sufficient information is not available to estimate the fair value of our asset retirement obligations in certain of our lease arrangements. This is the case for long-term lease arrangements in which the underlying leased property is integral to our operations, there is not an acceptable alternative to the leased property and we have the ability to indefinitely renew the lease. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. | ||||||||||||
As of December 31, 2014 and 2013, the recorded value of our asset retirement obligations was $65.1 million and $79.3 million, respectively. | ||||||||||||
Intangible Assets | ||||||||||||
Our primary intangible assets relate to goodwill, customer relationships and cable television franchise rights. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships and cable television franchise rights were originally recorded at their fair values in connection with business combinations. | ||||||||||||
Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. | ||||||||||||
We do not amortize our franchise rights and certain other intangible assets as these assets have indefinite lives. For additional information regarding the useful lives of our intangible assets, see note 9. | ||||||||||||
Impairment of Property and Equipment and Intangible Assets | ||||||||||||
We review, when circumstances warrant, the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include, among other items, (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. | ||||||||||||
We evaluate the goodwill, franchise rights and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever other facts and circumstances indicate that the carrying amounts of goodwill and other indefinite-lived intangible assets may not be recoverable. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). In most cases, our operating segments are deemed to be a reporting unit either because the operating segment is comprised of only a single component, or the components below the operating segment are aggregated as they have similar economic characteristics. If the carrying value of a reporting unit were to exceed its fair value, we would then compare the implied fair value of the reporting unit’s goodwill to its carrying amount, and any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. With respect to franchise rights or other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value of the franchise right or other indefinite-lived intangible asset is also charged to operations as an impairment loss. | ||||||||||||
Income Taxes | ||||||||||||
Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. Interest and penalties related to income tax liabilities are included in income tax expense. For additional information on our income taxes, see note 11. | ||||||||||||
Defined Benefit Plans | ||||||||||||
Certain of our subsidiaries maintain various employee defined benefit plans. Certain assumptions and estimates must be made in order to determine the costs and future benefits that will be associated with these plans. These assumptions include (i) the estimated long-term rates of return to be earned by plan assets, (ii) the estimated discount rates used to value the projected benefit obligations and (iii) estimated wage increases. We estimate discount rates annually based upon the yields on high-quality fixed-income investments available at the measurement date and expected to be available during the period to maturity of the benefits under the applicable defined benefit plan. For the long-term rates of return, we consider relevant factors such as discount rates and estimated returns on the subsidiaries’ targeted and actual asset allocations. To the extent that net actuarial gains or losses exceed 10% of the greater of plan assets or plan liabilities, such gains or losses are amortized over the average future service period of plan participants. For additional information, see note 15. | ||||||||||||
Foreign Currency Translation and Transactions | ||||||||||||
The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. | ||||||||||||
Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. | ||||||||||||
Revenue Recognition | ||||||||||||
Service Revenue — Cable Networks. We recognize revenue from the provision of video, broadband internet and fixed-line telephony services over our cable network to customers in the period the related services are provided. Installation revenue (including reconnect fees) related to services provided over our cable network is recognized as revenue in the period during which the installation occurs to the extent these fees are equal to or less than direct selling costs, which costs are expensed as incurred. To the extent installation revenue exceeds direct selling costs, the excess revenue is deferred and amortized over the average expected subscriber life. | ||||||||||||
Sale of Multiple Products and Services. We sell video, broadband internet, fixed-line telephony and, in certain markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual services based on the relative standalone price for each respective service. | ||||||||||||
Mobile Revenue — General. Arrangement consideration from mobile contracts is allocated to the airtime service element and the handset service element based on the relative standalone prices of each element. The amount of arrangement consideration allocated to the handset is limited to the amount that is not contingent upon the delivery of future airtime services. Certain of our operations that provide mobile services offer handsets under a subsidized contract model, whereby upfront revenue recognition is limited to the upfront cash collected from the customer as the remaining monthly fees to be received from the customer, including fees that may be associated with the handset, are contingent upon delivering future airtime services. At certain of our operations, mobile customers may choose to enter into two distinct contractual relationships: (i) a mobile handset contract and (ii) a mobile airtime services contract. Under the mobile handset contract, the customer takes full title to the handset upon delivery and typically has the option to either (a) pay for the handset in cash upon delivery or (b) pay for the handset in installments over a contractual period. Under these arrangements, the handset installments payments are not contingent upon delivering future airtime services and the arrangement consideration allocated to the handset is not limited to the upfront cash collected. | ||||||||||||
Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period the related services are provided. Revenue from pre-pay customers is recorded as deferred revenue prior to the commencement of services and revenue is recognized as the services are rendered or usage rights expire. | ||||||||||||
Mobile Revenue — Handset Revenue. Arrangement consideration allocated to handsets is recognized as revenue when the goods have been delivered and title has passed. For customers under a mobile handset installment contract that is independent of a mobile airtime services contract, revenue is recognized upon delivery only if collectibility is reasonably assured. Our assessment of collectibility is based principally on internal and external credit assessments as well as historical collection information for similar customers. To the extent that collectibility of installment payments from the customer is not reasonably assured upon delivery of the handset, handset revenue is recognized on a cash basis as customer payments are received. | ||||||||||||
Business-to-Business (B2B) Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis over the term of the arrangement or the expected period of performance. | ||||||||||||
Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. | ||||||||||||
Subscriber Advance Payments and Deposits. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. | ||||||||||||
Sales, Use and Other Value-Added Taxes (VAT). Revenue is recorded net of applicable sales, use and other value-added taxes. | ||||||||||||
Share-Based Compensation | ||||||||||||
We recognize all share-based payments to employees, including grants of employee share incentive awards based on their grant-date fair values and our estimates of forfeitures. We recognize the fair value of outstanding awards as a charge to operations over the vesting period. The cash benefits of tax deductions in excess of deferred taxes on recognized share-based compensation expense are reported as a financing cash flow. | ||||||||||||
We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. | ||||||||||||
We have calculated the expected life of options and share appreciation rights (SARs) granted by Liberty Global to employees based on historical exercise trends. The expected volatility for Liberty Global options and SARs is generally based on a combination of (i) historical volatilities of Liberty Global ordinary shares for a period equal to the expected average life of the Liberty Global awards and (ii) volatilities implied from publicly traded Liberty Global options. | ||||||||||||
Under U.K. corporate law, we are required to issue new shares of Liberty Global ordinary shares when Liberty Global options or SARs are exercised and when restricted share units (RSUs) and performance-based restricted share units (PSUs) vest. Although we repurchase Liberty Global ordinary shares from time to time, the parameters of our share purchase and redemption activities are not established solely with reference to the dilutive impact of our share-based compensation plans. | ||||||||||||
For additional information regarding our share-based compensation, see note 13. | ||||||||||||
Litigation Costs | ||||||||||||
Legal fees and related litigation costs are expensed as incurred. | ||||||||||||
Earnings or Loss per Ordinary Share | ||||||||||||
Basic earnings or loss per share attributable to Liberty Global shareholders is computed by dividing net earnings or loss attributable to Liberty Global shareholders by the weighted average number of ordinary shares (excluding restricted shares) outstanding for the period. Diluted earnings or loss per share attributable to Liberty Global shareholders presents the dilutive effect, if any, on a per share basis of potential ordinary shares (e.g., options, SARs, restricted shares, RSUs and convertible securities) as if they had been exercised, vested or converted at the beginning of the periods presented. | ||||||||||||
We reported losses from continuing operations attributable to Liberty Global shareholders during 2014, 2013 and 2012. Therefore, the potentially dilutive effect at December 31, 2014, 2013 and 2012 of (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, PSARs (as defined in note 13) and restricted shares and RSUs of approximately 39.1 million, 40.3 million and 19.7 million, respectively, (ii) the number of shares issuable pursuant to PSUs and PGUs (as defined in note 13) of approximately 5.4 million, 3.7 million and 3.0 million, respectively, and (iii) the aggregate number of shares issuable pursuant to obligations that may be settled in cash or shares of approximately 2.6 million, 2.6 million and 7.3 million, respectively, were not included in the computation of diluted loss per share attributable to Liberty Global shareholders because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria. | ||||||||||||
The details of our net earnings (loss) attributable to Liberty Global shareholders are set forth below: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
in millions | ||||||||||||
Amounts attributable to Liberty Global shareholders: | ||||||||||||
Loss from continuing operations | $ | (1,028.5 | ) | $ | (937.6 | ) | $ | (623.7 | ) | |||
Earnings (loss) from discontinued operations | 333.5 | (26.3 | ) | 946.5 | ||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ | (695.0 | ) | $ | (963.9 | ) | $ | 322.8 | ||||
Acquisitions
Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions | Acquisitions | |||||||
Pending 2015 Acquisition | ||||||||
On December 9, 2014, one of our subsidiaries, together with investment funds affiliated with Searchlight Capital Partners, L.P. (collectively, Searchlight), entered into an agreement to acquire 100% of the parent of Puerto Rico Cable Acquisition Company Inc., dba Choice Cable TV (Choice), the second largest cable and broadband services provider in Puerto Rico (the Choice Acquisition). The transaction values Choice at an enterprise value, before transaction costs, of approximately $272.5 million. Most of the purchase price is expected to be funded through $257.5 million of committed facilities under the Liberty Puerto Rico Bank Facility, as defined and described in note 10. The Choice Acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2015. Upon completion of the Choice Acquisition, Choice’s operations will be combined with those of Liberty Puerto Rico, and the combined business will be 60%-owned by our company and 40%-owned by Searchlight. | ||||||||
2014 Acquisition | ||||||||
Ziggo. On November 11, 2014 (the Ziggo Acquisition Date), pursuant to an Agreement and Plan of Merger (the Ziggo Merger Agreement) with respect to an offer to acquire all of the shares of Ziggo that we did not already own (the Ziggo Offer), we gained control of Ziggo through the acquisition of 136,603,794 additional Ziggo shares, which increased our ownership interest in Ziggo to 88.9% (the Ziggo Acquisition). From November 12, 2014 through November 19, 2014, we acquired 18,998,057 additional Ziggo shares, further increasing our ownership interest in Ziggo to 98.4% (the Ziggo NCI Acquisition). We have accounted for the Ziggo Acquisition using the acquisition method of accounting and the Ziggo NCI Acquisition as the acquisition of a noncontrolling interest. Ziggo is a provider of video, broadband internet, fixed-line telephony and mobile services in the Netherlands. We acquired Ziggo in order to achieve certain financial, operational and strategic benefits through the integration of Ziggo with UPC Nederland and our other European operations. | ||||||||
Pursuant to the Ziggo Merger Agreement, Ziggo shareholders who tendered their Ziggo shares received an offer price of (i) 0.2282 Liberty Global Class A ordinary shares, (ii) 0.5630 Liberty Global Class C ordinary shares and (iii) €11.00 ($13.71 at the applicable rates) in cash for each Ziggo share that they tendered. In connection with the completion of the Ziggo Acquisition and the Ziggo NCI Acquisition, we (i) issued an aggregate of 35,508,342 Liberty Global Class A and 87,603,842 Liberty Global Class C ordinary shares and (ii) paid aggregate cash consideration of €1,711.6 million ($2,133.6 million at the applicable rates) to holders of Ziggo ordinary shares. | ||||||||
On December 3, 2014, we initiated a statutory squeeze-out procedure in accordance with the Dutch Civil Code (the Statutory Squeeze-out) in order to acquire the remaining 3,162,605 Ziggo shares not tendered through November 19, 2014. Under the Statutory Squeeze-out, Ziggo shareholders other than Liberty Global will receive cash consideration. We have submitted €39.78 ($48.14) per share as the suggested cash consideration to be paid in the Statutory Squeeze-out. This suggested per share consideration is subject to confirmation of the applicable court in the Netherlands. Effective upon the commencement of the Statutory Squeeze-out, the remaining noncontrolling interest in Ziggo became mandatorily redeemable, and accordingly, is reflected as a liability that is included in other accrued and current liabilities in our consolidated balance sheet. The difference between the carrying value of the noncontrolling interest immediately prior to the date that the noncontrolling interest became mandatorily redeemable and the expected redemption value of €125.8 million ($152.2 million) was reflected as a $2.6 million decrease to additional paid-in capital in our consolidated statement of equity. The Statutory Squeeze-out is expected to be completed during the third quarter of 2015. | ||||||||
In connection with the completion of the Ziggo Acquisition, we obtained regulatory clearance from the European Commission on October 10, 2014, subject to the following commitments: | ||||||||
• | our commitment to divest our Film1 channel to a third party and to carry Film1 on our network in the Netherlands for a period of three years; and | |||||||
• | our commitment for a period of eight years with respect to our network in the Netherlands (i) not to enforce certain clauses currently contained in carriage agreements with broadcasters that restrict the ability of broadcasters to offer their channels and content via over-the-top services, (ii) not to enter into carriage agreements containing such clauses and (iii) to maintain adequate interconnection capacity through at least three uncongested routes into our network in the Netherlands, at least one of which must be with a large transit provider. | |||||||
For accounting purposes, the Ziggo Acquisition was treated as the acquisition of Ziggo by Liberty Global. In this regard, the equity and cash consideration paid to acquire Ziggo plus the fair value of our pre-existing investment in Ziggo on the Ziggo Acquisition Date is set forth below (in millions): | ||||||||
Liberty Global Class A ordinary shares (a) | $ | 1,448.70 | ||||||
Liberty Global Class C ordinary shares (a) | 3,457.10 | |||||||
Cash (b) | 1,872.90 | |||||||
Fair value of pre-existing investment in Ziggo (c) | 2,015.40 | |||||||
Total | $ | 8,794.10 | ||||||
_______________ | ||||||||
(a) | Represents the value assigned to the 31,172,985 Liberty Global Class A and 76,907,936 Liberty Global Class C ordinary shares issued to Ziggo shareholders in connection with the Ziggo Acquisition through the Ziggo Acquisition Date. These amounts are based on (i) the exchange ratios specified by the Ziggo Merger Agreement, (ii) the applicable closing per share prices of Liberty Global Class A and Class C ordinary shares and (iii) 136,603,794 ordinary shares of Ziggo tendered in the Ziggo Offer through the Ziggo Acquisition Date. | |||||||
(b) | Represents the cash consideration paid in connection with the Ziggo Acquisition. | |||||||
(c) | Represents the fair value of the 41,329,850 million shares of Ziggo held by Liberty Global and its subsidiaries immediately prior to the Ziggo Acquisition. | |||||||
We have accounted for the Ziggo Acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Ziggo based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. A summary of the purchase price and the preliminary opening balance sheet for the Ziggo Acquisition as of the Ziggo Acquisition Date is presented in the following table. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable assets and liabilities. Although most items in the valuation process remain open, the items with the highest likelihood of changing upon finalization of the valuation process include property and equipment, goodwill, intangible assets associated with customer relationships and income taxes (in millions): | ||||||||
Cash and cash equivalents (a) | $ | 1,889.70 | ||||||
Other current assets | 69.6 | |||||||
Property and equipment, net | 2,714.90 | |||||||
Goodwill (b) | 7,724.30 | |||||||
Intangible assets subject to amortization (c) | 5,000.90 | |||||||
Other assets, net | 394.6 | |||||||
Current portion of debt and capital lease obligations | (604.0 | ) | ||||||
Other accrued and current liabilities | (443.5 | ) | ||||||
Long-term debt and capital lease obligations | (5,351.5 | ) | ||||||
Other long-term liabilities | (1,520.3 | ) | ||||||
Noncontrolling interest (d) | (1,080.6 | ) | ||||||
Total purchase price (e) | $ | 8,794.10 | ||||||
_______________ | ||||||||
(a) | The Ziggo Acquisition resulted in $16.8 million of net cash received after deducting the cash consideration paid in the Ziggo Acquisition. | |||||||
(b) | The goodwill recognized in connection with the Ziggo Acquisition is primarily attributable to (i) the ability to take advantage of Ziggo’s existing advanced broadband communications network to gain immediate access to potential customers and (ii) substantial synergies that are expected to be achieved through the integration of Ziggo with UPC Nederland and our other European operations. | |||||||
(c) | Amount primarily includes intangible assets related to customer relationships. As of the Ziggo Acquisition Date, the weighted average useful life of Ziggo’s intangible assets was approximately ten years. | |||||||
(d) | Represents the fair value of the noncontrolling interest in Ziggo as of the Ziggo Acquisition Date. | |||||||
(e) | Excludes direct acquisition costs of $84.1 million incurred through December 31, 2014, which are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. | |||||||
We have accounted for the Ziggo NCI Acquisition as an equity transaction, with the carrying amount of the noncontrolling interest adjusted to reflect the change in ownership of Ziggo. The difference between the fair value of consideration paid and the amount by which the noncontrolling interest was adjusted has been recognized as additional paid-in capital in our consolidated statement of equity. The impact of the Ziggo NCI Acquisition is summarized in the following table (in millions): | ||||||||
Reduction of noncontrolling interests | $ | 927.2 | ||||||
Additional paid-in capital | 23.5 | |||||||
Fair value of consideration paid (a) | $ | 950.7 | ||||||
_______________ | ||||||||
(a) | Represents (i) the value assigned to the 4,335,357 Liberty Global Class A and 10,695,906 Liberty Global Class C ordinary shares issued to Ziggo shareholders and (ii) cash consideration of €209.0 million ($260.7 million at the applicable rates) paid to Ziggo shareholders, based on the 18,998,057 ordinary shares of Ziggo tendered in connection with the Ziggo NCI Acquisition. | |||||||
The cash consideration paid in the Ziggo Acquisition and the Ziggo NCI Acquisition was funded with a combination of debt and our existing liquidity. For information regarding the various debt financing arrangements that we entered into in connection with the execution of the Ziggo Merger Agreement and the completion of the Ziggo Acquisition and the Ziggo NCI Acquisition, see note 10. For information regarding additional debt financing transactions involving Ziggo and UPC Nederland that we completed during the first quarter of 2015, see note 20. | ||||||||
2013 Acquisition | ||||||||
Virgin Media. On June 7, 2013, pursuant to an Agreement and Plan of Merger (the Virgin Media Merger Agreement) with Virgin Media and following receipt of regulatory and shareholder approvals, we acquired Virgin Media in a stock and cash merger (the Virgin Media Acquisition). Virgin Media is one of the U.K.’s largest providers of residential broadband internet, television, fixed-line telephony and mobile services in terms of number of customers. We acquired Virgin Media in order to achieve certain financial, operational and strategic benefits through the integration of Virgin Media with our existing European operations. | ||||||||
Pursuant to the Virgin Media Merger Agreement: | ||||||||
• | Each share of common stock of Virgin Media was converted into the right to receive (i) 0.2582 Class A ordinary shares of Liberty Global, (ii) 0.6438 Class C ordinary shares of Liberty Global and (iii) $17.50 in cash (collectively, the Virgin Media Merger Consideration); and | |||||||
• | Each share of Series A common stock of LGI was converted into the right to receive one Class A ordinary share of Liberty Global; each share of Series B common stock of LGI was converted into the right to receive one Class B ordinary share of Liberty Global; and each share of Series C common stock of LGI was converted into the right to receive one Class C ordinary share of Liberty Global. | |||||||
In connection with the completion of the Virgin Media Acquisition, we issued 70,233,842 Class A and 175,122,182 Class C ordinary shares to holders of Virgin Media common stock and 141,234,331 Class A, 10,176,295 Class B and 362,556,220 Class C ordinary shares to holders of LGI Series A, Series B and Series C common stock, respectively. | ||||||||
In connection with the execution of the Virgin Media Merger Agreement, we entered into various debt financing arrangements. For additional information, see note 10. | ||||||||
In a transaction that did not impact our cash and cash equivalents, the net proceeds (after deducting certain transaction expenses)from the February 2013 issuance of the April 2021 VM Senior Secured Notes and 2023 VM Senior Notes (each as defined and described in note 10) of $3,557.5 million (equivalent at the transaction date) were placed into segregated escrow accounts (the Virgin Media Escrow Accounts) with a trustee. Such net proceeds were released in connection with the closing of the Virgin Media Acquisition. | ||||||||
The Virgin Media Acquisition and related refinancing transactions were funded with a combination of (i) the proceeds from the Virgin Media Escrow Accounts, (ii) borrowings under the VM Credit Facility (as defined and described in note 10) and (iii) our and Virgin Media’s existing liquidity. | ||||||||
For accounting purposes, the Virgin Media Acquisition was treated as the acquisition of Virgin Media by Liberty Global (as the successor to LGI). In this regard, the equity and cash consideration paid to acquire Virgin Media is set forth below (in millions): | ||||||||
Class A ordinary shares (a) | $ | 2,735.00 | ||||||
Class C ordinary shares (a) | 6,369.90 | |||||||
Cash (b) | 4,760.20 | |||||||
Fair value of the vested portion of Virgin Media stock incentive awards (c) | 270.4 | |||||||
Total equity and cash consideration | $ | 14,135.50 | ||||||
_______________ | ||||||||
(a) | Represents the value assigned to the 70,233,842 Class A and 175,122,182 Class C ordinary shares issued to Virgin Media shareholders in connection with the Virgin Media Acquisition. These amounts are based on (i) the exchange ratios specified by the Virgin Media Merger Agreement, (ii) the closing per share price on June 7, 2013 of Series A and Series C LGI common stock of $38.94 and $36.37, respectively, and (iii) the 272,013,333 outstanding shares of Virgin Media common stock at June 7, 2013. | |||||||
(b) | Represents the cash consideration paid in connection with the Virgin Media Acquisition. This amount is based on (i) the $17.50 per share cash consideration specified by the Virgin Media Merger Agreement and (ii) the 272,013,333 outstanding shares of Virgin Media common stock at June 7, 2013. | |||||||
(c) | Represents the portion of the estimated fair value of the Virgin Media stock incentive awards that are attributable to services provided prior to the June 7, 2013 acquisition date. The estimated fair value is based on the attributes of the 13.03 million outstanding Virgin Media stock incentive awards at June 7, 2013, including the market price of the underlying Virgin Media common stock. The outstanding Virgin Media stock incentive awards at June 7, 2013 include 9.86 million stock options that have been valued using Black Scholes option valuations. In addition, Virgin Media’s stock incentive awards at June 7, 2013 included 3.17 million restricted stock units that included performance conditions and, in certain cases, market conditions. Those restricted stock units with market conditions have been valued using Monte Carlo simulation models. | |||||||
We have accounted for the acquisition of Virgin Media using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Virgin Media based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. A summary of the purchase price and opening balance sheet for the Virgin Media Acquisition at the June 7, 2013 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): | ||||||||
Cash and cash equivalents | $ | 694.6 | ||||||
Other current assets | 932.2 | |||||||
Property and equipment, net | 9,863.10 | |||||||
Goodwill (a) | 9,000.80 | |||||||
Intangible assets subject to amortization (b) | 3,925.80 | |||||||
Other assets, net | 4,259.40 | |||||||
Current portion of debt and capital lease obligations | (1,184.5 | ) | ||||||
Other accrued and current liabilities (c) (d) | (1,892.2 | ) | ||||||
Long-term debt and capital lease obligations | (8,477.4 | ) | ||||||
Other long-term liabilities (c) | (1,326.3 | ) | ||||||
Additional paid-in capital (e) | (1,660.0 | ) | ||||||
Total purchase price (f) | $ | 14,135.50 | ||||||
_______________ | ||||||||
(a) | The goodwill recognized in connection with the Virgin Media Acquisition is primarily attributable to (i) the ability to take advantage of Virgin Media’s existing advanced broadband communications network to gain immediate access to potential customers and (ii) substantial synergies that were expected to be achieved through the integration of Virgin Media with our other broadband communications operations in Europe. | |||||||
(b) | Amount primarily includes intangible assets related to customer relationships. At June 7, 2013, the weighted average useful life of Virgin Media’s intangible assets was approximately seven years. | |||||||
(c) | No amounts were allocated to deferred revenue with respect to the then ongoing performance obligations associated with Virgin Media’s B2B service contracts, as the remaining fees to be received under these contracts approximated fair value given our estimates of the costs associated with these performance obligations. | |||||||
(d) | Amount includes a $35.6 million liability that was recorded to adjust an unfavorable capacity contract to its estimated fair value. This amount was amortized through the March 31, 2014 expiration date of the contract as a reduction of Virgin Media’s operating expenses so that the net effect of this amortization and the payments required under the contract approximated market rates. During the period from June 8, 2013 through December 31, 2013 and the year ended December 31, 2014, $22.8 million and $12.8 million, respectively, of this liability was amortized as a reduction of operating expenses in our consolidated statements of operations. | |||||||
(e) | Represents the equity component of the VM Convertible Notes (as defined and described in note 10). During the period from June 7, 2013 through December 31, 2013, 94.4% of the VM Convertible Notes were exchanged for Liberty Global Class A and Class C ordinary shares and cash pursuant to the terms of the VM Convertible Notes Indenture. For additional information, see note 10. | |||||||
(f) | Excludes direct acquisition costs of $51.5 million, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. | |||||||
2012 Acquisitions | ||||||||
Puerto Rico. On November 8, 2012, one of our subsidiaries, LGI Broadband Operations, Inc. (LGI Broadband Operations), completed a series of transactions (collectively, the Puerto Rico Transaction) with certain investment funds affiliated with Searchlight that resulted in their joint ownership of (i) Liberty Cablevision of Puerto Rico LLC (Old Liberty Puerto Rico), a subsidiary of LGI Broadband Operations, and (ii) San Juan Cable, LLC, doing business as OneLink Communications (OneLink), a broadband communications operator in Puerto Rico. In connection with the Puerto Rico Transaction, (i) Old Liberty Puerto Rico and OneLink were merged, with OneLink as the surviving entity, and (ii) OneLink was renamed Liberty Puerto Rico. | ||||||||
Immediately prior to the acquisition of OneLink, LGI Broadband Operations contributed its 100% interest in Old Liberty Puerto Rico, and Searchlight contributed cash of $94.7 million, to Leo Cable LP (Leo Cable), a newly formed entity. Leo Cable in turn used the cash contributed by Searchlight to fund the acquisition of 100% of the equity of OneLink from a third party (the OneLink Seller) for a purchase price of $96.5 million, including closing adjustments and $1.8 million of transaction-related costs paid by Old Liberty Puerto Rico on behalf of the OneLink Seller. Such purchase price, together with OneLink’s consolidated net debt (aggregate fair value of debt and capital lease obligations outstanding less cash and cash equivalents) at November 8, 2012 of $496.0 million, resulted in total consideration of $592.5 million, excluding direct acquisition costs of $18.1 million, which are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. | ||||||||
In November 2013, LGI Broadband Operations reached a settlement agreement with respect to certain claims against the OneLink Seller, pursuant to which, among other matters, LGI Broadband Operations received a cash payment of $20.0 million. This amount is included as a credit within impairment, restructuring and other operating items, net, in our consolidated statement of operations, and the cash received is included within cash provided by operating activities in our consolidated statement of cash flows. | ||||||||
As a result of the Puerto Rico Transaction, LGI Broadband Operations acquired a 60.0% interest, and Searchlight acquired a 40.0% interest, in Leo Cable. As LGI Broadband Operations’ 60.0% interest represents a controlling financial interest, LGI Broadband Operations consolidates Leo Cable. | ||||||||
We have accounted for the Puerto Rico Transaction as the acquisition of OneLink and the effective sale of a 40.0% interest in Old Liberty Puerto Rico. The effective sale of the 40.0% interest in Old Liberty Puerto Rico was accounted for as an equity transaction. We have accounted for the acquisition of OneLink using the acquisition method of accounting. | ||||||||
A summary of the purchase price and opening balance sheet for OneLink at the November 8, 2012 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): | ||||||||
Cash and cash equivalents | $ | 4.4 | ||||||
Other current assets (a) | 19.2 | |||||||
Property and equipment, net | 150.2 | |||||||
Intangible assets subject to amortization (b) | 90.5 | |||||||
Intangible assets not subject to amortization - cable television franchise rights | 285 | |||||||
Goodwill (c) | 226.1 | |||||||
Other assets, net | 1.2 | |||||||
Current portion of debt and capital lease obligations | (3.5 | ) | ||||||
Other current liabilities (a) | (54.1 | ) | ||||||
Long-term debt and capital lease obligations | (496.9 | ) | ||||||
Deferred tax liabilities | (125.6 | ) | ||||||
Total purchase price | $ | 96.5 | ||||||
_______________ | ||||||||
(a) | Other current liabilities include an accrual for a loss contingency that was measured based on our best estimate of the probable loss. The OneLink Seller partially indemnified us for the outcome of this loss contingency and, accordingly, other current assets includes an indemnification asset, measured using the same basis as the associated loss contingency. | |||||||
(b) | Amount primarily includes intangible assets related to customer relationships. At November 8, 2012, the weighted average useful life of OneLink’s intangible assets was approximately 10 years. | |||||||
(c) | The goodwill recognized in connection with the Puerto Rico Transaction is primarily attributable to (i) the ability to take advantage of the existing advanced broadband communications networks of OneLink to gain immediate access to potential customers and (ii) substantial synergies that were expected to be achieved through the integration of OneLink with our existing broadband communications operations in Puerto Rico. | |||||||
Pro Forma Information | ||||||||
The following unaudited pro forma consolidated operating results give effect to (i) the acquisition of 100% of Ziggo and (ii) the Virgin Media Acquisition, as if they had been completed as of January 1, 2013. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. | ||||||||
Year ended December 31, | ||||||||
2014 | 2013 | |||||||
in millions, except per | ||||||||
share amounts | ||||||||
Revenue: | ||||||||
Continuing operations | $ | 20,095.70 | $ | 19,301.20 | ||||
Discontinued operations | 26.6 | 408.6 | ||||||
Total | $ | 20,122.30 | $ | 19,709.80 | ||||
Net loss attributable to Liberty Global shareholders | $ | (1,223.0 | ) | $ | (1,200.2 | ) | ||
Basic and diluted loss attributable to Liberty Global shareholders per share | $ | (1.35 | ) | $ | (1.30 | ) | ||
Our consolidated statement of operations for 2014 includes revenue and net loss of $272.0 million and $98.7 million, respectively, attributable to Ziggo. | ||||||||
The following unaudited pro forma consolidated operating results give effect to (i) the Virgin Media Acquisition and (ii) the Puerto Rico Transaction, as if they had been completed as of January 1, 2012. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. | ||||||||
Year ended December 31, | ||||||||
2013 | 2012 | |||||||
in millions, except per | ||||||||
share amounts | ||||||||
Revenue: | ||||||||
Continuing operations | $ | 17,239.10 | $ | 16,465.00 | ||||
Discontinued operations | 408.6 | 673.7 | ||||||
Total | $ | 17,647.70 | $ | 17,138.70 | ||||
Net earnings (loss) attributable to Liberty Global shareholders (a) | $ | (1,300.4 | ) | $ | 3,701.50 | |||
Basic earnings (loss) attributable to Liberty Global shareholders per share (a) | $ | (1.63 | ) | $ | 4.48 | |||
Diluted earnings (loss) attributable to Liberty Global shareholders per share (a) | $ | (1.63 | ) | $ | 4.39 | |||
_______________ | ||||||||
(a) | The 2012 amounts reflect the impact of a $4,144.9 million release of valuation allowances on Virgin Media’s deferred tax assets. This release was included in Virgin Media’s historical results for the fourth quarter of 2012. | |||||||
Our consolidated statement of operations for 2013 includes revenue and net loss of $3,653.7 million and $987.8 million, respectively, attributable to Virgin Media. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||
Chellomedia Disposal Group. On January 31, 2014, we completed the sale of the Chellomedia Disposal Group to AMC Networks Inc. for €750.0 million ($1,013.1 million at the applicable rate) in cash (the Chellomedia Transaction). Accordingly, the Chellomedia Disposal Group is reflected as a discontinued operation in our consolidated statements of operations and cash flows for all periods presented. The assets disposed of pursuant to the Chellomedia Transaction exclude Chellomedia’s premium sports and film channels in the Netherlands. In connection with the sale of the Chellomedia Disposal Group, we recognized a pre-tax gain of $342.2 million. This pre-tax gain is net of a $64.0 million cumulative foreign currency translation loss, which was reclassified to net loss from accumulated other comprehensive earnings. The associated income tax expense of $9.5 million differs from the amount computed by applying the U.K. statutory income tax rate in effect at the time of 21.5% primarily due to the fact that (i) the transaction was not subject to taxation in the U.K. and (ii) most elements of the transaction were not subject to taxation in the Netherlands or the U.S. The net after-tax gain of $332.7 million is included in gain on disposal of discontinued operations, net of taxes, in our consolidated statement of operations. | ||||||||||||
Certain of our broadband communications operations will continue to receive programming services from the Chellomedia Disposal Group through contracts that were negotiated as part of the disposal. As such, Liberty Global will have continuing cash outflows associated with the Chellomedia Disposal Group through at least 2017. However, our involvement as an ongoing customer of the Chellomedia Disposal Group does not disqualify discontinued operations classification because (i) the ongoing cash outflows are not considered significant to the Chellomedia Disposal Group and (ii) Liberty Global does not possess any rights within the ongoing contractual arrangements that would allow us to exert influence over the Chellomedia Disposal Group. | ||||||||||||
The summarized financial position of the Chellomedia Disposal Group as of December 31, 2013 is as follows (in millions): | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 4.6 | ||||||||||
Other current assets | 234.1 | |||||||||||
Investments | 21.1 | |||||||||||
Property and equipment, net | 43.1 | |||||||||||
Goodwill | 224.4 | |||||||||||
Other assets | 225 | |||||||||||
Total assets (a) | $ | 752.3 | ||||||||||
Liabilities: | ||||||||||||
Current liabilities | $ | 127.5 | ||||||||||
Other long-term liabilities | 19.8 | |||||||||||
Total liabilities (a) | 147.3 | |||||||||||
Total equity | 605 | |||||||||||
Total liabilities and equity | $ | 752.3 | ||||||||||
______________ | ||||||||||||
(a) | Excludes intercompany payables and receivables that are eliminated within Liberty Global’s consolidated financial statements. | |||||||||||
Austar. On July 11, 2011, our company and Austar entered into agreements with certain third parties (collectively, FOXTEL) pursuant to which FOXTEL agreed to acquire 100% of Austar’s ordinary shares through a series of transactions (the Austar Transaction), one of which involved our temporary acquisition of the 45.85% of Austar’s ordinary shares held by the noncontrolling shareholders (the Austar NCI Acquisition). On April 26, 2012, pursuant to the terms of the Austar NCI Acquisition, all of the shares of Austar that we did not already own were acquired by a new wholly-owned subsidiary of Liberty Global (LGI Austar Holdco), with funding provided by a loan from FOXTEL. On May 23, 2012, FOXTEL acquired 100% of Austar from LGI Austar Holdco for AUD 1.52 ($1.50 at the transaction date) per share in cash, which represented a total equity sales price of AUD 1,932.7 million ($1,906.6 million at the transaction date) for the 100% interest in Austar (based on Austar ordinary shares outstanding at the transaction date) or AUD 1,046.5 million for our 54.15% interest in Austar. Upon completion of these transactions and excluding proceeds related to the shares acquired in the Austar NCI Acquisition, our company realized cash proceeds equivalent to $1,056.1 million after taking into account applicable foreign currency forward contracts and before considering cash paid for disposal costs. | ||||||||||||
In connection with the sale of Austar, we recognized a pre-tax gain of $928.2 million that includes (i) cumulative foreign currency translation gains of $22.6 million and (ii) cumulative cash flow hedge losses of $15.1 million, each of which have been reclassified to net earnings from accumulated other comprehensive earnings. The associated deferred income tax expense of $4.1 million differs from the amount computed by applying the U.S. federal income tax rate of 35% primarily due to the fact that (i) the Austar Transaction was not subject to taxation in Australia and (ii) most elements of the Austar Transaction were not subject to taxation in the U.S. This gain, net of income taxes, is included in gain on disposal of discontinued operations, net of taxes, in our consolidated statement of operations. | ||||||||||||
The combined operating results of the Chellomedia Disposal Group (2014, 2013 and 2012) and Austar (2012) are classified as discontinued operations in our consolidated statements of operations and are summarized in the following table: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 (a) (b) | 2013 (b) | 2012 (b) (c) | ||||||||||
in millions | ||||||||||||
Revenue | $ | 26.6 | $ | 408.6 | $ | 673.7 | ||||||
Operating income | $ | 0.6 | $ | 12.1 | $ | 78.7 | ||||||
Earnings (loss) before income taxes and noncontrolling interests | $ | 0.9 | $ | (1.0 | ) | $ | 75.2 | |||||
Income tax expense | $ | (0.1 | ) | $ | (22.7 | ) | $ | (28.1 | ) | |||
Earnings (loss) from discontinued operations attributable to Liberty Global shareholders, net of taxes | $ | 0.8 | $ | (26.3 | ) | $ | 22.4 | |||||
______________ | ||||||||||||
(a) | Includes the operating results of the Chellomedia Disposal Group through January 31, 2014, the date the Chellomedia Disposal Group was sold. | |||||||||||
(b) | Excludes the Chellomedia Disposal Group's intercompany revenue and expenses that are eliminated within Liberty Global's consolidated financial statements. | |||||||||||
(c) | Includes the operating results of Austar through May 23, 2012, the date the Austar Transaction was completed. |
Investments
Investments | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investments [Abstract] | |||||||||
Investments | Investments | ||||||||
The details of our investments are set forth below: | |||||||||
December 31, | |||||||||
Accounting Method | 2014 | 2013 | |||||||
in millions | |||||||||
Fair value: | |||||||||
Ziggo: | |||||||||
Not subject to re-use rights (34.1 million shares at December 31, 2013) | $ | — | $ | 1,560.10 | |||||
Subject to re-use rights (22.9 million shares at December 31, 2013) | — | 1,049.40 | |||||||
Total — Ziggo | — | 2,609.50 | |||||||
ITV — subject to re-use rights | 871.2 | — | |||||||
Sumitomo | 473.1 | 572.9 | |||||||
Other | 318.4 | 299.4 | |||||||
Total — fair value | 1,662.70 | 3,481.80 | |||||||
Equity | 145.1 | 8.9 | |||||||
Cost | 0.4 | 0.5 | |||||||
Total | $ | 1,808.20 | $ | 3,491.20 | |||||
Discontinued operation — Investments held by the Chellomedia Disposal Group | $ | — | $ | 21.1 | |||||
Fair Value Investments | |||||||||
Ziggo. Prior to the November 11, 2014 completion of the Ziggo Acquisition, we accounted for our investment in shares of Ziggo as a fair value investment. For additional information regarding the Ziggo Acquisition, see note 4. | |||||||||
At December 31, 2013, we owned 57,000,738 shares of Ziggo, representing 28.5% of the then outstanding shares of Ziggo. In April 2013, LGE HoldCo V BV, our wholly-owned subsidiary, entered into a limited recourse margin loan agreement (the Ziggo Margin Loan) with respect to a portion of our investment in Ziggo and, in July 2013, we entered into a share collar (the Ziggo Collar) and secured borrowing arrangement (the Ziggo Collar Loan) with respect to a portion of our owned Ziggo shares. All but 4,743,738 of the Ziggo shares that we owned at December 31, 2013 were pledged as collateral under one or the other of the Ziggo Collar and Ziggo Collar Loan. During 2013, we received aggregate cash dividends from Ziggo of $78.4 million after taking into account the impact of the Ziggo Collar. In connection with the Ziggo Acquisition, the Ziggo Collar was terminated and the Ziggo Collar Loan was settled. For additional information on the Ziggo Collar and Ziggo Collar Loan, see note 7. As described in note 10, we repaid the Ziggo Margin Loan during the first quarter of 2014. | |||||||||
The summarized financial condition of Ziggo as of December 31, 2013 is set forth below (in millions): | |||||||||
Current assets | $ | 261.9 | |||||||
Long-term assets | 6,131.50 | ||||||||
Total assets | $ | 6,393.40 | |||||||
Current liabilities | $ | 539.3 | |||||||
Long-term liabilities | 4,516.00 | ||||||||
Owners’ equity | 1,338.10 | ||||||||
Total liabilities and owners’ equity | $ | 6,393.40 | |||||||
The summarized results of operations of Ziggo for the periods indicated are set forth below: | |||||||||
2014 (a) | 2013 (b) | ||||||||
in millions | |||||||||
Revenue | $ | 1,876.90 | $ | 1,570.70 | |||||
Operating income | $ | 336 | $ | 418.5 | |||||
Net earnings (loss) | $ | (230.3 | ) | $ | 199.1 | ||||
_______________ | |||||||||
(a) | Amounts relate to the period from January 1, 2014 through the Ziggo Acquisition Date. | ||||||||
(b) | Amounts relate to the period from March 28, 2013 (the date of our initial investment in Ziggo) through December 31, 2013. | ||||||||
ITV. On July 17, 2014, we acquired an aggregate of 259,820,065 shares of ITV plc (ITV) from British Sky Broadcasting Group plc at a price of £1.85 ($3.14 at the transaction date) per share, for a total investment of £480.7 million ($816.3 million at the transaction date). ITV is a commercial broadcaster in the U.K. Our ITV shares represent 6.4% of the total outstanding shares of ITV as of September 30, 2014, the most current publicly-available information. All of our ITV shares are subject to a share collar (the ITV Collar) and pledged as collateral under a secured borrowing arrangement (the ITV Collar Loan). Under the terms of the ITV Collar, the counterparty has the right to re-use all of the pledged ITV shares. For additional information regarding the ITV Collar Loan and the ITV Collar, including a description of the related re-use rights and the impact of the ITV Collar on the dividends we receive on our ITV shares, see note 7. | |||||||||
Sumitomo. At December 31, 2014 and 2013, we owned 45,652,043 shares of Sumitomo Corporation (Sumitomo) common stock. Our Sumitomo shares represented less than 5% of Sumitomo’s outstanding common stock at December 31, 2014. These shares secure the Sumitomo Collar Loan, as defined and described in note 7. | |||||||||
Other. Includes various fair value investments, the most significant of which is our 17.0% interest in ITI Neovision S.A. (ITI Neovision) (formerly Canal+ Cyfrowy S.A.), a privately-held DTH operator in Poland. | |||||||||
Equity Method Investments | |||||||||
All3Media. As of December 31, 2014, our most significant equity method investment is our investment in All3Media Holdings Limited (All3Media), an independent television, film and digital production and distribution company in the U.K. Our investment in All3Media is held through our 50.0% interest in DLG Acquisition Limited (DLG), a joint venture between one of our subsidiaries and a subsidiary of Discovery Communications, Inc. (Discovery). In September 2014, we and a subsidiary of Discovery each contributed £90.0 million ($147.2 million at the transaction date) to DLG in connection with DLG’s acquisition of 100% of All3Media. | |||||||||
Chellomedia Disposal Group | |||||||||
Substantially all of the investments held by the Chellomedia Disposal Group were measured at fair value. The investments held by the Chellomedia Disposal Group at December 31, 2013 are included in long-term assets of discontinued operations on our consolidated balance sheet. For additional information regarding the Chellomedia Disposal Group, see note 5. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments | |||||||||||||||||||||||
In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar ($), the euro (€), the British pound sterling (£), the Swiss franc (CHF), the Chilean peso (CLP), the Czech koruna (CZK), the Hungarian forint (HUF), the Polish zloty (PLN) and the Romanian lei (RON). We generally do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations. | ||||||||||||||||||||||||
The following table provides details of the fair values of our derivative instrument assets and liabilities: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Current | Long-term (a) | Total | Current | Long-term (a) | Total | |||||||||||||||||||
in millions | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cross-currency and interest rate derivative contracts (b) | $ | 443.6 | $ | 913.7 | $ | 1,357.30 | $ | 248.4 | $ | 520.8 | $ | 769.2 | ||||||||||||
Equity-related derivative instruments (c) | — | 400.2 | 400.2 | — | 430.4 | 430.4 | ||||||||||||||||||
Foreign currency forward contracts | 2.5 | — | 2.5 | 2.6 | — | 2.6 | ||||||||||||||||||
Other | 0.5 | 0.9 | 1.4 | 1.1 | 0.9 | 2 | ||||||||||||||||||
Total | $ | 446.6 | $ | 1,314.80 | $ | 1,761.40 | $ | 252.1 | $ | 952.1 | $ | 1,204.20 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Cross-currency and interest rate derivative contracts (b) | $ | 1,027.40 | $ | 1,443.90 | $ | 2,471.30 | $ | 727.2 | $ | 2,191.40 | $ | 2,918.60 | ||||||||||||
Equity-related derivative instruments (c) | 15.3 | 73.1 | 88.4 | 15.6 | 101.3 | 116.9 | ||||||||||||||||||
Foreign currency forward contracts | 0.8 | — | 0.8 | 8.2 | 12 | 20.2 | ||||||||||||||||||
Other | 0.2 | 0.1 | 0.3 | 0.2 | 0.6 | 0.8 | ||||||||||||||||||
Total | $ | 1,043.70 | $ | 1,517.10 | $ | 2,560.80 | $ | 751.2 | $ | 2,305.30 | $ | 3,056.50 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Our long-term derivative assets and liabilities are included in other assets, net, and other long-term liabilities, respectively, in our consolidated balance sheets. | |||||||||||||||||||||||
(b) | We consider credit risk in our fair value assessments. As of December 31, 2014 and 2013, (i) the fair values of our cross-currency and interest rate derivative contracts that represented assets have been reduced by credit risk valuation adjustments aggregating $30.9 million and $9.8 million, respectively, and (ii) the fair values of our cross-currency and interest rate derivative contracts that represented liabilities have been reduced by credit risk valuation adjustments aggregating $64.6 million and $173.0 million, respectively. The adjustments to our derivative assets relate to the credit risk associated with counterparty nonperformance and the adjustments to our derivative liabilities relate to credit risk associated with our own nonperformance. In all cases, the adjustments take into account offsetting liability or asset positions within a given contract. Our determination of credit risk valuation adjustments generally is based on our and our counterparties’ credit risks, as observed in the credit default swap market and market quotations for certain of our subsidiaries’ debt instruments, as applicable. The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($120.9 million), $15.3 million and ($57.3 million) during 2014, 2013 and 2012, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information concerning our fair value measurements, see note 8. | |||||||||||||||||||||||
(c) | Our equity-related derivative instruments include the fair value of (i) the ITV Collar (as described below) at December 31, 2014, (ii) the share collar (the Sumitomo Collar) with respect to the Sumitomo shares held by our company, (iii) the Virgin Media Capped Calls (as defined and described below) and (iv) the Ziggo Collar (as described below) at December 31, 2013. The fair values of our equity collars 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. | |||||||||||||||||||||||
The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 293.6 | $ | (586.5 | ) | $ | (958.3 | ) | ||||||||||||||||
Equity-related derivative instruments: | ||||||||||||||||||||||||
Ziggo Collar | (113.3 | ) | (152.5 | ) | — | |||||||||||||||||||
ITV Collar | (77.4 | ) | — | — | ||||||||||||||||||||
Sumitomo Collar | (46.0 | ) | (206.4 | ) | (109.0 | ) | ||||||||||||||||||
Virgin Media Capped Calls | 0.4 | (3.4 | ) | — | ||||||||||||||||||||
Total equity-related derivative instruments | (236.3 | ) | (362.3 | ) | (109.0 | ) | ||||||||||||||||||
Foreign currency forward contracts | 31.6 | (72.9 | ) | (6.0 | ) | |||||||||||||||||||
Other | (0.1 | ) | 1.3 | 3 | ||||||||||||||||||||
Total | $ | 88.8 | $ | (1,020.4 | ) | $ | (1,070.3 | ) | ||||||||||||||||
The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our 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 classification of these cash inflows (outflows) are as follows: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Operating activities | $ | (445.7 | ) | $ | (402.1 | ) | $ | (435.5 | ) | |||||||||||||||
Investing activities | (30.2 | ) | (66.5 | ) | 23.7 | |||||||||||||||||||
Financing activities | (221.0 | ) | 524.5 | (108.4 | ) | |||||||||||||||||||
Total | $ | (696.9 | ) | $ | 55.9 | $ | (520.2 | ) | ||||||||||||||||
Counterparty Credit Risk | ||||||||||||||||||||||||
We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral is generally not posted by either party under the derivative instruments of our subsidiary borrowing groups. At December 31, 2014, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $1,040.9 million. | ||||||||||||||||||||||||
Each of our subsidiary borrowing groups have entered into derivative instruments under master agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. | ||||||||||||||||||||||||
Under our derivative contracts, it is generally only the non-defaulting party that has a contractual option to exercise early termination rights upon the default of the other counterparty and to set off other liabilities against sums due upon such termination. However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty. Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us and the relevant counterparty. Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us. To the extent that we are required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time. In an insolvency of a defaulting counterparty, we will be an unsecured creditor in respect of any amount owed to us by the defaulting counterparty, except to the extent of the value of any collateral we have obtained from that counterparty. | ||||||||||||||||||||||||
In addition, where a counterparty is in financial difficulty, under the laws of certain jurisdictions, the relevant regulators may be able to (i) compel the termination of one or more derivative instruments, determine the settlement amount and/or compel, without any payment, the partial or full discharge of liabilities arising from such early termination that are payable by the relevant counterparty or (ii) transfer the derivative instruments to an alternative counterparty. | ||||||||||||||||||||||||
Details of our Derivative Instruments | ||||||||||||||||||||||||
In the following tables, we present the details of the various categories of our subsidiaries’ derivative instruments. For each subsidiary, the notional amount of multiple derivative instruments that mature within the same calendar month are shown in the aggregate and interest rates are presented on a weighted average basis. In addition, for derivative instruments that were in effect as of December 31, 2014, we present a single date that represents the applicable final maturity date. For derivative instruments that become effective subsequent to December 31, 2014, we present a range of dates that represents the period covered by the applicable derivative instruments. | ||||||||||||||||||||||||
Cross-currency and Interest Rate Derivative Contracts | ||||||||||||||||||||||||
Cross-currency Swaps: | ||||||||||||||||||||||||
The terms of our outstanding cross-currency swap contracts at December 31, 2014 are as follows: | ||||||||||||||||||||||||
Subsidiary / | Notional | Notional | Interest rate | Interest rate | ||||||||||||||||||||
Final maturity date | amount | amount | due from | due to | ||||||||||||||||||||
due from | due to | counterparty | counterparty | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Virgin Media Investment Holdings Limited (VMIH), a subsidiary of Virgin Media: | ||||||||||||||||||||||||
Feb-22 | $ | 1,400.00 | £ | 873.6 | 5.01% | 5.49% | ||||||||||||||||||
Jun-20 | $ | 1,384.60 | £ | 901.4 | 6 mo. LIBOR + 2.75% | 6 mo. GBP LIBOR + 3.18% | ||||||||||||||||||
Oct-20 | $ | 1,370.40 | £ | 881.6 | 6 mo. LIBOR + 2.75% | 6 mo. GBP LIBOR + 3.10% | ||||||||||||||||||
Jan-21 | $ | 500 | £ | 308.9 | 5.25% | 6 mo. GBP LIBOR + 2.06% | ||||||||||||||||||
Oct-22 | $ | 450 | £ | 272 | 6.00% | 6.43% | ||||||||||||||||||
Jan-22 | $ | 425 | £ | 255.8 | 5.50% | 5.82% | ||||||||||||||||||
Apr-19 | $ | 291.5 | £ | 186.2 | 5.38% | 5.49% | ||||||||||||||||||
November 2016 (a) | $ | 55 | £ | 27.7 | 6.50% | 7.03% | ||||||||||||||||||
Oct-19 | $ | 50 | £ | 30.3 | 8.38% | 8.98% | ||||||||||||||||||
October 2019 - October 2022 | $ | 50 | £ | 30.7 | 6.00% | 5.75% | ||||||||||||||||||
UPC Broadband Holding BV (UPC Broadband Holding), a subsidiary of UPC Holding BV: | ||||||||||||||||||||||||
Jul-18 | $ | 525 | € | 396.3 | 6 mo. LIBOR + 1.99% | 6.25% | ||||||||||||||||||
Jan-20 | $ | 327.5 | € | 249.5 | 6 mo. LIBOR + 4.92% | 7.52% | ||||||||||||||||||
January 2015 - July 2021 | $ | 312 | € | 240 | 6 mo. LIBOR + 2.50% | 6 mo. EURIBOR + 2.87% | ||||||||||||||||||
Jan-15 | $ | 300 | € | 226.5 | 6 mo. LIBOR + 1.75% | 5.78% | ||||||||||||||||||
Oct-20 | $ | 300 | € | 219.1 | 6 mo. LIBOR + 3.00% | 6 mo. EURIBOR + 3.04% | ||||||||||||||||||
January 2017 - July 2021 | $ | 262.1 | € | 194.1 | 6 mo. LIBOR + 2.50% | 6 mo. EURIBOR + 2.51% | ||||||||||||||||||
Nov-19 | $ | 250 | € | 181.5 | 7.25% | 7.74% | ||||||||||||||||||
Nov-21 | $ | 250 | € | 181.4 | 7.25% | 7.50% | ||||||||||||||||||
Jul-18 | $ | 200 | € | 151 | 6 mo. LIBOR + 3.00% | 7.31% | ||||||||||||||||||
Jan-20 | $ | 197.5 | € | 150.5 | 6 mo. LIBOR + 4.92% | 6 mo. EURIBOR + 4.91% | ||||||||||||||||||
Jul-21 | $ | 128 | € | 97.2 | 6 mo. LIBOR + 2.50% | 6 mo. EURIBOR + 2.90% | ||||||||||||||||||
Subsidiary / | Notional | Notional | Interest rate | Interest rate | ||||||||||||||||||||
Final maturity date | amount | amount | due from | due to | ||||||||||||||||||||
due from | due to | counterparty | counterparty | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
January 2015 - July 2018 | $ | 100 | € | 75.4 | 6 mo. LIBOR + 1.75% | 5.77% | ||||||||||||||||||
Dec-16 | $ | 340 | CHF | 370.9 | 6 mo. LIBOR + 3.50% | 6 mo. CHF LIBOR + 4.01% | ||||||||||||||||||
January 2017 - July 2021 | $ | 300 | CHF | 278.3 | 6 mo. LIBOR + 2.50% | 6 mo. CHF LIBOR + 2.46% | ||||||||||||||||||
Nov-19 | $ | 250 | CHF | 226.8 | 7.25% | 6 mo. CHF LIBOR + 5.01% | ||||||||||||||||||
Jan-20 | $ | 225 | CHF | 206.3 | 6 mo. LIBOR + 4.81% | 5.44% | ||||||||||||||||||
January 2015 - July 2021 | $ | 200 | CHF | 186 | 6 mo. LIBOR + 2.50% | 6 mo. CHF LIBOR + 2.55% | ||||||||||||||||||
Jan-15 | $ | 171.5 | CHF | 187.1 | 6 mo. LIBOR + 2.75% | 6 mo. CHF LIBOR + 2.95% | ||||||||||||||||||
Jul-20 | $ | 201.5 | RON | 489.3 | 6 mo. LIBOR + 3.50% | 11.34% | ||||||||||||||||||
Jan-15 | € | 898.4 | CHF | 1,466.00 | 6 mo. EURIBOR + 1.68% | 6 mo. CHF LIBOR + 1.94% | ||||||||||||||||||
January 2015 - January 2021 | € | 720.8 | CHF | 877 | 6 mo. EURIBOR + 2.50% | 6 mo. CHF LIBOR + 2.62% | ||||||||||||||||||
January 2015 - September 2022 | € | 383.8 | CHF | 477 | 6 mo. EURIBOR + 2.00% | 6 mo. CHF LIBOR + 2.22% | ||||||||||||||||||
January 2015 - January 2017 | € | 360.4 | CHF | 589 | 6 mo. EURIBOR + 3.75% | 6 mo. CHF LIBOR + 3.94% | ||||||||||||||||||
Apr-18 | € | 285.1 | CHF | 346.7 | 10.51% | 9.87% | ||||||||||||||||||
Jan-20 | € | 175 | CHF | 258.6 | 7.63% | 6.76% | ||||||||||||||||||
January 2015 - July 2021 | € | 161.4 | CHF | 187.1 | 6 mo. EURIBOR + 2.35% | 6 mo. CHF LIBOR + 2.76% | ||||||||||||||||||
Jul-20 | € | 107.4 | CHF | 129 | 6 mo. EURIBOR + 3.00% | 6 mo. CHF LIBOR + 3.28% | ||||||||||||||||||
Jan-17 | € | 75 | CHF | 110.9 | 7.63% | 6.98% | ||||||||||||||||||
Dec-15 | € | 69.1 | CLP | 53,000.00 | 3.50% | 5.75% | ||||||||||||||||||
Jan-15 | € | 365.8 | CZK | 10,521.80 | 5.48% | 5.99% | ||||||||||||||||||
January 2015 - January 2020 | € | 318.9 | CZK | 8,818.70 | 5.58% | 5.44% | ||||||||||||||||||
January 2015 - January 2017 | € | 60 | CZK | 1,703.10 | 5.50% | 6.99% | ||||||||||||||||||
Jul-17 | € | 39.6 | CZK | 1,000.00 | 3.00% | 3.75% | ||||||||||||||||||
Jan-15 | € | 260 | HUF | 75,570.00 | 5.50% | 9.40% | ||||||||||||||||||
January 2015 - January 2017 | € | 260 | HUF | 75,570.00 | 5.50% | 10.56% | ||||||||||||||||||
Dec-16 | € | 150 | HUF | 43,367.50 | 5.50% | 9.20% | ||||||||||||||||||
Jul-18 | € | 78 | HUF | 19,500.00 | 5.50% | 9.15% | ||||||||||||||||||
Jan-15 | € | 400.5 | PLN | 1,605.60 | 5.50% | 7.50% | ||||||||||||||||||
January 2015 - January 2017 | € | 245 | PLN | 1,000.60 | 5.50% | 9.03% | ||||||||||||||||||
Sep-16 | € | 200 | PLN | 892.7 | 6.00% | 8.19% | ||||||||||||||||||
January 2015 - January 2020 | € | 144.6 | PLN | 605 | 5.50% | 7.98% | ||||||||||||||||||
Jul-17 | € | 82 | PLN | 318 | 3.00% | 5.60% | ||||||||||||||||||
Dec-15 | CLP 53,000.0 | € | 69.1 | 5.75% | 3.50% | |||||||||||||||||||
Subsidiary / | Notional | Notional | Interest rate | Interest rate | ||||||||||||||||||||
Final maturity date | amount | amount | due from | due to | ||||||||||||||||||||
due from | due to | counterparty | counterparty | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo: | ||||||||||||||||||||||||
Jan-22 | $ | 2,350.00 | € | 1,727.00 | 6 mo. LIBOR + 2.75% | 4.56% | ||||||||||||||||||
Unitymedia Hessen GmbH & Co. KG (Unitymedia Hessen), a subsidiary of Unitymedia KabelBW: | ||||||||||||||||||||||||
Jan-23 | $ | 1,652.90 | € | 1,252.50 | 5.67% | 4.50% | ||||||||||||||||||
Jan-21 | $ | 797.1 | € | 546.5 | 5.50% | 5.60% | ||||||||||||||||||
VTR: | ||||||||||||||||||||||||
Jan-22 | $ | 1,400.00 | CLP | 760,340.00 | 6.88% | 10.94% | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Unlike the other cross-currency swaps presented in this table, the identified cross-currency swap does not involve the exchange of notional amounts at the inception and maturity of the instrument. Accordingly, the only cash flows associated with this instrument are interest payments and receipts. | |||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||
The terms of our outstanding interest rate swap contracts at December 31, 2014 are as follows: | ||||||||||||||||||||||||
Subsidiary / Final maturity date | Notional amount | Interest rate due from | Interest rate due to | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
VMIH: | ||||||||||||||||||||||||
Oct-18 | £ | 2,155.00 | 6 mo. GBP LIBOR | 1.52% | ||||||||||||||||||||
Jan-21 | £ | 650 | 5.50% | 6 mo. GBP LIBOR + 1.84% | ||||||||||||||||||||
Jan-21 | £ | 650 | 6 mo. GBP LIBOR + 1.84% | 3.87% | ||||||||||||||||||||
Dec-15 | £ | 600 | 6 mo. GBP LIBOR | 2.90% | ||||||||||||||||||||
Apr-18 | £ | 300 | 6 mo. GBP LIBOR | 1.37% | ||||||||||||||||||||
UPC Broadband Holding: | ||||||||||||||||||||||||
Jul-20 | $ | 1,000.00 | 6.63% | 6 mo. LIBOR + 3.03% | ||||||||||||||||||||
Jan-22 | $ | 750 | 6.88% | 6 mo. LIBOR + 4.89% | ||||||||||||||||||||
Jan-15 | € | 1,554.00 | 1 mo. EURIBOR + 3.75% | 6 mo. EURIBOR + 3.56% | ||||||||||||||||||||
January 2015 - January 2016 | € | 1,554.00 | 1 mo. EURIBOR + 3.75% | 6 mo. EURIBOR + 3.58% | ||||||||||||||||||||
Jan-15 | € | 1,364.80 | 6 mo. EURIBOR | 3.44% | ||||||||||||||||||||
Jul-20 | € | 750 | 6.38% | 6 mo. EURIBOR + 3.16% | ||||||||||||||||||||
January 2015 - January 2021 | € | 750 | 6 mo. EURIBOR | 2.57% | ||||||||||||||||||||
January 2015 - December 2016 | € | 500 | 6 mo. EURIBOR | 4.32% | ||||||||||||||||||||
January 2015 - January 2023 | € | 290 | 6 mo. EURIBOR | 2.79% | ||||||||||||||||||||
Dec-15 | € | 263.3 | 6 mo. EURIBOR | 3.97% | ||||||||||||||||||||
Jan-23 | € | 210 | 6 mo. EURIBOR | 2.88% | ||||||||||||||||||||
January 2015 - January 2018 | € | 175 | 6 mo. EURIBOR | 3.74% | ||||||||||||||||||||
January 2015 - July 2020 | € | 171.3 | 6 mo. EURIBOR | 3.95% | ||||||||||||||||||||
Subsidiary / Final maturity date | Notional amount | Interest rate due from | Interest rate due to | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Jul-20 | € | 171.3 | 6 mo. EURIBOR | 4.32% | ||||||||||||||||||||
January 2015 - November 2021 | € | 107 | 6 mo. EURIBOR | 2.89% | ||||||||||||||||||||
Jan-15 | CHF | 2,380.00 | 6 mo. CHF LIBOR | 2.81% | ||||||||||||||||||||
January 2015 - January 2022 | CHF | 711.5 | 6 mo. CHF LIBOR | 1.89% | ||||||||||||||||||||
January 2015 - January 2021 | CHF | 500 | 6 mo. CHF LIBOR | 1.65% | ||||||||||||||||||||
January 2015 - January 2018 | CHF | 400 | 6 mo. CHF LIBOR | 2.51% | ||||||||||||||||||||
January 2015 - December 2016 | CHF | 370.9 | 6 mo. CHF LIBOR | 3.82% | ||||||||||||||||||||
January 2015 - November 2019 | CHF | 226.8 | 6 mo. CHF LIBOR + 5.01% | 6.88% | ||||||||||||||||||||
ABC B.V.: | ||||||||||||||||||||||||
Jan-22 | € | 1,566.00 | 6 mo. EURIBOR | 1.66% | ||||||||||||||||||||
Telenet International Finance S.a.r.l (Telenet International), a subsidiary of Telenet: | ||||||||||||||||||||||||
Jun-23 | € | 500 | 3 mo. EURIBOR | 1.45% | ||||||||||||||||||||
July 2017 - June 2022 | € | 420 | 3 mo. EURIBOR | 2.08% | ||||||||||||||||||||
Jun-21 | € | 400 | 3 mo. EURIBOR | 0.41% | ||||||||||||||||||||
July 2017 - June 2023 | € | 382 | 3 mo. EURIBOR | 1.89% | ||||||||||||||||||||
Jul-17 | € | 150 | 3 mo. EURIBOR | 3.55% | ||||||||||||||||||||
August 2015 - June 2022 | € | 55 | 3 mo. EURIBOR | 1.81% | ||||||||||||||||||||
Jun-15 | € | 50 | 3 mo. EURIBOR | 3.55% | ||||||||||||||||||||
Interest Rate Caps | ||||||||||||||||||||||||
Our purchased and sold interest rate cap contracts with respect to EURIBOR at December 31, 2014 are detailed below: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Subsidiary / Final maturity date | Notional amount | EURIBOR cap rate | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Interest rate caps purchased (a): | ||||||||||||||||||||||||
Liberty Global Europe Financing BV (LGE Financing), the immediate parent of UPC Holding BV: | ||||||||||||||||||||||||
January 2015 - January 2020 | € | 735 | 7.00% | |||||||||||||||||||||
Telenet International: | ||||||||||||||||||||||||
June 2015 - June 2017 | € | 50 | 4.50% | |||||||||||||||||||||
Telenet NV, a subsidiary of Telenet: | ||||||||||||||||||||||||
Dec-17 | € | 0.6 | 6.50% | |||||||||||||||||||||
Dec-17 | € | 0.6 | 5.50% | |||||||||||||||||||||
Interest rate cap sold (b): | ||||||||||||||||||||||||
UPC Broadband Holding: | ||||||||||||||||||||||||
January 2015 - January 2020 | € | 735 | 7.00% | |||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Our purchased interest rate caps entitle us to receive payments from the counterparty when EURIBOR exceeds the EURIBOR cap rate. | |||||||||||||||||||||||
(b) | Our sold interest rate cap requires that we make payments to the counterparty when EURIBOR exceeds the EURIBOR cap rate. | |||||||||||||||||||||||
Interest Rate Collars | ||||||||||||||||||||||||
Our interest rate collar contracts establish floor and cap rates with respect to EURIBOR on the indicated notional amounts at December 31, 2014, as detailed below: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Subsidiary / Final maturity date | Notional | EURIBOR floor rate (a) | EURIBOR cap rate (b) | |||||||||||||||||||||
amount | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
UPC Broadband Holding: | ||||||||||||||||||||||||
January 2015 - January 2020 | € | 1,135.00 | 1.00% | 3.54% | ||||||||||||||||||||
Telenet International: | ||||||||||||||||||||||||
Jul-17 | € | 650 | 2.00% | 4.00% | ||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | We make payments to the counterparty when EURIBOR is less than the EURIBOR floor rate. | |||||||||||||||||||||||
(b) | We receive payments from the counterparty when EURIBOR is greater than the EURIBOR cap rate. | |||||||||||||||||||||||
Equity-Related Derivative Instruments | ||||||||||||||||||||||||
Ziggo Collar and Secured Borrowing. In July 2013, Liberty Global Incorporated Limited (Liberty Global Limited), our wholly-owned subsidiary, paid a net option premium of €38.6 million ($51.0 million at the transaction date) to enter into the Ziggo Collar with respect to the then owned 24,957,000 Ziggo shares. The Ziggo Collar was comprised of (i) purchased put options exercisable by Liberty Global Limited and (ii) sold call options exercisable by the counterparty. Prior to the Ziggo Acquisition, the Ziggo Collar effectively hedged the value of a portion of our investment in Ziggo shares from significant losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. | ||||||||||||||||||||||||
The Ziggo Collar and related agreements also provided Liberty Global Limited with the ability to effectively finance the purchase of certain of its Ziggo shares pursuant to the Ziggo Collar Loan. In this regard, in July 2013, we borrowed €617.1 million ($816.4 million at the transaction date) under the Ziggo Collar Loan, including €486.4 million ($643.5 million at the transaction date) of non-cash borrowings that were used to finance the acquisition of Ziggo shares. At December 31, 2013, borrowings under the Ziggo Collar Loan were secured by 24,957,000 shares of Ziggo that were placed into a custody account. The Ziggo Collar Loan was issued at a discount with a zero coupon rate and an average implied yield of 45 basis points (0.45%). Under the terms of the Ziggo Collar, the counterparty had the right to re-use most of the Ziggo shares held in the custody account (up to an estimated 22.9 million shares at December 31, 2013), but we had the right to recall the shares that were re-used by the counterparty subject to certain costs. Pursuant to the terms of the Ziggo Collar, we lent to the counterparty 15.7 million Ziggo shares (the Lent Shares) on October 10, 2014. In addition, the counterparty had the right to retain dividends on the Ziggo shares that the counterparty would need to borrow from the custody account to hedge its exposure under the Ziggo Collar (an estimated 18.7 million shares at December 31, 2013). In January 2014, we settled a portion of the Ziggo Collar and Ziggo Collar Loan such that the number of Ziggo shares covered by these instruments was reduced to 19,965,600. Upon completion of the Ziggo Acquisition (see note 4), the Ziggo Collar was terminated, the Ziggo Collar Loan was settled and the counterparty was relieved of its obligation to redeliver to us the Lent Shares. | ||||||||||||||||||||||||
ITV Collar and Secured Borrowing. In July 2014, Liberty Global Limited entered into the ITV Collar with respect to all 259,820,065 of our ITV shares. The ITV Collar is comprised of (i) purchased put options exercisable by Liberty Global Limited and (ii) written call options exercisable by the counterparty. The ITV Collar effectively hedges the value of our investment in ITV shares from significant losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. For additional information regarding our investment in ITV, see note 6. | ||||||||||||||||||||||||
The ITV Collar and related agreements also provided Liberty Global Limited with the ability to effectively finance the purchase of its ITV shares pursuant to the ITV Collar Loan. In this regard, in July 2014, we borrowed £446.9 million ($764.5 million at the transaction date) under the ITV Collar Loan. At December 31, 2014, borrowings under the ITV Collar Loan were secured by all 259,820,065 of our ITV shares, which have been placed into a custody account. The ITV Collar Loan was issued at a discount with a zero coupon rate and an average implied yield of 173 basis points (1.73%). The ITV Collar Loan, which has an average maturity of three years and contains no financial covenants, provides for customary representations and warranties, events of default and certain adjustment and termination events. Under the terms of the ITV Collar, the counterparty has the right to re-use the pledged ITV shares held in the custody account, but we have the right to recall the shares that are re-used by the counterparty subject to certain costs. In addition, the counterparty retains dividends on the ITV shares that the counterparty would need to borrow from the custody account to hedge its exposure under the ITV Collar (an estimated 205 million shares at December 31, 2014). | ||||||||||||||||||||||||
Sumitomo Collar and Secured Borrowing. The Sumitomo Collar is comprised of purchased put options exercisable by Liberty Programming Japan LLC (Liberty Programming Japan), a wholly-owned subsidiary, and written call options exercisable by the counterparty with respect to all of the common shares of Sumitomo owned by Liberty Programming Japan. The Sumitomo Collar effectively hedges the value of our investment in Sumitomo shares from losses due to market price decreases below a per share value of ¥2,118.50 ($17.68) while retaining gains from market price increases up to a per share value of ¥2,787.50 ($23.26). At December 31, 2014, the market price of Sumitomo common stock was ¥1,242.00 ($10.36) per share. The Sumitomo Collar provides for a projected gross cash ordinary dividend to be paid per Sumitomo share during the term of the Sumitomo Collar. If the actual dividend paid does not exactly match the projected dividend, then an adjustment amount shall be payable between the parties to the Sumitomo Collar depending on the dividend actually paid by Sumitomo. The Sumitomo Collar may, at the option of Liberty Programming Japan, be settled in Sumitomo shares or in cash. The Sumitomo Collar also includes a purchased fair value put option, which effectively provides Liberty Programming Japan with the ability to sell the Sumitomo shares when the market price is trading between the put and call strike prices. The Sumitomo Collar matures in five equal semi-annual installments beginning on May 22, 2016. The fair value of the Sumitomo Collar as of December 31, 2014 was a net asset of $351.1 million. | ||||||||||||||||||||||||
The Sumitomo Collar and related agreements also provide Liberty Programming Japan with the ability to borrow funds on a secured basis. Borrowings under these agreements, which are secured by a pledge of 100% of the Sumitomo shares owned by Liberty Programming Japan, bear interest at 1.883%, mature in five equal semi-annual installments beginning on May 22, 2016, and are included in long-term debt and capital lease obligations in our consolidated balance sheets. During 2007, Liberty Programming Japan borrowed ¥93.660 billion ($757.6 million at the transaction date) under these agreements (the Sumitomo Collar Loan). The pledge arrangement entered into by Liberty Programming Japan provides that Liberty Programming Japan will be able to exercise all voting and consensual rights and, subject to the terms of the Sumitomo Collar, receive dividends on the Sumitomo shares. | ||||||||||||||||||||||||
Virgin Media Capped Calls. During 2010, Virgin Media entered into conversion hedges (the Virgin Media Capped Calls) with respect to the VM Convertible Notes, as defined and described in note 10, in order to offset a portion of the dilutive effects associated with conversion of the VM Convertible Notes. We account for the Virgin Media Capped Calls at fair value using a binomial pricing model and changes in fair value are reported in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations. The Virgin Media Capped Calls mature on dates ranging from September 30, 2016 to November 10, 2016. | ||||||||||||||||||||||||
As further described in note 10, most of the VM Convertible Notes were exchanged for Liberty Global Class A and Class C ordinary shares and cash pursuant to the terms of the VM Convertible Notes Indenture (as defined in note 10). Accordingly, during 2013, we settled 93.8% of the notional amount of the Virgin Media Capped Calls for cash proceeds of $534.8 million. | ||||||||||||||||||||||||
Foreign Currency Forwards | ||||||||||||||||||||||||
The following table summarizes our outstanding foreign currency forward contracts at December 31, 2014: | ||||||||||||||||||||||||
Subsidiary | Currency | Currency | Maturity dates | |||||||||||||||||||||
purchased | sold | |||||||||||||||||||||||
forward | forward | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
UPC Broadband Holding | $ | 0.8 | CZK | 14.9 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 63.8 | CHF | 76 | January 2015 - December 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 4.5 | CZK | 123.3 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 4.1 | HUF | 1,275.00 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 12 | PLN | 51 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | £ | 1.2 | € | 1.4 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | CHF | 67 | € | 55.7 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | CZK | 300 | € | 10.9 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | HUF | 7,400.00 | € | 23.6 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | PLN | 90 | € | 20.9 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | RON | 31 | € | 6.9 | Jan-15 | |||||||||||||||||||
VTR | $ | 52.4 | CLP | 31,739.40 | January 2015 - December 2015 | |||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
We use the fair value method to account for (i) certain of our investments and (ii) our derivative instruments. The reported fair values of these investments and derivative instruments as of December 31, 2014 likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. In the case of the investments that we account for using the fair value method, the values we realize upon disposition will be dependent upon, among other factors, market conditions and the forecasted financial performance of the investees at the time of any such disposition. With respect to our derivative instruments, we expect that the values realized generally will be based on market conditions at the time of settlement, which may occur at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument. | |||||||||||||||||
GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities in or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. During 2014, no such transfers were made. | |||||||||||||||||
All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (forecasted volatilities and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations. | |||||||||||||||||
For our investments in ITV and Sumitomo, the recurring fair value measurements are based on the quoted closing price of the respective shares at each reporting date. Accordingly, the valuations of these investments fall under Level 1 of the fair value hierarchy. Our other investments that we account for at fair value are privately-held companies and, therefore, quoted market prices are unavailable. The valuation technique we use for such investments is a combination of an income approach (discounted cash flow model based on forecasts) and a market approach (market multiples of similar businesses). With the exception of certain inputs for our weighted average cost of capital calculations that are derived from pricing services, the inputs used to value these investments are based on unobservable inputs derived from our assumptions. Therefore, the valuation of our privately-held investments falls under Level 3 of the fair value hierarchy. Any reasonably foreseeable changes in assumed levels of unobservable inputs for the valuations of our Level 3 investments would not be expected to have a material impact on our financial position or results of operations. | |||||||||||||||||
The recurring fair value measurement of our equity-related derivatives are based on binomial option pricing models, which require the input of observable and unobservable variables such as exchange traded equity prices, risk-free interest rates, dividend yields and forecasted volatilities of the underlying equity securities. The valuations of our equity-related derivatives are based on a combination of Level 1 inputs (exchange traded equity prices), Level 2 inputs (interest rate futures and swap rates) and Level 3 inputs (forecasted volatilities). As changes in volatilities could have a significant impact on the overall valuations, we have determined that these valuations fall under Level 3 of the fair value hierarchy. For the December 31, 2014 valuation of the ITV Collar, we used estimated volatilities ranging from 23.8% to 27.3%. At December 31, 2014, the valuations of the Sumitomo Collar and the Virgin Media Capped Calls were not significantly impacted by forecasted volatilities. | |||||||||||||||||
As further described in note 7, we have entered into various derivative instruments to manage our interest rate and foreign currency exchange risk. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data includes most interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to our various interest rate and foreign currency derivative valuations. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these derivative instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swaps are quantified and further explained in note 7. | |||||||||||||||||
Fair value measurements are also used in connection with nonrecurring valuations performed in connection with impairment assessments and acquisition accounting. These nonrecurring valuations include the valuation of reporting units, customer relationship intangible assets, property and equipment and the implied value of goodwill. The valuation of private reporting units is based at least in part on discounted cash flow analyses. With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, are based on our assumptions. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer, contributory asset charges, and other factors. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The implied value of goodwill is determined by allocating the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination, with the residual amount allocated to goodwill. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During 2014 and 2013, we performed nonrecurring valuations for the purpose of determining the acquisition accounting for the Ziggo Acquisition and the Virgin Media Acquisition, respectively. We used discount rates of 8.5% and 9.0%, respectively, for our valuations of the customer relationships acquired as a result of these acquisitions. For additional information, see note 4. | |||||||||||||||||
A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: | |||||||||||||||||
Fair value measurements at December 31, 2014 using: | |||||||||||||||||
Description | December 31, | Quoted prices | Significant | Significant | |||||||||||||
2014 | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
in millions | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 1,357.30 | $ | — | $ | 1,357.30 | $ | — | |||||||||
Equity-related derivative instruments | 400.2 | — | — | 400.2 | |||||||||||||
Foreign currency forward contracts | 2.5 | — | 2.5 | — | |||||||||||||
Other | 1.4 | — | 1.4 | — | |||||||||||||
Total derivative instruments | 1,761.40 | — | 1,361.20 | 400.2 | |||||||||||||
Investments | 1,662.70 | 1,344.30 | — | 318.4 | |||||||||||||
Total assets | $ | 3,424.10 | $ | 1,344.30 | $ | 1,361.20 | $ | 718.6 | |||||||||
Liabilities - derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 2,471.30 | $ | — | $ | 2,471.30 | $ | — | |||||||||
Equity-related derivative instruments | 88.4 | — | — | 88.4 | |||||||||||||
Foreign currency forward contracts | 0.8 | — | 0.8 | — | |||||||||||||
Other | 0.3 | — | 0.3 | — | |||||||||||||
Total liabilities | $ | 2,560.80 | $ | — | $ | 2,472.40 | $ | 88.4 | |||||||||
Fair value measurements | |||||||||||||||||
at December 31, 2013 using: | |||||||||||||||||
Description | December 31, | Quoted prices | Significant | Significant | |||||||||||||
2013 | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
in millions | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 769.2 | $ | — | $ | 769.2 | $ | — | |||||||||
Equity-related derivative instrument | 430.4 | — | — | 430.4 | |||||||||||||
Foreign currency forward contracts | 2.6 | — | 2.6 | — | |||||||||||||
Other | 2 | — | 2 | — | |||||||||||||
Total derivative instruments | 1,204.20 | — | 773.8 | 430.4 | |||||||||||||
Investments | 3,481.80 | 3,182.40 | — | 299.4 | |||||||||||||
Total assets | $ | 4,686.00 | $ | 3,182.40 | $ | 773.8 | $ | 729.8 | |||||||||
Liabilities - derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 2,918.60 | $ | — | $ | 2,918.60 | $ | — | |||||||||
Equity-related derivative instrument | 116.9 | — | — | 116.9 | |||||||||||||
Foreign currency forward contracts | 20.2 | — | 20.2 | — | |||||||||||||
Other | 0.8 | — | 0.8 | — | |||||||||||||
Total liabilities | $ | 3,056.50 | $ | — | $ | 2,939.60 | $ | 116.9 | |||||||||
A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows: | |||||||||||||||||
Investments | Equity-related | Total | |||||||||||||||
derivative | |||||||||||||||||
instruments | |||||||||||||||||
in millions | |||||||||||||||||
Balance of net assets at January 1, 2014 | $ | 299.4 | $ | 313.5 | $ | 612.9 | |||||||||||
Termination and other activity related to Ziggo Collar (a) | — | 212.5 | 212.5 | ||||||||||||||
Gains (losses) included in loss from continuing operations (b): | |||||||||||||||||
Realized and unrealized losses on derivative instruments, net | — | (236.3 | ) | (236.3 | ) | ||||||||||||
Realized and unrealized gain due to changes in fair values of certain investments, net | 26.1 | — | 26.1 | ||||||||||||||
Foreign currency translation adjustments, dividends and other, net | (7.1 | ) | 22.1 | 15 | |||||||||||||
Balance of net assets at December 31, 2014 | $ | 318.4 | $ | 311.8 | $ | 630.2 | |||||||||||
_______________ | |||||||||||||||||
(a) | For additional information regarding the Ziggo Collar, see note 7. | ||||||||||||||||
(b) | With the exception of a $113.3 million loss that we incurred during 2014 with respect to the Ziggo Collar, substantially all of these net losses relate to assets and liabilities of our continuing operations that we continue to carry on our consolidated balance sheet as of December 31, 2014. |
Longlived_Assets
Long-lived Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Long lived Assets | ||||||||||||||||||||||||||
Long-lived Assets | Long-lived Assets | |||||||||||||||||||||||||
Property and Equipment, Net | ||||||||||||||||||||||||||
The details of our property and equipment and the related accumulated depreciation are set forth below: | ||||||||||||||||||||||||||
Estimated useful | December 31, | |||||||||||||||||||||||||
life at | ||||||||||||||||||||||||||
31-Dec-14 | 2014 | 2013 | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
Distribution systems | 3 to 30 years | $ | 26,286.50 | $ | 25,193.20 | |||||||||||||||||||||
Customer premises equipment | 3 to 5 years | 6,213.90 | 6,126.00 | |||||||||||||||||||||||
Support equipment, buildings and land | 3 to 50 years | 4,024.40 | 3,581.90 | |||||||||||||||||||||||
36,524.80 | 34,901.10 | |||||||||||||||||||||||||
Accumulated depreciation | (12,684.2 | ) | (10,926.2 | ) | ||||||||||||||||||||||
Total property and equipment, net | $ | 23,840.60 | $ | 23,974.90 | ||||||||||||||||||||||
Depreciation expense of our continuing operations related to our property and equipment was $4,401.6 million, $3,499.6 million and $2,201.4 million during 2014, 2013 and 2012, respectively. Depreciation expense of our discontinued operations related to our property and equipment was nil, $11.5 million and $12.3 million during 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
At December 31, 2014 and 2013, the amount of property and equipment, net, recorded under capital leases was $1,580.8 million and $1,877.3 million, respectively. Most of these amounts relate to assets included in our distribution systems category. Depreciation of assets under capital leases of our continuing operations is included in depreciation and amortization in our consolidated statements of operations. | ||||||||||||||||||||||||||
During 2014, 2013 and 2012, we recorded non-cash increases to our property and equipment related to assets acquired under capital leases of $127.2 million, $143.0 million and $63.1 million, respectively. In addition, during 2014, 2013 and 2012, we recorded non-cash increases related to vendor financing arrangements of $975.3 million, $573.5 million and $246.5 million, respectively, which exclude related VAT of $114.9 million, $46.0 million and $28.5 million, respectively, that were also financed by our vendors under these arrangements. | ||||||||||||||||||||||||||
Most of our property and equipment is pledged as security under our various debt instruments. For additional information, see note 10. | ||||||||||||||||||||||||||
In May 2012, we began offering mobile services in Chile through a combination of our own wireless network and a third-party wireless access arrangement. During the second quarter of 2013, we began exploring strategic alternatives with respect to VTR’s mobile operations, including alternatives that involved the use of expanded mobile virtual network operator (MVNO) arrangements. Effective April 1, 2013, we reduced the useful lives of certain of VTR’s network equipment to reflect our then expectation that we would enter into a new MVNO arrangement and cease commercial use of VTR’s mobile network during the fourth quarter of 2013. In September 2013, VTR (i) completed the process of migrating its mobile traffic to a third-party wireless network pursuant to its existing roaming agreement and (ii) ceased commercial use of its mobile network, which resulted in a further reduction in the useful lives of the aforementioned network equipment. As a result of these reductions in useful lives, VTR’s mobile operations recognized aggregate incremental depreciation expense of $98.3 million during 2013. In connection with the foregoing, we have recorded restructuring charges totaling $84.9 million during the third and fourth quarters of 2013. These restructuring charges include the fair value of (i) the remaining payments due under certain tower and real estate operating leases of $71.5 million and (ii) certain other required payments associated with VTR’s mobile network. In December 2013, VTR amended its existing roaming agreement with an agreement that provides for a full MVNO relationship. For information regarding our restructuring charges, see note 14. | ||||||||||||||||||||||||||
During the fourth quarter of 2014, we recorded a $68.7 million impairment charge to reduce the carrying amount of certain of Ziggo’s internal-use software assets to zero. This internal-use software has no future service potential for Liberty Global as it will not be used by our combined operations in the Netherlands. | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
Changes in the carrying amount of our goodwill during 2014 are set forth below: | ||||||||||||||||||||||||||
January 1, | Acquisitions | Foreign | December 31, | |||||||||||||||||||||||
2014 | and related | currency | 2014 | |||||||||||||||||||||||
adjustments | translation | |||||||||||||||||||||||||
adjustments and other | ||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||||
U.K./Ireland | $ | 9,844.20 | $ | 2.1 | $ | (601.2 | ) | $ | 9,245.10 | |||||||||||||||||
The Netherlands | 1,260.40 | 7,724.30 | (379.7 | ) | 8,605.00 | |||||||||||||||||||||
Germany | 3,939.40 | — | (482.5 | ) | 3,456.90 | |||||||||||||||||||||
Belgium | 2,255.10 | — | (276.2 | ) | 1,978.90 | |||||||||||||||||||||
Switzerland/Austria | 4,031.10 | 2.3 | (441.5 | ) | 3,591.90 | |||||||||||||||||||||
Total Western Europe | 21,330.20 | 7,728.70 | (2,181.1 | ) | 26,877.80 | |||||||||||||||||||||
Central and Eastern Europe | 1,520.10 | 8.3 | (226.3 | ) | 1,302.10 | |||||||||||||||||||||
Total European Operations Division | 22,850.30 | 7,737.00 | (2,407.4 | ) | 28,179.90 | |||||||||||||||||||||
Chile | 508.5 | — | (68.2 | ) | 440.3 | |||||||||||||||||||||
Corporate and other | 390 | — | (8.6 | ) | 381.4 | |||||||||||||||||||||
Total | $ | 23,748.80 | $ | 7,737.00 | $ | (2,484.2 | ) | $ | 29,001.60 | |||||||||||||||||
Based on the results of our October 1, 2014 goodwill impairment test, a hypothetical decline of 20% or more in the fair value of one of our reporting units, Liberty Puerto Rico, could result in the need to record a goodwill impairment charge. At December 31, 2014, the goodwill associated with the Liberty Puerto Rico reporting unit, which is included in our corporate and other category, was $347.0 million. If, among other factors, (i) our equity values were to decline significantly or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant. | ||||||||||||||||||||||||||
At December 31, 2014 and 2013 and based on exchange rates as of those dates, the accumulated goodwill impairments of our continuing operations were $209.7 million and $239.6 million, respectively. These amounts represent accumulated impairments related to our broadband communications operations in Romania, which operations are included within the European Operations Division’s Central and Eastern Europe segment. | ||||||||||||||||||||||||||
Changes in the carrying amount of our goodwill during 2013 are set forth below: | ||||||||||||||||||||||||||
January 1, | Acquisitions | Reclassification of Chellomedia Disposal Group to discontinued operations | Foreign | December 31, | ||||||||||||||||||||||
2013 | and related | currency | 2013 | |||||||||||||||||||||||
adjustments | translation | |||||||||||||||||||||||||
adjustments and other | ||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||||
U.K./Ireland | $ | 235.5 | $ | 9,000.80 | $ | — | $ | 607.9 | $ | 9,844.20 | ||||||||||||||||
The Netherlands | 1,206.20 | — | — | 54.2 | 1,260.40 | |||||||||||||||||||||
Germany | 3,770.30 | — | — | 169.1 | 3,939.40 | |||||||||||||||||||||
Belgium | 2,158.30 | — | — | 96.8 | 2,255.10 | |||||||||||||||||||||
Switzerland/Austria | 3,903.90 | 0.6 | — | 126.6 | 4,031.10 | |||||||||||||||||||||
Total Western Europe | 11,274.20 | 9,001.40 | — | 1,054.60 | 21,330.20 | |||||||||||||||||||||
Central and Eastern Europe | 1,509.50 | — | — | 10.6 | 1,520.10 | |||||||||||||||||||||
Total European Operations Division | 12,783.70 | 9,001.40 | — | 1,065.20 | 22,850.30 | |||||||||||||||||||||
Chile | 558 | — | — | (49.5 | ) | 508.5 | ||||||||||||||||||||
Corporate and other | 535.9 | 77.2 | (223.4 | ) | 0.3 | 390 | ||||||||||||||||||||
Total | $ | 13,877.60 | $ | 9,078.60 | $ | (223.4 | ) | $ | 1,016.00 | $ | 23,748.80 | |||||||||||||||
Intangible Assets Subject to Amortization, Net | ||||||||||||||||||||||||||
The details of our intangible assets subject to amortization are set forth below: | ||||||||||||||||||||||||||
Estimated useful life at December 31, 2014 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
Customer relationships | 4 to 15 years | $ | 12,142.50 | $ | (3,056.3 | ) | $ | 9,086.20 | $ | 8,116.70 | $ | (2,458.4 | ) | $ | 5,658.30 | |||||||||||
Other | 2 to 15 years | 235.4 | (131.8 | ) | 103.6 | 288.1 | (151.0 | ) | 137.1 | |||||||||||||||||
Total | $ | 12,377.90 | $ | (3,188.1 | ) | $ | 9,189.80 | $ | 8,404.80 | $ | (2,609.4 | ) | $ | 5,795.40 | ||||||||||||
In December 2013, Telenet’s management determined that it would no longer be able to utilize its spectrum rights as a result of the conclusion of negotiations with network operators in Belgium and the absence of regulatory alternatives. This resulted in a triggering event with respect to the intangible asset related to Telenet’s spectrum rights and, after performing an impairment analysis, Telenet recorded an impairment charge of $73.0 million during the fourth quarter of 2013 to reduce the carrying amount of this intangible asset to zero. | ||||||||||||||||||||||||||
Amortization of intangible assets with finite useful lives of our continuing operations was $1,098.5 million, $776.8 million and $460.1 million during 2014, 2013 and 2012, respectively. Amortization of intangible assets with finite useful lives of our discontinued operations was nil, $17.6 million and $17.3 million during 2014, 2013 and 2012, respectively. Based on the amortizable intangible asset balances of our continuing operations at December 31, 2014, we expect that amortization expense will be as follows for the next five years and thereafter. The U.S. dollar equivalents of such amortization expense amounts as of December 31, 2014 are presented below (in millions): | ||||||||||||||||||||||||||
2015 | $ | 1,406.80 | ||||||||||||||||||||||||
2016 | 1,360.60 | |||||||||||||||||||||||||
2017 | 1,226.40 | |||||||||||||||||||||||||
2018 | 1,089.20 | |||||||||||||||||||||||||
2019 | 1,086.80 | |||||||||||||||||||||||||
Thereafter | 3,020.00 | |||||||||||||||||||||||||
Total | $ | 9,189.80 | ||||||||||||||||||||||||
Other Indefinite-lived Intangible Assets | ||||||||||||||||||||||||||
At December 31, 2014 and 2013, franchise rights and other indefinite-lived intangible assets aggregating $557.0 million and $470.2 million, respectively, were included in other assets, net, in our consolidated balance sheets. |
Debt_and_Capital_Lease_Obligat
Debt and Capital Lease Obligations | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt and Capital Lease Obligations [Abstract] | ||||||||||||||||||||||||||||
Debt and Capital Lease Obligations | Debt and Capital Lease Obligations | |||||||||||||||||||||||||||
The U.S. dollar equivalents of the components of our consolidated debt and capital lease obligations are as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | Estimated fair value (c) | Carrying value (d) | ||||||||||||||||||||||||||
Weighted | Unused borrowing capacity (b) | |||||||||||||||||||||||||||
average | ||||||||||||||||||||||||||||
interest | Borrowing currency | U.S. $ | December 31, | December 31, | ||||||||||||||||||||||||
rate (a) | equivalent | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
VM Notes | 5.83 | % | — | $ | — | $ | 8,461.00 | $ | 9,188.70 | $ | 8,060.70 | $ | 9,150.10 | |||||||||||||||
VM Credit Facility | 3.78 | % | £ | 660 | 1,028.40 | 4,734.90 | 4,388.90 | 4,804.00 | 4,352.80 | |||||||||||||||||||
VM Convertible Notes (e) | 6.5 | % | — | — | 178.7 | 164.1 | 56.8 | 57.5 | ||||||||||||||||||||
UPC Broadband Holding Bank Facility | 3.56 | % | € | 1,046.20 | 1,266.00 | 3,156.40 | 5,717.80 | 3,179.20 | 5,671.40 | |||||||||||||||||||
UPC Holding Senior Notes | 7.16 | % | — | — | 2,603.60 | 3,297.40 | 2,391.60 | 3,099.20 | ||||||||||||||||||||
UPCB SPE Notes | 6.88 | % | — | — | 4,279.00 | 4,536.50 | 4,009.40 | 4,219.50 | ||||||||||||||||||||
Unitymedia KabelBW Notes | 5.75 | % | — | — | 7,869.30 | 8,058.20 | 7,400.90 | 7,651.90 | ||||||||||||||||||||
Unitymedia KabelBW Revolving Credit Facilities | 2.63 | % | € | 220 | 266.2 | 319.4 | — | 338.8 | — | |||||||||||||||||||
Ziggo Credit Facility | 3.63 | % | € | 650 | 786.5 | 4,663.00 | — | 4,710.80 | — | |||||||||||||||||||
Ziggo Notes | 6.82 | % | — | — | 1,082.30 | — | 1,077.00 | — | ||||||||||||||||||||
Telenet SPE Notes | 5.93 | % | — | — | 2,450.40 | 2,916.50 | 2,299.00 | 2,759.20 | ||||||||||||||||||||
Telenet Credit Facility | 3.44 | % | € | 322.9 | 390.8 | 1,633.40 | 1,956.90 | 1,638.60 | 1,936.90 | |||||||||||||||||||
VTR Finance Senior Secured Notes | 6.88 | % | — | — | 1,439.40 | — | 1,400.00 | — | ||||||||||||||||||||
Sumitomo Collar Loan (f) | 1.88 | % | — | — | 818 | 939.3 | 787.7 | 894.3 | ||||||||||||||||||||
Liberty Puerto Rico Bank Facility | 5.2 | % | $ | 40 | 40 | 666.2 | 666.2 | 672 | 665 | |||||||||||||||||||
ITV Collar Loan (f) | 1.73 | % | — | — | 678.2 | — | 667 | — | ||||||||||||||||||||
Vendor financing (g) | 3.45 | % | — | — | 946.4 | 603.1 | 946.4 | 603.1 | ||||||||||||||||||||
Other (h) | 9.28 | % | (i) | 196.2 | 171.5 | 1,795.40 | 171.5 | 1,795.10 | ||||||||||||||||||||
Total debt | 5.13 | % | $ | 3,974.10 | $ | 46,151.10 | $ | 44,229.00 | 44,611.40 | 42,856.00 | ||||||||||||||||||
Capital lease obligations: | ||||||||||||||||||||||||||||
Unitymedia KabelBW (j) | 810.1 | 952 | ||||||||||||||||||||||||||
Telenet (k) | 413.4 | 451.2 | ||||||||||||||||||||||||||
Virgin Media | 255.3 | 373.5 | ||||||||||||||||||||||||||
Other subsidiaries | 68.8 | 71.6 | ||||||||||||||||||||||||||
Total capital lease obligations | 1,547.60 | 1,848.30 | ||||||||||||||||||||||||||
Total debt and capital lease obligations | 46,159.00 | 44,704.30 | ||||||||||||||||||||||||||
Current maturities | (1,550.9 | ) | (1,023.4 | ) | ||||||||||||||||||||||||
Long-term debt and capital lease obligations | $ | 44,608.10 | $ | 43,680.90 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Represents the weighted average interest rate in effect at December 31, 2014 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of our interest rate derivative instruments, deferred financing costs, original issue premiums or discounts or commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums and discounts and commitment fees, but excluding the impact of financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 6.0% at December 31, 2014. For information concerning our derivative instruments, see note 7. | |||||||||||||||||||||||||||
(b) | Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2014 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2014, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities based on the applicable leverage and other financial covenants, except as noted below. At December 31, 2014, our availability under the UPC Broadband Holding Bank Facility and the Unitymedia KabelBW Revolving Credit Facilities (each as defined and described below) was limited to €906.7 million ($1,097.2 million) and €15.1 million ($18.3 million), respectively. When the relevant December 31, 2014 compliance reporting requirements have been completed and assuming no changes from December 31, 2014 borrowing levels, we anticipate that our availability under the UPC Broadband Holding Bank Facility and the Unitymedia KabelBW Revolving Credit Facilities will be limited to €889.1 million ($1,075.9 million) and €123.7 million ($149.7 million), respectively. In addition to the limitations noted above, the debt instruments of our subsidiaries contain restricted payment tests that limit the amount that can be loaned or distributed to other Liberty Global subsidiaries and ultimately to Liberty Global. At December 31, 2014, these restrictions did not impact our ability to access the liquidity of our subsidiaries to satisfy our corporate liquidity needs beyond what is described above, except that the availability to be loaned or distributed by Virgin Media and Ziggo was limited to £508.8 million ($792.8 million) and €37.1 million ($44.9 million), respectively. When the relevant December 31, 2014 compliance reporting requirements have been completed and assuming no changes from December 31, 2014 borrowing levels, we anticipate that the availability of Virgin Media and Ziggo will be limited to £525.7 million ($819.1 million) and €11.4 million ($13.8 million), respectively. For information concerning transactions completed subsequent to December 31, 2014 that could have an impact on unused borrowing capacity, see note 20. | |||||||||||||||||||||||||||
(c) | The estimated fair values of our debt instruments were determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information concerning fair value hierarchies, see note 8. | |||||||||||||||||||||||||||
(d) | Amounts include the impact of premiums and discounts, where applicable. | |||||||||||||||||||||||||||
(e) | The amount reported in the estimated fair value column for the VM Convertible Notes (as defined and described below) represents the estimated fair value of the remaining VM Convertible Notes outstanding as of December 31, 2014, including both the debt and equity components. | |||||||||||||||||||||||||||
(f) | For information regarding the Sumitomo Collar Loan and the ITV Collar Loan, see note 7. | |||||||||||||||||||||||||||
(g) | Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions. These obligations are generally due within one year. At December 31, 2014 and 2013, the amounts owed pursuant to these arrangements include $101.7 million and $47.3 million, respectively, of VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our consolidated statements of cash flows. | |||||||||||||||||||||||||||
(h) | The December 31, 2013 amounts include (i) outstanding borrowings of $113.1 million under VTR’s then-existing CLP 60.0 billion ($98.9 million) term loan bank facility, (ii) $852.6 million related to the Ziggo Collar Loan and (iii) $634.3 million related to the Ziggo Margin Loan. In January 2014, all outstanding amounts under VTR’s term loan bank facility were repaid and this facility was cancelled. In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $2.0 million related to the write-off of deferred financing costs. During the first quarter of 2014, we used existing cash to repay the full amount of the Ziggo Margin Loan that was secured by a portion of our investment in Ziggo. In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $2.3 million related to the write-off of deferred financing costs. Upon completion of the Ziggo Acquisition, the Ziggo Collar was terminated and the Ziggo Collar Loan was settled. In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $4.0 million related to the payment of redemption premium. For information regarding our investment in Ziggo, see note 6. | |||||||||||||||||||||||||||
(i) | Unused borrowing capacity relates to the senior secured revolving credit facility of entities within VTR, which includes a $160.0 million U.S. dollar facility (the VTR Dollar Credit Facility) and a CLP 22.0 billion ($36.2 million) Chilean peso facility (the VTR CLP Credit Facility and, together with the VTR Dollar Credit Facility, the VTR Credit Facility), each of which were undrawn at December 31, 2014. | |||||||||||||||||||||||||||
(j) | Primarily represents Unitymedia KabelBW’s obligations under duct network lease agreements with Telekom Deutschland GmbH (Deutsche Telekom), an operating subsidiary of Deutsche Telekom AG, as the lessor. The original contracts were concluded in 2000 and 2001 and have indefinite terms, subject to certain mandatory statutory termination rights for either party after a term of 30 years. With certain limited exceptions, the lessor generally is not entitled to terminate these leases. For information regarding litigation involving these duct network lease agreements, see note 17. | |||||||||||||||||||||||||||
(k) | At December 31, 2014 and 2013, Telenet’s capital lease obligations included €328.6 million ($397.6 million) and €309.0 million ($373.9 million), respectively, associated with Telenet’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “PICs.” All capital expenditures associated with the PICs network are initiated by Telenet, but are executed and financed by the PICs through additions to this lease that are repaid over a 15-year term. These amounts do not include Telenet’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 17. | |||||||||||||||||||||||||||
VM Notes | ||||||||||||||||||||||||||||
On March 28, 2014, Virgin Media Secured Finance PLC (Virgin Media Secured Finance), a wholly-owned subsidiary of Virgin Media, issued (i) $425.0 million principal amount of 5.5% senior secured notes due January 15, 2025 (the 2025 VM 5.5% Dollar Senior Secured Notes), (ii) £430.0 million ($670.0 million) principal amount of 5.5% senior secured notes due January 15, 2025 (the 2025 VM 5.5% Sterling Senior Secured Notes and, together with the 2025 VM 5.5% Dollar Senior Secured Notes, the 2025 VM Senior Secured Notes) and (iii) £225.0 million ($350.6 million) principal amount of 6.25% senior secured notes due March 28, 2029 (the Original 2029 VM Senior Secured Notes). In April 2014, the net proceeds from the 2025 VM Senior Secured Notes and the Original 2029 VM Senior Secured Notes were used to redeem all of the £875.0 million ($1,363.4 million) principal amount of 7.0% senior secured notes due 2018 (the 2018 VM Sterling Senior Secured Notes). In connection with these transactions, we recognized a gain on debt modification, extinguishment and conversion, net, of $5.2 million, which includes (i) the write-off of $61.8 million of unamortized premium, (ii) the payment of $51.3 million of redemption premium and (iii) the write-off of $5.3 million of deferred financing costs. | ||||||||||||||||||||||||||||
In April 2014, Virgin Media Secured Finance issued £175.0 million ($272.7 million) principal amount of 6.25% senior secured notes due March 28, 2029 (the Additional 2029 VM Senior Secured Notes and, together with the Original 2029 VM Senior Secured Notes, the 2029 VM Senior Secured Notes) at an issue price of 101.75%. The net proceeds from the Additional 2029 VM Senior Secured Notes, together with the proceeds from VM Facilities D and E (as defined and described below), were used to fully redeem the $1.0 billion principal amount of 6.5% senior secured notes due 2018 (the 2018 VM Dollar Senior Secured Notes). In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $5.4 million, which includes (i) the write-off of $33.9 million of unamortized premium, (ii) the payment of $32.4 million of redemption premium and (iii) the write-off of $6.9 million of deferred financing costs. | ||||||||||||||||||||||||||||
On October 7, 2014, Virgin Media Finance PLC (Virgin Media Finance), a wholly-owned subsidiary of Virgin Media, issued (i) £300.0 million ($467.4 million) principal amount of 6.375% senior notes due October 15, 2024 (the 2024 VM Sterling Senior Notes) and (ii) $500.0 million principal amount of 6.0% senior notes due October 15, 2024 (the 2024 VM Dollar Senior Notes and, together with the 2024 VM Sterling Senior Notes, the 2024 VM Senior Notes). On October 24, 2014, the net proceeds from the 2024 VM Senior Notes were used to fully redeem (i) the $507.1 million principal amount of 8.375% senior notes due 2019 (the 2019 VM Dollar Senior Notes) and (ii) the £253.5 million ($395.0 million) principal amount of 8.875% senior notes due 2019 (the 2019 VM Sterling Senior Notes and, together with the 2019 VM Dollar Senior Notes, the 2019 VM Senior Notes). In connection with these transactions, we recognized a gain on debt modification, extinguishment and conversion, net, of $32.5 million, which includes (i) the write-off of $75.2 million of unamortized premium, (ii) the payment of $39.3 million of redemption premium and (iii) the write-off of $3.4 million of deferred financing costs. | ||||||||||||||||||||||||||||
The details of the outstanding senior notes of Virgin Media as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
VM Notes | Maturity | Interest | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
rate | currency | equivalent | fair value | value (a) | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
2022 VM Senior Notes: | ||||||||||||||||||||||||||||
2022 VM Dollar Senior Notes | February 15, 2022 | 4.88% | $ | 118.7 | $ | 118.7 | $ | 113.9 | $ | 119.6 | ||||||||||||||||||
2022 VM Dollar Senior Notes | February 15, 2022 | 5.25% | $ | 95 | 95 | 90.5 | 95.8 | |||||||||||||||||||||
2022 VM Sterling Senior Notes | February 15, 2022 | 5.13% | £ | 44.1 | 68.7 | 69.7 | 69.3 | |||||||||||||||||||||
2023 VM Senior Notes: | ||||||||||||||||||||||||||||
2023 VM Dollar Senior Notes | April 15, 2023 | 6.38% | $ | 530 | 530 | 555.8 | 530 | |||||||||||||||||||||
2023 VM Sterling Senior Notes | April 15, 2023 | 7.00% | £ | 250 | 389.5 | 425.1 | 389.5 | |||||||||||||||||||||
2024 VM Senior Notes: | ||||||||||||||||||||||||||||
2024 VM Dollar Senior Notes | 15-Oct-24 | 6.00% | $ | 500 | 500 | 525 | 500 | |||||||||||||||||||||
2024 VM Sterling Senior Notes | 15-Oct-24 | 6.38% | £ | 300 | 467.4 | 504.8 | 467.4 | |||||||||||||||||||||
January 2021 VM Senior Secured Notes: | ||||||||||||||||||||||||||||
January 2021 VM Sterling Senior Secured Notes | January 15, 2021 | 5.50% | £ | 628.4 | 979.1 | 1,055.00 | 992.2 | |||||||||||||||||||||
January 2021 VM Dollar Senior Secured Notes | January 15, 2021 | 5.25% | $ | 447.9 | 447.9 | 468 | 460.1 | |||||||||||||||||||||
April 2021 VM Senior Secured Notes: | ||||||||||||||||||||||||||||
April 2021 VM Sterling Senior Secured Notes | April 15, 2021 | 6.00% | £ | 1,100.00 | 1,713.90 | 1,810.30 | 1,713.90 | |||||||||||||||||||||
April 2021 VM Dollar Senior Secured Notes | April 15, 2021 | 5.38% | $ | 1,000.00 | 1,000.00 | 1,033.10 | 1,000.00 | |||||||||||||||||||||
2025 VM Senior Secured Notes: | ||||||||||||||||||||||||||||
2025 VM 5.5% Sterling Senior Secured Notes | January 15, 2025 | 5.50% | £ | 430 | 670 | 694.7 | 670 | |||||||||||||||||||||
2025 VM 5.5% Dollar Senior Secured Notes | January 15, 2025 | 5.50% | $ | 425 | 425 | 440.1 | 425 | |||||||||||||||||||||
2029 VM Sterling Senior Secured Notes | March 28, 2029 | 6.25% | £ | 400 | 623.2 | 675 | 627.9 | |||||||||||||||||||||
Total | $ | 8,028.40 | $ | 8,461.00 | $ | 8,060.70 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of premiums, where applicable, including amounts recorded in connection with the acquisition accounting for the Virgin Media Acquisition. | |||||||||||||||||||||||||||
The 2022 VM Senior Notes, the 2023 VM Senior Notes and the 2024 VM Senior Notes were issued by Virgin Media Finance and are collectively referred to as the “VM Senior Notes.” The January 2021 VM Senior Secured Notes, the April 2021 VM Senior Secured Notes, the 2025 VM Senior Secured Notes and the 2029 VM Senior Secured Notes were issued by Virgin Media Secured Finance and are collectively referred to as the “VM Senior Secured Notes” and, together with the VM Senior Notes, the VM Notes). | ||||||||||||||||||||||||||||
The VM Senior Notes are unsecured senior obligations of Virgin Media Finance that rank equally with all of the existing and future senior debt of Virgin Media Finance and are senior to all existing and future subordinated debt of Virgin Media Finance. The VM Senior Notes are guaranteed on a senior basis by Virgin Media and certain subsidiaries of Virgin Media, and on a senior subordinated basis by VMIH and Virgin Media Investments Limited (VMIL). | ||||||||||||||||||||||||||||
The VM Senior Secured Notes are senior obligations of Virgin Media Secured Finance that rank equally with all of the existing and future senior debt of Virgin Media Secured Finance and are senior to all existing and future subordinated debt of Virgin Media Secured Finance. The VM Senior Secured Notes are guaranteed on a senior basis by Virgin Media and certain subsidiaries of Virgin Media (the VM Senior Secured Guarantors), and are secured by liens on substantially all of the assets of Virgin Media Secured Finance and the VM Senior Secured Guarantors (except for Virgin Media). | ||||||||||||||||||||||||||||
The VM Notes contain certain customary incurrence-based covenants. For example, the ability to raise certain additional debt and make certain distributions or loans to other subsidiaries of Liberty Global is subject to a consolidated gross leverage ratio test (or a consolidated net leverage ratio test with respect to the 2024 VM Senior Notes, the 2025 VM Senior Secured Notes and the 2029 VM Senior Secured Notes), in each case, as specified in the applicable indenture. In addition, the VM Notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of £50.0 million ($77.9 million) (or £75.0 million ($116.9 million) with respect to the 2024 VM Senior Notes, the 2025 VM Senior Secured Notes and the 2029 VM Senior Secured Notes) or more in the aggregate of Virgin Media and/or certain of its subsidiaries (as specified under the applicable indenture), is an event of default under the VM Notes. | ||||||||||||||||||||||||||||
Subject to the circumstances described below, the VM Notes are non-callable prior to the applicable call date as presented in the below table. At any time prior to the respective call date, Virgin Media Secured Finance or Virgin Media Finance may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate (as specified in the applicable indenture) as of the redemption date plus 50 basis points (25 basis points in the case of the January 2021 VM Senior Secured Notes). | ||||||||||||||||||||||||||||
VM Notes | Call Date | |||||||||||||||||||||||||||
2022 VM Senior Notes | (a) | |||||||||||||||||||||||||||
2023 VM Senior Notes | 15-Apr-18 | |||||||||||||||||||||||||||
2024 VM Senior Notes | 15-Oct-19 | |||||||||||||||||||||||||||
January 2021 VM Senior Secured Notes | (a) | |||||||||||||||||||||||||||
April 2021 VM Senior Secured Notes | 15-Apr-17 | |||||||||||||||||||||||||||
2025 VM Senior Secured Notes | 15-Jan-19 | |||||||||||||||||||||||||||
2029 VM Senior Secured Notes | 15-Jan-21 | |||||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | The 2022 VM Senior Notes and the January 2021 VM Senior Secured Notes are non-callable. At any time prior to maturity, some or all of these notes may be redeemed by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to February 15, 2022 in the case of the 2022 VM Senior Notes or January 15, 2021 in the case of the January 2021 VM Senior Secured Notes. | |||||||||||||||||||||||||||
Virgin Media Secured Finance or Virgin Media Finance (as applicable) may redeem some or all of the April 2021 VM Senior Secured Notes, the 2023 VM Senior Notes, the 2024 VM Senior Notes, the 2025 VM Senior Secured Notes or the 2029 VM Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on October 15, in the case of the 2024 VM Senior Notes, or April 15, in the case of the April 2021 VM Senior Secured Notes and the 2023 VM Senior Notes and January 15, in the case of the 2025 VM Senior Secured Notes and the 2029 VM Senior Secured Notes of the years set forth below: | ||||||||||||||||||||||||||||
Redemption price | ||||||||||||||||||||||||||||
Year | April 2021 VM Dollar Senior Secured Notes | April 2021 VM Sterling Senior Secured Notes | 2023 VM Dollar Senior Notes | 2023 VM Sterling Senior Notes | 2024 VM Dollar Senior Notes | 2024 VM Sterling Senior Notes | 2025 VM Senior Secured Notes | 2029 VM Senior Secured Notes | ||||||||||||||||||||
2015 | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2016 | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2017 | 102.69% | 103.00% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2018 | 101.34% | 101.50% | 103.19% | 103.50% | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2019 | 100.00% | 100.00% | 102.13% | 102.33% | 103.00% | 103.19% | 102.75% | N.A. | ||||||||||||||||||||
2020 | 100.00% | 100.00% | 101.06% | 101.67% | 102.00% | 102.13% | 101.83% | N.A. | ||||||||||||||||||||
2021 | N.A. | N.A. | 100.00% | 100.00% | 101.00% | 101.06% | 100.00% | 103.13% | ||||||||||||||||||||
2022 | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 102.08% | ||||||||||||||||||||
2023 | N.A. | N.A. | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 101.04% | ||||||||||||||||||||
2024 and thereafter | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 100.00% | 100.00% | ||||||||||||||||||||
If VMIH or Virgin Media Finance (as applicable) or the restricted subsidiaries (as specified in the applicable indenture) sell certain assets, Virgin Media Secured Finance or Virgin Media Finance must offer to repurchase the relevant VM Notes at par, or if Virgin Media Communications Limited (Virgin Media Communications), a wholly-owned subsidiary of Virgin Media, or certain of its subsidiaries experience changes in control (as specified in the applicable indenture), Virgin Media Secured Finance or Virgin Media Finance (as applicable) must offer to repurchase all of the relevant VM Notes at a redemption price of 101%. | ||||||||||||||||||||||||||||
For information regarding certain senior notes issued by Virgin Media Secured Finance and Virgin Media Finance subsequent to December 31, 2014, see note 20. | ||||||||||||||||||||||||||||
VM Credit Facility | ||||||||||||||||||||||||||||
On June 7, 2013, VMIH, together with certain other subsidiaries of Virgin Media as borrowers and guarantors (the Virgin Media Credit Facility Borrowers), entered into a new senior secured credit facility agreement, as amended and restated on June 14, 2013 (the VM Credit Facility), pursuant to which the lenders thereunder agreed to provide the borrowers with (i) a £375.0 million ($584.3 million) term loan (VM Facility A), (ii) a $2,755.0 million term loan (VM Facility B), (iii) a £600.0 million ($934.9 million) term loan (VM Facility C) and (iv) a £660.0 million ($1,028.4 million) revolving credit facility (the VM Revolving Facility). With the exception of the VM Revolving Facility, all available amounts were borrowed under the VM Credit Facility in June 2013. | ||||||||||||||||||||||||||||
In April 2014, Virgin Media entered into (a) a new £100.0 million ($155.8 million) term loan (VM Facility D) and (b) a new £849.4 million ($1,323.5 million) term loan (VM Facility E), each under the VM Credit Facility. In connection with these transactions, (1) certain lenders under the then-existing VM Facility C effectively rolled £500.4 million ($779.7 million) of their drawn commitments under VM Facility C to VM Facilities D and E and (2) the remaining outstanding balance of VM Facility C was repaid with existing liquidity. | ||||||||||||||||||||||||||||
The VM Credit Facility requires that certain of the Virgin Media Credit Facility Borrowers that generate not less than 80% of such group’s EBITDA (as specified in the VM Credit Facility) in any financial year, guarantee the payment of all sums payable under the VM Credit Facility and such group members are required to grant first-ranking security over all or substantially all of their assets to secure the payment of all sums payable. In addition, the holding company of each borrower must give a share pledge over its shares in such borrower. | ||||||||||||||||||||||||||||
In addition to mandatory prepayments which must be made for certain disposal proceeds (subject to certain de minimis thresholds), the lenders may cancel their commitments and declare the loans due and payable after 30 business days following the occurrence of a change of control in respect of VMIH, subject to certain exceptions. | ||||||||||||||||||||||||||||
The VM Credit Facility contains certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand. The VM Credit Facility contains certain representations and warranties customary for facilities of this type, which are subject to exceptions, baskets and materiality qualifications. | ||||||||||||||||||||||||||||
The VM Credit Facility restricts the ability of the Virgin Media Credit Facility Borrowers and certain of their subsidiaries to, among other things, (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions and (iii) create certain security interests over their assets, in each case, subject to carve-outs from such limitations. | ||||||||||||||||||||||||||||
The VM Credit Facility requires the borrowers to observe certain affirmative undertakings or covenants, which covenants are subject to materiality and other customary and agreed exceptions. In addition, the VM Credit Facility also requires compliance with various financial covenants such as senior net debt to annualized EBITDA and total net debt to annualized EBITDA, each as specified in the VM Credit Facility. | ||||||||||||||||||||||||||||
In addition to customary default provisions, the VM Credit Facility provides that any event of default with respect to indebtedness of £50.0 million ($77.9 million) or more in the aggregate of Virgin Media Finance and its subsidiaries is an event of default under the VM Credit Facility. | ||||||||||||||||||||||||||||
The VM Credit Facility permits the Virgin Media Credit Facility Borrowers and certain of their subsidiaries to make certain distributions and restricted payments to its parent company (and indirectly to Liberty Global) through loans, advances or dividends subject to compliance with applicable covenants. | ||||||||||||||||||||||||||||
The details of our borrowings under the VM Credit Facility as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value (a) | ||||||||||||||||||||||||||
currency) | capacity | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
A | June 7, 2019 | LIBOR + 3.25% | £ | 375 | $ | — | $ | 584.3 | ||||||||||||||||||||
B | June 7, 2020 | LIBOR + 2.75% (b) | $ | 2,755.00 | — | 2,744.00 | ||||||||||||||||||||||
D | June 30, 2022 | LIBOR + 3.25% (b) | £ | 100 | — | 155.4 | ||||||||||||||||||||||
E | June 30, 2023 | LIBOR + 3.50% (b) | £ | 849.4 | — | 1,320.30 | ||||||||||||||||||||||
VM Revolving Facility (c) | June 7, 2019 | LIBOR + 3.25% | £ | 660 | 1,028.40 | — | ||||||||||||||||||||||
Total | $ | 1,028.40 | $ | 4,804.00 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | The carrying values of VM Facilities B, D and E include the impact of discounts. | |||||||||||||||||||||||||||
(b) | VM Facilities B, D and E each have a LIBOR floor of 0.75%. | |||||||||||||||||||||||||||
(c) | The VM Revolving Facility has a fee on unused commitments of 1.3% per year. | |||||||||||||||||||||||||||
VM Convertible Notes | ||||||||||||||||||||||||||||
In April 2008, Virgin Media issued $1.0 billion principal amount of 6.50% convertible senior notes (the VM Convertible Notes), pursuant to an indenture (as supplemented, the VM Convertible Notes Indenture). The VM Convertible Notes mature on November 15, 2016, unless the VM Convertible Notes are exchanged or repurchased prior thereto pursuant to the terms of the VM Convertible Notes Indenture. | ||||||||||||||||||||||||||||
As a result of the application of acquisition accounting in connection with the Virgin Media Acquisition, the $2,716.8 million estimated fair value of the VM Convertible Notes at June 7, 2013 was allocated between the respective debt and equity components. The portion allocated to the debt component of $1,056.8 million was measured based on the estimated fair value of a debt instrument that has the same terms as the VM Convertible Notes without the conversion feature. The amount allocated to the debt component resulted in a premium to the principal amount of the VM Convertible Notes. The $1,660.0 million portion allocated to the equity component was recorded as an increase to additional paid-in capital in our consolidated statement of equity. | ||||||||||||||||||||||||||||
The VM Convertible Notes are exchangeable under certain conditions for (subject to further adjustment as specified in the VM Convertible Notes Indenture and subject to Virgin Media’s right to settle in cash or a combination of Liberty Global ordinary shares and cash) 13.4339 of our Class A ordinary shares, 33.4963 of our Class C ordinary shares and $910.51 in cash (without interest) for each $1,000 in principal amount of VM Convertible Notes exchanged. The circumstances under which the VM Convertible Notes are exchangeable are more fully described in the VM Convertible Notes Indenture, including, for example, based on the relationship of the value of the Virgin Media Merger Consideration to the conversion price of the VM Convertible Notes. Based on the trading prices of our Class A and Class C ordinary shares during a specified period, as provided for in the VM Convertible Notes Indenture, the VM Convertible Notes are currently exchangeable. | ||||||||||||||||||||||||||||
During the 2013 period following the Virgin Media Acquisition, an aggregate of $944.2 million principal amount of VM Convertible Notes had been exchanged following the Virgin Media Acquisition for 13.1 million Class A and 9.8 million Class C ordinary shares and $885.1 million of cash. The difference between the cash portion of the exchange consideration and the aggregate $998.8 million fair value of the exchanged VM Convertible Notes on the exchange dates resulted in a net increase to equity of $113.7 million. No gain or loss on extinguishment was recorded for these exchanges as the debt component of the VM Convertible Notes was measured at fair value shortly before the exchanges pursuant to the application of acquisition accounting in connection with the Virgin Media Acquisition. After giving effect to all exchanges completed through December 31, 2014, the remaining principal amount outstanding under the VM Convertible Notes was $54.8 million. | ||||||||||||||||||||||||||||
The VM Convertible Notes are senior unsecured obligations of Virgin Media that rank equally in right of payment with all of Virgin Media’s existing and future senior and unsecured indebtedness and rank senior in right to all of Virgin Media’s existing and future subordinated indebtedness. The VM Convertible Notes are effectively subordinated to all existing and future indebtedness and other obligations of Virgin Media’s subsidiaries. The VM Convertible Notes Indenture does not contain any financial or restrictive covenants. The VM Convertible Notes are non-callable. | ||||||||||||||||||||||||||||
UPC Broadband Holding Bank Facility | ||||||||||||||||||||||||||||
The UPC Broadband Holding Bank Facility, as amended from time to time, is the senior secured credit facility of UPC Broadband Holding, our wholly-owned subsidiary. The security package for the UPC Broadband Holding Bank Facility includes a pledge over the shares of UPC Broadband Holding and the shares of certain of UPC Broadband Holding’s majority-owned operating companies. The UPC Broadband Holding Bank Facility is also guaranteed by UPC Holding B.V. (UPC Holding), the immediate parent of UPC Broadband Holding, and is senior to other long-term debt obligations of UPC Broadband Holding and UPC Holding. The agreement governing the UPC Broadband Holding Bank Facility contains covenants that limit, among other things, UPC Broadband Holding’s ability to merge with or into another company, acquire other companies, incur additional debt, dispose of assets, make distributions or pay dividends, provide loans and guarantees and enter into hedging agreements. In addition to customary default provisions, including defaults on other indebtedness of UPC Broadband Holding and its subsidiaries, the UPC Broadband Holding Bank Facility provides that any event of default with respect to indebtedness of (i) €50.0 million ($60.5 million) or more in the aggregate of (a) Liberty Global Europe LLC (the indirect parent of Liberty Global Europe Holding BV, Liberty Global Europe), (b) any other company of which UPC Broadband Holding is a subsidiary and which is a subsidiary of Liberty Global Europe and (c) UPC Holding II BV (a subsidiary of UPC Holding) and (ii) €15.0 million ($18.2 million) or more in the aggregate of any member of the UPC Broadband Holding borrower group, is an event of default under the UPC Broadband Holding Bank Facility. | ||||||||||||||||||||||||||||
The UPC Broadband Holding Bank Facility permits UPC Broadband Holding to transfer funds to its parent company (and indirectly to Liberty Global) through loans, advances or dividends provided that UPC Broadband Holding maintains compliance with applicable covenants. If a change of control occurs, as specified in the UPC Broadband Holding Bank Facility, the facility agent may (if required by the majority lenders) cancel each facility and declare all outstanding amounts immediately due and payable. The UPC Broadband Holding Bank Facility requires compliance with various financial covenants such as: (i) senior debt (after deducting cash and cash equivalent investments) to annualized EBITDA, (ii) EBITDA to total cash interest, (iii) EBITDA to senior debt service, (iv) EBITDA to senior interest and (v) total debt (after deducting cash and cash equivalent investments) to annualized EBITDA, each term as specified in the UPC Broadband Holding Bank Facility. | ||||||||||||||||||||||||||||
The covenant in the UPC Broadband Holding Bank Facility relating to disposals of assets includes a basket for permitted disposals of assets, the annualized EBITDA of which does not exceed a certain percentage of the annualized EBITDA of the UPC Broadband Holding borrower group, each term as specified in the UPC Broadband Holding Bank Facility. The UPC Broadband Holding Bank Facility includes a recrediting mechanism, in relation to the permitted disposals basket, based on the proportion of net sales proceeds that are (i) used to prepay facilities and (ii) reinvested in the borrower group. | ||||||||||||||||||||||||||||
The UPC Broadband Holding Bank Facility includes a mandatory prepayment requirement of four times annualized EBITDA of certain disposed assets. The prepayment amount may be allocated to one or more of the facilities at UPC Broadband Holding’s discretion and then applied to the loans under the relevant facility on a pro rata basis, as specified in the UPC Broadband Holding Bank Facility. A prepayment may be waived by the majority lenders subject to the requirement to maintain pro forma covenant compliance. If the mandatory prepayment amount is less than €100.0 million ($121.0 million), then no prepayment is required (subject to pro forma covenant compliance). No such prepayment is required to be made where an amount, equal to the amount that would otherwise be required to be prepaid, is deposited in a blocked account on terms that the principal amount deposited may only be released in order to make the relevant prepayment or to reinvest in assets in accordance with the terms of the UPC Broadband Holding Bank Facility, which expressly includes permitted acquisitions and capital expenditures. Any amounts deposited in the blocked account that have not been reinvested (or contracted to be so reinvested), within 12 months of the relevant permitted disposal, are required to be applied in prepayment in accordance with the terms of the UPC Broadband Holding Bank Facility. | ||||||||||||||||||||||||||||
The details of our borrowings under the UPC Broadband Holding Bank Facility as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value (c) | ||||||||||||||||||||||||||
currency) (a) | capacity (b) | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
V (d) | January 15, 2020 | 7.63% | € | 500 | $ | — | $ | 605 | ||||||||||||||||||||
Y (d) | July 1, 2020 | 6.38% | € | 750 | — | 907.5 | ||||||||||||||||||||||
Z (d) | July 1, 2020 | 6.63% | $ | 1,000.00 | — | 1,000.00 | ||||||||||||||||||||||
AC (d) | November 15, 2021 | 7.25% | $ | 750 | — | 750 | ||||||||||||||||||||||
AD (d) | January 15, 2022 | 6.88% | $ | 750 | — | 750 | ||||||||||||||||||||||
AG (e) | March 31, 2021 | EURIBOR + 3.75% | € | 1,554.40 | — | 1,877.20 | ||||||||||||||||||||||
AH | June 30, 2021 | LIBOR + 2.50% (f) | $ | 1,305.00 | — | 1,302.00 | ||||||||||||||||||||||
AI | April 30,2019 | EURIBOR + 3.25% | € | 1,046.20 | 1,266.00 | — | ||||||||||||||||||||||
Elimination of Facilities V, Y, Z, AC and AD in consolidation (d) | — | (4,012.5 | ) | |||||||||||||||||||||||||
Total | $ | 1,266.00 | $ | 3,179.20 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Except as described in (d) below, amounts represent total third-party facility amounts at December 31, 2014 without giving effect to the impact of discounts. | |||||||||||||||||||||||||||
(b) | At December 31, 2014, our availability under the UPC Broadband Holding Bank Facility was limited to €906.7 million ($1,097.2 million). When the relevant December 31, 2014 compliance reporting requirements have been completed, we anticipate that our availability under the UPC Broadband Holding Bank Facility will be limited to €889.1 million ($1,075.9 million). Facility AI has a fee on unused commitments of 1.3% per year. | |||||||||||||||||||||||||||
(c) | The carrying values of Facilities AG and AH include the impact of discounts. | |||||||||||||||||||||||||||
(d) | As further discussed in the below description of the UPCB SPE Notes, the amounts outstanding under Facilities V, Y, Z, AC and AD are eliminated in Liberty Global’s consolidated financial statements. | |||||||||||||||||||||||||||
(e) | For information regarding certain financing transactions subsequent to December 31, 2014 whereby, among other items, a portion of Facility AG was rolled into a new facility, see note 20. | |||||||||||||||||||||||||||
(f) | Facility AH has a LIBOR floor of 0.75%. | |||||||||||||||||||||||||||
Refinancing Transactions. During 2014, 2013 and 2012, we completed a number of refinancing transactions that generally resulted in additional borrowings or extended maturities under the the UPC Broadband Holding Bank Facility. In connection with these transactions, we recognized losses on debt modification, extinguishment and conversion, net, of $16.5 million, $11.9 million and $16.3 million during 2014, 2013 and 2012, respectively. These losses include (i) write-offs of deferred financing costs and unamortized discounts of $16.5 million, $4.2 million and $14.3 million, respectively, and (ii) nil, $7.7 million and $2.0 million of third-party debt modification costs, respectively. | ||||||||||||||||||||||||||||
UPC Holding Senior Notes | ||||||||||||||||||||||||||||
2014 Transactions. During April 2014, we used existing cash to fully redeem UPC Holding’s $400.0 million principal amount of 9.875% senior notes due 2018 (the UPC Holding 9.875% Senior Notes). In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $41.5 million, which includes (i) the payment of $19.7 million of redemption premium, (ii) the write-off of $17.4 million of unamortized discount and (iii) the write-off of $4.4 million of deferred financing costs. | ||||||||||||||||||||||||||||
2013 Transactions. On March 26, 2013, UPC Holding issued (i) €450.0 million ($544.5 million) principal amount of 6.75% senior notes (the UPC Holding 6.75% Euro Senior Notes) and (ii) CHF 350.0 million ($352.1 million) principal amount of 6.75% senior notes (the UPC Holding 6.75% CHF Senior Notes and, together with the UPC Holding 6.75% Euro Senior Notes, the UPC Holding 6.75% Senior Notes). | ||||||||||||||||||||||||||||
On April 25, 2013, the net proceeds from the issuance of the UPC Holding 6.75% Senior Notes were used to redeem in full (a) UPC Holding’s €300.0 million ($363.0 million) principal amount of 8.0% senior notes due 2016 (the UPC Holding 8.0% Senior Notes) and (b) UPC Holding’s €400.0 million ($484.0 million) principal amount of 9.75% senior notes due 2018 (the UPC Holding 9.75% Senior Notes). Our obligations with respect to the UPC Holding 8.0% Senior Notes and the UPC Holding 9.75% Senior Notes were legally discharged with the trustee on March 26, 2013 and March 27, 2013, respectively, in connection with the issuance of the UPC Holding 6.75% Senior Notes. The trustee, in turn, paid all amounts due to the holders of the UPC Holding 8.0% Senior Notes and UPC Holding 9.75% Senior Notes on April 25, 2013. We incurred aggregate debt extinguishment losses of $85.5 million during the first quarter of 2013, which includes (i) $35.6 million of redemption premium related to the UPC Holding 8.0% Senior Notes and the UPC Holding 9.75% Senior Notes, (ii) the write-off of $24.5 million of unamortized discount related to the UPC Holding 9.75% Senior Notes, (iii) the write-off of $19.0 million of deferred financing costs associated with the UPC Holding 8.0% Senior Notes and the UPC Holding 9.75% Senior Notes and (iv) $6.4 million of aggregate interest incurred on the UPC Holding 8.0% Senior Notes and the UPC Holding 9.75% Senior Notes between the respective dates that we and the trustee were legally discharged, as described above. | ||||||||||||||||||||||||||||
We collectively refer to the UPC Holding 6.75% Senior Notes, UPC Holding’s €600.0 million ($726.0 million) principal amount of 6.375% senior notes due 2022 (the UPC Holding 6.375% Senior Notes) and UPC Holding’s €640.0 million ($774.4 million) principal amount of 8.375% senior notes due 2020 (the UPC Holding 8.375% Senior Notes) as the “UPC Holding Senior Notes.” | ||||||||||||||||||||||||||||
The details of the UPC Holding Senior Notes as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
UPC Holding Senior Notes | Maturity | Borrowing | U.S. $ | Estimated | Carrying | |||||||||||||||||||||||
currency | equivalent | fair value | value (a) | |||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
UPC Holding 8.375% Senior Notes | 15-Aug-20 | € | 640 | $ | 774.4 | $ | 833.4 | $ | 774.4 | |||||||||||||||||||
UPC Holding 6.375% Senior Notes | September 15, 2022 | € | 600 | 726 | 786.8 | 720.6 | ||||||||||||||||||||||
UPC Holding 6.75% Euro Senior Notes | March 15, 2023 | € | 450 | 544.5 | 597.3 | 544.5 | ||||||||||||||||||||||
UPC Holding 6.75% CHF Senior Notes | March 15, 2023 | CHF | 350 | 352.1 | 386.1 | 352.1 | ||||||||||||||||||||||
Total | $ | 2,397.00 | $ | 2,603.60 | $ | 2,391.60 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
Each issue of the UPC Holding Senior Notes are senior obligations that rank equally with all of the existing and future senior debt and are senior to all existing and future subordinated debt of UPC Holding. The UPC Holding Senior Notes are secured (on a shared basis) by pledges of the shares of UPC Holding. The UPC Holding Senior Notes contain certain customary incurrence-based covenants. For example, the ability to raise certain additional debt and make certain distributions or loans to other subsidiaries of Liberty Global is subject to a consolidated leverage ratio test, as specified in the applicable indenture. In addition, the UPC Holding Senior Notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of €50.0 million ($60.5 million) or more in the aggregate of UPC Holding or its restricted subsidiaries (as specified in the applicable indenture), including UPC Broadband Holding, is an event of default under the UPC Holding Senior Notes. | ||||||||||||||||||||||||||||
At any time prior to August 15, 2015, in the case of the UPC Holding 8.375% Senior Notes, September 15, 2017, in the case of the UPC Holding 6.375% Senior Notes, and March 15, 2018, in the case of the UPC Holding 6.75% Senior Notes, UPC Holding may redeem some or all of such UPC Holding Senior Notes by paying a “make-whole” premium, which is the present value of all scheduled interest payments until August 15, 2015, September 15, 2017 or March 15, 2018 (as applicable) using the discount rate (as specified in the applicable indenture) as of the redemption date, plus 50 basis points. | ||||||||||||||||||||||||||||
UPC Holding may redeem some or all of the UPC Holding Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on August 15, in the case of the UPC Holding 8.375% Senior Notes, September 15, in the case of the UPC Holding 6.375% Senior Notes, and March 15, in the case of the UPC Holding 6.75% Senior Notes, of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | UPC Holding 8.375% | UPC Holding 6.375% | UPC Holding 6.75% Senior Notes | |||||||||||||||||||||||||
Senior Notes | Senior Notes | |||||||||||||||||||||||||||
2015 | 104.19% | N.A. | N.A. | |||||||||||||||||||||||||
2016 | 102.79% | N.A. | N.A. | |||||||||||||||||||||||||
2017 | 101.40% | 103.19% | N.A. | |||||||||||||||||||||||||
2018 | 100.00% | 102.13% | 103.38% | |||||||||||||||||||||||||
2019 | 100.00% | 101.06% | 102.25% | |||||||||||||||||||||||||
2020 | 100.00% | 100.00% | 101.13% | |||||||||||||||||||||||||
2021 and thereafter | N.A. | 100.00% | 100.00% | |||||||||||||||||||||||||
If all or substantially all of the assets of UPC Holding and certain of its subsidiaries are disposed of or any other change of control (as specified in the applicable indenture) is triggered, UPC Holding must offer to repurchase all of the relevant UPC Holding Senior Notes at a redemption price of 101% of the principal amount of such UPC Holding Senior Notes. | ||||||||||||||||||||||||||||
For information regarding certain financing transactions completed subsequent to December 31, 2014 that impact the UPC Holding Senior Notes, see note 20. | ||||||||||||||||||||||||||||
UPCB SPE Notes | ||||||||||||||||||||||||||||
UPCB Finance Limited (UPCB Finance I), UPCB Finance II Limited (UPCB Finance II), UPCB Finance III Limited (UPCB Finance III), UPCB Finance V Limited (UPCB Finance V) and UPCB Finance VI Limited (UPCB Finance VI and, together with UPCB Finance I, UPCB Finance II, UPCB Finance III and UPCB Finance V, the UPCB SPEs) are all special purpose financing entities that are owned 100% by charitable trusts. The UPCB SPEs were created for the primary purposes of facilitating the offerings of €500.0 million ($605.0 million) principal amount of 7.625% senior secured notes (the UPCB Finance I Notes), €750.0 million ($907.5 million) principal amount of 6.375% senior secured notes (the UPCB Finance II Notes), $1.0 billion principal amount of 6.625% senior secured notes (the UPCB Finance III Notes), $750.0 million principal amount of 7.25% senior secured notes (the UPCB Finance V Notes) and $750.0 million principal amount of 6.875% senior secured notes (the UPCB Finance VI Notes and, together with the UPCB Finance I Notes, the UPCB Finance II Notes, the UPCB Finance III Notes and the UPCB Finance V Notes, the UPCB SPE Notes), respectively. The UPCB Finance I Notes, the UPCB Finance II Notes, the UPCB Finance III Notes, the UPCB Finance V Notes and the UPCB Finance VI Notes were issued on January 20, 2010, January 31, 2011, February 16, 2011, November 16, 2011 and February 7, 2012, respectively. | ||||||||||||||||||||||||||||
The UPCB Finance I Notes were issued at an original issue discount of 0.862%, resulting in cash proceeds before commissions and fees of €495.7 million ($699.7 million at the transaction date). The UPCB Finance II Notes, UPCB Finance III Notes, UPCB Finance V Notes and UPCB Finance VI Notes were each issued at par. UPCB Finance I, UPCB Finance II, UPCB Finance III, UPCB Finance V and UPCB Finance VI used the proceeds from the (i) UPCB Finance I Notes and available cash, (ii) UPCB Finance II Notes, (iii) UPCB Finance III Notes, (iv) UPCB Finance V Notes and (v) UPCB Finance VI Notes to fund new additional Facilities V, Y, Z, AC and AD, respectively, (each, a UPCB SPE Funded Facility, and together, the Funded Facilities) under the UPC Broadband Holding Bank Facility, with UPC Financing Partnership (UPC Financing) as the borrower. The proceeds from the Funded Facilities generally were used to repay amounts outstanding under the UPC Broadband Holding Bank Facility. | ||||||||||||||||||||||||||||
Each UPCB SPE is dependent on payments from UPC Financing under the applicable UPCB SPE Funded Facility in order to service its payment obligations under each respective UPCB SPE Note. Although UPC Financing has no equity or voting interest in any of the UPCB SPEs, each of the UPCB SPE Funded Facility loans creates a variable interest in the respective UPCB SPE for which UPC Financing is the primary beneficiary, as contemplated by GAAP. As such, UPC Financing and its parent entities, including UPC Holding and Liberty Global, are required by the provisions of GAAP to consolidate the UPCB SPEs. As a result, the amounts outstanding under the Funded Facilities are eliminated in Liberty Global’s consolidated financial statements. | ||||||||||||||||||||||||||||
Pursuant to the respective indentures for the UPCB SPE Notes (the UPCB SPE Indentures) and the respective accession agreements for the Funded Facilities, the call provisions, maturity and applicable interest rate for each UPCB SPE Funded Facility are the same as those of the related UPCB SPE Notes. The UPCB SPEs, as lenders under the UPC Broadband Holding Bank Facility, are treated the same as the other lenders under the UPC Broadband Holding Bank Facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable UPCB SPE Indentures and the applicable security interests over (i) all of the issued shares of the relevant UPCB SPE and (ii) the relevant UPCB SPE’s rights under the applicable UPCB SPE Funded Facility granted to secure the relevant UPCB SPE’s obligations under the relevant UPCB SPE Notes, the holders of the UPCB SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the UPCB SPEs as lenders under the UPC Broadband Holding Bank Facility. | ||||||||||||||||||||||||||||
The UPCB SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the UPCB SPE Indentures. | ||||||||||||||||||||||||||||
The details of the UPCB SPE Notes as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
UPCB SPEs | Maturity | Interest rate | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
currency | equivalent | fair value | value (a) | |||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
UPCB Finance I Notes | January 15, 2020 | 7.63% | € | 500 | $ | 605 | $ | 631.9 | $ | 601.9 | ||||||||||||||||||
UPCB Finance II Notes | July 1, 2020 | 6.38% | € | 750 | 907.5 | 954 | 907.5 | |||||||||||||||||||||
UPCB Finance III Notes | July 1, 2020 | 6.63% | $ | 1,000.00 | 1,000.00 | 1,054.40 | 1,000.00 | |||||||||||||||||||||
UPCB Finance V Notes | November 15, 2021 | 7.25% | $ | 750 | 750 | 821.7 | 750 | |||||||||||||||||||||
UPCB Finance VI Notes | January 15, 2022 | 6.88% | $ | 750 | 750 | 817 | 750 | |||||||||||||||||||||
Total | $ | 4,012.50 | $ | 4,279.00 | $ | 4,009.40 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
Subject to the circumstances described below, the UPCB Finance I Notes are non-callable until January 15, 2015, the UPCB Finance II Notes and the UPCB Finance III Notes are non-callable until July 1, 2015, the UPCB Finance V Notes are non-callable until November 15, 2016 and the UPCB Finance VI Notes are non-callable until January 15, 2017 (each a UPCB SPE Notes Call Date). If, however, at any time prior to the applicable UPCB SPE Notes Call Date, all or a portion of the loans under the related UPCB SPE Funded Facility are voluntarily prepaid (an Early Redemption Event), then the applicable UPCB SPE will be required to redeem an aggregate principal amount of its UPCB SPE Notes equal to the aggregate principal amount of loans so prepaid under the related UPCB SPE Funded Facility. In general, the redemption price payable will equal the sum of (i) 100% of the principal amount of the applicable UPCB SPE Notes to be redeemed, (ii) the excess of (a) the present value at such redemption date of (1) the redemption price of such UPCB SPE Notes on the applicable UPCB SPE Notes Call Date, as determined in accordance with the table below, plus (2) all required remaining scheduled interest payments thereon due through the applicable UPCB SPE Notes Call Date (excluding accrued and unpaid interest to such redemption date), computed using the discount rate specified in the applicable UPCB SPE Indenture, over (b) the principal amount of such UPCB SPE Notes to be redeemed and (iii) accrued but unpaid interest thereon and additional amounts (as specified in the applicable UPCB SPE Indenture), if any, to the applicable redemption date (the Make-Whole Redemption Price). However, in the case of an Early Redemption Event with respect to Facility Z, AC or AD occurring prior to the applicable UPCB SPE Notes Call Date, the redemption price payable upon redemption of an aggregate principal amount of the relevant UPCB SPE Notes not exceeding 10% of the original aggregate principal amount of such UPCB SPE Notes during each twelve-month period commencing on February 16, 2011, in the case of Facility Z, November 16, 2011, in the case of Facility AC, or February 7, 2012, in the case of Facility AD, will equal 103% of the principal amount of the relevant UPCB SPE Notes redeemed plus accrued and unpaid interest thereon and additional amounts, if any, to the applicable redemption date. The redemption price payable for any principal amount of such UPCB SPE Notes redeemed in excess of the 10% limitation will be the Make-Whole Redemption Price. | ||||||||||||||||||||||||||||
Upon the occurrence of an Early Redemption Event on or after the applicable UPCB SPE Notes Call Date, the applicable UPCB SPE will redeem an aggregate principal amount of its UPCB SPE Notes equal to the principal amount of the related UPCB SPE Funded Facility prepaid at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest and additional amounts, (as specified in the applicable UPCB SPE Indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on January 15, in the case of the UPCB Finance I Notes and the UPCB Finance VI Notes, July 1, in the case of the UPCB Finance II Notes and the UPCB Finance III Notes, and November 15, in the case of the UPCB Finance V Notes, of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | UPCB Finance I Notes | UPCB Finance II Notes | UPCB Finance III Notes | UPCB Finance V Notes | UPCB Finance VI Notes | |||||||||||||||||||||||
2015 | 103.81% | 103.19% | 103.31% | N.A. | N.A. | |||||||||||||||||||||||
2016 | 102.54% | 102.13% | 102.21% | 103.62% | N.A. | |||||||||||||||||||||||
2017 | 101.27% | 101.06% | 101.10% | 102.42% | 103.44% | |||||||||||||||||||||||
2018 | 100.00% | 100.00% | 100.00% | 101.21% | 102.29% | |||||||||||||||||||||||
2019 | 100.00% | 100.00% | 100.00% | 100.00% | 101.15% | |||||||||||||||||||||||
2020 and thereafter | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||
For information regarding certain financing transactions completed subsequent to December 31, 2014 that impact the UPCB SPE Notes, see note 20. | ||||||||||||||||||||||||||||
Unitymedia KabelBW Notes and KBW Notes | ||||||||||||||||||||||||||||
Unitymedia KabelBW Exchange, Special Optional Redemptions and KBW Fold-in. Prior to the exchange and redemption transactions described below, the KBW Notes consisted of (i) UPC Germany HoldCo 1 GmbH’s €680.0 million ($822.8 million) principal amount of 9.5% senior notes due 2021 (the KBW Senior Notes) and (ii) the following notes issued by Kabel BW GmbH (KBW): (a) €800.0 million ($968.1 million) principal amount of 7.5% senior secured notes due 2019 (the KBW Euro Senior Secured Notes), (b) $500.0 million principal amount of 7.5% senior secured notes due 2019 (the KBW Dollar Senior Secured Notes and together with the KBW Euro Senior Secured Notes, the KBW Senior Secured Fixed-Rate Notes) and (c) €420.0 million ($508.2 million) principal amount of senior secured floating-rate notes due 2018 (the KBW Senior Secured Floating-Rate Notes and together with the KBW Senior Secured Fixed-Rate Notes, the KBW Senior Secured Notes). | ||||||||||||||||||||||||||||
In May 2012, Unitymedia KabelBW and certain of its subsidiaries completed (i) the exchange (the Unitymedia KabelBW Exchange) of (a) 90.9% of the outstanding principal amount of the KBW Senior Notes for an equal amount of UM Senior Exchange Notes (as defined and described below) and (b) 92.5% of the outstanding principal amount of the KBW Senior Secured Notes for an equal amount of UM Senior Secured Exchange Notes (as defined and described below), (ii) the redemption (the Special Optional Redemptions) of the remaining KBW Notes that were not exchanged pursuant to the Unitymedia KabelBW Exchange and (iii) a series of mergers and consolidations, pursuant to which an indirect parent company of KBW became a subsidiary of Unitymedia Hessen (the KBW Fold-in). The redemption price with respect to the Special Optional Redemptions was 101% of the applicable principal amount thereof, and such redemptions were initially funded with borrowings under the Unitymedia KabelBW Revolving Credit Facilities (as defined and described below). In connection with these transactions, we recognized aggregate losses on debt modification, extinguishment and conversion, net, of $7.0 million during 2012, which includes (i) $5.6 million of third-party costs and (ii) $1.4 million of redemption premium pursuant to the Special Optional Redemptions. | ||||||||||||||||||||||||||||
The details of (i) the Unitymedia KabelBW Exchange and (ii) the Special Optional Redemptions are as follows: | ||||||||||||||||||||||||||||
Outstanding principal amount prior to the Unitymedia KabelBW Exchange | Principal amount exchanged pursuant to the Unitymedia KabelBW Exchange | Principal amount redeemed pursuant to the Special Optional Redemptions | ||||||||||||||||||||||||||
KBW Notes | Borrowing currency | U.S. $ equivalent (a) | Borrowing currency | U.S. $ equivalent (a) | Borrowing currency | U.S. $ equivalent (a) | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
KBW Senior Notes (b) | € | 680 | $ | 890 | € | 618 | $ | 808.8 | € | 62 | $ | 81.2 | ||||||||||||||||
KBW Euro Senior Secured Notes (c) | € | 800 | 1,047.00 | € | 735.1 | 962.1 | € | 64.9 | 84.9 | |||||||||||||||||||
KBW Dollar Senior Secured Notes (d) | $ | 500 | 500 | $ | 459.3 | 459.3 | $ | 40.7 | 40.7 | |||||||||||||||||||
KBW Senior Secured Floating-Rate Notes (e) | € | 420 | 549.7 | € | 395.9 | 518.2 | € | 24.1 | 31.5 | |||||||||||||||||||
Total | $ | 2,986.70 | $ | 2,748.40 | $ | 238.3 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Translations are calculated as of the May 4, 2012 transaction date. | |||||||||||||||||||||||||||
(b) | The KBW Senior Notes tendered for exchange were exchanged for an equal principal amount of 9.5% senior notes issued by Unitymedia KabelBW due March 15, 2021 (the UM Senior Exchange Notes). | |||||||||||||||||||||||||||
(c) | The KBW Euro Senior Secured Notes tendered for exchange were exchanged for an equal principal amount of 7.5% senior secured notes issued by Unitymedia Hessen and Unitymedia NRW GmbH (each, a subsidiary of Unitymedia KabelBW and, together, the UM Senior Secured Notes Issuers) due March 15, 2019 (the UM Euro Senior Secured Exchange Notes). | |||||||||||||||||||||||||||
(d) | The KBW Dollar Senior Secured Notes tendered for exchange were exchanged for an equal principal amount of 7.5% senior secured notes issued by the UM Senior Secured Notes Issuers due March 15, 2019 (the UM Dollar Senior Secured Exchange Notes and, together with the UM Euro Senior Secured Exchange Notes, the UM Senior Secured Fixed-Rate Exchange Notes). In December 31, 2014, the UM Senior Secured Fixed-Rate Exchange Notes were redeemed in full as described below. | |||||||||||||||||||||||||||
(e) | The KBW Senior Secured Floating-Rate Notes tendered for exchange were exchanged for an equal principal amount of senior secured floating-rate notes issued by the UM Senior Secured Notes Issuers due March 15, 2018 (the UM Senior Secured Floating-Rate Exchange Notes and, together with the UM Senior Secured Floating-Rate Exchange Notes, the UM Senior Secured Exchange Notes). The UM Senior Secured Floating-Rate Exchange Notes, prior to their redemption as described below, bore interest at a rate of EURIBOR plus 4.25%. | |||||||||||||||||||||||||||
December 2014 UM Senior Secured Notes. On December 17, 2014, the UM Senior Secured Notes Issuers issued (i) €1,000.0 million ($1,210.1 million) principal amount of 4.0% senior secured notes due January 15, 2025 (the December 2014 UM Euro Senior Secured Notes) and (ii) $550.0 million principal amount of 5.0% senior secured notes due January 15, 2025 (the December 2014 UM Dollar Senior Secured Notes and, together with the December 2014 UM Euro Senior Secured Notes, the December 2014 UM Senior Secured Notes). A portion of the net proceeds from the December 2014 UM Senior Secured Notes were used to redeem in full the UM Senior Secured Fixed-Rate Exchange Notes. In connection with this transaction, we recognized a loss on debt extinguishment of $59.5 million, which includes (i) the payment of $70.1 million of redemption premium and (ii) the write-off of $10.6 million of unamortized premium. | ||||||||||||||||||||||||||||
October 2014 UM Senior Notes. On October 22, 2014, Unitymedia KabelBW issued $900.0 million principal amount of 6.125% senior notes due January 15, 2025 (the October 2014 UM Senior Notes). On November 7, 2014, the net proceeds from the October 2014 UM Senior Notes were used to fully redeem Unitymedia KabelBW’s €665.0 million ($804.7 million) principal amount of 9.625% senior notes (the 2009 UM Senior Notes). In connection with this transaction, we recognized a loss on debt extinguishment of $71.3 million, which includes (i) the payment of $45.0 million of redemption premium, (ii) the write-off of $14.0 million of deferred financing costs and (iii) the write-off of $12.3 million of unamortized discount. | ||||||||||||||||||||||||||||
November 2013 UM Senior Secured Notes. On November 21, 2013, the UM Senior Secured Notes Issuers issued €475.0 million ($574.8 million) principal amount of 6.25% senior secured notes due January 15, 2029 (the November 2013 UM Senior Secured Notes). A portion of the net proceeds from the issuance of the November 2013 UM Senior Secured Notes were used to redeem all of the then outstanding 2009 UM Euro Senior Secured Notes (as defined and described below). In connection with this transaction, we recognized a loss on debt extinguishment of $41.4 million, which includes (i) the payment of $24.5 million of redemption premium and (ii) the write-off of $16.9 million associated with deferred financing costs and unamortized discount. | ||||||||||||||||||||||||||||
April 2013 UM Senior Secured Notes. On April 16, 2013, the UM Senior Secured Notes Issuers issued €350.0 million ($423.5 million) principal amount of 5.625% senior secured notes due April 15, 2023 (the April 2013 UM Senior Secured Notes). | ||||||||||||||||||||||||||||
January 2013 UM Senior Secured Notes. On January 21, 2013, the UM Senior Secured Notes Issuers issued €500.0 million ($605.0 million) principal amount of 5.125% senior secured notes due January 21, 2023 (the January 2013 UM Senior Secured Notes). The net proceeds from the issuance of the January 2013 UM Senior Secured Notes were used to redeem a portion of the €1,430.0 million ($1,730.4 million) principal amount of 8.125% senior secured notes (the 2009 UM Euro Senior Secured Notes). In connection with this transaction, we recognized a loss on debt extinguishment of $71.1 million, which includes (i) the payment of $50.5 million of redemption premium and (ii) the write-off of $20.6 million associated with deferred financing costs and unamortized discount. | ||||||||||||||||||||||||||||
December 2012 UM Senior Secured Notes. On December 14, 2012, the UM Senior Secured Notes Issuers issued $1.0 billion principal amount of 5.5% senior secured notes due January 15, 2023 (the December 2012 UM Dollar Senior Secured Notes) and €500.0 million ($605.0 million) principal amount of 5.75% senior secured notes due January 15, 2023 (the December 2012 UM Euro Senior Secured Notes and, together with the December 2012 UM Dollar Senior Secured Notes, the December 2012 UM Senior Secured Notes), each at par. The net proceeds from the issuance of the December 2012 UM Senior Secured Notes were used to purchase and redeem (i) all of the $845.0 million principal amount 8.125% senior secured notes (the 2009 UM Dollar Senior Secured Notes) and (ii) €524.0 million ($634.1 million) of the 2009 UM Euro Senior Secured Notes. In connection with these transactions, we recognized a loss on debt extinguishment of $175.8 million, which includes (i) the payment of $125.9 million of redemption premium and (ii) the write-off of $49.4 million associated with deferred financing costs and unamortized discount. | ||||||||||||||||||||||||||||
September 2012 UM Senior Secured Notes. On September 19, 2012, the UM Senior Secured Notes Issuers issued €650.0 million ($786.5 million) principal amount of 5.5% senior secured notes due September 15, 2022 (the September 2012 UM Senior Secured Notes). The net proceeds from the issuance of the September 2012 UM Senior Secured Notes were used to redeem in full the UM Senior Secured Floating-Rate Exchange Notes at a redemption price of 101%, with the remaining €241.8 million ($292.6 million) available for general corporate purposes. In connection with this transaction, we recognized a loss on debt extinguishment of $10.2 million representing the payment of redemption premium. | ||||||||||||||||||||||||||||
We refer to the UM Senior Exchange Notes, the September 2012 UM Senior Secured Notes, the December 2012 UM Senior Secured Notes, the January 2013 UM Senior Secured Notes, the April 2013 UM Senior Secured Notes, the November 2013 UM Senior Secured Notes, the October 2014 UM Senior Notes and the December 2014 UM Senior Secured Notes, collectively, as the “Unitymedia KabelBW Notes.” | ||||||||||||||||||||||||||||
The details of the Unitymedia KabelBW Notes as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
Unitymedia KabelBW Notes | Maturity | Interest | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
rate | currency | equivalent | fair value | value (a) | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
UM Senior Exchange Notes | March 15, 2021 | 9.5 | % | € | 618 | $ | 747.7 | $ | 837.9 | $ | 746.1 | |||||||||||||||||
September 2012 UM Senior Secured Notes | September 15, 2022 | 5.5 | % | € | 650 | 786.5 | 843.5 | 786.5 | ||||||||||||||||||||
December 2012 UM Dollar Senior Secured Notes | January 15, 2023 | 5.5 | % | $ | 1,000.00 | 1,000.00 | 1,046.30 | 1,000.00 | ||||||||||||||||||||
December 2012 UM Euro Senior Secured Notes | January 15, 2023 | 5.75 | % | € | 500 | 605 | 657.9 | 605 | ||||||||||||||||||||
January 2013 UM Senior Secured Notes | January 21, 2023 | 5.125 | % | € | 500 | 605 | 646.6 | 605 | ||||||||||||||||||||
April 2013 UM Senior Secured Notes | April 15, 2023 | 5.625 | % | € | 350 | 423.5 | 461.1 | 423.5 | ||||||||||||||||||||
November 2013 UM Senior Secured Notes | January 15, 2029 | 6.25 | % | € | 475 | 574.8 | 654.5 | 574.8 | ||||||||||||||||||||
October 2014 UM Senior Notes | January 15, 2025 | 6.125 | % | $ | 900 | 900 | 932.6 | 900 | ||||||||||||||||||||
December 2014 UM Euro Senior Secured Notes | January 15, 2025 | 4 | % | € | 1,000.00 | 1,210.00 | 1,237.20 | 1,210.00 | ||||||||||||||||||||
December 2014 UM Dollar Senior Secured Notes | January 15, 2025 | 5 | % | $ | 550 | 550 | 551.7 | 550 | ||||||||||||||||||||
Total | $ | 7,402.50 | $ | 7,869.30 | $ | 7,400.90 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
The UM Senior Exchange Notes and the October 2014 UM Senior Notes are senior obligations of Unitymedia KabelBW that rank equally with all of the existing and future senior debt of Unitymedia KabelBW and are senior to all existing and future subordinated debt of Unitymedia KabelBW. The UM Senior Exchange Notes and the October 2014 UM Senior Notes are guaranteed on a senior subordinated basis by various subsidiaries of Unitymedia KabelBW and are secured by a first-ranking pledge over the shares of Unitymedia KabelBW and junior-priority share pledges and other asset security of certain subsidiaries of Unitymedia KabelBW. | ||||||||||||||||||||||||||||
The September 2012 UM Senior Secured Notes, the December 2012 UM Senior Secured Notes, the January 2013 UM Senior Secured Notes, the April 2013 UM Senior Secured Notes, the November 2013 UM Senior Secured Notes and the December 2014 UM Senior Secured Notes are (i) senior obligations of the UM Senior Secured Notes Issuers that rank equally with all of the existing and future senior debt of each UM Senior Secured Notes Issuer and are senior to all existing and future subordinated debt of each of the UM Senior Secured Notes Issuers and (ii) are secured by a first-ranking pledge over the shares of Unitymedia KabelBW and the UM Senior Secured Notes Issuers and certain other share and/or asset security of Unitymedia KabelBW and certain of its subsidiaries. | ||||||||||||||||||||||||||||
The Unitymedia KabelBW Notes contain certain customary incurrence-based covenants. For example, the ability to raise certain additional debt and make certain distributions or loans to other subsidiaries of Liberty Global is subject to a consolidated leverage ratio test, as specified in the applicable indenture. The Unitymedia KabelBW Notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of €25.0 million ($30.3 million) (or €75.0 million ($90.8 million) with respect to the October 2014 UM Senior Notes and the December 2014 UM Senior Secured Notes) or more in the aggregate of Unitymedia KabelBW or a UM Senior Secured Notes Issuer or any of the restricted subsidiaries (as specified in the applicable indenture) is an event of default under the Unitymedia KabelBW Notes. | ||||||||||||||||||||||||||||
Subject to the circumstances described below, the Unitymedia KabelBW Notes are non-callable prior to the applicable call date as presented in the below table. At any time prior to the respective call date, Unitymedia KabelBW or UM Senior Secured Notes Issuers may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate (as specified in the applicable indenture) as of the redemption date plus 50 basis points. | ||||||||||||||||||||||||||||
Unitymedia KabelBW Notes | Call Date | |||||||||||||||||||||||||||
UM Senior Exchange Notes | 15-Mar-16 | |||||||||||||||||||||||||||
September 2012 UM Senior Secured Notes | 15-Sep-17 | |||||||||||||||||||||||||||
December 2012 UM Senior Secured Notes | 15-Jan-18 | |||||||||||||||||||||||||||
January 2013 UM Senior Secured Notes | 21-Jan-18 | |||||||||||||||||||||||||||
April 2013 UM Senior Secured Notes | 15-Apr-18 | |||||||||||||||||||||||||||
November 2013 UM Senior Secured Notes | 15-Jan-21 | |||||||||||||||||||||||||||
October 2014 UM Senior Notes | 15-Jan-20 | |||||||||||||||||||||||||||
December 2014 UM Senior Secured Notes | 15-Jan-20 | |||||||||||||||||||||||||||
Unitymedia KabelBW or the UM Senior Secured Notes Issuers (as applicable) may redeem some or all of the Unitymedia KabelBW Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on March 15, in the case of the UM Senior Exchange Notes, September 15, in the case of the September 2012 UM Senior Secured Notes, January 15, in the case of the December 2012 UM Senior Secured Notes, the November 2013 UM Senior Secured Notes, the October 2014 UM Senior Notes and the December 2014 UM Senior Secured Notes, January 21, in the case of the January 2013 UM Senior Secured Notes, or April 15, in the case of the April 2013 UM Senior Secured Notes, of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | UM Senior Exchange Notes | Sep-12 | Dec-12 | Dec-12 | January 2013 UM Senior Secured Notes | April 2013 UM Senior Secured Notes | November 2013 UM Senior Secured Notes | October 2014 UM Senior Notes | December 2014 UM Euro Senior Secured Notes | December 2014 UM Dollar Senior Secured Notes | ||||||||||||||||||
UM Senior Secured Notes | UM Dollar Senior Secured Notes | UM Euro Senior Secured Notes | ||||||||||||||||||||||||||
2016 | 104.75% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2017 | 103.17% | 102.75% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2018 | 101.58% | 101.83% | 102.75% | 102.88% | 102.56% | 102.81% | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2019 | 100.00% | 100.92% | 101.83% | 101.92% | 101.71% | 101.88% | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2020 | 100.00% | 100.00% | 100.92% | 100.96% | 100.85% | 100.94% | N.A. | 103.06% | 102.00% | 102.50% | ||||||||||||||||||
2021 | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 103.13% | 102.04% | 101.33% | 101.67% | ||||||||||||||||||
2022 | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | 102.08% | 101.02% | 100.67% | 100.83% | ||||||||||||||||||
2023 | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 101.04% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||
2024 and thereafter | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||
KBW and its immediate parent (collectively, the New UM Guarantors) have granted, in addition to guarantees provided by Unitymedia KabelBW and/or certain of its subsidiaries, a senior guarantee of the September 2012 UM Senior Secured Notes, the December 2012 UM Senior Secured Notes, the January 2013 UM Senior Secured Notes, the April 2013 UM Senior Secured Notes, the November 2013 UM Senior Secured Notes and the December 2014 UM Senior Secured Notes. The New UM Guarantors have also granted a senior subordinated guarantee of the UM Senior Exchange Notes and the October 2014 UM Senior Notes. In addition, the New UM Guarantors have provided certain share and asset security in favor of the September 2012 UM Senior Secured Notes, the December 2012 UM Senior Secured Notes, the January 2013 UM Senior Secured Notes, the April 2013 UM Senior Secured Notes, the November 2013 UM Senior Secured Notes and the December 2014 UM Senior Secured Notes. | ||||||||||||||||||||||||||||
If all or substantially all of the assets of (i) Unitymedia KabelBW and certain of its subsidiaries or (ii) the UM Senior Secured Notes Issuer and certain of their subsidiaries are disposed of or any other change of control (as specified in the relevant Unitymedia KabelBW Notes) is triggered, Unitymedia KabelBW or the UM Senior Secured Notes Issuers (as applicable) must offer to repurchase all of the relevant Unitymedia KabelBW Notes at a redemption price of 101% of the principal amount of such Unitymedia KabelBW Notes. | ||||||||||||||||||||||||||||
Unitymedia KabelBW Revolving Credit Facilities | ||||||||||||||||||||||||||||
During the third quarter of 2014, Unitymedia Hessen completed the refinancing of its then existing €337.5 million ($408.4 million) and €80.0 million ($96.8 million) revolving credit facilities (the Old Unitymedia KabelBW Revolving Credit Facilities). Pursuant to this refinancing, the respective commitments of the lenders under the Old Unitymedia KabelBW Revolving Credit Facilities were cancelled and Unitymedia Hessen entered into (i) a new €80.0 million ($96.8 million) super senior secured revolving credit facility agreement (the UM Super Senior Secured Facility) and (ii) a new €420.0 million ($508.2 million) senior secured revolving credit facility agreement (the UM Senior Secured Facility and, together with the UM Super Senior Secured Facility, the Unitymedia KabelBW Revolving Credit Facilities). At December 31, 2014, we had €280.0 million ($338.8 million) outstanding under the Unitymedia KabelBW Revolving Credit Facilities and our availability was limited to €15.1 million ($18.3 million). When the relevant December 31, 2014 compliance reporting requirements have been completed and assuming no changes from December 31, 2014 borrowing levels, we anticipate that our availability will be limited to €123.7 million ($149.7 million). | ||||||||||||||||||||||||||||
The UM Super Senior Secured Facility bears interest at EURIBOR plus a margin of 2.25%, matures in December 2020 and has a fee on unused commitments of 0.9% per year. The UM Senior Secured Facility bears interest at EURIBOR plus a margin of 2.75%, matures in December 2020 and has a fee on unused commitments of 1.1% per year. The UM Super Senior Secured Facility is senior with respect to the priority of proceeds received from the enforcement of shared collateral to (i) the Unitymedia KabelBW Notes and (ii) the UM Senior Secured Facility. The Unitymedia KabelBW Revolving Credit Facilities may be used for general corporate and working capital purposes. | ||||||||||||||||||||||||||||
In addition to customary restrictive covenants and events of default, the Unitymedia KabelBW Revolving Credit Facilities require compliance with a consolidated net leverage ratio, as specified in the applicable facility, in the event that the outstanding borrowings under either facility are more than 33.3% of the total commitments. The Unitymedia KabelBW Revolving Credit Facilities are secured by a pledge over the shares of the borrower and certain other asset security of certain subsidiaries of Unitymedia KabelBW. The Unitymedia KabelBW Revolving Credit Facilities permit Unitymedia KabelBW to transfer funds to its parent company (and indirectly to Liberty Global) through loans, dividends or other distributions provided that Unitymedia KabelBW maintains compliance with applicable covenants. If a change of control occurs, as specified in the Unitymedia KabelBW Revolving Credit Facilities, each lender may cancel its commitments and declare all outstanding amounts immediately due and payable. | ||||||||||||||||||||||||||||
Ziggo Credit Facility | ||||||||||||||||||||||||||||
On January 27, 2014, in connection with our then pending acquisition of Ziggo, Ziggo B.V. and certain of its subsidiaries entered into (i) a U.S. dollar-denominated term loan facility in an aggregate principal amount of $2,350.0 million (the Ziggo Dollar Facility), (ii) a euro-denominated term loan facility in an aggregate principal amount of €1,566.0 million ($1,895.0 million) (the Ziggo Euro Facility) and (iii) an aggregate €650.0 million ($786.5 million) in revolving credit facilities (the Ziggo Revolving Facilities, as further described below). The Ziggo Dollar Facility, the Ziggo Euro Facility and the Ziggo Revolving Facilities are collectively referred to as the “Ziggo Credit Facility.” Ziggo B.V. is a wholly-owned subsidiary of Ziggo Bond Company B.V. (Ziggo Bondco), which is a wholly-owned subsidiary of Ziggo. | ||||||||||||||||||||||||||||
Also on January 27, 2014, LGE HoldCo VII B.V., our wholly-owned subsidiary, entered into (i) a €434.0 million ($525.2 million) term loan facility (the Ziggo Acquisition Facility) and (ii) a euro-denominated revolving credit facility in an aggregate principal amount of €650.0 million ($786.5 million) (the Ziggo Acquisition Revolving Facility). Upon completion of the Ziggo Acquisition (a) the Ziggo Acquisition Facility was rolled into the Ziggo Euro Facility and (b) the Ziggo Acquisition Revolving Facility was cancelled. | ||||||||||||||||||||||||||||
The details of our borrowings under the Ziggo Credit Facility as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value (a) | ||||||||||||||||||||||||||
currency) | capacity | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Ziggo Euro Facility | January 15, 2022 | EURIBOR + 3.00% | € | 2,000.00 | $ | — | $ | 2,395.50 | ||||||||||||||||||||
Ziggo Dollar Facility | January 15, 2022 | LIBOR + 2.75% | $ | 2,350.00 | — | 2,315.30 | ||||||||||||||||||||||
Ziggo Revolving Facilities | June 30, 2020 | (b) | € | 650 | 786.5 | — | ||||||||||||||||||||||
Total | $ | 786.5 | $ | 4,710.80 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
(b) | The Ziggo Revolving Facilities include (i) a €600.0 million ($726.0 million) facility that bears interest at EURIBOR plus a margin of 2.75% and has a fee on unused commitments of 1.1% per year and (ii) a €50.0 million ($60.5 million) facility that bears interest at EURIBOR plus a margin of 2.00% and has a fee on unused commitments of 0.8% per year. | |||||||||||||||||||||||||||
The Ziggo Credit Facility requires that certain subsidiaries of Ziggo (as specified in the applicable indenture) that generate not less than 80% of such group’s EBITDA (as specified in the Ziggo Credit Facility) in any financial year, guarantee the payment of all sums payable under the Ziggo Credit Facility and such group members are required to grant first-ranking security over all or substantially all of the assets to secure the payment of all sums payable. In addition, the holding company of each borrower must give a share pledge over its shares in such borrower and all rights under subordinated shareholder funding must be pledged. | ||||||||||||||||||||||||||||
In addition to mandatory prepayments which must be made for certain disposal proceeds (subject to certain de minimis thresholds), the facility agent may (if required by the majority lenders) cancel their commitments and declare the loans due and payable after 30 business days following the occurrence of a change of control. | ||||||||||||||||||||||||||||
The Ziggo Credit Facility contains certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand. The Ziggo Credit Facility contains certain representations and warranties customary for facilities of this type, which are subject to exceptions and materiality qualifications. | ||||||||||||||||||||||||||||
The Ziggo Credit Facility restricts the ability of the borrowers to, among other things, (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals, distributions and acquisitions and (iii) create certain security interests over their assets, in each case, subject to carve-outs from such limitations. | ||||||||||||||||||||||||||||
The Ziggo Credit Facility requires the borrowers to observe certain affirmative undertakings, which are subject to materiality and other customary and agreed exceptions. In addition, the Ziggo Credit Facility also requires compliance with certain financial covenants such as a senior net debt leverage ratio and a total net debt leverage ratio, as specified in the indenture. | ||||||||||||||||||||||||||||
The Ziggo Credit Facility permits certain members of the Ziggo borrowing group to make certain distributions and restricted payments to its parent company (and indirectly to Liberty Global) through loans, advances or dividends, subject to compliance with applicable covenants. | ||||||||||||||||||||||||||||
For information regarding certain financing transactions impacting the Ziggo borrowing group completed subsequent to December 31, 2014, see note 20. | ||||||||||||||||||||||||||||
Ziggo Notes | ||||||||||||||||||||||||||||
At December 31, 2014, the following senior notes of certain Ziggo subsidiaries were outstanding: | ||||||||||||||||||||||||||||
• | €743.1 million ($899.2 million) principal amount of 7.125% senior notes due May 15, 2024 (the Ziggo 2024 Euro Senior Notes); and | |||||||||||||||||||||||||||
• | €71.7 million ($86.8 million) principal amount of 3.625% senior secured notes due March 27, 2020 (the Ziggo 2020 Euro Senior Secured Notes). | |||||||||||||||||||||||||||
The Ziggo 2024 Euro Senior Notes and the Ziggo 2020 Euro Senior Secured Notes are collectively referred to as the “Ziggo Notes”. | ||||||||||||||||||||||||||||
The details of the Ziggo Notes as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
Ziggo Notes | Maturity | Interest | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
rate | currency | equivalent | fair value | value (a) | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Ziggo 2020 Euro Senior Secured Notes | March 27, 2020 | 3.62% | € | 71.7 | $ | 86.8 | $ | 88.7 | $ | 89.3 | ||||||||||||||||||
Ziggo 2024 Euro Senior Notes | May 15, 2024 | 7.12% | € | 743.1 | 899.2 | 993.6 | 987.7 | |||||||||||||||||||||
Total | $ | 986 | $ | 1,082.30 | $ | 1,077.00 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of premiums, where applicable. | |||||||||||||||||||||||||||
The Ziggo 2020 Euro Senior Secured Notes are senior secured obligations of Ziggo B.V. and are guaranteed on a senior secured basis by various subsidiaries of Ziggo B.V. The Ziggo 2020 Euro Senior Secured Notes are non-callable. At any time prior to maturity, Ziggo B.V. may redeem some or all of the Ziggo 2020 Euro Senior Secured Notes by paying a “make-whole” premium, which is the present value at such redemption date using the discount rate (as specified in the applicable indenture) as of the redemption date plus 50 basis points. | ||||||||||||||||||||||||||||
The Ziggo 2024 Euro Senior Notes are senior obligations of Ziggo Bondco and are secured by a pledge of the shares of Ziggo Bondco. The Ziggo 2024 Euro Senior Notes are non-callable until May 15, 2019. At any time prior to May 15, 2019, Ziggo Bondco may redeem some or all of the Ziggo 2024 Euro Senior Notes by paying a “make-whole” premium. Ziggo Bondco may redeem some or all of the Ziggo 2024 Euro Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the redemption date, if redeemed during the twelve-month period commencing on May 15 of the years set forth below: | ||||||||||||||||||||||||||||
Year | Redemption | |||||||||||||||||||||||||||
price | ||||||||||||||||||||||||||||
2019 | 103.56% | |||||||||||||||||||||||||||
2020 | 102.38% | |||||||||||||||||||||||||||
2021 | 101.19% | |||||||||||||||||||||||||||
2022 and thereafter | 100.00% | |||||||||||||||||||||||||||
The Ziggo 2024 Euro Senior Notes contain certain customary incurrence-based covenants that restrict the ability of Ziggo Bondco and certain subsidiaries to raise certain additional debt and make certain distributions or loans to other subsidiaries of Liberty Global. | ||||||||||||||||||||||||||||
If Ziggo B.V. or Ziggo Bondco sell certain assets or experience changes in control (as specified in the applicable indenture) Ziggo B.V. or Ziggo Bondco must offer to repurchase all of the relevant Ziggo Notes at a redemption price of 101%. | ||||||||||||||||||||||||||||
For information regarding certain financing transactions completed subsequent to December 31, 2014 that impact the Ziggo borrowing group, see note 20. | ||||||||||||||||||||||||||||
Telenet Credit Facility | ||||||||||||||||||||||||||||
The Telenet Credit Facility, as amended, is the senior secured credit facility of Telenet International. In addition to customary restrictive covenants, prepayment requirements and events of default, including defaults on other indebtedness of Telenet and its subsidiaries, the Telenet Credit Facility requires compliance with a net total debt to consolidated annualized EBITDA covenant and a consolidated EBITDA to total cash interest covenant, each as specified in the Telenet Credit Facility. Under the Telenet Credit Facility, members of the borrower group are permitted to make certain distributions and restricted payments to its shareholders subject to compliance with applicable covenants. The Telenet Credit Facility is secured by (i) pledges over the shares of Telenet NV and certain of its subsidiaries, (ii) pledges over certain intercompany and subordinated shareholder loans and (iii) pledges over certain receivables, real estate and other assets of Telenet NV, Telenet International and certain other Telenet subsidiaries. The agreement governing the Telenet Credit Facility contains covenants that limit, among other things, Telenet’s ability to merge with or into another company, acquire other companies, incur additional debt, dispose of assets, make distributions or pay dividends, provide loans and guarantees and enter into hedging agreements. In addition to customary default provisions, including defaults on other indebtedness of Telenet and its subsidiaries, the Telenet Credit Facility provides that any event of default with respect to indebtedness of €50.0 million ($60.5 million) or more in the aggregate of Telenet and certain of its subsidiaries is an event of default under the Telenet Credit Facility. If a change of control occurs, as specified in the Telenet Credit Facility, the facility agent may (if required by the majority lenders) cancel the total commitments and declare all outstanding amounts immediately due and payable. | ||||||||||||||||||||||||||||
The details of our borrowings under the Telenet Credit Facility as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value | ||||||||||||||||||||||||||
currency) (a) | capacity (b) | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
M (c) | 15-Nov-20 | 6.38% | € | 500 | $ | — | $ | 605 | ||||||||||||||||||||
O (c) | 15-Feb-21 | 6.63% | € | 300 | — | 363 | ||||||||||||||||||||||
P (c) | June 15, 2021 | EURIBOR + 3.875% | € | 400 | — | 484 | ||||||||||||||||||||||
S | December 31, 2016 | EURIBOR + 2.75% | € | 36.9 | 44.7 | — | ||||||||||||||||||||||
U (c) | August 15, 2022 | 6.25% | € | 450 | — | 544.5 | ||||||||||||||||||||||
V (c) | August 15, 2024 | 6.75% | € | 250 | — | 302.5 | ||||||||||||||||||||||
W (d) | June 30, 2022 | EURIBOR + 3.25% | € | 474.1 | — | 572.5 | ||||||||||||||||||||||
X | September 30, 2020 | EURIBOR + 2.75% | € | 286 | 346.1 | — | ||||||||||||||||||||||
Y (d) | June 30, 2023 | EURIBOR + 3.50% | € | 882.9 | — | 1,066.10 | ||||||||||||||||||||||
Elimination of Telenet Facilities M, O, P, U and V in consolidation (c) | — | (2,299.0 | ) | |||||||||||||||||||||||||
Total | $ | 390.8 | $ | 1,638.60 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Except as described in (c) below, amounts represent total third-party facility amounts at December 31, 2014. | |||||||||||||||||||||||||||
(b) | Telenet Facilities S and X each have a fee on unused commitments of 1.1% per year. | |||||||||||||||||||||||||||
(c) | As described below, the amounts outstanding under Telenet Facilities M, O, P, U and V are eliminated in Liberty Global’s consolidated financial statements. | |||||||||||||||||||||||||||
(d) | The carrying values of Telenet Facilities W and Y include the impact of discounts. | |||||||||||||||||||||||||||
Refinancing Transactions. In April 2014, Telenet entered into Telenet Facility W and Telenet Facility Y. The net proceeds from these issuances, along with available cash and cash equivalents, were used to (i) fully redeem the outstanding amounts under existing Facilities Q, R and T under the Telenet Credit Facility and (ii) fully repay the €100.0 million ($121.0 million) outstanding principal amount under Telenet Facility N to Telenet Finance Luxembourg II S.A. (Telenet Finance II) and, in turn, Telenet Finance II used the proceeds to fully redeem its 5.3% senior secured notes due November 2016 (the Telenet Finance II Notes). Telenet Finance II was a special purpose financing entity that, prior to the redemption of the Telenet Finance II Notes, was consolidated by Telenet. In addition, the commitments under Telenet’s then existing revolving credit facility (Telenet Facility S) were reduced from €158.0 million ($191.2 million) to €36.9 million ($44.7 million) and Telenet entered into Telenet Facility X. In connection with these transactions, we recognized a loss on debt modification, extinguishment and conversion, net, of $11.9 million, which includes (a) the write-off of $7.1 million of deferred financing costs, (b) the payment of $3.6 million of redemption premium and (c) the write-off of $1.2 million of unamortized discount. | ||||||||||||||||||||||||||||
Telenet SPE Notes | ||||||||||||||||||||||||||||
Telenet Finance Luxembourg S.C.A. (Telenet Finance), Telenet Finance III Luxembourg S.C.A. (Telenet Finance III), Telenet Finance IV Luxembourg S.C.A. (Telenet Finance IV) and Telenet Finance V Luxembourg S.C.A. (Telenet Finance V and, together with Telenet Finance, Telenet Finance II, Telenet Finance III and Telenet Finance IV, the Telenet SPEs) are all special purpose financing entities that are owned 100% by certain third parties. The Telenet SPEs were created for the primary purposes of facilitating the offerings of €500.0 million ($605.0 million) principal amount of 6.375% senior secured notes (the Telenet Finance Notes), €300.0 million ($363.0 million) principal amount of 6.625% senior secured notes (the Telenet Finance III Notes), €400.0 million ($484.0 million) principal amount of floating-rate senior secured notes (the Telenet Finance IV Notes), €450.0 million ($544.5 million) principal amount of 6.25% senior secured notes (the 6.25% Telenet Finance V Notes) and €250.0 million ($302.5 million) principal amount of 6.75% senior secured notes (the 6.75% Telenet Finance V Notes and, together with the 6.25% Telenet Finance V Notes, the Telenet Finance V Notes). We refer to the Telenet Finance Notes, the Telenet Finance III Notes, the Telenet Finance IV Notes and the Telenet Finance V Notes collectively as the “Telenet SPE Notes.” | ||||||||||||||||||||||||||||
On November 3, 2010, February 15, 2011 and June 15, 2011, the applicable Telenet SPE issued the Telenet Finance Notes, the Telenet Finance III Notes and the Telenet Finance IV Notes and, on August 13, 2012, Telenet Finance V issued the 6.75% Telenet Finance V Notes and the 6.25% Telenet Finance V Notes, respectively. The proceeds from these Telenet SPE Notes were used to fund the respective new Facilities M, O, P, U and V of the Telenet Credit Facility, the proceeds of which were in turn generally applied to repay amounts outstanding under the Telenet Credit Facility. | ||||||||||||||||||||||||||||
Each Telenet SPE is dependent on payments from Telenet International under the applicable facility (each, a Telenet SPE Funded Facility) of the Telenet Credit Facility in order to service its payment obligations under its Telenet SPE Notes. Although Telenet International has no equity or voting interest in any of the Telenet SPEs, each of the Telenet SPE Funded Facility loans creates a variable interest in the respective Telenet SPE for which Telenet International is the primary beneficiary, as contemplated by GAAP. As such, Telenet International and its parent entities, including Telenet and Liberty Global, are required by the provisions of GAAP to consolidate the Telenet SPEs. Accordingly, the amounts outstanding under Facilities M, O, P, U and V have been eliminated in Liberty Global’s consolidated financial statements. | ||||||||||||||||||||||||||||
Pursuant to the respective indentures for the Telenet SPE Notes (the Telenet SPE Indentures) and the respective accession agreements for the Telenet SPE Funded Facilities, the call provisions, maturity and applicable interest rate for each Telenet SPE Funded Facility are the same as those of the related Telenet SPE Notes. The Telenet SPEs, as lenders under the Telenet Credit Facility, are treated the same as the other lenders under the Telenet Credit Facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable Telenet SPE Indenture and the applicable security interests over (i) all of the issued shares of the relevant Telenet SPE and (ii) the relevant Telenet SPE’s rights under the applicable Telenet SPE Funded Facility granted to secure the obligations of the relevant Telenet SPE under the relevant Telenet SPE Notes, the holders of the Telenet SPE Notes are provided indirectly with the benefits, rights, protections and covenants, granted to the Telenet SPEs as lenders under the Telenet Credit Facility. | ||||||||||||||||||||||||||||
The Telenet SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions, under the Telenet SPE Indentures. | ||||||||||||||||||||||||||||
Subject to the circumstances described below, the Telenet Finance Notes may not be redeemed prior to November 15, 2015, the Telenet Finance III Notes may not be redeemed prior to February 15, 2016, the Telenet Finance IV Notes may not be redeemed prior to June 15, 2014, the 6.25% Telenet Finance V Notes may not be redeemed prior to August 15, 2017 (except as described above) and the 6.75% Telenet Finance V Notes may not be redeemed prior to August 15, 2018 (each a Telenet SPE Notes Call Date). If, however, at any time prior to the applicable Telenet SPE Notes Call Date, a voluntary prepayment of all or a portion of the loans under the related Telenet SPE Funded Facility occurs, then the applicable Telenet SPE will be required to redeem an aggregate principal amount of its Telenet SPE Notes equal to the principal amount of the loans so prepaid under the related Telenet SPE Funded Facility. The redemption price payable will equal the sum of (i) 100% of the principal amount of the applicable Telenet SPE Notes to be redeemed, (ii) the excess of (a) the present value at such redemption date of (1) the redemption price of such Telenet SPE Notes on the applicable Telenet SPE Notes Call Date, as determined in accordance with the table below, plus (2) all required remaining scheduled interest payments thereon due through the applicable Telenet SPE Notes Call Date (excluding accrued and unpaid interest to such redemption date), computed using the discount rate specified in the applicable Telenet SPE Indenture, over (b) the principal amount of such Telenet SPE Notes to be redeemed and (iii) accrued and unpaid interest thereon and additional amounts (as specified in the applicable Telenet SPE Indenture), if any, to the applicable redemption date. | ||||||||||||||||||||||||||||
On or after (i) the applicable Telenet SPE Notes Call Date, upon the voluntary prepayment of all or a portion of the loans under the related Telenet SPE Funded Facility, the applicable Telenet SPE will redeem an aggregate principal amount of its Telenet SPE Notes equal to the principal amount of the loans so prepaid and (ii) in the case of the Telenet SPE Notes, additional amounts (as specified in the applicable Telenet SPE Indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on (a) November 15 for the Telenet Finance Notes, (b) February 15 for the Telenet Finance III Notes, (c) June 15 for the Telenet Finance IV Notes and (d) August 15 for the Telenet Finance V Notes, of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | Telenet | Telenet | Telenet | 6.25% Telenet | 6.75% Telenet | |||||||||||||||||||||||
Finance | Finance III | Finance IV | Finance V | Finance V | ||||||||||||||||||||||||
Notes | Notes | Notes | Notes | Notes | ||||||||||||||||||||||||
2015 | 103.19% | N.A. | 101.00% | N.A. | N.A. | |||||||||||||||||||||||
2016 | 102.13% | 103.31% | 100.00% | N.A. | N.A. | |||||||||||||||||||||||
2017 | 101.06% | 102.21% | 100.00% | 103.13% | N.A. | |||||||||||||||||||||||
2018 | 100.00% | 101.10% | 100.00% | 102.08% | 103.38% | |||||||||||||||||||||||
2019 | 100.00% | 100.00% | 100.00% | 101.56% | 102.53% | |||||||||||||||||||||||
2020 | 100.00% | 100.00% | 100.00% | 100.00% | 101.69% | |||||||||||||||||||||||
2021 | N.A. | 100.00% | 100.00% | 100.00% | 100.84% | |||||||||||||||||||||||
2022 and thereafter | N.A. | N.A. | N.A. | 100.00% | 100.00% | |||||||||||||||||||||||
The details of the Telenet SPE Notes as of December 31, 2014 are summarized in the following table: | ||||||||||||||||||||||||||||
Outstanding | ||||||||||||||||||||||||||||
principal amount | ||||||||||||||||||||||||||||
Telenet SPEs Notes | Maturity | Interest rate | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
currency | equivalent | fair value | value | |||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Telenet Finance Notes | November 15, 2020 | 6.38% | € | 500 | $ | 605 | $ | 639.8 | $ | 605 | ||||||||||||||||||
Telenet Finance III Notes | February 15, 2021 | 6.63% | € | 300 | 363 | 387 | 363 | |||||||||||||||||||||
Telenet Finance IV Notes | June 15, 2021 | EURIBOR + 3.875% | € | 400 | 484 | 487 | 484 | |||||||||||||||||||||
6.25% Telenet Finance V Notes | August 15, 2022 | 6.25% | € | 450 | 544.5 | 595.9 | 544.5 | |||||||||||||||||||||
6.75% Telenet Finance V Notes | August 15, 2024 | 6.75% | € | 250 | 302.5 | 340.7 | 302.5 | |||||||||||||||||||||
Total | $ | 2,299.00 | $ | 2,450.40 | $ | 2,299.00 | ||||||||||||||||||||||
VTR Finance Senior Secured Notes | ||||||||||||||||||||||||||||
On January 24, 2014, VTR Finance B.V. (VTR Finance) issued $1.4 billion principal amount of 6.875% senior secured notes due January 15, 2024 (the VTR Finance Senior Secured Notes) pursuant to an indenture dated January 24, 2014 (the VTR Indenture). The net proceeds from the issuance of the VTR Finance Senior Secured Notes were used, together with existing cash of our subsidiaries, to repay all of the outstanding indebtedness under Facilities R, S and AE of the UPC Broadband Holding Bank Facility in connection with the extraction of VTR Finance and its subsidiaries from the UPC Holding credit pool. | ||||||||||||||||||||||||||||
Taking into account the derivative contracts that we entered into in connection with the VTR Finance Senior Secured Notes, our effective borrowing cost for the VTR Finance Senior Secured Notes is 10.94%. | ||||||||||||||||||||||||||||
The VTR Finance Senior Secured Notes are senior obligations of VTR Finance and rank equally with all other existing and future debt of VTR Finance that is not subordinated in right of payment to the VTR Finance Senior Secured Notes and senior in right of payment to all existing and future subordinated debt of VTR Finance. The VTR Finance Senior Secured Notes are secured by a first-ranking pledge over all the shares of VTR Finance and VTR Finance’s subsidiary, United Chile LLC. | ||||||||||||||||||||||||||||
At any time prior to January 15, 2019, VTR Finance may redeem some or all of the VTR Finance Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to January 15, 2019 using the discount rate (as specified in the VTR Indenture) as of the applicable redemption date plus 50 basis points. | ||||||||||||||||||||||||||||
At any time prior to January 15, 2019, VTR Finance may redeem during each twelve-month period commencing on January 24, 2014 up to 10% of the principal amount of the VTR Finance Senior Secured Notes at a redemption price equal to 103% of the principal amount thereof plus accrued and unpaid interest. | ||||||||||||||||||||||||||||
VTR Finance may redeem all or part of the VTR Finance Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the VTR Indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing January 15 of the years set forth below: | ||||||||||||||||||||||||||||
Year | Redemption | |||||||||||||||||||||||||||
price | ||||||||||||||||||||||||||||
2019 | 103.438 | % | ||||||||||||||||||||||||||
2020 | 102.292 | % | ||||||||||||||||||||||||||
2021 | 101.146 | % | ||||||||||||||||||||||||||
2022 and thereafter | 100 | % | ||||||||||||||||||||||||||
VTR Credit Facility | ||||||||||||||||||||||||||||
The VTR Credit Facility is the senior secured credit facility of VTR and certain of its subsidiaries and consists of the VTR Dollar Credit Facility and the VTR CLP Credit Facility. The VTR Dollar Credit Facility and the VTR CLP Credit Facility have fees on unused commitments of 1.1% and 1.34% per year, respectively. The interest rate for the VTR Dollar Credit Facility is LIBOR plus a margin of 2.75%. The interest rate for the VTR CLP Credit Facility is the applicable interbank offered rate for Chilean pesos in the relevant interbank market plus a margin of 3.35%. Borrowings under the VTR Dollar Credit Facility and the VTR CLP Credit Facility mature in January 2020 and January 2019, respectively. | ||||||||||||||||||||||||||||
Liberty Puerto Rico Bank Facility | ||||||||||||||||||||||||||||
At December 31, 2014, the Liberty Puerto Rico Bank Facility consists of (i) a $530.0 million first lien term loan that matures on January 7, 2022 (the LPR Term Loan B), (ii) a $145.0 million second lien term loan that matures on July 7, 2023 (the LPR Term Loan C) and (iii) a $40.0 million revolving credit facility (the LPR Revolving Loan), which revolving facility was undrawn at December 31, 2014. The net proceeds from LPR Term Loan B and LPR Term Loan C were used to repay all amounts previously outstanding under the Liberty Puerto Rico Bank Facility. The LPR Term Loan B and LPR Term Loan C, each of which were issued at 99.5% of par, bear interest at LIBOR plus 3.50% and LIBOR plus 6.75%, respectively, and are subject to a LIBOR floor of 1.0%. The LPR Revolving Loan, which matures on July 7, 2020 and bears interest at LIBOR plus 3.50%, has a fee on unused commitments of 0.50% or 0.375% depending on the consolidated total net leverage ratio (as specified in the Liberty Puerto Rico Bank Facility). | ||||||||||||||||||||||||||||
In addition to customary restrictive covenants, prepayment requirements and events of default, including defaults on other indebtedness of Liberty Puerto Rico and its subsidiaries, the Liberty Puerto Rico Bank Facility requires compliance with the following financial covenants: (i) consolidated total net leverage ratio and (ii) consolidated first lien net leverage ratio, each as specified in the Liberty Puerto Rico Bank Facility. The Liberty Puerto Rico Bank Facility permits Liberty Puerto Rico to transfer funds to its parent company (and indirectly to Liberty Global) through loans, dividends or other distributions provided that Liberty Puerto Rico maintains compliance with applicable covenants. | ||||||||||||||||||||||||||||
The Liberty Puerto Rico Bank Facility is secured by pledges over (i) the Liberty Puerto Rico shares indirectly owned by our company and (ii) certain other assets owned by Liberty Puerto Rico. | ||||||||||||||||||||||||||||
In December 2014, we entered into additional facilities under the Liberty Puerto Rico Bank Facility in connection with our execution of the agreement to acquire Choice. These facilities provide for $257.5 million of aggregate borrowing availability subject to the completion of the Choice Acquisition. For additional information regarding the Choice Acquisition, see note 4. | ||||||||||||||||||||||||||||
Refinancing Transactions. During 2014 and 2012, we completed refinancing transactions that generally resulted in additional borrowings or extended maturities under the Liberty Puerto Rico Bank Facility. In connection with these transactions, we recognized losses on debt modification, extinguishment and conversion, net, of $9.8 million and $4.4 million during 2014 and 2012, respectively. These losses include (i) third-party costs of $7.1 million and $3.8 million, respectively, (ii) the write-offs of deferred financing costs of $3.6 million and $0.6 million, respectively and (iii) the write-offs of unamortized premiums of $0.9 million and nil, respectively. | ||||||||||||||||||||||||||||
Maturities of Debt and Capital Lease Obligations | ||||||||||||||||||||||||||||
Maturities of our debt and capital lease obligations as of December 31, 2014 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts presented below represent U.S. dollar equivalents based on December 31, 2014 exchange rates: | ||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Virgin Media | UPC | Unitymedia KabelBW | Ziggo | Telenet (b) | Other | Total | ||||||||||||||||||||||
Holding (a) | ||||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Year ending December 31: | ||||||||||||||||||||||||||||
2015 | $ | 406.5 | $ | 436 | $ | 455.5 | $ | — | $ | 9 | $ | 43.3 | $ | 1,350.30 | ||||||||||||||
2016 | — | — | — | — | 9 | 351 | 360 | |||||||||||||||||||||
2017 | — | — | — | — | 9 | 908.1 | 917.1 | |||||||||||||||||||||
2018 | — | — | — | — | 9 | 239.5 | 248.5 | |||||||||||||||||||||
2019 | 584.3 | — | — | — | 20.5 | — | 604.8 | |||||||||||||||||||||
Thereafter | 12,262.70 | 9,595.40 | 7,402.50 | 5,755.90 | 4,040.20 | 2,074.80 | 41,131.50 | |||||||||||||||||||||
Total debt maturities | 13,253.50 | 10,031.40 | 7,858.00 | 5,755.90 | 4,096.70 | 3,616.70 | 44,612.20 | |||||||||||||||||||||
Unamortized premium (discount) | 19.8 | (15.2 | ) | (1.6 | ) | 31.9 | (3.4 | ) | (32.3 | ) | (0.8 | ) | ||||||||||||||||
Total debt | $ | 13,273.30 | $ | 10,016.20 | $ | 7,856.40 | $ | 5,787.80 | $ | 4,093.30 | $ | 3,584.40 | $ | 44,611.40 | ||||||||||||||
Current portion (c) | $ | 408.6 | $ | 436 | $ | 455.5 | $ | — | $ | 9 | $ | 43.3 | $ | 1,352.40 | ||||||||||||||
Noncurrent portion | $ | 12,864.70 | $ | 9,580.20 | $ | 7,400.90 | $ | 5,787.80 | $ | 4,084.30 | $ | 3,541.10 | $ | 43,259.00 | ||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the UPCB SPE Notes issued by the UPCB SPEs. As described above, the UPCB SPEs are consolidated by UPC Holding. | |||||||||||||||||||||||||||
(b) | Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Telenet. | |||||||||||||||||||||||||||
(c) | Includes the $338.8 million principal amount outstanding under the revolving credit facilities of our subsidiaries. | |||||||||||||||||||||||||||
Capital lease obligations: | ||||||||||||||||||||||||||||
Unitymedia KabelBW | Telenet | Virgin Media | Other | Total | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Year ending December 31: | ||||||||||||||||||||||||||||
2015 | $ | 88.7 | $ | 66.7 | $ | 122.7 | $ | 22.3 | $ | 300.4 | ||||||||||||||||||
2016 | 88.7 | 65.2 | 69.5 | 20.1 | 243.5 | |||||||||||||||||||||||
2017 | 88.7 | 63.4 | 29.6 | 13.1 | 194.8 | |||||||||||||||||||||||
2018 | 88.7 | 60 | 6.6 | 5.8 | 161.1 | |||||||||||||||||||||||
2019 | 88.7 | 49.6 | 4.4 | 2.9 | 145.6 | |||||||||||||||||||||||
Thereafter | 965.9 | 252.5 | 222.1 | 21.8 | 1,462.30 | |||||||||||||||||||||||
Total principal and interest payments | 1,409.40 | 557.4 | 454.9 | 86 | 2,507.70 | |||||||||||||||||||||||
Amounts representing interest | (599.3 | ) | (144.0 | ) | (199.6 | ) | (17.2 | ) | (960.1 | ) | ||||||||||||||||||
Present value of net minimum lease payments | $ | 810.1 | $ | 413.4 | $ | 255.3 | $ | 68.8 | $ | 1,547.60 | ||||||||||||||||||
Current portion | $ | 27.1 | $ | 41.3 | $ | 111.6 | $ | 18.5 | $ | 198.5 | ||||||||||||||||||
Noncurrent portion | $ | 783 | $ | 372.1 | $ | 143.7 | $ | 50.3 | $ | 1,349.10 | ||||||||||||||||||
Non-cash Refinancing Transactions | ||||||||||||||||||||||||||||
During 2014, 2013 and 2012, certain of our refinancing transactions included non-cash borrowings and repayments of debt aggregating $5,418.8 million, $5,061.5 million and $3,793.4 million, respectively. During 2013, we also recorded a $3,557.5 million non-cash increase to our debt as a result of certain financing transactions completed in contemplation of the execution of the Virgin Media Merger Agreement. For additional information, see note 4. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income Taxes | Income Taxes | |||||||||||||
As a result of the Virgin Media Acquisition, pursuant to which Liberty Global became the publicly-held parent company of the successors by merger of LGI and Virgin Media, our statutory tax rate changed during 2013 from the U.S. federal income tax rate of 35.0% to the U.K. statutory income tax rate. The U.K. statutory income tax rate is currently 21.0%. Liberty Global has filed income tax returns in the U.K. and U.S. for 2014 and 2013, and LGI will continue to file consolidated income tax returns in the U.S. The income taxes of Liberty Global and its subsidiaries are presented on a separate return basis for each tax-paying entity or group. | ||||||||||||||
The components of our loss from continuing operations before income taxes are as follows: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
in millions | ||||||||||||||
U.S. | $ | (1,105.6 | ) | $ | (306.3 | ) | $ | (73.3 | ) | |||||
The Netherlands | (644.5 | ) | — | 799.9 | — | (152.3 | ) | |||||||
U.K. | 585.7 | (976.0 | ) | (11.6 | ) | |||||||||
Switzerland | 326.1 | 284.3 | 274.8 | |||||||||||
Germany | (294.7 | ) | — | (355.8 | ) | — | (498.4 | ) | ||||||
Belgium | 21.5 | — | 89.5 | — | 96.9 | |||||||||
Other | 55.6 | (62.1 | ) | (145.0 | ) | |||||||||
Total | $ | (1,055.9 | ) | $ | (526.5 | ) | $ | (508.9 | ) | |||||
Income tax benefit (expense) consists of: | ||||||||||||||
Current | Deferred | Total | ||||||||||||
in millions | ||||||||||||||
Year ended December 31, 2014: | ||||||||||||||
Continuing operations: | ||||||||||||||
U.K. | $ | (2.1 | ) | $ | 113.4 | $ | 111.3 | |||||||
U.S. (a) | (22.5 | ) | 129.6 | 107.1 | ||||||||||
Belgium | (138.7 | ) | 31.7 | (107.0 | ) | |||||||||
Switzerland | (76.8 | ) | 3.1 | (73.7 | ) | |||||||||
The Netherlands | 11.1 | 42.5 | 53.6 | |||||||||||
Germany | (22.6 | ) | 37 | 14.4 | ||||||||||
Other | (24.0 | ) | (6.7 | ) | (30.7 | ) | ||||||||
Total — continuing operations | $ | (275.6 | ) | $ | 350.6 | $ | 75 | |||||||
Discontinued operations | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Year ended December 31, 2013: | ||||||||||||||
Continuing operations: | ||||||||||||||
U.K | $ | (2.4 | ) | $ | (245.2 | ) | $ | (247.6 | ) | |||||
Belgium | (97.1 | ) | (16.2 | ) | (113.3 | ) | ||||||||
The Netherlands | 0.5 | 97.3 | 97.8 | |||||||||||
Switzerland | (53.6 | ) | (4.4 | ) | (58.0 | ) | ||||||||
Germany | (13.2 | ) | (38.1 | ) | (51.3 | ) | ||||||||
U.S. (a) | (106.0 | ) | 104.9 | (1.1 | ) | |||||||||
Other | (65.1 | ) | 83.1 | 18 | ||||||||||
Total — continuing operations | $ | (336.9 | ) | $ | (18.6 | ) | $ | (355.5 | ) | |||||
Discontinued operations | $ | (20.5 | ) | $ | (2.2 | ) | $ | (22.7 | ) | |||||
Year ended December 31, 2012: | ||||||||||||||
Continuing operations: | ||||||||||||||
Germany | $ | 4 | $ | 119.6 | $ | 123.6 | ||||||||
The Netherlands | (8.2 | ) | (67.6 | ) | (75.8 | ) | ||||||||
Switzerland | (8.7 | ) | (63.7 | ) | (72.4 | ) | ||||||||
Belgium | (1.5 | ) | (54.5 | ) | (56.0 | ) | ||||||||
U.S. (a) | 38.2 | (44.6 | ) | (6.4 | ) | |||||||||
U.K. | (0.1 | ) | (0.7 | ) | (0.8 | ) | ||||||||
Other | (62.7 | ) | 75.5 | 12.8 | ||||||||||
Total — continuing operations | $ | (39.0 | ) | $ | (36.0 | ) | $ | (75.0 | ) | |||||
Discontinued operations | $ | (14.8 | ) | $ | (13.3 | ) | $ | (28.1 | ) | |||||
_______________ | ||||||||||||||
(a) | Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented. | |||||||||||||
Income tax benefit (expense) attributable to our loss from continuing operations before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
in millions | ||||||||||||||
Computed “expected” tax benefit (a) | $ | 221.7 | $ | 121.1 | $ | 178.1 | ||||||||
Change in valuation allowances (b): | ||||||||||||||
Decrease | (373.1 | ) | (112.6 | ) | (148.3 | ) | ||||||||
Increase | 11.9 | 31.7 | 25.6 | |||||||||||
International rate differences (b) (c): | ||||||||||||||
Increase | 266.4 | 148.2 | 60.6 | |||||||||||
Decrease | (27.6 | ) | (50.8 | ) | (81.8 | ) | ||||||||
Non-deductible or non-taxable interest and other expenses (b): | ||||||||||||||
Decrease | (236.5 | ) | (133.5 | ) | (84.7 | ) | ||||||||
Increase | 58 | 85.2 | 2.4 | |||||||||||
Tax effect of intercompany financing | 166.9 | 82.7 | — | |||||||||||
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (135.4 | ) | (4.0 | ) | (24.6 | ) | ||||||||
Non-deductible or non-taxable foreign currency exchange results (b): | ||||||||||||||
Increase | 71.9 | 0.5 | — | |||||||||||
Decrease | (16.3 | ) | (56.1 | ) | (10.4 | ) | ||||||||
Recognition of previously unrecognized tax benefits | 29.5 | — | — | |||||||||||
Enacted tax law and rate changes (d) | 23.9 | (377.8 | ) | 12.3 | ||||||||||
Change in subsidiary tax attributes due to a deemed change in control | — | (88.0 | ) | — | ||||||||||
Other, net | 13.7 | (2.1 | ) | (4.2 | ) | |||||||||
Total income tax benefit (expense) | $ | 75 | $ | (355.5 | ) | $ | (75.0 | ) | ||||||
_______________ | ||||||||||||||
(a) | The statutory or “expected” tax rates are the U.K. rate of 21.0%, the U.K. rate of 23.0% and the U.S. rate of 35.0% for 2014, 2013 and 2012, respectively. | |||||||||||||
(b) | Country jurisdictions giving rise to increases are grouped together and shown separately from country jurisdictions giving rise to decreases. | |||||||||||||
(c) | Amounts reflect adjustments (either an increase or a decrease) to “expected” tax benefit for statutory rates in jurisdictions in which we operate outside of the U.K. for 2014 and 2013 and outside of the U.S. for 2012. | |||||||||||||
(d) | In April 2014, the U.K. corporate income tax rate decreased from 23.0% to 21.0%, with a further decline to 20.0% scheduled for April 2015. Substantially all of the impact of these rate changes on our deferred tax balances was recorded in the third quarter of 2013. | |||||||||||||
The current and non-current components of our deferred tax assets are as follows: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
in millions | ||||||||||||||
Current deferred tax assets | $ | 290.3 | $ | 226.1 | ||||||||||
Non-current deferred tax assets (a) | 2,587.00 | 2,641.80 | ||||||||||||
Current deferred tax liabilities (a) | (0.6 | ) | (1.5 | ) | ||||||||||
Non-current deferred tax liabilities (a) | (2,369.4 | ) | (1,554.2 | ) | ||||||||||
Net deferred tax asset | $ | 507.3 | $ | 1,312.20 | ||||||||||
_______________ | ||||||||||||||
(a) | Our current deferred tax liabilities are included in other accrued and current liabilities, and our non-current deferred tax assets and liabilities are included in other assets, net, and other long-term liabilities, respectively, in our consolidated balance sheets. | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
in millions | ||||||||||||||
Deferred tax assets: | ||||||||||||||
Net operating loss and other carryforwards | $ | 6,637.90 | $ | 7,286.10 | ||||||||||
Property and equipment, net | 3,469.20 | 3,470.70 | ||||||||||||
Debt | 1,189.00 | 837.7 | ||||||||||||
Derivative instruments | 345.9 | 518.4 | ||||||||||||
Intangible assets | 149.6 | 187.5 | ||||||||||||
Other future deductible amounts | 265.3 | 265 | ||||||||||||
Deferred tax assets | 12,056.90 | 12,565.40 | ||||||||||||
Valuation allowance | (6,679.4 | ) | (7,052.8 | ) | ||||||||||
Deferred tax assets, net of valuation allowance | 5,377.50 | 5,512.60 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Intangible assets | (2,338.2 | ) | (1,471.1 | ) | ||||||||||
Property and equipment, net | (1,861.4 | ) | (1,945.3 | ) | ||||||||||
Investments | (367.6 | ) | (400.7 | ) | ||||||||||
Derivative instruments | (142.7 | ) | (129.5 | ) | ||||||||||
Other future taxable amounts | (160.3 | ) | (253.8 | ) | ||||||||||
Deferred tax liabilities | (4,870.2 | ) | (4,200.4 | ) | ||||||||||
Net deferred tax asset | $ | 507.3 | $ | 1,312.20 | ||||||||||
Our deferred income tax valuation allowance decreased $373.4 million in 2014. This decrease reflects the net effect of (i) foreign currency translation adjustments, (ii) the net tax expense related to our continuing operations of $361.2 million, (iii) acquisitions, (iv) expiration of net operating losses and (v) other individually insignificant items. | ||||||||||||||
Virgin Media had property and equipment on which future U.K. tax deductions can be claimed of $21.6 billion and $22.2 billion at December 31, 2014 and 2013, respectively. The maximum amount of these “capital allowances” that can be claimed in any one year is 18% of the remaining balance, after additions, disposals and prior claims. The tax effects of these capital allowances are included in the 2014 and 2013 deferred tax assets related to property and equipment, net, in the above table. | ||||||||||||||
At December 31, 2014, our unrecognized excess tax benefits aggregated $141.7 million. These excess tax benefits, which represent tax deductions in excess of the financial reporting expense for share-based compensation, will not be recognized for financial reporting purposes until such time as these tax benefits can be realized as a reduction of income taxes payable. The tax effects of these unrecognized excess tax benefits are not included in the above table. | ||||||||||||||
The significant components of our tax loss carryforwards and related tax assets at December 31, 2014 are as follows: | ||||||||||||||
Country | Tax loss | Related | Expiration | |||||||||||
carryforward | tax asset | date | ||||||||||||
in millions | ||||||||||||||
U.K. | $ | 21,119.20 | $ | 4,223.80 | Indefinite | |||||||||
The Netherlands | 3,025.80 | 756.4 | 2015-2023 | |||||||||||
Germany | 2,670.10 | 424.8 | Indefinite | |||||||||||
U.S. | 1,550.30 | 405.1 | 2019-2034 | |||||||||||
Luxembourg | 1,030.70 | 301.2 | Indefinite | |||||||||||
France | 585.1 | 201.4 | Indefinite | |||||||||||
Belgium | 506.3 | 172.1 | Indefinite | |||||||||||
Ireland | 466 | 58.2 | Indefinite | |||||||||||
Hungary | 209.8 | 39.9 | 2025 | |||||||||||
Other | 240.7 | 55 | Various | |||||||||||
Total | $ | 31,404.00 | $ | 6,637.90 | ||||||||||
Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction, however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. The majority of the tax losses shown in the above table are not expected to be realized, including certain losses that are limited in use due to change in control or same business tests. | ||||||||||||||
We intend to indefinitely reinvest earnings from certain non-U.S. operations except to the extent the earnings are subject to current income taxes. At December 31, 2014, income and withholding taxes for which a net deferred tax liability might otherwise be required have not been provided on an estimated $11.1 billion of cumulative temporary differences (including, for this purpose, any difference between the aggregate tax basis in stock of a consolidated subsidiary and the corresponding amount of the subsidiary’s net equity determined for financial reporting purposes) on non-U.S. entities. The determination of the additional withholding tax that would arise upon a reversal of temporary differences is impractical to estimate as it is subject to offset by available foreign tax credits and subject to certain limitations. | ||||||||||||||
In general, a U.K. or U.S. corporation may claim a foreign tax credit against its income tax expense for foreign income taxes paid or accrued. A U.S. corporation may also claim a credit for foreign income taxes paid or accrued on the earnings of a foreign corporation paid to the U.S. corporation as a dividend. | ||||||||||||||
Our ability to claim a foreign tax credit for dividends received from our foreign subsidiaries or foreign taxes paid or accrued is subject to various significant limitations under U.S. tax laws including a limited carry back and carry forward period. Some of our operating companies are located in countries with which the U.K. or U.S. does not have income tax treaties. Because we lack treaty protection in these countries, we may be subject to high rates of withholding taxes on distributions and other payments from these operating companies and may be subject to double taxation on our income. Limitations on the ability to claim a foreign tax credit, lack of treaty protection in some countries, and the inability to offset losses in one jurisdiction against income earned in another jurisdiction could result in a high effective tax rate on our earnings. Since a significant portion of our revenue is generated outside of the U.K. and substantially all of our revenue is generated outside the U.S., including in jurisdictions that do not have tax treaties with the U.K. or U.S., these risks are greater for us than for companies that generate most of their revenue in the U.K. or U.S. or in jurisdictions that have these treaties. | ||||||||||||||
Through our subsidiaries, we maintain a presence in many countries. Many of these countries maintain highly complex tax regimes that differ significantly from the system of income taxation used in the U.K. and the U.S. We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws. Because some jurisdictions do not have systems of taxation that are as well established as the system of income taxation used in the U.K., U.S. or tax regimes used in other major industrialized countries, it may be difficult to anticipate how other jurisdictions will tax our and our subsidiaries’ current and future operations. | ||||||||||||||
Although we intend to take reasonable tax planning measures to limit our tax exposures, no assurance can be given that we will be able to do so. | ||||||||||||||
We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations. | ||||||||||||||
In general, tax returns filed by our company or our subsidiaries for years prior to 2008 are no longer subject to examination by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Germany (2008 through 2010), the Netherlands (2011 through 2014), Slovakia (2011), Switzerland (2011 through 2012) and the U.S. (2009 through 2014). Except as noted below, any adjustments that might arise from the foregoing examinations are not expected to have a material impact on our consolidated financial position or results of operations. In the U.S., the consolidated income tax returns of LGI for 2009 through 2014 are under examination and, during the fourth quarter of 2013, we received two notifications from the Internal Revenue Service (IRS) regarding proposed adjustments to the 2010 and 2009 taxable income of LGI. We are in discussions with the IRS with respect to these proposed adjustments. While we believe that the resolution of these proposed adjustments will not have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues. | ||||||||||||||
The changes in our unrecognized tax benefits are summarized below: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
in millions | ||||||||||||||
Balance at January 1 | $ | 490.9 | $ | 359.7 | $ | 400.6 | ||||||||
Additions for tax positions of prior years | 64.5 | 41.5 | 5.5 | |||||||||||
Reductions for tax positions of prior years | (50.2 | ) | (14.2 | ) | (124.2 | ) | ||||||||
Additions based on tax positions related to the current year | 38.2 | 102.3 | 89.9 | |||||||||||
Foreign currency translation | (27.0 | ) | 7.9 | 2.9 | ||||||||||
Lapse of statute of limitations | (1.9 | ) | (6.3 | ) | (15.0 | ) | ||||||||
Settlements with tax authorities | (1.0 | ) | — | — | ||||||||||
Balance at December 31 | $ | 513.5 | $ | 490.9 | $ | 359.7 | ||||||||
No assurance can be given that any of these tax benefits will be recognized or realized. | ||||||||||||||
As of December 31, 2014, our unrecognized tax benefits included $332.9 million of tax benefits that would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors. | ||||||||||||||
During 2015, it is reasonably possible that the resolution of ongoing examinations by tax authorities as well as expiration of statutes of limitation could result in significant reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2014. The amount of any such reductions could range up to $230 million. Other than the potential impacts of these ongoing examinations and the expected expiration of certain statutes of limitation, we do not expect any material changes to our unrecognized tax benefits during 2015. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2015. | ||||||||||||||
During 2014, 2013 and 2012, the income tax benefit (expense) of our continuing operations includes net income tax expense of $10.9 million, $14.0 million and $7.7 million, respectively, representing the net accrual of interest and penalties during the period. Our other long-term liabilities include accrued interest and penalties of $51.7 million at December 31, 2014. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Equity | Equity | ||||||||||||||||||
Capitalization | |||||||||||||||||||
Our authorized share capital consists of an aggregate nominal amount of $20.0 million, consisting of any of the following: (i) Liberty Global Class A ordinary shares, Liberty Global Class B ordinary shares and Liberty Global Class C ordinary shares, each with a nominal value of $0.01 per share, (ii) Liberty Global preferred shares, with a nominal value of $0.01 per share, the issuance of one or more classes or series of which as may be authorized by the board of directors, and (iii) any other shares of one or more classes as may be determined by the board of directors or by the shareholders of Liberty Global. | |||||||||||||||||||
Under Liberty Global’s Articles of Association, holders of Liberty Global Class A ordinary shares are entitled to one vote for each such share held, and holders of Liberty Global Class B ordinary shares are entitled to 10 votes for each such share held, on all matters submitted to a vote of Liberty Global shareholders at any general meeting (annual or special). Holders of Liberty Global Class C ordinary shares are not entitled to any voting powers. | |||||||||||||||||||
Each Liberty Global Class B ordinary share is convertible into one Liberty Global Class A ordinary share at the option of the holder. One Liberty Global Class A ordinary share is reserved for issuance for each Liberty Global Class B ordinary share that is issued (10,139,184 shares issued as of December 31, 2014). At December 31, 2014, there were (i) 1,726,259 and 3,946,192 Liberty Global Class A and Class C ordinary shares, respectively, reserved for issuance pursuant to outstanding stock options, (ii) 8,396,737 and 23,055,293 Liberty Global Class A and Class C ordinary shares, respectively, reserved for issuance pursuant to outstanding SARs and PSARs, and (iii) 2,554,963, 1,000,000 and 3,829,770 Liberty Global Class A, Class B and Class C ordinary shares, respectively, reserved for issuance pursuant to outstanding PSUs, PGUs and RSUs. | |||||||||||||||||||
Subject to any preferential rights of any outstanding class of our preferred shares, the holders of Liberty Global Class A, Class B and Class C ordinary shares will be entitled to such dividends as may be declared from time to time by our board of directors from funds available therefor. Except with respect to certain share distributions, whenever a dividend is paid to the holder of one class of our ordinary shares, we shall also pay to the holders of the other classes of our ordinary shares an equal per share dividend. There are currently no contractual restrictions on our ability to pay dividends in cash or shares. | |||||||||||||||||||
In the event of our liquidation, dissolution and winding up, after payment or provision for payment of our debts and liabilities and subject to the prior payment in full of any preferential amounts to which our preferred shareholders may be entitled, the holders of Liberty Global Class A, Class B and Class C ordinary shares will share equally, on a share for share basis, in our assets remaining for distribution to the holders of Liberty Global ordinary shares. | |||||||||||||||||||
Acquisition of Interests in VTR and VTR Wireless | |||||||||||||||||||
On March 14, 2014, a subsidiary of VTR Finance acquired each of the 20.0% noncontrolling ownership interests in VTR and VTR Wireless SpA (VTR Wireless) from Inversiones Corp Comm 2 SpA (the VTR NCI Acquisition), formerly known as Corp Comm S.A. (the VTR NCI Owner). VTR Wireless was an indirect subsidiary of Liberty Global that was merged with a subsidiary of VTR in December 2014. The consideration for the VTR NCI Acquisition was satisfied by the allotment and issuance of 10,091,178 Liberty Global Class C ordinary shares to the VTR NCI Owner. The VTR NCI Acquisition has been accounted for as an equity transaction, the net effect of which was to record the issued Liberty Global Class C shares at the $185.4 million carrying value of the acquired noncontrolling interests. | |||||||||||||||||||
Share Repurchases | |||||||||||||||||||
During 2014, 2013 and 2012, our board of directors authorized various share repurchase programs, the most recent of which provides for the repurchase of up to $4.5 billion (before direct acquisition costs) of Liberty Global Class A and/or Class C ordinary shares. Under these plans, we receive authorization to acquire up to the specified amount of Liberty Global Class A and Class C ordinary shares or other authorized securities from time to time through open market or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares or other securities pursuant to our equity repurchase programs, which may be suspended or discontinued at any time, is dependent on a variety of factors, including market conditions. As of December 31, 2014, the remaining amount authorized for share repurchases was $1,933.7 million. Subsequent to December 31, 2014, our board of directors authorized an additional $2.0 billion of availability for share repurchases. | |||||||||||||||||||
As a U.K. incorporated company, we may only elect to repurchase shares or pay dividends to the extent of our “Distributable Reserves.” Distributable Reserves, which are not linked to a GAAP reported amount, may be created through the earnings of the U.K. parent company and, amongst other methods, through a reduction in share premium approved by the English Companies Court. Based on the amounts set forth in our 2013 U.K. Companies Act Report that was filed with the U.K. Companies House on May, 7, 2014, which are our most recent “Relevant Accounts” for the purposes of determining our Distributable Reserves under U.K. law, our Distributable Reserves are $28.7 billion. This amount does not reflect earnings, share repurchases, dividends or other activity that occurred in 2014, each of which impacts the amount of our Distributable Reserves. | |||||||||||||||||||
The following table provides details of our share repurchases during 2014, 2013 and 2012: | |||||||||||||||||||
Liberty Global Class A ordinary shares or LGI Series A common stock | Liberty Global Class C ordinary shares or LGI Series C common stock | ||||||||||||||||||
Purchase date | Shares | Average price | Shares | Average price | Total cost (a) | ||||||||||||||
purchased | paid per share (a) | purchased | paid per share (a) | ||||||||||||||||
in millions | |||||||||||||||||||
Shares purchased pursuant to repurchase programs during: | |||||||||||||||||||
2014 | 8,062,792 | $ | 42.19 | 28,401,019 | $ | 44.25 | $ | 1,596.90 | |||||||||||
2013 | 6,550,197 | $ | 37.7 | 24,761,397 | $ | 36.55 | $ | 1,151.90 | |||||||||||
2012 | 5,611,380 | $ | 27.3 | 32,782,838 | $ | 25.24 | $ | 980.7 | |||||||||||
______________ | |||||||||||||||||||
(a) | Includes direct acquisition costs and the effects of derivative instruments, where applicable. | ||||||||||||||||||
Call Option Contracts | |||||||||||||||||||
From time to time, we enter into call option contracts pursuant to which we contemporaneously (i) sell call options on shares of Liberty Global ordinary shares and (ii) purchase call options on an equivalent number of shares of Liberty Global ordinary shares with an exercise price of zero. These contracts can result in the receipt of cash and shares of Liberty Global ordinary shares. Shares acquired through the exercise of the call options are included in our share repurchases and the net gain on cash settled contracts is recorded as an increase to additional paid-in capital in our consolidated statements of equity. | |||||||||||||||||||
Other | |||||||||||||||||||
Telenet Tender. On December 17, 2012, Binan Investments B.V. (Binan), our wholly-owned subsidiary, launched a voluntary and conditional cash public offer (the Telenet Tender) for (i) all of Telenet’s issued shares that Binan did not already own or that were not held by Telenet (the Telenet Bid Shares) and (ii) certain outstanding vested and unvested employee warrants (the Telenet Bid Warrants). The offer price for the Telenet Bid Shares was €35.00 ($42.35) per share. The offer prices for the Telenet Bid Warrants, which were calculated using the Black Scholes option pricing model and a price of €35.00 for each of the Telenet Bid Shares, ranged from €13.48 ($16.31) per share to €25.47 ($30.82) per share. | |||||||||||||||||||
Pursuant to the Telenet Tender, which was completed on February 1, 2013, we paid aggregate consideration of €332.5 million ($454.6 million at the transaction date) to acquire (i) 9,497,637 of the Telenet Bid Shares, increasing our ownership interest in Telenet’s issued and outstanding shares at such date to 58.4%, and (ii) 3,000 of the Telenet Bid Warrants. As we owned a controlling financial interest in Telenet prior to the launch of the Telenet Tender, we accounted for the impact of the acquisition of the additional Telenet shares as an equity transaction. | |||||||||||||||||||
Telenet Share Repurchases. From time to time, Telenet’s shareholders approve share repurchase programs. Under these programs, Telenet is able to acquire outstanding shares of up to a certain maximum threshold within a given period of time following the approval date. | |||||||||||||||||||
Subsidiary Distributions. During 2013 and 2012, Telenet and VTR made certain cash distributions to their respective shareholders. Our share of these distributions was eliminated in consolidation and the noncontrolling interest owners’ share of these distributions was reflected as a charge against noncontrolling interests in our consolidated statements of equity. | |||||||||||||||||||
Restricted Net Assets | |||||||||||||||||||
The ability of certain of our subsidiaries to distribute or loan all or a portion of their net assets to our company is limited by the terms of applicable debt facilities. At December 31, 2014, substantially all of our net assets represented net assets of our subsidiaries that were subject to such limitations. |
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-based Compensation | Share-based Compensation | ||||||||||||
Our share-based compensation expense is based on the share-based incentive awards held by our and our subsidiaries’ employees, including share-based incentive awards related to Liberty Global shares and the shares of certain of our subsidiaries. The following table summarizes our share-based compensation expense: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
in millions | |||||||||||||
Liberty Global shares: | |||||||||||||
Performance-based incentive awards (a) | $ | 129.9 | $ | 58.6 | $ | 33 | |||||||
Other share-based incentive awards | 99.7 | 182.9 | 46 | ||||||||||
Total Liberty Global shares (b) | 229.6 | 241.5 | 79 | ||||||||||
Telenet share-based incentive awards (c) | 14.6 | 56.5 | 31.2 | ||||||||||
Other | 13 | 4.5 | 2.2 | ||||||||||
Total | $ | 257.2 | $ | 302.5 | $ | 112.4 | |||||||
Included in: | |||||||||||||
Continuing operations: | |||||||||||||
Operating expense | $ | 7.6 | $ | 12.1 | $ | 8.5 | |||||||
SG&A expense | 249.6 | 288.6 | 101.6 | ||||||||||
Total - continuing operations | 257.2 | 300.7 | 110.1 | ||||||||||
Discontinued operations (d) | — | 1.8 | 2.3 | ||||||||||
Total | $ | 257.2 | $ | 302.5 | $ | 112.4 | |||||||
_______________ | |||||||||||||
(a) | Includes share-based compensation expense related to (i) Liberty Global PSUs for all periods presented, (ii) a challenge performance award plan issued on June 24, 2013 for certain executive officers and key employees (the Challenge Performance Awards) and (iii) for 2014, the Performance Grant Units (PGUs), as described below. The Challenge Performance Awards include performance-based share appreciation rights (PSARs) and PSUs. | ||||||||||||
(b) | In connection with the Virgin Media Acquisition, we issued Liberty Global share-based incentive awards (Virgin Media Replacement Awards) to employees and former directors of Virgin Media in exchange for corresponding Virgin Media awards. Virgin Media recorded share-based compensation expense of $55.8 million during 2014, including compensation expense related to the Virgin Media Replacement Awards and new awards that were granted after the Virgin Media Replacement Awards were issued. During 2013, Virgin Media recorded share-based compensation expense of $134.3 million, primarily related to the Virgin Media Replacement Awards, including $80.1 million that was charged to expense in recognition of the Virgin Media Replacement Awards that were fully vested on June 7, 2013 or for which vesting was accelerated pursuant to the terms of the Virgin Media Merger Agreement on or prior to December 31, 2013. | ||||||||||||
(c) | Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, including (i) warrants and employee stock options with 1,082,322 awards outstanding as of December 31, 2014 at a weighted average exercise price of €27.17 ($32.88), (ii) an employee share purchase plan, (iii) performance-based specific stock option plans for the Chief Executive Officer with 565,000 awards outstanding as of December 31, 2014 at a weighted average exercise price of €37.43 ($45.29) and (iv) performance-based stock options with 87,529 awards outstanding as of December 31, 2014. During 2013 and 2012, Telenet modified the terms of certain of its share-based incentive plans to provide for anti-dilution adjustments in connection with its shareholder returns. In connection with these anti-dilution adjustments, Telenet recognized share-based compensation expense of $32.7 million and $12.6 million, respectively, and continues to recognize additional share-based compensation expense as the underlying options vest. In addition, during 2013, Telenet recognized expense of $6.2 million related to the accelerated vesting of certain options. | ||||||||||||
(d) | Amounts relate to the share-based compensation expense associated with the Liberty Global share-based incentive awards held by certain employees of the Chellomedia Disposal Group. | ||||||||||||
The following table provides certain information related to share-based compensation not yet recognized for share-based incentive awards related to Liberty Global ordinary shares as of December 31, 2014: | |||||||||||||
Liberty | Liberty Global performance- | ||||||||||||
Global | based awards (b) | ||||||||||||
ordinary shares (a) | |||||||||||||
Total compensation expense not yet recognized (in millions) | $ | 132.7 | $ | 162.5 | |||||||||
Weighted average period remaining for expense recognition (in years) | 2.6 | 1.3 | |||||||||||
_______________ | |||||||||||||
(a) | Amounts relate to awards granted or assumed by Liberty Global under (i) the Liberty Global 2014 Incentive Plan, (ii) the Liberty Global 2014 Nonemployee Director Incentive Plan, (iii) the Liberty Global, Inc. 2005 Incentive Plan (as amended and restated effective June 7, 2013) (the Liberty Global 2005 Incentive Plan), (iv) the Liberty Global, Inc. 2005 Nonemployee Director Incentive Plan (as amended and restated effective June 7, 2013) (the Liberty Global 2005 Director Incentive Plan) and (v) certain other incentive plans of Virgin Media, including Virgin Media’s 2010 stock incentive plan (the VM Incentive Plan). All new awards are granted under the Liberty Global 2014 Incentive Plan or the Liberty Global 2014 Nonemployee Director Incentive Plan. The Liberty Global 2014 Incentive Plan, the Liberty Global 2014 Nonemployee Director Incentive Plan, the Liberty Global 2005 Incentive Plan, the Liberty Global 2005 Director Incentive Plan and the VM Incentive Plan are described below. | ||||||||||||
(b) | Amounts relate to (i) the Challenge Performance Awards, (ii) PSUs and (iii) the PGUs, as defined and described below. | ||||||||||||
The following table summarizes certain information related to the incentive awards granted and exercised with respect to Liberty Global ordinary shares: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||||||||||
Risk-free interest rate | 0.81 - 1.77% | 0.36 - 1.27% | 0.37 - 1.68% | ||||||||||
Expected life (a) | 3.1 - 5.1 years | 3.2 - 7.1 years | 3.3 - 7.9 years | ||||||||||
Expected volatility (a) | 25.1 - 28.7% | 26.5 - 35.8% | 28.0 - 40.4% | ||||||||||
Expected dividend yield | none | none | none | ||||||||||
Weighted average grant-date fair value per share of awards granted: | |||||||||||||
Options | $ | 11.4 | $ | 11.09 | $ | 10 | |||||||
SARs | $ | 8.93 | $ | 8.36 | $ | 7.18 | |||||||
PSARs | $ | 8.15 | $ | 8.31 | $ | — | |||||||
RSUs | $ | 40.68 | $ | 35.74 | $ | 24.57 | |||||||
PSUs and PGUs | $ | 42.47 | $ | 34.94 | $ | 25.09 | |||||||
Total intrinsic value of awards exercised (in millions): | |||||||||||||
Options | $ | 126.6 | $ | 175 | $ | 43.9 | |||||||
SARs | $ | 48.7 | $ | 73.2 | $ | 52 | |||||||
PSARs | $ | 0.4 | $ | — | $ | — | |||||||
Cash received from exercise of options (in millions) | $ | 54.8 | $ | 81 | $ | 25.6 | |||||||
Income tax benefit related to share-based compensation (in millions) | $ | 54.6 | $ | 48 | $ | 16.1 | |||||||
_______________ | |||||||||||||
(a) | The 2013 ranges shown for these assumptions exclude the awards for certain former employees of Virgin Media who were expected to exercise their awards immediately or soon after the Virgin Media Acquisition. For these awards, the assumptions used for expected life and volatility were essentially nil. | ||||||||||||
Share Incentive Plans — Liberty Global Ordinary Shares | |||||||||||||
Incentive Plans | |||||||||||||
As of December 31, 2014, we are authorized to grant incentive awards under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan. Generally, we may grant non-qualified share options, SARs, restricted shares, RSUs, cash awards, performance awards or any combination of the foregoing under any of these incentive plans (collectively, awards). Ordinary shares issuable pursuant to awards made under these incentive plans will be made available from either authorized but unissued shares or shares that have been issued but reacquired by our company. Awards may be granted at or above fair value in any class of ordinary shares. The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan is 100 million (of which no more than 50 million shares may consist of Class B ordinary shares) and 10 million, respectively, in each case, subject to anti-dilution and other adjustment provisions in the respective plan. As of December 31, 2014, the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan had 89,582,279 and 9,745,984 ordinary shares available for grant, respectively. | |||||||||||||
Awards under the Liberty Global 2005 Incentive Plan and the Liberty Global 2005 Director Incentive Plan issued prior to June 2005 are fully vested and expire 10 years after the grant date. In connection with the Virgin Media Acquisition, we assumed the VM Incentive Plan. Awards under the VM Incentive Plan issued prior to June 7, 2013 have a 10-year term and become fully exercisable within five years of continued employment. Certain performance-based awards that were granted during the first quarter of 2013 were canceled upon completion of the Virgin Media Acquisition. These canceled awards were subsequently replaced by PSUs that were granted under the VM Incentive Plan on June 24, 2013. For the remaining performance-based awards that were outstanding prior to June 7, 2013, the performance objectives lapsed upon the completion of the Virgin Media Acquisition and such awards vest on the third anniversary of the grant date. No further awards will be granted under the Liberty Global 2005 Incentive Plan, the Liberty Global 2005 Director Incentive Plan or the VM Incentive Plan. | |||||||||||||
Awards (other than performance-based awards) under the Liberty Global 2005 Incentive Plan issued after June 2005 and under the VM Incentive Plan after June 7, 2013 generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. Awards (other than RSUs) issued after June 2005 under the Liberty Global 2005 Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire 10 years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of ordinary shares. | |||||||||||||
Awards (other than performance-based awards) under the Liberty Global 2014 Incentive Plan generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. Awards (other than RSUs) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire seven years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of ordinary shares. | |||||||||||||
Performance Awards | |||||||||||||
The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees. These awards were granted under the Liberty Global 2014 Incentive Plan, the Liberty Global 2005 Incentive Plan and the VM Incentive Plan. | |||||||||||||
Liberty Global PSUs. PSUs are granted to executive officers and key employees annually based on a target annual equity value for each executive and key employee, of which approximately two-thirds would be delivered in the form of an annual award of PSUs and approximately one-third in the form of an annual award of SARs. Each PSU represents the right to receive one Class A or Class C ordinary share, as applicable, subject to performance and vesting. Generally, the performance period for the PSUs covers a two-year period and the performance target is based on the achievement of a specified compound annual growth rate (CAGR) in a consolidated operating cash flow metric (as defined in the applicable underlying agreement), adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates that affect comparability (OCF CAGR), and the participant’s annual performance ratings during the two-year performance period. A performance range of 75% to 125% of the target OCF CAGR generally results in award recipients earning 50% to 150% of their respective PSUs, subject to reduction or forfeiture based on individual performance. The PSUs generally vest 50% on each of March 31 and September 30 of the year following the end of the performance period. | |||||||||||||
Liberty Global Challenge Performance Awards. Effective June 24, 2013, our compensation committee approved the Challenge Performance Awards, which consisted solely of PSARs for our senior executive officers and a combination of PSARs and PSUs for our other executive officers and key employees. Each PSU represents the right to receive one Class A ordinary share or one Class C ordinary share, as applicable, subject to performance and vesting. The performance criteria for the Challenge Performance Awards will be based on the participant’s performance and achievement of individual goals in each of the years 2013, 2014 and 2015. Subject to forfeitures and the satisfaction of performance conditions, 100% of each participant’s Challenge Performance Awards will vest on June 24, 2016. The PSARs have a term of seven years and base prices equal to the respective market closing prices of the applicable class on the grant date. | |||||||||||||
Liberty Global Performance Grant Award. Effective May 1, 2014, our compensation committee authorized the grant of PGUs to our Chief Executive Officer, comprising a total of one million Class A PSUs and one million Class B PSUs. The PGUs, which were subject to a performance condition that was achieved in 2014, will vest in three equal annual installments commencing on March 15, 2015. | |||||||||||||
Share-based Award Activity - Liberty Global Ordinary Shares | |||||||||||||
The following tables summarize the share-based award activity during 2014 with respect to Liberty Global ordinary shares: | |||||||||||||
Options — Class A ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
exercise price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 2,708,445 | $ | 16.12 | ||||||||||
Granted | 78,677 | $ | 42.54 | ||||||||||
Cancelled | (51,826 | ) | $ | 22.49 | |||||||||
Exercised | (1,009,037 | ) | $ | 14.61 | |||||||||
Outstanding at December 31, 2014 | 1,726,259 | $ | 18.01 | 5.4 | $ | 55.6 | |||||||
Exercisable at December 31, 2014 | 1,125,619 | $ | 13.84 | 4.5 | $ | 40.9 | |||||||
Options — Class C ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
exercise price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 7,031,369 | $ | 14.95 | ||||||||||
Granted | 157,346 | $ | 40.86 | ||||||||||
Cancelled | (128,419 | ) | $ | 21.13 | |||||||||
Exercised | (3,114,104 | ) | $ | 12.54 | |||||||||
Outstanding at December 31, 2014 | 3,946,192 | $ | 17.67 | 5.7 | $ | 120.9 | |||||||
Exercisable at December 31, 2014 | 2,452,721 | $ | 13.72 | 4.8 | $ | 84.8 | |||||||
SARs — Class A ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 4,168,758 | $ | 24.78 | ||||||||||
Granted | 2,192,672 | $ | 40.9 | ||||||||||
Forfeited | (203,409 | ) | $ | 32.22 | |||||||||
Exercised | (550,033 | ) | $ | 21.97 | |||||||||
Outstanding at December 31, 2014 | 5,607,988 | $ | 31.07 | 4.8 | $ | 107.3 | |||||||
Exercisable at December 31, 2014 | 2,527,237 | $ | 23.25 | 3.6 | $ | 68.1 | |||||||
SARs — Class C ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 12,437,530 | $ | 23.87 | ||||||||||
Granted | 4,408,368 | $ | 39.07 | ||||||||||
Forfeited | (566,688 | ) | $ | 22.52 | |||||||||
Exercised | (1,590,165 | ) | $ | 20.92 | |||||||||
Outstanding at December 31, 2014 | 14,689,045 | $ | 28.49 | 4.5 | $ | 291.2 | |||||||
Exercisable at December 31, 2014 | 7,308,864 | $ | 21.95 | 3.5 | $ | 192.7 | |||||||
PSARs — Class A ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 2,817,498 | $ | 35.07 | ||||||||||
Granted | 10,000 | $ | 43.58 | ||||||||||
Forfeited | (29,376 | ) | $ | 35.03 | |||||||||
Exercised | (9,373 | ) | $ | 35.03 | |||||||||
Outstanding at December 31, 2014 | 2,788,749 | $ | 35.1 | 5.5 | $ | 42.1 | |||||||
Exercisable at December 31, 2014 | 7,499 | $ | 35.03 | 1.8 | $ | 0.1 | |||||||
PSARs — Class C ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 8,452,494 | $ | 33.44 | ||||||||||
Granted | 30,000 | $ | 43.03 | ||||||||||
Forfeited | (88,127 | ) | $ | 33.41 | |||||||||
Exercised | (28,119 | ) | $ | 33.41 | |||||||||
Outstanding at December 31, 2014 | 8,366,248 | $ | 33.48 | 5.5 | $ | 124.1 | |||||||
Exercisable at December 31, 2014 | 22,498 | $ | 33.41 | 1.8 | $ | 0.3 | |||||||
RSUs — Class A ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 725,676 | $ | 35.48 | ||||||||||
Granted | 226,069 | $ | 41.77 | ||||||||||
Forfeited | (44,428 | ) | $ | 33.32 | |||||||||
Released from restrictions | (342,047 | ) | $ | 35.07 | |||||||||
Outstanding at December 31, 2014 | 565,270 | $ | 38.27 | 4.6 | |||||||||
RSUs — Class C ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 1,944,468 | $ | 32.79 | ||||||||||
Granted | 460,866 | $ | 40.14 | ||||||||||
Forfeited | (122,418 | ) | $ | 30.93 | |||||||||
Released from restrictions | (895,913 | ) | $ | 32.36 | |||||||||
Outstanding at December 31, 2014 | 1,387,003 | $ | 35.59 | 4.5 | |||||||||
PSUs and PGUs — Class A ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 924,648 | $ | 32.05 | ||||||||||
Granted | 1,518,276 | $ | 42.74 | ||||||||||
Performance adjustment (a) | (138,668 | ) | $ | 26.17 | |||||||||
Forfeited | (40,627 | ) | $ | 35.77 | |||||||||
Released from restrictions | (273,936 | ) | $ | 26.24 | |||||||||
Outstanding at December 31, 2014 | 1,989,693 | $ | 41.34 | 1.8 | |||||||||
PGUs — Class B ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||
Granted | 1,000,000 | $ | 44.55 | ||||||||||
Outstanding at December 31, 2014 | 1,000,000 | $ | 44.55 | 2.2 | |||||||||
PSUs — Class C ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 2,744,452 | $ | 29.99 | ||||||||||
Granted | 1,048,614 | $ | 39.83 | ||||||||||
Performance adjustment (a) | (416,004 | ) | $ | 24.73 | |||||||||
Forfeited | (112,487 | ) | $ | 33.15 | |||||||||
Released from restrictions | (821,808 | ) | $ | 24.79 | |||||||||
Outstanding at December 31, 2014 | 2,442,767 | $ | 36.71 | 1.3 | |||||||||
_______________ | |||||||||||||
(a) | Represents the reduction in PSUs associated with the first quarter 2014 determination that 66.3% of the PSUs that were granted in 2012 (the 2012 PSUs) had been earned. As of December 31, 2014, all of the earned 2012 PSUs have been released from restrictions. |
Restructuring_Liabilities
Restructuring Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring Liabilities | |||||||||||||||||
Restructuring Liabilities | |||||||||||||||||
A summary of changes in our restructuring liabilities during 2014 is set forth in the table below: | |||||||||||||||||
Employee | Office | Contract termination and other | Total | ||||||||||||||
severance | closures | ||||||||||||||||
and | |||||||||||||||||
termination | |||||||||||||||||
in millions | |||||||||||||||||
Restructuring liability as of January 1, 2014 | $ | 26.6 | $ | 14.9 | $ | 72 | $ | 113.5 | |||||||||
Restructuring charges | 60.4 | 9.5 | 97 | 166.9 | |||||||||||||
Cash paid | (66.3 | ) | (10.8 | ) | (34.4 | ) | (111.5 | ) | |||||||||
Ziggo liability at acquisition date | 8.2 | — | — | 8.2 | |||||||||||||
Foreign currency translation adjustments and other | (1.3 | ) | (1.1 | ) | (18.6 | ) | (21.0 | ) | |||||||||
Restructuring liability as of December 31, 2014 | $ | 27.6 | $ | 12.5 | $ | 116 | $ | 156.1 | |||||||||
Current portion | $ | 27.5 | $ | 4.4 | $ | 20.4 | $ | 52.3 | |||||||||
Noncurrent portion | 0.1 | 8.1 | 95.6 | 103.8 | |||||||||||||
Total | $ | 27.6 | $ | 12.5 | $ | 116 | $ | 156.1 | |||||||||
Prior to March 31, 2014, Telenet operated a digital terrestrial television (DTT) business that served a limited number of subscribers. The DTT network was accessed by Telenet pursuant to third-party capacity contracts that were accounted for as operating agreements. On March 31, 2014, Telenet discontinued the provision of DTT services and, accordingly, recorded an $86.1 million restructuring charge during the three months ended March 31, 2014. This charge was equal to the then fair value of the remaining payments due under the DTT capacity contracts. | |||||||||||||||||
Our restructuring charges during 2014 include $17.5 million, $11.2 million, $10.7 million, $10.1 million and $9.8 million of employee severance and termination costs related to reorganization and integration activities, primarily in the U.K., the Netherlands, Germany, Chile and the European Operations Division’s central operations, respectively. | |||||||||||||||||
A summary of changes in our restructuring liabilities during 2013 is set forth in the table below: | |||||||||||||||||
Employee | Office | Contract termination | Total | ||||||||||||||
severance | closures | ||||||||||||||||
and | |||||||||||||||||
termination | |||||||||||||||||
in millions | |||||||||||||||||
Restructuring liability as of January 1, 2013 | $ | 39.7 | $ | 4 | $ | 13.1 | $ | 56.8 | |||||||||
Restructuring charges | 77.9 | (0.1 | ) | 100.9 | 178.7 | ||||||||||||
Cash paid | (91.5 | ) | (14.1 | ) | (17.6 | ) | (123.2 | ) | |||||||||
Virgin Media liability at acquisition date | 0.1 | 23.3 | — | 23.4 | |||||||||||||
Foreign currency translation adjustments and other | 1.2 | 1.8 | (11.4 | ) | (8.4 | ) | |||||||||||
Reclassification of Chellomedia Disposal Group to discontinued operations | (0.8 | ) | — | (13.0 | ) | (13.8 | ) | ||||||||||
Restructuring liability as of December 31, 2013 | $ | 26.6 | $ | 14.9 | $ | 72 | $ | 113.5 | |||||||||
Current portion | $ | 26.5 | $ | 13.2 | $ | 25.8 | $ | 65.5 | |||||||||
Noncurrent portion | 0.1 | 1.7 | 46.2 | 48 | |||||||||||||
Total | $ | 26.6 | $ | 14.9 | $ | 72 | $ | 113.5 | |||||||||
As further described in note 9, we recorded restructuring charges totaling $84.9 million during the third and fourth quarters of 2013 as a result of VTR’s decision to cease commercial use of its mobile network. These restructuring charges include the fair value of (i) the then remaining payments due under VTR’s tower and real estate operating leases of $71.5 million and (ii) certain other required payments associated with VTR’s mobile network. In addition, our restructuring charges during 2013 include $46.1 million, $14.1 million and $8.1 million of employee severance and termination costs related to reorganization and integration activities in the U.K., Germany and Chile, respectively. |
Defined_Benefit_Plans
Defined Benefit Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Defined Benefit Plans | Defined Benefit Plans | |||||||||||||||
Certain of our subsidiaries in Europe maintain various funded and unfunded defined benefit plans for their employees. Annual service cost for these employee benefit plans is determined using the projected unit credit actuarial method. The subsidiaries that maintain funded plans have established investment policies for plan assets. The investment strategies are long-term in nature and designed to meet the following objectives: | ||||||||||||||||
•Ensure that funds are available to pay benefits as they become due; | ||||||||||||||||
•Maximize the total returns on plan assets subject to prudent risk taking; and | ||||||||||||||||
•Preserve or improve the funded status of the trusts over time. | ||||||||||||||||
Our subsidiaries review the asset allocation within their respective portfolios on a regular basis. Generally, the portfolios will be rebalanced to a target allocation when an individual asset class approaches its minimum or maximum targeted level. Allocations to real estate occur over multiple time periods. Assets targeted to real estate, but not yet allocated, are invested in fixed income securities with corresponding adjustments to fixed income rebalancing guidelines. | ||||||||||||||||
The following is a summary of the funded status of our defined benefit plans: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
in millions | ||||||||||||||||
Projected benefit obligation at beginning of period | $ | 1,163.00 | $ | 384.6 | ||||||||||||
Acquisition (a) | — | 687.1 | ||||||||||||||
Service cost | 22.3 | 25.8 | ||||||||||||||
Prior service cost | 0.8 | — | ||||||||||||||
Interest cost | 42.9 | 26.8 | ||||||||||||||
Actuarial loss (gain) | 149.7 | (4.8 | ) | |||||||||||||
Participants’ contributions | 11.9 | 11.8 | ||||||||||||||
Benefits paid | (38.7 | ) | (28.1 | ) | ||||||||||||
Effect of changes in exchange rates | (104.3 | ) | 59.8 | |||||||||||||
Projected benefit obligation at end of period | $ | 1,247.60 | $ | 1,163.00 | ||||||||||||
Accumulated benefit obligation at end of period | $ | 1,226.10 | $ | 1,144.70 | ||||||||||||
Fair value of plan assets at beginning of period | $ | 1,057.00 | $ | 310.9 | ||||||||||||
Acquisition (a) | — | 626 | ||||||||||||||
Actual earnings of plan assets | 114.6 | 37 | ||||||||||||||
Group contributions | 68.2 | 44.6 | ||||||||||||||
Participants’ contributions | 11.9 | 11.8 | ||||||||||||||
Benefits paid | (37.9 | ) | (27.6 | ) | ||||||||||||
Effect of changes in exchange rates | (91.1 | ) | 54.3 | |||||||||||||
Fair value of plan assets at end of period | $ | 1,122.70 | $ | 1,057.00 | ||||||||||||
Net liability (b) | $ | 124.9 | $ | 106 | ||||||||||||
_______________ | ||||||||||||||||
(a) | The 2013 amount relates to the Virgin Media Acquisition. | |||||||||||||||
(b) | The net liability related to our defined benefit plans is included in other long-term liabilities in our consolidated balance sheets. | |||||||||||||||
The change in the amount of net actuarial gain (loss) not yet recognized as a component of net periodic pension costs in our consolidated statements of operations is as follows: | ||||||||||||||||
Pre-tax amount | Tax benefit (expense) | Net-of-tax amount | ||||||||||||||
in millions | ||||||||||||||||
Balance of net actuarial loss at January 1, 2013 | $ | (5.2 | ) | $ | 1.6 | $ | (3.6 | ) | ||||||||
Net actuarial gain | 12.7 | (1.4 | ) | 11.3 | ||||||||||||
Amount recognized as a component of net loss attributable to Liberty Global shareholders | (0.8 | ) | 0.1 | (0.7 | ) | |||||||||||
Changes in ownership and other | (0.6 | ) | 0.2 | (0.4 | ) | |||||||||||
Balance of net actuarial gain at December 31, 2013 | 6.1 | 0.5 | 6.6 | |||||||||||||
Net actuarial loss | (87.6 | ) | 16.7 | (70.9 | ) | |||||||||||
Amount recognized as a component of net loss attributable to Liberty Global shareholders | (1.7 | ) | 0.3 | (1.4 | ) | |||||||||||
Changes in ownership and other | 0.2 | — | 0.2 | |||||||||||||
Balance of net actuarial loss at December 31, 2014 | $ | (83.0 | ) | $ | 17.5 | $ | (65.5 | ) | ||||||||
We expect that the amount of net actuarial gain or loss to be recognized in our 2015 consolidated statement of operations will not be significant. | ||||||||||||||||
The measurement dates used to determine our defined benefit plan assumptions were December 31, 2014 and December 31, 2013. The actuarial assumptions used to compute the net periodic pension cost are based on information available as of the beginning of the period, specifically market interest rates, past experience and management’s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. In computing future costs and obligations, the subsidiaries must make assumptions about such items as employee mortality and turnover, expected salary and wage increases, discount rate, expected long-term rate of return on plan assets and expected future cost increases. | ||||||||||||||||
The expected rates of return on the assets of the funded plans are the long-term rates of return the subsidiaries expect to earn on their trust assets. The rates of return are determined by the investment composition of the plan assets and the long-term risk and return forecast for each asset category. The forecasts for each asset class are generated using historical information as well as an analysis of current and expected market conditions. The expected risk and return characteristics for each asset class are reviewed annually and revised, as necessary, to reflect changes in the financial markets. To compute the expected return on plan assets, the subsidiaries apply an expected rate of return to the fair value of the plan assets. | ||||||||||||||||
The weighted average assumptions used in determining benefit obligations and net periodic pension cost are as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Expected rate of salary increase | 2.6 | % | 3.1 | % | ||||||||||||
Discount rate | 2.6 | % | 3.8 | % | ||||||||||||
Expected rate of return on plan assets | 4 | % | 5.1 | % | ||||||||||||
The components of net periodic pension cost recorded in our consolidated statements of operations are as follows: | ||||||||||||||||
Year ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
in millions | ||||||||||||||||
Service cost | $ | 22.3 | $ | 25.8 | ||||||||||||
Interest cost | 42.9 | 26.8 | ||||||||||||||
Expected return on plan assets | (53.7 | ) | (30.0 | ) | ||||||||||||
Other | (1.9 | ) | (1.1 | ) | ||||||||||||
Net periodic pension cost | $ | 9.6 | $ | 21.5 | ||||||||||||
The asset allocation by asset category and by fair value hierarchy level (as further described in note 8) of our plan assets is as follows: | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
in millions | ||||||||||||||||
Equity securities | $ | 353.8 | $ | 353.8 | $ | — | $ | — | ||||||||
Debt securities | 318.8 | 318.8 | — | — | ||||||||||||
Insurance contract (a) | 158 | — | — | 158 | ||||||||||||
Hedge funds | 136.5 | 120.1 | 16.4 | — | ||||||||||||
Guarantee investment contracts | 86 | 86 | — | — | ||||||||||||
Real estate | 39.9 | 32.9 | — | 7 | ||||||||||||
Other | 29.7 | 29.7 | — | — | ||||||||||||
Total | $ | 1,122.70 | $ | 941.3 | $ | 16.4 | $ | 165 | ||||||||
December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
in millions | ||||||||||||||||
Equity securities | $ | 344.3 | $ | 344.3 | $ | — | $ | — | ||||||||
Debt securities | 275.5 | 275.5 | — | — | ||||||||||||
Insurance contract (a) | 153.4 | — | — | 153.4 | ||||||||||||
Hedge funds | 133.1 | 117.8 | 15.3 | — | ||||||||||||
Guarantee investment contracts | 83 | 83 | — | — | ||||||||||||
Real estate | 36.7 | 28.9 | — | 7.8 | ||||||||||||
Other | 31 | 31 | — | — | ||||||||||||
Total | $ | 1,057.00 | $ | 880.5 | $ | 15.3 | $ | 161.2 | ||||||||
_______________ | ||||||||||||||||
(a) | Relates to the purchase of an insurance contract authorized by the trustee of one of our defined benefit plans. The insurance contract will pay an income stream to the plan that is expected to match all future cash outflows with respect to certain liabilities. The fair value of this insurance contract is presented as an asset of the plan and is measured based on the future cash flows to be received under the contract discounted using the same discount rate used to measure the associated liabilities. | |||||||||||||||
A reconciliation of the beginning and ending balances of our plan assets measured at fair value using Level 3 inputs is as follows (in millions): | ||||||||||||||||
Balance at January 1, 2014 | $ | 161.2 | ||||||||||||||
Actual return on plan assets: | ||||||||||||||||
Gains relating to assets still held at year-end | 14.6 | |||||||||||||||
Purchases, sales and settlements of investments, net | (1.2 | ) | ||||||||||||||
Foreign currency translation adjustments | (9.6 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 165 | ||||||||||||||
The trustees of the defined benefit pension plans have in place weighted average target asset allocations of 27% equities, 26% bonds, 20% insurance contracts, 11% hedge funds, 8% guarantee investment contracts, 5% real estate and 3% other at December 31, 2014. As markets move relative to each other, the asset allocation may move away from the target investment strategy. Rebalancing of the assets may be carried out from time to time by the trustees. | ||||||||||||||||
Based on December 31, 2014 exchange rates and information available as of that date, our subsidiaries’ contributions to their respective defined benefit plans in 2015 are expected to aggregate $58.5 million. | ||||||||||||||||
As of December 31, 2014, the benefits that we currently expect to pay during the next ten years with respect to our defined benefit plans are as follows (in millions): | ||||||||||||||||
2015 | $ | 33.2 | ||||||||||||||
2016 | $ | 31.2 | ||||||||||||||
2017 | $ | 32.5 | ||||||||||||||
2018 | $ | 31.9 | ||||||||||||||
2019 | $ | 32.2 | ||||||||||||||
2020 through 2024 | $ | 176.5 | ||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Earnings | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Earnings | Accumulated Other Comprehensive Earnings | ||||||||||||||||||||||||
Accumulated other comprehensive earnings included in our consolidated balance sheets and statements of equity reflect the aggregate impact of foreign currency translation adjustments, unrealized gains and losses on cash flow hedges and pension-related adjustments. The changes in the components of accumulated other comprehensive earnings, net of taxes, are summarized as follows: | |||||||||||||||||||||||||
Liberty Global shareholders | |||||||||||||||||||||||||
Foreign | Unrealized | Pension- | Accumulated | Non-controlling | Total | ||||||||||||||||||||
currency | gains | related | other | interests | accumulated | ||||||||||||||||||||
translation | (losses) on | adjustments | comprehensive | other | |||||||||||||||||||||
adjustments | cash flow | earnings | comprehensive | ||||||||||||||||||||||
hedges | earnings | ||||||||||||||||||||||||
in millions | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1,529.70 | $ | (10.5 | ) | $ | (9.7 | ) | $ | 1,509.50 | $ | (23.1 | ) | $ | 1,486.40 | ||||||||||
Sale of Austar | — | — | — | — | 60.1 | 60.1 | |||||||||||||||||||
Other comprehensive earnings | 74.4 | 10.5 | 6.1 | 91 | 0.3 | 91.3 | |||||||||||||||||||
Balance at December 31, 2012 | 1,604.10 | — | (3.6 | ) | 1,600.50 | 37.3 | 1,637.80 | ||||||||||||||||||
Other comprehensive earnings | 918.1 | — | 10.2 | 928.3 | (16.9 | ) | 911.4 | ||||||||||||||||||
Balance at December 31, 2013 | 2,522.20 | — | 6.6 | 2,528.80 | 20.4 | 2,549.20 | |||||||||||||||||||
Other comprehensive loss | (810.1 | ) | — | (72.1 | ) | (882.2 | ) | (0.5 | ) | (882.7 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 1,712.10 | $ | — | $ | (65.5 | ) | $ | 1,646.60 | $ | 19.9 | $ | 1,666.50 | ||||||||||||
The components of other comprehensive earnings, net of taxes, are reflected in our consolidated statements of comprehensive earnings (loss). The following table summarizes the tax effects related to each component of other comprehensive earnings, net of amounts reclassified to our consolidated statements of operations: | |||||||||||||||||||||||||
Pre-tax | Tax benefit | Net-of-tax | |||||||||||||||||||||||
amount | (expense) | amount | |||||||||||||||||||||||
in millions | |||||||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (816.4 | ) | $ | 6.3 | $ | (810.1 | ) | |||||||||||||||||
Pension-related adjustments | (89.9 | ) | 17.3 | (72.6 | ) | ||||||||||||||||||||
Other comprehensive loss | (906.3 | ) | 23.6 | (882.7 | ) | ||||||||||||||||||||
Other comprehensive earnings attributable to noncontrolling interests (a) | 0.8 | (0.3 | ) | 0.5 | |||||||||||||||||||||
Other comprehensive loss attributable to Liberty Global shareholders | $ | (905.5 | ) | $ | 23.3 | $ | (882.2 | ) | |||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 896.4 | $ | 4.4 | $ | 900.8 | |||||||||||||||||||
Pension-related adjustments | 12.1 | (1.5 | ) | 10.6 | |||||||||||||||||||||
Other comprehensive earnings | 908.5 | 2.9 | 911.4 | ||||||||||||||||||||||
Other comprehensive earnings attributable to noncontrolling interests (b) | 17.3 | (0.4 | ) | 16.9 | |||||||||||||||||||||
Other comprehensive earnings attributable to Liberty Global shareholders | $ | 925.8 | $ | 2.5 | $ | 928.3 | |||||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 76 | $ | (0.6 | ) | $ | 75.4 | ||||||||||||||||||
Cash flow hedges | 15.1 | (4.6 | ) | 10.5 | |||||||||||||||||||||
Pension-related adjustments | 6 | (0.6 | ) | 5.4 | |||||||||||||||||||||
Other comprehensive earnings | 97.1 | (5.8 | ) | 91.3 | |||||||||||||||||||||
Other comprehensive loss attributable to noncontrolling interests (b) | 0.1 | (0.4 | ) | (0.3 | ) | ||||||||||||||||||||
Other comprehensive earnings attributable to Liberty Global shareholders | $ | 97.2 | $ | (6.2 | ) | $ | 91 | ||||||||||||||||||
_______________ | |||||||||||||||||||||||||
(a) | Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. | ||||||||||||||||||||||||
(b) | Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments and pension-related adjustments. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to programming contracts, network and connectivity commitments, purchases of customer premises and other equipment, non-cancelable operating leases and other items. The U.S. dollar equivalents of such commitments as of December 31, 2014 are presented below: | ||||||||||||||||||||||||||||
Payments due during: | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Programming commitments | $ | 863.9 | $ | 785.4 | $ | 612.7 | $ | 528 | $ | 231.4 | $ | 2 | $ | 3,023.40 | ||||||||||||||
Network and connectivity commitments | 359.9 | 261.5 | 240.2 | 127.1 | 90.2 | 1,048.50 | 2,127.40 | |||||||||||||||||||||
Purchase commitments | 827.8 | 119.4 | 62.9 | 10.1 | 4 | — | 1,024.20 | |||||||||||||||||||||
Operating leases | 174 | 141.5 | 117.3 | 98.1 | 75.4 | 279.3 | 885.6 | |||||||||||||||||||||
Other commitments | 350.2 | 198.7 | 150.1 | 90 | 39.2 | 48.2 | 876.4 | |||||||||||||||||||||
Total (a) | $ | 2,575.80 | $ | 1,506.50 | $ | 1,183.20 | $ | 853.3 | $ | 440.2 | $ | 1,378.00 | $ | 7,937.00 | ||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | The commitments reflected in this table do not reflect any liabilities that are included in our December 31, 2014 consolidated balance sheet. | |||||||||||||||||||||||||||
Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us in that we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium film or sports services. In addition, programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Payments to programming vendors have in the past represented, and are expected to continue to represent in the future, a significant portion of our operating costs. In this regard, during 2014, 2013 and 2012, the third-party programming and copyright costs incurred by our broadband communications and DTH operations aggregated $2,145.0 million, $1,612.5 million and $978.4 million, respectively. The ultimate amount payable in excess of the contractual minimums of our studio output contracts, which expire at various dates through 2019, is dependent upon the number of subscribers to our premium movie service and the theatrical success of the films that we exhibit. | ||||||||||||||||||||||||||||
Network and connectivity commitments include (i) Telenet’s commitments for certain operating costs associated with its leased network, (ii) commitments associated with our MVNO agreements and (iii) certain repair and maintenance, fiber capacity and energy commitments of Unitymedia KabelBW. Subsequent to October 1, 2015, Telenet’s commitments for certain operating costs will be subject to adjustment based on changes in the network operating costs incurred by Telenet with respect to its own networks. These potential adjustments are not subject to reasonable estimation and, therefore, are not included in the above table. The amounts reflected in the table with respect to certain of our MVNO commitments represent fixed minimum amounts payable under these agreements and, therefore, may be significantly less than the actual amounts we ultimately pay in these periods. | ||||||||||||||||||||||||||||
Purchase commitments include unconditional purchase obligations associated with commitments to purchase customer premises and other equipment that are enforceable and legally binding on us. | ||||||||||||||||||||||||||||
Commitments arising from acquisition agreements are not reflected in the above table. In addition, the table does not include our commitments with respect to the amounts we have agreed to pay to settle the FCO Appeals, as defined and described below. | ||||||||||||||||||||||||||||
In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during 2014, 2013 and 2012, see note 7. For information regarding our defined benefit plans, see note 15. | ||||||||||||||||||||||||||||
We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable. | ||||||||||||||||||||||||||||
Rental expense of our continuing operations under non-cancelable operating lease arrangements amounted to $268.3 million, $238.6 million and $197.4 million during 2014, 2013 and 2012, respectively. It is expected that in the normal course of business, operating leases that expire generally will be renewed or replaced by similar leases. | ||||||||||||||||||||||||||||
We have established various defined contribution benefit plans for our and our subsidiaries’ employees. The aggregate expense of our continuing operations for matching contributions under the various defined contribution employee benefit plans was $63.2 million, $48.2 million and $26.4 million during 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Guarantees and Other Credit Enhancements | ||||||||||||||||||||||||||||
In the ordinary course of business, we may provide indemnifications to our lenders, our vendors and certain other parties and performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. | ||||||||||||||||||||||||||||
Legal and Regulatory Proceedings and Other Contingencies | ||||||||||||||||||||||||||||
Interkabel Acquisition. On November 26, 2007, Telenet and the PICs announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement), which closed effective October 1, 2008. Beginning in December 2007, Belgacom NV/SA (Belgacom), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. It lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Belgacom in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Belgacom brought this appeal judgment before the Cour de Cassation (the Belgian Supreme Court), which confirmed the appeal judgment in September 2010. On April 6, 2009, the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Belgacom’s request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Belgacom appealed this judgment with the Court of Appeal of Antwerp. In this appeal, Belgacom is now also seeking compensation for damages should the 2008 PICs Agreement not be rescinded. However, the claim for compensation has not yet been quantified. At the introductory hearing, which was held on September 8, 2009, the proceedings on appeal were postponed indefinitely at the request of Belgacom. | ||||||||||||||||||||||||||||
In parallel with the above proceedings, Belgacom filed a complaint with the Government Commissioner seeking suspension of the approval by the PICs’ board of directors of the agreement-in-principle and initiated suspension and annulment procedures before the Belgian Council of State against these approvals and subsequently against the board resolutions of the PICs approving the 2008 PICs Agreement. In this complaint, Belgacom’s primary argument was that the PICs should have organized a public market consultation before entering into the agreement-in-principal and the 2008 PICs Agreement. Belgacom’s efforts to suspend approval of these agreements were unsuccessful. In the annulment cases, the Belgian Council of State decided on May 2, 2012 to refer a number of questions of interpretation of European Union (EU) law for preliminary ruling to the European Court of Justice. On November 14, 2013, the European Court of Justice ruled that a majority of the reasons invoked by the PICs not to organize a market consultation were not overriding reasons of public interest to justify abolishing the PICs’ duty to organize such consultation. The annulment case was subsequently resumed with the Belgian Council of State, which was required to follow the interpretation given by the European Court of Justice with respect to the points of EU law. On January 16, 2014, the Advocate General with the Council of State recommended that the decisions of the board of the PICs not to organize a public market consultation be annulled, and on May 27, 2014, the Belgian Council of State ruled in favor of Belgacom and annulled (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs’ board of directors to approve the 2008 PICs Agreement. The Belgian Council of State ruling did not annul the 2008 PICs Agreement itself. Belgacom may now resume the civil proceedings that are still pending with the Court of Appeal of Antwerp in order to have the 2008 PICs Agreement annulled and claim damages. | ||||||||||||||||||||||||||||
It is possible that Belgacom or another third party or public authority will initiate further legal proceedings in an attempt to annul the 2008 PICs Agreement. No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement and/or to an obligation of Telenet to pay compensation for damages, subject to the relevant provisions of the 2008 PICs Agreement, which stipulate that Telenet is only responsible for damages in excess of €20.0 million ($24.2 million). In light of the fact that Belgacom has not quantified the amount of damages that it is seeking and we have no basis for assessing the amount of losses we would incur in the unlikely event that the 2008 PICs Agreement were to be annulled, we cannot provide a reasonable estimate of the range of loss that would be incurred in the event the ultimate resolution of this matter were to be unfavorable to Telenet. However, we do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. | ||||||||||||||||||||||||||||
Deutsche Telekom Litigation. On December 28, 2012, Unitymedia KabelBW filed a lawsuit against Deutsche Telekom in which Unitymedia KabelBW asserts that it pays excessive prices for the co-use of Deutsche Telekom’s cable ducts in Unitymedia KabelBW’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Deutsche Telekom in March 2011. Based in part on these approved rates, Unitymedia KabelBW is seeking a reduction of the annual lease fees (approximately €76 million ($92 million) for 2012) by approximately two-thirds and the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. While we expect a decision by the court of first instance during the first half of 2015, the resolution of this matter may take several years and no assurance can be given that Unitymedia KabelBW’s claims will be successful. Any recovery by Unitymedia KabelBW will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached. | ||||||||||||||||||||||||||||
Vivendi Litigation. A wholly-owned subsidiary of our company is a plaintiff in certain litigation titled Liberty Media Corporation, et. al. v. Vivendi S.A. and Universal Studio. A predecessor of Liberty Global was a subsidiary of Liberty Media Corporation (Liberty Media) through June 6, 2004. In connection with Liberty Media’s prosecution of the action, our subsidiary assigned its rights to Liberty Media in exchange for a contingent payout in the event Liberty Media recovered any amounts as a result of the action. Our subsidiary’s interest in any such recovery will be equal to 10% of the recovery amount, including any interest awarded, less the amount to be retained by Liberty Media for (i) all fees and expenses incurred by Liberty Media in connection with the action (including expenses to be incurred in connection with any appeals and the payment of certain deferred legal fees) and (ii) agreed upon interest on such fees and expenses. On January 17, 2013, following a jury trial, the court entered a final judgment in favor of the plaintiffs in the amount of €944 million ($1,142 million), including prejudgment interest. Vivendi S.A. and Universal Studios have filed a notice of appeal of the court’s final judgment to the Second Circuit Court of Appeals. As a result, the amount that our subsidiary may ultimately recover in connection with the final resolution of the action, if any, is uncertain. Any recovery by our company will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached. | ||||||||||||||||||||||||||||
Liberty Puerto Rico Matter. Liberty Puerto Rico, as the surviving entity in the Puerto Rico Transaction, is a party to certain claims previously asserted by the incumbent telephone operator against OneLink based on alleged conduct of OneLink that occurred prior to the acquisition of OneLink (the PRTC Claim). This claim included an allegation that OneLink acted in an anticompetitive manner in connection with a series of legal and regulatory proceedings it initiated against the incumbent telephone operator in Puerto Rico beginning in 2009. In March 2014, a separate class action claim was filed in Puerto Rico (the Class Action Claim) containing allegations substantially similar to those asserted in the PRTC Claim, but alleging ongoing injury on behalf of a consumer class (as opposed to harm to a competitor). The former owners of OneLink have partially indemnified us for any losses we may incur in connection with the PRTC Claim up to a specified maximum amount. However, the indemnity does not cover any potential losses resulting from the Class Action Claim. Liberty Puerto Rico has recorded a provision and a related indemnification asset representing its best estimate of the net loss that it may incur upon the ultimate resolution of the PRTC Claim. While Liberty Puerto Rico expects that the net amount required to satisfy these contingencies will not materially differ from the estimated amount it has accrued, no assurance can be given that the ultimate resolution of these matters will not have an adverse impact on our results of operations, cash flows or financial position in any given period. | ||||||||||||||||||||||||||||
Netherlands Regulatory Developments. In December 2011, the Autoriteit Consument & Markt (ACM) completed a market assessment of the television market in the Netherlands, concluding that there were no grounds for regulation of that market. On December 22, 2011, referring to its final assessment of the television market, ACM rejected previously filed requests from a number of providers to perform a new market analysis of the television market. This decision by ACM was appealed by such providers to the Dutch Supreme Administrative Court. On November 5, 2012, the Dutch Supreme Administrative Court rejected the appeals against ACM’s decision. | ||||||||||||||||||||||||||||
In May 2012, the Dutch Parliament adopted laws that provide, among other matters, the power to ACM to impose an obligation for the mandatory resale of television services and to the Commissariaat voor de Media to supervise such resale obligation. These laws became effective on January 1, 2013, notwithstanding the above-described November 5, 2012 decision of the Dutch Supreme Administrative Court. On January 29, 2014, a Dutch civil court, in a proceeding initiated by UPC Nederland, declared the resale obligation laws non-binding because they infringe EU law. The Dutch Government did not appeal the January 2014 decision, and the resale obligation laws were formally withdrawn on November 26, 2014. We consider the withdrawal of the resale obligation laws to be the final resolution of this matter. | ||||||||||||||||||||||||||||
Belgium Regulatory Developments. In December 2010, the Belgisch Instituut voor Post en Telecommunicatie and the regional regulators for the media sectors (together, the Belgium Regulatory Authorities) published their respective draft decisions reflecting the results of their joint analysis of the broadcasting market in Belgium. | ||||||||||||||||||||||||||||
After a public consultation, the draft decisions were submitted to the European Commission. The European Commission issued a notice on the draft decision that criticized the analysis of the broadcasting markets on several grounds, including the fact that the Belgium Regulatory Authorities failed to analyze upstream wholesale markets. It also expressed doubts as to the necessity and proportionality of the various remedies. | ||||||||||||||||||||||||||||
The Belgium Regulatory Authorities adopted a final decision on July 1, 2011 (the July 2011 Decision) with some minor revisions. The regulatory obligations imposed by the July 2011 Decision include (i) an obligation to make a resale offer at “retail minus’’ of the cable analog package available to third party operators (including Belgacom), (ii) an obligation to grant third-party operators (except Belgacom) access to digital television platforms (including the basic digital video package) at “retail minus,” and (iii) an obligation to make a resale offer at “retail minus’’ of broadband internet access available to beneficiaries of the digital television access obligation that wish to offer bundles of digital video and broadband internet services to their customers (except Belgacom). | ||||||||||||||||||||||||||||
Telenet submitted draft reference offers regarding the obligations described above in February 2012, in response to which the Belgium Regulatory Authorities subsequently made their observations, launched a national consultation process and consulted with the European Commission. Although the European Commission expressed doubts regarding the analog resale offers on August 8, 2013, the European Commission did not object to the reference offers. The Belgium Regulatory Authorities published the final decision on September 9, 2013. The regulated wholesale services had to be available approximately six months after a third-party operator filed a letter of intent and paid an advance payment to Telenet. On December 27, 2013, wireless operator Mobistar SA (Mobistar) submitted a letter of intent and paid the advance payment on January 10, 2014. Telenet has implemented the access obligations as described in its reference offers and, as of June 23, 2014, access to the Telenet network had become operational and can be applied by Mobistar. In addition, as a result of the November 2014 decision by the Brussels Court of Appeal described below, on November 14, 2014, Belgacom submitted a request to Telenet to commence access negotiations. | ||||||||||||||||||||||||||||
On April 2, 2013, the Belgium Regulatory Authorities issued a draft decision regarding the “retail-minus” tariffs of minus 35% for basic television (basic analog and digital video package) and minus 30% for the bundle of basic television and broadband internet services. A “retail-minus” method of pricing involves a wholesale tariff calculated as the retail price for the offered service by Telenet, excluding VAT and copyrights, and further deducting the retail costs avoided by offering the wholesale service (such as costs for billing, franchise, consumer service, marketing and sales). On October 4, 2013, the Belgium Regulatory Authorities notified a draft quantitative decision to the European Commission in which they changed the “retail-minus” tariffs to minus 30% for basic television (basic analog and digital video package) and to minus 23% for the bundle of basic television and broadband internet services. Even though the European Commission made a number of comments regarding the appropriateness of certain assumptions in the proposed costing methodology, the Belgium Regulatory Authorities adopted such “retail-minus” tariffs on December 11, 2013. | ||||||||||||||||||||||||||||
Telenet filed an appeal against the July 2011 Decision with the Brussels Court of Appeal. On November 12, 2014, the Brussels Court of Appeal rejected Telenet’s appeal of the July 2011 Decision and accepted Belgacom’s claim that Belgacom should be allowed access to Telenet’s, among other operators, digital television platform. Telenet is currently considering the possibility to file an appeal against this decision with the Belgian Supreme Court. Telenet also filed an appeal with the Brussels Court of Appeal against the decision regarding the qualitative and the quantitative aspects of the reference offers. Wireless operator Mobistar also filed an appeal against the decision regarding the quantitative aspects of the reference offers. A decision with respect to these appeals is not expected before the end of 2015. There can be no certainty that Telenet’s appeals will be successful. | ||||||||||||||||||||||||||||
The July 2011 Decision aims to, and in its application may, strengthen Telenet’s competitors by granting them resale access to Telenet’s network to offer competing products and services notwithstanding Telenet’s substantial historical financial outlays in developing the infrastructure. In addition, any resale access granted to competitors could (i) limit the bandwidth available to Telenet to provide new or expanded products and services to the customers served by its network and (ii) adversely impact Telenet’s ability to maintain or increase its revenue and cash flows. The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to Telenet’s network and other competitive factors or market developments. | ||||||||||||||||||||||||||||
FCO Regulatory Issues. Our 2011 acquisition of the German cable network KBW (the KBW Acquisition) was subject to the approval of The Federal Cartel Office (the FCO) in Germany, which approval was received in December 2011. In January 2012, two of our competitors (collectively, the Appellants), including the incumbent telecommunications operator, each filed an appeal (collectively, the FCO Appeals) against the FCO regarding its decision to approve our KBW Acquisition. On August 14, 2013, the Düsseldorf Court of Appeal issued a ruling that set aside the FCO’s clearance decision. Although the Düsseldorf Court of Appeal did not grant the right to appeal against its ruling to the Federal Supreme Court, on September 16, 2013, we filed a formal request to appeal to the Federal Court of Justice seeking permission to appeal the Düsseldorf Court of Appeal’s decision and our reasoned submission was filed on December 16, 2013. During the first quarter of 2014, interested third parties commented on our submission. The Düsseldorf Court of Appeal’s ruling is not legally binding until all appeals have been rejected. | ||||||||||||||||||||||||||||
During the fourth quarter of 2014, we, together with our German subsidiaries, entered into agreements with the Appellants pursuant to which the Appellants withdrew the FCO Appeals and, on January 21, 2015, the FCO consented to the withdrawal. If the Federal Court of Justice terminates the proceedings, which we expect to occur during the first quarter of 2015, the FCO’s clearance decision with respect to our KBW Acquisition will become final (without any additional review or conditions). Upon termination of the proceedings, we have agreed to pay the Appellants an aggregate amount of €183.5 million ($222.0 million). This amount, which was recorded during the fourth quarter of 2014, is included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. Once the FCO Appeals are withdrawn, we will consider this matter to be closed. | ||||||||||||||||||||||||||||
Financial Transactions Tax. Eleven countries in the EU, including Belgium, Germany, Austria and Slovakia, are participating in an enhanced cooperation procedure to introduce a financial transactions tax (FTT). Under the draft language of the FTT proposal, a wide range of financial transactions could be taxed at rates of at least 0.01% for derivative transactions based on the notional amount and 0.1% for other covered financial transactions based on the underlying transaction price. Each of the individual countries would be permitted to determine an exact rate, which could be higher than the proposed rates of 0.01% and 0.1%. Any implementation of the FTT could have a global impact because it would apply to all financial transactions where a financial institution is involved (including unregulated entities that engage in certain types of covered activity) and either of the parties (whether the financial institution or its counterparty) is in one of the eleven participating countries. Although ongoing debate in the relevant countries demonstrates continued momentum around the FTT, uncertainty remains as to when the FTT would be implemented and the breadth of its application. Based on our understanding of the current status of the potential FTT, we do not expect that any implementation of the FTT would occur before 2016. Any imposition of the FTT could increase banking fees and introduce taxes on internal transactions that we currently perform. Due to the uncertainty regarding the FTT, we are currently unable to estimate the financial impact that the FTT could have on our results of operations, cash flows or financial position. | ||||||||||||||||||||||||||||
Virgin Media VAT Matters. Virgin Media’s application of the VAT with respect to certain revenue generating activities has been challenged by the U.K. tax authorities. Virgin Media has estimated its maximum exposure in the event of an unfavorable outcome to be £40.3 million ($62.8 million) as of December 31, 2014. No portion of this exposure has been accrued by Virgin Media as the likelihood of loss is not considered to be probable. A court hearing was held at the end of September 2014 in relation to the U.K. tax authorities’ challenge and the court’s decision is expected at some point prior to March 31, 2015. | ||||||||||||||||||||||||||||
On March 19, 2014, the U.K. government announced a change in legislation with respect to the charging of VAT in connection with prompt payment discounts such as those that Virgin Media offers to its fixed-line telephony customers. The changes, which took effect on May 1, 2014, impacted Virgin Media and as a result of this legislation, Virgin Media’s revenue was £28.9 million ($45.0 million) lower during 2014, as compared to 2013. Recent correspondence from the U.K. government indicates that it may seek to challenge Virgin Media’s application of the prompt payment discount rules prior to the May 1, 2014 change in legislation. If such a challenge were to be issued by the U.K. government, Virgin Media could be required to make a payment of the challenged amount in order to make an appeal. Virgin Media currently estimates that the challenged amount could be up to approximately £65 million ($101 million) before any penalties or interest. Any challenge and subsequent appeal would likely be subject to court proceedings that could delay the ultimate resolution of this matter for an extended period of time. No portion of this potential exposure has been accrued by Virgin Media as no claim has been asserted or assessed and the likelihood of loss is not considered to be probable. | ||||||||||||||||||||||||||||
Cignal. On April 26, 2002, Liberty Global Europe received a notice that certain former shareholders of Cignal Global Communications (Cignal) filed a lawsuit (the 2002 Cignal Action) against Liberty Global Europe. On June 13, 2006, Liberty Global Europe, Priority Telecom NV, Euronext NV and Euronext Amsterdam NV were each served with a summons for a new action (the 2006 Cignal Action) purportedly on behalf of all other former Cignal shareholders and provisionally for the nine plaintiffs in the 2002 Cignal Action. During the third quarter of 2007, we recorded a litigation provision of $146.0 million based on our assessment at the time of our loss exposure with respect to the 2002 Cignal Action and the 2006 Cignal Action. On October 25, 2013, we received what we consider to be the final resolution of the 2006 Cignal Action and the effective resolution of the 2002 Cignal Action. Accordingly, we released the entire $146.0 million provision related to this matter during the third quarter of 2013. | ||||||||||||||||||||||||||||
Other Regulatory Issues. Video distribution, broadband internet, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we operate. The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the EU. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties. In this regard, during September 2014, VTR received a tariff proposal from the Chilean regulatory authority that would have retroactive effect to June 2012. The tariff proposal represents a significant reduction in the fixed-line interconnection rates currently charged by VTR. VTR is in the process of formulating its objections and comments to the tariff proposal and is currently unable to reasonably predict the outcome of the tariff-setting process. VTR has continued to recognize fixed-line interconnect revenue at the currently enacted rates. Final resolution of the tariff-setting process in Chile is expected to occur during the first half of 2015. If the September 2014 tariff proposal were ultimately to be upheld, including retroactive application to June 2012, VTR would be required to issue credit notes of approximately CLP 7.4 billion ($12.2 million) for revenue previously recognized through December 31, 2014. | ||||||||||||||||||||||||||||
We have security accreditations across a range of B2B products and services in order to increase our offerings to public sector organizations in the U.K. These accreditations are granted subject to periodic reviews of our policies and procedures by U.K. governmental authorities. If we were to fail to maintain these accreditations or obtain new accreditations when required, it could impact our ability to provide certain offerings to the public sector. | ||||||||||||||||||||||||||||
Other. In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business including (i) legal proceedings, (ii) issues involving VAT and wage, property and other tax issues and (iii) disputes over interconnection, programming, copyright and carriage fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||
Segment Reporting | Segment Reporting | |||||||||||||||||||||||
We generally identify our reportable segments as those consolidated subsidiaries that represent 10% or more of our revenue, operating cash flow (as defined below) or total assets. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and operating cash flow. In addition, we review non-financial measures such as subscriber growth, as appropriate. | ||||||||||||||||||||||||
Operating cash flow is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Operating cash flow is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, operating cash flow is defined as revenue less operating and SG&A expenses (excluding share-based compensation, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items). Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe operating cash flow is a meaningful measure and is superior to available GAAP measures because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our operating cash flow measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Operating cash flow should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings or loss, cash flow from operating activities and other GAAP measures of income or cash flows. A reconciliation of total segment operating cash flow to our loss from continuing operations before income taxes is presented below. | ||||||||||||||||||||||||
During the fourth quarter of 2014, we began presenting (i) our operating segments in the U.K. and Ireland as one combined reportable segment, (ii) our operating segments in Switzerland and Austria as one combined reportable segment and (iii) our UPC DTH operating segment, as described below, as part of our Central and Eastern Europe reportable segment. These changes were made as a result of internal changes in organizational structures, changes in how these segments are evaluated and monitored by the chief operating decision maker and the integration of certain functions within these reportable segments. Previously, (a) our operating segments in the U.K. and Switzerland were each separate reportable segments, (b) our operating segments in Ireland and Austria were combined into one reportable segment, “Other Western Europe,” and (c) our UPC DTH operating segment was included in the European Operations Division’s central and other category. Segment information for all periods presented has been revised to reflect the above-described changes. We present only the reportable segments of our continuing operations in the tables below. | ||||||||||||||||||||||||
As of December 31, 2014, our reportable segments are as follows: | ||||||||||||||||||||||||
• | European Operations Division: | |||||||||||||||||||||||
• | U.K./Ireland | |||||||||||||||||||||||
• | The Netherlands | |||||||||||||||||||||||
• | Germany | |||||||||||||||||||||||
• | Belgium | |||||||||||||||||||||||
• | Switzerland/Austria | |||||||||||||||||||||||
• | Central and Eastern Europe | |||||||||||||||||||||||
• | Chile | |||||||||||||||||||||||
All of the reportable segments set forth above derive their revenue primarily from broadband communications services, including video, broadband internet and fixed-line telephony services. Most of our reportable segments also provide B2B services and certain of our reportable segments provide mobile services. At December 31, 2014, our operating segments in the European Operations Division provided broadband communications services in 12 European countries and DTH services to customers in the Czech Republic, Hungary, Romania and Slovakia through a Luxembourg-based organization that we refer to as “UPC DTH.” Our Central and Eastern Europe segment includes (i) our broadband communications operating segments in the Czech Republic, Hungary, Poland, Romania and Slovakia and (ii) our UPC DTH operating segment. The European Operations Division’s central and other category includes (a) costs associated with certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (b) intersegment eliminations within the European Operations Division. In Chile, we provide video, broadband internet, fixed-line telephony and mobile services. Our corporate and other category includes (A) less significant consolidated operating segments that provide (I) broadband communications services in Puerto Rico and (II) programming and other services and (B) our corporate category. Intersegment eliminations primarily represent the elimination of intercompany transactions between our broadband communications and programming operations. | ||||||||||||||||||||||||
Performance Measures of Our Reportable Segments | ||||||||||||||||||||||||
The amounts presented below represent 100% of each of our reportable segment’s revenue and operating cash flow. As we have the ability to control Telenet and Liberty Puerto Rico, we consolidate 100% of the revenue and expenses of these entities in our consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Telenet, Liberty Puerto Rico and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenue | Operating cash flow | Revenue | Operating cash flow | Revenue | Operating cash flow | |||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K./Ireland (a) | $ | 7,409.90 | $ | 3,235.70 | $ | 4,117.40 | $ | 1,742.80 | $ | 426.4 | $ | 189.1 | ||||||||||||
The Netherlands (b) | 1,498.50 | 857.9 | 1,242.40 | 721.7 | 1,229.10 | 737.1 | ||||||||||||||||||
Germany | 2,711.50 | 1,678.20 | 2,559.20 | 1,541.10 | 2,311.00 | 1,364.30 | ||||||||||||||||||
Belgium | 2,279.40 | 1,125.00 | 2,185.90 | 1,049.40 | 1,918.00 | 940.7 | ||||||||||||||||||
Switzerland/Austria | 1,846.10 | 1,056.40 | 1,767.10 | 1,005.70 | 1,681.80 | 936.5 | ||||||||||||||||||
Total Western Europe | 15,745.40 | 7,953.20 | 11,872.00 | 6,060.70 | 7,566.30 | 4,167.70 | ||||||||||||||||||
Central and Eastern Europe | 1,259.50 | 583 | 1,272.00 | 584.5 | 1,231.20 | 589.2 | ||||||||||||||||||
Central and other | (7.1 | ) | (282.7 | ) | (0.4 | ) | (239.1 | ) | 1.5 | (195.7 | ) | |||||||||||||
Total European Operations Division | 16,997.80 | 8,253.50 | 13,143.60 | 6,406.10 | 8,799.00 | 4,561.20 | ||||||||||||||||||
Chile | 898.5 | 351 | 991.6 | 353.6 | 940.6 | 314.2 | ||||||||||||||||||
Corporate and other | 376.9 | (86.2 | ) | 374.3 | (63.8 | ) | 224.1 | (83.1 | ) | |||||||||||||||
Intersegment eliminations (c) | (24.9 | ) | 4 | (35.3 | ) | 44.8 | (32.9 | ) | 38.6 | |||||||||||||||
Total | $ | 18,248.30 | $ | 8,522.30 | $ | 14,474.20 | $ | 6,740.70 | $ | 9,930.80 | $ | 4,830.90 | ||||||||||||
______________ | ||||||||||||||||||||||||
(a) | The amounts presented for 2013 include the post-acquisition revenue and operating cash flow of Virgin Media from June 8, 2013 through December 31, 2013. | |||||||||||||||||||||||
(b) | The amounts presented for 2014 include the post-acquisition revenue and operating cash flow of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
(c) | The intersegment eliminations that are applicable to revenue are primarily related to transactions between our European Operations Division and our continuing programming operations. The intersegment eliminations that are applicable to operating cash flow are related to transactions between our European Operations Division and the Chellomedia Disposal Group, which eliminations are no longer recorded following the completion of the Chellomedia Transaction on January 31, 2014. | |||||||||||||||||||||||
The following table provides a reconciliation of total segment operating cash flow from continuing operations to loss from continuing operations before income taxes: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Total segment operating cash flow from continuing operations | $ | 8,522.30 | $ | 6,740.70 | $ | 4,830.90 | ||||||||||||||||||
Share-based compensation expense | (257.2 | ) | (300.7 | ) | (110.1 | ) | ||||||||||||||||||
Depreciation and amortization | (5,500.1 | ) | (4,276.4 | ) | (2,661.5 | ) | ||||||||||||||||||
Release of litigation provision | — | 146 | — | |||||||||||||||||||||
Impairment, restructuring and other operating items, net | (536.8 | ) | (297.5 | ) | (76.2 | ) | ||||||||||||||||||
Operating income | 2,228.20 | 2,012.10 | 1,983.10 | |||||||||||||||||||||
Interest expense | (2,544.7 | ) | (2,286.9 | ) | (1,673.6 | ) | ||||||||||||||||||
Interest and dividend income | 31.7 | 113.1 | 42.1 | |||||||||||||||||||||
Realized and unrealized gains (losses) on derivative instruments, net | 88.8 | (1,020.4 | ) | (1,070.3 | ) | |||||||||||||||||||
Foreign currency transaction gains (losses), net | (836.5 | ) | 349.3 | 438.4 | ||||||||||||||||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 205.2 | 524.1 | (10.2 | ) | ||||||||||||||||||||
Losses on debt modification, extinguishment and conversion, net | (186.2 | ) | (212.2 | ) | (213.8 | ) | ||||||||||||||||||
Other expense, net | (42.4 | ) | (5.6 | ) | (4.6 | ) | ||||||||||||||||||
Loss from continuing operations before income taxes | $ | (1,055.9 | ) | $ | (526.5 | ) | $ | (508.9 | ) | |||||||||||||||
Balance Sheet Data of our Reportable Segments | ||||||||||||||||||||||||
Selected balance sheet data of our reportable segments is set forth below: | ||||||||||||||||||||||||
Long-lived assets | Total assets | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K./Ireland | $ | 21,754.20 | $ | 24,322.10 | $ | 25,487.20 | $ | 30,598.80 | ||||||||||||||||
The Netherlands | 17,092.70 | 2,496.50 | 17,387.00 | 2,845.30 | ||||||||||||||||||||
Germany | 9,117.90 | 10,754.70 | 9,512.80 | 11,968.20 | ||||||||||||||||||||
Belgium | 4,149.50 | 4,737.40 | 4,828.80 | 5,909.20 | ||||||||||||||||||||
Switzerland/Austria | 5,300.90 | 5,961.80 | 5,643.90 | 6,484.80 | ||||||||||||||||||||
Total Western Europe | 57,415.20 | 48,272.50 | 62,859.70 | 57,806.30 | ||||||||||||||||||||
Central and Eastern Europe | 2,459.90 | 2,898.70 | 2,566.40 | 3,127.40 | ||||||||||||||||||||
Central and other | 499.4 | 463.5 | 2,613.20 | 1,639.10 | ||||||||||||||||||||
Total European Operations Division | 60,374.50 | 51,634.70 | 68,039.30 | 62,572.80 | ||||||||||||||||||||
Chile | 1,017.30 | 1,139.70 | 1,513.20 | 1,628.90 | ||||||||||||||||||||
Corporate and other | 1,197.20 | 1,214.90 | 3,289.40 | 2,760.30 | ||||||||||||||||||||
Total - continuing operations | 62,589.00 | 53,989.30 | 72,841.90 | 66,962.00 | ||||||||||||||||||||
Discontinued operation (a) | — | 513.6 | — | 752.3 | ||||||||||||||||||||
Total | $ | 62,589.00 | $ | 54,502.90 | $ | 72,841.90 | $ | 67,714.30 | ||||||||||||||||
______________ | ||||||||||||||||||||||||
(a) | At December 31, 2013, the long-lived assets and total assets of the Chellomedia Disposal Group are presented in long-term assets of discontinued operation in our consolidated balance sheet. | |||||||||||||||||||||||
Property and Equipment Additions of our Reportable Segments | ||||||||||||||||||||||||
The property and equipment additions of our reportable segments (including capital additions financed under vendor financing or capital lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 9. | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K./Ireland (a) | $ | 1,506.70 | $ | 827.5 | $ | 74.5 | ||||||||||||||||||
The Netherlands (b) | 268 | 242.4 | 221.8 | |||||||||||||||||||||
Germany | 574.5 | 543.4 | 559.5 | |||||||||||||||||||||
Belgium | 448.9 | 453.7 | 440 | |||||||||||||||||||||
Switzerland/Austria | 327.2 | 306.4 | 292.8 | |||||||||||||||||||||
Total Western Europe | 3,125.30 | 2,373.40 | 1,588.60 | |||||||||||||||||||||
Central and Eastern Europe | 264.8 | 271.6 | 248.7 | |||||||||||||||||||||
Central and other | 257.9 | 256 | 144.3 | |||||||||||||||||||||
Total European Operations Division | 3,648.00 | 2,901.00 | 1,981.60 | |||||||||||||||||||||
Chile | 195.8 | 188.5 | 243.4 | |||||||||||||||||||||
Corporate and other | 65.4 | 72.1 | 33.6 | |||||||||||||||||||||
Property and equipment additions | 3,909.20 | 3,161.60 | 2,258.60 | |||||||||||||||||||||
Assets acquired under capital-related vendor financing arrangements | (975.3 | ) | (573.5 | ) | (246.5 | ) | ||||||||||||||||||
Assets acquired under capital leases | (127.2 | ) | (143.0 | ) | (63.1 | ) | ||||||||||||||||||
Changes in current liabilities related to capital expenditures | (122.3 | ) | 36.4 | (80.7 | ) | |||||||||||||||||||
Total capital expenditures | $ | 2,684.40 | $ | 2,481.50 | $ | 1,868.30 | ||||||||||||||||||
______________ | ||||||||||||||||||||||||
(a) | The amount presented for 2013 includes the post-acquisition property and equipment additions of Virgin Media from June 8, 2013 through December 31, 2013. | |||||||||||||||||||||||
(b) | The amount presented for 2014 includes the post-acquisition property and equipment additions of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
Revenue by Major Category | ||||||||||||||||||||||||
Our revenue by major category is set forth below: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Subscription revenue (a): | ||||||||||||||||||||||||
Video | $ | 6,544.00 | $ | 5,724.10 | $ | 4,637.60 | ||||||||||||||||||
Broadband internet | 4,724.60 | 3,538.70 | 2,407.00 | |||||||||||||||||||||
Fixed-line telephony | 3,261.40 | 2,508.50 | 1,518.90 | |||||||||||||||||||||
Cable subscription revenue | 14,530.00 | 11,771.30 | 8,563.50 | |||||||||||||||||||||
Mobile subscription revenue (b) | 1,085.60 | 669.9 | 131.5 | |||||||||||||||||||||
Total subscription revenue | 15,615.60 | 12,441.20 | 8,695.00 | |||||||||||||||||||||
B2B revenue (c) | 1,517.90 | 986.9 | 467.9 | |||||||||||||||||||||
Other revenue (b) (d) | 1,114.80 | 1,046.10 | 767.9 | |||||||||||||||||||||
Total revenue | $ | 18,248.30 | $ | 14,474.20 | $ | 9,930.80 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Subscription revenue includes amounts received from subscribers for ongoing services, excluding installation fees and late fees. Subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. | |||||||||||||||||||||||
(b) | Mobile subscription revenue excludes mobile interconnect revenue of $245.0 million, $175.2 million and $35.1 million during 2014, 2013 and 2012, respectively. Mobile interconnect revenue and revenue from mobile handset sales are included in other revenue. | |||||||||||||||||||||||
(c) | B2B revenue includes revenue from business broadband internet, video, voice, wireless and data services offered to medium to large enterprises and, on a wholesale basis, to other operators. We also provide services to certain small office and home office (SOHO) subscribers. SOHO subscribers pay a premium price to receive enhanced service levels along with video, broadband internet, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. Revenue from SOHO subscribers, which aggregated $204.1 million, $152.5 million and $59.7 million during 2014, 2013 and 2012, respectively, is included in cable subscription revenue. | |||||||||||||||||||||||
(d) | Other revenue includes, among other items, interconnect, installation and carriage fee revenue. | |||||||||||||||||||||||
Geographic Segments | ||||||||||||||||||||||||
The revenue of our geographic segments is set forth below: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K. (a) | $ | 6,941.10 | $ | 3,653.70 | $ | — | ||||||||||||||||||
Germany | 2,711.50 | 2,559.20 | 2,311.00 | |||||||||||||||||||||
Belgium | 2,279.40 | 2,185.90 | 1,918.00 | |||||||||||||||||||||
Switzerland | 1,414.40 | 1,332.10 | 1,259.80 | |||||||||||||||||||||
The Netherlands (b) | 1,498.50 | 1,242.40 | 1,229.10 | |||||||||||||||||||||
Ireland | 468.8 | 463.7 | 426.4 | |||||||||||||||||||||
Poland | 469.9 | 460.4 | 450 | |||||||||||||||||||||
Austria | 431.7 | 435 | 422 | |||||||||||||||||||||
Hungary | 310.2 | 313.8 | 298.9 | |||||||||||||||||||||
The Czech Republic | 221 | 248.9 | 253.4 | |||||||||||||||||||||
Romania | 173.3 | 163.8 | 149.4 | |||||||||||||||||||||
Slovakia | 74.5 | 74.6 | 70.5 | |||||||||||||||||||||
Other | 3.5 | 10.1 | 10.5 | |||||||||||||||||||||
Total European Operations Division | 16,997.80 | 13,143.60 | 8,799.00 | |||||||||||||||||||||
Chile | 898.5 | 991.6 | 940.6 | |||||||||||||||||||||
Puerto Rico | 306.1 | 297.2 | 145.5 | |||||||||||||||||||||
Other, including intersegment eliminations | 45.9 | 41.8 | 45.7 | |||||||||||||||||||||
Total | $ | 18,248.30 | $ | 14,474.20 | $ | 9,930.80 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | The amount presented for 2013 reflects the post-acquisition revenue of Virgin Media from June 8, 2013 through December 31, 2013. | |||||||||||||||||||||||
(b) | The amount presented for 2014 reflects the post-acquisition revenue of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
The long-lived assets of our geographic segments are set forth below: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K. | $ | 21,098.30 | $ | 23,570.60 | ||||||||||||||||||||
The Netherlands | 17,092.70 | 2,496.50 | ||||||||||||||||||||||
Germany | 9,117.90 | 10,754.70 | ||||||||||||||||||||||
Switzerland | 4,218.90 | 4,745.70 | ||||||||||||||||||||||
Belgium | 4,149.50 | 4,737.40 | ||||||||||||||||||||||
Austria | 1,082.00 | 1,216.10 | ||||||||||||||||||||||
Poland | 983.5 | 1,178.50 | ||||||||||||||||||||||
Ireland | 655.9 | 751.5 | ||||||||||||||||||||||
The Czech Republic | 580.4 | 679.7 | ||||||||||||||||||||||
Hungary | 535.7 | 640.6 | ||||||||||||||||||||||
Romania | 209.1 | 226 | ||||||||||||||||||||||
Slovakia | 110.5 | 131 | ||||||||||||||||||||||
Other (a) | 540.1 | 506.4 | ||||||||||||||||||||||
Total European Operations Division | 60,374.50 | 51,634.70 | ||||||||||||||||||||||
Puerto Rico | 1,128.30 | 1,131.90 | ||||||||||||||||||||||
Chile | 1,017.30 | 1,139.70 | ||||||||||||||||||||||
U.S. and other (b) | 68.9 | 83 | ||||||||||||||||||||||
Total - continuing operations | 62,589.00 | 53,989.30 | ||||||||||||||||||||||
Discontinued operation (c) | — | 513.6 | ||||||||||||||||||||||
Total | $ | 62,589.00 | $ | 54,502.90 | ||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Primarily represents long-lived assets of the European Operations Division’s central operations, which are located in the Netherlands. | |||||||||||||||||||||||
(b) | Primarily represents the assets of our corporate offices. | |||||||||||||||||||||||
(c) | At December 31, 2013, the long-lived assets of the Chellomedia Disposal Group are presented in long-term assets of discontinued operation in our consolidated balance sheet. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) | ||||||||||||||||
2014 | |||||||||||||||||
1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||||||||||||||
in millions, except per share amounts | |||||||||||||||||
Revenue | $ | 4,533.70 | $ | 4,602.20 | $ | 4,497.20 | $ | 4,615.20 | |||||||||
Operating income | $ | 581.7 | $ | 669.5 | $ | 703.7 | $ | 273.3 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ | (78.8 | ) | $ | (249.9 | ) | $ | 157.1 | $ | (523.4 | ) | ||||||
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3) | $ | (0.10 | ) | $ | (0.32 | ) | $ | 0.2 | $ | (0.62 | ) | ||||||
2013 | |||||||||||||||||
1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||||||||||||||
in millions, except per share amounts | |||||||||||||||||
Revenue | $ | 2,671.90 | $ | 3,057.80 | $ | 4,276.50 | $ | 4,468.00 | |||||||||
Operating income | $ | 528.2 | $ | 445.1 | $ | 521.2 | $ | 517.6 | |||||||||
Net loss attributable to Liberty Global shareholders | $ | (1.0 | ) | $ | (11.6 | ) | $ | (830.1 | ) | $ | (121.2 | ) | |||||
Basic and diluted loss attributable to Liberty Global shareholders per share (note 3) | $ | — | $ | (0.02 | ) | $ | (1.04 | ) | $ | (0.16 | ) | ||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Subsequent Events [Abstract] | |||||||
Subsequent Events | Subsequent Events | ||||||
Overview | |||||||
During the first quarter of 2015, we undertook the financing transactions described below in connection with certain internal reorganizations of our broadband and wireless communications businesses in Europe. These internal reorganizations include: | |||||||
• | the transfer on February 12, 2015 of a controlling interest in UPC Broadband Ireland Ltd. and its subsidiaries from a subsidiary of UPC Holding to a subsidiary of Virgin Media (the UPC Ireland Transfer), with the remaining noncontrolling interest transferred to another subsidiary of Liberty Global outside the UPC Holding borrowing group; and | ||||||
• | the planned first quarter 2015 internal reorganization of our broadband and wireless communications businesses in the Netherlands (the NL Reorganization), pursuant to which UPC Nederland and Ziggo and/or their successor companies and their subsidiaries will become indirect subsidiaries of Ziggo Group Holding B.V. (Ziggo Group Holding), a wholly-owned subsidiary of Liberty Global that was formed subsequent to December 31, 2014. Currently, UPC Nederland is a wholly-owned subsidiary of UPC Holding. | ||||||
UPC Ireland Transfer | |||||||
In contemplation of the UPC Ireland Transfer, certain subsidiaries of Virgin Media issued the following senior notes on January 28, 2015: | |||||||
• | Virgin Media Secured Finance issued £300.0 million ($467.4 million) principal amount of 5.125% senior secured notes due January 15, 2025 (the 2025 VM 5.125% Senior Secured Notes); and | ||||||
• | Virgin Media Finance issued (i) $400.0 million principal amount of 5.75% senior notes (the 2025 VM Dollar Senior Notes) and (ii) €460.0 million ($556.6 million) principal amount of 4.50% senior notes (the 2025 VM Euro Senior Notes and, together with the 2025 VM Dollar Senior Notes, the 2025 VM Senior Notes), each of which are due January 15, 2025. | ||||||
A portion of the proceeds from the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes, along with a portion of the Proceeds Loans (as defined and described below) will ultimately be used to redeem (a) the full principal amount of the UPC Holding 8.375% Senior Notes, (b) the full principal amount of the UPCB Finance I Notes and (c) €560.0 million ($677.6 million) principal amount of the UPCB Finance II Notes, including the related redemption premiums. | |||||||
The 2025 VM 5.125% Senior Secured Notes contain terms that are similar to the VM Senior Secured Notes with respect to ranking and covenant requirements and are guaranteed on the same basis as the VM Senior Secured Notes. The 2025 VM Senior Notes contain terms that are similar to the VM Senior Notes with respect to ranking and covenant requirements and are guaranteed on the same basis as the VM Senior Notes. For more information, see note 10. | |||||||
Subject to the circumstances described below, the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes are non-callable until January 15, 2020. At any time prior to January 15, 2020, Virgin Media Secured Finance or Virgin Media Finance (as applicable) may redeem some or all of the 2025 VM 5.125% Senior Secured Notes and 2025 VM Senior Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the first call date using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points. | |||||||
Virgin Media Secured Finance or Virgin Media Finance (as applicable) may redeem some or all of the 2025 VM 5.125% Senior Secured Notes or the 2025 VM Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the redemption date, if redeemed during the twelve-month period commencing on January 15 of the years set forth below: | |||||||
Redemption price | |||||||
Year | 2025 VM 5.125% Senior Secured Notes | 2025 VM Dollar Senior Notes | 2025 VM Euro Senior Notes | ||||
2020 | 102.56% | 102.88% | 102.25% | ||||
2021 | 101.71% | 101.92% | 101.50% | ||||
2022 | 100.85% | 100.96% | 100.75% | ||||
2023 and thereafter | 100.00% | 100.00% | 100.00% | ||||
Prior to January 15, 2020, during each 12-month period commencing on the date on which the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes are issued, each of Virgin Media Secured Finance or Virgin Media Finance may redeem up to 10% of the principal amount of the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes, respectively, at a redemption price equal to 103% of the principal amount thereof plus accrued and unpaid interest up to (but excluding) the redemption date. | |||||||
In addition, for a period of six months from the date on which the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes are issued, Virgin Media Secured Finance or Virgin Media Finance may redeem the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes, respectively, at par. | |||||||
If Virgin Media Secured Finance or Virgin Media Finance (as applicable) or the restricted subsidiaries (as specified in the indenture) sell certain assets, Virgin Media Secured Finance or Virgin Media Finance must offer to repurchase the 2025 VM 5.125% Senior Secured Notes or the 2025 VM Senior Notes, as applicable, at par, or if Virgin Media Communications or certain of its subsidiaries experience changes in control (as specified in the indenture) Virgin Media Secured Finance or Virgin Media Finance (as applicable) must offer to repurchase the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes at a redemption price of 101%. | |||||||
NL Reorganization | |||||||
In contemplation of the NL Reorganization, we formed two special purpose financing entities, Ziggo Bond Finance B.V. (Ziggo Bond Finance) and its subsidiary, Ziggo Secured Finance B.V. (Ziggo Secured Finance and, together with Ziggo Bond Finance, the Ziggo SPEs) for the primary purpose of facilitating (i) the issuance of the Ziggo SPE Notes and (ii) the creation of the New Ziggo Credit Facility (each as defined and described below). The Ziggo SPEs are wholly-owned by a Dutch foundation. | |||||||
Ziggo SPE Notes. On January 29, 2015, Ziggo Bond Finance issued (i) $400.0 million aggregate principal amount of 5.875% senior notes (the Ziggo 2025 Dollar Senior Notes) and (ii) €400.0 million ($484.0 million) aggregate principal amount of 4.625% senior notes (the Ziggo 2025 Euro Senior Notes and, together with the Ziggo 2025 Dollar Senior Notes, the Ziggo 2025 Senior Notes), in each case due January 15, 2025. | |||||||
On February 4, 2015, Ziggo Secured Finance issued €800.0 million ($968.1 million) aggregate principal amount of 3.750% senior secured notes (the Ziggo 2025 Senior Secured Notes and, together with the Ziggo 2025 Senior Notes, the Ziggo SPE Notes) due January 15, 2015. | |||||||
Pending consummation of the NL Reorganization, the net proceeds of the Ziggo SPE Notes (the Escrowed Proceeds) were placed into certain escrow accounts. The release of the Escrowed Proceeds is subject to the satisfaction of certain conditions, including the certification that the NL Reorganization will be consummated within three business days following the release of the Escrowed Proceeds. If the conditions to the release of the Escrowed Proceeds have not been satisfied on or prior to July 31, 2015, the Ziggo SPE Notes will be subject to a special mandatory redemption (the Special Mandatory Redemption) at a redemption price equal to 100% of the aggregate initial issue price of the Ziggo SPE Notes plus accrued and unpaid interest from the issue date to such special mandatory redemption date and additional amounts, as specified in the applicable indenture, if any. | |||||||
Upon release of the Escrowed Proceeds (i) Ziggo Secured Finance will use the proceeds of the Ziggo 2025 Senior Secured Notes to fund one or more proceeds loans denominated in euro, in an aggregate amount equal to the principal amount of the Ziggo 2025 Senior Secured Notes (the Senior Secured Proceeds Loans) to one or two subsidiaries of Ziggo Group Holding in such capacity a Senior Secured Proceeds Loan Borrower), subject to the terms of a senior secured proceeds loan facility (the Senior Secured Proceeds Loan Facility) and (ii) Ziggo Bond Finance will use the proceeds of the Ziggo 2025 Senior Notes to fund one or more proceeds loans denominated in U.S. dollars, in an amount equal to the principal amount of the Ziggo 2025 Dollar Senior Notes, and one or more proceeds loans denominated in euro, in an amount equal to the principal amount of the Ziggo 2025 Euro Senior Notes (together, the Senior Proceeds Loans, and along with the Senior Secured Proceeds Loans, the Proceeds Loans) to one or two subsidiaries of Ziggo Group Holding (each in such capacity a Senior Proceeds Loan Borrower, and together with the Senior Secured Proceeds Loan Borrowers, the Proceeds Loan Borrowers), subject to the terms of a senior proceeds loan facility. A portion of the proceeds from the Proceeds Loans, along with a portion of the 2025 VM 5.125% Senior Secured Notes and the 2025 VM Senior Notes, will ultimately be used to redeem (a) the full principal amount of the UPC Holding 8.375% Senior Notes, (b) the full principal amount of the UPCB Finance I Notes and (c) €560.0 million ($677.6 million) principal amount of the UPCB Finance II Notes, including the related redemption premiums. | |||||||
Each of the Ziggo SPEs is dependent on payments from the applicable Proceeds Loan Borrowers in order to service its payment obligations under the applicable Ziggo SPE Notes. None of the Proceeds Loan Borrowers or any of their respective subsidiaries guarantee or provide any credit support for the Ziggo SPEs’ obligations under the Ziggo SPE Notes, however certain subsidiaries of Ziggo Group Holding agreed to be bound by the covenants in the indentures governing the Ziggo SPE Notes. Although the Proceeds Loan Borrowers have no equity or voting interest in any of the Ziggo SPEs, each of the Proceeds Loans creates a variable interest in the respective Ziggo SPE for which the applicable Proceeds Loan Borrower is the primary beneficiary, as contemplated by GAAP. As such, the Proceeds Loan Borrowers and their parent entities, including Ziggo Group Holding and Liberty Global, are required by the provisions of GAAP to consolidate the Ziggo SPEs. Accordingly, the amounts outstanding under the Proceeds Loans will be eliminated in Liberty Global’s consolidated financial statements. | |||||||
Subject to the Special Mandatory Redemption and the circumstances described above, the Ziggo SPE Notes are non-callable until January 15, 2020. At any time prior to January 15, 2020, Ziggo Secured Finance or Ziggo Bond Finance may redeem some or all of the Ziggo SPE Notes (as applicable) by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the first call date using the discount rate (as specified in the applicable indenture) as of the redemption date plus 50 basis points. | |||||||
Ziggo Secured Finance or Ziggo Bond Finance may redeem some or all of the Ziggo SPE Notes (as applicable) at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the redemption date, if redeemed during the twelve-month period commencing on January 15 of the years set forth below: | |||||||
Redemption price | |||||||
Year | Ziggo 2025 Dollar Senior Notes | Ziggo 2025 Euro Senior Notes | Ziggo 2025 Senior Secured Notes | ||||
2020 | 102.94% | 102.31% | 101.88% | ||||
2021 | 101.96% | 101.54% | 101.25% | ||||
2022 | 100.98% | 100.77% | 100.63% | ||||
2023 and thereafter | 100.00% | 100.00% | 100.00% | ||||
Prior to January 15, 2020, the Proceeds Loan Borrowers may instruct the applicable Ziggo SPE during each 12-month period commencing on the date on which the Ziggo 2025 Senior Secured Notes are issued, to redeem up to 10% of the principal amount of the Ziggo 2025 Senior Secured Notes at a redemption price equal to 103% of the principal amount thereof plus accrued and unpaid interest up to (but excluding) the redemption date. | |||||||
If Ziggo Secured Finance or Ziggo Bond Finance or the restricted subsidiaries experience changes in control (as specified in the applicable indenture) Ziggo Secured Finance or Ziggo Bond Finance (as applicable) must offer to repurchase the Ziggo SPE Notes at a redemption price of 101%. | |||||||
The call provisions, maturity and applicable interest rate for each of the Proceeds Loans will be substantially the same as those of the applicable series of the Ziggo SPE Notes described above. | |||||||
The Ziggo 2025 Senior Notes are senior obligations of Ziggo Bond Finance that rank equally in right of payment with all existing and future senior debt of Ziggo Bond Finance and senior to all existing and future subordinated debt of Ziggo Bond Finance that is not subordinated to the Ziggo 2025 Senior Notes. The Ziggo 2025 Senior Secured Notes are senior obligations of Ziggo Secured Finance that rank equally in right of payment with all existing and future senior debt of Ziggo Secured Finance and are senior to all existing and future subordinated debt of Ziggo Secured Finance that is not subordinated to the Ziggo 2025 Senior Secured Notes. Upon the release of the Escrowed Proceeds, the Ziggo SPE Notes will be secured by a first-ranking security interest over (i) all of the issued shares of the applicable Ziggo SPE and (ii) the applicable Ziggo SPE’s rights to and benefits from the applicable Proceeds Loans. | |||||||
The Senior Secured Proceeds Loans will be senior obligations of the Senior Secured Proceeds Loan Borrowers. The Senior Secured Proceeds Loans will rank equally with all existing and future senior debt of the Senior Secured Proceeds Loan Borrowers and senior to all future subordinated debt of the Senior Secured Proceeds Loan Borrowers. The obligations of a Senior Secured Proceeds Loan Borrower under a Senior Secured Proceeds Loan will be guaranteed on a senior secured basis by the other Senior Secured Proceeds Loan Borrower that is not a borrower of such Senior Secured Proceeds Loan. | |||||||
The Senior Proceeds Loans will be senior obligations of the Senior Proceeds Loan Borrowers. The Senior Proceeds Loans will rank equally with all existing and future senior debt of the Senior Proceeds Loan Borrowers and senior to all future subordinated debt of the Senior Proceeds Loan Borrowers. The obligations of a Senior Proceeds Loan Borrower under a Senior Proceeds Loan will be guaranteed on a senior basis by the other Senior Proceeds Loan Borrower that is not a borrower of such Senior Proceeds Loan. | |||||||
New Ziggo Credit Facility. In connection with the NL Reorganization, lenders under the existing Facility AG under the UPC Broadband Holding Bank Facility agreed to roll €684.2 million ($827.9 million) into a new euro denominated term loan (Facility AJ) under the UPC Broadband Holding Bank Facility. The terms of Facility AJ will be substantially the same as the terms of Facility AG, except that the terms of Facility AJ will provide for the rollover of Facility AJ, upon completion of the NL Reorganization, into new term loans (the SPV Term Loans) under a new senior secured credit facility with Ziggo Secured Finance as the borrower (the New Ziggo Credit Facility). If the NL Reorganization is completed, Facility AJ will roll into the SPV Term Loans on a cashless basis (the SPV Credit Facility Rollover). As a result of the SPV Credit Facility Rollover, one or more receivables will be created owing from UPC Nederland to Ziggo Secured Finance. These receivables will be funded on a cashless basis as one or more facilities (the Rollover Loans) subject to the terms of the Senior Secured Proceeds Loan Facility. The New Ziggo Credit Facility, if entered into, will rank equally with the Ziggo 2025 Senior Secured Notes, including with respect to the proceeds of enforcement of the Notes Collateral, and the Rollover Loans will rank equally with the Senior Secured Proceeds Loans. |
SCHEDULE_I_Parent_Company_Info
SCHEDULE I (Parent Company Information) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||
SCHEDULE I (Parent Company Information) | LIBERTY GLOBAL PLC | |||||||
SCHEDULE I | ||||||||
(Parent Company Information - See Notes to Consolidated Financial Statements) | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(Parent Company Only) | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
in millions | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 36.7 | $ | 290.7 | ||||
Interest receivables — related-party | 448.7 | 247.1 | ||||||
Other receivables — related-party | 157.8 | 260.4 | ||||||
Current notes receivable — related-party | 5,666.80 | — | ||||||
Other current assets | 7.5 | 9.6 | ||||||
Total current assets | 6,317.50 | 807.8 | ||||||
Long-term notes receivable — related-party | 9,656.90 | 9,557.60 | ||||||
Investments in consolidated subsidiaries, including intercompany balances | 750 | 1,742.80 | ||||||
Other assets, net | 4.2 | 3 | ||||||
Total assets | $ | 16,728.60 | $ | 12,111.20 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 46.4 | $ | 11.4 | ||||
Other payables — related-party | 105.3 | 47.1 | ||||||
Debt — related-party | 679.2 | — | ||||||
Accrued liabilities and other | 16 | 6.7 | ||||||
Total current liabilities | 846.9 | 65.2 | ||||||
Long-term notes payable — related-party | 18.9 | 18.6 | ||||||
Other long-term liabilities — related-party | 1,146.60 | — | ||||||
Other long-term liabilities | 1.7 | 1.6 | ||||||
Total liabilities | 2,014.10 | 85.4 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | 2.5 | 2.2 | ||||||
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 10,139,184 and 10,147,184 shares, respectively | 0.1 | 0.1 | ||||||
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 630,353,372 and 556,221,669 shares, respectively | 6.3 | 5.6 | ||||||
Additional paid-in capital | 17,070.80 | 12,809.40 | ||||||
Accumulated deficit | (4,007.6 | ) | (3,312.6 | ) | ||||
Accumulated other comprehensive earnings, net of taxes | 1,646.60 | 2,528.80 | ||||||
Treasury shares, at cost | (4.2 | ) | (7.7 | ) | ||||
Total shareholders’ equity | 14,714.50 | 12,025.80 | ||||||
Total liabilities and shareholders’ equity | $ | 16,728.60 | $ | 12,111.20 | ||||
LIBERTY GLOBAL PLC | ||||||||
SCHEDULE I | ||||||||
(Parent Company Information - See Notes to Consolidated Financial Statements) | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||
(Parent Company Only) | ||||||||
Period from | ||||||||
June 8, | ||||||||
Year ended | 2013 through | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
in millions | ||||||||
Operating costs and expenses: | ||||||||
Selling, general and administrative (including share-based compensation) | $ | 43 | $ | 9.7 | ||||
Related-party fees and allocations | 151.8 | 54.9 | ||||||
Other operating expenses | 3.5 | — | ||||||
Operating loss | (198.3 | ) | (64.6 | ) | ||||
Non-operating income (expense): | ||||||||
Interest income, net | 812.1 | 468.3 | ||||||
Realized and unrealized gains (losses) on derivative instruments, net | 13.7 | (4.5 | ) | |||||
Foreign currency transaction losses, net | (58.2 | ) | — | |||||
Other expense, net | (8.1 | ) | — | |||||
759.5 | 463.8 | |||||||
Earnings before income taxes and equity in losses of consolidated subsidiaries, net | 561.2 | 399.2 | ||||||
Equity in losses of consolidated subsidiaries, net | (1,120.8 | ) | (1,306.3 | ) | ||||
Income tax expense | (135.4 | ) | (105.8 | ) | ||||
Net loss | $ | (695.0 | ) | $ | (1,012.9 | ) | ||
LIBERTY GLOBAL PLC | ||||||||
SCHEDULE I | ||||||||
(Parent Company Information - See Notes to Consolidated Financial Statements) | ||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||
(Parent Company Only) | ||||||||
Period from | ||||||||
June 8, | ||||||||
Year ended | 2013 through | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
in millions | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (695.0 | ) | $ | (1,012.9 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Equity in losses of consolidated subsidiaries, net | 1,120.80 | 1,306.30 | ||||||
Share-based compensation expense | 20.2 | 3.5 | ||||||
Related-party fees and allocations | 151.8 | 54.9 | ||||||
Other operating expenses | 3.5 | — | ||||||
Realized and unrealized losses (gains) on derivative instruments, net | (13.7 | ) | 4.5 | |||||
Foreign currency transaction losses, net | 58.2 | — | ||||||
Deferred income tax benefit | (3.6 | ) | (0.4 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Receivables and other operating assets | 0.2 | (104.9 | ) | |||||
Payables and accruals | (65.3 | ) | 2.6 | |||||
Net cash provided by operating activities | 577.1 | 253.6 | ||||||
Cash flows from investing activities: | ||||||||
Distributions and advances from subsidiaries and affiliates, net | (368.3 | ) | 949 | |||||
Other investing activities, net | 1.8 | (11.3 | ) | |||||
Net cash provided (used) by investing activities | (366.5 | ) | 937.7 | |||||
Cash flows from financing activities: | ||||||||
Repurchase of Liberty Global shares | (1,584.9 | ) | (971.8 | ) | ||||
Borrowings of related-party debt | 1,221.50 | — | ||||||
Repayments of related-party debt | (542.3 | ) | — | |||||
Proceeds received from subsidiaries in connection with the issuance of Liberty Global shares | 435.1 | — | ||||||
Proceeds from issuance of Liberty Global shares upon exercise of stock options | 54.8 | 78.1 | ||||||
Proceeds (payments) associated with call option contracts, net | (41.7 | ) | 4.1 | |||||
Other financing activities, net | (6.6 | ) | (11.0 | ) | ||||
Net cash used by financing activities | (464.1 | ) | (900.6 | ) | ||||
Effect of exchange rate changes on cash | (0.5 | ) | — | |||||
Net increase (decrease) in cash and cash equivalents | (254.0 | ) | 290.7 | |||||
Cash and cash equivalents: | ||||||||
Beginning of period | 290.7 | — | ||||||
End of period | $ | 36.7 | $ | 290.7 | ||||
LIBERTY GLOBAL, INC. | ||||||||
SCHEDULE I | ||||||||
(Parent Company Information - See Notes to Consolidated Financial Statements) | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||
(Parent Company Only) | ||||||||
Period from | ||||||||
January 1, | ||||||||
2013 through | Year ended | |||||||
June 7, | December 31, | |||||||
2013 | 2012 | |||||||
in millions | ||||||||
Operating costs and expenses: | ||||||||
Selling, general and administrative (including stock-based compensation) | $ | 43.5 | $ | 98.1 | ||||
Depreciation and amortization | 0.3 | 0.8 | ||||||
Other operating charges | 48.1 | — | ||||||
Operating loss | (91.9 | ) | (98.9 | ) | ||||
Non-operating expense: | ||||||||
Interest expense, net | (0.7 | ) | (0.1 | ) | ||||
Other expense, net | (0.1 | ) | (0.5 | ) | ||||
(0.8 | ) | (0.6 | ) | |||||
Loss before income taxes and equity in earnings of consolidated subsidiaries, net | (92.7 | ) | (99.5 | ) | ||||
Equity in earnings of consolidated subsidiaries, net | 120 | 390.7 | ||||||
Income tax benefit | 21.7 | 31.6 | ||||||
Net earnings | $ | 49 | $ | 322.8 | ||||
LIBERTY GLOBAL, INC. | ||||||||
SCHEDULE I | ||||||||
(Parent Company Information - See Notes to Consolidated Financial Statements) | ||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||
(Parent Company Only) | ||||||||
Period from | ||||||||
January 1, | ||||||||
2013 through | Year ended | |||||||
June 7, | December 31, | |||||||
2013 | 2012 | |||||||
in millions | ||||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 49 | $ | 322.8 | ||||
Adjustments to reconcile net earnings to net cash used by operating activities: | ||||||||
Equity in earnings of consolidated subsidiaries, net | (120.0 | ) | (390.7 | ) | ||||
Stock-based compensation expense | 11.5 | 33 | ||||||
Depreciation and amortization | 0.3 | 0.8 | ||||||
Other operating charges | 48.1 | — | ||||||
Deferred income tax expense (benefit) | (21.9 | ) | 111.7 | |||||
Excess tax benefits from stock-based compensation | — | (2.6 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Receivables and other operating assets | (7.2 | ) | (27.1 | ) | ||||
Payables and accruals | (23.8 | ) | (71.4 | ) | ||||
Net cash used by operating activities | (64.0 | ) | (23.5 | ) | ||||
Cash flows from investing activities: | ||||||||
Distributions and advances from subsidiaries and affiliates, net | 163.1 | 855.1 | ||||||
Capital expenditures | (0.7 | ) | (2.0 | ) | ||||
Net cash provided by investing activities | 162.4 | 853.1 | ||||||
Cash flows from financing activities: | ||||||||
Repurchase of LGI common stock | (185.4 | ) | (970.3 | ) | ||||
Proceeds (payments) related to call option contracts for LGI common stock | 55.5 | (52.1 | ) | |||||
Payment of net settled employee withholding taxes on stock incentive awards | (13.1 | ) | (22.1 | ) | ||||
Proceeds from issuance of LGI common stock upon exercise of stock options | 2.9 | 25.6 | ||||||
Excess tax benefits from stock-based compensation | — | 2.6 | ||||||
Net cash used by financing activities | (140.1 | ) | (1,016.3 | ) | ||||
Net decrease in cash and cash equivalents | (41.7 | ) | (186.7 | ) | ||||
Cash and cash equivalents: | ||||||||
Beginning of period | 69.4 | 256.1 | ||||||
End of period | $ | 27.7 | $ | 69.4 | ||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LIBERTY GLOBAL PLC | ||||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
Allowance for doubtful accounts — Trade receivables | |||||||||||||||||||||||
Balance at | Additions to | Acquisitions | Deductions | Foreign | Disposals/ discontinued operations | Balance at | |||||||||||||||||
beginning | costs and | or write-offs | currency | end of | |||||||||||||||||||
of period | expenses | translation | period | ||||||||||||||||||||
adjustments | |||||||||||||||||||||||
in millions | |||||||||||||||||||||||
Year ended December 31: | |||||||||||||||||||||||
2012 | $ | 144 | 66.4 | 4 | (113.6 | ) | 2.2 | — | $ | 103 | |||||||||||||
2013 | $ | 103 | 113.3 | 12.9 | (98.1 | ) | 1.7 | (10.2 | ) | $ | 122.6 | ||||||||||||
2014 | $ | 122.6 | 119.1 | 7.9 | (120.5 | ) | (13.0 | ) | — | $ | 116.1 | ||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Estimates | Estimates |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. | |
Reclassifications | Reclassifications |
Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Principles of Consolidation | Principles of Consolidation |
The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash |
Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value reported by the investment manager as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value reported by the investment manager. | |
Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. | |
Trade Receivables | Trade Receivables |
Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $116.1 million and $122.6 million at December 31, 2014 and 2013, respectively. The allowance for doubtful accounts is based upon our assessment of probable loss related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either receipt of payment or the likelihood of collection is considered to be remote. | |
Concentration of credit risk with respect to trade receivables is limited due to the large number of customers and their dispersion across many different countries worldwide. We also manage this risk by disconnecting services to customers whose accounts are delinquent. | |
Investments | Investments |
We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. We generally elect the fair value method for all investments, except those investments over which we exercise significant influence. For investments over which we have significant influence, we consider statutory reporting obligations, the significance of transactions between our company and our equity affiliates and other factors in determining whether the fair value should be applied. We generally will not elect the fair value option if we are required to account for an investment under the equity method of accounting under statutory reporting obligations. In addition, we generally do not elect the fair value option for those significant-influence investments with which Liberty Global or its consolidated subsidiaries have significant related-party obligations. | |
Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. Under the equity method of accounting, investments are recorded at cost and are subsequently increased or reduced to reflect the share of income or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 6 and 8. | |
Dividends from publicly-traded investees are recognized when declared as dividend income in our consolidated statements of operations. Dividends from privately-held investees generally are reflected as reductions of the carrying values of the applicable investments. | |
Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. | |
Financial Instruments | Financial Instruments |
Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable, accrued liabilities, subscriber advance payments and deposits and other current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of certain of our investments, our derivatives and debt, see notes 6, 7 and 10, respectively. For information concerning how we arrive at certain of our fair value measurements, see note 8. | |
Derivative Instruments | Derivative Instruments |
All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a fair value hedge, the changes in the fair value of the derivative instrument and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. We generally do not apply hedge accounting to our derivative instruments. For information regarding our derivative instruments, including our policy for classifying cash flows related to derivative instruments in our consolidated statements of cash flows, see note 7. | |
Property and Equipment | Property and Equipment |
Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable transmission and distribution facilities and the installation of new cable services. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities such as reconnecting customer locations where a drop already exists, disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. | |
Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. | |
Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under capital leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 9. | |
Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. | |
We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities. Under certain circumstances, the authorities could require us to remove our network equipment from an area if, for example, we were to discontinue using the equipment for an extended period of time or the authorities were to decide not to renew our access rights. However, because the rights of way are integral to our ability to deliver broadband communications services to our customers, we expect to conduct our business in a manner that will allow us to maintain these rights for the foreseeable future. In addition, we have no reason to believe that the authorities will not renew our rights of way and, historically, renewals have been granted. We also have obligations in lease agreements to restore the property to its original condition or remove our property at the end of the lease term. Sufficient information is not available to estimate the fair value of our asset retirement obligations in certain of our lease arrangements. This is the case for long-term lease arrangements in which the underlying leased property is integral to our operations, there is not an acceptable alternative to the leased property and we have the ability to indefinitely renew the lease. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. | |
Intangible Assets | Intangible Assets |
Our primary intangible assets relate to goodwill, customer relationships and cable television franchise rights. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships and cable television franchise rights were originally recorded at their fair values in connection with business combinations. | |
Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. | |
We do not amortize our franchise rights and certain other intangible assets as these assets have indefinite lives. For additional information regarding the useful lives of our intangible assets, see note 9. | |
Impairment of Property and Equipment and Intangible Assets | Impairment of Property and Equipment and Intangible Assets |
We review, when circumstances warrant, the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include, among other items, (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. | |
We evaluate the goodwill, franchise rights and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever other facts and circumstances indicate that the carrying amounts of goodwill and other indefinite-lived intangible assets may not be recoverable. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). In most cases, our operating segments are deemed to be a reporting unit either because the operating segment is comprised of only a single component, or the components below the operating segment are aggregated as they have similar economic characteristics. If the carrying value of a reporting unit were to exceed its fair value, we would then compare the implied fair value of the reporting unit’s goodwill to its carrying amount, and any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. With respect to franchise rights or other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value of the franchise right or other indefinite-lived intangible asset is also charged to operations as an impairment loss. | |
Income Taxes | Income Taxes |
Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. Interest and penalties related to income tax liabilities are included in income tax expense. For additional information on our income taxes, see note 11. | |
Defined Benefit Plans | Defined Benefit Plans |
Certain of our subsidiaries maintain various employee defined benefit plans. Certain assumptions and estimates must be made in order to determine the costs and future benefits that will be associated with these plans. These assumptions include (i) the estimated long-term rates of return to be earned by plan assets, (ii) the estimated discount rates used to value the projected benefit obligations and (iii) estimated wage increases. We estimate discount rates annually based upon the yields on high-quality fixed-income investments available at the measurement date and expected to be available during the period to maturity of the benefits under the applicable defined benefit plan. For the long-term rates of return, we consider relevant factors such as discount rates and estimated returns on the subsidiaries’ targeted and actual asset allocations. To the extent that net actuarial gains or losses exceed 10% of the greater of plan assets or plan liabilities, such gains or losses are amortized over the average future service period of plan participants. For additional information, see note 15. | |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions |
The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. | |
Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. | |
Revenue Recognition | Revenue Recognition |
Service Revenue — Cable Networks. We recognize revenue from the provision of video, broadband internet and fixed-line telephony services over our cable network to customers in the period the related services are provided. Installation revenue (including reconnect fees) related to services provided over our cable network is recognized as revenue in the period during which the installation occurs to the extent these fees are equal to or less than direct selling costs, which costs are expensed as incurred. To the extent installation revenue exceeds direct selling costs, the excess revenue is deferred and amortized over the average expected subscriber life. | |
Sale of Multiple Products and Services. We sell video, broadband internet, fixed-line telephony and, in certain markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual services based on the relative standalone price for each respective service. | |
Mobile Revenue — General. Arrangement consideration from mobile contracts is allocated to the airtime service element and the handset service element based on the relative standalone prices of each element. The amount of arrangement consideration allocated to the handset is limited to the amount that is not contingent upon the delivery of future airtime services. Certain of our operations that provide mobile services offer handsets under a subsidized contract model, whereby upfront revenue recognition is limited to the upfront cash collected from the customer as the remaining monthly fees to be received from the customer, including fees that may be associated with the handset, are contingent upon delivering future airtime services. At certain of our operations, mobile customers may choose to enter into two distinct contractual relationships: (i) a mobile handset contract and (ii) a mobile airtime services contract. Under the mobile handset contract, the customer takes full title to the handset upon delivery and typically has the option to either (a) pay for the handset in cash upon delivery or (b) pay for the handset in installments over a contractual period. Under these arrangements, the handset installments payments are not contingent upon delivering future airtime services and the arrangement consideration allocated to the handset is not limited to the upfront cash collected. | |
Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period the related services are provided. Revenue from pre-pay customers is recorded as deferred revenue prior to the commencement of services and revenue is recognized as the services are rendered or usage rights expire. | |
Mobile Revenue — Handset Revenue. Arrangement consideration allocated to handsets is recognized as revenue when the goods have been delivered and title has passed. For customers under a mobile handset installment contract that is independent of a mobile airtime services contract, revenue is recognized upon delivery only if collectibility is reasonably assured. Our assessment of collectibility is based principally on internal and external credit assessments as well as historical collection information for similar customers. To the extent that collectibility of installment payments from the customer is not reasonably assured upon delivery of the handset, handset revenue is recognized on a cash basis as customer payments are received. | |
Business-to-Business (B2B) Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis over the term of the arrangement or the expected period of performance. | |
Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. | |
Subscriber Advance Payments and Deposits. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. | |
Sales, Use and Other Value-Added Taxes (VAT). Revenue is recorded net of applicable sales, use and other value-added taxes. | |
Share-Based Compensation | Share-Based Compensation |
We recognize all share-based payments to employees, including grants of employee share incentive awards based on their grant-date fair values and our estimates of forfeitures. We recognize the fair value of outstanding awards as a charge to operations over the vesting period. The cash benefits of tax deductions in excess of deferred taxes on recognized share-based compensation expense are reported as a financing cash flow. | |
We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. | |
We have calculated the expected life of options and share appreciation rights (SARs) granted by Liberty Global to employees based on historical exercise trends. The expected volatility for Liberty Global options and SARs is generally based on a combination of (i) historical volatilities of Liberty Global ordinary shares for a period equal to the expected average life of the Liberty Global awards and (ii) volatilities implied from publicly traded Liberty Global options. | |
Under U.K. corporate law, we are required to issue new shares of Liberty Global ordinary shares when Liberty Global options or SARs are exercised and when restricted share units (RSUs) and performance-based restricted share units (PSUs) vest. Although we repurchase Liberty Global ordinary shares from time to time, the parameters of our share purchase and redemption activities are not established solely with reference to the dilutive impact of our share-based compensation plans. | |
For additional information regarding our share-based compensation, see note 13. | |
Litigation Costs | Litigation Costs |
Legal fees and related litigation costs are expensed as incurred. | |
Earnings or Loss per Ordinary Share | Earnings or Loss per Ordinary Share |
Basic earnings or loss per share attributable to Liberty Global shareholders is computed by dividing net earnings or loss attributable to Liberty Global shareholders by the weighted average number of ordinary shares (excluding restricted shares) outstanding for the period. Diluted earnings or loss per share attributable to Liberty Global shareholders presents the dilutive effect, if any, on a per share basis of potential ordinary shares (e.g., options, SARs, restricted shares, RSUs and convertible securities) as if they had been exercised, vested or converted at the beginning of the periods presented. | |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace existing revenue recognition accounting principles generally accepted in the United States (GAAP) when it becomes effective, currently scheduled for January 1, 2017. Early application is not permitted. This new standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Schedule of net loss attributable to LGI Stockholders | The details of our net earnings (loss) attributable to Liberty Global shareholders are set forth below: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
in millions | ||||||||||||
Amounts attributable to Liberty Global shareholders: | ||||||||||||
Loss from continuing operations | $ | (1,028.5 | ) | $ | (937.6 | ) | $ | (623.7 | ) | |||
Earnings (loss) from discontinued operations | 333.5 | (26.3 | ) | 946.5 | ||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ | (695.0 | ) | $ | (963.9 | ) | $ | 322.8 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Ziggo Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions | For accounting purposes, the Ziggo Acquisition was treated as the acquisition of Ziggo by Liberty Global. In this regard, the equity and cash consideration paid to acquire Ziggo plus the fair value of our pre-existing investment in Ziggo on the Ziggo Acquisition Date is set forth below (in millions): | |||||||
Liberty Global Class A ordinary shares (a) | $ | 1,448.70 | ||||||
Liberty Global Class C ordinary shares (a) | 3,457.10 | |||||||
Cash (b) | 1,872.90 | |||||||
Fair value of pre-existing investment in Ziggo (c) | 2,015.40 | |||||||
Total | $ | 8,794.10 | ||||||
_______________ | ||||||||
(a) | Represents the value assigned to the 31,172,985 Liberty Global Class A and 76,907,936 Liberty Global Class C ordinary shares issued to Ziggo shareholders in connection with the Ziggo Acquisition through the Ziggo Acquisition Date. These amounts are based on (i) the exchange ratios specified by the Ziggo Merger Agreement, (ii) the applicable closing per share prices of Liberty Global Class A and Class C ordinary shares and (iii) 136,603,794 ordinary shares of Ziggo tendered in the Ziggo Offer through the Ziggo Acquisition Date. | |||||||
(b) | Represents the cash consideration paid in connection with the Ziggo Acquisition. | |||||||
(c) | Represents the fair value of the 41,329,850 million shares of Ziggo held by Liberty Global and its subsidiaries immediately prior to the Ziggo Acquisition. | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | We have accounted for the Ziggo Acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Ziggo based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. A summary of the purchase price and the preliminary opening balance sheet for the Ziggo Acquisition as of the Ziggo Acquisition Date is presented in the following table. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable assets and liabilities. Although most items in the valuation process remain open, the items with the highest likelihood of changing upon finalization of the valuation process include property and equipment, goodwill, intangible assets associated with customer relationships and income taxes (in millions): | |||||||
Cash and cash equivalents (a) | $ | 1,889.70 | ||||||
Other current assets | 69.6 | |||||||
Property and equipment, net | 2,714.90 | |||||||
Goodwill (b) | 7,724.30 | |||||||
Intangible assets subject to amortization (c) | 5,000.90 | |||||||
Other assets, net | 394.6 | |||||||
Current portion of debt and capital lease obligations | (604.0 | ) | ||||||
Other accrued and current liabilities | (443.5 | ) | ||||||
Long-term debt and capital lease obligations | (5,351.5 | ) | ||||||
Other long-term liabilities | (1,520.3 | ) | ||||||
Noncontrolling interest (d) | (1,080.6 | ) | ||||||
Total purchase price (e) | $ | 8,794.10 | ||||||
_______________ | ||||||||
(a) | The Ziggo Acquisition resulted in $16.8 million of net cash received after deducting the cash consideration paid in the Ziggo Acquisition. | |||||||
(b) | The goodwill recognized in connection with the Ziggo Acquisition is primarily attributable to (i) the ability to take advantage of Ziggo’s existing advanced broadband communications network to gain immediate access to potential customers and (ii) substantial synergies that are expected to be achieved through the integration of Ziggo with UPC Nederland and our other European operations. | |||||||
(c) | Amount primarily includes intangible assets related to customer relationships. As of the Ziggo Acquisition Date, the weighted average useful life of Ziggo’s intangible assets was approximately ten years. | |||||||
(d) | Represents the fair value of the noncontrolling interest in Ziggo as of the Ziggo Acquisition Date. | |||||||
(e) | Excludes direct acquisition costs of $84.1 million incurred through December 31, 2014, which are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. | |||||||
Ziggo NCI Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions | We have accounted for the Ziggo NCI Acquisition as an equity transaction, with the carrying amount of the noncontrolling interest adjusted to reflect the change in ownership of Ziggo. The difference between the fair value of consideration paid and the amount by which the noncontrolling interest was adjusted has been recognized as additional paid-in capital in our consolidated statement of equity. The impact of the Ziggo NCI Acquisition is summarized in the following table (in millions): | |||||||
Reduction of noncontrolling interests | $ | 927.2 | ||||||
Additional paid-in capital | 23.5 | |||||||
Fair value of consideration paid (a) | $ | 950.7 | ||||||
_______________ | ||||||||
(a) | Represents (i) the value assigned to the 4,335,357 Liberty Global Class A and 10,695,906 Liberty Global Class C ordinary shares issued to Ziggo shareholders and (ii) cash consideration of €209.0 million ($260.7 million at the applicable rates) paid to Ziggo shareholders, based on the 18,998,057 ordinary shares of Ziggo tendered in connection with the Ziggo NCI Acquisition. | |||||||
Virgin Media Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions | For accounting purposes, the Virgin Media Acquisition was treated as the acquisition of Virgin Media by Liberty Global (as the successor to LGI). In this regard, the equity and cash consideration paid to acquire Virgin Media is set forth below (in millions): | |||||||
Class A ordinary shares (a) | $ | 2,735.00 | ||||||
Class C ordinary shares (a) | 6,369.90 | |||||||
Cash (b) | 4,760.20 | |||||||
Fair value of the vested portion of Virgin Media stock incentive awards (c) | 270.4 | |||||||
Total equity and cash consideration | $ | 14,135.50 | ||||||
_______________ | ||||||||
(a) | Represents the value assigned to the 70,233,842 Class A and 175,122,182 Class C ordinary shares issued to Virgin Media shareholders in connection with the Virgin Media Acquisition. These amounts are based on (i) the exchange ratios specified by the Virgin Media Merger Agreement, (ii) the closing per share price on June 7, 2013 of Series A and Series C LGI common stock of $38.94 and $36.37, respectively, and (iii) the 272,013,333 outstanding shares of Virgin Media common stock at June 7, 2013. | |||||||
(b) | Represents the cash consideration paid in connection with the Virgin Media Acquisition. This amount is based on (i) the $17.50 per share cash consideration specified by the Virgin Media Merger Agreement and (ii) the 272,013,333 outstanding shares of Virgin Media common stock at June 7, 2013. | |||||||
(c) | Represents the portion of the estimated fair value of the Virgin Media stock incentive awards that are attributable to services provided prior to the June 7, 2013 acquisition date. The estimated fair value is based on the attributes of the 13.03 million outstanding Virgin Media stock incentive awards at June 7, 2013, including the market price of the underlying Virgin Media common stock. The outstanding Virgin Media stock incentive awards at June 7, 2013 include 9.86 million stock options that have been valued using Black Scholes option valuations. In addition, Virgin Media’s stock incentive awards at June 7, 2013 included 3.17 million restricted stock units that included performance conditions and, in certain cases, market conditions. Those restricted stock units with market conditions have been valued using Monte Carlo simulation models. | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the purchase price and opening balance sheet for the Virgin Media Acquisition at the June 7, 2013 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): | |||||||
Cash and cash equivalents | $ | 694.6 | ||||||
Other current assets | 932.2 | |||||||
Property and equipment, net | 9,863.10 | |||||||
Goodwill (a) | 9,000.80 | |||||||
Intangible assets subject to amortization (b) | 3,925.80 | |||||||
Other assets, net | 4,259.40 | |||||||
Current portion of debt and capital lease obligations | (1,184.5 | ) | ||||||
Other accrued and current liabilities (c) (d) | (1,892.2 | ) | ||||||
Long-term debt and capital lease obligations | (8,477.4 | ) | ||||||
Other long-term liabilities (c) | (1,326.3 | ) | ||||||
Additional paid-in capital (e) | (1,660.0 | ) | ||||||
Total purchase price (f) | $ | 14,135.50 | ||||||
_______________ | ||||||||
(a) | The goodwill recognized in connection with the Virgin Media Acquisition is primarily attributable to (i) the ability to take advantage of Virgin Media’s existing advanced broadband communications network to gain immediate access to potential customers and (ii) substantial synergies that were expected to be achieved through the integration of Virgin Media with our other broadband communications operations in Europe. | |||||||
(b) | Amount primarily includes intangible assets related to customer relationships. At June 7, 2013, the weighted average useful life of Virgin Media’s intangible assets was approximately seven years. | |||||||
(c) | No amounts were allocated to deferred revenue with respect to the then ongoing performance obligations associated with Virgin Media’s B2B service contracts, as the remaining fees to be received under these contracts approximated fair value given our estimates of the costs associated with these performance obligations. | |||||||
(d) | Amount includes a $35.6 million liability that was recorded to adjust an unfavorable capacity contract to its estimated fair value. This amount was amortized through the March 31, 2014 expiration date of the contract as a reduction of Virgin Media’s operating expenses so that the net effect of this amortization and the payments required under the contract approximated market rates. During the period from June 8, 2013 through December 31, 2013 and the year ended December 31, 2014, $22.8 million and $12.8 million, respectively, of this liability was amortized as a reduction of operating expenses in our consolidated statements of operations. | |||||||
(e) | Represents the equity component of the VM Convertible Notes (as defined and described in note 10). During the period from June 7, 2013 through December 31, 2013, 94.4% of the VM Convertible Notes were exchanged for Liberty Global Class A and Class C ordinary shares and cash pursuant to the terms of the VM Convertible Notes Indenture. For additional information, see note 10. | |||||||
(f) | Excludes direct acquisition costs of $51.5 million, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. | |||||||
OneLink [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the purchase price and opening balance sheet for OneLink at the November 8, 2012 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): | |||||||
Cash and cash equivalents | $ | 4.4 | ||||||
Other current assets (a) | 19.2 | |||||||
Property and equipment, net | 150.2 | |||||||
Intangible assets subject to amortization (b) | 90.5 | |||||||
Intangible assets not subject to amortization - cable television franchise rights | 285 | |||||||
Goodwill (c) | 226.1 | |||||||
Other assets, net | 1.2 | |||||||
Current portion of debt and capital lease obligations | (3.5 | ) | ||||||
Other current liabilities (a) | (54.1 | ) | ||||||
Long-term debt and capital lease obligations | (496.9 | ) | ||||||
Deferred tax liabilities | (125.6 | ) | ||||||
Total purchase price | $ | 96.5 | ||||||
_______________ | ||||||||
(a) | Other current liabilities include an accrual for a loss contingency that was measured based on our best estimate of the probable loss. The OneLink Seller partially indemnified us for the outcome of this loss contingency and, accordingly, other current assets includes an indemnification asset, measured using the same basis as the associated loss contingency. | |||||||
(b) | Amount primarily includes intangible assets related to customer relationships. At November 8, 2012, the weighted average useful life of OneLink’s intangible assets was approximately 10 years. | |||||||
(c) | The goodwill recognized in connection with the Puerto Rico Transaction is primarily attributable to (i) the ability to take advantage of the existing advanced broadband communications networks of OneLink to gain immediate access to potential customers and (ii) substantial synergies that were expected to be achieved through the integration of OneLink with our existing broadband communications operations in Puerto Rico. | |||||||
Ziggo Acquisition and Virgin Media Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Pro Forma Information for Significant Acquisitions | The following unaudited pro forma consolidated operating results give effect to (i) the acquisition of 100% of Ziggo and (ii) the Virgin Media Acquisition, as if they had been completed as of January 1, 2013. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. | |||||||
Year ended December 31, | ||||||||
2014 | 2013 | |||||||
in millions, except per | ||||||||
share amounts | ||||||||
Revenue: | ||||||||
Continuing operations | $ | 20,095.70 | $ | 19,301.20 | ||||
Discontinued operations | 26.6 | 408.6 | ||||||
Total | $ | 20,122.30 | $ | 19,709.80 | ||||
Net loss attributable to Liberty Global shareholders | $ | (1,223.0 | ) | $ | (1,200.2 | ) | ||
Basic and diluted loss attributable to Liberty Global shareholders per share | $ | (1.35 | ) | $ | (1.30 | ) | ||
Virgin Media Acquisition and Puerto Rico Transaction [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Pro Forma Information for Significant Acquisitions | The following unaudited pro forma consolidated operating results give effect to (i) the Virgin Media Acquisition and (ii) the Puerto Rico Transaction, as if they had been completed as of January 1, 2012. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. | |||||||
Year ended December 31, | ||||||||
2013 | 2012 | |||||||
in millions, except per | ||||||||
share amounts | ||||||||
Revenue: | ||||||||
Continuing operations | $ | 17,239.10 | $ | 16,465.00 | ||||
Discontinued operations | 408.6 | 673.7 | ||||||
Total | $ | 17,647.70 | $ | 17,138.70 | ||||
Net earnings (loss) attributable to Liberty Global shareholders (a) | $ | (1,300.4 | ) | $ | 3,701.50 | |||
Basic earnings (loss) attributable to Liberty Global shareholders per share (a) | $ | (1.63 | ) | $ | 4.48 | |||
Diluted earnings (loss) attributable to Liberty Global shareholders per share (a) | $ | (1.63 | ) | $ | 4.39 | |||
_______________ | ||||||||
(a) | The 2012 amounts reflect the impact of a $4,144.9 million release of valuation allowances on Virgin Media’s deferred tax assets. This release was included in Virgin Media’s historical results for the fourth quarter of 2012. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Chellomedia [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Schedule of summarized financial position and operating results, discontinued operations | The summarized financial position of the Chellomedia Disposal Group as of December 31, 2013 is as follows (in millions): | |||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 4.6 | ||||||||||
Other current assets | 234.1 | |||||||||||
Investments | 21.1 | |||||||||||
Property and equipment, net | 43.1 | |||||||||||
Goodwill | 224.4 | |||||||||||
Other assets | 225 | |||||||||||
Total assets (a) | $ | 752.3 | ||||||||||
Liabilities: | ||||||||||||
Current liabilities | $ | 127.5 | ||||||||||
Other long-term liabilities | 19.8 | |||||||||||
Total liabilities (a) | 147.3 | |||||||||||
Total equity | 605 | |||||||||||
Total liabilities and equity | $ | 752.3 | ||||||||||
______________ | ||||||||||||
(a) | Excludes intercompany payables and receivables that are eliminated within Liberty Global’s consolidated financial statements. | |||||||||||
Chellomedia and Austar [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Schedule of summarized financial position and operating results, discontinued operations | The combined operating results of the Chellomedia Disposal Group (2014, 2013 and 2012) and Austar (2012) are classified as discontinued operations in our consolidated statements of operations and are summarized in the following table: | |||||||||||
Year ended December 31, | ||||||||||||
2014 (a) (b) | 2013 (b) | 2012 (b) (c) | ||||||||||
in millions | ||||||||||||
Revenue | $ | 26.6 | $ | 408.6 | $ | 673.7 | ||||||
Operating income | $ | 0.6 | $ | 12.1 | $ | 78.7 | ||||||
Earnings (loss) before income taxes and noncontrolling interests | $ | 0.9 | $ | (1.0 | ) | $ | 75.2 | |||||
Income tax expense | $ | (0.1 | ) | $ | (22.7 | ) | $ | (28.1 | ) | |||
Earnings (loss) from discontinued operations attributable to Liberty Global shareholders, net of taxes | $ | 0.8 | $ | (26.3 | ) | $ | 22.4 | |||||
______________ | ||||||||||||
(a) | Includes the operating results of the Chellomedia Disposal Group through January 31, 2014, the date the Chellomedia Disposal Group was sold. | |||||||||||
(b) | Excludes the Chellomedia Disposal Group's intercompany revenue and expenses that are eliminated within Liberty Global's consolidated financial statements. | |||||||||||
(c) | Includes the operating results of Austar through May 23, 2012, the date the Austar Transaction was completed. |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Investments [Abstract] | |||||||||
Schedule of Investments by Accounting Method | The details of our investments are set forth below: | ||||||||
December 31, | |||||||||
Accounting Method | 2014 | 2013 | |||||||
in millions | |||||||||
Fair value: | |||||||||
Ziggo: | |||||||||
Not subject to re-use rights (34.1 million shares at December 31, 2013) | $ | — | $ | 1,560.10 | |||||
Subject to re-use rights (22.9 million shares at December 31, 2013) | — | 1,049.40 | |||||||
Total — Ziggo | — | 2,609.50 | |||||||
ITV — subject to re-use rights | 871.2 | — | |||||||
Sumitomo | 473.1 | 572.9 | |||||||
Other | 318.4 | 299.4 | |||||||
Total — fair value | 1,662.70 | 3,481.80 | |||||||
Equity | 145.1 | 8.9 | |||||||
Cost | 0.4 | 0.5 | |||||||
Total | $ | 1,808.20 | $ | 3,491.20 | |||||
Discontinued operation — Investments held by the Chellomedia Disposal Group | $ | — | $ | 21.1 | |||||
Schedule of Equity Method Investments | The summarized financial condition of Ziggo as of December 31, 2013 is set forth below (in millions): | ||||||||
Current assets | $ | 261.9 | |||||||
Long-term assets | 6,131.50 | ||||||||
Total assets | $ | 6,393.40 | |||||||
Current liabilities | $ | 539.3 | |||||||
Long-term liabilities | 4,516.00 | ||||||||
Owners’ equity | 1,338.10 | ||||||||
Total liabilities and owners’ equity | $ | 6,393.40 | |||||||
The summarized results of operations of Ziggo for the periods indicated are set forth below: | |||||||||
2014 (a) | 2013 (b) | ||||||||
in millions | |||||||||
Revenue | $ | 1,876.90 | $ | 1,570.70 | |||||
Operating income | $ | 336 | $ | 418.5 | |||||
Net earnings (loss) | $ | (230.3 | ) | $ | 199.1 | ||||
_______________ | |||||||||
(a) | Amounts relate to the period from January 1, 2014 through the Ziggo Acquisition Date. | ||||||||
(b) | Amounts relate to the period from March 28, 2013 (the date of our initial investment in Ziggo) through December 31, 2013. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Current | Long-term (a) | Total | Current | Long-term (a) | Total | |||||||||||||||||||
in millions | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cross-currency and interest rate derivative contracts (b) | $ | 443.6 | $ | 913.7 | $ | 1,357.30 | $ | 248.4 | $ | 520.8 | $ | 769.2 | ||||||||||||
Equity-related derivative instruments (c) | — | 400.2 | 400.2 | — | 430.4 | 430.4 | ||||||||||||||||||
Foreign currency forward contracts | 2.5 | — | 2.5 | 2.6 | — | 2.6 | ||||||||||||||||||
Other | 0.5 | 0.9 | 1.4 | 1.1 | 0.9 | 2 | ||||||||||||||||||
Total | $ | 446.6 | $ | 1,314.80 | $ | 1,761.40 | $ | 252.1 | $ | 952.1 | $ | 1,204.20 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Cross-currency and interest rate derivative contracts (b) | $ | 1,027.40 | $ | 1,443.90 | $ | 2,471.30 | $ | 727.2 | $ | 2,191.40 | $ | 2,918.60 | ||||||||||||
Equity-related derivative instruments (c) | 15.3 | 73.1 | 88.4 | 15.6 | 101.3 | 116.9 | ||||||||||||||||||
Foreign currency forward contracts | 0.8 | — | 0.8 | 8.2 | 12 | 20.2 | ||||||||||||||||||
Other | 0.2 | 0.1 | 0.3 | 0.2 | 0.6 | 0.8 | ||||||||||||||||||
Total | $ | 1,043.70 | $ | 1,517.10 | $ | 2,560.80 | $ | 751.2 | $ | 2,305.30 | $ | 3,056.50 | ||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Our long-term derivative assets and liabilities are included in other assets, net, and other long-term liabilities, respectively, in our consolidated balance sheets. | |||||||||||||||||||||||
(b) | We consider credit risk in our fair value assessments. As of December 31, 2014 and 2013, (i) the fair values of our cross-currency and interest rate derivative contracts that represented assets have been reduced by credit risk valuation adjustments aggregating $30.9 million and $9.8 million, respectively, and (ii) the fair values of our cross-currency and interest rate derivative contracts that represented liabilities have been reduced by credit risk valuation adjustments aggregating $64.6 million and $173.0 million, respectively. The adjustments to our derivative assets relate to the credit risk associated with counterparty nonperformance and the adjustments to our derivative liabilities relate to credit risk associated with our own nonperformance. In all cases, the adjustments take into account offsetting liability or asset positions within a given contract. Our determination of credit risk valuation adjustments generally is based on our and our counterparties’ credit risks, as observed in the credit default swap market and market quotations for certain of our subsidiaries’ debt instruments, as applicable. The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($120.9 million), $15.3 million and ($57.3 million) during 2014, 2013 and 2012, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information concerning our fair value measurements, see note 8. | |||||||||||||||||||||||
(c) | Our equity-related derivative instruments include the fair value of (i) the ITV Collar (as described below) at December 31, 2014, (ii) the share collar (the Sumitomo Collar) with respect to the Sumitomo shares held by our company, (iii) the Virgin Media Capped Calls (as defined and described below) and (iv) the Ziggo Collar (as described below) at December 31, 2013. The fair values of our equity collars 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 gains (losses) on derivative instruments, net, are as follows: | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 293.6 | $ | (586.5 | ) | $ | (958.3 | ) | ||||||||||||||||
Equity-related derivative instruments: | ||||||||||||||||||||||||
Ziggo Collar | (113.3 | ) | (152.5 | ) | — | |||||||||||||||||||
ITV Collar | (77.4 | ) | — | — | ||||||||||||||||||||
Sumitomo Collar | (46.0 | ) | (206.4 | ) | (109.0 | ) | ||||||||||||||||||
Virgin Media Capped Calls | 0.4 | (3.4 | ) | — | ||||||||||||||||||||
Total equity-related derivative instruments | (236.3 | ) | (362.3 | ) | (109.0 | ) | ||||||||||||||||||
Foreign currency forward contracts | 31.6 | (72.9 | ) | (6.0 | ) | |||||||||||||||||||
Other | (0.1 | ) | 1.3 | 3 | ||||||||||||||||||||
Total | $ | 88.8 | $ | (1,020.4 | ) | $ | (1,070.3 | ) | ||||||||||||||||
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 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 classification of these cash inflows (outflows) are as follows: | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Operating activities | $ | (445.7 | ) | $ | (402.1 | ) | $ | (435.5 | ) | |||||||||||||||
Investing activities | (30.2 | ) | (66.5 | ) | 23.7 | |||||||||||||||||||
Financing activities | (221.0 | ) | 524.5 | (108.4 | ) | |||||||||||||||||||
Total | $ | (696.9 | ) | $ | 55.9 | $ | (520.2 | ) | ||||||||||||||||
Currency Swap [Member] | ||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||
Schedule of Derivative Instruments | The terms of our outstanding cross-currency swap contracts at December 31, 2014 are as follows: | |||||||||||||||||||||||
Subsidiary / | Notional | Notional | Interest rate | Interest rate | ||||||||||||||||||||
Final maturity date | amount | amount | due from | due to | ||||||||||||||||||||
due from | due to | counterparty | counterparty | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Virgin Media Investment Holdings Limited (VMIH), a subsidiary of Virgin Media: | ||||||||||||||||||||||||
Feb-22 | $ | 1,400.00 | £ | 873.6 | 5.01% | 5.49% | ||||||||||||||||||
Jun-20 | $ | 1,384.60 | £ | 901.4 | 6 mo. LIBOR + 2.75% | 6 mo. GBP LIBOR + 3.18% | ||||||||||||||||||
Oct-20 | $ | 1,370.40 | £ | 881.6 | 6 mo. LIBOR + 2.75% | 6 mo. GBP LIBOR + 3.10% | ||||||||||||||||||
Jan-21 | $ | 500 | £ | 308.9 | 5.25% | 6 mo. GBP LIBOR + 2.06% | ||||||||||||||||||
Oct-22 | $ | 450 | £ | 272 | 6.00% | 6.43% | ||||||||||||||||||
Jan-22 | $ | 425 | £ | 255.8 | 5.50% | 5.82% | ||||||||||||||||||
Apr-19 | $ | 291.5 | £ | 186.2 | 5.38% | 5.49% | ||||||||||||||||||
November 2016 (a) | $ | 55 | £ | 27.7 | 6.50% | 7.03% | ||||||||||||||||||
Oct-19 | $ | 50 | £ | 30.3 | 8.38% | 8.98% | ||||||||||||||||||
October 2019 - October 2022 | $ | 50 | £ | 30.7 | 6.00% | 5.75% | ||||||||||||||||||
UPC Broadband Holding BV (UPC Broadband Holding), a subsidiary of UPC Holding BV: | ||||||||||||||||||||||||
Jul-18 | $ | 525 | € | 396.3 | 6 mo. LIBOR + 1.99% | 6.25% | ||||||||||||||||||
Jan-20 | $ | 327.5 | € | 249.5 | 6 mo. LIBOR + 4.92% | 7.52% | ||||||||||||||||||
January 2015 - July 2021 | $ | 312 | € | 240 | 6 mo. LIBOR + 2.50% | 6 mo. EURIBOR + 2.87% | ||||||||||||||||||
Jan-15 | $ | 300 | € | 226.5 | 6 mo. LIBOR + 1.75% | 5.78% | ||||||||||||||||||
Oct-20 | $ | 300 | € | 219.1 | 6 mo. LIBOR + 3.00% | 6 mo. EURIBOR + 3.04% | ||||||||||||||||||
January 2017 - July 2021 | $ | 262.1 | € | 194.1 | 6 mo. LIBOR + 2.50% | 6 mo. EURIBOR + 2.51% | ||||||||||||||||||
Nov-19 | $ | 250 | € | 181.5 | 7.25% | 7.74% | ||||||||||||||||||
Nov-21 | $ | 250 | € | 181.4 | 7.25% | 7.50% | ||||||||||||||||||
Jul-18 | $ | 200 | € | 151 | 6 mo. LIBOR + 3.00% | 7.31% | ||||||||||||||||||
Jan-20 | $ | 197.5 | € | 150.5 | 6 mo. LIBOR + 4.92% | 6 mo. EURIBOR + 4.91% | ||||||||||||||||||
Jul-21 | $ | 128 | € | 97.2 | 6 mo. LIBOR + 2.50% | 6 mo. EURIBOR + 2.90% | ||||||||||||||||||
Subsidiary / | Notional | Notional | Interest rate | Interest rate | ||||||||||||||||||||
Final maturity date | amount | amount | due from | due to | ||||||||||||||||||||
due from | due to | counterparty | counterparty | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
January 2015 - July 2018 | $ | 100 | € | 75.4 | 6 mo. LIBOR + 1.75% | 5.77% | ||||||||||||||||||
Dec-16 | $ | 340 | CHF | 370.9 | 6 mo. LIBOR + 3.50% | 6 mo. CHF LIBOR + 4.01% | ||||||||||||||||||
January 2017 - July 2021 | $ | 300 | CHF | 278.3 | 6 mo. LIBOR + 2.50% | 6 mo. CHF LIBOR + 2.46% | ||||||||||||||||||
Nov-19 | $ | 250 | CHF | 226.8 | 7.25% | 6 mo. CHF LIBOR + 5.01% | ||||||||||||||||||
Jan-20 | $ | 225 | CHF | 206.3 | 6 mo. LIBOR + 4.81% | 5.44% | ||||||||||||||||||
January 2015 - July 2021 | $ | 200 | CHF | 186 | 6 mo. LIBOR + 2.50% | 6 mo. CHF LIBOR + 2.55% | ||||||||||||||||||
Jan-15 | $ | 171.5 | CHF | 187.1 | 6 mo. LIBOR + 2.75% | 6 mo. CHF LIBOR + 2.95% | ||||||||||||||||||
Jul-20 | $ | 201.5 | RON | 489.3 | 6 mo. LIBOR + 3.50% | 11.34% | ||||||||||||||||||
Jan-15 | € | 898.4 | CHF | 1,466.00 | 6 mo. EURIBOR + 1.68% | 6 mo. CHF LIBOR + 1.94% | ||||||||||||||||||
January 2015 - January 2021 | € | 720.8 | CHF | 877 | 6 mo. EURIBOR + 2.50% | 6 mo. CHF LIBOR + 2.62% | ||||||||||||||||||
January 2015 - September 2022 | € | 383.8 | CHF | 477 | 6 mo. EURIBOR + 2.00% | 6 mo. CHF LIBOR + 2.22% | ||||||||||||||||||
January 2015 - January 2017 | € | 360.4 | CHF | 589 | 6 mo. EURIBOR + 3.75% | 6 mo. CHF LIBOR + 3.94% | ||||||||||||||||||
Apr-18 | € | 285.1 | CHF | 346.7 | 10.51% | 9.87% | ||||||||||||||||||
Jan-20 | € | 175 | CHF | 258.6 | 7.63% | 6.76% | ||||||||||||||||||
January 2015 - July 2021 | € | 161.4 | CHF | 187.1 | 6 mo. EURIBOR + 2.35% | 6 mo. CHF LIBOR + 2.76% | ||||||||||||||||||
Jul-20 | € | 107.4 | CHF | 129 | 6 mo. EURIBOR + 3.00% | 6 mo. CHF LIBOR + 3.28% | ||||||||||||||||||
Jan-17 | € | 75 | CHF | 110.9 | 7.63% | 6.98% | ||||||||||||||||||
Dec-15 | € | 69.1 | CLP | 53,000.00 | 3.50% | 5.75% | ||||||||||||||||||
Jan-15 | € | 365.8 | CZK | 10,521.80 | 5.48% | 5.99% | ||||||||||||||||||
January 2015 - January 2020 | € | 318.9 | CZK | 8,818.70 | 5.58% | 5.44% | ||||||||||||||||||
January 2015 - January 2017 | € | 60 | CZK | 1,703.10 | 5.50% | 6.99% | ||||||||||||||||||
Jul-17 | € | 39.6 | CZK | 1,000.00 | 3.00% | 3.75% | ||||||||||||||||||
Jan-15 | € | 260 | HUF | 75,570.00 | 5.50% | 9.40% | ||||||||||||||||||
January 2015 - January 2017 | € | 260 | HUF | 75,570.00 | 5.50% | 10.56% | ||||||||||||||||||
Dec-16 | € | 150 | HUF | 43,367.50 | 5.50% | 9.20% | ||||||||||||||||||
Jul-18 | € | 78 | HUF | 19,500.00 | 5.50% | 9.15% | ||||||||||||||||||
Jan-15 | € | 400.5 | PLN | 1,605.60 | 5.50% | 7.50% | ||||||||||||||||||
January 2015 - January 2017 | € | 245 | PLN | 1,000.60 | 5.50% | 9.03% | ||||||||||||||||||
Sep-16 | € | 200 | PLN | 892.7 | 6.00% | 8.19% | ||||||||||||||||||
January 2015 - January 2020 | € | 144.6 | PLN | 605 | 5.50% | 7.98% | ||||||||||||||||||
Jul-17 | € | 82 | PLN | 318 | 3.00% | 5.60% | ||||||||||||||||||
Dec-15 | CLP 53,000.0 | € | 69.1 | 5.75% | 3.50% | |||||||||||||||||||
Subsidiary / | Notional | Notional | Interest rate | Interest rate | ||||||||||||||||||||
Final maturity date | amount | amount | due from | due to | ||||||||||||||||||||
due from | due to | counterparty | counterparty | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo: | ||||||||||||||||||||||||
Jan-22 | $ | 2,350.00 | € | 1,727.00 | 6 mo. LIBOR + 2.75% | 4.56% | ||||||||||||||||||
Unitymedia Hessen GmbH & Co. KG (Unitymedia Hessen), a subsidiary of Unitymedia KabelBW: | ||||||||||||||||||||||||
Jan-23 | $ | 1,652.90 | € | 1,252.50 | 5.67% | 4.50% | ||||||||||||||||||
Jan-21 | $ | 797.1 | € | 546.5 | 5.50% | 5.60% | ||||||||||||||||||
VTR: | ||||||||||||||||||||||||
Jan-22 | $ | 1,400.00 | CLP | 760,340.00 | 6.88% | 10.94% | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Unlike the other cross-currency swaps presented in this table, the identified cross-currency swap does not involve the exchange of notional amounts at the inception and maturity of the instrument. Accordingly, the only cash flows associated with this instrument are interest payments and receipts. | |||||||||||||||||||||||
Interest Rate Swap [Member] | ||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||
Schedule of Derivative Instruments | The terms of our outstanding interest rate swap contracts at December 31, 2014 are as follows: | |||||||||||||||||||||||
Subsidiary / Final maturity date | Notional amount | Interest rate due from | Interest rate due to | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
VMIH: | ||||||||||||||||||||||||
Oct-18 | £ | 2,155.00 | 6 mo. GBP LIBOR | 1.52% | ||||||||||||||||||||
Jan-21 | £ | 650 | 5.50% | 6 mo. GBP LIBOR + 1.84% | ||||||||||||||||||||
Jan-21 | £ | 650 | 6 mo. GBP LIBOR + 1.84% | 3.87% | ||||||||||||||||||||
Dec-15 | £ | 600 | 6 mo. GBP LIBOR | 2.90% | ||||||||||||||||||||
Apr-18 | £ | 300 | 6 mo. GBP LIBOR | 1.37% | ||||||||||||||||||||
UPC Broadband Holding: | ||||||||||||||||||||||||
Jul-20 | $ | 1,000.00 | 6.63% | 6 mo. LIBOR + 3.03% | ||||||||||||||||||||
Jan-22 | $ | 750 | 6.88% | 6 mo. LIBOR + 4.89% | ||||||||||||||||||||
Jan-15 | € | 1,554.00 | 1 mo. EURIBOR + 3.75% | 6 mo. EURIBOR + 3.56% | ||||||||||||||||||||
January 2015 - January 2016 | € | 1,554.00 | 1 mo. EURIBOR + 3.75% | 6 mo. EURIBOR + 3.58% | ||||||||||||||||||||
Jan-15 | € | 1,364.80 | 6 mo. EURIBOR | 3.44% | ||||||||||||||||||||
Jul-20 | € | 750 | 6.38% | 6 mo. EURIBOR + 3.16% | ||||||||||||||||||||
January 2015 - January 2021 | € | 750 | 6 mo. EURIBOR | 2.57% | ||||||||||||||||||||
January 2015 - December 2016 | € | 500 | 6 mo. EURIBOR | 4.32% | ||||||||||||||||||||
January 2015 - January 2023 | € | 290 | 6 mo. EURIBOR | 2.79% | ||||||||||||||||||||
Dec-15 | € | 263.3 | 6 mo. EURIBOR | 3.97% | ||||||||||||||||||||
Jan-23 | € | 210 | 6 mo. EURIBOR | 2.88% | ||||||||||||||||||||
January 2015 - January 2018 | € | 175 | 6 mo. EURIBOR | 3.74% | ||||||||||||||||||||
January 2015 - July 2020 | € | 171.3 | 6 mo. EURIBOR | 3.95% | ||||||||||||||||||||
Subsidiary / Final maturity date | Notional amount | Interest rate due from | Interest rate due to | |||||||||||||||||||||
counterparty | counterparty | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Jul-20 | € | 171.3 | 6 mo. EURIBOR | 4.32% | ||||||||||||||||||||
January 2015 - November 2021 | € | 107 | 6 mo. EURIBOR | 2.89% | ||||||||||||||||||||
Jan-15 | CHF | 2,380.00 | 6 mo. CHF LIBOR | 2.81% | ||||||||||||||||||||
January 2015 - January 2022 | CHF | 711.5 | 6 mo. CHF LIBOR | 1.89% | ||||||||||||||||||||
January 2015 - January 2021 | CHF | 500 | 6 mo. CHF LIBOR | 1.65% | ||||||||||||||||||||
January 2015 - January 2018 | CHF | 400 | 6 mo. CHF LIBOR | 2.51% | ||||||||||||||||||||
January 2015 - December 2016 | CHF | 370.9 | 6 mo. CHF LIBOR | 3.82% | ||||||||||||||||||||
January 2015 - November 2019 | CHF | 226.8 | 6 mo. CHF LIBOR + 5.01% | 6.88% | ||||||||||||||||||||
ABC B.V.: | ||||||||||||||||||||||||
Jan-22 | € | 1,566.00 | 6 mo. EURIBOR | 1.66% | ||||||||||||||||||||
Telenet International Finance S.a.r.l (Telenet International), a subsidiary of Telenet: | ||||||||||||||||||||||||
Jun-23 | € | 500 | 3 mo. EURIBOR | 1.45% | ||||||||||||||||||||
July 2017 - June 2022 | € | 420 | 3 mo. EURIBOR | 2.08% | ||||||||||||||||||||
Jun-21 | € | 400 | 3 mo. EURIBOR | 0.41% | ||||||||||||||||||||
July 2017 - June 2023 | € | 382 | 3 mo. EURIBOR | 1.89% | ||||||||||||||||||||
Jul-17 | € | 150 | 3 mo. EURIBOR | 3.55% | ||||||||||||||||||||
August 2015 - June 2022 | € | 55 | 3 mo. EURIBOR | 1.81% | ||||||||||||||||||||
Jun-15 | € | 50 | 3 mo. EURIBOR | 3.55% | ||||||||||||||||||||
Interest Rate Cap [Member] | ||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||
Schedule of Derivative Instruments | Our purchased and sold interest rate cap contracts with respect to EURIBOR at December 31, 2014 are detailed below: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Subsidiary / Final maturity date | Notional amount | EURIBOR cap rate | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Interest rate caps purchased (a): | ||||||||||||||||||||||||
Liberty Global Europe Financing BV (LGE Financing), the immediate parent of UPC Holding BV: | ||||||||||||||||||||||||
January 2015 - January 2020 | € | 735 | 7.00% | |||||||||||||||||||||
Telenet International: | ||||||||||||||||||||||||
June 2015 - June 2017 | € | 50 | 4.50% | |||||||||||||||||||||
Telenet NV, a subsidiary of Telenet: | ||||||||||||||||||||||||
Dec-17 | € | 0.6 | 6.50% | |||||||||||||||||||||
Dec-17 | € | 0.6 | 5.50% | |||||||||||||||||||||
Interest rate cap sold (b): | ||||||||||||||||||||||||
UPC Broadband Holding: | ||||||||||||||||||||||||
January 2015 - January 2020 | € | 735 | 7.00% | |||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Our purchased interest rate caps entitle us to receive payments from the counterparty when EURIBOR exceeds the EURIBOR cap rate. | |||||||||||||||||||||||
(b) | Our sold interest rate cap requires that we make payments to the counterparty when EURIBOR exceeds the EURIBOR cap rate. | |||||||||||||||||||||||
Interest Rate Collar [Member] | ||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||
Schedule of Derivative Instruments | Our interest rate collar contracts establish floor and cap rates with respect to EURIBOR on the indicated notional amounts at December 31, 2014, as detailed below: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Subsidiary / Final maturity date | Notional | EURIBOR floor rate (a) | EURIBOR cap rate (b) | |||||||||||||||||||||
amount | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
UPC Broadband Holding: | ||||||||||||||||||||||||
January 2015 - January 2020 | € | 1,135.00 | 1.00% | 3.54% | ||||||||||||||||||||
Telenet International: | ||||||||||||||||||||||||
Jul-17 | € | 650 | 2.00% | 4.00% | ||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | We make payments to the counterparty when EURIBOR is less than the EURIBOR floor rate. | |||||||||||||||||||||||
(b) | We receive payments from the counterparty when EURIBOR is greater than the EURIBOR cap rate. | |||||||||||||||||||||||
Foreign Currency Forwards [Member] | ||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table summarizes our outstanding foreign currency forward contracts at December 31, 2014: | |||||||||||||||||||||||
Subsidiary | Currency | Currency | Maturity dates | |||||||||||||||||||||
purchased | sold | |||||||||||||||||||||||
forward | forward | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
UPC Broadband Holding | $ | 0.8 | CZK | 14.9 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 63.8 | CHF | 76 | January 2015 - December 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 4.5 | CZK | 123.3 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 4.1 | HUF | 1,275.00 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | € | 12 | PLN | 51 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | £ | 1.2 | € | 1.4 | January 2015 - March 2015 | |||||||||||||||||||
UPC Broadband Holding | CHF | 67 | € | 55.7 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | CZK | 300 | € | 10.9 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | HUF | 7,400.00 | € | 23.6 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | PLN | 90 | € | 20.9 | Jan-15 | |||||||||||||||||||
UPC Broadband Holding | RON | 31 | € | 6.9 | Jan-15 | |||||||||||||||||||
VTR | $ | 52.4 | CLP | 31,739.40 | January 2015 - December 2015 | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value | A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: | ||||||||||||||||
Fair value measurements at December 31, 2014 using: | |||||||||||||||||
Description | December 31, | Quoted prices | Significant | Significant | |||||||||||||
2014 | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
in millions | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 1,357.30 | $ | — | $ | 1,357.30 | $ | — | |||||||||
Equity-related derivative instruments | 400.2 | — | — | 400.2 | |||||||||||||
Foreign currency forward contracts | 2.5 | — | 2.5 | — | |||||||||||||
Other | 1.4 | — | 1.4 | — | |||||||||||||
Total derivative instruments | 1,761.40 | — | 1,361.20 | 400.2 | |||||||||||||
Investments | 1,662.70 | 1,344.30 | — | 318.4 | |||||||||||||
Total assets | $ | 3,424.10 | $ | 1,344.30 | $ | 1,361.20 | $ | 718.6 | |||||||||
Liabilities - derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 2,471.30 | $ | — | $ | 2,471.30 | $ | — | |||||||||
Equity-related derivative instruments | 88.4 | — | — | 88.4 | |||||||||||||
Foreign currency forward contracts | 0.8 | — | 0.8 | — | |||||||||||||
Other | 0.3 | — | 0.3 | — | |||||||||||||
Total liabilities | $ | 2,560.80 | $ | — | $ | 2,472.40 | $ | 88.4 | |||||||||
Fair value measurements | |||||||||||||||||
at December 31, 2013 using: | |||||||||||||||||
Description | December 31, | Quoted prices | Significant | Significant | |||||||||||||
2013 | in active | other | unobservable | ||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
in millions | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 769.2 | $ | — | $ | 769.2 | $ | — | |||||||||
Equity-related derivative instrument | 430.4 | — | — | 430.4 | |||||||||||||
Foreign currency forward contracts | 2.6 | — | 2.6 | — | |||||||||||||
Other | 2 | — | 2 | — | |||||||||||||
Total derivative instruments | 1,204.20 | — | 773.8 | 430.4 | |||||||||||||
Investments | 3,481.80 | 3,182.40 | — | 299.4 | |||||||||||||
Total assets | $ | 4,686.00 | $ | 3,182.40 | $ | 773.8 | $ | 729.8 | |||||||||
Liabilities - derivative instruments: | |||||||||||||||||
Cross-currency and interest rate derivative contracts | $ | 2,918.60 | $ | — | $ | 2,918.60 | $ | — | |||||||||
Equity-related derivative instrument | 116.9 | — | — | 116.9 | |||||||||||||
Foreign currency forward contracts | 20.2 | — | 20.2 | — | |||||||||||||
Other | 0.8 | — | 0.8 | — | |||||||||||||
Total liabilities | $ | 3,056.50 | $ | — | $ | 2,939.60 | $ | 116.9 | |||||||||
Schedule of Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value Using Significant Unobservable, or Level 3, Inputs | A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows: | ||||||||||||||||
Investments | Equity-related | Total | |||||||||||||||
derivative | |||||||||||||||||
instruments | |||||||||||||||||
in millions | |||||||||||||||||
Balance of net assets at January 1, 2014 | $ | 299.4 | $ | 313.5 | $ | 612.9 | |||||||||||
Termination and other activity related to Ziggo Collar (a) | — | 212.5 | 212.5 | ||||||||||||||
Gains (losses) included in loss from continuing operations (b): | |||||||||||||||||
Realized and unrealized losses on derivative instruments, net | — | (236.3 | ) | (236.3 | ) | ||||||||||||
Realized and unrealized gain due to changes in fair values of certain investments, net | 26.1 | — | 26.1 | ||||||||||||||
Foreign currency translation adjustments, dividends and other, net | (7.1 | ) | 22.1 | 15 | |||||||||||||
Balance of net assets at December 31, 2014 | $ | 318.4 | $ | 311.8 | $ | 630.2 | |||||||||||
_______________ | |||||||||||||||||
(a) | For additional information regarding the Ziggo Collar, see note 7. | ||||||||||||||||
(b) | With the exception of a $113.3 million loss that we incurred during 2014 with respect to the Ziggo Collar, substantially all of these net losses relate to assets and liabilities of our continuing operations that we continue to carry on our consolidated balance sheet as of December 31, 2014. |
Longlived_Assets_Tables
Long-lived Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Long lived Assets | ||||||||||||||||||||||||||
Schedule of PP&E | The details of our property and equipment and the related accumulated depreciation are set forth below: | |||||||||||||||||||||||||
Estimated useful | December 31, | |||||||||||||||||||||||||
life at | ||||||||||||||||||||||||||
31-Dec-14 | 2014 | 2013 | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
Distribution systems | 3 to 30 years | $ | 26,286.50 | $ | 25,193.20 | |||||||||||||||||||||
Customer premises equipment | 3 to 5 years | 6,213.90 | 6,126.00 | |||||||||||||||||||||||
Support equipment, buildings and land | 3 to 50 years | 4,024.40 | 3,581.90 | |||||||||||||||||||||||
36,524.80 | 34,901.10 | |||||||||||||||||||||||||
Accumulated depreciation | (12,684.2 | ) | (10,926.2 | ) | ||||||||||||||||||||||
Total property and equipment, net | $ | 23,840.60 | $ | 23,974.90 | ||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during 2013 are set forth below: | |||||||||||||||||||||||||
January 1, | Acquisitions | Reclassification of Chellomedia Disposal Group to discontinued operations | Foreign | December 31, | ||||||||||||||||||||||
2013 | and related | currency | 2013 | |||||||||||||||||||||||
adjustments | translation | |||||||||||||||||||||||||
adjustments and other | ||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||||
U.K./Ireland | $ | 235.5 | $ | 9,000.80 | $ | — | $ | 607.9 | $ | 9,844.20 | ||||||||||||||||
The Netherlands | 1,206.20 | — | — | 54.2 | 1,260.40 | |||||||||||||||||||||
Germany | 3,770.30 | — | — | 169.1 | 3,939.40 | |||||||||||||||||||||
Belgium | 2,158.30 | — | — | 96.8 | 2,255.10 | |||||||||||||||||||||
Switzerland/Austria | 3,903.90 | 0.6 | — | 126.6 | 4,031.10 | |||||||||||||||||||||
Total Western Europe | 11,274.20 | 9,001.40 | — | 1,054.60 | 21,330.20 | |||||||||||||||||||||
Central and Eastern Europe | 1,509.50 | — | — | 10.6 | 1,520.10 | |||||||||||||||||||||
Total European Operations Division | 12,783.70 | 9,001.40 | — | 1,065.20 | 22,850.30 | |||||||||||||||||||||
Chile | 558 | — | — | (49.5 | ) | 508.5 | ||||||||||||||||||||
Corporate and other | 535.9 | 77.2 | (223.4 | ) | 0.3 | 390 | ||||||||||||||||||||
Total | $ | 13,877.60 | $ | 9,078.60 | $ | (223.4 | ) | $ | 1,016.00 | $ | 23,748.80 | |||||||||||||||
Changes in the carrying amount of our goodwill during 2014 are set forth below: | ||||||||||||||||||||||||||
January 1, | Acquisitions | Foreign | December 31, | |||||||||||||||||||||||
2014 | and related | currency | 2014 | |||||||||||||||||||||||
adjustments | translation | |||||||||||||||||||||||||
adjustments and other | ||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||||
U.K./Ireland | $ | 9,844.20 | $ | 2.1 | $ | (601.2 | ) | $ | 9,245.10 | |||||||||||||||||
The Netherlands | 1,260.40 | 7,724.30 | (379.7 | ) | 8,605.00 | |||||||||||||||||||||
Germany | 3,939.40 | — | (482.5 | ) | 3,456.90 | |||||||||||||||||||||
Belgium | 2,255.10 | — | (276.2 | ) | 1,978.90 | |||||||||||||||||||||
Switzerland/Austria | 4,031.10 | 2.3 | (441.5 | ) | 3,591.90 | |||||||||||||||||||||
Total Western Europe | 21,330.20 | 7,728.70 | (2,181.1 | ) | 26,877.80 | |||||||||||||||||||||
Central and Eastern Europe | 1,520.10 | 8.3 | (226.3 | ) | 1,302.10 | |||||||||||||||||||||
Total European Operations Division | 22,850.30 | 7,737.00 | (2,407.4 | ) | 28,179.90 | |||||||||||||||||||||
Chile | 508.5 | — | (68.2 | ) | 440.3 | |||||||||||||||||||||
Corporate and other | 390 | — | (8.6 | ) | 381.4 | |||||||||||||||||||||
Total | $ | 23,748.80 | $ | 7,737.00 | $ | (2,484.2 | ) | $ | 29,001.60 | |||||||||||||||||
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization are set forth below: | |||||||||||||||||||||||||
Estimated useful life at December 31, 2014 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||
in millions | ||||||||||||||||||||||||||
Customer relationships | 4 to 15 years | $ | 12,142.50 | $ | (3,056.3 | ) | $ | 9,086.20 | $ | 8,116.70 | $ | (2,458.4 | ) | $ | 5,658.30 | |||||||||||
Other | 2 to 15 years | 235.4 | (131.8 | ) | 103.6 | 288.1 | (151.0 | ) | 137.1 | |||||||||||||||||
Total | $ | 12,377.90 | $ | (3,188.1 | ) | $ | 9,189.80 | $ | 8,404.80 | $ | (2,609.4 | ) | $ | 5,795.40 | ||||||||||||
Schedule Of Future Amortization Expense Finite Lived Intangible Assets Text Block | The U.S. dollar equivalents of such amortization expense amounts as of December 31, 2014 are presented below (in millions): | |||||||||||||||||||||||||
2015 | $ | 1,406.80 | ||||||||||||||||||||||||
2016 | 1,360.60 | |||||||||||||||||||||||||
2017 | 1,226.40 | |||||||||||||||||||||||||
2018 | 1,089.20 | |||||||||||||||||||||||||
2019 | 1,086.80 | |||||||||||||||||||||||||
Thereafter | 3,020.00 | |||||||||||||||||||||||||
Total | $ | 9,189.80 | ||||||||||||||||||||||||
Debt_and_Capital_Lease_Obligat1
Debt and Capital Lease Obligations (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Consolidated Debt and Capital Lease Obligations | The U.S. dollar equivalents of the components of our consolidated debt and capital lease obligations are as follows: | |||||||||||||||||||||||||||
December 31, 2014 | Estimated fair value (c) | Carrying value (d) | ||||||||||||||||||||||||||
Weighted | Unused borrowing capacity (b) | |||||||||||||||||||||||||||
average | ||||||||||||||||||||||||||||
interest | Borrowing currency | U.S. $ | December 31, | December 31, | ||||||||||||||||||||||||
rate (a) | equivalent | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
VM Notes | 5.83 | % | — | $ | — | $ | 8,461.00 | $ | 9,188.70 | $ | 8,060.70 | $ | 9,150.10 | |||||||||||||||
VM Credit Facility | 3.78 | % | £ | 660 | 1,028.40 | 4,734.90 | 4,388.90 | 4,804.00 | 4,352.80 | |||||||||||||||||||
VM Convertible Notes (e) | 6.5 | % | — | — | 178.7 | 164.1 | 56.8 | 57.5 | ||||||||||||||||||||
UPC Broadband Holding Bank Facility | 3.56 | % | € | 1,046.20 | 1,266.00 | 3,156.40 | 5,717.80 | 3,179.20 | 5,671.40 | |||||||||||||||||||
UPC Holding Senior Notes | 7.16 | % | — | — | 2,603.60 | 3,297.40 | 2,391.60 | 3,099.20 | ||||||||||||||||||||
UPCB SPE Notes | 6.88 | % | — | — | 4,279.00 | 4,536.50 | 4,009.40 | 4,219.50 | ||||||||||||||||||||
Unitymedia KabelBW Notes | 5.75 | % | — | — | 7,869.30 | 8,058.20 | 7,400.90 | 7,651.90 | ||||||||||||||||||||
Unitymedia KabelBW Revolving Credit Facilities | 2.63 | % | € | 220 | 266.2 | 319.4 | — | 338.8 | — | |||||||||||||||||||
Ziggo Credit Facility | 3.63 | % | € | 650 | 786.5 | 4,663.00 | — | 4,710.80 | — | |||||||||||||||||||
Ziggo Notes | 6.82 | % | — | — | 1,082.30 | — | 1,077.00 | — | ||||||||||||||||||||
Telenet SPE Notes | 5.93 | % | — | — | 2,450.40 | 2,916.50 | 2,299.00 | 2,759.20 | ||||||||||||||||||||
Telenet Credit Facility | 3.44 | % | € | 322.9 | 390.8 | 1,633.40 | 1,956.90 | 1,638.60 | 1,936.90 | |||||||||||||||||||
VTR Finance Senior Secured Notes | 6.88 | % | — | — | 1,439.40 | — | 1,400.00 | — | ||||||||||||||||||||
Sumitomo Collar Loan (f) | 1.88 | % | — | — | 818 | 939.3 | 787.7 | 894.3 | ||||||||||||||||||||
Liberty Puerto Rico Bank Facility | 5.2 | % | $ | 40 | 40 | 666.2 | 666.2 | 672 | 665 | |||||||||||||||||||
ITV Collar Loan (f) | 1.73 | % | — | — | 678.2 | — | 667 | — | ||||||||||||||||||||
Vendor financing (g) | 3.45 | % | — | — | 946.4 | 603.1 | 946.4 | 603.1 | ||||||||||||||||||||
Other (h) | 9.28 | % | (i) | 196.2 | 171.5 | 1,795.40 | 171.5 | 1,795.10 | ||||||||||||||||||||
Total debt | 5.13 | % | $ | 3,974.10 | $ | 46,151.10 | $ | 44,229.00 | 44,611.40 | 42,856.00 | ||||||||||||||||||
Capital lease obligations: | ||||||||||||||||||||||||||||
Unitymedia KabelBW (j) | 810.1 | 952 | ||||||||||||||||||||||||||
Telenet (k) | 413.4 | 451.2 | ||||||||||||||||||||||||||
Virgin Media | 255.3 | 373.5 | ||||||||||||||||||||||||||
Other subsidiaries | 68.8 | 71.6 | ||||||||||||||||||||||||||
Total capital lease obligations | 1,547.60 | 1,848.30 | ||||||||||||||||||||||||||
Total debt and capital lease obligations | 46,159.00 | 44,704.30 | ||||||||||||||||||||||||||
Current maturities | (1,550.9 | ) | (1,023.4 | ) | ||||||||||||||||||||||||
Long-term debt and capital lease obligations | $ | 44,608.10 | $ | 43,680.90 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Represents the weighted average interest rate in effect at December 31, 2014 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of our interest rate derivative instruments, deferred financing costs, original issue premiums or discounts or commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums and discounts and commitment fees, but excluding the impact of financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 6.0% at December 31, 2014. For information concerning our derivative instruments, see note 7. | |||||||||||||||||||||||||||
(b) | Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2014 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2014, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities based on the applicable leverage and other financial covenants, except as noted below. At December 31, 2014, our availability under the UPC Broadband Holding Bank Facility and the Unitymedia KabelBW Revolving Credit Facilities (each as defined and described below) was limited to €906.7 million ($1,097.2 million) and €15.1 million ($18.3 million), respectively. When the relevant December 31, 2014 compliance reporting requirements have been completed and assuming no changes from December 31, 2014 borrowing levels, we anticipate that our availability under the UPC Broadband Holding Bank Facility and the Unitymedia KabelBW Revolving Credit Facilities will be limited to €889.1 million ($1,075.9 million) and €123.7 million ($149.7 million), respectively. In addition to the limitations noted above, the debt instruments of our subsidiaries contain restricted payment tests that limit the amount that can be loaned or distributed to other Liberty Global subsidiaries and ultimately to Liberty Global. At December 31, 2014, these restrictions did not impact our ability to access the liquidity of our subsidiaries to satisfy our corporate liquidity needs beyond what is described above, except that the availability to be loaned or distributed by Virgin Media and Ziggo was limited to £508.8 million ($792.8 million) and €37.1 million ($44.9 million), respectively. When the relevant December 31, 2014 compliance reporting requirements have been completed and assuming no changes from December 31, 2014 borrowing levels, we anticipate that the availability of Virgin Media and Ziggo will be limited to £525.7 million ($819.1 million) and €11.4 million ($13.8 million), respectively. For information concerning transactions completed subsequent to December 31, 2014 that could have an impact on unused borrowing capacity, see note 20. | |||||||||||||||||||||||||||
(c) | The estimated fair values of our debt instruments were determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information concerning fair value hierarchies, see note 8. | |||||||||||||||||||||||||||
(d) | Amounts include the impact of premiums and discounts, where applicable. | |||||||||||||||||||||||||||
(e) | The amount reported in the estimated fair value column for the VM Convertible Notes (as defined and described below) represents the estimated fair value of the remaining VM Convertible Notes outstanding as of December 31, 2014, including both the debt and equity components. | |||||||||||||||||||||||||||
(f) | For information regarding the Sumitomo Collar Loan and the ITV Collar Loan, see note 7. | |||||||||||||||||||||||||||
(g) | Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions. These obligations are generally due within one year. At December 31, 2014 and 2013, the amounts owed pursuant to these arrangements include $101.7 million and $47.3 million, respectively, of VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our consolidated statements of cash flows. | |||||||||||||||||||||||||||
(h) | The December 31, 2013 amounts include (i) outstanding borrowings of $113.1 million under VTR’s then-existing CLP 60.0 billion ($98.9 million) term loan bank facility, (ii) $852.6 million related to the Ziggo Collar Loan and (iii) $634.3 million related to the Ziggo Margin Loan. In January 2014, all outstanding amounts under VTR’s term loan bank facility were repaid and this facility was cancelled. In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $2.0 million related to the write-off of deferred financing costs. During the first quarter of 2014, we used existing cash to repay the full amount of the Ziggo Margin Loan that was secured by a portion of our investment in Ziggo. In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $2.3 million related to the write-off of deferred financing costs. Upon completion of the Ziggo Acquisition, the Ziggo Collar was terminated and the Ziggo Collar Loan was settled. In connection with this transaction, we recognized a loss on debt modification, extinguishment and conversion, net, of $4.0 million related to the payment of redemption premium. For information regarding our investment in Ziggo, see note 6. | |||||||||||||||||||||||||||
(i) | Unused borrowing capacity relates to the senior secured revolving credit facility of entities within VTR, which includes a $160.0 million U.S. dollar facility (the VTR Dollar Credit Facility) and a CLP 22.0 billion ($36.2 million) Chilean peso facility (the VTR CLP Credit Facility and, together with the VTR Dollar Credit Facility, the VTR Credit Facility), each of which were undrawn at December 31, 2014. | |||||||||||||||||||||||||||
(j) | Primarily represents Unitymedia KabelBW’s obligations under duct network lease agreements with Telekom Deutschland GmbH (Deutsche Telekom), an operating subsidiary of Deutsche Telekom AG, as the lessor. The original contracts were concluded in 2000 and 2001 and have indefinite terms, subject to certain mandatory statutory termination rights for either party after a term of 30 years. With certain limited exceptions, the lessor generally is not entitled to terminate these leases. For information regarding litigation involving these duct network lease agreements, see note 17. | |||||||||||||||||||||||||||
(k) | At December 31, 2014 and 2013, Telenet’s capital lease obligations included €328.6 million ($397.6 million) and €309.0 million ($373.9 million), respectively, associated with Telenet’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “PICs.” All capital expenditures associated with the PICs network are initiated by Telenet, but are executed and financed by the PICs through additions to this lease that are repaid over a 15-year term. These amounts do not include Telenet’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 17. | |||||||||||||||||||||||||||
Schedule of Maturities of Long-Term Debt | Maturities of our debt and capital lease obligations as of December 31, 2014 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts presented below represent U.S. dollar equivalents based on December 31, 2014 exchange rates: | |||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||
Virgin Media | UPC | Unitymedia KabelBW | Ziggo | Telenet (b) | Other | Total | ||||||||||||||||||||||
Holding (a) | ||||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Year ending December 31: | ||||||||||||||||||||||||||||
2015 | $ | 406.5 | $ | 436 | $ | 455.5 | $ | — | $ | 9 | $ | 43.3 | $ | 1,350.30 | ||||||||||||||
2016 | — | — | — | — | 9 | 351 | 360 | |||||||||||||||||||||
2017 | — | — | — | — | 9 | 908.1 | 917.1 | |||||||||||||||||||||
2018 | — | — | — | — | 9 | 239.5 | 248.5 | |||||||||||||||||||||
2019 | 584.3 | — | — | — | 20.5 | — | 604.8 | |||||||||||||||||||||
Thereafter | 12,262.70 | 9,595.40 | 7,402.50 | 5,755.90 | 4,040.20 | 2,074.80 | 41,131.50 | |||||||||||||||||||||
Total debt maturities | 13,253.50 | 10,031.40 | 7,858.00 | 5,755.90 | 4,096.70 | 3,616.70 | 44,612.20 | |||||||||||||||||||||
Unamortized premium (discount) | 19.8 | (15.2 | ) | (1.6 | ) | 31.9 | (3.4 | ) | (32.3 | ) | (0.8 | ) | ||||||||||||||||
Total debt | $ | 13,273.30 | $ | 10,016.20 | $ | 7,856.40 | $ | 5,787.80 | $ | 4,093.30 | $ | 3,584.40 | $ | 44,611.40 | ||||||||||||||
Current portion (c) | $ | 408.6 | $ | 436 | $ | 455.5 | $ | — | $ | 9 | $ | 43.3 | $ | 1,352.40 | ||||||||||||||
Noncurrent portion | $ | 12,864.70 | $ | 9,580.20 | $ | 7,400.90 | $ | 5,787.80 | $ | 4,084.30 | $ | 3,541.10 | $ | 43,259.00 | ||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the UPCB SPE Notes issued by the UPCB SPEs. As described above, the UPCB SPEs are consolidated by UPC Holding. | |||||||||||||||||||||||||||
(b) | Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Telenet. | |||||||||||||||||||||||||||
(c) | Includes the $338.8 million principal amount outstanding under the revolving credit facilities of our subsidiaries. | |||||||||||||||||||||||||||
Schedule of Maturities of Capital Lease Obligations | Capital lease obligations: | |||||||||||||||||||||||||||
Unitymedia KabelBW | Telenet | Virgin Media | Other | Total | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Year ending December 31: | ||||||||||||||||||||||||||||
2015 | $ | 88.7 | $ | 66.7 | $ | 122.7 | $ | 22.3 | $ | 300.4 | ||||||||||||||||||
2016 | 88.7 | 65.2 | 69.5 | 20.1 | 243.5 | |||||||||||||||||||||||
2017 | 88.7 | 63.4 | 29.6 | 13.1 | 194.8 | |||||||||||||||||||||||
2018 | 88.7 | 60 | 6.6 | 5.8 | 161.1 | |||||||||||||||||||||||
2019 | 88.7 | 49.6 | 4.4 | 2.9 | 145.6 | |||||||||||||||||||||||
Thereafter | 965.9 | 252.5 | 222.1 | 21.8 | 1,462.30 | |||||||||||||||||||||||
Total principal and interest payments | 1,409.40 | 557.4 | 454.9 | 86 | 2,507.70 | |||||||||||||||||||||||
Amounts representing interest | (599.3 | ) | (144.0 | ) | (199.6 | ) | (17.2 | ) | (960.1 | ) | ||||||||||||||||||
Present value of net minimum lease payments | $ | 810.1 | $ | 413.4 | $ | 255.3 | $ | 68.8 | $ | 1,547.60 | ||||||||||||||||||
Current portion | $ | 27.1 | $ | 41.3 | $ | 111.6 | $ | 18.5 | $ | 198.5 | ||||||||||||||||||
Noncurrent portion | $ | 783 | $ | 372.1 | $ | 143.7 | $ | 50.3 | $ | 1,349.10 | ||||||||||||||||||
KBW [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt Exchange and Special Optional Redemptions | The details of (i) the Unitymedia KabelBW Exchange and (ii) the Special Optional Redemptions are as follows: | |||||||||||||||||||||||||||
Outstanding principal amount prior to the Unitymedia KabelBW Exchange | Principal amount exchanged pursuant to the Unitymedia KabelBW Exchange | Principal amount redeemed pursuant to the Special Optional Redemptions | ||||||||||||||||||||||||||
KBW Notes | Borrowing currency | U.S. $ equivalent (a) | Borrowing currency | U.S. $ equivalent (a) | Borrowing currency | U.S. $ equivalent (a) | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
KBW Senior Notes (b) | € | 680 | $ | 890 | € | 618 | $ | 808.8 | € | 62 | $ | 81.2 | ||||||||||||||||
KBW Euro Senior Secured Notes (c) | € | 800 | 1,047.00 | € | 735.1 | 962.1 | € | 64.9 | 84.9 | |||||||||||||||||||
KBW Dollar Senior Secured Notes (d) | $ | 500 | 500 | $ | 459.3 | 459.3 | $ | 40.7 | 40.7 | |||||||||||||||||||
KBW Senior Secured Floating-Rate Notes (e) | € | 420 | 549.7 | € | 395.9 | 518.2 | € | 24.1 | 31.5 | |||||||||||||||||||
Total | $ | 2,986.70 | $ | 2,748.40 | $ | 238.3 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Translations are calculated as of the May 4, 2012 transaction date. | |||||||||||||||||||||||||||
(b) | The KBW Senior Notes tendered for exchange were exchanged for an equal principal amount of 9.5% senior notes issued by Unitymedia KabelBW due March 15, 2021 (the UM Senior Exchange Notes). | |||||||||||||||||||||||||||
(c) | The KBW Euro Senior Secured Notes tendered for exchange were exchanged for an equal principal amount of 7.5% senior secured notes issued by Unitymedia Hessen and Unitymedia NRW GmbH (each, a subsidiary of Unitymedia KabelBW and, together, the UM Senior Secured Notes Issuers) due March 15, 2019 (the UM Euro Senior Secured Exchange Notes). | |||||||||||||||||||||||||||
(d) | The KBW Dollar Senior Secured Notes tendered for exchange were exchanged for an equal principal amount of 7.5% senior secured notes issued by the UM Senior Secured Notes Issuers due March 15, 2019 (the UM Dollar Senior Secured Exchange Notes and, together with the UM Euro Senior Secured Exchange Notes, the UM Senior Secured Fixed-Rate Exchange Notes). In December 31, 2014, the UM Senior Secured Fixed-Rate Exchange Notes were redeemed in full as described below. | |||||||||||||||||||||||||||
(e) | The KBW Senior Secured Floating-Rate Notes tendered for exchange were exchanged for an equal principal amount of senior secured floating-rate notes issued by the UM Senior Secured Notes Issuers due March 15, 2018 (the UM Senior Secured Floating-Rate Exchange Notes and, together with the UM Senior Secured Floating-Rate Exchange Notes, the UM Senior Secured Exchange Notes). The UM Senior Secured Floating-Rate Exchange Notes, prior to their redemption as described below, bore interest at a rate of EURIBOR plus 4.25%. | |||||||||||||||||||||||||||
VM Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of the outstanding senior notes of Virgin Media as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
VM Notes | Maturity | Interest | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
rate | currency | equivalent | fair value | value (a) | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
2022 VM Senior Notes: | ||||||||||||||||||||||||||||
2022 VM Dollar Senior Notes | February 15, 2022 | 4.88% | $ | 118.7 | $ | 118.7 | $ | 113.9 | $ | 119.6 | ||||||||||||||||||
2022 VM Dollar Senior Notes | February 15, 2022 | 5.25% | $ | 95 | 95 | 90.5 | 95.8 | |||||||||||||||||||||
2022 VM Sterling Senior Notes | February 15, 2022 | 5.13% | £ | 44.1 | 68.7 | 69.7 | 69.3 | |||||||||||||||||||||
2023 VM Senior Notes: | ||||||||||||||||||||||||||||
2023 VM Dollar Senior Notes | April 15, 2023 | 6.38% | $ | 530 | 530 | 555.8 | 530 | |||||||||||||||||||||
2023 VM Sterling Senior Notes | April 15, 2023 | 7.00% | £ | 250 | 389.5 | 425.1 | 389.5 | |||||||||||||||||||||
2024 VM Senior Notes: | ||||||||||||||||||||||||||||
2024 VM Dollar Senior Notes | 15-Oct-24 | 6.00% | $ | 500 | 500 | 525 | 500 | |||||||||||||||||||||
2024 VM Sterling Senior Notes | 15-Oct-24 | 6.38% | £ | 300 | 467.4 | 504.8 | 467.4 | |||||||||||||||||||||
January 2021 VM Senior Secured Notes: | ||||||||||||||||||||||||||||
January 2021 VM Sterling Senior Secured Notes | January 15, 2021 | 5.50% | £ | 628.4 | 979.1 | 1,055.00 | 992.2 | |||||||||||||||||||||
January 2021 VM Dollar Senior Secured Notes | January 15, 2021 | 5.25% | $ | 447.9 | 447.9 | 468 | 460.1 | |||||||||||||||||||||
April 2021 VM Senior Secured Notes: | ||||||||||||||||||||||||||||
April 2021 VM Sterling Senior Secured Notes | April 15, 2021 | 6.00% | £ | 1,100.00 | 1,713.90 | 1,810.30 | 1,713.90 | |||||||||||||||||||||
April 2021 VM Dollar Senior Secured Notes | April 15, 2021 | 5.38% | $ | 1,000.00 | 1,000.00 | 1,033.10 | 1,000.00 | |||||||||||||||||||||
2025 VM Senior Secured Notes: | ||||||||||||||||||||||||||||
2025 VM 5.5% Sterling Senior Secured Notes | January 15, 2025 | 5.50% | £ | 430 | 670 | 694.7 | 670 | |||||||||||||||||||||
2025 VM 5.5% Dollar Senior Secured Notes | January 15, 2025 | 5.50% | $ | 425 | 425 | 440.1 | 425 | |||||||||||||||||||||
2029 VM Sterling Senior Secured Notes | March 28, 2029 | 6.25% | £ | 400 | 623.2 | 675 | 627.9 | |||||||||||||||||||||
Total | $ | 8,028.40 | $ | 8,461.00 | $ | 8,060.70 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of premiums, where applicable, including amounts recorded in connection with the acquisition accounting for the Virgin Media Acquisition. | |||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | Virgin Media Secured Finance or Virgin Media Finance (as applicable) may redeem some or all of the April 2021 VM Senior Secured Notes, the 2023 VM Senior Notes, the 2024 VM Senior Notes, the 2025 VM Senior Secured Notes or the 2029 VM Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on October 15, in the case of the 2024 VM Senior Notes, or April 15, in the case of the April 2021 VM Senior Secured Notes and the 2023 VM Senior Notes and January 15, in the case of the 2025 VM Senior Secured Notes and the 2029 VM Senior Secured Notes of the years set forth below: | |||||||||||||||||||||||||||
Redemption price | ||||||||||||||||||||||||||||
Year | April 2021 VM Dollar Senior Secured Notes | April 2021 VM Sterling Senior Secured Notes | 2023 VM Dollar Senior Notes | 2023 VM Sterling Senior Notes | 2024 VM Dollar Senior Notes | 2024 VM Sterling Senior Notes | 2025 VM Senior Secured Notes | 2029 VM Senior Secured Notes | ||||||||||||||||||||
2015 | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2016 | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2017 | 102.69% | 103.00% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2018 | 101.34% | 101.50% | 103.19% | 103.50% | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||||
2019 | 100.00% | 100.00% | 102.13% | 102.33% | 103.00% | 103.19% | 102.75% | N.A. | ||||||||||||||||||||
2020 | 100.00% | 100.00% | 101.06% | 101.67% | 102.00% | 102.13% | 101.83% | N.A. | ||||||||||||||||||||
2021 | N.A. | N.A. | 100.00% | 100.00% | 101.00% | 101.06% | 100.00% | 103.13% | ||||||||||||||||||||
2022 | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 102.08% | ||||||||||||||||||||
2023 | N.A. | N.A. | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 101.04% | ||||||||||||||||||||
2024 and thereafter | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 100.00% | 100.00% | ||||||||||||||||||||
VM Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | The details of our borrowings under the VM Credit Facility as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value (a) | ||||||||||||||||||||||||||
currency) | capacity | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
A | June 7, 2019 | LIBOR + 3.25% | £ | 375 | $ | — | $ | 584.3 | ||||||||||||||||||||
B | June 7, 2020 | LIBOR + 2.75% (b) | $ | 2,755.00 | — | 2,744.00 | ||||||||||||||||||||||
D | June 30, 2022 | LIBOR + 3.25% (b) | £ | 100 | — | 155.4 | ||||||||||||||||||||||
E | June 30, 2023 | LIBOR + 3.50% (b) | £ | 849.4 | — | 1,320.30 | ||||||||||||||||||||||
VM Revolving Facility (c) | June 7, 2019 | LIBOR + 3.25% | £ | 660 | 1,028.40 | — | ||||||||||||||||||||||
Total | $ | 1,028.40 | $ | 4,804.00 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | The carrying values of VM Facilities B, D and E include the impact of discounts. | |||||||||||||||||||||||||||
(b) | VM Facilities B, D and E each have a LIBOR floor of 0.75%. | |||||||||||||||||||||||||||
(c) | The VM Revolving Facility has a fee on unused commitments of 1.3% per year. | |||||||||||||||||||||||||||
UPC Broadband Holding Bank Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of our borrowings under the UPC Broadband Holding Bank Facility as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value (c) | ||||||||||||||||||||||||||
currency) (a) | capacity (b) | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
V (d) | January 15, 2020 | 7.63% | € | 500 | $ | — | $ | 605 | ||||||||||||||||||||
Y (d) | July 1, 2020 | 6.38% | € | 750 | — | 907.5 | ||||||||||||||||||||||
Z (d) | July 1, 2020 | 6.63% | $ | 1,000.00 | — | 1,000.00 | ||||||||||||||||||||||
AC (d) | November 15, 2021 | 7.25% | $ | 750 | — | 750 | ||||||||||||||||||||||
AD (d) | January 15, 2022 | 6.88% | $ | 750 | — | 750 | ||||||||||||||||||||||
AG (e) | March 31, 2021 | EURIBOR + 3.75% | € | 1,554.40 | — | 1,877.20 | ||||||||||||||||||||||
AH | June 30, 2021 | LIBOR + 2.50% (f) | $ | 1,305.00 | — | 1,302.00 | ||||||||||||||||||||||
AI | April 30,2019 | EURIBOR + 3.25% | € | 1,046.20 | 1,266.00 | — | ||||||||||||||||||||||
Elimination of Facilities V, Y, Z, AC and AD in consolidation (d) | — | (4,012.5 | ) | |||||||||||||||||||||||||
Total | $ | 1,266.00 | $ | 3,179.20 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Except as described in (d) below, amounts represent total third-party facility amounts at December 31, 2014 without giving effect to the impact of discounts. | |||||||||||||||||||||||||||
(b) | At December 31, 2014, our availability under the UPC Broadband Holding Bank Facility was limited to €906.7 million ($1,097.2 million). When the relevant December 31, 2014 compliance reporting requirements have been completed, we anticipate that our availability under the UPC Broadband Holding Bank Facility will be limited to €889.1 million ($1,075.9 million). Facility AI has a fee on unused commitments of 1.3% per year. | |||||||||||||||||||||||||||
(c) | The carrying values of Facilities AG and AH include the impact of discounts. | |||||||||||||||||||||||||||
(d) | As further discussed in the below description of the UPCB SPE Notes, the amounts outstanding under Facilities V, Y, Z, AC and AD are eliminated in Liberty Global’s consolidated financial statements. | |||||||||||||||||||||||||||
(e) | For information regarding certain financing transactions subsequent to December 31, 2014 whereby, among other items, a portion of Facility AG was rolled into a new facility, see note 20. | |||||||||||||||||||||||||||
(f) | Facility AH has a LIBOR floor of 0.75%. | |||||||||||||||||||||||||||
UPC Holding Senior Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of the UPC Holding Senior Notes as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
UPC Holding Senior Notes | Maturity | Borrowing | U.S. $ | Estimated | Carrying | |||||||||||||||||||||||
currency | equivalent | fair value | value (a) | |||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
UPC Holding 8.375% Senior Notes | 15-Aug-20 | € | 640 | $ | 774.4 | $ | 833.4 | $ | 774.4 | |||||||||||||||||||
UPC Holding 6.375% Senior Notes | September 15, 2022 | € | 600 | 726 | 786.8 | 720.6 | ||||||||||||||||||||||
UPC Holding 6.75% Euro Senior Notes | March 15, 2023 | € | 450 | 544.5 | 597.3 | 544.5 | ||||||||||||||||||||||
UPC Holding 6.75% CHF Senior Notes | March 15, 2023 | CHF | 350 | 352.1 | 386.1 | 352.1 | ||||||||||||||||||||||
Total | $ | 2,397.00 | $ | 2,603.60 | $ | 2,391.60 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | UPC Holding may redeem some or all of the UPC Holding Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on August 15, in the case of the UPC Holding 8.375% Senior Notes, September 15, in the case of the UPC Holding 6.375% Senior Notes, and March 15, in the case of the UPC Holding 6.75% Senior Notes, of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | UPC Holding 8.375% | UPC Holding 6.375% | UPC Holding 6.75% Senior Notes | |||||||||||||||||||||||||
Senior Notes | Senior Notes | |||||||||||||||||||||||||||
2015 | 104.19% | N.A. | N.A. | |||||||||||||||||||||||||
2016 | 102.79% | N.A. | N.A. | |||||||||||||||||||||||||
2017 | 101.40% | 103.19% | N.A. | |||||||||||||||||||||||||
2018 | 100.00% | 102.13% | 103.38% | |||||||||||||||||||||||||
2019 | 100.00% | 101.06% | 102.25% | |||||||||||||||||||||||||
2020 | 100.00% | 100.00% | 101.13% | |||||||||||||||||||||||||
2021 and thereafter | N.A. | 100.00% | 100.00% | |||||||||||||||||||||||||
UPCB SPE Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of the UPCB SPE Notes as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
UPCB SPEs | Maturity | Interest rate | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
currency | equivalent | fair value | value (a) | |||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
UPCB Finance I Notes | January 15, 2020 | 7.63% | € | 500 | $ | 605 | $ | 631.9 | $ | 601.9 | ||||||||||||||||||
UPCB Finance II Notes | July 1, 2020 | 6.38% | € | 750 | 907.5 | 954 | 907.5 | |||||||||||||||||||||
UPCB Finance III Notes | July 1, 2020 | 6.63% | $ | 1,000.00 | 1,000.00 | 1,054.40 | 1,000.00 | |||||||||||||||||||||
UPCB Finance V Notes | November 15, 2021 | 7.25% | $ | 750 | 750 | 821.7 | 750 | |||||||||||||||||||||
UPCB Finance VI Notes | January 15, 2022 | 6.88% | $ | 750 | 750 | 817 | 750 | |||||||||||||||||||||
Total | $ | 4,012.50 | $ | 4,279.00 | $ | 4,009.40 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | Upon the occurrence of an Early Redemption Event on or after the applicable UPCB SPE Notes Call Date, the applicable UPCB SPE will redeem an aggregate principal amount of its UPCB SPE Notes equal to the principal amount of the related UPCB SPE Funded Facility prepaid at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest and additional amounts, (as specified in the applicable UPCB SPE Indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on January 15, in the case of the UPCB Finance I Notes and the UPCB Finance VI Notes, July 1, in the case of the UPCB Finance II Notes and the UPCB Finance III Notes, and November 15, in the case of the UPCB Finance V Notes, of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | UPCB Finance I Notes | UPCB Finance II Notes | UPCB Finance III Notes | UPCB Finance V Notes | UPCB Finance VI Notes | |||||||||||||||||||||||
2015 | 103.81% | 103.19% | 103.31% | N.A. | N.A. | |||||||||||||||||||||||
2016 | 102.54% | 102.13% | 102.21% | 103.62% | N.A. | |||||||||||||||||||||||
2017 | 101.27% | 101.06% | 101.10% | 102.42% | 103.44% | |||||||||||||||||||||||
2018 | 100.00% | 100.00% | 100.00% | 101.21% | 102.29% | |||||||||||||||||||||||
2019 | 100.00% | 100.00% | 100.00% | 100.00% | 101.15% | |||||||||||||||||||||||
2020 and thereafter | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||
Unitymedia KabelBW Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of the Unitymedia KabelBW Notes as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
Unitymedia KabelBW Notes | Maturity | Interest | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
rate | currency | equivalent | fair value | value (a) | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
UM Senior Exchange Notes | March 15, 2021 | 9.5 | % | € | 618 | $ | 747.7 | $ | 837.9 | $ | 746.1 | |||||||||||||||||
September 2012 UM Senior Secured Notes | September 15, 2022 | 5.5 | % | € | 650 | 786.5 | 843.5 | 786.5 | ||||||||||||||||||||
December 2012 UM Dollar Senior Secured Notes | January 15, 2023 | 5.5 | % | $ | 1,000.00 | 1,000.00 | 1,046.30 | 1,000.00 | ||||||||||||||||||||
December 2012 UM Euro Senior Secured Notes | January 15, 2023 | 5.75 | % | € | 500 | 605 | 657.9 | 605 | ||||||||||||||||||||
January 2013 UM Senior Secured Notes | January 21, 2023 | 5.125 | % | € | 500 | 605 | 646.6 | 605 | ||||||||||||||||||||
April 2013 UM Senior Secured Notes | April 15, 2023 | 5.625 | % | € | 350 | 423.5 | 461.1 | 423.5 | ||||||||||||||||||||
November 2013 UM Senior Secured Notes | January 15, 2029 | 6.25 | % | € | 475 | 574.8 | 654.5 | 574.8 | ||||||||||||||||||||
October 2014 UM Senior Notes | January 15, 2025 | 6.125 | % | $ | 900 | 900 | 932.6 | 900 | ||||||||||||||||||||
December 2014 UM Euro Senior Secured Notes | January 15, 2025 | 4 | % | € | 1,000.00 | 1,210.00 | 1,237.20 | 1,210.00 | ||||||||||||||||||||
December 2014 UM Dollar Senior Secured Notes | January 15, 2025 | 5 | % | $ | 550 | 550 | 551.7 | 550 | ||||||||||||||||||||
Total | $ | 7,402.50 | $ | 7,869.30 | $ | 7,400.90 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | Unitymedia KabelBW or the UM Senior Secured Notes Issuers (as applicable) may redeem some or all of the Unitymedia KabelBW Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on March 15, in the case of the UM Senior Exchange Notes, September 15, in the case of the September 2012 UM Senior Secured Notes, January 15, in the case of the December 2012 UM Senior Secured Notes, the November 2013 UM Senior Secured Notes, the October 2014 UM Senior Notes and the December 2014 UM Senior Secured Notes, January 21, in the case of the January 2013 UM Senior Secured Notes, or April 15, in the case of the April 2013 UM Senior Secured Notes, of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | UM Senior Exchange Notes | Sep-12 | Dec-12 | Dec-12 | January 2013 UM Senior Secured Notes | April 2013 UM Senior Secured Notes | November 2013 UM Senior Secured Notes | October 2014 UM Senior Notes | December 2014 UM Euro Senior Secured Notes | December 2014 UM Dollar Senior Secured Notes | ||||||||||||||||||
UM Senior Secured Notes | UM Dollar Senior Secured Notes | UM Euro Senior Secured Notes | ||||||||||||||||||||||||||
2016 | 104.75% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2017 | 103.17% | 102.75% | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2018 | 101.58% | 101.83% | 102.75% | 102.88% | 102.56% | 102.81% | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2019 | 100.00% | 100.92% | 101.83% | 101.92% | 101.71% | 101.88% | N.A. | N.A. | N.A. | N.A. | ||||||||||||||||||
2020 | 100.00% | 100.00% | 100.92% | 100.96% | 100.85% | 100.94% | N.A. | 103.06% | 102.00% | 102.50% | ||||||||||||||||||
2021 | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 103.13% | 102.04% | 101.33% | 101.67% | ||||||||||||||||||
2022 | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | 102.08% | 101.02% | 100.67% | 100.83% | ||||||||||||||||||
2023 | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 101.04% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||
2024 and thereafter | N.A. | N.A. | N.A. | N.A. | N.A. | N.A. | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||
Ziggo Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | The details of our borrowings under the Ziggo Credit Facility as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value (a) | ||||||||||||||||||||||||||
currency) | capacity | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Ziggo Euro Facility | January 15, 2022 | EURIBOR + 3.00% | € | 2,000.00 | $ | — | $ | 2,395.50 | ||||||||||||||||||||
Ziggo Dollar Facility | January 15, 2022 | LIBOR + 2.75% | $ | 2,350.00 | — | 2,315.30 | ||||||||||||||||||||||
Ziggo Revolving Facilities | June 30, 2020 | (b) | € | 650 | 786.5 | — | ||||||||||||||||||||||
Total | $ | 786.5 | $ | 4,710.80 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of discounts, where applicable. | |||||||||||||||||||||||||||
(b) | The Ziggo Revolving Facilities include (i) a €600.0 million ($726.0 million) facility that bears interest at EURIBOR plus a margin of 2.75% and has a fee on unused commitments of 1.1% per year and (ii) a €50.0 million ($60.5 million) facility that bears interest at EURIBOR plus a margin of 2.00% and has a fee on unused commitments of 0.8% per year. | |||||||||||||||||||||||||||
Ziggo Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of the Ziggo Notes as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Outstanding principal | ||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||
Ziggo Notes | Maturity | Interest | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
rate | currency | equivalent | fair value | value (a) | ||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Ziggo 2020 Euro Senior Secured Notes | March 27, 2020 | 3.62% | € | 71.7 | $ | 86.8 | $ | 88.7 | $ | 89.3 | ||||||||||||||||||
Ziggo 2024 Euro Senior Notes | May 15, 2024 | 7.12% | € | 743.1 | 899.2 | 993.6 | 987.7 | |||||||||||||||||||||
Total | $ | 986 | $ | 1,082.30 | $ | 1,077.00 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Amounts include the impact of premiums, where applicable. | |||||||||||||||||||||||||||
Ziggo 2024 Euro Senior Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | The Ziggo 2024 Euro Senior Notes are senior obligations of Ziggo Bondco and are secured by a pledge of the shares of Ziggo Bondco. The Ziggo 2024 Euro Senior Notes are non-callable until May 15, 2019. At any time prior to May 15, 2019, Ziggo Bondco may redeem some or all of the Ziggo 2024 Euro Senior Notes by paying a “make-whole” premium. Ziggo Bondco may redeem some or all of the Ziggo 2024 Euro Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the redemption date, if redeemed during the twelve-month period commencing on May 15 of the years set forth below: | |||||||||||||||||||||||||||
Year | Redemption | |||||||||||||||||||||||||||
price | ||||||||||||||||||||||||||||
2019 | 103.56% | |||||||||||||||||||||||||||
2020 | 102.38% | |||||||||||||||||||||||||||
2021 | 101.19% | |||||||||||||||||||||||||||
2022 and thereafter | 100.00% | |||||||||||||||||||||||||||
Telenet Credit Facility [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | details of our borrowings under the Telenet Credit Facility as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Facility | Maturity | Interest rate | Facility amount | Unused | Carrying | |||||||||||||||||||||||
(in borrowing | borrowing | value | ||||||||||||||||||||||||||
currency) (a) | capacity (b) | |||||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
M (c) | 15-Nov-20 | 6.38% | € | 500 | $ | — | $ | 605 | ||||||||||||||||||||
O (c) | 15-Feb-21 | 6.63% | € | 300 | — | 363 | ||||||||||||||||||||||
P (c) | June 15, 2021 | EURIBOR + 3.875% | € | 400 | — | 484 | ||||||||||||||||||||||
S | December 31, 2016 | EURIBOR + 2.75% | € | 36.9 | 44.7 | — | ||||||||||||||||||||||
U (c) | August 15, 2022 | 6.25% | € | 450 | — | 544.5 | ||||||||||||||||||||||
V (c) | August 15, 2024 | 6.75% | € | 250 | — | 302.5 | ||||||||||||||||||||||
W (d) | June 30, 2022 | EURIBOR + 3.25% | € | 474.1 | — | 572.5 | ||||||||||||||||||||||
X | September 30, 2020 | EURIBOR + 2.75% | € | 286 | 346.1 | — | ||||||||||||||||||||||
Y (d) | June 30, 2023 | EURIBOR + 3.50% | € | 882.9 | — | 1,066.10 | ||||||||||||||||||||||
Elimination of Telenet Facilities M, O, P, U and V in consolidation (c) | — | (2,299.0 | ) | |||||||||||||||||||||||||
Total | $ | 390.8 | $ | 1,638.60 | ||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | Except as described in (c) below, amounts represent total third-party facility amounts at December 31, 2014. | |||||||||||||||||||||||||||
(b) | Telenet Facilities S and X each have a fee on unused commitments of 1.1% per year. | |||||||||||||||||||||||||||
(c) | As described below, the amounts outstanding under Telenet Facilities M, O, P, U and V are eliminated in Liberty Global’s consolidated financial statements. | |||||||||||||||||||||||||||
(d) | The carrying values of Telenet Facilities W and Y include the impact of discounts. | |||||||||||||||||||||||||||
Telenet SPE Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt | The details of the Telenet SPE Notes as of December 31, 2014 are summarized in the following table: | |||||||||||||||||||||||||||
Outstanding | ||||||||||||||||||||||||||||
principal amount | ||||||||||||||||||||||||||||
Telenet SPEs Notes | Maturity | Interest rate | Borrowing | U.S. $ | Estimated | Carrying | ||||||||||||||||||||||
currency | equivalent | fair value | value | |||||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Telenet Finance Notes | November 15, 2020 | 6.38% | € | 500 | $ | 605 | $ | 639.8 | $ | 605 | ||||||||||||||||||
Telenet Finance III Notes | February 15, 2021 | 6.63% | € | 300 | 363 | 387 | 363 | |||||||||||||||||||||
Telenet Finance IV Notes | June 15, 2021 | EURIBOR + 3.875% | € | 400 | 484 | 487 | 484 | |||||||||||||||||||||
6.25% Telenet Finance V Notes | August 15, 2022 | 6.25% | € | 450 | 544.5 | 595.9 | 544.5 | |||||||||||||||||||||
6.75% Telenet Finance V Notes | August 15, 2024 | 6.75% | € | 250 | 302.5 | 340.7 | 302.5 | |||||||||||||||||||||
Total | $ | 2,299.00 | $ | 2,450.40 | $ | 2,299.00 | ||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | On or after (i) the applicable Telenet SPE Notes Call Date, upon the voluntary prepayment of all or a portion of the loans under the related Telenet SPE Funded Facility, the applicable Telenet SPE will redeem an aggregate principal amount of its Telenet SPE Notes equal to the principal amount of the loans so prepaid and (ii) in the case of the Telenet SPE Notes, additional amounts (as specified in the applicable Telenet SPE Indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing on (a) November 15 for the Telenet Finance Notes, (b) February 15 for the Telenet Finance III Notes, (c) June 15 for the Telenet Finance IV Notes and (d) August 15 for the Telenet Finance V Notes, of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | Telenet | Telenet | Telenet | 6.25% Telenet | 6.75% Telenet | |||||||||||||||||||||||
Finance | Finance III | Finance IV | Finance V | Finance V | ||||||||||||||||||||||||
Notes | Notes | Notes | Notes | Notes | ||||||||||||||||||||||||
2015 | 103.19% | N.A. | 101.00% | N.A. | N.A. | |||||||||||||||||||||||
2016 | 102.13% | 103.31% | 100.00% | N.A. | N.A. | |||||||||||||||||||||||
2017 | 101.06% | 102.21% | 100.00% | 103.13% | N.A. | |||||||||||||||||||||||
2018 | 100.00% | 101.10% | 100.00% | 102.08% | 103.38% | |||||||||||||||||||||||
2019 | 100.00% | 100.00% | 100.00% | 101.56% | 102.53% | |||||||||||||||||||||||
2020 | 100.00% | 100.00% | 100.00% | 100.00% | 101.69% | |||||||||||||||||||||||
2021 | N.A. | 100.00% | 100.00% | 100.00% | 100.84% | |||||||||||||||||||||||
2022 and thereafter | N.A. | N.A. | N.A. | 100.00% | 100.00% | |||||||||||||||||||||||
VTR Finance Senior Secured Notes [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Schedule of Debt Instrument Redemption Price | VTR Finance may redeem all or part of the VTR Finance Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the VTR Indenture), if any, to the applicable redemption date, if redeemed during the twelve-month period commencing January 15 of the years set forth below: | |||||||||||||||||||||||||||
Year | Redemption | |||||||||||||||||||||||||||
price | ||||||||||||||||||||||||||||
2019 | 103.438 | % | ||||||||||||||||||||||||||
2020 | 102.292 | % | ||||||||||||||||||||||||||
2021 | 101.146 | % | ||||||||||||||||||||||||||
2022 and thereafter | 100 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of Domestic and Foreign Components of Loss from Continuing Operations before Income Taxes | The components of our loss from continuing operations before income taxes are as follows: | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
in millions | ||||||||||||||
U.S. | $ | (1,105.6 | ) | $ | (306.3 | ) | $ | (73.3 | ) | |||||
The Netherlands | (644.5 | ) | — | 799.9 | — | (152.3 | ) | |||||||
U.K. | 585.7 | (976.0 | ) | (11.6 | ) | |||||||||
Switzerland | 326.1 | 284.3 | 274.8 | |||||||||||
Germany | (294.7 | ) | — | (355.8 | ) | — | (498.4 | ) | ||||||
Belgium | 21.5 | — | 89.5 | — | 96.9 | |||||||||
Other | 55.6 | (62.1 | ) | (145.0 | ) | |||||||||
Total | $ | (1,055.9 | ) | $ | (526.5 | ) | $ | (508.9 | ) | |||||
Schedule Of Income Tax Expense Benefit Text Block | Income tax benefit (expense) consists of: | |||||||||||||
Current | Deferred | Total | ||||||||||||
in millions | ||||||||||||||
Year ended December 31, 2014: | ||||||||||||||
Continuing operations: | ||||||||||||||
U.K. | $ | (2.1 | ) | $ | 113.4 | $ | 111.3 | |||||||
U.S. (a) | (22.5 | ) | 129.6 | 107.1 | ||||||||||
Belgium | (138.7 | ) | 31.7 | (107.0 | ) | |||||||||
Switzerland | (76.8 | ) | 3.1 | (73.7 | ) | |||||||||
The Netherlands | 11.1 | 42.5 | 53.6 | |||||||||||
Germany | (22.6 | ) | 37 | 14.4 | ||||||||||
Other | (24.0 | ) | (6.7 | ) | (30.7 | ) | ||||||||
Total — continuing operations | $ | (275.6 | ) | $ | 350.6 | $ | 75 | |||||||
Discontinued operations | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Year ended December 31, 2013: | ||||||||||||||
Continuing operations: | ||||||||||||||
U.K | $ | (2.4 | ) | $ | (245.2 | ) | $ | (247.6 | ) | |||||
Belgium | (97.1 | ) | (16.2 | ) | (113.3 | ) | ||||||||
The Netherlands | 0.5 | 97.3 | 97.8 | |||||||||||
Switzerland | (53.6 | ) | (4.4 | ) | (58.0 | ) | ||||||||
Germany | (13.2 | ) | (38.1 | ) | (51.3 | ) | ||||||||
U.S. (a) | (106.0 | ) | 104.9 | (1.1 | ) | |||||||||
Other | (65.1 | ) | 83.1 | 18 | ||||||||||
Total — continuing operations | $ | (336.9 | ) | $ | (18.6 | ) | $ | (355.5 | ) | |||||
Discontinued operations | $ | (20.5 | ) | $ | (2.2 | ) | $ | (22.7 | ) | |||||
Year ended December 31, 2012: | ||||||||||||||
Continuing operations: | ||||||||||||||
Germany | $ | 4 | $ | 119.6 | $ | 123.6 | ||||||||
The Netherlands | (8.2 | ) | (67.6 | ) | (75.8 | ) | ||||||||
Switzerland | (8.7 | ) | (63.7 | ) | (72.4 | ) | ||||||||
Belgium | (1.5 | ) | (54.5 | ) | (56.0 | ) | ||||||||
U.S. (a) | 38.2 | (44.6 | ) | (6.4 | ) | |||||||||
U.K. | (0.1 | ) | (0.7 | ) | (0.8 | ) | ||||||||
Other | (62.7 | ) | 75.5 | 12.8 | ||||||||||
Total — continuing operations | $ | (39.0 | ) | $ | (36.0 | ) | $ | (75.0 | ) | |||||
Discontinued operations | $ | (14.8 | ) | $ | (13.3 | ) | $ | (28.1 | ) | |||||
_______________ | ||||||||||||||
(a) | Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented. | |||||||||||||
Income Tax Benefit (Expense) Reconciliation Table | Income tax benefit (expense) attributable to our loss from continuing operations before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
in millions | ||||||||||||||
Computed “expected” tax benefit (a) | $ | 221.7 | $ | 121.1 | $ | 178.1 | ||||||||
Change in valuation allowances (b): | ||||||||||||||
Decrease | (373.1 | ) | (112.6 | ) | (148.3 | ) | ||||||||
Increase | 11.9 | 31.7 | 25.6 | |||||||||||
International rate differences (b) (c): | ||||||||||||||
Increase | 266.4 | 148.2 | 60.6 | |||||||||||
Decrease | (27.6 | ) | (50.8 | ) | (81.8 | ) | ||||||||
Non-deductible or non-taxable interest and other expenses (b): | ||||||||||||||
Decrease | (236.5 | ) | (133.5 | ) | (84.7 | ) | ||||||||
Increase | 58 | 85.2 | 2.4 | |||||||||||
Tax effect of intercompany financing | 166.9 | 82.7 | — | |||||||||||
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (135.4 | ) | (4.0 | ) | (24.6 | ) | ||||||||
Non-deductible or non-taxable foreign currency exchange results (b): | ||||||||||||||
Increase | 71.9 | 0.5 | — | |||||||||||
Decrease | (16.3 | ) | (56.1 | ) | (10.4 | ) | ||||||||
Recognition of previously unrecognized tax benefits | 29.5 | — | — | |||||||||||
Enacted tax law and rate changes (d) | 23.9 | (377.8 | ) | 12.3 | ||||||||||
Change in subsidiary tax attributes due to a deemed change in control | — | (88.0 | ) | — | ||||||||||
Other, net | 13.7 | (2.1 | ) | (4.2 | ) | |||||||||
Total income tax benefit (expense) | $ | 75 | $ | (355.5 | ) | $ | (75.0 | ) | ||||||
_______________ | ||||||||||||||
(a) | The statutory or “expected” tax rates are the U.K. rate of 21.0%, the U.K. rate of 23.0% and the U.S. rate of 35.0% for 2014, 2013 and 2012, respectively. | |||||||||||||
(b) | Country jurisdictions giving rise to increases are grouped together and shown separately from country jurisdictions giving rise to decreases. | |||||||||||||
(c) | Amounts reflect adjustments (either an increase or a decrease) to “expected” tax benefit for statutory rates in jurisdictions in which we operate outside of the U.K. for 2014 and 2013 and outside of the U.S. for 2012. | |||||||||||||
(d) | In April 2014, the U.K. corporate income tax rate decreased from 23.0% to 21.0%, with a further decline to 20.0% scheduled for April 2015. Substantially all of the impact of these rate changes on our deferred tax balances was recorded in the third quarter of 2013. | |||||||||||||
Schedule Of Current And Noncurrent Deferred Tax Assets And Liabilities Text Block | The current and non-current components of our deferred tax assets are as follows: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
in millions | ||||||||||||||
Current deferred tax assets | $ | 290.3 | $ | 226.1 | ||||||||||
Non-current deferred tax assets (a) | 2,587.00 | 2,641.80 | ||||||||||||
Current deferred tax liabilities (a) | (0.6 | ) | (1.5 | ) | ||||||||||
Non-current deferred tax liabilities (a) | (2,369.4 | ) | (1,554.2 | ) | ||||||||||
Net deferred tax asset | $ | 507.3 | $ | 1,312.20 | ||||||||||
_______________ | ||||||||||||||
(a) | Our current deferred tax liabilities are included in other accrued and current liabilities, and our non-current deferred tax assets and liabilities are included in other assets, net, and other long-term liabilities, respectively, in our consolidated balance sheets. | |||||||||||||
Schedule Of Deferred Tax Assets and Liabilities Text block | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
in millions | ||||||||||||||
Deferred tax assets: | ||||||||||||||
Net operating loss and other carryforwards | $ | 6,637.90 | $ | 7,286.10 | ||||||||||
Property and equipment, net | 3,469.20 | 3,470.70 | ||||||||||||
Debt | 1,189.00 | 837.7 | ||||||||||||
Derivative instruments | 345.9 | 518.4 | ||||||||||||
Intangible assets | 149.6 | 187.5 | ||||||||||||
Other future deductible amounts | 265.3 | 265 | ||||||||||||
Deferred tax assets | 12,056.90 | 12,565.40 | ||||||||||||
Valuation allowance | (6,679.4 | ) | (7,052.8 | ) | ||||||||||
Deferred tax assets, net of valuation allowance | 5,377.50 | 5,512.60 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Intangible assets | (2,338.2 | ) | (1,471.1 | ) | ||||||||||
Property and equipment, net | (1,861.4 | ) | (1,945.3 | ) | ||||||||||
Investments | (367.6 | ) | (400.7 | ) | ||||||||||
Derivative instruments | (142.7 | ) | (129.5 | ) | ||||||||||
Other future taxable amounts | (160.3 | ) | (253.8 | ) | ||||||||||
Deferred tax liabilities | (4,870.2 | ) | (4,200.4 | ) | ||||||||||
Net deferred tax asset | $ | 507.3 | $ | 1,312.20 | ||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | The significant components of our tax loss carryforwards and related tax assets at December 31, 2014 are as follows: | |||||||||||||
Country | Tax loss | Related | Expiration | |||||||||||
carryforward | tax asset | date | ||||||||||||
in millions | ||||||||||||||
U.K. | $ | 21,119.20 | $ | 4,223.80 | Indefinite | |||||||||
The Netherlands | 3,025.80 | 756.4 | 2015-2023 | |||||||||||
Germany | 2,670.10 | 424.8 | Indefinite | |||||||||||
U.S. | 1,550.30 | 405.1 | 2019-2034 | |||||||||||
Luxembourg | 1,030.70 | 301.2 | Indefinite | |||||||||||
France | 585.1 | 201.4 | Indefinite | |||||||||||
Belgium | 506.3 | 172.1 | Indefinite | |||||||||||
Ireland | 466 | 58.2 | Indefinite | |||||||||||
Hungary | 209.8 | 39.9 | 2025 | |||||||||||
Other | 240.7 | 55 | Various | |||||||||||
Total | $ | 31,404.00 | $ | 6,637.90 | ||||||||||
Unrecognized Tax Benefits Roll Forward Table Text Block | The changes in our unrecognized tax benefits are summarized below: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
in millions | ||||||||||||||
Balance at January 1 | $ | 490.9 | $ | 359.7 | $ | 400.6 | ||||||||
Additions for tax positions of prior years | 64.5 | 41.5 | 5.5 | |||||||||||
Reductions for tax positions of prior years | (50.2 | ) | (14.2 | ) | (124.2 | ) | ||||||||
Additions based on tax positions related to the current year | 38.2 | 102.3 | 89.9 | |||||||||||
Foreign currency translation | (27.0 | ) | 7.9 | 2.9 | ||||||||||
Lapse of statute of limitations | (1.9 | ) | (6.3 | ) | (15.0 | ) | ||||||||
Settlements with tax authorities | (1.0 | ) | — | — | ||||||||||
Balance at December 31 | $ | 513.5 | $ | 490.9 | $ | 359.7 | ||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||
Treasury Stock Purchases | The following table provides details of our share repurchases during 2014, 2013 and 2012: | ||||||||||||||||||
Liberty Global Class A ordinary shares or LGI Series A common stock | Liberty Global Class C ordinary shares or LGI Series C common stock | ||||||||||||||||||
Purchase date | Shares | Average price | Shares | Average price | Total cost (a) | ||||||||||||||
purchased | paid per share (a) | purchased | paid per share (a) | ||||||||||||||||
in millions | |||||||||||||||||||
Shares purchased pursuant to repurchase programs during: | |||||||||||||||||||
2014 | 8,062,792 | $ | 42.19 | 28,401,019 | $ | 44.25 | $ | 1,596.90 | |||||||||||
2013 | 6,550,197 | $ | 37.7 | 24,761,397 | $ | 36.55 | $ | 1,151.90 | |||||||||||
2012 | 5,611,380 | $ | 27.3 | 32,782,838 | $ | 25.24 | $ | 980.7 | |||||||||||
______________ | |||||||||||||||||||
(a) | Includes direct acquisition costs and the effects of derivative instruments, where applicable. |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary of stock-based compensation | The following table summarizes our share-based compensation expense: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
in millions | |||||||||||||
Liberty Global shares: | |||||||||||||
Performance-based incentive awards (a) | $ | 129.9 | $ | 58.6 | $ | 33 | |||||||
Other share-based incentive awards | 99.7 | 182.9 | 46 | ||||||||||
Total Liberty Global shares (b) | 229.6 | 241.5 | 79 | ||||||||||
Telenet share-based incentive awards (c) | 14.6 | 56.5 | 31.2 | ||||||||||
Other | 13 | 4.5 | 2.2 | ||||||||||
Total | $ | 257.2 | $ | 302.5 | $ | 112.4 | |||||||
Included in: | |||||||||||||
Continuing operations: | |||||||||||||
Operating expense | $ | 7.6 | $ | 12.1 | $ | 8.5 | |||||||
SG&A expense | 249.6 | 288.6 | 101.6 | ||||||||||
Total - continuing operations | 257.2 | 300.7 | 110.1 | ||||||||||
Discontinued operations (d) | — | 1.8 | 2.3 | ||||||||||
Total | $ | 257.2 | $ | 302.5 | $ | 112.4 | |||||||
_______________ | |||||||||||||
(a) | Includes share-based compensation expense related to (i) Liberty Global PSUs for all periods presented, (ii) a challenge performance award plan issued on June 24, 2013 for certain executive officers and key employees (the Challenge Performance Awards) and (iii) for 2014, the Performance Grant Units (PGUs), as described below. The Challenge Performance Awards include performance-based share appreciation rights (PSARs) and PSUs. | ||||||||||||
(b) | In connection with the Virgin Media Acquisition, we issued Liberty Global share-based incentive awards (Virgin Media Replacement Awards) to employees and former directors of Virgin Media in exchange for corresponding Virgin Media awards. Virgin Media recorded share-based compensation expense of $55.8 million during 2014, including compensation expense related to the Virgin Media Replacement Awards and new awards that were granted after the Virgin Media Replacement Awards were issued. During 2013, Virgin Media recorded share-based compensation expense of $134.3 million, primarily related to the Virgin Media Replacement Awards, including $80.1 million that was charged to expense in recognition of the Virgin Media Replacement Awards that were fully vested on June 7, 2013 or for which vesting was accelerated pursuant to the terms of the Virgin Media Merger Agreement on or prior to December 31, 2013. | ||||||||||||
(c) | Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, including (i) warrants and employee stock options with 1,082,322 awards outstanding as of December 31, 2014 at a weighted average exercise price of €27.17 ($32.88), (ii) an employee share purchase plan, (iii) performance-based specific stock option plans for the Chief Executive Officer with 565,000 awards outstanding as of December 31, 2014 at a weighted average exercise price of €37.43 ($45.29) and (iv) performance-based stock options with 87,529 awards outstanding as of December 31, 2014. During 2013 and 2012, Telenet modified the terms of certain of its share-based incentive plans to provide for anti-dilution adjustments in connection with its shareholder returns. In connection with these anti-dilution adjustments, Telenet recognized share-based compensation expense of $32.7 million and $12.6 million, respectively, and continues to recognize additional share-based compensation expense as the underlying options vest. In addition, during 2013, Telenet recognized expense of $6.2 million related to the accelerated vesting of certain options. | ||||||||||||
(d) | Amounts relate to the share-based compensation expense associated with the Liberty Global share-based incentive awards held by certain employees of the Chellomedia Disposal Group. | ||||||||||||
Summary of stock compensation not recognized | The following table provides certain information related to share-based compensation not yet recognized for share-based incentive awards related to Liberty Global ordinary shares as of December 31, 2014: | ||||||||||||
Liberty | Liberty Global performance- | ||||||||||||
Global | based awards (b) | ||||||||||||
ordinary shares (a) | |||||||||||||
Total compensation expense not yet recognized (in millions) | $ | 132.7 | $ | 162.5 | |||||||||
Weighted average period remaining for expense recognition (in years) | 2.6 | 1.3 | |||||||||||
_______________ | |||||||||||||
(a) | Amounts relate to awards granted or assumed by Liberty Global under (i) the Liberty Global 2014 Incentive Plan, (ii) the Liberty Global 2014 Nonemployee Director Incentive Plan, (iii) the Liberty Global, Inc. 2005 Incentive Plan (as amended and restated effective June 7, 2013) (the Liberty Global 2005 Incentive Plan), (iv) the Liberty Global, Inc. 2005 Nonemployee Director Incentive Plan (as amended and restated effective June 7, 2013) (the Liberty Global 2005 Director Incentive Plan) and (v) certain other incentive plans of Virgin Media, including Virgin Media’s 2010 stock incentive plan (the VM Incentive Plan). All new awards are granted under the Liberty Global 2014 Incentive Plan or the Liberty Global 2014 Nonemployee Director Incentive Plan. The Liberty Global 2014 Incentive Plan, the Liberty Global 2014 Nonemployee Director Incentive Plan, the Liberty Global 2005 Incentive Plan, the Liberty Global 2005 Director Incentive Plan and the VM Incentive Plan are described below. | ||||||||||||
(b) | Amounts relate to (i) the Challenge Performance Awards, (ii) PSUs and (iii) the PGUs, as defined and described below. | ||||||||||||
Stock compensation assumptions | The following table summarizes certain information related to the incentive awards granted and exercised with respect to Liberty Global ordinary shares: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||||||||||
Risk-free interest rate | 0.81 - 1.77% | 0.36 - 1.27% | 0.37 - 1.68% | ||||||||||
Expected life (a) | 3.1 - 5.1 years | 3.2 - 7.1 years | 3.3 - 7.9 years | ||||||||||
Expected volatility (a) | 25.1 - 28.7% | 26.5 - 35.8% | 28.0 - 40.4% | ||||||||||
Expected dividend yield | none | none | none | ||||||||||
Weighted average grant-date fair value per share of awards granted: | |||||||||||||
Options | $ | 11.4 | $ | 11.09 | $ | 10 | |||||||
SARs | $ | 8.93 | $ | 8.36 | $ | 7.18 | |||||||
PSARs | $ | 8.15 | $ | 8.31 | $ | — | |||||||
RSUs | $ | 40.68 | $ | 35.74 | $ | 24.57 | |||||||
PSUs and PGUs | $ | 42.47 | $ | 34.94 | $ | 25.09 | |||||||
Total intrinsic value of awards exercised (in millions): | |||||||||||||
Options | $ | 126.6 | $ | 175 | $ | 43.9 | |||||||
SARs | $ | 48.7 | $ | 73.2 | $ | 52 | |||||||
PSARs | $ | 0.4 | $ | — | $ | — | |||||||
Cash received from exercise of options (in millions) | $ | 54.8 | $ | 81 | $ | 25.6 | |||||||
Income tax benefit related to share-based compensation (in millions) | $ | 54.6 | $ | 48 | $ | 16.1 | |||||||
_______________ | |||||||||||||
(a) | The 2013 ranges shown for these assumptions exclude the awards for certain former employees of Virgin Media who were expected to exercise their awards immediately or soon after the Virgin Media Acquisition. For these awards, the assumptions used for expected life and volatility were essentially nil. | ||||||||||||
Options [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Stock options activity | The following tables summarize the share-based award activity during 2014 with respect to Liberty Global ordinary shares: | ||||||||||||
Options — Class A ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
exercise price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 2,708,445 | $ | 16.12 | ||||||||||
Granted | 78,677 | $ | 42.54 | ||||||||||
Cancelled | (51,826 | ) | $ | 22.49 | |||||||||
Exercised | (1,009,037 | ) | $ | 14.61 | |||||||||
Outstanding at December 31, 2014 | 1,726,259 | $ | 18.01 | 5.4 | $ | 55.6 | |||||||
Exercisable at December 31, 2014 | 1,125,619 | $ | 13.84 | 4.5 | $ | 40.9 | |||||||
Options [Member] | Class C Ordinary Shares [Member] | |||||||||||||
Stock options activity | |||||||||||||
Options — Class C ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
exercise price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 7,031,369 | $ | 14.95 | ||||||||||
Granted | 157,346 | $ | 40.86 | ||||||||||
Cancelled | (128,419 | ) | $ | 21.13 | |||||||||
Exercised | (3,114,104 | ) | $ | 12.54 | |||||||||
Outstanding at December 31, 2014 | 3,946,192 | $ | 17.67 | 5.7 | $ | 120.9 | |||||||
Exercisable at December 31, 2014 | 2,452,721 | $ | 13.72 | 4.8 | $ | 84.8 | |||||||
SARs [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Stock options activity | |||||||||||||
SARs — Class A ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 4,168,758 | $ | 24.78 | ||||||||||
Granted | 2,192,672 | $ | 40.9 | ||||||||||
Forfeited | (203,409 | ) | $ | 32.22 | |||||||||
Exercised | (550,033 | ) | $ | 21.97 | |||||||||
Outstanding at December 31, 2014 | 5,607,988 | $ | 31.07 | 4.8 | $ | 107.3 | |||||||
Exercisable at December 31, 2014 | 2,527,237 | $ | 23.25 | 3.6 | $ | 68.1 | |||||||
SARs [Member] | Class C Ordinary Shares [Member] | |||||||||||||
Stock options activity | |||||||||||||
SARs — Class C ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 12,437,530 | $ | 23.87 | ||||||||||
Granted | 4,408,368 | $ | 39.07 | ||||||||||
Forfeited | (566,688 | ) | $ | 22.52 | |||||||||
Exercised | (1,590,165 | ) | $ | 20.92 | |||||||||
Outstanding at December 31, 2014 | 14,689,045 | $ | 28.49 | 4.5 | $ | 291.2 | |||||||
Exercisable at December 31, 2014 | 7,308,864 | $ | 21.95 | 3.5 | $ | 192.7 | |||||||
PSARs [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Stock options activity | |||||||||||||
PSARs — Class A ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 2,817,498 | $ | 35.07 | ||||||||||
Granted | 10,000 | $ | 43.58 | ||||||||||
Forfeited | (29,376 | ) | $ | 35.03 | |||||||||
Exercised | (9,373 | ) | $ | 35.03 | |||||||||
Outstanding at December 31, 2014 | 2,788,749 | $ | 35.1 | 5.5 | $ | 42.1 | |||||||
Exercisable at December 31, 2014 | 7,499 | $ | 35.03 | 1.8 | $ | 0.1 | |||||||
PSARs [Member] | Class C Ordinary Shares [Member] | |||||||||||||
Stock options activity | |||||||||||||
PSARs — Class C ordinary shares | Number of | Weighted | Weighted | Aggregate | |||||||||
shares | average | average | intrinsic value | ||||||||||
base price | remaining | ||||||||||||
contractual | |||||||||||||
term | |||||||||||||
in years | in millions | ||||||||||||
Outstanding at January 1, 2014 | 8,452,494 | $ | 33.44 | ||||||||||
Granted | 30,000 | $ | 43.03 | ||||||||||
Forfeited | (88,127 | ) | $ | 33.41 | |||||||||
Exercised | (28,119 | ) | $ | 33.41 | |||||||||
Outstanding at December 31, 2014 | 8,366,248 | $ | 33.48 | 5.5 | $ | 124.1 | |||||||
Exercisable at December 31, 2014 | 22,498 | $ | 33.41 | 1.8 | $ | 0.3 | |||||||
RSUs [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Other-than-options activity | |||||||||||||
RSUs — Class A ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 725,676 | $ | 35.48 | ||||||||||
Granted | 226,069 | $ | 41.77 | ||||||||||
Forfeited | (44,428 | ) | $ | 33.32 | |||||||||
Released from restrictions | (342,047 | ) | $ | 35.07 | |||||||||
Outstanding at December 31, 2014 | 565,270 | $ | 38.27 | 4.6 | |||||||||
RSUs [Member] | Class C Ordinary Shares [Member] | |||||||||||||
Other-than-options activity | |||||||||||||
RSUs — Class C ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 1,944,468 | $ | 32.79 | ||||||||||
Granted | 460,866 | $ | 40.14 | ||||||||||
Forfeited | (122,418 | ) | $ | 30.93 | |||||||||
Released from restrictions | (895,913 | ) | $ | 32.36 | |||||||||
Outstanding at December 31, 2014 | 1,387,003 | $ | 35.59 | 4.5 | |||||||||
PSUs and PGUs [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Other-than-options activity | |||||||||||||
PSUs and PGUs — Class A ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 924,648 | $ | 32.05 | ||||||||||
Granted | 1,518,276 | $ | 42.74 | ||||||||||
Performance adjustment (a) | (138,668 | ) | $ | 26.17 | |||||||||
Forfeited | (40,627 | ) | $ | 35.77 | |||||||||
Released from restrictions | (273,936 | ) | $ | 26.24 | |||||||||
Outstanding at December 31, 2014 | 1,989,693 | $ | 41.34 | 1.8 | |||||||||
PGUs [Member] | Class A Ordinary Shares [Member] | |||||||||||||
Other-than-options activity | |||||||||||||
PGUs — Class B ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||
Granted | 1,000,000 | $ | 44.55 | ||||||||||
Outstanding at December 31, 2014 | 1,000,000 | $ | 44.55 | 2.2 | |||||||||
PSUs [Member] | Class C Ordinary Shares [Member] | |||||||||||||
Other-than-options activity | |||||||||||||
PSUs — Class C ordinary shares | Number of | Weighted | Weighted | ||||||||||
shares | average | average | |||||||||||
grant-date | remaining | ||||||||||||
fair value | contractual | ||||||||||||
per share | term | ||||||||||||
in years | |||||||||||||
Outstanding at January 1, 2014 | 2,744,452 | $ | 29.99 | ||||||||||
Granted | 1,048,614 | $ | 39.83 | ||||||||||
Performance adjustment (a) | (416,004 | ) | $ | 24.73 | |||||||||
Forfeited | (112,487 | ) | $ | 33.15 | |||||||||
Released from restrictions | (821,808 | ) | $ | 24.79 | |||||||||
Outstanding at December 31, 2014 | 2,442,767 | $ | 36.71 | 1.3 | |||||||||
_______________ | |||||||||||||
(a) | Represents the reduction in PSUs associated with the first quarter 2014 determination that 66.3% of the PSUs that were granted in 2012 (the 2012 PSUs) had been earned. As of December 31, 2014, all of the earned 2012 PSUs have been released from restrictions. |
Restructuring_Liabilities_Tabl
Restructuring Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Summary of changes in restructuring liabilities during year | A summary of changes in our restructuring liabilities during 2013 is set forth in the table below: | ||||||||||||||||
Employee | Office | Contract termination | Total | ||||||||||||||
severance | closures | ||||||||||||||||
and | |||||||||||||||||
termination | |||||||||||||||||
in millions | |||||||||||||||||
Restructuring liability as of January 1, 2013 | $ | 39.7 | $ | 4 | $ | 13.1 | $ | 56.8 | |||||||||
Restructuring charges | 77.9 | (0.1 | ) | 100.9 | 178.7 | ||||||||||||
Cash paid | (91.5 | ) | (14.1 | ) | (17.6 | ) | (123.2 | ) | |||||||||
Virgin Media liability at acquisition date | 0.1 | 23.3 | — | 23.4 | |||||||||||||
Foreign currency translation adjustments and other | 1.2 | 1.8 | (11.4 | ) | (8.4 | ) | |||||||||||
Reclassification of Chellomedia Disposal Group to discontinued operations | (0.8 | ) | — | (13.0 | ) | (13.8 | ) | ||||||||||
Restructuring liability as of December 31, 2013 | $ | 26.6 | $ | 14.9 | $ | 72 | $ | 113.5 | |||||||||
Current portion | $ | 26.5 | $ | 13.2 | $ | 25.8 | $ | 65.5 | |||||||||
Noncurrent portion | 0.1 | 1.7 | 46.2 | 48 | |||||||||||||
Total | $ | 26.6 | $ | 14.9 | $ | 72 | $ | 113.5 | |||||||||
A summary of changes in our restructuring liabilities during 2014 is set forth in the table below: | |||||||||||||||||
Employee | Office | Contract termination and other | Total | ||||||||||||||
severance | closures | ||||||||||||||||
and | |||||||||||||||||
termination | |||||||||||||||||
in millions | |||||||||||||||||
Restructuring liability as of January 1, 2014 | $ | 26.6 | $ | 14.9 | $ | 72 | $ | 113.5 | |||||||||
Restructuring charges | 60.4 | 9.5 | 97 | 166.9 | |||||||||||||
Cash paid | (66.3 | ) | (10.8 | ) | (34.4 | ) | (111.5 | ) | |||||||||
Ziggo liability at acquisition date | 8.2 | — | — | 8.2 | |||||||||||||
Foreign currency translation adjustments and other | (1.3 | ) | (1.1 | ) | (18.6 | ) | (21.0 | ) | |||||||||
Restructuring liability as of December 31, 2014 | $ | 27.6 | $ | 12.5 | $ | 116 | $ | 156.1 | |||||||||
Current portion | $ | 27.5 | $ | 4.4 | $ | 20.4 | $ | 52.3 | |||||||||
Noncurrent portion | 0.1 | 8.1 | 95.6 | 103.8 | |||||||||||||
Total | $ | 27.6 | $ | 12.5 | $ | 116 | $ | 156.1 | |||||||||
Defined_Benefit_Plans_Tables
Defined Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Schedule of funded status of our pension plans | The following is a summary of the funded status of our defined benefit plans: | |||||||||||||||
Year ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
in millions | ||||||||||||||||
Projected benefit obligation at beginning of period | $ | 1,163.00 | $ | 384.6 | ||||||||||||
Acquisition (a) | — | 687.1 | ||||||||||||||
Service cost | 22.3 | 25.8 | ||||||||||||||
Prior service cost | 0.8 | — | ||||||||||||||
Interest cost | 42.9 | 26.8 | ||||||||||||||
Actuarial loss (gain) | 149.7 | (4.8 | ) | |||||||||||||
Participants’ contributions | 11.9 | 11.8 | ||||||||||||||
Benefits paid | (38.7 | ) | (28.1 | ) | ||||||||||||
Effect of changes in exchange rates | (104.3 | ) | 59.8 | |||||||||||||
Projected benefit obligation at end of period | $ | 1,247.60 | $ | 1,163.00 | ||||||||||||
Accumulated benefit obligation at end of period | $ | 1,226.10 | $ | 1,144.70 | ||||||||||||
Fair value of plan assets at beginning of period | $ | 1,057.00 | $ | 310.9 | ||||||||||||
Acquisition (a) | — | 626 | ||||||||||||||
Actual earnings of plan assets | 114.6 | 37 | ||||||||||||||
Group contributions | 68.2 | 44.6 | ||||||||||||||
Participants’ contributions | 11.9 | 11.8 | ||||||||||||||
Benefits paid | (37.9 | ) | (27.6 | ) | ||||||||||||
Effect of changes in exchange rates | (91.1 | ) | 54.3 | |||||||||||||
Fair value of plan assets at end of period | $ | 1,122.70 | $ | 1,057.00 | ||||||||||||
Net liability (b) | $ | 124.9 | $ | 106 | ||||||||||||
_______________ | ||||||||||||||||
(a) | The 2013 amount relates to the Virgin Media Acquisition. | |||||||||||||||
(b) | The net liability related to our defined benefit plans is included in other long-term liabilities in our consolidated balance sheets. | |||||||||||||||
Schedule of change in the amount of net actuarial gain not yet recognized as a component of net periodic pension costs in our consolidated statements of operations | The change in the amount of net actuarial gain (loss) not yet recognized as a component of net periodic pension costs in our consolidated statements of operations is as follows: | |||||||||||||||
Pre-tax amount | Tax benefit (expense) | Net-of-tax amount | ||||||||||||||
in millions | ||||||||||||||||
Balance of net actuarial loss at January 1, 2013 | $ | (5.2 | ) | $ | 1.6 | $ | (3.6 | ) | ||||||||
Net actuarial gain | 12.7 | (1.4 | ) | 11.3 | ||||||||||||
Amount recognized as a component of net loss attributable to Liberty Global shareholders | (0.8 | ) | 0.1 | (0.7 | ) | |||||||||||
Changes in ownership and other | (0.6 | ) | 0.2 | (0.4 | ) | |||||||||||
Balance of net actuarial gain at December 31, 2013 | 6.1 | 0.5 | 6.6 | |||||||||||||
Net actuarial loss | (87.6 | ) | 16.7 | (70.9 | ) | |||||||||||
Amount recognized as a component of net loss attributable to Liberty Global shareholders | (1.7 | ) | 0.3 | (1.4 | ) | |||||||||||
Changes in ownership and other | 0.2 | — | 0.2 | |||||||||||||
Balance of net actuarial loss at December 31, 2014 | $ | (83.0 | ) | $ | 17.5 | $ | (65.5 | ) | ||||||||
Schedule of weighted average assumptions used in determining benefit obligations | The weighted average assumptions used in determining benefit obligations and net periodic pension cost are as follows: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Expected rate of salary increase | 2.6 | % | 3.1 | % | ||||||||||||
Discount rate | 2.6 | % | 3.8 | % | ||||||||||||
Expected rate of return on plan assets | 4 | % | 5.1 | % | ||||||||||||
Schedule of components of net periodic pension cost recorded in our consolidated statements of operations | The components of net periodic pension cost recorded in our consolidated statements of operations are as follows: | |||||||||||||||
Year ended December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
in millions | ||||||||||||||||
Service cost | $ | 22.3 | $ | 25.8 | ||||||||||||
Interest cost | 42.9 | 26.8 | ||||||||||||||
Expected return on plan assets | (53.7 | ) | (30.0 | ) | ||||||||||||
Other | (1.9 | ) | (1.1 | ) | ||||||||||||
Net periodic pension cost | $ | 9.6 | $ | 21.5 | ||||||||||||
Schedule of weighted average asset allocations by asset category and by fair value hierarchy level and weighted average target mix established for funded plans | The asset allocation by asset category and by fair value hierarchy level (as further described in note 8) of our plan assets is as follows: | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
in millions | ||||||||||||||||
Equity securities | $ | 353.8 | $ | 353.8 | $ | — | $ | — | ||||||||
Debt securities | 318.8 | 318.8 | — | — | ||||||||||||
Insurance contract (a) | 158 | — | — | 158 | ||||||||||||
Hedge funds | 136.5 | 120.1 | 16.4 | — | ||||||||||||
Guarantee investment contracts | 86 | 86 | — | — | ||||||||||||
Real estate | 39.9 | 32.9 | — | 7 | ||||||||||||
Other | 29.7 | 29.7 | — | — | ||||||||||||
Total | $ | 1,122.70 | $ | 941.3 | $ | 16.4 | $ | 165 | ||||||||
December 31, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
in millions | ||||||||||||||||
Equity securities | $ | 344.3 | $ | 344.3 | $ | — | $ | — | ||||||||
Debt securities | 275.5 | 275.5 | — | — | ||||||||||||
Insurance contract (a) | 153.4 | — | — | 153.4 | ||||||||||||
Hedge funds | 133.1 | 117.8 | 15.3 | — | ||||||||||||
Guarantee investment contracts | 83 | 83 | — | — | ||||||||||||
Real estate | 36.7 | 28.9 | — | 7.8 | ||||||||||||
Other | 31 | 31 | — | — | ||||||||||||
Total | $ | 1,057.00 | $ | 880.5 | $ | 15.3 | $ | 161.2 | ||||||||
_______________ | ||||||||||||||||
(a) | Relates to the purchase of an insurance contract authorized by the trustee of one of our defined benefit plans. The insurance contract will pay an income stream to the plan that is expected to match all future cash outflows with respect to certain liabilities. The fair value of this insurance contract is presented as an asset of the plan and is measured based on the future cash flows to be received under the contract discounted using the same discount rate used to measure the associated liabilities. | |||||||||||||||
Schedule of reconciliation of the beginning and ending balances of our plan assets measured at fair value using Level 3 inputs | A reconciliation of the beginning and ending balances of our plan assets measured at fair value using Level 3 inputs is as follows (in millions): | |||||||||||||||
Balance at January 1, 2014 | $ | 161.2 | ||||||||||||||
Actual return on plan assets: | ||||||||||||||||
Gains relating to assets still held at year-end | 14.6 | |||||||||||||||
Purchases, sales and settlements of investments, net | (1.2 | ) | ||||||||||||||
Foreign currency translation adjustments | (9.6 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 165 | ||||||||||||||
Schedule of expected benefits to be paid during the next ten years with respect to our defined benefit pension plans | As of December 31, 2014, the benefits that we currently expect to pay during the next ten years with respect to our defined benefit plans are as follows (in millions): | |||||||||||||||
2015 | $ | 33.2 | ||||||||||||||
2016 | $ | 31.2 | ||||||||||||||
2017 | $ | 32.5 | ||||||||||||||
2018 | $ | 31.9 | ||||||||||||||
2019 | $ | 32.2 | ||||||||||||||
2020 through 2024 | $ | 176.5 | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Earnings (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive earnings (loss) | The changes in the components of accumulated other comprehensive earnings, net of taxes, are summarized as follows: | ||||||||||||||||||||||||
Liberty Global shareholders | |||||||||||||||||||||||||
Foreign | Unrealized | Pension- | Accumulated | Non-controlling | Total | ||||||||||||||||||||
currency | gains | related | other | interests | accumulated | ||||||||||||||||||||
translation | (losses) on | adjustments | comprehensive | other | |||||||||||||||||||||
adjustments | cash flow | earnings | comprehensive | ||||||||||||||||||||||
hedges | earnings | ||||||||||||||||||||||||
in millions | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1,529.70 | $ | (10.5 | ) | $ | (9.7 | ) | $ | 1,509.50 | $ | (23.1 | ) | $ | 1,486.40 | ||||||||||
Sale of Austar | — | — | — | — | 60.1 | 60.1 | |||||||||||||||||||
Other comprehensive earnings | 74.4 | 10.5 | 6.1 | 91 | 0.3 | 91.3 | |||||||||||||||||||
Balance at December 31, 2012 | 1,604.10 | — | (3.6 | ) | 1,600.50 | 37.3 | 1,637.80 | ||||||||||||||||||
Other comprehensive earnings | 918.1 | — | 10.2 | 928.3 | (16.9 | ) | 911.4 | ||||||||||||||||||
Balance at December 31, 2013 | 2,522.20 | — | 6.6 | 2,528.80 | 20.4 | 2,549.20 | |||||||||||||||||||
Other comprehensive loss | (810.1 | ) | — | (72.1 | ) | (882.2 | ) | (0.5 | ) | (882.7 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 1,712.10 | $ | — | $ | (65.5 | ) | $ | 1,646.60 | $ | 19.9 | $ | 1,666.50 | ||||||||||||
Schedule summarizing tax effects related to each component of other comprehensive earnings (loss) | The following table summarizes the tax effects related to each component of other comprehensive earnings, net of amounts reclassified to our consolidated statements of operations: | ||||||||||||||||||||||||
Pre-tax | Tax benefit | Net-of-tax | |||||||||||||||||||||||
amount | (expense) | amount | |||||||||||||||||||||||
in millions | |||||||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (816.4 | ) | $ | 6.3 | $ | (810.1 | ) | |||||||||||||||||
Pension-related adjustments | (89.9 | ) | 17.3 | (72.6 | ) | ||||||||||||||||||||
Other comprehensive loss | (906.3 | ) | 23.6 | (882.7 | ) | ||||||||||||||||||||
Other comprehensive earnings attributable to noncontrolling interests (a) | 0.8 | (0.3 | ) | 0.5 | |||||||||||||||||||||
Other comprehensive loss attributable to Liberty Global shareholders | $ | (905.5 | ) | $ | 23.3 | $ | (882.2 | ) | |||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 896.4 | $ | 4.4 | $ | 900.8 | |||||||||||||||||||
Pension-related adjustments | 12.1 | (1.5 | ) | 10.6 | |||||||||||||||||||||
Other comprehensive earnings | 908.5 | 2.9 | 911.4 | ||||||||||||||||||||||
Other comprehensive earnings attributable to noncontrolling interests (b) | 17.3 | (0.4 | ) | 16.9 | |||||||||||||||||||||
Other comprehensive earnings attributable to Liberty Global shareholders | $ | 925.8 | $ | 2.5 | $ | 928.3 | |||||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 76 | $ | (0.6 | ) | $ | 75.4 | ||||||||||||||||||
Cash flow hedges | 15.1 | (4.6 | ) | 10.5 | |||||||||||||||||||||
Pension-related adjustments | 6 | (0.6 | ) | 5.4 | |||||||||||||||||||||
Other comprehensive earnings | 97.1 | (5.8 | ) | 91.3 | |||||||||||||||||||||
Other comprehensive loss attributable to noncontrolling interests (b) | 0.1 | (0.4 | ) | (0.3 | ) | ||||||||||||||||||||
Other comprehensive earnings attributable to Liberty Global shareholders | $ | 97.2 | $ | (6.2 | ) | $ | 91 | ||||||||||||||||||
_______________ | |||||||||||||||||||||||||
(a) | Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. | ||||||||||||||||||||||||
(b) | Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments and pension-related adjustments. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||
Unrecorded Purchase Obligation | In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to programming contracts, network and connectivity commitments, purchases of customer premises and other equipment, non-cancelable operating leases and other items. The U.S. dollar equivalents of such commitments as of December 31, 2014 are presented below: | |||||||||||||||||||||||||||
Payments due during: | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||
Programming commitments | $ | 863.9 | $ | 785.4 | $ | 612.7 | $ | 528 | $ | 231.4 | $ | 2 | $ | 3,023.40 | ||||||||||||||
Network and connectivity commitments | 359.9 | 261.5 | 240.2 | 127.1 | 90.2 | 1,048.50 | 2,127.40 | |||||||||||||||||||||
Purchase commitments | 827.8 | 119.4 | 62.9 | 10.1 | 4 | — | 1,024.20 | |||||||||||||||||||||
Operating leases | 174 | 141.5 | 117.3 | 98.1 | 75.4 | 279.3 | 885.6 | |||||||||||||||||||||
Other commitments | 350.2 | 198.7 | 150.1 | 90 | 39.2 | 48.2 | 876.4 | |||||||||||||||||||||
Total (a) | $ | 2,575.80 | $ | 1,506.50 | $ | 1,183.20 | $ | 853.3 | $ | 440.2 | $ | 1,378.00 | $ | 7,937.00 | ||||||||||||||
_______________ | ||||||||||||||||||||||||||||
(a) | The commitments reflected in this table do not reflect any liabilities that are included in our December 31, 2014 consolidated balance sheet. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||
Revenue and operating cash flow by segment | The amounts presented below represent 100% of each of our reportable segment’s revenue and operating cash flow. As we have the ability to control Telenet and Liberty Puerto Rico, we consolidate 100% of the revenue and expenses of these entities in our consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Telenet, Liberty Puerto Rico and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Revenue | Operating cash flow | Revenue | Operating cash flow | Revenue | Operating cash flow | |||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K./Ireland (a) | $ | 7,409.90 | $ | 3,235.70 | $ | 4,117.40 | $ | 1,742.80 | $ | 426.4 | $ | 189.1 | ||||||||||||
The Netherlands (b) | 1,498.50 | 857.9 | 1,242.40 | 721.7 | 1,229.10 | 737.1 | ||||||||||||||||||
Germany | 2,711.50 | 1,678.20 | 2,559.20 | 1,541.10 | 2,311.00 | 1,364.30 | ||||||||||||||||||
Belgium | 2,279.40 | 1,125.00 | 2,185.90 | 1,049.40 | 1,918.00 | 940.7 | ||||||||||||||||||
Switzerland/Austria | 1,846.10 | 1,056.40 | 1,767.10 | 1,005.70 | 1,681.80 | 936.5 | ||||||||||||||||||
Total Western Europe | 15,745.40 | 7,953.20 | 11,872.00 | 6,060.70 | 7,566.30 | 4,167.70 | ||||||||||||||||||
Central and Eastern Europe | 1,259.50 | 583 | 1,272.00 | 584.5 | 1,231.20 | 589.2 | ||||||||||||||||||
Central and other | (7.1 | ) | (282.7 | ) | (0.4 | ) | (239.1 | ) | 1.5 | (195.7 | ) | |||||||||||||
Total European Operations Division | 16,997.80 | 8,253.50 | 13,143.60 | 6,406.10 | 8,799.00 | 4,561.20 | ||||||||||||||||||
Chile | 898.5 | 351 | 991.6 | 353.6 | 940.6 | 314.2 | ||||||||||||||||||
Corporate and other | 376.9 | (86.2 | ) | 374.3 | (63.8 | ) | 224.1 | (83.1 | ) | |||||||||||||||
Intersegment eliminations (c) | (24.9 | ) | 4 | (35.3 | ) | 44.8 | (32.9 | ) | 38.6 | |||||||||||||||
Total | $ | 18,248.30 | $ | 8,522.30 | $ | 14,474.20 | $ | 6,740.70 | $ | 9,930.80 | $ | 4,830.90 | ||||||||||||
______________ | ||||||||||||||||||||||||
(a) | The amounts presented for 2013 include the post-acquisition revenue and operating cash flow of Virgin Media from June 8, 2013 through December 31, 2013. | |||||||||||||||||||||||
(b) | The amounts presented for 2014 include the post-acquisition revenue and operating cash flow of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
(c) | The intersegment eliminations that are applicable to revenue are primarily related to transactions between our European Operations Division and our continuing programming operations. The intersegment eliminations that are applicable to operating cash flow are related to transactions between our European Operations Division and the Chellomedia Disposal Group, which eliminations are no longer recorded following the completion of the Chellomedia Transaction on January 31, 2014. | |||||||||||||||||||||||
Reconciliation of total segment operating cash flow from continuing operations to loss from continuing operations before income taxes | . | |||||||||||||||||||||||
(b) | The amounts presented for 2014 include the post-acquisition revenue and operating cash flow of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
(c) | The intersegment eliminations that are applicable to revenue are primarily related to transactions between our European Operations Division and our continuing programming operations. The intersegment eliminations that are applicable to operating cash flow are related to transactions between our European Operations Division and the Chellomedia Disposal Group, which eliminations are no longer recorded following the completion of the Chellomedia Transaction on January 31, 2014. | |||||||||||||||||||||||
The following table provides a reconciliation of total segment operating cash flow from continuing operations to loss from continuing operations before income taxes: | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Total segment operating cash flow from continuing operations | $ | 8,522.30 | $ | 6,740.70 | $ | 4,830.90 | ||||||||||||||||||
Share-based compensation expense | (257.2 | ) | (300.7 | ) | (110.1 | ) | ||||||||||||||||||
Depreciation and amortization | (5,500.1 | ) | (4,276.4 | ) | (2,661.5 | ) | ||||||||||||||||||
Release of litigation provision | — | 146 | — | |||||||||||||||||||||
Impairment, restructuring and other operating items, net | (536.8 | ) | (297.5 | ) | (76.2 | ) | ||||||||||||||||||
Operating income | 2,228.20 | 2,012.10 | 1,983.10 | |||||||||||||||||||||
Interest expense | (2,544.7 | ) | (2,286.9 | ) | (1,673.6 | ) | ||||||||||||||||||
Interest and dividend income | 31.7 | 113.1 | 42.1 | |||||||||||||||||||||
Realized and unrealized gains (losses) on derivative instruments, net | 88.8 | (1,020.4 | ) | (1,070.3 | ) | |||||||||||||||||||
Foreign currency transaction gains (losses), net | (836.5 | ) | 349.3 | 438.4 | ||||||||||||||||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 205.2 | 524.1 | (10.2 | ) | ||||||||||||||||||||
Losses on debt modification, extinguishment and conversion, net | (186.2 | ) | (212.2 | ) | (213.8 | ) | ||||||||||||||||||
Other expense, net | (42.4 | ) | (5.6 | ) | (4.6 | ) | ||||||||||||||||||
Loss from continuing operations before income taxes | $ | (1,055.9 | ) | $ | (526.5 | ) | $ | (508.9 | ) | |||||||||||||||
Balance sheet data of reportable segments | Selected balance sheet data of our reportable segments is set forth below: | |||||||||||||||||||||||
Long-lived assets | Total assets | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K./Ireland | $ | 21,754.20 | $ | 24,322.10 | $ | 25,487.20 | $ | 30,598.80 | ||||||||||||||||
The Netherlands | 17,092.70 | 2,496.50 | 17,387.00 | 2,845.30 | ||||||||||||||||||||
Germany | 9,117.90 | 10,754.70 | 9,512.80 | 11,968.20 | ||||||||||||||||||||
Belgium | 4,149.50 | 4,737.40 | 4,828.80 | 5,909.20 | ||||||||||||||||||||
Switzerland/Austria | 5,300.90 | 5,961.80 | 5,643.90 | 6,484.80 | ||||||||||||||||||||
Total Western Europe | 57,415.20 | 48,272.50 | 62,859.70 | 57,806.30 | ||||||||||||||||||||
Central and Eastern Europe | 2,459.90 | 2,898.70 | 2,566.40 | 3,127.40 | ||||||||||||||||||||
Central and other | 499.4 | 463.5 | 2,613.20 | 1,639.10 | ||||||||||||||||||||
Total European Operations Division | 60,374.50 | 51,634.70 | 68,039.30 | 62,572.80 | ||||||||||||||||||||
Chile | 1,017.30 | 1,139.70 | 1,513.20 | 1,628.90 | ||||||||||||||||||||
Corporate and other | 1,197.20 | 1,214.90 | 3,289.40 | 2,760.30 | ||||||||||||||||||||
Total - continuing operations | 62,589.00 | 53,989.30 | 72,841.90 | 66,962.00 | ||||||||||||||||||||
Discontinued operation (a) | — | 513.6 | — | 752.3 | ||||||||||||||||||||
Total | $ | 62,589.00 | $ | 54,502.90 | $ | 72,841.90 | $ | 67,714.30 | ||||||||||||||||
______________ | ||||||||||||||||||||||||
(a) | At December 31, 2013, the long-lived assets and total assets of the Chellomedia Disposal Group are presented in long-term assets of discontinued operation in our consolidated balance sheet. | |||||||||||||||||||||||
Capital expenditures of reportable segments | The property and equipment additions of our reportable segments (including capital additions financed under vendor financing or capital lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 9. | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K./Ireland (a) | $ | 1,506.70 | $ | 827.5 | $ | 74.5 | ||||||||||||||||||
The Netherlands (b) | 268 | 242.4 | 221.8 | |||||||||||||||||||||
Germany | 574.5 | 543.4 | 559.5 | |||||||||||||||||||||
Belgium | 448.9 | 453.7 | 440 | |||||||||||||||||||||
Switzerland/Austria | 327.2 | 306.4 | 292.8 | |||||||||||||||||||||
Total Western Europe | 3,125.30 | 2,373.40 | 1,588.60 | |||||||||||||||||||||
Central and Eastern Europe | 264.8 | 271.6 | 248.7 | |||||||||||||||||||||
Central and other | 257.9 | 256 | 144.3 | |||||||||||||||||||||
Total European Operations Division | 3,648.00 | 2,901.00 | 1,981.60 | |||||||||||||||||||||
Chile | 195.8 | 188.5 | 243.4 | |||||||||||||||||||||
Corporate and other | 65.4 | 72.1 | 33.6 | |||||||||||||||||||||
Property and equipment additions | 3,909.20 | 3,161.60 | 2,258.60 | |||||||||||||||||||||
Assets acquired under capital-related vendor financing arrangements | (975.3 | ) | (573.5 | ) | (246.5 | ) | ||||||||||||||||||
Assets acquired under capital leases | (127.2 | ) | (143.0 | ) | (63.1 | ) | ||||||||||||||||||
Changes in current liabilities related to capital expenditures | (122.3 | ) | 36.4 | (80.7 | ) | |||||||||||||||||||
Total capital expenditures | $ | 2,684.40 | $ | 2,481.50 | $ | 1,868.30 | ||||||||||||||||||
______________ | ||||||||||||||||||||||||
(a) | The amount presented for 2013 includes the post-acquisition property and equipment additions of Virgin Media from June 8, 2013 through December 31, 2013. | |||||||||||||||||||||||
(b) | The amount presented for 2014 includes the post-acquisition property and equipment additions of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
Revenue by major category | Our revenue by major category is set forth below: | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
Subscription revenue (a): | ||||||||||||||||||||||||
Video | $ | 6,544.00 | $ | 5,724.10 | $ | 4,637.60 | ||||||||||||||||||
Broadband internet | 4,724.60 | 3,538.70 | 2,407.00 | |||||||||||||||||||||
Fixed-line telephony | 3,261.40 | 2,508.50 | 1,518.90 | |||||||||||||||||||||
Cable subscription revenue | 14,530.00 | 11,771.30 | 8,563.50 | |||||||||||||||||||||
Mobile subscription revenue (b) | 1,085.60 | 669.9 | 131.5 | |||||||||||||||||||||
Total subscription revenue | 15,615.60 | 12,441.20 | 8,695.00 | |||||||||||||||||||||
B2B revenue (c) | 1,517.90 | 986.9 | 467.9 | |||||||||||||||||||||
Other revenue (b) (d) | 1,114.80 | 1,046.10 | 767.9 | |||||||||||||||||||||
Total revenue | $ | 18,248.30 | $ | 14,474.20 | $ | 9,930.80 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Subscription revenue includes amounts received from subscribers for ongoing services, excluding installation fees and late fees. Subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. | |||||||||||||||||||||||
(b) | Mobile subscription revenue excludes mobile interconnect revenue of $245.0 million, $175.2 million and $35.1 million during 2014, 2013 and 2012, respectively. Mobile interconnect revenue and revenue from mobile handset sales are included in other revenue. | |||||||||||||||||||||||
(c) | B2B revenue includes revenue from business broadband internet, video, voice, wireless and data services offered to medium to large enterprises and, on a wholesale basis, to other operators. We also provide services to certain small office and home office (SOHO) subscribers. SOHO subscribers pay a premium price to receive enhanced service levels along with video, broadband internet, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. Revenue from SOHO subscribers, which aggregated $204.1 million, $152.5 million and $59.7 million during 2014, 2013 and 2012, respectively, is included in cable subscription revenue. | |||||||||||||||||||||||
(d) | Other revenue includes, among other items, interconnect, installation and carriage fee revenue. | |||||||||||||||||||||||
Revenue by geographic segments | The revenue of our geographic segments is set forth below: | |||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K. (a) | $ | 6,941.10 | $ | 3,653.70 | $ | — | ||||||||||||||||||
Germany | 2,711.50 | 2,559.20 | 2,311.00 | |||||||||||||||||||||
Belgium | 2,279.40 | 2,185.90 | 1,918.00 | |||||||||||||||||||||
Switzerland | 1,414.40 | 1,332.10 | 1,259.80 | |||||||||||||||||||||
The Netherlands (b) | 1,498.50 | 1,242.40 | 1,229.10 | |||||||||||||||||||||
Ireland | 468.8 | 463.7 | 426.4 | |||||||||||||||||||||
Poland | 469.9 | 460.4 | 450 | |||||||||||||||||||||
Austria | 431.7 | 435 | 422 | |||||||||||||||||||||
Hungary | 310.2 | 313.8 | 298.9 | |||||||||||||||||||||
The Czech Republic | 221 | 248.9 | 253.4 | |||||||||||||||||||||
Romania | 173.3 | 163.8 | 149.4 | |||||||||||||||||||||
Slovakia | 74.5 | 74.6 | 70.5 | |||||||||||||||||||||
Other | 3.5 | 10.1 | 10.5 | |||||||||||||||||||||
Total European Operations Division | 16,997.80 | 13,143.60 | 8,799.00 | |||||||||||||||||||||
Chile | 898.5 | 991.6 | 940.6 | |||||||||||||||||||||
Puerto Rico | 306.1 | 297.2 | 145.5 | |||||||||||||||||||||
Other, including intersegment eliminations | 45.9 | 41.8 | 45.7 | |||||||||||||||||||||
Total | $ | 18,248.30 | $ | 14,474.20 | $ | 9,930.80 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | The amount presented for 2013 reflects the post-acquisition revenue of Virgin Media from June 8, 2013 through December 31, 2013. | |||||||||||||||||||||||
(b) | The amount presented for 2014 reflects the post-acquisition revenue of Ziggo from November 12, 2014 through December 31, 2014. | |||||||||||||||||||||||
Long-lived assets by geographic segments | The long-lived assets of our geographic segments are set forth below: | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
in millions | ||||||||||||||||||||||||
European Operations Division: | ||||||||||||||||||||||||
U.K. | $ | 21,098.30 | $ | 23,570.60 | ||||||||||||||||||||
The Netherlands | 17,092.70 | 2,496.50 | ||||||||||||||||||||||
Germany | 9,117.90 | 10,754.70 | ||||||||||||||||||||||
Switzerland | 4,218.90 | 4,745.70 | ||||||||||||||||||||||
Belgium | 4,149.50 | 4,737.40 | ||||||||||||||||||||||
Austria | 1,082.00 | 1,216.10 | ||||||||||||||||||||||
Poland | 983.5 | 1,178.50 | ||||||||||||||||||||||
Ireland | 655.9 | 751.5 | ||||||||||||||||||||||
The Czech Republic | 580.4 | 679.7 | ||||||||||||||||||||||
Hungary | 535.7 | 640.6 | ||||||||||||||||||||||
Romania | 209.1 | 226 | ||||||||||||||||||||||
Slovakia | 110.5 | 131 | ||||||||||||||||||||||
Other (a) | 540.1 | 506.4 | ||||||||||||||||||||||
Total European Operations Division | 60,374.50 | 51,634.70 | ||||||||||||||||||||||
Puerto Rico | 1,128.30 | 1,131.90 | ||||||||||||||||||||||
Chile | 1,017.30 | 1,139.70 | ||||||||||||||||||||||
U.S. and other (b) | 68.9 | 83 | ||||||||||||||||||||||
Total - continuing operations | 62,589.00 | 53,989.30 | ||||||||||||||||||||||
Discontinued operation (c) | — | 513.6 | ||||||||||||||||||||||
Total | $ | 62,589.00 | $ | 54,502.90 | ||||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(a) | Primarily represents long-lived assets of the European Operations Division’s central operations, which are located in the Netherlands. | |||||||||||||||||||||||
(b) | Primarily represents the assets of our corporate offices. | |||||||||||||||||||||||
(c) | At December 31, 2013, the long-lived assets of the Chellomedia Disposal Group are presented in long-term assets of discontinued operation in our consolidated balance sheet. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information (Unaudited) | |||||||||||||||||
2014 | |||||||||||||||||
1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||||||||||||||
in millions, except per share amounts | |||||||||||||||||
Revenue | $ | 4,533.70 | $ | 4,602.20 | $ | 4,497.20 | $ | 4,615.20 | |||||||||
Operating income | $ | 581.7 | $ | 669.5 | $ | 703.7 | $ | 273.3 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ | (78.8 | ) | $ | (249.9 | ) | $ | 157.1 | $ | (523.4 | ) | ||||||
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3) | $ | (0.10 | ) | $ | (0.32 | ) | $ | 0.2 | $ | (0.62 | ) | ||||||
2013 | |||||||||||||||||
1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||||||||||||||
in millions, except per share amounts | |||||||||||||||||
Revenue | $ | 2,671.90 | $ | 3,057.80 | $ | 4,276.50 | $ | 4,468.00 | |||||||||
Operating income | $ | 528.2 | $ | 445.1 | $ | 521.2 | $ | 517.6 | |||||||||
Net loss attributable to Liberty Global shareholders | $ | (1.0 | ) | $ | (11.6 | ) | $ | (830.1 | ) | $ | (121.2 | ) | |||||
Basic and diluted loss attributable to Liberty Global shareholders per share (note 3) | $ | — | $ | (0.02 | ) | $ | (1.04 | ) | $ | (0.16 | ) | ||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Subsequent Events [Abstract] | |||||||
Schedule of debt instrument redemption | Virgin Media Secured Finance or Virgin Media Finance (as applicable) may redeem some or all of the 2025 VM 5.125% Senior Secured Notes or the 2025 VM Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the redemption date, if redeemed during the twelve-month period commencing on January 15 of the years set forth below: | ||||||
Redemption price | |||||||
Year | 2025 VM 5.125% Senior Secured Notes | 2025 VM Dollar Senior Notes | 2025 VM Euro Senior Notes | ||||
2020 | 102.56% | 102.88% | 102.25% | ||||
2021 | 101.71% | 101.92% | 101.50% | ||||
2022 | 100.85% | 100.96% | 100.75% | ||||
2023 and thereafter | 100.00% | 100.00% | 100.00% | ||||
Ziggo Secured Finance or Ziggo Bond Finance may redeem some or all of the Ziggo SPE Notes (as applicable) at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the redemption date, if redeemed during the twelve-month period commencing on January 15 of the years set forth below: | |||||||
Redemption price | |||||||
Year | Ziggo 2025 Dollar Senior Notes | Ziggo 2025 Euro Senior Notes | Ziggo 2025 Senior Secured Notes | ||||
2020 | 102.94% | 102.31% | 101.88% | ||||
2021 | 101.96% | 101.54% | 101.25% | ||||
2022 | 100.98% | 100.77% | 100.63% | ||||
2023 and thereafter | 100.00% | 100.00% | 100.00% |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) | 0 Months Ended | 12 Months Ended | |
23-May-12 | Dec. 31, 2014 | Jan. 26, 2014 | |
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services (in countries) | 14 | ||
Class C Ordinary Shares [Member] | |||
Basis of Presentation [Line Items] | |||
Number of shares issued for each class of ordinary stock for share dividend (in shares) | 1 | ||
Austar [Member] | |||
Basis of Presentation [Line Items] | |||
Percentage ownership in subsidiary | 54.15% | ||
Video, Broadband Internet and FIxed-Line Telephony [Member] | Europe [Member] | |||
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services (in countries) | 8 | ||
Mobile Services [Member] | Europe [Member] | |||
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services (in countries) | 4 | ||
Telenet [Member] | |||
Basis of Presentation [Line Items] | |||
Percentage ownership in subsidiary | 56.60% | ||
Liberty Cablevision of Puerto Rico LLC [Member] | |||
Basis of Presentation [Line Items] | |||
Percentage ownership in subsidiary | 60.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 7 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Accounting Policies [Line Items] | ||||||||||||
Current and long-term restricted cash | $78 | $23.30 | $78 | $23.30 | $23.30 | |||||||
Aggregate allowance for doubtful accounts | 116.1 | 122.6 | 116.1 | 122.6 | 122.6 | |||||||
Asset retirement obligation | 65.1 | 79.3 | 65.1 | 79.3 | 79.3 | |||||||
Amounts attributable to Liberty Global shareholders: | ||||||||||||
Loss from continuing operations | -980.9 | -882 | -583.9 | |||||||||
Earnings (loss) from discontinued operations | 333.5 | -23.7 | 971.2 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | -523.4 | 157.1 | -249.9 | -78.8 | -121.2 | -830.1 | -11.6 | -1 | -695 | -963.9 | 322.8 | |
Liberty Global [Member] | ||||||||||||
Amounts attributable to Liberty Global shareholders: | ||||||||||||
Loss from continuing operations | -1,028.50 | -937.6 | -623.7 | |||||||||
Earnings (loss) from discontinued operations | 333.5 | -26.3 | 946.5 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | ($695) | ($963.90) | $322.80 | ($1,012.90) |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options, SARs, PSARs, Restricted Shares, and RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS | 39.1 | 40.3 | 19.7 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS | 5.4 | 3.7 | 3 |
Obligations That May Be Settled in Cash or Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS | 2.6 | 2.6 | 7.3 |
Acquisitions_Pending_2015_Acqu
Acquisitions (Pending 2015 Acquisition and 2014 Acquisition) (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 10, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 19, 2014 | Nov. 19, 2014 | Nov. 19, 2014 | Nov. 19, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Oct. 10, 2014 | Oct. 10, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Dec. 03, 2014 | Dec. 03, 2014 | Dec. 03, 2014 | Dec. 03, 2014 | Dec. 09, 2014 | Dec. 09, 2014 | Jun. 30, 2015 | Jun. 30, 2015 |
USD ($) | Additional paid-in capital [Member] | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo NCI Acquisition [Member] | Ziggo NCI Acquisition [Member] | Ziggo NCI Acquisition [Member] | Ziggo NCI Acquisition [Member] | Ziggo Merger Agreement [Member] | Ziggo Merger Agreement [Member] | Ziggo Merger Agreement [Member] | Ziggo Merger Agreement [Member] | Ziggo Merger Agreement [Member] | Ziggo Merger Agreement [Member] | Ziggo Acquisition and Ziggo NCI Acquisition [Member] | Ziggo Acquisition and Ziggo NCI Acquisition [Member] | Ziggo Acquisition and Ziggo NCI Acquisition [Member] | Ziggo Acquisition and Ziggo NCI Acquisition [Member] | Ziggo Statutory Squeeze-Out [Member] | Ziggo Statutory Squeeze-Out [Member] | Ziggo Statutory Squeeze-Out [Member] | Ziggo Statutory Squeeze-Out [Member] | Searchlight [Member] | Searchlight [Member] | Searchlight [Member] | Liberty Global [Member] | |
USD ($) | USD ($) | USD ($) | Class A Ordinary Shares [Member] | Class C Ordinary Shares [Member] | USD ($) | EUR (€) | Class A Ordinary Shares [Member] | Class C Ordinary Shares [Member] | USD ($) | EUR (€) | Film1 [Member] | Netherlands Network [Member] | Class A Ordinary Shares [Member] | Class C Ordinary Shares [Member] | USD ($) | EUR (€) | Class A Ordinary Shares [Member] | Class C Ordinary Shares [Member] | USD ($) | EUR (€) | Additional paid-in capital [Member] | Choice Acquisition [Member] | Choice Acquisition [Member] | Choice Acquisition [Member] | Choice Acquisition [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||
Expected interest to be acquired | 100.00% | ||||||||||||||||||||||||||||
Committed facilities to fund transaction costs | $257.50 | ||||||||||||||||||||||||||||
Expected consideration to be transferred | 272.5 | ||||||||||||||||||||||||||||
Equity interest acquired (in shares) | 136,603,794 | 18,998,057 | 18,998,057 | 3,162,605 | |||||||||||||||||||||||||
Business acquisition percentage of voting interests acquired | 40.00% | 60.00% | |||||||||||||||||||||||||||
Business acquisition percentage of additional voting interests acquired | 88.90% | ||||||||||||||||||||||||||||
Ownership percentage | 98.40% | 98.40% | |||||||||||||||||||||||||||
Equity interest transferred (in dollars per share) | $0.23 | $0.56 | |||||||||||||||||||||||||||
Equity interest transferred in cash (in dollars per share) | $13.71 | € 11 | $48.14 | € 39.78 | |||||||||||||||||||||||||
Business acquisition consideration issued (in shares) | 31,172,985 | 76,907,936 | 4,335,357 | 10,695,906 | 35,508,342 | 87,603,842 | |||||||||||||||||||||||
Business acquisition, cash consideration | 1,872.90 | 260.7 | 209 | 2,133.60 | 1,711.60 | ||||||||||||||||||||||||
Commitment term | 3 years | 8 years | |||||||||||||||||||||||||||
Impact of Statutory Squeeze-out | 416.7 | -663.8 | 2.6 | ||||||||||||||||||||||||||
Expected redemption value of mandatorily redeemable noncontrolling interest | 152.2 | 125.8 | |||||||||||||||||||||||||||
Number of common stock shares owned (in shares) | 41,329,850 | ||||||||||||||||||||||||||||
Cash acquired from acquisition | 16.8 | ||||||||||||||||||||||||||||
Weighted average useful life of acquired intangible assets | 10 years | ||||||||||||||||||||||||||||
Acquisition costs | $84.10 |
Acquisitions_Pending_2015_Acqu1
Acquisitions (Pending 2015 Acquisition and 2014 Acquisition) (Schedules) (Details) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 19, 2014 | Nov. 19, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | USD ($) | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo Acquisition [Member] | Ziggo NCI Acquisition [Member] | Ziggo NCI Acquisition [Member] |
USD ($) | USD ($) | Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | Class C Ordinary Shares [Member] | USD ($) | EUR (€) | ||||
USD ($) | USD ($) | ||||||||
Business Acquisition [Line Items] | |||||||||
Liberty Global Class A & C ordinary shares | $1,448.70 | $3,457.10 | |||||||
Business acquisition, cash consideration | 1,872.90 | 260.7 | 209 | ||||||
Fair value of the pre-existing investment in Ziggo | 2,015.40 | ||||||||
Cost of acquired entity | 8,794.10 | 950.7 | |||||||
Reduction of noncontrolling interests | 927.2 | ||||||||
Additional paid-in capital | 23.5 | ||||||||
Cash and cash equivalents | 1,889.70 | ||||||||
Other current assets | 69.6 | ||||||||
Property and equipment, net | 2,714.90 | ||||||||
Goodwill | 29,001.60 | 23,748.80 | 13,877.60 | 7,724.30 | |||||
Intangible assets subject to amortization | 5,000.90 | ||||||||
Other assets, net | 394.6 | ||||||||
Current portion of long-term debt and capital lease obligations | -604 | ||||||||
Other accrued and current liabilities | -443.5 | ||||||||
Long-term debt and capital lease obligations | -5,351.50 | ||||||||
Other long-term liabilities | -1,520.30 | ||||||||
Noncontrolling interest | -1,080.60 | ||||||||
Total purchase price | $8,794.10 |
Acquisitions_Virgin_Media_Narr
Acquisitions (Virgin Media) (Narrative) (Details) (USD $) | 0 Months Ended | 7 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 28, 2013 |
Business Acquisition [Line Items] | ||||
Stock incentive awards outstanding (in shares) | 13,030,000 | |||
Options [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock incentive awards outstanding (in shares) | 9,860,000 | |||
RSUs [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock incentive awards outstanding (in shares) | 3,170,000 | |||
Virgin Media Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average useful life of acquired intangible assets | 7 years | |||
Other accrued and current liabilities | ($1,892.20) | |||
Acquisition costs | 51.5 | |||
Virgin Media Acquisition [Member] | VM Convertible Notes [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of debt instrument conversion | 94.40% | |||
Virgin Media Acquisition [Member] | Capacity Arrangement Contract [Member] | ||||
Business Acquisition [Line Items] | ||||
Other accrued and current liabilities | -35.6 | |||
Other current liabilities amortized | 22.8 | 12.8 | ||
Virgin Media Merger Agreement [Member] | VM Senior Notes [Member] | ||||
Business Acquisition [Line Items] | ||||
Granted security interest in escrow account | $3,557.50 | |||
Class A Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 222,081,117 | 251,167,686 | ||
Common stock, outstanding (in shares) | 222,081,117 | 251,167,686 | ||
Class B Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 10,147,184 | 10,139,184 | ||
Common stock, outstanding (in shares) | 10,147,184 | 10,139,184 | ||
Class C Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 556,221,669 | 630,353,372 | ||
Common stock, outstanding (in shares) | 556,221,669 | 630,353,372 | ||
Virgin Media [Member] | Virgin Media Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired entity cash received from acquiring entity (in dollars per share) | $17.50 | |||
Virgin Media [Member] | Class A Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 70,233,842 | |||
Virgin Media [Member] | Class A Ordinary Shares [Member] | Virgin Media Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired entity shares received of acquiring entity (in shares) | 0.2582 | |||
Virgin Media [Member] | Class C Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 175,122,182 | |||
Virgin Media [Member] | Class C Ordinary Shares [Member] | Virgin Media Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired entity shares received of acquiring entity (in shares) | 0.6438 | |||
Virgin Media [Member] | Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, outstanding (in shares) | 272,013,333 | |||
Liberty Global [Member] | Class A Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 141,234,331 | 222,081,117 | 251,167,686 | |
Common stock, outstanding (in shares) | 222,081,117 | 251,167,686 | ||
Liberty Global [Member] | Class A Ordinary Shares [Member] | Virgin Media Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired entity shares received of acquiring entity (in shares) | 1 | |||
Liberty Global [Member] | Class B Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 10,176,295 | 10,147,184 | 10,139,184 | |
Common stock, outstanding (in shares) | 10,147,184 | 10,139,184 | ||
Liberty Global [Member] | Class B Ordinary Shares [Member] | Virgin Media Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired entity shares received of acquiring entity (in shares) | 1 | |||
Liberty Global [Member] | Class C Ordinary Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock, issued (in shares) | 362,556,220 | 556,221,669 | 630,353,372 | |
Common stock, outstanding (in shares) | 556,221,669 | 630,353,372 | ||
Liberty Global [Member] | Class C Ordinary Shares [Member] | Virgin Media Merger Agreement [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquired entity shares received of acquiring entity (in shares) | 1 | |||
Liberty Global [Member] | Series A Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Share price (in dollar/euro per share) | $38.94 | |||
Liberty Global [Member] | Series C Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Share price (in dollar/euro per share) | $36.37 |
Acquisitions_Virgin_Media_Acqu
Acquisitions (Virgin Media Acquisition Schedules) (Details) (USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Jun. 07, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of the preliminary purchase price and opening balance sheet | ||||
Goodwill | $29,001.60 | $23,748.80 | $13,877.60 | |
Virgin Media Acquisition [Member] | ||||
Equity and cash consideration paid | ||||
Business acquisition, cash consideration | 4,760.20 | |||
Fair value of the vested portion of Virgin Media stock incentive awards | 270.4 | |||
Cost of acquired entity | 14,135.50 | |||
Summary of the preliminary purchase price and opening balance sheet | ||||
Cash and cash equivalents | 694.6 | |||
Other current assets | 932.2 | |||
Property and equipment, net | 9,863.10 | |||
Goodwill | 9,000.80 | |||
Intangible assets subject to amortization | 3,925.80 | |||
Other assets, net | 4,259.40 | |||
Current portion of long-term debt and capital lease obligations | -1,184.50 | |||
Other accrued and current liabilities | -1,892.20 | |||
Long-term debt and capital lease obligations | -8,477.40 | |||
Other long-term liabilities | -1,326.30 | |||
Additional paid-in capital | -1,660 | |||
Total purchase price | 14,135.50 | |||
Class A Ordinary Shares [Member] | Virgin Media Acquisition [Member] | ||||
Equity and cash consideration paid | ||||
Liberty Global Class A & C ordinary shares | 2,735 | |||
Class C Ordinary Shares [Member] | Virgin Media Acquisition [Member] | ||||
Equity and cash consideration paid | ||||
Liberty Global Class A & C ordinary shares | $6,369.90 |
Acquisitions_2012_Acquisitions
Acquisitions (2012 Acquisitions) (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 08, 2012 | Nov. 08, 2012 | Dec. 31, 2014 |
OneLink [Member] | |||
Business Acquisition [Line Items] | |||
Closing adjustments | $1.80 | $1.80 | |
Estimated useful life | 10 years | ||
Searchlight [Member] | Leo Cable [Member] | |||
Business Acquisition [Line Items] | |||
Cash contribution to fund acquisition | 94.7 | 94.7 | |
Business acquisition percentage of voting interests acquired | 40.00% | 40.00% | |
LGI Broadband Operations [Member] | |||
Business Acquisition [Line Items] | |||
Portion of purchase price retained to satisfy claims | 20 | 20 | |
LGI Broadband Operations [Member] | Old Liberty Puerto Rico [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 100.00% | 100.00% | |
LGI Broadband Operations [Member] | OneLink [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 100.00% | 100.00% | |
Cost of acquired entity | 96.5 | ||
Fair value of debt and capital lease obligations | 496 | 496 | |
Total consideration before transaction cost | 592.5 | 592.5 | |
Acquisition costs | $18.10 | $18.10 | |
Liberty Cablevision of Puerto Rico LLC [Member] | |||
Business Acquisition [Line Items] | |||
Percentage ownership in subsidiary | 60.00% |
Acquisitions_OneLink_Schedule_
Acquisitions (OneLink Schedule) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2012 |
In Millions, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $29,001.60 | $23,748.80 | $13,877.60 | |
OneLink [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 4.4 | |||
Other current assets | 19.2 | |||
Property and equipment, net | 150.2 | |||
Intangible assets subject to amortization | 90.5 | |||
Intangible assets not subject to amortization - cable television franchise rights | 285 | |||
Goodwill | 226.1 | |||
Other assets, net | 1.2 | |||
Current portion of long-term debt and capital lease obligations | -3.5 | |||
Other accrued and current liabilities | -54.1 | |||
Long-term debt and capital lease obligations | -496.9 | |||
Deferred tax liabilities | -125.6 | |||
Total purchase price | $96.50 |
Acquisitions_Proforma_Informat
Acquisitions (Proforma Information) (Schedule and Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Revenue: | ||||||||||||
Change in valuation allowances | $373.40 | |||||||||||
Revenue | 4,615.20 | 4,497.20 | 4,602.20 | 4,533.70 | 4,468 | 4,276.50 | 3,057.80 | 2,671.90 | 18,248.30 | 14,474.20 | 9,930.80 | |
Net loss | 523.4 | -157.1 | 249.9 | 78.8 | 121.2 | 830.1 | 11.6 | 1 | 695 | 963.9 | -322.8 | |
Ziggo Acquisition and Virgin Media Acquisition [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | 20,122.30 | 19,709.80 | ||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | -1,223 | -1,200.20 | ||||||||||
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share | ($1.35) | ($1.30) | ||||||||||
Ziggo Acquisition [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | 272 | |||||||||||
Net loss | 98.7 | |||||||||||
Virgin Media Acquisition and Puerto Rico Transaction [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | 17,647.70 | 17,138.70 | ||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | -1,300.40 | 3,701.50 | ||||||||||
Basic earnings (loss) attributable to Liberty Global shareholders per share | ($1.63) | $4.48 | ||||||||||
Diluted earnings (loss) attributable to Liberty Global shareholders per share | ($1.63) | $4.39 | ||||||||||
Change in valuation allowances | 4,144.90 | |||||||||||
Virgin Media Acquisition [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | 3,653.70 | |||||||||||
Net loss | 987.8 | |||||||||||
Continuing operations [Member] | Ziggo Acquisition and Virgin Media Acquisition [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | 20,095.70 | 19,301.20 | ||||||||||
Continuing operations [Member] | Virgin Media Acquisition and Puerto Rico Transaction [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | 17,239.10 | 16,465 | ||||||||||
Discontinued operations [Member] | Chellomedia and Austar [Member] | ||||||||||||
Revenue: | ||||||||||||
Discontinued operations | 26.6 | 408.6 | 673.7 | |||||||||
Discontinued operations [Member] | Virgin Media Acquisition and Puerto Rico Transaction [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue | $408.60 | $673.70 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Oct. 28, 2013 | Oct. 28, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 23-May-12 | 23-May-12 | Dec. 31, 2014 | Jul. 11, 2011 | 23-May-12 | 23-May-12 |
USD ($) | USD ($) | USD ($) | Foreign Tax Authority [Member] | Domestic Tax Authority [Member] | Domestic Tax Authority [Member] | Chellomedia [Member] | Chellomedia [Member] | Chellomedia [Member] | Chellomedia [Member] | Chellomedia [Member] | Austar [Member] | Austar [Member] | Austar [Member] | Austar [Member] | Austar [Member] | Austar [Member] | |
USD ($) | EUR (€) | USD ($) | Accumulated Translation Adjustment [Member] | Domestic Tax Authority [Member] | USD ($) | AUD | USD ($) | FOXTEL [Member] | FOXTEL [Member] | ||||||||
USD ($) | USD ($) | AUD | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Proceeds from divestiture of business | $1,013.10 | € 750 | $1,056.10 | ||||||||||||||
Pre-tax gain on sale | 342.2 | 64 | |||||||||||||||
Deferred income tax expense (benefit) | -350.6 | 18.6 | 36 | 9.5 | 4.1 | ||||||||||||
Statutory income tax rate | 35.00% | 23.00% | 21.00% | 21.50% | |||||||||||||
Gain on disposal of discontinued operations, net of taxes | 332.7 | 0 | 924.1 | 332.7 | |||||||||||||
Business disposition, percent of ownership interest sold | 100.00% | ||||||||||||||||
Business acquisition percentage of voting interests acquired | 45.85% | ||||||||||||||||
Percentage of shares owned after stock transaction | 54.15% | 54.15% | 100.00% | 100.00% | |||||||||||||
Business acquisition, purchase price (in AUD/USD per share) | $1.50 | 1.52 | |||||||||||||||
Cost of acquired entity | 1,906.60 | 1,932.70 | |||||||||||||||
Equity interest in acquiree before increase in ownership | 1,046.50 | ||||||||||||||||
Gain (loss) on disposal | 928.2 | ||||||||||||||||
Foreign currency transaction gains (losses) | -836.5 | 349.3 | 438.4 | 22.6 | |||||||||||||
Net earnings (loss) | ($647.40) | ($905.70) | $387.30 | ($15.10) |
Discontinued_Operations_Balanc
Discontinued Operations (Balance Sheet and Income Statement Summary) (Schedules) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Cash and cash equivalents | $0 | $4.60 | $0 |
Chellomedia [Member] | |||
Assets: | |||
Investments | 0 | 21.1 | |
Discontinued operations [Member] | |||
Disposal Group, Not Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Income tax expense | 0.1 | 22.7 | 28.1 |
Discontinued operations [Member] | Chellomedia [Member] | |||
Assets: | |||
Cash and cash equivalents | 4.6 | ||
Other current assets | 234.1 | ||
Investments | 21.1 | ||
Property and equipment, net | 43.1 | ||
Goodwill | 224.4 | ||
Other assets | 225 | ||
Total assets | 752.3 | ||
Liabilities: | |||
Current liabilities | 127.5 | ||
Other long-term liabilities | 19.8 | ||
Total liabilities | 147.3 | ||
Total equity | 605 | ||
Total liabilities and equity | 752.3 | ||
Discontinued operations [Member] | Chellomedia and Austar [Member] | |||
Disposal Group, Not Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Revenue | 26.6 | 408.6 | 673.7 |
Operating income | 0.6 | 12.1 | 78.7 |
Earnings (loss) before income taxes and noncontrolling interests | 0.9 | -1 | 75.2 |
Income tax expense | -0.1 | -22.7 | -28.1 |
Earnings (loss) from discontinued operations attributable to Liberty Global shareholders, net of taxes | $0.80 | ($26.30) | $22.40 |
Investments_Details
Investments (Details) | 1 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 17, 2014 | Jul. 17, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
All3Media [Member] | All3Media [Member] | DLG [Member] | Ziggo [Member] | ITV [Member] | ITV [Member] | ITV [Member] | DLG Acquisition Limited [Member] | Sumitomo [Member] | Sumitomo [Member] | ITI Neovision S.A. (ITI Neovision) (formerly Canal Cyfrowy S.A.) [Member] | |
USD ($) | EUR (€) | All3Media [Member] | USD ($) | USD ($) | GBP (£) | ||||||
Schedule of Investments [Line Items] | |||||||||||
Number of common stock shares owned (in shares) | 57,000,738 | 259,820,065 | 259,820,065 | 45,652,043 | 45,652,043 | ||||||
Percent of investment owned (less than 5% for Sumitomo) | 28.50% | 6.40% | 50.00% | 5.00% | |||||||
Shares not pledged as collateral (in shares) | 4,743,738 | ||||||||||
Cash dividends from investment | $78.40 | ||||||||||
Share price (in GBP/USD per share) | $3.14 | £ 1.85 | |||||||||
Cost method investments | 816.3 | 480.7 | |||||||||
Business acquisition, cash consideration | $147.20 | € 90 | |||||||||
Percentage of equity, percentage of shares acquired | 100.00% | 17.00% |
Investments_Schedule_of_Invest
Investments (Schedule of Investments by Accounting Method) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Investment [Line Items] | ||
Fair value | $1,662.70 | $3,481.80 |
Equity | 145.1 | 8.9 |
Cost | 0.4 | 0.5 |
Total | 1,808.20 | 3,491.20 |
Discontinued operation b Investments held by the Chellomedia Disposal Group | ||
Investment [Line Items] | ||
Discontinued operation b Investments held by the Chellomedia Disposal Group | 0 | 21.1 |
Ziggo [Member] | ||
Investment [Line Items] | ||
Fair value | 0 | 2,609.50 |
Number of common stock shares owned (in shares) | 57,000,738 | |
Ziggo [Member] | Securities Not Subject to Re-Use Rights [Member] | ||
Investment [Line Items] | ||
Fair value | 0 | 1,560.10 |
Number of common stock shares owned (in shares) | 34,100,000 | |
Ziggo [Member] | Securities Subject to Re-Use Rights [Member] | ||
Investment [Line Items] | ||
Fair value | 0 | 1,049.40 |
Number of common stock shares owned (in shares) | 22,900,000 | |
ITV - Subject to Re-Use Rights [Member] | ||
Investment [Line Items] | ||
Fair value | 871.2 | 0 |
Sumitomo [Member] | ||
Investment [Line Items] | ||
Fair value | 473.1 | 572.9 |
Number of common stock shares owned (in shares) | 45,652,043 | 45,652,043 |
ITI Neovision S.A. (ITI Neovision) (formerly Canal Cyfrowy S.A.) [Member] | ||
Investment [Line Items] | ||
Fair value | $318.40 | $299.40 |
Investments_Schedule_of_Summar
Investments (Schedule of Summarized Financial Condition and Result of Operations) (Details) (Ziggo [Member], USD $) | 9 Months Ended | 10 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Nov. 11, 2014 | Dec. 31, 2014 |
Ziggo [Member] | |||
Summarized financial condition of Ziggo | |||
Current assets | $261.90 | ||
Long-term assets | 6,131.50 | ||
Total assets | 6,393.40 | ||
Current liabilities | 539.3 | ||
Long-term liabilities | 4,516 | ||
Ownersb equity | 1,338.10 | ||
Total liabilities and ownersb equity | 6,393.40 | ||
Summarized results of operations of Ziggo | |||
Revenue | 1,570.70 | 1,876.90 | |
Operating income | 418.5 | 336 | |
Net earnings (loss) | $199.10 | ($230.30) |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 28, 2007 | Jun. 28, 2007 | Dec. 31, 2014 |
USD ($) | Ziggo [Member] | Ziggo [Member] | Ziggo [Member] | Ziggo [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | ITV Collar [Member] | ITV Collar [Member] | ITV Collar [Member] | Sumitomo Collar [Member] | Sumitomo Collar [Member] | Sumitomo Collar [Member] | Sumitomo Collar [Member] | Virgin Media Capped Call [Member] | |
Securities Subject to Re-Use Rights [Member] | Shares Borrowed as Hedge [Member] | USD ($) | Liberty Global Limited [Member] | Liberty Global Limited [Member] | Liberty Global Limited [Member] | Liberty Global Limited [Member] | Ziggo [Member] | Ziggo [Member] | Ziggo [Member] | USD ($) | GBP (£) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | ||||
USD ($) | EUR (€) | Put Options Purchased [Member] | Put Options Purchased [Member] | Put Options Purchased [Member] | Put Options Purchased [Member] | installment | ||||||||||||||
USD ($) | EUR (€) | |||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||
Fair value derivative assets, counterparty credit risk exposure | $1,040,900,000 | |||||||||||||||||||
Net option contract premium paid | 51,000,000 | 38,600,000 | ||||||||||||||||||
Number of options | 19,965,600 | 24,957,000 | ||||||||||||||||||
Borrowed funds | 816,400,000 | 617,100,000 | ||||||||||||||||||
Restricted cash | 643,500,000 | 486,400,000 | ||||||||||||||||||
Discount rate | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Implied yield | 0.45% | 0.45% | 1.73% | 1.73% | ||||||||||||||||
Number of common stock shares owned (in shares) | 57,000,738 | 22,900,000 | 18,700,000 | 259,820,065 | 259,820,065 | |||||||||||||||
Shares lent to counterparty (in shares) | 15,700,000 | |||||||||||||||||||
Principal amount of debt | 764,500,000 | 446,900,000 | ||||||||||||||||||
Shares needed to borrow from custody account to hedge exposure | 205,000,000 | |||||||||||||||||||
Derivative floor price (in yen/dollars per share) | $17.68 | ¥ 2,118.5 | ||||||||||||||||||
Derivative cap price (in yen/dollars per share) | $23.26 | ¥ 2,787.5 | ||||||||||||||||||
Market price of common stock (in yen/dollars per share) | $10.36 | ¥ 1,242 | ||||||||||||||||||
Sumitomo Collar number of equal semi-annual installment maturity dates beginning with initial maturity date of May 22, 2016 | 5 | 5 | ||||||||||||||||||
Sumitomo Collar fair value | 351,100,000 | |||||||||||||||||||
Percentage of Sumitomo shares pledged as collateral on the Sumitomo Collar Loan | 100.00% | 100.00% | ||||||||||||||||||
Stated interest rate of debt | 1.88% | 1.88% | ||||||||||||||||||
Principal amount outstanding | 44,612,200,000 | 5,755,900,000 | 757,600,000 | 93,660,000,000 | ||||||||||||||||
Percentage of notional amount settled | 93.80% | |||||||||||||||||||
Proceeds from settlement of derivative instrument | $534,800,000 |
Derivative_Instruments_Fair_Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Schedule and Footnotes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Current | $446.60 | $252.10 | |
Long-term | 1,314.80 | 952.1 | |
Total | 1,761.40 | 1,204.20 | |
Liability: | |||
Current | 1,043.70 | 751.2 | |
Long-term | 1,517.10 | 2,305.30 | |
Total | 2,560.80 | 3,056.50 | |
Cross Currency Interest Rate Contract [Member] | |||
Assets: | |||
Current | 443.6 | 248.4 | |
Long-term | 913.7 | 520.8 | |
Total | 1,357.30 | 769.2 | |
Liability: | |||
Current | 1,027.40 | 727.2 | |
Long-term | 1,443.90 | 2,191.40 | |
Total | 2,471.30 | 2,918.60 | |
Valuation adjustment in asset cross currency and interest rate derivative contracts | 30.9 | 9.8 | |
Valuation adjustment in liability cross currency and interest rate derivative contracts | 64.6 | 173 | |
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net | -120.9 | 15.3 | -57.3 |
Equity-related derivative instruments [Member] | |||
Assets: | |||
Current | 0 | 0 | |
Long-term | 400.2 | 430.4 | |
Total | 400.2 | 430.4 | |
Liability: | |||
Current | 15.3 | 15.6 | |
Long-term | 73.1 | 101.3 | |
Total | 88.4 | 116.9 | |
Foreign currency forward contracts [Member] | |||
Assets: | |||
Current | 2.5 | 2.6 | |
Long-term | 0 | 0 | |
Total | 2.5 | 2.6 | |
Liability: | |||
Current | 0.8 | 8.2 | |
Long-term | 0 | 12 | |
Total | 0.8 | 20.2 | |
Other Contract [Member] | |||
Assets: | |||
Current | 0.5 | 1.1 | |
Long-term | 0.9 | 0.9 | |
Total | 1.4 | 2 | |
Liability: | |||
Current | 0.2 | 0.2 | |
Long-term | 0.1 | 0.6 | |
Total | $0.30 | $0.80 |
Derivative_Instruments_Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Schedule) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | $88.80 | ($1,020.40) | ($1,070.30) |
Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 293.6 | -586.5 | -958.3 |
Equity-related derivative instruments [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | -236.3 | -362.3 | -109 |
Foreign currency forward contracts [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 31.6 | -72.9 | -6 |
Other Contract [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | -0.1 | 1.3 | 3 |
Sumitomo Collar [Member] | Equity-related derivative instruments [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | -46 | -206.4 | -109 |
Ziggo Collar [Member] | Equity-related derivative instruments [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | -113.3 | -152.5 | 0 |
ITV Collar [Member] | Equity-related derivative instruments [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | -77.4 | 0 | 0 |
Virgin Media Capped Call [Member] | Equity-related derivative instruments [Member] | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | $0.40 | ($3.40) | $0 |
Derivative_Instruments_Net_Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Schedule) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Operating activities | ($445.70) | ($402.10) | ($435.50) |
Investing activities | -30.2 | -66.5 | 23.7 |
Financing activities | -221 | 524.5 | -108.4 |
Total | ($696.90) | $55.90 | ($520.20) |
Derivative_Instruments_Crosscu
Derivative Instruments (Cross-currency Swaps) (Schedule) (Details) (Currency Swap [Member]) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | Unitymedia Hessen [Member] | Unitymedia Hessen [Member] | Unitymedia Hessen [Member] | Unitymedia Hessen [Member] | Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo [Member] | Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo [Member] | VTR GlobalCom [Member] | VTR GlobalCom [Member] |
Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | |
February 2022 1400.0 USD 873.6 GBP [Member] | June 2020 1384.6 USD 901.4 GBP [Member] | October 2020 1370.4 USD 881.6 GBP [Member] | January 2021 500.0 USD 308.9 GBP [Member] | October 2022 450.0 USD 272.0 GBP [Member] | January 2022 425.0 USD 255.8 GBP [Member] | April 2019 291.5 USD 186.2 GBP [Member} | November 2016 55.0 USD 27.7 GBP [Member] | October 2019 50.0 USD 30.3 GBP [Member] | October 2019 - October 2022 50.0 USD 30.7 GBP [Member] | February 2022 1400.0 USD 873.6 GBP [Member] | June 2020 1384.6 USD 901.4 GBP [Member] | October 2020 1370.4 USD 881.6 GBP [Member] | January 2021 500.0 USD 308.9 GBP [Member] | October 2022 450.0 USD 272.0 GBP [Member] | January 2022 425.0 USD 255.8 GBP [Member] | April 2019 291.5 USD 186.2 GBP [Member} | November 2016 55.0 USD 27.7 GBP [Member] | October 2019 50.0 USD 30.3 GBP [Member] | October 2019 - October 2022 50.0 USD 30.7 GBP [Member] | July 2018 525.0 USD 396.3 EUR [Member] | January 2020 327.5 USD 249.5 EUR [Member] | January 2015 - July 2021 312.0 USD 240.0 EUR [Member] | January 2015 300.0 USD 226.5 EUR [Member] | October 2020 300.0 USD 219.1 EUR [Member] | January 2017 - July 2021 262.1 USD 194.1 EUR [Member] | November 2019 250.0 USD 181.5 EUR [Member] | November 2021 250.0 USD 181.4 EUR [Member] | July 2018 200.0 USD 151.0 EUR [Member] | January 2020 197.5 USD 150.5 EUR [Member] | July 2021 128.0 USD 97.2 EUR [Member] | January 2015 - July 2018 100.0 USD 75.4 EUR [Member] | December 2016 340.0 USD [Member] | January 2017 - July 2021 300.0 USD 278.3 CHF [Member] | November 2019 250 USD 226.8 CHF [Member] | January 2020 225.0 USD 206.3 CHF [Member] | January 2015 - July 2021 200.0 USD 186.0 CHF [Member] | January 2015 171.5 USD [Member] | July 2020 201.5 USD 489.3 RON [Member] | January 2015 898.4 EUR 1466.0 CHF [Member] | January 2015 - January 2021 720.8 EUR 877.0 CHF [Member] | January 2015 - September 2022 383.8 EUR 477.0 CHF [Member] | January 2015 - January 2017 360.4 EUR 589.0 CHF [Member] | April 2018 285.1 EUR 346.7 CHF [Member] | January 2020 175Euro 258.6Chf [Member] | January 2015 - July 2021 161.4EUR 187.1 CHF [Member] | July 2020 107.4 EUR 129.0 CHF [Member] | January 2017 75.0 EUR 110.9 CHF [Member] | December 2015 69.1 EUR 53,000.0 CLP [Member] | January 2015 365.8 EUR 10521.8 CZK [Member] | January 2015 - January 2020 318.9 EUR 8818.7 CZK [Member] | January 2015 to January 2017 60.0 EUR 1703.1 CZK [Member] | July 2017 39.6 EUR 1,000.0 CZK [Member] | January 2015 260.0 EUR 75570.0 HUF [Member] | January 2015 to January 2017 260.0 EUR 75570.0 HUF [Member] | December 2016 150 EUR 4,3367.5 HUF [Member] | July 2018 78.0 EUR 19,500 HUF [Member] | January 2015 400.5 EUR 1605.6 PLN [Member] | January 2015 - January 2017 245.0 EUR 1000.6 PLN [Member] | September 2016 200.0 EUR 892.7 PLN [Member] | January 2015 - January 2020 144.6 EUR 605.0 PLN [Member] | July 2017 82Euro 318Pln [Member] | December 2015 53,000.0 CLP 69.1 EUR [Member] | January 2022 2,350.0 USD 1,727.0 EUR [Member] | July 2018 525.0 USD 396.3 EUR [Member] | January 2020 327.5 USD 249.5 EUR [Member] | January 2015 - July 2021 312.0 USD 240.0 EUR [Member] | January 2015 300.0 USD 226.5 EUR [Member] | October 2020 300.0 USD 219.1 EUR [Member] | January 2017 - July 2021 262.1 USD 194.1 EUR [Member] | November 2019 250.0 USD 181.5 EUR [Member] | November 2021 250.0 USD 181.4 EUR [Member] | July 2018 200.0 USD 151.0 EUR [Member] | January 2020 197.5 USD 150.5 EUR [Member] | July 2021 128.0 USD 97.2 EUR [Member] | January 2015 - July 2018 100.0 USD 75.4 EUR [Member] | December 2016 340.0 USD [Member] | January 2017 - July 2021 300.0 USD 278.3 CHF [Member] | November 2019 250 USD 226.8 CHF [Member] | January 2020 225.0 USD 206.3 CHF [Member] | January 2015 - July 2021 200.0 USD 186.0 CHF [Member] | January 2015 171.5 USD [Member] | July 2020 201.5 USD 489.3 RON [Member] | January 2015 898.4 EUR 1466.0 CHF [Member] | January 2015 - January 2021 720.8 EUR 877.0 CHF [Member] | January 2015 - September 2022 383.8 EUR 477.0 CHF [Member] | January 2015 - January 2017 360.4 EUR 589.0 CHF [Member] | April 2018 285.1 EUR 346.7 CHF [Member] | January 2020 175Euro 258.6Chf [Member] | January 2015 - July 2021 161.4EUR 187.1 CHF [Member] | July 2020 107.4 EUR 129.0 CHF [Member] | January 2017 75.0 EUR 110.9 CHF [Member] | December 2015 69.1 EUR 53,000.0 CLP [Member] | January 2015 365.8 EUR 10521.8 CZK [Member] | January 2015 - January 2020 318.9 EUR 8818.7 CZK [Member] | January 2015 to January 2017 60.0 EUR 1703.1 CZK [Member] | July 2017 39.6 EUR 1,000.0 CZK [Member] | January 2015 260.0 EUR 75570.0 HUF [Member] | January 2015 to January 2017 260.0 EUR 75570.0 HUF [Member] | December 2016 150 EUR 4,3367.5 HUF [Member] | July 2018 78.0 EUR 19,500 HUF [Member] | January 2015 400.5 EUR 1605.6 PLN [Member] | January 2015 - January 2017 245.0 EUR 1000.6 PLN [Member] | September 2016 200.0 EUR 892.7 PLN [Member] | January 2015 - January 2020 144.6 EUR 605.0 PLN [Member] | July 2017 82Euro 318Pln [Member] | December 2015 53,000.0 CLP 69.1 EUR [Member] | January 2023 1,652.9 USD 1,252.5 EUR [Member] | January 2021 797.1 USD 546.5 EUR [Member] | January 2023 1,652.9 USD 1,252.5 EUR [Member] | January 2021 797.1 USD 546.5 EUR [Member] | January 2022 2,350.0 USD 1,727.0 EUR [Member] | January 2022 2,350.0 USD 1,727.0 EUR [Member] | January 2022 1,400.0 USD 760,340.0 CLP [Member] | January 2022 1,400.0 USD 760,340.0 CLP [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | CLP | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | CHF | CHF | CHF | CHF | CHF | CHF | RON | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CHF | CLP | CZK | CZK | CZK | CZK | HUF | HUF | HUF | HUF | PLN | PLN | PLN | PLN | PLN | EUR (€) | USD ($) | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | USD ($) | CLP | ||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount of derivative | $1,400 | $1,384.60 | $1,370.40 | $500 | $450 | $425 | $291.50 | $55 | $50 | $50 | £ 873.6 | £ 901.4 | £ 881.6 | £ 308.9 | £ 272 | £ 255.8 | £ 186.2 | £ 27.7 | £ 30.3 | £ 30.7 | $525 | $327.50 | $312 | $300 | $300 | $262.10 | $250 | $250 | $200 | $197.50 | $128 | $100 | $340 | $300 | $250 | $225 | $200 | $171.50 | $201.50 | € 898.40 | € 720.80 | € 383.80 | € 360.40 | € 285.10 | € 175 | € 161.40 | € 107.40 | € 75 | € 69.10 | € 365.80 | € 318.90 | € 60 | € 39.60 | € 260 | € 260 | € 150 | € 78 | € 400.50 | € 245 | € 200 | € 144.60 | € 82 | 53,000 | € 396.30 | € 249.50 | € 240 | € 226.50 | € 219.10 | € 194.10 | € 181.50 | € 181.40 | € 151 | € 150.50 | € 97.20 | € 75.40 | 370.9 | 278.3 | 226.8 | 206.3 | 186 | 187.1 | 489.3 | 1,466 | 877 | 477 | 589 | 346.7 | 258.6 | 187.1 | 129 | 110.9 | 53,000 | 10,521.80 | 8,818.70 | 1,703.10 | 1,000 | 75,570 | 75,570 | 43,367.50 | 19,500 | 1,605.60 | 1,000.60 | 892.7 | 605 | 318 | € 69.10 | $1,652.90 | $797.10 | € 1,252.50 | € 546.50 | $2,350 | € 1,727 | $1,400 | 760,340 | |
Derivative Interest Rate | 5.01% | 5.25% | 6.00% | 5.50% | 5.38% | 6.50% | 8.38% | 6.00% | 5.49% | 6.43% | 5.82% | 5.49% | 7.03% | 8.98% | 5.75% | 7.25% | 7.25% | 7.25% | 10.51% | 7.63% | 7.63% | 3.50% | 5.48% | 5.58% | 5.50% | 3.00% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 6.00% | 5.50% | 3.00% | 5.75% | 6.25% | 7.52% | 5.78% | 7.74% | 7.50% | 7.31% | 5.77% | 5.44% | 11.34% | 9.87% | 6.76% | 6.98% | 5.75% | 5.99% | 5.44% | 6.99% | 3.75% | 9.40% | 10.56% | 9.20% | 9.15% | 7.50% | 9.03% | 8.19% | 7.98% | 5.60% | 3.50% | 5.67% | 5.50% | 4.50% | 5.60% | 4.56% | 6.88% | 10.94% | |||||||||||||||||||||||||||||||||||||||||||||
Derivative Interest Rate Referenced | 6B mo.B LIBOR | 6B mo.B LIBOR | 6 mo. GBP LIBOR | 6 mo. GBP LIBOR | 6 mo. GBP LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B LIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B LIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | 6B mo.B CHFB LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Interest Rate Above Referenced Rate | 2.75% | 2.75% | 3.18% | 3.10% | 2.06% | 1.99% | 4.92% | 2.50% | 1.75% | 3.00% | 2.50% | 3.00% | 4.92% | 2.50% | 1.75% | 3.50% | 2.50% | 4.81% | 2.50% | 2.75% | 3.50% | 1.68% | 2.50% | 2.00% | 3.75% | 2.35% | 3.00% | 2.75% | 2.87% | 3.04% | 2.51% | 4.91% | 2.90% | 4.01% | 2.46% | 5.01% | 2.55% | 2.95% | 1.94% | 2.62% | 2.22% | 3.94% | 2.76% | 3.28% |
Derivative_Instruments_Interes
Derivative Instruments (Interest Rate Swaps) (Schedule) (Details) (Interest Rate Swap [Member]) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | Virgin Media Investment Holdings Limited [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo [Member] | Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo [Member] | Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] | Telenet NV [Member] |
October 2018 2155.0 GBP [Member] | January 2021 650.0 GBP [Member] | January 2021 650.0 GBP 3.87% [Member] | December 2015 600.0 GBP [Member] | April 2018 300.0 GBP [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | July 2020 1000Usd 6mo.Libor plus 3.03Percent [Member] | January 2022 750.0 USD [Member] | January 2015 1,554.0 EUR [Member] | January 2015 - January 2016 1,554.0 EUR [Member] | January 2015 1364.8 EUR 3.44% [Member] | July 2020 750.0 EUR [Member] | January 2015 - January 2021 750.0 EUR [Member] | January 2015 to December 2016 500Euro 4.32Percent [Member] | January 2015 - January 2023 290.0 EUR [Member] | December 2015 263.3 EUR [Member] | January 2023 210.0 EUR [Member] | January 2015 - January 2018 175.0 EUR [Member] | January 2015 to July 2020 171.3Euro 3.95Percent [Member] | July 2020 171.3Euro 4.32Percent [Member] | January 2015 - November 2021 107.0 EUR 2.89 Percent [Member] | January 2015 2380.0 CHF 2.81% [Member] | January 2015 - January 2022 711.5 CHF [Member] | January 2015 b January 2021 500.0 CHF 1.65% [Member] | January 2015 - January 2021 400.0 CHF [Member] | January 2015 to December 2016 370.9Chf 3.82Percent [Member] | January 2015 to November 2019 226.8 CHF 6.88 Percent [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | January 2022 1,556.0 EUR [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | June 2023 500.0 EUR [Member] | July 2017 - June 2022 420.0 EUR [Member] | June 2021 400.0 EUR [Member] | July 2017 - June 2023 382.0 EUR [Member] | July 2017 150.0 EUR [Member] | August 2015 - June 2022 55.0 EUR [Member] | June 2015 50Euro 3.55Percent [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due From Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | Due To Counterparty [Member] | |
GBP (£) | GBP (£) | GBP (£) | GBP (£) | GBP (£) | October 2018 2155.0 GBP [Member] | January 2021 650.0 GBP [Member] | January 2021 650.0 GBP 3.87% [Member] | December 2015 600.0 GBP [Member] | April 2018 300.0 GBP [Member] | October 2018 2155.0 GBP [Member] | January 2021 650.0 GBP [Member] | January 2021 650.0 GBP 3.87% [Member] | December 2015 600.0 GBP [Member] | April 2018 300.0 GBP [Member] | USD ($) | USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | CHF | CHF | CHF | CHF | CHF | CHF | July 2020 1000Usd 6mo.Libor plus 3.03Percent [Member] | January 2022 750.0 USD [Member] | January 2015 1,554.0 EUR [Member] | January 2015 - January 2016 1,554.0 EUR [Member] | January 2015 1364.8 EUR 3.44% [Member] | January 2015 - January 2021 750.0 EUR [Member] | January 2015 to December 2016 500Euro 4.32Percent [Member] | January 2015 - January 2023 290.0 EUR [Member] | December 2015 263.3 EUR [Member] | January 2023 210.0 EUR [Member] | January 2015 - January 2018 175.0 EUR [Member] | January 2015 to July 2020 171.3Euro 3.95Percent [Member] | July 2020 171.3Euro 4.32Percent [Member] | January 2015 - November 2021 107.0 EUR 2.89 Percent [Member] | January 2015 2380.0 CHF 2.81% [Member] | January 2015 - January 2022 711.5 CHF [Member] | January 2015 b January 2021 500.0 CHF 1.65% [Member] | January 2015 - January 2021 400.0 CHF [Member] | January 2015 to December 2016 370.9Chf 3.82Percent [Member] | January 2015 to November 2019 226.8 CHF 6.88 Percent [Member] | July 2020 1000Usd 6mo.Libor plus 3.03Percent [Member] | January 2022 750.0 USD [Member] | January 2015 1,554.0 EUR [Member] | January 2015 - January 2016 1,554.0 EUR [Member] | January 2015 1364.8 EUR 3.44% [Member] | July 2020 750.0 EUR [Member] | January 2015 - January 2021 750.0 EUR [Member] | January 2015 to December 2016 500Euro 4.32Percent [Member] | January 2015 - January 2023 290.0 EUR [Member] | December 2015 263.3 EUR [Member] | January 2023 210.0 EUR [Member] | January 2015 - January 2018 175.0 EUR [Member] | January 2015 to July 2020 171.3Euro 3.95Percent [Member] | July 2020 171.3Euro 4.32Percent [Member] | January 2015 - November 2021 107.0 EUR 2.89 Percent [Member] | January 2015 2380.0 CHF 2.81% [Member] | January 2015 - January 2022 711.5 CHF [Member] | January 2015 b January 2021 500.0 CHF 1.65% [Member] | January 2015 - January 2021 400.0 CHF [Member] | January 2015 to December 2016 370.9Chf 3.82Percent [Member] | January 2015 to November 2019 226.8 CHF 6.88 Percent [Member] | EUR (€) | January 2022 1,556.0 EUR [Member] | January 2022 1,556.0 EUR [Member] | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | June 2023 500.0 EUR [Member] | July 2017 - June 2022 420.0 EUR [Member] | June 2021 400.0 EUR [Member] | July 2017 - June 2023 382.0 EUR [Member] | July 2017 150.0 EUR [Member] | August 2015 - June 2022 55.0 EUR [Member] | June 2015 50Euro 3.55Percent [Member] | June 2023 500.0 EUR [Member] | July 2017 - June 2022 420.0 EUR [Member] | June 2021 400.0 EUR [Member] | July 2017 - June 2023 382.0 EUR [Member] | July 2017 150.0 EUR [Member] | August 2015 - June 2022 55.0 EUR [Member] | June 2015 50Euro 3.55Percent [Member] | |
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount of derivative | £ 2,155 | £ 650 | £ 650 | £ 600 | £ 300 | $1,000 | $750 | € 1,554 | € 1,554 | € 1,364.80 | € 750 | € 750 | € 500 | € 290 | € 263.30 | € 210 | € 175 | € 171.30 | € 171.30 | € 107 | 2,380 | 711.5 | 500 | 400 | 370.9 | 226.8 | € 1,566 | € 500 | € 420 | € 400 | € 382 | € 150 | € 55 | € 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Interest Rate | 5.50% | 1.52% | 3.87% | 2.90% | 1.37% | 6.63% | 6.88% | 3.44% | 6.38% | 2.57% | 4.32% | 2.79% | 3.97% | 2.88% | 3.74% | 3.95% | 4.32% | 2.89% | 2.81% | 1.89% | 1.65% | 2.51% | 3.82% | 6.88% | 1.66% | 1.45% | 2.08% | 0.41% | 1.89% | 3.55% | 1.81% | 3.55% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Interest Rate Referenced | 6B mo.B GBPB LIBOR | 6B mo. GBP LIBOR | 6B mo.B GBPB LIBOR | 6B mo.B GBPB LIBOR | 6B mo. GBP LIBOR | 1B mo.B EURIBOR | 1B mo.B EURIBOR | 6 mo. EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6 mo. EURIBOR | 6B mo.B EURIBOR | 6 mo. CHF LIBOR | 6 mo. CHF LIBOR | 6 mo. CHF LIBOR | 6 mo. CHF LIBOR | 6 mo. CHF LIBOR | 6B mo. CHF LIBOR | 6B mo. LIBOR | 6B mo. LIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6B mo.B EURIBOR | 6 mo. EURIBOR | 3 mo. EURIBOR | 3 mo. EURIBOR | 3 mo. EURIBOR | 3 mo. EURIBOR | 3 mo. EURIBOR | 3 mo. EURIBOR | 3 mo. EURIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Interest Rate Above Referenced Rate | 1.84% | 1.84% | 3.75% | 3.75% | 5.01% | 3.03% | 4.89% | 3.56% | 3.58% | 3.16% |
Derivative_Instruments_Interes1
Derivative Instruments (Interest Rate Caps) (Schedule) (Details) (EUR €) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
January 2015 b January 2020 735.0 EUR 7.00 Percent [Member] | Interest rate caps purchased [Member] | LGE Financing [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | € 735 |
EURIBOR cap rate | 7.00% |
January 2015 b January 2020 735.0 EUR 7.00 Percent [Member] | Interest rate caps sold [Member] | UPC Broadband Holding [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 735 |
EURIBOR cap rate | 7.00% |
June 2015 b June 2017 50.0 EUR 4.50 Percent [Member] | Interest rate caps purchased [Member] | Telenet International [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 50 |
EURIBOR cap rate | 4.50% |
December 2017 0.6 EUR 6.50 Percent [Member] | Interest rate caps purchased [Member] | Telenet NV [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 0.6 |
EURIBOR cap rate | 6.50% |
December 2017 0.6 EUR 5.50 Percent [Member] | Interest rate caps purchased [Member] | Telenet NV [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | € 0.60 |
EURIBOR cap rate | 5.50% |
Derivative_Instruments_Interes2
Derivative Instruments (Interest Rate Collars) (Schedule) (Details) (Interest Rate Collar [Member], EUR €) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
January 2015 b January 2020 1135.0 EUR [Member] | UPC Broadband Holding [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | € 1,135 |
EURIBOR floor rate | 1.00% |
EURIBOR cap rate | 3.54% |
July 2017 650.0 EUR [Member] | Telenet International [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | € 650 |
EURIBOR floor rate | 2.00% |
EURIBOR cap rate | 4.00% |
Derivative_Instruments_Foreign
Derivative Instruments (Foreign Currency Forwards) (Schedule) (Details) (Foreign Currency Forwards [Member]) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | VTR [Member] | VTR [Member] |
Foreign Currency Forward 1 [Member] | Foreign Currency Forward 1 [Member] | Foreign Currency Forward 2 [Member] | Foreign Currency Forward 2 [Member] | Foreign Currency Forward 3 [Member] | Foreign Currency Forward 3 [Member] | Foreign Currency Forward 4 [Member] | Foreign Currency Forward 4 [Member] | Foreign Currency Forward 5 [Member] | Foreign Currency Forward 5 [Member] | Foreign Currency Forward 6 [Member] | Foreign Currency Forward 6 [Member] | Foreign Currency Forward 7 [Member] | Foreign Currency Forward 7 [Member] | Foreign Currency Forward 8 [Member] | Foreign Currency Forward 8 [Member] | Foreign Currency Forward 9 [Member] | Foreign Currency Forward 9 [Member] | Foreign Currency Forward 10 [Member] | Foreign Currency Forward 10 [Member] | Foreign Currency Forward 11 [Member] | Foreign Currency Forward 11 [Member] | Foreign Currency Forward 12 [Member] | Foreign Currency Forward 12 [Member] | |
USD ($) | CZK | CHF | EUR (€) | CZK | EUR (€) | EUR (€) | HUF | EUR (€) | PLN | EUR (€) | GBP (£) | CHF | EUR (€) | CZK | EUR (€) | EUR (€) | HUF | EUR (€) | PLN | EUR (€) | RON | USD ($) | CLP | |
Derivative [Line Items] | ||||||||||||||||||||||||
Notional amount of derivative | $0.80 | 14.9 | 76 | € 63.80 | 123.3 | € 4.50 | € 4.10 | 1,275 | € 12 | 51 | € 1.40 | £ 1.2 | 67 | € 55.70 | 300 | € 10.90 | € 23.60 | 7,400 | € 20.90 | 90 | € 6.90 | 31 | $52.40 | 31,739.40 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2014 |
Ziggo Acquisition [Member] | Customer Relationships [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate | 8.50% | ||
Virgin Media Acquisition [Member] | Customer Relationships [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate | 9.00% | ||
ITV Collar [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate | 0.00% | ||
ITV Collar [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated volatilities | 23.80% | ||
ITV Collar [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Estimated volatilities | 27.30% | ||
Ziggo Collar [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loss on derivative not included on consolidated balance sheet | 113.3 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | $1,761.40 | $1,204.20 |
Investments | 1,662.70 | 3,481.80 |
Total assets | 3,424.10 | 4,686 |
Liabilities - derivative instruments: | 2,560.80 | 3,056.50 |
Total liabilities | 2,560.80 | 3,056.50 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Investments | 1,344.30 | 3,182.40 |
Total assets | 1,344.30 | 3,182.40 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 1,361.20 | 773.8 |
Investments | 0 | 0 |
Total assets | 1,361.20 | 773.8 |
Total liabilities | 2,472.40 | 2,939.60 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 400.2 | 430.4 |
Investments | 318.4 | 299.4 |
Total assets | 718.6 | 729.8 |
Total liabilities | 88.4 | 116.9 |
Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 1,357.30 | 769.2 |
Liabilities - derivative instruments: | 2,471.30 | 2,918.60 |
Cross Currency Interest Rate Contract [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Cross Currency Interest Rate Contract [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 1,357.30 | 769.2 |
Liabilities - derivative instruments: | 2,471.30 | 2,918.60 |
Cross Currency Interest Rate Contract [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Equity-related derivative instruments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 400.2 | 430.4 |
Liabilities - derivative instruments: | 88.4 | 116.9 |
Equity-related derivative instruments [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Equity-related derivative instruments [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Equity-related derivative instruments [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 400.2 | 430.4 |
Liabilities - derivative instruments: | 88.4 | 116.9 |
Foreign Exchange Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 2.5 | 2.6 |
Liabilities - derivative instruments: | 0.8 | 20.2 |
Foreign Exchange Contract [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Foreign Exchange Contract [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 2.5 | 2.6 |
Liabilities - derivative instruments: | 0.8 | 20.2 |
Foreign Exchange Contract [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Other Contract [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 1.4 | 2 |
Liabilities - derivative instruments: | 0.3 | 0.8 |
Other Contract [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | 0 | 0 |
Other Contract [Member] | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 1.4 | 2 |
Liabilities - derivative instruments: | 0.3 | 0.8 |
Other Contract [Member] | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments: | 0 | 0 |
Liabilities - derivative instruments: | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Schedule and Footnote) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Fair Value, Assets and Liabilities (Net) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance of asset (liability) | $612.90 |
Termination and other activity related to Ziggo Collar | 212.5 |
Gains (losses) included in loss from continuing operations: | |
Realized and unrealized losses on derivative instruments, net | -236.3 |
Realized and unrealized gain due to changes in fair values of certain investments, net | 26.1 |
Foreign currency translation adjustments, dividends and other, net | 15 |
Ending balance of asset (liability) | 630.2 |
Investments [Member] | |
Fair Value, Assets and Liabilities (Net) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance of asset (liability) | 299.4 |
Termination and other activity related to Ziggo Collar | 0 |
Gains (losses) included in loss from continuing operations: | |
Realized and unrealized losses on derivative instruments, net | 0 |
Realized and unrealized gain due to changes in fair values of certain investments, net | 26.1 |
Foreign currency translation adjustments, dividends and other, net | -7.1 |
Ending balance of asset (liability) | 318.4 |
Equity-related derivative instruments [Member] | |
Fair Value, Assets and Liabilities (Net) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance of asset (liability) | 313.5 |
Termination and other activity related to Ziggo Collar | 212.5 |
Gains (losses) included in loss from continuing operations: | |
Realized and unrealized losses on derivative instruments, net | -236.3 |
Realized and unrealized gain due to changes in fair values of certain investments, net | 0 |
Foreign currency translation adjustments, dividends and other, net | 22.1 |
Ending balance of asset (liability) | $311.80 |
Longlived_Assets_Narrative_Det
Long-lived Assets (Narrative) (Details) (USD $) | 12 Months Ended | 6 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, net | $23,840,600,000 | $23,974,900,000 | $23,974,900,000 | $23,840,600,000 | $23,974,900,000 | ||
Assets acquired under capital leases | 127,200,000 | 143,000,000 | 63,100,000 | ||||
Non-cash increases related to vendor financing arrangements | -975,300,000 | -573,500,000 | -246,500,000 | ||||
Value added tax, vendor financing arrangement | 114,900,000 | 46,000,000 | 28,500,000 | ||||
Restructuring charges | 166,900,000 | 178,700,000 | |||||
Goodwill | 29,001,600,000 | 23,748,800,000 | 13,877,600,000 | 23,748,800,000 | 29,001,600,000 | 23,748,800,000 | |
Franchise Rights and Other Indefinite Lived Intangible Assets [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Amount of franchise rights and other indefinite-lived intangible assets included in other assets, net, on the consolidated balance sheets | 557,000,000 | 470,200,000 | 470,200,000 | 557,000,000 | 470,200,000 | ||
Puerto Rico [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Percent of hypothetical decline In fair value of reporting units | 20.00% | ||||||
Goodwill | 347,000,000 | 347,000,000 | |||||
European Operations Division Central and Eastern Europe [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Goodwill | 1,302,100,000 | 1,520,100,000 | 1,509,500,000 | 1,520,100,000 | 1,302,100,000 | 1,520,100,000 | |
Accumulated goodwill impairment losses | 209,700,000 | 239,600,000 | 239,600,000 | 209,700,000 | 239,600,000 | ||
Contract termination [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Restructuring charges | 100,900,000 | ||||||
Chile [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Depreciation expense | 98,300,000 | ||||||
Restructuring charges | 84,900,000 | ||||||
Chile [Member] | Internal-Use Software Assets [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment charges | 68,700,000 | ||||||
Chile [Member] | Contract termination [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Other restructuring costs | 71,500,000 | ||||||
Telenet [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Restructuring charges | 86,100,000 | ||||||
Impairment charges | 73,000,000 | ||||||
Assets Held under Capital Leases [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property and equipment, net | 1,580,800,000 | 1,877,300,000 | 1,877,300,000 | 1,580,800,000 | 1,877,300,000 | ||
Continuing operations [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Depreciation expense | 4,401,600,000 | 3,499,600,000 | 2,201,400,000 | ||||
Amortization of intangible assets | 1,098,500,000 | 776,800,000 | 460,100,000 | ||||
Discontinued operations [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Depreciation expense | 0 | 11,500,000 | 12,300,000 | ||||
Amortization of intangible assets | $0 | $17,600,000 | $17,300,000 |
Longlived_Assets_Schedule_of_P
Long-lived Assets (Schedule of PP&E) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 36,524.80 | $34,901.10 |
Accumulated depreciation | -12,684.20 | -10,926.20 |
Total property and equipment, net | 23,840.60 | 23,974.90 |
Distribution Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 26,286.50 | 25,193.20 |
Customer Premises Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,213.90 | 6,126 |
Support Equipment, Buildings and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,024.40 | $3,581.90 |
Minimum [Member] | Distribution Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Minimum [Member] | Customer Premises Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Minimum [Member] | Support Equipment, Buildings and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Maximum [Member] | Distribution Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 30 years | |
Maximum [Member] | Customer Premises Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Maximum [Member] | Support Equipment, Buildings and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 50 years |
Longlived_Assets_Schedule_of_C
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Goodwill beginning balance | $23,748.80 | $13,877.60 |
Acquisitions and related adjustments | 7,737 | 9,078.60 |
Reclassification of Chellomedia Disposal Group to discontinued operations | -223.4 | |
Foreign currency translation adjustments and other | -2,484.20 | 1,016 |
Goodwill ending balance | 29,001.60 | 23,748.80 |
European Operations Division U.K / Ireland [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 9,844.20 | 235.5 |
Acquisitions and related adjustments | 2.1 | 9,000.80 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -601.2 | 607.9 |
Goodwill ending balance | 9,245.10 | 9,844.20 |
European Operations Division Germany [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 3,939.40 | 3,770.30 |
Acquisitions and related adjustments | 0 | 0 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -482.5 | 169.1 |
Goodwill ending balance | 3,456.90 | 3,939.40 |
European Operations Division Belgium [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 2,255.10 | 2,158.30 |
Acquisitions and related adjustments | 0 | 0 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -276.2 | 96.8 |
Goodwill ending balance | 1,978.90 | 2,255.10 |
European Operations Division The Netherlands [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 1,260.40 | 1,206.20 |
Acquisitions and related adjustments | 7,724.30 | 0 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -379.7 | 54.2 |
Goodwill ending balance | 8,605 | 1,260.40 |
European Operations Division Switzerland / Austria [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 4,031.10 | 3,903.90 |
Acquisitions and related adjustments | 2.3 | 0.6 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -441.5 | 126.6 |
Goodwill ending balance | 3,591.90 | 4,031.10 |
European Operations Division Total Western Europe [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 21,330.20 | 11,274.20 |
Acquisitions and related adjustments | 7,728.70 | 9,001.40 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -2,181.10 | 1,054.60 |
Goodwill ending balance | 26,877.80 | 21,330.20 |
European Operations Division Central and Eastern Europe [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 1,520.10 | 1,509.50 |
Acquisitions and related adjustments | 8.3 | 0 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -226.3 | 10.6 |
Goodwill ending balance | 1,302.10 | 1,520.10 |
Total European Operations Division [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 22,850.30 | 12,783.70 |
Acquisitions and related adjustments | 7,737 | 9,001.40 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -2,407.40 | 1,065.20 |
Goodwill ending balance | 28,179.90 | 22,850.30 |
Chile [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 508.5 | 558 |
Acquisitions and related adjustments | 0 | 0 |
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |
Foreign currency translation adjustments and other | -68.2 | -49.5 |
Goodwill ending balance | 440.3 | 508.5 |
Corporate and Other [Member] | ||
Goodwill [Line Items] | ||
Goodwill beginning balance | 390 | 535.9 |
Acquisitions and related adjustments | 0 | 77.2 |
Reclassification of Chellomedia Disposal Group to discontinued operations | -223.4 | |
Foreign currency translation adjustments and other | -8.6 | 0.3 |
Goodwill ending balance | $381.40 | $390 |
Longlived_Assets_Schedule_of_I
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross carrying amount | 12,377.90 | $8,404.80 |
Accumulated amortization | -3,188.10 | -2,609.40 |
Net carrying amount | 9,189.80 | 5,795.40 |
Customer Relationships [Member] | ||
Gross carrying amount | 12,142.50 | 8,116.70 |
Accumulated amortization | -3,056.30 | -2,458.40 |
Net carrying amount | 9,086.20 | 5,658.30 |
Other Intangible Assets [Member] | ||
Gross carrying amount | 235.4 | 288.1 |
Accumulated amortization | -131.8 | -151 |
Net carrying amount | 103.6 | $137.10 |
Minimum [Member] | Customer Relationships [Member] | ||
Estimated useful life | 4 years | |
Minimum [Member] | Other Intangible Assets [Member] | ||
Estimated useful life | 2 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Estimated useful life | 15 years | |
Maximum [Member] | Other Intangible Assets [Member] | ||
Estimated useful life | 15 years |
Longlived_Assets_Schedule_of_e
Long-lived Assets (Schedule of expected future amortization expense for finite lived intangible assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Long-lived Assets [Abstract] | ||
2015 | $1,406.80 | |
2016 | 1,360.60 | |
2017 | 1,226.40 | |
2018 | 1,089.20 | |
2019 | 1,086.80 | |
Thereafter | 3,020 | |
Net carrying amount | $9,189.80 | $5,795.40 |
Debt_and_Capital_Lease_Obligat2
Debt and Capital Lease Obligations (Consolidated Debt and Capital Lease Obligations) (Schedule) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | VM Notes [Member] | VM Notes [Member] | VM Notes [Member] | VM Credit Facility [Member] | VM Credit Facility [Member] | VM Credit Facility [Member] | VM Convertible Notes [Member] | VM Convertible Notes [Member] | VM Convertible Notes [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Holding Senior Notes [Member] | UPC Holding Senior Notes [Member] | UPC Holding Senior Notes [Member] | UPCB SPE Notes [Member] | UPCB SPE Notes [Member] | UPCB SPE Notes [Member] | Unitymedia KabelBW Notes [Member] | Unitymedia KabelBW Notes [Member] | Unitymedia KabelBW Notes [Member] | Unitymedia KabelBW Revolving Credit Facilities [Member] | Unitymedia KabelBW Revolving Credit Facilities [Member] | Unitymedia KabelBW Revolving Credit Facilities [Member] | Ziggo Credit Facility [Member] | Ziggo Credit Facility [Member] | Ziggo Credit Facility [Member] | Ziggo Notes [Member] | Ziggo Notes [Member] | Ziggo Notes [Member] | Telenet SPE Notes [Member] | Telenet SPE Notes [Member] | Telenet SPE Notes [Member] | Telenet Credit Facility [Member] | Telenet Credit Facility [Member] | Telenet Credit Facility [Member] | VTR Finance Senior Secured Notes [Member] | VTR Finance Senior Secured Notes [Member] | VTR Finance Senior Secured Notes [Member] | Sumitomo Collar Loan [Member] | Sumitomo Collar Loan [Member] | Sumitomo Collar Loan [Member] | Liberty Puerto Rico Bank Facility [Member] | Liberty Puerto Rico Bank Facility [Member] | ITV Collar Loan [Member] | ITV Collar Loan [Member] | Vendor Financing [Member] | Vendor Financing [Member] | Other Debt [Member] | Other Debt [Member] | Unitymedia KabelBW Capital Lease [Member] | Unitymedia KabelBW Capital Lease [Member] | Telenet Capital Lease [Member] | Telenet Capital Lease [Member] | Virgin Media Capital Lease [Member] | Virgin Media Capital Lease [Member] | Other Subsidiaries Capital Lease [Member] | Other Subsidiaries Capital Lease [Member] |
USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 5.13% | 5.83% | 5.83% | 3.78% | 3.78% | 6.50% | 6.50% | 3.56% | 3.56% | 7.16% | 7.16% | 6.88% | 6.88% | 5.75% | 5.75% | 2.63% | 2.63% | 3.63% | 3.63% | 6.82% | 6.82% | 5.93% | 5.93% | 3.44% | 3.44% | 6.88% | 6.88% | 1.88% | 1.88% | 5.20% | 1.73% | 3.45% | 9.28% | |||||||||||||||||||||||||||
Unused borrowing capacity | $3,974.10 | $0 | £ 0 | $1,028.40 | £ 660 | $0 | £ 0 | $1,266 | € 1,046.20 | $0 | € 0 | $0 | € 0 | $0 | € 0 | $266.20 | € 220 | $786.50 | € 650 | $0 | € 0 | $0 | € 0 | $390.80 | € 322.90 | $0 | € 0 | $0 | € 0 | $40 | $0 | $0 | $196.20 | |||||||||||||||||||||||||||
Estimated fair value | 46,151.10 | 44,229 | 8,461 | 9,188.70 | 4,734.90 | 4,388.90 | 178.7 | 164.1 | 3,156.40 | 5,717.80 | 2,603.60 | 3,297.40 | 4,279 | 4,536.50 | 7,869.30 | 8,058.20 | 319.4 | 0 | 4,663 | 0 | 1,082.30 | 0 | 2,450.40 | 2,916.50 | 1,633.40 | 1,956.90 | 1,439.40 | 0 | 818 | 939.3 | 666.2 | 666.2 | 678.2 | 0 | 946.4 | 603.1 | 171.5 | 1,795.40 | ||||||||||||||||||||||
Carrying value | 44,611.40 | 42,856 | 8,060.70 | 9,150.10 | 4,804 | 4,352.80 | 56.8 | 57.5 | 3,179.20 | 5,671.40 | 2,391.60 | 3,099.20 | 4,009.40 | 4,219.50 | 7,400.90 | 7,651.90 | 338.8 | 0 | 4,710.80 | 0 | 1,077 | 0 | 2,299 | 2,759.20 | 1,638.60 | 1,936.90 | 1,400 | 0 | 787.7 | 894.3 | 672 | 665 | 667 | 0 | 946.4 | 603.1 | 171.5 | 1,795.10 | ||||||||||||||||||||||
Capital lease obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital lease obligations | 1,547.60 | 1,848.30 | 810.1 | 952 | 413.4 | 451.2 | 255.3 | 373.5 | 68.8 | 71.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt and capital lease obligations | 46,159 | 44,704.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current maturities | -1,550.90 | -1,023.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and capital lease obligations | $44,608.10 | $43,680.90 |
Debt_and_Capital_Lease_Obligat3
Debt and Capital Lease Obligations (Consolidated Debt and Capital Lease Obligations) (Footnotes) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2015 | |
USD ($) | USD ($) | USD ($) | Aggregate Variable and Fixed Rate Indebtedness [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility [Member] | Unitymedia KabelBW Revolving Credit Facility [Member] | Unitymedia KabelBW Revolving Credit Facility [Member] | Vendor Financing [Member] | Vendor Financing [Member] | VTR Wireless Bank Facility [Member] | VTR Wireless Bank Facility [Member] | Unitymedia KabelBW Capital Lease [Member] | Unitymedia KabelBW Capital Lease [Member] | Ziggo Collar [Member] | Ziggo Collar [Member] | Ziggo Margin Loan [Member] | Ziggo Margin Loan [Member] | VTR Dollar Credit Facility [Member] | VTR CLP Credit Facility [Member] | VTR CLP Credit Facility [Member] | Telenet Capital Lease PICs Network [Member] | Telenet Capital Lease PICs Network [Member] | Telenet Capital Lease PICs Network [Member] | Telenet Capital Lease PICs Network [Member] | Virgin Media [Member] | Virgin Media [Member] | Ziggo [Member] | Ziggo [Member] | Subsequent Event [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | CLP | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CLP | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | EUR (€) | VTR Wireless Bank Facility [Member] | |||||
association | USD ($) | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||
Weighted average interest rate | 5.13% | 6.00% | 3.56% | 3.56% | 3.45% | |||||||||||||||||||||||||||
Unused borrowing capacity considering limitations | $1,097,200,000 | € 906,700,000 | $18,300,000 | € 15,100,000 | ||||||||||||||||||||||||||||
Unused borrowing capacity, considering limitations, after compliance reporting requirements | 1,075,900,000 | 889,100,000 | 149,700,000 | 123,700,000 | ||||||||||||||||||||||||||||
Available to be loaned or distributed by subsidiaries | 792,800,000 | 508,800,000 | 44,900,000 | 37,100,000 | ||||||||||||||||||||||||||||
Available to be loaned or distributed by subsidiaries, after compliance reporting requirements | 819,100,000 | 525,700,000 | 13,800,000 | 11,400,000 | ||||||||||||||||||||||||||||
General term of vendor financing arrangements for amounts due | 1 year | |||||||||||||||||||||||||||||||
Value added tax, vendor financing arrangement | 114,900,000 | 46,000,000 | 28,500,000 | 101,700,000 | 47,300,000 | |||||||||||||||||||||||||||
Principal amount of debt | 98,900,000 | 60,000,000,000 | ||||||||||||||||||||||||||||||
Carrying value | 44,611,400,000 | 42,856,000,000 | 5,671,400,000 | 3,179,200,000 | 946,400,000 | 603,100,000 | 113,100,000 | 852,600,000 | 13,273,300,000 | 5,787,800,000 | ||||||||||||||||||||||
Estimated fair value | 46,151,100,000 | 44,229,000,000 | 5,717,800,000 | 3,156,400,000 | 946,400,000 | 603,100,000 | 634,300,000 | |||||||||||||||||||||||||
Write off of deferred debt issuance cost | 4,200,000 | 14,300,000 | 2,300,000 | 2,000,000 | ||||||||||||||||||||||||||||
Payment for debt redemption premium | 4,000,000 | |||||||||||||||||||||||||||||||
Facility amount | 160,000,000 | 36,200,000 | 22,000,000,000 | |||||||||||||||||||||||||||||
Term when statutory termination rights are active | 30 years | |||||||||||||||||||||||||||||||
Capital lease obligations | $1,547,600,000 | $1,848,300,000 | $952,000,000 | $810,100,000 | $397,600,000 | € 328,600,000 | $373,900,000 | € 309,000,000 | ||||||||||||||||||||||||
Network lease, number of associations of municipalities | 4 | 4 | ||||||||||||||||||||||||||||||
Term of lease repayments | 15 years | 15 years |
Debt_and_Capital_Lease_Obligat4
Debt and Capital Lease Obligations (VM Notes) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 28, 2014 | Mar. 28, 2014 | Dec. 31, 2014 | Mar. 28, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Mar. 28, 2014 | Mar. 28, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 29, 2015 | Jan. 28, 2015 |
USD ($) | USD ($) | VM Notes [Member] | VM Notes [Member] | VM Notes [Member] | VM Senior Notes [Member] | VM Senior Notes [Member] | 2022 VM 5.25% Dollar Senior Notes | 2022 VM 4.875% Dollar Senior Notes | 2022 VM Sterling Senior Notes | 2022 VM Sterling Senior Notes | 2023 VM Dollar Senior Notes | 2023 VM Sterling Senior Notes | 2023 VM Sterling Senior Notes | 2024 VM Dollar Senior Notes [Member] | 2024 VM Dollar Senior Notes [Member] | 2024 VM Sterling Senior Notes [Member] | 2024 VM Sterling Senior Notes [Member] | 2024 VM Sterling Senior Notes [Member] | 2024 VM Sterling Senior Notes [Member] | January 2021 VM Senior Secured Notes [Member] | January 2021 VM Sterling Senior Secured Notes | January 2021 VM Sterling Senior Secured Notes | January 2021 VM Dollar Senior Secured Notes | April 2021 VM Dollar Senior Secured Notes | April 2021 VM Sterling Senior Secured Notes | April 2021 VM Sterling Senior Secured Notes | VM Senior Secured Notes, 2025 [Member] | VM Sterling Senior Secured Notes, 2025 [Member] | VM Sterling Senior Secured Notes, 2025 [Member] | VM Sterling Senior Secured Notes, 2025 [Member] | VM Sterling Senior Secured Notes, 2025 [Member] | VM Dollar Senior Secured Notes, 2025 [Member] | VM Dollar Senior Secured Notes, 2025 [Member] | VM Senior Secured Notes, 2029 [Member] | VM Senior Secured Notes, 2029 [Member] | Original 2029 VM Senior Secured Notes [Member] | Original 2029 VM Senior Secured Notes [Member] | Original 2029 VM Senior Secured Notes [Member] | Additional 2029 VM Senior Secured Notes [Member] | Additional 2029 VM Senior Secured Notes [Member] | 2018 VM Dollar Senior Secured Notes | 2018 VM Sterling Senior Secured Notes | 2018 VM Sterling Senior Secured Notes | 2019 VM Senior Notes [Member] | 2019 VM Dollar Senior Notes | 2019 VM Sterling Senior Notes | 2019 VM Sterling Senior Notes | 2029 VM Sterling Senior Secured Notes [Member] | 2029 VM Sterling Senior Secured Notes [Member] | Long-term Debt [Member] | Long-term Debt [Member] | |
USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | ||||||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount of debt | $8,028,400,000 | $95,000,000 | $118,700,000 | $68,700,000 | £ 44,100,000 | $530,000,000 | $389,500,000 | £ 250,000,000 | $500,000,000 | $500,000,000 | $467,400,000 | £ 300,000,000 | $467,400,000 | £ 300,000,000 | $979,100,000 | £ 628,400,000 | $447,900,000 | $1,000,000,000 | $1,713,900,000 | £ 1,100,000,000 | $670,000,000 | £ 430,000,000 | $670,000,000 | £ 430,000,000 | $425,000,000 | $425,000,000 | $350,600,000 | £ 225,000,000 | $272,700,000 | £ 175,000,000 | $1,000,000,000 | $1,363,400,000 | £ 875,000,000 | $623,200,000 | £ 400,000,000 | |||||||||||||||||
Stated interest rate of debt | 5.25% | 4.88% | 5.13% | 5.13% | 6.38% | 7.00% | 7.00% | 6.00% | 6.00% | 6.38% | 6.38% | 6.38% | 6.38% | 5.50% | 5.50% | 5.25% | 5.38% | 6.00% | 6.00% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 6.25% | 6.25% | 6.25% | 6.50% | 7.00% | 8.38% | 8.88% | 8.88% | 6.25% | 6.25% | |||||||||||||||||
Principal amount of debt redeemed | 507,100,000 | 395,000,000 | 253,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Original issue price, percentage | 101.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on extinguishment of debt | -5,400,000 | 5,200,000 | 32,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Write-off of unamortized debt discount (premium) | -33,900,000 | -61,800,000 | -75,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Payment for debt redemption premium | 32,400,000 | 51,300,000 | 39,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | 6,900,000 | 5,300,000 | 3,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value | 46,151,100,000 | 44,229,000,000 | 8,461,000,000 | 9,188,700,000 | 8,461,000,000 | 90,500,000 | 113,900,000 | 69,700,000 | 555,800,000 | 425,100,000 | 525,000,000 | 504,800,000 | 1,055,000,000 | 468,000,000 | 1,033,100,000 | 1,810,300,000 | 694,700,000 | 440,100,000 | 675,000,000 | |||||||||||||||||||||||||||||||||
Carrying value | 44,611,400,000 | 42,856,000,000 | 8,060,700,000 | 9,150,100,000 | 8,060,700,000 | 95,800,000 | 119,600,000 | 69,300,000 | 530,000,000 | 389,500,000 | 500,000,000 | 467,400,000 | 992,200,000 | 460,100,000 | 1,000,000,000 | 1,713,900,000 | 670,000,000 | 425,000,000 | 627,900,000 | |||||||||||||||||||||||||||||||||
Debt acceleration covenant threshold for event of default | $77,900,000 | £ 50,000,000 | $116,900,000 | £ 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional basis points used to determine redemption premium | 0.50% | 0.50% | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 102.69% | 103.00% | 103.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 103.19% | 103.50% | 103.50% | 101.34% | 101.50% | 101.50% | ||||||||||||||||||||||||||||||||||||||||||||||
2019 | 102.13% | 102.33% | 102.33% | 103.00% | 103.19% | 103.19% | 100.00% | 100.00% | 100.00% | 102.75% | ||||||||||||||||||||||||||||||||||||||||||
2020 | 101.06% | 101.67% | 101.67% | 102.00% | 102.13% | 102.13% | 100.00% | 100.00% | 100.00% | 101.83% | ||||||||||||||||||||||||||||||||||||||||||
2021 | 100.00% | 100.00% | 100.00% | 101.00% | 101.06% | 101.06% | 100.00% | 103.13% | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 102.08% | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 100.00% | 100.00% | 100.00% | 100.00% | 101.04% | |||||||||||||||||||||||||||||||||||||||||||||||
2024 and thereafter | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mandatory redemption percentage in event that certain assets sold or specific control changed | 101.00% | 101.00% | 101.00% | 101.00% |
Debt_and_Capital_Lease_Obligat5
Debt and Capital Lease Obligations (VM Credit Facility) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Dec. 31, 2014 | Jun. 07, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | |
VM Credit Facility [Member] | VM Credit Facility [Member] | VM Credit Facility A [Member] | VM Credit Facility A [Member] | VM Credit Facility A [Member] | VM Credit Facility A [Member] | VM Credit Facility C [Member] | VM Credit Facility C [Member] | VM Credit Facility C [Member] | VM Credit Facility C [Member] | VM Credit Facility B [Member] | VM Credit Facility B [Member] | VM Credit Facility D [Member] | VM Credit Facility D [Member] | VM Credit Facility D [Member] | VM Credit Facility D [Member] | VM Credit Facility E [Member] | VM Credit Facility E [Member] | VM Credit Facility E [Member] | VM Credit Facility E [Member] | VM Credit Facility B, D and E [Member] | VM Revolving Credit Facility [Member] | VM Revolving Credit Facility [Member] | VM Revolving Credit Facility [Member] | VM Revolving Credit Facility [Member] | |
USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | ||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Facility amount | £ 375,000,000 | $584,300,000 | £ 375,000,000 | $934,900,000 | £ 600,000,000 | $2,755,000,000 | £ 2,755,000,000 | £ 100,000,000 | $155,800,000 | £ 100,000,000 | £ 849,400,000 | $1,323,500,000 | £ 849,400,000 | £ 660,000,000 | $1,028,400,000 | £ 660,000,000 | |||||||||
Unused borrowing capacity | 1,028,400,000 | 0 | 0 | 0 | 0 | 1,028,400,000 | |||||||||||||||||||
Outstanding principal amount | 4,804,000,000 | 584,300,000 | 779,700,000 | 500,400,000 | 2,744,000,000 | 155,400,000 | 1,320,300,000 | 0 | |||||||||||||||||
Description of variable rate basis | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||||||
Basis spread on variable rate | 3.25% | 3.25% | 2.75% | 3.25% | 3.25% | 3.50% | 3.50% | 3.25% | 3.25% | ||||||||||||||||
EBITDA Minimum Percentage | 80.00% | 80.00% | |||||||||||||||||||||||
Minimum term after change in control lenders may cancel commitments | 30 days | 30 days | |||||||||||||||||||||||
Portion of debt, default of which triggers event of default | $77,900,000 | £ 50,000,000 | |||||||||||||||||||||||
LIBOR interest rate floor | 0.75% | ||||||||||||||||||||||||
Fee on unused portion of credit facility | 1.30% | 1.30% |
Debt_and_Capital_Lease_Obligat6
Debt and Capital Lease Obligations (VM Convertible Notes) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 07, 2013 | Apr. 30, 2008 | |
Virgin Media Acquisition [Member] | |||
Debt Instrument [Line Items] | |||
Additional paid-in capital | ($1,660,000,000) | ||
VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount of debt | 54,800,000 | 1,000,000,000 | |
Stated interest rate of debt | 6.50% | ||
Fair value of debt | 113,700,000 | 2,716,800,000 | |
Debt conversion amount | 885,100,000 | ||
Debt conversion, principal amount | 944,200,000 | ||
Debt Component [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of debt | 1,056,800,000 | ||
Equity Component [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of debt | 998,800,000 | ||
Exchange Per $1000 Principal Amount [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt conversion amount | 910.51 | ||
Debt conversion, principal amount | $1,000 | ||
Class A Ordinary Shares [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Shares issued upon conversion | 13,100,000 | ||
Class A Ordinary Shares [Member] | Exchange Per $1000 Principal Amount [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Shares issued upon conversion | 13.4339 | ||
Class C Ordinary Shares [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Shares issued upon conversion | 9,800,000 | ||
Class C Ordinary Shares [Member] | Exchange Per $1000 Principal Amount [Member] | VM Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Shares issued upon conversion | 33.4963 |
Debt_and_Capital_Lease_Obligat7
Debt and Capital Lease Obligations (UPC Broadband Holding Bank Facility) (Narrative) (Details) (UPC Broadband Holding Bank Facility [Member]) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | EUR (€) | UPC Broadband Holding [Member] | UPC Broadband Holding [Member] | |
USD ($) | EUR (€) | |||||
Debt Instrument [Line Items] | ||||||
Portion of debt, default of which triggers event of default | $60,500,000 | € 50,000,000 | $18,200,000 | € 15,000,000 | ||
Gains (losses) on extinguishment of debt | -16,500,000 | -11,900,000 | -16,300,000 | |||
Mandatory prepayment amount that does not trigger repayment | 121,000,000 | 100,000,000 | ||||
Write off of deferred debt issuance cost | 4,200,000 | 14,300,000 | ||||
Third-party debt modification costs | $0 | $7,700,000 | $2,000,000 |
Debt_and_Capital_Lease_Obligat8
Debt and Capital Lease Obligations (UPC Broadband Details of Borrowings) (Schedule) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility V Debt [Member] | UPC Broadband Holding Bank Facility V Debt [Member] | UPC Broadband Holding Bank Facility Y Debt [Member] | UPC Broadband Holding Bank Facility Y Debt [Member] | UPC Broadband Holding Bank Facility Z Debt [Member] | UPC Broadband Holding Bank Facility AC Debt [Member] | UPC Broadband Holding Bank Facility AD Debt [Member] | UPC Broadband Holding Bank Facility AG Debt [Member] | UPC Broadband Holding Bank Facility AH Debt [Member] | UPC Broadband Holding Bank Facility AH Debt [Member] | UPC Broadband Holding Bank Facility AI Debt [Member] | UPC Broadband Holding Bank Elimination of Facilities V, Y, Z, AC and AD in Consolidation [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate of debt | 7.63% | 7.63% | 6.38% | 6.38% | 6.63% | 7.25% | 6.88% | ||||||
Line of credit interest rate description | EURIBOR | LIBOR | LIBOR | EURIBOR | |||||||||
Basis spread on variable rate | 3.75% | 2.50% | 2.50% | 3.25% | |||||||||
Facility amount | € 500,000,000 | € 750,000,000 | $1,000,000,000 | $750,000,000 | $750,000,000 | $1,554,400,000 | € 1,305,000,000 | $1,046,200,000 | |||||
Unused borrowing capacity | 1,266,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,266,000,000 | 0 | |||
Outstanding principal amount | $3,179,200,000 | $605,000,000 | $907,500,000 | $1,000,000,000 | $750,000,000 | $750,000,000 | $1,877,200,000 | $1,302,000,000 | $0 | ($4,012,500,000) |
Debt_and_Capital_Lease_Obligat9
Debt and Capital Lease Obligations (UPC Broadband Details of Borrowings) (Footnotes) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility [Member] | UPC Broadband Holding Bank Facility AI Debt [Member] | UPC Broadband Holding Bank Facility AH Debt [Member] |
USD ($) | EUR (€) | |||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity considering limitations | $1,097.20 | € 906.70 | ||
Unused borrowing capacity, considering limitations, after compliance reporting requirements | $1,075.90 | € 889.10 | ||
Fee on unused portion of credit facility | 1.30% | |||
LIBOR interest rate floor | 0.75% |
Recovered_Sheet1
Debt and Capital Lease Obligations (UPC Holding Senior Notes) (Narrative) (Details) | 12 Months Ended | 1 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Mar. 26, 2013 | Mar. 26, 2013 | Mar. 26, 2013 | Mar. 26, 2013 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 25, 2013 | Sep. 21, 2012 | Sep. 21, 2012 | Aug. 13, 2010 | Aug. 13, 2010 | |
UPC Holding Senior Notes [Member] | UPC Holding Senior Notes [Member] | UPC Holding Senior Notes 9.875 Debt [Member] | UPC Holding 6.75% Euro Senior Notes [Member] | UPC Holding 6.75% Euro Senior Notes [Member] | UPC Holding 6.75% CHF Senior Notes [Member] | UPC Holding 6.75% CHF Senior Notes [Member] | UPC Holding 8.0% Senior Notes [Member] | UPC Holding 8.0% Senior Notes [Member] | UPC Holding 9.75% Senior Notes [Member] | UPC Holding 9.75% Senior Notes [Member] | UPC Holding Senior Notes 6.375 Debt [Member] | UPC Holding Senior Notes 6.375 Debt [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | CHF | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of debt | $400,000,000 | $544,500,000 | € 450,000,000 | $352,100,000 | 350,000,000 | $363,000,000 | € 300,000,000 | $484,000,000 | € 400,000,000 | $726,000,000 | € 600,000,000 | $774,400,000 | € 640,000,000 | ||
Stated interest rate of debt | 9.88% | 6.75% | 6.75% | 8.00% | 8.00% | 9.75% | 9.75% | 6.38% | 6.38% | 8.38% | 8.38% | ||||
Gains (losses) on extinguishment of debt | -85,500,000 | -41,500,000 | |||||||||||||
Payment for debt redemption premium | 35,600,000 | 19,700,000 | |||||||||||||
Amortization of debt discount (premium) | 24,500,000 | 17,400,000 | |||||||||||||
Write off of deferred debt issuance cost | 19,000,000 | 4,400,000 | |||||||||||||
Interest costs incurred | 6,400,000 | ||||||||||||||
Portion of debt, default of which triggers event of default | $60,500,000 | € 50,000,000 | |||||||||||||
Additional basis points used to determine redemption premium | 0.50% | ||||||||||||||
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 101.00% |
Recovered_Sheet2
Debt and Capital Lease Obligations (UPC Holding Senior Notes Details of Borrowings) (Schedule) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | UPC Holding Senior Notes [Member] | UPC Holding Senior Notes [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | UPC Holding Senior Notes 6.375 Debt [Member] | UPC Holding Senior Notes 6.375 Debt [Member] | UPC Holding 6.75% Euro Senior Notes [Member] | UPC Holding 6.75% Euro Senior Notes [Member] | UPC Holding 6.75% CHF Senior Notes [Member] | UPC Holding 6.75% CHF Senior Notes [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||
Debt Instrument [Line Items] | ||||||||||||
Principal amount outstanding | $44,612,200,000 | $2,397,000,000 | $774,400,000 | € 640,000,000 | $726,000,000 | € 600,000,000 | $544,500,000 | € 450,000,000 | $352,100,000 | € 350,000,000 | ||
Estimated fair value | 46,151,100,000 | 44,229,000,000 | 2,603,600,000 | 3,297,400,000 | 833,400,000 | 786,800,000 | 597,300,000 | 386,100,000 | ||||
Carrying value | $44,611,400,000 | $42,856,000,000 | $2,391,600,000 | $3,099,200,000 | $774,400,000 | $720,600,000 | $544,500,000 | $352,100,000 |
Recovered_Sheet3
Debt and Capital Lease Obligations (UPC Holding Senior Notes Redemption Price) (Schedule) (Details) | Dec. 31, 2014 |
UPC Holding Senior Notes 8.375 Debt [Member] | |
Debt Instrument [Line Items] | |
2015 | 104.19% |
2016 | 102.79% |
2017 | 101.40% |
2018 | 100.00% |
2019 | 100.00% |
2020 | 100.00% |
UPC Holding Senior Notes 6.375 Debt [Member] | |
Debt Instrument [Line Items] | |
2017 | 103.19% |
2018 | 102.13% |
2019 | 101.06% |
2020 | 100.00% |
2021 and thereafter | 100.00% |
UPC Holding 6.75% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
2018 | 103.38% |
2019 | 102.25% |
2020 | 101.13% |
2021 and thereafter | 100.00% |
Recovered_Sheet4
Debt and Capital Lease Obligations (UPCB SPE Notes) (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2010 | Jan. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | UPCB SPE Notes [Member] | UPCB SPE Notes [Member] | UPCB Finance I Senior Secured Notes [Member] | UPCB Finance I Senior Secured Notes [Member] | UPCB Finance I Senior Secured Notes [Member] | UPCB Finance I Senior Secured Notes [Member] | UPCB Finance II Senior Secured Notes [Member] | UPCB Finance II Senior Secured Notes [Member] | UPCB Finance III, V & VI Senior Secured Notes [Member] | UPCB Finance III Senior Secured Notes [Member] | UPCB Finance V Senior Secured Notes [Member] | UPCB Finance VI Senior Secured Notes [Member] | UPCB SPEs [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | |||||||||||||||
Special purpose financing entities, percentage owned by charitable trust | 100.00% | ||||||||||||||
Principal amount of debt | $605,000,000 | € 500,000,000 | $907,500,000 | € 750,000,000 | $1,000,000,000 | $750,000,000 | $750,000,000 | ||||||||
Stated interest rate of debt | 7.63% | 7.63% | 6.38% | 6.38% | 6.63% | 7.25% | 6.88% | ||||||||
Original issuance discount | 0.86% | 0.86% | |||||||||||||
Proceeds from issuance of senior notes | 699,700,000 | 495,700,000 | |||||||||||||
Principal amount outstanding | 44,612,200,000 | 4,012,500,000 | 605,000,000 | 500,000,000 | 907,500,000 | 750,000,000 | 1,000,000,000 | 750,000,000 | 750,000,000 | ||||||
Estimated fair value | 46,151,100,000 | 44,229,000,000 | 4,279,000,000 | 4,536,500,000 | 631,900,000 | 954,000,000 | 1,054,400,000 | 821,700,000 | 817,000,000 | ||||||
Carrying value | $44,611,400,000 | $42,856,000,000 | $4,009,400,000 | $4,219,500,000 | $601,900,000 | $907,500,000 | $1,000,000,000 | $750,000,000 | $750,000,000 | ||||||
Debt instrument, redemption rate | 100.00% | 103.00% | |||||||||||||
Redemption rate limit | 10.00% |
Recovered_Sheet5
Debt and Capital Lease Obligations (UPCB SPE Notes Redemption Price) (Schedule) (Details) | Dec. 31, 2014 |
UPCB Finance I Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2015 | 103.81% |
2016 | 102.54% |
2017 | 101.27% |
2018 | 100.00% |
2019 | 100.00% |
2020 and thereafter | 100.00% |
UPCB Finance II Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2015 | 103.19% |
2016 | 102.13% |
2017 | 101.06% |
2018 | 100.00% |
2019 | 100.00% |
2020 and thereafter | 100.00% |
UPCB Finance III Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2015 | 103.31% |
2016 | 102.21% |
2017 | 101.10% |
2018 | 100.00% |
2019 | 100.00% |
2020 and thereafter | 100.00% |
UPCB Finance V Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2016 | 103.63% |
2017 | 102.42% |
2018 | 101.21% |
2019 | 100.00% |
2020 and thereafter | 100.00% |
UPCB Finance VI Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2017 | 103.44% |
2018 | 102.29% |
2019 | 101.15% |
2020 and thereafter | 100.00% |
Recovered_Sheet6
Debt and Capital Lease Obligations (Unitymedia KabelBW Notes and KBW Notes) (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | 31-May-12 | Apr. 30, 2012 | Apr. 30, 2012 | 31-May-12 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 19, 2012 | Sep. 19, 2012 | Dec. 31, 2014 | Apr. 16, 2013 | Apr. 16, 2013 | Dec. 31, 2014 | Jan. 21, 2013 | Jan. 21, 2013 | Dec. 31, 2014 | Nov. 21, 2013 | Nov. 21, 2013 | Dec. 31, 2014 | Dec. 14, 2012 | Dec. 31, 2014 | Dec. 14, 2012 | Dec. 14, 2012 | Dec. 17, 2014 | Nov. 07, 2014 | Nov. 07, 2014 | Nov. 07, 2014 | Nov. 21, 2014 | Jan. 21, 2013 | Dec. 14, 2012 | Dec. 14, 2012 | Nov. 30, 2009 | Nov. 30, 2009 | Nov. 30, 2009 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 22, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 19, 2012 | Sep. 19, 2012 | Sep. 19, 2012 | Dec. 31, 2014 | Dec. 17, 2014 | Dec. 17, 2014 | Dec. 31, 2014 | Dec. 17, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
UPC Holding Senior Notes [Member] | UPC Holding Senior Notes [Member] | KBW Senior Notes [Member] | KBW Senior Notes [Member] | KBW Senior Notes [Member] | KBW Senior Secured Notes [Member] | KBW Euro Senior Secured Notes [Member] | KBW Euro Senior Secured Notes [Member] | KBW Dollar Senior Secured Notes [Member] | KBW Senior Secured Floating Rate Notes [Member] | KBW Senior Secured Floating Rate Notes [Member] | Special Optional Redemptions [Member] | Special Optional Redemptions [Member] | Unitymedia KabelBW Notes [Member] | Unitymedia KabelBW Notes [Member] | September 2012 UM Senior Secured Notes [Member] | September 2012 UM Senior Secured Notes [Member] | September 2012 UM Senior Secured Notes [Member] | April 2013 UM Senior Secured Notes [Member] | April 2013 UM Senior Secured Notes [Member] | April 2013 UM Senior Secured Notes [Member] | January 2013 UM Senior Secured Notes [Member] | January 2013 UM Senior Secured Notes [Member] | January 2013 UM Senior Secured Notes [Member] | November 2013 UM Senior Secured Notes [Member] | November 2013 UM Senior Secured Notes [Member] | November 2013 UM Senior Secured Notes [Member] | December 2012 UM Dollar Senior Secured Notes [Member] | December 2012 UM Dollar Senior Secured Notes [Member] | December 2012 UM Euro Senior Secured Notes [Member] | December 2012 UM Euro Senior Secured Notes [Member] | December 2012 UM Euro Senior Secured Notes [Member] | 2009 UM Senior Notes [Member] | 2009 UM Senior Notes [Member] | 2009 UM Senior Notes [Member] | 2009 UM Senior Notes [Member] | 2009 UM Euro Senior Secured Notes [Member] | 2009 UM Euro Senior Secured Notes [Member] | 2009 UM Euro Senior Secured Notes [Member] | 2009 UM Euro Senior Secured Notes [Member] | 2009 UM Euro Senior Secured Notes [Member] | 2009 UM Euro Senior Secured Notes [Member] | 2009 UM Dollar Senior Secured Notes [Member] | UM Senior Exchange Notes [Member] | October 2014 UM Senior Notes [Member] | October 2014 UM Senior Notes [Member] | UM Euro Senior Secured Exchange Notes [Member] | UM Dollar Senior Secured Exchange Notes [Member] | UM Senior Secured Floating Rate Exchange Notes [Member] | UM Senior Secured Floating Rate Exchange Notes [Member] | UM Senior Secured Floating Rate Exchange Notes [Member] | December 2014 UM Euro Senior Secured Notes [Member] | December 2014 UM Euro Senior Secured Notes [Member] | December 2014 UM Euro Senior Secured Notes [Member] | December 2014 UM Dollar Senior Secured Notes [Member] | December 2014 UM Dollar Senior Secured Notes [Member] | October 2014 UM Senior Notes and December 2014 UM Senior Secured Notes [Member] | October 2014 UM Senior Notes and December 2014 UM Senior Secured Notes [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | |||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount of debt | $822,800,000 | € 680,000,000 | $968,100,000 | € 800,000,000 | $500,000,000 | $508,200,000 | € 420,000,000 | $786,500,000 | € 650,000,000 | $423,500,000 | € 350,000,000 | $605,000,000 | € 500,000,000 | $574,800,000 | € 475,000,000 | $1,000,000,000 | $605,000,000 | € 500,000,000 | $1,730,400,000 | € 1,430,000,000 | $845,000,000 | $900,000,000 | $1,210,100,000 | € 1,000,000,000 | $550,000,000 | |||||||||||||||||||||||||||||||||
Stated interest rate of debt | 9.50% | 9.50% | 7.50% | 7.50% | 7.50% | 5.50% | 5.50% | 5.50% | 5.63% | 5.63% | 5.63% | 5.13% | 5.13% | 5.13% | 6.25% | 6.25% | 6.25% | 5.50% | 5.50% | 5.75% | 5.75% | 5.75% | 9.63% | 9.63% | 8.13% | 8.13% | 8.13% | 9.50% | 6.13% | 6.13% | 7.50% | 7.50% | 4.00% | 4.00% | 4.00% | 5.00% | 5.00% | |||||||||||||||||||||
Principal amount of debt redeemed | 804,700,000 | 665,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument redemption percent of principal amount outstanding | 90.90% | 92.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price expressed as percentage of principal amount on debt instrument | 101.00% | 101.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt | 634,100,000 | 524,000,000 | 292,600,000 | 241,800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on extinguishment of debt | -85,500,000 | -7,000,000 | -59,500,000 | -71,300,000 | -41,400,000 | -71,100,000 | -175,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Payment for debt redemption premium | 35,600,000 | 1,400,000 | 70,100,000 | 45,000,000 | 24,500,000 | 50,500,000 | 125,900,000 | 10,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt, third party costs incurred | 5,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | 19,000,000 | 14,000,000 | 49,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of debt discount (premium) | 24,500,000 | -10,600,000 | 12,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-off of deferred financing costs and unamortized discount | 16,900,000 | 20,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portion of debt, default of which triggers event of default | $60,500,000 | € 50,000,000 | $30,300,000 | € 25,000,000 | $90,800,000 | € 75,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional basis points used to determine redemption premium | 0.50% | 0.50% | 0.50% |
Recovered_Sheet7
Debt and Capital Lease Obligations (Unitymedia KabelBW Exchange and Special Optional Redemptions) (Schedule and Footnotes) (Details) | Dec. 31, 2014 | 4-May-12 | Dec. 31, 2014 | 4-May-12 | Apr. 30, 2012 | Dec. 31, 2014 | 4-May-12 | Apr. 30, 2012 | Dec. 31, 2014 | 4-May-12 | Apr. 30, 2012 | Dec. 31, 2014 | 4-May-12 | Dec. 31, 2014 |
USD ($) | KBW Notes [Member] | KBW Senior Notes [Member] | KBW Senior Notes [Member] | KBW Senior Notes [Member] | KBW Euro Senior Secured Notes [Member] | KBW Euro Senior Secured Notes [Member] | KBW Euro Senior Secured Notes [Member] | KBW Dollar Senior Secured Notes [Member] | KBW Dollar Senior Secured Notes [Member] | KBW Dollar Senior Secured Notes [Member] | KBW Senior Secured Floating Rate Notes [Member] | KBW Senior Secured Floating Rate Notes [Member] | UM Senior Secured Floating Rate Exchange Notes [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal amount outstanding | $44,612,200,000 | $2,986,700,000 | € 680,000,000 | $890,000,000 | € 800,000,000 | $1,047,000,000 | $500,000,000 | $500,000,000 | € 420,000,000 | $549,700,000 | ||||
Principal amount exchanged pursuant to the Unitymedia KabelBW Exchange | 2,748,400,000 | 618,000,000 | 808,800,000 | 735,100,000 | 962,100,000 | 459,300,000 | 459,300,000 | 395,900,000 | 518,200,000 | |||||
Principal amount redeemed pursuant to the Special Optional Redemptions | $238,300,000 | € 62,000,000 | $81,200,000 | € 64,900,000 | $84,900,000 | $40,700,000 | $40,700,000 | € 24,100,000 | $31,500,000 | |||||
Stated interest rate of debt | 9.50% | 7.50% | 7.50% | |||||||||||
Description of variable rate basis | EURIBOR | |||||||||||||
Basis spread on variable rate | 4.25% |
Recovered_Sheet8
Debt and Capital Lease Obligations (Unitymedia KabelBW Senior Notes Details of Borrowings) (Schedule) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 19, 2012 | Dec. 31, 2014 | Dec. 14, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 14, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 21, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 21, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 22, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 17, 2014 | Dec. 31, 2014 | Dec. 17, 2014 |
USD ($) | USD ($) | Unitymedia KabelBW Notes [Member] | Unitymedia KabelBW Notes [Member] | UM Senior Exchange Notes [Member] | UM Senior Exchange Notes [Member] | September 2012 UM Senior Secured Notes [Member] | September 2012 UM Senior Secured Notes [Member] | September 2012 UM Senior Secured Notes [Member] | December 2012 UM Dollar Senior Secured Notes [Member] | December 2012 UM Dollar Senior Secured Notes [Member] | December 2012 UM Euro Senior Secured Notes [Member] | December 2012 UM Euro Senior Secured Notes [Member] | December 2012 UM Euro Senior Secured Notes [Member] | January 2013 UM Senior Secured Notes [Member] | January 2013 UM Senior Secured Notes [Member] | January 2013 UM Senior Secured Notes [Member] | April 2013 UM Senior Secured Notes [Member] | April 2013 UM Senior Secured Notes [Member] | April 2013 UM Senior Secured Notes [Member] | November 2013 UM Senior Secured Notes [Member] | November 2013 UM Senior Secured Notes [Member] | November 2013 UM Senior Secured Notes [Member] | October 2014 UM Senior Notes [Member] | October 2014 UM Senior Notes [Member] | October 2014 UM Senior Notes [Member] | December 2014 UM Euro Senior Secured Notes [Member] | December 2014 UM Euro Senior Secured Notes [Member] | December 2014 UM Euro Senior Secured Notes [Member] | December 2014 UM Dollar Senior Secured Notes [Member] | December 2014 UM Dollar Senior Secured Notes [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | ||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Stated interest rate of debt | 9.50% | 9.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | 5.75% | 5.75% | 5.75% | 5.13% | 5.13% | 5.13% | 5.63% | 5.63% | 5.63% | 6.25% | 6.25% | 6.25% | 6.13% | 6.13% | 6.13% | 4.00% | 4.00% | 4.00% | 5.00% | 5.00% | ||||
Principal amount outstanding | $44,612,200,000 | $7,402,500,000 | $747,700,000 | € 618,000,000 | $786,500,000 | € 650,000,000 | $1,000,000,000 | $605,000,000 | € 500,000,000 | $605,000,000 | € 500,000,000 | $423,500,000 | € 350,000,000 | $574,800,000 | € 475,000,000 | $900,000,000 | € 900,000,000 | $1,210,000,000 | € 1,000,000,000 | $550,000,000 | |||||||||||
Estimated fair value | 46,151,100,000 | 44,229,000,000 | 7,869,300,000 | 8,058,200,000 | 837,900,000 | 843,500,000 | 1,046,300,000 | 657,900,000 | 646,600,000 | 461,100,000 | 654,500,000 | 932,600,000 | 1,237,200,000 | 551,700,000 | |||||||||||||||||
Carrying value | $44,611,400,000 | $42,856,000,000 | $7,400,900,000 | $7,651,900,000 | $746,100,000 | $786,500,000 | $1,000,000,000 | $605,000,000 | $605,000,000 | $423,500,000 | $574,800,000 | $900,000,000 | $1,210,000,000 | $550,000,000 |
Recovered_Sheet9
Debt and Capital Lease Obligations (Unitymedia KabelBW Senior Notes Redemption Price) (Schedule) (Details) | Dec. 31, 2014 |
UM Senior Exchange Notes [Member] | |
Debt Instrument [Line Items] | |
2016 | 104.75% |
2017 | 103.17% |
2018 | 101.58% |
2019 | 100.00% |
2020 | 100.00% |
September 2012 UM Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2017 | 102.75% |
2018 | 101.83% |
2019 | 100.92% |
2020 | 100.00% |
2021 | 100.00% |
December 2012 UM Dollar Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2018 | 102.75% |
2019 | 101.83% |
2020 | 100.92% |
2021 | 100.00% |
2022 | 100.00% |
December 2012 UM Euro Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2018 | 102.88% |
2019 | 101.92% |
2020 | 100.96% |
2021 | 100.00% |
2022 | 100.00% |
January 2013 UM Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2018 | 102.56% |
2019 | 101.71% |
2020 | 100.85% |
2021 | 100.00% |
2022 | 100.00% |
April 2013 UM Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2018 | 102.81% |
2019 | 101.88% |
2020 | 100.94% |
2021 | 100.00% |
2022 | 100.00% |
November 2013 UM Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2021 | 103.13% |
2022 | 102.08% |
2023 | 101.04% |
2024 and thereafter | 100.00% |
October 2014 UM Senior Notes [Member] | |
Debt Instrument [Line Items] | |
2020 | 103.06% |
2021 | 102.04% |
2022 | 101.02% |
2023 | 100.00% |
2024 and thereafter | 100.00% |
December 2014 UM Euro Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2020 | 102.00% |
2021 | 101.33% |
2022 | 100.67% |
2023 | 100.00% |
2024 and thereafter | 100.00% |
December 2014 UM Dollar Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | |
2020 | 102.50% |
2021 | 101.67% |
2022 | 100.83% |
2023 | 100.00% |
2024 and thereafter | 100.00% |
Recovered_Sheet10
Debt and Capital Lease Obligations (Unitymedia KabelBW Revolving Credit Facilities) (Narrative) (Details) | 3 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Unitymedia KabelBW Revolving Credit Facility [Member] | Unitymedia KabelBW Revolving Credit Facility [Member] | Unitymedia KabelBW Revolving Credit Facility [Member] | Old Unitymedia KabelBW Revolving Credit Facilities [Member] | Old Unitymedia KabelBW Revolving Credit Facilities [Member] | UM Super Senior Secured Facility [Member] | UM Super Senior Secured Facility [Member] | UM Super Senior Secured Facility [Member] | UM Senior Secured Facility [Member] | UM Senior Secured Facility [Member] | UM Senior Secured Facility [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | EURIBOR [Member] | USD ($) | EUR (€) | EURIBOR [Member] | ||
Debt Instrument [Line Items] | |||||||||||
Extinguishment of debt | $408,400,000 | € 337,500,000 | |||||||||
Principal amount of debt | 96,800,000 | 80,000,000 | 508,200,000 | 420,000,000 | |||||||
Basis spread on variable rate | 2.25% | 2.75% | |||||||||
Fee on unused portion of credit facility | 0.90% | 0.90% | 1.10% | 1.10% | |||||||
Outstanding principal amount | $338,800,000 | € 280,000,000 | |||||||||
Net leverage ratio threshold for restrictive covenants to apply | 0.333 |
Recovered_Sheet11
Debt and Capital Lease Obligations (Ziggo Credit Facility) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 27, 2014 | Jan. 27, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 27, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 27, 2014 | Jan. 27, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 27, 2014 | Jan. 27, 2014 | Jan. 27, 2014 | Jan. 27, 2014 | Dec. 31, 2014 |
Ziggo Credit Facility [Member] | Ziggo Euro Facility [Member] | Ziggo Euro Facility [Member] | Ziggo Euro Facility [Member] | Ziggo Euro Facility [Member] | Ziggo Euro Facility [Member] | Ziggo Dollar Facility [Member] | Ziggo Dollar Facility [Member] | Ziggo Dollar Facility [Member] | Ziggo Dollar Facility [Member] | Ziggo Revolving Facilities [Member] | Ziggo Revolving Facilities [Member] | Ziggo Revolving Facilities [Member] | Ziggo Revolving Facilities [Member] | Ziggo Revolving Facility One [Member] | Ziggo Revolving Facility One [Member] | Ziggo Revolving Facility One [Member] | Ziggo Revolving Facility Two [Member] | Ziggo Revolving Facility Two [Member] | Ziggo Revolving Facility Two [Member] | LGE HoldCo Term Loan [Member] | LGE HoldCo Term Loan [Member] | Ziggo Acquisition Facility [Member] | Ziggo Acquisition Facility [Member] | Ziggo Credit Facility [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EURIBOR [Member] | USD ($) | EUR (€) | USD ($) | LIBOR [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | EURIBOR [Member] | USD ($) | EUR (€) | EURIBOR [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 3.00% | 2.75% | 2.75% | 2.00% | |||||||||||||||||||||
Principal amount of debt | $1,895,000,000 | € 1,566,000,000 | $2,350,000,000 | $786,500,000 | € 650,000,000 | $525,200,000 | € 434,000,000 | $786,500,000 | € 650,000,000 | ||||||||||||||||
Facility amount | 2,000,000,000 | 2,350,000,000 | 650,000,000 | 726,000,000 | 600,000,000 | 60,500,000 | 50,000,000 | ||||||||||||||||||
Unused borrowing capacity | 786,500,000 | 0 | 0 | 786,500,000 | 1,028,400,000 | ||||||||||||||||||||
Outstanding principal amount | $4,710,800,000 | $2,395,500,000 | $2,315,300,000 | $0 | $4,804,000,000 | ||||||||||||||||||||
Fee on unused portion of credit facility | 1.10% | 1.10% | 0.80% | 0.80% | |||||||||||||||||||||
EBITDA Minimum Percentage | 80.00% | ||||||||||||||||||||||||
Minimum term after change in control lenders may cancel commitments | 30 days |
Recovered_Sheet12
Debt and Capital Lease Obligations (Ziggo Notes) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | Ziggo Notes [Member] | Ziggo Notes [Member] | Ziggo 2020 Euro Senior Secured Notes [Member] | Ziggo 2020 Euro Senior Secured Notes [Member] | Ziggo 2024 Euro Senior Notes [Member] | Ziggo 2024 Euro Senior Notes [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||
Debt Instrument [Line Items] | ||||||||
Stated interest rate of debt | 3.63% | 3.63% | 7.13% | 7.13% | ||||
Principal amount outstanding | $44,612,200,000 | $986,000,000 | $86,800,000 | € 71,700,000 | $899,200,000 | € 743,100,000 | ||
Debt Instrument, Fair Value Disclosure | 46,151,100,000 | 44,229,000,000 | 1,082,300,000 | 0 | 88,700,000 | 993,600,000 | ||
Long-term Debt | $44,611,400,000 | $42,856,000,000 | $1,077,000,000 | $0 | $89,300,000 | $987,700,000 | ||
2019 | 103.56% | 103.56% | ||||||
2020 | 102.38% | 102.38% | ||||||
2021 | 101.19% | 101.19% | ||||||
2022 and thereafter | 100.00% | 100.00% | ||||||
Additional basis points used to determine redemption premium | 0.50% | 0.50% | ||||||
Mandatory redemption percentage in event that certain assets sold or specific control changed | 101.00% | 101.00% |
Recovered_Sheet13
Debt and Capital Lease Obligations (Telenet Credit Facility) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Telenet Credit Facility [Member] | Telenet Credit Facility [Member] | Telenet Facility M [Member] | Telenet Facility M [Member] | Telenet Facility O [Member] | Telenet Facility O [Member] | Telenet Facility P [Member] | Telenet Facility P [Member] | Telenet Facility S [Member] | Telenet Facility S [Member] | Telenet Facility U [Member] | Telenet Facility U [Member] | Telenet Facility V [Member] | Telenet Facility V [Member] | Telenet Facility W [Member] | Telenet Facility W [Member] | Telenet Facility X [Member] | Telenet Facility X [Member] | Telenet Facility Y [Member] | Telenet Facility Y [Member] | Telenet Facility S and X [Member] | Elimination of Telenet Facilities M, N, O, P, U and V in Consolidation [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | Telenet Facility S [Member] | Telenet Facility S [Member] | Telenet Facility S [Member] | Telenet Facility S [Member] | Senior Secured Notes Due 2016 [Member] | Senior Secured Notes Due 2016 [Member] | ||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||
Portion of debt, default of which triggers event of default | $60,500,000 | € 50,000,000 | |||||||||||||||||||||||||||
Line of credit interest rate description | EURIBOR | EURIBOR | EURIBOR | EURIBOR | EURIBOR | EURIBOR | EURIBOR | EURIBOR | EURIBOR | EURIBOR | |||||||||||||||||||
Basis spread on variable rate | 3.88% | 3.88% | 2.75% | 2.75% | 3.25% | 3.25% | 2.75% | 2.75% | 3.50% | 3.50% | |||||||||||||||||||
Stated interest rate of debt | 6.38% | 6.38% | 6.63% | 6.63% | 6.25% | 6.25% | 6.75% | 6.75% | 5.30% | 5.30% | |||||||||||||||||||
Facility amount | 500,000,000 | 300,000,000 | 400,000,000 | 36,900,000 | 450,000,000 | 250,000,000 | 474,100,000 | 286,000,000 | 882,900,000 | ||||||||||||||||||||
Unused borrowing capacity | 390,800,000 | 0 | 0 | 0 | 44,700,000 | 0 | 0 | 0 | 346,100,000 | 0 | 0 | ||||||||||||||||||
Outstanding principal amount | 1,638,600,000 | 605,000,000 | 363,000,000 | 484,000,000 | 0 | 544,500,000 | 302,500,000 | 572,500,000 | 0 | 1,066,100,000 | -2,299,000,000 | 44,700,000 | 36,900,000 | 191,200,000 | 158,000,000 | ||||||||||||||
Fee on unused portion of credit facility | 1.10% | ||||||||||||||||||||||||||||
Gains (losses) on extinguishment of debt | -11,900,000 | ||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | 7,100,000 | ||||||||||||||||||||||||||||
Payment for debt redemption premium | 3,600,000 | ||||||||||||||||||||||||||||
Amortization of debt discount (premium) | 1,200,000 | ||||||||||||||||||||||||||||
Extinguishment of debt | $121,000,000 | € 100,000,000 |
Recovered_Sheet14
Debt and Capital Lease Obligations (Telenet SPE Notes) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Telenet SPE Notes [Member] | Telenet Finance Notes [Member] | Telenet Finance III Notes [Member] | 6.25% Telenet Finance V Notes [Member] | 6.75% Telenet Finance V Notes [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | Telenet SPE [Member] | |
Telenet Finance Notes [Member] | Telenet Finance Notes [Member] | Telenet Finance III Notes [Member] | Telenet Finance III Notes [Member] | Telenet Finance IV Notes [Member] | Telenet Finance IV Notes [Member] | 6.25% Telenet Finance V Notes [Member] | 6.25% Telenet Finance V Notes [Member] | 6.75% Telenet Finance V Notes [Member] | 6.75% Telenet Finance V Notes [Member] | |||||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percent of ownership in special purpose financing entity | 100.00% | |||||||||||||||
Principal amount of debt | $605,000,000 | € 500,000,000 | $363,000,000 | € 300,000,000 | $484,000,000 | € 400,000,000 | $544,500,000 | € 450,000,000 | $302,500,000 | € 250,000,000 | ||||||
Stated interest rate of debt | 6.38% | 6.63% | 6.25% | 6.75% | 6.38% | 6.38% | 6.63% | 6.63% | 6.25% | 6.25% | 6.75% | 6.75% | ||||
Debt instrument, redemption rate | 100.00% |
Recovered_Sheet15
Debt and Capital Lease Obligations (Telenet SPE Notes Redemption Price) (Schedule) (Details) | Dec. 31, 2014 |
Telenet Finance Notes [Member] | |
Debt Instrument [Line Items] | |
2015 | 103.19% |
2016 | 102.13% |
2017 | 101.06% |
2018 | 100.00% |
2019 | 100.00% |
2020 | 100.00% |
Telenet Finance III Notes [Member] | |
Debt Instrument [Line Items] | |
2016 | 103.31% |
2017 | 102.21% |
2018 | 101.10% |
2019 | 100.00% |
2020 | 100.00% |
2021 | 100.00% |
Telenet Finance IV Notes [Member] | |
Debt Instrument [Line Items] | |
2015 | 101.00% |
2016 | 100.00% |
2017 | 100.00% |
2018 | 100.00% |
2019 | 100.00% |
2020 | 100.00% |
2021 | 100.00% |
6.25% Telenet Finance V Notes [Member] | |
Debt Instrument [Line Items] | |
2017 | 103.13% |
2018 | 102.08% |
2019 | 101.56% |
2020 | 100.00% |
2021 | 100.00% |
2022 and thereafter | 100.00% |
6.75% Telenet Finance V Notes [Member] | |
Debt Instrument [Line Items] | |
2018 | 103.38% |
2019 | 102.53% |
2020 | 101.69% |
2021 | 100.84% |
2022 and thereafter | 100.00% |
Recovered_Sheet16
Debt and Capital Lease Obligations (Telenet SPE Notes Details of Borrowings) (Schedule) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | Telenet SPE Notes [Member] | Telenet SPE Notes [Member] | Telenet Finance Notes [Member] | Telenet Finance Notes [Member] | Telenet Finance III Notes [Member] | Telenet Finance III Notes [Member] | Telenet Finance IV Notes [Member] | Telenet Finance IV Notes [Member] | 6.25% Telenet Finance V Notes [Member] | 6.25% Telenet Finance V Notes [Member] | 6.75% Telenet Finance V Notes [Member] | 6.75% Telenet Finance V Notes [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | |||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate of debt | 6.38% | 6.38% | 6.63% | 6.63% | 6.25% | 6.25% | 6.75% | 6.75% | ||||||
Description of variable rate basis | EURIBOR | EURIBOR | ||||||||||||
Basis spread on variable rate | 3.88% | 3.88% | ||||||||||||
Principal amount outstanding | $44,612,200,000 | $2,299,000,000 | $605,000,000 | € 500,000,000 | $363,000,000 | € 300,000,000 | $484,000,000 | € 400,000,000 | $544,500,000 | € 450,000,000 | $302,500,000 | € 250,000,000 | ||
Estimated fair value | 46,151,100,000 | 44,229,000,000 | 2,450,400,000 | 2,916,500,000 | 639,800,000 | 387,000,000 | 487,000,000 | 595,900,000 | 340,700,000 | |||||
Carrying value | $44,611,400,000 | $42,856,000,000 | $2,299,000,000 | $2,759,200,000 | $605,000,000 | $363,000,000 | $484,000,000 | $544,500,000 | $302,500,000 |
Recovered_Sheet17
Debt and Capital Lease Obligations (VTR Finance Senior Secured Notes) (Details) (VTR Finance Senior Secured Notes [Member], USD $) | 0 Months Ended | |
Jan. 24, 2014 | Dec. 31, 2014 | |
VTR Finance Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | $1,400,000,000 | |
Stated interest rate of debt | 6.88% | |
Effective interest rate | 10.94% | |
Percentage allowed to be redeemed each year | 10.00% | |
Debt instrument redemption percent of principal amount outstanding | 103.00% | |
Additional basis points used to determine redemption premium | 0.50% | |
Redemption term | 12 months | |
2019 | 103.44% | |
2020 | 102.29% | |
2021 | 101.15% | |
2022 and thereafter | 100.00% |
Recovered_Sheet18
Debt and Capital Lease Obligations (VTR Credit Facility) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
VTR Dollar Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Fee on unused portion of credit facility | 1.10% |
VTR Dollar Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.75% |
VTR CLP Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Fee on unused portion of credit facility | 1.34% |
VTR CLP Credit Facility [Member] | Interbank Offered Rate (CLP) [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 3.35% |
Recovered_Sheet19
Debt and Capital Lease Obligations (Liberty Puerto Rico Bank Facility) (Narrative) (Details) (Liberty Puerto Rico [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Choice Acquisition [Member] | ||
Debt Instrument [Line Items] | ||
Facility amount | $257,500,000 | |
New LPR Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 530,000,000 | |
New LPR Term Loan B [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
New LPR Term Loan C [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 145,000,000 | |
New LPR Term Loan C [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 6.75% | |
New LPR Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Facility amount | 40,000,000 | |
New LPR Revolving Loan [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fee on unused portion of credit facility | 0.50% | |
New LPR Revolving Loan [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fee on unused portion of credit facility | 0.38% | |
New LPR Revolving Loan [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
LPR Term Loan B and LPR Term Loan C [Member] | ||
Debt Instrument [Line Items] | ||
Original issue price, percentage | 99.50% | |
LIBOR interest rate floor | 1.00% | |
Liberty Puerto Rico Bank Facility [Member] | ||
Debt Instrument [Line Items] | ||
Gains (losses) on extinguishment of debt | -9,800,000 | -4,400,000 |
Loss on extinguishment of debt, third party costs incurred | 7,100,000 | 3,800,000 |
Write off of deferred debt issuance cost | 3,600,000 | 600,000 |
Amortization of debt discount (premium) | ($900,000) | $0 |
Recovered_Sheet20
Debt and Capital Lease Obligations (Maturities of Debt) (Schedule) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | Unitymedia KabelBW Revolving Credit Facility [Member] | Unitymedia KabelBW Revolving Credit Facility [Member] | Virgin Media [Member] | UPC Holding [Member] | UnityMedia KabelBW [Member] | Ziggo [Member] | Telenet [Member] | Other Subsidiaries [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ||||||||||
2014 | $1,350,300,000 | $406,500,000 | $436,000,000 | $455,500,000 | $0 | $9,000,000 | $43,300,000 | |||
2015 | 360,000,000 | 0 | 0 | 0 | 0 | 9,000,000 | 351,000,000 | |||
2016 | 917,100,000 | 0 | 0 | 0 | 0 | 9,000,000 | 908,100,000 | |||
2017 | 248,500,000 | 0 | 0 | 0 | 0 | 9,000,000 | 239,500,000 | |||
2018 | 604,800,000 | 584,300,000 | 0 | 0 | 0 | 20,500,000 | 0 | |||
Thereafter | 41,131,500,000 | 12,262,700,000 | 9,595,400,000 | 7,402,500,000 | 5,755,900,000 | 4,040,200,000 | 2,074,800,000 | |||
Total debt maturities | 44,612,200,000 | 13,253,500,000 | 10,031,400,000 | 7,858,000,000 | 5,755,900,000 | 4,096,700,000 | 3,616,700,000 | |||
Unamortized premium (discount) | -800,000 | 19,800,000 | -15,200,000 | -1,600,000 | 31,900,000 | -3,400,000 | -32,300,000 | |||
Total debt | 44,611,400,000 | 42,856,000,000 | 13,273,300,000 | 10,016,200,000 | 7,856,400,000 | 5,787,800,000 | 4,093,300,000 | 3,584,400,000 | ||
Current portion | 1,352,400,000 | 408,600,000 | 436,000,000 | 455,500,000 | 0 | 9,000,000 | 43,300,000 | |||
Noncurrent portion | 43,259,000,000 | 12,864,700,000 | 9,580,200,000 | 7,400,900,000 | 5,787,800,000 | 4,084,300,000 | 3,541,100,000 | |||
Outstanding principal amount | $338,800,000 | € 280,000,000 |
Recovered_Sheet21
Debt and Capital Lease Obligations (Capital Lease Obligations) (Schedule) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $300.40 |
2016 | 243.5 |
2017 | 194.8 |
2018 | 161.1 |
2019 | 145.6 |
Thereafter | 1,462.30 |
Total principal and interest payments | 2,507.70 |
Amounts representing interest | -960.1 |
Present value of net minimum lease payments | 1,547.60 |
Current portion | 198.5 |
Noncurrent portion | 1,349.10 |
UnityMedia KabelBW [Member] | |
Debt Instrument [Line Items] | |
2015 | 88.7 |
2016 | 88.7 |
2017 | 88.7 |
2018 | 88.7 |
2019 | 88.7 |
Thereafter | 965.9 |
Total principal and interest payments | 1,409.40 |
Amounts representing interest | -599.3 |
Present value of net minimum lease payments | 810.1 |
Current portion | 27.1 |
Noncurrent portion | 783 |
Telenet [Member] | |
Debt Instrument [Line Items] | |
2015 | 66.7 |
2016 | 65.2 |
2017 | 63.4 |
2018 | 60 |
2019 | 49.6 |
Thereafter | 252.5 |
Total principal and interest payments | 557.4 |
Amounts representing interest | -144 |
Present value of net minimum lease payments | 413.4 |
Current portion | 41.3 |
Noncurrent portion | 372.1 |
Virgin Media [Member] | |
Debt Instrument [Line Items] | |
2015 | 122.7 |
2016 | 69.5 |
2017 | 29.6 |
2018 | 6.6 |
2019 | 4.4 |
Thereafter | 222.1 |
Total principal and interest payments | 454.9 |
Amounts representing interest | -199.6 |
Present value of net minimum lease payments | 255.3 |
Current portion | 111.6 |
Noncurrent portion | 143.7 |
Other Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
2015 | 22.3 |
2016 | 20.1 |
2017 | 13.1 |
2018 | 5.8 |
2019 | 2.9 |
Thereafter | 21.8 |
Total principal and interest payments | 86 |
Amounts representing interest | -17.2 |
Present value of net minimum lease payments | 68.8 |
Current portion | 18.5 |
Noncurrent portion | $50.30 |
Recovered_Sheet22
Debt and Capital Lease Obligations (Non-cash Refinancing Transactions) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Aggregate debt which resulted in non-cash borrowings and repayments | $5,418.80 | $5,061.50 | $3,793.40 |
Virgin Media Merger Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities assumed | $3,557.50 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | ($1,055.90) | ($526.50) | ($508.90) |
Domestic Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | 585.7 | -976 | -11.6 |
Foreign Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | -1,105.60 | -306.3 | -73.3 |
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | -644.5 | 799.9 | -152.3 |
Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | 326.1 | 284.3 | 274.8 |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | -294.7 | -355.8 | -498.4 |
Foreign Tax Authority [Member] | Administration of the Treasury, Belgium [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | 21.5 | 89.5 | 96.9 |
Foreign Tax Authority [Member] | Other Income Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Loss from continuing operations before income taxes | $55.60 | ($62.10) | ($145) |
Income_Taxes_Table_1_Details
Income Taxes (Table 1) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Deferred | $350.60 | ($18.60) | ($36) |
Total income tax benefit (expense) | 75 | -355.5 | -75 |
Continuing operations [Member] | |||
Income Taxes [Line Items] | |||
Current | -275.6 | -336.9 | -39 |
Deferred | 350.6 | -18.6 | -36 |
Total income tax benefit (expense) | 75 | -355.5 | -75 |
Continuing operations [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Income Taxes [Line Items] | |||
Current | -2.1 | -2.4 | -0.1 |
Deferred | 113.4 | -245.2 | -0.7 |
Total | 111.3 | -247.6 | -0.8 |
Continuing operations [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Current | -22.5 | -106 | 38.2 |
Deferred | 129.6 | 104.9 | -44.6 |
Total | 107.1 | -1.1 | -6.4 |
Continuing operations [Member] | Administration of the Treasury, Belgium [Member] | |||
Income Taxes [Line Items] | |||
Current | -138.7 | -97.1 | -1.5 |
Deferred | 31.7 | -16.2 | -54.5 |
Total | -107 | -113.3 | -56 |
Continuing operations [Member] | Swiss Federal Tax Administration (FTA) [Member] | |||
Income Taxes [Line Items] | |||
Current | -76.8 | -53.6 | -8.7 |
Deferred | 3.1 | -4.4 | -63.7 |
Total | -73.7 | -58 | -72.4 |
Continuing operations [Member] | Tax and Customs Administration, Netherlands [Member] | |||
Income Taxes [Line Items] | |||
Current | 11.1 | 0.5 | -8.2 |
Deferred | 42.5 | 97.3 | -67.6 |
Total | 53.6 | 97.8 | -75.8 |
Continuing operations [Member] | Federal Ministry of Finance, Germany [Member] | |||
Income Taxes [Line Items] | |||
Current | -22.6 | -13.2 | 4 |
Deferred | 37 | -38.1 | 119.6 |
Total | 14.4 | -51.3 | 123.6 |
Continuing operations [Member] | Other Income Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Current | -24 | -65.1 | -62.7 |
Deferred | -6.7 | 83.1 | 75.5 |
Total | -30.7 | 18 | 12.8 |
Discontinued operations [Member] | |||
Income Taxes [Line Items] | |||
Current | 0 | -20.5 | -14.8 |
Deferred | -0.1 | -2.2 | -13.3 |
Discontinued operations | ($0.10) | ($22.70) | ($28.10) |
Income_Taxes_Table_2_Details
Income Taxes (Table 2) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Computed bexpectedb tax benefit | $221.70 | $121.10 | $178.10 |
Change in valuation allowances: | |||
Decrease | -373.1 | -112.6 | -148.3 |
Increase | 11.9 | 31.7 | 25.6 |
International rate differences: | |||
Increase | 266.4 | 148.2 | 60.6 |
Decrease | -27.6 | -50.8 | -81.8 |
Non-deductible or non-taxable interest and other expenses: | |||
Decrease | -236.5 | -133.5 | -84.7 |
Increase | 58 | 85.2 | 2.4 |
Tax effect of intercompany financing | 166.9 | 82.7 | 0 |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | -135.4 | -4 | -24.6 |
Non-deductible or non-taxable foreign currency exchange results: | |||
Increase | 71.9 | 0.5 | 0 |
Decrease | -16.3 | -56.1 | -10.4 |
Recognition of previously unrecognized tax benefits | 29.5 | 0 | 0 |
Enacted tax law and rate changes | 23.9 | -377.8 | 12.3 |
Change in subsidiary tax attributes due to a deemed change in control | 0 | -88 | 0 |
Other, net | 13.7 | -2.1 | -4.2 |
Total income tax benefit (expense) | $75 | ($355.50) | ($75) |
Income_Taxes_Table_3_Details
Income Taxes (Table 3) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Current deferred tax assets | $290.30 | $226.10 |
Non-current deferred tax assets | 2,587 | 2,641.80 |
Current deferred tax liabilities | -0.6 | -1.5 |
Non-current deferred tax liabilities | -2,369.40 | -1,554.20 |
Net deferred tax asset | $507.30 | $1,312.20 |
Income_Taxes_Table_4_Details
Income Taxes (Table 4) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss and other carryforwards | $6,637.90 | $7,286.10 |
Property and equipment, net | 3,469.20 | 3,470.70 |
Debt | 1,189 | 837.7 |
Derivative instruments | 345.9 | 518.4 |
Intangible assets | 149.6 | 187.5 |
Other future deductible amounts | 265.3 | 265 |
Deferred tax assets | 12,056.90 | 12,565.40 |
Valuation allowance | -6,679.40 | -7,052.80 |
Deferred tax assets, net of valuation allowance | 5,377.50 | 5,512.60 |
Deferred tax liabilities: | ||
Intangible assets | -2,338.20 | -1,471.10 |
Property and equipment, net | -1,861.40 | -1,945.30 |
Investments | -367.6 | -400.7 |
Derivative instruments | -142.7 | -129.5 |
Other future taxable amounts | -160.3 | -253.8 |
Deferred tax liabilities | -4,870.20 | -4,200.40 |
Net deferred tax asset | $507.30 | $1,312.20 |
Income_Taxes_Table_5_Details
Income Taxes (Table 5) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | $31,404 |
Related tax asset | 6,637.90 |
Her Majesty's Revenue and Customs (HMRC) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 21,119.20 |
Related tax asset | 4,223.80 |
Federal Ministry of Finance, Germany [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 2,670.10 |
Related tax asset | 424.8 |
Tax and Customs Administration, Netherlands [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 3,025.80 |
Related tax asset | 756.4 |
Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,550.30 |
Related tax asset | 405.1 |
Luxembourg [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,030.70 |
Related tax asset | 301.2 |
France [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 585.1 |
Related tax asset | 201.4 |
Ireland [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 466 |
Related tax asset | 58.2 |
Administration of the Treasury, Belgium [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 506.3 |
Related tax asset | 172.1 |
Hungary [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 209.8 |
Related tax asset | 39.9 |
Other Income Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 240.7 |
Related tax asset | $55 |
Income_Taxes_Table_6_Details
Income Taxes (Table 6) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning balance | $490.90 | $359.70 | $400.60 |
Additions for tax positions of prior years | 64.5 | 41.5 | 5.5 |
Reductions for tax positions of prior years | -50.2 | -14.2 | -124.2 |
Additions based on tax positions related to the current year | 38.2 | 102.3 | 89.9 |
Foreign currency translation | -27 | 7.9 | 2.9 |
Lapse of statute of limitations | -1.9 | -6.3 | -15 |
Settlements with tax authorities | -1 | 0 | 0 |
Unrecognized tax benefits, ending balance | $513.50 | $490.90 | $359.70 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2015 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||
Change in valuation allowances | $373,400,000 | |||||
Net operating losses from deductions of stock based compensation excluded from recorded deferred tax assets | 141,700,000 | |||||
Deferred tax liability, temporary difference | 11,100,000,000 | |||||
Unrecognized tax benefits - favorable impact on effective income tax rate if ultimately recognized, net of valuation allowances | 332,900,000 | |||||
Reasonably possible resolution of ongoing income tax examinations, reduction to unrecognized tax benefits, upper bound | 230,000,000 | |||||
Accrued interest and penalties on tax related items | 51,700,000 | |||||
Virgin Media [Member] | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||
Amount on which future tax deductions can be claimed | 21,600,000,000 | 22,200,000,000 | ||||
Maximum percent of capital allowances claimed allowance | 18.00% | |||||
Continuing operations [Member] | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||
Change in valuation allowances related to net tax expense | -361,200,000 | |||||
Benefit (expense) from release (accrual) of interest and penalties | ($10,900,000) | ($14,000,000) | ($7,700,000) | |||
Domestic Tax Authority [Member] | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||
Statutory income tax rate | 23.00% | 21.00% | ||||
Domestic Tax Authority [Member] | Scenario, Forecast [Member] | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||
Statutory income tax rate | 20.00% | |||||
Foreign Tax Authority [Member] | ||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||
Statutory income tax rate | 35.00% |
Equity_Capitalization_and_Acqu
Equity (Capitalization and Acquisition of Interests in VTR and VTR Wireless) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Mar. 14, 2014 | |
Class of Stock [Line Items] | |||
Share capital authorized, aggregate nominal amount | $20,000,000 | ||
Par value of preferred stock (in dollars per share) | $0.01 | ||
Shares issued in connection with acquisitions | 5,986,400,000 | 9,375,300,000 | |
Non-controlling interests [Member] | |||
Class of Stock [Line Items] | |||
Shares issued in connection with acquisitions | $1,080,600,000 | $185,400,000 | |
VTR Finance [Member] | VTR GlobalCom and VTR Wireless [Member] | |||
Class of Stock [Line Items] | |||
Ownership percentage | 20.00% | ||
Business acquisition consideration issued (in shares) | 10,091,178 | ||
Class A Ordinary Shares [Member] | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Number of votes allowed per class of stock (in votes) | 10 | ||
Number of shares of class A common stock reserved for issuance upon conversion of one class B common share (in shares) | 1 | ||
Class A Ordinary Shares [Member] | Options [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 1,726,259 | ||
Class A Ordinary Shares [Member] | SARs and PSARs [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 8,396,737 | ||
Class A Ordinary Shares [Member] | PSUs, PGUs and RSUs [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 2,554,963 | ||
Class B Ordinary Shares [Member] | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Number of votes allowed per class of stock (in votes) | 1 | ||
Common reserved for issuance (in shares) | 10,139,184 | ||
Class B Ordinary Shares [Member] | PSUs, PGUs and RSUs [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 1,000,000 | ||
Class C Ordinary Shares [Member] | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Class C Ordinary Shares [Member] | Options [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 3,946,192 | ||
Class C Ordinary Shares [Member] | SARs and PSARs [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 23,055,293 | ||
Class C Ordinary Shares [Member] | PSUs, PGUs and RSUs [Member] | |||
Class of Stock [Line Items] | |||
Common reserved for issuance (in shares) | 3,829,770 |
Equity_Share_Repurchases_Detai
Equity (Share Repurchases) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2015 | |
Class of Stock [Line Items] | ||||
Stock repurchase, remaining authorized amount (in shares) | $1,933,700,000 | |||
Distributable reserves recognized | 28,700,000,000 | |||
Common Class A and Common Class C Member [Member] | ||||
Class of Stock [Line Items] | ||||
Stock repurchase, authorized amount | 4,500,000,000 | |||
Common Class A Stock Purchased Under Repurchase Programs [Member] | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 8,062,792 | 6,550,197 | 5,611,380 | |
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $42.19 | $37.70 | $27.30 | |
Common Class C Stock Purchased Under Repurchase Programs [Member] | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 28,401,019 | 24,761,397 | 32,782,838 | |
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $44.25 | $36.55 | $25.24 | |
Total Common Class C and Class A Stock Purchased Under Repurchase Programs [Member] | ||||
Class of Stock [Line Items] | ||||
Total cost for stock purchased pursuant to repurchase programs | 1,596,900,000 | 1,151,900,000 | 980,700,000 | |
Subsequent Event [Member] | Common Class A and Common Class C Member [Member] | ||||
Class of Stock [Line Items] | ||||
Stock repurchase, authorized amount | $2,000,000,000 |
Equity_Call_Option_Contracts_a
Equity (Call Option Contracts and Other Transactions) (Details) | 0 Months Ended | 3 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Feb. 01, 2013 | Feb. 01, 2013 | Dec. 17, 2012 | Dec. 17, 2012 | Dec. 17, 2012 | Dec. 17, 2012 | Dec. 17, 2012 | Dec. 17, 2012 | Mar. 31, 2013 |
Telenet Self-Tender [Member] | Telenet Self-Tender [Member] | Warrant Range One [Member] | Warrant Range One [Member] | Warrant Range Two [Member] | Warrant Range Two [Member] | Minimum [Member] | Maximum [Member] | Call Option [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | Telenet Self-Tender [Member] | Telenet Self-Tender [Member] | Class A Ordinary Shares [Member] | |
EUR (€) | USD ($) | USD ($) | |||||||
Class of Stock [Line Items] | |||||||||
Call options, exercise price (in dollars per share) | $0 | ||||||||
Share price (in dollar/euro per share) | € 35 | $42.35 | |||||||
Warrants (in dollars per share) | $16.31 | € 13.48 | $30.82 | € 25.47 | |||||
Use of restricted cash to fund transaction | $454.60 | € 332.50 | |||||||
Shares purchased pursuant to repurchase programs (in shares) | 9,497,637 | 9,497,637 | |||||||
Percentage ownership in subsidiary | 58.40% | 58.40% | |||||||
Warrants (in shares) | 3,000 | 3,000 |
Sharebased_Compensation_Summar
Share-based Compensation (Summary Of Stock-Based Compensation) (Schedule and Footnotes) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | Operating Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Liberty Global [Member] | Liberty Global [Member] | Liberty Global [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | Performance-based incentive awards [Member] | Performance-based incentive awards [Member] | Performance-based incentive awards [Member] | Other share-based incentive awards [Member] | Other share-based incentive awards [Member] | Other share-based incentive awards [Member] | Share-based incentive awards [Member] | Share-based incentive awards [Member] | Share-based incentive awards [Member] | Other [Member] | Other [Member] | Other [Member] | Virgin Media Replacement Awards [Member] | Virgin Media Replacement Awards [Member] | Virgin Media Replacement Awards [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | Continuing operations [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Options [Member] | Options [Member] | Options [Member] | Liberty Global [Member] | Liberty Global [Member] | Liberty Global [Member] | Liberty Global [Member] | Liberty Global [Member] | Liberty Global [Member] | Telenet [Member] | Telenet [Member] | Telenet [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Operating Expense [Member] | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Chief Executive Officer [Member] | Chief Executive Officer [Member] | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||
USD ($) | EUR (€) | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Allocated share-based compensation expense | $257.20 | $302.50 | $112.40 | $257.20 | $300.70 | $110.10 | $0 | $1.80 | $2.30 | $7.60 | $12.10 | $8.50 | $249.60 | $288.60 | $101.60 | $229.60 | $241.50 | $79 | $32.70 | $12.60 | $6.20 | $129.90 | $58.60 | $33 | $99.70 | $182.90 | $46 | $14.60 | $56.50 | $31.20 | $13 | $4.50 | $2.20 | $55.80 | $134.30 | $80.10 | |||||
Awards outstanding (in shares) | 87,529 | 565,000 | 565,000 | 1,082,322 | 1,082,322 | ||||||||||||||||||||||||||||||||||||
Awards outstanding (in EUR/USD per share) | $45.29 | € 37.43 | $32.88 | € 27.17 |
Sharebased_Compensation_Summar1
Share-based Compensation (Summary Of Stock-Based Compensation Not Yet Recognized) (Schedule and Footnote) (Details) (Liberty Global [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Share-based incentive awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total compensation expense not yet recognized | $132.70 |
Weighted average period remaining for expense recognition | 2 years 7 months 6 days |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total compensation expense not yet recognized | $162.50 |
Weighted average period remaining for expense recognition | 1 year 3 months 18 days |
Sharebased_Compensation_Summar2
Share-based Compensation (Summary of Stock Award Information) (Schedule) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Cash received from exercise of options | $54.80 | $81 | $25.60 |
Income tax benefit related to share-based compensation expense | 54.6 | 48 | 16.1 |
Options, SARs and PSARs [Member] | Minimum [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Risk-free interest rate | 0.81% | 0.36% | 0.37% |
Expected life | 3 years 1 month 6 days | 3 years 2 months 12 days | 3 years 3 months 18 days |
Expected volatility | 25.10% | 26.50% | 28.00% |
Options, SARs and PSARs [Member] | Maximum [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Risk-free interest rate | 1.77% | 1.27% | 1.68% |
Expected life | 5 years 1 month 6 days | 7 years 1 month 6 days | 7 years 10 months 24 days |
Expected volatility | 28.70% | 35.80% | 40.40% |
Options [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, options (in dollars per share) | $11.40 | $11.09 | $10 |
Total intrinsic value of awards exercised | 126.6 | 175 | 43.9 |
SARs [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $8.93 | $8.36 | $7.18 |
Total intrinsic value of awards exercised | 48.7 | 73.2 | 52 |
PSARs [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $8.15 | $8.31 | $0 |
Total intrinsic value of awards exercised | $0.40 | $0 | $0 |
RSUs [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $40.68 | $35.74 | $24.57 |
PSUs and PGUs [Member] | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $42.47 | $34.94 | $25.09 |
Sharebased_Compensation_Stock_
Share-based Compensation (Stock Award Activity, Options, SARs & PSARs) (Schedules) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Options [Member] | Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | |
Number of shares | |
Options outstanding at beginning of period (in shares) | 2,708,445 |
Options granted (in shares) | 78,677 |
Options expired, cancelled or forfeited (in shares) | -51,826 |
Options exercised (in shares) | -1,009,037 |
Options outstanding at end of period (in shares) | 1,726,259 |
Options exercisable at end of period (in shares) | 1,125,619 |
Weighted average exercise price | |
Options outstanding at beginning of period (in dollars per shares) | $16.12 |
Options granted (in dollars per shares) | $42.54 |
Options expired or cancelled (in dollars per shares) | $22.49 |
Options exercised (in dollars per shares) | $14.61 |
Options outstanding at end of period (in dollars per shares) | $18.01 |
Options exercisable at end of period (in dollars per shares) | $13.84 |
Weighted average remaining contractual term, in years | |
Options outstanding at end of period | 5 years 4 months 24 days |
Options exercisable at end of period | 4 years 6 months |
Aggregate intrinsic value | |
Options outstanding at end of period | $55.60 |
Options exercisable at end of period | 40.9 |
Options [Member] | Class C Ordinary Shares [Member] | |
Number of shares | |
Options outstanding at beginning of period (in shares) | 7,031,369 |
Options granted (in shares) | 157,346 |
Options expired, cancelled or forfeited (in shares) | -128,419 |
Options exercised (in shares) | -3,114,104 |
Options outstanding at end of period (in shares) | 3,946,192 |
Options exercisable at end of period (in shares) | 2,452,721 |
Weighted average exercise price | |
Options outstanding at beginning of period (in dollars per shares) | $14.95 |
Options granted (in dollars per shares) | $40.86 |
Options expired or cancelled (in dollars per shares) | $21.13 |
Options exercised (in dollars per shares) | $12.54 |
Options outstanding at end of period (in dollars per shares) | $17.67 |
Options exercisable at end of period (in dollars per shares) | $13.72 |
Weighted average remaining contractual term, in years | |
Options outstanding at end of period | 5 years 8 months 12 days |
Options exercisable at end of period | 4 years 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | 120.9 |
Options exercisable at end of period | 84.8 |
SARs [Member] | Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | |
Number of shares | |
Options outstanding at beginning of period (in shares) | 4,168,758 |
Options granted (in shares) | 2,192,672 |
Options expired, cancelled or forfeited (in shares) | -203,409 |
Options exercised (in shares) | -550,033 |
Options outstanding at end of period (in shares) | 5,607,988 |
Options exercisable at end of period (in shares) | 2,527,237 |
Weighted average exercise price | |
Options outstanding at beginning of period (in dollars per shares) | $24.78 |
Options granted (in dollars per shares) | $40.90 |
Options expired or cancelled (in dollars per shares) | $32.22 |
Options exercised (in dollars per shares) | $21.97 |
Options outstanding at end of period (in dollars per shares) | $31.07 |
Options exercisable at end of period (in dollars per shares) | $23.25 |
Weighted average remaining contractual term, in years | |
Options outstanding at end of period | 4 years 9 months 18 days |
Options exercisable at end of period | 3 years 7 months 6 days |
Aggregate intrinsic value | |
Options outstanding at end of period | 107.3 |
Options exercisable at end of period | 68.1 |
SARs [Member] | Class C Ordinary Shares [Member] | |
Number of shares | |
Options outstanding at beginning of period (in shares) | 12,437,530 |
Options granted (in shares) | 4,408,368 |
Options expired, cancelled or forfeited (in shares) | -566,688 |
Options exercised (in shares) | -1,590,165 |
Options outstanding at end of period (in shares) | 14,689,045 |
Options exercisable at end of period (in shares) | 7,308,864 |
Weighted average exercise price | |
Options outstanding at beginning of period (in dollars per shares) | $23.87 |
Options granted (in dollars per shares) | $39.07 |
Options expired or cancelled (in dollars per shares) | $22.52 |
Options exercised (in dollars per shares) | $20.92 |
Options outstanding at end of period (in dollars per shares) | $28.49 |
Options exercisable at end of period (in dollars per shares) | $21.95 |
Weighted average remaining contractual term, in years | |
Options outstanding at end of period | 4 years 6 months |
Options exercisable at end of period | 3 years 6 months |
Aggregate intrinsic value | |
Options outstanding at end of period | 291.2 |
Options exercisable at end of period | 192.7 |
PSARs [Member] | Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | |
Number of shares | |
Options outstanding at beginning of period (in shares) | 2,817,498 |
Options granted (in shares) | 10,000 |
Options expired, cancelled or forfeited (in shares) | -29,376 |
Options exercised (in shares) | -9,373 |
Options outstanding at end of period (in shares) | 2,788,749 |
Options exercisable at end of period (in shares) | 7,499 |
Weighted average exercise price | |
Options outstanding at beginning of period (in dollars per shares) | $35.07 |
Options granted (in dollars per shares) | $43.58 |
Options expired or cancelled (in dollars per shares) | $35.03 |
Options exercised (in dollars per shares) | $35.03 |
Options outstanding at end of period (in dollars per shares) | $35.10 |
Options exercisable at end of period (in dollars per shares) | $35.03 |
Weighted average remaining contractual term, in years | |
Options outstanding at end of period | 5 years 6 months |
Options exercisable at end of period | 1 year 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | 42.1 |
Options exercisable at end of period | 0.1 |
PSARs [Member] | Class C Ordinary Shares [Member] | |
Number of shares | |
Options outstanding at beginning of period (in shares) | 8,452,494 |
Options granted (in shares) | 30,000 |
Options expired, cancelled or forfeited (in shares) | -88,127 |
Options exercised (in shares) | -28,119 |
Options outstanding at end of period (in shares) | 8,366,248 |
Options exercisable at end of period (in shares) | 22,498 |
Weighted average exercise price | |
Options outstanding at beginning of period (in dollars per shares) | $33.44 |
Options granted (in dollars per shares) | $43.03 |
Options expired or cancelled (in dollars per shares) | $33.41 |
Options exercised (in dollars per shares) | $33.41 |
Options outstanding at end of period (in dollars per shares) | $33.48 |
Options exercisable at end of period (in dollars per shares) | $33.41 |
Weighted average remaining contractual term, in years | |
Options outstanding at end of period | 5 years 6 months |
Options exercisable at end of period | 1 year 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | 124.1 |
Options exercisable at end of period | $0.30 |
Sharebased_Compensation_Stock_1
Share-based Compensation (Stock Award Activity, RSUs, PGUs and PSUs) (Schedules) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
RSUs [Member] | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $40.68 | $35.74 | $24.57 |
RSUs [Member] | Class A Ordinary Shares [Member] | |||
Number of shares | |||
Outstanding at beginning of period (in shares) | 725,676 | ||
Granted (in shares) | 226,069 | ||
Forfeited (in shares) | -44,428 | ||
Released from restrictions (in shares) | -342,047 | ||
Outstanding at end of period (in shares) | 565,270 | ||
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $35.48 | ||
Granted (in dollars per shares) | $41.77 | ||
Forfeited (in dollars per shares) | $33.32 | ||
Released from restrictions (in dollars per shares) | $35.07 | ||
Outstanding at end of period (in dollars per shares) | $38.27 | ||
Weighted average remaining contractual term, in years | |||
Outstanding at end of period | 4 years 7 months 6 days | ||
RSUs [Member] | Class C Ordinary Shares [Member] | |||
Number of shares | |||
Outstanding at beginning of period (in shares) | 1,944,468 | ||
Granted (in shares) | 460,866 | ||
Forfeited (in shares) | -122,418 | ||
Released from restrictions (in shares) | -895,913 | ||
Outstanding at end of period (in shares) | 1,387,003 | ||
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $32.79 | ||
Granted (in dollars per shares) | $40.14 | ||
Forfeited (in dollars per shares) | $30.93 | ||
Released from restrictions (in dollars per shares) | $32.36 | ||
Outstanding at end of period (in dollars per shares) | $35.59 | ||
Weighted average remaining contractual term, in years | |||
Outstanding at end of period | 4 years 6 months | ||
PSUs and PGUs [Member] | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $42.47 | $34.94 | $25.09 |
PSUs and PGUs [Member] | Class A Ordinary Shares [Member] | |||
Number of shares | |||
Outstanding at beginning of period (in shares) | 924,648 | ||
Granted (in shares) | 1,518,276 | ||
Performance adjustment (in shares) | -138,668 | ||
Forfeited (in shares) | -40,627 | ||
Released from restrictions (in shares) | -273,936 | ||
Outstanding at end of period (in shares) | 1,989,693 | ||
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $32.05 | ||
Granted (in dollars per shares) | $42.74 | ||
Performance adjustment (in dollars per shares) | $26.17 | ||
Forfeited (in dollars per shares) | $35.77 | ||
Released from restrictions (in dollars per shares) | $26.24 | ||
Outstanding at end of period (in dollars per shares) | $41.34 | ||
Weighted average remaining contractual term, in years | |||
Outstanding at end of period | 1 year 9 months 18 days | ||
PGUs [Member] | Class A Ordinary Shares [Member] | |||
Number of shares | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 1,000,000 | ||
Outstanding at end of period (in shares) | 1,000,000 | ||
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $0 | ||
Granted (in dollars per shares) | $44.55 | ||
Outstanding at end of period (in dollars per shares) | $44.55 | ||
Weighted average remaining contractual term, in years | |||
Outstanding at end of period | 2 years 2 months 12 days | ||
PSUs [Member] | Class C Ordinary Shares [Member] | |||
Number of shares | |||
Outstanding at beginning of period (in shares) | 2,744,452 | ||
Granted (in shares) | 1,048,614 | ||
Performance adjustment (in shares) | -416,004 | ||
Forfeited (in shares) | -112,487 | ||
Released from restrictions (in shares) | -821,808 | ||
Outstanding at end of period (in shares) | 2,442,767 | ||
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $29.99 | ||
Granted (in dollars per shares) | $39.83 | ||
Performance adjustment (in dollars per shares) | $24.73 | ||
Forfeited (in dollars per shares) | $33.15 | ||
Released from restrictions (in dollars per shares) | $24.79 | ||
Outstanding at end of period (in dollars per shares) | $36.71 | ||
Weighted average remaining contractual term, in years | |||
Outstanding at end of period | 1 year 3 months 18 days |
Sharebased_Compensation_Narrat
Share-based Compensation (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2010 | 1-May-14 | Jan. 31, 2014 | Jun. 24, 2013 | |
PSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of award earned | 66.30% | |||||
PSUs [Member] | Class C Ordinary Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 1,048,614 | |||||
Liberty Global Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 89,582,279 | |||||
Award term | 10 years | |||||
Liberty Global Incentive Plan [Member] | Awards other than Performance-Based Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award term | 7 years | |||||
Liberty Global Incentive Plan [Member] | Six Month Anniversary After Grant Date [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 12.50% | |||||
Liberty Global Incentive Plan [Member] | Each Quarter Thereafter after Six Month Vest [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 6.25% | |||||
VM Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award term | 10 years | |||||
Service period | 5 years | |||||
Liberty Global Director Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 9,745,984 | |||||
Award term | 10 years | |||||
Number of equal or semi-equal installments | 3 | |||||
Liberty Global 2014 Incentive Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 100,000,000 | |||||
Liberty Global 2014 Incentive Plans [Member] | Class B Ordinary Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 50,000,000 | |||||
Liberty Global 2014 Incentive Plans [Member] | Anti-Dilution and Other Adjustment Provisions [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 10,000,000 | |||||
Previous Incentive Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 0 | |||||
Liberty Global PSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 50.00% | |||||
Liberty Global PSUs [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 2 years | |||||
Performance range | 75.00% | |||||
Expected performance earnings for PSUs | 50.00% | |||||
Liberty Global PSUs [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance range | 125.00% | |||||
Expected performance earnings for PSUs | 150.00% | |||||
Liberty Global PSUs [Member] | Series A and Series C Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exchange value, right to receive shares | 1 | |||||
Percentage of annual award of PSUs | 66.66% | |||||
Percentage of annual of award of SARs | 33.33% | |||||
Liberty Global Challenge Performance Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award term | 7 years | |||||
Liberty Global Challenge Performance Awards [Member] | Class A Ordinary Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of ordinary share rights for each performance share | 1 | |||||
Liberty Global Challenge Performance Awards [Member] | Class C Ordinary Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of ordinary share rights for each performance share | 1 | |||||
Liberty Global Challenge Performance Awards [Member] | June 24th, 2016 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 100.00% | |||||
Performance Grant Award [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 1,000,000 | |||||
Number of equal or semi-equal installments | 3 |
Restructuring_Liabilities_Deta
Restructuring Liabilities (Details) (USD $) | 12 Months Ended | 6 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability at beginning of year | $113.50 | $56.80 | $113.50 | |
Restructuring charges | 166.9 | 178.7 | ||
Cash paid | -111.5 | -123.2 | ||
Ziggo / Virgin Media liability at acquisition date | 8.2 | 23.4 | ||
Foreign currency translation adjustments and other | -21 | -8.4 | ||
Reclassification of Chellomedia Disposal Group to discontinued operations | -13.8 | |||
Restructuring liability at end of year | 156.1 | 113.5 | 113.5 | |
Current portion | 52.3 | 65.5 | 65.5 | |
Noncurrent portion | 103.8 | 48 | 48 | |
Total | 156.1 | 113.5 | 113.5 | |
Employee severance and termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability at beginning of year | 26.6 | 39.7 | 26.6 | |
Restructuring charges | 60.4 | 77.9 | ||
Cash paid | -66.3 | -91.5 | ||
Ziggo / Virgin Media liability at acquisition date | 8.2 | 0.1 | ||
Foreign currency translation adjustments and other | -1.3 | 1.2 | ||
Reclassification of Chellomedia Disposal Group to discontinued operations | -0.8 | |||
Restructuring liability at end of year | 27.6 | 26.6 | 26.6 | |
Current portion | 27.5 | 26.5 | 26.5 | |
Noncurrent portion | 0.1 | 0.1 | 0.1 | |
Total | 27.6 | 26.6 | 26.6 | |
Office closures [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability at beginning of year | 14.9 | 4 | 14.9 | |
Restructuring charges | 9.5 | -0.1 | ||
Cash paid | -10.8 | -14.1 | ||
Ziggo / Virgin Media liability at acquisition date | 0 | 23.3 | ||
Foreign currency translation adjustments and other | -1.1 | 1.8 | ||
Reclassification of Chellomedia Disposal Group to discontinued operations | 0 | |||
Restructuring liability at end of year | 12.5 | 14.9 | 14.9 | |
Current portion | 4.4 | 13.2 | 13.2 | |
Noncurrent portion | 8.1 | 1.7 | 1.7 | |
Total | 12.5 | 14.9 | 14.9 | |
Contract termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability at beginning of year | 13.1 | |||
Restructuring charges | 100.9 | |||
Cash paid | -17.6 | |||
Ziggo / Virgin Media liability at acquisition date | 0 | |||
Foreign currency translation adjustments and other | -11.4 | |||
Reclassification of Chellomedia Disposal Group to discontinued operations | -13 | |||
Restructuring liability at end of year | 72 | 72 | ||
Current portion | 25.8 | 25.8 | ||
Noncurrent portion | 46.2 | 46.2 | ||
Total | 72 | 72 | ||
Contract termination and other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liability at beginning of year | 72 | 72 | ||
Restructuring charges | 97 | |||
Cash paid | -34.4 | |||
Ziggo / Virgin Media liability at acquisition date | 0 | |||
Foreign currency translation adjustments and other | -18.6 | |||
Restructuring liability at end of year | 116 | |||
Current portion | 20.4 | |||
Noncurrent portion | 95.6 | |||
Total | 116 | |||
Central Operations Europe [Member] | Employee severance and termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 9.8 | |||
U.K. | Employee severance and termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 17.5 | 46.1 | ||
The Netherlands [Member] | Employee severance and termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11.2 | |||
Germany [Member] | Employee severance and termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 10.7 | 14.1 | ||
Chile [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 84.9 | |||
Chile [Member] | Employee severance and termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 10.1 | 8.1 | ||
Chile [Member] | Contract termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other restructuring costs | 71.5 | |||
Telenet [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $86.10 |
Defined_Benefit_Plans_Funded_S
Defined Benefit Plans (Funded Status) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Projected benefit obligation at beginning of period | $1,163 | $384.60 |
Acquisitions | 0 | 687.1 |
Service cost | 22.3 | 25.8 |
Prior service cost | 0.8 | 0 |
Interest cost | 42.9 | 26.8 |
Actuarial loss (gain) | 149.7 | -4.8 |
Participantsb contributions | 11.9 | 11.8 |
Benefits paid | -38.7 | -28.1 |
Effect of changes in exchange rates | -104.3 | 59.8 |
Projected benefit obligation at end of period | 1,247.60 | 1,163 |
Accumulated benefit obligation at end of period | 1,226.10 | 1,144.70 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | 1,057 | 310.9 |
Acquisition | 0 | 626 |
Actual earnings of plan assets | 114.6 | 37 |
Group contributions | 68.2 | 44.6 |
Participantsb contributions | 11.9 | 11.8 |
Benefits paid | -37.9 | -27.6 |
Effect of changes in exchange rates | -91.1 | 54.3 |
Fair value of plan assets at end of period | 1,122.70 | 1,057 |
Net liability | $124.90 | $106 |
Defined_Benefit_Plans_Net_Actu
Defined Benefit Plans (Net Actuarial Gain Not Yet Recognized) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Net Actuarial Gain (Loss) Not Yet Recognized [Roll Forward] | ||
Actuarial gain (loss) not yet recognized, Pre-tax amount, Beginning balance | $6.10 | ($5.20) |
Actuarial gain (loss) not yet recognized, Tax benefit (expense), Beginning balance | 0.5 | 1.6 |
Actuarial gain (loss) not yet recognized, Net-of-tax amount, Beginning balance | 6.6 | -3.6 |
Change in net actuarial gain, Pre-tax amount | -87.6 | 12.7 |
Change in net actuarial gain, Tax benefit (expense) | 16.7 | -1.4 |
Change in net actuarial gain, Net-of-tax amount | -70.9 | 11.3 |
Amount recognized as a component of net loss, Pre-tax amount | -1.7 | -0.8 |
Amount recognized as a component of net loss, Tax benefit (expense) | 0.3 | 0.1 |
Amount recognized as a component of net loss, Net-of-tax amount | -1.4 | -0.7 |
Changes in ownership and other, Pre-tax amount | 0.2 | -0.6 |
Changes in ownership and other, Tax benefit (expense) | 0 | 0.2 |
Changes in ownership and other, Net-of-tax amount | 0.2 | -0.4 |
Actuarial gain (loss) not yet recognized, Pre-tax amount, Ending balance | -83 | 6.1 |
Actuarial gain (loss) not yet recognized, Tax benefit (expense), Ending balance | 17.5 | 0.5 |
Actuarial gain (loss) not yet recognized, Net-of-tax amount, Ending balance | ($65.50) | $6.60 |
Defined_Benefit_Plans_Assumpti
Defined Benefit Plans (Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ||
Expected rate of salary increase | 2.60% | 3.10% |
Discount rate | 2.60% | 3.80% |
Expected rate of return on plan assets | 4.00% | 5.10% |
Defined_Benefit_Plans_Net_Peri
Defined Benefit Plans (Net Periodic Pension Cost Recorded) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $22.30 | $25.80 |
Interest cost | 42.9 | 26.8 |
Expected return on plan assets | -53.7 | -30 |
Other | -1.9 | -1.1 |
Net periodic pension cost | $9.60 | $21.50 |
Defined_Benefit_Plans_Asset_Al
Defined Benefit Plans (Asset Allocation and Target Mix) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $1,122.70 | $1,057 | $310.90 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 941.3 | 880.5 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.4 | 15.3 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 165 | 161.2 | |
Equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 353.8 | 344.3 | |
Equity securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 353.8 | 344.3 | |
Equity securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 318.8 | 275.5 | |
Debt securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 318.8 | 275.5 | |
Debt securities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Debt securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 158 | 153.4 | |
Insurance contract [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contract [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Insurance contract [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 158 | 153.4 | |
Hedge funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136.5 | 133.1 | |
Hedge funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 120.1 | 117.8 | |
Hedge funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.4 | 15.3 | |
Hedge funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guarantee investment contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 86 | 83 | |
Guarantee investment contracts [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 86 | 83 | |
Guarantee investment contracts [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Guarantee investment contracts [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39.9 | 36.7 | |
Real estate [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32.9 | 28.9 | |
Real estate [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Real estate [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 7.8 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29.7 | 31 | |
Other [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29.7 | 31 | |
Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $0 |
Defined_Benefit_Plans_Fair_Val
Defined Benefit Plans (Fair Value of Plan Assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | $1,057 | $310.90 |
Actual return on plan assets: | ||
Foreign currency translation adjustments | -91.1 | 54.3 |
Fair value of plan assets at end of period | 1,122.70 | 1,057 |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of period | 161.2 | |
Actual return on plan assets: | ||
Gains relating to assets still held at year-end | 14.6 | |
Purchases, sales and settlements of investments, net | -1.2 | |
Foreign currency translation adjustments | -9.6 | |
Fair value of plan assets at end of period | $165 |
Defined_Benefit_Plans_Expected
Defined Benefit Plans (Expected Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | |
2015 | $33.20 |
2016 | 31.2 |
2017 | 32.5 |
2018 | 31.9 |
2019 | 32.2 |
2020 through 2024 | $176.50 |
Defined_Benefit_Plans_Narrativ
Defined Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future subsidiaries contributions in next fiscal year | 58.5 |
Equity securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 27.00% |
Debt securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 26.00% |
Insurance contract [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 20.00% |
Hedge funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 11.00% |
Guarantee investment contracts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 8.00% |
Real estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 5.00% |
Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target asset mix | 3.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Earnings (Table 1) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning Balance | $2,549.20 | $1,637.80 | $1,486.40 |
Other comprehensive earnings including portion attributed to noncontrolling interests | -882.7 | 911.4 | 91.3 |
Ending Balance | 1,666.50 | 2,549.20 | 1,637.80 |
Total Liberty Global shareholders [Member] | |||
Beginning Balance | 2,522.20 | 1,604.10 | 1,529.70 |
Other comprehensive earnings attributed to foreign currency translation adjustments | -810.1 | 918.1 | 74.4 |
Ending Balance | 1,712.10 | 2,522.20 | 1,604.10 |
Beginning Balance | 0 | 0 | -10.5 |
Other comprehensive earnings attributed to unrealized gains (losses) on cash flow hedges | 0 | 0 | 10.5 |
Ending Balance | 0 | 0 | 0 |
Beginning Balance | 6.6 | -3.6 | -9.7 |
Other comprehensive earnings attributed to pension related adjustments | -72.1 | 10.2 | 6.1 |
Ending Balance | -65.5 | 6.6 | -3.6 |
Beginning Balance | 2,528.80 | 1,600.50 | 1,509.50 |
Other comprehensive earnings attributed to Liberty Global stockholders | -882.2 | 928.3 | 91 |
Other comprehensive earnings including portion attributed to noncontrolling interests | -882.2 | 928.3 | 91 |
Ending Balance | 1,646.60 | 2,528.80 | 1,600.50 |
Non-controlling interests [Member] | |||
Beginning Balance | 20.4 | 37.3 | -23.1 |
Other comprehensive earnings attributed to noncontrolling interests | -0.5 | -16.9 | 0.3 |
Other comprehensive earnings including portion attributed to noncontrolling interests | -0.5 | -16.9 | 0.3 |
Ending Balance | 19.9 | 20.4 | 37.3 |
Austar [Member] | |||
Other comprehensive earnings including portion attributed to noncontrolling interests | 60.1 | ||
Austar [Member] | Total Liberty Global shareholders [Member] | |||
Other comprehensive earnings attributed to foreign currency translation adjustments | 0 | ||
Other comprehensive earnings attributed to unrealized gains (losses) on cash flow hedges | 0 | ||
Other comprehensive earnings attributed to pension related adjustments | 0 | ||
Other comprehensive earnings attributed to Liberty Global stockholders | 0 | ||
Austar [Member] | Non-controlling interests [Member] | |||
Other comprehensive earnings attributed to noncontrolling interests | $60.10 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Earnings (Table 2) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency translation adjustments, pre-tax | $0.20 | ($0.60) | |
Foreign currency translation adjustments, tax | 0 | 0.2 | |
Foreign currency translation adjustments | 0.2 | -0.4 | |
Other comprehensive earnings (loss) | -882.7 | 911.4 | 91.3 |
Comprehensive earnings (loss) attributable to noncontrolling interests | -47.1 | -41.3 | -64.8 |
Liberty Global [Member] | |||
Foreign currency translation adjustments, pre-tax | -816.4 | 896.4 | 76 |
Cash flow hedges | 15.1 | ||
Pension related adjustments, pre-tax | -89.9 | 12.1 | 6 |
Other comprehensive earnings (loss), pre- tax | -906.3 | 908.5 | 97.1 |
Other comprehensive earnings (loss) attributable to noncontrolling interests | 0.8 | 17.3 | 0.1 |
Other comprehensive earnings (loss) attributable to Liberty Global stockholders, pre-tax | -905.5 | 925.8 | 97.2 |
Foreign currency translation adjustments, tax | 6.3 | 4.4 | -0.6 |
Unrealized income (loss) on cash flow hedges, tax | -4.6 | ||
Pension related adjustments, tax | 17.3 | -1.5 | -0.6 |
Other comprehensive earnings (loss), tax | 23.6 | 2.9 | -5.8 |
Other comprehensive earnings (loss) attributable to noncontrolling interests, tax | -0.3 | -0.4 | -0.4 |
Other comprehensive earnings (loss) attributable to Liberty Global stockholders, tax | 23.3 | 2.5 | -6.2 |
Foreign currency translation adjustments | -810.1 | 900.8 | 75.4 |
Unrealized income (loss) on cash flow hedges, net of tax | 10.5 | ||
Pension related adjustments, net of tax | -72.6 | 10.6 | 5.4 |
Other comprehensive earnings (loss) | -882.7 | 911.4 | 91.3 |
Comprehensive earnings (loss) attributable to noncontrolling interests | 0.5 | 16.9 | -0.3 |
Other comprehensive earnings (loss) attributed to noncontrolling interests | ($882.20) | $928.30 | $91 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) (Continuing operations [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | $2,575.80 |
2016 | 1,506.50 |
2017 | 1,183.20 |
2018 | 853.3 |
2019 | 440.2 |
Thereafter | 1,378 |
Total | 7,937 |
Programming Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | 863.9 |
2016 | 785.4 |
2017 | 612.7 |
2018 | 528 |
2019 | 231.4 |
Thereafter | 2 |
Total | 3,023.40 |
Network and Connectivity Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | 359.9 |
2016 | 261.5 |
2017 | 240.2 |
2018 | 127.1 |
2019 | 90.2 |
Thereafter | 1,048.50 |
Total | 2,127.40 |
Purchase Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | 827.8 |
2016 | 119.4 |
2017 | 62.9 |
2018 | 10.1 |
2019 | 4 |
Thereafter | 0 |
Total | 1,024.20 |
Operating Leases [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | 174 |
2016 | 141.5 |
2017 | 117.3 |
2018 | 98.1 |
2019 | 75.4 |
Thereafter | 279.3 |
Total | 885.6 |
Other Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2015 | 350.2 |
2016 | 198.7 |
2017 | 150.1 |
2018 | 90 |
2019 | 39.2 |
Thereafter | 48.2 |
Total | $876.40 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 17, 2013 | Jan. 17, 2013 | Sep. 09, 2013 | Oct. 04, 2013 | Apr. 02, 2013 | Jan. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 26, 2002 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Interkabel Acquisition [Member] | Interkabel Acquisition [Member] | Deutsche Telekom Litigation [Member] | Deutsche Telekom Litigation [Member] | Deutsche Telekom Litigation [Member] | Vivendi Litigation [Member] | Vivendi Litigation [Member] | Belgium Regulatory Developments [Member] | Belgium Regulatory Developments [Member] | Belgium Regulatory Developments [Member] | FCO Regulatory Issues [Member] | FCO Regulatory Issues [Member] | FCO Regulatory Issues [Member] | Financial Transactions Tax [Member] | Virgin Media VAT Matters [Member] | Virgin Media VAT Matters [Member] | Virgin Media VAT Matters 2 [Member] | Virgin Media VAT Matters 2 [Member] | Cignal [Member] | Cignal [Member] | Other Regulatory Issues [Member] | Other Regulatory Issues [Member] | Defined Contribution Pension [Member] | Defined Contribution Pension [Member] | Defined Contribution Pension [Member] | Minimum [Member] | Maximum [Member] | Broadband Communications and DHT Operations [Member] | Broadband Communications and DHT Operations [Member] | Broadband Communications and DHT Operations [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | competitor | USD ($) | EUR (€) | country | USD ($) | EUR (€) | USD ($) | GBP (£) | plaintiff | USD ($) | USD ($) | CLP | USD ($) | USD ($) | USD ($) | Financial Transactions Tax [Member] | Financial Transactions Tax [Member] | USD ($) | USD ($) | USD ($) | ||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||
Programming costs | $2,145 | $1,612.50 | $978.40 | ||||||||||||||||||||||||||||||
Rent expense under non-cancelable operating lease arrangements | 268.3 | 238.6 | 197.4 | ||||||||||||||||||||||||||||||
Aggregate expense for matching contributions under various defined contribution plans | 63.2 | 48.2 | 26.4 | ||||||||||||||||||||||||||||||
Loss contingency damages in excess value | 24.2 | 20 | |||||||||||||||||||||||||||||||
Damages sought | 92 | 76 | |||||||||||||||||||||||||||||||
Reduction of annual lease fees | 66.67% | ||||||||||||||||||||||||||||||||
Subsidiary interest in recovery | 10.00% | 10.00% | |||||||||||||||||||||||||||||||
Damages awarded | 1,142 | 944 | |||||||||||||||||||||||||||||||
Term regulated wholesale services must be available after approval of reference offers | 6 months | ||||||||||||||||||||||||||||||||
Retail-minus tariffs for basic TV | 30.00% | 35.00% | |||||||||||||||||||||||||||||||
Retail-minus tariffs for bundle of basic TV and broadband internet services | 23.00% | 30.00% | |||||||||||||||||||||||||||||||
Number of competitors of German cable business | 2 | ||||||||||||||||||||||||||||||||
Loss in period | 222 | 183.5 | |||||||||||||||||||||||||||||||
Decrease in revenues due to contingency | 45 | 28.9 | |||||||||||||||||||||||||||||||
Number of participating countries in financial transaction tax | 11 | ||||||||||||||||||||||||||||||||
Financial transactions tax | 0.01% | 0.10% | |||||||||||||||||||||||||||||||
Maximum possible loss | 62.8 | 40.3 | 101 | 65 | |||||||||||||||||||||||||||||
Release of litigation provision | 0 | 146 | 0 | 146 | |||||||||||||||||||||||||||||
Number of plaintiffs | 9 | ||||||||||||||||||||||||||||||||
Loss contingency accrual | 0 | 0 | |||||||||||||||||||||||||||||||
Maximum range of possible loss | $12.20 | 7,400 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |
Threshold percentage used to determine reportable segments using one of three criteria of revenue, operating cash flow or total assets (more than 10%) | 10.00% |
Performance measures, percentage of reportable segment revenue and operating cash flow presented | 100.00% |
Total European Operations Division [Member] | |
Segment Reporting Information [Line Items] | |
Number of European countries in operating segment (in countries) | 12 |
Telenet and Liberty Puerto Rico [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% |
Segment_Reporting_Performance_
Segment Reporting (Performance Measures) (Schedule) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $4,615.20 | $4,497.20 | $4,602.20 | $4,533.70 | $4,468 | $4,276.50 | $3,057.80 | $2,671.90 | $18,248.30 | $14,474.20 | $9,930.80 |
Operating cash flow | 8,522.30 | 6,740.70 | 4,830.90 | ||||||||
European Operations Division U.K / Ireland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,409.90 | 4,117.40 | 426.4 | ||||||||
Operating cash flow | 3,235.70 | 1,742.80 | 189.1 | ||||||||
European Operations Division The Netherlands [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,498.50 | 1,242.40 | 1,229.10 | ||||||||
Operating cash flow | 857.9 | 721.7 | 737.1 | ||||||||
European Operations Division Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,711.50 | 2,559.20 | 2,311 | ||||||||
Operating cash flow | 1,678.20 | 1,541.10 | 1,364.30 | ||||||||
European Operations Division Belgium [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,279.40 | 2,185.90 | 1,918 | ||||||||
Operating cash flow | 1,125 | 1,049.40 | 940.7 | ||||||||
European Operations Division Switzerland / Austria [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,846.10 | 1,767.10 | 1,681.80 | ||||||||
Operating cash flow | 1,056.40 | 1,005.70 | 936.5 | ||||||||
European Operations Division Total Western Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 15,745.40 | 11,872 | 7,566.30 | ||||||||
Operating cash flow | 7,953.20 | 6,060.70 | 4,167.70 | ||||||||
European Operations Division Central and Eastern Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,259.50 | 1,272 | 1,231.20 | ||||||||
Operating cash flow | 583 | 584.5 | 589.2 | ||||||||
European Operations Division Central and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | -7.1 | -0.4 | 1.5 | ||||||||
Operating cash flow | -282.7 | -239.1 | -195.7 | ||||||||
Total European Operations Division [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 16,997.80 | 13,143.60 | 8,799 | ||||||||
Operating cash flow | 8,253.50 | 6,406.10 | 4,561.20 | ||||||||
Chile [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 898.5 | 991.6 | 940.6 | ||||||||
Operating cash flow | 351 | 353.6 | 314.2 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 376.9 | 374.3 | 224.1 | ||||||||
Operating cash flow | -86.2 | -63.8 | -83.1 | ||||||||
Intersegment eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | -24.9 | -35.3 | -32.9 | ||||||||
Operating cash flow | $4 | $44.80 | $38.60 |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Schedule) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||
Total segment operating cash flow from continuing operations | $8,522.30 | $6,740.70 | $4,830.90 | ||||||||
Share-based compensation expense | -257.2 | -300.7 | -110.1 | ||||||||
Depreciation and amortization | -5,500.10 | -4,276.40 | -2,661.50 | ||||||||
Release of litigation provision | 0 | 146 | 0 | ||||||||
Release of litigation provision | -536.8 | -297.5 | -76.2 | ||||||||
Operating income | 273.3 | 703.7 | 669.5 | 581.7 | 517.6 | 521.2 | 445.1 | 528.2 | 2,228.20 | 2,012.10 | 1,983.10 |
Interest expense | -2,544.70 | -2,286.90 | -1,673.60 | ||||||||
Interest and dividend income | 31.7 | 113.1 | 42.1 | ||||||||
Realized and unrealized gains (losses) on derivative instruments, net | 88.8 | -1,020.40 | -1,070.30 | ||||||||
Foreign currency transaction gains (losses), net | -836.5 | 349.3 | 438.4 | ||||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 205.2 | 524.1 | -10.2 | ||||||||
Losses on debt modification, extinguishment and conversion, net (note 10) | -186.2 | -212.2 | -213.8 | ||||||||
Other expense, net | -42.4 | -5.6 | -4.6 | ||||||||
Loss from continuing operations before income taxes | ($1,055.90) | ($526.50) | ($508.90) |
Segment_Reporting_Balance_Shee
Segment Reporting (Balance Sheet Data of Reportable Segments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $62,589 | $54,502.90 |
Total assets | 72,841.90 | 67,714.30 |
Continuing operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 62,589 | 53,989.30 |
Total assets | 72,841.90 | 66,962 |
Discontinued operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 0 | 513.6 |
Total assets | 0 | 752.3 |
European Operations Division U.K / Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 21,754.20 | 24,322.10 |
Total assets | 25,487.20 | 30,598.80 |
European Operations Division The Netherlands [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 17,092.70 | 2,496.50 |
Total assets | 17,387 | 2,845.30 |
European Operations Division Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 9,117.90 | 10,754.70 |
Total assets | 9,512.80 | 11,968.20 |
European Operations Division Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 4,149.50 | 4,737.40 |
Total assets | 4,828.80 | 5,909.20 |
European Operations Division Switzerland / Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 5,300.90 | 5,961.80 |
Total assets | 5,643.90 | 6,484.80 |
European Operations Division Total Western Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 57,415.20 | 48,272.50 |
Total assets | 62,859.70 | 57,806.30 |
European Operations Division Central and Eastern Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 2,459.90 | 2,898.70 |
Total assets | 2,566.40 | 3,127.40 |
European Operations Division Central and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 499.4 | 463.5 |
Total assets | 2,613.20 | 1,639.10 |
Total European Operations Division [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 60,374.50 | 51,634.70 |
Total assets | 68,039.30 | 62,572.80 |
Chile [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,017.30 | 1,139.70 |
Total assets | 1,513.20 | 1,628.90 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,197.20 | 1,214.90 |
Total assets | $3,289.40 | $2,760.30 |
Segment_Reporting_Capital_Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $3,909.20 | $3,161.60 | $2,258.60 |
Assets acquired under capital-related vendor financing arrangements | -975.3 | -573.5 | -246.5 |
Assets acquired under capital leases | -127.2 | -143 | -63.1 |
Changes in current liabilities related to capital expenditures | -122.3 | 36.4 | -80.7 |
Total capital expenditures | 2,684.40 | 2,481.50 | 1,868.30 |
European Operations Division U.K / Ireland [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 1,506.70 | 827.5 | 74.5 |
European Operations Division The Netherlands [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 268 | 242.4 | 221.8 |
European Operations Division Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 574.5 | 543.4 | 559.5 |
European Operations Division Belgium [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 448.9 | 453.7 | 440 |
European Operations Division Switzerland / Austria [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 327.2 | 306.4 | 292.8 |
European Operations Division Total Western Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 3,125.30 | 2,373.40 | 1,588.60 |
European Operations Division Central and Eastern Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 264.8 | 271.6 | 248.7 |
European Operations Division Central and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 257.9 | 256 | 144.3 |
Total European Operations Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 3,648 | 2,901 | 1,981.60 |
Chile [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 195.8 | 188.5 | 243.4 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $65.40 | $72.10 | $33.60 |
Segment_Reporting_Revenue_by_M
Segment Reporting (Revenue by Major Category) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | $4,615.20 | $4,497.20 | $4,602.20 | $4,533.70 | $4,468 | $4,276.50 | $3,057.80 | $2,671.90 | $18,248.30 | $14,474.20 | $9,930.80 |
Video [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 6,544 | 5,724.10 | 4,637.60 | ||||||||
Broadband Internet [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 4,724.60 | 3,538.70 | 2,407 | ||||||||
Fixed-line telephony [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 3,261.40 | 2,508.50 | 1,518.90 | ||||||||
Cable Subscription [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 14,530 | 11,771.30 | 8,563.50 | ||||||||
SOHO Cable Subscription [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 204.1 | 152.5 | 59.7 | ||||||||
Mobile Subscription[Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 1,085.60 | 669.9 | 131.5 | ||||||||
Mobile Interconnect [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 245 | 175.2 | 35.1 | ||||||||
Total Subscription [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 15,615.60 | 12,441.20 | 8,695 | ||||||||
Business to Business [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | 1,517.90 | 986.9 | 467.9 | ||||||||
Other [Member] | |||||||||||
Principal Transaction Revenue [Line Items] | |||||||||||
Revenue | $1,114.80 | $1,046.10 | $767.90 |
Segment_Reporting_Revenue_by_G
Segment Reporting (Revenue by Geographic Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $4,615.20 | $4,497.20 | $4,602.20 | $4,533.70 | $4,468 | $4,276.50 | $3,057.80 | $2,671.90 | $18,248.30 | $14,474.20 | $9,930.80 |
Other, including intersegment eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 45.9 | 41.8 | 45.7 | ||||||||
European Operations Division U.K. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,941.10 | 3,653.70 | 0 | ||||||||
European Operations Division Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,711.50 | 2,559.20 | 2,311 | ||||||||
European Operations Division Belgium [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,279.40 | 2,185.90 | 1,918 | ||||||||
European Operations Division Switzerland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,414.40 | 1,332.10 | 1,259.80 | ||||||||
European Operations Division The Netherlands [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,498.50 | 1,242.40 | 1,229.10 | ||||||||
European Operations Division Ireland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 468.8 | 463.7 | 426.4 | ||||||||
European Operations Division Poland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 469.9 | 460.4 | 450 | ||||||||
European Operations Division Austria [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 431.7 | 435 | 422 | ||||||||
European Operations Division Hungary [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 310.2 | 313.8 | 298.9 | ||||||||
European Operations Division Czech Republic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 221 | 248.9 | 253.4 | ||||||||
European Operations Division Romania [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 173.3 | 163.8 | 149.4 | ||||||||
European Operations Division Slovakia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 74.5 | 74.6 | 70.5 | ||||||||
European Operations Division Other Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3.5 | 10.1 | 10.5 | ||||||||
Total European Operations Division [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 16,997.80 | 13,143.60 | 8,799 | ||||||||
Chile [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 898.5 | 991.6 | 940.6 | ||||||||
Puerto Rico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $306.10 | $297.20 | $145.50 |
Segment_Reporting_LongLived_As
Segment Reporting (Long-Lived Assets by Geographic Segments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $62,589 | $54,502.90 |
Continuing operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 62,589 | 53,989.30 |
Discontinued operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 0 | 513.6 |
European Operations Division U.K. [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 21,098.30 | 23,570.60 |
European Operations Division The Netherlands [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 17,092.70 | 2,496.50 |
European Operations Division Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 9,117.90 | 10,754.70 |
European Operations Division Switzerland [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 4,218.90 | 4,745.70 |
European Operations Division Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 4,149.50 | 4,737.40 |
European Operations Division Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,082 | 1,216.10 |
European Operations Division Poland [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 983.5 | 1,178.50 |
European Operations Division Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 655.9 | 751.5 |
European Operations Division Czech Republic [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 580.4 | 679.7 |
European Operations Division Hungary [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 535.7 | 640.6 |
European Operations Division Romania [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 209.1 | 226 |
European Operations Division Slovakia [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 110.5 | 131 |
European Operations Division Other Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 540.1 | 506.4 |
Total European Operations Division [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 60,374.50 | 51,634.70 |
Puerto Rico [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,128.30 | 1,131.90 |
Chile [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,017.30 | 1,139.70 |
U.S. [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $68.90 | $83 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $4,615.20 | $4,497.20 | $4,602.20 | $4,533.70 | $4,468 | $4,276.50 | $3,057.80 | $2,671.90 | $18,248.30 | $14,474.20 | $9,930.80 |
Operating income | 273.3 | 703.7 | 669.5 | 581.7 | 517.6 | 521.2 | 445.1 | 528.2 | 2,228.20 | 2,012.10 | 1,983.10 |
Net earnings (loss) attributable to Liberty Global shareholders | ($523.40) | $157.10 | ($249.90) | ($78.80) | ($121.20) | ($830.10) | ($11.60) | ($1) | ($695) | ($963.90) | $322.80 |
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3) (in dollars per share) | ($0.62) | $0.20 | ($0.32) | ($0.10) | ($0.16) | ($1.04) | ($0.02) | $0 | ($0.87) | ($1.43) | $0.60 |
Subsequent_Events_Details
Subsequent Events (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 13, 2010 | Aug. 13, 2010 | Jan. 29, 2015 | Jan. 28, 2015 | Jan. 29, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Feb. 12, 2015 | Feb. 12, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 28, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 | Jan. 29, 2015 |
UPCB Finance II Senior Secured Notes [Member] | UPCB Finance II Senior Secured Notes [Member] | UPC Broadband Holding Bank Facility AG Debt [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Virgin Media Secured Finance [Member] | Virgin Media Secured Finance [Member] | Virgin Media Finance [Member] | Virgin Media Finance [Member] | Virgin Media Finance [Member] | Ziggo Bond Finance [Member] | Ziggo Bond Finance [Member] | Ziggo Bond Finance [Member] | Ziggo Bond Finance [Member] | Ziggo Secured Finance [Member] | Ziggo Secured Finance [Member] | |
2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM Senior Notes [Member] | 2025 VM Senior Notes [Member] | 2025 VM Dollar Senior Notes [Member] | 2025 VM Dollar Senior Notes [Member] | 2025 VM Dollar Senior Notes [Member] | 2025 VM Dollar Senior Notes [Member] | 2025 VM Euro Senior Notes [Member] | 2025 VM Euro Senior Notes [Member] | 2025 VM Euro Senior Notes [Member] | 2025 VM Euro Senior Notes [Member] | UPCB Finance II Senior Secured Notes [Member] | UPCB Finance II Senior Secured Notes [Member] | Ziggo 2025 Dollar Senior Notes [Member] | Ziggo 2025 Dollar Senior Notes [Member] | Ziggo 2025 Dollar Senior Notes [Member] | Ziggo 2025 Dollar Senior Notes [Member] | Ziggo 2025 Euro Senior Notes [Member] | Ziggo 2025 Euro Senior Notes [Member] | Ziggo 2025 Euro Senior Notes [Member] | Ziggo 2025 Euro Senior Notes [Member] | Ziggo 2025 Senior Secured Notes [Member] | Ziggo 2025 Senior Secured Notes [Member] | Ziggo 2025 Senior Secured Notes [Member] | Ziggo 2025 Senior Secured Notes [Member] | Ziggo SPE Notes [Member] | Ziggo SPE Notes [Member] | UPC Broadband Holding Bank Facility AG Debt [Member] | UPC Broadband Holding Bank Facility AG Debt [Member] | UPC Holding Senior Notes 8.375 Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | entity | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | Long-term Debt [Member] | ||||||
2020 | 2021 | 2022 | 2023 and thereafter | 2020 | 2021 | 2022 | 2023 and thereafter | 2020 | 2021 | 2022 | 2023 and thereafter | USD ($) | EUR (€) | 2020 | 2021 | 2022 | 2023 and thereafter | 2020 | 2021 | 2022 | 2023 and thereafter | 2020 | 2021 | 2022 | 2023 and thereafter | USD ($) | EUR (€) | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM 5.125% Senior Secured Notes [Member] | 2025 VM Dollar Senior Notes [Member] | 2025 VM Euro Senior Notes [Member] | 2025 VM Euro Senior Notes [Member] | Ziggo 2025 Dollar Senior Notes [Member] | Ziggo 2025 Euro Senior Notes [Member] | Ziggo 2025 Euro Senior Notes [Member] | Ziggo 2025 Senior Secured Notes [Member] | Ziggo 2025 Senior Secured Notes [Member] | ||||||||||||||||
USD ($) | GBP (£) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal amount of debt | $907,500,000 | € 750,000,000 | $774,400,000 | € 640,000,000 | $467,400,000 | £ 300,000,000 | $400,000,000 | $556,600,000 | € 460,000,000 | $400,000,000 | $484,000,000 | € 400,000,000 | $968,100,000 | € 800,000,000 | |||||||||||||||||||||||||||||||||||||||
Stated interest rate of debt | 6.38% | 6.38% | 8.38% | 8.38% | 0.00% | 5.13% | 5.13% | 5.75% | 4.50% | 4.50% | 5.88% | 4.63% | 4.63% | 3.75% | 3.75% | ||||||||||||||||||||||||||||||||||||||
Principal amount of debt redeemed | 677,600,000 | 560,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Additional basis points used to determine redemption premium | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption term | 12 months | 12 months | 12 months | ||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage allowed to be redeemed each year | 10.00% | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption price | 103.00% | 103.00% | 102.56% | 101.71% | 100.85% | 100.00% | 103.00% | 102.88% | 101.92% | 100.96% | 100.00% | 102.25% | 101.50% | 100.75% | 100.00% | 102.94% | 101.96% | 100.98% | 100.00% | 102.31% | 101.54% | 100.77% | 100.00% | 101.88% | 101.25% | 100.63% | 100.00% | ||||||||||||||||||||||||||
Mandatory redemption percentage in event that certain assets sold or specific control changed | 101.00% | 101.00% | 101.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of special purpose financing entities | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mandatory redemption price | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding principal amount | $1,877,200,000 | $827,900,000 | € 684,200,000 |
SCHEDULE_I_Parent_Company_Info1
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEETS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 07, 2013 |
In Millions, unless otherwise specified | |||||
Current assets: | |||||
Cash and cash equivalents | $1,158.50 | $2,701.90 | $2,038.90 | $1,651.20 | |
Other current assets | 335.9 | 236.9 | |||
Total current assets | 3,920.50 | 5,482.60 | |||
Total assets | 72,841.90 | 67,714.30 | |||
Current liabilities: | |||||
Accounts payable | 1,039 | 1,072.90 | |||
Accrued liabilities and other | 3,045.40 | 2,344 | |||
Total current liabilities | 9,190.30 | 7,683 | |||
Other long-term liabilities | 4,927.50 | 4,789.10 | |||
Total liabilities | 58,725.90 | 56,172.80 | |||
Commitments and contingencies | |||||
Additional paid-in capital | 17,070.80 | 12,809.40 | |||
Accumulated deficit | -4,007.60 | -3,312.60 | |||
Accumulated other comprehensive earnings, net of taxes | 1,646.60 | 2,528.80 | |||
Treasury shares, at cost | -4.2 | -7.7 | |||
Total stockholdersb equity | 14,714.50 | 12,025.80 | |||
Total liabilities and equity | 72,841.90 | 67,714.30 | |||
Liberty Global [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 36.7 | 290.7 | 0 | ||
Interest receivables b related-party | 448.7 | 247.1 | |||
Other receivables b related-party | 157.8 | 260.4 | |||
Current notes receivable b related-party | 5,666.80 | 0 | |||
Other current assets | 7.5 | 9.6 | |||
Total current assets | 6,317.50 | 807.8 | |||
Long-term notes receivable b related-party | 9,656.90 | 9,557.60 | |||
Investments in consolidated subsidiaries, including intercompany balances | 750 | 1,742.80 | |||
Other assets, net | 4.2 | 3 | |||
Total assets | 16,728.60 | 12,111.20 | |||
Current liabilities: | |||||
Accounts payable | 46.4 | 11.4 | |||
Other payables b related-party | 105.3 | 47.1 | |||
Debt b related-party | 679.2 | 0 | |||
Accrued liabilities and other | 16 | 6.7 | |||
Total current liabilities | 846.9 | 65.2 | |||
Long-term notes payable b related-party | 18.9 | 18.6 | |||
Other long-term liabilities b related-party | 1,146.60 | 0 | |||
Other long-term liabilities | 1.7 | 1.6 | |||
Total liabilities | 2,014.10 | 85.4 | |||
Commitments and contingencies | |||||
Total stockholdersb equity | 14,714.50 | 12,025.80 | |||
Total liabilities and equity | 16,728.60 | 12,111.20 | |||
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | |||||
Current liabilities: | |||||
Common stock | 2.5 | 2.2 | |||
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 10,139,184 and 10,147,184 shares, respectively | |||||
Current liabilities: | |||||
Common stock | 0.1 | 0.1 | |||
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 630,353,372 and 556,221,669 shares, respectively | |||||
Current liabilities: | |||||
Common stock | $6.30 | $5.60 |
SCHEDULE_I_Parent_Company_Info2
SCHEDULE I (Parent Company Information) (CONDENSED BALANCE SHEET (Parenthetical) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 07, 2013 |
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, issued (in shares) | 251,167,686 | 222,081,117 | |
Common stock, outstanding (in shares) | 251,167,686 | 222,081,117 | |
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 10,139,184 and 10,147,184 shares, respectively | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, issued (in shares) | 10,139,184 | 10,147,184 | |
Common stock, outstanding (in shares) | 10,139,184 | 10,147,184 | |
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 630,353,372 and 556,221,669 shares, respectively | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, issued (in shares) | 630,353,372 | 556,221,669 | |
Common stock, outstanding (in shares) | 630,353,372 | 556,221,669 | |
Liberty Global [Member] | Class A ordinary shares, $0.01 nominal value. Issued and outstanding 251,167,686 and 222,081,117 shares, respectively | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, issued (in shares) | 251,167,686 | 222,081,117 | 141,234,331 |
Common stock, outstanding (in shares) | 251,167,686 | 222,081,117 | |
Liberty Global [Member] | Class B ordinary shares, $0.01 nominal value. Issued and outstanding 10,139,184 and 10,147,184 shares, respectively | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, issued (in shares) | 10,139,184 | 10,147,184 | 10,176,295 |
Common stock, outstanding (in shares) | 10,139,184 | 10,147,184 | |
Liberty Global [Member] | Class C ordinary shares, $0.01 nominal value. Issued and outstanding 630,353,372 and 556,221,669 shares, respectively | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Common stock, issued (in shares) | 630,353,372 | 556,221,669 | 362,556,220 |
Common stock, outstanding (in shares) | 630,353,372 | 556,221,669 |
SCHEDULE_I_Parent_Company_Info3
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 7 Months Ended | 5 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 07, 2013 |
Operating costs and expenses: | |||||||||||||
Selling, general and administrative (including stock-based compensation) | $3,172.80 | $2,616.50 | $1,860.30 | ||||||||||
Depreciation and amortization | 5,500.10 | 4,276.40 | 2,661.50 | ||||||||||
Other operating charges | 6,810.40 | 5,417.70 | 3,349.70 | ||||||||||
Operating income | 273.3 | 703.7 | 669.5 | 581.7 | 517.6 | 521.2 | 445.1 | 528.2 | 2,228.20 | 2,012.10 | 1,983.10 | ||
Non-operating income (expense): | |||||||||||||
Realized and unrealized gains (losses) on derivative instruments, net (note 7) | 88.8 | -1,020.40 | -1,070.30 | ||||||||||
Foreign currency transaction gains (losses), net | -836.5 | 349.3 | 438.4 | ||||||||||
Other expense, net | -42.4 | -5.6 | -4.6 | ||||||||||
Non-operating income (expense) | -3,284.10 | -2,538.60 | -2,492 | ||||||||||
Income tax expense (benefit) | 75 | -355.5 | -75 | ||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | -523.4 | 157.1 | -249.9 | -78.8 | -121.2 | -830.1 | -11.6 | -1 | -695 | -963.9 | 322.8 | ||
Liberty Global [Member] | |||||||||||||
Operating costs and expenses: | |||||||||||||
Selling, general and administrative (including stock-based compensation) | 43 | ||||||||||||
Related-party fees and allocations | 151.8 | ||||||||||||
Other operating charges | 3.5 | ||||||||||||
Operating income | -198.3 | ||||||||||||
Non-operating income (expense): | |||||||||||||
Interest income (expense), net | 812.1 | ||||||||||||
Realized and unrealized gains (losses) on derivative instruments, net (note 7) | 13.7 | -4.5 | |||||||||||
Foreign currency transaction gains (losses), net | -58.2 | 0 | |||||||||||
Other expense, net | -8.1 | ||||||||||||
Non-operating income (expense) | 759.5 | ||||||||||||
Earnings (loss) before income taxes and equity in earnings (losses) of consolidated subsidiaries, net | 561.2 | ||||||||||||
Equity in earnings of consolidated subsidiaries, net | -1,120.80 | -1,306.30 | |||||||||||
Income tax expense (benefit) | -135.4 | ||||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | -695 | -963.9 | 322.8 | -1,012.90 | |||||||||
Liberty Global plc [Member] | |||||||||||||
Operating costs and expenses: | |||||||||||||
Selling, general and administrative (including stock-based compensation) | 98.1 | 9.7 | 43.5 | ||||||||||
Related-party fees and allocations | 54.9 | ||||||||||||
Depreciation and amortization | 0.8 | 0.3 | |||||||||||
Other operating charges | 0 | 0 | 48.1 | ||||||||||
Operating income | -98.9 | -64.6 | -91.9 | ||||||||||
Non-operating income (expense): | |||||||||||||
Interest income (expense), net | -0.1 | 468.3 | -0.7 | ||||||||||
Realized and unrealized gains (losses) on derivative instruments, net (note 7) | -4.5 | ||||||||||||
Foreign currency transaction gains (losses), net | 0 | ||||||||||||
Other expense, net | -0.5 | 0 | -0.1 | ||||||||||
Non-operating income (expense) | -0.6 | 463.8 | -0.8 | ||||||||||
Earnings (loss) before income taxes and equity in earnings (losses) of consolidated subsidiaries, net | -99.5 | 399.2 | -92.7 | ||||||||||
Equity in earnings of consolidated subsidiaries, net | 390.7 | -1,306.30 | 120 | ||||||||||
Income tax expense (benefit) | 31.6 | -105.8 | 21.7 | ||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $322.80 | ($1,012.90) | $49 |
SCHEDULE_I_Parent_Company_Info4
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF CASH FLOWS (Details) (USD $) | 12 Months Ended | 7 Months Ended | 5 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 07, 2013 |
Cash flows from operating activities: | |||||
Net earnings (loss) | ($695) | ($963.90) | $322.80 | ||
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | |||||
Share-based compensation expense | 257.2 | 300.7 | 110.1 | ||
Depreciation and amortization | 5,500.10 | 4,276.40 | 2,661.50 | ||
Realized and unrealized losses (gains) on derivative instruments, net | -88.8 | 1,020.40 | 1,070.30 | ||
Foreign currency transaction losses (gains), net | 836.5 | -349.3 | -438.4 | ||
Deferred income tax expense (benefit) | -350.6 | 18.6 | 36 | ||
Excess tax benefits from share-based compensation | -7 | -41 | -6.7 | ||
Changes in operating assets and liabilities: | |||||
Receivables and other operating assets | 860.5 | 866.7 | 785 | ||
Payables and accruals | -1,017.80 | -1,208.10 | -1,171.70 | ||
Net cash provided by (used by) operating activities | 5,603.20 | 3,931.30 | 2,919.70 | ||
Cash flows from investing activities: | |||||
Capital expenditures | -2,684.40 | -2,481.50 | -1,868.30 | ||
Other investing activities, net | -13.8 | -44.9 | 41.8 | ||
Net cash provided by (used by) investing activities | -2,803.40 | -7,965 | -1,080.90 | ||
Cash flows from financing activities: | |||||
Repurchase of Liberty Global and LGI shares | -1,584.90 | -1,157.20 | -970.3 | ||
Other financing activities, net | 0.4 | 137.6 | -139.9 | ||
Net cash provided (used) by financing activities | -4,261.30 | 4,615.90 | -1,469.80 | ||
Effect of exchange rate changes on cash | -81.9 | 85.4 | 18.7 | ||
Net increase (decrease) in cash and cash equivalents | -1,543.40 | 667.6 | 387.7 | ||
Cash and cash equivalents: | |||||
Beginning of year | 2,701.90 | 2,038.90 | 1,651.20 | 2,038.90 | |
End of year | 1,158.50 | 2,701.90 | 2,038.90 | 2,701.90 | |
Liberty Global [Member] | |||||
Cash flows from operating activities: | |||||
Net earnings (loss) | -695 | -963.9 | 322.8 | -1,012.90 | |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | |||||
Equity in earnings of consolidated subsidiaries, net | 1,120.80 | 1,306.30 | |||
Share-based compensation expense | 20.2 | 3.5 | |||
Related-party fees and allocations | 151.8 | 54.9 | |||
Other operating charges | 3.5 | 0 | |||
Realized and unrealized losses (gains) on derivative instruments, net | -13.7 | 4.5 | |||
Foreign currency transaction losses (gains), net | 58.2 | 0 | |||
Deferred income tax expense (benefit) | -3.6 | -0.4 | |||
Changes in operating assets and liabilities: | |||||
Receivables and other operating assets | 0.2 | -104.9 | |||
Payables and accruals | -65.3 | 2.6 | |||
Net cash provided by (used by) operating activities | 577.1 | 253.6 | |||
Cash flows from investing activities: | |||||
Distributions and advances from subsidiaries and affiliates, net | -368.3 | 949 | |||
Other investing activities, net | 1.8 | -11.3 | |||
Net cash provided by (used by) investing activities | -366.5 | 937.7 | |||
Cash flows from financing activities: | |||||
Repurchase of Liberty Global and LGI shares | -1,584.90 | -971.8 | |||
Borrowings of related-party debt | 1,221.50 | 0 | |||
Repayments of related-party debt | -542.3 | 0 | |||
Proceeds received from subsidiaries in connection with the issuance of Liberty Global shares | 435.1 | 0 | |||
Proceeds (payments) associated with call option contracts, net | -41.7 | 4.1 | |||
Proceeds from issuance of LGI common stock upon exercise of stock options | 54.8 | 78.1 | |||
Other financing activities, net | -6.6 | -11 | |||
Net cash provided (used) by financing activities | -464.1 | -900.6 | |||
Effect of exchange rate changes on cash | -0.5 | 0 | |||
Net increase (decrease) in cash and cash equivalents | -254 | 290.7 | |||
Cash and cash equivalents: | |||||
Beginning of year | 290.7 | 0 | |||
End of year | 36.7 | 290.7 | 290.7 | ||
Liberty Global plc [Member] | |||||
Cash flows from operating activities: | |||||
Net earnings (loss) | 322.8 | -1,012.90 | 49 | ||
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities: | |||||
Equity in earnings of consolidated subsidiaries, net | -390.7 | 1,306.30 | -120 | ||
Share-based compensation expense | 33 | 11.5 | |||
Depreciation and amortization | 0.8 | 0.3 | |||
Other operating charges | 0 | 48.1 | |||
Realized and unrealized losses (gains) on derivative instruments, net | 4.5 | ||||
Foreign currency transaction losses (gains), net | 0 | ||||
Deferred income tax expense (benefit) | 111.7 | -21.9 | |||
Excess tax benefits from share-based compensation | -2.6 | 0 | |||
Changes in operating assets and liabilities: | |||||
Receivables and other operating assets | -27.1 | -7.2 | |||
Payables and accruals | -71.4 | -23.8 | |||
Net cash provided by (used by) operating activities | -23.5 | -64 | |||
Cash flows from investing activities: | |||||
Distributions and advances from subsidiaries and affiliates, net | 855.1 | 163.1 | |||
Capital expenditures | -2 | -0.7 | |||
Net cash provided by (used by) investing activities | 853.1 | 162.4 | |||
Cash flows from financing activities: | |||||
Repurchase of Liberty Global and LGI shares | -970.3 | -185.4 | |||
Proceeds (payments) associated with call option contracts, net | -52.1 | 55.5 | |||
Proceeds from issuance of LGI common stock upon exercise of stock options | 25.6 | 2.9 | |||
Payment of net settled employee withholding taxes on share-based incentive awards | -22.1 | -13.1 | |||
Excess tax benefits from share-based compensation | 2.6 | 0 | |||
Net cash provided (used) by financing activities | -1,016.30 | -140.1 | |||
Net increase (decrease) in cash and cash equivalents | -186.7 | -41.7 | |||
Cash and cash equivalents: | |||||
Beginning of year | 69.4 | 256.1 | 27.7 | 69.4 | |
End of year | $69.40 | $69.40 | $69.40 | $27.70 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $122.60 | $103 | $144 |
Additions to costs and expenses | 119.1 | 113.3 | 66.4 |
Acquisitions | 7.9 | 12.9 | 4 |
Deductions or write-offs | -120.5 | -98.1 | -113.6 |
Foreign currency translation adjustments | -13 | 1.7 | 2.2 |
Disposals/ discontinued operations | 0 | -10.2 | 0 |
Balance at end of period | $116.10 | $122.60 | $103 |