Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information [Line Items] | ||
Entity Registrant Name | Liberty Global plc | |
Entity Central Index Key | 1,570,585 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 216,973,376 | |
Common Class B [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,102,619 | |
Common Class C [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 570,148,328 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 554.9 | $ 1,672.4 |
Trade receivables, net | 1,623.6 | 1,540.4 |
Derivative instruments (note 6) | 374.2 | 576 |
Prepaid expenses | 267.2 | 144.4 |
Current assets held for sale (note 4) | 38.4 | 34.9 |
Other current assets (notes 3 and 5) | 599.5 | 363.5 |
Total current assets | 3,457.8 | 4,331.6 |
Investments and related note receivables (including $2,288.8 million and $2,315.3 million, respectively, measured at fair value on a recurring basis) (note 5) | 6,862.2 | 6,671.4 |
Property and equipment, net (note 8) | 20,196.3 | 19,535.4 |
Goodwill (note 8) | 19,000.5 | 18,547.4 |
Deferred tax assets (note 10) | 3,266 | 3,157.2 |
Long-term assets held for sale (note 4) | 1,245.9 | 1,187.3 |
Other assets, net (notes 3, 6 and 8) | 4,282.9 | 4,166.5 |
Total assets | 58,311.6 | 57,596.8 |
Current liabilities: | ||
Accounts payable | 1,061.2 | 1,046.6 |
Deferred revenue | 1,230 | 1,048.1 |
Current portion of debt and capital lease obligations (note 9) | 4,290.7 | 4,165.4 |
Accrued capital expenditures | 609.7 | 718.9 |
Accrued interest | 370.7 | 515.2 |
Accrued income taxes | 517.2 | 472.3 |
Current liabilities held for sale (note 4) | 97.9 | 78.5 |
Other accrued and current liabilities (notes 6 and 13) | 2,211.4 | 1,920.8 |
Total current liabilities | 10,388.8 | 9,965.8 |
Long-term debt and capital lease obligations (note 9) | 38,276 | 38,049.5 |
Long-term liabilities held for sale (note 4) | 85.8 | 77.8 |
Other long-term liabilities (notes 6, 10, and 13) | 3,926.3 | 3,110.7 |
Total liabilities | 52,676.9 | 51,203.8 |
Commitments and contingencies (notes 6, 9, 10 and 15) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 10,860.5 | 11,358.6 |
Accumulated deficit | (7,084) | (6,217.6) |
Accumulated other comprehensive earnings, net of taxes | 2,248.2 | 1,656 |
Treasury shares, at cost | (0.1) | (0.1) |
Total Liberty Global shareholders | 6,032.6 | 6,805 |
Noncontrolling interests | (397.9) | (412) |
Total equity | 5,634.7 | 6,393 |
Total liabilities and equity | 58,311.6 | 57,596.8 |
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 217,547,694 and 219,668,579 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | 2.2 | 2.2 |
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 11,102,619 shares at each date | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 572,061,952 and 584,332,055 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | $ 5.7 | $ 5.8 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Investments, fair value | $ 2,288.8 | $ 2,315.3 |
Common Class A [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 217,547,694 | 219,668,579 |
Common stock, outstanding (in shares) | 217,547,694 | 219,668,579 |
Common Class B [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 11,102,619 | 11,102,619 |
Common stock, outstanding (in shares) | 11,102,619 | 11,102,619 |
Common Class C [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 572,061,952 | 584,332,055 |
Common stock, outstanding (in shares) | 572,061,952 | 584,332,055 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue (notes 3, 5 and 16) | $ 4,156.1 | $ 3,519 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||
Programming and other direct costs of services | 1,002.6 | 812 |
Other operating (note 12) | 608.5 | 520.1 |
Selling, general and administrative (SG&A) (note 12) | 691.9 | 619.7 |
Depreciation and amortization | 1,296.4 | 1,128.3 |
Impairment, restructuring and other operating items, net (note 13) | 63.6 | 11.8 |
Operating costs and expenses, Total | 3,663 | 3,091.9 |
Operating income | 493.1 | 427.1 |
Non-operating income (expense): | ||
Interest expense | (487.8) | (453.2) |
Realized and unrealized losses on derivative instruments, net (note 6) | (300.3) | (241.8) |
Foreign currency transaction gains (losses), net | (30.5) | 64.4 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 5, 7 and 9) | (57.2) | 94.4 |
Losses on debt modification and extinguishment, net (note 9) | (2.6) | (45.3) |
Share of losses of affiliates, net (note 5) | (36.5) | (15.7) |
Other income, net | 9.3 | 16 |
Non-operating income (expense), Total | (905.6) | (581.2) |
Loss from continuing operations before income taxes | (412.5) | (154.1) |
Income tax expense (note 10) | (766.1) | (102.2) |
Loss from continuing operations | (1,178.6) | (256.3) |
Loss from discontinued operations, net of taxes (note 4) | 0 | (10.9) |
Loss from continuing operations | (1,178.6) | (267.2) |
Net earnings attributable to noncontrolling interests | (7.9) | (53) |
Net loss attributable to Liberty Global shareholders | $ (1,186.5) | $ (320.2) |
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share (notes 1 and 13) (in dollars per share) | $ (1.47) | $ (0.35) |
Weighted average ordinary shares outstanding - basic and diluted (in shares) | 807,879,932 | 890,464,735 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (1,178.6) | $ (267.2) |
Other comprehensive earnings, net of taxes: | ||
Foreign currency translation adjustments | 593 | 252.9 |
Pension-related adjustments and other | (0.8) | (1.3) |
Other comprehensive earnings from continuing operations | 592.2 | 239.9 |
Comprehensive loss | (586.4) | (27.3) |
Comprehensive earnings attributable to noncontrolling interests | (7.9) | (52.5) |
Comprehensive loss attributable to Liberty Global shareholders | (594.3) | (79.8) |
Continuing Operations [Member] | ||
Other comprehensive earnings, net of taxes: | ||
Other comprehensive earnings from continuing operations | 592.2 | 251.6 |
Discontinued Operations [Member] | ||
Other comprehensive earnings, net of taxes: | ||
Other comprehensive earnings from continuing operations | $ 0 | $ (11.7) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity (unaudited) - USD ($) $ in Millions | Total | Total Liberty Global shareholders | Common stock [Member]Common Class A [Member] | Common stock [Member]Common Class B [Member] | Common stock [Member]Common Class C [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive earnings (loss), net of taxes [Member] | Treasury shares, at cost [Member] | Non-controlling interests [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting change (note 2) | $ 324.5 | $ 320.1 | $ 320.1 | $ 4.4 | ||||||
Balance at January 1, 2018, as adjusted for accounting change | 6,717.5 | 7,125.1 | $ 2.2 | $ 0.1 | $ 5.8 | $ 11,358.6 | (5,897.5) | $ 1,656 | $ (0.1) | (407.6) |
Balance at January 1, 2018, before effect of accounting change at Dec. 31, 2017 | 6,393 | 6,805 | 2.2 | 0.1 | 5.8 | 11,358.6 | (6,217.6) | 1,656 | (0.1) | (412) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net loss | (1,178.6) | (1,186.5) | (1,186.5) | 7.9 | ||||||
Other comprehensive earnings, net of taxes | 592.2 | 592.2 | 592.2 | 0 | ||||||
Repurchase and cancellation of Liberty Global ordinary shares (note 11) | (496.3) | (496.3) | (0.1) | (496.2) | ||||||
Share-based compensation (note 12) | 40.4 | 40.4 | 40.4 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (40.5) | (42.3) | (42.3) | 1.8 | ||||||
Balance at March 31, 2018 at Mar. 31, 2018 | $ 5,634.7 | $ 6,032.6 | $ 2.2 | $ 0.1 | $ 5.7 | $ 10,860.5 | $ (7,084) | $ 2,248.2 | $ (0.1) | $ (397.9) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Loss from continuing operations | $ (1,178.6) | $ (267.2) |
Loss from discontinued operations | 0 | (10.9) |
Loss from continuing operations | (1,178.6) | (256.3) |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities from continuing operations: | ||
Share-based compensation expense | 45.8 | 33.4 |
Depreciation and amortization | 1,296.4 | 1,128.3 |
Impairment, restructuring and other operating items, net | 63.6 | 11.8 |
Amortization of deferred financing costs and non-cash interest | 16.3 | 16.6 |
Realized and unrealized losses on derivative instruments, net | 300.3 | 241.8 |
Foreign currency transaction losses (gains), net | 30.5 | (64.4) |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | 57.2 | (94.4) |
Losses on debt modification and extinguishment, net | 2.6 | 45.3 |
Share of losses of affiliates, net | 36.5 | 15.7 |
Deferred income tax benefit | (42.4) | (12.6) |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions | 651.1 | (160.8) |
Net cash provided by operating activities of continuing operations | 1,279.3 | 904.4 |
Net cash provided by operating activities of discontinued operations | 0 | 75 |
Net cash provided by operating activities | 1,279.3 | 979.4 |
Cash flows from investing activities: | ||
Capital expenditures | (646) | (500.4) |
Investments in and loans to affiliates and others | (22.4) | (25.1) |
Distributions received from affiliates | 0 | 1,569.4 |
Equalization payment related to the VodafoneZiggo JV Transaction | 0 | 840.8 |
Other investing activities, net | (2.7) | 4.5 |
Net cash provided (used) by investing activities of continuing operations | (671.1) | 1,889.2 |
Net cash used by investing activities of discontinued operations | 0 | (127) |
Net cash provided (used) by investing activities | (671.1) | 1,762.2 |
Cash flows from financing activities: | ||
Repayments and repurchases of debt and capital lease obligations | (1,933.4) | (2,950.8) |
Borrowings of debt | 720.5 | 2,527.6 |
Repurchase of Liberty Global ordinary shares | (480.1) | (959.6) |
Payment of financing costs and debt premiums | (10.2) | (71.1) |
Net cash received (paid) related to derivative instruments | 9.8 | (150.5) |
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | 0 | (162.6) |
Other financing activities, net | (39) | (16.1) |
Net cash used by financing activities of continuing operations | (1,732.4) | (1,783.1) |
Net cash provided by financing activities of discontinued operations | 0 | 34.5 |
Net cash used by financing activities | (1,732.4) | (1,748.6) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash: | ||
Continuing operations | 14.1 | 22.7 |
Discontinued operations | 0 | (0.5) |
Total | 14.1 | 22.2 |
Net increase (decrease) in cash and cash equivalents and restricted cash: | ||
Continuing operations | (1,110.1) | 1,033.2 |
Discontinued operations | 0 | (18) |
Total | (1,110.1) | 1,015.2 |
Cash and cash equivalents and restricted cash — continuing operations: | ||
Beginning of period | 1,682.9 | 1,087.4 |
End of period | 572.8 | 2,120.6 |
Cash paid for interest: | ||
Continuing operations | 628.3 | 685.1 |
Discontinued operations | 0 | 168.2 |
Total | 628.3 | 853.3 |
Net cash paid for taxes: | ||
Continuing operations | 123 | 181.6 |
Discontinued operations | 0 | 34.6 |
Total | $ 123 | $ 216.2 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2018 | Mar. 31, 2017 |
Reconciliation of end of period cash and cash equivalents and restricted cash — continuing operations: | ||
Cash and cash equivalents | $ 554.9 | $ 2,109.6 |
Restricted cash included in other current assets | 15.3 | 8.6 |
Restricted cash included in other assets, net | 2.6 | 2.4 |
Total cash and cash equivalents and restricted cash | $ 572.8 | $ 2,120.6 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [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. In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. We are an international provider of video, broadband internet, fixed-line telephony, mobile and other communications services to residential customers and businesses, with consolidated operations at March 31, 2018 in 11 European countries. We provide residential and business-to-business ( B2B ) communication services in (i) the United Kingdom ( U.K. ) and Ireland through Virgin Media Inc. ( Virgin Media ), (ii) Germany through Unitymedia GmbH ( Unitymedia ), (iii) Belgium through Telenet Group Holding N.V. ( Telenet ), a 57.6% -owned subsidiary, and (iv) seven other European countries through UPC Holding B.V. and UPC Broadband Slovakia s.r.o (collectively, UPC Holding ). Virgin Media , Unitymedia and UPC Holding are each wholly-owned subsidiaries of Liberty Global . In addition, we own a 50% noncontrolling interest in the VodafoneZiggo JV (as defined in note 5 ), which provides video, broadband internet, fixed-line telephony, mobile and B2B services in the Netherlands. Prior to the completion of the Split-off Transaction (as defined and described in note 4 ), we also provided residential and B2B services in (i) 18 countries, predominantly in Latin America and the Caribbean, through Cable &Wireless Communications Limited ( C&W ), (ii) Chile through VTR.com SpA ( VTR ) and (iii) Puerto Rico through Liberty Cablevision of Puerto Rico LLC ( Liberty Puerto Rico ). C&W and VTR were wholly-owned subsidiaries, and Liberty Puerto Rico was an entity in which we held a 60.0% ownership interest. C&W also provided (a) B2B services in certain other countries in Latin America and the Caribbean and (b) wholesale services over its sub-sea and terrestrial networks that connected over 40 markets in that region. The operations of C&W , VTR , Liberty Puerto Rico and certain other entities that were associated with our businesses in Latin America and the Caribbean are collectively referred to here as the “ LiLAC Group .” As a result of the Split-off Transaction , the entities attributed to the LiLAC Group are reflected as discontinued operations in our condensed consolidated statements of operations and cash flows for the three months ended March 31, 2017 . Unless otherwise noted, the amounts presented in these notes relate only to our continuing operations. Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( U.S. GAAP ) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2017 consolidated financial statements and notes thereto included in our 2017 Annual Report on Form 10-K (our 10-K ). The preparation of financial statements in conformity with U.S. 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, certain components of revenue, programming and copyright costs, 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. Unless otherwise indicated, ownership percentages and convenience translations into United States ( U.S. ) dollars are calculated as of March 31, 2018 . |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Changes ASU 2014-09 In May 2014, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) 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 goods or services to customers. We adopted ASU 2014-09 effective January 1, 2018 by recording the cumulative effect of the adoption to our accumulated deficit. We applied the new standard to contracts that were not complete at January 1, 2018. The comparative information for the three months ended March 31, 2017 contained within these condensed consolidated financial statements and notes has not been restated and continues to be reported under the accounting standards in effect for such period. The implementation of ASU 2014-09 did not have a material impact on our consolidated financial statements. The principal impacts of ASU 2014-09 on our revenue recognition policies relate to our accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain upfront fees charged to our customers, as follows: • When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under previous accounting rules, we recognized revenue, net of discounts, during the promotional periods and did not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition for those contracts that contain substantive termination penalties is accelerated, as the impact of the discounts or free service periods is recognized uniformly over the contractual period. For contracts that do not have substantive termination penalties, we continue to record the impacts of partial or full discounts during the applicable promotional periods. • When we enter into contracts to provide services to our customers, we often charge installation or other upfront fees. Under previous accounting rules, installation fees related to services provided over our cable networks were recognized as revenue during the period in which the installation occurred to the extent these fees were equal to or less than direct selling costs. Under ASU 2014-09 , these fees are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. ASU 2014-09 also impacted our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our previous policy, these costs were expensed as incurred unless the costs were in the scope of another accounting topic that allowed for capitalization. Under ASU 2014-09 , the upfront costs associated with contracts that have substantive termination penalties and a term of one year or more are recognized as assets and amortized to operating costs and expenses over the applicable period benefited. We did not make any significant changes to our internal control environment as a result of adopting ASU 2014-09 . For additional information regarding our adoption of ASU 2014-09 , see note 3 . The cumulative effect of the adoption of ASU 2014-09 on our summary balance sheet information as of January 1, 2018 is as follows: Balance at December 31, 2017 ASU 2014-09 Adjustments Balance at January 1, 2018 in millions Assets: Trade receivables, net $ 1,540.4 (3.2 ) $ 1,537.2 Other current assets $ 363.5 177.3 $ 540.8 Investments and related note receivables (a) $ 6,671.4 191.2 $ 6,862.6 Deferred tax assets $ 3,157.2 (16.0 ) $ 3,141.2 Other assets, net $ 4,166.5 50.5 $ 4,217.0 Liabilities: Deferred revenue $ 1,048.1 32.3 $ 1,080.4 Other accrued and current liabilities $ 1,920.8 1.2 $ 1,922.0 Other long-term liabilities $ 3,110.7 41.8 $ 3,152.5 Equity: Accumulated deficit (a) $ (6,217.6 ) 320.1 $ (5,897.5 ) Noncontrolling interests $ (412.0 ) 4.4 $ (407.6 ) _______________ (a) The ASU 2014-09 adjustment amounts include the impact of our $191.2 million share of the VodafoneZiggo JV ’s adjustment to its accumulated deficit. The impact of our adoption of ASU 2014-09 on our condensed consolidated balance sheet as of March 31, 2018 was not materially different from the impacts set forth in the above January 1, 2018 summary balance sheet information. Similarly, the adoption of ASU 2014-09 did not have a material impact on our condensed consolidated statement of operations for the three months ended March 31, 2018. ASU 2017-07 In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of the Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ( ASU 2017-07 ), which changes the presentation of periodic benefit cost components. Under ASU 2017-07 , we continue to present the service component of our net benefit cost as a component of operating income but present the other components of our net benefit cost, which can include credits, within non-operating income (expense) in our consolidated statements of operations. We adopted ASU 2017-07 on January 1, 2018 on a retrospective basis, which resulted in the reclassification to other income, net, of credits within our SG&A expenses and operating expenses of $3.2 million and $0.9 million , respectively, in our condensed consolidated statement of operations for the three months ended March 31, 2017. ASU 2016-01 In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ( ASU 2016-01 ), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 primarily impacts our accounting for certain equity investments that were previously accounted for under the cost method. Under ASU 2016-01 , these investments, which do not have readily determinable fair values, are accounted for at cost minus impairment, adjusted for any observable price changes of similar investments of the same issuer. We adopted the amendments of ASU 2016-01 related to equity securities without readily determinable fair values on January 1, 2018 on a prospective basis. ASU 2016-18 In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash ( ASU 2016-18 ), which requires the change in restricted cash to be included together with the change in cash and cash equivalents in our consolidated statement of cash flows. We adopted ASU 2016-18 on January 1, 2018 on a retrospective basis. Recent Accounting Pronouncements ASU 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, will result in lessees recognizing right-of-use assets and lease liabilities on the balance sheet with additional disclosures about leasing arrangements. ASU 2016-02 requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, although the FASB has proposed an additional transition method to simplify the modified retrospective approach. The modified retrospective approach also includes a number of optional practical expedients an entity may elect to apply. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We will adopt ASU 2016-02 on January 1, 2019. Although we are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements, the main impact of the adoption of this standard will be the recognition of right-of-use assets and lease liabilities in our consolidated balance sheet for those leases classified as operating leases under current U.S. GAAP . For a summary of our undiscounted future minimum lease payments under non-cancellable operating leases as of March 31, 2018 , see note 15 |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Policies Our revenue recognition and certain other accounting polices, as revised to reflect the impacts of our adoption of ASU 2014-09 , are set forth below. 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 periods the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our cable network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell video, broadband internet, fixed-line telephony and, in most of our 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 products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the periods in which the related services are provided. Revenue from pre-pay customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. 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, generally over the longer of the term of the arrangement or the expected period of performance. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as porting costs, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. 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. Revenue is recorded net of applicable sales, use and other value-added taxes. For a disaggregation of our revenue by major category and by reportable and geographic segment, see note 16 . Contract Balances The timing of revenue recognition may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $107.4 million and $108.0 million at March 31, 2018 and January 1, 2018, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period. Our contract assets were $46.8 million and $42.0 million as of March 31, 2018 and January 1, 2018, respectively. The current- and long-term portions of our contract asset balance at March 31, 2018 are included within other current assets and other assets, net, respectively, in our condensed consolidated balance sheet. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $1,306.3 million and $1,160.6 million as of March 31, 2018 and January 1, 2018, respectively. The increase in deferred revenue for the three months ended March 31, 2018 is primarily due to increased advanced billings in certain markets, partially offset by $719.3 million of revenue recognized that was included in our deferred revenue balance at January 1, 2018. The current- and long-term portions of our deferred revenue balance at March 31, 2018 are included within deferred revenue and other long-term liabilities, respectively, in our condensed consolidated balance sheet. Contract Costs Our aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs were $186.1 million and $182.1 million at March 31, 2018 and January 1, 2018, respectively. The current and long-term portions of our assets related to contract costs at March 31, 2018 are included within other current assets and other assets, net, respectively, in our condensed consolidated balance sheet. We recorded amortization of $54.1 million during the three months ended March 31, 2018 related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 to 24 months for our residential service and mobile contracts and one to five years for our B2B |
Acquisitions, Disposals and Dis
Acquisitions, Disposals and Discontinued Operations | 3 Months Ended |
Mar. 31, 2018 | |
Acquisitions, Disposals and Discontinued Operations [Abstract] | |
Acquisitions, Disposals and Discontinued Operations | Acquisitions, Disposals and Discontinued Operations 2017 Acquisitions SFR BeLux . On June 19, 2017 , Telenet acquired Coditel Brabant sprl, operating under the SFR brand ( SFR BeLux ), for a cash and debt free purchase price of €369.0 million ( $410.3 million at the applicable rates) (the SFR BeLux Acquisition ) after post-closing adjustments. SFR BeLux provides cable services to households and businesses in Belgium (Brussels and Wallonia regions) and Luxembourg and offers mobile services in Belgium through a mobile virtual network operator ( MVNO ) agreement with Telenet Group BVBA ( BASE ). Pending Disposal On December 22, 2017, we reached an agreement to sell our Austrian operations, “ UPC Austria ,” to a third party for a total enterprise value of approximately €1.9 billion ( $2.3 billion ), subject to customary debt and working capital adjustments at completion. Closing of the transaction is subject to regulatory approval, which is not expected until the second half of 2018. The proceeds from the sale are expected to be used for general corporate purposes, which may include leverage reduction for the remaining UPC Holding borrowing group, re-investment into our business and support for our share repurchase program. In our segment presentation, UPC Austria is included in our Switzerland/Austria segment. In addition, we have agreed to provide certain transitional services for a period of up to four years . These services principally comprise network and information technology-related functions. The annual charges will depend on the actual level of services required by the purchaser. Liberty Global will also allow the use of the UPC brand for a transitional period of up to three years as part of the transaction. Effective with the signing of the agreement, we began accounting for UPC Austria as held for sale. Accordingly, we no longer depreciate or amortize the long-lived assets of UPC Austria . Long-lived assets classified as held for sale are measured at the lower of carrying amount or fair value less cost to sell. Since the aggregate carrying value of UPC Austria is less than the estimated fair value less cost to sell, no adjustment to the carrying value was necessary. The carrying amounts of UPC Austria ’s major classes of assets and liabilities, which are are classified as held for sale, are summarized below: March 31, December 31, in millions Assets: Current assets other than cash $ 33.3 $ 29.2 Property and equipment, net 494.0 451.9 Goodwill 748.5 732.2 Other assets, net 3.4 3.2 Total assets $ 1,279.2 $ 1,216.5 Liabilities: Current portion of debt and capital lease obligations $ 0.8 $ 0.8 Other accrued and current liabilities 97.1 77.7 Other long-term liabilities 85.8 77.8 Total liabilities $ 183.7 $ 156.3 Our condensed consolidated statements of operations include aggregate earnings before income taxes attributable to UPC Austria of $55.5 million and $30.2 million during the three months ended March 31, 2018 and 2017 , respectively, and aggregate earnings before income taxes attributable to Liberty Global shareholders of $53.2 million and $28.5 million , respectively. Discontinued Operations On December 29, 2017, in order to effect the split-off of the LiLAC Group (the Split-off Transaction ), we distributed 100% of the common shares (the Distribution ) of Liberty Latin America Ltd. ( Liberty Latin America ) to the holders of our then outstanding LiLAC Class A, Class B and Class C ordinary shares (collectively, the LiLAC Shares ). Just prior to the completion of the Split-off Transaction , all of the businesses, assets and liabilities of the LiLAC Group were transferred to Liberty Latin America , which was then a wholly-owned subsidiary of Liberty Global . Following the Distribution , the LiLAC Shares were redesignated as deferred shares (with virtually no economic rights) and Liberty Latin America became an independent publicly-traded company that is no longer consolidated by Liberty Global . Accordingly, the entities comprising the LiLAC Group are reflected as discontinued operations in our condensed consolidated statements of operations and cash flows for the three months ended March 31, 2017. No gain or loss was recognized in connection with the Split-off Transaction . In connection with the Split-off Transaction , we entered into several agreements that govern certain transactions and other matters between our company and Liberty Latin America (the Split-off Agreements ). During the three months ended March 31, 2018 , the impacts of the Split-off Agreements and other normal recurring transactions between our company and Liberty Latin America were not material. The operating results of the LiLAC Group for the three months ended March 31, 2017, which are classified as discontinued operations in our condensed consolidated statement of operations, are summarized in the following table (in millions, except share and per share amount). These amounts exclude the LiLAC Group ’s intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations. Revenue $ 910.9 Operating income $ 134.8 Earnings before income taxes and noncontrolling interests $ 33.7 Income tax expense $ (44.6 ) Net earnings attributable to noncontrolling interests $ (16.4 ) Loss from discontinued operations attributable to Liberty Global shareholders, net of taxes $ (27.3 ) Basic and diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC Share $ (0.16 ) Weighted average ordinary shares outstanding - basic and diluted 172,743,854 We reported a loss from discontinued operations attributable to Liberty Global shareholders during the three months ended March 31, 2017. Therefore, the potentially dilutive effect of certain share-based incentive awards with respect to LiLAC Shares was not included in the computation of diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC Share because their inclusion would have been anti-dilutive to the computation or, in the case of certain performance-based restricted share units ( PSU s ), because such awards had not yet met the applicable performance criteria. Other Multimedia . On October 18, 2016, our subsidiary UPC Polska SP Z.o.o. ( UPC Poland ) entered into a definitive agreement to acquire the cable business of Multimedia Polska S.A. ( Multimedia ), the third-largest cable operator in Poland. On October 18, 2017, the Polish regulator issued a statement of objection against the proposed transaction on the basis that such transaction could restrict competition in a number of cities across the country. On March 23, 2018, UPC Poland withdrew its application for regulatory clearance to acquire Multimedia after failing to agree to revised commercial terms with the sellers that take into account current regulatory and market conditions. In addition, the agreement to acquire Multimedia |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: Accounting Method March 31, December 31, in millions Equity (a): VodafoneZiggo JV (b) $ 4,408.0 $ 4,162.8 Other 165.4 161.8 Total — equity 4,573.4 4,324.6 Fair value: ITV plc ( ITV ) — subject to re-use rights 805.2 892.0 Sumitomo Corporation ( Sumitomo ) 768.3 776.5 ITI Neovision S.A. ( ITI Neovision ) 169.1 161.9 Casa Systems, Inc. ( Casa ) 130.1 76.3 Lions Gate Entertainment Corp ( Lionsgate ) 124.8 163.9 Other 291.3 244.7 Total — fair value 2,288.8 2,315.3 Cost (c) — 31.5 Total $ 6,862.2 $ 6,671.4 _______________ (a) At March 31, 2018 and December 31, 2017 , the aggregate carrying amounts of our equity method investments did not materially exceed our proportionate share of the respective investees’ net assets. (b) Amounts include a related-party note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $1,106.2 million and $1,081.9 million , respectively, due from a subsidiary of the VodafoneZiggo JV (as defined below) to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55% and requires €100.0 million ( $122.9 million ) of principal to be paid annually during the first three years of the agreement, with the remaining principal due on January 16, 2027. The accrued interest on the VodafoneZiggo JV Receivable will be payable in a manner mutually agreed upon by Liberty Global and the VodafoneZiggo JV . During the three months ended March 31, 2018 , interest accrued on the VodafoneZiggo JV Receivable was $15.2 million , all of which has been cash settled. (c) As a result of the January 1, 2018 adoption of ASU 2016-01 , all of our cost investments have been reclassified to fair value investments. For information regarding the impact of the adoption of ASU 2014-09 on our accumulated deficit and our investment in the VodafoneZiggo JV , see note 2 . Equity Method Investments The following table sets forth the details of our share of losses of affiliates, net: Three months ended 2018 2017 in millions VodafoneZiggo JV (a) $ 26.8 $ 1.3 Other 9.7 14.4 Total $ 36.5 $ 15.7 _______________ (a) Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable , (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VodafoneZiggo JV employees who were formerly employees of Liberty Global , as these awards remain our responsibility, and (iii) our 50% share of the remaining results of operations of the VodafoneZiggo JV . VodafoneZiggo JV . On December 31, 2016, one of our wholly-owned subsidiaries contributed VodafoneZiggo Holding B.V. and its subsidiaries ( VodafoneZiggo Holding ) to VodafoneZiggo Group Holding B.V., an entity that was formed as a 50 : 50 joint venture (the “ VodafoneZiggo JV ”) between Vodafone Group plc ( Vodafone ) and Liberty Global (the VodafoneZiggo JV Transaction ). On January 4, 2017, in connection with the completion of the VodafoneZiggo JV Transaction , we received cash of €2.2 billion ( $2.4 billion at the transaction date) comprising (i) a distribution reflecting our 50% share of the €2.8 billion ( $2.9 billion at the transaction date) of net proceeds from the various debt financing arrangements entered into by certain subsidiaries of VodafoneZiggo Holding during the third quarter of 2016 and (ii) an equalization payment from Vodafone of €802.9 million ( $840.8 million at the transaction date) that was subject to post-closing adjustments. During the second quarter of 2017, the equalization amount was finalized, resulting in the receipt of an additional €3.9 million ( $4.5 million at the transaction date) from Vodafone . During the first quarter of 2017, we paid $162.6 million of VAT on behalf of the VodafoneZiggo JV associated with the termination of a services agreement with Ziggo Group Holding B.V. that was in effect prior to the closing of the VodafoneZiggo JV Transaction . This advance was repaid during the first quarter of 2017. Pursuant to an agreement entered into in connection with the formation of the VodafoneZiggo JV (the Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV on a transitional or ongoing basis (collectively, the JV Services ). The JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV . Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the JV Services provided during the term of the Framework Agreement . During the three months ended March 31, 2018 and 2017 , we recorded revenue of $34.5 million and $ 31.5 million , respectively, related to the JV Services . In addition, at March 31, 2018 and December 31, 2017 , $65.9 million and $ 33.3 million , respectively, was due from the VodafoneZiggo JV primarily related to (a) services performed under the Framework Agreement and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VodafoneZiggo JV . Amounts due from the VodafoneZiggo JV , which are periodically cash settled, are included in other current assets in our condensed consolidated balance sheet. The VodafoneZiggo JV is experiencing significant competition. In particular, the mobile operations of the VodafoneZiggo JV continue to experience competitive pressure on pricing, characterized by aggressive promotion campaigns, heavy marketing efforts and increasing or unlimited data bundles. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required. Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations. Our share of any such impairment charges could be significant. The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended March 31, 2018 2017 in millions Revenue $ 1,195.0 $ 1,083.8 Loss before income taxes $ (104.0 ) $ (43.6 ) Net loss $ (76.7 ) $ (30.6 ) |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2018 | |
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, (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, and (iii) decreases in the market prices of certain publicly traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure primarily with respect to the U.S. dollar ( $ ), the euro ( € ), the British pound sterling ( £ ), the Swiss franc ( CHF ), the Czech koruna ( CZK ), the Hungarian forint ( HUF ), the Polish zloty ( PLN ) and the Romanian lei ( RON ). With the exception of a limited number of our foreign currency forward contracts, we 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 condensed consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2018 December 31, 2017 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets: Cross-currency and interest rate derivative contracts (b) $ 362.7 $ 1,089.9 $ 1,452.6 $ 558.5 $ 1,171.4 $ 1,729.9 Equity-related derivative instruments (c) — 705.3 705.3 — 560.9 560.9 Foreign currency forward and option contracts 11.0 — 11.0 17.0 0.1 17.1 Other 0.5 0.5 1.0 0.5 0.6 1.1 Total $ 374.2 $ 1,795.7 $ 2,169.9 $ 576.0 $ 1,733.0 $ 2,309.0 March 31, 2018 December 31, 2017 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Liabilities: Cross-currency and interest rate derivative contracts (b) $ 380.1 $ 1,967.1 $ 2,347.2 $ 239.1 $ 1,866.4 $ 2,105.5 Equity-related derivative instruments (c) 5.1 — 5.1 5.4 — 5.4 Foreign currency forward and option contracts 5.8 — 5.8 7.7 0.2 7.9 Total $ 391.0 $ 1,967.1 $ 2,358.1 $ 252.2 $ 1,866.6 $ 2,118.8 _______________ (a) Our current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other current and accrued liabilities, other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain of $47.2 million and $65.9 million during the three months ended March 31, 2018 and 2017 , respectively. These amounts are included in realized and unrealized losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7 . (c) Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar ) with respect to ITV shares held by our company, (ii) the share collar (the Sumitomo Collar ) with respect to a portion of the shares of Sumitomo held by our company and (iii) the prepaid forward transaction (the Lionsgate Forward ) with respect to 1.25 million of our voting and 1.25 million of our non-voting Lionsgate shares. The fair values of the ITV Collar , the Sumitomo Collar and the Lionsgate Forward 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 losses on derivative instruments, net, are as follows: Three months ended March 31, 2018 2017 in millions Cross-currency and interest rate derivative contracts $ (451.0 ) $ (154.3 ) Equity-related derivative instruments: ITV Collar 123.6 (53.2 ) Sumitomo Collar 11.4 (23.5 ) Lionsgate Forward 9.0 0.5 Other 1.2 (5.8 ) Total equity-related derivative instruments 145.2 (82.0 ) Foreign currency forward and option contracts 6.4 (6.0 ) Other (0.9 ) 0.5 Total $ (300.3 ) $ (241.8 ) The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of 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 following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Three months ended March 31, 2018 2017 in millions Operating activities $ 64.7 $ 92.9 Financing activities 9.8 (150.5 ) Total $ 74.5 $ (57.6 ) 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. With the exception of a limited number of instances where we have required a counterparty to post collateral, neither party has posted collateral under the derivative instruments of our subsidiary borrowing groups. At March 31, 2018 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $205.3 million . Details of our Derivative Instruments Cross-currency Derivative Contracts As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to repay or refinance such debt. Although we generally seek to match the denomination of our subsidiaries’ borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At March 31, 2018 , substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at March 31, 2018 : Borrowing group Notional amount due from counterparty Notional amount due to counterparty Weighted average remaining life in millions in years Virgin Media $ 400.0 € 339.6 4.8 $ 8,933.0 £ 5,844.3 (a) (b) 5.5 £ 2,396.1 $ 3,450.0 (a) 6.8 UPC Holding $ 2,765.0 € 2,276.7 6.5 $ 1,200.0 CHF 1,107.5 (b) 7.0 € 2,521.2 CHF 2,901.0 (b) 5.7 € 418.5 CZK 11,521.8 2.3 € 488.0 HUF 138,437.5 3.8 € 851.6 PLN 3,604.5 3.5 € 225.9 RON 650.0 3.9 Unitymedia $ 3,155.0 € 2,603.5 6.3 Telenet $ 3,195.0 € 2,834.1 (b) 7.1 _______________ (a) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At March 31, 2018 , the total U.S. dollar equivalents of the notional amount of these derivative instruments was $3.8 billion . (b) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2018 . These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. Interest Rate Swap Contracts As noted above, we enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2018 : Borrowing group pays fixed rate (a) Borrowing group receives fixed rate Borrowing group Notional amount Weighted average remaining life Notional amount Weighted average remaining life in millions in years in millions in years Virgin Media $ 19,778.6 3.9 $ 12,515.8 5.9 UPC Holding $ 5,988.0 5.3 $ 3,543.8 7.5 Unitymedia $ 8,766.1 4.1 $ 6,208.0 7.2 Telenet $ 3,880.3 5.7 $ 1,753.9 5.5 _______________ (a) Includes forward-starting derivative instruments. Interest Rate Swap Options We have entered into various interest rate swap options ( swaption s ), which give us the right, but not the obligation, to enter into certain interest rate swap contracts at set dates in the future, with each such contract having a life of no more than three years. At the transaction date, the strike rate of each of these contracts was above the corresponding market rate. The following table sets forth certain information regarding our swaption s at March 31, 2018 : Borrowing group Notional amount Underlying swap currency Weighted average option expiration period (a) Weighted average strike rate (b) in millions in years Virgin Media $ 7,445.5 £ 1.5 2.45% $ 878.4 € 1.2 1.98% UPC Holding $ 1,376.6 CHF 0.8 1.22% Unitymedia $ 4,372.2 € 1.6 1.93% ______________ (a) Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts. (b) Represents the weighted average interest rate that we would pay if we exercised our option to enter into the interest rate swap contracts. Basis Swaps Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table se ts forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at March 31, 2018 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media $ 4,661.5 0.7 UPC Holding $ 1,975.0 0.8 Unitymedia $ 1,705.0 0.6 Telenet (a) $ 1,600.0 0.8 _______________ (a) Includes forward-starting derivative instruments. Interest Rate Caps and Collars We enter into interest rate cap and collar agreements that lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. At March 31, 2018 , the total U.S. dollar equivalents of the notional amounts of our interest rate caps and collars were $175.2 million and $697.5 million , respectively. Impact of Derivative Instruments on Borrowing Costs The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows: Increase (decrease) to borrowing costs at March 31, 2018 (a) Virgin Media (0.21 )% UPC Holding 0.15 % Unitymedia (0.62 )% Telenet (0.33 )% Total decrease to borrowing costs (0.27 )% _______________ (a) Represents the effect of derivative instruments in effect at March 31, 2018 and does not include forward-starting derivative instruments or swaption s. Foreign Currency Forwards and Options Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of March 31, 2018 , the total U.S. dollar equivalents of the notional amount of foreign currency forward and option contracts was $1.2 billion |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use the fair value method to account for (i) certain of our investments, (ii) our derivative instruments, (iii) certain instruments that we classify as debt and (iv) the borrowed shares of Sumitomo pursuant to a securities lending arrangement (the Sumitomo Share Loan ). The reported fair values of these investments and instruments as of March 31, 2018 likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. U.S. 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 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 credit risk valuation adjustments with respect to our cross-currency and interest rate swaps are quantified and further explained in note 6 . Fair value measurements are also used in connection with nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. The nonrecurring valuations associated with acquisition accounting primarily include the valuation of reporting units, customer relationship and other intangible assets and property and equipment. Unless a reporting unit has a readily determinable fair value, the valuation of 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 relationship, 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. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During the three months ended March 31, 2018 and 2017 , we did not perform significant nonrecurring fair value measurements. For additional information concerning our fair value measurements, see note 8 to the consolidated financial statements included in our 10-K . A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at March 31, 2018 using: Description March 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,452.6 $ — $ 1,443.8 $ 8.8 Equity-related derivative instruments 705.3 — — 705.3 Foreign currency forward and option contracts 11.0 — 11.0 — Other 1.0 — 1.0 — Total derivative instruments 2,169.9 — 1,455.8 714.1 Investments 2,288.8 1,828.4 — 460.4 Total assets $ 4,458.7 $ 1,828.4 $ 1,455.8 $ 1,174.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,347.2 $ — $ 2,343.9 $ 3.3 Equity-related derivative instruments 5.1 — — 5.1 Foreign currency forward and option contracts 5.8 — 5.8 — Total derivative liabilities 2,358.1 — 2,349.7 8.4 Debt 949.6 615.1 334.5 — Total liabilities $ 3,307.7 $ 615.1 $ 2,684.2 $ 8.4 Fair value measurements at December 31, 2017 using: Description December 31, 2017 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,729.9 $ — $ 1,722.2 $ 7.7 Equity-related derivative instruments 560.9 — — 560.9 Foreign currency forward and option contracts 17.1 — 17.1 — Other 1.1 — 1.1 — Total derivative instruments 2,309.0 — 1,740.4 568.6 Investments 2,315.3 1,908.7 — 406.6 Total assets $ 4,624.3 $ 1,908.7 $ 1,740.4 $ 975.2 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,105.5 $ — $ 2,102.3 $ 3.2 Equity-related derivative instruments 5.4 — — 5.4 Foreign currency forward and option contracts 7.9 — 7.9 — Total derivative instruments 2,118.8 — 2,110.2 8.6 Debt 965.7 621.7 344.0 — Total liabilities $ 3,084.5 $ 621.7 $ 2,454.2 $ 8.6 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 Cross-currency and interest rate derivative contracts Equity-related derivative instruments Total in millions Balance of net assets at January 1, 2018 $ 406.6 $ 4.5 $ 555.5 $ 966.6 Gains included in net loss (a): Realized and unrealized gains on derivative instruments, net — 1.0 145.2 146.2 Realized and unrealized gains due to changes in fair values of certain investments and debt, net 3.0 — — 3.0 Additions 14.7 — — 14.7 Impact of ASU 2016-01 31.9 — — 31.9 Foreign currency translation adjustments and other, net 4.2 — (0.5 ) 3.7 Balance of net assets at March 31, 2018 $ 460.4 $ 5.5 $ 700.2 $ 1,166.1 _______________ (a) Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2018 |
Long-lived Assets
Long-lived Assets | 3 Months Ended |
Mar. 31, 2018 | |
Long-lived Assets [Abstract] | |
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: March 31, December 31, in millions Distribution systems $ 26,482.9 $ 25,202.2 Customer premises equipment 5,930.3 5,617.7 Support equipment, buildings and land 5,759.4 5,415.1 Total property and equipment, gross 38,172.6 36,235.0 Accumulated depreciation (17,976.3 ) (16,699.6 ) Total property and equipment, net $ 20,196.3 $ 19,535.4 During the three months ended March 31, 2018 and 2017 , we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $743.4 million and $614.4 million , respectively, which exclude related VAT of $107.1 million and $97.7 million , respectively, that was also financed by our vendors under these arrangements. In addition, during the three months ended March 31, 2018 and 2017 , we recorded non-cash increases to our property and equipment related to assets acquired under capital leases of $29.5 million and $31.4 million , respectively. Goodwill Changes in the carrying amount of our goodwill during the three months ended March 31, 2018 are set forth below: January 1, 2018 Acquisitions and related adjustments Foreign currency translation adjustments March 31, in millions U.K./Ireland $ 8,134.1 $ — $ 292.2 $ 8,426.3 Belgium 2,681.7 (50.0 ) 55.0 2,686.7 Germany 3,434.5 — 77.0 3,511.5 Switzerland/Austria 2,931.3 — 50.5 2,981.8 Central and Eastern Europe 1,353.5 2.1 26.3 1,381.9 Central and Corporate 12.3 — — 12.3 Total $ 18,547.4 $ (47.9 ) $ 501.0 $ 19,000.5 If among other factors, (i) our equity values were to decline 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. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization, which are included in other assets, net, in our condensed consolidated balance sheets, are set forth below: March 31, 2018 December 31, 2017 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 5,095.0 $ (3,512.8 ) $ 1,582.2 $ 4,862.4 $ (3,240.3 ) $ 1,622.1 Other 555.3 (249.7 ) 305.6 542.7 (229.4 ) 313.3 Total $ 5,650.3 $ (3,762.5 ) $ 1,887.8 $ 5,405.1 $ (3,469.7 ) $ 1,935.4 |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 3 Months Ended |
Mar. 31, 2018 | |
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 debt are as follows: March 31, 2018 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Estimated fair value (c) Borrowing currency U.S. $ equivalent March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 in millions VM Notes 5.54 % — $ — $ 9,891.3 $ 9,987.4 $ 9,750.9 $ 9,565.7 VM Credit Facilities 4.19 % (d) 946.2 4,889.0 4,681.5 4,869.2 4,676.2 Unitymedia Notes 4.73 % — — 5,892.3 5,773.3 5,555.2 5,465.2 Unitymedia Credit Facilities 3.55 % € 500.0 614.6 2,718.7 2,698.4 2,719.0 2,696.8 UPCB SPE Notes 4.49 % — — 2,580.9 2,638.8 2,614.9 2,582.6 UPC Holding Bank Facility 3.91 % € 990.1 1,216.9 2,596.8 2,576.4 2,589.6 2,576.1 UPC Holding Senior Notes 4.55 % — — 1,242.2 1,272.5 1,330.5 1,313.4 Telenet Credit Facility 3.65 % (e) 846.9 2,211.3 2,188.9 2,197.2 2,177.6 Telenet Senior Secured Notes 4.65 % — — 1,677.3 1,724.4 1,737.5 1,721.3 Telenet SPE Notes 5.52 % — — 960.2 1,014.4 893.6 937.7 Vendor financing (f) 3.74 % — — 3,768.1 4,039.7 3,768.1 4,039.7 ITV Collar Loan 0.71 % — — 1,484.6 1,445.8 1,517.1 1,463.8 Sumitomo Share Loan (g) 0.95 % — — 615.1 621.7 615.1 621.7 Derivative-related debt instruments (h) 3.38 % — — 604.4 612.4 585.6 592.5 Sumitomo Collar Loan 1.88 % — — 179.4 170.3 178.9 169.1 Other (i) 5.70 % — — 404.7 413.4 410.7 418.2 Total debt before deferred financing costs, discounts and premiums 4.35 % $ 3,624.6 $ 41,716.3 $ 41,859.3 $ 41,333.1 $ 41,017.6 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and capital lease obligations: March 31, 2018 December 31, 2017 in millions Total debt before deferred financing costs, discounts and premiums $ 41,333.1 $ 41,017.6 Deferred financing costs, discounts and premiums, net (216.7 ) (223.2 ) Total carrying amount of debt 41,116.4 40,794.4 Capital lease obligations (j) 1,450.3 1,420.5 Total debt and capital lease obligations 42,566.7 42,214.9 Current maturities of debt and capital lease obligations (4,290.7 ) (4,165.4 ) Long-term debt and capital lease obligations $ 38,276.0 $ 38,049.5 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2018 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 derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.20% at March 31, 2018 . For information regarding our derivative instruments, see note 6 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2018 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2018 , based on the applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and based on the applicable leverage-based restricted payment tests, there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders. Upon completion of the relevant March 31, 2018 compliance reporting requirements, we expect that the full amount of unused borrowing capacity will continue to be available and that there will be no restrictions with respect to loans or distributions. (c) The estimated fair values of our debt instruments are generally 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 regarding fair value hierarchies, see note 7 . (d) Unused borrowing capacity under the VM Credit Facilities relates to multi-currency revolving facilities with an aggregate maximum borrowing capacity equivalent to £675.0 million ( $946.2 million ). In February 2018, the VM Revolving Facility was amended and split into two revolving facilities. VM Revolving Facility A is a multi-currency revolving facility maturing on December 31, 2021 with a maximum borrowing capacity equivalent to £75.0 million ( $105.2 million ), and VM Revolving Facility B is a multi-currency revolving facility maturing on January 15, 2024 with a maximum borrowing capacity equivalent to £600.0 million ( $841.0 million ). All other terms from the previously existing VM Revolving Facility continue to apply to the new revolving facilities. (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $491.6 million ) under Telenet Facility AG, (ii) $300.0 million under the Telenet Facility AL Add-on , as defined and described below, (iii) €25.0 million ( $30.7 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $24.6 million ) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2018 . (f) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include 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 condensed consolidated statements of cash flows. (g) The Sumitomo Share Loan is carried at fair value. For information regarding fair value hierarchies, see note 7 . (h) Represents amounts associated with certain derivative-related borrowing instruments, including $334.5 million and $344.0 million at March 31, 2018 and December 31, 2017 , respectively, carried at fair value. These instruments mature at various dates through January 2025. For information regarding fair value hierarchies, see note 7 . (i) Amounts include $158.4 million and $160.9 million at March 31, 2018 and December 31, 2017 , respectively, of debt collateralized by certain trade receivables of Virgin Media . (j) The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: March 31, 2018 December 31, 2017 in millions Unitymedia $ 733.6 $ 722.4 Telenet 476.2 456.1 UPC Holding 95.4 95.7 Virgin Media 81.3 79.1 Other subsidiaries 63.8 67.2 Total $ 1,450.3 $ 1,420.5 Refinancing Transactions - General Information At March 31, 2018 , most of our outstanding debt had been incurred by one of our four subsidiary “borrowing groups.” References to these borrowing groups, which comprise Virgin Media , Unitymedia , UPC Holding and Telenet , include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of any financing transactions completed during the first three months of 2018 . Unless otherwise noted, the terms and conditions of any new notes and/or credit facilities are largely consistent with those of existing notes and credit facilities of the corresponding borrowing group with regard to covenants, events of default and change of control provisions, among other items. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 10 to the consolidated financial statements included in our 10-K . Telenet Refinancing Transactions In March 2018, Telenet used existing cash to prepay 10% of the original principal amount of Telenet Funded Facility AB, together with accrued and unpaid interest and the related prepayment premiums, which was owed to Telenet Finance VI and, in turn, Telenet Finance VI used such proceeds to redeem 10% of the original principal amount of the Telenet Finance VI Notes. In connection with this transaction, Telenet recognized a loss on debt modification and extinguishment, net, of $2.6 million related to (i) the payment of $2.0 million of redemption premiums and (ii) the write-off of $0.6 million of unamortized deferred financing costs and discounts. In March 2018, commitments under Telenet Facility AL were increased by $300.0 million (the Telenet Facility AL Add-on ). The terms of the Telenet Facility AL Add-on are consistent with those of Telenet Facility AL . In April 2018, Telenet drew the full $300.0 million of the Telenet Facility AL Add-on and used the net proceeds, together with existing cash, to prepay in full the €250.0 million ( $307.3 million ) outstanding principal amount under Telenet Facility V , together with accrued and unpaid interest and the related prepayment premiums, which was owed to Telenet Finance V and, in turn, Telenet Finance V used such proceeds to redeem in full the €250.0 million outstanding principal amount of the Telenet Finance V Notes. Maturities of Debt and Capital Lease Obligations Maturities of our debt and capital lease obligations as of March 31, 2018 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts presented below represent U.S. dollar equivalents based on March 31, 2018 exchange rates: Debt: Virgin Media Unitymedia UPC Telenet (b) Other Total in millions Year ending December 31: 2018 (remainder of year) $ 2,320.0 $ 389.2 $ 542.0 $ 710.4 $ 197.8 $ 4,159.4 2019 133.8 57.6 79.4 47.2 42.2 360.2 2020 92.6 3.7 20.3 13.9 215.9 346.4 2021 1,402.6 3.6 20.0 12.3 1,657.1 3,095.6 2022 407.8 3.4 15.3 12.6 338.5 777.6 2023 979.6 515.1 9.9 12.8 — 1,517.4 Thereafter 11,960.2 7,973.0 6,534.9 4,608.4 — 31,076.5 Total debt maturities 17,296.6 8,945.6 7,221.8 5,417.6 2,451.5 41,333.1 Deferred financing costs, discounts and premiums, net (61.6 ) (50.7 ) (52.4 ) (24.5 ) (27.5 ) (216.7 ) Total debt $ 17,235.0 $ 8,894.9 $ 7,169.4 $ 5,393.1 $ 2,424.0 $ 41,116.4 Current portion $ 2,325.7 $ 445.2 $ 616.8 $ 736.7 $ 25.8 $ 4,150.2 Noncurrent portion $ 14,909.3 $ 8,449.7 $ 6,552.6 $ 4,656.4 $ 2,398.2 $ 36,966.2 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global . (b) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global . Capital lease obligations: Unitymedia Telenet UPC Virgin Media Other Total in millions Year ending December 31: 2018 (remainder of year) $ 69.7 $ 70.0 $ 12.8 $ 14.7 $ 18.4 $ 185.6 2019 92.3 75.8 17.5 11.5 16.9 214.0 2020 92.0 71.6 17.7 8.3 10.6 200.2 2021 91.7 68.1 18.6 8.6 5.2 192.2 2022 91.3 69.1 14.7 10.2 3.0 188.3 2023 90.1 57.9 12.6 6.0 18.2 184.8 Thereafter 620.7 220.5 21.8 183.6 — 1,046.6 Total principal and interest payments 1,147.8 633.0 115.7 242.9 72.3 2,211.7 Amounts representing interest (414.2 ) (156.8 ) (20.3 ) (161.6 ) (8.5 ) (761.4 ) Present value of net minimum lease payments $ 733.6 $ 476.2 $ 95.4 $ 81.3 $ 63.8 $ 1,450.3 Current portion $ 37.7 $ 58.8 $ 11.5 $ 13.5 $ 19.0 $ 140.5 Noncurrent portion $ 695.9 $ 417.4 $ 83.9 $ 67.8 $ 44.8 $ 1,309.8 Non-cash Refinancing Transactions During the three months ended March 31, 2017 , certain of our refinancing transactions included non-cash borrowings and repayments of debt aggregating $2,800.5 million |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Accrued Income Taxes [Abstract] | |
Income Taxes | Income Taxes Income tax 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: Three months ended March 31, 2018 2017 in millions Computed “expected” tax benefit (a) $ 78.4 $ 29.7 Mandatory Repatriation Tax (b) (1,210.5 ) — Change in valuation allowances (b) (c): Benefit 553.4 12.1 Expense (35.3 ) (68.0 ) Non-deductible or non-taxable foreign currency exchange results (c): Expense (83.0 ) (29.1 ) Benefit 2.3 1.2 Non-deductible or non-taxable interest and other items (c): Expense (39.7 ) (55.7 ) Benefit 13.1 8.7 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (c): Expense (29.9 ) (14.0 ) Benefit 3.7 0.4 International rate differences (c) (d): Expense (21.1 ) (17.3 ) Benefit 6.9 25.3 Recognition of previously unrecognized tax benefits 4.2 — Other, net (8.6 ) 4.5 Total income tax expense $ (766.1 ) $ (102.2 ) _______________ (a) The statutory or “expected” tax rates are U.K. rates of 19.0% for the 2018 period and 19.25% for the 2017 period. The statutory rate for the 2017 period represents the blended rate in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that was in effect for the first quarter of 2017 and the 19.0% statutory rate that was in effect for the remainder of 2017. (b) As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due primarily to the expected use of carryforward tax attributes in the U.S., all of which were subject to valuation allowances prior to the recognition of the Mandatory Repatriation Tax during the first quarter of 2018. (c) Country jurisdictions giving rise to income tax benefits are grouped together and shown separately from country jurisdictions giving rise to income tax expenses. (d) Amounts reflect adjustments (either a benefit or an expense) to the “expected” tax benefit for statutory rates in jurisdictions in which we operate outside of the U.K. The Tax Cuts and Jobs Act (the 2017 U.S. Tax Act ) was signed into law on December 22, 2017. In addition to lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, the 2017 U.S. Tax Act contains significant changes to the U.S. income tax regime, including (i) changes to the formation and use of net operating losses incurred after December 31, 2017, (ii) changes to the income tax deductibility of certain business expenses, including interest expense and compensation paid to certain executive officers, (iii) the imposition of taxes on a one-time deemed mandatory repatriation of earnings and profits of foreign corporations (the Mandatory Repatriation Tax ) and (iv) a new tax on global intangible low-taxed income. The Mandatory Repatriation Tax requires that the aggregate post-1986 earnings and profits of our foreign corporations be included in our U.S. taxable income. The one-time repatriation of undistributed foreign earnings and profits is then taxed at a rate of 15.5% for cash earnings and 8% for non-cash earnings, both as defined in the 2017 U.S. Tax Act , and is payable, interest free, over an eight year period according to a prescribed payment schedule with 45% of the tax due in the last two years. At March 31, 2018 , we have recorded an estimate of our liability for the Mandatory Repatriation Tax of $417.9 million after considering the expected use of carryforward tax attributes and other filing positions. As the calculations and application of the tax laws underlying the Mandatory Repatriation Tax are complex and given we are continuing to evaluate various historical transactions and analyze substantial information that supports our ownership structure and the operating history of our foreign subsidiaries, our estimate is subject to change during the remaining quarters of 2018. At March 31, 2018 , our unrecognized tax benefits of $790.5 million included $573.7 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 the next 12 months, it is reasonably possible that the resolution of ongoing examinations by tax authorities, as well as the expiration of statutes of limitation, could result in reductions to our unrecognized tax benefits related to tax positions taken as of March 31, 2018 . The amount of any such reductions could range up to $125.0 million , all of which would have a positive impact on our effective tax rate. 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 the next 12 months. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during the next 12 months. We are currently undergoing income tax audits in Belgium, Germany, the Netherlands and the U.S. 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. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Equity | Equity During the three months ended March 31, 2018 , we repurchased (i) 2,258,800 shares of our class A ordinary shares at an average price per share of $32.44 and (ii) 12,551,500 shares of our class C ordinary shares at an average price per share of $33.70 , for an aggregate purchase price of $496.3 million , including direct acquisition costs. At March 31, 2018 , the remaining amount authorized for share repurchases was $1,571.5 million |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Three months ended 2018 2017 in millions Liberty Global: Performance-based incentive awards (a) $ 9.7 $ 3.8 Non-performance based share-based incentive awards 24.5 25.5 Other (b) 7.1 — Total Liberty Global 41.3 29.3 Telenet share-based incentive awards 4.3 4.0 Other 0.2 0.1 Total $ 45.8 $ 33.4 Included in: Other operating expense $ 1.0 $ 0.9 SG&A expense 44.8 32.5 Total $ 45.8 $ 33.4 _______________ (a) Includes share-based compensation expense related to (i) PSU s and (ii) through March 31, 2017, performance grant units ( PGUs ) held by our Chief Executive Officer. (b) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares will be issued to senior management and key employees pursuant to a shareholding incentive program that was implemented in 2018. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash. The following table provides the aggregate number of options and share appreciation rights ( SAR s ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2018 . Class A Class C Number of shares underlying awards Weighted Average exercise or base price Number of shares underlying awards Weighted Average exercise or base price Held by Liberty Global employees: Outstanding 13,646,355 $ 32.42 33,039,573 $ 30.17 Exercisable 9,288,574 $ 30.98 23,002,488 $ 28.68 Held by former Liberty Global employees: Outstanding 1,119,188 $ 31.69 2,694,366 $ 29.41 Exercisable 883,260 $ 30.57 2,221,060 $ 28.28 The following table provides the aggregate number of restricted share units ( RSU s ) and PSU s that were outstanding as of March 31, 2018 : Class A Class C Held by Liberty Global employees: RSUs 441,526 867,216 PSUs 2,288,455 4,582,600 Held by former Liberty Global employees: RSUs 14,914 29,898 PSUs 136,617 273,591 2018 PSUs In March 2018, the compensation committee of our board of directors approved the grant of 1,303,776 PSU s to executive officers and key employees (the 2018 PSUs ) pursuant to a performance plan that is based on the achievement of a specified compound annual growth rate ( CAGR ) with respect to our Adjusted OIBDA (as defined in note 16 ) during the two -year period ending December 31, 2019. The 2018 PSUs include over- and under-performance payout opportunities should the Adjusted OIBDA CAGR exceed or fail to meet the target, as applicable. A performance range of 50% to 125% of the target Adjusted OIBDA CAGR will generally result in award recipients earning 50% to 150% of their target 2018 PSUs , subject to reduction or forfeiture based on individual performance. The earned 2018 PSUs will vest 50% on April 1, 2020 and 50% |
Restructuring Liability
Restructuring Liability | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability | Restructuring Liability A summary of changes in our restructuring liabilities during the three months ended March 31, 2018 is set forth in the table below: Employee severance and termination Office closures Contract termination and other Total in millions Restructuring liability as of January 1, 2018 $ 36.1 $ 9.5 $ 16.4 $ 62.0 Restructuring charges 16.4 0.7 41.2 58.3 Cash paid (20.4 ) (1.4 ) (11.6 ) (33.4 ) Foreign currency translation adjustments and other 0.3 0.3 0.2 0.8 Restructuring liability as of March, 31, 2018 $ 32.4 $ 9.1 $ 46.2 $ 87.7 Current portion $ 30.7 $ 4.7 $ 34.6 $ 70.0 Noncurrent portion 1.7 4.4 11.6 17.7 Total $ 32.4 $ 9.1 $ 46.2 $ 87.7 Our restructuring charges during the three months ended March 31, 2018 included $39.2 million of costs in Belgium attributable to the migration of Telenet ’s mobile subscribers from an MVNO arrangement to Telenet’s mobile network. In March 2018, Telenet completed the migration and recorded the costs associated with meeting its minimum guarantee commitment under the MVNO agreement as a restructuring charge. The MVNO |
Earnings or Loss per Share
Earnings or Loss per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings or Loss per Share | Earnings or Loss per Share Basic earnings or loss per share ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares (e.g., options, SAR s, RSU s and PSU s) as if they had been exercised, vested or converted at the beginning of the periods presented. We reported losses attributable to Liberty Global shareholders for the three months ended March 31, 2018 and 2017 . Therefore, the potentially dilutive effect at March 31, 2018 and 2017 of the following items 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 PSU s, because such awards had not yet met the applicable performance criteria: (i) the aggregate number of outstanding options, SAR s and RSU s of approximately 51.9 million and 48.7 million , respectively, and (ii) the aggregate number of PSU s of approximately 7.3 million and 7.9 million |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 commitments, network and connectivity commitments, purchases of customer premises and other equipment and services, non-cancellable operating leases and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2018 . The commitments included in this table do not reflect liabilities that are included in our March 31, 2018 condensed consolidated balance sheet. Payments due during: Remainder 2019 2020 2021 2022 2023 Thereafter Total in millions Programming commitments $ 903.7 $ 908.0 $ 543.7 $ 251.4 $ 49.0 $ 15.6 $ 49.4 $ 2,720.8 Network and connectivity commitments 640.7 396.4 319.1 281.1 86.4 66.7 914.9 2,705.3 Purchase commitments 927.2 263.4 178.1 50.4 22.0 18.5 41.6 1,501.2 Operating leases 125.0 122.9 100.0 76.5 61.9 51.9 180.3 718.5 Other commitments 20.7 13.5 3.1 0.5 0.3 0.1 — 38.2 Total $ 2,617.3 $ 1,704.2 $ 1,144.0 $ 659.9 $ 219.6 $ 152.8 $ 1,186.2 $ 7,684.0 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 as 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 sports services. 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. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect that this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $508.2 million and $438.6 million during the three months ended March 31, 2018 and 2017 , respectively. 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) service commitments associated with our network extension projects, primarily in the U.K. Telenet ’s commitments for certain operating costs are 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 above 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 and legally binding obligations related to (i) the purchase of customer premises and other equipment and (ii) certain service-related commitments, including call center, information technology and maintenance services. 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 the three months ended March 31, 2018 and 2017 , see note 6 . 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. Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) 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 four associations of municipalities in Belgium, which we refer to as the pure intercommunales or 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 , Proximus NV/SA ( Proximus ), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus 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 Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008 . Proximus 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 Proximus ’s request for the rescission of the agreement-in-principle and the 2008 PICs Agreement . On June 12, 2009 , Proximus appealed this judgment with the Court of Appeal of Antwerp. In this appeal, Proximus is now also seeking compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (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 . In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ( $1.7 billion ). In December 2017, the Court of Appeals of Antwerp issued a judgment rejecting Proximus’ claims. Proximus has the right to appeal the Court of Appeals of Antwerp’s judgment with the Belgian Supreme Court , however Proximus has not done so to date. 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 responsible for damages in excess of €20.0 million ( $24.6 million ). 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. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable. Telekom Deutschland Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH ( Telekom Deutschland ), in which Unitymedia asserts that it pays excessive prices for the co-use of Telekom Deutschland ’s cable ducts in Unitymedia ’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Telekom Deutschland in March 2011. Based in part on these approved rates, Unitymedia is seeking a reduction of the annual lease fees (approximately €76 million ( $93 million ) for 2017) by approximately two-thirds and the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action. Unitymedia has appealed this decision, however, the resolution of this matter may take several years and no assurance can be given that Unitymedia ’s claims will be successful. Any recovery by Unitymedia will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached. Belgium Regulatory Developments. In 2011, the Belgisch Instituut voor Post en Telecommunicatie and the regional regulators for the media sectors (together, the Belgium Regulatory Authorities ) found Telenet to have significant market power in the broadcasting market (the 2011 Decision ). The 2011 Decision imposed on Telenet an obligation to provide third-party operators, at specified tariff rates, with (i) a resale offer of an analog television package, (ii) access to digital television platforms and (iii) a resale offer of broadband internet access in combination with the digital television access obligation. We refer to the tariff portion of the 2011 Decision as the “ Retail Minus Rules ”. On November 12, 2014, the 2011 Decision was upheld by the Court of Appeal, and the Court of Appeal also accepted Proximus ’ claim that Proximus should be allowed access to the digital television platforms of other operators, including Telenet , for the purpose of reselling bundles of digital video and broadband internet services. On November 30, 2015, Telenet filed an appeal of the Court of Appeal’s ruling with the Belgian Supreme Court . As required by the 2011 Decision , Telenet has implemented the access obligations at the rates specified by the Retail Minus Rules , and on March 1, 2016, Orange Belgium NV launched a commercial offer combining a cable television package with broadband internet access for certain of their mobile customers. On October 2, 2017, in a separate action, the Court of Appeal annulled the Retail Minus Rules , but maintained the effects of the Retail Minus Rules until April 30, 2018. Accordingly, as of May 1, 2018, the tariff rates for Telenet ’s resale obligations will be unregulated until a new decision from the Belgium Regulatory Authorities is adopted. On July 7, 2017, the Belgium Regulatory Authorities published a draft market review decision (the 2017 Draft Decision ) that, once adopted, will replace the 2011 Decision . The 2017 Draft Decision proposed a finding of significant market power of Telenet in the wholesale broadband market. Proposed obligations include (i) providing third-party operators with access to the digital television platform (including basic digital video and analog video) and (ii) making available to third-party operators a bitstream offer of broadband internet access (including fixed voice as an option). The 2017 Draft Decision was notified to the European Commission on April 27, 2018. The European Commission must review the 2017 Draft Decision within one month of its notification, which timeframe can be extended by another two months if the European Commission determines that the 2017 Draft Decision creates a barrier to the European single market or is incompatible with European Union ( E.U. ) law. Telenet considers the 2017 Draft Decision to be inconsistent with the principle of technology-neutral regulation and the European Single Market Strategy to stimulate further investments in broadband networks. The 2011 Decision and the 2017 Draft Decision aim to, and in their 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 afforded to Telenet ’s network, the rates that Telenet receives for such access and other competitive factors or market developments. Virgin Media VAT Matters. Virgin Media ’s application of 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 £47 million ( $66 million ) as of March 31, 2018 . 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 timing of the court’s decision is uncertain. 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 we offer to our fixed-line telephony customers. This change, which took effect on May 1, 2014, impacted our company and some of our competitors. The U.K. tax authority issued a decision in the fourth quarter of 2015 challenging our application of the prompt payment discount rules prior to the May 1, 2014 change in legislation. We have appealed this decision. As part of the appeal process, we were required to make aggregate payments of £67.0 million ( $99.1 million at the respective transaction dates), which included the challenged amount of £63.7 million and related interest of £3.3 million . The aggregate amount paid does not include penalties, which could be significant in the unlikely event that penalties were to be assessed. This matter will likely be subject to court proceedings that could delay the ultimate resolution for an extended period of time. No portion of this potential exposure has been accrued by our company as the likelihood of loss is not considered to be probable. Ziggo Acquisition Matter. In July 2015, KPN N.V. appealed the European Commission ’s 2014 approval of the acquisition by Liberty Global of Ziggo Holding B.V. ( Ziggo ). We were not a party to that case. In October 2017, the E.U. General Court annulled the European Commission ’s approval on procedural grounds in that it found that the European Commission had failed to adequately explain the reasons for elements of its decision. This annulment has no impact on the day-to-day operations of the VodafoneZiggo JV . We are in the process of renotifying our acquisition of Ziggo to the European Commission for a new merger clearance and expect to complete this process during 2018. The 2014 merger clearance was based on certain remedies, and our expectation is that these remedies will continue. However, there can be no assurance that other remedies will not be required as a result of the renotification and any such additional remedies may have an operational impact for the VodafoneZiggo JV . Other Regulatory Issues. Video distribution, broadband internet, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates 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 E.U. 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. Effective April 1, 2017, the rateable value of our existing network and other assets in the U.K. increased significantly. This increase affects the amount we pay for network infrastructure charges as the annual amount payable to the U.K. government is calculated by applying a percentage multiplier to the rateable value of assets. This change, together with a similar change in Ireland, has and will continue to significantly increase our network infrastructure charges. We expect the full year 2018 impact of this increase will be approximately £20 million ( $27 million ), as compared to 2017, and the impact will build to an aggregate increase of up to £110 million ( $154 million ) in 2021, as compared to the 12 months ended March 31, 2017. We continue to believe that these increases are excessive and retain the right of appeal should more favorable agreements be reached with other operators. The rateable value of network and other assets constructed under our network extension program in the U.K. remains subject to review by the U.K. government. 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 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our revenue, Adjusted OIBDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted OIBDA represents 10% or more of our total assets, revenue or Adjusted OIBDA , respectively. 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 Adjusted OIBDA . In addition, we review non-financial measures such as subscriber growth, as appropriate. Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and 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, Adjusted OIBDA is defined as operating income before depreciation and amortization, share-based compensation, 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 Adjusted OIBDA is a meaningful measure 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. A reconciliation of total segment Adjusted OIBDA to our earnings (loss) from continuing operations before income taxes is presented below. As of March 31, 2018 , our reportable segments are as follows: Consolidated: • U.K./Ireland • Belgium • Germany • Switzerland/Austria • Central and Eastern Europe Nonconsolidated: • VodafoneZiggo JV All of the reportable segments set forth above derive their revenue primarily from residential and B2B communications services, including video, broadband internet, fixed-line telephony and mobile services. At March 31, 2018 , we provided residential and B2B communications services in 11 European countries, including direct-to-home satellite ( DTH ) services to customers in the Czech Republic, Hungary, Romania and Slovakia through a Luxembourg-based organization that we refer to as “ UPC DTH .” In addition to UPC DTH , our Central and Eastern Europe segment includes our broadband communications operations in the Czech Republic, Hungary, Poland, Romania and Slovakia. Our central and corporate functions are included in an operating segment that we refer to as “ Central and Corporate ,” which primarily includes (i) revenue earned from services provided to the VodafoneZiggo JV and Liberty Latin America and (ii) costs associated with certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions. Performance Measures of Our Reportable Segments The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted OIBDA . As we have the ability to control Telenet , we consolidate 100% of Telenet ’s revenue and expenses in our condensed consolidated statements of operations despite the fact that third parties own a significant interest. The noncontrolling owners’ interests in the operating results of Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV , we present 100% of its revenue and Adjusted OIBDA in the tables below. Our share of the VodafoneZiggo JV 's operating results is included in share of losses of affiliates, net, in our condensed consolidated statements of operations. Revenue Three months ended 2018 2017 in millions U.K./Ireland $ 1,778.2 $ 1,504.4 Belgium 759.6 661.4 Germany 782.8 629.1 Switzerland/Austria 454.6 423.7 Central and Eastern Europe 330.8 271.3 Central and Corporate 51.7 32.8 Intersegment eliminations (1.6 ) (3.7 ) Total $ 4,156.1 $ 3,519.0 VodafoneZiggo JV $ 1,195.0 $ 1,083.8 Adjusted OIBDA Three months ended 2018 2017 in millions U.K./Ireland $ 762.6 — $ 646.0 Belgium 357.6 — 297.9 Germany 492.1 — 383.2 Switzerland/Austria 243.5 — 253.1 Central and Eastern Europe 139.1 — 111.0 Central and Corporate (96.0 ) — (90.6 ) Total $ 1,898.9 $ 1,600.6 VodafoneZiggo JV $ 516.6 $ 459.4 The following table provides a reconciliation of our consolidated segment Adjusted OIBDA from continuing operations to loss from continuing operations before income taxes: Three months ended 2018 2017 in millions Total segment Adjusted OIBDA from continuing operations $ 1,898.9 $ 1,600.6 Share-based compensation expense (45.8 ) (33.4 ) Depreciation and amortization (1,296.4 ) (1,128.3 ) Impairment, restructuring and other operating items, net (63.6 ) (11.8 ) Operating income 493.1 427.1 Interest expense (487.8 ) (453.2 ) Realized and unrealized losses on derivative instruments, net (300.3 ) (241.8 ) Foreign currency transaction gains (losses), net (30.5 ) 64.4 Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (57.2 ) 94.4 Losses on debt modification and extinguishment, net (2.6 ) (45.3 ) Share of losses of affiliates, net (36.5 ) (15.7 ) Other income, net 9.3 16.0 Loss from continuing operations before income taxes $ (412.5 ) $ (154.1 ) 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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 8 . Three months ended 2018 2017 in millions U.K./Ireland $ 559.2 $ 409.1 Belgium 185.2 124.7 Germany 197.2 144.8 Switzerland/Austria 84.8 67.2 Central and Eastern Europe 76.5 72.0 Central and Corporate (a) 148.5 66.6 Total property and equipment additions 1,251.4 884.4 Assets acquired under capital-related vendor financing arrangements (743.4 ) (614.4 ) Assets acquired under capital leases (29.5 ) (31.4 ) Changes in current liabilities related to capital expenditures 167.5 261.8 Total capital expenditures $ 646.0 $ 500.4 Property and equipment additions - VodafoneZiggo JV $ 239.8 $ 227.9 _______________ (a) Includes amounts that represent the net impact of changes in inventory levels associated with certain centrally-procured network equipment. This equipment is ultimately transferred to our operating subsidiaries. Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below. Effective April 1, 2017, we changed the categories that we present in this table in order to align with our internal reporting. These changes have been retroactively reflected for the three months ended March 31, 2017. Three months ended 2018 2017 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Video $ 1,198.5 $ 1,054.4 Broadband internet 1,138.8 944.6 Fixed-line telephony 579.8 525.7 Total subscription revenue 2,917.1 2,524.7 Non-subscription revenue 169.2 125.2 Total residential cable revenue 3,086.3 2,649.9 Residential mobile revenue (c): Subscription revenue (b) 254.0 244.2 Non-subscription revenue 181.5 136.4 Total residential mobile revenue 435.5 380.6 Total residential revenue 3,521.8 3,030.5 B2B revenue (d): Subscription revenue 148.5 105.4 Non-subscription revenue 422.9 334.1 Total B2B revenue 571.4 439.5 Other revenue (e) 62.9 49.0 Total $ 4,156.1 $ 3,519.0 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. As described in note 2 , we adopted ASU 2014-09 on January 1, 2018 using the cumulative effect transition method. For periods subsequent to our adoption of ASU 2014-09 , installation revenue is generally deferred and recognized over the contractual period as residential cable subscription revenue. For periods prior to the adoption of ASU 2014-09 , installation revenue is included in residential cable non-subscription revenue. (b) Residential 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. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded 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. B2B non-subscription revenue includes business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators. (e) Other revenue includes, among other items, revenue earned from services provided to the VodafoneZiggo JV and, during the 2018 period, Liberty Latin America . Geographic Segments The revenue of our geographic segments is set forth below: Three months ended 2018 2017 in millions U.K. $ 1,644.4 $ 1,400.4 Germany 782.8 629.1 Belgium 759.6 661.4 Switzerland 344.9 331.2 Ireland 133.8 104.0 Poland 116.0 95.9 Austria 109.7 92.5 Hungary 85.1 71.9 The Czech Republic 60.4 44.9 Romania 50.3 42.0 Slovakia 16.5 14.3 Other, including intersegment eliminations 52.6 31.4 Total $ 4,156.1 $ 3,519.0 VodafoneZiggo JV (the Netherlands) $ 1,195.0 $ 1,083.8 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Subsequent Event[s]</font></div></div> |
Accounting Changes and Recent26
Accounting Changes and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes ASU 2014-09 In May 2014, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) 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 goods or services to customers. We adopted ASU 2014-09 effective January 1, 2018 by recording the cumulative effect of the adoption to our accumulated deficit. We applied the new standard to contracts that were not complete at January 1, 2018. The comparative information for the three months ended March 31, 2017 contained within these condensed consolidated financial statements and notes has not been restated and continues to be reported under the accounting standards in effect for such period. The implementation of ASU 2014-09 did not have a material impact on our consolidated financial statements. The principal impacts of ASU 2014-09 on our revenue recognition policies relate to our accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain upfront fees charged to our customers, as follows: • When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under previous accounting rules, we recognized revenue, net of discounts, during the promotional periods and did not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition for those contracts that contain substantive termination penalties is accelerated, as the impact of the discounts or free service periods is recognized uniformly over the contractual period. For contracts that do not have substantive termination penalties, we continue to record the impacts of partial or full discounts during the applicable promotional periods. • When we enter into contracts to provide services to our customers, we often charge installation or other upfront fees. Under previous accounting rules, installation fees related to services provided over our cable networks were recognized as revenue during the period in which the installation occurred to the extent these fees were equal to or less than direct selling costs. Under ASU 2014-09 , these fees are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. ASU 2014-09 also impacted our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our previous policy, these costs were expensed as incurred unless the costs were in the scope of another accounting topic that allowed for capitalization. Under ASU 2014-09 , the upfront costs associated with contracts that have substantive termination penalties and a term of one year or more are recognized as assets and amortized to operating costs and expenses over the applicable period benefited. We did not make any significant changes to our internal control environment as a result of adopting ASU 2014-09 . For additional information regarding our adoption of ASU 2014-09 , see note 3 . The cumulative effect of the adoption of ASU 2014-09 on our summary balance sheet information as of January 1, 2018 is as follows: Balance at December 31, 2017 ASU 2014-09 Adjustments Balance at January 1, 2018 in millions Assets: Trade receivables, net $ 1,540.4 (3.2 ) $ 1,537.2 Other current assets $ 363.5 177.3 $ 540.8 Investments and related note receivables (a) $ 6,671.4 191.2 $ 6,862.6 Deferred tax assets $ 3,157.2 (16.0 ) $ 3,141.2 Other assets, net $ 4,166.5 50.5 $ 4,217.0 Liabilities: Deferred revenue $ 1,048.1 32.3 $ 1,080.4 Other accrued and current liabilities $ 1,920.8 1.2 $ 1,922.0 Other long-term liabilities $ 3,110.7 41.8 $ 3,152.5 Equity: Accumulated deficit (a) $ (6,217.6 ) 320.1 $ (5,897.5 ) Noncontrolling interests $ (412.0 ) 4.4 $ (407.6 ) _______________ (a) The ASU 2014-09 adjustment amounts include the impact of our $191.2 million share of the VodafoneZiggo JV ’s adjustment to its accumulated deficit. The impact of our adoption of ASU 2014-09 on our condensed consolidated balance sheet as of March 31, 2018 was not materially different from the impacts set forth in the above January 1, 2018 summary balance sheet information. Similarly, the adoption of ASU 2014-09 did not have a material impact on our condensed consolidated statement of operations for the three months ended March 31, 2018. ASU 2017-07 In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of the Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ( ASU 2017-07 ), which changes the presentation of periodic benefit cost components. Under ASU 2017-07 , we continue to present the service component of our net benefit cost as a component of operating income but present the other components of our net benefit cost, which can include credits, within non-operating income (expense) in our consolidated statements of operations. We adopted ASU 2017-07 on January 1, 2018 on a retrospective basis, which resulted in the reclassification to other income, net, of credits within our SG&A expenses and operating expenses of $3.2 million and $0.9 million , respectively, in our condensed consolidated statement of operations for the three months ended March 31, 2017. ASU 2016-01 In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ( ASU 2016-01 ), which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 primarily impacts our accounting for certain equity investments that were previously accounted for under the cost method. Under ASU 2016-01 , these investments, which do not have readily determinable fair values, are accounted for at cost minus impairment, adjusted for any observable price changes of similar investments of the same issuer. We adopted the amendments of ASU 2016-01 related to equity securities without readily determinable fair values on January 1, 2018 on a prospective basis. ASU 2016-18 In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash ( ASU 2016-18 ), which requires the change in restricted cash to be included together with the change in cash and cash equivalents in our consolidated statement of cash flows. We adopted ASU 2016-18 on January 1, 2018 on a retrospective basis. Recent Accounting Pronouncements ASU 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, will result in lessees recognizing right-of-use assets and lease liabilities on the balance sheet with additional disclosures about leasing arrangements. ASU 2016-02 requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach, although the FASB has proposed an additional transition method to simplify the modified retrospective approach. The modified retrospective approach also includes a number of optional practical expedients an entity may elect to apply. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We will adopt ASU 2016-02 on January 1, 2019. Although we are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements, the main impact of the adoption of this standard will be the recognition of right-of-use assets and lease liabilities in our consolidated balance sheet for those leases classified as operating leases under current U.S. GAAP . For a summary of our undiscounted future minimum lease payments under non-cancellable operating leases as of March 31, 2018 , see note 15 . We currently do not expect ASU 2016-02 to have a significant impact on our consolidated statements of operations or cash flows. |
Revenue Recognition and Related Costs | Policies Our revenue recognition and certain other accounting polices, as revised to reflect the impacts of our adoption of ASU 2014-09 , are set forth below. 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 periods the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our cable network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell video, broadband internet, fixed-line telephony and, in most of our 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 products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the periods in which the related services are provided. Revenue from pre-pay customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. 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, generally over the longer of the term of the arrangement or the expected period of performance. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as porting costs, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. 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. Revenue is recorded net of applicable sales, use and other value-added taxes. For a disaggregation of our revenue by major category and by reportable and geographic segment, see note 16 . Contract Balances The timing of revenue recognition may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $107.4 million and $108.0 million at March 31, 2018 and January 1, 2018, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period. Our contract assets were $46.8 million and $42.0 million as of March 31, 2018 and January 1, 2018, respectively. The current- and long-term portions of our contract asset balance at March 31, 2018 are included within other current assets and other assets, net, respectively, in our condensed consolidated balance sheet. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $1,306.3 million and $1,160.6 million as of March 31, 2018 and January 1, 2018, respectively. The increase in deferred revenue for the three months ended March 31, 2018 is primarily due to increased advanced billings in certain markets, partially offset by $719.3 million of revenue recognized that was included in our deferred revenue balance at January 1, 2018. The current- and long-term portions of our deferred revenue balance at March 31, 2018 are included within deferred revenue and other long-term liabilities, respectively, in our condensed consolidated balance sheet. Contract Costs Our aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs were $186.1 million and $182.1 million at March 31, 2018 and January 1, 2018, respectively. The current and long-term portions of our assets related to contract costs at March 31, 2018 are included within other current assets and other assets, net, respectively, in our condensed consolidated balance sheet. We recorded amortization of $54.1 million during the three months ended March 31, 2018 related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 to 24 months for our residential service and mobile contracts and one to five years for our B2B |
Accounting Changes and Recent27
Accounting Changes and Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the adoption of ASU 2014-09 on our summary balance sheet information as of January 1, 2018 is as follows: Balance at December 31, 2017 ASU 2014-09 Adjustments Balance at January 1, 2018 in millions Assets: Trade receivables, net $ 1,540.4 (3.2 ) $ 1,537.2 Other current assets $ 363.5 177.3 $ 540.8 Investments and related note receivables (a) $ 6,671.4 191.2 $ 6,862.6 Deferred tax assets $ 3,157.2 (16.0 ) $ 3,141.2 Other assets, net $ 4,166.5 50.5 $ 4,217.0 Liabilities: Deferred revenue $ 1,048.1 32.3 $ 1,080.4 Other accrued and current liabilities $ 1,920.8 1.2 $ 1,922.0 Other long-term liabilities $ 3,110.7 41.8 $ 3,152.5 Equity: Accumulated deficit (a) $ (6,217.6 ) 320.1 $ (5,897.5 ) Noncontrolling interests $ (412.0 ) 4.4 $ (407.6 ) _______________ (a) The ASU 2014-09 adjustment amounts include the impact of our $191.2 million share of the VodafoneZiggo JV |
Acquisitions, Disposals and D28
Acquisitions, Disposals and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Acquisitions, Disposals and Discontinued Operations [Abstract] | |
Schedule of summarized financial position and operating results, disposal group and discontinued operations | These amounts exclude the LiLAC Group ’s intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations. Revenue $ 910.9 Operating income $ 134.8 Earnings before income taxes and noncontrolling interests $ 33.7 Income tax expense $ (44.6 ) Net earnings attributable to noncontrolling interests $ (16.4 ) Loss from discontinued operations attributable to Liberty Global shareholders, net of taxes $ (27.3 ) Basic and diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC Share $ (0.16 ) Weighted average ordinary shares outstanding - basic and diluted 172,743,854 UPC Austria ’s major classes of assets and liabilities, which are are classified as held for sale, are summarized below: March 31, December 31, in millions Assets: Current assets other than cash $ 33.3 $ 29.2 Property and equipment, net 494.0 451.9 Goodwill 748.5 732.2 Other assets, net 3.4 3.2 Total assets $ 1,279.2 $ 1,216.5 Liabilities: Current portion of debt and capital lease obligations $ 0.8 $ 0.8 Other accrued and current liabilities 97.1 77.7 Other long-term liabilities 85.8 77.8 Total liabilities $ 183.7 $ 156.3 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: Accounting Method March 31, December 31, in millions Equity (a): VodafoneZiggo JV (b) $ 4,408.0 $ 4,162.8 Other 165.4 161.8 Total — equity 4,573.4 4,324.6 Fair value: ITV plc ( ITV ) — subject to re-use rights 805.2 892.0 Sumitomo Corporation ( Sumitomo ) 768.3 776.5 ITI Neovision S.A. ( ITI Neovision ) 169.1 161.9 Casa Systems, Inc. ( Casa ) 130.1 76.3 Lions Gate Entertainment Corp ( Lionsgate ) 124.8 163.9 Other 291.3 244.7 Total — fair value 2,288.8 2,315.3 Cost (c) — 31.5 Total $ 6,862.2 $ 6,671.4 _______________ (a) At March 31, 2018 and December 31, 2017 , the aggregate carrying amounts of our equity method investments did not materially exceed our proportionate share of the respective investees’ net assets. (b) Amounts include a related-party note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $1,106.2 million and $1,081.9 million , respectively, due from a subsidiary of the VodafoneZiggo JV (as defined below) to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55% and requires €100.0 million ( $122.9 million ) of principal to be paid annually during the first three years of the agreement, with the remaining principal due on January 16, 2027. The accrued interest on the VodafoneZiggo JV Receivable will be payable in a manner mutually agreed upon by Liberty Global and the VodafoneZiggo JV . During the three months ended March 31, 2018 , interest accrued on the VodafoneZiggo JV Receivable was $15.2 million , all of which has been cash settled. (c) As a result of the January 1, 2018 adoption of ASU 2016-01 |
Equity Method Investments | The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended March 31, 2018 2017 in millions Revenue $ 1,195.0 $ 1,083.8 Loss before income taxes $ (104.0 ) $ (43.6 ) Net loss $ (76.7 ) $ (30.6 ) Three months ended 2018 2017 in millions VodafoneZiggo JV (a) $ 26.8 $ 1.3 Other 9.7 14.4 Total $ 36.5 $ 15.7 _______________ (a) Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable , (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VodafoneZiggo JV employees who were formerly employees of Liberty Global , as these awards remain our responsibility, and (iii) our 50% share of the remaining results of operations of the VodafoneZiggo JV |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2018 December 31, 2017 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets: Cross-currency and interest rate derivative contracts (b) $ 362.7 $ 1,089.9 $ 1,452.6 $ 558.5 $ 1,171.4 $ 1,729.9 Equity-related derivative instruments (c) — 705.3 705.3 — 560.9 560.9 Foreign currency forward and option contracts 11.0 — 11.0 17.0 0.1 17.1 Other 0.5 0.5 1.0 0.5 0.6 1.1 Total $ 374.2 $ 1,795.7 $ 2,169.9 $ 576.0 $ 1,733.0 $ 2,309.0 March 31, 2018 December 31, 2017 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Liabilities: Cross-currency and interest rate derivative contracts (b) $ 380.1 $ 1,967.1 $ 2,347.2 $ 239.1 $ 1,866.4 $ 2,105.5 Equity-related derivative instruments (c) 5.1 — 5.1 5.4 — 5.4 Foreign currency forward and option contracts 5.8 — 5.8 7.7 0.2 7.9 Total $ 391.0 $ 1,967.1 $ 2,358.1 $ 252.2 $ 1,866.6 $ 2,118.8 _______________ (a) Our current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other current and accrued liabilities, other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain of $47.2 million and $65.9 million during the three months ended March 31, 2018 and 2017 , respectively. These amounts are included in realized and unrealized losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7 . (c) Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar ) with respect to ITV shares held by our company, (ii) the share collar (the Sumitomo Collar ) with respect to a portion of the shares of Sumitomo held by our company and (iii) the prepaid forward transaction (the Lionsgate Forward ) with respect to 1.25 million of our voting and 1.25 million of our non-voting Lionsgate shares. The fair values of the ITV Collar , the Sumitomo Collar and the Lionsgate Forward |
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized losses on derivative instruments, net, are as follows: Three months ended March 31, 2018 2017 in millions Cross-currency and interest rate derivative contracts $ (451.0 ) $ (154.3 ) Equity-related derivative instruments: ITV Collar 123.6 (53.2 ) Sumitomo Collar 11.4 (23.5 ) Lionsgate Forward 9.0 0.5 Other 1.2 (5.8 ) Total equity-related derivative instruments 145.2 (82.0 ) Foreign currency forward and option contracts 6.4 (6.0 ) Other (0.9 ) 0.5 Total $ (300.3 ) $ (241.8 ) |
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 condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of 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 following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Three months ended March 31, 2018 2017 in millions Operating activities $ 64.7 $ 92.9 Financing activities 9.8 (150.5 ) Total $ 74.5 $ (57.6 ) |
Schedule of Derivative Instruments | The following table sets forth certain information regarding our swaption s at March 31, 2018 : Borrowing group Notional amount Underlying swap currency Weighted average option expiration period (a) Weighted average strike rate (b) in millions in years Virgin Media $ 7,445.5 £ 1.5 2.45% $ 878.4 € 1.2 1.98% UPC Holding $ 1,376.6 CHF 0.8 1.22% Unitymedia $ 4,372.2 € 1.6 1.93% ______________ (a) Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts. (b) March 31, 2018 : Borrowing group Notional amount due from counterparty Notional amount due to counterparty Weighted average remaining life in millions in years Virgin Media $ 400.0 € 339.6 4.8 $ 8,933.0 £ 5,844.3 (a) (b) 5.5 £ 2,396.1 $ 3,450.0 (a) 6.8 UPC Holding $ 2,765.0 € 2,276.7 6.5 $ 1,200.0 CHF 1,107.5 (b) 7.0 € 2,521.2 CHF 2,901.0 (b) 5.7 € 418.5 CZK 11,521.8 2.3 € 488.0 HUF 138,437.5 3.8 € 851.6 PLN 3,604.5 3.5 € 225.9 RON 650.0 3.9 Unitymedia $ 3,155.0 € 2,603.5 6.3 Telenet $ 3,195.0 € 2,834.1 (b) 7.1 _______________ (a) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At March 31, 2018 , the total U.S. dollar equivalents of the notional amount of these derivative instruments was $3.8 billion . (b) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2018 Increase (decrease) to borrowing costs at March 31, 2018 (a) Virgin Media (0.21 )% UPC Holding 0.15 % Unitymedia (0.62 )% Telenet (0.33 )% Total decrease to borrowing costs (0.27 )% _______________ (a) Represents the effect of derivative instruments in effect at March 31, 2018 and does not include forward-starting derivative instruments or swaption U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2018 : Borrowing group pays fixed rate (a) Borrowing group receives fixed rate Borrowing group Notional amount Weighted average remaining life Notional amount Weighted average remaining life in millions in years in millions in years Virgin Media $ 19,778.6 3.9 $ 12,515.8 5.9 UPC Holding $ 5,988.0 5.3 $ 3,543.8 7.5 Unitymedia $ 8,766.1 4.1 $ 6,208.0 7.2 Telenet $ 3,880.3 5.7 $ 1,753.9 5.5 _______________ (a) ts forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at March 31, 2018 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media $ 4,661.5 0.7 UPC Holding $ 1,975.0 0.8 Unitymedia $ 1,705.0 0.6 Telenet (a) $ 1,600.0 0.8 _______________ (a) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 using: Description March 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,452.6 $ — $ 1,443.8 $ 8.8 Equity-related derivative instruments 705.3 — — 705.3 Foreign currency forward and option contracts 11.0 — 11.0 — Other 1.0 — 1.0 — Total derivative instruments 2,169.9 — 1,455.8 714.1 Investments 2,288.8 1,828.4 — 460.4 Total assets $ 4,458.7 $ 1,828.4 $ 1,455.8 $ 1,174.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,347.2 $ — $ 2,343.9 $ 3.3 Equity-related derivative instruments 5.1 — — 5.1 Foreign currency forward and option contracts 5.8 — 5.8 — Total derivative liabilities 2,358.1 — 2,349.7 8.4 Debt 949.6 615.1 334.5 — Total liabilities $ 3,307.7 $ 615.1 $ 2,684.2 $ 8.4 Fair value measurements at December 31, 2017 using: Description December 31, 2017 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,729.9 $ — $ 1,722.2 $ 7.7 Equity-related derivative instruments 560.9 — — 560.9 Foreign currency forward and option contracts 17.1 — 17.1 — Other 1.1 — 1.1 — Total derivative instruments 2,309.0 — 1,740.4 568.6 Investments 2,315.3 1,908.7 — 406.6 Total assets $ 4,624.3 $ 1,908.7 $ 1,740.4 $ 975.2 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,105.5 $ — $ 2,102.3 $ 3.2 Equity-related derivative instruments 5.4 — — 5.4 Foreign currency forward and option contracts 7.9 — 7.9 — Total derivative instruments 2,118.8 — 2,110.2 8.6 Debt 965.7 621.7 344.0 — Total liabilities $ 3,084.5 $ 621.7 $ 2,454.2 $ 8.6 |
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 Cross-currency and interest rate derivative contracts Equity-related derivative instruments Total in millions Balance of net assets at January 1, 2018 $ 406.6 $ 4.5 $ 555.5 $ 966.6 Gains included in net loss (a): Realized and unrealized gains on derivative instruments, net — 1.0 145.2 146.2 Realized and unrealized gains due to changes in fair values of certain investments and debt, net 3.0 — — 3.0 Additions 14.7 — — 14.7 Impact of ASU 2016-01 31.9 — — 31.9 Foreign currency translation adjustments and other, net 4.2 — (0.5 ) 3.7 Balance of net assets at March 31, 2018 $ 460.4 $ 5.5 $ 700.2 $ 1,166.1 _______________ (a) Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2018 |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Long-lived Assets [Abstract] | |
Schedule of PP&E | The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems $ 26,482.9 $ 25,202.2 Customer premises equipment 5,930.3 5,617.7 Support equipment, buildings and land 5,759.4 5,415.1 Total property and equipment, gross 38,172.6 36,235.0 Accumulated depreciation (17,976.3 ) (16,699.6 ) Total property and equipment, net $ 20,196.3 $ 19,535.4 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during the three months ended March 31, 2018 are set forth below: January 1, 2018 Acquisitions and related adjustments Foreign currency translation adjustments March 31, in millions U.K./Ireland $ 8,134.1 $ — $ 292.2 $ 8,426.3 Belgium 2,681.7 (50.0 ) 55.0 2,686.7 Germany 3,434.5 — 77.0 3,511.5 Switzerland/Austria 2,931.3 — 50.5 2,981.8 Central and Eastern Europe 1,353.5 2.1 26.3 1,381.9 Central and Corporate 12.3 — — 12.3 Total $ 18,547.4 $ (47.9 ) $ 501.0 $ 19,000.5 |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization, which are included in other assets, net, in our condensed consolidated balance sheets, are set forth below: March 31, 2018 December 31, 2017 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 5,095.0 $ (3,512.8 ) $ 1,582.2 $ 4,862.4 $ (3,240.3 ) $ 1,622.1 Other 555.3 (249.7 ) 305.6 542.7 (229.4 ) 313.3 Total $ 5,650.3 $ (3,762.5 ) $ 1,887.8 $ 5,405.1 $ (3,469.7 ) $ 1,935.4 |
Debt and Capital Lease Obliga33
Debt and Capital Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt and Capital Lease Obligations [Abstract] | |
Schedule of debt | The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2018 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Estimated fair value (c) Borrowing currency U.S. $ equivalent March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 in millions VM Notes 5.54 % — $ — $ 9,891.3 $ 9,987.4 $ 9,750.9 $ 9,565.7 VM Credit Facilities 4.19 % (d) 946.2 4,889.0 4,681.5 4,869.2 4,676.2 Unitymedia Notes 4.73 % — — 5,892.3 5,773.3 5,555.2 5,465.2 Unitymedia Credit Facilities 3.55 % € 500.0 614.6 2,718.7 2,698.4 2,719.0 2,696.8 UPCB SPE Notes 4.49 % — — 2,580.9 2,638.8 2,614.9 2,582.6 UPC Holding Bank Facility 3.91 % € 990.1 1,216.9 2,596.8 2,576.4 2,589.6 2,576.1 UPC Holding Senior Notes 4.55 % — — 1,242.2 1,272.5 1,330.5 1,313.4 Telenet Credit Facility 3.65 % (e) 846.9 2,211.3 2,188.9 2,197.2 2,177.6 Telenet Senior Secured Notes 4.65 % — — 1,677.3 1,724.4 1,737.5 1,721.3 Telenet SPE Notes 5.52 % — — 960.2 1,014.4 893.6 937.7 Vendor financing (f) 3.74 % — — 3,768.1 4,039.7 3,768.1 4,039.7 ITV Collar Loan 0.71 % — — 1,484.6 1,445.8 1,517.1 1,463.8 Sumitomo Share Loan (g) 0.95 % — — 615.1 621.7 615.1 621.7 Derivative-related debt instruments (h) 3.38 % — — 604.4 612.4 585.6 592.5 Sumitomo Collar Loan 1.88 % — — 179.4 170.3 178.9 169.1 Other (i) 5.70 % — — 404.7 413.4 410.7 418.2 Total debt before deferred financing costs, discounts and premiums 4.35 % $ 3,624.6 $ 41,716.3 $ 41,859.3 $ 41,333.1 $ 41,017.6 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and capital lease obligations: March 31, 2018 December 31, 2017 in millions Total debt before deferred financing costs, discounts and premiums $ 41,333.1 $ 41,017.6 Deferred financing costs, discounts and premiums, net (216.7 ) (223.2 ) Total carrying amount of debt 41,116.4 40,794.4 Capital lease obligations (j) 1,450.3 1,420.5 Total debt and capital lease obligations 42,566.7 42,214.9 Current maturities of debt and capital lease obligations (4,290.7 ) (4,165.4 ) Long-term debt and capital lease obligations $ 38,276.0 $ 38,049.5 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2018 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 derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.20% at March 31, 2018 . For information regarding our derivative instruments, see note 6 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2018 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2018 , based on the applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and based on the applicable leverage-based restricted payment tests, there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders. Upon completion of the relevant March 31, 2018 compliance reporting requirements, we expect that the full amount of unused borrowing capacity will continue to be available and that there will be no restrictions with respect to loans or distributions. (c) The estimated fair values of our debt instruments are generally 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 regarding fair value hierarchies, see note 7 . (d) Unused borrowing capacity under the VM Credit Facilities relates to multi-currency revolving facilities with an aggregate maximum borrowing capacity equivalent to £675.0 million ( $946.2 million ). In February 2018, the VM Revolving Facility was amended and split into two revolving facilities. VM Revolving Facility A is a multi-currency revolving facility maturing on December 31, 2021 with a maximum borrowing capacity equivalent to £75.0 million ( $105.2 million ), and VM Revolving Facility B is a multi-currency revolving facility maturing on January 15, 2024 with a maximum borrowing capacity equivalent to £600.0 million ( $841.0 million ). All other terms from the previously existing VM Revolving Facility continue to apply to the new revolving facilities. (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $491.6 million ) under Telenet Facility AG, (ii) $300.0 million under the Telenet Facility AL Add-on , as defined and described below, (iii) €25.0 million ( $30.7 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $24.6 million ) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2018 . (f) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include 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 condensed consolidated statements of cash flows. (g) The Sumitomo Share Loan is carried at fair value. For information regarding fair value hierarchies, see note 7 . (h) Represents amounts associated with certain derivative-related borrowing instruments, including $334.5 million and $344.0 million at March 31, 2018 and December 31, 2017 , respectively, carried at fair value. These instruments mature at various dates through January 2025. For information regarding fair value hierarchies, see note 7 . (i) Amounts include $158.4 million and $160.9 million at March 31, 2018 and December 31, 2017 , respectively, of debt collateralized by certain trade receivables of Virgin Media . (j) The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: March 31, 2018 December 31, 2017 in millions Unitymedia $ 733.6 $ 722.4 Telenet 476.2 456.1 UPC Holding 95.4 95.7 Virgin Media 81.3 79.1 Other subsidiaries 63.8 67.2 Total $ 1,450.3 $ 1,420.5 |
Schedule of Maturities of Debt | Debt: Virgin Media Unitymedia UPC Telenet (b) Other Total in millions Year ending December 31: 2018 (remainder of year) $ 2,320.0 $ 389.2 $ 542.0 $ 710.4 $ 197.8 $ 4,159.4 2019 133.8 57.6 79.4 47.2 42.2 360.2 2020 92.6 3.7 20.3 13.9 215.9 346.4 2021 1,402.6 3.6 20.0 12.3 1,657.1 3,095.6 2022 407.8 3.4 15.3 12.6 338.5 777.6 2023 979.6 515.1 9.9 12.8 — 1,517.4 Thereafter 11,960.2 7,973.0 6,534.9 4,608.4 — 31,076.5 Total debt maturities 17,296.6 8,945.6 7,221.8 5,417.6 2,451.5 41,333.1 Deferred financing costs, discounts and premiums, net (61.6 ) (50.7 ) (52.4 ) (24.5 ) (27.5 ) (216.7 ) Total debt $ 17,235.0 $ 8,894.9 $ 7,169.4 $ 5,393.1 $ 2,424.0 $ 41,116.4 Current portion $ 2,325.7 $ 445.2 $ 616.8 $ 736.7 $ 25.8 $ 4,150.2 Noncurrent portion $ 14,909.3 $ 8,449.7 $ 6,552.6 $ 4,656.4 $ 2,398.2 $ 36,966.2 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global . (b) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global . Capital lease obligations: Unitymedia Telenet UPC Virgin Media Other Total in millions Year ending December 31: 2018 (remainder of year) $ 69.7 $ 70.0 $ 12.8 $ 14.7 $ 18.4 $ 185.6 2019 92.3 75.8 17.5 11.5 16.9 214.0 2020 92.0 71.6 17.7 8.3 10.6 200.2 2021 91.7 68.1 18.6 8.6 5.2 192.2 2022 91.3 69.1 14.7 10.2 3.0 188.3 2023 90.1 57.9 12.6 6.0 18.2 184.8 Thereafter 620.7 220.5 21.8 183.6 — 1,046.6 Total principal and interest payments 1,147.8 633.0 115.7 242.9 72.3 2,211.7 Amounts representing interest (414.2 ) (156.8 ) (20.3 ) (161.6 ) (8.5 ) (761.4 ) Present value of net minimum lease payments $ 733.6 $ 476.2 $ 95.4 $ 81.3 $ 63.8 $ 1,450.3 Current portion $ 37.7 $ 58.8 $ 11.5 $ 13.5 $ 19.0 $ 140.5 Noncurrent portion $ 695.9 $ 417.4 $ 83.9 $ 67.8 $ 44.8 $ 1,309.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accrued Income Taxes [Abstract] | |
Income Tax Benefit (Expense) Reconciliation Table | Income tax 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: Three months ended March 31, 2018 2017 in millions Computed “expected” tax benefit (a) $ 78.4 $ 29.7 Mandatory Repatriation Tax (b) (1,210.5 ) — Change in valuation allowances (b) (c): Benefit 553.4 12.1 Expense (35.3 ) (68.0 ) Non-deductible or non-taxable foreign currency exchange results (c): Expense (83.0 ) (29.1 ) Benefit 2.3 1.2 Non-deductible or non-taxable interest and other items (c): Expense (39.7 ) (55.7 ) Benefit 13.1 8.7 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (c): Expense (29.9 ) (14.0 ) Benefit 3.7 0.4 International rate differences (c) (d): Expense (21.1 ) (17.3 ) Benefit 6.9 25.3 Recognition of previously unrecognized tax benefits 4.2 — Other, net (8.6 ) 4.5 Total income tax expense $ (766.1 ) $ (102.2 ) _______________ (a) The statutory or “expected” tax rates are U.K. rates of 19.0% for the 2018 period and 19.25% for the 2017 period. The statutory rate for the 2017 period represents the blended rate in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that was in effect for the first quarter of 2017 and the 19.0% statutory rate that was in effect for the remainder of 2017. (b) As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due primarily to the expected use of carryforward tax attributes in the U.S., all of which were subject to valuation allowances prior to the recognition of the Mandatory Repatriation Tax during the first quarter of 2018. (c) Country jurisdictions giving rise to income tax benefits are grouped together and shown separately from country jurisdictions giving rise to income tax expenses. (d) Amounts reflect adjustments (either a benefit or an expense) to the “expected” tax benefit for statutory rates in jurisdictions in which we operate outside of the U.K. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation | A summary of our aggregate share-based compensation expense is set forth below: Three months ended 2018 2017 in millions Liberty Global: Performance-based incentive awards (a) $ 9.7 $ 3.8 Non-performance based share-based incentive awards 24.5 25.5 Other (b) 7.1 — Total Liberty Global 41.3 29.3 Telenet share-based incentive awards 4.3 4.0 Other 0.2 0.1 Total $ 45.8 $ 33.4 Included in: Other operating expense $ 1.0 $ 0.9 SG&A expense 44.8 32.5 Total $ 45.8 $ 33.4 _______________ (a) Includes share-based compensation expense related to (i) PSU s and (ii) through March 31, 2017, performance grant units ( PGUs ) held by our Chief Executive Officer. (b) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares will be issued to senior management and key employees pursuant to a shareholding incentive program that was implemented in 2018. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash. |
Schedule of stock option activity | The following table provides the aggregate number of options and share appreciation rights ( SAR s ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2018 . Class A Class C Number of shares underlying awards Weighted Average exercise or base price Number of shares underlying awards Weighted Average exercise or base price Held by Liberty Global employees: Outstanding 13,646,355 $ 32.42 33,039,573 $ 30.17 Exercisable 9,288,574 $ 30.98 23,002,488 $ 28.68 Held by former Liberty Global employees: Outstanding 1,119,188 $ 31.69 2,694,366 $ 29.41 Exercisable 883,260 $ 30.57 2,221,060 $ 28.28 |
Schedule of other share based compensation activity | The following table provides the aggregate number of restricted share units ( RSU s ) and PSU s that were outstanding as of March 31, 2018 : Class A Class C Held by Liberty Global employees: RSUs 441,526 867,216 PSUs 2,288,455 4,582,600 Held by former Liberty Global employees: RSUs 14,914 29,898 PSUs 136,617 273,591 |
Restructuring Liability (Tables
Restructuring Liability (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of changes in restructuring liability | A summary of changes in our restructuring liabilities during the three months ended March 31, 2018 is set forth in the table below: Employee severance and termination Office closures Contract termination and other Total in millions Restructuring liability as of January 1, 2018 $ 36.1 $ 9.5 $ 16.4 $ 62.0 Restructuring charges 16.4 0.7 41.2 58.3 Cash paid (20.4 ) (1.4 ) (11.6 ) (33.4 ) Foreign currency translation adjustments and other 0.3 0.3 0.2 0.8 Restructuring liability as of March, 31, 2018 $ 32.4 $ 9.1 $ 46.2 $ 87.7 Current portion $ 30.7 $ 4.7 $ 34.6 $ 70.0 Noncurrent portion 1.7 4.4 11.6 17.7 Total $ 32.4 $ 9.1 $ 46.2 $ 87.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2018 . The commitments included in this table do not reflect liabilities that are included in our March 31, 2018 condensed consolidated balance sheet. Payments due during: Remainder 2019 2020 2021 2022 2023 Thereafter Total in millions Programming commitments $ 903.7 $ 908.0 $ 543.7 $ 251.4 $ 49.0 $ 15.6 $ 49.4 $ 2,720.8 Network and connectivity commitments 640.7 396.4 319.1 281.1 86.4 66.7 914.9 2,705.3 Purchase commitments 927.2 263.4 178.1 50.4 22.0 18.5 41.6 1,501.2 Operating leases 125.0 122.9 100.0 76.5 61.9 51.9 180.3 718.5 Other commitments 20.7 13.5 3.1 0.5 0.3 0.1 — 38.2 Total $ 2,617.3 $ 1,704.2 $ 1,144.0 $ 659.9 $ 219.6 $ 152.8 $ 1,186.2 $ 7,684.0 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Revenue and Operating Cash Flow by Segment | Revenue Three months ended 2018 2017 in millions U.K./Ireland $ 1,778.2 $ 1,504.4 Belgium 759.6 661.4 Germany 782.8 629.1 Switzerland/Austria 454.6 423.7 Central and Eastern Europe 330.8 271.3 Central and Corporate 51.7 32.8 Intersegment eliminations (1.6 ) (3.7 ) Total $ 4,156.1 $ 3,519.0 VodafoneZiggo JV $ 1,195.0 $ 1,083.8 Adjusted OIBDA Three months ended 2018 2017 in millions U.K./Ireland $ 762.6 — $ 646.0 Belgium 357.6 — 297.9 Germany 492.1 — 383.2 Switzerland/Austria 243.5 — 253.1 Central and Eastern Europe 139.1 — 111.0 Central and Corporate (96.0 ) — (90.6 ) Total $ 1,898.9 $ 1,600.6 VodafoneZiggo JV $ 516.6 $ 459.4 |
Total Segment Operating Cash Flow to Earnings (Loss) from Continuing Operations before Income Taxes | The following table provides a reconciliation of our consolidated segment Adjusted OIBDA from continuing operations to loss from continuing operations before income taxes: Three months ended 2018 2017 in millions Total segment Adjusted OIBDA from continuing operations $ 1,898.9 $ 1,600.6 Share-based compensation expense (45.8 ) (33.4 ) Depreciation and amortization (1,296.4 ) (1,128.3 ) Impairment, restructuring and other operating items, net (63.6 ) (11.8 ) Operating income 493.1 427.1 Interest expense (487.8 ) (453.2 ) Realized and unrealized losses on derivative instruments, net (300.3 ) (241.8 ) Foreign currency transaction gains (losses), net (30.5 ) 64.4 Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (57.2 ) 94.4 Losses on debt modification and extinguishment, net (2.6 ) (45.3 ) Share of losses of affiliates, net (36.5 ) (15.7 ) Other income, net 9.3 16.0 Loss from continuing operations before income taxes $ (412.5 ) $ (154.1 ) |
Schedule of Reporting 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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 8 . Three months ended 2018 2017 in millions U.K./Ireland $ 559.2 $ 409.1 Belgium 185.2 124.7 Germany 197.2 144.8 Switzerland/Austria 84.8 67.2 Central and Eastern Europe 76.5 72.0 Central and Corporate (a) 148.5 66.6 Total property and equipment additions 1,251.4 884.4 Assets acquired under capital-related vendor financing arrangements (743.4 ) (614.4 ) Assets acquired under capital leases (29.5 ) (31.4 ) Changes in current liabilities related to capital expenditures 167.5 261.8 Total capital expenditures $ 646.0 $ 500.4 Property and equipment additions - VodafoneZiggo JV $ 239.8 $ 227.9 _______________ (a) |
Revenue by Major Category | Our revenue by major category for our consolidated reportable segments is set forth below. Effective April 1, 2017, we changed the categories that we present in this table in order to align with our internal reporting. These changes have been retroactively reflected for the three months ended March 31, 2017. Three months ended 2018 2017 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Video $ 1,198.5 $ 1,054.4 Broadband internet 1,138.8 944.6 Fixed-line telephony 579.8 525.7 Total subscription revenue 2,917.1 2,524.7 Non-subscription revenue 169.2 125.2 Total residential cable revenue 3,086.3 2,649.9 Residential mobile revenue (c): Subscription revenue (b) 254.0 244.2 Non-subscription revenue 181.5 136.4 Total residential mobile revenue 435.5 380.6 Total residential revenue 3,521.8 3,030.5 B2B revenue (d): Subscription revenue 148.5 105.4 Non-subscription revenue 422.9 334.1 Total B2B revenue 571.4 439.5 Other revenue (e) 62.9 49.0 Total $ 4,156.1 $ 3,519.0 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. As described in note 2 , we adopted ASU 2014-09 on January 1, 2018 using the cumulative effect transition method. For periods subsequent to our adoption of ASU 2014-09 , installation revenue is generally deferred and recognized over the contractual period as residential cable subscription revenue. For periods prior to the adoption of ASU 2014-09 , installation revenue is included in residential cable non-subscription revenue. (b) Residential 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. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded 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. B2B non-subscription revenue includes business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators. (e) Other revenue includes, among other items, revenue earned from services provided to the VodafoneZiggo JV and, during the 2018 period, Liberty Latin America . |
Geographic Segments | The revenue of our geographic segments is set forth below: Three months ended 2018 2017 in millions U.K. $ 1,644.4 $ 1,400.4 Germany 782.8 629.1 Belgium 759.6 661.4 Switzerland 344.9 331.2 Ireland 133.8 104.0 Poland 116.0 95.9 Austria 109.7 92.5 Hungary 85.1 71.9 The Czech Republic 60.4 44.9 Romania 50.3 42.0 Slovakia 16.5 14.3 Other, including intersegment eliminations 52.6 31.4 Total $ 4,156.1 $ 3,519.0 VodafoneZiggo JV (the Netherlands) $ 1,195.0 $ 1,083.8 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2018marketcountry | Dec. 31, 2017 | Dec. 31, 2016 | |
Telenet [Member] | |||
Basis of Presentation [Line Items] | |||
Percentage ownership in subsidiary | 57.60% | ||
VodafoneZiggo JV [Member] | |||
Basis of Presentation [Line Items] | |||
Ownership percentage | 50.00% | 50.00% | 50.00% |
Liberty Puerto Rico [Member] | |||
Basis of Presentation [Line Items] | |||
Ownership percentage | 60.00% | ||
Video, Broadband Internet and FIxed-Line Telephony, Mobile and other Communications Services [Member] | Europe [Member] | |||
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services | 11 | ||
Consumer and Business-to-Business Communication Services [Member] | Europe [Member] | |||
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services | 7 | ||
Consumer and Business-to-Business Communication Services [Member] | Latin America and the Caribbean [Member] | |||
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services | 18 | ||
Sub-Sea Networks [Member] | Cable & Wireless Communications Limited (C&W) [Member] | |||
Basis of Presentation [Line Items] | |||
Number of markets | market | 40 |
Accounting Changes and Recent40
Accounting Changes and Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Assets: | ||||
Trade receivables, net | $ 1,623.6 | $ 1,537.2 | $ 1,540.4 | |
Other current assets | 599.5 | 540.8 | 363.5 | |
Investments and related note receivables | 6,862.2 | 6,862.6 | 6,671.4 | |
Deferred tax assets | 3,266 | 3,141.2 | 3,157.2 | |
Other assets, net | 4,282.9 | 4,217 | 4,166.5 | |
Liabilities: | ||||
Deferred revenue | 1,230 | 1,080.4 | 1,048.1 | |
Other accrued and current liabilities | 2,211.4 | 1,922 | 1,920.8 | |
Other long-term liabilities | 3,926.3 | 3,152.5 | 3,110.7 | |
Equity: | ||||
Accumulated deficit | (7,084) | (5,897.5) | (6,217.6) | |
Accumulated other comprehensive earnings, net of taxes | 2,248.2 | 1,656 | ||
Noncontrolling interests | (397.9) | (407.6) | $ (412) | |
Reclassification to other income, net | $ 9.3 | $ 16 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Assets: | ||||
Trade receivables, net | (3.2) | |||
Other current assets | 177.3 | |||
Investments and related note receivables | 191.2 | |||
Deferred tax assets | (16) | |||
Other assets, net | 50.5 | |||
Liabilities: | ||||
Deferred revenue | 32.3 | |||
Other accrued and current liabilities | 1.2 | |||
Other long-term liabilities | 41.8 | |||
Equity: | ||||
Accumulated deficit | 320.1 | |||
Noncontrolling interests | $ 4.4 | |||
Accounting Standards Update 2017-07 [Member] | Selling, General and Administrative Expenses [Member] | ||||
Equity: | ||||
Reclassification to other income, net | 3.2 | |||
Accounting Standards Update 2017-07 [Member] | Other Operating Expense [Member] | ||||
Equity: | ||||
Reclassification to other income, net | $ 0.9 |
Revenue Recognition and Relat41
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Mar. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 108 | $ 107.4 |
Contract assets | 42 | 46.8 |
Deferred revenue | 1,160.6 | 1,306.3 |
Revenue recognized | 719.3 | |
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | $ 182.1 | 186.1 |
Amortization related to contract costs | $ 54.1 | |
Residential Service and Mobile [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations term | 1 year | |
Business to Business [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations term | 4 years |
Acquisitions, Disposals and D42
Acquisitions, Disposals and Discontinued Operations (2017 Acquisitions) (Details) - Jun. 19, 2017 € in Millions, $ in Millions | EUR (€) | USD ($) |
SFR BeLux [Member] | Telenet [Member] | ||
Business Acquisition [Line Items] | ||
Consideration transferred | € 369 | $ 410.3 |
Acquisitions, Disposals and D43
Acquisitions, Disposals and Discontinued Operations (Pending Disposal) (Details) - UPC Austria [Member] - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] $ in Millions, € in Billions | Dec. 22, 2017EUR (€) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 22, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Consideration for disposal | € 1.9 | $ 2,300 | |||
Term of transitional services | 4 years | ||||
Term of brand transitional period | 3 years | ||||
Assets: | |||||
Current assets other than cash | $ 33.3 | $ 29.2 | |||
Property and equipment, net | 494 | 451.9 | |||
Goodwill | 748.5 | 732.2 | |||
Other assets, net | 3.4 | 3.2 | |||
Total assets | 1,279.2 | 1,216.5 | |||
Liabilities: | |||||
Current portion of debt and capital lease obligations | 0.8 | 0.8 | |||
Other accrued and current liabilities | 97.1 | 77.7 | |||
Other long-term liabilities | 85.8 | 77.8 | |||
Total liabilities | 183.7 | $ 156.3 | |||
Net loss | 53.2 | $ 28.5 | |||
UPC Austria [Member] | |||||
Liabilities: | |||||
Net loss | $ 55.5 | $ 30.2 |
Acquisitions, Disposals and D44
Acquisitions, Disposals and Discontinued Operations (Discontinued Operations) (Details) - LiLAC Group [Member] - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] - USD ($) | Dec. 29, 2017 | Mar. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Common shares distributed | 100.00% | |
Gain (loss) on discontinued operation | $ 0 | |
Operating results of discontinued operations | ||
Revenue | $ 910,900,000 | |
Operating income (loss) | 134,800,000 | |
Earnings (loss) before income taxes and noncontrolling interests | 33,700,000 | |
Income tax expense | (44,600,000) | |
Net (earnings) loss attributable to noncontrolling interests | (16,400,000) | |
Net earnings (loss) attributable to Liberty Global shareholders, net of taxes, attributable to holders of: | $ (27,300,000) | |
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share: | $ (0.16) | |
Weighted average ordinary shares outstanding - basic and diluted (in shares) | 172,743,854 |
Investments (Schedules) (Detail
Investments (Schedules) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Investment [Line Items] | |||
Equity | $ 4,573.4 | $ 4,324.6 | |
Fair value | 2,288.8 | 2,315.3 | |
Cost | 0 | 31.5 | |
Total | 6,862.2 | 6,671.4 | |
Share of losses of affiliates, net | 36.5 | $ 15.7 | |
VodafoneZiggo JV [Member] | |||
Investment [Line Items] | |||
Equity | 4,408 | 4,162.8 | |
Share of losses of affiliates, net | 26.8 | 1.3 | |
Summarized results of operations of the VodafoneZiggo JV | |||
Revenue | 1,195 | 1,083.8 | |
Loss before income taxes | (104) | (43.6) | |
Net loss | (76.7) | (30.6) | |
Other [Member] | |||
Investment [Line Items] | |||
Equity | 165.4 | 161.8 | |
Fair value | 291.3 | 244.7 | |
Share of losses of affiliates, net | 9.7 | $ 14.4 | |
ITV — subject to re-use rights [Member] | |||
Investment [Line Items] | |||
Fair value | 805.2 | 892 | |
Sumitomo [Member] | |||
Investment [Line Items] | |||
Fair value | 768.3 | 776.5 | |
ITI Neovision [Member] | |||
Investment [Line Items] | |||
Fair value | 169.1 | 161.9 | |
Lionsgate [Member] | |||
Investment [Line Items] | |||
Fair value | 124.8 | 163.9 | |
Casa Systems, Inc. (Casa) [Member] | |||
Investment [Line Items] | |||
Fair value | $ 130.1 | $ 76.3 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) € in Millions | Jan. 04, 2017EUR (€) | Jan. 04, 2017USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2017EUR (€) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||||||||||
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | $ 0 | $ 162,600,000 | ||||||||
Revenue | 4,156,100,000 | 3,519,000,000 | ||||||||
VodafoneZiggo JV [Member] | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Percent of interest income earned on loan included in investment | 100.00% | 100.00% | ||||||||
Percent of share-based compensation included in investment | 100.00% | 100.00% | ||||||||
Percent of remaining results of operations included in investment | 50.00% | 50.00% | ||||||||
Ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Co-venturer ownership percentage | 50.00% | |||||||||
Dividends from affiliates and others | € 2,200 | $ 2,400,000,000 | € 3.9 | $ 4,500,000 | ||||||
JV Services [Member] | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Revenue | $ 34,500,000 | $ 31,500,000 | ||||||||
VodafoneZiggo JV Loan [Member] | VodafoneZiggo JV [Member] | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Due from related party | $ 1,106,200,000 | $ 1,081,900,000 | ||||||||
Receivable interest rate | 5.55% | |||||||||
Receivable in year one | € 100 | 122,900,000 | ||||||||
Receivable in year two | 100 | 122,900,000 | ||||||||
Receivable in year three | € 100 | 122,900,000 | ||||||||
Accrued interests settled in cash | $ 15,200,000 | |||||||||
Vodafone [Member] | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Proceeds from financing arrangements | 2,800 | 2,900,000,000 | ||||||||
Proceeds from equalization payment from affiliate | € 802.9 | $ 840,800,000 | ||||||||
Equity Method Investee [Member] | VodafoneZiggo JV [Member] | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Due from related party | $ 65,900,000 | $ 33,300,000 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Current | $ 374.2 | $ 576 |
Long-term | 1,795.7 | 1,733 |
Total | 2,169.9 | 2,309 |
Liabilities: | ||
Current | 391 | 252.2 |
Long-term | 1,967.1 | 1,866.6 |
Total | 2,358.1 | 2,118.8 |
Cross-currency and interest rate derivative contracts [Member] | ||
Assets: | ||
Current | 362.7 | 558.5 |
Long-term | 1,089.9 | 1,171.4 |
Total | 1,452.6 | 1,729.9 |
Liabilities: | ||
Current | 380.1 | 239.1 |
Long-term | 1,967.1 | 1,866.4 |
Total | 2,347.2 | 2,105.5 |
Equity-related derivative instruments [Member] | ||
Assets: | ||
Current | 0 | 0 |
Long-term | 705.3 | 560.9 |
Total | 705.3 | 560.9 |
Liabilities: | ||
Current | 5.1 | 5.4 |
Long-term | 0 | 0 |
Total | 5.1 | 5.4 |
Foreign currency forward and option contracts [Member] | ||
Assets: | ||
Current | 11 | 17 |
Long-term | 0 | 0.1 |
Total | 11 | 17.1 |
Liabilities: | ||
Current | 5.8 | 7.7 |
Long-term | 0 | 0.2 |
Total | 5.8 | 7.9 |
Other [Member] | ||
Assets: | ||
Current | 0.5 | 0.5 |
Long-term | 0.5 | 0.6 |
Total | $ 1 | $ 1.1 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative assets | $ 2,169.9 | $ 2,309 | |
Cross-currency and interest rate derivative contracts [Member] | |||
Derivative [Line Items] | |||
Gain (loss) in changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts | 47.2 | $ 65.9 | |
Derivative assets | 1,452.6 | 1,729.9 | |
Counterparty Credit Risk [Member] | |||
Derivative [Line Items] | |||
Derivative assets | 205.3 | ||
Equity-related derivative instruments [Member] | |||
Derivative [Line Items] | |||
Derivative assets | $ 705.3 | $ 560.9 | |
Common stock [Member] | Lionsgate Loan [Member] | |||
Derivative [Line Items] | |||
Number of common stock shares owned (in shares) | 1,250 | ||
Nonvoting Common Stock | Lionsgate Loan [Member] | |||
Derivative [Line Items] | |||
Number of common stock shares owned (in shares) | 1,250 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Schedule and Footnotes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ (300.3) | $ (241.8) |
Cross-currency and interest rate derivative contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (451) | (154.3) |
Equity-related derivative instruments [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 145.2 | (82) |
ITV Collar [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 123.6 | (53.2) |
Sumitomo Collar [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 11.4 | (23.5) |
Lionsgate Forward [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 9 | 0.5 |
Other [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 1.2 | (5.8) |
Foreign Currency Forwards and Option Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 6.4 | (6) |
Other [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ (0.9) | $ 0.5 |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Operating activities | $ 64.7 | $ 92.9 |
Financing activities | 9.8 | (150.5) |
Total | $ 74.5 | $ (57.6) |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 3 months ended Mar. 31, 2018 € in Millions, £ in Millions, zł in Millions, SFr in Millions, Kč in Millions, Ft in Millions, $ in Millions, in Millions | GBP (£) | HUF (Ft) | CHF (SFr) | CZK (Kč) | PLN (zł) | EUR (€) | USD ($) | RON ( ) |
Virgin Media [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative instruments without exchange of notional amounts at inception and maturity | $ | $ 3,800 | |||||||
Virgin Media [Member] | Cross-Currency Swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 4 years 9 months 18 days | |||||||
Virgin Media [Member] | Cross-Currency Swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 5 years 6 months | |||||||
Virgin Media [Member] | Cross-Currency Swap 3 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 6 years 9 months 18 days | |||||||
UPC Holding [Member] | Cross-Currency Swap 4 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 6 years 6 months | |||||||
UPC Holding [Member] | Cross-Currency Swap 5 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 7 years | |||||||
UPC Holding [Member] | Cross-Currency Swap 6 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 5 years 8 months 12 days | |||||||
UPC Holding [Member] | Cross-Currency Swap 7 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 2 years 3 months 18 days | |||||||
UPC Holding [Member] | Cross-Currency Swap 8 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 3 years 9 months 18 days | |||||||
UPC Holding [Member] | Cross-Currency Swap 9 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 3 years 6 months | |||||||
UPC Holding [Member] | Cross-Currency Swap 10 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 3 years 10 months 24 days | |||||||
Unitymedia [Member] | Cross-Currency Swap 11 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 6 years 3 months 18 days | |||||||
Telenet [Member] | Cross-Currency Swap 12 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Weighted average remaining life | 7 years 1 month 6 days | |||||||
Due From Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | 400 | |||||||
Due From Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | 8,933 | |||||||
Due From Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 3 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | £ | £ 2,396.1 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 4 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | 2,765 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 5 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | 1,200 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 6 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | € 2,521.2 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 7 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 418.5 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 8 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 488 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 9 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 851.6 | |||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 10 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 225.9 | |||||||
Due From Counterparty [Member] | Unitymedia [Member] | Cross-Currency Swap 11 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | 3,155 | |||||||
Due From Counterparty [Member] | Telenet [Member] | Cross-Currency Swap 12 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | 3,195 | |||||||
Due To Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 1 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 339.6 | |||||||
Due To Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | £ | £ 5,844.3 | |||||||
Due To Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 3 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | $ | $ 3,450 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 4 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 2,276.7 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 5 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | SFr | SFr 1,107.5 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 6 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | SFr | SFr 2,901 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 7 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | Kč | Kč 11,521.8 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 8 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | Ft | Ft 138,437.5 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 9 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | zł | zł 3,604.5 | |||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 10 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | | 650 | |||||||
Due To Counterparty [Member] | Unitymedia [Member] | Cross-Currency Swap 11 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | 2,603.5 | |||||||
Due To Counterparty [Member] | Telenet [Member] | Cross-Currency Swap 12 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount of derivative | € 2,834.1 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Swap Contracts and Options) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Interest Rate Swaption 1 [Member] | Virgin Media [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 7,445.5 |
Weighted average remaining life | 1 year 6 months |
Weighted average strike rate | 2.45% |
Interest Rate Swaption 2 [Member] | Virgin Media [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 878.4 |
Weighted average remaining life | 1 year 2 months 12 days |
Weighted average strike rate | 1.98% |
Interest Rate Swaption [Member] | UPC Holding [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,376.6 |
Weighted average remaining life | 24 days |
Weighted average strike rate | 1.22% |
Interest Rate Swaption [Member] | Unitymedia [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 4,372.2 |
Weighted average remaining life | 1 year 7 months 6 days |
Weighted average strike rate | 1.93% |
Due From Counterparty [Member] | Interest Rate Swap [Member] | Virgin Media [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 19,778.6 |
Weighted average remaining life | 3 years 10 months 24 days |
Due From Counterparty [Member] | Interest Rate Swap [Member] | UPC Holding [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 5,988 |
Weighted average remaining life | 5 years 3 months 18 days |
Due From Counterparty [Member] | Interest Rate Swap [Member] | Unitymedia [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 8,766.1 |
Weighted average remaining life | 4 years 1 month 6 days |
Due From Counterparty [Member] | Interest Rate Swap [Member] | Telenet [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 3,880.3 |
Weighted average remaining life | 5 years 8 months 12 days |
Due To Counterparty [Member] | Interest Rate Swap [Member] | Virgin Media [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 12,515.8 |
Weighted average remaining life | 5 years 10 months 24 days |
Due To Counterparty [Member] | Interest Rate Swap [Member] | UPC Holding [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 3,543.8 |
Weighted average remaining life | 7 years 6 months |
Due To Counterparty [Member] | Interest Rate Swap [Member] | Unitymedia [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 6,208 |
Weighted average remaining life | 7 years 2 months 12 days |
Due To Counterparty [Member] | Interest Rate Swap [Member] | Telenet [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,753.9 |
Weighted average remaining life | 5 years 6 months |
Derivative Instruments (Basis S
Derivative Instruments (Basis Swaps, Interest Rate Caps and Collars) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Interest Rate Cap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 175.2 |
Interest Rate Collar [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 697.5 |
Virgin Media [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 21 days |
UPC Holding [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 24 days |
Unitymedia [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 18 days |
Telenet [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 24 days |
Due From Counterparty [Member] | Virgin Media [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 4,661.5 |
Due From Counterparty [Member] | UPC Holding [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 1,975 |
Due From Counterparty [Member] | Unitymedia [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 1,705 |
Due From Counterparty [Member] | Telenet [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,600 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Mar. 31, 2018 |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.27%) |
Virgin Media [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.21%) |
Telenet [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.33%) |
Unitymedia [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.62%) |
UPC Holding [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.15% |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards and Options) (Details) $ in Billions | Mar. 31, 2018USD ($) |
Foreign Currency Forwards and Option Contracts [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1.2 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Derivative instruments | $ 2,169.9 | $ 2,309 |
Investments, fair value | 2,288.8 | 2,315.3 |
Total assets | 4,458.7 | 4,624.3 |
Liabilities: | ||
Derivative instruments | 2,358.1 | 2,118.8 |
Debt | 949.6 | 965.7 |
Debt Instrument, Fair Value Disclosure | 41,716.3 | 41,859.3 |
Total liabilities | 3,307.7 | 3,084.5 |
Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Investments, fair value | 1,828.4 | 1,908.7 |
Total assets | 1,828.4 | 1,908.7 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Debt | 621.7 | |
Total liabilities | 615.1 | 621.7 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 1,455.8 | 1,740.4 |
Investments, fair value | 0 | 0 |
Total assets | 1,455.8 | 1,740.4 |
Liabilities: | ||
Derivative instruments | 2,349.7 | 2,110.2 |
Debt | 334.5 | 344 |
Total liabilities | 2,684.2 | 2,454.2 |
Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 714.1 | 568.6 |
Investments, fair value | 460.4 | 406.6 |
Total assets | 1,174.5 | 975.2 |
Liabilities: | ||
Derivative instruments | 8.4 | 8.6 |
Debt | 0 | 0 |
Total liabilities | 8.4 | 8.6 |
Cross-currency and interest rate derivative contracts [Member] | ||
Assets: | ||
Derivative instruments | 1,452.6 | 1,729.9 |
Liabilities: | ||
Derivative instruments | 2,347.2 | 2,105.5 |
Cross-currency and interest rate derivative contracts [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Cross-currency and interest rate derivative contracts [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 1,443.8 | 1,722.2 |
Liabilities: | ||
Derivative instruments | 2,343.9 | 2,102.3 |
Cross-currency and interest rate derivative contracts [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 8.8 | 7.7 |
Liabilities: | ||
Derivative instruments | 3.3 | 3.2 |
Equity-related derivative instruments [Member] | ||
Assets: | ||
Derivative instruments | 705.3 | 560.9 |
Liabilities: | ||
Derivative instruments | 5.1 | 5.4 |
Equity-related derivative instruments [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Equity-related derivative instruments [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Equity-related derivative instruments [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 705.3 | 560.9 |
Liabilities: | ||
Derivative instruments | 5.1 | 5.4 |
Foreign Currency Forwards and Option Contracts [Member] | ||
Assets: | ||
Derivative instruments | 11 | 17.1 |
Liabilities: | ||
Derivative instruments | 5.8 | 7.9 |
Foreign Currency Forwards and Option Contracts [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Foreign Currency Forwards and Option Contracts [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 11 | 17.1 |
Liabilities: | ||
Derivative instruments | 5.8 | 7.9 |
Foreign Currency Forwards and Option Contracts [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Other [Member] | ||
Assets: | ||
Derivative instruments | 1 | 1.1 |
Other [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Other [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 1 | 1.1 |
Other [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Schedule and Footnote) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2018 | $ 966.6 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 146.2 |
Additions | 14.7 |
Impact of ASU 2016-01 | 31.9 |
Foreign currency translation adjustments and other, net | 3.7 |
Balance of net assets at March 31, 2018 | 1,166.1 |
Investments [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2018 | 406.6 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 3 |
Additions | 14.7 |
Impact of ASU 2016-01 | 31.9 |
Foreign currency translation adjustments and other, net | 4.2 |
Balance of net assets at March 31, 2018 | 460.4 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2018 | 4.5 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 1 |
Additions | 0 |
Impact of ASU 2016-01 | 0 |
Foreign currency translation adjustments and other, net | 0 |
Balance of net assets at March 31, 2018 | 5.5 |
Equity-Related Derivative Instruments [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2018 | 555.5 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 145.2 |
Additions | 0 |
Impact of ASU 2016-01 | 0 |
Foreign currency translation adjustments and other, net | (0.5) |
Balance of net assets at March 31, 2018 | $ 700.2 |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 38,172.6 | $ 36,235 |
Accumulated depreciation | (17,976.3) | (16,699.6) |
Total property and equipment, net | 20,196.3 | 19,535.4 |
Distribution Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 26,482.9 | 25,202.2 |
Customer Premises Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,930.3 | 5,617.7 |
Support Equipment, Buildings and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,759.4 | $ 5,415.1 |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Long-lived Assets [Abstract] | ||
Noncash vendor financing arrangement, cash increase, excluding value added tax | $ 743.4 | $ 614.4 |
Value added tax, vendor financing arrangement | 107.1 | 97.7 |
Capital leases | $ 29.5 | $ 31.4 |
Long-lived Assets (Schedule o60
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Roll Forward] | |
January 1, 2018 | $ 18,547.4 |
March 31, 2018 | 19,000.5 |
Operating Segments [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 18,547.4 |
Acquisitions and related adjustments | (47.9) |
Foreign currency translation adjustments | 501 |
March 31, 2018 | 19,000.5 |
Operating Segments [Member] | U.K./Ireland [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 8,134.1 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | 292.2 |
March 31, 2018 | 8,426.3 |
Operating Segments [Member] | Belgium [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 2,681.7 |
Acquisitions and related adjustments | (50) |
Foreign currency translation adjustments | 55 |
March 31, 2018 | 2,686.7 |
Operating Segments [Member] | Germany [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 3,434.5 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | 77 |
March 31, 2018 | 3,511.5 |
Operating Segments [Member] | Switzerland/Austria [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 2,931.3 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | 50.5 |
March 31, 2018 | 2,981.8 |
Operating Segments [Member] | Central and Eastern Europe [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 1,353.5 |
Acquisitions and related adjustments | 2.1 |
Foreign currency translation adjustments | 26.3 |
March 31, 2018 | 1,381.9 |
Operating Segments [Member] | Central and Corporate [Member] | |
Goodwill [Roll Forward] | |
January 1, 2018 | 12.3 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | 0 |
March 31, 2018 | $ 12.3 |
Long-lived Assets (Schedule o61
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | $ 5,650.3 | $ 5,405.1 |
Accumulated amortization | (3,762.5) | (3,469.7) |
Net carrying amount | 1,887.8 | 1,935.4 |
Customer Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 5,095 | 4,862.4 |
Accumulated amortization | (3,512.8) | (3,240.3) |
Net carrying amount | 1,582.2 | 1,622.1 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 555.3 | 542.7 |
Accumulated amortization | (249.7) | (229.4) |
Net carrying amount | $ 305.6 | $ 313.3 |
Debt and Capital Lease Obliga62
Debt and Capital Lease Obligations (Components of Debt and Capital Lease Obligations) (Details) € in Millions | 3 Months Ended | |||||||
Mar. 31, 2018GBP (£)group | Mar. 31, 2018EUR (€)group | Mar. 31, 2018USD ($)group | Feb. 28, 2018GBP (£) | Feb. 28, 2018USD ($) | Jan. 31, 2018GBP (£) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.35% | 4.35% | 4.35% | |||||
Unused borrowing capacity | $ 3,624,600,000 | |||||||
Estimated fair value | 41,716,300,000 | $ 41,859,300,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | 41,333,100,000 | 41,017,600,000 | ||||||
Deferred financing costs, discounts and premiums, net | (216,700,000) | (223,200,000) | ||||||
Total carrying amount of debt | 41,116,400,000 | 40,794,400,000 | ||||||
Capital lease obligations | 1,450,300,000 | 1,420,500,000 | ||||||
Total debt and capital lease obligations | 42,566,700,000 | 42,214,900,000 | ||||||
Current maturities of debt and capital lease obligations | (4,290,700,000) | (4,165,400,000) | ||||||
Long-term debt and capital lease obligations | 38,276,000,000 | 38,049,500,000 | ||||||
General term of vendor financing arrangements | 1 year | |||||||
Debt | $ 949,600,000 | 965,700,000 | ||||||
Number of borrowing groups | group | 4 | 4 | 4 | |||||
Virgin Media [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs, discounts and premiums, net | $ (61,600,000) | |||||||
Capital lease obligations | 81,300,000 | 79,100,000 | ||||||
Unitymedia [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs, discounts and premiums, net | (50,700,000) | |||||||
Capital lease obligations | 733,600,000 | 722,400,000 | ||||||
Telenet [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs, discounts and premiums, net | (24,500,000) | |||||||
Capital lease obligations | 476,200,000 | 456,100,000 | ||||||
UPC Holding [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs, discounts and premiums, net | (52,400,000) | |||||||
Capital lease obligations | 95,400,000 | 95,700,000 | ||||||
Other [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs, discounts and premiums, net | (27,500,000) | |||||||
Capital lease obligations | 63,800,000 | 67,200,000 | ||||||
Significant other observable inputs (Level 2) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 334,500,000 | 344,000,000 | ||||||
VM Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 5.54% | 5.54% | 5.54% | |||||
Unused borrowing capacity | £ 0 | $ 0 | ||||||
Estimated fair value | 9,891,300,000 | 9,987,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 9,750,900,000 | 9,565,700,000 | ||||||
VM Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.19% | 4.19% | 4.19% | |||||
Unused borrowing capacity | $ 946,200,000 | |||||||
Estimated fair value | 4,889,000,000 | 4,681,500,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 4,869,200,000 | 4,676,200,000 | ||||||
Unitymedia Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.73% | 4.73% | 4.73% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 5,892,300,000 | 5,773,300,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 5,555,200,000 | 5,465,200,000 | ||||||
Unitymedia Credit Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.55% | 3.55% | 3.55% | |||||
Unused borrowing capacity | € 500 | $ 614,600,000 | ||||||
Estimated fair value | 2,718,700,000 | 2,698,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 2,719,000,000 | 2,696,800,000 | ||||||
UPCB SPE Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.49% | 4.49% | 4.49% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 2,580,900,000 | 2,638,800,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 2,614,900,000 | 2,582,600,000 | ||||||
UPC Holding Bank Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.91% | 3.91% | 3.91% | |||||
Unused borrowing capacity | € 990.1 | $ 1,216,900,000 | ||||||
Estimated fair value | 2,596,800,000 | 2,576,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 2,589,600,000 | 2,576,100,000 | ||||||
UPC Holding Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.55% | 4.55% | 4.55% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 1,242,200,000 | 1,272,500,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 1,330,500,000 | 1,313,400,000 | ||||||
Telenet Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.65% | 3.65% | 3.65% | |||||
Unused borrowing capacity | $ 846,900,000 | |||||||
Estimated fair value | 2,211,300,000 | 2,188,900,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 2,197,200,000 | 2,177,600,000 | ||||||
Telenet Senior Secured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.65% | 4.65% | 4.65% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 1,677,300,000 | 1,724,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 1,737,500,000 | 1,721,300,000 | ||||||
Telenet SPE Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 5.52% | 5.52% | 5.52% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 960,200,000 | 1,014,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 893,600,000 | 937,700,000 | ||||||
Vendor Financing [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.74% | 3.74% | 3.74% | |||||
Unused borrowing capacity | $ 0 | |||||||
Estimated fair value | 3,768,100,000 | 4,039,700,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 3,768,100,000 | 4,039,700,000 | ||||||
ITV Collar Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 0.71% | 0.71% | 0.71% | |||||
Unused borrowing capacity | $ 0 | |||||||
Estimated fair value | 1,484,600,000 | 1,445,800,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 1,517,100,000 | 1,463,800,000 | ||||||
Sumitomo Share Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 0.95% | 0.95% | 0.95% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 615,100,000 | 621,700,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 615,100,000 | 621,700,000 | ||||||
Derivative-related debt instruments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 3.38% | 3.38% | 3.38% | |||||
Unused borrowing capacity | $ 0 | |||||||
Estimated fair value | 604,400,000 | 612,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 585,600,000 | 592,500,000 | ||||||
Sumitomo Collar Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 1.88% | 1.88% | 1.88% | |||||
Unused borrowing capacity | € 0 | $ 0 | ||||||
Estimated fair value | 179,400,000 | 170,300,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | $ 178,900,000 | 169,100,000 | ||||||
Other [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 5.70% | 5.70% | 5.70% | |||||
Unused borrowing capacity | $ 0 | |||||||
Estimated fair value | 404,700,000 | 413,400,000 | ||||||
Total debt before deferred financing costs, discounts and premiums | 410,700,000 | 418,200,000 | ||||||
Other [Member] | Virgin Media [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total carrying amount of debt | $ 158,400,000 | $ 160,900,000 | ||||||
Aggregate Variable and Fixed Rate Indebtedness [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 4.20% | 4.20% | 4.20% | |||||
VM Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility amount | £ 675,000,000 | $ 946,200,000 | ||||||
VM Revolving Facility A [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility amount | £ 75,000,000 | $ 105,200,000 | ||||||
VM Revolving Facility B [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Facility amount | £ 600,000,000 | $ 841,000,000 | ||||||
Telenet Facility AG [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused borrowing capacity | € 400 | $ 491,600,000 | ||||||
Telenet Facility AL Add-on [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused borrowing capacity | 300,000,000 | |||||||
Telenet Overdraft Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused borrowing capacity | 25 | 30,700,000 | ||||||
Telenet Revolving Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused borrowing capacity | € 20 | $ 24,600,000 |
Debt and Capital Lease Obliga63
Debt and Capital Lease Obligations (Telenet Refinancing Transactions) (Details) € in Millions | 1 Months Ended | |
Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | |
Telenet Facility AL Add-on [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | $ 300,000,000 | |
Medium-term Notes [Member] | Telenet [Member] | ||
Debt Instrument [Line Items] | ||
Loss on debt modification and extinguishment | 2,600,000 | |
Payments for debt redemption premium | 2,000,000 | |
Write-off of unamortized discounts and deferred financing costs | $ 600,000 | |
Medium-term Notes [Member] | Telenet Credit Facility AB [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of principal amount redeemed | 10.00% | 10.00% |
Medium-term Notes [Member] | Telenet Finance VI Notes [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of principal amount redeemed | 10.00% | 10.00% |
Medium-term Notes [Member] | Telenet Finance V Notes [Member] | ||
Debt Instrument [Line Items] | ||
Extinguishment of debt | € | € 250 | |
Line of Credit [Member] | Telenet Credit Facility V [Member] | ||
Debt Instrument [Line Items] | ||
Extinguishment of debt | € 250 | $ 307,300,000 |
Debt and Capital Lease Obliga64
Debt and Capital Lease Obligations (Maturities of Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2018 (remainder of year) | $ 4,159.4 | |
2,019 | 360.2 | |
2,020 | 346.4 | |
2,021 | 3,095.6 | |
2,022 | 777.6 | |
2,023 | 1,517.4 | |
Thereafter | 31,076.5 | |
Total debt maturities | 41,333.1 | |
Deferred financing costs, discounts and premiums, net | (216.7) | $ (223.2) |
Total debt | 41,116.4 | |
Current portion | 4,150.2 | |
Noncurrent portion | 36,966.2 | |
Virgin Media [Member] | ||
Debt Instrument [Line Items] | ||
2018 (remainder of year) | 2,320 | |
2,019 | 133.8 | |
2,020 | 92.6 | |
2,021 | 1,402.6 | |
2,022 | 407.8 | |
2,023 | 979.6 | |
Thereafter | 11,960.2 | |
Total debt maturities | 17,296.6 | |
Deferred financing costs, discounts and premiums, net | (61.6) | |
Total debt | 17,235 | |
Current portion | 2,325.7 | |
Noncurrent portion | 14,909.3 | |
Unitymedia [Member] | ||
Debt Instrument [Line Items] | ||
2018 (remainder of year) | 389.2 | |
2,019 | 57.6 | |
2,020 | 3.7 | |
2,021 | 3.6 | |
2,022 | 3.4 | |
2,023 | 515.1 | |
Thereafter | 7,973 | |
Total debt maturities | 8,945.6 | |
Deferred financing costs, discounts and premiums, net | (50.7) | |
Total debt | 8,894.9 | |
Current portion | 445.2 | |
Noncurrent portion | 8,449.7 | |
UPC Holding [Member] | ||
Debt Instrument [Line Items] | ||
2018 (remainder of year) | 542 | |
2,019 | 79.4 | |
2,020 | 20.3 | |
2,021 | 20 | |
2,022 | 15.3 | |
2,023 | 9.9 | |
Thereafter | 6,534.9 | |
Total debt maturities | 7,221.8 | |
Deferred financing costs, discounts and premiums, net | (52.4) | |
Total debt | 7,169.4 | |
Current portion | 616.8 | |
Noncurrent portion | 6,552.6 | |
Telenet [Member] | ||
Debt Instrument [Line Items] | ||
2018 (remainder of year) | 710.4 | |
2,019 | 47.2 | |
2,020 | 13.9 | |
2,021 | 12.3 | |
2,022 | 12.6 | |
2,023 | 12.8 | |
Thereafter | 4,608.4 | |
Total debt maturities | 5,417.6 | |
Deferred financing costs, discounts and premiums, net | (24.5) | |
Total debt | 5,393.1 | |
Current portion | 736.7 | |
Noncurrent portion | 4,656.4 | |
Other [Member] | ||
Debt Instrument [Line Items] | ||
2018 (remainder of year) | 197.8 | |
2,019 | 42.2 | |
2,020 | 215.9 | |
2,021 | 1,657.1 | |
2,022 | 338.5 | |
2,023 | 0 | |
Thereafter | 0 | |
Total debt maturities | 2,451.5 | |
Deferred financing costs, discounts and premiums, net | (27.5) | |
Total debt | 2,424 | |
Current portion | 25.8 | |
Noncurrent portion | $ 2,398.2 |
Debt and Capital Lease Obliga65
Debt and Capital Lease Obligations (Capital Lease Obligations) (Schedule) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2018 (remainder of year) | $ 185.6 |
2,019 | 214 |
2,020 | 200.2 |
2,021 | 192.2 |
2,022 | 188.3 |
2,023 | 184.8 |
Thereafter | 1,046.6 |
Total principal and interest payments | 2,211.7 |
Amounts representing interest | (761.4) |
Present value of net minimum lease payments | 1,450.3 |
Current portion | 140.5 |
Noncurrent portion | 1,309.8 |
Unitymedia [Member] | |
Debt Instrument [Line Items] | |
2018 (remainder of year) | 69.7 |
2,019 | 92.3 |
2,020 | 92 |
2,021 | 91.7 |
2,022 | 91.3 |
2,023 | 90.1 |
Thereafter | 620.7 |
Total principal and interest payments | 1,147.8 |
Amounts representing interest | (414.2) |
Present value of net minimum lease payments | 733.6 |
Current portion | 37.7 |
Noncurrent portion | 695.9 |
Telenet [Member] | |
Debt Instrument [Line Items] | |
2018 (remainder of year) | 70 |
2,019 | 75.8 |
2,020 | 71.6 |
2,021 | 68.1 |
2,022 | 69.1 |
2,023 | 57.9 |
Thereafter | 220.5 |
Total principal and interest payments | 633 |
Amounts representing interest | (156.8) |
Present value of net minimum lease payments | 476.2 |
Current portion | 58.8 |
Noncurrent portion | 417.4 |
UPC Holding [Member] | |
Debt Instrument [Line Items] | |
2018 (remainder of year) | 12.8 |
2,019 | 17.5 |
2,020 | 17.7 |
2,021 | 18.6 |
2,022 | 14.7 |
2,023 | 12.6 |
Thereafter | 21.8 |
Total principal and interest payments | 115.7 |
Amounts representing interest | (20.3) |
Present value of net minimum lease payments | 95.4 |
Current portion | 11.5 |
Noncurrent portion | 83.9 |
Virgin Media [Member] | |
Debt Instrument [Line Items] | |
2018 (remainder of year) | 14.7 |
2,019 | 11.5 |
2,020 | 8.3 |
2,021 | 8.6 |
2,022 | 10.2 |
2,023 | 6 |
Thereafter | 183.6 |
Total principal and interest payments | 242.9 |
Amounts representing interest | (161.6) |
Present value of net minimum lease payments | 81.3 |
Current portion | 13.5 |
Noncurrent portion | 67.8 |
Other [Member] | |
Debt Instrument [Line Items] | |
2018 (remainder of year) | 18.4 |
2,019 | 16.9 |
2,020 | 10.6 |
2,021 | 5.2 |
2,022 | 3 |
2,023 | 18.2 |
Thereafter | 0 |
Total principal and interest payments | 72.3 |
Amounts representing interest | (8.5) |
Present value of net minimum lease payments | 63.8 |
Current portion | 19 |
Noncurrent portion | $ 44.8 |
Debt and Capital Lease Obliga66
Debt and Capital Lease Obligations (Non-cash Financing Transactions) (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Debt and Capital Lease Obligations [Abstract] | |
Non-cash borrowings and repayments of debt | $ 2,800.5 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accrued Income Taxes [Abstract] | ||
Computed “expected” tax benefit | $ 78.4 | $ 29.7 |
Mandatory Repatriation Tax | (1,210.5) | 0 |
Change in valuation allowances: | ||
Benefit | 553.4 | 12.1 |
Expense | (35.3) | (68) |
Non-deductible or non-taxable foreign currency exchange results: | ||
Expense | (83) | (29.1) |
Benefit | 2.3 | 1.2 |
Non-deductible or non-taxable interest and other items | ||
Expense | (39.7) | (55.7) |
Benefit | 13.1 | 8.7 |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates: | ||
Decrease | (29.9) | (14) |
Increase | 3.7 | 0.4 |
International rate differences: | ||
Benefit | (21.1) | (17.3) |
Expense | 6.9 | 25.3 |
Recognition of previously unrecognized tax benefits | 4.2 | 0 |
Other, net | (8.6) | 4.5 |
Total income tax expense | $ (766.1) | $ (102.2) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Income Taxes [Line Items] | |||||
2017 U.S. Tax Cuts and Jobs Act, provisional liability recorded | $ 417.9 | ||||
Unrecognized tax benefits | 790.5 | ||||
Unrecognized tax benefits that would have a favorable impact | 573.7 | ||||
Decrease in unrecognized tax benefits reasonable possible amount | $ 125 | ||||
Domestic Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 20.00% | 19.00% | 19.25% | ||
Scenario, Forecast [Member] | Domestic Tax Authority [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax rate | 19.00% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Class of Stock [Line Items] | ||
Total cost | $ 480.1 | $ 959.6 |
Remaining authorized repurchase amount | 1,571.5 | |
Common Class A and Common Class C [Member] | ||
Class of Stock [Line Items] | ||
Total cost | $ 496.3 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchased (in shares) | 2,258,800 | |
Average price paid per share (in dollars per share) | $ 32.44 | |
Common Class C [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchased (in shares) | 12,551,500 | |
Average price paid per share (in dollars per share) | $ 33.70 |
Share-based Compensation (Summa
Share-based Compensation (Summary of Stock-Based Compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 45.8 | $ 33.4 |
Other Operating Income (Expense) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 1 | 0.9 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 44.8 | 32.5 |
Telenet Share-Based Incentive Awards [Member] | Telenet [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 4.3 | 4 |
Other Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 0.2 | 0.1 |
Parent Company [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 41.3 | 29.3 |
Parent Company [Member] | Performance-Based Incentive Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 9.7 | 3.8 |
Parent Company [Member] | Non-Performance Based Share-Based Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 24.5 | 25.5 |
Parent Company [Member] | Other Share-Based Incentive Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 7.1 | $ 0 |
Share-based Compensation (Award
Share-based Compensation (Awards Outstanding and Exercisable) (Details) | Mar. 31, 2018$ / sharesshares |
Employees [Member] | Options and SARs [Member] | Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 13,646,355 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 32.42 |
Options exercisable (in shares) | 9,288,574 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 30.98 |
Employees [Member] | Options and SARs [Member] | Common Class C [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 33,039,573 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 30.17 |
Options exercisable (in shares) | 23,002,488 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 28.68 |
Employees [Member] | RSUs [Member] | Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 441,526 |
Employees [Member] | RSUs [Member] | Common Class C [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 867,216 |
Employees [Member] | PSUs [Member] | Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 2,288,455 |
Employees [Member] | PSUs [Member] | Common Class C [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 4,582,600 |
Former Employees [Member] | Options and SARs [Member] | Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 1,119,188 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 31.69 |
Options exercisable (in shares) | 883,260 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 30.57 |
Former Employees [Member] | Options and SARs [Member] | Common Class C [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 2,694,366 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 29.41 |
Options exercisable (in shares) | 2,221,060 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 28.28 |
Former Employees [Member] | RSUs [Member] | Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 14,914 |
Former Employees [Member] | RSUs [Member] | Common Class C [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 29,898 |
Former Employees [Member] | PSUs [Member] | Common Class A [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 136,617 |
Former Employees [Member] | PSUs [Member] | Common Class C [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 273,591 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2018shares | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of annual incentive compensation receivable in shares | 100.00% | 100.00% |
2018 PSUs [Member] | PSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award grant (in shares) | 1,303,776 | |
Award performance period | 2 years | |
2018 PSUs [Member] | PSUs [Member] | April 1, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights | 50.00% | |
2018 PSUs [Member] | PSUs [Member] | October 1, 2020 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting rights | 50.00% | |
2018 PSUs [Member] | PSUs [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award performance range | 50.00% | |
Award expected performance | 50.00% | 50.00% |
2018 PSUs [Member] | PSUs [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award performance range | 125.00% | |
Award expected performance | 150.00% | 150.00% |
Restructuring Liability (Detail
Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2018 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2018 | $ 62 | |
Restructuring charges | 58.3 | |
Cash paid | (33.4) | |
Foreign currency translation adjustments and other | 0.8 | |
Restructuring liability as of March, 31, 2018 | 87.7 | |
Current portion | $ 70 | |
Noncurrent portion | 17.7 | |
Total | 62 | 87.7 |
Employee severance and termination costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2018 | 36.1 | |
Restructuring charges | 16.4 | |
Cash paid | (20.4) | |
Foreign currency translation adjustments and other | 0.3 | |
Restructuring liability as of March, 31, 2018 | 32.4 | |
Current portion | 30.7 | |
Noncurrent portion | 1.7 | |
Total | 36.1 | 32.4 |
Office closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2018 | 9.5 | |
Restructuring charges | 0.7 | |
Cash paid | (1.4) | |
Foreign currency translation adjustments and other | 0.3 | |
Restructuring liability as of March, 31, 2018 | 9.1 | |
Current portion | 4.7 | |
Noncurrent portion | 4.4 | |
Total | 9.5 | 9.1 |
Contract termination and other [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2018 | 16.4 | |
Restructuring charges | 41.2 | |
Cash paid | (11.6) | |
Foreign currency translation adjustments and other | 0.2 | |
Restructuring liability as of March, 31, 2018 | 46.2 | |
Current portion | 34.6 | |
Noncurrent portion | 11.6 | |
Total | 16.4 | $ 46.2 |
U.K./Ireland [Member] | Employee severance and termination costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring charges | $ 39.2 |
Earnings or Loss per Share (Nar
Earnings or Loss per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock Options, SARs and RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 51.9 | 48.7 |
PSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 7.3 | 7.9 |
Commitments and Contingencies75
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2018 | $ 2,617.3 |
2,019 | 1,704.2 |
2,020 | 1,144 |
2,021 | 659.9 |
2,022 | 219.6 |
2,023 | 152.8 |
Thereafter | 1,186.2 |
Total | 7,684 |
Network and Connectivity Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2018 | 640.7 |
2,019 | 396.4 |
2,020 | 319.1 |
2,021 | 281.1 |
2,022 | 86.4 |
2,023 | 66.7 |
Thereafter | 914.9 |
Total | 2,705.3 |
Programming Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2018 | 903.7 |
2,019 | 908 |
2,020 | 543.7 |
2,021 | 251.4 |
2,022 | 49 |
2,023 | 15.6 |
Thereafter | 49.4 |
Total | 2,720.8 |
Purchase Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2018 | 927.2 |
2,019 | 263.4 |
2,020 | 178.1 |
2,021 | 50.4 |
2,022 | 22 |
2,023 | 18.5 |
Thereafter | 41.6 |
Total | 1,501.2 |
Operating Leases [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2018 | 125 |
2,019 | 122.9 |
2,020 | 100 |
2,021 | 76.5 |
2,022 | 61.9 |
2,023 | 51.9 |
Thereafter | 180.3 |
Total | 718.5 |
Other Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2018 | 20.7 |
2,019 | 13.5 |
2,020 | 3.1 |
2,021 | 0.5 |
2,022 | 0.3 |
2,023 | 0.1 |
Thereafter | 0 |
Total | $ 38.2 |
Commitments and Contingencies76
Commitments and Contingencies (Narrative) (Details) € in Millions, £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2012EUR (€) | Dec. 31, 2012USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | Mar. 31, 2018GBP (£) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Dec. 31, 2016GBP (£) | Nov. 26, 2007association | |
Interkabel Acquisition [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Damages sought | € 1,400 | $ 1,700,000,000 | |||||||||||||||
Interkabel Acquisition [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of associations of municipalities in Belgium | association | 4 | ||||||||||||||||
Loss contingency damages in excess value | € 20 | $ 24,600,000 | |||||||||||||||
Loss contingency accrual | 0 | ||||||||||||||||
Deutsche Telekom Litigation [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Damages sought | € 76 | $ 93,000,000 | |||||||||||||||
Reduction of annual lease fees | 66.67% | 66.67% | |||||||||||||||
Virgin Media VAT Matters [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Loss contingency accrual | 0 | ||||||||||||||||
Virgin Media VAT Matters [Member] | Maximum [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Estimate of possible loss | £ 47 | 66,000,000 | |||||||||||||||
Virgin Media VAT Matters 2 [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Estimate of possible loss | £ | £ 63.7 | ||||||||||||||||
Loss contingency accrual | $ 0 | ||||||||||||||||
Continuing operations | £ 67 | $ 99,100,000 | |||||||||||||||
Interest expense | £ | £ 3.3 | ||||||||||||||||
Other Regulatory Issues [Member] | Maximum [Member] | Scenario, Forecast [Member] | U.K. [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Estimate of possible loss | £ 110 | $ 154,000,000 | £ 20 | $ 27,000,000 | |||||||||||||
Broadband Communications and DHT Operations [Member] | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Programming costs | $ 508,200,000 | $ 438,600,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - country | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2016 | |
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 | 10.00% | ||
Performance measures, percentage of reportable segment revenue and operating cash flow presented | 100.00% | ||
VodafoneZiggo JV [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% | ||
Ownership percentage | 50.00% | 50.00% | 50.00% |
Telenet [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% | ||
Video, Broadband Internet and FIxed-Line Telephony, Mobile and other Communications Services [Member] | Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of countries in which entity provides services | 11 |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,156.1 | $ 3,519 |
Adjusted OIBDA | 1,898.9 | 1,600.6 |
VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,195 | 1,083.8 |
Adjusted OIBDA | 516.6 | 459.4 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Adjusted OIBDA | 1,898.9 | 1,600.6 |
Operating Segments [Member] | U.K./Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,778.2 | 1,504.4 |
Adjusted OIBDA | 762.6 | 646 |
Operating Segments [Member] | Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 759.6 | 661.4 |
Adjusted OIBDA | 357.6 | 297.9 |
Operating Segments [Member] | Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 782.8 | 629.1 |
Adjusted OIBDA | 492.1 | 383.2 |
Operating Segments [Member] | Switzerland/Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 454.6 | 423.7 |
Adjusted OIBDA | 243.5 | 253.1 |
Operating Segments [Member] | Central and Eastern Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 330.8 | 271.3 |
Adjusted OIBDA | 139.1 | 111 |
Operating Segments [Member] | Central and Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 51.7 | 32.8 |
Adjusted OIBDA | (96) | (90.6) |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (1.6) | $ (3.7) |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||
Total segment Adjusted OIBDA from continuing operations | $ 1,898.9 | $ 1,600.6 |
Share-based compensation expense | (45.8) | (33.4) |
Depreciation and amortization | (1,296.4) | (1,128.3) |
Impairment, restructuring and other operating items, net | (63.6) | (11.8) |
Operating income | 493.1 | 427.1 |
Interest expense | (487.8) | (453.2) |
Realized and unrealized losses on derivative instruments, net | (300.3) | (241.8) |
Foreign currency transaction gains (losses), net | (30.5) | 64.4 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net | (57.2) | 94.4 |
Losses on debt modification and extinguishment, net | (2.6) | (45.3) |
Share of losses of affiliates, net | (36.5) | (15.7) |
Other income, net | 9.3 | 16 |
Loss from continuing operations before income taxes | $ (412.5) | $ (154.1) |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | $ 1,251.4 | $ 884.4 |
Assets acquired under capital-related vendor financing arrangements | (743.4) | (614.4) |
Assets acquired under capital leases | (29.5) | (31.4) |
Changes in current liabilities related to capital expenditures | 167.5 | 261.8 |
Total consolidated capital expenditures | 646 | 500.4 |
U.K./Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 559.2 | 409.1 |
Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 185.2 | 124.7 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 197.2 | 144.8 |
Switzerland/Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 84.8 | 67.2 |
Central and Eastern Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 76.5 | 72 |
Central and Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 148.5 | 66.6 |
VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment additions - VodafoneZiggo JV | $ 239.8 | $ 227.9 |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,156.1 | $ 3,519 |
Cable [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,086.3 | 2,649.9 |
Cable Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,917.1 | 2,524.7 |
Cable Video Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,198.5 | 1,054.4 |
Cable Broadband Internet Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,138.8 | 944.6 |
Cable Fixed-line Telephony Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 579.8 | 525.7 |
Cable Non-Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 169.2 | 125.2 |
Residential [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,521.8 | 3,030.5 |
Mobile Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 254 | 244.2 |
Mobile Non-Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 181.5 | 136.4 |
Mobile Residential [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 435.5 | 380.6 |
Business to Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 571.4 | 439.5 |
Business to Business Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 148.5 | 105.4 |
Business to Business Non-Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 422.9 | 334.1 |
Other Category [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 62.9 | $ 49 |
Segment Reporting (Geographic S
Segment Reporting (Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,156.1 | $ 3,519 |
VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,195 | 1,083.8 |
Operating Segments [Member] | U.K. [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,644.4 | 1,400.4 |
Operating Segments [Member] | Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 782.8 | 629.1 |
Operating Segments [Member] | Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 759.6 | 661.4 |
Operating Segments [Member] | Switzerland [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 344.9 | 331.2 |
Operating Segments [Member] | Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 133.8 | 104 |
Operating Segments [Member] | Poland [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 116 | 95.9 |
Operating Segments [Member] | Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 109.7 | 92.5 |
Operating Segments [Member] | Hungary [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 85.1 | 71.9 |
Operating Segments [Member] | The Czech Republic [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 60.4 | 44.9 |
Operating Segments [Member] | Romania [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 50.3 | 42 |
Operating Segments [Member] | Slovakia [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 16.5 | 14.3 |
Other, including intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 52.6 | $ 31.4 |