Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-35961 | |
Entity Registrant Name | Liberty Global plc | |
Entity Central Index Key | 0001570585 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | X0 | |
Entity Tax Identification Number | 98-1112770 | |
Entity Address, Address Line One | Griffin House | |
Entity Address, Address Line Two | 161 Hammersmith Rd | |
Entity Address, City or Town | London | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | W6 8BS | |
Country Region | 44 | |
City Area Code | 208 | |
Local Phone Number | 483.6449 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A ordinary shares | |
Trading Symbol | LBTYA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 205,023,926 | |
Class B | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B ordinary shares | |
Trading Symbol | LBTYB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 12,157,826 | |
Class C | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class C ordinary shares | |
Trading Symbol | LBTYK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 513,200,480 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,269 | $ 1,480.5 |
Trade receivables, net | 1,298.4 | 1,342.1 |
Derivative instruments (note 6) | 439 | 394.2 |
Prepaid expenses | 227.9 | 171.4 |
Current assets of discontinued operations (note 4) | 405.8 | 356.5 |
Other current assets (notes 3 and 5) | 431.3 | 396.7 |
Total current assets | 4,071.4 | 4,141.4 |
Investments and related note receivables (including $1,070.0 million and $1,174.8 million, respectively, measured at fair value on a recurring basis) (note 5) | 4,945 | 5,121.8 |
Property and equipment, net (notes 8 and 10) | 13,622.9 | 13,878.9 |
Goodwill (note 8) | 13,731.8 | 13,715.8 |
Deferred tax assets (note 11) | 2,572.9 | 2,488.2 |
Long-term assets of discontinued operations (note 4) | 10,874.8 | 10,174.6 |
Other assets, net (notes 3, 6, 8 and 10) | 4,168.2 | 3,632.9 |
Total assets | 53,987 | 53,153.6 |
Current liabilities: | ||
Accounts payable | 771.9 | 874.3 |
Deferred revenue | 793.3 | 847.1 |
Current portion of debt and finance lease obligations (notes 9 and 10) | 3,680.5 | 3,615.2 |
Accrued capital expenditures | 407 | 543.2 |
Current liabilities of discontinued operations (note 4) | 2,068.1 | 1,967.5 |
Other accrued and current liabilities (notes 6, 10 and 14) | 2,612.4 | 2,458.8 |
Total current liabilities | 10,333.2 | 10,306.1 |
Long-term debt and finance lease obligations (notes 9 and 10) | 26,235.6 | 26,190 |
Long-term liabilities of discontinued operations (note 4) | 10,541 | 10,072.4 |
Other long-term liabilities (notes 6, 10, 11 and 14) | 3,206.5 | 2,436.8 |
Total liabilities | 50,316.3 | 49,005.3 |
Commitments and contingencies (notes 6, 9, 11 and 16) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 8,747.3 | 9,214.5 |
Accumulated deficit | (5,111) | (5,172.2) |
Accumulated other comprehensive earnings, net of taxes | 490.1 | 631.8 |
Treasury shares, at cost | (0.1) | (0.1) |
Total Liberty Global shareholders | 4,133.5 | 4,681.4 |
Noncontrolling interests | (462.8) | (533.1) |
Total equity | 3,670.7 | 4,148.3 |
Total liabilities and equity | 53,987 | 53,153.6 |
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 205,007,296 and 204,450,499 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | 2 | 2 |
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,159,888 shares and 11,099,593 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 513,170,513 and 531,174,389 shares, respectively | ||
Liberty Global shareholders: | ||
Common stock | $ 5.1 | $ 5.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Investments | $ 1,070 | $ 1,174.8 |
Class A | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 205,007,296 | 204,450,499 |
Common stock, outstanding (in shares) | 205,007,296 | 204,450,499 |
Class B | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,159,888 | 11,099,593 |
Common stock, outstanding (in shares) | 12,159,888 | 11,099,593 |
Class C | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 513,170,513 | 531,174,389 |
Common stock, outstanding (in shares) | 513,170,513 | 531,174,389 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue (notes 3, 5 and 17) | $ 2,850.4 | $ 3,015.6 | $ 5,718.4 | $ 6,079.1 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||||
Programming and other direct costs of services | 786.3 | 803.5 | 1,586.7 | 1,650.6 |
Other operating (note 13) | 417.8 | 425.3 | 837.2 | 887.3 |
Selling, general and administrative (SG&A) (note 13) | 542.6 | 528.8 | 1,074.8 | 1,064.2 |
Depreciation and amortization | 921.8 | 964 | 1,861.4 | 2,004.7 |
Impairment, restructuring and other operating items, net (note 14) | 33.2 | 29.9 | 104.1 | 90.6 |
Operating costs and expenses | 2,701.7 | 2,751.5 | 5,464.2 | 5,697.4 |
Operating income | 148.7 | 264.1 | 254.2 | 381.7 |
Non-operating income (expense): | ||||
Interest expense | (363.6) | (380.4) | (730.9) | (755.7) |
Realized and unrealized gains on derivative instruments, net (note 6) | 152.9 | 675.5 | 70.1 | 464.2 |
Foreign currency transaction gains (losses), net | (27) | 51.5 | 111.6 | (50.2) |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 5, 7 and 9) | (138.7) | 61.5 | (146.9) | 4.3 |
Losses on debt modification and extinguishment, net (note 9) | (48.3) | (20.1) | (48.8) | (22.7) |
Share of results of affiliates, net (note 5) | (69.3) | (82.3) | (140.2) | (118.8) |
Other income, net (note 4) | 32.5 | 6.4 | 39 | 16.2 |
Non-operating income (expense) | (461.5) | 312.1 | (846.1) | (462.7) |
Earnings (loss) from continuing operations before income taxes | (312.8) | 576.2 | (591.9) | (81) |
Income tax benefit (expense) (note 11) | (26.8) | 92.8 | (54.6) | (617.2) |
Earnings (loss) from continuing operations | (339.6) | 669 | (646.5) | (698.2) |
Discontinued operations (note 4): | ||||
Earnings from discontinued operations, net of taxes | 315.5 | 281.5 | 638.1 | 470.1 |
Gain on disposal of discontinued operations, net of taxes | 106.6 | 0 | 106.6 | 0 |
Net earnings (loss) | 422.1 | 281.5 | 744.7 | 470.1 |
Net earnings (loss) | 82.5 | 950.5 | 98.2 | (228.1) |
Net earnings attributable to noncontrolling interests | (29.5) | (37.9) | (38.2) | (45.8) |
Net earnings (loss) attributable to Liberty Global shareholders | $ 53 | $ 912.6 | $ 60 | $ (273.9) |
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share (note 15) (in dollars per share) | $ (0.50) | $ 0.80 | $ (0.93) | $ (0.93) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net earnings (loss) | $ 82.5 | $ 950.5 | $ 98.2 | $ (228.1) |
Other comprehensive loss, net of taxes: | ||||
Foreign currency translation adjustments | (25.5) | (1,009.3) | (141.5) | (428.1) |
Pension-related adjustments and other | (0.4) | (6.2) | (0.8) | (7.1) |
Other comprehensive loss | (6.3) | (1,064) | (141.3) | (471.8) |
Comprehensive earnings (loss) | 76.2 | (113.5) | (43.1) | (699.9) |
Comprehensive earnings attributable to noncontrolling interests | (29.7) | (35.7) | (38.6) | (43.6) |
Comprehensive earnings (loss) attributable to Liberty Global shareholders | 46.5 | (149.2) | (81.7) | (743.5) |
Other comprehensive loss from continuing operations | ||||
Other comprehensive loss, net of taxes: | ||||
Other comprehensive loss | (25.9) | (1,015.5) | (142.3) | (435.2) |
Other comprehensive earnings (loss) from discontinued operations | ||||
Other comprehensive loss, net of taxes: | ||||
Other comprehensive loss | $ 19.6 | $ (48.5) | $ 1 | $ (36.6) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions | Total | Total Liberty Global shareholders | Ordinary sharesClass A | Ordinary sharesClass B | Ordinary sharesClass C | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive earnings, net of taxes | Treasury shares, at cost | Non-controlling interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting changes | $ 324.5 | $ 320.1 | $ 320.1 | $ 4.4 | ||||||
Balance, 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, 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 earnings | (1,178.6) | (1,186.5) | (1,186.5) | 7.9 | ||||||
Other comprehensive loss, net of taxes | 592.2 | 592.2 | 592.2 | |||||||
Repurchase and cancellation of Liberty Global ordinary shares (note 12) | (496.3) | (496.3) | (0.1) | (496.2) | ||||||
Repurchase by Telenet of its outstanding shares | (32.1) | (34.7) | (34.7) | 2.6 | ||||||
Share-based compensation (note 13) | 40.4 | 40.4 | 40.4 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (8.4) | (7.6) | (7.6) | (0.8) | ||||||
Balance 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) |
Balance, 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 earnings | (228.1) | |||||||||
Other comprehensive loss, net of taxes | (471.8) | |||||||||
Balance at Jun. 30, 2018 | 4,751.9 | 5,118.2 | 2.1 | 0.1 | 5.6 | 10,095.5 | (6,171.4) | 1,186.4 | (0.1) | (366.3) |
Balance, before effect of accounting change 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 950.5 | 912.6 | 912.6 | 37.9 | ||||||
Other comprehensive loss, net of taxes | (1,064) | (1,061.8) | (1,061.8) | (2.2) | ||||||
Repurchase and cancellation of Liberty Global ordinary shares (note 12) | (792) | (792) | (0.1) | (0.1) | (791.8) | |||||
Repurchase by Telenet of its outstanding shares | (12.9) | (14.5) | (14.5) | 1.6 | ||||||
Share-based compensation (note 13) | 44 | 44 | 44 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (8.4) | (2.7) | (2.7) | (5.7) | ||||||
Balance at Jun. 30, 2018 | 4,751.9 | 5,118.2 | 2.1 | 0.1 | 5.6 | 10,095.5 | (6,171.4) | 1,186.4 | (0.1) | (366.3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting changes | 1.2 | 1.2 | 1.2 | 0 | ||||||
Balance, as adjusted for accounting change | 4,149.5 | 4,682.6 | 2 | 0.1 | 5.3 | 9,214.5 | (5,171) | 631.8 | (0.1) | (533.1) |
Balance, before effect of accounting change at Dec. 31, 2018 | 4,148.3 | 4,681.4 | 2 | 0.1 | 5.3 | 9,214.5 | (5,172.2) | 631.8 | (0.1) | (533.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 15.7 | 7 | 7 | 8.7 | ||||||
Other comprehensive loss, net of taxes | (135) | (135.2) | (135.2) | 0.2 | ||||||
Repurchase and cancellation of Liberty Global ordinary shares (note 12) | (214.1) | (214.1) | (0.1) | (214) | ||||||
Repurchase by Telenet of its outstanding shares | (56.9) | (68.2) | (68.2) | 11.3 | ||||||
Share-based compensation (note 13) | 55.6 | 55.6 | 55.6 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 34.8 | 32.4 | 32.4 | 2.4 | ||||||
Balance at Mar. 31, 2019 | 3,849.6 | 4,360.1 | 2 | 0.1 | 5.2 | 9,020.3 | (5,164) | 496.6 | (0.1) | (510.5) |
Balance, before effect of accounting change at Dec. 31, 2018 | 4,148.3 | 4,681.4 | 2 | 0.1 | 5.3 | 9,214.5 | (5,172.2) | 631.8 | (0.1) | (533.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 98.2 | |||||||||
Other comprehensive loss, net of taxes | (141.3) | |||||||||
Balance at Jun. 30, 2019 | 3,670.7 | 4,133.5 | 2 | 0.1 | 5.1 | 8,747.3 | (5,111) | 490.1 | (0.1) | (462.8) |
Balance, before effect of accounting change at Mar. 31, 2019 | 3,849.6 | 4,360.1 | 2 | 0.1 | 5.2 | 9,020.3 | (5,164) | 496.6 | (0.1) | (510.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 82.5 | 53 | 53 | 29.5 | ||||||
Other comprehensive loss, net of taxes | (6.3) | (6.5) | (6.5) | 0.2 | ||||||
Repurchase and cancellation of Liberty Global ordinary shares (note 12) | (288.4) | (288.4) | (0.1) | (288.3) | ||||||
Repurchase by Telenet of its outstanding shares | (57.2) | (66.3) | (66.3) | 9.1 | ||||||
Share-based compensation (note 13) | 70 | 70 | 70 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 20.5 | 11.6 | 11.6 | 8.9 | ||||||
Balance at Jun. 30, 2019 | $ 3,670.7 | $ 4,133.5 | $ 2 | $ 0.1 | $ 5.1 | $ 8,747.3 | $ (5,111) | $ 490.1 | $ (0.1) | $ (462.8) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 98.2 | $ (228.1) |
Earnings from discontinued operations | 744.7 | 470.1 |
Loss from continuing operations | (646.5) | (698.2) |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities of continuing operations: | ||
Share-based compensation expense | 154.3 | 88.2 |
Depreciation and amortization | 1,861.4 | 2,004.7 |
Impairment, restructuring and other operating items, net | 104.1 | 90.6 |
Amortization of deferred financing costs and non-cash interest | 27 | 29.1 |
Realized and unrealized gains on derivative instruments, net | (70.1) | (464.2) |
Foreign currency transaction losses (gains), net | (111.6) | 50.2 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | 146.9 | (4.3) |
Losses on debt modification and extinguishment, net | 48.8 | 22.7 |
Share of results of affiliates, net | 140.2 | 118.8 |
Deferred income tax benefit | (99.5) | (125.3) |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions | 70 | 885.7 |
Dividends from affiliates and others | 3.5 | 130.1 |
Net cash provided by operating activities of continuing operations | 1,628.5 | 2,128.1 |
Net cash provided by operating activities of discontinued operations | 829.2 | 1,137 |
Net cash provided by operating activities | 2,457.7 | 3,265.1 |
Cash flows from investing activities: | ||
Capital expenditures, net | (632.9) | (794.8) |
Investments in and loans to affiliates and others | (189.2) | (56.8) |
Proceeds received upon disposition of discontinued operations, net | 145.8 | 0 |
Other investing activities, net | (6.4) | (41.7) |
Net cash used by investing activities of continuing operations | (682.7) | (893.3) |
Net cash used by investing activities of discontinued operations | (210.7) | (284) |
Net cash used by investing activities | (893.4) | (1,177.3) |
Cash flows from financing activities: | ||
Repayments and repurchases of debt and finance lease obligations | (3,838.8) | (3,828.8) |
Borrowings of debt | 2,800.7 | 2,146.5 |
Repurchase of Liberty Global ordinary shares | (502.5) | (1,276.2) |
Repurchase by Telenet of its outstanding shares | (114.1) | (29.7) |
Net cash received related to derivative instruments | 93.5 | 10.2 |
Other financing activities, net | (34.2) | (51.8) |
Net cash used by financing activities of continuing operations | (1,595.4) | (3,029.8) |
Net cash provided (used) by financing activities of discontinued operations | (168.4) | 147.6 |
Net cash used by financing activities | (1,763.8) | (2,882.2) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash of continuing operations: | ||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (5) | (9.3) |
Net decrease in cash and cash equivalents and restricted cash: | ||
Continuing operations | (654.6) | (1,804.3) |
Discontinued operations | 450.1 | 1,000.6 |
Total | (204.5) | (803.7) |
Cash and cash equivalents and restricted cash: | ||
Beginning of period | 1,498.3 | 1,683 |
Total | (204.5) | (803.7) |
End of period | 1,293.8 | 879.3 |
Cash paid for interest: | ||
Continuing operations | 738.9 | 713.4 |
Discontinued operations | 225.4 | 223.7 |
Total | 964.3 | 937.1 |
Net cash paid for taxes: | ||
Continuing operations | 260.6 | 174.4 |
Discontinued operations | 131 | 12.8 |
Total | $ 391.6 | $ 187.2 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Details of end of period cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 1,269 | $ 862.4 |
Restricted cash included in other current assets and other assets, net | 22.9 | 14.9 |
Restricted cash included in current and long-term assets of discontinued operations | 1.9 | 2 |
Total cash and cash equivalents and restricted cash | $ 1,293.8 | $ 879.3 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
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 and mobile communications services to residential customers and businesses in Europe. Our continuing operations comprise businesses that provide residential and business-to-business ( B2B ) communications services in (i) the United Kingdom ( U.K. ) and Ireland through Virgin Media Inc. ( Virgin Media ), a wholly-owned subsidiary of Liberty Global , (ii) Belgium through Telenet Group Holding N.V. ( Telenet ), a 60.3% -owned subsidiary of Liberty Global , (iii) Switzerland and Poland through UPC Holding B.V. and (iv) Slovakia through UPC Broadband Slovakia s.r.o. UPC Holding B.V. and UPC Broadband Slovakia s.r.o., which are each wholly-owned subsidiaries of Liberty Global , are collectively referred to herein as “ UPC Holding .” In addition, we own a 50% noncontrolling interest in a 50 : 50 joint venture between Vodafone Group plc ( Vodafone ) and Liberty Global (the VodafoneZiggo JV ), which provides residential and B2B communication services in the Netherlands. On February 27, 2019, we entered into an agreement to sell our operations in Switzerland. For additional information, see note 4 . Through July 31, 2019, we provided residential and B2B communication services in (i) Germany through Unitymedia GmbH ( Unitymedia ) and (ii) Hungary, the Czech Republic and Romania through UPC Holding B.V. In addition, (a) through May 2, 2019, we provided direct-to-home satellite ( DTH ) services to residential customers in Hungary, the Czech Republic, Romania and Slovakia through a Luxembourg-based subsidiary of UPC Holding B.V. that we refer to as “ UPC DTH ” and (b) through July 31, 2018, we provided residential and B2B communication services in Austria. In these condensed consolidated financial statements, our operations in Austria, Germany, Romania, Hungary and the Czech Republic and the operations of UPC DTH are presented as discontinued operations for all applicable periods. For additional information regarding these dispositions, see note 4 . Unless otherwise indicated, 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 ( 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 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 2018 consolidated financial statements and notes thereto included in our 2018 Annual Report on Form 10-K, as amended (our 10-K ). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, 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, lease terms, 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 June 30, 2019 . Certain prior period amounts have been reclassified to conform to the current period presentation. |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Change ASU 2016-02 In February 2016, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, results in lessees recognizing right-of-use ( ROU ) assets and lease liabilities on the balance sheet. ASU 2016-02 , as amended by ASU No. 2018-11, Targeted Improvements , requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using one of two modified retrospective approaches. A number of optional practical expedients may be applied in transition. We adopted ASU 2016-02 on January 1, 2019. The main impact of the adoption of ASU 2016-02 relates to the recognition of ROU assets and lease liabilities on our consolidated balance sheet for those leases classified as operating leases under previous GAAP . In transition, we have applied the practical expedients that permit us not to reassess (i) whether expired or existing contracts contain a lease under the new standard, (ii) the lease classification for expired or existing leases or (iii) whether previously-capitalized initial direct costs would qualify for capitalization under the new standard. In addition, we have not used hindsight during transition. Upon adoption of ASU 2016-02 , on January 1, 2019 our continuing operations recorded (i) ROU assets of $545.1 million and lease liabilities of $558.1 million related to operating leases, (ii) ROU assets and lease liabilities related to finance leases of $26.2 million and (iii) a decrease to our accumulated deficit of $1.2 million . In addition, we reclassified our existing prepaid lease expense, accrued lease expense and lease incentive liabilities, resulting in a net reduction of our ROU assets of $14.2 million . The adoption of ASU 2016-02 did not have a significant impact on our consolidated statements of operations or cash flows. We have implemented a new lease accounting system and related internal controls over financial reporting to meet the requirements of ASU 2016-02 . For additional information regarding our leases, see note 10 . Recent Accounting Pronouncements ASU 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ( ASU 2018-15 ), which requires entities to defer implementation costs incurred that are related to the application development stage in a cloud computing arrangement that is a service contract. Deferred implementation costs will be amortized over the term of the cloud computing arrangement and presented in the same expense line item as the cloud computing arrangement. All other implementation costs will be expensed as incurred. ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2018-15 will have on our consolidated financial statements. ASU 2019-02 In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials ( ASU 2019-02 ), which aligns the accounting for production costs of an episodic television series with the accounting for production costs of films. ASU 2019-02 removes the existing constraint that restricts capitalization of production costs to contracted revenue for episodic television series. The amended guidance also requires entities to test a film or license agreement for impairment at the film group level, addresses cash flow classification and provides new disclosure requirements. ASU 2019-02 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2019-02 will have on our consolidated financial statements. |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue 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 $42.9 million and $45.8 million at June 30, 2019 and December 31, 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 and accrued revenue for handset sales. Our contract assets were $42.6 million and $44.3 million as of June 30, 2019 and December 31, 2018 , respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. 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 $822.6 million and $877.9 million as of June 30, 2019 and December 31, 2018 , respectively. The decrease in deferred revenue for the six months ended June 30, 2019 is primarily due to $791.7 million of revenue recognized that was included in our deferred revenue balance at December 31, 2018 , partially offset by advanced billings in certain markets. The current and long-term portions of our deferred revenue balances are included within deferred revenue and other long-term liabilities, respectively, on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $72.7 million and $73.0 million at June 30, 2019 and December 31, 2018 , respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $24.3 million and $48.7 million during the three and six months ended June 30, 2019 , respectively, and $28.5 million and $51.3 million during the three and six months ended June 30, 2018 , respectively, to operating costs and expenses 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 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2019 | |
Acquisitions and Dispositions [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisition De Vijver Media . Prior to June 3, 2019, Telenet owned a 50.0% equity method investment in De Vijver Media NV ( De Vijver Media ), which provides content production, broadcasting and advertising services in Belgium. On June 3, 2019, Telenet acquired the remaining 50.0% ownership interest in De Vijver Media for cash consideration of €52.5 million ( $58.9 million at the transaction date) (the De Vijver Media Acquisition ) after post-closing adjustments. Immediately following this transaction, Telenet repaid in full De Vijver Media ’s €62.0 million ( $69.5 million at the transaction date) of outstanding third-party debt. In connection with the De Vijver Media Acquisition , we recognized a $25.7 million gain during the second quarter of 2019, representing the difference between the fair value and carrying amount of our then-existing 50.0% ownership interest in De Vijver Media . This gain is included in other income, net, in our condensed consolidated statements of operations. Pending Disposition UPC Switzerland . On February 27, 2019, we entered into an agreement to sell UPC Switzerland to Sunrise Communications Group AG (“ Sunrise ”) for a total enterprise value of $6.3 billion (equivalent at the agreement date). Sunrise will acquire UPC Switzerland and certain holding companies within the UPC Holding borrowing group inclusive of the UPC Holding borrowing group’s existing senior and senior secured notes (together, the UPC Notes ), associated derivatives and certain other debt items, which, based on December 31, 2018 outstanding balances, had an aggregate value equal to approximately $3.7 billion (equivalent at the agreement date). The net cash proceeds are expected to be $2.6 billion (equivalent at the agreement date), subject to customary other liabilities and working capital adjustments at completion, and are expected to be used for general corporate purposes. As the transaction is structured, a change of control will not be triggered under the UPC Notes . Closing of the transaction is subject to regulatory approval, which is expected prior to year-end 2019, and approval by Sunrise ’s shareholders with respect to an associated capital increase. The criteria for presenting UPC Switzerland as a discontinued operation will not be met until such shareholder approval is obtained by Sunrise . Accordingly, UPC Switzerland continues to be included in our continuing operations. In connection with the agreement to sell UPC Switzerland , we have agreed to provide certain transitional services to Sunrise for a period of up to five years . These services principally comprise network and information technology-related functions. The annual charges for such transitional services will depend on the actual level of transitional services required by Sunrise . Completed Dispositions Vodafone Disposal Group . On July 31, 2019, we completed the sale of our operations in Germany, Romania, Hungary and the Czech Republic to Vodafone . The operations of Germany, Romania, Hungary and the Czech Republic are collectively referred to herein as the “ Vodafone Disposal Group .” After considering debt and working capital adjustments and €188.1 million ( $213.7 million ) of cash to be paid by our company to settle centrally-held vendor financing obligations associated with the Vodafone Disposal Group , we received net cash proceeds of €10.1 billion ( $11.3 billion at the applicable rates). In August 2019, we used a portion of the net proceeds from the sale of the Vodafone Disposal Group to prepay in full the $1,645.0 million outstanding principal amount on a U.S. dollar-denominated term loan facility under the UPC Holding Bank Facility . In connection with the sale of the Vodafone Disposal Group , 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 Vodafone . UPC DTH . On May 2, 2019, we completed the sale of UPC DTH to M7 Group ( M7 ). After considering debt and working capital adjustments, we received net cash proceeds of €130.5 million ( $145.8 million at the applicable dates). The proceeds from the sale of UPC DTH were used for general corporate purposes. In connection with the sale of UPC DTH , we recognized a gain of $106.6 million that includes cumulative foreign currency translation losses of $10.0 million . No income taxes were required to be provided on this gain, which is included in gain on disposal of discontinued operations, net of taxes, in our condensed consolidated statements of operations. In connection with the sale of UPC DTH , we have agreed to provide certain transitional services to M7 for a period of up to two 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. UPC Austria . On July 31, 2018, we completed the sale of our Austrian operations, “ UPC Austria ,” to Deutsche Telekom AG ( Deutsche Telekom ). In connection with the sale of UPC Austria , we have agreed to provide certain transitional services to Deutsche Telekom for a period of up to four years . These services principally comprise network and information technology-related functions. During the six months ended June 30, 2019 , we recorded revenue of $21.0 million associated with these transitional services. Presentation of Discontinued Operations The operations of the Vodafone Disposal Group , UPC Austria and UPC DTH are presented as discontinued operations in our condensed consolidated financial statements for all applicable periods. In connection with the signing of each respective sale agreement, we ceased to depreciate or amortize the long-lived assets of (i) UPC Austria on December 22, 2017, (ii) the Vodafone Disposal Group on May 9, 2018 and (iii) UPC DTH on December 21, 2018. Our operations in Austria, Romania, Hungary, the Czech Republic as well as the operations of UPC DTH were held through UPC Holding prior to their respective disposal dates. No debt, interest expense or derivative instruments of the UPC Holding borrowing group, other than with respect to certain borrowings that are direct obligations of the entities to be disposed, has been allocated to discontinued operations. Conversely, all of Unitymedia’s debt, interest expense and derivative instruments are included in discontinued operations as its debt and derivative instruments are direct obligations of entities within the Vodafone Disposal Group . A portion of the proceeds from the disposition of UPC Austria was used to reduce the outstanding debt of the UPC Holding borrowing group. The carrying amounts of the major classes of assets and liabilities of the Vodafone Disposal Group as of June 30, 2019 are summarized below (in millions). These amounts exclude intercompany assets and liabilities that are eliminated within our condensed consolidated balance sheet. Assets: Current assets other than cash $ 405.8 Property and equipment, net 5,934.2 Goodwill 3,956.5 Other assets, net 984.1 Total assets $ 11,280.6 Liabilities: Current portion of debt and finance lease obligations $ 889.1 Other accrued and current liabilities 1,179.0 Long-term debt and finance lease obligations 8,973.7 Other long-term liabilities 1,567.3 Total liabilities $ 12,609.1 The carrying amounts of the major classes of assets and liabilities of the Vodafone Disposal Group and UPC DTH as of December 31, 2018 are summarized below. These amounts exclude intercompany assets and liabilities that are eliminated within our condensed consolidated balance sheet. Vodafone Disposal Group UPC DTH Total in millions Assets: Current assets other than cash $ 348.0 $ 8.5 $ 356.5 Property and equipment, net 5,591.4 79.7 5,671.1 Goodwill 3,986.7 — 3,986.7 Other assets, net 509.4 7.4 516.8 Total assets $ 10,435.5 $ 95.6 $ 10,531.1 Liabilities: Current portion of debt and finance lease obligations $ 809.0 $ 11.2 $ 820.2 Other accrued and current liabilities 1,114.8 32.5 1,147.3 Long-term debt and finance lease obligations 9,037.1 37.5 9,074.6 Other long-term liabilities 997.5 0.3 997.8 Total liabilities $ 11,958.4 $ 81.5 $ 12,039.9 The operating results of UPC Austria , the Vodafone Disposal Group and UPC DTH for the periods indicated are summarized in the following tables. These amounts exclude intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations. Vodafone Disposal Group UPC DTH (a) Total in millions Three months ended June 30, 2019 Revenue $ 868.9 $ 9.0 $ 877.9 Operating income $ 514.0 $ 2.1 $ 516.1 Earnings before income taxes $ 435.2 $ 2.2 $ 437.4 Income tax expense (121.9 ) — (121.9 ) Net earnings $ 313.3 $ 2.2 $ 315.5 Net earnings attributable to Liberty Global shareholders $ 313.3 $ 2.2 $ 315.5 _______________ (a) Includes the operating results of UPC DTH from April 1, 2019 through May 2, 2019, the date UPC DTH was sold. Vodafone Disposal Group UPC DTH (a) Total in millions Six months ended June 30, 2019 Revenue $ 1,727.6 $ 36.7 $ 1,764.3 Operating income $ 1,009.5 $ 10.7 $ 1,020.2 Earnings before income taxes $ 867.3 $ 9.5 $ 876.8 Income tax expense (238.7 ) — (238.7 ) Net earnings $ 628.6 $ 9.5 $ 638.1 Net earnings attributable to Liberty Global shareholders $ 628.6 $ 9.5 $ 638.1 _______________ (a) Includes the operating results of UPC DTH from January 1, 2019 through May 2, 2019, the date UPC DTH was sold. UPC Austria Vodafone Disposal Group UPC DTH Total in millions Three months ended June 30, 2018 Revenue $ 107.4 $ 892.9 $ 29.5 $ 1,029.8 Operating income (loss) $ 61.7 $ 419.9 $ (0.2 ) $ 481.4 Earnings (loss) before income taxes $ 61.5 $ 310.1 $ (0.3 ) $ 371.3 Income tax expense (9.7 ) (80.1 ) — (89.8 ) Net earnings (loss) 51.8 230.0 (0.3 ) 281.5 Net earnings attributable to noncontrolling interests (1.8 ) — — (1.8 ) Net earnings (loss) attributable to Liberty Global shareholders $ 50.0 $ 230.0 $ (0.3 ) $ 279.7 UPC Austria Vodafone Disposal Group UPC DTH Total in millions Six months ended June 30, 2018 Revenue $ 216.7 $ 1,845.2 $ 60.5 $ 2,122.4 Operating income $ 122.9 $ 731.5 $ 2.6 $ 857.0 Earnings before income taxes $ 122.7 $ 491.5 $ 1.9 $ 616.1 Income tax expense (19.2 ) (126.8 ) — (146.0 ) Net earnings 103.5 364.7 1.9 470.1 Net earnings attributable to noncontrolling interests (3.6 ) — — (3.6 ) Net earnings attributable to Liberty Global shareholders $ 99.9 $ 364.7 $ 1.9 $ 466.5 Our basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share for the three and six months ended June 30, 2019 and 2018 is presented below. These amounts relate to the operations of the Vodafone Disposal Group , UPC DTH and, for the 2018 periods, UPC Austria . Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share $ 0.43 $ 0.35 $ 0.86 $ 0.58 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: Accounting Method June 30, December 31, in millions Equity (a): VodafoneZiggo JV (b) $ 3,603.4 $ 3,761.5 Other 271.6 185.5 Total — equity 3,875.0 3,947.0 Fair value: ITV plc ( ITV ) — subject to re-use rights (c) 546.4 634.2 ITI Neovision S.A. (ITI Neovision) 121.6 125.4 Lions Gate Entertainment Corp ( Lionsgate ) (c) 59.7 77.5 Casa Systems, Inc. ( Casa ) 18.0 39.5 Other 324.3 298.2 Total — fair value 1,070.0 1,174.8 Total $ 4,945.0 $ 5,121.8 _______________ (a) At June 30, 2019 and December 31, 2018 , the carrying amount of our equity method investment in the VodafoneZiggo JV exceeded our proportionate share of that entity’s net assets by the amount of the VodafoneZiggo JV Receivable , as defined and described below. The carrying amounts of our other equity method investments did not materially exceed our proportionate share of the respective investee’s net assets at June 30, 2019 and December 31, 2018 . (b) Amounts include a euro-denominated note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $908.7 million and $916.1 million , respectively, due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55% and matures on January 16, 2028. During the six months ended June 30, 2019 , interest accrued on the VodafoneZiggo JV Receivable was $25.2 million , all of which has been cash settled. (c) In connection with our investments in ITV and Lionsgate , we have entered into the ITV Collar and the Lionsgate Forward , respectively, as defined and described in note 6 . Equity Method Investments The following table sets forth the details of our share of results of affiliates, net: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions VodafoneZiggo JV (a) $ (40.0 ) $ (63.2 ) $ (102.3 ) $ (90.0 ) Other (29.3 ) (19.1 ) (37.9 ) (28.8 ) Total $ (69.3 ) $ (82.3 ) $ (140.2 ) $ (118.8 ) _______________ (a) Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable and (ii) our 50% share of the remaining results of operations of the VodafoneZiggo JV . VodafoneZiggo JV . 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 . We recorded revenue from the VodafoneZiggo JV of $45.7 million and $53.8 million during the three months ended June 30, 2019 and 2018 , respectively, and $90.0 million and $88.3 million during the six months ended June 30, 2019 and 2018 , respectively, primarily related to (a) the JV Services and (b) sales of customer premises equipment at a mark-up. In addition, during the six months ended June 30, 2019 and 2018 , we purchased certain assets on the VodafoneZiggo JV ’s behalf with an aggregate cost of $9.2 million and $30.3 million , respectively. At June 30, 2019 and December 31, 2018 , $19.5 million and $24.4 million , respectively, were due from the VodafoneZiggo JV related to the aforementioned transactions. These amounts due from the VodafoneZiggo JV , which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets. The VodafoneZiggo JV is experiencing significant competition. In particular, the mobile operations of the VodafoneZiggo JV continue to experience competitive pressure on pricing. In light of this competition, as well as regulatory and economic factors, 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’s 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 June 30, Six months ended 2019 2018 2019 2018 in millions Revenue $ 1,084.5 $ 1,133.3 $ 2,178.4 $ 2,329.9 Loss before income taxes $ (134.5 ) $ (183.2 ) $ (323.3 ) $ (286.9 ) Net loss $ (104.0 ) $ (137.1 ) $ (254.3 ) $ (213.3 ) |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In general, we 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 ). 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: June 30, 2019 December 31, 2018 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets: Cross-currency and interest rate derivative contracts (b) $ 417.6 $ 1,500.7 $ 1,918.3 $ 372.7 $ 1,370.1 $ 1,742.8 Equity-related derivative instruments (c) 17.6 838.0 855.6 13.9 732.4 746.3 Foreign currency forward and option contracts 3.1 2.4 5.5 7.2 — 7.2 Other 0.7 0.4 1.1 0.4 — 0.4 Total $ 439.0 $ 2,341.5 $ 2,780.5 $ 394.2 $ 2,102.5 $ 2,496.7 Liabilities: Cross-currency and interest rate derivative contracts (b) $ 456.5 $ 1,356.7 $ 1,813.2 $ 326.5 $ 1,042.2 $ 1,368.7 Equity-related derivative instruments (c) 1.0 — 1.0 1.4 — 1.4 Foreign currency forward and option contracts 28.6 — 28.6 0.5 — 0.5 Other — — — — 0.1 0.1 Total $ 486.1 $ 1,356.7 $ 1,842.8 $ 328.4 $ 1,042.3 $ 1,370.7 _______________ (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, on our condensed consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $12.6 million and $65.6 million during the three months ended June 30, 2019 and 2018 , respectively, and $70.7 million and $27.9 million during the six months ended June 30, 2019 and 2018 , respectively. These amounts are included in realized and unrealized gain s 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 and (ii) 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 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 gains on derivative instruments, net, are as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 in millions Cross-currency and interest rate derivative contracts $ 69.1 $ 870.1 $ (18.2 ) $ 508.2 Equity-related derivative instruments: ITV Collar 86.0 (183.6 ) 99.8 (60.0 ) Lionsgate Forward 8.8 3.4 9.6 12.4 Sumitomo Collar — (23.2 ) — (11.8 ) Other 0.2 1.0 0.4 2.2 Total equity-related derivative instruments 95.0 (202.4 ) 109.8 (57.2 ) Foreign currency forward and option contracts (11.6 ) 8.3 (22.2 ) 13.9 Other 0.4 (0.5 ) 0.7 (0.7 ) Total $ 152.9 $ 675.5 $ 70.1 $ 464.2 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 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 of our derivative instruments: Six months ended June 30, 2019 2018 in millions Operating activities $ 165.1 $ 246.1 Financing activities 93.5 10.2 Total $ 258.6 $ 256.3 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 June 30, 2019 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $555.3 million . Details of our Derivative Instruments Cross-currency Derivative Contracts We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we 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 June 30, 2019 , 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 June 30, 2019 : 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 3.5 $ 8,036.4 £ 5,451.8 (a) 5.0 £ 2,365.8 $ 3,400.0 (b) 5.6 UPC Holding $ 2,420.0 € 1,999.4 5.1 $ 1,200.0 CHF 1,107.5 (a) 5.7 € 2,824.4 CHF 3,221.2 (a) 4.8 € 742.8 PLN 3,149.5 2.5 € 78.0 HUF 19,500.0 2.5 HUF 19,500.0 € 61.0 2.5 Telenet $ 3,670.0 € 3,243.6 (a) 6.0 € 1,431.2 $ 1,600.0 (b) 6.0 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to June 30, 2019 . These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) 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 June 30, 2019 , the total U.S. dollar equivalent of the notional amounts of these derivative instruments was $4.6 billion . Interest Rate Swap Contracts The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at June 30, 2019 : Borrowing group pays fixed rate 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 $ 20,883.1 (a) 3.2 $ 11,576.0 (a) 4.9 UPC Holding $ 8,478.5 (a) 3.9 $ 5,303.1 6.4 Telenet $ 3,821.9 (a) 4.7 $ 1,620.9 4.2 _______________ (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 June 30, 2019 : Borrowing group Notional amount Underlying swap currency Weighted average option expiration period (a) Weighted average strike rate (b) in millions in years Virgin Media $ 6,782.2 £ 1.5 2.40% $ 488.3 € 1.1 1.96% ______________ (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 sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at June 30, 2019 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media (a) $ 9,085.1 0.5 UPC Holding $ 1,645.0 0.1 Telenet $ 2,075.0 0.1 _______________ (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 June 30, 2019 , the total U.S. dollar equivalents of the notional amounts of our interest rate caps and collars were $253.9 million and $644.6 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: Borrowing group Decrease to borrowing costs at June 30, 2019 (a) Virgin Media (0.49 )% UPC Holding (0.62 )% Telenet (0.61 )% Total decrease to borrowing costs (0.53 )% _______________ (a) Represents the effect of derivative instruments in effect at June 30, 2019 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 June 30, 2019 , the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $8,747.6 million . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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 and (iii) certain instruments that we classify as debt. The reported fair values of these investments and instruments as of June 30, 2019 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. We use a Monte Carlo based approach to 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 six months ended June 30, 2019 , we performed a nonrecurring fair value measurement in connection with the De Vijver Media Acquisition . We did not perform any significant nonrecurring fair value measurements during the six months ended June 30, 2018 . For additional information concerning our fair value measurements, see note 9 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 June 30, 2019 using: Description June 30, 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 $ 1,918.3 $ — $ 1,917.9 $ 0.4 Equity-related derivative instruments 855.6 — — 855.6 Foreign currency forward and option contracts 5.5 — 5.5 — Other 1.1 — 1.1 — Total derivative instruments 2,780.5 — 1,924.5 856.0 Investments 1,070.0 624.1 — 445.9 Total assets $ 3,850.5 $ 624.1 $ 1,924.5 $ 1,301.9 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,813.2 $ — $ 1,786.7 $ 26.5 Equity-related derivative instruments 1.0 — — 1.0 Foreign currency forward and option contracts 28.6 — 2.9 25.7 Total derivative instruments 1,842.8 — 1,789.6 53.2 Debt 225.6 — 225.6 — Total liabilities $ 2,068.4 $ — $ 2,015.2 $ 53.2 Fair value measurements at December 31, 2018 using: Description December 31, 2018 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 $ 1,742.8 $ — $ 1,742.5 $ 0.3 Equity-related derivative instruments 746.3 — — 746.3 Foreign currency forward and option contracts 7.2 — 7.2 — Other 0.4 — 0.4 — Total derivative instruments 2,496.7 — 1,750.1 746.6 Investments 1,174.8 755.9 — 418.9 Total assets $ 3,671.5 $ 755.9 $ 1,750.1 $ 1,165.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,368.7 $ — $ 1,354.3 $ 14.4 Equity-related derivative instruments 1.4 — — 1.4 Foreign currency forward and option contracts 0.5 — 0.5 — Other 0.1 — 0.1 — Total derivative instruments 1,370.7 — 1,354.9 15.8 Debt 248.6 — 248.6 — Total liabilities $ 1,619.3 $ — $ 1,603.5 $ 15.8 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, interest rate and foreign currency derivative contracts Equity-related derivative instruments Total in millions Balance of net assets (liabilities) at January 1, 2019 $ 418.9 $ (14.1 ) $ 744.9 $ 1,149.7 Gains (losses) included in loss from continuing operations (a): Realized and unrealized gains (losses) on derivative instruments, net — (46.2 ) 109.8 63.6 Realized and unrealized losses due to changes in fair values of certain investments and debt, net (1.0 ) — — (1.0 ) Additions 28.8 — — 28.8 Transfers out of Level 3 — 8.4 — 8.4 Foreign currency translation adjustments and other, net (0.8 ) 0.1 (0.1 ) (0.8 ) Balance of net assets (liabilities) at June 30, 2019 $ 445.9 $ (51.8 ) $ 854.6 $ 1,248.7 _______________ (a) Most of these net gains and losses relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of June 30, 2019 . |
Long-lived Assets
Long-lived Assets | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, December 31, in millions Distribution systems $ 18,277.1 $ 17,845.4 Customer premises equipment 4,523.2 4,191.2 Support equipment, buildings and land 5,220.6 4,933.7 Total property and equipment, gross 28,020.9 26,970.3 Accumulated depreciation (14,398.0 ) (13,091.4 ) Total property and equipment, net $ 13,622.9 $ 13,878.9 During the six months ended June 30, 2019 and 2018 , we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $926.3 million and $1,186.7 million , respectively, which exclude related value-added taxes ( VAT ) of $148.7 million and $183.5 million , respectively, that were also financed by our vendors under these arrangements. Goodwill Changes in the carrying amount of our goodwill during the six months ended June 30, 2019 are set forth below: January 1, 2019 Acquisitions and related adjustments Foreign currency translation adjustments June 30, 2019 in millions U.K./Ireland $ 7,671.0 $ — $ (31.8 ) $ 7,639.2 Belgium 2,576.3 48.8 (19.1 ) 2,606.0 Switzerland 2,903.9 — 17.5 2,921.4 Central and Eastern Europe 564.6 — 0.6 565.2 Total $ 13,715.8 $ 48.8 $ (32.8 ) $ 13,731.8 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, on our condensed consolidated balance sheets, are set forth below: June 30, 2019 December 31, 2018 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 3,526.0 $ (2,997.1 ) $ 528.9 $ 3,673.1 $ (2,914.2 ) $ 758.9 Other 555.6 (265.2 ) 290.4 521.3 (249.0 ) 272.3 Total $ 4,081.6 $ (3,262.3 ) $ 819.3 $ 4,194.4 $ (3,163.2 ) $ 1,031.2 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt and Lease Obligation [Abstract] | |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: June 30, 2019 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent June 30, 2019 December 31, 2018 in millions VM Senior Secured Notes 5.39 % — $ — $ 6,613.5 $ 6,268.3 VM Credit Facilities (c) 4.69 % (d) 856.9 4,696.2 4,600.5 VM Senior Notes 5.34 % — — 1,587.3 1,999.9 Telenet Credit Facility 3.92 % (e) 573.6 3,137.1 3,145.7 Telenet Senior Secured Notes 4.69 % — — 1,681.5 1,687.1 Telenet SPE Notes 4.88 % — — 541.8 546.2 UPCB SPE Notes (f) 4.54 % — — 2,434.9 2,445.5 UPC Holding Bank Facility (f) (g) 4.89 % € 990.1 1,124.6 1,645.0 1,645.0 UPC Holding Senior Notes (f) 4.59 % — — 1,210.0 1,215.5 Vendor financing (f) (h) 4.10 % — — 3,631.8 3,620.3 ITV Collar Loan 0.90 % — — 1,374.1 1,379.6 Derivative-related debt instruments (i) 3.45 % — — 278.8 301.9 Other (j) 5.11 % — — 570.0 459.8 Total debt before deferred financing costs, discounts and premiums (k) 4.54 % $ 2,555.1 $ 29,402.0 $ 29,315.3 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: June 30, 2019 December 31, 2018 in millions Total debt before deferred financing costs, discounts and premiums $ 29,402.0 $ 29,315.3 Deferred financing costs, discounts and premiums, net (118.2 ) (131.4 ) Total carrying amount of debt 29,283.8 29,183.9 Finance lease obligations (note 10) 632.3 621.3 Total debt and finance lease obligations 29,916.1 29,805.2 Current maturities of debt and finance lease obligations (3,680.5 ) (3,615.2 ) Long-term debt and finance lease obligations $ 26,235.6 $ 26,190.0 _______________ (a) Represents the weighted average interest rate in effect at June 30, 2019 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 4.13% at June 30, 2019 . For information regarding our derivative instruments, see note 6 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2019 , based on the most restrictive 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 most restrictive 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 June 30, 2019 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities and there will be no restrictions with respect to loans or distributions from this availability, with the exception of the UPC Holding Bank Facility, which will have borrowing capacity limited to €730.9 million ( $830.2 million ). Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to June 30, 2019 . (c) Amounts include £121.0 million ( $153.6 million ) and £41.9 million ( $53.2 million ) at June 30, 2019 and December 31, 2018 , respectively, of borrowings pursuant to excess cash facilities under the VM Credit Facilities . These borrowings are owed to certain non-consolidated special purpose financing entities that have issued notes to finance the purchase of receivables due from Virgin Media to certain other third parties for amounts that Virgin Media and its subsidiaries have vendor financed. To the extent the proceeds from these notes exceed the amount of vendor financed receivables available to be purchased, the excess proceeds are used to fund these excess cash facilities. (d) Unused borrowing capacity under the VM Credit Facilities primarily relates to multi-currency revolving facilities with an aggregate maximum borrowing capacity equivalent to £675.0 million ( $856.9 million ). As of June 30, 2019 , the VM Revolving Facility comprises (i) VM Revolving Facility A, which is a multi-currency revolving facility maturing on December 31, 2021 with a maximum borrowing capacity equivalent to £50.0 million ( $63.5 million ), and (ii) VM Revolving Facility B, which is a multi-currency revolving facility maturing on January 15, 2024 with a maximum borrowing capacity equivalent to £625.0 million ( $793.4 million ). (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $454.3 million ) under Telenet Facility AG, (ii) €60.0 million ( $68.2 million ) under Telenet Facility AP, which was entered into in May 2019, (iii) €25.0 million ( $28.4 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $22.7 million ) under the Telenet Revolving Facility, each of which were undrawn at June 30, 2019 . (f) On February 27, 2019, we entered into an agreement to sell UPC Switzerland to Sunrise . Sunrise will acquire UPC Switzerland inclusive of certain debt held by the UPC Holding borrowing group. (g) In August 2019, we used a portion of the net proceeds from the sale of the Vodafone Disposal Group to prepay in full the $1,645.0 million outstanding principal amount on a U.S. dollar-denominated term loan facility under the UPC Holding Bank Facility . (h) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and 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 finance lease obligations in our condensed consolidated statements of cash flows. (i) Includes amounts associated with certain derivative-related borrowing instruments, including $225.6 million and $248.6 million at June 30, 2019 and December 31, 2018 , respectively, carried at fair value. These instruments mature at various dates through January 2025 . For information regarding fair value hierarchies, see note 7 . (j) Amounts include $231.7 million and $225.9 million at June 30, 2019 and December 31, 2018 , respectively, of debt collateralized by certain trade receivables of Virgin Media . (k) As of June 30, 2019 and December 31, 2018 , our debt had an estimated fair value of $30.0 billion and $28.5 billion , respectively. 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 . Financing Transactions - General Information At June 30, 2019 , most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Virgin Media , UPC Holding and Telenet , include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during the first six months of 2019 . A portion of our financing transactions may include non-cash borrowings and repayments. During the six months ended June 30, 2019 and 2018 , non-cash borrowings and repayments aggregated nil and $2,453.1 million , respectively. 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 11 to the consolidated financial statements included in our 10-K . Virgin Media Financing Transactions In May 2019 , Virgin Media issued (i) $825.0 million principal amount of U.S. dollar-denominated senior secured notes and (ii) £300.0 million ( $380.9 million ) principal amount of sterling-denominated senior secured notes. The net proceeds from the issuance of these notes were used to redeem (a) $354.5 million outstanding principal amount of U.S. dollar-denominated senior secured notes under the VM Senior Secured Notes, (b) £387.0 million ( $491.3 million ) outstanding principal amount of sterling-denominated senior secured notes under the VM Senior Secured Notes and (c) £300.0 million outstanding principal amount of sterling-denominated senior notes under the VM Senior Notes. In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment of $48.0 million related to (1) the payment of $43.7 million of redemption premiums and (2) the write-off of $4.3 million of unamortized deferred financing costs and discounts. In July 2019, Virgin Media issued $600.0 million principal amount of U.S. dollar-denominated senior secured notes. The net proceeds from the issuance of these notes were used to redeem (i) $447.9 million outstanding principal amount of U.S. dollar-denominated senior secured notes and (ii) £107.1 million ( $136.0 million ) outstanding principal amount of sterling-denominated senior secured notes, each of which are under the VM Senior Secured Notes. Telenet Financing Transactions In July 2019, Telenet prepaid €106.0 million ( $120.4 million ) of outstanding principal amount on a euro-denominated term loan facility under the Telenet Credit Facility, together with accrued and unpaid interest and the related prepayment premiums, which was owed to the applicable Telenet SPE and, in turn, the Telenet SPE used such proceeds to redeem €106.0 million outstanding principal amount of euro-denominated notes under the Telenet SPE Notes. This transaction was funded using existing cash and the temporary draw-down of a euro-denominated revolving credit facility under the Telenet Credit Facility. Maturities of Debt Maturities of our debt as of June 30, 2019 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Virgin Media UPC Telenet (b) Other Total in millions Year ending December 31: 2019 (remainder of year) $ 1,479.9 $ 367.7 $ 324.6 $ 44.2 $ 2,216.4 2020 914.8 289.1 181.3 223.5 1,608.7 2021 1,319.2 29.6 13.0 969.9 2,331.7 2022 307.5 29.4 12.5 334.0 683.4 2023 183.8 24.2 12.2 9.1 229.3 2024 732.1 1.2 12.2 — 745.5 Thereafter 10,853.7 5,289.9 5,443.4 — 21,587.0 Total debt maturities 15,791.0 6,031.1 5,999.2 1,580.7 29,402.0 Deferred financing costs, discounts and premiums, net (32.5 ) (37.1 ) (33.0 ) (15.6 ) (118.2 ) Total debt $ 15,758.5 $ 5,994.0 $ 5,966.2 $ 1,565.1 $ 29,283.8 Current portion $ 2,385.8 $ 652.7 $ 500.0 $ 62.5 $ 3,601.0 Noncurrent portion $ 13,372.7 $ 5,341.3 $ 5,466.2 $ 1,502.6 $ 25,682.8 _______________ (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 . |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Policies For leases with a term greater than 12 months, we recognize on the lease commencement date (i) ROU assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term. Lease Balances At June 30, 2019 , the weighted average remaining lease terms for operating and finance leases were 7.9 years and 23.4 years , respectively, and the weighted average discount rates were 4.0% and 6.1% , respectively. A summary of our consolidated ROU assets as of June 30, 2019 is set forth below (in millions): Operating leases (a) $ 516.8 Finance leases (b) 551.2 Total $ 1,068.0 _______________ (a) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheet. (b) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheet. A summary of additions to our ROU assets during the six months ended June 30, 2019 is set forth below (in millions): ROU assets recorded during the period associated with: Operating leases $ 30.6 Finance leases (a) 32.6 Total $ 63.2 _______________ (a) During the six months ended June 30, 2018 , we recorded additions to our ROU assets associated with finance leases of $46.5 million . A summary of our consolidated lease liabilities as of June 30, 2019 is set forth below (in millions): Operating leases (a) $ 541.5 Finance leases (b) 632.3 Total $ 1,173.8 _______________ (a) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheet. (b) The current and long-term portions of our finance lease obligations are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets. As of December 31, 2018 , we had $621.3 million of finance lease liabilities included on our condensed consolidated balance sheet. A summary of our aggregate lease expense is set forth below: Three months ended June 30, 2019 Six months ended June 30, 2019 in millions Finance lease expense: Depreciation and amortization $ 22.6 $ 45.3 Interest expense 8.9 17.0 Total finance lease expense 31.5 62.3 Operating lease expense (a) 34.1 67.3 Short-term lease expense (a) 2.1 4.0 Variable lease expense (b) 1.2 2.3 Total lease expense $ 68.9 $ 135.9 _______________ (a) Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases recorded during the six months ended June 30, 2019 is set forth below (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 67.4 Operating cash outflows from finance leases 17.0 Financing cash outflows from finance leases 36.6 Total cash outflows from operating and finance leases $ 121.0 Maturities of our operating and finance lease obligations as of June 30, 2019 are presented below. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 (remainder of year) $ 65.1 $ 62.4 2020 109.3 106.4 2021 90.4 98.7 2022 75.4 96.4 2023 63.7 94.9 2024 52.7 54.0 Thereafter 184.0 432.6 Total payments 640.6 945.4 Less: present value discount (99.1 ) (313.1 ) Present value of lease payments $ 541.5 $ 632.3 Current portion $ 106.5 $ 79.5 Noncurrent portion $ 435.0 $ 552.8 Maturities of our operating and finance lease obligations as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 $ 123.9 $ 101.4 2020 85.4 107.3 2021 66.6 96.7 2022 54.3 94.5 2023 46.8 93.5 Thereafter 178.6 464.0 Total payments $ 555.6 $ 957.4 |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Policies For leases with a term greater than 12 months, we recognize on the lease commencement date (i) ROU assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term. Lease Balances At June 30, 2019 , the weighted average remaining lease terms for operating and finance leases were 7.9 years and 23.4 years , respectively, and the weighted average discount rates were 4.0% and 6.1% , respectively. A summary of our consolidated ROU assets as of June 30, 2019 is set forth below (in millions): Operating leases (a) $ 516.8 Finance leases (b) 551.2 Total $ 1,068.0 _______________ (a) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheet. (b) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheet. A summary of additions to our ROU assets during the six months ended June 30, 2019 is set forth below (in millions): ROU assets recorded during the period associated with: Operating leases $ 30.6 Finance leases (a) 32.6 Total $ 63.2 _______________ (a) During the six months ended June 30, 2018 , we recorded additions to our ROU assets associated with finance leases of $46.5 million . A summary of our consolidated lease liabilities as of June 30, 2019 is set forth below (in millions): Operating leases (a) $ 541.5 Finance leases (b) 632.3 Total $ 1,173.8 _______________ (a) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheet. (b) The current and long-term portions of our finance lease obligations are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets. As of December 31, 2018 , we had $621.3 million of finance lease liabilities included on our condensed consolidated balance sheet. A summary of our aggregate lease expense is set forth below: Three months ended June 30, 2019 Six months ended June 30, 2019 in millions Finance lease expense: Depreciation and amortization $ 22.6 $ 45.3 Interest expense 8.9 17.0 Total finance lease expense 31.5 62.3 Operating lease expense (a) 34.1 67.3 Short-term lease expense (a) 2.1 4.0 Variable lease expense (b) 1.2 2.3 Total lease expense $ 68.9 $ 135.9 _______________ (a) Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases recorded during the six months ended June 30, 2019 is set forth below (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 67.4 Operating cash outflows from finance leases 17.0 Financing cash outflows from finance leases 36.6 Total cash outflows from operating and finance leases $ 121.0 Maturities of our operating and finance lease obligations as of June 30, 2019 are presented below. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 (remainder of year) $ 65.1 $ 62.4 2020 109.3 106.4 2021 90.4 98.7 2022 75.4 96.4 2023 63.7 94.9 2024 52.7 54.0 Thereafter 184.0 432.6 Total payments 640.6 945.4 Less: present value discount (99.1 ) (313.1 ) Present value of lease payments $ 541.5 $ 632.3 Current portion $ 106.5 $ 79.5 Noncurrent portion $ 435.0 $ 552.8 Maturities of our operating and finance lease obligations as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 $ 123.9 $ 101.4 2020 85.4 107.3 2021 66.6 96.7 2022 54.3 94.5 2023 46.8 93.5 Thereafter 178.6 464.0 Total payments $ 555.6 $ 957.4 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Income Taxes [Abstract] | |
Income Taxes | Income Taxes Income tax benefit (expense) attributable to our earnings (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 Six months ended June 30, June 30, 2019 2018 2019 2018 in millions Computed “expected” tax benefit (expense) (a) $ 59.5 $ (109.5 ) $ 112.5 $ 15.4 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (87.3 ) (91.8 ) (166.4 ) (143.3 ) Non-deductible or non-taxable interest and other items (107.1 ) (5.6 ) (129.9 ) (19.4 ) Change in valuation allowances 79.0 (112.3 ) 66.4 405.3 Non-deductible or non-taxable foreign currency exchange results 16.4 149.4 49.4 68.8 International rate differences (c) 3.3 2.2 15.5 9.0 Enacted tax law and rate changes (0.4 ) 8.7 (9.8 ) 22.5 Mandatory Repatriation Tax — 242.0 — (968.5 ) Other, net 9.8 9.7 7.7 (7.0 ) Total income tax benefit (expense) $ (26.8 ) $ 92.8 $ (54.6 ) $ (617.2 ) _______________ (a) The statutory or “expected” tax rate is the U.K. rate of 19.0% . (b) These amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates including the effects of foreign earnings. (c) Adjustments (either a benefit or an expense) to the “expected” tax benefit are for statutory rates in jurisdictions in which we operate that are outside of the U.K. At June 30, 2019 , our unrecognized tax benefits of $873.1 million included $701.0 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 June 30, 2019 . The amount of any such reductions could range up to $280.0 million , of which approximately $110.0 million 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, the Netherlands, Switzerland 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, results of operations or cash flows. In the U.S. , we have received notices of adjustment from the Internal Revenue Service with respect to our 2009 and 2010 income tax returns, and have entered into the appeals process with respect to the 2009 and 2010 matters. While we believe that the ultimate resolution of these proposed adjustments will not have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues. On May 16, 2019, the Dutch government enacted legislation that limits certain tax consolidation provisions that apply to our Dutch tax group. The impact of these changes is not material on our consolidated financial statements. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Equity | Equity Share Repurchases. During the six months ended June 30, 2019 , we repurchased (i) 346,300 shares of our class A ordinary shares at an average price per share of $25.10 and (ii) 19,975,282 shares of our class C ordinary shares at an average price per share of $24.72 , for an aggregate purchase price of $502.5 million , including direct acquisition costs. At June 30, 2019 , the remaining amount authorized for share repurchases was $66.4 million . On August 7, 2019, we announced our intention to commence modified Dutch auction cash tender offers for an aggregate value of up to $625.0 million of our Class A ordinary shares and an aggregate value of up to $1,875.0 million of our Class C ordinary shares (for an aggregate total value of up to $2.5 billion ). We currently expect to commence the tender offers on or about August 12, 2019. The tender offers are expected to be funded with existing cash and cash equivalents. We can make no assurances regarding the form, timing, price range or amount of such tender offers, or that we will successfully commence or complete such tender offers. |
Share-based Compensation
Share-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [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 June 30, Six months ended 2019 2018 2019 2018 in millions Liberty Global: Performance-based incentive awards (a) $ 38.0 $ 8.0 $ 67.9 $ 16.7 Non-performance based incentive awards (b) 29.0 24.3 51.0 46.3 Other (c) 12.6 13.4 22.5 20.5 Total Liberty Global 79.6 45.7 141.4 83.5 Other 7.4 (0.2 ) 12.9 4.7 Total $ 87.0 $ 45.5 $ 154.3 $ 88.2 Included in: Other operating expense $ 1.0 $ — $ 1.9 $ 1.0 SG&A expense 86.0 45.5 152.4 87.2 Total $ 87.0 $ 45.5 $ 154.3 $ 88.2 _______________ (a) Includes share-based compensation expense related to (i) performance-based restricted share units ( PSU s ) and (ii) for the 2019 periods, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award , each as defined and described below. (b) The 2019 amounts include share-based compensation expense related to the restricted share awards ( RSA s ) issued under the 2019 CEO Performance Award , as defined and described below. (c) 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. 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, share appreciation rights ( SAR s ) and performance-based share appreciation rights ( PSAR s ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of June 30, 2019 : 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 22,448,756 $ 30.23 49,630,523 $ 28.89 Exercisable 10,720,613 $ 32.98 25,791,257 $ 30.76 Held by former Liberty Global employees: Outstanding 1,168,243 $ 33.61 2,679,382 $ 31.59 Exercisable 1,035,793 $ 33.57 2,414,347 $ 31.44 The following table provides the aggregate number of restricted share units ( RSU s ), PSU s and RSA s that were outstanding as of June 30, 2019 : Class A Class B Class C Held by Liberty Global employees: RSUs 2,012,497 48,786 4,020,912 PSUs 3,065,328 1,330,000 6,132,679 RSAs — 670,000 — Held by former Liberty Global employees: RSUs 6,676 — 13,367 PSUs 77,650 — 155,479 2019 CEO Performance Award In April 2019, the compensation committee of our board of directors approved the grant of RSA s and PSU s to our Chief Executive Officer ( CEO ) (the 2019 CEO Performance Award ), comprising 670,000 RSA s and 1,330,000 PSU s, each with respect to Liberty Global Class B ordinary shares. Subject to certain terms, the RSA s will vest on December 31, 2019. Subject to forfeitures, the satisfaction of performance conditions and certain other terms, the PSUs will vest as follows: 670,000 Liberty Global Class B ordinary shares on May 15, 2020 and 660,000 Liberty Global Class B ordinary shares on May 15, 2021. Prior to vesting, our CEO may change the PSU s to a mix of Liberty Global Class A, B, or C ordinary shares of comparable value. The performance criteria for the 2019 CEO Performance Award PSU s is based on the achievement of our CEO ’s performance conditions, as established by the compensation committee. 2019 PSUs In April 2019, the compensation committee of our board of directors approved the grant of PSU s to executive officers and key employees (the 2019 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 17 ) during the two-year period ending December 31, 2020. The 2019 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 2019 PSUs , subject to reduction or forfeiture based on individual performance. The earned 2019 PSUs will vest 50% on April 1, 2021 and 50% on October 1, 2021. 2019 Challenge Performance Awards In March 2019, the compensation committee of our board of directors approved a challenge performance award for executive officers and certain employees (the 2019 Challenge Performance Awards ), which consists of a combination of PSAR s and PSU s, in each case divided on a 1 : 2 ratio based on Liberty Global Class A ordinary shares and Liberty Global Class C ordinary shares. Each PSU represents the right to receive one Liberty Global Class A ordinary share or one Liberty Global Class C ordinary share, as applicable. The performance criteria for the 2019 Challenge Performance Awards is based on the participant’s performance and achievement of individual goals during a performance period of three years ending on December 31, 2021. Subject to forfeitures, the satisfaction of performance conditions and certain other terms, 100% of each participant’s 2019 Challenge Performance Awards will vest on March 7, 2022. The PSAR s have a term of ten years |
Restructuring Liability
Restructuring Liability | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability | Restructuring Liability A summary of changes in our restructuring liabilities during the six months ended June 30, 2019 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, 2019, before effect of accounting change $ 14.7 $ 8.5 $ 17.9 $ 41.1 Accounting change (a) — (2.4 ) — (2.4 ) Restructuring liability as of January 1, 2019, as adjusted for accounting change 14.7 6.1 17.9 38.7 Restructuring charges (b) 52.1 1.0 2.4 55.5 Cash paid (39.3 ) (1.6 ) (5.4 ) (46.3 ) Foreign currency translation adjustments and other (0.1 ) (0.8 ) (0.1 ) (1.0 ) Restructuring liability as of June 30, 2019 $ 27.4 $ 4.7 $ 14.8 $ 46.9 Current portion $ 25.9 $ 3.7 $ 6.3 $ 35.9 Noncurrent portion 1.5 1.0 8.5 11.0 Total $ 27.4 $ 4.7 $ 14.8 $ 46.9 _______________ (a) Amount represents restructuring liabilities related to operating leases that have been reclassified to lease liabilities in connection with our January 1, 2019 adoption of ASU 2016-02 . For additional information, see note 2 . (b) Our restructuring charges during the six months ended June 30, 2019 included employee severance and termination costs related to certain reorganization activities of $26.3 million in U.K./Ireland , $16.5 million in Central and Corporate and $9.0 million |
Earnings or Loss per Share
Earnings or Loss per Share | 6 Months Ended |
Jun. 30, 2019 | |
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, RSA s and PSU s) as if they had been exercised, vested or converted at the beginning of the periods presented. The details of our net earnings (loss) from continuing operations attributable to Liberty Global shareholders are set forth below: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 in millions, except share amounts Earnings (loss) from continuing operations $ (339.6 ) $ 669.0 $ (646.5 ) $ (698.2 ) Net earnings from continuing operations attributable to noncontrolling interests (29.5 ) (36.1 ) (38.2 ) (42.2 ) Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (369.1 ) $ 632.9 $ (684.7 ) $ (740.4 ) Weighted average ordinary shares outstanding: Basic 735,442,543 788,815,021 738,748,452 798,215,803 Diluted 735,442,543 791,920,021 738,748,452 798,215,803 We reported losses from continuing operations attributable to Liberty Global shareholders for the three and six months ended June 30, 2019 and six months ended June 30, 2018 . Therefore, the potentially dilutive effect at June 30, 2019 and 2018 of the following items were not included in the computation of diluted loss from continuing operations attributable to Liberty Global shareholders per share for such periods 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 shares issuable pursuant to outstanding options, SAR s, PSAR s, RSU s and RSA s of 82.7 million and 59.5 million , respectively, and (ii) the aggregate number of PSU s of 10.8 million and 5.8 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to programming contracts, network and connectivity commitments, purchases of customer premises and other equipment and services and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of June 30, 2019 . The commitments included in this table do not reflect any liabilities that are included on our June 30, 2019 condensed consolidated balance sheet. Payments due during: Remainder 2020 2021 2022 2023 2024 Thereafter Total in millions Programming commitments $ 586.4 $ 1,058.3 $ 810.5 $ 314.2 $ 14.7 $ 14.2 $ 30.6 $ 2,828.9 Network and connectivity commitments 504.4 382.8 272.6 74.5 47.7 38.1 733.0 2,053.1 Purchase commitments 446.3 304.9 166.0 49.4 23.7 24.8 27.0 1,042.1 Other commitments 19.6 13.2 3.2 1.9 0.2 0.2 0.6 38.9 Total $ 1,556.7 $ 1,759.2 $ 1,252.3 $ 440.0 $ 86.3 $ 77.3 $ 791.2 $ 5,963.0 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 this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $847.0 million and $784.3 million during the six months ended June 30, 2019 and 2018 , respectively. Network and connectivity commitments include (i) Telenet ’s commitments for certain operating costs associated with its leased network, (ii) commitments associated with our mobile virtual network operator ( MVNO ) agreements, primarily in the U.K. , 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 six months ended June 30, 2019 and 2018 , 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 ( $1.6 billion ). In December 2017, the Court of Appeals of Antwerp issued a judgment rejecting Proximus’ claims. In June 2019, Proximus filed an appeal of the Court of Appeals of Antwerp’s judgment with the Belgian Supreme Court . 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 ( $22.7 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 sought a reduction of the annual lease fees (approximately €75 million ( $85 million ) for 2018) by approximately five-sixths . In addition, Unitymedia is seeking 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, and in March 2018, the court of appeal dismissed Unitymedia’s appeal of the first instance court’s decision and did not grant permission to appeal further to the Federal Court of Justice. Unitymedia has filed a motion with the Federal Court of Justice to grant permission to appeal. The resolution of this matter may take several years and no assurance can be given that Unitymedia ’s claims will be successful. In connection with our sale of the Vodafone Disposal Group , we will only share in 50% of any amounts recovered, plus 50% of the net present value of certain cost savings in future periods that are attributable to the favorable resolution of this matter, less 50% of associated legal or other third-party fees paid post-completion of the sale of the Vodafone Disposal Group . Any amount we may recover related to this matter 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 June 2018, the Belgisch Instituut voor Post en Telecommunicatie and the regional regulators for the media sectors (together, the Belgium Regulatory Authorities ) adopted a new decision finding that Telenet has significant market power in the wholesale broadband market (the 2018 Decision ). The 2018 Decision imposes on Telenet the obligations to (i) provide third-party operators with access to the digital television platform (including basic digital video and analog video) and (ii) make available to third-party operators a bitstream offer of broadband internet access (including fixed-line telephony as an option). Unlike prior decisions, the 2018 Decision no longer applies “retail minus” pricing on Telenet ; however, as of August 1, 2018, this decision imposes a 17% reduction in monthly wholesale cable resale access prices for an interim period. On July 5, 2019, the Belgium Regulatory Authorities published for consultation a draft decision regarding “reasonable access tariffs” that will replace the interim prices. As applicable to Telenet , the proposed tariffs represent an estimated additional 25% reduction compared to the interim prices. Telenet plans to submit its arguments opposing the “reasonable access tariffs” during the consultation period. It is anticipated that the European Commission will thereafter provide its comments to the draft decision. The Belgium Regulatory Authorities have indicated their intention to adopt a final decision in the fourth quarter of 2019, with the application of new tariffs in early 2020. The 2018 Decision aims to, and in its application, may strengthen Telenet ’s competitors by granting them resale access to Telenet ’s network to offer competing products and services notwithstanding Telenet ’s substantial historical financial outlays in developing the infrastructure. In addition, any resale access granted to competitors could (i) limit the bandwidth available to Telenet to provide new or expanded products and services to the customers served by its network and (ii) adversely impact Telenet ’s ability to maintain or increase its revenue and cash flows. The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access afforded to Telenet ’s network, the rates that Telenet receives for such access and other competitive factors or market developments. Telenet considers the 2018 Decision to be inconsistent with the principle of technology-neutral regulation and the European Single Market Strategy to stimulate further investments in broadband networks. Telenet has challenged the 2018 Decision in the Brussels Court of Appeal and also initiated an action in the European Court of Justice against the European Commission’s decision not to challenge the 2018 Decision . The proceedings before the European Court of Justice, however, have been withdrawn by Telenet in order to avoid undue delays in the Brussels Court of Appeal case. The timing and outcome of this action is uncertain. 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 ( $60 million ) as of June 30, 2019 . 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 a final 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 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), comprising (i) the challenged amount of £63.7 million (which we paid during the fourth quarter of 2015) and (ii) related interest of £3.3 million (which we paid during the first quarter of 2016). No provision was recorded by our company at that time as the likelihood of loss was not considered to be probable. The aggregate amount paid does not include penalties, which could be significant in the event that penalties were to be assessed. In September 2018, the court rejected our appeal and ruled in favor of the U.K. tax authority. Accordingly, during the third quarter of 2018, we recorded a provision for litigation of £63.7 million ( $83.1 million at the average rate for the period) and related interest expense of £3.3 million ( $4.4 million at the average rate for the period) in our condensed consolidated statement of operations. The First Tier Tribunal gave permission to appeal to the Upper Tribunal and we submitted grounds for appeal on February 22, 2019. We expect the hearing to take place in the first half of 2020; however, no assurance can be given as to the ultimate outcome of this matter. 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 European Union ( 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 has and will continue to significantly increase our network infrastructure charges. As compared to 2018, we expect the aggregate amount of this increase will be approximately £31 million ( $39 million ) in 2019. Beyond 2019, we expect further but declining increases to these charges through the first quarter of 2022. 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 our network and other assets 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 | 6 Months Ended |
Jun. 30, 2019 | |
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 , which is a non- GAAP measure, 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 Adjusted OIBDA from continuing operations to earnings (loss) from continuing operations before income taxes is presented below. As of June 30, 2019 , our reportable segments are as follows: Consolidated: • U.K./Ireland • Belgium • Switzerland • Central and Eastern Europe Nonconsolidated: • VodafoneZiggo JV All of our reportable segments derive their revenue primarily from residential and B2B communications services, including video, broadband internet, fixed-line telephony and mobile services. Segment information for all periods has been retrospectively revised to present as discontinued operations (i) our operating segments in Austria, Germany, Hungary, the Czech Republic and Romania and (ii) UPC DTH , which was previously included in our Central and Eastern Europe reportable segment. As a result, (a) our former Switzerland/Austria reportable segment now only includes our operations in Switzerland and (b) our Central and Eastern Europe reportable segment now only includes our operations in Poland and Slovakia. Our central and corporate functions ( Central and Corporate ) primarily include (i) revenue earned from services provided to the VodafoneZiggo JV , (ii) revenue from sales of customer premises equipment to the VodafoneZiggo JV , (iii) costs associated with certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions and (iv) less significant consolidated operating segments that provide programming and other services. 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 results of affiliates, net, in our condensed consolidated statements of operations. Revenue Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions U.K./Ireland $ 1,644.0 $ 1,734.9 $ 3,305.3 $ 3,513.1 Belgium 713.2 753.9 1,425.1 1,513.5 Switzerland 315.0 332.2 631.0 677.1 Central and Eastern Europe 119.1 123.3 238.2 252.8 Central and Corporate 60.2 72.9 120.9 125.6 Intersegment eliminations (1.1 ) (1.6 ) (2.1 ) (3.0 ) Total $ 2,850.4 $ 3,015.6 $ 5,718.4 $ 6,079.1 VodafoneZiggo JV $ 1,084.5 $ 1,133.3 $ 2,178.4 $ 2,329.9 Adjusted OIBDA Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions U.K./Ireland $ 703.2 $ 763.6 $ 1,411.5 $ 1,526.2 Belgium 349.4 383.7 688.4 741.3 Switzerland 169.7 189.0 332.8 375.5 Central and Eastern Europe 57.9 62.0 115.1 124.3 Central and Corporate (89.5 ) (87.9 ) (175.2 ) (195.0 ) Intersegment eliminations (a) — (6.9 ) 1.4 (7.1 ) Total $ 1,190.7 $ 1,303.5 $ 2,374.0 $ 2,565.2 VodafoneZiggo JV $ 487.6 $ 502.8 $ 981.4 $ 1,019.7 _______________ (a) Amounts are related to transactions between our continuing and discontinued operations prior to the disposal dates of such discontinued operations. The following table provides a reconciliation of Adjusted OIBDA from continuing operations to earnings (loss) from continuing operations before income taxes: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions Adjusted OIBDA from continuing operations $ 1,190.7 $ 1,303.5 $ 2,374.0 $ 2,565.2 Share-based compensation expense (87.0 ) (45.5 ) (154.3 ) (88.2 ) Depreciation and amortization (921.8 ) (964.0 ) (1,861.4 ) (2,004.7 ) Impairment, restructuring and other operating items, net (33.2 ) (29.9 ) (104.1 ) (90.6 ) Operating income 148.7 264.1 254.2 381.7 Interest expense (363.6 ) (380.4 ) (730.9 ) (755.7 ) Realized and unrealized gains on derivative instruments, net 152.9 675.5 70.1 464.2 Foreign currency transaction gains (losses), net (27.0 ) 51.5 111.6 (50.2 ) Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (138.7 ) 61.5 (146.9 ) 4.3 Losses on debt modification and extinguishment, net (48.3 ) (20.1 ) (48.8 ) (22.7 ) Share of results of affiliates, net (69.3 ) (82.3 ) (140.2 ) (118.8 ) Other income, net 32.5 6.4 39.0 16.2 Earnings (loss) from continuing operations before income taxes $ (312.8 ) $ 576.2 $ (591.9 ) $ (81.0 ) 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 finance 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 finance lease arrangements, see notes 8 and 10 . Six months ended 2019 2018 in millions U.K./Ireland $ 766.7 $ 1,040.1 Belgium 279.3 355.2 Switzerland 135.9 105.2 Central and Eastern Europe 41.4 67.9 Central and Corporate (a) 158.0 278.0 Total property and equipment additions 1,381.3 1,846.4 Assets acquired under capital-related vendor financing arrangements (926.3 ) (1,186.7 ) Assets acquired under finance leases (32.6 ) (46.5 ) Changes in current liabilities related to capital expenditures 210.5 181.6 Total capital expenditures, net $ 632.9 $ 794.8 Capital expenditures, net: Third-party payments $ 691.2 $ 852.1 Proceeds received for transfers to related parties (b) (58.3 ) (57.3 ) Total capital expenditures, net $ 632.9 $ 794.8 Property and equipment additions - VodafoneZiggo JV $ 426.5 $ 476.6 _______________ (a) Includes amounts that represent the net impact of changes in inventory levels associated with certain centrally-procured network equipment. Most of this equipment is ultimately transferred to our operating subsidiaries. (b) Primarily relates to transfers of centrally-procured property and equipment to our discontinued operations and the VodafoneZiggo JV . Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Video $ 676.6 $ 717.6 $ 1,368.7 $ 1,464.8 Broadband internet 799.5 816.2 1,602.3 1,657.0 Fixed-line telephony 360.4 407.5 729.2 829.5 Total subscription revenue 1,836.5 1,941.3 3,700.2 3,951.3 Non-subscription revenue 44.5 66.7 98.5 148.0 Total residential cable revenue 1,881.0 2,008.0 3,798.7 4,099.3 Residential mobile revenue (c): Subscription revenue (b) 231.4 249.5 459.4 493.4 Non-subscription revenue 173.3 175.2 330.0 354.7 Total residential mobile revenue 404.7 424.7 789.4 848.1 Total residential revenue 2,285.7 2,432.7 4,588.1 4,947.4 B2B revenue (d): Subscription revenue 116.8 111.4 230.6 219.6 Non-subscription revenue 357.2 392.0 729.2 771.4 Total B2B revenue 474.0 503.4 959.8 991.0 Other revenue (e) 90.7 79.5 170.5 140.7 Total $ 2,850.4 $ 3,015.6 $ 5,718.4 $ 6,079.1 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (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, (i) revenue earned from the JV Services and sales of customer premises equipment to the VodafoneZiggo JV , (ii) broadcasting revenue in Ireland and (iii) revenue earned from transitional and other services provided to various third parties. Geographic Segments The revenue of our geographic segments is set forth below: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions U.K. $ 1,517.7 $ 1,605.6 $ 3,051.2 $ 3,250.0 Belgium 713.2 753.9 1,425.1 1,513.5 Switzerland 315.0 332.2 631.0 677.1 Ireland 126.3 129.3 254.1 263.1 Poland 106.7 110.4 213.4 226.4 Slovakia 12.4 12.9 24.8 26.4 Other, including intersegment eliminations 59.1 71.3 118.8 122.6 Total $ 2,850.4 $ 3,015.6 $ 5,718.4 $ 6,079.1 VodafoneZiggo JV $ 1,084.5 $ 1,133.3 $ 2,178.4 $ 2,329.9 |
Accounting Changes and Recent_2
Accounting Changes and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Change ASU 2016-02 In February 2016, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, results in lessees recognizing right-of-use ( ROU ) assets and lease liabilities on the balance sheet. ASU 2016-02 , as amended by ASU No. 2018-11, Targeted Improvements , requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using one of two modified retrospective approaches. A number of optional practical expedients may be applied in transition. We adopted ASU 2016-02 on January 1, 2019. The main impact of the adoption of ASU 2016-02 relates to the recognition of ROU assets and lease liabilities on our consolidated balance sheet for those leases classified as operating leases under previous GAAP . In transition, we have applied the practical expedients that permit us not to reassess (i) whether expired or existing contracts contain a lease under the new standard, (ii) the lease classification for expired or existing leases or (iii) whether previously-capitalized initial direct costs would qualify for capitalization under the new standard. In addition, we have not used hindsight during transition. Upon adoption of ASU 2016-02 , on January 1, 2019 our continuing operations recorded (i) ROU assets of $545.1 million and lease liabilities of $558.1 million related to operating leases, (ii) ROU assets and lease liabilities related to finance leases of $26.2 million and (iii) a decrease to our accumulated deficit of $1.2 million . In addition, we reclassified our existing prepaid lease expense, accrued lease expense and lease incentive liabilities, resulting in a net reduction of our ROU assets of $14.2 million . The adoption of ASU 2016-02 did not have a significant impact on our consolidated statements of operations or cash flows. We have implemented a new lease accounting system and related internal controls over financial reporting to meet the requirements of ASU 2016-02 . For additional information regarding our leases, see note 10 . Recent Accounting Pronouncements ASU 2018-15 In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ( ASU 2018-15 ), which requires entities to defer implementation costs incurred that are related to the application development stage in a cloud computing arrangement that is a service contract. Deferred implementation costs will be amortized over the term of the cloud computing arrangement and presented in the same expense line item as the cloud computing arrangement. All other implementation costs will be expensed as incurred. ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2018-15 will have on our consolidated financial statements. ASU 2019-02 In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials ( ASU 2019-02 ), which aligns the accounting for production costs of an episodic television series with the accounting for production costs of films. ASU 2019-02 removes the existing constraint that restricts capitalization of production costs to contracted revenue for episodic television series. The amended guidance also requires entities to test a film or license agreement for impairment at the film group level, addresses cash flow classification and provides new disclosure requirements. ASU 2019-02 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2019-02 will have on our consolidated financial statements. |
Revenue Recognition and Related Costs | Contract Balances The timing of our recognition of revenue 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 $42.9 million and $45.8 million at June 30, 2019 and December 31, 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 and accrued revenue for handset sales. Our contract assets were $42.6 million and $44.3 million as of June 30, 2019 and December 31, 2018 , respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. 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 $822.6 million and $877.9 million as of June 30, 2019 and December 31, 2018 , respectively. The decrease in deferred revenue for the six months ended June 30, 2019 is primarily due to $791.7 million of revenue recognized that was included in our deferred revenue balance at December 31, 2018 , partially offset by advanced billings in certain markets. The current and long-term portions of our deferred revenue balances are included within deferred revenue and other long-term liabilities, respectively, on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $72.7 million and $73.0 million at June 30, 2019 and December 31, 2018 , respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $24.3 million and $48.7 million during the three and six months ended June 30, 2019 , respectively, and $28.5 million and $51.3 million during the three and six months ended June 30, 2018 , respectively, to operating costs and expenses 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 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts. |
Leases | Policies For leases with a term greater than 12 months, we recognize on the lease commencement date (i) ROU assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Acquisitions and Dispositions [Abstract] | |
Schedule of summarized financial position and operating results, disposal group and discontinued operations | The carrying amounts of the major classes of assets and liabilities of the Vodafone Disposal Group as of June 30, 2019 are summarized below (in millions). These amounts exclude intercompany assets and liabilities that are eliminated within our condensed consolidated balance sheet. Assets: Current assets other than cash $ 405.8 Property and equipment, net 5,934.2 Goodwill 3,956.5 Other assets, net 984.1 Total assets $ 11,280.6 Liabilities: Current portion of debt and finance lease obligations $ 889.1 Other accrued and current liabilities 1,179.0 Long-term debt and finance lease obligations 8,973.7 Other long-term liabilities 1,567.3 Total liabilities $ 12,609.1 The carrying amounts of the major classes of assets and liabilities of the Vodafone Disposal Group and UPC DTH as of December 31, 2018 are summarized below. These amounts exclude intercompany assets and liabilities that are eliminated within our condensed consolidated balance sheet. Vodafone Disposal Group UPC DTH Total in millions Assets: Current assets other than cash $ 348.0 $ 8.5 $ 356.5 Property and equipment, net 5,591.4 79.7 5,671.1 Goodwill 3,986.7 — 3,986.7 Other assets, net 509.4 7.4 516.8 Total assets $ 10,435.5 $ 95.6 $ 10,531.1 Liabilities: Current portion of debt and finance lease obligations $ 809.0 $ 11.2 $ 820.2 Other accrued and current liabilities 1,114.8 32.5 1,147.3 Long-term debt and finance lease obligations 9,037.1 37.5 9,074.6 Other long-term liabilities 997.5 0.3 997.8 Total liabilities $ 11,958.4 $ 81.5 $ 12,039.9 The operating results of UPC Austria , the Vodafone Disposal Group and UPC DTH for the periods indicated are summarized in the following tables. These amounts exclude intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations. Vodafone Disposal Group UPC DTH (a) Total in millions Three months ended June 30, 2019 Revenue $ 868.9 $ 9.0 $ 877.9 Operating income $ 514.0 $ 2.1 $ 516.1 Earnings before income taxes $ 435.2 $ 2.2 $ 437.4 Income tax expense (121.9 ) — (121.9 ) Net earnings $ 313.3 $ 2.2 $ 315.5 Net earnings attributable to Liberty Global shareholders $ 313.3 $ 2.2 $ 315.5 _______________ (a) Includes the operating results of UPC DTH from April 1, 2019 through May 2, 2019, the date UPC DTH was sold. Vodafone Disposal Group UPC DTH (a) Total in millions Six months ended June 30, 2019 Revenue $ 1,727.6 $ 36.7 $ 1,764.3 Operating income $ 1,009.5 $ 10.7 $ 1,020.2 Earnings before income taxes $ 867.3 $ 9.5 $ 876.8 Income tax expense (238.7 ) — (238.7 ) Net earnings $ 628.6 $ 9.5 $ 638.1 Net earnings attributable to Liberty Global shareholders $ 628.6 $ 9.5 $ 638.1 _______________ (a) Includes the operating results of UPC DTH from January 1, 2019 through May 2, 2019, the date UPC DTH was sold. UPC Austria Vodafone Disposal Group UPC DTH Total in millions Three months ended June 30, 2018 Revenue $ 107.4 $ 892.9 $ 29.5 $ 1,029.8 Operating income (loss) $ 61.7 $ 419.9 $ (0.2 ) $ 481.4 Earnings (loss) before income taxes $ 61.5 $ 310.1 $ (0.3 ) $ 371.3 Income tax expense (9.7 ) (80.1 ) — (89.8 ) Net earnings (loss) 51.8 230.0 (0.3 ) 281.5 Net earnings attributable to noncontrolling interests (1.8 ) — — (1.8 ) Net earnings (loss) attributable to Liberty Global shareholders $ 50.0 $ 230.0 $ (0.3 ) $ 279.7 UPC Austria Vodafone Disposal Group UPC DTH Total in millions Six months ended June 30, 2018 Revenue $ 216.7 $ 1,845.2 $ 60.5 $ 2,122.4 Operating income $ 122.9 $ 731.5 $ 2.6 $ 857.0 Earnings before income taxes $ 122.7 $ 491.5 $ 1.9 $ 616.1 Income tax expense (19.2 ) (126.8 ) — (146.0 ) Net earnings 103.5 364.7 1.9 470.1 Net earnings attributable to noncontrolling interests (3.6 ) — — (3.6 ) Net earnings attributable to Liberty Global shareholders $ 99.9 $ 364.7 $ 1.9 $ 466.5 Our basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share for the three and six months ended June 30, 2019 and 2018 is presented below. These amounts relate to the operations of the Vodafone Disposal Group , UPC DTH and, for the 2018 periods, UPC Austria . Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share $ 0.43 $ 0.35 $ 0.86 $ 0.58 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: Accounting Method June 30, December 31, in millions Equity (a): VodafoneZiggo JV (b) $ 3,603.4 $ 3,761.5 Other 271.6 185.5 Total — equity 3,875.0 3,947.0 Fair value: ITV plc ( ITV ) — subject to re-use rights (c) 546.4 634.2 ITI Neovision S.A. (ITI Neovision) 121.6 125.4 Lions Gate Entertainment Corp ( Lionsgate ) (c) 59.7 77.5 Casa Systems, Inc. ( Casa ) 18.0 39.5 Other 324.3 298.2 Total — fair value 1,070.0 1,174.8 Total $ 4,945.0 $ 5,121.8 _______________ (a) At June 30, 2019 and December 31, 2018 , the carrying amount of our equity method investment in the VodafoneZiggo JV exceeded our proportionate share of that entity’s net assets by the amount of the VodafoneZiggo JV Receivable , as defined and described below. The carrying amounts of our other equity method investments did not materially exceed our proportionate share of the respective investee’s net assets at June 30, 2019 and December 31, 2018 . (b) Amounts include a euro-denominated note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $908.7 million and $916.1 million , respectively, due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55% and matures on January 16, 2028. During the six months ended June 30, 2019 , interest accrued on the VodafoneZiggo JV Receivable was $25.2 million , all of which has been cash settled. (c) In connection with our investments in ITV and Lionsgate , we have entered into the ITV Collar and the Lionsgate Forward , respectively, as defined and described in note 6 . |
Equity Method Investments | The following table sets forth the details of our share of results of affiliates, net: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions VodafoneZiggo JV (a) $ (40.0 ) $ (63.2 ) $ (102.3 ) $ (90.0 ) Other (29.3 ) (19.1 ) (37.9 ) (28.8 ) Total $ (69.3 ) $ (82.3 ) $ (140.2 ) $ (118.8 ) _______________ (a) Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable and (ii) our 50% share of the remaining results of operations of the VodafoneZiggo JV . The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions Revenue $ 1,084.5 $ 1,133.3 $ 2,178.4 $ 2,329.9 Loss before income taxes $ (134.5 ) $ (183.2 ) $ (323.3 ) $ (286.9 ) Net loss $ (104.0 ) $ (137.1 ) $ (254.3 ) $ (213.3 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: June 30, 2019 December 31, 2018 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets: Cross-currency and interest rate derivative contracts (b) $ 417.6 $ 1,500.7 $ 1,918.3 $ 372.7 $ 1,370.1 $ 1,742.8 Equity-related derivative instruments (c) 17.6 838.0 855.6 13.9 732.4 746.3 Foreign currency forward and option contracts 3.1 2.4 5.5 7.2 — 7.2 Other 0.7 0.4 1.1 0.4 — 0.4 Total $ 439.0 $ 2,341.5 $ 2,780.5 $ 394.2 $ 2,102.5 $ 2,496.7 Liabilities: Cross-currency and interest rate derivative contracts (b) $ 456.5 $ 1,356.7 $ 1,813.2 $ 326.5 $ 1,042.2 $ 1,368.7 Equity-related derivative instruments (c) 1.0 — 1.0 1.4 — 1.4 Foreign currency forward and option contracts 28.6 — 28.6 0.5 — 0.5 Other — — — — 0.1 0.1 Total $ 486.1 $ 1,356.7 $ 1,842.8 $ 328.4 $ 1,042.3 $ 1,370.7 _______________ (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, on our condensed consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $12.6 million and $65.6 million during the three months ended June 30, 2019 and 2018 , respectively, and $70.7 million and $27.9 million during the six months ended June 30, 2019 and 2018 , respectively. These amounts are included in realized and unrealized gain s 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 and (ii) 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 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. |
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 in millions Cross-currency and interest rate derivative contracts $ 69.1 $ 870.1 $ (18.2 ) $ 508.2 Equity-related derivative instruments: ITV Collar 86.0 (183.6 ) 99.8 (60.0 ) Lionsgate Forward 8.8 3.4 9.6 12.4 Sumitomo Collar — (23.2 ) — (11.8 ) Other 0.2 1.0 0.4 2.2 Total equity-related derivative instruments 95.0 (202.4 ) 109.8 (57.2 ) Foreign currency forward and option contracts (11.6 ) 8.3 (22.2 ) 13.9 Other 0.4 (0.5 ) 0.7 (0.7 ) Total $ 152.9 $ 675.5 $ 70.1 $ 464.2 |
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 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 of our derivative instruments: Six months ended June 30, 2019 2018 in millions Operating activities $ 165.1 $ 246.1 Financing activities 93.5 10.2 Total $ 258.6 $ 256.3 |
Schedule of Derivative Instruments | The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at June 30, 2019 : 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 3.5 $ 8,036.4 £ 5,451.8 (a) 5.0 £ 2,365.8 $ 3,400.0 (b) 5.6 UPC Holding $ 2,420.0 € 1,999.4 5.1 $ 1,200.0 CHF 1,107.5 (a) 5.7 € 2,824.4 CHF 3,221.2 (a) 4.8 € 742.8 PLN 3,149.5 2.5 € 78.0 HUF 19,500.0 2.5 HUF 19,500.0 € 61.0 2.5 Telenet $ 3,670.0 € 3,243.6 (a) 6.0 € 1,431.2 $ 1,600.0 (b) 6.0 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to June 30, 2019 . These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) 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 June 30, 2019 , the total U.S. dollar equivalent of the notional amounts of these derivative instruments was $4.6 billion . Borrowing group Decrease to borrowing costs at June 30, 2019 (a) Virgin Media (0.49 )% UPC Holding (0.62 )% Telenet (0.61 )% Total decrease to borrowing costs (0.53 )% _______________ (a) Represents the effect of derivative instruments in effect at June 30, 2019 and does not include forward-starting derivative instruments or swaption s. U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at June 30, 2019 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media (a) $ 9,085.1 0.5 UPC Holding $ 1,645.0 0.1 Telenet $ 2,075.0 0.1 _______________ (a) Includes forward-starting derivative instruments. U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at June 30, 2019 : Borrowing group pays fixed rate 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 $ 20,883.1 (a) 3.2 $ 11,576.0 (a) 4.9 UPC Holding $ 8,478.5 (a) 3.9 $ 5,303.1 6.4 Telenet $ 3,821.9 (a) 4.7 $ 1,620.9 4.2 _______________ (a) Includes forward-starting derivative instruments. swaption s at June 30, 2019 : Borrowing group Notional amount Underlying swap currency Weighted average option expiration period (a) Weighted average strike rate (b) in millions in years Virgin Media $ 6,782.2 £ 1.5 2.40% $ 488.3 € 1.1 1.96% ______________ (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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 using: Description June 30, 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 $ 1,918.3 $ — $ 1,917.9 $ 0.4 Equity-related derivative instruments 855.6 — — 855.6 Foreign currency forward and option contracts 5.5 — 5.5 — Other 1.1 — 1.1 — Total derivative instruments 2,780.5 — 1,924.5 856.0 Investments 1,070.0 624.1 — 445.9 Total assets $ 3,850.5 $ 624.1 $ 1,924.5 $ 1,301.9 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,813.2 $ — $ 1,786.7 $ 26.5 Equity-related derivative instruments 1.0 — — 1.0 Foreign currency forward and option contracts 28.6 — 2.9 25.7 Total derivative instruments 1,842.8 — 1,789.6 53.2 Debt 225.6 — 225.6 — Total liabilities $ 2,068.4 $ — $ 2,015.2 $ 53.2 Fair value measurements at December 31, 2018 using: Description December 31, 2018 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 $ 1,742.8 $ — $ 1,742.5 $ 0.3 Equity-related derivative instruments 746.3 — — 746.3 Foreign currency forward and option contracts 7.2 — 7.2 — Other 0.4 — 0.4 — Total derivative instruments 2,496.7 — 1,750.1 746.6 Investments 1,174.8 755.9 — 418.9 Total assets $ 3,671.5 $ 755.9 $ 1,750.1 $ 1,165.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,368.7 $ — $ 1,354.3 $ 14.4 Equity-related derivative instruments 1.4 — — 1.4 Foreign currency forward and option contracts 0.5 — 0.5 — Other 0.1 — 0.1 — Total derivative instruments 1,370.7 — 1,354.9 15.8 Debt 248.6 — 248.6 — Total liabilities $ 1,619.3 $ — $ 1,603.5 $ 15.8 |
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, interest rate and foreign currency derivative contracts Equity-related derivative instruments Total in millions Balance of net assets (liabilities) at January 1, 2019 $ 418.9 $ (14.1 ) $ 744.9 $ 1,149.7 Gains (losses) included in loss from continuing operations (a): Realized and unrealized gains (losses) on derivative instruments, net — (46.2 ) 109.8 63.6 Realized and unrealized losses due to changes in fair values of certain investments and debt, net (1.0 ) — — (1.0 ) Additions 28.8 — — 28.8 Transfers out of Level 3 — 8.4 — 8.4 Foreign currency translation adjustments and other, net (0.8 ) 0.1 (0.1 ) (0.8 ) Balance of net assets (liabilities) at June 30, 2019 $ 445.9 $ (51.8 ) $ 854.6 $ 1,248.7 _______________ (a) Most of these net gains and losses relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of June 30, 2019 . |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Long-lived Assets [Abstract] | |
Schedule of PP&E | The details of our property and equipment and the related accumulated depreciation are set forth below: June 30, December 31, in millions Distribution systems $ 18,277.1 $ 17,845.4 Customer premises equipment 4,523.2 4,191.2 Support equipment, buildings and land 5,220.6 4,933.7 Total property and equipment, gross 28,020.9 26,970.3 Accumulated depreciation (14,398.0 ) (13,091.4 ) Total property and equipment, net $ 13,622.9 $ 13,878.9 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during the six months ended June 30, 2019 are set forth below: January 1, 2019 Acquisitions and related adjustments Foreign currency translation adjustments June 30, 2019 in millions U.K./Ireland $ 7,671.0 $ — $ (31.8 ) $ 7,639.2 Belgium 2,576.3 48.8 (19.1 ) 2,606.0 Switzerland 2,903.9 — 17.5 2,921.4 Central and Eastern Europe 564.6 — 0.6 565.2 Total $ 13,715.8 $ 48.8 $ (32.8 ) $ 13,731.8 |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization, which are included in other assets, net, on our condensed consolidated balance sheets, are set forth below: June 30, 2019 December 31, 2018 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 3,526.0 $ (2,997.1 ) $ 528.9 $ 3,673.1 $ (2,914.2 ) $ 758.9 Other 555.6 (265.2 ) 290.4 521.3 (249.0 ) 272.3 Total $ 4,081.6 $ (3,262.3 ) $ 819.3 $ 4,194.4 $ (3,163.2 ) $ 1,031.2 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: June 30, 2019 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent June 30, 2019 December 31, 2018 in millions VM Senior Secured Notes 5.39 % — $ — $ 6,613.5 $ 6,268.3 VM Credit Facilities (c) 4.69 % (d) 856.9 4,696.2 4,600.5 VM Senior Notes 5.34 % — — 1,587.3 1,999.9 Telenet Credit Facility 3.92 % (e) 573.6 3,137.1 3,145.7 Telenet Senior Secured Notes 4.69 % — — 1,681.5 1,687.1 Telenet SPE Notes 4.88 % — — 541.8 546.2 UPCB SPE Notes (f) 4.54 % — — 2,434.9 2,445.5 UPC Holding Bank Facility (f) (g) 4.89 % € 990.1 1,124.6 1,645.0 1,645.0 UPC Holding Senior Notes (f) 4.59 % — — 1,210.0 1,215.5 Vendor financing (f) (h) 4.10 % — — 3,631.8 3,620.3 ITV Collar Loan 0.90 % — — 1,374.1 1,379.6 Derivative-related debt instruments (i) 3.45 % — — 278.8 301.9 Other (j) 5.11 % — — 570.0 459.8 Total debt before deferred financing costs, discounts and premiums (k) 4.54 % $ 2,555.1 $ 29,402.0 $ 29,315.3 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: June 30, 2019 December 31, 2018 in millions Total debt before deferred financing costs, discounts and premiums $ 29,402.0 $ 29,315.3 Deferred financing costs, discounts and premiums, net (118.2 ) (131.4 ) Total carrying amount of debt 29,283.8 29,183.9 Finance lease obligations (note 10) 632.3 621.3 Total debt and finance lease obligations 29,916.1 29,805.2 Current maturities of debt and finance lease obligations (3,680.5 ) (3,615.2 ) Long-term debt and finance lease obligations $ 26,235.6 $ 26,190.0 _______________ (a) Represents the weighted average interest rate in effect at June 30, 2019 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 4.13% at June 30, 2019 . For information regarding our derivative instruments, see note 6 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2019 , based on the most restrictive 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 most restrictive 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 June 30, 2019 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities and there will be no restrictions with respect to loans or distributions from this availability, with the exception of the UPC Holding Bank Facility, which will have borrowing capacity limited to €730.9 million ( $830.2 million ). Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to June 30, 2019 . (c) Amounts include £121.0 million ( $153.6 million ) and £41.9 million ( $53.2 million ) at June 30, 2019 and December 31, 2018 , respectively, of borrowings pursuant to excess cash facilities under the VM Credit Facilities . These borrowings are owed to certain non-consolidated special purpose financing entities that have issued notes to finance the purchase of receivables due from Virgin Media to certain other third parties for amounts that Virgin Media and its subsidiaries have vendor financed. To the extent the proceeds from these notes exceed the amount of vendor financed receivables available to be purchased, the excess proceeds are used to fund these excess cash facilities. (d) Unused borrowing capacity under the VM Credit Facilities primarily relates to multi-currency revolving facilities with an aggregate maximum borrowing capacity equivalent to £675.0 million ( $856.9 million ). As of June 30, 2019 , the VM Revolving Facility comprises (i) VM Revolving Facility A, which is a multi-currency revolving facility maturing on December 31, 2021 with a maximum borrowing capacity equivalent to £50.0 million ( $63.5 million ), and (ii) VM Revolving Facility B, which is a multi-currency revolving facility maturing on January 15, 2024 with a maximum borrowing capacity equivalent to £625.0 million ( $793.4 million ). (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $454.3 million ) under Telenet Facility AG, (ii) €60.0 million ( $68.2 million ) under Telenet Facility AP, which was entered into in May 2019, (iii) €25.0 million ( $28.4 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $22.7 million ) under the Telenet Revolving Facility, each of which were undrawn at June 30, 2019 . (f) On February 27, 2019, we entered into an agreement to sell UPC Switzerland to Sunrise . Sunrise will acquire UPC Switzerland inclusive of certain debt held by the UPC Holding borrowing group. (g) In August 2019, we used a portion of the net proceeds from the sale of the Vodafone Disposal Group to prepay in full the $1,645.0 million outstanding principal amount on a U.S. dollar-denominated term loan facility under the UPC Holding Bank Facility . (h) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and 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 finance lease obligations in our condensed consolidated statements of cash flows. (i) Includes amounts associated with certain derivative-related borrowing instruments, including $225.6 million and $248.6 million at June 30, 2019 and December 31, 2018 , respectively, carried at fair value. These instruments mature at various dates through January 2025 . For information regarding fair value hierarchies, see note 7 . (j) Amounts include $231.7 million and $225.9 million at June 30, 2019 and December 31, 2018 , respectively, of debt collateralized by certain trade receivables of Virgin Media . (k) As of June 30, 2019 and December 31, 2018 , our debt had an estimated fair value of $30.0 billion and $28.5 billion , respectively. 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 . |
Schedule of Maturities of Debt | Maturities of our debt as of June 30, 2019 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Virgin Media UPC Telenet (b) Other Total in millions Year ending December 31: 2019 (remainder of year) $ 1,479.9 $ 367.7 $ 324.6 $ 44.2 $ 2,216.4 2020 914.8 289.1 181.3 223.5 1,608.7 2021 1,319.2 29.6 13.0 969.9 2,331.7 2022 307.5 29.4 12.5 334.0 683.4 2023 183.8 24.2 12.2 9.1 229.3 2024 732.1 1.2 12.2 — 745.5 Thereafter 10,853.7 5,289.9 5,443.4 — 21,587.0 Total debt maturities 15,791.0 6,031.1 5,999.2 1,580.7 29,402.0 Deferred financing costs, discounts and premiums, net (32.5 ) (37.1 ) (33.0 ) (15.6 ) (118.2 ) Total debt $ 15,758.5 $ 5,994.0 $ 5,966.2 $ 1,565.1 $ 29,283.8 Current portion $ 2,385.8 $ 652.7 $ 500.0 $ 62.5 $ 3,601.0 Noncurrent portion $ 13,372.7 $ 5,341.3 $ 5,466.2 $ 1,502.6 $ 25,682.8 _______________ (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 . |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Balances | A summary of our consolidated ROU assets as of June 30, 2019 is set forth below (in millions): Operating leases (a) $ 516.8 Finance leases (b) 551.2 Total $ 1,068.0 _______________ (a) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheet. (b) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheet. A summary of additions to our ROU assets during the six months ended June 30, 2019 is set forth below (in millions): ROU assets recorded during the period associated with: Operating leases $ 30.6 Finance leases (a) 32.6 Total $ 63.2 _______________ (a) During the six months ended June 30, 2018 , we recorded additions to our ROU assets associated with finance leases of $46.5 million . A summary of our consolidated lease liabilities as of June 30, 2019 is set forth below (in millions): Operating leases (a) $ 541.5 Finance leases (b) 632.3 Total $ 1,173.8 _______________ (a) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheet. (b) The current and long-term portions of our finance lease obligations are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets. As of December 31, 2018 , we had $621.3 million |
Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense is set forth below: Three months ended June 30, 2019 Six months ended June 30, 2019 in millions Finance lease expense: Depreciation and amortization $ 22.6 $ 45.3 Interest expense 8.9 17.0 Total finance lease expense 31.5 62.3 Operating lease expense (a) 34.1 67.3 Short-term lease expense (a) 2.1 4.0 Variable lease expense (b) 1.2 2.3 Total lease expense $ 68.9 $ 135.9 _______________ (a) Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases recorded during the six months ended June 30, 2019 is set forth below (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 67.4 Operating cash outflows from finance leases 17.0 Financing cash outflows from finance leases 36.6 Total cash outflows from operating and finance leases $ 121.0 |
Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease obligations as of June 30, 2019 are presented below. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 (remainder of year) $ 65.1 $ 62.4 2020 109.3 106.4 2021 90.4 98.7 2022 75.4 96.4 2023 63.7 94.9 2024 52.7 54.0 Thereafter 184.0 432.6 Total payments 640.6 945.4 Less: present value discount (99.1 ) (313.1 ) Present value of lease payments $ 541.5 $ 632.3 Current portion $ 106.5 $ 79.5 Noncurrent portion $ 435.0 $ 552.8 |
Maturities of Financing Lease Liabilities | Maturities of our operating and finance lease obligations as of June 30, 2019 are presented below. Amounts represent U.S. dollar equivalents based on June 30, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 (remainder of year) $ 65.1 $ 62.4 2020 109.3 106.4 2021 90.4 98.7 2022 75.4 96.4 2023 63.7 94.9 2024 52.7 54.0 Thereafter 184.0 432.6 Total payments 640.6 945.4 Less: present value discount (99.1 ) (313.1 ) Present value of lease payments $ 541.5 $ 632.3 Current portion $ 106.5 $ 79.5 Noncurrent portion $ 435.0 $ 552.8 |
Schedule of Future Minimum Rental Payments for Operating Leases | Maturities of our operating and finance lease obligations as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 $ 123.9 $ 101.4 2020 85.4 107.3 2021 66.6 96.7 2022 54.3 94.5 2023 46.8 93.5 Thereafter 178.6 464.0 Total payments $ 555.6 $ 957.4 |
Schedule of Future Minimum Lease Payments for Capital Leases | Maturities of our operating and finance lease obligations as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2019 $ 123.9 $ 101.4 2020 85.4 107.3 2021 66.6 96.7 2022 54.3 94.5 2023 46.8 93.5 Thereafter 178.6 464.0 Total payments $ 555.6 $ 957.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Income Taxes [Abstract] | |
Income Tax Benefit (Expense) Reconciliation Table | Income tax benefit (expense) attributable to our earnings (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 Six months ended June 30, June 30, 2019 2018 2019 2018 in millions Computed “expected” tax benefit (expense) (a) $ 59.5 $ (109.5 ) $ 112.5 $ 15.4 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (87.3 ) (91.8 ) (166.4 ) (143.3 ) Non-deductible or non-taxable interest and other items (107.1 ) (5.6 ) (129.9 ) (19.4 ) Change in valuation allowances 79.0 (112.3 ) 66.4 405.3 Non-deductible or non-taxable foreign currency exchange results 16.4 149.4 49.4 68.8 International rate differences (c) 3.3 2.2 15.5 9.0 Enacted tax law and rate changes (0.4 ) 8.7 (9.8 ) 22.5 Mandatory Repatriation Tax — 242.0 — (968.5 ) Other, net 9.8 9.7 7.7 (7.0 ) Total income tax benefit (expense) $ (26.8 ) $ 92.8 $ (54.6 ) $ (617.2 ) _______________ (a) The statutory or “expected” tax rate is the U.K. rate of 19.0% . (b) These amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates including the effects of foreign earnings. (c) Adjustments (either a benefit or an expense) to the “expected” tax benefit are for statutory rates in jurisdictions in which we operate that are outside of the U.K. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of stock-based compensation | A summary of our aggregate share-based compensation expense is set forth below: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions Liberty Global: Performance-based incentive awards (a) $ 38.0 $ 8.0 $ 67.9 $ 16.7 Non-performance based incentive awards (b) 29.0 24.3 51.0 46.3 Other (c) 12.6 13.4 22.5 20.5 Total Liberty Global 79.6 45.7 141.4 83.5 Other 7.4 (0.2 ) 12.9 4.7 Total $ 87.0 $ 45.5 $ 154.3 $ 88.2 Included in: Other operating expense $ 1.0 $ — $ 1.9 $ 1.0 SG&A expense 86.0 45.5 152.4 87.2 Total $ 87.0 $ 45.5 $ 154.3 $ 88.2 _______________ (a) Includes share-based compensation expense related to (i) performance-based restricted share units ( PSU s ) and (ii) for the 2019 periods, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award , each as defined and described below. (b) The 2019 amounts include share-based compensation expense related to the restricted share awards ( RSA s ) issued under the 2019 CEO Performance Award , as defined and described below. (c) 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. 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, share appreciation rights ( SAR s ) and performance-based share appreciation rights ( PSAR s ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of June 30, 2019 : 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 22,448,756 $ 30.23 49,630,523 $ 28.89 Exercisable 10,720,613 $ 32.98 25,791,257 $ 30.76 Held by former Liberty Global employees: Outstanding 1,168,243 $ 33.61 2,679,382 $ 31.59 Exercisable 1,035,793 $ 33.57 2,414,347 $ 31.44 |
Schedule of other share based compensation activity | The following table provides the aggregate number of restricted share units ( RSU s ), PSU s and RSA s that were outstanding as of June 30, 2019 : Class A Class B Class C Held by Liberty Global employees: RSUs 2,012,497 48,786 4,020,912 PSUs 3,065,328 1,330,000 6,132,679 RSAs — 670,000 — Held by former Liberty Global employees: RSUs 6,676 — 13,367 PSUs 77,650 — 155,479 |
Restructuring Liability (Tables
Restructuring Liability (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of changes in restructuring liability | A summary of changes in our restructuring liabilities during the six months ended June 30, 2019 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, 2019, before effect of accounting change $ 14.7 $ 8.5 $ 17.9 $ 41.1 Accounting change (a) — (2.4 ) — (2.4 ) Restructuring liability as of January 1, 2019, as adjusted for accounting change 14.7 6.1 17.9 38.7 Restructuring charges (b) 52.1 1.0 2.4 55.5 Cash paid (39.3 ) (1.6 ) (5.4 ) (46.3 ) Foreign currency translation adjustments and other (0.1 ) (0.8 ) (0.1 ) (1.0 ) Restructuring liability as of June 30, 2019 $ 27.4 $ 4.7 $ 14.8 $ 46.9 Current portion $ 25.9 $ 3.7 $ 6.3 $ 35.9 Noncurrent portion 1.5 1.0 8.5 11.0 Total $ 27.4 $ 4.7 $ 14.8 $ 46.9 _______________ (a) Amount represents restructuring liabilities related to operating leases that have been reclassified to lease liabilities in connection with our January 1, 2019 adoption of ASU 2016-02 . For additional information, see note 2 . (b) Our restructuring charges during the six months ended June 30, 2019 included employee severance and termination costs related to certain reorganization activities of $26.3 million in U.K./Ireland , $16.5 million in Central and Corporate and $9.0 million in Switzerland. |
Earnings or Loss per Share (Tab
Earnings or Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The details of our net earnings (loss) from continuing operations attributable to Liberty Global shareholders are set forth below: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 in millions, except share amounts Earnings (loss) from continuing operations $ (339.6 ) $ 669.0 $ (646.5 ) $ (698.2 ) Net earnings from continuing operations attributable to noncontrolling interests (29.5 ) (36.1 ) (38.2 ) (42.2 ) Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (369.1 ) $ 632.9 $ (684.7 ) $ (740.4 ) Weighted average ordinary shares outstanding: Basic 735,442,543 788,815,021 738,748,452 798,215,803 Diluted 735,442,543 791,920,021 738,748,452 798,215,803 |
Schedule of Weighted Average Number of Shares | The details of our net earnings (loss) from continuing operations attributable to Liberty Global shareholders are set forth below: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 in millions, except share amounts Earnings (loss) from continuing operations $ (339.6 ) $ 669.0 $ (646.5 ) $ (698.2 ) Net earnings from continuing operations attributable to noncontrolling interests (29.5 ) (36.1 ) (38.2 ) (42.2 ) Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (369.1 ) $ 632.9 $ (684.7 ) $ (740.4 ) Weighted average ordinary shares outstanding: Basic 735,442,543 788,815,021 738,748,452 798,215,803 Diluted 735,442,543 791,920,021 738,748,452 798,215,803 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of June 30, 2019 . The commitments included in this table do not reflect any liabilities that are included on our June 30, 2019 condensed consolidated balance sheet. Payments due during: Remainder 2020 2021 2022 2023 2024 Thereafter Total in millions Programming commitments $ 586.4 $ 1,058.3 $ 810.5 $ 314.2 $ 14.7 $ 14.2 $ 30.6 $ 2,828.9 Network and connectivity commitments 504.4 382.8 272.6 74.5 47.7 38.1 733.0 2,053.1 Purchase commitments 446.3 304.9 166.0 49.4 23.7 24.8 27.0 1,042.1 Other commitments 19.6 13.2 3.2 1.9 0.2 0.2 0.6 38.9 Total $ 1,556.7 $ 1,759.2 $ 1,252.3 $ 440.0 $ 86.3 $ 77.3 $ 791.2 $ 5,963.0 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Performance Measures of our Reportable Segments | Revenue Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions U.K./Ireland $ 1,644.0 $ 1,734.9 $ 3,305.3 $ 3,513.1 Belgium 713.2 753.9 1,425.1 1,513.5 Switzerland 315.0 332.2 631.0 677.1 Central and Eastern Europe 119.1 123.3 238.2 252.8 Central and Corporate 60.2 72.9 120.9 125.6 Intersegment eliminations (1.1 ) (1.6 ) (2.1 ) (3.0 ) Total $ 2,850.4 $ 3,015.6 $ 5,718.4 $ 6,079.1 VodafoneZiggo JV $ 1,084.5 $ 1,133.3 $ 2,178.4 $ 2,329.9 Adjusted OIBDA Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions U.K./Ireland $ 703.2 $ 763.6 $ 1,411.5 $ 1,526.2 Belgium 349.4 383.7 688.4 741.3 Switzerland 169.7 189.0 332.8 375.5 Central and Eastern Europe 57.9 62.0 115.1 124.3 Central and Corporate (89.5 ) (87.9 ) (175.2 ) (195.0 ) Intersegment eliminations (a) — (6.9 ) 1.4 (7.1 ) Total $ 1,190.7 $ 1,303.5 $ 2,374.0 $ 2,565.2 VodafoneZiggo JV $ 487.6 $ 502.8 $ 981.4 $ 1,019.7 _______________ (a) Amounts are related to transactions between our continuing and discontinued operations prior to the disposal dates of such discontinued operations. The following table provides a reconciliation of Adjusted OIBDA from continuing operations to earnings (loss) from continuing operations before income taxes: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions Adjusted OIBDA from continuing operations $ 1,190.7 $ 1,303.5 $ 2,374.0 $ 2,565.2 Share-based compensation expense (87.0 ) (45.5 ) (154.3 ) (88.2 ) Depreciation and amortization (921.8 ) (964.0 ) (1,861.4 ) (2,004.7 ) Impairment, restructuring and other operating items, net (33.2 ) (29.9 ) (104.1 ) (90.6 ) Operating income 148.7 264.1 254.2 381.7 Interest expense (363.6 ) (380.4 ) (730.9 ) (755.7 ) Realized and unrealized gains on derivative instruments, net 152.9 675.5 70.1 464.2 Foreign currency transaction gains (losses), net (27.0 ) 51.5 111.6 (50.2 ) Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (138.7 ) 61.5 (146.9 ) 4.3 Losses on debt modification and extinguishment, net (48.3 ) (20.1 ) (48.8 ) (22.7 ) Share of results of affiliates, net (69.3 ) (82.3 ) (140.2 ) (118.8 ) Other income, net 32.5 6.4 39.0 16.2 Earnings (loss) from continuing operations before income taxes $ (312.8 ) $ 576.2 $ (591.9 ) $ (81.0 ) |
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 finance 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 finance lease arrangements, see notes 8 and 10 . Six months ended 2019 2018 in millions U.K./Ireland $ 766.7 $ 1,040.1 Belgium 279.3 355.2 Switzerland 135.9 105.2 Central and Eastern Europe 41.4 67.9 Central and Corporate (a) 158.0 278.0 Total property and equipment additions 1,381.3 1,846.4 Assets acquired under capital-related vendor financing arrangements (926.3 ) (1,186.7 ) Assets acquired under finance leases (32.6 ) (46.5 ) Changes in current liabilities related to capital expenditures 210.5 181.6 Total capital expenditures, net $ 632.9 $ 794.8 Capital expenditures, net: Third-party payments $ 691.2 $ 852.1 Proceeds received for transfers to related parties (b) (58.3 ) (57.3 ) Total capital expenditures, net $ 632.9 $ 794.8 Property and equipment additions - VodafoneZiggo JV $ 426.5 $ 476.6 _______________ (a) Includes amounts that represent the net impact of changes in inventory levels associated with certain centrally-procured network equipment. Most of this equipment is ultimately transferred to our operating subsidiaries. (b) Primarily relates to transfers of centrally-procured property and equipment to our discontinued operations and the VodafoneZiggo JV . |
Revenue by Major Category | Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Video $ 676.6 $ 717.6 $ 1,368.7 $ 1,464.8 Broadband internet 799.5 816.2 1,602.3 1,657.0 Fixed-line telephony 360.4 407.5 729.2 829.5 Total subscription revenue 1,836.5 1,941.3 3,700.2 3,951.3 Non-subscription revenue 44.5 66.7 98.5 148.0 Total residential cable revenue 1,881.0 2,008.0 3,798.7 4,099.3 Residential mobile revenue (c): Subscription revenue (b) 231.4 249.5 459.4 493.4 Non-subscription revenue 173.3 175.2 330.0 354.7 Total residential mobile revenue 404.7 424.7 789.4 848.1 Total residential revenue 2,285.7 2,432.7 4,588.1 4,947.4 B2B revenue (d): Subscription revenue 116.8 111.4 230.6 219.6 Non-subscription revenue 357.2 392.0 729.2 771.4 Total B2B revenue 474.0 503.4 959.8 991.0 Other revenue (e) 90.7 79.5 170.5 140.7 Total $ 2,850.4 $ 3,015.6 $ 5,718.4 $ 6,079.1 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (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, (i) revenue earned from the JV Services and sales of customer premises equipment to the VodafoneZiggo JV |
Geographic Segments | The revenue of our geographic segments is set forth below: Three months ended June 30, Six months ended 2019 2018 2019 2018 in millions U.K. $ 1,517.7 $ 1,605.6 $ 3,051.2 $ 3,250.0 Belgium 713.2 753.9 1,425.1 1,513.5 Switzerland 315.0 332.2 631.0 677.1 Ireland 126.3 129.3 254.1 263.1 Poland 106.7 110.4 213.4 226.4 Slovakia 12.4 12.9 24.8 26.4 Other, including intersegment eliminations 59.1 71.3 118.8 122.6 Total $ 2,850.4 $ 3,015.6 $ 5,718.4 $ 6,079.1 VodafoneZiggo JV $ 1,084.5 $ 1,133.3 $ 2,178.4 $ 2,329.9 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Telenet | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 60.30% |
VodafoneZiggo JV | |
Basis of Presentation [Line Items] | |
Ownership percentage | 50.00% |
Co-venturer ownership percentage | 5000.00% |
Accounting Changes and Recent_3
Accounting Changes and Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease ROU assets | $ 516.8 | ||
Operating leases | 541.5 | ||
Finance lease ROU assets | 551.2 | ||
Finance lease liabilities | 632.3 | ||
Decrease to accumulated deficit | $ (5,111) | $ (5,172.2) | |
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease ROU assets | $ 545.1 | ||
Operating leases | 558.1 | ||
Finance lease ROU assets | 26.2 | ||
Finance lease liabilities | 26.2 | ||
Decrease to accumulated deficit | 1.2 | ||
Net reduction in ROU assets | $ 14.2 |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||||
Trade receivables, allowance for doubtful accounts | $ 42.9 | $ 42.9 | $ 45.8 | ||
Contract assets | 42.6 | 42.6 | 44.3 | ||
Deferred revenue | 822.6 | 822.6 | 877.9 | ||
Revenue recognized | 791.7 | ||||
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | 72.7 | 72.7 | $ 73 | ||
Amortization related to contract costs | $ 24.3 | $ 28.5 | $ 48.7 | $ 51.3 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Narrative) (Details) € in Millions, $ in Millions, SFr in Billions | Jul. 31, 2019EUR (€) | Jul. 31, 2019USD ($) | Jun. 03, 2019EUR (€) | Jun. 03, 2019USD ($) | May 02, 2019EUR (€) | May 02, 2019USD ($) | Jul. 31, 2018 | Dec. 31, 2019USD ($) | Sep. 30, 2019 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019CHF (SFr) | Jun. 02, 2019 | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Carrying value | $ 29,283.8 | $ 29,283.8 | $ 29,183.9 | |||||||||||||
Proceeds received upon disposition of discontinued operations, net | 145.8 | $ 0 | ||||||||||||||
Gain on disposal of discontinued operations, net of taxes | 106.6 | $ 0 | 106.6 | $ 0 | ||||||||||||
UPC Switzerland | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Carrying value | $ 1,645 | 1,645 | ||||||||||||||
UPC Austria | Discontinued Operations, Disposed of by Sale | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Term of transitional services | 4 years | |||||||||||||||
Revenue from transitional services | $ 21 | |||||||||||||||
UPC DTH | Discontinued Operations, Disposed of by Sale | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Term of transitional services | 2 years | 2 years | ||||||||||||||
Proceeds received upon disposition of discontinued operations, net | € | € 130.5 | |||||||||||||||
Cumulative foreign currency translation loss | $ 10 | |||||||||||||||
Forecast | Vodafone Disposal Group | Discontinued Operations, Disposed of by Sale | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Term of transitional services | 4 years | |||||||||||||||
Forecast | UPC Switzerland | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Consideration for disposal | SFr | SFr 6.3 | |||||||||||||||
Proceeds from divestiture of business | $ 2,600 | |||||||||||||||
Term of transitional services | 5 years | |||||||||||||||
Forecast | Sunrise Communications Group AG | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Liabilities assumed | $ 3,700 | |||||||||||||||
De Vijver Media | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Previous interest | 50.00% | |||||||||||||||
Interest acquired | 50.00% | 50.00% | ||||||||||||||
Consideration transferred | € 52.5 | $ 58.9 | ||||||||||||||
Repayment of debt | € 62 | 69.5 | ||||||||||||||
Gain on remeasurement | $ 25.7 | |||||||||||||||
Subsequent Event | Vodafone Disposal Group | Discontinued Operations, Disposed of by Sale | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Cash to be paid to settle obligations | € 188.1 | $ 213.7 | ||||||||||||||
Proceeds received upon disposition of discontinued operations, net | € 10,100 | $ 11,300 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions (Schedules) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Operating results of discontinued operations | |||||
Net earnings (loss) | $ 422.1 | $ 281.5 | $ 744.7 | $ 470.1 | |
Basic earnings (loss) from discontinued operations attributable to Liberty Global shareholders per Liberty Global Share (in dollars per share) | $ 0.43 | $ 0.35 | $ 0.86 | $ 0.58 | |
Discontinued Operations | |||||
Operating results of discontinued operations | |||||
Revenue | $ 1,029.8 | $ 2,122.4 | |||
Operating income (loss) | 481.4 | 857 | |||
Earnings (loss) before income taxes | 371.3 | 616.1 | |||
Income tax expense | (89.8) | (146) | |||
Net earnings (loss) | 281.5 | 470.1 | |||
Net earnings attributable to noncontrolling interests | (1.8) | (3.6) | |||
Net earnings (loss) attributable to Liberty Global shareholders | 279.7 | 466.5 | |||
Discontinued Operations, Disposed of by Sale | |||||
Assets: | |||||
Current assets other than cash | $ 356.5 | ||||
Property and equipment, net | 5,671.1 | ||||
Goodwill | 3,986.7 | ||||
Other assets, net | 516.8 | ||||
Total assets | 10,531.1 | ||||
Liabilities: | |||||
Current portion of debt and finance lease obligations | 820.2 | ||||
Other accrued and current liabilities | 1,147.3 | ||||
Long-term debt and finance lease obligations | 9,074.6 | ||||
Other long-term liabilities | 997.8 | ||||
Total liabilities | 12,039.9 | ||||
Operating results of discontinued operations | |||||
Revenue | $ 877.9 | $ 1,764.3 | |||
Operating income (loss) | 516.1 | 1,020.2 | |||
Earnings (loss) before income taxes | 437.4 | 876.8 | |||
Income tax expense | (121.9) | (238.7) | |||
Net earnings (loss) | 315.5 | 638.1 | |||
Net earnings (loss) attributable to Liberty Global shareholders | 315.5 | 638.1 | |||
UPC Austria | Discontinued Operations, Disposed of by Sale | |||||
Operating results of discontinued operations | |||||
Revenue | 868.9 | 107.4 | 216.7 | ||
Operating income (loss) | 514 | 61.7 | 122.9 | ||
Earnings (loss) before income taxes | 435.2 | 61.5 | 122.7 | ||
Income tax expense | (121.9) | (9.7) | (19.2) | ||
Net earnings (loss) | 313.3 | 51.8 | 103.5 | ||
Net earnings attributable to noncontrolling interests | (1.8) | (3.6) | |||
Net earnings (loss) attributable to Liberty Global shareholders | 313.3 | 50 | 99.9 | ||
Vodafone Disposal Group | Discontinued Operations, Disposed of by Sale | |||||
Assets: | |||||
Current assets other than cash | 405.8 | 405.8 | 348 | ||
Property and equipment, net | 5,934.2 | 5,934.2 | 5,591.4 | ||
Goodwill | 3,956.5 | 3,956.5 | 3,986.7 | ||
Other assets, net | 984.1 | 984.1 | 509.4 | ||
Total assets | 11,280.6 | 11,280.6 | 10,435.5 | ||
Liabilities: | |||||
Current portion of debt and finance lease obligations | 889.1 | 889.1 | 809 | ||
Other accrued and current liabilities | 1,179 | 1,179 | 1,114.8 | ||
Long-term debt and finance lease obligations | 8,973.7 | 8,973.7 | 9,037.1 | ||
Other long-term liabilities | 1,567.3 | 1,567.3 | 997.5 | ||
Total liabilities | 12,609.1 | 12,609.1 | 11,958.4 | ||
Operating results of discontinued operations | |||||
Revenue | 9 | 892.9 | 1,727.6 | 1,845.2 | |
Operating income (loss) | 2.1 | 419.9 | 1,009.5 | 731.5 | |
Earnings (loss) before income taxes | 2.2 | 310.1 | 867.3 | 491.5 | |
Income tax expense | 0 | (80.1) | (238.7) | (126.8) | |
Net earnings (loss) | 2.2 | 230 | 628.6 | 364.7 | |
Net earnings attributable to noncontrolling interests | 0 | 0 | |||
Net earnings (loss) attributable to Liberty Global shareholders | $ 2.2 | 230 | 628.6 | 364.7 | |
UPC DTH | Discontinued Operations, Disposed of by Sale | |||||
Assets: | |||||
Current assets other than cash | 8.5 | ||||
Property and equipment, net | 79.7 | ||||
Goodwill | 0 | ||||
Other assets, net | 7.4 | ||||
Total assets | 95.6 | ||||
Liabilities: | |||||
Current portion of debt and finance lease obligations | 11.2 | ||||
Other accrued and current liabilities | 32.5 | ||||
Long-term debt and finance lease obligations | 37.5 | ||||
Other long-term liabilities | 0.3 | ||||
Total liabilities | $ 81.5 | ||||
Operating results of discontinued operations | |||||
Revenue | 29.5 | 36.7 | 60.5 | ||
Operating income (loss) | (0.2) | 10.7 | 2.6 | ||
Earnings (loss) before income taxes | (0.3) | 9.5 | 1.9 | ||
Income tax expense | 0 | 0 | 0 | ||
Net earnings (loss) | (0.3) | 9.5 | 1.9 | ||
Net earnings attributable to noncontrolling interests | 0 | 0 | |||
Net earnings (loss) attributable to Liberty Global shareholders | $ (0.3) | $ 9.5 | $ 1.9 |
Investments (Schedules) (Detail
Investments (Schedules) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Investment [Line Items] | |||||
Equity | $ 3,875 | $ 3,875 | $ 3,947 | ||
Fair value | 1,070 | 1,070 | 1,174.8 | ||
Total | 4,945 | 4,945 | 5,121.8 | ||
Share of results of affiliates, net | (69.3) | $ (82.3) | (140.2) | $ (118.8) | |
VodafoneZiggo JV | |||||
Investment [Line Items] | |||||
Equity | 3,603.4 | 3,603.4 | 3,761.5 | ||
Share of results of affiliates, net | (40) | (63.2) | (102.3) | (90) | |
Summarized results of operations of the VodafoneZiggo JV | |||||
Revenue | 1,084.5 | 1,133.3 | 2,178.4 | 2,329.9 | |
Loss before income taxes | (134.5) | (183.2) | (323.3) | (286.9) | |
Net loss | (104) | (137.1) | (254.3) | (213.3) | |
Other | |||||
Investment [Line Items] | |||||
Equity | 271.6 | 271.6 | 185.5 | ||
Fair value | 324.3 | 324.3 | 298.2 | ||
Share of results of affiliates, net | (29.3) | $ (19.1) | (37.9) | $ (28.8) | |
ITV plc (ITV) — subject to re-use rights | |||||
Investment [Line Items] | |||||
Fair value | 546.4 | 546.4 | 634.2 | ||
ITI Neovision S.A. (ITI Neovision) | |||||
Investment [Line Items] | |||||
Fair value | 121.6 | 121.6 | 125.4 | ||
Lions Gate Entertainment Corp (Lionsgate) | |||||
Investment [Line Items] | |||||
Fair value | 59.7 | 59.7 | 77.5 | ||
Casa Systems, Inc. (Casa) | |||||
Investment [Line Items] | |||||
Fair value | $ 18 | $ 18 | $ 39.5 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
VodafoneZiggo JV | |||||
Schedule of Investments [Line Items] | |||||
Percent of interest income earned on loan included in investment | 100.00% | 100.00% | |||
Percent of remaining results of operations included in investment | 50.00% | 50.00% | |||
Revenue | $ 1,084,500,000 | $ 1,133,300,000 | $ 2,178,400,000 | $ 2,329,900,000 | |
JV Services | |||||
Schedule of Investments [Line Items] | |||||
Revenue | 45,700,000 | $ 53,800,000 | 90,000,000 | 88,300,000 | |
VodafoneZiggo JV Loan | VodafoneZiggo JV | |||||
Schedule of Investments [Line Items] | |||||
Due from related party | 908,700,000 | $ 908,700,000 | $ 916,100,000 | ||
Receivable interest rate | 5.55% | ||||
Accrued interests settled in cash | $ 25,200,000 | ||||
Equity Method Investee | VodafoneZiggo JV | |||||
Schedule of Investments [Line Items] | |||||
Transfer of assets | 9,200,000 | $ 30,300,000 | |||
Due from related party | $ 19,500,000 | $ 19,500,000 | $ 24,400,000 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Current | $ 439 | $ 394.2 |
Long-term | 2,341.5 | 2,102.5 |
Total | 2,780.5 | 2,496.7 |
Liabilities: | ||
Current | 486.1 | 328.4 |
Long-term | 1,356.7 | 1,042.3 |
Total | 1,842.8 | 1,370.7 |
Cross-currency and interest rate derivative contracts | ||
Assets: | ||
Current | 417.6 | 372.7 |
Long-term | 1,500.7 | 1,370.1 |
Total | 1,918.3 | 1,742.8 |
Liabilities: | ||
Current | 456.5 | 326.5 |
Long-term | 1,356.7 | 1,042.2 |
Total | 1,813.2 | 1,368.7 |
Equity-related derivative instruments | ||
Assets: | ||
Current | 17.6 | 13.9 |
Long-term | 838 | 732.4 |
Total | 855.6 | 746.3 |
Liabilities: | ||
Current | 1 | 1.4 |
Long-term | 0 | 0 |
Total | 1 | 1.4 |
Foreign currency forward and option contracts | ||
Assets: | ||
Current | 3.1 | 7.2 |
Long-term | 2.4 | 0 |
Total | 5.5 | 7.2 |
Liabilities: | ||
Current | 28.6 | 0.5 |
Long-term | 0 | 0 |
Total | 28.6 | 0.5 |
Other | ||
Assets: | ||
Current | 0.7 | 0.4 |
Long-term | 0.4 | 0 |
Total | 1.1 | 0.4 |
Liabilities: | ||
Current | 0 | 0 |
Long-term | 0 | 0.1 |
Total | $ 0 | $ 0.1 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Derivative assets | $ 2,780.5 | $ 2,780.5 | $ 2,496.7 | ||
Cross-currency and interest rate derivative contracts | |||||
Derivative [Line Items] | |||||
Gain (loss) in changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts | (12.6) | $ (65.6) | (70.7) | $ (27.9) | |
Derivative assets | 1,918.3 | 1,918.3 | $ 1,742.8 | ||
Counterparty Credit Risk | |||||
Derivative [Line Items] | |||||
Derivative assets | $ 555.3 | $ 555.3 | |||
Ordinary shares | Lionsgate Loan | |||||
Derivative [Line Items] | |||||
Number of common stock shares owned (in shares) | 1,250 | 1,250 | |||
Nonvoting Common Stock | Lionsgate Loan | |||||
Derivative [Line Items] | |||||
Number of common stock shares owned (in shares) | 1,250 | 1,250 | |||
Virgin Media | |||||
Derivative [Line Items] | |||||
Derivative instruments that do not involve the exchange of notional amounts at the inception and maturity | $ 4,600 | $ 4,600 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Schedule and Footnotes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ 152.9 | $ 675.5 | $ 70.1 | $ 464.2 |
Cross-currency and interest rate derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 69.1 | 870.1 | (18.2) | 508.2 |
Equity-related derivative instruments: | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 95 | (202.4) | 109.8 | (57.2) |
ITV Collar | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 86 | (183.6) | 99.8 | (60) |
Lionsgate Forward | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 8.8 | 3.4 | 9.6 | 12.4 |
Sumitomo Collar | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 0 | (23.2) | 0 | (11.8) |
Other | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 0.2 | 1 | 0.4 | 2.2 |
Foreign currency forward and option contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | (11.6) | 8.3 | (22.2) | 13.9 |
Other | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ 0.4 | $ (0.5) | $ 0.7 | $ (0.7) |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Schedule) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Operating activities | $ 165.1 | $ 246.1 |
Financing activities | 93.5 | 10.2 |
Total | $ 258.6 | $ 256.3 |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 6 months ended Jun. 30, 2019 € in Millions, £ in Millions, zł in Millions, SFr in Millions, Ft in Millions, $ in Millions | CHF (SFr) | EUR (€) | USD ($) | HUF (Ft) | PLN (zł) | GBP (£) |
Virgin Media | Cross-Currency Swap 1 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 3 years 6 months | |||||
Virgin Media | Cross-Currency Swap 2 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 5 years | |||||
Virgin Media | Cross-Currency Swap 3 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 5 years 7 months 6 days | |||||
UPC Holding | Cross-Currency Swap 4 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 5 years 1 month 6 days | |||||
UPC Holding | Cross-Currency Swap 5 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 5 years 8 months 12 days | |||||
UPC Holding | Cross-Currency Swap 6 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 4 years 9 months 18 days | |||||
UPC Holding | Cross-Currency Swap 7 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 2 years 6 months | |||||
UPC Holding | Cross-Currency Swap 8 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 2 years 6 months | |||||
UPC Holding | Cross-Currency Swap 9 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 2 years 6 months | |||||
Telenet | Cross-Currency Swap 10 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 6 years | |||||
Telenet | Cross-Currency Swap 11 | ||||||
Derivative [Line Items] | ||||||
Weighted average remaining life | 6 years | |||||
Notional amount due from counterparty | Virgin Media | Cross-Currency Swap 1 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | $ 400 | |||||
Notional amount due from counterparty | Virgin Media | Cross-Currency Swap 2 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | 8,036.4 | |||||
Notional amount due from counterparty | Virgin Media | Cross-Currency Swap 3 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | £ | £ 2,365.8 | |||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 4 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | 2,420 | |||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 5 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | 1,200 | |||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 6 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | € 2,824.4 | |||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 7 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 742.8 | |||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 8 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 78 | |||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 9 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | Ft | Ft 19,500 | |||||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 10 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | 3,670 | |||||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 11 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 1,431.2 | |||||
Notional amount due to counterparty | Virgin Media | Cross-Currency Swap 1 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 339.6 | |||||
Notional amount due to counterparty | Virgin Media | Cross-Currency Swap 2 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | £ | £ 5,451.8 | |||||
Notional amount due to counterparty | Virgin Media | Cross-Currency Swap 3 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | 3,400 | |||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 4 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 1,999.4 | |||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 5 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | SFr | SFr 1,107.5 | |||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 6 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | SFr | SFr 3,221.2 | |||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 7 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | zł | zł 3,149.5 | |||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 8 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | Ft | Ft 19,500 | |||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 9 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | 61 | |||||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 10 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | € 3,243.6 | |||||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 11 | ||||||
Derivative [Line Items] | ||||||
Notional amount of derivative | $ | $ 1,600 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Swap Contracts and Options) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Interest Rate Swaption 1 | Virgin Media | |
Derivative [Line Items] | |
Notional amount of derivative | $ 6,782.2 |
Weighted average remaining life | 1 year 6 months |
Weighted average strike rate | 2.40% |
Interest Rate Swaption 2 | Virgin Media | |
Derivative [Line Items] | |
Notional amount of derivative | $ 488.3 |
Weighted average remaining life | 1 year 1 month 6 days |
Weighted average strike rate | 1.96% |
Notional amount due from counterparty | Interest Rate Swap | Virgin Media | |
Derivative [Line Items] | |
Notional amount of derivative | $ 20,883.1 |
Weighted average remaining life | 3 years 2 months 12 days |
Notional amount due from counterparty | Interest Rate Swap | UPC Holding | |
Derivative [Line Items] | |
Notional amount of derivative | $ 8,478.5 |
Weighted average remaining life | 3 years 10 months 24 days |
Notional amount due from counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Notional amount of derivative | $ 3,821.9 |
Weighted average remaining life | 4 years 8 months 12 days |
Notional amount due to counterparty | Interest Rate Swap | Virgin Media | |
Derivative [Line Items] | |
Notional amount of derivative | $ 11,576 |
Weighted average remaining life | 4 years 10 months 24 days |
Notional amount due to counterparty | Interest Rate Swap | UPC Holding | |
Derivative [Line Items] | |
Notional amount of derivative | $ 5,303.1 |
Weighted average remaining life | 6 years 4 months 24 days |
Notional amount due to counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,620.9 |
Weighted average remaining life | 4 years 2 months 12 days |
Maximum | Interest Rate Swaption | |
Derivative [Line Items] | |
Weighted average remaining life | 3 years |
Derivative Instruments (Basis S
Derivative Instruments (Basis Swaps, Interest Rate Caps and Collars) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Interest Rate Caps | |
Derivative [Line Items] | |
Notional amount of derivative | $ 253.9 |
Interest Rate Collars | |
Derivative [Line Items] | |
Notional amount of derivative | $ 644.6 |
Virgin Media | Basis Swaps | |
Derivative [Line Items] | |
Weighted average remaining life | 15 days |
UPC Holding | Basis Swaps | |
Derivative [Line Items] | |
Weighted average remaining life | 3 days |
Telenet | Basis Swaps | |
Derivative [Line Items] | |
Weighted average remaining life | 3 days |
Notional amount due from counterparty | Virgin Media | Basis Swaps | |
Derivative [Line Items] | |
Notional amount of derivative | $ 9,085.1 |
Notional amount due from counterparty | UPC Holding | Basis Swaps | |
Derivative [Line Items] | |
Notional amount of derivative | 1,645 |
Notional amount due from counterparty | Telenet | Basis Swaps | |
Derivative [Line Items] | |
Notional amount of derivative | $ 2,075 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Jun. 30, 2019 |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.53%) |
Virgin Media | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.49%) |
UPC Holding | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.62%) |
Telenet | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.61%) |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards and Options) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Foreign currency forward and option contracts | |
Derivative [Line Items] | |
Notional amount of derivative | $ 8,747.6 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Derivative instruments: | $ 2,780.5 | $ 2,496.7 |
Investments | 1,070 | 1,174.8 |
Total assets | 3,850.5 | 3,671.5 |
Liabilities: | ||
Derivative instruments: | 1,842.8 | 1,370.7 |
Debt | 225.6 | 248.6 |
Total liabilities | 2,068.4 | 1,619.3 |
Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments: | 0 | 0 |
Investments | 624.1 | 755.9 |
Total assets | 624.1 | 755.9 |
Liabilities: | ||
Derivative instruments: | 0 | 0 |
Debt | 0 | 0 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments: | 1,924.5 | 1,750.1 |
Investments | 0 | 0 |
Total assets | 1,924.5 | 1,750.1 |
Liabilities: | ||
Derivative instruments: | 1,789.6 | 1,354.9 |
Debt | 225.6 | 248.6 |
Total liabilities | 2,015.2 | 1,603.5 |
Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments: | 856 | 746.6 |
Investments | 445.9 | 418.9 |
Total assets | 1,301.9 | 1,165.5 |
Liabilities: | ||
Derivative instruments: | 53.2 | 15.8 |
Debt | 0 | 0 |
Total liabilities | 53.2 | 15.8 |
Cross-currency and interest rate derivative contracts | ||
Assets: | ||
Derivative instruments: | 1,918.3 | 1,742.8 |
Liabilities: | ||
Derivative instruments: | 1,813.2 | 1,368.7 |
Cross-currency and interest rate derivative contracts | 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 | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments: | 1,917.9 | 1,742.5 |
Liabilities: | ||
Derivative instruments: | 1,786.7 | 1,354.3 |
Cross-currency and interest rate derivative contracts | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments: | 0.4 | 0.3 |
Liabilities: | ||
Derivative instruments: | 26.5 | 14.4 |
Equity-related derivative instruments | ||
Assets: | ||
Derivative instruments: | 855.6 | 746.3 |
Liabilities: | ||
Derivative instruments: | 1 | 1.4 |
Equity-related derivative instruments | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments: | 0 | 0 |
Liabilities: | ||
Derivative instruments: | 0 | 0 |
Equity-related derivative instruments | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments: | 0 | 0 |
Liabilities: | ||
Derivative instruments: | 0 | 0 |
Equity-related derivative instruments | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments: | 855.6 | 746.3 |
Liabilities: | ||
Derivative instruments: | 1 | 1.4 |
Foreign currency forward and option contracts | ||
Assets: | ||
Derivative instruments: | 5.5 | 7.2 |
Liabilities: | ||
Derivative instruments: | 28.6 | 0.5 |
Foreign currency forward and option contracts | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments: | 0 | 0 |
Liabilities: | ||
Derivative instruments: | 0 | 0 |
Foreign currency forward and option contracts | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments: | 5.5 | 7.2 |
Liabilities: | ||
Derivative instruments: | 2.9 | 0.5 |
Foreign currency forward and option contracts | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments: | 0 | 0 |
Liabilities: | ||
Derivative instruments: | 25.7 | 0 |
Other | ||
Assets: | ||
Derivative instruments: | 1.1 | 0.4 |
Liabilities: | ||
Derivative instruments: | 0 | 0.1 |
Other | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments: | 0 | 0 |
Liabilities: | ||
Derivative instruments: | 0 | |
Other | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments: | 1.1 | 0.4 |
Liabilities: | ||
Derivative instruments: | 0.1 | |
Other | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments: | $ 0 | 0 |
Liabilities: | ||
Derivative instruments: | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Schedule and Footnote) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2019 | $ 1,149.7 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 63.6 |
Additions | 28.8 |
Transfers out of Level 3 | 8.4 |
Foreign currency translation adjustments and other, net | (0.8) |
Balance of net assets (liabilities) at June 30, 2019 | 1,248.7 |
Investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2019 | 418.9 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | (1) |
Additions | 28.8 |
Transfers out of Level 3 | 0 |
Foreign currency translation adjustments and other, net | (0.8) |
Balance of net assets (liabilities) at June 30, 2019 | 445.9 |
Cross-currency, interest rate and foreign currency derivative contracts | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2019 | (14.1) |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | (46.2) |
Additions | 0 |
Transfers out of Level 3 | 8.4 |
Foreign currency translation adjustments and other, net | 0.1 |
Balance of net assets (liabilities) at June 30, 2019 | (51.8) |
Equity-related derivative instruments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2019 | 744.9 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 109.8 |
Additions | 0 |
Transfers out of Level 3 | 0 |
Foreign currency translation adjustments and other, net | (0.1) |
Balance of net assets (liabilities) at June 30, 2019 | $ 854.6 |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 28,020.9 | $ 26,970.3 |
Accumulated depreciation | (14,398) | (13,091.4) |
Total property and equipment, net | 13,622.9 | 13,878.9 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 18,277.1 | 17,845.4 |
Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 4,523.2 | 4,191.2 |
Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 5,220.6 | $ 4,933.7 |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Long-lived Assets [Abstract] | ||
Noncash vendor financing arrangement, cash increase, excluding value added tax | $ 926.3 | $ 1,186.7 |
Value added tax, vendor financing arrangement | $ 148.7 | $ 183.5 |
Long-lived Assets (Schedule o_2
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
January 1, 2019 | $ 13,715.8 |
Acquisitions and related adjustments | 48.8 |
Foreign currency translation adjustments | (32.8) |
June 30, 2019 | 13,731.8 |
U.K./Ireland | |
Goodwill [Roll Forward] | |
January 1, 2019 | 7,671 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | (31.8) |
June 30, 2019 | 7,639.2 |
Belgium | |
Goodwill [Roll Forward] | |
January 1, 2019 | 2,576.3 |
Acquisitions and related adjustments | 48.8 |
Foreign currency translation adjustments | (19.1) |
June 30, 2019 | 2,606 |
Switzerland | |
Goodwill [Roll Forward] | |
January 1, 2019 | 2,903.9 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | 17.5 |
June 30, 2019 | 2,921.4 |
Central and Eastern Europe | |
Goodwill [Roll Forward] | |
January 1, 2019 | 564.6 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments | 0.6 |
June 30, 2019 | $ 565.2 |
Long-lived Assets (Schedule o_3
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | $ 4,081.6 | $ 4,194.4 |
Accumulated amortization | (3,262.3) | (3,163.2) |
Net carrying amount | 819.3 | 1,031.2 |
Customer relationships | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 3,526 | 3,673.1 |
Accumulated amortization | (2,997.1) | (2,914.2) |
Net carrying amount | 528.9 | 758.9 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 555.6 | 521.3 |
Accumulated amortization | (265.2) | (249) |
Net carrying amount | $ 290.4 | $ 272.3 |
Debt (Components of Debt) (Deta
Debt (Components of Debt) (Details) € in Millions, $ in Millions | 6 Months Ended | ||||
Jun. 30, 2019EUR (€) | Jun. 30, 2019USD ($) | Jun. 30, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | |
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.54% | 4.54% | 4.54% | ||
Unused borrowing capacity | $ 2,555.1 | ||||
Total debt before deferred financing costs, discounts and premiums | 29,402 | $ 29,315.3 | |||
Deferred financing costs, discounts and premiums, net | (118.2) | (131.4) | |||
Total carrying amount of debt | 29,283.8 | 29,183.9 | |||
Finance lease obligations (note 10) | 632.3 | ||||
Finance lease obligations (note 10) | 621.3 | ||||
Total debt and finance lease obligations | 29,916.1 | 29,805.2 | |||
Current maturities of debt and finance lease obligations | (3,680.5) | (3,615.2) | |||
Long-term debt and finance lease obligations | 26,235.6 | 26,190 | |||
General term of vendor financing arrangements | 1 year | ||||
Debt, fair value | 225.6 | 248.6 | |||
Significant other observable inputs (Level 2) | |||||
Debt Instrument [Line Items] | |||||
Debt, fair value | $ 225.6 | 248.6 | |||
VM Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.39% | 5.39% | 5.39% | ||
Unused borrowing capacity | $ 0 | £ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 6,613.5 | 6,268.3 | |||
VM Credit Facilities | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.69% | 4.69% | 4.69% | ||
Unused borrowing capacity | $ 856.9 | ||||
Total debt before deferred financing costs, discounts and premiums | $ 4,696.2 | 4,600.5 | |||
VM Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.34% | 5.34% | 5.34% | ||
Unused borrowing capacity | € 0 | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 1,587.3 | 1,999.9 | |||
Telenet Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.92% | 3.92% | 3.92% | ||
Unused borrowing capacity | $ 573.6 | ||||
Total debt before deferred financing costs, discounts and premiums | $ 3,137.1 | 3,145.7 | |||
Telenet Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.69% | 4.69% | 4.69% | ||
Unused borrowing capacity | € 0 | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 1,681.5 | 1,687.1 | |||
Telenet SPE Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.88% | 4.88% | 4.88% | ||
Unused borrowing capacity | € 0 | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 541.8 | 546.2 | |||
UPCB SPE Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.54% | 4.54% | 4.54% | ||
Unused borrowing capacity | € 0 | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 2,434.9 | 2,445.5 | |||
UPC Holding Bank Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.89% | 4.89% | 4.89% | ||
Unused borrowing capacity | € 990.1 | $ 1,124.6 | |||
Total debt before deferred financing costs, discounts and premiums | 1,645 | 1,645 | |||
Current borrowing capacity | € 730.9 | $ 830.2 | |||
UPC Holding Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.59% | 4.59% | 4.59% | ||
Unused borrowing capacity | € 0 | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 1,210 | 1,215.5 | |||
Vendor financing | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.10% | 4.10% | 4.10% | ||
Unused borrowing capacity | $ 0 | ||||
Total debt before deferred financing costs, discounts and premiums | $ 3,631.8 | 3,620.3 | |||
ITV Collar Loan | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 0.90% | 0.90% | 0.90% | ||
Unused borrowing capacity | $ 0 | ||||
Total debt before deferred financing costs, discounts and premiums | $ 1,374.1 | 1,379.6 | |||
Derivative-related debt instruments | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.45% | 3.45% | 3.45% | ||
Unused borrowing capacity | $ 0 | ||||
Total debt before deferred financing costs, discounts and premiums | $ 278.8 | 301.9 | |||
Other | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.11% | 5.11% | 5.11% | ||
Unused borrowing capacity | $ 0 | ||||
Total debt before deferred financing costs, discounts and premiums | $ 570 | 459.8 | |||
Aggregate Variable and Fixed Rate Indebtedness | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.13% | 4.13% | 4.13% | ||
VM Financing Facilities | |||||
Debt Instrument [Line Items] | |||||
Total debt before deferred financing costs, discounts and premiums | $ 153.6 | £ 121,000,000 | 53.2 | £ 41,900,000 | |
VM Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 856.9 | 675,000,000 | |||
VM Revolving Facility A | |||||
Debt Instrument [Line Items] | |||||
Facility amount | 63.5 | 50,000,000 | |||
VM Revolving Facility B | |||||
Debt Instrument [Line Items] | |||||
Facility amount | 793.4 | £ 625,000,000 | |||
Telenet Facility AG | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | € 400 | 454.3 | |||
Telenet Facility AP | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 60 | 68.2 | |||
Telenet Overdraft Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 25 | 28.4 | |||
Telenet Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | € 20 | 22.7 | |||
Secured Debt | Virgin Media Collateralized Debt | |||||
Debt Instrument [Line Items] | |||||
Total carrying amount of debt | 231.7 | 225.9 | |||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Debt, fair value | 30,000 | $ 28,500 | |||
UPC Switzerland | |||||
Debt Instrument [Line Items] | |||||
Total carrying amount of debt | $ 1,645 |
Debt (Financing Transactions) (
Debt (Financing Transactions) (Details) € in Millions | Jul. 31, 2019EUR (€) | Jul. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2019GBP (£) | May 31, 2019USD ($) | May 31, 2019GBP (£) | Jun. 30, 2019USD ($)group | Jun. 30, 2018USD ($) | May 31, 2019GBP (£) |
Debt Instrument [Line Items] | |||||||||
Number of borrowing groups | group | 3 | ||||||||
Non-cash borrowings and repayments | $ 0 | $ 2,453,100,000 | |||||||
Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on debt modification and extinguishment | $ 48,000,000 | ||||||||
Payments for debt redemption premium | 43,700,000 | ||||||||
Write-off of unamortized discounts and deferred financing costs | 4,300,000 | ||||||||
Senior Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | € 106 | $ 120,400,000 | |||||||
VM Dollar Senior Secured Notes | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | 354,500,000 | ||||||||
VM Dollar Senior Secured Notes | Senior Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | $ 447,900,000 | ||||||||
VM Sterling Senior Secured Notes | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | 491,300,000 | £ 387,000,000 | |||||||
VM Sterling Senior Secured Notes | Senior Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | 136,000,000 | £ 107,100,000 | |||||||
VM Sterling Senior Notes | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt | £ | £ 300,000,000 | ||||||||
Senior Notes | VM Dollar Senior Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | 825,000,000 | ||||||||
Senior Notes | VM Dollar Senior Secured Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | $ 600,000,000 | $ 600,000,000 | |||||||
Senior Notes | VM Sterling Senior Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | $ 380,900,000 | £ 300,000,000 |
Debt (Maturities of Debt) (Deta
Debt (Maturities of Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2019 (remainder of year) | $ 2,216.4 | |
2020 | 1,608.7 | |
2021 | 2,331.7 | |
2022 | 683.4 | |
2023 | 229.3 | |
2024 | 745.5 | |
Thereafter | 21,587 | |
Total debt maturities | 29,402 | |
Deferred financing costs, discounts and premiums, net | (118.2) | $ (131.4) |
Total debt | 29,283.8 | |
Current portion | 3,601 | |
Noncurrent portion | 25,682.8 | |
Virgin Media | ||
Debt Instrument [Line Items] | ||
2019 (remainder of year) | 1,479.9 | |
2020 | 914.8 | |
2021 | 1,319.2 | |
2022 | 307.5 | |
2023 | 183.8 | |
2024 | 732.1 | |
Thereafter | 10,853.7 | |
Total debt maturities | 15,791 | |
Deferred financing costs, discounts and premiums, net | (32.5) | |
Total debt | 15,758.5 | |
Current portion | 2,385.8 | |
Noncurrent portion | 13,372.7 | |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2019 (remainder of year) | 367.7 | |
2020 | 289.1 | |
2021 | 29.6 | |
2022 | 29.4 | |
2023 | 24.2 | |
2024 | 1.2 | |
Thereafter | 5,289.9 | |
Total debt maturities | 6,031.1 | |
Deferred financing costs, discounts and premiums, net | (37.1) | |
Total debt | 5,994 | |
Current portion | 652.7 | |
Noncurrent portion | 5,341.3 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2019 (remainder of year) | 324.6 | |
2020 | 181.3 | |
2021 | 13 | |
2022 | 12.5 | |
2023 | 12.2 | |
2024 | 12.2 | |
Thereafter | 5,443.4 | |
Total debt maturities | 5,999.2 | |
Deferred financing costs, discounts and premiums, net | (33) | |
Total debt | 5,966.2 | |
Current portion | 500 | |
Noncurrent portion | 5,466.2 | |
Other | ||
Debt Instrument [Line Items] | ||
2019 (remainder of year) | 44.2 | |
2020 | 223.5 | |
2021 | 969.9 | |
2022 | 334 | |
2023 | 9.1 | |
2024 | 0 | |
Thereafter | 0 | |
Total debt maturities | 1,580.7 | |
Deferred financing costs, discounts and premiums, net | (15.6) | |
Total debt | 1,565.1 | |
Current portion | 62.5 | |
Noncurrent portion | $ 1,502.6 |
Leases (Lease Balances) (Detail
Leases (Lease Balances) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Weighted average remaining lease term for operating leases | 7 years 10 months 24 days | ||
Weighted average remaining lease term for finance leases | 23 years 4 months 24 days | ||
Weighted average discount rate for operating leases | 4.00% | ||
Weighted average discount rate for finance leases | 6.10% | ||
Operating leases | $ 516.8 | ||
Finance leases | 551.2 | ||
Total | 1,068 | ||
ROU assets recorded during the period associated with: | |||
Operating leases | 30.6 | ||
Finance leases | 32.6 | ||
Total | 63.2 | ||
ROU assets associated with finance leases additions | 1,381.3 | $ 1,846.4 | |
Operating leases | 541.5 | ||
Finance lease obligations (note 10) | 632.3 | ||
Total | 1,173.8 | ||
Finance lease liabilities | $ 621.3 | ||
Assets Held under Capital Leases | |||
ROU assets recorded during the period associated with: | |||
ROU assets associated with finance leases additions | $ 46.5 |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Finance lease expense: | ||
Depreciation and amortization | $ 22.6 | $ 45.3 |
Interest expense | 8.9 | 17 |
Total finance lease expense | 31.5 | 62.3 |
Operating lease expense | 34.1 | 67.3 |
Short-term lease expense | 2.1 | 4 |
Variable lease expense | 1.2 | 2.3 |
Total lease expense | $ 68.9 | 135.9 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | 67.4 | |
Operating cash outflows from finance leases | 17 | |
Financing cash outflows from finance leases | 36.6 | |
Total cash outflows from operating and finance leases | $ 121 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Operating leases | |
2019 (remainder of year) | $ 65.1 |
2020 | 109.3 |
2021 | 90.4 |
2022 | 75.4 |
2023 | 63.7 |
2024 | 52.7 |
Thereafter | 184 |
Total payments | 640.6 |
Less: present value discount | (99.1) |
Present value of lease payments | 541.5 |
Current portion | 106.5 |
Noncurrent portion | 435 |
Finance leases | |
2019 (remainder of year) | 62.4 |
2020 | 106.4 |
2021 | 98.7 |
2022 | 96.4 |
2023 | 94.9 |
2024 | 54 |
Thereafter | 432.6 |
Total payments | 945.4 |
Less: present value discount | (313.1) |
Present value of lease payments | 632.3 |
Current portion | 79.5 |
Noncurrent portion | $ 552.8 |
Leases (Maturities of Operati_2
Leases (Maturities of Operating and Finance Lease Obligations Under Topic 840) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating leases | |
2019 | $ 123.9 |
2020 | 85.4 |
2021 | 66.6 |
2022 | 54.3 |
2023 | 46.8 |
Thereafter | 178.6 |
Total payments | 555.6 |
Finance leases | |
2019 | 101.4 |
2020 | 107.3 |
2021 | 96.7 |
2022 | 94.5 |
2023 | 93.5 |
Thereafter | 464 |
Total payments | $ 957.4 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accrued Income Taxes [Abstract] | ||||
Computed “expected” tax benefit | $ 59.5 | $ (109.5) | $ 112.5 | $ 15.4 |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (87.3) | (91.8) | (166.4) | (143.3) |
Non-deductible or non-taxable interest and other items | (107.1) | (5.6) | (129.9) | (19.4) |
Change in valuation allowances | 79 | (112.3) | 66.4 | 405.3 |
Non-deductible or non-taxable foreign currency exchange results | 16.4 | 149.4 | 49.4 | 68.8 |
International rate differences | 3.3 | 2.2 | 15.5 | 9 |
Enacted tax law and rate changes | (0.4) | 8.7 | (9.8) | 22.5 |
Mandatory Repatriation Tax | 0 | 242 | 0 | (968.5) |
Other, net | 9.8 | 9.7 | 7.7 | (7) |
Total income tax benefit (expense) | $ (26.8) | $ 92.8 | $ (54.6) | $ (617.2) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Income Taxes [Line Items] | |
Unrecognized tax benefits | $ 873.1 |
Unrecognized tax benefits that would have a favorable impact | 701 |
Decrease in unrecognized tax benefits reasonable possible amount | 280 |
Decrease in unrecognized tax benefits, amount of positive impact on effective tax rate | $ 110 |
Domestic Tax Authority | |
Income Taxes [Line Items] | |
Income tax rate | 19.00% |
Equity (Details)
Equity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Aug. 07, 2019 | |
Class of Stock [Line Items] | ||
Total cost | $ 502,500,000 | |
Remaining authorized repurchase amount | $ 66,400,000 | |
Subsequent Event | ||
Class of Stock [Line Items] | ||
Authorized amount | $ 2,500,000,000 | |
Class A | ||
Class of Stock [Line Items] | ||
Shares repurchased (in shares) | 346,300 | |
Average price paid per share (in dollars per share) | $ 25.10 | |
Class A | Subsequent Event | ||
Class of Stock [Line Items] | ||
Authorized amount | 625,000,000 | |
Class C | ||
Class of Stock [Line Items] | ||
Shares repurchased (in shares) | 19,975,282 | |
Average price paid per share (in dollars per share) | $ 24.72 | |
Class C | Subsequent Event | ||
Class of Stock [Line Items] | ||
Authorized amount | $ 1,875,000,000 |
Share-based Compensation (Share
Share-based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 87 | $ 45.5 | $ 154.3 | $ 88.2 |
Other operating expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1 | 0 | 1.9 | 1 |
SG&A expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 86 | 45.5 | 152.4 | 87.2 |
Liberty Global | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 79.6 | 45.7 | 141.4 | 83.5 |
Performance-based incentive awards | Liberty Global | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 38 | 8 | 67.9 | 16.7 |
Non-performance based incentive awards (b) | Liberty Global | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 29 | 24.3 | 51 | 46.3 |
Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 7.4 | (0.2) | 12.9 | 4.7 |
Other | Liberty Global | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 12.6 | $ 13.4 | $ 22.5 | $ 20.5 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |
Apr. 30, 2019shares | Mar. 31, 2019shares | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of annual incentive compensation receivable in shares | 100.00% | ||
2019 Challenge Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights | 100.00% | ||
Award performance period | 3 years | ||
Expiration period | 10 years | ||
2018 PSUs | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award performance period | 2 years | ||
2018 PSUs | PSUs | April 1, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights | 50.00% | ||
2018 PSUs | PSUs | October 1, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights | 50.00% | ||
2018 PSUs | PSUs | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award performance range | 50.00% | ||
Award expected performance | 50.00% | ||
2018 PSUs | PSUs | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award performance range | 125.00% | ||
Award expected performance | 150.00% | ||
Class A | 2019 Challenge Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award conversion ratio | 0.50 | ||
Number of ordinary share rights for each performance share | 1 | ||
Class C | 2019 Challenge Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award conversion ratio | 0.50 | ||
Number of ordinary share rights for each performance share | 1 | ||
CEO | RSAs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 670,000 | ||
CEO | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants (in shares) | 1,330,000 | ||
CEO | PSUs | May 15, 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (in shares) | 670,000 | ||
CEO | PSUs | May 15, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting rights (in shares) | 660,000 |
Share-based Compensation (Award
Share-based Compensation (Awards Outstanding and Exercisable) (Details) | Jun. 30, 2019$ / sharesshares |
Held by Liberty Global employees: | Options and SARs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 22,448,756 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 30.23 |
Options exercisable (in shares) | 10,720,613 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 32.98 |
Held by Liberty Global employees: | Options and SARs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 49,630,523 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 28.89 |
Options exercisable (in shares) | 25,791,257 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 30.76 |
Held by Liberty Global employees: | RSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 2,012,497 |
Held by Liberty Global employees: | RSUs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 48,786 |
Held by Liberty Global employees: | RSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 4,020,912 |
Held by Liberty Global employees: | PSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 3,065,328 |
Held by Liberty Global employees: | PSUs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 1,330,000 |
Held by Liberty Global employees: | PSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 6,132,679 |
Held by Liberty Global employees: | RSAs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 0 |
Held by Liberty Global employees: | RSAs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 670,000 |
Held by Liberty Global employees: | RSAs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 0 |
Held by former Liberty Global employees: | Options and SARs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 1,168,243 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 33.61 |
Options exercisable (in shares) | 1,035,793 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 33.57 |
Held by former Liberty Global employees: | Options and SARs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 2,679,382 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 31.59 |
Options exercisable (in shares) | 2,414,347 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 31.44 |
Held by former Liberty Global employees: | RSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 6,676 |
Held by former Liberty Global employees: | RSUs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 0 |
Held by former Liberty Global employees: | RSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 13,367 |
Held by former Liberty Global employees: | PSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 77,650 |
Held by former Liberty Global employees: | PSUs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 0 |
Held by former Liberty Global employees: | PSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 155,479 |
Restructuring Liability (Detail
Restructuring Liability (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring liability as of January 1, 2019, before effect of accounting change | $ 41.1 | ||
Accounting change | $ (2.4) | ||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 38.7 | ||
Restructuring charges (b) | 55.5 | ||
Cash paid | (46.3) | ||
Foreign currency translation adjustments and other | (1) | ||
Restructuring liability as of June 30, 2019 | 46.9 | ||
Current portion | $ 35.9 | ||
Noncurrent portion | 11 | ||
Total | 41.1 | 46.9 | 41.1 |
Employee severance and termination | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability as of January 1, 2019, before effect of accounting change | 14.7 | ||
Accounting change | 0 | ||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 14.7 | ||
Restructuring charges (b) | 52.1 | ||
Cash paid | (39.3) | ||
Foreign currency translation adjustments and other | (0.1) | ||
Restructuring liability as of June 30, 2019 | 27.4 | ||
Current portion | 25.9 | ||
Noncurrent portion | 1.5 | ||
Total | 14.7 | 27.4 | 14.7 |
Employee severance and termination | U.K./Ireland | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (b) | 26.3 | ||
Employee severance and termination | Switzerland | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (b) | 9 | ||
Office closures | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability as of January 1, 2019, before effect of accounting change | 8.5 | ||
Accounting change | (2.4) | ||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 6.1 | ||
Restructuring charges (b) | 1 | ||
Cash paid | (1.6) | ||
Foreign currency translation adjustments and other | (0.8) | ||
Restructuring liability as of June 30, 2019 | 4.7 | ||
Current portion | 3.7 | ||
Noncurrent portion | 1 | ||
Total | 8.5 | 4.7 | 8.5 |
Contract termination and other | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring liability as of January 1, 2019, before effect of accounting change | 17.9 | ||
Accounting change | 0 | ||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 17.9 | ||
Restructuring charges (b) | 2.4 | ||
Cash paid | (5.4) | ||
Foreign currency translation adjustments and other | (0.1) | ||
Restructuring liability as of June 30, 2019 | 14.8 | ||
Current portion | 6.3 | ||
Noncurrent portion | 8.5 | ||
Total | 17.9 | $ 14.8 | $ 17.9 |
Central and Corporate | Employee severance and termination | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges (b) | $ 16.5 |
Earnings or Loss per Share (Nar
Earnings or Loss per Share (Narrative) (Details) - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options, SARs, PSARs and RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 82.7 | 59.5 |
PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 10.8 | 5.8 |
Earnings or Loss per Share (Sch
Earnings or Loss per Share (Schedules) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) from continuing operations | $ (339.6) | $ 669 | $ (646.5) | $ (698.2) |
Net earnings from continuing operations attributable to noncontrolling interests | (29.5) | (36.1) | (38.2) | (42.2) |
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders | $ (369.1) | $ 632.9 | $ (684.7) | $ (740.4) |
Weighted average ordinary shares outstanding: | ||||
Basic (in shares) | 735,442,543 | 788,815,021 | 738,748,452 | 798,215,803 |
Diluted (in shares) | 735,442,543 | 791,920,021 | 738,748,452 | 798,215,803 |
Commitments and Contingencies_2
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2019 | $ 1,556.7 |
2020 | 1,759.2 |
2021 | 1,252.3 |
2023 | 440 |
2023 | 86.3 |
2024 | 77.3 |
Thereafter | 791.2 |
Total | 5,963 |
Network and connectivity commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2019 | 504.4 |
2020 | 382.8 |
2021 | 272.6 |
2023 | 74.5 |
2023 | 47.7 |
2024 | 38.1 |
Thereafter | 733 |
Total | 2,053.1 |
Programming commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2019 | 586.4 |
2020 | 1,058.3 |
2021 | 810.5 |
2023 | 314.2 |
2023 | 14.7 |
2024 | 14.2 |
Thereafter | 30.6 |
Total | 2,828.9 |
Purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2019 | 446.3 |
2020 | 304.9 |
2021 | 166 |
2023 | 49.4 |
2023 | 23.7 |
2024 | 24.8 |
Thereafter | 27 |
Total | 1,042.1 |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2019 | 19.6 |
2020 | 13.2 |
2021 | 3.2 |
2023 | 1.9 |
2023 | 0.2 |
2024 | 0.2 |
Thereafter | 0.6 |
Total | $ 38.9 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) € in Millions, £ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2018USD ($) | Sep. 30, 2018GBP (£) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Jul. 05, 2019 | Jun. 30, 2019GBP (£) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Aug. 01, 2018 | Nov. 26, 2007association | |
Loss Contingencies [Line Items] | ||||||||||||||||||
Programming costs | $ 847,000,000 | $ 784,300,000 | ||||||||||||||||
Interkabel Acquisition | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Damages sought | € 1,400 | $ 1,600,000,000 | ||||||||||||||||
Interkabel Acquisition | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Number of associations of municipalities in Belgium | association | 4 | |||||||||||||||||
Loss contingency damages in excess value | € 20 | $ 22,700,000 | ||||||||||||||||
Loss contingency accrual | $ 0 | |||||||||||||||||
Deutsche Telekom Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Damages sought | € 75 | $ 85,000,000 | ||||||||||||||||
Reduction of annual lease fees | 83.33% | |||||||||||||||||
Belgium Regulatory Developments | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Percent of reduction in monthly wholesale cable resale access prices | 17.00% | |||||||||||||||||
Virgin Media VAT Matters | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Loss contingency accrual | $ 0 | |||||||||||||||||
Virgin Media VAT Matters | Maximum | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Estimate of possible loss | $ 60,000,000 | £ 47 | ||||||||||||||||
Virgin Media VAT Legislation Change | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Continuing operations | $ 99,100,000 | £ 67 | ||||||||||||||||
Provisions for litigation | $ 83,100,000 | £ 63.7 | ||||||||||||||||
Interest expense | $ 4,400,000 | £ 3.3 | ||||||||||||||||
Other Regulatory Issues | Maximum | Forecast | U.K. | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Estimate of possible loss | $ 39,000,000 | £ 31 | ||||||||||||||||
Subsequent Event | Belgium Regulatory Developments | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Percent of reduction in monthly wholesale cable resale access prices | 25.00% |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019 | |
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 | |
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% |
Telenet | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,850.4 | $ 3,015.6 | $ 5,718.4 | $ 6,079.1 |
Adjusted OIBDA | 1,190.7 | 1,303.5 | 2,374 | 2,565.2 |
VodafoneZiggo JV | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,084.5 | 1,133.3 | 2,178.4 | 2,329.9 |
Adjusted OIBDA | 487.6 | 502.8 | 981.4 | 1,019.7 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted OIBDA | 1,190.7 | 1,303.5 | 2,374 | 2,565.2 |
Operating Segments | U.K./Ireland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,644 | 1,734.9 | 3,305.3 | 3,513.1 |
Adjusted OIBDA | 703.2 | 763.6 | 1,411.5 | 1,526.2 |
Operating Segments | Belgium | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 713.2 | 753.9 | 1,425.1 | 1,513.5 |
Adjusted OIBDA | 349.4 | 383.7 | 688.4 | 741.3 |
Operating Segments | Switzerland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 315 | 332.2 | 631 | 677.1 |
Adjusted OIBDA | 169.7 | 189 | 332.8 | 375.5 |
Operating Segments | Central and Eastern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 119.1 | 123.3 | 238.2 | 252.8 |
Adjusted OIBDA | 57.9 | 62 | 115.1 | 124.3 |
Operating Segments | Central and Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 60.2 | 72.9 | 120.9 | 125.6 |
Adjusted OIBDA | (89.5) | (87.9) | (175.2) | (195) |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (1.1) | (1.6) | (2.1) | (3) |
Adjusted OIBDA | $ 0 | $ (6.9) | $ 1.4 | $ (7.1) |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Consolidated Segment Adjusted OIBDA) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||||
Adjusted OIBDA from continuing operations | $ 1,190.7 | $ 1,303.5 | $ 2,374 | $ 2,565.2 |
Share-based compensation expense | (87) | (45.5) | (154.3) | (88.2) |
Depreciation and amortization | (921.8) | (964) | (1,861.4) | (2,004.7) |
Impairment, restructuring and other operating items, net | (33.2) | (29.9) | (104.1) | (90.6) |
Operating income | 148.7 | 264.1 | 254.2 | 381.7 |
Interest expense | (363.6) | (380.4) | (730.9) | (755.7) |
Realized and unrealized gains on derivative instruments, net | 152.9 | 675.5 | 70.1 | 464.2 |
Foreign currency transaction gains (losses), net | (27) | 51.5 | 111.6 | (50.2) |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net | (138.7) | 61.5 | (146.9) | 4.3 |
Losses on debt modification and extinguishment, net (note 9) | (48.3) | (20.1) | (48.8) | (22.7) |
Share of results of affiliates, net | (69.3) | (82.3) | (140.2) | (118.8) |
Other income, net (note 4) | 32.5 | 6.4 | 39 | 16.2 |
Earnings (loss) from continuing operations before income taxes | $ (312.8) | $ 576.2 | $ (591.9) | $ (81) |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | $ 1,381.3 | $ 1,846.4 |
Assets acquired under capital-related vendor financing arrangements | (926.3) | (1,186.7) |
Assets acquired under capital leases | (32.6) | (46.5) |
Changes in current liabilities related to capital expenditures | 210.5 | 181.6 |
Third-party payments | 691.2 | 852.1 |
Proceeds received for transfers to related parties | (58.3) | (57.3) |
Total capital expenditures, net | 632.9 | 794.8 |
U.K./Ireland | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 766.7 | 1,040.1 |
Belgium | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 279.3 | 355.2 |
Switzerland | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 135.9 | 105.2 |
Central and Eastern Europe | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 41.4 | 67.9 |
Central and Corporate | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 158 | 278 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Property and equipment additions - VodafoneZiggo JV | $ 426.5 | $ 476.6 |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,850.4 | $ 3,015.6 | $ 5,718.4 | $ 6,079.1 |
Total residential cable revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,881 | 2,008 | 3,798.7 | 4,099.3 |
Total subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,836.5 | 1,941.3 | 3,700.2 | 3,951.3 |
Video | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 676.6 | 717.6 | 1,368.7 | 1,464.8 |
Broadband internet | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 799.5 | 816.2 | 1,602.3 | 1,657 |
Fixed-line telephony | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 360.4 | 407.5 | 729.2 | 829.5 |
Non-subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 44.5 | 66.7 | 98.5 | 148 |
Total residential revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,285.7 | 2,432.7 | 4,588.1 | 4,947.4 |
Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 231.4 | 249.5 | 459.4 | 493.4 |
Non-subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 173.3 | 175.2 | 330 | 354.7 |
Total residential mobile revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 404.7 | 424.7 | 789.4 | 848.1 |
Total B2B revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 474 | 503.4 | 959.8 | 991 |
Subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 116.8 | 111.4 | 230.6 | 219.6 |
Non-subscription revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 357.2 | 392 | 729.2 | 771.4 |
Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 90.7 | $ 79.5 | $ 170.5 | $ 140.7 |
Segment Reporting (Geographic S
Segment Reporting (Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,850.4 | $ 3,015.6 | $ 5,718.4 | $ 6,079.1 |
VodafoneZiggo JV | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,084.5 | 1,133.3 | 2,178.4 | 2,329.9 |
Operating Segments | U.K. | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,517.7 | 1,605.6 | 3,051.2 | 3,250 |
Operating Segments | Belgium | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 713.2 | 753.9 | 1,425.1 | 1,513.5 |
Operating Segments | Switzerland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 315 | 332.2 | 631 | 677.1 |
Operating Segments | Ireland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 126.3 | 129.3 | 254.1 | 263.1 |
Operating Segments | Poland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 106.7 | 110.4 | 213.4 | 226.4 |
Operating Segments | Slovakia | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 12.4 | 12.9 | 24.8 | 26.4 |
Other, including intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 59.1 | $ 71.3 | $ 118.8 | $ 122.6 |