Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35961 | ||
Entity Registrant Name | Liberty Global plc | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Public Float | $ 18.5 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for the Registrant’s 2020 Annual General Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K . | ||
Entity Central Index Key | 0001570585 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | 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 | 181,568,323 | ||
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 | 12,151,526 | ||
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 | 438,884,260 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 8,142.4 | $ 1,480.5 |
Trade receivables, net | 1,404.8 | 1,342.1 |
Derivative instruments (note 8) | 331.1 | 394.2 |
Current assets of discontinued operations (note 6) | 0 | 356.5 |
Other current assets (notes 4, 6 and 7) | 695 | 568.1 |
Total current assets | 10,573.3 | 4,141.4 |
Investments and related notes receivable (including $1,289.2 million and $1,174.8 million, respectively, measured at fair value on a recurring basis) (note 7) | 4,782 | 5,121.8 |
Property and equipment, net (notes 10 and 12) | 13,843.4 | |
Property and equipment, net (notes 10 and 12) | 13,878.9 | |
Goodwill (note 10) | 14,052.1 | 13,715.8 |
Deferred tax assets (note 13) | 2,457.4 | 2,488.2 |
Long-term assets of discontinued operations (note 6) | 0 | 10,174.6 |
Other assets, net (notes 4, 6, 8, 10 and 12) | 3,338.1 | 3,632.9 |
Total assets | 49,046.3 | 53,153.6 |
Current liabilities: | ||
Accounts payable | 963.9 | 874.3 |
Deferred revenue | 834.9 | 847.1 |
Current portion of debt and finance lease obligations (notes 11 and 12) | 3,877.2 | 3,615.2 |
Accrued capital expenditures | 405.2 | 543.2 |
Current liabilities of discontinued operations (note 6) | 0 | 1,967.5 |
Other accrued and current liabilities (notes 8, 12 and 16) | 2,570.5 | 2,458.8 |
Total current liabilities | 8,651.7 | 10,306.1 |
Long-term debt and finance lease obligations (notes 11 and 12) | 24,305.3 | 26,190 |
Long-term liabilities of discontinued operations (note 6) | 0 | 10,072.4 |
Other long-term liabilities (notes 8, 12, 13, 16 and 17) | 2,890.7 | 2,436.8 |
Total liabilities | 35,847.7 | 49,005.3 |
Commitments and contingencies (notes 8, 11, 13, 17 and 19) | ||
Liberty Global shareholders: | ||
Total stockholders’ equity | 13,606.2 | 4,681.4 |
Noncontrolling interests | (407.6) | (533.1) |
Total equity | 13,198.6 | 4,148.3 |
Total liabilities and equity | $ 49,046.3 | $ 53,153.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments measured at fair value | $ 1,289.2 | $ 1,174.8 |
Class A | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 181,560,735 | 204,450,499 |
Common stock, outstanding (in shares) | 181,560,735 | 204,450,499 |
Class B | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,151,526 | 11,099,593 |
Common stock, outstanding (in shares) | 12,151,526 | 11,099,593 |
Class C | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 438,867,447 | 531,174,389 |
Common stock, outstanding (in shares) | 438,867,447 | 531,174,389 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||
Revenue | $ 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | $ 11,541.5 | $ 11,957.9 | $ 11,276.4 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | |||||||
Programming and other direct costs of services | 3,238.7 | 3,246.1 | 2,973.6 | ||||
Other operating (note 15) | 1,641.3 | 1,717.2 | 1,659.5 | ||||
Selling, general and administrative (SG&A) (note 15) | 2,107.8 | 2,049.1 | 1,980.4 | ||||
Depreciation and amortization (note 10) | 3,652.2 | 3,858.2 | 3,790.6 | ||||
Impairment, restructuring and other operating items, net (notes 5, 16 and 17) | 156 | 248.2 | 79.9 | ||||
Operating costs and expenses | 10,796 | 11,118.8 | 10,484 | ||||
Operating income | 252.4 | 205.1 | 264.1 | 117.5 | 745.5 | 839.1 | 792.4 |
Non-operating income (expense): | |||||||
Interest expense | (1,385.9) | (1,478.7) | (1,416.1) | ||||
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | (192) | 1,125.8 | (1,052.8) | ||||
Foreign currency transaction gains (losses), net | (94.8) | 90.4 | (181.5) | ||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 7, 9 and 11) | 72 | (384.5) | 43.4 | ||||
Losses on debt modification and extinguishment, net (note 11) | (216.7) | (65) | (252.2) | ||||
Share of results of affiliates, net (note 7) | (198.5) | (8.7) | (95.2) | ||||
Other income, net | 114.4 | 43.4 | 50.9 | ||||
Non-operating income (expense) | (1,901.5) | (677.3) | (2,903.5) | ||||
Earnings (loss) from continuing operations before income taxes | (1,156) | 161.8 | (2,111.1) | ||||
Income tax expense (note 13) | (253) | (1,573.3) | (238.9) | ||||
Loss from continuing operations | (313.9) | (399.4) | 669 | (1,367.2) | (1,409) | (1,411.5) | (2,350) |
Discontinued operations (note 6): | |||||||
Earnings (loss) from discontinued operations, net of taxes | 730.3 | 1,163.4 | (370.6) | ||||
Gain on disposal of discontinued operations, net of taxes | 12,316.9 | 1,098.1 | 0 | ||||
Net earnings (loss) | 13,047.2 | 2,261.5 | (370.6) | ||||
Net earnings (loss) | 52.2 | 1,025.9 | 950.5 | (1,178.6) | 11,638.2 | 850 | (2,720.6) |
Net earnings attributable to noncontrolling interests | 341 | 450.6 | (632.9) | 1,373.3 | (116.8) | (124.7) | (57.5) |
Net earnings (loss) attributable to Liberty Global shareholders | $ 25.1 | $ 974.1 | $ 912.6 | $ (1,186.5) | $ 11,521.4 | $ 725.3 | $ (2,778.1) |
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share (note 3) (in dollars per share) | $ (0.45) | $ (0.57) | $ 0.80 | $ (1.70) | $ (2.16) | $ (1.97) | $ (2.86) |
Weighted average shares outstanding - basic and diluted (in shares) | 705,794,546 | 778,675,957 | 847,894,601 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net earnings (loss) | $ 11,638.2 | $ 850 | $ (2,720.6) |
Other comprehensive earnings (loss), net of taxes (note 18): | |||
Foreign currency translation adjustments | 435.5 | (897.9) | 1,898.7 |
Pension-related adjustments and other | (14.4) | (20) | 15.7 |
Other comprehensive earnings (loss) | 482.1 | (1,024) | 1,944.8 |
Comprehensive earnings (loss) | 12,120.3 | (174) | (775.8) |
Comprehensive earnings attributable to noncontrolling interests | (118) | (124.9) | (59.2) |
Comprehensive earnings (loss) attributable to Liberty Global shareholders | 12,002.3 | (298.9) | (835) |
Total - continuing operations | |||
Other comprehensive earnings (loss), net of taxes (note 18): | |||
Other comprehensive earnings (loss) | 421.1 | (917.9) | 1,914.4 |
Discontinued Operations | |||
Other comprehensive earnings (loss), net of taxes (note 18): | |||
Other comprehensive earnings (loss) | $ 61 | $ (106.1) | $ 30.4 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Common StockClass A | Common StockClass B | Common StockClass C | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive earnings (loss), net of taxes | Treasury shares, at cost | Total Liberty Global shareholders | Non-controlling interests | Liberty Global Shares | Liberty Global SharesClass A | Liberty Global SharesClass B | Liberty Global SharesClass C | Liberty Global SharesCommon Stock | LiLAC Shares | LiLAC SharesClass A | LiLAC SharesClass B | LiLAC SharesClass C | LiLAC SharesCommon Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Accounting change (note 2) | $ 15.3 | $ 15.3 | $ 15.3 | |||||||||||||||||
Balance, as adjusted for accounting change | 14,747.3 | $ 17,578.2 | (3,439.5) | $ (372.4) | $ (0.3) | 13,776.6 | $ 970.7 | $ 8.9 | $ 1.7 | |||||||||||
Beginning balance at Dec. 31, 2016 | 14,732 | 17,578.2 | (3,454.8) | (372.4) | (0.3) | 13,761.3 | 970.7 | 8.9 | 1.7 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Net earnings (loss) | (2,720.6) | (2,778.1) | (2,778.1) | 57.5 | ||||||||||||||||
Other comprehensive earnings, net of taxes (note 18) | 1,944.8 | 1,943.1 | 1,943.1 | 1.7 | ||||||||||||||||
Impact of the Split-off Transaction (note 6) | (4,624.1) | (3,346.8) | 85.3 | (3,263.2) | (1,360.9) | (1.7) | ||||||||||||||
Repurchase and cancellation of Liberty Global Shares | (2,948.2) | (2,947.4) | (2,948.2) | (0.8) | ||||||||||||||||
Share-based compensation (note 15) | 155.9 | 155.9 | 155.9 | |||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (162.1) | (81.3) | 0.2 | (81.1) | (81) | |||||||||||||||
Ending balance at Dec. 31, 2017 | 6,393 | $ 2.2 | $ 0.1 | $ 5.8 | 11,358.6 | (6,217.6) | 1,656 | (0.1) | 6,805 | (412) | $ 8.1 | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Accounting change (note 2) | 324.5 | 320.1 | 320.1 | 4.4 | ||||||||||||||||
Balance, as adjusted for accounting change | 6,717.5 | 2.2 | 0.1 | 5.8 | 11,358.6 | (5,897.5) | 1,656 | (0.1) | 7,125.1 | (407.6) | ||||||||||
Net earnings (loss) | 850 | 725.3 | 725.3 | 124.7 | ||||||||||||||||
Other comprehensive earnings, net of taxes (note 18) | (1,024) | (1,024.2) | (1,024.2) | 0.2 | ||||||||||||||||
Repurchase and cancellation of Liberty Global Shares | (2,010) | (0.2) | (0.5) | (2,009.3) | (2,010) | |||||||||||||||
Distributions by subsidiaries to noncontrolling interest owners | (298.4) | (298.4) | ||||||||||||||||||
Repurchases by Telenet of its outstanding shares | (258.6) | (294) | (294) | 35.4 | ||||||||||||||||
Share-based compensation (note 15) | 154.4 | 154.4 | 154.4 | |||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 17.4 | 4.8 | 4.8 | 12.6 | ||||||||||||||||
Ending balance at Dec. 31, 2018 | 4,148.3 | 2 | 0.1 | 5.3 | 9,214.5 | (5,172.2) | 631.8 | (0.1) | 4,681.4 | (533.1) | $ 8.9 | $ 2.5 | $ 0.1 | $ 6.3 | $ 1.7 | $ 0.5 | $ 0 | $ 1.2 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Accounting change (note 2) | 1.2 | 1.2 | 1.2 | |||||||||||||||||
Balance, as adjusted for accounting change | 4,149.5 | 2 | 0.1 | 5.3 | 9,214.5 | (5,171) | 631.8 | (0.1) | 4,682.6 | (533.1) | ||||||||||
Net earnings (loss) | 11,638.2 | 11,521.4 | 11,521.4 | 116.8 | ||||||||||||||||
Other comprehensive earnings, net of taxes (note 18) | 482.1 | 480.9 | 480.9 | 1.2 | ||||||||||||||||
Repurchase and cancellation of Liberty Global Shares | (3,220.2) | (0.2) | (0.9) | (3,219.1) | (3,220.2) | (0.8) | (0.3) | 0 | (0.5) | 0 | 0 | 0 | 0 | |||||||
Repurchases by Telenet of its outstanding shares | (114.1) | (134.5) | (134.5) | 20.4 | ||||||||||||||||
Share-based compensation (note 15) | 250.1 | 250.1 | 250.1 | |||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 13 | 25.9 | 25.9 | (12.9) | ||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 13,198.6 | $ 1.8 | $ 0.1 | $ 4.4 | $ 6,136.9 | $ 6,350.4 | $ 1,112.7 | $ (0.1) | $ 13,606.2 | $ (407.6) | $ 8.1 | $ 2.2 | $ 0.1 | $ 5.8 | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 11,638.2 | $ 850 | $ (2,720.6) |
Earnings (loss) from discontinued operations | 13,047.2 | 2,261.5 | (370.6) |
Loss from continuing operations | (1,409) | (1,411.5) | (2,350) |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities from continuing operations: | |||
Share-based compensation expense | 305.8 | 206 | 162.2 |
Depreciation and amortization | 3,652.2 | 3,858.2 | 3,790.6 |
Impairment, restructuring and other operating items, net | 156 | 248.2 | 79.9 |
Amortization of deferred financing costs and non-cash interest | 53.7 | 56.4 | 61.2 |
Realized and unrealized losses (gains) on derivative instruments, net | 192 | (1,125.8) | 1,052.8 |
Foreign currency transaction losses (gains), net | 94.8 | (90.4) | 181.5 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | (72) | 384.5 | (43.4) |
Losses on debt modification and extinguishment, net | 216.7 | 65 | 252.2 |
Share of results of affiliates, net | 198.5 | 8.7 | 95.2 |
Deferred income tax expense | 65.5 | 438.1 | 46.6 |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | |||
Receivables and other operating assets | 876.9 | 635.4 | 466.1 |
Payables and accruals | (787.2) | 459.4 | (651.7) |
Dividends from affiliates and others | 170.2 | 252.8 | 299.5 |
Net cash provided by operating activities of continuing operations | 3,714.1 | 3,985 | 3,442.7 |
Net cash provided by operating activities of discontinued operations | 871.3 | 1,978.1 | 2,265.3 |
Net cash provided by operating activities | 4,585.4 | 5,963.1 | 5,708 |
Cash flows from investing activities: | |||
Proceeds received upon disposition of discontinued operations, net | 11,203.1 | 2,058.2 | 0 |
Capital expenditures, net | (1,243.1) | (1,453) | (1,250) |
Funding of the Vodafone Escrow Accounts, net | (295.2) | 0 | 0 |
Investments in and loans to affiliates and others | (256.1) | (88.8) | (118.3) |
Cash paid in connection with acquisitions, net of cash acquired | (23.1) | (82.5) | (413.9) |
Distributions received from affiliates | 0 | 0 | 1,569.4 |
Equalization payment related to the VodafoneZiggo JV Transaction | 0 | 0 | 845.3 |
Other investing activities, net | 155.4 | 167.6 | 148.5 |
Net cash provided by investing activities of continuing operations | 9,541 | 601.5 | 781 |
Net cash used by investing activities of discontinued operations | (266.4) | (514.2) | (1,341.8) |
Net cash provided (used) by investing activities | 9,274.6 | 87.3 | (560.8) |
Cash flows from financing activities: | |||
Repayments and repurchases of debt and finance lease obligations | (10,300.7) | (8,170.6) | (8,177.5) |
Borrowings of debt | 6,618.8 | 4,396.5 | 7,215.4 |
Repurchase of Liberty Global ordinary shares | (3,219.4) | (2,009.9) | (2,976.2) |
Net cash received (paid) related to derivative instruments | 331.5 | 112.8 | |
Net cash received (paid) related to derivative instruments | (138.1) | ||
Payment of financing costs and debt premiums | (206.8) | (73.1) | (249.6) |
Repurchase by Telenet of its outstanding shares | (114.1) | (244.7) | (36.5) |
Distributions by subsidiaries to noncontrolling interest owners | (32.6) | (290.3) | (13) |
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | 0 | 0 | (162.6) |
Other financing activities, net | 1 | (7.3) | 33.9 |
Net cash used by financing activities of continuing operations | (6,922.3) | (6,286.6) | (4,504.2) |
Net cash provided (used) by financing activities of discontinued operations | (254.3) | 96.8 | (175.4) |
Net cash used by financing activities | (7,176.6) | (6,189.8) | (4,679.6) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash: | |||
Continuing operations | 0.4 | (43.2) | 114.2 |
Discontinued operations | (1.2) | (1.9) | 1.1 |
Total | (0.8) | (45.1) | 115.3 |
Net increase (decrease) in cash and cash equivalents and restricted cash: | |||
Continuing operations | 6,333.2 | (1,743.3) | (166.3) |
Total | 6,682.6 | (184.5) | 582.9 |
Cash and cash equivalents and restricted cash: | |||
Beginning of year | 1,498.3 | 1,682.8 | 1,087.4 |
Net increase (decrease) (excluding, during 2017, LiLAC Group activity related to cash balances included in discontinued operations) | 6,682.6 | (184.5) | 595.4 |
End of year | 8,180.9 | 1,498.3 | 1,682.8 |
Cash paid for interest: | |||
Continuing operations | 1,422.7 | 1,405.7 | 1,380.6 |
Discontinued operations | 361.5 | 436.4 | 905.8 |
Total | 1,784.2 | 1,842.1 | 2,286.4 |
Net cash paid for taxes: | |||
Continuing operations | 358.2 | 309 | 269.7 |
Discontinued operations | 135.9 | 55.1 | 143.4 |
Total | 494.1 | 364.1 | 413.1 |
Discontinued operations - Vodafone Disposal Group, UPC Austria and UPC DTH | |||
Net increase (decrease) in cash and cash equivalents and restricted cash: | |||
Discontinued operations | 349.4 | 1,558.8 | 761.7 |
Discontinued operations - LiLAC Group | |||
Net increase (decrease) in cash and cash equivalents and restricted cash: | |||
Discontinued operations | $ 0 | $ 0 | $ (12.5) |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 8,142.4 | $ 1,480.5 | $ 1,672.4 |
Restricted cash included in other current assets and other assets, net | 38.5 | 15.9 | 8.3 |
Restricted cash included in current and long-term assets of discontinued operations | 0 | 1.9 | 2.1 |
Total cash and cash equivalents and restricted cash | $ 8,180.9 | $ 1,498.3 | $ 1,682.8 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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 broadband internet, video, 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 60.2% -owned subsidiary of Liberty Global and (iii) Switzerland, Poland and Slovakia through various wholly-owned subsidiaries that we collectively refer to 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. 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 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 6 . Prior to the December 29, 2017 completion of the Split-off Transaction (as defined and described in note 6 ), we also provided residential and B2B communication services in (i) various countries in Latin America and the Caribbean, through Cable & Wireless Communications Limited ( C&W ), (ii) Chile through VTR.com SpA ( VTR ) and (iii) Puerto Rico through Liberty Cablevision of Puerto Rico LLC ( Liberty Puerto Rico ). C&W and VTR were each wholly-owned subsidiaries of Liberty Global , and Liberty Puerto Rico was an entity in which we held a 60.0% ownership interest. C&W also provided (a) B2B services in certain other countries in Latin America and the Caribbean and (b) wholesale services over its sub-sea and terrestrial networks. The operations of C&W , VTR , Liberty Puerto Rico and certain other entities that were associated with our businesses in Latin America and the Caribbean are collectively referred to herein as the “ LiLAC Group .” As a result of the Split-off Transaction , the entities attributed to the LiLAC Group are presented as discontinued operations in our consolidated statements of operations and cash flows for 2017. Unless otherwise indicated, the amounts presented in these notes relate only to our continuing operations, and ownership percentages and convenience translations into United States ( U.S. ) dollars are calculated as of December 31, 2019 . |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Changes 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 accounting principles generally accepted in the U.S. ( 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 12 . ASU 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ( ASU 2014-09 ), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services to customers. We adopted ASU 2014-09 effective January 1, 2018 by recording the cumulative effect of the adoption to our accumulated deficit. We applied the new standard to contracts that were not complete at January 1, 2018. The comparative information for the year ended December 31, 2017 contained within these consolidated financial statements and notes has not been restated and continues to be reported under the accounting standards in effect for such period. The implementation of ASU 2014-09 did not have a material impact on our consolidated financial statements. The principal impacts of ASU 2014-09 on our revenue recognition policies relate to our accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain upfront fees charged to our customers, as follows: • When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under previous accounting rules, we recognized revenue, net of discounts, during the promotional periods and did not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition for those contracts that contain substantive termination penalties is recognized uniformly over the contractual period. For contracts that do not have substantive termination penalties, we continue to record the impacts of partial or full discounts during the applicable promotional periods. • When we enter into contracts to provide services to our customers, we often charge installation or other upfront fees. Under previous accounting rules, installation fees related to services provided over our cable networks were recognized as revenue during the period in which the installation occurred to the extent these fees were equal to or less than direct selling costs. Under ASU 2014-09 , these fees are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. ASU 2014-09 also impacted our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our previous policy, these costs were expensed as incurred unless the costs were in the scope of another accounting topic that allowed for capitalization. Under ASU 2014-09 , certain upfront costs associated with contracts that have substantive termination penalties and a term of one year or more are recognized as assets and amortized to operating costs and expenses over the applicable period benefited. For additional information regarding the impact of our adoption of ASU 2014-09 , see note 4 . The cumulative effect of the adoption of ASU 2014-09 on our summary balance sheet information as of January 1, 2018 is as follows: Balance at December 31, 2017 ASU 2014-09 Adjustments Balance at January 1, 2018 in millions Assets: Trade receivables, net $ 1,404.5 (0.7 ) $ 1,403.8 Current assets of discontinued operations $ 276.0 98.2 $ 374.2 Other current assets $ 351.2 76.6 $ 427.8 Investments and related note receivables (a) $ 6,671.4 191.2 $ 6,862.6 Deferred tax assets $ 3,133.1 (16.0 ) $ 3,117.1 Long-term assets of discontinued operations $ 11,237.4 29.1 $ 11,266.5 Other assets, net $ 3,720.2 21.4 $ 3,741.6 Liabilities: Deferred revenue $ 936.6 5.6 $ 942.2 Current liabilities of discontinued operations $ 1,635.9 26.7 $ 1,662.6 Other accrued and current liabilities $ 2,219.0 1.2 $ 2,220.2 Long-term liabilities of discontinued operations $ 10,014.4 39.1 $ 10,053.5 Other long-term liabilities $ 2,246.6 2.7 $ 2,249.3 Equity: Accumulated deficit (a) $ (6,217.6 ) 320.1 $ (5,897.5 ) Noncontrolling interests $ (412.0 ) 4.4 $ (407.6 ) _______________ (a) The ASU 2014-09 adjustment amounts include the impact of our share of the VodafoneZiggo JV ’s adjustment to its owners’ equity. The impact of our adoption of ASU 2014-09 on our consolidated balance sheet as of December 31, 2019 was not materially different from the impacts set forth in the above January 1, 2018 summary balance sheet information. Similarly, the adoption of ASU 2014-09 did not have a material impact on our consolidated statement of operations for the year ended December 31, 2019 . ASU 2016-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09 ), which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. We adopted ASU 2016-09 on January 1, 2017. As a result of adopting this standard, we (i) recognized a cumulative effect adjustment to our accumulated deficit as of January 1, 2017 and (ii) retrospectively revised the presentation of our consolidated statements of cash flows to remove the operating cash outflows and financing cash inflows associated with excess tax benefits from share-based compensation. The cumulative effect adjustment, which totaled $15.3 million , represents the tax effect of deductions in excess of the financial reporting expense for share-based compensation that were not previously recognized for financial reporting purposes as these tax benefits were not realized as a reduction of income taxes payable. 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 generally be expensed as incurred. We adopted ASU 2018-15 on January 1, 2020 on a prospective basis. As a result of the adoption of ASU 2018-15 , (i) certain implementation costs that were previously expensed as incurred will now be deferred as prepaid expenses and amortized over the term of the cloud computing arrangement and (ii) certain costs associated with developing interfaces between a cloud computing arrangement and internal-use software that were previously capitalized as property and equipment will now be deferred as prepaid expenses and amortized over the term of the cloud computing arrangement. We currently do not believe the adoption of ASU 2018-15 will have a significant impact 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 permits entities to test a film or license agreement for impairment at the film group level, addresses cash flow classification and provides new disclosure requirements. We adopted ASU 2019-02 on January 1, 2020 on a prospective basis. The adoption of ASU 2019-02 did not have a significant impact on our consolidated financial statements. ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Statements ( ASU 2016-13 ), which changes the recognition model for credit losses related to assets held at amortized cost. ASU 2016-13 eliminates the threshold that a loss must be considered probable to recognize a credit loss and instead requires an entity to reflect its current estimate of lifetime expected credit losses. We adopted ASU 2016-13 on January 1, 2020 on a modified retrospective basis by recording a cumulative effect adjustment to our accumulated earnings. The adoption of ASU 2016-13 did not have a significant impact on our consolidated financial statements. ASU 2019-12 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes ( ASU 2019-12 ), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2019-12 will have on our consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. Our significant non-cash investing and financing activities are disclosed in our consolidated statements of equity and in notes 5 , 6 , 8 , 10 , and 11 . Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $42.8 million and $45.8 million at December 31, 2019 and 2018 , respectively. The allowance for doubtful accounts is based upon our assessment of probable loss related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent. Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments and debt, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. Under the equity method of accounting, investments are recorded at cost and are subsequently increased or reduced to reflect our share of income or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9 . Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. Dividends from publicly-traded investees that are not accounted for under the equity method are recognized when declared as dividend income in our consolidated statements of operations. Dividends from our equity method investees and all of our privately-held investees are reflected as reductions of the carrying values of the applicable investments. Dividends that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity investments to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable. If the decline in fair value of an equity or cost method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. Financial Instruments Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable, accrued liabilities and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of certain of our investments, derivatives and debt, see notes 7 , 8 and 11 , respectively. For information regarding how we arrive at certain of our fair value measurements, see note 9 . Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. With the exception of a limited number of our foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity in our consolidated statement of cash flows. For information regarding our derivative instruments, see note 8 . Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10 . Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. As of December 31, 2019 and 2018 , the recorded value of our asset retirement obligations was $55.5 million and $53.5 million , respectively. Intangible Assets Our primary intangible assets relate to goodwill and customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships are initially recorded at their fair value in connection with business combinations. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values and reviewed for impairment. For additional information regarding the useful lives of our intangible assets, see note 10 . Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). With respect to other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss. Leases 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. Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. For additional information regarding our income taxes, see note 13 . Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. Revenue Recognition Service Revenue — Cable Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our cable network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our cable network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from pre-pay customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes. For additional information regarding our revenue recognition and related costs, see note 4 . For a disaggregation of our revenue by major category and by reportable and geographic segment, see note 20 . Share-based Compensation We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize the grant-date fair value of outstanding awards as a charge to operations over the vesting period. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards are recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights ( SAR s ) and performance-based share appreciation rights ( PSAR s ) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units ( RSU s ), restricted share awards ( RSA s ) and performance-based restricted share units ( PSU s ) are based upon the closing share price of Liberty Global ordinary shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SAR s granted by Liberty Global to employees. The expected volatility for options and SAR s related to our ordinary shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global ordinary shares when Liberty Global options or SAR s are exercised, when RSU s and PSU s vest and when RSA s are granted. Although we repurchase Liberty Global ordinary shares from time to time, the parameters of our share purchase and redemption activities are not established with reference to the dilutive impact of our share-based compensation plans. For additional information regarding our share-based compensation, see note 15 . Litigation Costs Legal fees and related litigation costs are expensed as incurred. 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, PSAR 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 loss from continuing operations attributable to Liberty Global shareholders are set forth below: Year ended December 31, 2019 2018 2017 in millions Loss from continuing operations $ (1,409.0 ) $ (1,411.5 ) $ (2,350.0 ) Net earnings from continuing operations attributable to noncontrolling interests (116.8 ) (120.5 ) (71.4 ) Net loss from continuing operations attributable to Liberty Global shareholders $ (1,525.8 ) $ (1,532.0 ) $ (2,421.4 ) We reported losses from continuing operations attributable to Liberty Global shareholders during 2019 , 2018 and 2017 . Therefore, the potentially dilutive effect at December 31, 2019 , 2018 and 2017 of the following items was not included in the computation of diluted loss from continuing operations attributable to Liberty Global shareholders per share because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSAR s and 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 and RSU s of 62.5 million , 58.7 million and 53.7 million , respectively, and (ii) the aggregate number of shares issuable pursuant to PSAR s and PSU s of 23.9 million , 9.2 million and 6.2 million , respectively. |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances 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 $30.6 million and $44.3 million as of December 31, 2019 and 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 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 $867.1 million and $877.9 million as of December 31, 2019 and 2018 , respectively. The decrease in deferred revenue during 2019 is primarily due to $805.0 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 long-term portions of our deferred revenue balances are included within other long-term liabilities on our consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $92.6 million and $73.0 million at December 31, 2019 and 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 consolidated balance sheets. During 2019 and 2018 , we amortized $101.1 million and $99.8 million , 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
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2019 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 (the De Vijver Media Acquisition ) for cash consideration of €52.5 million ( $58.9 million at the transaction date) 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 of $57.9 million 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 consolidated statement of operations. 2017 Acquisition SFR BeLux . On June 19, 2017, Telenet acquired Coditel Brabant sprl, operating under the SFR brand ( SFR BeLux ), for a cash and debt free purchase price of €369.0 million ( $410.3 million at the applicable rates) (the SFR BeLux Acquisition ) after post-closing adjustments. SFR BeLux provides cable and mobile services to households and businesses in Belgium and Luxembourg. The SFR BeLux Acquisition was funded through a combination of €210.0 million ( $234.3 million at the transaction date) of borrowings under the Telenet Credit Facility (as defined and described in note 11 ) and existing liquidity of Telenet . |
Dispositions and the VodafoneZi
Dispositions and the VodafoneZiggo JV Transaction | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and the VodafoneZiggo JV Transaction | Dispositions and the VodafoneZiggo JV Transaction 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 Group plc ( 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 (including cash disposed) and €183.7 million ( $205.8 million at the transaction date) of cash paid by our company to settle centrally-held vendor financing obligations associated with the Vodafone Disposal Group , we received net cash proceeds of €10.0 billion ( $11.1 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 . Pursuant to the agreement underlying the sale of the Vodafone Disposal Group , we transferred cash to fund certain third-party escrow accounts (the Vodafone Escrow Accounts ) pending the fulfillment by our company of certain terms of the agreement. The current and long-term portions of the receivables associated with the Vodafone Escrow Accounts are included in “other current assets” and “other assets, net”, respectively, on our consolidated balance sheet. As of December 31, 2019 , the aggregate balance of the Vodafone Escrow Accounts was $295.2 million . In connection with the sale of the Vodafone Disposal Group , we recognized a gain of $12.2 billion that includes cumulative foreign currency translation gains of $88.2 million and income taxes of $35.4 million . In connection with the sale of the Vodafone Disposal Group , we have agreed to provide certain transitional services to Vodafone for a period of up to four years . These services principally comprise network and information technology-related functions. During 2019 , we recorded revenue of $63.1 million associated with these transitional services. For information regarding certain tax indemnities we provided in connection with the sale of the Vodafone Disposal Group , see note 19 . UPC DTH On May 2, 2019, we completed the sale of UPC DTH to M7 Group ( M7 ). After considering debt and working capital adjustments (including cash disposed), we received net cash proceeds of €128.9 million ( $144.1 million at the applicable rates). 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 $106.0 million that includes cumulative foreign currency translation losses of $10.0 million . No income taxes were required to be provided on this gain. 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. During 2019, we recorded revenue of $1.4 million associated with these transitional services. UPC Austria On July 31, 2018, we completed the sale of our Austrian operations, “ UPC Austria ,” to Deutsche Telekom AG ( Deutsche Telekom ). After considering debt, working capital and noncontrolling interest adjustments and $35.5 million (equivalent at the transaction date) of cash paid by our company to settle centrally-held vendor financing obligations associated with UPC Austria , we received net cash proceeds of $2,058.2 million (equivalent at the applicable rates). A portion of the net proceeds were used to repay or redeem an aggregate $1.5 billion (equivalent at the applicable dates) principal amount of our outstanding debt, including (i) the repayment of $913.4 million (equivalent at the repayment date) principal amount under the UPC Holding Bank Facility , (ii) the redemption of $69.6 million (equivalent at the redemption date) principal amount of the UPCB SPE Notes and (iii) the redemption of $515.5 million (equivalent at the redemption date) principal amount of the VM Notes . The remaining net proceeds from the sale of UPC Austria were made available for general corporate purposes, including an additional $500.0 million of share repurchases. In connection with the sale of UPC Austria , we recognized a gain of $1,098.1 million that includes cumulative foreign currency translation gains of $79.5 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 consolidated statement of operations. 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 2019 and 2018 , we recorded revenue of $42.8 million and $17.9 million , respectively, associated with these transitional services. In October of 2019, we received notification of certain claims made by Deutsche Telekom related to our disposal of UPC Austria . For additional information, see note 19 . Split-off Transaction On December 29, 2017, in order to effect the split-off of the LiLAC Group (the Split-off Transaction ), we distributed 100% of the common shares (the Distribution ) of Liberty Latin America Ltd. ( Liberty Latin America ) to the holders of our then outstanding LiLAC Shares . Just prior to the completion of the Split-off Transaction , all of the businesses, assets and liabilities of the LiLAC Group were transferred to Liberty Latin America , which was then a wholly-owned subsidiary of Liberty Global . Following the Distribution , the LiLAC Shares were redesignated as deferred shares (which had virtually no economic rights) and Liberty Latin America became an independent publicly-traded company that is no longer consolidated by Liberty Global . No gain or loss was recognized in connection with the Split-off Transaction . Presentation of Discontinued Operations The operations of the Vodafone Disposal Group , UPC Austria and UPC DTH are presented as discontinued operations in our 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 and 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 that were disposed, has been allocated to discontinued operations. Conversely, all of Unitymedia’s debt, interest expense and derivative instruments through the disposal date has been 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. In addition, the entities comprising the LiLAC Group are reflected as discontinued operations in our consolidated statements of operations and cash flows for the year ended December 31, 2017. 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 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 , UPC DTH and the LiLAC Group for the periods indicated are summarized in the following tables. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations. Vodafone Disposal Group (a) UPC DTH (b) Total in millions Year ended December 31, 2019 Revenue $ 2,017.9 $ 36.7 $ 2,054.6 Operating income $ 1,165.6 $ 10.7 $ 1,176.3 Earnings before income taxes $ 994.7 $ 9.5 $ 1,004.2 Income tax expense (273.9 ) — (273.9 ) Net earnings attributable to Liberty Global shareholders $ 720.8 $ 9.5 $ 730.3 _______________ (a) Includes the operating results of the Vodafone Disposal Group from January 1, 2019 through the July 31, 2019 disposal date. (b) Includes the operating results of the UPC DTH from January 1, 2019 through the May 2, 2019 disposal date. UPC Austria (a) Vodafone Disposal Group UPC DTH Total in millions Year ended December 31, 2018 Revenue $ 252.4 $ 3,584.2 $ 117.0 $ 3,953.6 Operating income $ 139.0 $ 1,787.0 $ 11.7 $ 1,937.7 Earnings before income taxes $ 138.7 $ 1,396.3 $ 9.6 $ 1,544.6 Income tax benefit (expense) (23.3 ) (365.2 ) 7.3 (381.2 ) Net earnings 115.4 1,031.1 16.9 1,163.4 Net earnings attributable to noncontrolling interests (4.2 ) — — (4.2 ) Net earnings attributable to Liberty Global shareholders $ 111.2 $ 1,031.1 $ 16.9 $ 1,159.2 _______________ (a) Includes the operating results of UPC Austria from January 1, 2018 through the July 31, 2018 disposal date. UPC Austria Vodafone Disposal Group UPC DTH LiLAC Group Total in millions Year ended December 31, 2017 Revenue $ 394.9 $ 3,263.0 $ 114.6 $ 3,590.0 $ 7,362.5 Operating income (loss) $ 150.0 $ 976.0 $ 11.7 $ (162.9 ) $ 974.8 Earnings (loss) before income taxes $ 150.0 $ 395.4 $ 9.7 $ (651.1 ) $ (96.0 ) Income tax expense (4.5 ) (66.1 ) — (204.0 ) (274.6 ) Net earnings (loss) 145.5 329.3 9.7 (855.1 ) (370.6 ) Net loss (earnings) attributable to noncontrolling interests (6.8 ) — — 20.6 13.8 Net earnings (loss) attributable to Liberty Global shareholders $ 138.7 $ 329.3 $ 9.7 $ (834.5 ) $ (356.8 ) Our basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per Liberty Global Share (as defined in note 14 ) for 2019 , 2018 and 2017 is presented below. Year ended December 31, 2019 2018 2017 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per Liberty Global share $ 1.03 $ 1.49 $ 0.56 Our basic and diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC Share (as defined in note 14 ) for 2017 is presented below. These amounts relate to the operations of the LiLAC Group . Year ended December 31, 2017 Basic and diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC share $ (4.86 ) Weighted average ordinary shares outstanding (LiLAC Shares) - basic and diluted 171,846,133 VodafoneZiggo JV Transaction On December 31, 2016, pursuant to a Contribution and Transfer Agreement with Vodafone and one of its wholly-owned subsidiaries, we and Liberty Global Europe Holding B.V., our wholly-owned subsidiary, contributed VodafoneZiggo Holding B.V. ( VodafoneZiggo Holding ) and its subsidiaries (including Liberty Global Netherlands Content B.V.) to VodafoneZiggo Group Holding B.V., a 50 : 50 joint venture (referred to herein as the “ VodafoneZiggo JV ”). The VodafoneZiggo JV combined VodafoneZiggo Holding with Vodafone ’s mobile businesses in the Netherlands to create a national unified communications provider in the Netherlands with complementary strengths across video, broadband internet, fixed-line telephony, mobile and B2B services (the VodafoneZiggo JV Transaction ). For additional information regarding our investment in the VodafoneZiggo JV , see note 7 . During 2017, in connection with the completion of the VodafoneZiggo JV Transaction , our company received cash of €2.2 billion ( $2.4 billion at the transaction dates) comprising (i) our 50% share of the €2.8 billion ( $2.9 billion at the transaction date) of net proceeds from the various debt financing arrangements entered into by certain subsidiaries of VodafoneZiggo Holding during the third quarter of 2016, which proceeds were held in escrow through December 31, 2016, and (ii) an equalization payment from Vodafone of €806.8 million ( $845.3 million at the transaction dates) that was subject to post-closing adjustments. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: December 31, Accounting Method 2019 2018 in millions Equity (a): VodafoneZiggo JV (b) $ 3,174.1 $ 3,761.5 All3Media Group ( All3Media ) 172.8 72.2 Formula E Holdings Ltd ( Formula E ) 105.2 45.4 Other 40.7 67.9 Total — equity 3,492.8 3,947.0 Fair value: ITV plc ( ITV ) — subject to re-use rights (c) 798.1 634.2 ITI Neovision S.A. ( ITI Neovision ) 122.4 125.4 Lions Gate Entertainment Corp ( Lionsgate ) (c) 68.0 77.5 Casa Systems, Inc. ( Casa ) 3.1 39.5 Other 297.6 298.2 Total — fair value 1,289.2 1,174.8 Total $ 4,782.0 $ 5,121.8 _______________ (a) Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. At December 31, 2019 and 2018 , the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $ 1,041.0 million and $ 1,016.9 million , respectively, which include amounts associated with the VodafoneZiggo JV Receivable , as defined and described below, and amounts we are owed under a long-term note receivable from All3Media . (b) Amounts include a euro-denominated note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $786.1 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. In each of 2019 , 2018 and 2017 , we received a €100.0 million principal payment on the VodafoneZiggo JV Receivable ( $112.1 million , $114.5 million and $118.5 million at the respective transaction dates). During 2019 , interest accrued on the VodafoneZiggo JV Receivable was $50.4 million , all of which was cash settled. (c) In connection with our investments in ITV and Lionsgate , we have entered into the ITV Collar and Lionsgate Forward , respectively, as defined and described below. Fair Value Investments The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net: Year ended December 31, 2019 2018 2017 in millions ITV $ 163.9 $ (257.8 ) $ (123.5 ) Lionsgate (25.0 ) (86.4 ) 35.3 Casa (24.2 ) (9.2 ) 47.9 ITI Neovision 2.7 (24.9 ) 15.8 Sumitomo — (3.4 ) 238.2 Other, net (18.4 ) (11.5 ) 14.4 Total $ 99.0 $ (393.2 ) $ 228.1 Equity Method Investments The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2019 2018 2017 in millions VodafoneZiggo JV (a) $ (185.9 ) $ 11.4 $ (70.1 ) All3Media (8.8 ) (19.2 ) (25.5 ) Formula E 1.7 (0.2 ) (1.5 ) Other (5.5 ) (0.7 ) 1.9 Total $ (198.5 ) $ (8.7 ) $ (95.2 ) _______________ (a) Amounts include the net effect of (i) 100% of the interest earned on the VodafoneZiggo JV Receivable and (ii) our 50% share of the remaining results of operations of the VodafoneZiggo JV . VodafoneZiggo JV . Each of Liberty Global and Vodafone (each a “ Shareholder ”) holds 50% of the issued share capital of the VodafoneZiggo JV . The Shareholder s intend for the VodafoneZiggo JV to be funded solely from its net cash flow from operations and third-party financing. We account for our 50% interest in the VodafoneZiggo JV as an equity method investment. We consider the VodafoneZiggo JV to be a related party. For additional information regarding formation of the VodafoneZiggo JV , see note 6 . In connection with the formation of the VodafoneZiggo JV , the Shareholder s entered into a shareholders agreement (the Shareholders Agreement ). The Shareholders Agreement contains customary provisions for the governance of a 50 : 50 joint venture that result in Liberty Global and Vodafone having joint control over decision making with respect to the VodafoneZiggo JV . The Shareholders Agreement also provides (i) for a dividend policy that requires the VodafoneZiggo JV to distribute all unrestricted cash to the Shareholder s every two months (subject to the VodafoneZiggo JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VodafoneZiggo JV will be managed with a leverage ratio of between 4.5 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements) with the VodafoneZiggo JV undertaking periodic recapitalizations and/or refinancings accordingly. Each Shareholder has the right to initiate an initial public offering ( IPO ) of the VodafoneZiggo JV after December 31, 2019, with the opportunity for the other Shareholder to sell shares in the IPO on a pro rata basis. Subject to certain exceptions, the Shareholders Agreement prohibits transfers of interests in the VodafoneZiggo JV to third parties until December 31, 2020. After December 31, 2020, each Shareholder will be able to initiate a sale of all of its interest in the VodafoneZiggo JV to a third party and, under certain circumstances, initiate a sale of the entire VodafoneZiggo JV , subject, in each case, to a right of first offer in favor of the other Shareholder . During the first quarter of 2017, we paid $162.6 million of VAT on behalf of the VodafoneZiggo JV associated with the termination of a services agreement with Ziggo Group Holding B.V. that was in effect prior to the closing of the VodafoneZiggo JV Transaction . This advance was repaid during the first quarter of 2017. In addition, during 2019 , 2018 and 2017 , we received dividend distributions from the VodafoneZiggo JV of $162.7 million , $232.5 million and $252.8 million , respectively, which were accounted for as returns on capital for purposes of our consolidated statements of cash flows. Pursuant to an agreement entered into in connection with the formation of the VodafoneZiggo JV , (the Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV on a transitional or ongoing basis (collectively, the JV Services ). The JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV . Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the JV Services provided during the term of the Framework Agreement . During 2019 , 2018 and 2017 , we recorded revenue from the VodafoneZiggo JV of $189.1 million , $189.1 million and $132.4 million , respectively, primarily related to (a) the JV Services and (b) during 2019 and 2018 , sales of customer premises equipment at a mark-up. In addition, during 2019 , 2018 and 2017 , we purchased certain assets on the VodafoneZiggo JV ’s behalf with an aggregate cost of $14.4 million , $13.1 million and $144.7 million , respectively. At December 31, 2019 and 2018 , $19.3 million and $24.4 million , respectively, were due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV , which are periodically cash settled, are included in other current assets on our 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 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: Year ended December 31, 2019 2018 2017 in millions Revenue $ 4,407.8 $ 4,602.2 $ 4,512.5 Loss before income taxes $ (512.5 ) $ (467.8 ) $ (362.9 ) Net loss $ (470.0 ) $ (91.6 ) $ (259.3 ) The summarized financial position of the VodafoneZiggo JV is set forth below: December 31, 2019 2018 in millions Current assets $ 918.4 $ 1,099.6 Long-term assets 21,508.1 22,155.7 Total assets $ 22,426.5 $ 23,255.3 Current liabilities $ 2,726.4 $ 2,812.3 Long-term liabilities 14,920.7 14,751.5 Owners’ equity 4,779.4 5,691.5 Total liabilities and owners’ equity $ 22,426.5 $ 23,255.3 Fair Value Investments ITV . At December 31, 2019 and 2018 , we owned 398,515,510 shares of ITV , a commercial broadcaster in the U.K. Our ITV shares represented less than 10.0% of the total outstanding shares of ITV as of June 30, 2019, the most current publicly-available information. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under secured borrowing agreements (the ITV Collar Loan ). All of the ITV shares we hold are subject to a share collar (the ITV Collar ) and pledged as collateral under the ITV Collar Loan . Under the terms of the ITV Collar , the counterparty has the right to re-use all of the pledged ITV shares. For additional information regarding the ITV Collar , see note 8 . ITI Neovision . At December 31, 2019 and 2018 , we owned a 17.0% interest in ITI Neovision , a privately-held DTH operator in Poland. Lionsgate . At December 31, 2019 and 2018 , we owned 4.0 million and 2.5 million voting shares, respectively, and 2.5 million non-voting shares of Lionsgate common stock, which represented less than 5% of the total outstanding shares of Lionsgate . Certain of our voting and non-voting Lionsgate shares are subject to a variable prepaid forward transaction (the Lionsgate Forward ), as further described in note 8 . Casa . At December 31, 2019 and 2018 , we owned 787,074 and 3,005,307 shares, respectively, of Casa common stock. Casa is a U.S. -based provider of fixed, mobile, optical and Wi-Fi network software solutions for ultra-broadband services. Our Casa shares represented less than 1.0% of the total outstanding shares of Casa as of October 31, 2019, the most current publicly-available information. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 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 ) and the Polish zloty ( PLN ). 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 consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: December 31, 2019 December 31, 2018 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 270.8 $ 886.4 $ 1,157.2 $ 372.7 $ 1,370.1 $ 1,742.8 Equity-related derivative instruments (c) 55.2 608.2 663.4 13.9 732.4 746.3 Foreign currency forward and option contracts 4.6 1.4 6.0 7.2 — 7.2 Other 0.5 0.4 0.9 0.4 — 0.4 Total $ 331.1 $ 1,496.4 $ 1,827.5 $ 394.2 $ 2,102.5 $ 2,496.7 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 389.2 $ 1,192.3 $ 1,581.5 $ 326.5 $ 1,042.2 $ 1,368.7 Equity-related derivative instruments (c) — — — 1.4 — 1.4 Foreign currency forward and option contracts 1.2 — 1.2 0.5 — 0.5 Other — — — — 0.1 0.1 Total $ 390.4 $ 1,192.3 $ 1,582.7 $ 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 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 11 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $16.6 million , ( $71.1 million ) and $168.4 million during 2019 , 2018 and 2017 , respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9 . (c) Our equity-related derivative instruments primarily include the fair value of (i) the ITV Collar and (ii) the Lionsgate Forward . 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 (losses) on derivative instruments, net, are as follows: Year ended December 31, 2019 2018 2017 in millions Cross-currency and interest rate derivative contracts $ (207.3 ) $ 905.8 $ (1,145.6 ) Equity-related derivative instruments: ITV Collar (84.4 ) 176.7 215.0 Lionsgate Forward 13.0 30.1 (11.4 ) Sumitomo Collar (a) — (11.8 ) (77.4 ) Other 8.0 2.5 (3.9 ) Total equity-related derivative instruments (63.4 ) 197.5 122.3 Foreign currency forward and option contracts 77.4 22.7 (30.2 ) Other 1.3 (0.2 ) 0.7 Total $ (192.0 ) $ 1,125.8 $ (1,052.8 ) _______________ (a) On May 22, 2018, we settled the final tranche of the share collar (the Sumitomo Collar ) and related borrowings with a portion of the existing Sumitomo shares held by our company. The aggregate market value of these shares on the transaction date was $159.3 million . The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Year ended December 31, 2019 2018 2017 in millions Operating activities $ 179.0 $ 244.4 $ 6.8 Investing activities — — (0.5 ) Financing activities 331.5 112.8 (138.1 ) Total $ 510.5 $ 357.2 $ (131.8 ) 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 December 31, 2019 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $253.2 million . Each of our subsidiary borrowing groups have entered into derivative instruments under master agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements are limited to the derivative instruments and derivative-related debt instruments, governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. Under our derivative contracts, it is generally only the non-defaulting party that has a contractual option to exercise early termination rights upon the default of the other counterparty and to set off other liabilities against sums due upon such termination. However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty. Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us and the relevant counterparty. Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us. To the extent that we are required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time. In an insolvency of a defaulting counterparty, we will be an unsecured creditor in respect of any amount owed to us by the defaulting counterparty, except to the extent of the value of any collateral we have obtained from that counterparty. In addition, where a counterparty is in financial difficulty, under the laws of certain jurisdictions, the relevant regulators may be able to (i) compel the termination of one or more derivative instruments, determine the settlement amount and/or compel, without any payment, the partial or full discharge of liabilities arising from such early termination that are payable by the relevant counterparty or (ii) transfer the derivative instruments to an alternative counterparty. Details of our Derivative Instruments 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 December 31, 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 December 31, 2019 : Borrowing group Notional amount due from counterparty Notional amount due to counterparty Weighted average remaining life in millions in years Virgin Media $ 10,857.5 £ 8,003.6 (a) 5.6 £ 2,296.2 $ 3,300.0 (b) 5.1 € 246.3 $ 271.1 3.0 UPC Holding $ 775.0 € 643.1 4.3 $ 1,200.0 CHF 1,107.5 (a) 5.2 € 2,824.4 CHF 3,221.2 (a) 4.3 € 742.8 PLN 3,149.5 1.9 Telenet $ 3,940.0 € 3,489.6 (a) 6.0 € 291.5 $ 350.0 (b) 6.0 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 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 December 31, 2019 , the total U.S. dollar equivalents of the notional amount of these derivative instruments were $3.4 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 December 31, 2019 : Borrowing group Borrowing group Borrowing group Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years Virgin Media $ 21,715.5 (a) 2.7 $ 11,542.6 (a) 4.4 UPC Holding $ 7,237.1 (a) 3.5 $ 5,312.1 5.9 Telenet $ 3,239.1 (a) 5.2 $ 1,602.4 3.7 ______________ (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 December 31, 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 $ 7,085.7 £ 1.0 2.40% $ 482.7 € 0.6 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 December 31, 2019 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media $ 4,493.7 0.5 Telenet $ 2,295.0 0.5 Interest Rate Caps, Floors and Collars From time to time, we enter into interest rate cap, floor and collar agreements. Purchased interest rate caps and collars 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. Purchased interest rate floors protect us from interest rates falling below a certain level, generally to match a floating rate floor on a debt instrument. At December 31, 2019 , we had no interest rate collar agreements, and the total U.S. dollar equivalents of the notional amounts of our purchased interest rate caps and floors were $1,107.4 million and $1,246.4 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: Decrease to borrowing costs at December 31, 2019 (a) Virgin Media (0.20 )% UPC Holding (0.15 )% Telenet (0.58 )% Total decrease to borrowing costs (0.27 )% _______________ (a) Represents the effect of derivative instruments in effect at December 31, 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 December 31, 2019 , the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $415.4 million . Equity-related Derivative Instruments ITV Collar and Secured Borrowing . The ITV Collar comprises (i) purchased put options exercisable by our company and (ii) written call options exercisable by the counterparty. The ITV Collar effectively hedges the value of our investment in ITV shares from losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. The ITV Collar has settlement dates ranging from 2020 to 2022. The ITV Collar and related agreements also provide our company with the ability to borrow against the value of its ITV shares. At December 31, 2019 , borrowings under the ITV Collar Loan were secured by all 398,515,510 of our ITV shares, which have been placed into a custody account. The ITV Collar Loan , which has maturity dates consistent with the ITV Collar and contains no financial covenants, provides for customary representations and warranties, events of default and certain adjustment and termination events. Under the terms of the ITV Collar , the counterparty has the right to re-use the pledged ITV shares held in the custody account, but we have the right to recall the shares that are re-used by the counterparty subject to certain costs. In addition, the counterparty retains dividends on the ITV shares that the counterparty would need to borrow from the custody account to hedge its exposure under the ITV Collar (an estimated 390 million shares at December 31, 2019 ). As of December 31, 2019 , the fair value of the ITV Collar was a net asset of $619.6 million and principal borrowings outstanding under the ITV Collar Loan were $1,435.5 million . Lionsgate Forward and Secured Borrowing. The Lionsgate Forward has economic characteristics similar to a collar plus a loan initially collateralized by a pledge of 1.25 million of our voting and 1.25 million of our non-voting Lionsgate shares (the Lionsgate Loan ). Under the terms of the Lionsgate Forward , the counterparty does not have the right to re-use the pledged Lionsgate shares without permission from Liberty Global . The Lionsgate Forward effectively hedges the value of our pledged Lionsgate shares from losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. The Lionsgate Forward has settlement dates through March 2022, the first of which occurred during the third quarter of 2019, as further described below. As of December 31, 2019 , the fair value of the Lionsgate Forward was a net asset of $37.2 million and principal borrowings outstanding under the Lionsgate Loan were $55.3 million . During the third quarter of 2019, we cash settled the first 25 tranches of the Lionsgate Forward with respect to certain of our voting and non-voting Lionsgate shares. Subsequent to the settlement of these tranches of the Lionsgate Forward ( $18.1 million asset value on the relevant settlement dates) and the related borrowings under the Lionsgate Loan ( $27.6 million liability on the relevant settlement dates), the shares collateralized under the Lionsgate Loan were reduced to a pledge of 833,333 of our voting and 833,334 of our non-voting Lionsgate shares. For additional information regarding our investments in ITV and Lionsgate , see note 7 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, 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. During 2019 , no material transfers were made. All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (forecasted volatilities and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations. For our investments in publicly-traded companies, the recurring fair value measurements are based on the quoted closing price of the respective shares at each reporting date. Accordingly, the valuations of these investments fall under Level 1 of the fair value hierarchy. Our other investments that we account for at fair value are privately-held companies, and therefore, quoted market prices are unavailable. The valuation technique we use for such investments is a combination of an income approach (discounted cash flow model based on forecasts) and a market approach (market multiples of similar businesses). With the exception of certain inputs for our weighted average cost of capital calculations that are derived from pricing services, the inputs used to value these investments are based on unobservable inputs derived from our assumptions. Therefore, the valuation of our privately-held investments falls under Level 3 of the fair value hierarchy. Any reasonably foreseeable changes in assumed levels of unobservable inputs for the valuations of our Level 3 investments would not be expected to have a material impact on our financial position or results of operations. The recurring fair value measurement of our equity-related derivative instruments are based on standard option pricing models, which require the input of observable and unobservable variables such as exchange-traded equity prices, risk-free interest rates, dividend forecasts and forecasted volatilities of the underlying equity securities. The valuations of our equity-related derivative instruments are based on a combination of Level 1 inputs (exchange-traded equity prices), Level 2 inputs (interest rate futures and swap rates) and Level 3 inputs (forecasted volatilities). As changes in volatilities could have a significant impact on the overall valuations over the terms of the derivative instruments, we have determined that these valuations fall under Level 3 of the fair value hierarchy. At December 31, 2019 , our equity-related derivatives were not significantly impacted by forecasted volatilities. In order to manage our interest rate and foreign currency exchange risk, we have entered into (i) various derivative instruments and (ii) certain instruments that we classify as debt, as further described in notes 8 and 11 , respectively. The recurring fair value measurements of these instruments are determined using discounted cash flow models. With the exception of the inputs for certain swaption s, most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these instruments. This observable data mostly includes currency rates, interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We 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. The inputs used for our credit risk valuations, including our and our counterparties’ credit spreads, represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect these parameters to have a significant impact on the valuations of these instruments, we have determined that these valuations (other than the valuations of the aforementioned swaption s) fall under Level 2 of the fair value hierarchy. Due to the lack of Level 2 inputs for the swaption valuations, we believe these valuations fall under Level 3 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swaps are quantified and further explained in note 8 . 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 2019 , we performed a nonrecurring fair value measurement in connection with the De Vijver Media Acquisition . This valuation had no significant impact on our consolidated balance sheet at December 31, 2019 . We did not perform any significant nonrecurring fair value measurements during 2018 . A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at December 31, 2019 using: Description December 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,157.2 $ — $ 1,157.2 $ — Equity-related derivative instruments 663.4 — — 663.4 Foreign currency forward and option contracts 6.0 — 6.0 — Other 0.9 — 0.9 — Total derivative instruments 1,827.5 — 1,164.1 663.4 Investments 1,289.2 869.2 — 420.0 Total assets $ 3,116.7 $ 869.2 $ 1,164.1 $ 1,083.4 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,581.5 $ — $ 1,561.6 $ 19.9 Foreign currency forward and option contracts 1.2 — 1.2 — Total derivative liabilities 1,582.7 — 1,562.8 19.9 Debt 45.6 — 45.6 — Total liabilities $ 1,628.3 $ — $ 1,608.4 $ 19.9 Fair value measurements at December 31, 2018 using: Description December 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,742.8 $ — $ 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 liabilities 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 — 58.7 (63.4 ) (4.7 ) Realized and unrealized losses due to changes in fair values of certain investments and debt, net (16.5 ) — — (16.5 ) Partial settlement of Lionsgate Forward (b) — — (18.1 ) (18.1 ) Additions 19.6 — — 19.6 Derivative instruments settled in connection with the sale of the Vodafone Disposal Group — (72.0 ) — (72.0 ) Transfers out of Level 3 — 8.4 — 8.4 Foreign currency translation adjustments and other, net (2.0 ) (0.9 ) — (2.9 ) Balance of net assets (liabilities) at December 31, 2019 $ 420.0 $ (19.9 ) $ 663.4 $ 1,063.5 _______________ (a) With the exception of a $72.0 million net gain related to derivative instruments settled in connection with the sale of the Vodafone Disposal Group , most of these net gains and losses relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2019 . (b) For additional information regarding the Lionsgate Forward , see note 8 . |
Long-lived Assets
Long-lived Assets | 12 Months Ended |
Dec. 31, 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: Estimated useful life at December 31, 2019 December 31, 2019 2018 in millions Distribution systems 3 to 30 years $ 19,007.2 $ 17,845.4 Customer premises equipment 3 to 7 years 4,294.7 4,191.2 Support equipment, buildings and land 2 to 50 years 5,344.3 4,933.7 Total property and equipment, gross 28,646.2 26,970.3 Accumulated depreciation (14,802.8 ) (13,091.4 ) Total property and equipment, net $ 13,843.4 $ 13,878.9 Depreciation expense related to our property and equipment was $3,123.5 million , $3,217.1 million and $3,187.4 million during 2019 , 2018 and 2017 , respectively. During 2019 , 2018 and 2017 , we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $1,727.0 million , $2,175.5 million and $2,336.2 million , respectively, which exclude related VAT of $286.1 million , $347.3 million and $387.1 million , respectively, that was also financed by our vendors under these arrangements. Goodwill Changes in the carrying amount of our goodwill during 2019 are set forth below: January 1, 2019 Acquisitions and related adjustments Foreign currency translation adjustments December 31, in millions U.K./Ireland $ 7,671.0 $ — $ 294.4 $ 7,965.4 Belgium 2,576.3 48.7 (48.9 ) 2,576.1 Switzerland 2,903.9 — 49.3 2,953.2 Central and Eastern Europe 564.6 — (7.2 ) 557.4 Total $ 13,715.8 $ 48.7 $ 287.6 $ 14,052.1 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. Changes in the carrying amount of our goodwill during 2018 are set forth below: January 1, 2018 Acquisitions and related adjustments Foreign currency translation adjustments December 31, in millions U.K./Ireland $ 8,134.1 $ 2.0 $ (465.1 ) $ 7,671.0 Belgium 2,681.7 24.9 (130.3 ) 2,576.3 Switzerland 2,931.3 (0.3 ) (27.1 ) 2,903.9 Central and Eastern Europe 607.0 — (42.4 ) 564.6 Total $ 14,354.1 $ 26.6 $ (664.9 ) $ 13,715.8 Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization, which are included in other assets, net, on our consolidated balance sheets, are set forth below: Estimated useful life at December 31, 2019 December 31, 2019 December 31, 2018 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships 5 to 10 years $ 3,653.9 $ (3,363.6 ) $ 290.3 $ 3,673.1 $ (2,914.2 ) $ 758.9 Other 2 to 15 years 563.7 (281.9 ) 281.8 521.3 (249.0 ) 272.3 Total $ 4,217.6 $ (3,645.5 ) $ 572.1 $ 4,194.4 $ (3,163.2 ) $ 1,031.2 Amortization expense related to intangible assets with finite useful lives was $528.7 million , $641.1 million and $603.2 million during 2019 , 2018 and 2017 , respectively. Based on our amortizable intangible asset balances at December 31, 2019 , we expect that amortization expense will be as follows for the next five years and thereafter. The U.S. dollar equivalents of such amortization expense amounts as of December 31, 2019 are presented below (in millions): 2020 $ 178.5 2021 88.9 2022 38.3 2023 32.6 2024 32.4 Thereafter 201.4 Total $ 572.1 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt and Lease Obligation [Abstract] | |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2019 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent December 31, 2019 2018 in millions VM Senior Secured Notes 5.34 % — $ — $ 5,916.9 $ 6,268.3 VM Credit Facilities (c) 3.94 % (d) 1,326.3 5,473.3 4,600.5 VM Senior Notes 5.34 % — — 1,583.8 1,999.9 Telenet Credit Facility 3.89 % (e) 567.0 3,541.4 3,145.7 Telenet Senior Secured Notes 4.69 % — — 1,673.7 1,687.1 Telenet SPE Notes — — — — 546.2 UPCB SPE Notes 4.54 % — — 2,420.1 2,445.5 UPC Holding Bank Facility — € 990.1 1,111.7 — 1,645.0 UPC Holding Senior Notes 4.60 % — — 1,202.3 1,215.5 Vendor financing (f) 4.12 % — — 3,748.2 3,620.3 ITV Collar Loan 0.90 % — — 1,435.5 1,379.6 Derivative-related debt instruments (g) 2.58 % — — 81.1 301.9 Other (h) 3.96 % — — 571.8 459.8 Total debt before deferred financing costs, discounts and premiums (i) 4.30 % $ 3,005.0 $ 27,648.1 $ 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: December 31, 2019 2018 in millions Total debt before deferred financing costs, discounts and premiums $ 27,648.1 $ 29,315.3 Deferred financing costs, discounts and premiums, net (82.7 ) (131.4 ) Total carrying amount of debt 27,565.4 29,183.9 Finance lease obligations (note 12) 617.1 621.3 Total debt and finance lease obligations 28,182.5 29,805.2 Current maturities of debt and finance lease obligations (3,877.2 ) (3,615.2 ) Long-term debt and finance lease obligations $ 24,305.3 $ 26,190.0 _______________ (a) Represents the weighted average interest rate in effect at December 31, 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 4.14% at December 31, 2019 . For information regarding our derivative instruments, see note 8 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 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, except as shown in the table below. In the following table, we present (i) for each subsidiary where the ability to borrow is limited, the actual borrowing availability under the respective facility and (ii) for each subsidiary where the ability to make loans or distributions from this availability is limited, the amount that can be loaned or distributed to Liberty Global or its subsidiaries or other equity holders. The amounts presented below reflect any applicable restrictions in effect at December 31, 2019 , both before and after completion of the relevant December 31, 2019 compliance reporting requirements, but do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2019 , or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. December 31, 2019 Upon completion of relevant December 31, 2019 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be borrowed under (1): VM Credit Facilities £ 533.8 $ 708.0 £ 921.6 $ 1,222.3 UPC Holding Bank Facility € 990.1 $ 1,111.7 € 828.8 $ 930.6 _______________ (1) The VM Credit Facilities and the UPC Holding Bank Facility have no additional restriction to loan or distribute from this availability. (c) Amounts include £103.6 million ( $137.4 million ) and £41.9 million ( $55.6 million ) at December 31, 2019 and 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 relates to a multi-currency revolving facility with a maximum borrowing capacity equivalent to £1,000.0 million ( $1,326.3 million ) (the VM Revolving Facility ), which was undrawn at December 31, 2019 . During 2019 , the VM Revolving Facility was amended and as a result, VM Revolving Facility A and VM Revolving Facility B were cancelled in full and replaced with a single revolving facility maturing on January 31, 2026. (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $449.0 million ) under Telenet Facility AG, (ii) €60.0 million ( $67.4 million ) under Telenet Facility AP, which was entered into in May 2019, (iii) €25.0 million ( $28.1 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $22.5 million ) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2019 . (f) 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 consolidated statements of cash flows. (g) Includes amounts associated with certain derivative-related borrowing instruments, including $45.6 million and $248.6 million at December 31, 2019 and 2018 , respectively, carried at fair value. These instruments mature at various dates through January 2025. For information regarding fair value hierarchies, see note 9 . (h) As of December 31, 2019 and 2018 , amounts include (i) $264.6 million and $225.9 million , respectively, of debt collateralized by certain trade receivables of Virgin Media and (ii) $55.3 million and $82.9 million , respectively, related to principal borrowings outstanding under the Lionsgate Loan . (i) As of December 31, 2019 and 2018 , our debt had an estimated fair value of $28.4 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 9 . General Information At December 31, 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. Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial and other institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows: • Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments, on a maintenance basis; • Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global ) through dividends, loans or other distributions; • Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares or, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder; • In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility); • Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder; • Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and • In addition to customary default provisions, our credit facilities generally include certain cross-default or cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Certain of our borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the assets and/or shares of certain members of the relevant borrowing group. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows: • Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal at its stated maturity (after giving effect to any applicable grace period) of, or any acceleration with respect to, other indebtedness of the issuer or certain subsidiaries over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes; • Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global ) through dividends, loans or other distributions; • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101% ; • Our senior secured notes contain certain early redemption provisions including the ability to, during each 12 -month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest; and • Certain of our notes are non-callable prior to their stated maturity. The remainder of our notes are non-callable prior to their respective call date (as specified under the applicable indenture). At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). After the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date. SPE Notes . From time to time, we create special purpose financing entities ( SPEs ), most of which are 100% owned by third parties, for the primary purpose of facilitating the offering of senior secured notes, which we collectively refer to as the “ SPE Notes .” The SPEs used the proceeds from the issuance of SPE Notes to fund term loan facilities under the credit facilities made available to their respective borrowing group (as further described below), each a “ Funded Facility ” and collectively the “ Funded Facilities .” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note . Each of the Funded Facility term loans creates a variable interest in the respective SPE for which the relevant borrowing entity is the primary beneficiary and are consolidated by the relevant parent entities, including Liberty Global . As a result, the amounts outstanding under the Funded Facilities are eliminated in the respective borrowing group’s and Liberty Global ’s consolidated financial statements. At December 31, 2019 , we had outstanding SPE Notes issued by entities consolidated by (i) UPC Holding , collectively the “ UPCB SPE s ” and (ii) Telenet , collectively the “ Telenet SPE s ”. Pursuant to the respective indentures for the SPE Notes (the SPE Indentures ) and the respective accession agreements for the Funded Facilities , the call provisions, maturity and applicable interest rate for each Funded Facility are the same as those of the related SPE Notes . The SPEs , as lenders under the relevant Funded Facility for the relevant borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over (i) all of the issued shares of the relevant SPE and (ii) the relevant SPE ’s rights under the applicable Funded Facility granted to secure the relevant SPE ’s obligations under the relevant SPE Notes , the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the applicable Funded Facility . The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures . The SPE Notes are non-callable prior to their respective call date (as specified under the applicable SPE Indenture ). If, however, at any time prior to the applicable SPE Notes call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (a SPE Early Redemption Event ), then the SPE will be required to redeem an aggregate principal amount of its respective SPE Notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility . In general, the redemption price payable will equal 100% of the principal amount of the applicable SPE Notes to be redeemed and a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable SPE Notes call date using the discount rate (as specified in the applicable SPE Indenture ) as of the redemption date plus a premium (as specified in the applicable SPE Indenture ). Upon the occurrence of a SPE Early Redemption Event on or after the applicable SPE Notes call date, the SPE will redeem an aggregate principal amount of its respective SPE Notes equal to the principal amount of the related Funded Facility prepaid at a redemption price (expressed as a percentage of the principal amount), plus accrued and unpaid interest and additional amounts (as specified in the applicable SPE Indenture ), if any, to the applicable redemption date. Financing Transactions Below we provide summary descriptions of certain financing transactions completed during 2019 , 2018 and 2017 . A portion of our financing transactions may include non-cash borrowings and repayments. During 2019 , 2018 and 2017 , non-cash borrowings and repayments aggregated $3,300.2 million , $2,583.3 million and $17,104.0 million , respectively. Virgin Media - 2019 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 ( $397.9 million ) principal amount of sterling-denominated senior secured notes. Virgin Media then increased the amounts issued under these notes by issuing an additional (a) $600.0 million principal amount of U.S. dollar-denominated senior secured notes in July 2019 and (b) £40.0 million ( $53.1 million ) principal amount of sterling-denominated senior secured notes in August 2019. The net proceeds from the issuance of these notes were used to redeem (1) $802.4 million outstanding principal amount of U.S. dollar-denominated senior secured notes under the VM Senior Secured Notes, (2) £534.1 million ( $708.4 million ) outstanding principal amount of sterling-denominated senior secured notes under the VM Senior Secured Notes and (3) £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 net loss on debt modification and extinguishment of $77.2 million related to (A) the payment of $75.8 million of redemption premiums and (B) the write-off of $1.4 million of unamortized deferred financing costs, discounts and premiums. In October 2019 , Virgin Media (i) entered into a $3,300.0 million U.S. dollar-denominated term loan facility and a €750.0 million ( $842.1 million ) euro-denominated term loan facility and (ii) issued £400.0 million ( $530.5 million ) principal amount of sterling-denominated senior secured notes. The net proceeds from these transactions, together with certain other funds, were used to (a) prepay in full the $3,400.0 million outstanding principal amount on a U.S. dollar-denominated term loan facility under the VM Credit Facilities and (b) redeem in full (1) $1,000.0 million outstanding principal amount of U.S. dollar-denominated senior secured notes and (2) £300.0 million ( $397.9 million ) outstanding principal amount of sterling-denominated senior secured notes, each under the VM Senior Secured Notes. In connection with these transactions, Virgin Media recognized a net loss on debt modification and extinguishment of $67.4 million related to (A) the payment of $46.0 million of redemption premiums and (B) the net write-off of $21.4 million of unamortized deferred financing costs, discounts and premiums. Virgin Media - 2018 and 2017 Financing Transactions During 2018 and 2017 , Virgin Media completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Virgin Media recognized losses on debt modification and extinguishment of $36.4 million and $67.5 million during 2018 and 2017 , respectively. These losses include (i) the payment of redemption premiums of $28.2 million and $32.6 million , respectively, (ii) the write-off of unamortized deferred financing costs and discounts of $8.2 million and $40.6 million , respectively, (iii) the write-off of $7.0 million of unamortized premiums in 2017 and (iv) the payment of third-party costs of $1.3 million in 2017. UPC Holding - 2019 Financing Transactions In August 2019 , a portion of the net proceeds from the sale of the Vodafone Disposal Group were used 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 this transaction, UPC Holding recognized a loss on debt modification and extinguishment of $15.4 million related to the write-off of unamortized deferred financing costs and discounts. UPC Holding - 2018 and 2017 Financing Transactions During 2018 and 2017 , UPC Holding completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, UPC Holding recognized losses on debt modification and extinguishment of $8.9 million and $112.1 million during 2018 and 2017 , respectively. These losses include (i) the write-off of unamortized deferred financing costs and discounts of $6.9 million and $27.8 million , respectively, and (ii) the payment of redemption premiums of $2.0 million and $84.3 million , respectively . Telenet - 2019 Financing Transactions In July 2019 , Telenet prepaid €106.0 million ( $119.0 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 . In connection with this transaction, Telenet recognized a loss on debt modification and extinguishment of $4.0 million related to (i) the payment of $3.6 million of redemption premiums and (ii) the write-off of $0.4 million of unamortized deferred financing costs and discounts. In October 2019 , Telenet increased its commitments under (i) a U.S. dollar-denominated term loan facility by $220.0 million and (ii) a euro-denominated term loan facility by €175.0 million ( $196.5 million ), each under the Telenet Credit Facility . The net proceeds from these facilities were used to prepay in full the €371.0 million ( $416.6 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 in full the €371.0 million outstanding principal amount of euro-denominated notes under the Telenet SPE Notes . In connection with this transaction, Telenet recognized a loss on debt modification and extinguishment of $50.7 million related to (a) the payment of $46.8 million of redemption premiums and (b) the write-off of $3.9 million of unamortized deferred financing costs and discounts. Telenet - 2018 and 2017 Financing Transactions During 2018 and 2017 , Telenet completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Telenet recognized losses on debt modification and extinguishment of $31.5 million and $75.7 million during 2018 and 2017 , respectively. These losses include (i) the payment of redemption premiums of $19.3 million and $21.5 million , respectively, and (ii) the write-off of unamortized deferred financing costs and discounts of $12.2 million and $54.2 million , respectively . Maturities of Debt Maturities of our debt as of December 31, 2019 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Virgin Media UPC Holding (a) Telenet (b) Other Total in millions Year ending December 31: 2020 $ 2,472.4 $ 644.6 $ 415.1 $ 264.8 $ 3,796.9 2021 (c) 726.2 22.7 13.2 1,029.2 1,791.3 2022 253.7 20.1 12.6 366.4 652.8 2023 125.4 17.5 12.2 29.3 184.4 2024 779.6 7.7 12.1 — 799.4 Thereafter 11,497.6 3,622.4 5,303.3 — 20,423.3 Total debt maturities (d) 15,854.9 4,335.0 5,768.5 1,689.7 27,648.1 Deferred financing costs, discounts and premiums, net (23.2 ) (20.3 ) (27.1 ) (12.1 ) (82.7 ) Total debt $ 15,831.7 $ 4,314.7 $ 5,741.4 $ 1,677.6 $ 27,565.4 Current portion $ 2,472.4 $ 644.6 $ 415.1 $ 263.6 $ 3,795.7 Noncurrent portion $ 13,359.3 $ 3,670.1 $ 5,326.3 $ 1,414.0 $ 23,769.7 _______________ (a) Amounts include the UPCB SPE Notes issued by the UPCB SPE s. As described above, the UPCB SPE s are consolidated by UPC Holding and Liberty Global . (b) Amounts include the Telenet SPE Notes issued by the Telenet SPE s. As described above, the Telenet SPE s are consolidated by Telenet and Liberty Global . (c) The amount for Virgin Media includes certain senior secured notes that have a contractual maturity date of January 15, 2025. Interest on these senior secured notes accrues at a rate of 6.0% through January 15, 2021 and at a rate of 11.0% thereafter. In light of these terms, the above maturity table assumes that these senior secured notes will be repaid or refinanced in 2021. (d) Amounts include vendor financing obligations of $3,748.2 million , as set forth below: Virgin Media UPC Holding Telenet Other Total in millions Year ending December 31: 2020 $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 2021 34.8 22.7 — 53.5 111.0 2022 24.6 20.1 — 47.2 91.9 2023 22.1 17.5 — 29.3 68.9 2024 14.5 7.7 — — 22.2 Total vendor financing maturities $ 2,433.8 $ 712.6 $ 402.9 $ 198.9 $ 3,748.2 Current portion $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 Noncurrent portion $ 96.0 $ 68.0 $ — $ 130.0 $ 294.0 |
Leases
Leases | 12 Months Ended |
Dec. 31, 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. Lease Balances A summary of our ROU assets and lease liabilities as of December 31, 2019 is set forth below: ROU assets Lease liabilities in millions Finance leases (a)(b) $ 531.0 $ 617.1 Operating leases (c)(d) 512.7 545.1 Total $ 1,043.7 $ 1,162.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheet. At December 31, 2019 , the weighted average remaining lease term for finance leases was 23.8 years and the weighted average discount rate was 6.1% . As of December 31, 2018 , we had $545.5 million of finance lease ROU assets included on our consolidated balance sheet. During 2019 , 2018 and 2017 , we recorded additions to our ROU assets associated with finance leases of $66.9 million , $102.4 million and $106.7 million , respectively. (b) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. As of December 31, 2018 , we had $621.3 million of finance lease liabilities included on our consolidated balance sheet. At December 31, 2019 and 2018 , our finance lease liabilities included €403.6 million ( $453.2 million ) and €390.6 million ( $447.3 million ), respectively, associated with Telenet ’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “ PICs .” All capital expenditures associated with the PICs network are initiated by Telenet , but are executed and financed by the PICs through additions to this lease that are repaid over a 15 -year term. These amounts do not include Telenet ’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 19 . (c) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheet. At December 31, 2019 , the weighted average remaining lease term for operating leases was 8.0 years and the weighted average discount rate was 4.0% . During 2019 , we recorded additions to our ROU assets associated with operating leases of $88.5 million . (d) 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 consolidated balance sheet. A summary of our aggregate lease expense recorded during 2019 is set forth below (in millions): Finance lease expense: Depreciation and amortization $ 84.2 Interest expense 33.8 Total finance lease expense 118.0 Operating lease expense (a) 135.7 Short-term lease expense (a) 8.0 Variable lease expense (b) 4.8 Total lease expense $ 266.5 _______________ (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 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 consolidated statements of operations. A summary of our cash outflows from operating and finance leases recorded during 2019 is set forth below (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 135.5 Operating cash outflows from finance leases 33.8 Financing cash outflows from finance leases 60.0 Total cash outflows from operating and finance leases $ 229.3 Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2020 $ 126.6 $ 122.2 2021 98.1 102.6 2022 81.0 101.0 2023 68.5 98.7 2024 56.7 56.4 Thereafter 203.6 459.4 Total payments 634.5 940.3 Less: present value discount (89.4 ) (323.2 ) Present value of lease payments $ 545.1 $ 617.1 Current portion $ 111.7 $ 81.5 Noncurrent portion $ 433.4 $ 535.6 Maturities of our operating and finance lease liabilities 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 Amounts representing interest (336.1 ) Total finance leases $ 621.3 Current portion $ 78.2 Noncurrent portion $ 543.1 |
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. Lease Balances A summary of our ROU assets and lease liabilities as of December 31, 2019 is set forth below: ROU assets Lease liabilities in millions Finance leases (a)(b) $ 531.0 $ 617.1 Operating leases (c)(d) 512.7 545.1 Total $ 1,043.7 $ 1,162.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheet. At December 31, 2019 , the weighted average remaining lease term for finance leases was 23.8 years and the weighted average discount rate was 6.1% . As of December 31, 2018 , we had $545.5 million of finance lease ROU assets included on our consolidated balance sheet. During 2019 , 2018 and 2017 , we recorded additions to our ROU assets associated with finance leases of $66.9 million , $102.4 million and $106.7 million , respectively. (b) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. As of December 31, 2018 , we had $621.3 million of finance lease liabilities included on our consolidated balance sheet. At December 31, 2019 and 2018 , our finance lease liabilities included €403.6 million ( $453.2 million ) and €390.6 million ( $447.3 million ), respectively, associated with Telenet ’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “ PICs .” All capital expenditures associated with the PICs network are initiated by Telenet , but are executed and financed by the PICs through additions to this lease that are repaid over a 15 -year term. These amounts do not include Telenet ’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 19 . (c) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheet. At December 31, 2019 , the weighted average remaining lease term for operating leases was 8.0 years and the weighted average discount rate was 4.0% . During 2019 , we recorded additions to our ROU assets associated with operating leases of $88.5 million . (d) 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 consolidated balance sheet. A summary of our aggregate lease expense recorded during 2019 is set forth below (in millions): Finance lease expense: Depreciation and amortization $ 84.2 Interest expense 33.8 Total finance lease expense 118.0 Operating lease expense (a) 135.7 Short-term lease expense (a) 8.0 Variable lease expense (b) 4.8 Total lease expense $ 266.5 _______________ (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 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 consolidated statements of operations. A summary of our cash outflows from operating and finance leases recorded during 2019 is set forth below (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 135.5 Operating cash outflows from finance leases 33.8 Financing cash outflows from finance leases 60.0 Total cash outflows from operating and finance leases $ 229.3 Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2020 $ 126.6 $ 122.2 2021 98.1 102.6 2022 81.0 101.0 2023 68.5 98.7 2024 56.7 56.4 Thereafter 203.6 459.4 Total payments 634.5 940.3 Less: present value discount (89.4 ) (323.2 ) Present value of lease payments $ 545.1 $ 617.1 Current portion $ 111.7 $ 81.5 Noncurrent portion $ 433.4 $ 535.6 Maturities of our operating and finance lease liabilities 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 Amounts representing interest (336.1 ) Total finance leases $ 621.3 Current portion $ 78.2 Noncurrent portion $ 543.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Liberty Global files its primary income tax return in the U.K. Its subsidiaries file income tax returns in the U.S. , the U.K. and a number of other European jurisdictions. The income taxes of Liberty Global and its subsidiaries are presented on a separate return basis for each tax-paying entity or group. The components of our earnings (loss) from continuing operations before income taxes are as follows: Year ended December 31, 2019 2018 2017 in millions U.K. $ (831.0 ) $ 330.9 $ (991.3 ) The Netherlands (662.8 ) — (321.1 ) — (26.1 ) Belgium 409.3 392.4 140.0 Switzerland 178.5 318.8 111.6 U.S. (7.0 ) (51.6 ) (842.5 ) Intercompany activity with discontinued operations (237.2 ) (426.4 ) (499.9 ) Other (5.8 ) (81.2 ) (2.9 ) Total $ (1,156.0 ) $ 161.8 $ (2,111.1 ) Income tax expense consists of: Current Deferred Total in millions Year ended December 31, 2019: The Netherlands $ — $ (275.3 ) $ (275.3 ) Belgium (134.7 ) 3.6 (131.1 ) U.K. (1.5 ) 118.8 117.3 U.S. (a) (4.1 ) 81.9 77.8 Switzerland (27.8 ) (1.1 ) (28.9 ) Other (19.4 ) 6.6 (12.8 ) Total $ (187.5 ) $ (65.5 ) $ (253.0 ) Year ended December 31, 2018: U.S. (a) $ (957.5 ) $ 7.6 $ (949.9 ) The Netherlands 14.2 (519.4 ) (505.2 ) Belgium (153.9 ) 41.6 (112.3 ) U.K (7.2 ) 32.2 25.0 Switzerland (16.6 ) 6.2 (10.4 ) Other (14.2 ) (6.3 ) (20.5 ) Total $ (1,135.2 ) $ (438.1 ) $ (1,573.3 ) Year ended December 31, 2017: The Netherlands $ (16.2 ) $ (118.2 ) $ (134.4 ) U.K (3.3 ) (64.7 ) (68.0 ) Belgium (203.6 ) 145.4 (58.2 ) U.S. (a) 47.2 (32.8 ) 14.4 Switzerland (2.0 ) 15.6 13.6 Other (14.4 ) 8.1 (6.3 ) Total $ (192.3 ) $ (46.6 ) $ (238.9 ) _______________ (a) Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented. Income tax 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: Year ended December 31, 2019 2018 2017 in millions Computed “expected” tax benefit (expense) (a) $ 219.6 $ (30.7 ) $ 406.4 Non-deductible or non-taxable interest and other expenses (191.7 ) (153.8 ) (42.8 ) Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (167.9 ) (360.1 ) (192.6 ) Change in valuation allowances (113.6 ) (34.9 ) (341.6 ) Non-deductible or non-taxable foreign currency exchange results (26.5 ) 132.5 (233.8 ) Enacted tax law and rate changes (c) 19.2 (13.5 ) 7.4 International rate differences (d) 8.5 (3.5 ) 126.9 Recognition of previously unrecognized tax benefits 5.9 49.6 4.9 Mandatory Repatriation Tax (e) — (1,137.2 ) — Tax benefit associated with technologies innovation — — 12.1 Other, net (6.5 ) (21.7 ) 14.2 Total income tax expense $ (253.0 ) $ (1,573.3 ) $ (238.9 ) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 19.0% for 2019 , 19.0% for 2018 and 19.25% for 2017 . The 2017 statutory rate represents the blended rate that was in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that was in effect for the first quarter of 2017 and the 19.0% statutory rate that was in effect for the remainder of 2017. (b) 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) On December 27, 2019, updated legislation was enacted in the Netherlands to delay and lessen the corporate income tax rate reduction that had previously been enacted in December 2018. The current rate of 25% will now be maintained in 2020 and will be reduced to 21.7% in 2021; the previous reduction schedule reduced from the current rate of 25.0% to 22.5% in 2020 and 20.5% in 2021. Substantially all of the impacts of the new rate change in the Netherlands on our deferred tax balances were recorded during the fourth quarter of 2019, modifying the impacts of the 2018 rate change that were previously recorded during the fourth quarter of 2018. In 2017, a Belgian income tax rate reduction was signed into law. The Belgian statutory tax rate decreased from 33.9% to 29.58% beginning in 2018, and in 2020, this rate will further decrease to 25.0%. Also in 2017, the U.S. corporate income tax rate was reduced from 35.0% to 21.0% effective beginning in 2018. Substantially all of the impacts of the tax rate changes in Belgium and the U.S. on our deferred tax balances were recorded during the fourth quarter of 2017. (d) Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K. (e) As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due in part to the expected use of carryforward attributes in the U.S. , all of which were subject to valuation allowances prior to the initial recognition of the Mandatory Repatriation Tax during the first quarter of 2018. The components of our net deferred tax assets are as follows: December 31, 2019 2018 in millions Deferred tax assets $ 2,457.4 $ 2,488.2 Deferred tax liabilities (a) (246.4 ) (232.9 ) Net deferred tax asset $ 2,211.0 $ 2,255.3 _______________ (a) Our deferred tax liabilities are included in other long-term liabilities on our consolidated balance sheets. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2019 2018 in millions Deferred tax assets: Net operating loss and other carryforwards $ 4,367.5 $ 4,289.8 Property and equipment, net 1,969.0 1,923.4 Debt 231.5 317.3 Investments 136.4 156.2 Derivative instruments 113.3 72.5 Share-based compensation 76.5 79.5 Leases 58.5 5.6 Other future deductible amounts 132.3 176.1 Deferred tax assets 7,085.0 7,020.4 Valuation allowance (4,235.5 ) (4,094.7 ) Deferred tax assets, net of valuation allowance 2,849.5 2,925.7 Deferred tax liabilities: Property and equipment, net (169.9 ) (167.4 ) Deferred revenue (168.1 ) (178.9 ) Intangible assets (114.1 ) (193.8 ) Debt (65.7 ) (91.0 ) Right of use assets (56.8 ) — Other future taxable amounts (63.9 ) (39.3 ) Deferred tax liabilities (638.5 ) (670.4 ) Net deferred tax asset $ 2,211.0 $ 2,255.3 Our deferred income tax valuation allowance increased $140.8 million in 2019 . This increase reflects the net effect of (i) net tax expense of $113.6 million , (ii) an increase in deferred tax assets, (iii) foreign currency translation adjustments, (iv) the effect of enacted tax law and rate changes, (v) expiration of net operating losses and (vi) other individually insignificant items. Virgin Media had property and equipment on which future U.K. tax deductions can be claimed of $18.4 billion and $18.1 billion at December 31, 2019 and 2018 , respectively. The maximum amount of these “capital allowances” that can be claimed in any one year is approximately 18% of the remaining balance, after additions, disposals and prior claims. The tax effects of the excess of these capital allowances over the related financial reporting bases are included in the 2019 and 2018 deferred tax assets related to property and equipment, net, in the above table. The significant components of our tax loss carryforwards and related tax assets at December 31, 2019 are as follows: Country Tax loss carryforward Related tax asset Expiration date in millions U.K.: Amount attributable to capital losses $ 16,052.0 $ 2,728.8 Indefinite Amount attributable to net operating losses 1,222.4 207.8 Indefinite The Netherlands 3,204.0 696.2 2020-2025 Belgium 1,320.4 330.1 Indefinite Ireland 713.8 89.4 Indefinite Luxembourg 586.4 159.4 Indefinite France 533.3 137.8 Indefinite Other 416.8 18.0 Various Total $ 24,049.1 $ 4,367.5 Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction, however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. Further, tax jurisdictions restrict the type of taxable income that the above losses are able to offset. The majority of the tax losses shown in the above table are not expected to be realized, including certain losses that are limited in use due to change in control or same business tests. We have taxable outside basis differences on certain investments in non- U.S. subsidiaries. No additional income taxes have been provided for any undistributed foreign earnings, or any additional outside basis difference inherent in these entities, as these amounts continue to be reinvested in foreign operations. Determination of the amount of any applicable deferred taxes on such outside basis difference is not practicable. Through our subsidiaries, we maintain a presence in many countries. Many of these countries maintain highly complex tax regimes that differ significantly from the system of income taxation used in the U.K. and the U.S. We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws. The Tax Cuts and Jobs Act (the 2017 U.S. Tax Act ) was signed into U.S. law on December 22, 2017. Significant changes to the U.S. income tax regime include the imposition of taxes on a one-time deemed mandatory repatriation of earnings and profits of foreign corporations (the Mandatory Repatriation Tax ) and a new tax on global intangible low-taxed income (the GILTI Tax ). The Mandatory Repatriation Tax requires that the aggregate post-1986 earnings and profits of our foreign corporations be included in our U.S. taxable income. The one-time repatriation of undistributed foreign earnings and profits is then taxed at a rate of 15.5% for cash earnings and 8% for non-cash earnings, both as defined in the 2017 U.S. Tax Act , and is payable, interest free, over an eight year period according to a prescribed payment schedule with 45% of the tax due in the last two years. At December 31, 2019 and 2018 , after considering the expected use of carryforward tax attributes and other filing positions, our liability for the Mandatory Repatriation Tax was $357.2 million and $293.3 million , respectively. This increase during 2019 is due to the net impact of (i) a settlement with tax authorities that reduced the expected use of certain carryforward tax attributes and (ii) the impact of payments made according to the prescribed payment schedule. The GILTI Tax will require our U.S. subsidiaries that are shareholders in foreign corporations to include in their taxable income for each year beginning after December 31, 2017, their pro rata share of global intangible low-taxed income. The GILTI Tax is calculated as the excess of the net foreign corporation income over a deemed return. The GILTI Tax is reported as a period cost when it is incurred. We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations. In general, tax returns filed by our company or our subsidiaries for years prior to 2009 are no longer subject to examination by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including the Netherlands, Poland, the U.K. and the U.S. While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues. The changes in our unrecognized tax benefits are summarized below: 2019 2018 2017 in millions Balance at January 1 $ 857.8 $ 350.4 $ 217.0 Settlements with tax authorities (111.3 ) — (3.6 ) Reductions for tax positions of prior years (80.7 ) (117.9 ) (20.4 ) Foreign currency translation (4.3 ) (8.5 ) 14.1 Additions based on tax positions related to the current year 1.8 180.0 4.5 Additions for tax positions of prior years 1.0 457.4 138.8 Lapse of statute of limitations — (3.6 ) — Balance at December 31 $ 664.3 $ 857.8 $ 350.4 No assurance can be given that any of these tax benefits will be recognized or realized. As of December 31, 2019 , 2018 and 2017 , there are $546.5 million , $759.8 million , and $189.3 million of unrecognized 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 2020 , it is reasonably possible that the resolution of ongoing examinations by tax authorities, as well as the expiration of statutes of limitation and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2019 . The amount of any such reductions could range up to $285.0 million , of which substantially all 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 2020 . No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2020 . During 2019 , 2018 and 2017 , the income tax expense of our continuing operations includes net income tax expense of $22.6 million , $58.9 million and $5.5 million , respectively, representing the net accrual of interest and penalties during the period. Our other long-term liabilities include accrued interest and penalties of $115.1 million at December 31, 2019 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Capitalization At December 31, 2019 , our authorized share capital consisted of an aggregate nominal amount of $20.0 million , consisting of any of the following: (i) ordinary shares (Class A, B or C), each with a nominal value of $0.01 per share, (ii) preference shares, with a nominal value to be determined by the board of directors, the issuance of one or more classes or series of which may be authorized by the board of directors, and (iii) any other shares of one or more classes as may be determined by the board of directors or by the shareholders of Liberty Global . For the period beginning July 1, 2015 through the December 29, 2017 completion of the Split-off Transaction , our share capital included (a) our Class A, Class B and Class C Liberty Global ordinary shares (collectively referred to herein as “ Liberty Global Shares ”) and (b) our LiLAC Class A, Class B and Class C ordinary shares (collectively referred to herein as “ LiLAC Shares ”). The LiLAC Shares were tracking shares intended to track the economic performance of the LiLAC Group . Pursuant to the Split-off Transaction , the LiLAC Shares were redesignated as deferred shares (which had virtually no economic rights), transferred to a third party and cancelled. Under Liberty Global ’s Articles of Association, effective July 1, 2015, holders of Liberty Global Class A ordinary shares are entitled to one vote for each such share held, and holders of Liberty Global Class B ordinary shares are entitled to 10 votes for each such share held, on all matters submitted to a vote of Liberty Global shareholders at any general meeting (annual or special). Holders of Liberty Global Class C ordinary shares are not entitled to any voting powers except as required by law. At the option of the holder, each Liberty Global Class B ordinary share is convertible into one Liberty Global Class A ordinary share. One Liberty Global Class A ordinary share is reserved for issuance for each Liberty Global Class B ordinary share that is issued ( 12,151,526 shares issued as of December 31, 2019 ). Additionally, at December 31, 2019 , we have reserved the following ordinary shares for the issuance of outstanding share-based compensation awards: Class A (a) Class B Class C (a) Options 588,258 — 3,506,568 SARs 16,251,617 — 35,682,862 RSUs 515,496 48,786 1,026,010 PSUs and PSARS 7,459,987 1,330,000 14,919,280 _______________ (a) Includes share-based compensation awards held by former employees of Liberty Global that (i) became employees of Liberty Latin America as a result of the Split-off Transaction or (ii) were employees of entities included in the Vodafone Disposal Group . For additional information, see note 15 . Subject to any preferential rights of any outstanding class of our preference shares, the holders of our ordinary shares are entitled to dividends as may be declared from time to time by our board of directors from funds available therefore. Except with respect to share distributions, whenever a dividend is paid in cash to the holder of one class of our ordinary shares, we shall also pay to the holders of the other classes of our ordinary shares an equal per share dividend. There are currently no contractual restrictions on our ability to pay dividends in cash or shares. In the event of our liquidation, dissolution and winding up, after payment or provision for payment of our debts and liabilities and subject to the prior payment in full of any preferential amounts to which our preference shareholders, if any, may be entitled, the holders of our ordinary shares will be entitled to receive their proportionate interests, expressed in liquidation units, in any assets available for distribution to our ordinary shares. A summary of the changes in our share capital during 2017 is set forth in the table below: Liberty Global Shares LiLAC Shares (a) Class A Class B Class C Total Class A Class B Class C Total in millions Balance at January 1, 2017 $ 2.5 $ 0.1 $ 6.3 $ 8.9 $ 0.5 $ — $ 1.2 $ 1.7 Impact of the Split-off Transaction — — — — (0.5 ) — (1.2 ) (1.7 ) Repurchase and cancellation of Liberty Global Shares (0.3 ) — (0.5 ) (0.8 ) — — — — Balance at December 31, 2017 $ 2.2 $ 0.1 $ 5.8 $ 8.1 $ — $ — $ — $ — _______________ (a) In connection with the Split-off Transaction , the LiLAC Shares were redesignated as deferred shares (with virtually no economic rights), transferred to a third party and cancelled. For additional information regarding the Split-off Transaction , see note 6 . Share Repurchase Programs As a U.K. incorporated company, we may only elect to repurchase shares or pay dividends to the extent of our “ Distributable Reserves .” Distributable Reserves , which are not linked to a GAAP reported amount, may be created through the earnings of the U.K. parent company and, among other methods, through a reduction in share premium approved by the English Companies Court. Based on the amounts set forth in our 2018 U.K. Companies Act Report dated April 25, 2019, which are our most recent “Relevant Accounts” for the purposes of determining our Distributable Reserves under U.K. law, our Distributable Reserves were $20.7 billion as of December 31, 2018 . This amount does not reflect earnings, share repurchases or other activity that occurred in 2019 , each of which impacts the amount of our Distributable Reserves . Our board of directors has approved share repurchase programs for our Liberty Global Shares . In addition, from November 2016 through the completion of the Split-off Transaction , we were authorized to repurchase our LiLAC Shares . Under these plans, we receive authorization to acquire up to the specified amount (before direct acquisition costs) of Class A and Class C Liberty Global Shares or LiLAC Shares , or other authorized securities, from time to time through open market or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares or other securities pursuant to our equity repurchase programs, which may be suspended or discontinued at any time, is dependent on a variety of factors, including market conditions. At December 31, 2019 , the remaining amount authorized for share repurchases was $66.4 million . In February 2020, our board of directors authorized an additional $1.0 billion for share repurchases. The following table provides details of our share repurchases during 2019 , 2018 and 2017 : Class A ordinary shares Class C ordinary shares Shares repurchased Average price paid per share (a) Shares repurchased Average price paid per share (a) Total cost (a) in millions Liberty Global Shares: 2019 (b) 24,348,562 $ 27.61 95,395,291 $ 26.64 $ 3,220.2 2018 15,649,900 $ 29.67 54,211,059 $ 28.51 $ 2,010.0 2017 34,881,510 $ 33.73 52,523,651 $ 32.71 $ 2,894.7 LiLAC Shares: 2017 2,062,233 $ 22.84 285,572 $ 22.25 $ 53.5 _______________ (a) Includes direct acquisition costs, where applicable. (b) Includes repurchases made pursuant to modified Dutch auction cash tenders, comprising 24,002,262 shares of our class A ordinary shares at a per share price of $27.50 and 75,420,009 shares of our class C ordinary shares at a price per share of $27.00 , for an aggregate purchase price of $2.7 billion , including direct acquisition costs. Subsidiary Distributions From time to time, Telenet and certain other of our subsidiaries make cash distributions to their respective shareholders. Our share of these distributions is eliminated in consolidation and the noncontrolling interest owners’ share of these distributions is reflected as a charge against noncontrolling interests in our consolidated statements of equity. In this regard, Telenet paid dividends to its shareholders during the fourth quarters of 2019 and 2018 of €62.8 million and €600.0 million , respectively. Our share of these dividends was €37.8 million ( $42.0 million at the applicable rate) and €351.6 million ( $404.8 million at the applicable rate), respectively. Restricted Net Assets The ability of certain of our subsidiaries to distribute or loan all or a portion of their net assets to our company is limited by the terms of applicable debt facilities. At December 31, 2019 , substantially all of our net assets represented net assets of our subsidiaries that were subject to such limitations. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 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: Year ended December 31, 2019 2018 2017 in millions Liberty Global: Performance-based incentive awards (a) $ 134.5 $ 50.8 $ 23.9 Non-performance based incentive awards (b) 107.6 90.1 93.8 Other (c) 39.0 43.4 13.7 Total Liberty Global 281.1 184.3 131.4 Telenet share-based incentive awards (d) 15.6 19.6 20.7 Other 9.1 2.1 10.1 Total $ 305.8 $ 206.0 $ 162.2 Included in: Other operating expenses $ 3.9 $ 4.4 $ 4.7 SG&A expenses 301.9 201.6 157.5 Total $ 305.8 $ 206.0 $ 162.2 _______________ (a) Includes share-based compensation expense related to (i) PSU s, (ii) in 2019, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award , each as defined and described below, and (iii) through March 2017, certain performance grant units issued to our Chief Executive Officer. (b) The 2019 amount includes share-based compensation expense related to the 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 have been or will be issued to senior management and key employees pursuant to a shareholding incentive program that was implemented in the fourth quarter of 2017. 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. (d) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, which, at December 31, 2019 , included performance- and non-performance-based stock option awards with respect to 3,846,649 Telenet shares. These stock option awards had a weighted average exercise price of €43.82 ( $49.20 ). As of December 31, 2019 , $291.8 million of total unrecognized compensation cost related to our Liberty Global share-based compensation awards is expected to be recognized by our company over a weighted-average period of approximately 2.1 years . The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global ordinary shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted): Year ended December 31, 2019 2018 2017 Assumptions used to estimate fair value of options, SARs and PSARs granted: Risk-free interest rate 1.59 - 2.45% 2.68 - 2.92% 1.66 - 2.16% Expected life 3.2 - 6.2 years 3.0 - 4.2 years 3.0 - 6.4 years Expected volatility 29.9 - 33.8% 30.2 - 33.6% 25.9 - 37.9% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 8.60 $ 8.99 $ 9.40 SARs $ 6.79 $ 7.92 $ 8.60 PSARs $ 6.92 $ — $ — RSUs $ 24.66 $ 28.72 $ 31.24 RSAs $ 25.29 $ — $ — PSUs $ 25.00 $ 23.60 $ 26.59 Total intrinsic value of awards exercised (in millions): Options $ 4.2 $ 3.8 $ 13.4 SARs $ 13.6 $ 22.5 $ 74.8 Cash received from exercise of options (in millions) $ 2.3 $ 5.7 $ 11.7 Income tax benefit related to share-based compensation of our continuing operations (in millions) $ 21.0 $ 18.6 $ 9.8 Share Incentive Plans — Liberty Global Ordinary Shares Incentive Plans As of December 31, 2019 , we are authorized to grant incentive awards under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan. Generally, we may grant non-qualified share options, SAR s, PSAR s, restricted shares, RSU s, cash awards, performance awards or any combination of the foregoing under either of these incentive plans (collectively, awards). Ordinary shares issuable pursuant to awards made under these incentive plans will be made available from either authorized but unissued shares or shares that have been issued but reacquired by our company. Awards may be granted at or above fair value in any class of ordinary shares. The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan is 155 million (of which no more than 50.25 million shares may consist of Class B ordinary shares) and 10.5 million , respectively, in each case, subject to anti-dilution and other adjustment provisions in the respective plan. As of December 31, 2019 , the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan had 71,262,640 and 8,652,029 ordinary shares available for grant, respectively. Awards (other than performance-based awards) under the Liberty Global 2014 Incentive Plan generally (i) vest 12.5% on the six month anniversary of the grant date and then vest at a rate of 6.25% each quarter thereafter and (ii) expire seven years after the grant date. Awards (other than RSU s) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire seven years after the grant date. RSU s vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of ordinary shares. Performance Awards The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees. Liberty Global PSU s In March 2015, our compensation committee approved the grant of PSU s to executive officers and key employees (the 2015 PSU s ). The performance plan for the 2015 PSU s covered a two-year period that ended on December 31, 2016 and included a performance target based on the achievement of a specified compound annual growth rate ( CAGR ) in a consolidated Adjusted OIBDA metric (as defined in note 20 ). The performance target was adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates that affect comparability ( Adjusted OIBDA CAGR ), and the participant’s annual performance ratings during the two -year performance period. Participants earned 99.5% of their targeted awards under the 2015 PSU s, which vested 50% on each of April 1 and October 1 of 2017. In February 2016, our compensation committee approved the grant of PSU s to executive officers and key employees (the 2016 PSUs ). The performance plan for the 2016 PSUs covered a three -year period that ended on December 31, 2018 and included a performance target based on the achievement of a specified Adjusted OIBDA CAGR . The 2016 PSUs , as adjusted through the 2017 Award Modification , required delivery of compound annual growth rates of consolidated Adjusted OIBDA CAGR of 6.0% during the three -year performance period for Liberty Global or Liberty Latin America depending on the respective class of shares underlying the award. Participants earned 82.3% of their targeted awards under the 2016 PSUs , which vested 50% on each of April 1, 2019 and October 1, 2019. During 2018, the compensation committee of our board of directors approved the grant of PSU s to executive officers and key employees (the 2018 PSUs ) pursuant to a performance plan that is based on the achievement of a specified Adjusted OIBDA CAGR during the two -year period ending December 31, 2019. The 2018 PSUs include over- and under-performance payout opportunities should the Adjusted OIBDA CAGR exceed or fail to meet the target, as applicable. A performance range of 50% to 125% of the target Adjusted OIBDA CAGR will generally result in award recipients earning 50% to 150% of their target 2018 PSUs , subject to reduction or forfeiture based on individual performance. The earned 2018 PSUs will vest 50% on each of April 1, 2020 and 50% on October 1, 2020. The target Adjusted OIBDA CAGR for the 2018 PSUs was determined on October 26, 2018 and, accordingly, associated compensation expense has been recognized prospectively from that date. 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 PSU s ) pursuant to a performance plan that is based on the achievement of a specified Adjusted OIBDA CAGR during the two-year period ending December 31, 2020. The 2019 PSU s 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 PSU s, subject to reduction or forfeiture based on individual performance. The earned 2019 PSU s will vest 50% on April 1, 2021 and 50% on October 1, 2021. 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 vested on December 31, 2019. Subject to forfeitures, the satisfaction of performance conditions and certain other terms, the PSU s 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 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 and base prices equal to the respective market closing prices of the applicable class on the grant date. Share-based Award Activity — Liberty Global Ordinary Shares The following tables summarize the share-based award activity during 2019 with respect to awards issued by Liberty Global : Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 580,254 $ 27.51 Granted 61,244 $ 26.47 Exercised (53,240 ) $ 7.10 Outstanding at December 31, 2019 588,258 $ 29.25 3.7 $ 0.7 Exercisable at December 31, 2019 447,042 $ 29.40 2.6 $ 0.7 Options — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 2,667,506 $ 25.09 Granted 1,364,721 $ 24.52 Forfeited (349,474 ) $ 24.79 Exercised (176,185 ) $ 6.92 Outstanding at December 31, 2019 3,506,568 $ 25.81 3.0 $ 1.7 Exercisable at December 31, 2019 2,820,918 $ 25.68 2.1 $ 1.7 SARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 15,308,562 $ 32.41 Granted 3,350,635 $ 24.92 Forfeited (1,520,202 ) $ 32.62 Exercised (509,520 ) $ 19.91 Impact of the sale of the Vodafone Disposal Group (377,858 ) $ 34.89 Outstanding at December 31, 2019 16,251,617 $ 31.18 3.9 $ — Exercisable at December 31, 2019 10,951,161 $ 32.66 2.4 $ — SARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 34,401,980 $ 30.61 Granted 6,701,270 $ 24.17 Forfeited (3,042,500 ) $ 31.49 Exercised (1,599,608 ) $ 19.25 Impact of the sale of the Vodafone Disposal Group (778,280 ) $ 33.57 Outstanding at December 31, 2019 35,682,862 $ 29.77 3.6 $ — Exercisable at December 31, 2019 25,082,821 $ 30.83 2.1 $ — PSARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 — $ — Granted 4,477,343 $ 25.97 Forfeited (405,727 ) $ 25.97 Outstanding at December 31, 2019 4,071,616 $ 25.97 9.2 $ — Exercisable at December 31, 2019 1,118 $ 25.97 0.8 $ — PSARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 — $ — Granted 8,954,686 $ 25.22 Forfeited (811,454 ) $ 25.22 Outstanding at December 31, 2019 8,143,232 $ 25.22 9.2 $ — Exercisable at December 31, 2019 2,236 $ 25.22 0.8 $ — RSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 582,374 $ 31.85 Granted 359,012 $ 25.09 Forfeited (141,043 ) $ 30.23 Released from restrictions (284,847 ) $ 31.34 Outstanding at December 31, 2019 515,496 $ 27.86 2.5 RSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 — $ — Granted 48,786 $ 26.03 Outstanding at December 31, 2019 48,786 $ 26.03 0.2 RSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 1,162,351 $ 31.02 Granted 718,024 $ 24.35 Forfeited (281,767 ) $ 30.32 Released from restrictions (572,598 ) $ 30.29 Outstanding at December 31, 2019 1,026,010 $ 26.95 2.5 RSAs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 — $ — Granted 670,000 $ 25.29 Released from restrictions (670,000 ) $ 25.29 Outstanding at December 31, 2019 — $ — — PSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 2,904,644 $ 28.22 Granted 2,502,764 $ 25.44 Forfeited (548,237 ) $ 28.58 Released from restrictions (1,416,391 ) $ 31.04 Impact of the sale of the Vodafone Disposal Group (54,409 ) $ 24.03 Outstanding at December 31, 2019 3,388,371 $ 25.00 1.6 PSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 — $ — Granted 1,330,000 $ 25.29 Outstanding at December 31, 2019 1,330,000 $ 25.29 0.9 PSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 5,814,437 $ 27.39 Granted 5,005,528 $ 24.69 Forfeited (1,098,252 ) $ 27.71 Released from restrictions (2,836,847 ) $ 30.06 Impact of the sale of the Vodafone Disposal Group (108,818 ) $ 23.41 Outstanding at December 31, 2019 6,776,048 $ 24.29 1.6 Share-based Award Activity — Liberty Global Ordinary Shares Held by Former Liberty Global Employees The following tables summarize the share-based awards issued by Liberty Global held by former employees of the company that (i) became employees of Liberty Latin America as a result of the Split-off Transaction and (ii) were employees of entities included in the Vodafone Disposal Group . We do not recognize share-based compensation expense with respect to these awards. Number of awards Weighted average exercise or base price Weighted average remaining contractual term Aggregate intrinsic value Options and SARs: Class A: Outstanding 1,509,447 $ 33.96 2.0 $ — Exercisable 1,429,022 $ 33.95 1.8 $ — Class C: Outstanding 3,374,752 $ 32.08 1.8 $ — Exercisable 3,213,870 $ 32.02 1.7 $ — Number of awards Weighted average grant date fair value per share Weighted average remaining contractual term Outstanding RSUs and PSUs: Class A: RSUs 3,969 $ 33.23 1.3 PSUs 54,990 $ 24.05 0.8 Class C: RSUs 7,923 $ 32.33 1.3 PSUs 109,980 $ 23.44 0.8 |
Restructuring Liabilities
Restructuring Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liabilities | Restructuring Liabilities A summary of changes in our restructuring liabilities during 2019 is set forth in the table below: Employee severance and termination Office closures Contract termination 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 84.3 1.1 4.5 89.9 Cash paid (81.3 ) (4.4 ) (10.9 ) (96.6 ) Foreign currency translation adjustments and other 1.4 (0.6 ) (0.9 ) (0.1 ) Restructuring liability as of December 31, 2019 $ 19.1 $ 2.2 $ 10.6 $ 31.9 Current portion $ 17.6 $ 1.9 $ 3.2 $ 22.7 Noncurrent portion 1.5 0.3 7.4 9.2 Total $ 19.1 $ 2.2 $ 10.6 $ 31.9 _______________ (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 . Our restructuring charges during 2019 included employee severance and termination costs related to certain reorganization activities of $40.2 million in U.K./Ireland , $32.3 million in Central and Corporate and $10.5 million in Switzerland . A summary of changes in our restructuring liabilities during 2018 is set forth in the table below: Employee severance and termination Office closures Contract termination Total in millions Restructuring liability as of January 1, 2018 $ 11.3 $ 9.5 $ 16.5 $ 37.3 Restructuring charges 42.2 5.5 48.7 96.4 Cash paid (35.5 ) (6.0 ) (44.7 ) (86.2 ) Foreign currency translation adjustments and other (3.3 ) (0.5 ) (2.6 ) (6.4 ) Restructuring liability as of December 31, 2018 $ 14.7 $ 8.5 $ 17.9 $ 41.1 Current portion $ 13.3 $ 4.5 $ 8.4 $ 26.2 Noncurrent portion 1.4 4.0 9.5 14.9 Total $ 14.7 $ 8.5 $ 17.9 $ 41.1 Our restructuring charges during 2018 included (i) $40.5 million of costs in Belgium attributed to the migration of Telenet ’s mobile subscribers from a mobile virtual network operator ( MVNO ) arrangement to Telenet ’s mobile network and (ii) employee severance and termination costs related to certain reorganization and integration activities of $23.7 million in U.K./Ireland and $14.2 million in Central and Corporate . In connection with the acquisition of Telenet Group BVBA, formerly known as BASE Company BVBA ( BASE ), Telenet acquired BASE 's mobile network in Belgium. As a result, Telenet migrated its mobile subscribers from an MVNO arrangement to the BASE mobile network. In March 2018, Telenet completed this migration and recorded the costs associated with meeting its minimum guarantee commitment under the MVNO agreement as a restructuring charge. Telenet ’s MVNO agreement expired at the end of 2018. A summary of changes in our restructuring liabilities during 2017 is set forth in the table below: Employee severance and termination Office closures Contract termination Total in millions Restructuring liability as of January 1, 2017 $ 23.0 $ 7.1 $ 31.7 $ 61.8 Restructuring charges 35.2 8.3 4.9 48.4 Cash paid (50.0 ) (6.8 ) (22.2 ) (79.0 ) Foreign currency translation adjustments and other 3.1 0.9 2.1 6.1 Restructuring liability as of December 31, 2017 $ 11.3 $ 9.5 $ 16.5 $ 37.3 Current portion $ 9.9 $ 4.4 $ 4.6 $ 18.9 Noncurrent portion 1.4 5.1 11.9 18.4 Total $ 11.3 $ 9.5 $ 16.5 $ 37.3 Our restructuring charges during 2017 included employee severance and termination costs related to certain reorganization and integration activities of $20.1 million in U.K./Ireland and $10.0 million in Central and Corporate . |
Defined Benefit Plans
Defined Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. A significant portion of these defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits. The table below provides summary information on the defined benefit plans: December 31, 2019 2018 2017 in millions Fair value of plan assets (a) $ 1,500.0 $ 1,305.0 $ 1,412.2 Projected benefit obligation $ 1,407.5 $ 1,217.5 $ 1,335.4 Net asset $ 92.5 $ 87.5 $ 76.8 _______________ (a) The fair value of plan assets at December 31, 2019 includes $1,120.1 million , $113.3 million and $266.6 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 9 ). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets. Our net periodic pension cost was $8.6 million , $7.4 million and $4.0 million during 2019 , 2018 and 2017 , respectively, including $20.9 million , $24.4 million and $22.2 million , respectively, representing the service cost component. The 2019 and 2018 amounts exclude aggregate curtailment gains of $1.4 million and $1.1 million , respectively, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. During 2019 , our subsidiaries’ contributions to their respective defined benefit plans aggregated $26.5 million . Based on December 31, 2019 exchange rates and information available as of that date, we expect this amount to be $27.4 million in 2020 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings (Loss) | Accumulated Other Comprehensive Earnings (Loss) Accumulated other comprehensive earnings (loss) included on our consolidated balance sheets and statements of equity reflect the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other. The changes in the components of accumulated other comprehensive earnings (loss), net of taxes, are summarized as follows: Liberty Global shareholders Foreign currency translation adjustments Pension- related adjustments and other Accumulated other comprehensive earnings (loss) Noncontrolling interests Total accumulated other comprehensive earnings (loss) in millions Balance at January 1, 2017 $ (272.6 ) $ (99.8 ) $ (372.4 ) $ (5.9 ) $ (378.3 ) Other comprehensive earnings 1,942.8 0.3 1,943.1 1.7 1,944.8 Impact of the Split-off Transaction 56.4 28.9 85.3 — 85.3 Balance at December 31, 2017 1,726.6 (70.6 ) 1,656.0 (4.2 ) 1,651.8 Other comprehensive loss (1,007.3 ) (16.9 ) (1,024.2 ) 0.2 (1,024.0 ) Balance at December 31, 2018 719.3 (87.5 ) 631.8 (4.0 ) 627.8 Other comprehensive earnings 490.3 (9.4 ) 480.9 1.2 482.1 Balance at December 31, 2019 $ 1,209.6 $ (96.9 ) $ 1,112.7 $ (2.8 ) $ 1,109.9 The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive earnings (loss). The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations: Pre-tax amount Tax benefit (expense) Net-of-tax amount in millions Year ended December 31, 2019: Foreign currency translation adjustments $ 432.2 $ 3.3 $ 435.5 Pension-related adjustments and other (16.7 ) 2.3 (14.4 ) Other comprehensive earnings from continuing operations 415.5 5.6 421.1 Other comprehensive earnings from discontinued operations (a) 61.1 (0.1 ) 61.0 Other comprehensive earnings 476.6 5.5 482.1 Other comprehensive earnings attributable to noncontrolling interests (b) (1.5 ) 0.3 (1.2 ) Other comprehensive earnings attributable to Liberty Global shareholders $ 475.1 $ 5.8 $ 480.9 Year ended December 31, 2018: Foreign currency translation adjustments $ (897.9 ) $ — $ (897.9 ) Pension-related adjustments and other (24.4 ) 4.4 (20.0 ) Other comprehensive loss from continuing operations (922.3 ) 4.4 (917.9 ) Other comprehensive loss from discontinued operations (a) (105.9 ) (0.2 ) (106.1 ) Other comprehensive loss (1,028.2 ) 4.2 (1,024.0 ) Other comprehensive earnings attributable to noncontrolling interests (b) (0.3 ) 0.1 (0.2 ) Other comprehensive loss attributable to Liberty Global shareholders $ (1,028.5 ) $ 4.3 $ (1,024.2 ) Year ended December 31, 2017: Foreign currency translation adjustments $ 1,898.7 $ — $ 1,898.7 Pension-related adjustments 17.6 (1.9 ) 15.7 Other comprehensive earnings from continuing operations 1,916.3 (1.9 ) 1,914.4 Other comprehensive earnings from discontinued operations 30.1 0.3 30.4 Other comprehensive earnings 1,946.4 (1.6 ) 1,944.8 Other comprehensive earnings attributable to noncontrolling interests (b) (1.9 ) 0.2 (1.7 ) Other comprehensive earnings attributable to Liberty Global shareholders $ 1,944.5 $ (1.4 ) $ 1,943.1 _______________ (a) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6 . (b) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2019 . The commitments included in this table do not reflect any liabilities that are included on our December 31, 2019 consolidated balance sheet. Payments due during: 2020 2021 2022 2023 2024 Thereafter Total in millions Programming commitments $ 1,165.0 $ 887.4 $ 355.3 $ 17.5 $ 14.2 $ 30.4 $ 2,469.8 Network and connectivity commitments 715.3 313.3 98.3 46.9 39.9 736.1 1,949.8 Purchase commitments 668.0 181.5 60.8 35.9 17.3 25.1 988.6 Other commitments 30.0 3.4 2.0 0.3 0.3 1.0 37.0 Total $ 2,578.3 $ 1,385.6 $ 516.4 $ 100.6 $ 71.7 $ 792.6 $ 5,445.2 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 $1,702.4 million , $1,671.4 million and $1,470.2 million during 2019 , 2018 and 2017 , respectively. Network and connectivity commitments include (i) Telenet ’s commitments for certain operating costs associated with its leased network, (ii) commitments associated with our MVNO agreements, 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 2019 , 2018 and 2017 , see note 8 . For information regarding our defined benefit plans, see note 17 . We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable. Rental expense under non-cancellable operating lease arrangements amounted to $111.8 million and $104.5 million during 2018 and 2017 , respectively. It is expected that in the normal course of business, operating leases that expire generally will be renewed or replaced by similar leases. We have established various defined contribution benefit plans for our and our subsidiaries’ employees. Our aggregate expense for matching contributions under the various defined contribution employee benefit plans was $42.6 million , $41.0 million and $34.7 million during 2019 , 2018 and 2017 , respectively. 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 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 ( $22.5 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 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. In September 2019, Telenet submitted its comments to the Belgium Regulatory Authorities opposing the “reasonable access tariffs.” The Belgium Regulatory Authorities originally indicated their intention to adopt a final decision in the fourth quarter of 2019, with the application of new tariffs in early 2020, however the European Commission review process, which must occur before adoption of a final decision, has yet to be undertaken. 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. In September 2019, the Brussels Court of Appeal upheld the 2018 Decision , and consequently, the above-mentioned obligations stemming from the 2018 Decision remain in place. Telenet is currently considering whether to appeal the decision further. 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 ( HMRC ). HMRC claimed that amounts charged to certain Virgin Media customers for payment handling services are subject to VAT , while Virgin Media took the position that such charges were exempt from VAT under existing law. At the time of HMRC ’s initial challenge in 2009, Virgin Media remitted all related VAT amounts claimed by HMRC , and continued to make such VAT payments pending a ruling on Virgin Media ’s appeal to the First Tier Tribunal. As the likelihood of loss was not considered probable and Virgin Media believed that the amounts paid would be recoverable, such amounts were recorded as a receivable on our consolidated balance sheet. In January 2020, the First Tier Tribunal rejected our appeal and ruled in favor of HMRC . Accordingly, during the fourth quarter of 2019 we recorded a net provision for litigation of £41.3 million ( $54.0 million at the applicable rate), which is included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. Virgin Media is currently considering whether to appeal this decision further. 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. HMRC 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 HMRC . 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 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. UPC Austria Matter . As further described in note 6 , we completed the sale of UPC Austria on July 31, 2018. In October of 2019, we received notification under the terms of the relevant acquisition agreements from Deutsche Telekom and its subsidiary T-Mobile Austria Holding GmbH (together, the UPC Austria Sale Counterparties ), asserting claims of approximately €70.5 million ( $79.2 million ) together with an invitation to engage in amicable discussions to resolve the matter in a time and cost effective manner. We since received further asserted claims of approximately €20.6 million ( $23.1 million ). Discussions regarding the claims are preliminary and no amounts have been accrued by our company with respect to this matter as the likelihood of loss is not considered to be probable at this stage. We are unable to provide any meaningful estimate of a possible range of loss because, among other reasons, (i) we believe the assertions are unsupported and/or exaggerated, (ii) there are significant factual matters to be resolved and (iii) the matter is in a preliminary stage and we have yet to engage in detail with the UPC Austria Sale Counterparties . The acquisition agreement provides for arbitration of disputes in the event the parties are unable to resolve any differences. We intend to vigorously defend this matter. Other Contingency Matters. In connection with the dispositions of certain of our operations, we provided tax indemnities to the counterparties for certain tax liabilities that could arise from the period we owned the respective operations, subject to certain thresholds. While we have not received notification from the counterparties for indemnification, it is reasonably possible that we could, and the amounts involved could be significant. No amounts have been accrued by our company as the likelihood of any loss is not considered to be probable. Other Regulatory Matters. 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 2019, we expect the aggregate amount of this increase will be approximately £17 million ( $23 million ) in 2020. Beyond 2020, 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. The U.K. Office of Communications ( Ofcom ) is the key regulatory authority for the communications sector in which we operate in the U.K. Ofcom has recently issued new regulatory requirements that, effective in February 2020, obligate us to (i) alert customers who are approaching the end of a minimum contract term to the fact that their contract period is coming to an end and to set out the best new price that we can offer them and (ii) once a year, alert customers who are out of contract to that fact and again confirm the best new price we can offer them. In both cases, we must also set out the price available to new customers for an equivalent service offering. These requirements could have a material adverse impact on our revenue and Adjusted OIBDA in 2020 and future periods. For additional information see Item 1. Business - Regulatory Matters included in Part I of this Annual Report on Form 10-K. In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business including (i) legal proceedings, (ii) issues involving VAT and wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming, copyright and channel carriage fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 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 December 31, 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 broadband internet, video, fixed-line telephony and mobile services. 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. During the fourth quarter of 2019, we changed the presentation of certain costs related to our centrally-managed technology and innovation function. These costs, which were previously included in Central and Corporate , are now allocated to our consolidated reportable segments. This change, which we refer to as the “ Centrally-held Cost Allocation ”, was made as a result of internal changes with respect to the way in which our chief operating decision maker evaluates the Adjusted OIBDA of our operating segments. Segment information for all periods presented has been revised to reflect this change. The following table provides a summary of the impact on the Adjusted OIBDA of our consolidated reportable segments and Central and Corporate that resulted from the Centrally-held Cost Allocation . Year ended December 31, 2019 2018 2017 in millions Increase (decrease) to Adjusted OIBDA: U.K./Ireland $ (66.6 ) $ (61.7 ) $ (52.8 ) Switzerland (33.0 ) (36.7 ) (32.3 ) Central and Eastern Europe (14.7 ) (15.5 ) (13.4 ) Central and Corporate 114.3 113.9 98.5 Total Liberty Global $ — $ — $ — 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 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 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 consolidated statements of operations. Year ended December 31, 2019 2018 2017 Revenue Adjusted OIBDA Revenue Adjusted OIBDA (b) Revenue Adjusted OIBDA (b) in millions U.K./Ireland $ 6,600.3 $ 2,800.5 $ 6,875.1 $ 2,995.5 $ 6,398.7 $ 2,831.2 Belgium 2,893.0 1,386.1 2,993.6 1,480.0 2,865.3 1,300.3 Switzerland 1,258.8 627.9 1,326.0 712.0 1,370.1 800.3 Central and Eastern Europe 475.4 215.0 492.2 233.6 467.5 220.1 Central and Corporate 316.4 (171.1 ) 274.2 (257.8 ) 189.4 (317.3 ) Intersegment eliminations (a) (2.4 ) 1.1 (3.2 ) (11.8 ) (14.6 ) (9.5 ) Total $ 11,541.5 $ 4,859.5 $ 11,957.9 $ 5,151.5 $ 11,276.4 $ 4,825.1 VodafoneZiggo JV $ 4,407.8 $ 1,987.7 $ 4,602.2 $ 2,009.7 $ 4,512.5 $ 1,910.6 _______________ (a) Amounts are related to transactions between our continuing and discontinued operations prior to the disposal dates of such discontinued operations. (b) Amounts have been revised to reflect the retrospective impact of the Centrally-held Cost Allocation , as described above. The following table provides a reconciliation of Adjusted OIBDA from continuing operations to earnings (loss) from continuing operations before income taxes: Year ended December 31, 2019 2018 2017 in millions Adjusted OIBDA from continuing operations $ 4,859.5 $ 5,151.5 $ 4,825.1 Share-based compensation expense (305.8 ) (206.0 ) (162.2 ) Depreciation and amortization (3,652.2 ) (3,858.2 ) (3,790.6 ) Impairment, restructuring and other operating items, net (156.0 ) (248.2 ) (79.9 ) Operating income 745.5 839.1 792.4 Interest expense (1,385.9 ) (1,478.7 ) (1,416.1 ) Realized and unrealized gains (losses) on derivative instruments, net (192.0 ) 1,125.8 (1,052.8 ) Foreign currency transaction gains (losses), net (94.8 ) 90.4 (181.5 ) Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net 72.0 (384.5 ) 43.4 Losses on debt modification and extinguishment, net (216.7 ) (65.0 ) (252.2 ) Share of results of affiliates, net (198.5 ) (8.7 ) (95.2 ) Other income, net 114.4 43.4 50.9 Earnings (loss) from continuing operations before income taxes $ (1,156.0 ) $ 161.8 $ (2,111.1 ) Balance Sheet Data of our Reportable Segments Selected balance sheet data of our reportable segments is set forth below: Long-lived assets Total assets December 31, December 31, 2019 2018 2019 2018 in millions U.K./Ireland $ 16,170.9 $ 16,254.6 $ 20,665.5 $ 20,702.5 Belgium 5,910.3 5,979.4 7,148.2 6,972.1 Switzerland 4,247.7 4,165.4 4,647.8 4,496.0 Central and Eastern Europe 1,062.2 1,087.4 1,135.2 1,130.8 Central and Corporate 1,079.6 1,142.2 15,449.6 9,321.1 Total - continuing operations $ 28,470.7 $ 28,629.0 $ 49,046.3 $ 42,622.5 VodafoneZiggo JV $ 20,674.8 $ 22,026.2 $ 22,426.5 $ 23,255.3 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 consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12 , respectively. Year ended December 31, 2019 2018 2017 in millions U.K./Ireland $ 1,578.0 $ 1,988.9 $ 2,161.8 Belgium 537.2 790.8 691.0 Switzerland 277.9 249.6 244.4 Central and Eastern Europe 107.0 152.8 158.2 Central and Corporate (a) 380.4 523.5 448.1 Total property and equipment additions 2,880.5 3,705.6 3,703.5 Assets acquired under capital-related vendor financing arrangements (1,727.0 ) (2,175.5 ) (2,336.2 ) Assets acquired under finance leases (66.9 ) (102.4 ) (106.7 ) Changes in current liabilities related to capital expenditures 156.5 25.3 (10.6 ) Total capital expenditures, net $ 1,243.1 $ 1,453.0 $ 1,250.0 Capital expenditures, net: Third-party payments $ 1,323.9 $ 1,552.7 $ 1,586.5 Proceeds received for transfers to related parties (b) (80.8 ) (99.7 ) (336.5 ) Total capital expenditures, net $ 1,243.1 $ 1,453.0 $ 1,250.0 Property and equipment additions - VodafoneZiggo JV $ 887.9 $ 988.7 $ 933.9 _______________ (a) Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments. (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: Year ended December 31, 2019 2018 2017 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Broadband internet $ 3,187.4 $ 3,226.6 $ 2,979.7 Video 2,723.9 2,863.2 2,786.5 Fixed-line telephony 1,413.2 1,607.8 1,599.8 Total subscription revenue 7,324.5 7,697.6 7,366.0 Non-subscription revenue 198.1 279.1 343.6 Total residential cable revenue 7,522.6 7,976.7 7,709.6 Residential mobile revenue (c): Subscription revenue (b) 932.1 983.5 999.7 Non-subscription revenue 688.2 694.8 607.1 Total residential mobile revenue 1,620.3 1,678.3 1,606.8 Total residential revenue 9,142.9 9,655.0 9,316.4 B2B revenue (d): Subscription revenue 472.5 446.4 367.6 Non-subscription revenue 1,441.5 1,537.1 1,372.5 Total B2B revenue 1,914.0 1,983.5 1,740.1 Other revenue (e) 484.6 319.4 219.9 Total $ 11,541.5 $ 11,957.9 $ 11,276.4 _______________ (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. As described in note 2 , we adopted ASU 2014-09 on January 1, 2018 using the cumulative effect transition method. For periods subsequent to our adoption of ASU 2014-09 , installation revenue is generally deferred and recognized over the contractual period as residential cable subscription revenue. For periods prior to the adoption of ASU 2014-09 , installation revenue is included in residential cable non-subscription revenue. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, 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 revenue from 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 the sale of customer premises equipment to the VodafoneZiggo JV, (ii) revenue earned from transitional and other services provided to various third parties and (iii) broadcasting revenue in Ireland. Geographic Segments The revenue of our geographic segments is set forth below: Year ended December 31, 2019 2018 2017 in millions U.K. $ 6,086.2 $ 6,351.2 $ 5,927.9 Belgium 2,893.0 2,993.6 2,865.3 Switzerland 1,258.8 1,326.0 1,370.1 Ireland 514.1 523.9 470.8 Poland 425.7 440.7 417.9 Slovakia 49.7 51.5 49.6 Other, including intersegment eliminations 314.0 271.0 174.8 Total $ 11,541.5 $ 11,957.9 $ 11,276.4 VodafoneZiggo JV (the Netherlands) $ 4,407.8 $ 4,602.2 $ 4,512.5 The long-lived assets of our geographic segments are set forth below: December 31, 2019 2018 in millions U.K. $ 15,422.4 $ 15,489.2 Belgium 5,910.3 5,979.4 Switzerland 4,247.7 4,165.4 Poland 937.0 958.7 Ireland 748.5 765.4 Slovakia 125.2 128.7 U.S. and other (a) 1,079.6 1,142.2 Total $ 28,470.7 $ 28,629.0 VodafoneZiggo JV (the Netherlands) $ 20,674.8 $ 22,026.2 _______________ (a) Primarily relates to certain long-lived assets included in Central and Corporate . |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) 2019 1 st quarter 2 nd quarter 3 rd quarter 4 th quarter in millions, except per share amounts Revenue $ 2,868.0 $ 2,850.4 $ 2,840.9 $ 2,982.2 Operating income $ 105.5 $ 148.7 $ 208.8 $ 282.5 Earnings (loss) from continuing operations $ (306.9 ) $ (339.6 ) $ 587.2 $ (1,349.7 ) Net earnings (loss) $ 15.7 $ 82.5 $ 12,885.1 $ (1,345.1 ) Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (315.6 ) $ (369.1 ) $ 550.0 $ (1,391.1 ) Net earnings (loss) attributable to Liberty Global shareholders $ 7.0 $ 53.0 $ 12,847.9 $ (1,386.5 ) Basic and diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (note 3) $ (0.43 ) $ (0.50 ) $ 0.77 $ (2.20 ) Basic earnings (loss) attributable to Liberty Global shareholders per share $ 0.01 $ 0.07 $ 17.99 $ (2.19 ) Diluted earnings (loss) attributable to Liberty Global shareholders per share $ 0.01 $ 0.07 $ 17.91 $ (2.19 ) 2018 1 st quarter 2 nd quarter 3 rd quarter 4 th quarter in millions, except per share amounts Revenue $ 3,063.5 $ 3,015.6 $ 2,929.7 $ 2,949.1 Operating income $ 117.5 $ 264.1 $ 205.1 $ 252.4 Earnings (loss) from continuing operations $ (1,367.2 ) $ 669.0 $ (399.4 ) $ (313.9 ) Net earnings (loss) $ (1,178.6 ) $ 950.5 $ 1,025.9 $ 52.2 Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (1,373.3 ) $ 632.9 $ (450.6 ) $ (341.0 ) Net earnings (loss) attributable to Liberty Global shareholders $ (1,186.5 ) $ 912.6 $ 974.1 $ 25.1 Basic and diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (note 3) $ (1.70 ) $ 0.80 $ (0.57 ) $ (0.45 ) Basic earnings (loss) attributable to Liberty Global shareholders per share $ (1.47 ) $ 1.16 $ 1.23 $ 0.03 Diluted earnings (loss) attributable to Liberty Global shareholders per share $ (1.47 ) $ 1.15 $ 1.23 $ 0.03 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events Telenet Financing Transaction In January 2020, Telenet entered into (i) a $2,295.0 million U.S. dollar-denominated term loan facility and (ii) a €1,110.0 million ( $1,246.4 million ) euro-denominated term loan facility, each under the Telenet Credit Facility . The net proceeds from these facilities, together with existing cash, were used to prepay in full (a) the $2,295.0 million outstanding principal amount on a U.S. dollar-denominated term loan facility and (b) the €1,110.0 million outstanding principal amount on a euro-denominated term loan facility, each under the Telenet Credit Facility . UPC Holding Financing Transaction In January 2020, UPC Holding entered into (i) a $700.0 million U.S. dollar-denominated term loan facility and (ii) a €400.0 million ( $449.1 million ) euro-denominated term loan facility, each under the UPC Holding Bank Facility . The net proceeds from these facilities were used to prepay in full the $1,140.0 million of outstanding principal amount on a U.S. dollar-denominated term loan facility under the UPC Holding Bank Facility , together with accrued and unpaid interest and the related prepayment premiums, which was owed to the applicable UPCB SPE and, in turn, the UPCB SPE used such proceeds to redeem in full the $1,140.0 million outstanding principal amount of U.S. dollar-denominated notes under the UPCB SPE Notes. |
SCHEDULE I (Parent Company Info
SCHEDULE I (Parent Company Information) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I (Parent Company Information) | LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED BALANCE SHEETS (Parent Company Only) December 31, 2019 2018 in millions ASSETS Current assets: Cash and cash equivalents $ 6.7 $ 10.8 Other receivables — related-party 68.9 13.0 Other current assets 80.6 7.0 Total current assets 156.2 30.8 Long-term notes receivable — related-party 2,984.9 1,215.5 Investments in consolidated subsidiaries, including intercompany balances 33,570.7 20,829.5 Other assets, net 266.1 13.7 Total assets $ 36,977.9 $ 22,089.5 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 0.5 $ 3.5 Other payables — related-party 22.5 26.4 Current portion of notes payable — related-party 7,575.4 3,033.3 Accrued liabilities and other 12.6 9.1 Total current liabilities 7,611.0 3,072.3 Long-term notes payable — related-party 15,757.2 14,332.5 Other long-term liabilities 3.5 3.3 Total liabilities 23,371.7 17,408.1 Commitments and contingencies Shareholders’ equity: Liberty Global Shares — Class A, $0.01 nominal value. Issued and outstanding 181,560,735 and 204,450,499 shares, respectively 1.8 2.0 Liberty Global Shares — Class B, $0.01 nominal value. Issued and outstanding 12,151,526 and 11,099,593 shares, respectively 0.1 0.1 Liberty Global Shares — Class C, $0.01 nominal value. Issued and outstanding 438,867,447 and 531,174,389 shares, respectively 4.4 5.3 Additional paid-in capital 6,136.9 9,214.5 Accumulated earnings (deficit) 6,350.4 (5,172.2 ) Accumulated other comprehensive earnings, net of taxes 1,112.7 631.8 Treasury shares, at cost (0.1 ) (0.1 ) Total shareholders’ equity 13,606.2 4,681.4 Total liabilities and shareholders’ equity $ 36,977.9 $ 22,089.5 LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENTS OF OPERATIONS (Parent Company Only) Year ended December 31, 2019 2018 2017 in millions Operating costs and expenses: Selling, general and administrative (including share-based compensation) $ 61.0 $ 42.8 $ 44.9 Related-party fees and allocations 20.6 8.0 55.2 Depreciation and amortization 1.4 1.5 1.0 Other operating expenses 0.2 — — Operating loss (83.2 ) (52.3 ) (101.1 ) Non-operating income (expense): Interest expense — related-party (864.6 ) (678.0 ) (406.5 ) Interest income — related-party 89.6 70.9 822.7 Foreign currency transaction gains (losses), net 281.2 381.0 (644.8 ) Other income (expense), net 3.4 0.1 (3.3 ) (490.4 ) (226.0 ) (231.9 ) Loss before income taxes and equity in earnings (losses) of consolidated subsidiaries, net (573.6 ) (278.3 ) (333.0 ) Equity in earnings (losses) of consolidated subsidiaries, net 11,921.4 887.9 (2,386.0 ) Income tax benefit (expense) 173.6 115.7 (59.1 ) Net earnings (loss) $ 11,521.4 $ 725.3 $ (2,778.1 ) LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENTS OF CASH FLOWS (Parent Company Only) Year ended December 31, 2019 2018 2017 in millions Cash flows from operating activities: Net earnings (loss) $ 11,521.4 $ 725.3 $ (2,778.1 ) Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities: Equity in losses (earnings) of consolidated subsidiaries, net (11,921.4 ) (887.9 ) 2,386.0 Share-based compensation expense 35.8 20.6 19.8 Related-party fees and allocations 20.6 8.0 55.2 Depreciation and amortization 1.4 1.5 1.0 Other operating expenses 0.2 — — Foreign currency transaction losses (gains), net (281.2 ) (381.0 ) 644.8 Deferred income tax benefit (10.0 ) (2.8 ) (1.6 ) Changes in operating assets and liabilities: Receivables and other operating assets (213.7 ) (134.8 ) 502.7 Payables and accruals 554.3 564.4 (160.9 ) Net cash provided (used) by operating activities (292.6 ) (86.7 ) 668.9 Cash flows from investing activities: Distribution and repayments from (investments in and advances to) consolidated subsidiaries, net (142.8 ) (93.4 ) 1,188.7 Funding of the Vodafone Escrow Accounts, net (295.2 ) — — Other investing activities, net (0.1 ) — (7.0 ) Net cash provided (used) by investing activities (438.1 ) (93.4 ) 1,181.7 Cash flows from financing activities: Borrowings of related-party debt 5,870.5 3,133.3 4,632.7 Repayments of related-party debt (2,018.6 ) (1,010.0 ) (3,496.0 ) Repurchase of Liberty Global ordinary shares (3,219.4 ) (2,009.9 ) (2,976.2 ) Borrowings of third-party debt 98.6 — — Other financing activities, net (5.0 ) 4.3 3.6 Net cash provided ( used) by financing activities 726.1 117.7 (1,835.9 ) Effect of exchange rate changes on cash 0.5 — (0.4 ) Net increase (decrease) in cash and cash equivalents (4.1 ) (62.4 ) 14.3 Cash and cash equivalents: Beginning of period 16.0 78.4 64.1 End of period $ 11.9 $ 16.0 $ 78.4 Details of end of period cash and cash equivalents and restricted cash: Cash and cash equivalents $ 6.7 $ 10.8 $ 73.2 Restricted cash included in other current assets 5.2 5.2 5.2 Total cash and cash equivalents and restricted cash $ 11.9 $ 16.0 $ 78.4 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LIBERTY GLOBAL PLC SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for doubtful accounts — Trade receivables (Continuing operations) Balance at beginning of period Impact of the adoption of ASU 2014-09 Additions to costs and expenses Acquisitions Deductions or write-offs Foreign currency translation adjustments Balance at end of period in millions Year ended December 31: 2017 $ 56.1 — 51.6 1.5 (41.7 ) 6.7 $ 74.2 2018 $ 74.2 11.9 61.6 — (98.4 ) (3.5 ) $ 45.8 2019 $ 45.8 — 44.6 — (48.3 ) 0.7 $ 42.8 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes 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 accounting principles generally accepted in the U.S. ( 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 12 . ASU 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ( ASU 2014-09 ), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services to customers. We adopted ASU 2014-09 effective January 1, 2018 by recording the cumulative effect of the adoption to our accumulated deficit. We applied the new standard to contracts that were not complete at January 1, 2018. The comparative information for the year ended December 31, 2017 contained within these consolidated financial statements and notes has not been restated and continues to be reported under the accounting standards in effect for such period. The implementation of ASU 2014-09 did not have a material impact on our consolidated financial statements. The principal impacts of ASU 2014-09 on our revenue recognition policies relate to our accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain upfront fees charged to our customers, as follows: • When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under previous accounting rules, we recognized revenue, net of discounts, during the promotional periods and did not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition for those contracts that contain substantive termination penalties is recognized uniformly over the contractual period. For contracts that do not have substantive termination penalties, we continue to record the impacts of partial or full discounts during the applicable promotional periods. • When we enter into contracts to provide services to our customers, we often charge installation or other upfront fees. Under previous accounting rules, installation fees related to services provided over our cable networks were recognized as revenue during the period in which the installation occurred to the extent these fees were equal to or less than direct selling costs. Under ASU 2014-09 , these fees are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. ASU 2014-09 also impacted our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our previous policy, these costs were expensed as incurred unless the costs were in the scope of another accounting topic that allowed for capitalization. Under ASU 2014-09 , certain upfront costs associated with contracts that have substantive termination penalties and a term of one year or more are recognized as assets and amortized to operating costs and expenses over the applicable period benefited. For additional information regarding the impact of our adoption of ASU 2014-09 , see note 4 . The cumulative effect of the adoption of ASU 2014-09 on our summary balance sheet information as of January 1, 2018 is as follows: Balance at December 31, 2017 ASU 2014-09 Adjustments Balance at January 1, 2018 in millions Assets: Trade receivables, net $ 1,404.5 (0.7 ) $ 1,403.8 Current assets of discontinued operations $ 276.0 98.2 $ 374.2 Other current assets $ 351.2 76.6 $ 427.8 Investments and related note receivables (a) $ 6,671.4 191.2 $ 6,862.6 Deferred tax assets $ 3,133.1 (16.0 ) $ 3,117.1 Long-term assets of discontinued operations $ 11,237.4 29.1 $ 11,266.5 Other assets, net $ 3,720.2 21.4 $ 3,741.6 Liabilities: Deferred revenue $ 936.6 5.6 $ 942.2 Current liabilities of discontinued operations $ 1,635.9 26.7 $ 1,662.6 Other accrued and current liabilities $ 2,219.0 1.2 $ 2,220.2 Long-term liabilities of discontinued operations $ 10,014.4 39.1 $ 10,053.5 Other long-term liabilities $ 2,246.6 2.7 $ 2,249.3 Equity: Accumulated deficit (a) $ (6,217.6 ) 320.1 $ (5,897.5 ) Noncontrolling interests $ (412.0 ) 4.4 $ (407.6 ) _______________ (a) The ASU 2014-09 adjustment amounts include the impact of our share of the VodafoneZiggo JV ’s adjustment to its owners’ equity. The impact of our adoption of ASU 2014-09 on our consolidated balance sheet as of December 31, 2019 was not materially different from the impacts set forth in the above January 1, 2018 summary balance sheet information. Similarly, the adoption of ASU 2014-09 did not have a material impact on our consolidated statement of operations for the year ended December 31, 2019 . ASU 2016-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09 ), which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. We adopted ASU 2016-09 on January 1, 2017. As a result of adopting this standard, we (i) recognized a cumulative effect adjustment to our accumulated deficit as of January 1, 2017 and (ii) retrospectively revised the presentation of our consolidated statements of cash flows to remove the operating cash outflows and financing cash inflows associated with excess tax benefits from share-based compensation. The cumulative effect adjustment, which totaled $15.3 million , represents the tax effect of deductions in excess of the financial reporting expense for share-based compensation that were not previously recognized for financial reporting purposes as these tax benefits were not realized as a reduction of income taxes payable. 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 generally be expensed as incurred. We adopted ASU 2018-15 on January 1, 2020 on a prospective basis. As a result of the adoption of ASU 2018-15 , (i) certain implementation costs that were previously expensed as incurred will now be deferred as prepaid expenses and amortized over the term of the cloud computing arrangement and (ii) certain costs associated with developing interfaces between a cloud computing arrangement and internal-use software that were previously capitalized as property and equipment will now be deferred as prepaid expenses and amortized over the term of the cloud computing arrangement. We currently do not believe the adoption of ASU 2018-15 will have a significant impact 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 permits entities to test a film or license agreement for impairment at the film group level, addresses cash flow classification and provides new disclosure requirements. We adopted ASU 2019-02 on January 1, 2020 on a prospective basis. The adoption of ASU 2019-02 did not have a significant impact on our consolidated financial statements. ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Statements ( ASU 2016-13 ), which changes the recognition model for credit losses related to assets held at amortized cost. ASU 2016-13 eliminates the threshold that a loss must be considered probable to recognize a credit loss and instead requires an entity to reflect its current estimate of lifetime expected credit losses. We adopted ASU 2016-13 on January 1, 2020 on a modified retrospective basis by recording a cumulative effect adjustment to our accumulated earnings. The adoption of ASU 2016-13 did not have a significant impact on our consolidated financial statements. ASU 2019-12 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes ( ASU 2019-12 ), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the effect that ASU 2019-12 will have on our consolidated financial statements. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. |
Trade Receivables | Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $42.8 million and $45.8 million at December 31, 2019 and 2018 , respectively. The allowance for doubtful accounts is based upon our assessment of probable loss related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent. |
Investments | Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments and debt, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. Under the equity method of accounting, investments are recorded at cost and are subsequently increased or reduced to reflect our share of income or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9 . Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. Dividends from publicly-traded investees that are not accounted for under the equity method are recognized when declared as dividend income in our consolidated statements of operations. Dividends from our equity method investees and all of our privately-held investees are reflected as reductions of the carrying values of the applicable investments. Dividends that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity investments to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable. If the decline in fair value of an equity or cost method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. |
Financial Instruments | Financial Instruments |
Derivative Instruments | Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. With the exception of a limited number of our foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity in our consolidated statement of cash flows. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10 . Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. |
Intangible Assets | Intangible Assets Our primary intangible assets relate to goodwill and customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships are initially recorded at their fair value in connection with business combinations. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values and reviewed for impairment. |
Impairment of Property and Equipment and Intangible Assets | Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). With respect to other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss. |
Leases | Leases 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. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. |
Revenue Recognition | Revenue Recognition Service Revenue — Cable Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our cable network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our cable network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from pre-pay customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes. |
Share-based Compensation | Share-based Compensation We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize the grant-date fair value of outstanding awards as a charge to operations over the vesting period. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards are recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights ( SAR s ) and performance-based share appreciation rights ( PSAR s ) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units ( RSU s ), restricted share awards ( RSA s ) and performance-based restricted share units ( PSU s ) are based upon the closing share price of Liberty Global ordinary shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SAR s granted by Liberty Global to employees. The expected volatility for options and SAR s related to our ordinary shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global ordinary shares when Liberty Global options or SAR s are exercised, when RSU s and PSU s vest and when RSA s are granted. Although we repurchase Liberty Global ordinary shares from time to time, the parameters of our share purchase and redemption activities are not established with reference to the dilutive impact of our share-based compensation plans. |
Litigation Costs | Litigation Costs Legal fees and related litigation costs are expensed as incurred. |
Earnings or Loss per Ordinary 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, PSAR s and PSU |
Accounting Changes and Recent_2
Accounting Changes and Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the adoption of ASU 2014-09 on our summary balance sheet information as of January 1, 2018 is as follows: Balance at December 31, 2017 ASU 2014-09 Adjustments Balance at January 1, 2018 in millions Assets: Trade receivables, net $ 1,404.5 (0.7 ) $ 1,403.8 Current assets of discontinued operations $ 276.0 98.2 $ 374.2 Other current assets $ 351.2 76.6 $ 427.8 Investments and related note receivables (a) $ 6,671.4 191.2 $ 6,862.6 Deferred tax assets $ 3,133.1 (16.0 ) $ 3,117.1 Long-term assets of discontinued operations $ 11,237.4 29.1 $ 11,266.5 Other assets, net $ 3,720.2 21.4 $ 3,741.6 Liabilities: Deferred revenue $ 936.6 5.6 $ 942.2 Current liabilities of discontinued operations $ 1,635.9 26.7 $ 1,662.6 Other accrued and current liabilities $ 2,219.0 1.2 $ 2,220.2 Long-term liabilities of discontinued operations $ 10,014.4 39.1 $ 10,053.5 Other long-term liabilities $ 2,246.6 2.7 $ 2,249.3 Equity: Accumulated deficit (a) $ (6,217.6 ) 320.1 $ (5,897.5 ) Noncontrolling interests $ (412.0 ) 4.4 $ (407.6 ) _______________ (a) The ASU 2014-09 adjustment amounts include the impact of our share of the VodafoneZiggo JV ’s adjustment to its owners’ equity. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Shares Outstanding | The details of our net loss from continuing operations attributable to Liberty Global shareholders are set forth below: Year ended December 31, 2019 2018 2017 in millions Loss from continuing operations $ (1,409.0 ) $ (1,411.5 ) $ (2,350.0 ) Net earnings from continuing operations attributable to noncontrolling interests (116.8 ) (120.5 ) (71.4 ) Net loss from continuing operations attributable to Liberty Global shareholders $ (1,525.8 ) $ (1,532.0 ) $ (2,421.4 ) |
Dispositions and the Vodafone_2
Dispositions and the VodafoneZiggo JV Transaction (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | 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 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 , UPC DTH and the LiLAC Group for the periods indicated are summarized in the following tables. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations. Vodafone Disposal Group (a) UPC DTH (b) Total in millions Year ended December 31, 2019 Revenue $ 2,017.9 $ 36.7 $ 2,054.6 Operating income $ 1,165.6 $ 10.7 $ 1,176.3 Earnings before income taxes $ 994.7 $ 9.5 $ 1,004.2 Income tax expense (273.9 ) — (273.9 ) Net earnings attributable to Liberty Global shareholders $ 720.8 $ 9.5 $ 730.3 _______________ (a) Includes the operating results of the Vodafone Disposal Group from January 1, 2019 through the July 31, 2019 disposal date. (b) Includes the operating results of the UPC DTH from January 1, 2019 through the May 2, 2019 disposal date. UPC Austria (a) Vodafone Disposal Group UPC DTH Total in millions Year ended December 31, 2018 Revenue $ 252.4 $ 3,584.2 $ 117.0 $ 3,953.6 Operating income $ 139.0 $ 1,787.0 $ 11.7 $ 1,937.7 Earnings before income taxes $ 138.7 $ 1,396.3 $ 9.6 $ 1,544.6 Income tax benefit (expense) (23.3 ) (365.2 ) 7.3 (381.2 ) Net earnings 115.4 1,031.1 16.9 1,163.4 Net earnings attributable to noncontrolling interests (4.2 ) — — (4.2 ) Net earnings attributable to Liberty Global shareholders $ 111.2 $ 1,031.1 $ 16.9 $ 1,159.2 _______________ (a) Includes the operating results of UPC Austria from January 1, 2018 through the July 31, 2018 disposal date. UPC Austria Vodafone Disposal Group UPC DTH LiLAC Group Total in millions Year ended December 31, 2017 Revenue $ 394.9 $ 3,263.0 $ 114.6 $ 3,590.0 $ 7,362.5 Operating income (loss) $ 150.0 $ 976.0 $ 11.7 $ (162.9 ) $ 974.8 Earnings (loss) before income taxes $ 150.0 $ 395.4 $ 9.7 $ (651.1 ) $ (96.0 ) Income tax expense (4.5 ) (66.1 ) — (204.0 ) (274.6 ) Net earnings (loss) 145.5 329.3 9.7 (855.1 ) (370.6 ) Net loss (earnings) attributable to noncontrolling interests (6.8 ) — — 20.6 13.8 Net earnings (loss) attributable to Liberty Global shareholders $ 138.7 $ 329.3 $ 9.7 $ (834.5 ) $ (356.8 ) Our basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per Liberty Global Share (as defined in note 14 ) for 2019 , 2018 and 2017 is presented below. Year ended December 31, 2019 2018 2017 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per Liberty Global share $ 1.03 $ 1.49 $ 0.56 Our basic and diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC Share (as defined in note 14 ) for 2017 is presented below. These amounts relate to the operations of the LiLAC Group . Year ended December 31, 2017 Basic and diluted loss from discontinued operations attributable to Liberty Global shareholders per LiLAC share $ (4.86 ) Weighted average ordinary shares outstanding (LiLAC Shares) - basic and diluted 171,846,133 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: December 31, Accounting Method 2019 2018 in millions Equity (a): VodafoneZiggo JV (b) $ 3,174.1 $ 3,761.5 All3Media Group ( All3Media ) 172.8 72.2 Formula E Holdings Ltd ( Formula E ) 105.2 45.4 Other 40.7 67.9 Total — equity 3,492.8 3,947.0 Fair value: ITV plc ( ITV ) — subject to re-use rights (c) 798.1 634.2 ITI Neovision S.A. ( ITI Neovision ) 122.4 125.4 Lions Gate Entertainment Corp ( Lionsgate ) (c) 68.0 77.5 Casa Systems, Inc. ( Casa ) 3.1 39.5 Other 297.6 298.2 Total — fair value 1,289.2 1,174.8 Total $ 4,782.0 $ 5,121.8 _______________ (a) Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. At December 31, 2019 and 2018 , the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $ 1,041.0 million and $ 1,016.9 million , respectively, which include amounts associated with the VodafoneZiggo JV Receivable , as defined and described below, and amounts we are owed under a long-term note receivable from All3Media . (b) Amounts include a euro-denominated note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $786.1 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. In each of 2019 , 2018 and 2017 , we received a €100.0 million principal payment on the VodafoneZiggo JV Receivable ( $112.1 million , $114.5 million and $118.5 million at the respective transaction dates). During 2019 , interest accrued on the VodafoneZiggo JV Receivable was $50.4 million , all of which was cash settled. (c) In connection with our investments in ITV and Lionsgate , we have entered into the ITV Collar and Lionsgate Forward , respectively, as defined and described below. Fair Value Investments The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net: Year ended December 31, 2019 2018 2017 in millions ITV $ 163.9 $ (257.8 ) $ (123.5 ) Lionsgate (25.0 ) (86.4 ) 35.3 Casa (24.2 ) (9.2 ) 47.9 ITI Neovision 2.7 (24.9 ) 15.8 Sumitomo — (3.4 ) 238.2 Other, net (18.4 ) (11.5 ) 14.4 Total $ 99.0 $ (393.2 ) $ 228.1 |
Equity Method Investments | The summarized results of operations of the VodafoneZiggo JV are set forth below: Year ended December 31, 2019 2018 2017 in millions Revenue $ 4,407.8 $ 4,602.2 $ 4,512.5 Loss before income taxes $ (512.5 ) $ (467.8 ) $ (362.9 ) Net loss $ (470.0 ) $ (91.6 ) $ (259.3 ) The summarized financial position of the VodafoneZiggo JV is set forth below: December 31, 2019 2018 in millions Current assets $ 918.4 $ 1,099.6 Long-term assets 21,508.1 22,155.7 Total assets $ 22,426.5 $ 23,255.3 Current liabilities $ 2,726.4 $ 2,812.3 Long-term liabilities 14,920.7 14,751.5 Owners’ equity 4,779.4 5,691.5 Total liabilities and owners’ equity $ 22,426.5 $ 23,255.3 The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2019 2018 2017 in millions VodafoneZiggo JV (a) $ (185.9 ) $ 11.4 $ (70.1 ) All3Media (8.8 ) (19.2 ) (25.5 ) Formula E 1.7 (0.2 ) (1.5 ) Other (5.5 ) (0.7 ) 1.9 Total $ (198.5 ) $ (8.7 ) $ (95.2 ) _______________ (a) Amounts include the net effect of (i) 100% of the interest earned on the VodafoneZiggo JV Receivable and (ii) our 50% share of the remaining results of operations of the VodafoneZiggo JV . |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2019 December 31, 2018 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 270.8 $ 886.4 $ 1,157.2 $ 372.7 $ 1,370.1 $ 1,742.8 Equity-related derivative instruments (c) 55.2 608.2 663.4 13.9 732.4 746.3 Foreign currency forward and option contracts 4.6 1.4 6.0 7.2 — 7.2 Other 0.5 0.4 0.9 0.4 — 0.4 Total $ 331.1 $ 1,496.4 $ 1,827.5 $ 394.2 $ 2,102.5 $ 2,496.7 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 389.2 $ 1,192.3 $ 1,581.5 $ 326.5 $ 1,042.2 $ 1,368.7 Equity-related derivative instruments (c) — — — 1.4 — 1.4 Foreign currency forward and option contracts 1.2 — 1.2 0.5 — 0.5 Other — — — — 0.1 0.1 Total $ 390.4 $ 1,192.3 $ 1,582.7 $ 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 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 11 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $16.6 million , ( $71.1 million ) and $168.4 million during 2019 , 2018 and 2017 , respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9 . (c) Our equity-related derivative instruments primarily include the fair value of (i) the ITV Collar and (ii) the Lionsgate Forward . 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 (losses) on derivative instruments, net, are as follows: Year ended December 31, 2019 2018 2017 in millions Cross-currency and interest rate derivative contracts $ (207.3 ) $ 905.8 $ (1,145.6 ) Equity-related derivative instruments: ITV Collar (84.4 ) 176.7 215.0 Lionsgate Forward 13.0 30.1 (11.4 ) Sumitomo Collar (a) — (11.8 ) (77.4 ) Other 8.0 2.5 (3.9 ) Total equity-related derivative instruments (63.4 ) 197.5 122.3 Foreign currency forward and option contracts 77.4 22.7 (30.2 ) Other 1.3 (0.2 ) 0.7 Total $ (192.0 ) $ 1,125.8 $ (1,052.8 ) _______________ (a) On May 22, 2018, we settled the final tranche of the share collar (the Sumitomo Collar ) and related borrowings with a portion of the existing Sumitomo shares held by our company. The aggregate market value of these shares on the transaction date was $159.3 million . |
Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location | The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Year ended December 31, 2019 2018 2017 in millions Operating activities $ 179.0 $ 244.4 $ 6.8 Investing activities — — (0.5 ) Financing activities 331.5 112.8 (138.1 ) Total $ 510.5 $ 357.2 $ (131.8 ) |
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 December 31, 2019 : Borrowing group Notional amount due from counterparty Notional amount due to counterparty Weighted average remaining life in millions in years Virgin Media $ 10,857.5 £ 8,003.6 (a) 5.6 £ 2,296.2 $ 3,300.0 (b) 5.1 € 246.3 $ 271.1 3.0 UPC Holding $ 775.0 € 643.1 4.3 $ 1,200.0 CHF 1,107.5 (a) 5.2 € 2,824.4 CHF 3,221.2 (a) 4.3 € 742.8 PLN 3,149.5 1.9 Telenet $ 3,940.0 € 3,489.6 (a) 6.0 € 291.5 $ 350.0 (b) 6.0 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 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 December 31, 2019 , the total U.S. dollar equivalents of the notional amount of these derivative instruments were $3.4 billion . swaption s at December 31, 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 $ 7,085.7 £ 1.0 2.40% $ 482.7 € 0.6 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. U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at December 31, 2019 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media $ 4,493.7 0.5 Telenet $ 2,295.0 0.5 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: Decrease to borrowing costs at December 31, 2019 (a) Virgin Media (0.20 )% UPC Holding (0.15 )% Telenet (0.58 )% Total decrease to borrowing costs (0.27 )% _______________ (a) Represents the effect of derivative instruments in effect at December 31, 2019 and does not include forward-starting derivative instruments or swaption s. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2019 : Borrowing group Borrowing group Borrowing group Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years Virgin Media $ 21,715.5 (a) 2.7 $ 11,542.6 (a) 4.4 UPC Holding $ 7,237.1 (a) 3.5 $ 5,312.1 5.9 Telenet $ 3,239.1 (a) 5.2 $ 1,602.4 3.7 ______________ (a) Includes forward-starting derivative instruments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 using: Description December 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,157.2 $ — $ 1,157.2 $ — Equity-related derivative instruments 663.4 — — 663.4 Foreign currency forward and option contracts 6.0 — 6.0 — Other 0.9 — 0.9 — Total derivative instruments 1,827.5 — 1,164.1 663.4 Investments 1,289.2 869.2 — 420.0 Total assets $ 3,116.7 $ 869.2 $ 1,164.1 $ 1,083.4 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,581.5 $ — $ 1,561.6 $ 19.9 Foreign currency forward and option contracts 1.2 — 1.2 — Total derivative liabilities 1,582.7 — 1,562.8 19.9 Debt 45.6 — 45.6 — Total liabilities $ 1,628.3 $ — $ 1,608.4 $ 19.9 Fair value measurements at December 31, 2018 using: Description December 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,742.8 $ — $ 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 liabilities 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 — 58.7 (63.4 ) (4.7 ) Realized and unrealized losses due to changes in fair values of certain investments and debt, net (16.5 ) — — (16.5 ) Partial settlement of Lionsgate Forward (b) — — (18.1 ) (18.1 ) Additions 19.6 — — 19.6 Derivative instruments settled in connection with the sale of the Vodafone Disposal Group — (72.0 ) — (72.0 ) Transfers out of Level 3 — 8.4 — 8.4 Foreign currency translation adjustments and other, net (2.0 ) (0.9 ) — (2.9 ) Balance of net assets (liabilities) at December 31, 2019 $ 420.0 $ (19.9 ) $ 663.4 $ 1,063.5 _______________ (a) With the exception of a $72.0 million net gain related to derivative instruments settled in connection with the sale of the Vodafone Disposal Group , most of these net gains and losses relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2019 . (b) For additional information regarding the Lionsgate Forward , see note 8 . |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 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: Estimated useful life at December 31, 2019 December 31, 2019 2018 in millions Distribution systems 3 to 30 years $ 19,007.2 $ 17,845.4 Customer premises equipment 3 to 7 years 4,294.7 4,191.2 Support equipment, buildings and land 2 to 50 years 5,344.3 4,933.7 Total property and equipment, gross 28,646.2 26,970.3 Accumulated depreciation (14,802.8 ) (13,091.4 ) Total property and equipment, net $ 13,843.4 $ 13,878.9 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during 2018 are set forth below: January 1, 2018 Acquisitions and related adjustments Foreign currency translation adjustments December 31, in millions U.K./Ireland $ 8,134.1 $ 2.0 $ (465.1 ) $ 7,671.0 Belgium 2,681.7 24.9 (130.3 ) 2,576.3 Switzerland 2,931.3 (0.3 ) (27.1 ) 2,903.9 Central and Eastern Europe 607.0 — (42.4 ) 564.6 Total $ 14,354.1 $ 26.6 $ (664.9 ) $ 13,715.8 Changes in the carrying amount of our goodwill during 2019 are set forth below: January 1, 2019 Acquisitions and related adjustments Foreign currency translation adjustments December 31, in millions U.K./Ireland $ 7,671.0 $ — $ 294.4 $ 7,965.4 Belgium 2,576.3 48.7 (48.9 ) 2,576.1 Switzerland 2,903.9 — 49.3 2,953.2 Central and Eastern Europe 564.6 — (7.2 ) 557.4 Total $ 13,715.8 $ 48.7 $ 287.6 $ 14,052.1 |
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 consolidated balance sheets, are set forth below: Estimated useful life at December 31, 2019 December 31, 2019 December 31, 2018 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships 5 to 10 years $ 3,653.9 $ (3,363.6 ) $ 290.3 $ 3,673.1 $ (2,914.2 ) $ 758.9 Other 2 to 15 years 563.7 (281.9 ) 281.8 521.3 (249.0 ) 272.3 Total $ 4,217.6 $ (3,645.5 ) $ 572.1 $ 4,194.4 $ (3,163.2 ) $ 1,031.2 |
Schedule of Amortization Expense Related to Intangible Assets with Finite Lives | The U.S. dollar equivalents of such amortization expense amounts as of December 31, 2019 are presented below (in millions): 2020 $ 178.5 2021 88.9 2022 38.3 2023 32.6 2024 32.4 Thereafter 201.4 Total $ 572.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2019 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent December 31, 2019 2018 in millions VM Senior Secured Notes 5.34 % — $ — $ 5,916.9 $ 6,268.3 VM Credit Facilities (c) 3.94 % (d) 1,326.3 5,473.3 4,600.5 VM Senior Notes 5.34 % — — 1,583.8 1,999.9 Telenet Credit Facility 3.89 % (e) 567.0 3,541.4 3,145.7 Telenet Senior Secured Notes 4.69 % — — 1,673.7 1,687.1 Telenet SPE Notes — — — — 546.2 UPCB SPE Notes 4.54 % — — 2,420.1 2,445.5 UPC Holding Bank Facility — € 990.1 1,111.7 — 1,645.0 UPC Holding Senior Notes 4.60 % — — 1,202.3 1,215.5 Vendor financing (f) 4.12 % — — 3,748.2 3,620.3 ITV Collar Loan 0.90 % — — 1,435.5 1,379.6 Derivative-related debt instruments (g) 2.58 % — — 81.1 301.9 Other (h) 3.96 % — — 571.8 459.8 Total debt before deferred financing costs, discounts and premiums (i) 4.30 % $ 3,005.0 $ 27,648.1 $ 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: December 31, 2019 2018 in millions Total debt before deferred financing costs, discounts and premiums $ 27,648.1 $ 29,315.3 Deferred financing costs, discounts and premiums, net (82.7 ) (131.4 ) Total carrying amount of debt 27,565.4 29,183.9 Finance lease obligations (note 12) 617.1 621.3 Total debt and finance lease obligations 28,182.5 29,805.2 Current maturities of debt and finance lease obligations (3,877.2 ) (3,615.2 ) Long-term debt and finance lease obligations $ 24,305.3 $ 26,190.0 _______________ (a) Represents the weighted average interest rate in effect at December 31, 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 4.14% at December 31, 2019 . For information regarding our derivative instruments, see note 8 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2019 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 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, except as shown in the table below. In the following table, we present (i) for each subsidiary where the ability to borrow is limited, the actual borrowing availability under the respective facility and (ii) for each subsidiary where the ability to make loans or distributions from this availability is limited, the amount that can be loaned or distributed to Liberty Global or its subsidiaries or other equity holders. The amounts presented below reflect any applicable restrictions in effect at December 31, 2019 , both before and after completion of the relevant December 31, 2019 compliance reporting requirements, but do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2019 , or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. December 31, 2019 Upon completion of relevant December 31, 2019 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be borrowed under (1): VM Credit Facilities £ 533.8 $ 708.0 £ 921.6 $ 1,222.3 UPC Holding Bank Facility € 990.1 $ 1,111.7 € 828.8 $ 930.6 _______________ (1) The VM Credit Facilities and the UPC Holding Bank Facility have no additional restriction to loan or distribute from this availability. (c) Amounts include £103.6 million ( $137.4 million ) and £41.9 million ( $55.6 million ) at December 31, 2019 and 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 relates to a multi-currency revolving facility with a maximum borrowing capacity equivalent to £1,000.0 million ( $1,326.3 million ) (the VM Revolving Facility ), which was undrawn at December 31, 2019 . During 2019 , the VM Revolving Facility was amended and as a result, VM Revolving Facility A and VM Revolving Facility B were cancelled in full and replaced with a single revolving facility maturing on January 31, 2026. (e) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €400.0 million ( $449.0 million ) under Telenet Facility AG, (ii) €60.0 million ( $67.4 million ) under Telenet Facility AP, which was entered into in May 2019, (iii) €25.0 million ( $28.1 million ) under the Telenet Overdraft Facility and (iv) €20.0 million ( $22.5 million ) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2019 . (f) 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 consolidated statements of cash flows. (g) Includes amounts associated with certain derivative-related borrowing instruments, including $45.6 million and $248.6 million at December 31, 2019 and 2018 , respectively, carried at fair value. These instruments mature at various dates through January 2025. For information regarding fair value hierarchies, see note 9 . (h) As of December 31, 2019 and 2018 , amounts include (i) $264.6 million and $225.9 million , respectively, of debt collateralized by certain trade receivables of Virgin Media and (ii) $55.3 million and $82.9 million , respectively, related to principal borrowings outstanding under the Lionsgate Loan . (i) As of December 31, 2019 and 2018 , our debt had an estimated fair value of $28.4 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 9 . |
Maturities of Debt and Capital Lease Obligations | Maturities of our debt as of December 31, 2019 are presented below for the named entity and its subsidiaries, unless otherwise noted. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Virgin Media UPC Holding (a) Telenet (b) Other Total in millions Year ending December 31: 2020 $ 2,472.4 $ 644.6 $ 415.1 $ 264.8 $ 3,796.9 2021 (c) 726.2 22.7 13.2 1,029.2 1,791.3 2022 253.7 20.1 12.6 366.4 652.8 2023 125.4 17.5 12.2 29.3 184.4 2024 779.6 7.7 12.1 — 799.4 Thereafter 11,497.6 3,622.4 5,303.3 — 20,423.3 Total debt maturities (d) 15,854.9 4,335.0 5,768.5 1,689.7 27,648.1 Deferred financing costs, discounts and premiums, net (23.2 ) (20.3 ) (27.1 ) (12.1 ) (82.7 ) Total debt $ 15,831.7 $ 4,314.7 $ 5,741.4 $ 1,677.6 $ 27,565.4 Current portion $ 2,472.4 $ 644.6 $ 415.1 $ 263.6 $ 3,795.7 Noncurrent portion $ 13,359.3 $ 3,670.1 $ 5,326.3 $ 1,414.0 $ 23,769.7 _______________ (a) Amounts include the UPCB SPE Notes issued by the UPCB SPE s. As described above, the UPCB SPE s are consolidated by UPC Holding and Liberty Global . (b) Amounts include the Telenet SPE Notes issued by the Telenet SPE s. As described above, the Telenet SPE s are consolidated by Telenet and Liberty Global . (c) The amount for Virgin Media includes certain senior secured notes that have a contractual maturity date of January 15, 2025. Interest on these senior secured notes accrues at a rate of 6.0% through January 15, 2021 and at a rate of 11.0% thereafter. In light of these terms, the above maturity table assumes that these senior secured notes will be repaid or refinanced in 2021. (d) Amounts include vendor financing obligations of $3,748.2 million , as set forth below: Virgin Media UPC Holding Telenet Other Total in millions Year ending December 31: 2020 $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 2021 34.8 22.7 — 53.5 111.0 2022 24.6 20.1 — 47.2 91.9 2023 22.1 17.5 — 29.3 68.9 2024 14.5 7.7 — — 22.2 Total vendor financing maturities $ 2,433.8 $ 712.6 $ 402.9 $ 198.9 $ 3,748.2 Current portion $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 Noncurrent portion $ 96.0 $ 68.0 $ — $ 130.0 $ 294.0 |
Maturities of Finance Lease Liabilities | Amounts include vendor financing obligations of $3,748.2 million , as set forth below: Virgin Media UPC Holding Telenet Other Total in millions Year ending December 31: 2020 $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 2021 34.8 22.7 — 53.5 111.0 2022 24.6 20.1 — 47.2 91.9 2023 22.1 17.5 — 29.3 68.9 2024 14.5 7.7 — — 22.2 Total vendor financing maturities $ 2,433.8 $ 712.6 $ 402.9 $ 198.9 $ 3,748.2 Current portion $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 Noncurrent portion $ 96.0 $ 68.0 $ — $ 130.0 $ 294.0 Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2020 $ 126.6 $ 122.2 2021 98.1 102.6 2022 81.0 101.0 2023 68.5 98.7 2024 56.7 56.4 Thereafter 203.6 459.4 Total payments 634.5 940.3 Less: present value discount (89.4 ) (323.2 ) Present value of lease payments $ 545.1 $ 617.1 Current portion $ 111.7 $ 81.5 Noncurrent portion $ 433.4 $ 535.6 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Balances | A summary of our ROU assets and lease liabilities as of December 31, 2019 is set forth below: ROU assets Lease liabilities in millions Finance leases (a)(b) $ 531.0 $ 617.1 Operating leases (c)(d) 512.7 545.1 Total $ 1,043.7 $ 1,162.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheet. At December 31, 2019 , the weighted average remaining lease term for finance leases was 23.8 years and the weighted average discount rate was 6.1% . As of December 31, 2018 , we had $545.5 million of finance lease ROU assets included on our consolidated balance sheet. During 2019 , 2018 and 2017 , we recorded additions to our ROU assets associated with finance leases of $66.9 million , $102.4 million and $106.7 million , respectively. (b) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. As of December 31, 2018 , we had $621.3 million of finance lease liabilities included on our consolidated balance sheet. At December 31, 2019 and 2018 , our finance lease liabilities included €403.6 million ( $453.2 million ) and €390.6 million ( $447.3 million ), respectively, associated with Telenet ’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “ PICs .” All capital expenditures associated with the PICs network are initiated by Telenet , but are executed and financed by the PICs through additions to this lease that are repaid over a 15 -year term. These amounts do not include Telenet ’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 19 . (c) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheet. At December 31, 2019 , the weighted average remaining lease term for operating leases was 8.0 years and the weighted average discount rate was 4.0% . During 2019 , we recorded additions to our ROU assets associated with operating leases of $88.5 million . (d) 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 consolidated balance sheet. |
Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense recorded during 2019 is set forth below (in millions): Finance lease expense: Depreciation and amortization $ 84.2 Interest expense 33.8 Total finance lease expense 118.0 Operating lease expense (a) 135.7 Short-term lease expense (a) 8.0 Variable lease expense (b) 4.8 Total lease expense $ 266.5 _______________ (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 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 consolidated statements of operations. A summary of our cash outflows from operating and finance leases recorded during 2019 is set forth below (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 135.5 Operating cash outflows from finance leases 33.8 Financing cash outflows from finance leases 60.0 Total cash outflows from operating and finance leases $ 229.3 |
Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2020 $ 126.6 $ 122.2 2021 98.1 102.6 2022 81.0 101.0 2023 68.5 98.7 2024 56.7 56.4 Thereafter 203.6 459.4 Total payments 634.5 940.3 Less: present value discount (89.4 ) (323.2 ) Present value of lease payments $ 545.1 $ 617.1 Current portion $ 111.7 $ 81.5 Noncurrent portion $ 433.4 $ 535.6 |
Maturities of Finance Lease Liabilities | Amounts include vendor financing obligations of $3,748.2 million , as set forth below: Virgin Media UPC Holding Telenet Other Total in millions Year ending December 31: 2020 $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 2021 34.8 22.7 — 53.5 111.0 2022 24.6 20.1 — 47.2 91.9 2023 22.1 17.5 — 29.3 68.9 2024 14.5 7.7 — — 22.2 Total vendor financing maturities $ 2,433.8 $ 712.6 $ 402.9 $ 198.9 $ 3,748.2 Current portion $ 2,337.8 $ 644.6 $ 402.9 $ 68.9 $ 3,454.2 Noncurrent portion $ 96.0 $ 68.0 $ — $ 130.0 $ 294.0 Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: Operating leases Finance leases in millions Year ending December 31: 2020 $ 126.6 $ 122.2 2021 98.1 102.6 2022 81.0 101.0 2023 68.5 98.7 2024 56.7 56.4 Thereafter 203.6 459.4 Total payments 634.5 940.3 Less: present value discount (89.4 ) (323.2 ) Present value of lease payments $ 545.1 $ 617.1 Current portion $ 111.7 $ 81.5 Noncurrent portion $ 433.4 $ 535.6 |
Schedule of Future Minimum Lease Payments for Capital Leases | Maturities of our operating and finance lease liabilities 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 Amounts representing interest (336.1 ) Total finance leases $ 621.3 Current portion $ 78.2 Noncurrent portion $ 543.1 |
Schedule of Future Minimum Rental Payments for Operating Leases | Maturities of our operating and finance lease liabilities 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 Amounts representing interest (336.1 ) Total finance leases $ 621.3 Current portion $ 78.2 Noncurrent portion $ 543.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Loss from Continuing Operations before Income Taxes | The components of our earnings (loss) from continuing operations before income taxes are as follows: Year ended December 31, 2019 2018 2017 in millions U.K. $ (831.0 ) $ 330.9 $ (991.3 ) The Netherlands (662.8 ) — (321.1 ) — (26.1 ) Belgium 409.3 392.4 140.0 Switzerland 178.5 318.8 111.6 U.S. (7.0 ) (51.6 ) (842.5 ) Intercompany activity with discontinued operations (237.2 ) (426.4 ) (499.9 ) Other (5.8 ) (81.2 ) (2.9 ) Total $ (1,156.0 ) $ 161.8 $ (2,111.1 ) |
Schedule Of Income Tax Expense Benefit | Income tax expense consists of: Current Deferred Total in millions Year ended December 31, 2019: The Netherlands $ — $ (275.3 ) $ (275.3 ) Belgium (134.7 ) 3.6 (131.1 ) U.K. (1.5 ) 118.8 117.3 U.S. (a) (4.1 ) 81.9 77.8 Switzerland (27.8 ) (1.1 ) (28.9 ) Other (19.4 ) 6.6 (12.8 ) Total $ (187.5 ) $ (65.5 ) $ (253.0 ) Year ended December 31, 2018: U.S. (a) $ (957.5 ) $ 7.6 $ (949.9 ) The Netherlands 14.2 (519.4 ) (505.2 ) Belgium (153.9 ) 41.6 (112.3 ) U.K (7.2 ) 32.2 25.0 Switzerland (16.6 ) 6.2 (10.4 ) Other (14.2 ) (6.3 ) (20.5 ) Total $ (1,135.2 ) $ (438.1 ) $ (1,573.3 ) Year ended December 31, 2017: The Netherlands $ (16.2 ) $ (118.2 ) $ (134.4 ) U.K (3.3 ) (64.7 ) (68.0 ) Belgium (203.6 ) 145.4 (58.2 ) U.S. (a) 47.2 (32.8 ) 14.4 Switzerland (2.0 ) 15.6 13.6 Other (14.4 ) 8.1 (6.3 ) Total $ (192.3 ) $ (46.6 ) $ (238.9 ) _______________ (a) Includes federal and state income taxes. Our U.S. |
Income Tax Benefit (Expense) Reconciliation | Income tax 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: Year ended December 31, 2019 2018 2017 in millions Computed “expected” tax benefit (expense) (a) $ 219.6 $ (30.7 ) $ 406.4 Non-deductible or non-taxable interest and other expenses (191.7 ) (153.8 ) (42.8 ) Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (167.9 ) (360.1 ) (192.6 ) Change in valuation allowances (113.6 ) (34.9 ) (341.6 ) Non-deductible or non-taxable foreign currency exchange results (26.5 ) 132.5 (233.8 ) Enacted tax law and rate changes (c) 19.2 (13.5 ) 7.4 International rate differences (d) 8.5 (3.5 ) 126.9 Recognition of previously unrecognized tax benefits 5.9 49.6 4.9 Mandatory Repatriation Tax (e) — (1,137.2 ) — Tax benefit associated with technologies innovation — — 12.1 Other, net (6.5 ) (21.7 ) 14.2 Total income tax expense $ (253.0 ) $ (1,573.3 ) $ (238.9 ) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 19.0% for 2019 , 19.0% for 2018 and 19.25% for 2017 . The 2017 statutory rate represents the blended rate that was in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that was in effect for the first quarter of 2017 and the 19.0% statutory rate that was in effect for the remainder of 2017. (b) 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) On December 27, 2019, updated legislation was enacted in the Netherlands to delay and lessen the corporate income tax rate reduction that had previously been enacted in December 2018. The current rate of 25% will now be maintained in 2020 and will be reduced to 21.7% in 2021; the previous reduction schedule reduced from the current rate of 25.0% to 22.5% in 2020 and 20.5% in 2021. Substantially all of the impacts of the new rate change in the Netherlands on our deferred tax balances were recorded during the fourth quarter of 2019, modifying the impacts of the 2018 rate change that were previously recorded during the fourth quarter of 2018. In 2017, a Belgian income tax rate reduction was signed into law. The Belgian statutory tax rate decreased from 33.9% to 29.58% beginning in 2018, and in 2020, this rate will further decrease to 25.0%. Also in 2017, the U.S. corporate income tax rate was reduced from 35.0% to 21.0% effective beginning in 2018. Substantially all of the impacts of the tax rate changes in Belgium and the U.S. on our deferred tax balances were recorded during the fourth quarter of 2017. (d) Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K. (e) As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due in part to the expected use of carryforward attributes in the U.S. , all of which were subject to valuation allowances prior to the initial recognition of the Mandatory Repatriation Tax during the first quarter of 2018. |
Schedule Of Current And Noncurrent Deferred Tax Assets And Liabilities | The components of our net deferred tax assets are as follows: December 31, 2019 2018 in millions Deferred tax assets $ 2,457.4 $ 2,488.2 Deferred tax liabilities (a) (246.4 ) (232.9 ) Net deferred tax asset $ 2,211.0 $ 2,255.3 _______________ (a) Our deferred tax liabilities are included in other long-term liabilities on our consolidated balance sheets. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2019 2018 in millions Deferred tax assets: Net operating loss and other carryforwards $ 4,367.5 $ 4,289.8 Property and equipment, net 1,969.0 1,923.4 Debt 231.5 317.3 Investments 136.4 156.2 Derivative instruments 113.3 72.5 Share-based compensation 76.5 79.5 Leases 58.5 5.6 Other future deductible amounts 132.3 176.1 Deferred tax assets 7,085.0 7,020.4 Valuation allowance (4,235.5 ) (4,094.7 ) Deferred tax assets, net of valuation allowance 2,849.5 2,925.7 Deferred tax liabilities: Property and equipment, net (169.9 ) (167.4 ) Deferred revenue (168.1 ) (178.9 ) Intangible assets (114.1 ) (193.8 ) Debt (65.7 ) (91.0 ) Right of use assets (56.8 ) — Other future taxable amounts (63.9 ) (39.3 ) Deferred tax liabilities (638.5 ) (670.4 ) Net deferred tax asset $ 2,211.0 $ 2,255.3 |
Summary of Operating Loss Carryforwards | The significant components of our tax loss carryforwards and related tax assets at December 31, 2019 are as follows: Country Tax loss carryforward Related tax asset Expiration date in millions U.K.: Amount attributable to capital losses $ 16,052.0 $ 2,728.8 Indefinite Amount attributable to net operating losses 1,222.4 207.8 Indefinite The Netherlands 3,204.0 696.2 2020-2025 Belgium 1,320.4 330.1 Indefinite Ireland 713.8 89.4 Indefinite Luxembourg 586.4 159.4 Indefinite France 533.3 137.8 Indefinite Other 416.8 18.0 Various Total $ 24,049.1 $ 4,367.5 |
Unrecognized Tax Benefits Roll Forward | The changes in our unrecognized tax benefits are summarized below: 2019 2018 2017 in millions Balance at January 1 $ 857.8 $ 350.4 $ 217.0 Settlements with tax authorities (111.3 ) — (3.6 ) Reductions for tax positions of prior years (80.7 ) (117.9 ) (20.4 ) Foreign currency translation (4.3 ) (8.5 ) 14.1 Additions based on tax positions related to the current year 1.8 180.0 4.5 Additions for tax positions of prior years 1.0 457.4 138.8 Lapse of statute of limitations — (3.6 ) — Balance at December 31 $ 664.3 $ 857.8 $ 350.4 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Outstanding Share-Based Compensation Awards | Additionally, at December 31, 2019 , we have reserved the following ordinary shares for the issuance of outstanding share-based compensation awards: Class A (a) Class B Class C (a) Options 588,258 — 3,506,568 SARs 16,251,617 — 35,682,862 RSUs 515,496 48,786 1,026,010 PSUs and PSARS 7,459,987 1,330,000 14,919,280 _______________ (a) Includes share-based compensation awards held by former employees of Liberty Global that (i) became employees of Liberty Latin America as a result of the Split-off Transaction or (ii) were employees of entities included in the Vodafone Disposal Group . For additional information, see note 15 . |
Summary of the Changes in Our Share Capital | A summary of the changes in our share capital during 2017 is set forth in the table below: Liberty Global Shares LiLAC Shares (a) Class A Class B Class C Total Class A Class B Class C Total in millions Balance at January 1, 2017 $ 2.5 $ 0.1 $ 6.3 $ 8.9 $ 0.5 $ — $ 1.2 $ 1.7 Impact of the Split-off Transaction — — — — (0.5 ) — (1.2 ) (1.7 ) Repurchase and cancellation of Liberty Global Shares (0.3 ) — (0.5 ) (0.8 ) — — — — Balance at December 31, 2017 $ 2.2 $ 0.1 $ 5.8 $ 8.1 $ — $ — $ — $ — _______________ (a) In connection with the Split-off Transaction , the LiLAC Shares were redesignated as deferred shares (with virtually no economic rights), transferred to a third party and cancelled. For additional information regarding the Split-off Transaction , see note 6 . |
Details of Share Repurchases | The following table provides details of our share repurchases during 2019 , 2018 and 2017 : Class A ordinary shares Class C ordinary shares Shares repurchased Average price paid per share (a) Shares repurchased Average price paid per share (a) Total cost (a) in millions Liberty Global Shares: 2019 (b) 24,348,562 $ 27.61 95,395,291 $ 26.64 $ 3,220.2 2018 15,649,900 $ 29.67 54,211,059 $ 28.51 $ 2,010.0 2017 34,881,510 $ 33.73 52,523,651 $ 32.71 $ 2,894.7 LiLAC Shares: 2017 2,062,233 $ 22.84 285,572 $ 22.25 $ 53.5 _______________ (a) Includes direct acquisition costs, where applicable. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation | A summary of our aggregate share-based compensation expense is set forth below: Year ended December 31, 2019 2018 2017 in millions Liberty Global: Performance-based incentive awards (a) $ 134.5 $ 50.8 $ 23.9 Non-performance based incentive awards (b) 107.6 90.1 93.8 Other (c) 39.0 43.4 13.7 Total Liberty Global 281.1 184.3 131.4 Telenet share-based incentive awards (d) 15.6 19.6 20.7 Other 9.1 2.1 10.1 Total $ 305.8 $ 206.0 $ 162.2 Included in: Other operating expenses $ 3.9 $ 4.4 $ 4.7 SG&A expenses 301.9 201.6 157.5 Total $ 305.8 $ 206.0 $ 162.2 _______________ (a) Includes share-based compensation expense related to (i) PSU s, (ii) in 2019, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award , each as defined and described below, and (iii) through March 2017, certain performance grant units issued to our Chief Executive Officer. (b) The 2019 amount includes share-based compensation expense related to the 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 have been or will be issued to senior management and key employees pursuant to a shareholding incentive program that was implemented in the fourth quarter of 2017. 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. (d) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, which, at December 31, 2019 , included performance- and non-performance-based stock option awards with respect to 3,846,649 Telenet shares. These stock option awards had a weighted average exercise price of €43.82 ( $49.20 ). |
Stock Compensation Assumptions | The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global ordinary shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted): Year ended December 31, 2019 2018 2017 Assumptions used to estimate fair value of options, SARs and PSARs granted: Risk-free interest rate 1.59 - 2.45% 2.68 - 2.92% 1.66 - 2.16% Expected life 3.2 - 6.2 years 3.0 - 4.2 years 3.0 - 6.4 years Expected volatility 29.9 - 33.8% 30.2 - 33.6% 25.9 - 37.9% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 8.60 $ 8.99 $ 9.40 SARs $ 6.79 $ 7.92 $ 8.60 PSARs $ 6.92 $ — $ — RSUs $ 24.66 $ 28.72 $ 31.24 RSAs $ 25.29 $ — $ — PSUs $ 25.00 $ 23.60 $ 26.59 Total intrinsic value of awards exercised (in millions): Options $ 4.2 $ 3.8 $ 13.4 SARs $ 13.6 $ 22.5 $ 74.8 Cash received from exercise of options (in millions) $ 2.3 $ 5.7 $ 11.7 Income tax benefit related to share-based compensation of our continuing operations (in millions) $ 21.0 $ 18.6 $ 9.8 |
Stock Options Activity | The following tables summarize the share-based award activity during 2019 with respect to awards issued by Liberty Global : Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 580,254 $ 27.51 Granted 61,244 $ 26.47 Exercised (53,240 ) $ 7.10 Outstanding at December 31, 2019 588,258 $ 29.25 3.7 $ 0.7 Exercisable at December 31, 2019 447,042 $ 29.40 2.6 $ 0.7 Options — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 2,667,506 $ 25.09 Granted 1,364,721 $ 24.52 Forfeited (349,474 ) $ 24.79 Exercised (176,185 ) $ 6.92 Outstanding at December 31, 2019 3,506,568 $ 25.81 3.0 $ 1.7 Exercisable at December 31, 2019 2,820,918 $ 25.68 2.1 $ 1.7 SARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 15,308,562 $ 32.41 Granted 3,350,635 $ 24.92 Forfeited (1,520,202 ) $ 32.62 Exercised (509,520 ) $ 19.91 Impact of the sale of the Vodafone Disposal Group (377,858 ) $ 34.89 Outstanding at December 31, 2019 16,251,617 $ 31.18 3.9 $ — Exercisable at December 31, 2019 10,951,161 $ 32.66 2.4 $ — SARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 34,401,980 $ 30.61 Granted 6,701,270 $ 24.17 Forfeited (3,042,500 ) $ 31.49 Exercised (1,599,608 ) $ 19.25 Impact of the sale of the Vodafone Disposal Group (778,280 ) $ 33.57 Outstanding at December 31, 2019 35,682,862 $ 29.77 3.6 $ — Exercisable at December 31, 2019 25,082,821 $ 30.83 2.1 $ — PSARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 — $ — Granted 4,477,343 $ 25.97 Forfeited (405,727 ) $ 25.97 Outstanding at December 31, 2019 4,071,616 $ 25.97 9.2 $ — Exercisable at December 31, 2019 1,118 $ 25.97 0.8 $ — PSARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2019 — $ — Granted 8,954,686 $ 25.22 Forfeited (811,454 ) $ 25.22 Outstanding at December 31, 2019 8,143,232 $ 25.22 9.2 $ — Exercisable at December 31, 2019 2,236 $ 25.22 0.8 $ — RSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 582,374 $ 31.85 Granted 359,012 $ 25.09 Forfeited (141,043 ) $ 30.23 Released from restrictions (284,847 ) $ 31.34 Outstanding at December 31, 2019 515,496 $ 27.86 2.5 Number of awards Weighted average exercise or base price Weighted average remaining contractual term Aggregate intrinsic value Options and SARs: Class A: Outstanding 1,509,447 $ 33.96 2.0 $ — Exercisable 1,429,022 $ 33.95 1.8 $ — Class C: Outstanding 3,374,752 $ 32.08 1.8 $ — Exercisable 3,213,870 $ 32.02 1.7 $ — |
Other-than-Options Activity | RSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 582,374 $ 31.85 Granted 359,012 $ 25.09 Forfeited (141,043 ) $ 30.23 Released from restrictions (284,847 ) $ 31.34 Outstanding at December 31, 2019 515,496 $ 27.86 2.5 RSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 — $ — Granted 48,786 $ 26.03 Outstanding at December 31, 2019 48,786 $ 26.03 0.2 RSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 1,162,351 $ 31.02 Granted 718,024 $ 24.35 Forfeited (281,767 ) $ 30.32 Released from restrictions (572,598 ) $ 30.29 Outstanding at December 31, 2019 1,026,010 $ 26.95 2.5 RSAs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 — $ — Granted 670,000 $ 25.29 Released from restrictions (670,000 ) $ 25.29 Outstanding at December 31, 2019 — $ — — PSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 2,904,644 $ 28.22 Granted 2,502,764 $ 25.44 Forfeited (548,237 ) $ 28.58 Released from restrictions (1,416,391 ) $ 31.04 Impact of the sale of the Vodafone Disposal Group (54,409 ) $ 24.03 Outstanding at December 31, 2019 3,388,371 $ 25.00 1.6 PSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 — $ — Granted 1,330,000 $ 25.29 Outstanding at December 31, 2019 1,330,000 $ 25.29 0.9 PSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2019 5,814,437 $ 27.39 Granted 5,005,528 $ 24.69 Forfeited (1,098,252 ) $ 27.71 Released from restrictions (2,836,847 ) $ 30.06 Impact of the sale of the Vodafone Disposal Group (108,818 ) $ 23.41 Outstanding at December 31, 2019 6,776,048 $ 24.29 1.6 Number of awards Weighted average grant date fair value per share Weighted average remaining contractual term Outstanding RSUs and PSUs: Class A: RSUs 3,969 $ 33.23 1.3 PSUs 54,990 $ 24.05 0.8 Class C: RSUs 7,923 $ 32.33 1.3 PSUs 109,980 $ 23.44 0.8 |
Restructuring Liabilities (Tabl
Restructuring Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes in Restructuring Liabilities During Year | A summary of changes in our restructuring liabilities during 2019 is set forth in the table below: Employee severance and termination Office closures Contract termination 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 84.3 1.1 4.5 89.9 Cash paid (81.3 ) (4.4 ) (10.9 ) (96.6 ) Foreign currency translation adjustments and other 1.4 (0.6 ) (0.9 ) (0.1 ) Restructuring liability as of December 31, 2019 $ 19.1 $ 2.2 $ 10.6 $ 31.9 Current portion $ 17.6 $ 1.9 $ 3.2 $ 22.7 Noncurrent portion 1.5 0.3 7.4 9.2 Total $ 19.1 $ 2.2 $ 10.6 $ 31.9 _______________ (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 . A summary of changes in our restructuring liabilities during 2018 is set forth in the table below: Employee severance and termination Office closures Contract termination Total in millions Restructuring liability as of January 1, 2018 $ 11.3 $ 9.5 $ 16.5 $ 37.3 Restructuring charges 42.2 5.5 48.7 96.4 Cash paid (35.5 ) (6.0 ) (44.7 ) (86.2 ) Foreign currency translation adjustments and other (3.3 ) (0.5 ) (2.6 ) (6.4 ) Restructuring liability as of December 31, 2018 $ 14.7 $ 8.5 $ 17.9 $ 41.1 Current portion $ 13.3 $ 4.5 $ 8.4 $ 26.2 Noncurrent portion 1.4 4.0 9.5 14.9 Total $ 14.7 $ 8.5 $ 17.9 $ 41.1 A summary of changes in our restructuring liabilities during 2017 is set forth in the table below: Employee severance and termination Office closures Contract termination Total in millions Restructuring liability as of January 1, 2017 $ 23.0 $ 7.1 $ 31.7 $ 61.8 Restructuring charges 35.2 8.3 4.9 48.4 Cash paid (50.0 ) (6.8 ) (22.2 ) (79.0 ) Foreign currency translation adjustments and other 3.1 0.9 2.1 6.1 Restructuring liability as of December 31, 2017 $ 11.3 $ 9.5 $ 16.5 $ 37.3 Current portion $ 9.9 $ 4.4 $ 4.6 $ 18.9 Noncurrent portion 1.4 5.1 11.9 18.4 Total $ 11.3 $ 9.5 $ 16.5 $ 37.3 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans | The table below provides summary information on the defined benefit plans: December 31, 2019 2018 2017 in millions Fair value of plan assets (a) $ 1,500.0 $ 1,305.0 $ 1,412.2 Projected benefit obligation $ 1,407.5 $ 1,217.5 $ 1,335.4 Net asset $ 92.5 $ 87.5 $ 76.8 _______________ (a) The fair value of plan assets at December 31, 2019 includes $1,120.1 million , $113.3 million and $266.6 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 9 ). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Earnings (Loss) | The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations: Pre-tax amount Tax benefit (expense) Net-of-tax amount in millions Year ended December 31, 2019: Foreign currency translation adjustments $ 432.2 $ 3.3 $ 435.5 Pension-related adjustments and other (16.7 ) 2.3 (14.4 ) Other comprehensive earnings from continuing operations 415.5 5.6 421.1 Other comprehensive earnings from discontinued operations (a) 61.1 (0.1 ) 61.0 Other comprehensive earnings 476.6 5.5 482.1 Other comprehensive earnings attributable to noncontrolling interests (b) (1.5 ) 0.3 (1.2 ) Other comprehensive earnings attributable to Liberty Global shareholders $ 475.1 $ 5.8 $ 480.9 Year ended December 31, 2018: Foreign currency translation adjustments $ (897.9 ) $ — $ (897.9 ) Pension-related adjustments and other (24.4 ) 4.4 (20.0 ) Other comprehensive loss from continuing operations (922.3 ) 4.4 (917.9 ) Other comprehensive loss from discontinued operations (a) (105.9 ) (0.2 ) (106.1 ) Other comprehensive loss (1,028.2 ) 4.2 (1,024.0 ) Other comprehensive earnings attributable to noncontrolling interests (b) (0.3 ) 0.1 (0.2 ) Other comprehensive loss attributable to Liberty Global shareholders $ (1,028.5 ) $ 4.3 $ (1,024.2 ) Year ended December 31, 2017: Foreign currency translation adjustments $ 1,898.7 $ — $ 1,898.7 Pension-related adjustments 17.6 (1.9 ) 15.7 Other comprehensive earnings from continuing operations 1,916.3 (1.9 ) 1,914.4 Other comprehensive earnings from discontinued operations 30.1 0.3 30.4 Other comprehensive earnings 1,946.4 (1.6 ) 1,944.8 Other comprehensive earnings attributable to noncontrolling interests (b) (1.9 ) 0.2 (1.7 ) Other comprehensive earnings attributable to Liberty Global shareholders $ 1,944.5 $ (1.4 ) $ 1,943.1 _______________ (a) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6 . (b) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. Liberty Global shareholders Foreign currency translation adjustments Pension- related adjustments and other Accumulated other comprehensive earnings (loss) Noncontrolling interests Total accumulated other comprehensive earnings (loss) in millions Balance at January 1, 2017 $ (272.6 ) $ (99.8 ) $ (372.4 ) $ (5.9 ) $ (378.3 ) Other comprehensive earnings 1,942.8 0.3 1,943.1 1.7 1,944.8 Impact of the Split-off Transaction 56.4 28.9 85.3 — 85.3 Balance at December 31, 2017 1,726.6 (70.6 ) 1,656.0 (4.2 ) 1,651.8 Other comprehensive loss (1,007.3 ) (16.9 ) (1,024.2 ) 0.2 (1,024.0 ) Balance at December 31, 2018 719.3 (87.5 ) 631.8 (4.0 ) 627.8 Other comprehensive earnings 490.3 (9.4 ) 480.9 1.2 482.1 Balance at December 31, 2019 $ 1,209.6 $ (96.9 ) $ 1,112.7 $ (2.8 ) $ 1,109.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2019 . The commitments included in this table do not reflect any liabilities that are included on our December 31, 2019 consolidated balance sheet. Payments due during: 2020 2021 2022 2023 2024 Thereafter Total in millions Programming commitments $ 1,165.0 $ 887.4 $ 355.3 $ 17.5 $ 14.2 $ 30.4 $ 2,469.8 Network and connectivity commitments 715.3 313.3 98.3 46.9 39.9 736.1 1,949.8 Purchase commitments 668.0 181.5 60.8 35.9 17.3 25.1 988.6 Other commitments 30.0 3.4 2.0 0.3 0.3 1.0 37.0 Total $ 2,578.3 $ 1,385.6 $ 516.4 $ 100.6 $ 71.7 $ 792.6 $ 5,445.2 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Revenue and Operating Cash Flow by Segment | 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 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 consolidated statements of operations. Year ended December 31, 2019 2018 2017 Revenue Adjusted OIBDA Revenue Adjusted OIBDA (b) Revenue Adjusted OIBDA (b) in millions U.K./Ireland $ 6,600.3 $ 2,800.5 $ 6,875.1 $ 2,995.5 $ 6,398.7 $ 2,831.2 Belgium 2,893.0 1,386.1 2,993.6 1,480.0 2,865.3 1,300.3 Switzerland 1,258.8 627.9 1,326.0 712.0 1,370.1 800.3 Central and Eastern Europe 475.4 215.0 492.2 233.6 467.5 220.1 Central and Corporate 316.4 (171.1 ) 274.2 (257.8 ) 189.4 (317.3 ) Intersegment eliminations (a) (2.4 ) 1.1 (3.2 ) (11.8 ) (14.6 ) (9.5 ) Total $ 11,541.5 $ 4,859.5 $ 11,957.9 $ 5,151.5 $ 11,276.4 $ 4,825.1 VodafoneZiggo JV $ 4,407.8 $ 1,987.7 $ 4,602.2 $ 2,009.7 $ 4,512.5 $ 1,910.6 _______________ (a) Amounts are related to transactions between our continuing and discontinued operations prior to the disposal dates of such discontinued operations. (b) Amounts have been revised to reflect the retrospective impact of the Centrally-held Cost Allocation , as described above. |
Reconciliation of Total Segment Operating Cash Flow from Continuing Operations to Loss from Continuing Operations Before Income Taxes | The following table provides a reconciliation of Adjusted OIBDA from continuing operations to earnings (loss) from continuing operations before income taxes: Year ended December 31, 2019 2018 2017 in millions Adjusted OIBDA from continuing operations $ 4,859.5 $ 5,151.5 $ 4,825.1 Share-based compensation expense (305.8 ) (206.0 ) (162.2 ) Depreciation and amortization (3,652.2 ) (3,858.2 ) (3,790.6 ) Impairment, restructuring and other operating items, net (156.0 ) (248.2 ) (79.9 ) Operating income 745.5 839.1 792.4 Interest expense (1,385.9 ) (1,478.7 ) (1,416.1 ) Realized and unrealized gains (losses) on derivative instruments, net (192.0 ) 1,125.8 (1,052.8 ) Foreign currency transaction gains (losses), net (94.8 ) 90.4 (181.5 ) Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net 72.0 (384.5 ) 43.4 Losses on debt modification and extinguishment, net (216.7 ) (65.0 ) (252.2 ) Share of results of affiliates, net (198.5 ) (8.7 ) (95.2 ) Other income, net 114.4 43.4 50.9 Earnings (loss) from continuing operations before income taxes $ (1,156.0 ) $ 161.8 $ (2,111.1 ) |
Balance Sheet Data of Reportable Segments | Selected balance sheet data of our reportable segments is set forth below: Long-lived assets Total assets December 31, December 31, 2019 2018 2019 2018 in millions U.K./Ireland $ 16,170.9 $ 16,254.6 $ 20,665.5 $ 20,702.5 Belgium 5,910.3 5,979.4 7,148.2 6,972.1 Switzerland 4,247.7 4,165.4 4,647.8 4,496.0 Central and Eastern Europe 1,062.2 1,087.4 1,135.2 1,130.8 Central and Corporate 1,079.6 1,142.2 15,449.6 9,321.1 Total - continuing operations $ 28,470.7 $ 28,629.0 $ 49,046.3 $ 42,622.5 VodafoneZiggo JV $ 20,674.8 $ 22,026.2 $ 22,426.5 $ 23,255.3 |
Capital Expenditures of 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 consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12 , respectively. Year ended December 31, 2019 2018 2017 in millions U.K./Ireland $ 1,578.0 $ 1,988.9 $ 2,161.8 Belgium 537.2 790.8 691.0 Switzerland 277.9 249.6 244.4 Central and Eastern Europe 107.0 152.8 158.2 Central and Corporate (a) 380.4 523.5 448.1 Total property and equipment additions 2,880.5 3,705.6 3,703.5 Assets acquired under capital-related vendor financing arrangements (1,727.0 ) (2,175.5 ) (2,336.2 ) Assets acquired under finance leases (66.9 ) (102.4 ) (106.7 ) Changes in current liabilities related to capital expenditures 156.5 25.3 (10.6 ) Total capital expenditures, net $ 1,243.1 $ 1,453.0 $ 1,250.0 Capital expenditures, net: Third-party payments $ 1,323.9 $ 1,552.7 $ 1,586.5 Proceeds received for transfers to related parties (b) (80.8 ) (99.7 ) (336.5 ) Total capital expenditures, net $ 1,243.1 $ 1,453.0 $ 1,250.0 Property and equipment additions - VodafoneZiggo JV $ 887.9 $ 988.7 $ 933.9 _______________ (a) Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments. (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: Year ended December 31, 2019 2018 2017 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Broadband internet $ 3,187.4 $ 3,226.6 $ 2,979.7 Video 2,723.9 2,863.2 2,786.5 Fixed-line telephony 1,413.2 1,607.8 1,599.8 Total subscription revenue 7,324.5 7,697.6 7,366.0 Non-subscription revenue 198.1 279.1 343.6 Total residential cable revenue 7,522.6 7,976.7 7,709.6 Residential mobile revenue (c): Subscription revenue (b) 932.1 983.5 999.7 Non-subscription revenue 688.2 694.8 607.1 Total residential mobile revenue 1,620.3 1,678.3 1,606.8 Total residential revenue 9,142.9 9,655.0 9,316.4 B2B revenue (d): Subscription revenue 472.5 446.4 367.6 Non-subscription revenue 1,441.5 1,537.1 1,372.5 Total B2B revenue 1,914.0 1,983.5 1,740.1 Other revenue (e) 484.6 319.4 219.9 Total $ 11,541.5 $ 11,957.9 $ 11,276.4 _______________ (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. As described in note 2 , we adopted ASU 2014-09 on January 1, 2018 using the cumulative effect transition method. For periods subsequent to our adoption of ASU 2014-09 , installation revenue is generally deferred and recognized over the contractual period as residential cable subscription revenue. For periods prior to the adoption of ASU 2014-09 , installation revenue is included in residential cable non-subscription revenue. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, 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 revenue from 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 the sale of customer premises equipment to the VodafoneZiggo JV, (ii) revenue earned from transitional and other services provided to various third parties and (iii) broadcasting revenue in Ireland. |
Revenue by Geographic Segments | The revenue of our geographic segments is set forth below: Year ended December 31, 2019 2018 2017 in millions U.K. $ 6,086.2 $ 6,351.2 $ 5,927.9 Belgium 2,893.0 2,993.6 2,865.3 Switzerland 1,258.8 1,326.0 1,370.1 Ireland 514.1 523.9 470.8 Poland 425.7 440.7 417.9 Slovakia 49.7 51.5 49.6 Other, including intersegment eliminations 314.0 271.0 174.8 Total $ 11,541.5 $ 11,957.9 $ 11,276.4 VodafoneZiggo JV (the Netherlands) $ 4,407.8 $ 4,602.2 $ 4,512.5 |
Long-Lived Assets by Geographic Segments | The long-lived assets of our geographic segments are set forth below: December 31, 2019 2018 in millions U.K. $ 15,422.4 $ 15,489.2 Belgium 5,910.3 5,979.4 Switzerland 4,247.7 4,165.4 Poland 937.0 958.7 Ireland 748.5 765.4 Slovakia 125.2 128.7 U.S. and other (a) 1,079.6 1,142.2 Total $ 28,470.7 $ 28,629.0 VodafoneZiggo JV (the Netherlands) $ 20,674.8 $ 22,026.2 _______________ (a) Primarily relates to certain long-lived assets included in Central and Corporate . |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) 2019 1 st quarter 2 nd quarter 3 rd quarter 4 th quarter in millions, except per share amounts Revenue $ 2,868.0 $ 2,850.4 $ 2,840.9 $ 2,982.2 Operating income $ 105.5 $ 148.7 $ 208.8 $ 282.5 Earnings (loss) from continuing operations $ (306.9 ) $ (339.6 ) $ 587.2 $ (1,349.7 ) Net earnings (loss) $ 15.7 $ 82.5 $ 12,885.1 $ (1,345.1 ) Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (315.6 ) $ (369.1 ) $ 550.0 $ (1,391.1 ) Net earnings (loss) attributable to Liberty Global shareholders $ 7.0 $ 53.0 $ 12,847.9 $ (1,386.5 ) Basic and diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (note 3) $ (0.43 ) $ (0.50 ) $ 0.77 $ (2.20 ) Basic earnings (loss) attributable to Liberty Global shareholders per share $ 0.01 $ 0.07 $ 17.99 $ (2.19 ) Diluted earnings (loss) attributable to Liberty Global shareholders per share $ 0.01 $ 0.07 $ 17.91 $ (2.19 ) 2018 1 st quarter 2 nd quarter 3 rd quarter 4 th quarter in millions, except per share amounts Revenue $ 3,063.5 $ 3,015.6 $ 2,929.7 $ 2,949.1 Operating income $ 117.5 $ 264.1 $ 205.1 $ 252.4 Earnings (loss) from continuing operations $ (1,367.2 ) $ 669.0 $ (399.4 ) $ (313.9 ) Net earnings (loss) $ (1,178.6 ) $ 950.5 $ 1,025.9 $ 52.2 Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (1,373.3 ) $ 632.9 $ (450.6 ) $ (341.0 ) Net earnings (loss) attributable to Liberty Global shareholders $ (1,186.5 ) $ 912.6 $ 974.1 $ 25.1 Basic and diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (note 3) $ (1.70 ) $ 0.80 $ (0.57 ) $ (0.45 ) Basic earnings (loss) attributable to Liberty Global shareholders per share $ (1.47 ) $ 1.16 $ 1.23 $ 0.03 Diluted earnings (loss) attributable to Liberty Global shareholders per share $ (1.47 ) $ 1.15 $ 1.23 $ 0.03 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | |
Telenet | |||
Basis of Presentation [Line Items] | |||
Percentage ownership in subsidiary | 60.20% | ||
VodafoneZiggo JV | |||
Basis of Presentation [Line Items] | |||
Ownership percentage | 50.00% | 50.00% | 50.00% |
Co-venturer ownership percentage | 50.00% | 50.00% | |
Liberty Puerto Rico | |||
Basis of Presentation [Line Items] | |||
Ownership percentage | 60.00% |
Accounting Changes and Recent_3
Accounting Changes and Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease ROU assets | $ 512.7 | ||||
Operating leases | 545.1 | ||||
Finance lease ROU assets | 531 | $ 545.5 | |||
Finance lease liabilities | $ 617.1 | ||||
Decrease to accumulated deficit | $ (5,897.5) | $ (6,217.6) | |||
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 |
Accounting Changes and Recent_4
Accounting Changes and Recent Accounting Pronouncements (Summary balance sheet information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | |||||
Trade receivables, net | $ 1,404.8 | $ 1,342.1 | $ 1,403.8 | $ 1,404.5 | |
Current assets of discontinued operations | 0 | 356.5 | 374.2 | 276 | |
Other current assets | 695 | 568.1 | 427.8 | 351.2 | |
Investments and related note receivables | 4,782 | 5,121.8 | 6,862.6 | 6,671.4 | |
Deferred tax assets | 2,457.4 | 2,488.2 | 3,117.1 | 3,133.1 | |
Long-term assets of discontinued operations | 0 | 10,174.6 | 11,266.5 | 11,237.4 | |
Other assets, net | 3,338.1 | 3,632.9 | 3,741.6 | 3,720.2 | |
Liabilities: | |||||
Deferred revenue | 834.9 | 847.1 | 942.2 | 936.6 | |
Current liabilities of discontinued operations | 0 | 1,967.5 | 1,662.6 | 1,635.9 | |
Other accrued and current liabilities | 2,570.5 | 2,458.8 | 2,220.2 | 2,219 | |
Long-term liabilities of discontinued operations | 0 | 10,072.4 | 10,053.5 | 10,014.4 | |
Other long-term liabilities | 2,890.7 | 2,436.8 | 2,249.3 | 2,246.6 | |
Equity: | |||||
Accumulated deficit | (5,897.5) | (6,217.6) | |||
Noncontrolling interests | $ (407.6) | (533.1) | (407.6) | (412) | |
Accounting change | 1.2 | 324.5 | $ 15.3 | ||
Accumulated deficit | |||||
Equity: | |||||
Accounting change | $ 1.2 | $ 320.1 | $ 15.3 | ||
ASU 2014-09 Adjustments | Accounting Standards Update 2014-09 | |||||
Assets: | |||||
Trade receivables, net | (0.7) | ||||
Current assets of discontinued operations | 98.2 | ||||
Other current assets | 76.6 | ||||
Investments and related note receivables | 191.2 | ||||
Deferred tax assets | (16) | ||||
Long-term assets of discontinued operations | 29.1 | ||||
Other assets, net | 21.4 | ||||
Liabilities: | |||||
Deferred revenue | 5.6 | ||||
Current liabilities of discontinued operations | 26.7 | ||||
Other accrued and current liabilities | 1.2 | ||||
Long-term liabilities of discontinued operations | 39.1 | ||||
Other long-term liabilities | 2.7 | ||||
Equity: | |||||
Accumulated deficit | 320.1 | ||||
Noncontrolling interests | $ 4.4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Earnings or Loss per Share) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||||||||||
Loss from continuing operations | $ (1,349.7) | $ 587.2 | $ (339.6) | $ (306.9) | $ (313.9) | $ (399.4) | $ 669 | $ (1,367.2) | $ (1,409) | $ (1,411.5) | $ (2,350) |
Net earnings from continuing operations attributable to noncontrolling interests | (120.5) | (71.4) | |||||||||
Net loss from continuing operations attributable to Liberty Global shareholders | $ (1,525.8) | $ (1,532) | $ (2,421.4) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate allowance for doubtful accounts | $ 42.8 | $ 45.8 | |
Asset retirement obligation | $ 55.5 | $ 53.5 | |
Stock Options, SARs and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS | 62.5 | 58.7 | 53.7 |
PSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS | 23.9 | 9.2 | 6.2 |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 30.6 | $ 44.3 |
Deferred revenue | 867.1 | 877.9 |
Revenue recognized | 805 | |
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | 92.6 | 73 |
Amortization related to contract costs | $ 101.1 | $ 99.8 |
Residential Service | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 12 months | |
Maximum | Mobile Services | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 3 years | |
Maximum | B2B Services | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 5 years | |
Minimum | Mobile Services | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 1 year | |
Minimum | B2B Services | ||
Disaggregation of Revenue [Line Items] | ||
Contract term | 1 year |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Millions, $ in Millions | Jun. 03, 2019USD ($) | Jun. 03, 2019EUR (€) | Jun. 19, 2017USD ($) | Jun. 19, 2017EUR (€) | Jun. 30, 2019USD ($) | Jun. 02, 2019 |
De Vijver Media | ||||||
Business Acquisition [Line Items] | ||||||
Previous interest | 50.00% | |||||
Interest acquired | 50.00% | 50.00% | ||||
Consideration transferred | $ 58.9 | € 52.5 | ||||
Repayment of debt | $ 69.5 | € 62 | ||||
Gain on remeasurement | $ 25.7 | |||||
Fair value | $ 57.9 | |||||
SFR BeLux | Telenet | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 410.3 | € 369 | ||||
Fund for acquisition | $ 234.3 | € 210 |
Dispositions and the Vodafone_3
Dispositions and the VodafoneZiggo JV Transaction (Pending and Completed Dispositions Narrative) (Details) € in Millions | Jul. 31, 2019USD ($) | Jul. 31, 2019EUR (€) | May 02, 2019USD ($) | May 02, 2019EUR (€) | Jul. 31, 2018USD ($) | Dec. 29, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds received upon disposition of discontinued operations, net | $ 11,203,100,000 | $ 2,058,200,000 | $ 0 | ||||||
Outstanding principal amount | 27,565,400,000 | 29,183,900,000 | |||||||
Balance of the vodafone escrow accounts | 295,200,000 | 0 | 0 | ||||||
Gain on disposal of discontinued operations, net of taxes | 12,316,900,000 | 1,098,100,000 | $ 0 | ||||||
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 divested from deconsolidation | $ 205,800,000 | € 183.7 | |||||||
Proceeds received upon disposition of discontinued operations, net | 11,100,000,000 | € 10,000 | |||||||
Gain on disposal of discontinued operations, net of taxes | 12,200,000,000 | ||||||||
Cumulative foreign currency translation gains (loss) | 88,200,000 | ||||||||
Income tax on gain | $ 35,400,000 | ||||||||
Term of transitional services | 4 years | 4 years | |||||||
Revenue from transitional services | 63,100,000 | ||||||||
UPC Switzerland | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Outstanding principal amount | $ 1,645,000,000 | ||||||||
UPC DTH | Discontinued Operations, Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds received upon disposition of discontinued operations, net | $ 144,100,000 | € 128.9 | |||||||
Gain on disposal of discontinued operations, net of taxes | 106,000,000 | ||||||||
Cumulative foreign currency translation gains (loss) | (10,000,000) | ||||||||
Income tax on gain | $ 0 | ||||||||
Term of transitional services | 2 years | 2 years | |||||||
Revenue from transitional services | 1,400,000 | ||||||||
UPC Austria | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Authorized amount | $ 500,000,000 | ||||||||
UPC Austria | Long-term Debt | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Extinguishment of debt | 1,500,000,000 | ||||||||
UPC Austria | Long-term Debt | UPC Holding Bank Facility | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Extinguishment of debt | 913,400,000 | ||||||||
UPC Austria | Long-term Debt | UPCB SPE Notes | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Extinguishment of debt | 69,600,000 | ||||||||
UPC Austria | Long-term Debt | VM Senior Secured Notes | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Extinguishment of debt | 515,500,000 | ||||||||
UPC Austria | Discontinued Operations, Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cumulative foreign currency translation gains (loss) | $ 79,500,000 | ||||||||
Term of transitional services | 4 years | ||||||||
Revenue from transitional services | $ 42,800,000 | $ 17,900,000 | |||||||
Payments of vendor financing obligations | $ 35,500,000 | ||||||||
LiLAC Shares | Discontinued Operations, Split-off Transaction | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Common shares distributed | 100.00% | ||||||||
Gain (loss) on discontinued operation | $ 0 |
Dispositions and the Vodafone_4
Dispositions and the VodafoneZiggo JV Transaction (Pending and Completed Dispositions) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating results of discontinued operations | |||||||||||
Revenue | $ 2,982.2 | $ 2,840.9 | $ 2,850.4 | $ 2,868 | $ 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | $ 11,541.5 | $ 11,957.9 | $ 11,276.4 |
Earnings (loss) before income taxes | (1,156) | 161.8 | (2,111.1) | ||||||||
Net earnings (loss) | $ 13,047.2 | $ 2,261.5 | $ (370.6) | ||||||||
Weighted average ordinary shares outstanding (LiLAC Shares) - basic and diluted (in shares) | 705,794,546 | 778,675,957 | 847,894,601 | ||||||||
Discontinued Operations | |||||||||||
Operating results of discontinued operations | |||||||||||
Revenue | $ 3,953.6 | $ 7,362.5 | |||||||||
Operating income (loss) | 1,937.7 | 974.8 | |||||||||
Earnings (loss) before income taxes | 1,544.6 | (96) | |||||||||
Income tax benefit (expense) | (381.2) | (274.6) | |||||||||
Net earnings (loss) | 1,163.4 | (370.6) | |||||||||
Net loss (earnings) attributable to noncontrolling interests | (4.2) | 13.8 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ 1,159.2 | $ (356.8) | |||||||||
Basic and diluted earnings (loss) from discontinued operations attributable to Liberty Global shareholders (in dollars per share) | $ 1.03 | $ 1.49 | $ 0.56 | ||||||||
Weighted average ordinary shares outstanding (LiLAC Shares) - basic and diluted (in shares) | 171,846,133 | ||||||||||
Discontinued Operations, Disposed of by Sale | |||||||||||
Assets: | |||||||||||
Current assets other than cash | 356.5 | $ 356.5 | |||||||||
Property and equipment, net | 5,671.1 | 5,671.1 | |||||||||
Goodwill | 3,986.7 | 3,986.7 | |||||||||
Other assets, net | 516.8 | 516.8 | |||||||||
Total assets | 10,531.1 | 10,531.1 | |||||||||
Liabilities: | |||||||||||
Current portion of debt and finance lease obligations | 820.2 | 820.2 | |||||||||
Other accrued and current liabilities | 1,147.3 | 1,147.3 | |||||||||
Long-term debt and finance lease obligations | 9,074.6 | 9,074.6 | |||||||||
Other long-term liabilities | 997.8 | 997.8 | |||||||||
Total liabilities | 12,039.9 | 12,039.9 | |||||||||
Discontinued Operations, Split-off Transaction | |||||||||||
Operating results of discontinued operations | |||||||||||
Revenue | $ 2,054.6 | ||||||||||
Operating income (loss) | 1,176.3 | ||||||||||
Earnings (loss) before income taxes | 1,004.2 | ||||||||||
Income tax benefit (expense) | (273.9) | ||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | 730.3 | ||||||||||
UPC Austria | Discontinued Operations, Split-off Transaction | |||||||||||
Operating results of discontinued operations | |||||||||||
Revenue | 252.4 | $ 394.9 | |||||||||
Operating income (loss) | 139 | 150 | |||||||||
Earnings (loss) before income taxes | 138.7 | 150 | |||||||||
Income tax benefit (expense) | (23.3) | (4.5) | |||||||||
Net earnings (loss) | 115.4 | 145.5 | |||||||||
Net loss (earnings) attributable to noncontrolling interests | (4.2) | (6.8) | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | 111.2 | 138.7 | |||||||||
Vodafone Disposal Group | Discontinued Operations, Disposed of by Sale | |||||||||||
Assets: | |||||||||||
Current assets other than cash | 348 | 348 | |||||||||
Property and equipment, net | 5,591.4 | 5,591.4 | |||||||||
Goodwill | 3,986.7 | 3,986.7 | |||||||||
Other assets, net | 509.4 | 509.4 | |||||||||
Total assets | 10,435.5 | 10,435.5 | |||||||||
Liabilities: | |||||||||||
Current portion of debt and finance lease obligations | 809 | 809 | |||||||||
Other accrued and current liabilities | 1,114.8 | 1,114.8 | |||||||||
Long-term debt and finance lease obligations | 9,037.1 | 9,037.1 | |||||||||
Other long-term liabilities | 997.5 | 997.5 | |||||||||
Total liabilities | 11,958.4 | 11,958.4 | |||||||||
Vodafone Disposal Group | Discontinued Operations, Split-off Transaction | |||||||||||
Operating results of discontinued operations | |||||||||||
Revenue | 2,017.9 | 3,584.2 | 3,263 | ||||||||
Operating income (loss) | 1,165.6 | 1,787 | 976 | ||||||||
Earnings (loss) before income taxes | 994.7 | 1,396.3 | 395.4 | ||||||||
Income tax benefit (expense) | (273.9) | (365.2) | (66.1) | ||||||||
Net earnings (loss) | 1,031.1 | 329.3 | |||||||||
Net loss (earnings) attributable to noncontrolling interests | 0 | 0 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | 720.8 | 1,031.1 | 329.3 | ||||||||
UPC DTH | Discontinued Operations, Disposed of by Sale | |||||||||||
Assets: | |||||||||||
Current assets other than cash | 8.5 | 8.5 | |||||||||
Property and equipment, net | 79.7 | 79.7 | |||||||||
Goodwill | 0 | 0 | |||||||||
Other assets, net | 7.4 | 7.4 | |||||||||
Total assets | 95.6 | 95.6 | |||||||||
Liabilities: | |||||||||||
Current portion of debt and finance lease obligations | 11.2 | 11.2 | |||||||||
Other accrued and current liabilities | 32.5 | 32.5 | |||||||||
Long-term debt and finance lease obligations | 37.5 | 37.5 | |||||||||
Other long-term liabilities | 0.3 | 0.3 | |||||||||
Total liabilities | $ 81.5 | 81.5 | |||||||||
UPC DTH | Discontinued Operations, Split-off Transaction | |||||||||||
Operating results of discontinued operations | |||||||||||
Revenue | 36.7 | 117 | 114.6 | ||||||||
Operating income (loss) | 10.7 | 11.7 | 11.7 | ||||||||
Earnings (loss) before income taxes | 9.5 | 9.6 | 9.7 | ||||||||
Income tax benefit (expense) | 0 | 7.3 | 0 | ||||||||
Net earnings (loss) | 16.9 | 9.7 | |||||||||
Net loss (earnings) attributable to noncontrolling interests | 0 | 0 | |||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ 9.5 | $ 16.9 | $ 9.7 | ||||||||
LiLAC Shares | Discontinued Operations | |||||||||||
Operating results of discontinued operations | |||||||||||
Basic and diluted earnings (loss) from discontinued operations attributable to Liberty Global shareholders (in dollars per share) | $ (4.86) | ||||||||||
LiLAC Shares | Discontinued Operations, Split-off Transaction | |||||||||||
Operating results of discontinued operations | |||||||||||
Revenue | $ 3,590 | ||||||||||
Operating income (loss) | (162.9) | ||||||||||
Earnings (loss) before income taxes | (651.1) | ||||||||||
Income tax benefit (expense) | (204) | ||||||||||
Net earnings (loss) | (855.1) | ||||||||||
Net loss (earnings) attributable to noncontrolling interests | 20.6 | ||||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ (834.5) |
Dispositions and the Vodafone_5
Dispositions and the VodafoneZiggo JV Transaction (VodafoneZiggo JV Transaction Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2019 | Dec. 31, 2016 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | VodafoneZiggo Holding | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of business | $ 2,400 | € 2,200 | ||
Proceeds from various debt financing arrangements | 2,900 | 2,800 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | VodafoneZiggo Holding | Vodafone | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of business | $ 845.3 | € 806.8 | ||
VodafoneZiggo JV | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% |
Co-venturer ownership percentage | 50.00% | 50.00% |
Investments (Schedules) (Detail
Investments (Schedules) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | |||||||||||
Equity | $ 3,492.8 | $ 3,947 | $ 3,492.8 | $ 3,947 | |||||||
Fair value | 1,289.2 | 1,174.8 | 1,289.2 | 1,174.8 | |||||||
Total | 4,782 | 5,121.8 | 4,782 | 5,121.8 | |||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 99 | (393.2) | $ 228.1 | ||||||||
Share of results of affiliates, net | (198.5) | (8.7) | (95.2) | ||||||||
Summarized Financial Condition | |||||||||||
Revenue | 2,982.2 | $ 2,840.9 | $ 2,850.4 | $ 2,868 | 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | 11,541.5 | 11,957.9 | 11,276.4 |
VodafoneZiggo JV | |||||||||||
Investment [Line Items] | |||||||||||
Equity | 3,174.1 | 3,761.5 | 3,174.1 | 3,761.5 | |||||||
Share of results of affiliates, net | (185.9) | 11.4 | (70.1) | ||||||||
Summarized Financial Condition | |||||||||||
Revenue | 4,407.8 | 4,602.2 | 4,512.5 | ||||||||
Loss before income taxes | (512.5) | (467.8) | (362.9) | ||||||||
Net loss | (470) | (91.6) | (259.3) | ||||||||
Current assets | 918.4 | 1,099.6 | 918.4 | 1,099.6 | |||||||
Total assets | 21,508.1 | 22,155.7 | 21,508.1 | 22,155.7 | |||||||
Total assets | 22,426.5 | 23,255.3 | 22,426.5 | 23,255.3 | |||||||
Current liabilities | 2,726.4 | 2,812.3 | 2,726.4 | 2,812.3 | |||||||
Long-term liabilities | 14,920.7 | 14,751.5 | 14,920.7 | 14,751.5 | |||||||
Long-term liabilities | 4,779.4 | 5,691.5 | 4,779.4 | 5,691.5 | |||||||
Total liabilities and owners’ equity | 22,426.5 | 23,255.3 | 22,426.5 | 23,255.3 | |||||||
All3Media Group (All3Media) | |||||||||||
Investment [Line Items] | |||||||||||
Equity | 172.8 | 72.2 | 172.8 | 72.2 | |||||||
Share of results of affiliates, net | (8.8) | (19.2) | (25.5) | ||||||||
Formula E Holdings Ltd (Formula E) | |||||||||||
Investment [Line Items] | |||||||||||
Equity | 105.2 | 45.4 | 105.2 | 45.4 | |||||||
Share of results of affiliates, net | 1.7 | (0.2) | (1.5) | ||||||||
Other | |||||||||||
Investment [Line Items] | |||||||||||
Equity | 40.7 | 67.9 | 40.7 | 67.9 | |||||||
Fair value | 297.6 | 298.2 | 297.6 | 298.2 | |||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | (18.4) | (11.5) | 14.4 | ||||||||
Share of results of affiliates, net | (5.5) | (0.7) | 1.9 | ||||||||
ITV plc (ITV) — subject to re-use rights | |||||||||||
Investment [Line Items] | |||||||||||
Fair value | 798.1 | 634.2 | 798.1 | 634.2 | |||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 163.9 | (257.8) | (123.5) | ||||||||
ITI Neovision S.A. (ITI Neovision) | |||||||||||
Investment [Line Items] | |||||||||||
Fair value | 122.4 | 125.4 | 122.4 | 125.4 | |||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | 2.7 | (24.9) | 15.8 | ||||||||
Lions Gate Entertainment Corp (Lionsgate) | |||||||||||
Investment [Line Items] | |||||||||||
Fair value | 68 | 77.5 | 68 | 77.5 | |||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | (25) | (86.4) | 35.3 | ||||||||
Casa Systems, Inc. (Casa) | |||||||||||
Investment [Line Items] | |||||||||||
Fair value | $ 3.1 | $ 39.5 | 3.1 | 39.5 | |||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | (24.2) | (9.2) | 47.9 | ||||||||
Sumitomo | |||||||||||
Investment [Line Items] | |||||||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net | $ 0 | $ (3.4) | $ 238.2 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Oct. 31, 2019 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||||||||||||||
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | $ 0 | $ 0 | $ 162.6 | ||||||||||||
Distributions received from affiliates | 0 | 0 | 1,569.4 | ||||||||||||
Revenue | $ 2,982.2 | $ 2,840.9 | $ 2,850.4 | $ 2,868 | $ 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | $ 11,541.5 | 11,957.9 | $ 11,276.4 | ||||
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% | |||||||||||||
Co-venturer ownership percentage | 50.00% | 50.00% | 50.00% | ||||||||||||
Ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||
Term to distribute all unrestricted cash | 2 months | 2 months | |||||||||||||
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | $ 162.6 | ||||||||||||||
Distributions received from affiliates | $ 162.7 | 232.5 | $ 252.8 | ||||||||||||
Revenue | $ 4,407.8 | 4,602.2 | 4,512.5 | ||||||||||||
VodafoneZiggo JV | Minimum | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Leverage ratio | 4.5 | 4.5 | |||||||||||||
VodafoneZiggo JV | Maximum | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Leverage ratio | 5 | 5 | |||||||||||||
VodafoneZiggo JV | Equity Method Investee | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Payments to acquire | $ 14.4 | 13.1 | 144.7 | ||||||||||||
Due from related parties | $ 19.3 | 24.4 | 19.3 | 24.4 | |||||||||||
VodafoneZiggo JV | VodafoneZiggo JV Loan | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Excess of carrying amount over proportional share in investees net assets | 1,041 | 1,016.9 | 1,041 | 1,016.9 | |||||||||||
Related party note receivable | $ 786.1 | $ 916.1 | $ 786.1 | 916.1 | |||||||||||
Related party note receivable rate | 5.55% | 5.55% | |||||||||||||
Repayments of related-party debt | $ 112.1 | € 100 | 114.5 | 118.5 | |||||||||||
Interest accrued | 50.4 | ||||||||||||||
JV Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Revenue | $ 189.1 | $ 189.1 | $ 132.4 | ||||||||||||
ITV | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Number of common stock shares owned (in shares) | shares | 398,515,510 | 398,515,510 | 398,515,510 | 398,515,510 | |||||||||||
Percent of investment owned (less than 5% for Sumitomo and Lionsgate) | 10.00% | ||||||||||||||
ITI Neovision S.A. (ITI Neovision) | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Percent of investment owned (less than 5% for Sumitomo and Lionsgate) | 17.00% | 17.00% | 17.00% | 17.00% | |||||||||||
Lionsgate | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Percent of investment owned (less than 5% for Sumitomo and Lionsgate) | 5.00% | 5.00% | |||||||||||||
Lionsgate | Common Stock | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Number of common stock shares owned (in shares) | shares | 4,000,000 | 2,500,000 | 4,000,000 | 2,500,000 | |||||||||||
Lionsgate | Nonvoting Common Stock | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Number of common stock shares owned (in shares) | shares | 2,500,000 | 2,500,000 | |||||||||||||
Casa Systems, Inc. (Casa) | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Number of common stock shares owned (in shares) | shares | 787,074 | 3,005,307 | 787,074 | 3,005,307 | |||||||||||
Percent of investment owned (less than 5% for Sumitomo and Lionsgate) | 1.00% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($)trancheshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 22, 2018USD ($) | |
Derivative [Line Items] | |||||
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net | $ 16.6 | $ (71.1) | $ 168.4 | ||
Assets - derivative instruments | 1,827.5 | 2,496.7 | |||
Principal borrowing outstanding | 1,582.7 | $ 1,370.7 | |||
Virgin Media | |||||
Derivative [Line Items] | |||||
Notional amount of derivative instruments without exchange of notional amounts at inception and maturity | 3,400 | ||||
Sumitomo Collar | |||||
Derivative [Line Items] | |||||
Aggregate market value of borrowed shares | $ 159.3 | ||||
Counterparty Credit Risk | |||||
Derivative [Line Items] | |||||
Assets - derivative instruments | $ 253.2 | ||||
ITV Collar | |||||
Derivative [Line Items] | |||||
Number of common stock shares owned (in shares) | shares | 398,515,510 | ||||
Shares needed to borrow from custody account to hedge exposure (in shares) | shares | 390,000,000 | ||||
Derivative asset fair value | $ 619.6 | ||||
Principal borrowing outstanding | 1,435.5 | ||||
Lionsgate Loan | |||||
Derivative [Line Items] | |||||
Principal borrowing outstanding | $ 27.6 | $ 55.3 | |||
Lionsgate Loan | Common Stock | |||||
Derivative [Line Items] | |||||
Number of common stock shares owned (in shares) | shares | 833,334 | 1,250,000 | |||
Derivative asset fair value | $ 37.2 | ||||
Lionsgate Loan | Nonvoting Common Stock | |||||
Derivative [Line Items] | |||||
Number of common stock shares owned (in shares) | shares | 833,333 | 1,250,000 | |||
Lionsgate Forward | |||||
Derivative [Line Items] | |||||
Derivative asset fair value | $ 18.1 | ||||
Number of tranches settled | tranche | 25 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Current | $ 331.1 | $ 394.2 |
Long-term | 1,496.4 | 2,102.5 |
Total | 1,827.5 | 2,496.7 |
Liability: | ||
Current | 390.4 | 328.4 |
Long-term | 1,192.3 | 1,042.3 |
Total | 1,582.7 | 1,370.7 |
Cross-currency and interest rate derivative contracts | ||
Assets: | ||
Current | 270.8 | 372.7 |
Long-term | 886.4 | 1,370.1 |
Total | 1,157.2 | 1,742.8 |
Liability: | ||
Current | 389.2 | 326.5 |
Long-term | 1,192.3 | 1,042.2 |
Total | 1,581.5 | 1,368.7 |
Total equity-related derivative instruments | ||
Assets: | ||
Current | 55.2 | 13.9 |
Long-term | 608.2 | 732.4 |
Total | 663.4 | 746.3 |
Liability: | ||
Current | 0 | 1.4 |
Long-term | 0 | 0 |
Total | 0 | 1.4 |
Foreign currency forward and option contracts | ||
Assets: | ||
Current | 4.6 | 7.2 |
Long-term | 1.4 | 0 |
Total | 6 | 7.2 |
Liability: | ||
Current | 1.2 | 0.5 |
Long-term | 0 | 0 |
Total | 1.2 | 0.5 |
Other | ||
Assets: | ||
Current | 0.5 | 0.4 |
Long-term | 0.4 | 0 |
Total | 0.9 | 0.4 |
Liability: | ||
Current | 0 | 0 |
Long-term | 0 | 0.1 |
Total | $ 0 | $ 0.1 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | $ (192) | $ 1,125.8 | $ (1,052.8) |
Cross-currency and interest rate derivative contracts | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | (207.3) | 905.8 | (1,145.6) |
ITV Collar | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | (84.4) | 176.7 | 215 |
Lionsgate Forward | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 13 | 30.1 | (11.4) |
Sumitomo Collar | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 0 | (11.8) | (77.4) |
Other | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 8 | 2.5 | (3.9) |
Total equity-related derivative instruments | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | (63.4) | 197.5 | 122.3 |
Foreign currency forward and option contracts | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 77.4 | 22.7 | (30.2) |
Other | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | $ 1.3 | $ (0.2) | $ 0.7 |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Operating activities | $ 179 | $ 244.4 | $ 6.8 |
Investing activities | 0 | 0 | (0.5) |
Financing activities | 331.5 | 112.8 | |
Financing activities | (138.1) | ||
Total | $ 510.5 | $ 357.2 | $ (131.8) |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 12 months ended Dec. 31, 2019 € in Millions, £ in Millions, zł in Millions, SFr in Millions, $ in Millions | USD ($) | EUR (€) | CHF (SFr) | GBP (£) | PLN (zł) |
Virgin Media | Cross-Currency Swap 1 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 5 years 7 months 6 days | ||||
Virgin Media | Cross-Currency Swap 2 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 5 years 1 month 6 days | ||||
Virgin Media | Cross-Currency Swap 3 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 3 years | ||||
UPC Holding | Cross-Currency Swap 4 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 4 years 3 months 18 days | ||||
UPC Holding | Cross-Currency Swap 5 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 5 years 2 months 12 days | ||||
UPC Holding | Cross-Currency Swap 6 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 4 years 3 months 18 days | ||||
UPC Holding | Cross-Currency Swap 9 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 1 year 10 months 24 days | ||||
Telenet | Cross-Currency Swap 11 | |||||
Derivative [Line Items] | |||||
Weighted average remaining life | 6 years | ||||
Telenet | Cross-Currency Swap 12 | |||||
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 | $ 10,857.5 | ||||
Notional amount due from counterparty | Virgin Media | Cross-Currency Swap 2 | |||||
Derivative [Line Items] | |||||
Notional amount | £ | £ 2,296.2 | ||||
Notional amount due from counterparty | Virgin Media | Cross-Currency Swap 3 | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 246.3 | ||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 4 | |||||
Derivative [Line Items] | |||||
Notional amount | 775 | ||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 5 | |||||
Derivative [Line Items] | |||||
Notional amount | 1,200 | ||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 6 | |||||
Derivative [Line Items] | |||||
Notional amount | € | 2,824.4 | ||||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 9 | |||||
Derivative [Line Items] | |||||
Notional amount | € | 742.8 | ||||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 11 | |||||
Derivative [Line Items] | |||||
Notional amount | 3,940 | ||||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 12 | |||||
Derivative [Line Items] | |||||
Notional amount | € | 291.5 | ||||
Notional amount due to counterparty | Virgin Media | Cross-Currency Swap 1 | |||||
Derivative [Line Items] | |||||
Notional amount | £ | £ 8,003.6 | ||||
Notional amount due to counterparty | Virgin Media | Cross-Currency Swap 2 | |||||
Derivative [Line Items] | |||||
Notional amount | 3,300 | ||||
Notional amount due to counterparty | Virgin Media | Cross-Currency Swap 3 | |||||
Derivative [Line Items] | |||||
Notional amount | 271.1 | ||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 4 | |||||
Derivative [Line Items] | |||||
Notional amount | € | 643.1 | ||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 5 | |||||
Derivative [Line Items] | |||||
Notional amount | SFr | SFr 1,107.5 | ||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 6 | |||||
Derivative [Line Items] | |||||
Notional amount | SFr | SFr 3,221.2 | ||||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 9 | |||||
Derivative [Line Items] | |||||
Notional amount | zł | zł 3,149.5 | ||||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 11 | |||||
Derivative [Line Items] | |||||
Notional amount | € | € 3,489.6 | ||||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 12 | |||||
Derivative [Line Items] | |||||
Notional amount | $ 350 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Swap Contracts, Options and Basis Swaps) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Interest Rate Swaption 1 | Virgin Media | |
Derivative [Line Items] | |
Notional amount | $ 7,085.7 |
Weighted average remaining life | 1 year |
Weighted average strike rate | 2.40% |
Interest Rate Swaption 2 | Virgin Media | |
Derivative [Line Items] | |
Notional amount | $ 482.7 |
Weighted average remaining life | 18 days |
Weighted average strike rate | 1.96% |
Basis Swaps | Virgin Media | |
Derivative [Line Items] | |
Weighted average remaining life | 15 days |
Basis Swaps | Telenet | |
Derivative [Line Items] | |
Weighted average remaining life | 15 days |
Notional amount due from counterparty | Interest Rate Swap | Virgin Media | |
Derivative [Line Items] | |
Notional amount | $ 21,715.5 |
Weighted average remaining life | 2 years 8 months 12 days |
Notional amount due from counterparty | Interest Rate Swap | UPC Holding | |
Derivative [Line Items] | |
Notional amount | $ 7,237.1 |
Weighted average remaining life | 3 years 6 months |
Notional amount due from counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Notional amount | $ 3,239.1 |
Weighted average remaining life | 5 years 2 months 12 days |
Notional amount due from counterparty | Basis Swaps | Virgin Media | |
Derivative [Line Items] | |
Notional amount | $ 4,493.7 |
Notional amount due from counterparty | Basis Swaps | Telenet | |
Derivative [Line Items] | |
Notional amount | 2,295 |
Notional amount due to counterparty | Interest Rate Swap | Virgin Media | |
Derivative [Line Items] | |
Notional amount | $ 11,542.6 |
Weighted average remaining life | 4 years 4 months 24 days |
Notional amount due to counterparty | Interest Rate Swap | UPC Holding | |
Derivative [Line Items] | |
Notional amount | $ 5,312.1 |
Weighted average remaining life | 5 years 10 months 24 days |
Notional amount due to counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Notional amount | $ 1,602.4 |
Weighted average remaining life | 3 years 8 months 12 days |
Derivative Instruments (Inter_2
Derivative Instruments (Interest Rate Caps and Collars) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Interest Rate Cap | |
Derivative [Line Items] | |
Notional amount | $ 1,107.4 |
Interest Rate Collar | |
Derivative [Line Items] | |
Notional amount | $ 1,246.4 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Dec. 31, 2019 |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | (0.27%) |
Virgin Media | |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | (0.20%) |
UPC Holding | |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | (0.15%) |
Telenet | |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | (0.58%) |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Foreign currency forward and option contracts | |
Derivative [Line Items] | |
Notional amount | $ 415.4 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | $ 1,827.5 | $ 2,496.7 |
Investments | 1,289.2 | 1,174.8 |
Total assets | 3,116.7 | 3,671.5 |
Liabilities - derivative instruments | 1,582.7 | 1,370.7 |
Debt | 45.6 | 248.6 |
Total liabilities | 1,628.3 | 1,619.3 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Investments | 869.2 | 755.9 |
Total assets | 869.2 | 755.9 |
Liabilities - derivative instruments | 0 | 0 |
Debt | 0 | 0 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 1,164.1 | 1,750.1 |
Investments | 0 | 0 |
Total assets | 1,164.1 | 1,750.1 |
Liabilities - derivative instruments | 1,562.8 | 1,354.9 |
Debt | 45.6 | 248.6 |
Total liabilities | 1,608.4 | 1,603.5 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 663.4 | 746.6 |
Investments | 420 | 418.9 |
Total assets | 1,083.4 | 1,165.5 |
Liabilities - derivative instruments | 19.9 | 15.8 |
Debt | 0 | 0 |
Total liabilities | 19.9 | 15.8 |
Cross-currency and interest rate derivative contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 1,157.2 | 1,742.8 |
Liabilities - derivative instruments | 1,581.5 | 1,368.7 |
Cross-currency and interest rate derivative contracts | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Liabilities - derivative instruments | 0 | 0 |
Cross-currency and interest rate derivative contracts | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 1,157.2 | 1,742.5 |
Liabilities - derivative instruments | 1,561.6 | 1,354.3 |
Cross-currency and interest rate derivative contracts | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0.3 |
Liabilities - derivative instruments | 19.9 | 14.4 |
Total equity-related derivative instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 663.4 | 746.3 |
Liabilities - derivative instruments | 0 | 1.4 |
Total equity-related derivative instruments | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Liabilities - derivative instruments | 0 | |
Total equity-related derivative instruments | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Liabilities - derivative instruments | 0 | |
Foreign currency forward and option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 6 | 7.2 |
Liabilities - derivative instruments | 1.2 | 0.5 |
Foreign currency forward and option contracts | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Liabilities - derivative instruments | 0 | 0 |
Foreign currency forward and option contracts | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 6 | |
Liabilities - derivative instruments | 1.2 | |
Foreign currency forward and option contracts | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Liabilities - derivative instruments | 0 | 0 |
Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0.9 | 0.4 |
Liabilities - derivative instruments | 0 | 0.1 |
Other | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0 | 0 |
Liabilities - derivative instruments | 0 | |
Other | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets - derivative instruments | 0.9 | |
Other | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
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 | 12 Months Ended |
Dec. 31, 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 | (4.7) |
Partial settlement of Lionsgate Forward | (18.1) |
Additions | 19.6 |
Derivative instruments settled in connection with the sale of the Vodafone Disposal Group | (72) |
Transfers out of Level 3 | 8.4 |
Foreign currency translation adjustments and other, net | (2.9) |
Balance of net assets (liabilities) at December 31, 2019 | 1,063.5 |
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 | (16.5) |
Partial settlement of Lionsgate Forward | 0 |
Additions | 19.6 |
Derivative instruments settled in connection with the sale of the Vodafone Disposal Group | 0 |
Transfers out of Level 3 | 0 |
Foreign currency translation adjustments and other, net | (2) |
Balance of net assets (liabilities) at December 31, 2019 | 420 |
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 | 58.7 |
Partial settlement of Lionsgate Forward | 0 |
Additions | 0 |
Derivative instruments settled in connection with the sale of the Vodafone Disposal Group | (72) |
Transfers out of Level 3 | 8.4 |
Foreign currency translation adjustments and other, net | (0.9) |
Balance of net assets (liabilities) at December 31, 2019 | (19.9) |
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 | (63.4) |
Partial settlement of Lionsgate Forward | (18.1) |
Additions | 0 |
Derivative instruments settled in connection with the sale of the Vodafone Disposal Group | 0 |
Transfers out of Level 3 | 0 |
Foreign currency translation adjustments and other, net | 0 |
Balance of net assets (liabilities) at December 31, 2019 | 663.4 |
Vodafone Disposal Group | Equity-related derivative instruments | |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | $ 72 |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 28,646.2 | |
Total property and equipment, gross | $ 26,970.3 | |
Accumulated depreciation | (14,802.8) | |
Accumulated depreciation | (13,091.4) | |
Total property and equipment, net | 13,843.4 | |
Total property and equipment, net | 13,878.9 | |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 19,007.2 | |
Total property and equipment, gross | 17,845.4 | |
Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 4,294.7 | |
Total property and equipment, gross | 4,191.2 | |
Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 5,344.3 | |
Total property and equipment, gross | $ 4,933.7 | |
Minimum | Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2019 | 3 years | |
Minimum | Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2019 | 2 years | |
Minimum | Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2019 | 2 years | |
Maximum | Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2019 | 30 years | |
Maximum | Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2019 | 10 years | |
Maximum | Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2019 | 50 years |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-lived Assets [Abstract] | |||
Depreciation expense | $ 3,123.5 | $ 3,217.1 | $ 3,187.4 |
Non-cash increases to PP&E related to vendor financing arrangements | 1,727 | 2,175.5 | 2,336.2 |
Value added tax, vendor financing arrangement | 286.1 | 347.3 | 387.1 |
Amortization of intangible assets | $ 528.7 | $ 641.1 | $ 603.2 |
Long-lived Assets (Schedule o_2
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 13,715.8 | $ 14,354.1 |
Acquisitions and related adjustments | 48.7 | 26.6 |
Foreign currency translation adjustments | 287.6 | (664.9) |
Goodwill ending balance | 14,052.1 | 13,715.8 |
U.K./Ireland | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 7,671 | 8,134.1 |
Acquisitions and related adjustments | 0 | 2 |
Foreign currency translation adjustments | 294.4 | (465.1) |
Goodwill ending balance | 7,965.4 | 7,671 |
Belgium | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 2,576.3 | 2,681.7 |
Acquisitions and related adjustments | 48.7 | 24.9 |
Foreign currency translation adjustments | (48.9) | (130.3) |
Goodwill ending balance | 2,576.1 | 2,576.3 |
Switzerland | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 2,903.9 | 2,931.3 |
Acquisitions and related adjustments | 0 | (0.3) |
Foreign currency translation adjustments | 49.3 | (27.1) |
Goodwill ending balance | 2,953.2 | 2,903.9 |
Central and Eastern Europe | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 564.6 | 607 |
Acquisitions and related adjustments | 0 | 0 |
Foreign currency translation adjustments | (7.2) | (42.4) |
Goodwill ending balance | $ 557.4 | $ 564.6 |
Long-lived Assets (Schedule o_3
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gross carrying amount | $ 4,217.6 | $ 4,194.4 |
Accumulated amortization | (3,645.5) | (3,163.2) |
Net carrying amount | 572.1 | 1,031.2 |
Customer relationships | ||
Gross carrying amount | 3,653.9 | 3,673.1 |
Accumulated amortization | (3,363.6) | (2,914.2) |
Net carrying amount | 290.3 | 758.9 |
Other | ||
Gross carrying amount | 563.7 | 521.3 |
Accumulated amortization | (281.9) | (249) |
Net carrying amount | $ 281.8 | $ 272.3 |
Minimum | Customer relationships | ||
Estimated useful life at December 31, 2019 | 5 years | |
Minimum | Other | ||
Estimated useful life at December 31, 2019 | 2 years | |
Maximum | Customer relationships | ||
Estimated useful life at December 31, 2019 | 10 years | |
Maximum | Other | ||
Estimated useful life at December 31, 2019 | 15 years |
Long-lived Assets (Schedule o_4
Long-lived Assets (Schedule of expected future amortization expense for finite lived intangible assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Long-lived Assets [Abstract] | ||
2020 | $ 178.5 | |
2021 | 88.9 | |
2022 | 38.3 | |
2023 | 32.6 | |
2024 | 32.4 | |
Thereafter | 201.4 | |
Net carrying amount | $ 572.1 | $ 1,031.2 |
Debt (Schedules) (Details)
Debt (Schedules) (Details) € in Millions, £ in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.30% | 4.30% | 4.30% | |
Unused borrowing capacity | $ 3,005 | |||
Total debt before deferred financing costs, discounts and premiums | 27,648.1 | $ 29,315.3 | ||
Deferred financing costs, discounts and premiums, net | (82.7) | (131.4) | ||
Total carrying amount of debt | 27,565.4 | 29,183.9 | ||
Finance lease obligations (note 12) | 617.1 | |||
Finance lease obligations (note 12) | 621.3 | |||
Total debt and finance lease obligations | 28,182.5 | 29,805.2 | ||
Current maturities of debt and finance lease obligations | (3,877.2) | (3,615.2) | ||
Long-term debt and finance lease obligations | $ 24,305.3 | 26,190 | ||
VM Senior Secured 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 | $ 5,916.9 | 6,268.3 | ||
VM Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.94% | 3.94% | 3.94% | |
Unused borrowing capacity | $ 1,326.3 | |||
Total debt before deferred financing costs, discounts and premiums | $ 5,473.3 | 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 | $ 1,583.8 | 1,999.9 | ||
Telenet Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.89% | 3.89% | 3.89% | |
Unused borrowing capacity | $ 567 | |||
Total debt before deferred financing costs, discounts and premiums | $ 3,541.4 | 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 | $ 1,673.7 | 1,687.1 | ||
Telenet SPE Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 0.00% | 0.00% | 0.00% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 0 | 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 | $ 2,420.1 | 2,445.5 | ||
UPC Holding Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 0.00% | 0.00% | 0.00% | |
Unused borrowing capacity | $ 1,111.7 | € 990.1 | ||
Total debt before deferred financing costs, discounts and premiums | $ 0 | 1,645 | ||
UPC Holding Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.60% | 4.60% | 4.60% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,202.3 | 1,215.5 | ||
Vendor financing | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.12% | 4.12% | 4.12% | |
Unused borrowing capacity | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 3,748.2 | 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 | $ 1,435.5 | 1,379.6 | ||
Derivative-related debt instruments | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.58% | 2.58% | 2.58% | |
Unused borrowing capacity | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 81.1 | 301.9 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.96% | 3.96% | 3.96% | |
Unused borrowing capacity | $ 0 | |||
Total debt before deferred financing costs, discounts and premiums | $ 571.8 | $ 459.8 |
Debt (Footnotes) (Details)
Debt (Footnotes) (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | |
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.30% | 4.30% | 4.30% | ||
Outstanding principal amount | $ 27,648.1 | $ 29,315.3 | |||
Unused borrowing capacity | $ 3,005 | ||||
Debt instrument term | 1 year | ||||
Estimated fair value | $ 45.6 | 248.6 | |||
Trade receivables | 27,565.4 | 29,183.9 | |||
Significant other observable inputs (Level 2) | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value | 45.6 | 248.6 | |||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value | $ 28,400 | 28,500 | |||
Aggregate Variable and Fixed Rate Indebtedness | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.14% | 4.14% | 4.14% | ||
VM Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.94% | 3.94% | 3.94% | ||
Limitation on availability to be borrowed under | $ 708 | £ 533.8 | |||
Outstanding principal amount | 5,473.3 | 4,600.5 | |||
Unused borrowing capacity | 1,326.3 | ||||
VM Credit Facility | Line Of Credit Upon Completion Of Relevant Compliance Reporting Requirements | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability to be borrowed under | $ 1,222.3 | £ 921.6 | |||
UPC Holding Bank Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 0.00% | 0.00% | 0.00% | ||
Limitation on availability to be borrowed under | $ 1,111.7 | € 990.1 | |||
Outstanding principal amount | 0 | 1,645 | |||
Unused borrowing capacity | 1,111.7 | 990.1 | |||
UPC Holding Bank Facility | Line Of Credit Upon Completion Of Relevant Compliance Reporting Requirements | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability to be borrowed under | 930.6 | 828.8 | |||
VM Financing Facilities | |||||
Debt Instrument [Line Items] | |||||
Outstanding principal amount | 137.4 | £ 103.6 | 55.6 | £ 41.9 | |
VM Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 1,326.3 | £ 1,000 | |||
Telenet Facility AG | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 449 | 400 | |||
Telenet Facility AP | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 67.4 | 60 | |||
Telenet Overdraft Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 28.1 | 25 | |||
Telenet Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 22.5 | € 20 | |||
Virgin Media Collateralized Debt | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Trade receivables | 264.6 | 225.9 | |||
Lionsgate Loan | |||||
Debt Instrument [Line Items] | |||||
Trade receivables | $ 55.3 | $ 82.9 |
Debt (General Information) (Det
Debt (General Information) (Details) | 12 Months Ended |
Dec. 31, 2019group | |
Debt Instrument [Line Items] | |
Number of borrowing groups | 3 |
Senior and Senior Secured Notes | |
Debt Instrument [Line Items] | |
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 101.00% |
Redemption term | 12 years |
Redemption price, percentage of principal amount limitation | 10.00% |
Redemption price | 103.00% |
SPE Notes | |
Debt Instrument [Line Items] | |
Ownership percentage of SPEs by third parties | 100.00% |
Debt (Refinancing Transactions)
Debt (Refinancing Transactions) (Details) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2019USD ($) | Oct. 31, 2019EUR (€) | Oct. 31, 2019GBP (£) | Aug. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2019EUR (€) | May 31, 2019USD ($) | May 31, 2019GBP (£) | Aug. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2019EUR (€) | Oct. 31, 2019GBP (£) | Aug. 31, 2019GBP (£) | May 31, 2019GBP (£) | |
Debt Instrument [Line Items] | ||||||||||||||||
Non-cash borrowings and repayments of debt | $ 3,300,200,000 | $ 2,583,300,000 | $ 17,104,000,000 | |||||||||||||
Losses on debt modification and extinguishment | $ 50,700,000 | |||||||||||||||
VM Dollar Senior Secured Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | 1,000,000,000 | |||||||||||||||
VM Sterling Senior Secured Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | 397,900,000 | £ 300,000,000 | ||||||||||||||
VM Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | 3,400,000,000 | |||||||||||||||
Telenet Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | 416,600,000 | € 371,000,000 | ||||||||||||||
Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Losses on debt modification and extinguishment | $ 77,200,000 | |||||||||||||||
Payment for debt redemption premium | 75,800,000 | |||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 1,400,000 | |||||||||||||||
Senior Notes | Virgin Media | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Losses on debt modification and extinguishment | 67,400,000 | 36,400,000 | ||||||||||||||
Payment for debt redemption premium | 46,000,000 | 28,200,000 | ||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 21,400,000 | 8,200,000 | 40,600,000 | |||||||||||||
Senior Notes | Telenet | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | $ 1,645,000,000 | $ 119,000,000 | € 106,000,000 | |||||||||||||
Losses on debt modification and extinguishment | 15,400,000 | 4,000,000 | ||||||||||||||
Payment for debt redemption premium | 46,800,000 | 3,600,000 | ||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 3,900,000 | 400,000 | ||||||||||||||
Senior Notes | VM Dollar Senior Secured Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | $ 802,400,000 | |||||||||||||||
Senior Notes | VM Sterling Senior Secured Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | 708,400,000 | £ 534,100,000 | ||||||||||||||
Senior Notes | VM Sterling Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | £ | £ 300,000,000 | |||||||||||||||
Senior Notes | UPC Holding Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Losses on debt modification and extinguishment | 112,100,000 | |||||||||||||||
Payment for debt redemption premium | 84,300,000 | |||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 27,800,000 | |||||||||||||||
Long-term Debt | Virgin Media | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Losses on debt modification and extinguishment | 67,500,000 | |||||||||||||||
Payment for debt redemption premium | 32,600,000 | |||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 7,000,000 | |||||||||||||||
Third-party debt modification costs | 1,300,000 | |||||||||||||||
Line of Credit | UPC Holding | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Losses on debt modification and extinguishment | 8,900,000 | |||||||||||||||
Payment for debt redemption premium | 2,000,000 | |||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 6,900,000 | |||||||||||||||
Senior Notes | VM Dollar Senior Secured Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | $ 600,000,000 | 825,000,000 | ||||||||||||||
Senior Notes | VM Sterling Senior Secured Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | $ 53,100,000 | $ 397,900,000 | $ 53,100,000 | £ 40,000,000 | £ 300,000,000 | |||||||||||
Senior Notes | VM Sterling-Denominated Term Loan Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | 530,500,000 | £ 400,000,000 | ||||||||||||||
Medium-term Notes | Telenet | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Losses on debt modification and extinguishment | 31,500,000 | 75,700,000 | ||||||||||||||
Payment for debt redemption premium | 19,300,000 | 21,500,000 | ||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | $ 12,200,000 | $ 54,200,000 | ||||||||||||||
Medium-term Notes | VM Dollar-Denominated Term Loan Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | 3,300,000,000 | |||||||||||||||
Medium-term Notes | VM Euro-Denominated Term Loan Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | 842,100,000 | € 750,000,000 | ||||||||||||||
Medium-term Notes | Telenet Dollar-Denominated Term Loan Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | 220,000,000 | |||||||||||||||
Medium-term Notes | Telenet Euro-Denominated Term Loan Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Original issue amount | $ 196,500,000 | € 175,000,000 |
Debt (Maturities of Debt) (Sche
Debt (Maturities of Debt) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 3,796.9 | |
2021 | 1,791.3 | |
2022 | 652.8 | |
2023 | 184.4 | |
2024 | 799.4 | |
Thereafter | 20,423.3 | |
Total vendor financing maturities | 27,648.1 | $ 29,315.3 |
Deferred financing costs, discounts and premiums, net | (82.7) | |
Total debt | 27,565.4 | |
Current portion | 3,795.7 | |
Noncurrent portion | 23,769.7 | |
Virgin Media | ||
Debt Instrument [Line Items] | ||
2020 | 2,472.4 | |
2021 | 726.2 | |
2022 | 253.7 | |
2023 | 125.4 | |
2024 | 779.6 | |
Thereafter | 11,497.6 | |
Total vendor financing maturities | 15,854.9 | |
Deferred financing costs, discounts and premiums, net | (23.2) | |
Total debt | 15,831.7 | |
Current portion | 2,472.4 | |
Noncurrent portion | 13,359.3 | |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2020 | 644.6 | |
2021 | 22.7 | |
2022 | 20.1 | |
2023 | 17.5 | |
2024 | 7.7 | |
Thereafter | 3,622.4 | |
Total vendor financing maturities | 4,335 | |
Deferred financing costs, discounts and premiums, net | (20.3) | |
Total debt | 4,314.7 | |
Current portion | 644.6 | |
Noncurrent portion | 3,670.1 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2020 | 415.1 | |
2021 | 13.2 | |
2022 | 12.6 | |
2023 | 12.2 | |
2024 | 12.1 | |
Thereafter | 5,303.3 | |
Total vendor financing maturities | 5,768.5 | |
Deferred financing costs, discounts and premiums, net | (27.1) | |
Total debt | 5,741.4 | |
Current portion | 415.1 | |
Noncurrent portion | 5,326.3 | |
Other | ||
Debt Instrument [Line Items] | ||
2020 | 264.8 | |
2021 | 1,029.2 | |
2022 | 366.4 | |
2023 | 29.3 | |
2024 | 0 | |
Thereafter | 0 | |
Total vendor financing maturities | 1,689.7 | |
Deferred financing costs, discounts and premiums, net | (12.1) | |
Total debt | 1,677.6 | |
Current portion | 263.6 | |
Noncurrent portion | $ 1,414 | |
Through January 15, 2021 | VM Senior Secured Notes | Virgin Media | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.00% | |
Period after January 15, 2021 | VM Senior Secured Notes | Virgin Media | ||
Debt Instrument [Line Items] | ||
Interest rate | 11.00% |
Debt (Capital Lease Obligations
Debt (Capital Lease Obligations) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 3,796.9 | |
2021 | 1,791.3 | |
2022 | 652.8 | |
2023 | 184.4 | |
2024 | 799.4 | |
Total vendor financing maturities | 27,648.1 | $ 29,315.3 |
Current portion | 3,795.7 | |
Noncurrent portion | 23,769.7 | |
Virgin Media | ||
Debt Instrument [Line Items] | ||
2020 | 2,472.4 | |
2021 | 726.2 | |
2022 | 253.7 | |
2023 | 125.4 | |
2024 | 779.6 | |
Total vendor financing maturities | 15,854.9 | |
Current portion | 2,472.4 | |
Noncurrent portion | 13,359.3 | |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2020 | 644.6 | |
2021 | 22.7 | |
2022 | 20.1 | |
2023 | 17.5 | |
2024 | 7.7 | |
Total vendor financing maturities | 4,335 | |
Current portion | 644.6 | |
Noncurrent portion | 3,670.1 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2020 | 415.1 | |
2021 | 13.2 | |
2022 | 12.6 | |
2023 | 12.2 | |
2024 | 12.1 | |
Total vendor financing maturities | 5,768.5 | |
Current portion | 415.1 | |
Noncurrent portion | 5,326.3 | |
Other | ||
Debt Instrument [Line Items] | ||
2020 | 264.8 | |
2021 | 1,029.2 | |
2022 | 366.4 | |
2023 | 29.3 | |
2024 | 0 | |
Total vendor financing maturities | 1,689.7 | |
Current portion | 263.6 | |
Noncurrent portion | 1,414 | |
Vendor financing | ||
Debt Instrument [Line Items] | ||
2020 | 3,454.2 | |
2021 | 111 | |
2022 | 91.9 | |
2023 | 68.9 | |
2024 | 22.2 | |
Total vendor financing maturities | 3,748.2 | $ 3,620.3 |
Current portion | 3,454.2 | |
Noncurrent portion | 294 | |
Vendor financing | Virgin Media | ||
Debt Instrument [Line Items] | ||
2020 | 2,337.8 | |
2021 | 34.8 | |
2022 | 24.6 | |
2023 | 22.1 | |
2024 | 14.5 | |
Total vendor financing maturities | 2,433.8 | |
Current portion | 2,337.8 | |
Noncurrent portion | 96 | |
Vendor financing | UPC Holding | ||
Debt Instrument [Line Items] | ||
2020 | 644.6 | |
2021 | 22.7 | |
2022 | 20.1 | |
2023 | 17.5 | |
2024 | 7.7 | |
Total vendor financing maturities | 712.6 | |
Current portion | 644.6 | |
Noncurrent portion | 68 | |
Vendor financing | Telenet | ||
Debt Instrument [Line Items] | ||
2020 | 402.9 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Total vendor financing maturities | 402.9 | |
Current portion | 402.9 | |
Noncurrent portion | 0 | |
Vendor financing | Other | ||
Debt Instrument [Line Items] | ||
2020 | 68.9 | |
2021 | 53.5 | |
2022 | 47.2 | |
2023 | 29.3 | |
2024 | 0 | |
Total vendor financing maturities | 198.9 | |
Current portion | 68.9 | |
Noncurrent portion | $ 130 |
Leases (Leases Balances) (Detai
Leases (Leases Balances) (Details) € in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
ROU assets | |||||
Finance leases | $ 531 | $ 545.5 | |||
Operating leases | 512.7 | ||||
Total | 1,043.7 | ||||
Lease liabilities | |||||
Finance leases | 617.1 | ||||
Operating leases | 545.1 | ||||
Total | $ 1,162.2 | ||||
Weighted average remaining lease term for finance leases | 23 years 9 months 18 days | 23 years 9 months 18 days | |||
Weighted average discount rate for finance leases | 6.10% | 6.10% | |||
Finance leases obtained | $ 66.9 | ||||
ROU assets associated with finance and operating leases | $ 2,880.5 | 3,705.6 | $ 3,703.5 | ||
Finance lease | 621.3 | ||||
Weighted average remaining lease term for operating leases | 8 years | 8 years | |||
Weighted average discount rate for operating leases | 4.00% | 4.00% | |||
Addition to ROU assets associated with operating leases | $ 88.5 | ||||
Assets Held under Capital Leases | |||||
Lease liabilities | |||||
ROU assets associated with finance and operating leases | 102.4 | $ 106.7 | |||
Boarding Communications Network | |||||
Lease liabilities | |||||
Finance leases | $ 453.2 | € 403.6 | |||
Finance lease | $ 447.3 | € 390.6 | |||
Lease term | 15 years | 15 years |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance lease expense: | |
Depreciation and amortization | $ 84.2 |
Interest expense | 33.8 |
Total finance lease expense | 118 |
Operating lease expense | 135.7 |
Short-term lease expense | 8 |
Variable lease expense | 4.8 |
Total lease expense | 266.5 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash outflows from operating leases | 135.5 |
Operating cash outflows from finance leases | 33.8 |
Financing cash outflows from finance leases | 60 |
Total cash outflows from operating and finance leases | $ 229.3 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating leases | ||
2020 | $ 126.6 | $ 123.9 |
2021 | 98.1 | |
2022 | 81 | |
2023 | 68.5 | |
2024 | 56.7 | |
Thereafter | 203.6 | |
Total payments | 634.5 | |
Less: present value discount | (89.4) | |
Present value of lease payments | 545.1 | |
Current portion | 111.7 | |
Noncurrent portion | 433.4 | |
Finance leases | ||
2020 | 122.2 | |
2021 | 102.6 | |
2022 | 101 | |
2023 | 98.7 | |
2024 | 56.4 | |
Thereafter | 459.4 | |
Total payments | 940.3 | |
Less: present value discount | (323.2) | |
Present value of lease payments | 617.1 | |
Current portion | 81.5 | |
Noncurrent portion | $ 535.6 |
Leases (Maturities of Operati_2
Leases (Maturities of Operating and Financing Lease Obligation Under Topic 840) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating leases | ||
2019 | $ 126.6 | $ 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 | |
Amounts representing interest | (336.1) | |
Total finance leases | 621.3 | |
Current portion | 78.2 | |
Noncurrent portion | $ 543.1 |
Income Taxes (Earnings (Loss) B
Income Taxes (Earnings (Loss) Before Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | $ (1,156) | $ 161.8 | $ (2,111.1) |
Discontinued Operations | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (237.2) | (426.4) | (499.9) |
Continuing Operations | Domestic tax authority | U.K. | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (831) | 330.9 | (991.3) |
Continuing Operations | Foreign tax authority | The Netherlands | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (662.8) | (321.1) | (26.1) |
Continuing Operations | Foreign tax authority | Belgium | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | 409.3 | 392.4 | 140 |
Continuing Operations | Foreign tax authority | Switzerland | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | 178.5 | 318.8 | 111.6 |
Continuing Operations | Foreign tax authority | U.S. | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (7) | (51.6) | (842.5) |
Continuing Operations | Foreign tax authority | Other | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | $ (5.8) | $ (81.2) | $ (2.9) |
Income Taxes (Benefit (Expense)
Income Taxes (Benefit (Expense) of Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Current | $ (187.5) | $ (1,135.2) | $ (192.3) |
Deferred | (65.5) | (438.1) | (46.6) |
Total income tax expense | (253) | (1,573.3) | (238.9) |
The Netherlands | |||
Income Taxes [Line Items] | |||
Current | 0 | 14.2 | (16.2) |
Deferred | (275.3) | (519.4) | (118.2) |
Total | (275.3) | (505.2) | (134.4) |
Belgium | |||
Income Taxes [Line Items] | |||
Current | (134.7) | (153.9) | (203.6) |
Deferred | 3.6 | 41.6 | 145.4 |
Total | (131.1) | (112.3) | (58.2) |
U.K. | |||
Income Taxes [Line Items] | |||
Current | (1.5) | (7.2) | (3.3) |
Deferred | 118.8 | 32.2 | (64.7) |
Total | 117.3 | 25 | (68) |
U.S. | |||
Income Taxes [Line Items] | |||
Current | (4.1) | (957.5) | 47.2 |
Deferred | 81.9 | 7.6 | (32.8) |
Total | 77.8 | (949.9) | 14.4 |
Switzerland | |||
Income Taxes [Line Items] | |||
Current | (27.8) | (16.6) | (2) |
Deferred | (1.1) | 6.2 | 15.6 |
Total | (28.9) | (10.4) | 13.6 |
Other | |||
Income Taxes [Line Items] | |||
Current | (19.4) | (14.2) | (14.4) |
Deferred | 6.6 | (6.3) | 8.1 |
Total | $ (12.8) | $ (20.5) | $ (6.3) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax benefit (expense) | $ 219.6 | $ (30.7) | $ 406.4 |
Non-deductible or non-taxable interest and other expenses | (191.7) | (153.8) | (42.8) |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (167.9) | (360.1) | (192.6) |
Change in valuation allowances | (113.6) | (34.9) | (341.6) |
Non-deductible or non-taxable foreign currency exchange results | (26.5) | 132.5 | (233.8) |
Enacted tax law and rate changes | 19.2 | (13.5) | 7.4 |
International rate differences | 8.5 | (3.5) | 126.9 |
Recognition of previously unrecognized tax benefits | 5.9 | 49.6 | 4.9 |
Mandatory Repatriation Tax | 0 | (1,137.2) | 0 |
Tax benefit associated with technologies innovation | 0 | 0 | 12.1 |
Other, net | (6.5) | (21.7) | 14.2 |
Total income tax expense | $ (253) | $ (1,573.3) | $ (238.9) |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Deferred tax assets | $ 2,457.4 | $ 2,488.2 | $ 3,117.1 | $ 3,133.1 |
Deferred tax liabilities | (246.4) | (232.9) | ||
Net deferred tax asset | $ 2,211 | $ 2,255.3 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss and other carryforwards | $ 4,367.5 | $ 4,289.8 |
Property and equipment, net | 1,969 | 1,923.4 |
Debt | 231.5 | 317.3 |
Investments | 136.4 | 156.2 |
Derivative instruments | 113.3 | 72.5 |
Share-based compensation | 76.5 | 79.5 |
Leases | 58.5 | 5.6 |
Other future deductible amounts | 132.3 | 176.1 |
Deferred tax assets | 7,085 | 7,020.4 |
Valuation allowance | (4,235.5) | (4,094.7) |
Deferred tax assets, net of valuation allowance | 2,849.5 | 2,925.7 |
Deferred tax liabilities: | ||
Property and equipment, net | (169.9) | (167.4) |
Deferred revenue | (168.1) | (178.9) |
Intangible assets | (114.1) | (193.8) |
Debt | (65.7) | (91) |
Right of use assets | (56.8) | 0 |
Other future taxable amounts | (63.9) | (39.3) |
Deferred tax liabilities | (638.5) | (670.4) |
Net deferred tax asset | $ 2,211 | $ 2,255.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Change in valuation allowances | $ 140.8 | ||
Change in valuation allowances | 113.6 | $ 34.9 | $ 341.6 |
Recorded liability for the Mandatory Repatriation Tax | 357.2 | 293.3 | |
Unrecognized tax benefits - favorable impact on effective income tax rate if ultimately recognized, net of valuation allowances | 546.5 | 759.8 | 189.3 |
Reductions to our unrecognized tax benefits reasonably possible | 285 | ||
Income tax penalties and interest expense | 22.6 | 58.9 | $ 5.5 |
Accrued interest and penalties on tax related items | 115.1 | ||
Virgin Media | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Amount on which future tax deductions can be claimed | $ 18,400 | $ 18,100 | |
Maximum percent of capital allowances claimed allowance | 18.00% |
Income Taxes (Tax Loss Carryfor
Income Taxes (Tax Loss Carryforwards and Related Tax Assets) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | $ 24,049.1 |
Related tax asset | 4,367.5 |
U.K. | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,222.4 |
Related tax asset | 207.8 |
U.K. | Amount attributable to capital losses | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 16,052 |
Related tax asset | 2,728.8 |
The Netherlands | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 3,204 |
Related tax asset | 696.2 |
Belgium | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,320.4 |
Related tax asset | 330.1 |
Ireland | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 713.8 |
Related tax asset | 89.4 |
Luxembourg | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 586.4 |
Related tax asset | 159.4 |
France | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 533.3 |
Related tax asset | 137.8 |
Other | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 416.8 |
Related tax asset | $ 18 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 857.8 | $ 350.4 | $ 217 |
Settlements with tax authorities | (111.3) | 0 | (3.6) |
Reductions for tax positions of prior years | (80.7) | (117.9) | (20.4) |
Foreign currency translation | (4.3) | (8.5) | |
Foreign currency translation | 14.1 | ||
Additions based on tax positions related to the current year | 1.8 | 180 | 4.5 |
Additions for tax positions of prior years | 1 | 457.4 | 138.8 |
Lapse of statute of limitations | 0 | (3.6) | 0 |
Balance at December 31 | $ 664.3 | $ 857.8 | $ 350.4 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Dec. 31, 2019USD ($)class$ / sharesshares | Dec. 31, 2018$ / shares | Jul. 01, 2015vote |
Class of Stock [Line Items] | |||
Share capital authorized, aggregate nominal amount | $ | $ 20,000,000 | ||
Minimum number of classes or series of stock which may be authorized | class | 1 | ||
Class A | |||
Class of Stock [Line Items] | |||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 | |
Number of votes allowed per class of stock (in votes) | vote | 10 | ||
Number of ordinary shares convertible to certain class of ordinary shares (in shares) | shares | 1 | ||
Class B | |||
Class of Stock [Line Items] | |||
Common stock, nominal value (in dollars per share) | $ 0.01 | 0.01 | |
Number of votes allowed per class of stock (in votes) | vote | 1 | ||
Common reserved for issuance (in shares) | shares | 12,151,526 | ||
Class C | |||
Class of Stock [Line Items] | |||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Equity (Schedule of Outstanding
Equity (Schedule of Outstanding Share-Based Compensation Awards) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Options | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 588,258 | 580,254 |
Options | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 0 | |
Options | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,506,568 | 2,667,506 |
SARs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 16,251,617 | 15,308,562 |
SARs | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 0 | |
SARs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 35,682,862 | 34,401,980 |
RSUs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 515,496 | |
RSUs | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 48,786 | |
RSUs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,026,010 | |
PSUs and PSARS | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 7,459,987 | |
PSUs and PSARS | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,330,000 | |
PSUs and PSARS | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 14,919,280 |
Equity (Changes in Share Capita
Equity (Changes in Share Capital) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | $ 4,148.3 | $ 6,393 | $ 14,732 |
Repurchase and cancellation of Liberty Global Shares | (3,220.2) | (2,010) | (2,948.2) |
Ending balance | 13,198.6 | 4,148.3 | $ 6,393 |
Liberty Global Shares | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 8.9 | ||
Impact of the Split-off Transaction | 0 | ||
Repurchase and cancellation of Liberty Global Shares | (0.8) | ||
Ending balance | 8.1 | 8.9 | |
Liberty Global Shares | Class A | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 2.5 | ||
Impact of the Split-off Transaction | 0 | ||
Repurchase and cancellation of Liberty Global Shares | (0.3) | ||
Ending balance | 2.2 | 2.5 | |
Liberty Global Shares | Class B | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 0.1 | ||
Impact of the Split-off Transaction | 0 | ||
Repurchase and cancellation of Liberty Global Shares | 0 | ||
Ending balance | 0.1 | 0.1 | |
Liberty Global Shares | Class C | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 6.3 | ||
Impact of the Split-off Transaction | 0 | ||
Repurchase and cancellation of Liberty Global Shares | (0.5) | ||
Ending balance | 5.8 | 6.3 | |
LiLAC Shares | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1.7 | ||
Impact of the Split-off Transaction | (1.7) | ||
Repurchase and cancellation of Liberty Global Shares | 0 | ||
Ending balance | 0 | 1.7 | |
LiLAC Shares | Class A | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 0.5 | ||
Impact of the Split-off Transaction | (0.5) | ||
Repurchase and cancellation of Liberty Global Shares | 0 | ||
Ending balance | 0 | 0.5 | |
LiLAC Shares | Class B | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 0 | ||
Impact of the Split-off Transaction | 0 | ||
Repurchase and cancellation of Liberty Global Shares | 0 | ||
Ending balance | 0 | 0 | |
LiLAC Shares | Class C | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance | 1.2 | ||
Impact of the Split-off Transaction | (1.2) | ||
Repurchase and cancellation of Liberty Global Shares | 0 | ||
Ending balance | $ 0 | $ 1.2 |
Equity (Share Repurchases Progr
Equity (Share Repurchases Programs) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 13, 2020 | |
Class of Stock [Line Items] | ||||
Distributable reserves recognized | $ 20,700 | |||
Stock repurchase, remaining authorized amount | $ 66.4 | |||
Remaining authorized for share repurchases | $ 2,700 | |||
Class A | ||||
Class of Stock [Line Items] | ||||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 27.50 | |||
Shares repurchased (in shares) | 24,002,262 | |||
Class C | ||||
Class of Stock [Line Items] | ||||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 27 | |||
Shares repurchased (in shares) | 75,420,009 | |||
Liberty Global Shares | ||||
Class of Stock [Line Items] | ||||
Total cost for stock purchased pursuant to repurchase programs | $ 3,220.2 | $ 2,010 | $ 2,894.7 | |
Liberty Global Shares | Class A | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 24,348,562 | 15,649,900 | 34,881,510 | |
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 27.61 | $ 29.67 | $ 33.73 | |
Liberty Global Shares | Class C | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 95,395,291 | 54,211,059 | 52,523,651 | |
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 26.64 | $ 28.51 | $ 32.71 | |
LiLAC Shares | ||||
Class of Stock [Line Items] | ||||
Total cost for stock purchased pursuant to repurchase programs | $ 53.5 | |||
LiLAC Shares | Class A | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 2,062,233 | |||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 22.84 | |||
LiLAC Shares | Class C | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 285,572 | |||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 22.25 | |||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Additional repurchase of shares (in shares) | 1,000,000,000 |
Equity (Subsidiary Distribution
Equity (Subsidiary Distributions) (Details) £ in Millions, $ in Millions | 3 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | |
Class of Stock [Line Items] | ||||
Dividends | $ 42 | £ 37.8 | $ 404.8 | £ 351.6 |
Telenet | ||||
Class of Stock [Line Items] | ||||
Dividends | £ 62.8 | £ 600 |
Share-based Compensation (Summa
Share-based Compensation (Summary Of Stock-Based Compensation) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019€ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 305.8 | $ 206 | $ 162.2 | |
Percent of annual inventive compensation | 100.00% | 100.00% | ||
Other operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 3.9 | 4.4 | 4.7 | |
SG&A expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 301.9 | 201.6 | 157.5 | |
Liberty Global Plc | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 281.1 | 184.3 | 131.4 | |
Performance-based incentive awards | Liberty Global Plc | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 134.5 | 50.8 | 23.9 | |
Non-performance based incentive awards | Liberty Global Plc | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 107.6 | 90.1 | 93.8 | |
Other | Liberty Global Plc | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 39 | 43.4 | 13.7 | |
Telenet share-based incentive awards | Telenet | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | 15.6 | 19.6 | 20.7 | |
Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 9.1 | $ 2.1 | $ 10.1 | |
Options | Telenet | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance (in shares) | shares | 3,846,649 | 3,846,649 | ||
Awards outstanding (in EUR/USD per share) | (per share) | $ 49.20 | € 43.82 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2019shares | Mar. 31, 2019shares | Feb. 29, 2016 | Mar. 31, 2015 | Dec. 31, 2019USD ($)installmentshares | Dec. 31, 2018 | Dec. 31, 2017shares | Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total compensation expense not yet recognized | $ | $ 291.8 | |||||||
Weighted average period remaining for expense recognition | 2 years 1 month 6 days | |||||||
Percent of annual inventive compensation | 100.00% | |||||||
PSUs | Class B | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 1,330,000 | |||||||
PSUs | Class A | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 2,502,764 | |||||||
PSUs | Class C | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 5,005,528 | |||||||
RSAs | Class B | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 670,000 | |||||||
April 1 and October 1 of 2017 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
PSUs earned | 99.50% | |||||||
Performance period | 2 years | |||||||
April 1, 2019 and October 1, 2019 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
Adjusted OIBDA CAGR | 6.00% | |||||||
Performance period | 3 years | 2 years | ||||||
Liberty Global 2014 Incentive Plans | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share authorized (in shares) | 155,000,000 | |||||||
Liberty Global 2014 Incentive Plans | Class B | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share authorized (in shares) | 50,250,000 | |||||||
Liberty Global 2014 Incentive Plans | Anti-Dilution and Other Adjustment Provisions | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share authorized (in shares) | 10,500,000 | |||||||
Liberty Global Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share authorized (in shares) | 71,262,640 | |||||||
Liberty Global Incentive Plan | Awards other than Performance-Based Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award term | 7 years | |||||||
Liberty Global Incentive Plan | Six Month Anniversary After Grant Date | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 12.50% | |||||||
Liberty Global Incentive Plan | Each Quarter Thereafter after Six Month Vest | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 6.25% | |||||||
Liberty Global Director Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share authorized (in shares) | 8,652,029 | |||||||
Award term | 7 years | |||||||
Number of equal or semi-equal installments | installment | 3 | |||||||
2016 PSUs | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected performance earnings for PSUs | 82.30% | |||||||
2018 PSUs | PSUs | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected performance earnings for PSUs | 50.00% | |||||||
Performance range | 50.00% | |||||||
2018 PSUs | PSUs | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected performance earnings for PSUs | 150.00% | |||||||
Performance range | 125.00% | |||||||
2018 PSUs | April 1, 2020 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
2018 PSUs | October 1, 2020 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
2019 PSUs | PSUs | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected performance earnings for PSUs | 50.00% | |||||||
Performance range | 50.00% | |||||||
2019 PSUs | PSUs | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected performance earnings for PSUs | 150.00% | |||||||
Performance range | 125.00% | |||||||
2019 PSUs | April 1, 2021 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
2019 PSUs | October 1, 2021 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50.00% | |||||||
Liberty Global Challenge Performance Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 100.00% | |||||||
Award term | 10 years | |||||||
Performance period | 3 years | |||||||
Liberty Global Challenge Performance Awards | Class A | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of ordinary share rights for each performance share (in shares) | 1 | |||||||
Liberty Global Challenge Performance Awards | Class C | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of ordinary share rights for each performance share (in shares) | 1 | |||||||
CEO | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 1,330,000 | |||||||
CEO | RSAs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 670,000 | |||||||
CEO | May 15, 2020 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting (in shares) | 670,000 | |||||||
CEO | May 15, 2021 | PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting (in shares) | 660,000 | |||||||
LiLAC Shares | CEO | Liberty Global Performance Grant Award | PSUs | Class B | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 41,589 | 33,333 |
Share-based Compensation (Sum_2
Share-based Compensation (Summary of Stock Award Information) (Schedule) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Cash received from exercise of options | $ 2.3 | $ 5.7 | $ 11.7 |
Income tax benefit related to share-based compensation of our continuing operations (in millions) | $ 21 | $ 18.6 | $ 9.8 |
Options, SARs and PSARs | Minimum | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Risk-free interest rate | 1.59% | 2.68% | 1.66% |
Expected life | 3 years 2 months 12 days | 3 years | 3 years |
Expected volatility | 29.90% | 30.20% | 25.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Options, SARs and PSARs | Maximum | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Risk-free interest rate | 2.45% | 2.92% | 2.16% |
Expected life | 6 years 2 months 12 days | 4 years 2 months 12 days | 6 years 4 months 24 days |
Expected volatility | 33.80% | 33.60% | 37.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Options | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, options (in dollars per share) | $ 8.60 | $ 8.99 | $ 9.40 |
Total intrinsic value of awards exercised | $ 4.2 | $ 3.8 | $ 13.4 |
SARs | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 6.79 | $ 7.92 | $ 8.60 |
Total intrinsic value of awards exercised | $ 13.6 | $ 22.5 | $ 74.8 |
PSARs | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 6.92 | $ 0 | $ 0 |
RSUs | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | 24.66 | 28.72 | 31.24 |
RSAs | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | 25.29 | 0 | 0 |
PSUs | |||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 25 | $ 23.60 | $ 26.59 |
Share-based Compensation (Stock
Share-based Compensation (Stock Award Activity, Options, SARs & PSARs) (Schedules) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Options | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 580,254 |
Options granted (in shares) | shares | 61,244 |
Options exercised (in dollars per share) | shares | (53,240) |
Options outstanding at end of period (in shares) | shares | 588,258 |
Options exercisable and end of period (in shares) | shares | 447,042 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 27.51 |
Options granted (in dollars per shares) | $ / shares | 26.47 |
Options exercised (in dollars per share) | $ / shares | 7.10 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 29.25 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 29.40 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years 8 months 12 days |
Options exercisable at end of period | 2 years 7 months 6 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0.7 |
Options exercisable at end of period | $ | $ 0.7 |
Options | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 2,667,506 |
Options granted (in shares) | shares | 1,364,721 |
Options expired, cancelled or forfeited (in shares) | shares | (349,474) |
Options exercised (in dollars per share) | shares | (176,185) |
Options outstanding at end of period (in shares) | shares | 3,506,568 |
Options exercisable and end of period (in shares) | shares | 2,820,918 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.09 |
Options granted (in dollars per shares) | $ / shares | 24.52 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 24.79 |
Options exercised (in dollars per share) | $ / shares | 6.92 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.81 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.68 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years |
Options exercisable at end of period | 2 years 1 month 6 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 1.7 |
Options exercisable at end of period | $ | $ 1.7 |
SARs | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 15,308,562 |
Options granted (in shares) | shares | 3,350,635 |
Options expired, cancelled or forfeited (in shares) | shares | (1,520,202) |
Options exercised (in dollars per share) | shares | (509,520) |
Impact of the sale of the Vodafone Disposal Group (in shares) | shares | (377,858) |
Options outstanding at end of period (in shares) | shares | 16,251,617 |
Options exercisable and end of period (in shares) | shares | 10,951,161 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 32.41 |
Options granted (in dollars per shares) | $ / shares | 24.92 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 32.62 |
Options exercised (in dollars per share) | $ / shares | 19.91 |
Impact of the sale of the Vodafone Disposal Group (in dollars per share) | $ / shares | 34.89 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 31.18 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 32.66 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years 10 months 24 days |
Options exercisable at end of period | 2 years 4 months 24 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
SARs | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 34,401,980 |
Options granted (in shares) | shares | 6,701,270 |
Options expired, cancelled or forfeited (in shares) | shares | (3,042,500) |
Options exercised (in dollars per share) | shares | (1,599,608) |
Impact of the sale of the Vodafone Disposal Group (in shares) | shares | (778,280) |
Options outstanding at end of period (in shares) | shares | 35,682,862 |
Options exercisable and end of period (in shares) | shares | 25,082,821 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 30.61 |
Options granted (in dollars per shares) | $ / shares | 24.17 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 31.49 |
Options exercised (in dollars per share) | $ / shares | 19.25 |
Impact of the sale of the Vodafone Disposal Group (in dollars per share) | $ / shares | 33.57 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 29.77 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 30.83 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years 7 months 6 days |
Options exercisable at end of period | 2 years 1 month 6 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
PSARs | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 0 |
Options granted (in shares) | shares | 4,477,343 |
Options expired, cancelled or forfeited (in shares) | shares | (405,727) |
Options outstanding at end of period (in shares) | shares | 4,071,616 |
Options exercisable and end of period (in shares) | shares | 1,118 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 0 |
Options granted (in dollars per shares) | $ / shares | 25.97 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.97 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.97 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.97 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 9 years 2 months 12 days |
Options exercisable at end of period | 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
PSARs | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 0 |
Options granted (in shares) | shares | 8,954,686 |
Options expired, cancelled or forfeited (in shares) | shares | (811,454) |
Options outstanding at end of period (in shares) | shares | 8,143,232 |
Options exercisable and end of period (in shares) | shares | 2,236 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 0 |
Options granted (in dollars per shares) | $ / shares | 25.22 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.22 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.22 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.22 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 9 years 2 months 12 days |
Options exercisable at end of period | 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Options and SARs | Class A | Former Employees | |
Number of awards | |
Options outstanding at end of period (in shares) | shares | 1,509,447 |
Options exercisable and end of period (in shares) | shares | 1,429,022 |
Weighted average exercise or base price | |
Options outstanding at end of period (in dollars per shares) | $ / shares | $ 33.96 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 33.95 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 2 years |
Options exercisable at end of period | 1 year 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Options and SARs | Class C | Former Employees | |
Number of awards | |
Options outstanding at end of period (in shares) | shares | 3,374,752 |
Options exercisable and end of period (in shares) | shares | 3,213,870 |
Weighted average exercise or base price | |
Options outstanding at end of period (in dollars per shares) | $ / shares | $ 32.08 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 32.02 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 1 year 9 months 18 days |
Options exercisable at end of period | 1 year 8 months 12 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Share-based Compensation (Other
Share-based Compensation (Other than Options Award Activity) (Schedules) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RSUs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $ 24.66 | $ 28.72 | $ 31.24 |
RSUs | Class A | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 582,374 | ||
Granted (in shares) | 359,012 | ||
Forfeited (in shares) | (141,043) | ||
Released from restrictions (in shares) | (284,847) | ||
Outstanding at end of period (in shares) | 515,496 | 582,374 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 31.85 | ||
Granted (in dollars per shares) | 25.09 | ||
Forfeited (in dollars per share) | 30.23 | ||
Released from restrictions (in dollars per shares) | 31.34 | ||
Outstanding at end of period (in dollars per shares) | $ 27.86 | $ 31.85 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 years 6 months | ||
RSUs | Class B | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 48,786 | ||
Outstanding at end of period (in shares) | 48,786 | 0 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 0 | ||
Granted (in dollars per shares) | 26.03 | ||
Outstanding at end of period (in dollars per shares) | $ 26.03 | $ 0 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 months 12 days | ||
RSUs | Class C | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 1,162,351 | ||
Granted (in shares) | 718,024 | ||
Forfeited (in shares) | (281,767) | ||
Released from restrictions (in shares) | (572,598) | ||
Outstanding at end of period (in shares) | 1,026,010 | 1,162,351 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 31.02 | ||
Granted (in dollars per shares) | 24.35 | ||
Forfeited (in dollars per share) | 30.32 | ||
Released from restrictions (in dollars per shares) | 30.29 | ||
Outstanding at end of period (in dollars per shares) | $ 26.95 | $ 31.02 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 years 6 months | ||
RSAs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $ 25.29 | $ 0 | 0 |
RSAs | Class B | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 670,000 | ||
Forfeited (in shares) | (670,000) | ||
Outstanding at end of period (in shares) | 0 | 0 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 0 | ||
Granted (in dollars per shares) | 25.29 | ||
Forfeited (in dollars per share) | 25.29 | ||
Outstanding at end of period (in dollars per shares) | 0 | $ 0 | |
PSUs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $ 25 | $ 23.60 | $ 26.59 |
PSUs | Class A | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 2,904,644 | ||
Granted (in shares) | 2,502,764 | ||
Forfeited (in shares) | (548,237) | ||
Released from restrictions (in shares) | (1,416,391) | ||
Impact of the sale of the Vodafone Disposal Group (in shares) | (54,409) | ||
Outstanding at end of period (in shares) | 3,388,371 | 2,904,644 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 28.22 | ||
Granted (in dollars per shares) | 25.44 | ||
Forfeited (in dollars per share) | 28.58 | ||
Released from restrictions (in dollars per shares) | 31.04 | ||
Impact of the sale of the Vodafone Disposal Group (in dollars per share) | 24.03 | ||
Outstanding at end of period (in dollars per shares) | $ 25 | $ 28.22 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 7 months 6 days | ||
PSUs | Class B | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 1,330,000 | ||
Outstanding at end of period (in shares) | 1,330,000 | 0 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 0 | ||
Granted (in dollars per shares) | 25.29 | ||
Outstanding at end of period (in dollars per shares) | $ 25.29 | $ 0 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 10 months 24 days | ||
PSUs | Class C | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 5,814,437 | ||
Granted (in shares) | 5,005,528 | ||
Forfeited (in shares) | (1,098,252) | ||
Released from restrictions (in shares) | (2,836,847) | ||
Impact of the sale of the Vodafone Disposal Group (in shares) | (108,818) | ||
Outstanding at end of period (in shares) | 6,776,048 | 5,814,437 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 27.39 | ||
Granted (in dollars per shares) | 24.69 | ||
Forfeited (in dollars per share) | 27.71 | ||
Released from restrictions (in dollars per shares) | 30.06 | ||
Impact of the sale of the Vodafone Disposal Group (in dollars per share) | 23.41 | ||
Outstanding at end of period (in dollars per shares) | $ 24.29 | $ 27.39 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 7 months 6 days | ||
Former Employees | RSUs | Class A | |||
Number of awards | |||
Outstanding at end of period (in shares) | 3,969 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 33.23 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 3 months 18 days | ||
Former Employees | RSUs | Class C | |||
Number of awards | |||
Outstanding at end of period (in shares) | 7,923 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 32.33 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 3 months 18 days | ||
Former Employees | PSUs | Class A | |||
Number of awards | |||
Outstanding at end of period (in shares) | 54,990 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 24.05 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 24 days | ||
Former Employees | PSUs | Class C | |||
Number of awards | |||
Outstanding at end of period (in shares) | 109,980 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 23.44 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 24 days |
Restructuring Liabilities (Deta
Restructuring Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||||||
Restructuring liability at beginning of year | $ 41.1 | $ 37.3 | $ 61.8 | |||
Accounting change | $ (2.4) | |||||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 38.7 | |||||
Restructuring charges | 89.9 | 96.4 | 48.4 | |||
Cash paid | (96.6) | (86.2) | (79) | |||
Foreign currency translation adjustments and other | (0.1) | (6.4) | 6.1 | |||
Restructuring liability at end of year | 31.9 | 41.1 | 37.3 | |||
Current portion | $ 22.7 | 26.2 | $ 18.9 | |||
Noncurrent portion | 9.2 | 14.9 | 18.4 | |||
Total | 41.1 | 37.3 | 37.3 | 31.9 | 41.1 | 37.3 |
Employee severance and termination | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring liability at beginning of year | 14.7 | 11.3 | 23 | |||
Accounting change | 0 | |||||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 14.7 | |||||
Restructuring charges | 84.3 | 42.2 | 35.2 | |||
Cash paid | (81.3) | (35.5) | (50) | |||
Foreign currency translation adjustments and other | 1.4 | (3.3) | 3.1 | |||
Restructuring liability at end of year | 19.1 | 14.7 | 11.3 | |||
Current portion | 17.6 | 13.3 | 9.9 | |||
Noncurrent portion | 1.5 | 1.4 | 1.4 | |||
Total | 19.1 | 11.3 | 11.3 | 19.1 | 14.7 | 11.3 |
Employee severance and termination | Central and Corporate | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 32.3 | 14.2 | 10 | |||
Employee severance and termination | U.K./Ireland | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 40.2 | 23.7 | 20.1 | |||
Employee severance and termination | Switzerland | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 10.5 | |||||
Office closures | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring liability at beginning of year | 8.5 | 9.5 | 7.1 | |||
Accounting change | (2.4) | |||||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 6.1 | |||||
Restructuring charges | 1.1 | 5.5 | 8.3 | |||
Cash paid | (4.4) | (6) | (6.8) | |||
Foreign currency translation adjustments and other | (0.6) | (0.5) | 0.9 | |||
Restructuring liability at end of year | 2.2 | 8.5 | 9.5 | |||
Current portion | 1.9 | 4.5 | 4.4 | |||
Noncurrent portion | 0.3 | 4 | 5.1 | |||
Total | 8.5 | 9.5 | 9.5 | 2.2 | 8.5 | 9.5 |
Contract termination | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring liability at beginning of year | 17.9 | 16.5 | 31.7 | |||
Accounting change | 0 | |||||
Restructuring liability as of January 1, 2019, as adjusted for accounting change | 17.9 | |||||
Restructuring charges | 4.5 | 48.7 | 4.9 | |||
Cash paid | (10.9) | (44.7) | (22.2) | |||
Foreign currency translation adjustments and other | (0.9) | (2.6) | 2.1 | |||
Restructuring liability at end of year | 10.6 | 17.9 | 16.5 | |||
Current portion | 3.2 | 8.4 | 4.6 | |||
Noncurrent portion | 7.4 | 9.5 | 11.9 | |||
Total | $ 17.9 | 16.5 | $ 16.5 | $ 10.6 | $ 17.9 | $ 16.5 |
Contract termination | Belgium | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | $ 40.5 |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,500 | $ 1,305 | $ 1,412.2 |
Projected benefit obligation | 1,407.5 | 1,217.5 | 1,335.4 |
Net asset | 92.5 | 87.5 | 76.8 |
Net periodic pension cost | 8.6 | 7.4 | 4 |
Service cost | 20.9 | 24.4 | $ 22.2 |
Curtailment gain | 1.4 | $ 1.1 | |
Contributions by employer | 26.5 | ||
Contributions expected in next fiscal year | 27.4 | ||
Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,120.1 | ||
Significant other observable inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113.3 | ||
Significant unobservable inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 266.6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Loss) (Balance sheets and Statements of equity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,148.3 | $ 6,393 | $ 14,732 |
Other comprehensive earnings (loss) | 482.1 | (1,024) | 1,944.8 |
Impact of the Split-off Transaction | 85.3 | ||
Ending balance | 13,198.6 | 4,148.3 | 6,393 |
Foreign currency translation adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 719.3 | 1,726.6 | (272.6) |
Other comprehensive earnings (loss) | 490.3 | (1,007.3) | 1,942.8 |
Impact of the Split-off Transaction | 56.4 | ||
Ending balance | 1,209.6 | 719.3 | 1,726.6 |
Pension- related adjustments and other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (87.5) | (70.6) | (99.8) |
Other comprehensive earnings (loss) | (9.4) | (16.9) | 0.3 |
Impact of the Split-off Transaction | 28.9 | ||
Ending balance | (96.9) | (87.5) | (70.6) |
Accumulated other comprehensive earnings (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 631.8 | 1,656 | (372.4) |
Other comprehensive earnings (loss) | 480.9 | (1,024.2) | 1,943.1 |
Impact of the Split-off Transaction | 85.3 | ||
Ending balance | 1,112.7 | 631.8 | 1,656 |
Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (4) | (4.2) | (5.9) |
Other comprehensive earnings (loss) | 1.2 | 0.2 | 1.7 |
Impact of the Split-off Transaction | 0 | ||
Ending balance | (2.8) | (4) | (4.2) |
Total accumulated other comprehensive earnings (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 627.8 | 1,651.8 | (378.3) |
Ending balance | $ 1,109.9 | $ 627.8 | $ 1,651.8 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings (Loss) (Statements of Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | $ 476.6 | $ (1,028.2) | $ 1,946.4 |
Other comprehensive income (loss), tax benefit (expense) | 5.5 | 4.2 | (1.6) |
Other comprehensive earnings (loss) | 482.1 | (1,024) | 1,944.8 |
Other comprehensive earnings attributable to noncontrolling interests, Pre-tax amount | (1.5) | (0.3) | (1.9) |
Other comprehensive earnings attributable to noncontrolling interests, Tax benefit (expense) | 0.3 | 0.1 | 0.2 |
Other comprehensive earnings (loss) attributable to noncontrolling interests, net | (1.2) | (0.2) | (1.7) |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, pre-tax | 475.1 | (1,028.5) | 1,944.5 |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, tax | 5.8 | 4.3 | (1.4) |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, net | 480.9 | (1,024.2) | 1,943.1 |
Total - continuing operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | 415.5 | (922.3) | 1,916.3 |
Other comprehensive income (loss), tax benefit (expense) | 5.6 | 4.4 | (1.9) |
Other comprehensive earnings (loss) | 421.1 | (917.9) | 1,914.4 |
Discontinued Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | 61.1 | (105.9) | 30.1 |
Other comprehensive income (loss), tax benefit (expense) | (0.1) | (0.2) | 0.3 |
Other comprehensive earnings (loss) | 61 | (106.1) | 30.4 |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | 432.2 | (897.9) | 1,898.7 |
Other comprehensive income (loss), tax benefit (expense) | 3.3 | 0 | 0 |
Other comprehensive earnings (loss) | 435.5 | (897.9) | 1,898.7 |
Pension-related adjustments and other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | (16.7) | (24.4) | 17.6 |
Other comprehensive income (loss), tax benefit (expense) | 2.3 | 4.4 | (1.9) |
Other comprehensive earnings (loss) | $ (14.4) | $ (20) | $ 15.7 |
Commitments and Contingencies_2
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | $ 2,578.3 |
2021 | 1,385.6 |
2022 | 516.4 |
2023 | 100.6 |
2024 | 71.7 |
Thereafter | 792.6 |
Total | 5,445.2 |
Programming commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | 1,165 |
2021 | 887.4 |
2022 | 355.3 |
2023 | 17.5 |
2024 | 14.2 |
Thereafter | 30.4 |
Total | 2,469.8 |
Network and connectivity commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | 715.3 |
2021 | 313.3 |
2022 | 98.3 |
2023 | 46.9 |
2024 | 39.9 |
Thereafter | 736.1 |
Total | 1,949.8 |
Purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | 668 |
2021 | 181.5 |
2022 | 60.8 |
2023 | 35.9 |
2024 | 17.3 |
Thereafter | 25.1 |
Total | 988.6 |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2020 | 30 |
2021 | 3.4 |
2022 | 2 |
2023 | 0.3 |
2024 | 0.3 |
Thereafter | 1 |
Total | $ 37 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) € in Millions, £ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 31, 2019USD ($) | Oct. 31, 2019EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Mar. 31, 2019GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Jul. 05, 2019 | Aug. 01, 2018 | |
Loss Contingencies [Line Items] | ||||||||||||||||||
Programming and copyright costs | $ 1,702,400,000 | $ 1,671,400,000 | $ 1,470,200,000 | |||||||||||||||
Rent expense under non-cancelable operating lease arrangements | 111,800,000 | 104,500,000 | ||||||||||||||||
Aggregate expense for matching contributions under various defined contribution plans | 42,600,000 | $ 41,000,000 | $ 34,700,000 | |||||||||||||||
Belgium Regulatory Developments | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Percent reduction in monthly wholesale cable resale access price | 25.00% | |||||||||||||||||
Unfavorable Regulatory Action | Scenario, Forecast | U.K. | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Estimate of possible loss | $ 23,000,000 | £ 17 | ||||||||||||||||
Interkabel Acquisition | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Damages sought | $ 1,600,000,000 | € 1,400 | ||||||||||||||||
Loss contingency damages in excess value | $ 22,500,000 | 22,500,000 | € 20 | |||||||||||||||
Loss contingency accrual | 0 | $ 0 | ||||||||||||||||
Deutsche Telekom Litigation | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Reduction of annual lease fees | 83.33% | |||||||||||||||||
Belgium Regulatory Developments | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Percent reduction in monthly wholesale cable resale access price | 17.00% | |||||||||||||||||
Virgin Media VAT Matters | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Estimate of possible loss | 54,000,000 | $ 54,000,000 | £ 41.3 | |||||||||||||||
Virgin Media VAT Matters 2 | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Estimate of possible loss | 83,100,000 | 83,100,000 | £ 63.7 | |||||||||||||||
Income tax paid | $ 99,100,000 | £ 67 | ||||||||||||||||
Amount paid | £ | £ 3.3 | £ 63.7 | ||||||||||||||||
Interest expense | $ 4,400,000 | |||||||||||||||||
UPC Austria | Discontinued Operations, Disposed of by Sale | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Asserted claims | $ 79,200,000 | € 70.5 | $ 23,100,000 | € 20.6 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Threshold percentage of revenue operating cash flows or total assets used to identity reportable segments | 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% | 50.00% | 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 (Summary of I
Segment Reporting (Summary of Impact on the Adjusted OBIDA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Adjusted OIBDA | $ 0 | $ 0 | $ 0 |
Revenue | 11,541.5 | 11,957.9 | 11,276.4 |
Operating Segments | U.K./Ireland | |||
Segment Reporting Information [Line Items] | |||
Adjusted OIBDA | (66.6) | (61.7) | (52.8) |
Operating Segments | Switzerland | |||
Segment Reporting Information [Line Items] | |||
Adjusted OIBDA | (33) | (36.7) | (32.3) |
Operating Segments | Central and Eastern Europe | |||
Segment Reporting Information [Line Items] | |||
Adjusted OIBDA | (14.7) | (15.5) | (13.4) |
Central and Corporate | |||
Segment Reporting Information [Line Items] | |||
Adjusted OIBDA | $ 114.3 | $ 113.9 | $ 98.5 |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,982.2 | $ 2,840.9 | $ 2,850.4 | $ 2,868 | $ 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | $ 11,541.5 | $ 11,957.9 | $ 11,276.4 |
Adjusted OIBDA | 4,859.5 | 5,151.5 | 4,825.1 | ||||||||
VodafoneZiggo JV | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,407.8 | 4,602.2 | 4,512.5 | ||||||||
Adjusted OIBDA | 1,987.7 | 2,009.7 | 1,910.6 | ||||||||
Operating Segments | U.K./Ireland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,600.3 | 6,875.1 | 6,398.7 | ||||||||
Adjusted OIBDA | 2,800.5 | 2,995.5 | 2,831.2 | ||||||||
Operating Segments | Belgium | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,893 | 2,993.6 | 2,865.3 | ||||||||
Adjusted OIBDA | 1,386.1 | 1,480 | 1,300.3 | ||||||||
Operating Segments | Switzerland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,258.8 | 1,326 | 1,370.1 | ||||||||
Adjusted OIBDA | 627.9 | 712 | 800.3 | ||||||||
Operating Segments | Central and Eastern Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 475.4 | 492.2 | 467.5 | ||||||||
Adjusted OIBDA | 215 | 233.6 | 220.1 | ||||||||
Central and Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 316.4 | 274.2 | 189.4 | ||||||||
Adjusted OIBDA | (171.1) | (257.8) | (317.3) | ||||||||
Intersegment eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | (2.4) | (3.2) | (14.6) | ||||||||
Adjusted OIBDA | $ 1.1 | $ (11.8) | $ (9.5) |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||
Adjusted OIBDA from continuing operations | $ 4,859.5 | $ 5,151.5 | $ 4,825.1 | ||||||||
Share-based compensation expense | (305.8) | (206) | (162.2) | ||||||||
Depreciation and amortization | (3,652.2) | (3,858.2) | (3,790.6) | ||||||||
Impairment, restructuring and other operating items, net | (156) | (248.2) | (79.9) | ||||||||
Operating income | $ 282.5 | $ 208.8 | $ 148.7 | $ 105.5 | $ 252.4 | $ 205.1 | $ 264.1 | $ 117.5 | 745.5 | 839.1 | 792.4 |
Interest expense | (1,385.9) | (1,478.7) | (1,416.1) | ||||||||
Realized and unrealized gains (losses) on derivative instruments, net | (192) | 1,125.8 | (1,052.8) | ||||||||
Foreign currency transaction gains (losses), net | (94.8) | 90.4 | (181.5) | ||||||||
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 7, 9 and 11) | 72 | (384.5) | 43.4 | ||||||||
Losses on debt modification and extinguishment, net (note 11) | (216.7) | (65) | (252.2) | ||||||||
Share of results of affiliates, net | (198.5) | (8.7) | (95.2) | ||||||||
Other income, net | 114.4 | 43.4 | 50.9 | ||||||||
Earnings (loss) from continuing operations before income taxes | $ (1,156) | $ 161.8 | $ (2,111.1) |
Segment Reporting (Balance Shee
Segment Reporting (Balance Sheet Data of Reportable Segments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 28,470.7 | $ 28,629 |
Total assets | 49,046.3 | 53,153.6 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 20,674.8 | 22,026.2 |
Total assets | 22,426.5 | 23,255.3 |
Operating Segments | U.K./Ireland | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 16,170.9 | 16,254.6 |
Total assets | 20,665.5 | 20,702.5 |
Operating Segments | Belgium | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 5,910.3 | 5,979.4 |
Total assets | 7,148.2 | 6,972.1 |
Operating Segments | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 4,247.7 | 4,165.4 |
Total assets | 4,647.8 | 4,496 |
Operating Segments | Central and Eastern Europe | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,062.2 | 1,087.4 |
Total assets | 1,135.2 | 1,130.8 |
Central and Corporate | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,079.6 | 1,142.2 |
Total assets | 15,449.6 | 9,321.1 |
Total - continuing operations | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 28,470.7 | 28,629 |
Total assets | $ 49,046.3 | $ 42,622.5 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $ 2,880.5 | $ 3,705.6 | $ 3,703.5 |
Assets acquired under capital-related vendor financing arrangements | (1,727) | (2,175.5) | (2,336.2) |
Assets acquired under finance leases | (66.9) | (102.4) | (106.7) |
Changes in current liabilities related to capital expenditures | 156.5 | 25.3 | (10.6) |
Total capital expenditures, net | 1,243.1 | 1,453 | 1,250 |
Third-party payments | 1,323.9 | 1,552.7 | 1,586.5 |
Proceeds received for transfers to related parties | (80.8) | (99.7) | (336.5) |
VodafoneZiggo JV | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions - VodafoneZiggo JV | 887.9 | 988.7 | 933.9 |
Operating Segments | U.K./Ireland | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 1,578 | 1,988.9 | 2,161.8 |
Operating Segments | Belgium | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 537.2 | 790.8 | 691 |
Operating Segments | Switzerland | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 277.9 | 249.6 | 244.4 |
Operating Segments | Central and Eastern Europe | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 107 | 152.8 | 158.2 |
Central and Corporate | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $ 380.4 | $ 523.5 | $ 448.1 |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Principal Transaction Revenue [Line Items] | |||
Revenue | $ 11,541.5 | $ 11,957.9 | $ 11,276.4 |
Total residential cable revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 7,522.6 | 7,976.7 | 7,709.6 |
Total subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 7,324.5 | 7,697.6 | 7,366 |
Video | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 2,723.9 | 2,863.2 | 2,786.5 |
Broadband internet | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 3,187.4 | 3,226.6 | 2,979.7 |
Fixed-line telephony | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,413.2 | 1,607.8 | 1,599.8 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 198.1 | 279.1 | 343.6 |
Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 9,142.9 | 9,655 | 9,316.4 |
Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,620.3 | 1,678.3 | 1,606.8 |
Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 932.1 | 983.5 | 999.7 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 688.2 | 694.8 | 607.1 |
Total B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,914 | 1,983.5 | 1,740.1 |
Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 472.5 | 446.4 | 367.6 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,441.5 | 1,537.1 | 1,372.5 |
Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | $ 484.6 | $ 319.4 | $ 219.9 |
Segment Reporting (Revenue and
Segment Reporting (Revenue and Long-Lived Assets by Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 11,541.5 | $ 11,957.9 | $ 11,276.4 | ||||||||
Long-lived assets | $ 28,470.7 | $ 28,629 | 28,470.7 | 28,629 | |||||||
Revenue | 2,982.2 | $ 2,840.9 | $ 2,850.4 | $ 2,868 | 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | 11,541.5 | 11,957.9 | 11,276.4 |
VodafoneZiggo JV | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 20,674.8 | 22,026.2 | 20,674.8 | 22,026.2 | |||||||
Revenue | 4,407.8 | 4,602.2 | 4,512.5 | ||||||||
U.K. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 15,422.4 | 15,489.2 | 15,422.4 | 15,489.2 | |||||||
Belgium | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 5,910.3 | 5,979.4 | 5,910.3 | 5,979.4 | |||||||
Switzerland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 4,247.7 | 4,165.4 | 4,247.7 | 4,165.4 | |||||||
Ireland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 748.5 | 765.4 | 748.5 | 765.4 | |||||||
Poland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 937 | 958.7 | 937 | 958.7 | |||||||
Slovakia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 125.2 | 128.7 | 125.2 | 128.7 | |||||||
U.S. and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | 1,079.6 | 1,142.2 | 1,079.6 | 1,142.2 | |||||||
Operating Segments | U.K. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,086.2 | 6,351.2 | 5,927.9 | ||||||||
Operating Segments | Belgium | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,893 | 2,993.6 | 2,865.3 | ||||||||
Operating Segments | Switzerland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,258.8 | 1,326 | 1,370.1 | ||||||||
Operating Segments | Ireland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 514.1 | 523.9 | 470.8 | ||||||||
Operating Segments | Poland | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 425.7 | 440.7 | 417.9 | ||||||||
Operating Segments | Slovakia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 49.7 | 51.5 | 49.6 | ||||||||
Geography Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 314 | 271 | $ 174.8 | ||||||||
Total - continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-lived assets | $ 28,470.7 | $ 28,629 | $ 28,470.7 | $ 28,629 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 2,982.2 | $ 2,840.9 | $ 2,850.4 | $ 2,868 | $ 2,949.1 | $ 2,929.7 | $ 3,015.6 | $ 3,063.5 | $ 11,541.5 | $ 11,957.9 | $ 11,276.4 |
Operating income | 282.5 | 208.8 | 148.7 | 105.5 | 252.4 | 205.1 | 264.1 | 117.5 | 745.5 | 839.1 | 792.4 |
Earnings (loss) from continuing operations | (1,349.7) | 587.2 | (339.6) | (306.9) | (313.9) | (399.4) | 669 | (1,367.2) | (1,409) | (1,411.5) | (2,350) |
Net earnings (loss) | (1,345.1) | 12,885.1 | 82.5 | 15.7 | 52.2 | 1,025.9 | 950.5 | (1,178.6) | 11,638.2 | 850 | (2,720.6) |
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders | (1,391.1) | 550 | (369.1) | (315.6) | |||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ (1,386.5) | $ 12,847.9 | $ 53 | $ 7 | $ 25.1 | $ 974.1 | $ 912.6 | $ (1,186.5) | $ 11,521.4 | $ 725.3 | $ (2,778.1) |
Basic and diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (note 3) (in dollars per share) | $ (2.20) | $ 0.77 | $ (0.50) | $ (0.43) | $ (0.45) | $ (0.57) | $ 0.80 | $ (1.70) | $ (2.16) | $ (1.97) | $ (2.86) |
Basic earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share) | (2.19) | 17.99 | 0.07 | 0.01 | 0.03 | 1.23 | 1.16 | (1.47) | |||
Diluted earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share) | $ (2.19) | $ 17.91 | $ 0.07 | $ 0.01 | $ 0.03 | $ 1.23 | $ 1.15 | $ (1.47) |
Subsequent Event (Details)
Subsequent Event (Details) | 1 Months Ended | ||||
Jan. 31, 2020USD ($) | Jan. 31, 2020EUR (€) | Jan. 31, 2020EUR (€) | Oct. 31, 2019USD ($) | Oct. 31, 2019EUR (€) | |
Telenet Dollar-Denominated Term Loan Facility | Medium-term Notes | |||||
Subsequent Event [Line Items] | |||||
Original issue amount | $ 220,000,000 | ||||
Telenet Dollar-Denominated Term Loan Facility | Medium-term Notes | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Original issue amount | $ 2,295,000,000 | ||||
Outstanding principal amount | 2,295,000,000 | ||||
Telenet Euro-Denominated Term Loan Facility | Medium-term Notes | |||||
Subsequent Event [Line Items] | |||||
Original issue amount | $ 196,500,000 | € 175,000,000 | |||
Telenet Euro-Denominated Term Loan Facility | Medium-term Notes | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Original issue amount | 1,246,400,000 | € 1,110,000,000 | |||
Outstanding principal amount | € | € 1,110,000,000 | ||||
UPC Holding Dollar Denominated Term Loan Facility | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Repayments of debt | 1,140,000,000 | ||||
UPC Holding Dollar Denominated Term Loan Facility | Medium-term Notes | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Original issue amount | 700,000,000 | ||||
UPC Holding Euro-Denominated Term Loan Facility | Medium-term Notes | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Original issue amount | $ 449,100,000 | € 400,000,000 |
SCHEDULE I (Parent Company In_2
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 8,142.4 | $ 1,480.5 | $ 1,672.4 | |
Other current assets | 695 | 568.1 | $ 427.8 | 351.2 |
Total current assets | 10,573.3 | 4,141.4 | ||
Total assets | 49,046.3 | 53,153.6 | ||
Current liabilities: | ||||
Accounts payable | 963.9 | 874.3 | ||
Accrued liabilities and other | 2,570.5 | 2,458.8 | 2,220.2 | 2,219 |
Total current liabilities | 8,651.7 | 10,306.1 | ||
Other long-term liabilities | 2,890.7 | 2,436.8 | 2,249.3 | 2,246.6 |
Total liabilities | 35,847.7 | 49,005.3 | ||
Commitments and contingencies | ||||
Accumulated earnings (deficit) | $ (5,897.5) | (6,217.6) | ||
Total stockholders’ equity | 13,606.2 | 4,681.4 | ||
Total liabilities and equity | 49,046.3 | 53,153.6 | ||
Liberty Global Plc | ||||
Current assets: | ||||
Cash and cash equivalents | 6.7 | 10.8 | $ 73.2 | |
Other receivables — related-party | 68.9 | 13 | ||
Other current assets | 80.6 | 7 | ||
Total current assets | 156.2 | 30.8 | ||
Long-term notes receivable — related-party | 2,984.9 | 1,215.5 | ||
Investments in consolidated subsidiaries, including intercompany balances | 33,570.7 | 20,829.5 | ||
Other assets, net | 266.1 | 13.7 | ||
Total assets | 36,977.9 | 22,089.5 | ||
Current liabilities: | ||||
Accounts payable | 0.5 | 3.5 | ||
Other payables — related-party | 22.5 | 26.4 | ||
Current portion of notes payable — related-party | 7,575.4 | 3,033.3 | ||
Accrued liabilities and other | 12.6 | 9.1 | ||
Total current liabilities | 7,611 | 3,072.3 | ||
Long-term notes payable — related-party | 15,757.2 | 14,332.5 | ||
Other long-term liabilities | 3.5 | 3.3 | ||
Total liabilities | 23,371.7 | 17,408.1 | ||
Additional paid-in capital | 6,136.9 | 9,214.5 | ||
Accumulated earnings (deficit) | 6,350.4 | (5,172.2) | ||
Accumulated other comprehensive earnings, net of taxes | 1,112.7 | 631.8 | ||
Treasury shares, at cost | (0.1) | (0.1) | ||
Total stockholders’ equity | 13,606.2 | 4,681.4 | ||
Total liabilities and equity | 36,977.9 | 22,089.5 | ||
Class A | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | 1.8 | 2 | ||
Class B | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | 0.1 | 0.1 | ||
Class C | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | $ 4.4 | $ 5.3 |
SCHEDULE I (Parent Company In_3
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEET (Parenthetical) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Class A | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 181,560,735 | 204,450,499 |
Common stock, outstanding (in shares) | 181,560,735 | 204,450,499 |
Class B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,151,526 | 11,099,593 |
Common stock, outstanding (in shares) | 12,151,526 | 11,099,593 |
Class C | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 438,867,447 | 531,174,389 |
Common stock, outstanding (in shares) | 438,867,447 | 531,174,389 |
Liberty Global Plc | Class A | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 181,560,735 | 204,450,499 |
Common stock, outstanding (in shares) | 181,560,735 | 204,450,499 |
Liberty Global Plc | Class B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,151,526 | 11,099,593 |
Common stock, outstanding (in shares) | 12,151,526 | 11,099,593 |
Liberty Global Plc | Class C | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 438,867,447 | 531,174,389 |
Common stock, outstanding (in shares) | 438,867,447 | 531,174,389 |
SCHEDULE I (Parent Company In_4
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating costs and expenses: | |||||||||||
Selling, general and administrative (including stock-based compensation) | $ 2,107.8 | $ 2,049.1 | $ 1,980.4 | ||||||||
Depreciation and amortization | 3,652.2 | 3,858.2 | 3,790.6 | ||||||||
Other operating expenses | 1,641.3 | 1,717.2 | 1,659.5 | ||||||||
Operating income | $ 282.5 | $ 208.8 | $ 148.7 | $ 105.5 | $ 252.4 | $ 205.1 | $ 264.1 | $ 117.5 | 745.5 | 839.1 | 792.4 |
Non-operating income (expense): | |||||||||||
Foreign currency transaction gains (losses), net | (94.8) | 90.4 | (181.5) | ||||||||
Other income, net | 114.4 | 43.4 | 50.9 | ||||||||
Non-operating income (expense) | (1,901.5) | (677.3) | (2,903.5) | ||||||||
Income tax benefit (expense) | (253) | (1,573.3) | (238.9) | ||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ (1,386.5) | $ 12,847.9 | $ 53 | $ 7 | $ 25.1 | $ 974.1 | $ 912.6 | $ (1,186.5) | 11,521.4 | 725.3 | (2,778.1) |
Liberty Global Plc | |||||||||||
Operating costs and expenses: | |||||||||||
Selling, general and administrative (including stock-based compensation) | 61 | 42.8 | 44.9 | ||||||||
Related-party fees and allocations | 20.6 | 8 | 55.2 | ||||||||
Depreciation and amortization | 1.4 | 1.5 | 1 | ||||||||
Other operating expenses | 0.2 | 0 | 0 | ||||||||
Operating income | (83.2) | (52.3) | (101.1) | ||||||||
Non-operating income (expense): | |||||||||||
Interest expense — related-party | (864.6) | (678) | (406.5) | ||||||||
Interest income — related-party | 89.6 | 70.9 | 822.7 | ||||||||
Foreign currency transaction gains (losses), net | 281.2 | 381 | (644.8) | ||||||||
Other income, net | 3.4 | 0.1 | (3.3) | ||||||||
Non-operating income (expense) | (490.4) | (226) | (231.9) | ||||||||
Earnings before income taxes and equity in earnings (losses) of consolidated subsidiaries, net | (573.6) | (278.3) | (333) | ||||||||
Equity in earnings (losses) of consolidated subsidiaries, net | 11,921.4 | 887.9 | (2,386) | ||||||||
Income tax benefit (expense) | 173.6 | 115.7 | (59.1) | ||||||||
Net earnings (loss) attributable to Liberty Global shareholders | $ 11,521.4 | $ 725.3 | $ (2,778.1) |
SCHEDULE I (Parent Company In_5
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||||||||||||||
Net earnings (loss) | $ (1,386.5) | $ 12,847.9 | $ 53 | $ 7 | $ 25.1 | $ 974.1 | $ 912.6 | $ (1,186.5) | $ 11,521.4 | $ 725.3 | $ (2,778.1) | |||
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities from continuing operations: | ||||||||||||||
Share-based compensation expense | 305.8 | 206 | 162.2 | |||||||||||
Depreciation and amortization | 3,652.2 | 3,858.2 | 3,790.6 | |||||||||||
Foreign currency transaction losses (gains), net | 94.8 | (90.4) | 181.5 | |||||||||||
Deferred income tax benefit | 65.5 | 438.1 | 46.6 | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Receivables and other operating assets | 876.9 | 635.4 | 466.1 | |||||||||||
Payables and accruals | (787.2) | 459.4 | (651.7) | |||||||||||
Net cash provided by operating activities | 4,585.4 | 5,963.1 | 5,708 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Funding of the Vodafone Escrow Accounts, net | (295.2) | 0 | 0 | |||||||||||
Other investing activities, net | 155.4 | 167.6 | 148.5 | |||||||||||
Net cash provided (used) by investing activities | 9,274.6 | 87.3 | (560.8) | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Repurchase of Liberty Global ordinary shares | (3,219.4) | (2,009.9) | (2,976.2) | |||||||||||
Borrowings of third-party debt | 6,618.8 | 4,396.5 | 7,215.4 | |||||||||||
Other financing activities, net | 1 | (7.3) | 33.9 | |||||||||||
Net cash used by financing activities | (7,176.6) | (6,189.8) | (4,679.6) | |||||||||||
Total | 6,682.6 | (184.5) | 582.9 | |||||||||||
Details of end of period cash and cash equivalents and restricted cash: | ||||||||||||||
Cash and cash equivalents | $ 8,142.4 | $ 1,480.5 | $ 1,672.4 | |||||||||||
Liberty Global Plc | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net earnings (loss) | 11,521.4 | 725.3 | (2,778.1) | |||||||||||
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities from continuing operations: | ||||||||||||||
Equity in losses (earnings) of consolidated subsidiaries, net | (11,921.4) | (887.9) | 2,386 | |||||||||||
Share-based compensation expense | 35.8 | 20.6 | 19.8 | |||||||||||
Related-party fees and allocations | 20.6 | 8 | 55.2 | |||||||||||
Depreciation and amortization | 1.4 | 1.5 | 1 | |||||||||||
Other operating expenses | 0.2 | 0 | 0 | |||||||||||
Foreign currency transaction losses (gains), net | (281.2) | (381) | 644.8 | |||||||||||
Deferred income tax benefit | (10) | (2.8) | (1.6) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Receivables and other operating assets | (213.7) | (134.8) | 502.7 | |||||||||||
Payables and accruals | 554.3 | 564.4 | (160.9) | |||||||||||
Net cash provided by operating activities | (292.6) | (86.7) | 668.9 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Distribution and repayments from (investments in and advances to) consolidated subsidiaries, net | (142.8) | (93.4) | 1,188.7 | |||||||||||
Funding of the Vodafone Escrow Accounts, net | (295.2) | 0 | 0 | |||||||||||
Other investing activities, net | (0.1) | 0 | (7) | |||||||||||
Net cash provided (used) by investing activities | (438.1) | (93.4) | 1,181.7 | |||||||||||
Cash flows from financing activities: | ||||||||||||||
Borrowings of related-party debt | 5,870.5 | 3,133.3 | 4,632.7 | |||||||||||
Repayments of related-party debt | (2,018.6) | (1,010) | (3,496) | |||||||||||
Repurchase of Liberty Global ordinary shares | (3,219.4) | (2,009.9) | (2,976.2) | |||||||||||
Borrowings of third-party debt | 98.6 | 0 | 0 | |||||||||||
Other financing activities, net | (5) | 4.3 | 3.6 | |||||||||||
Net cash used by financing activities | 726.1 | 117.7 | (1,835.9) | |||||||||||
Effect of exchange rate changes on cash | 0.5 | 0 | (0.4) | |||||||||||
Total | (4.1) | (62.4) | 14.3 | |||||||||||
Cash and cash equivalents: | ||||||||||||||
Beginning of period | 16 | 78.4 | 16 | 78.4 | 64.1 | |||||||||
End of period | 11.9 | 16 | 11.9 | 16 | 78.4 | |||||||||
Details of end of period cash and cash equivalents and restricted cash: | ||||||||||||||
Cash and cash equivalents | 6.7 | 10.8 | 73.2 | |||||||||||
Restricted cash included in other current assets | 5.2 | 5.2 | 5.2 | |||||||||||
Total cash and cash equivalents and restricted cash | $ 11.9 | $ 16 | $ 16 | $ 78.4 | $ 16 | $ 78.4 | $ 78.4 | $ 11.9 | $ 16 | $ 78.4 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts — Trade receivables (Continuing operations) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 45.8 | $ 74.2 | $ 56.1 |
Impact of the adoption of ASU 2014-09 | 0 | 11.9 | 0 |
Additions to costs and expenses | 44.6 | 61.6 | 51.6 |
Acquisitions | 0 | 0 | 1.5 |
Deductions or write-offs | (48.3) | (98.4) | (41.7) |
Foreign currency translation adjustments | 0.7 | (3.5) | 6.7 |
Balance at end of period | $ 42.8 | $ 45.8 | $ 74.2 |