Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 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 Central Index Key | 0001570585 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | 180,357,228 | |
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 | 12,561,294 | |
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 | 371,438,801 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 928.7 | $ 1,327.2 |
Trade receivables, net | 860 | 1,090.7 |
Short-term investments | 1,571.7 | 1,600.2 |
Other current assets | 756.1 | 831 |
Total current assets | 4,116.5 | 4,849.1 |
Investments and related notes receivable (including $2,057.3 million and $1,865.8 million, respectively, measured at fair value on a recurring basis) (note 5) | 5,425 | 5,354.5 |
Property and equipment, net (notes 8 and 10) | 7,552.1 | 8,054.1 |
Goodwill (note 8) | 9,906.4 | 10,466.7 |
Intangible assets subject to amortization, net (note 8) | 2,617.8 | 2,886 |
Assets held for sale (note 4) | 24,954.4 | 24,282.7 |
Other assets, net (notes 3, 4, 6, 8 and 10) | 2,875.2 | 3,199.6 |
Total assets | 57,447.4 | 59,092.7 |
Current liabilities: | ||
Accounts payable | 616.3 | 618.2 |
Deferred revenue (note 3) | 383.3 | 430.9 |
Current portion of debt and finance lease obligations (notes 9 and 10) | 1,059 | 1,130.4 |
Accrued income taxes (note 11) | 269.4 | 253.6 |
Derivative instruments (note 6) | 213.9 | 252.7 |
Other accrued and current liabilities (note 10) | 1,605.9 | 1,781.2 |
Total current liabilities | 4,147.8 | 4,467 |
Long-term debt and finance lease obligations (notes 9 and 10) | 13,245.4 | 13,867.3 |
Liabilities associated with assets held for sale (note 4) | 23,202.3 | 23,197.2 |
Other long-term liabilities (notes 3, 6 and 10) | 3,363.8 | 4,262.8 |
Total liabilities | 43,959.3 | 45,794.3 |
Commitments and contingencies (notes 6, 9, 11 and 15) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 5,016.7 | 5,271.7 |
Accumulated earnings | 6,077.5 | 4,692.1 |
Accumulated other comprehensive earnings, net of taxes | 2,696.3 | 3,693.1 |
Treasury shares, at cost | (0.1) | (0.1) |
Total Liberty Global shareholders | 13,796 | 13,662.6 |
Noncontrolling interests | (307.9) | (364.2) |
Total equity | 13,488.1 | 13,298.4 |
Total liabilities and equity | 57,447.4 | 59,092.7 |
Class A | ||
Liberty Global shareholders: | ||
Common stock | 1.8 | 1.8 |
Class B | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C | ||
Liberty Global shareholders: | ||
Common stock | $ 3.7 | $ 3.9 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other investments | $ 2,057.3 | $ 1,865.8 |
Class A | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 180,988,130 | 181,348,114 |
Common stock, outstanding (in shares) | 180,988,130 | 181,348,114 |
Class B | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,561,294 | 12,561,444 |
Common stock, outstanding (in shares) | 12,561,294 | 12,561,444 |
Class C | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 374,982,853 | 386,588,921 |
Common stock, outstanding (in shares) | 374,982,853 | 386,588,921 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue (notes 3, 4, 5 and 16) | $ 3,615.3 | $ 2,875.8 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||
Programming and other direct costs of services | 1,110.6 | 855.1 |
Other operating (note 13) | 524.1 | 420.1 |
Selling, general and administrative (SG&A) (note 13) | 676.7 | 505.5 |
Depreciation and amortization | 634.2 | 783.5 |
Impairment, restructuring and other operating items, net | 44.4 | 31 |
Operating costs and expenses | 2,990 | 2,595.2 |
Operating income | 625.3 | 280.6 |
Non-operating income (expense): | ||
Interest expense | (335.1) | (313.3) |
Realized and unrealized gains on derivative instruments, net (note 6) | 811.1 | 1,237.3 |
Foreign currency transaction gains, net | 303.1 | 391.7 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 5, 7 and 9) | 194.6 | (529.8) |
Losses on debt extinguishment, net (note 9) | 0 | (54.5) |
Share of results of affiliates, net (note 5) | 1.7 | 33.4 |
Other income, net | 10.1 | 52.4 |
Non-operating income (expense) | 985.5 | 817.2 |
Earnings before income taxes | 1,610.8 | 1,097.8 |
Income tax expense (note 11) | (170.5) | (80.1) |
Net earnings | 1,440.3 | 1,017.7 |
Net earnings attributable to noncontrolling interests | (54.9) | (67.9) |
Net earnings attributable to Liberty Global shareholders | $ 1,385.4 | $ 949.8 |
Basic earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (in USD per share) | $ 2.41 | $ 1.51 |
Diluted earnings (loss) from continuing operations attributable to Liberty Global shareholders per share (in USD per share) | $ 2.37 | $ 1.50 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 1,440.3 | $ 1,017.7 |
Other comprehensive loss, net of taxes: | ||
Foreign currency translation adjustments | (996.7) | (1,070.9) |
Pension-related adjustments and other | (0.1) | (2.3) |
Other comprehensive loss | (996.8) | (1,073.2) |
Comprehensive earnings (loss) | 443.5 | (55.5) |
Comprehensive earnings attributable to noncontrolling interests | (54.9) | (67.2) |
Comprehensive earnings (loss) attributable to Liberty Global shareholders | $ 388.6 | $ (122.7) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions | Total | Total Liberty Global shareholders | Ordinary sharesClass A | Ordinary sharesClass B | Ordinary sharesClass C | Additional paid-in capital | Accumulated earnings | Accumulated other comprehensive earnings, net of taxes | Treasury shares, at cost | Non-controlling interests |
Beginning balance at Dec. 31, 2019 | $ 13,168.5 | $ 13,575.9 | $ 1.8 | $ 0.1 | $ 4.4 | $ 6,136.9 | $ 6,320.1 | $ 1,112.7 | $ (0.1) | $ (407.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 1,017.7 | 949.8 | 949.8 | 67.9 | ||||||
Other comprehensive loss, net of taxes | (1,073.2) | (1,072.5) | (1,072.5) | (0.7) | ||||||
Repurchases and cancellations of Liberty Global ordinary shares (note 12) | (224.4) | (224.4) | (0.1) | (224.3) | ||||||
Share-based compensation (note 13) | 46.1 | 46.1 | 46.1 | |||||||
Repurchases by Telenet of its outstanding shares | (38.1) | (45.3) | (45.3) | 7.2 | ||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 15.6 | 14.5 | 14.5 | 1.1 | ||||||
Ending balance at Mar. 31, 2020 | 12,912.2 | 13,244.1 | 1.8 | 0.1 | 4.3 | 5,927.9 | 7,269.9 | 40.2 | (0.1) | (331.9) |
Beginning balance at Dec. 31, 2020 | 13,298.4 | 13,662.6 | 1.8 | 0.1 | 3.9 | 5,271.7 | 4,692.1 | 3,693.1 | (0.1) | (364.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 1,440.3 | 1,385.4 | 1,385.4 | 54.9 | ||||||
Other comprehensive loss, net of taxes | (996.8) | (996.8) | (996.8) | |||||||
Repurchases and cancellations of Liberty Global ordinary shares (note 12) | (323.4) | (323.4) | (0.2) | (323.2) | ||||||
Share-based compensation (note 13) | 49.4 | 49.4 | 49.4 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 20.2 | 18.8 | 18.8 | 1.4 | ||||||
Ending balance at Mar. 31, 2021 | $ 13,488.1 | $ 13,796 | $ 1.8 | $ 0.1 | $ 3.7 | $ 5,016.7 | $ 6,077.5 | $ 2,696.3 | $ (0.1) | $ (307.9) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 1,440.3 | $ 1,017.7 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Share-based compensation expense | 63.4 | 55.2 |
Depreciation and amortization | 634.2 | 783.5 |
Impairment, restructuring and other operating items, net | 44.4 | 31 |
Amortization of deferred financing costs and non-cash interest | 10.3 | 12.7 |
Realized and unrealized gains on derivative instruments, net | (811.1) | (1,237.3) |
Foreign currency transaction gains, net | (303.1) | (391.7) |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | (194.6) | 529.8 |
Losses on debt extinguishment, net | 0 | 54.5 |
Share of results of affiliates, net | (1.7) | (33.4) |
Deferred income tax expense | 123.4 | 115.8 |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions | (184.3) | (488) |
Net cash provided by operating activities | 821.2 | 449.8 |
Cash flows from investing activities: | ||
Cash paid for investments | (1,551) | (3,221) |
Cash received from sale of investments | 1,540.3 | 1,221.6 |
Capital expenditures, net | (475.8) | (347.8) |
Other investing activities, net | (22.9) | (2) |
Net cash used by investing activities | (509.4) | (2,349.2) |
Cash flows from financing activities: | ||
Repayments and repurchases of debt and finance lease obligations | (1,365.1) | (2,441.3) |
Borrowings of debt | 1,007.2 | 1,961.3 |
Repurchases of Liberty Global ordinary shares | (311.2) | (199.3) |
Net cash paid related to derivative instruments | (11.5) | (27.4) |
Payment of financing costs and debt premiums | (3.3) | (43.6) |
Repurchases by Telenet of its outstanding shares | 0 | (32) |
Other financing activities, net | (15.8) | (0.9) |
Net cash used by financing activities | (699.7) | (783.2) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (46.3) | (16.2) |
Net decrease in cash and cash equivalents and restricted cash | (434.2) | (2,698.8) |
Cash and cash equivalents and restricted cash: | ||
Beginning of period | 4,717.3 | 8,180.9 |
Net decrease | (434.2) | (2,698.8) |
End of period | 4,283.1 | 5,482.1 |
Cash paid for interest | 405.3 | 389.7 |
Net cash received for taxes | $ 7.6 | $ 4.7 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Details of end of period cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 928.7 | $ 5,440.5 |
Restricted cash included in other current assets and other assets, net | 6.4 | 40.5 |
Cash and cash equivalents and restricted cash included in assets held for sale | 3,348 | 1.1 |
Total cash and cash equivalents and restricted cash | $ 4,283.1 | $ 5,482.1 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 operations comprise businesses that provide residential and business-to-business ( B2B ) communications services in (i) the United Kingdom ( U.K. ) through Virgin Media Inc. ( Virgin Media ), a wholly-owned subsidiary of Liberty Global, (ii) Ireland through Newco Holdco 6 Limited, a wholly-owned subsidiary of Liberty Global, (iii) Belgium through Telenet Group Holding N.V. ( Telenet ), a 60.7%-owned subsidiary of Liberty Global, and (iv) 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. Effective May 7, 2020, in connection with the pending formation of the U.K. JV (as defined in note 4), we began accounting for the U.K. JV Entities (as defined in note 4) as held for sale. Accordingly, the assets and liabilities of the U.K. JV Entities are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our March 31, 2021 condensed consolidated balance sheet. Consistent with the applicable guidance, we have not reflected similar reclassifications in our condensed consolidated statements of operations or cash flows. For additional information, see note 4. Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2020 consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K, as amended (our 10-K ). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, lease terms, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Unless otherwise indicated, ownership percentages and convenience translations into United States ( U.S. ) dollars are calculated as of March 31, 2021. |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes ASU 2019-12 In December 2019, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( 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. We adopted ASU 2019-12 on January 1, 2021, and such adoption did not have a significant impact on our consolidated financial statements. 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 |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $51.8 million and $49.8 million at March 31, 2021 and December 31, 2020, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $46.6 million and $44.3 million as of March 31, 2021 and December 31, 2020, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $393.6 million and $442.6 million as of March 31, 2021 and December 31, 2020, respectively. The decrease in deferred revenue for the three months ended March 31, 2021 is primarily due to the net effect of (a) the recognition of $176.2 million o f revenue that was included in our deferred revenue balance at December 31, 2020 and (b) advanced billings in certain markets. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $49.5 million and $46.6 million at March 31, 2021 and December 31, 2020, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $49.8 million and $37.7 million during the three months ended March 31, 2021 and 2020, respectively, to operating costs and expenses related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Acquisitions and Dispositions [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions 2020 Acquisition Sunrise Acquisition. On November 11, 2020, Liberty Global completed the acquisition of Sunrise Communications Group AG ( Sunrise ) (the Sunrise Acquisition ). The Sunrise Acquisition was effected through an all cash public tender offer of the outstanding shares of Sunrise (the Sunrise Shares ) for CHF 110 ($120 at transaction date) per share, for a total purchase price of CHF 5.0 billion ($5.4 billion at the transaction date). As of March 31, 2021 Liberty Global held 99.2% of the share capital of Sunrise and, during April 2021, acquired the remaining 0.8% of Sunrise Shares through a statutory “squeeze-out” procedure according to applicable Swiss law. As of March 31, 2021, we have recorded a liability of $41.2 million associated with the Sunrise Shares that we acquired in April 2021. Pro Forma Information The following unaudited pro forma consolidated operating results give effect to the Sunrise Acquisition as if it had been completed as of January 1, 2019. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Sunrise Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. Three months ended March 31, 2020 (unaudited) in millions, except per share amount Revenue $ 3,350.4 Net earnings attributable to Liberty Global shareholders $ 895.9 Basic and diluted earnings attributable to Liberty Global shareholders per share $ 1.42 Pending Joint Venture Transactions U.K. JV Transaction. On May 7, 2020, we entered into a Contribution Agreement (the Contribution Agreement ) with, among others, Telefonica SA ( Telefónica ). Pursuant to the Contribution Agreement, Liberty Global and Telefónica agreed to form a 50:50 joint venture (the U.K. JV ), which will combine Virgin Media’s operations in the U.K. along with certain other Liberty Global subsidiaries created as a result of the pending U.K. JV (together, the U.K. JV Entities ) with Telefónica’s mobile business in the U.K. to create a nationwide integrated communications provider. In our segment presentation, the U.K. JV Entities are included in our U.K./Ireland segment. The consummation of the transaction contemplated by the Contribution Agreement is subject to certain conditions, including competition clearance by the applicable regulatory authorities. The Contribution Agreement also includes customary termination rights, including a right of the parties to terminate the agreement if the transaction has not closed within 24 months following the date of the Contribution Agreement, which may be extended by six months under certain circumstances. We currently expect the U.K. JV transaction to close in June 2021. Following completion of the transaction, we expect to account for our 50% interest in the U.K. JV as an equity method investment. Effective with the signing of the Contribution Agreement, we began accounting for the U.K. JV Entities as held for sale. Accordingly, we ceased to depreciate or amortize the long-lived assets of the U.K. JV Entities. We have not presented the U.K. JV Entities as a discontinued operation as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations. The carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities that are classified as held for sale on our condensed consolidated balance sheets are as follows: March 31, 2021 December 31, 2020 in millions Assets: Current assets (a) $ 4,676.0 $ 4,519.8 Property and equipment, net 9,037.5 8,614.0 Goodwill 8,005.2 7,918.5 Other assets, net 3,190.4 3,230.4 Total assets $ 24,909.1 $ 24,282.7 Liabilities: Current portion of debt and finance lease obligations $ 2,865.9 $ 2,699.5 Other accrued and current liabilities 2,144.6 2,207.3 Long-term debt and finance lease obligations 16,707.8 16,724.1 Other long-term liabilities 1,375.6 1,566.3 Total liabilities $ 23,093.9 $ 23,197.2 _______________ (a) Amounts include the restricted cash resulting from certain financing transactions completed in 2020, as such restricted cash will be contributed to the U.K. JV. Amounts exclude the cash and cash equivalents of the U.K. JV Entities, which will be retained by Liberty Global upon the formation of the U.K. JV and are therefore not classified as held for sale. Other. In addition to the amounts presented above, our assets and liabilities that are classified as held for sale on our March 31, 2021 condensed consolidated balance sheet include those associated with a less significant 50:50 joint venture agreement that we entered into in February 2021. Upon closing of the transaction, which we expect will occur during the second quarter of 2021, the associated held-for-sale assets and liabilities will be contributed to this joint venture, and we will account for our 50% interest in the joint venture as an equity method investment. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: Accounting Method March 31, December 31, Ownership (a) in millions % Equity (b): Long-term: VodafoneZiggo JV (c) $ 2,924.8 $ 3,052.3 50.0 All3Media Group ( All3Media ) 160.3 157.7 50.0 Formula E Holdings Ltd ( Formula E ) 110.2 105.8 32.9 Other 172.4 172.9 Total — equity 3,367.7 3,488.7 Fair value: Short-term: Separately-managed accounts ( SMAs ) (d) 1,571.7 1,600.2 Long-term: ITV plc ( ITV ) — subject to re-use rights (e) 660.8 581.0 9.9 SMAs (d) 389.5 365.7 Skillz Inc. 198.3 225.4 2.8 Plume Design, Inc. ( Plume ) 110.0 54.9 12.1 Univision Holdings Inc. 100.0 100.0 11.5 Lions Gate Entertainment Corp ( Lionsgate ) 92.8 72.0 3.0 CANAL+ Polska S.A. 87.5 92.3 17.0 EdgeConneX Inc. ( EdgeConneX ) 85.1 75.1 5.1 Other (f) 333.3 299.4 Total — fair value 3,629.0 3,466.0 Total investments (g) $ 6,996.7 $ 6,954.7 Short-term investments $ 1,571.7 $ 1,600.2 Long-term investments $ 5,425.0 $ 5,354.5 _______________ (a) Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information. (b) Our equity method investments are originally recorded at cost and 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. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At March 31, 2021 and December 31, 2020, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,154.9 million and $1,198.5 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media. (c) Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $822.5 million and $855.8 million, respectively (the VodafoneZiggo JV Receivable I ), and (ii) a euro-denominated note receivable with a principal amount of $122.1 million and $127.1 million, respectively (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2021, interest accrued on the VodafoneZiggo JV Receivables was $13.4 million, all of which has been cash settled. (d) Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of March 31, 2021, all of our investments held under SMAs were classified as available-for-sale debt securities. At March 31, 2021 and December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $6.2 million and $7.1 million, respectively. (e) In connection with our investment in ITV, we entered into a share collar (the ITV Collar ) with respect to the ITV shares held by our company. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under a secured borrowing agreement (the ITV Collar Loan ). Beginning in the third quarter of 2020 through March 31, 2021, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar. As of March 31, 2021, (i) certain of the ITV shares our company held remain subject to the ITV Collar and were pledged as collateral under the ITV Collar Loan and (ii) the fair value of the ITV Collar was a net asset of $77.1 million and principal borrowings outstanding under the ITV Collar Loan were $138.4 million. In April 2021, we cash settled all remaining amounts under the ITV Collar Loan and completed the unwind of the ITV Collar. Accordingly, we currently hold 398.5 million shares of ITV, and these shares are no longer subject to a share collar nor are they pledged as collateral under a secured borrowing arrangement. (f) As of March 31, 2021 and December 31, 2020, we held a noncontrolling junior interest in receivables we have securitized of $9.8 million and $9.7 million, respectively. (g) The purchase and sale of investments are presented on a gross basis in our statement of cash flows, including those made by investment managers acting as agents on our behalf. Equity Method Investments The following table sets forth the details of our share of results of affiliates, net: Three months ended March 31, 2021 2020 in millions All3Media $ (9.0) $ (24.9) Formula E 8.7 (1.2) VodafoneZiggo JV (a) 4.7 61.1 Other (2.7) (1.6) Total $ 1.7 $ 33.4 _______________ (a) Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivables and (ii) our 50% share of the results of operations of the VodafoneZiggo JV. VodafoneZiggo JV. Pursuant to an agreement (the Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the JV Services ). The JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV. Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the JV Services provided during the term of the Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $50.7 million and $46.7 million during the three months ended March 31, 2021 and 2020, respectively, primarily related to (a) the JV Services and (b) sales of customer premises equipment at a mark-up. At March 31, 2021 and December 31, 2020, $34.8 million and $27.4 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 condensed consolidated balance sheets. The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended March 31, 2021 2020 in millions Revenue $ 1,217.0 $ 1,097.1 Earnings (loss) before income taxes $ (21.4) $ 124.9 Net earnings (loss) $ (16.1) $ 99.7 Fair Value Investments The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net: Three months ended March 31, 2021 2020 in millions ITV $ 79.8 $ (471.9) Plume 55.1 — Lionsgate 20.8 (29.4) EdgeConneX 13.1 — Other, net 25.8 (26.7) Total $ 194.6 $ (528.0) Debt Securities As of March 31, 2021 and December 31, 2020, all of our SMAs are composed of debt securities, which are summarized in the following tables: March 31, 2021 Amortized cost basis Accumulated unrealized gains (losses) Fair value in millions Government bonds $ 473.0 $ (0.2) $ 472.8 Corporate debt securities 710.4 1.2 711.6 Commercial paper 495.6 0.2 495.8 Certificates of deposit 260.7 — 260.7 Other debt securities 20.3 — 20.3 Total debt securities $ 1,960.0 $ 1.2 $ 1,961.2 December 31, 2020 Amortized cost basis Accumulated unrealized gains Fair value in millions Corporate debt securities $ 713.2 $ 2.3 $ 715.5 Commercial paper 523.7 0.6 524.3 Government bonds 474.8 0.2 475.0 Certificates of deposit 251.0 0.1 251.1 Total debt securities $ 1,962.7 $ 3.2 $ 1,965.9 During the three months ended March 31, 2021 and 2020, we received proceeds from the sale of debt securities of $1.5 billion and $1.2 billion, respectively, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities during the three months ended March 31, 2021 and 2020 resulted in realized net losses of $1.3 million and nil, respectively. The fair value of our debt securities as of March 31, 2021 by contractual maturity are shown below (in millions): Due in one year or less $ 1,571.7 Due in one to five years 383.7 Due in five to ten years 5.8 Total (a) $ 1,961.2 _______________ (a) The weighted average life of our total debt securities was 0.6 years as of March 31, 2021. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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 ). Generally, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2021 December 31, 2020 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 101.5 $ 323.7 $ 425.2 $ 148.8 $ 418.4 $ 567.2 Equity-related derivative instruments (c) 25.1 115.3 140.4 49.3 231.6 280.9 Foreign currency forward and option contracts 6.5 0.2 6.7 36.5 0.1 36.6 Other 0.1 0.1 0.2 — 0.1 0.1 Total $ 133.2 $ 439.3 $ 572.5 $ 234.6 $ 650.2 $ 884.8 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 159.0 $ 614.8 $ 773.8 $ 171.2 $ 1,364.1 $ 1,535.3 Foreign currency forward and option contracts 54.8 — 54.8 81.5 — 81.5 Other 0.1 — 0.1 — — — Total $ 213.9 $ 614.8 $ 828.7 $ 252.7 $ 1,364.1 $ 1,616.8 _______________ (a) Our current derivative assets, long-term derivative assets and long-term derivative liabilities are included in other current assets, other assets, net, and other long-term liabilities, respectively, on our condensed consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain (loss) of ($39.0 million) and $66.3 million during the three months ended March 31, 2021 and 2020, respectively. These amounts are included in realized and unrealized gains on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7. (c) Our equity-related derivative instruments include the ITV Collar. The fair value of the ITV Collar does 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 arrangement. As further described in note 5, the ITV Collar was fully unwound in April 2021. The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended March 31, 2021 2020 in millions Cross-currency and interest rate derivative contracts $ 784.6 $ 842.3 Equity-related derivative instruments: ITV Collar (10.6) 383.4 Other 35.1 7.0 Total equity-related derivative instruments 24.5 390.4 Foreign currency forward and option contracts 2.1 5.7 Other (0.1) (1.1) Total $ 811.1 $ 1,237.3 The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The following table sets forth the classification of the net cash outflows of our derivative instruments: Three months ended 2021 2020 in millions Operating activities $ (158.0) $ (213.7) Investing activities 1.6 — Financing activities (11.5) (27.4) Total $ (167.9) $ (241.1) Counterparty Credit Risk We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral is generally not posted by either party under our derivative instruments. At March 31, 2021, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $130.5 million. Details of our Derivative Instruments Cross-currency Derivative Contracts We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At March 31, 2021, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at March 31, 2021: Notional amount Notional amount Weighted average remaining life in millions in years UPC Holding $ 360.0 € 267.9 4.5 $ 4,200.0 CHF 3,838.7 (a)(b) 6.8 € 3,233.3 CHF 3,602.9 (a)(b) 4.7 € 707.0 PLN 2,999.5 3.1 CHF 740.0 € 701.1 1.8 Telenet $ 3,940.0 € 3,489.6 (a) 5.8 € 45.2 $ 50.0 (c) 3.8 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2021. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) Includes amounts subject to a 0.0% floor. (c) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At March 31, 2021, the total U.S. dollar equivalent of the notional amount of these derivative instruments was $53.1 million. 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 March 31, 2021: Pays fixed rate Receives fixed rate Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years UPC Holding $ 8,996.6 (a) 3.8 $ 4,713.8 4.7 Telenet $ 3,389.0 (a) 4.0 $ 1,676.7 2.5 _______________ (a) Includes forward-starting derivative instruments. Interest Rate Swap Options From time to time, we enter into interest rate swap options ( swaptions ), which give us the right, but not the obligation, to enter into certain interest rate swap contracts at set dates in the future. Such contracts typically have a life of no more than three years. At March 31, 2021, the option expiration period on each of our swaptions had expired. 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 March 31, 2021: Notional amount due from counterparty Weighted average remaining life in millions in years UPC Holding $ 3,300.0 (a) 0.4 Telenet $ 2,295.0 (a) 0.8 ______________ (a) Includes amounts subject to a 0.0% floor. 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 March 31, 2021, 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 $470.0 million and $7,839.3 million, respectively. Impact of Derivative Instruments on Borrowing Costs The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows: Increase to UPC Holding 0.30 % Telenet 0.36 % Total increase to borrowing costs 0.31 % _______________ (a) Represents the effect of derivative instruments in effect at March 31, 2021 and does not include forward-starting derivative instruments. Foreign Currency Forwards and Options Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of March 31, 2021, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $1.5 billion. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swaps are quantified and further explained in note 6. Fair value measurements are also used in connection with nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. The nonrecurring valuations associated with acquisition accounting primarily include the valuation of reporting units, customer relationship and other intangible assets and property and equipment. Unless a reporting unit has a readily determinable fair value, the valuation of reporting units is based at least in part on discounted cash flow analyses. With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, are based on our assumptions. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationship, contributory asset charges and other factors. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During the three months ended March 31, 2021 and 2020, we did not perform any significant nonrecurring fair value measurements. For additional information concerning our fair value measurements, see note 9 to the consolidated financial statements included in our 10-K. A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at Description March 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 425.2 $ — $ 425.2 $ — Equity-related derivative instruments 140.4 — — 140.4 Foreign currency forward and option contracts 6.7 — 6.7 — Other 0.2 — 0.2 — Total derivative instruments 572.5 — 432.1 140.4 Investments: SMAs 1,961.2 426.0 1,535.2 — Other investments 1,667.8 961.6 87.5 618.7 Total investments 3,629.0 1,387.6 1,622.7 618.7 Total assets $ 4,201.5 $ 1,387.6 $ 2,054.8 $ 759.1 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 773.8 $ — $ 773.8 $ — Foreign currency forward and option contracts 54.8 — 54.8 — Other 0.1 — 0.1 — Total liabilities $ 828.7 $ — $ 828.7 $ — Fair value measurements at Description December 31, 2020 Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 567.2 $ — $ 567.2 $ — Equity-related derivative instruments 280.9 — — 280.9 Foreign currency forward and option contracts 36.6 — 36.6 — Other 0.1 — 0.1 — Total derivative instruments 884.8 — 603.9 280.9 Investments: SMAs 1,965.9 405.7 1,560.2 — Other investments 1,500.1 888.2 92.3 519.6 Total investments 3,466.0 1,293.9 1,652.5 519.6 Total assets $ 4,350.8 $ 1,293.9 $ 2,256.4 $ 800.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,535.3 $ — $ 1,535.3 $ — Foreign currency forward and option contracts 81.5 — 81.5 — Total liabilities $ 1,616.8 $ — $ 1,616.8 $ — 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 Total in millions Balance of net assets at January 1, 2021 $ 519.6 $ — $ 280.9 $ 800.5 Gains included in earnings (a): Realized and unrealized gains on derivative instruments, net — 179.4 24.5 203.9 Realized and unrealized gains due to changes in fair values of certain investments and debt, net 100.9 — — 100.9 Partial settlement of ITV Collar (b) — — (164.9) (164.9) Additions 4.3 — — 4.3 Reclassification of asset to held for sale (c) — (179.4) — (179.4) Foreign currency translation adjustments and other, net (6.1) — (0.1) (6.2) Balance of net assets at March 31, 2021 $ 618.7 $ — $ 140.4 $ 759.1 _______________ (a) Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2021. (b) For additional information regarding the ITV Collar, see note 5. (c) Represents the reclassification of the derivative assets associated with the U.K. JV Entities as of March 31, 2021 to assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4. |
Long-lived Assets
Long-lived Assets | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Long-lived Assets | Long-lived Assets Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems $ 9,893.0 $ 10,264.0 Customer premises equipment 1,719.4 1,800.4 Support equipment, buildings and land 4,132.1 4,491.9 Total property and equipment, gross 15,744.5 16,556.3 Accumulated depreciation (8,192.4) (8,502.2) Total property and equipment, net $ 7,552.1 $ 8,054.1 During the three months ended March 31, 2021 and 2020, we recorded non-cash increases to our property and equipment related to vendor financing arrangements (including amounts related to the U.K. JV Entities) of $328.2 million and $370.9 million, respectively, which exclude related value-added taxes ( VAT ) of $41.4 million and $63.6 million, respectively, that were also financed under these arrangements. Goodwill Changes in the carrying amount of our goodwill during the three months ended March 31, 2021 are set forth below: January 1, 2021 Acquisitions Foreign March 31, 2021 in millions Switzerland $ 6,816.0 $ 0.4 $ (412.0) $ 6,404.4 Belgium 2,783.7 — (108.3) 2,675.4 Central and Eastern Europe 570.2 — (28.9) 541.3 U.K./Ireland 296.2 — (11.5) 284.7 Central and Corporate 0.6 — — 0.6 Total $ 10,466.7 $ 0.4 $ (560.7) $ 9,906.4 If, among other factors, (i) our equity values were to decline or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization are set forth below: March 31, 2021 December 31, 2020 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 2,287.9 $ (327.5) $ 1,960.4 $ 2,426.6 $ (246.4) $ 2,180.2 Other 1,031.8 (374.4) 657.4 1,072.1 (366.3) 705.8 Total $ 3,319.7 $ (701.9) $ 2,617.8 $ 3,498.7 $ (612.7) $ 2,886.0 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt and Lease Obligation [Abstract] | |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2021 Principal amount Weighted Unused borrowing Borrowing currency U.S. $ March 31, 2021 December 31, in millions UPC Holding Bank Facility (c) 3.29 % € 716.6 $ 842.0 $ 4,710.0 $ 4,767.1 UPCB SPE Notes 3.80 % — — 1,339.5 1,393.7 UPC Holding Senior Notes 4.58 % — — 1,233.2 1,261.5 Telenet Credit Facility (d) 2.16 % € 555.0 652.1 3,599.3 3,652.0 Telenet Senior Secured Notes 4.72 % — — 1,634.5 1,660.2 Vendor financing (e) 2.23 % — — 1,077.3 1,142.9 ITV Collar Loan 0.90 % — — 138.4 415.9 Other 7.06 % — — 157.6 266.3 Total debt before deferred financing costs, discounts and premiums (f) 3.27 % $ 1,494.1 $ 13,889.8 $ 14,559.6 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: March 31, December 31, in millions Total debt before deferred financing costs, discounts and premiums $ 13,889.8 $ 14,559.6 Deferred financing costs, discounts and premiums, net (111.9) (118.4) Total carrying amount of debt 13,777.9 14,441.2 Finance lease obligations (note 10) 526.5 556.5 Total debt and finance lease obligations 14,304.4 14,997.7 Current maturities of debt and finance lease obligations (1,059.0) (1,130.4) Long-term debt and finance lease obligations $ 13,245.4 $ 13,867.3 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2021 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, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.67% at March 31, 2021. For information regarding our derivative instruments, see note 6. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2021 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2021, 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 additional restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders. Upon completion of the relevant March 31, 2021 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities, with no additional restriction to loan or distribute. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to March 31, 2021, or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. (c) Unused borrowing capacity under the UPC Holding Bank Facility comprises (i) €500.0 million ($587.5 million) under the UPC Revolving Facility and (ii) €216.6 million ($254.5 million) equivalent under the Revolving Facility, part of which has been made available as an ancillary facility. The UPC Revolving Facility and the Revolving Facility were each undrawn at March 31, 2021. Subsequent to March 31, 2021, commitments under the Revolving Facility were cancelled in full and certain lenders under the Revolving Facility became lenders under the UPC Revolving Facility or increased their commitments under the UPC Revolving Facility, in each case, by a corresponding amount in aggregate. Accordingly, the UPC Revolving Facility, as increased, provides for maximum borrowing capacity equivalent to €736.4 million ($865.2 million). (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €510.0 million ($599.2 million) under the Telenet Revolving Facility I, (ii) €25.0 million ($29.4 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($23.5 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2021. (e) Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g. extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable on our condensed consolidated balance sheet. These obligations are generally due within one year and include VAT that was also financed under these arrangements. Repayments of vendor financing obligations are included in repayments and repurchases of debt and finance lease obligations in our condensed consolidated statements of cash flows. (f) As of March 31, 2021 and December 31, 2020, our debt had an estimated fair value of $14.0 billion and $14.7 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 7. Financing Transactions - General Information At March 31, 2021, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise UPC Holding, Telenet and Virgin Media, include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during the first three months of 2021. A portion of our financing transactions may include non-cash borrowings and repayments. During the three months ended March 31, 2021 and 2020, non-cash borrowings and repayments aggregated nil and $3.5 billion, respectively. Unless otherwise noted, the terms and conditions of any new notes and/or credit facilities are largely consistent with those of existing notes and credit facilities of the corresponding borrowing group with regard to covenants, events of default and change of control provisions, among other items. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 11 to the consolidated financial statements included in our 10-K. UPC Holding Financing Transactions In April 2021, UPC Holding issued $1,250.0 million principal amount of U.S. dollar-denominated senior secured notes (the 2031 UPC Senior Secured Notes ) and used the proceeds to fund UPC Facility AZ , an additional facility under the UPC Holding Bank Facility. UPC Facility AZ was issued at par, matures on July 15, 2031 and bears interest at a rate of 4.875%. The net proceeds from UPC Facility AZ, together with existing cash, were used to prepay (i) in full the €540.0 million ($634.5 million) outstanding principal amount under UPC Facility AK, together with accrued and unpaid interest and the related prepayment premiums which, in turn, was used to redeem in full the €540.0 million outstanding principal amount of UPCB Finance IV Euro Notes on behalf of UPCB Finance IV, and (ii) $600.0 million of the $2,600.0 million outstanding aggregate principal amount under UPC Facility AV and UPC Facility AV2 (as defined and described below). In April 2021, UPC Holding (i) increased its commitments under UPC Facility AV and UPC Facility AW by entering into an additional (a) $1,300.0 million term loan facility ( UPC Facility AV2 ) and (b) €400.0 million ($470.0 million) term loan facility ( UPC Facility AW2 ), respectively, and (ii) entered into an agreement with certain financial institutions to provide (1) a $1,925.0 million term loan facility ( UPC Facility AX ) and (2) a €862.5 million ($1,013.4 million) term loan facility ( UPC Facility AY ). UPC Facility AV2 and UPC Facility AW2 were each issued at par, with terms consistent to those of UPC Facility AV and UPC Facility AW, respectively. UPC Facility AX will be issued at 99.0% of par, mature on January 31, 2029 and bear interest at a rate of LIBOR + 3.0%, subject to a LIBOR floor of 0.0%. UPC Facility AY will be issued at 99.75% of par, mature on January 31, 2029 and bear interest at a rate of EURIBOR + 3.0%, subject to a EURIBOR floor of 0.0%. The proceeds from UPC Facility AV2 and UPC Facility AW2 were used to prepay in full the (A) $1,300.0 million outstanding principal amount under UPC Facility AV1 and (B) €400.0 million outstanding principal amount under UPC Facility AW1, respectively. The proceeds from UPC Facility AX and UPC Facility AY will be used to prepay in full the (I) $2,000.0 million outstanding aggregate principal amount under UPC Facility AV and UPC Facility AV2 and (II) €800.0 million ($940.0 million) outstanding aggregate principal amount under UPC Facility AW and UPC Facility AW2. Any remaining proceeds can be used for general corporate purposes. Maturities of Debt Maturities of our debt as of March 31, 2021 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2021 exchange rates. UPC Telenet Other (b) Total in millions Year ending December 31: 2021 (remainder of year) $ 251.6 $ 353.8 $ 106.6 $ 712.0 2022 124.0 84.3 231.8 440.1 2023 — 11.6 67.1 78.7 2024 — 11.5 18.9 30.4 2025 — 11.5 1.2 12.7 2026 — 11.6 — 11.6 Thereafter 7,282.7 5,321.6 — 12,604.3 Total debt maturities (c) 7,658.3 5,805.9 425.6 13,889.8 Deferred financing costs, discounts and premiums, net (95.0) (16.5) (0.4) (111.9) Total debt $ 7,563.3 $ 5,789.4 $ 425.2 $ 13,777.9 Current portion $ 375.6 $ 426.0 $ 184.7 $ 986.3 Noncurrent portion $ 7,187.7 $ 5,363.4 $ 240.5 $ 12,791.6 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global. (b) Amounts include $138.4 million related to the ITV Collar Loan, which, as described in note 5, was fully repaid in April 2021. (c) Amounts include vendor financing obligations of $1,077.3 million, as set forth below: UPC Telenet Other Total in millions Year ending December 31: 2021 (remainder of year) $ 251.6 $ 342.2 $ 106.6 $ 700.4 2022 124.0 72.3 93.4 289.7 2023 — — 67.1 67.1 2024 — — 18.9 18.9 2025 — — 1.2 1.2 Total vendor financing maturities $ 375.6 $ 414.5 $ 287.2 $ 1,077.3 Current portion $ 375.6 $ 414.5 $ 139.9 $ 930.0 Noncurrent portion $ — $ — $ 147.3 $ 147.3 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
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 right-of-use ( ROU ) assets and lease liabilities is set forth below: March 31, December 31, 2020 in millions ROU assets: Finance leases (a) $ 468.6 $ 477.8 Operating leases (b) 1,338.4 1,454.7 Total ROU assets $ 1,807.0 $ 1,932.5 Lease liabilities: Finance leases (c) $ 526.5 $ 556.5 Operating leases (d) 1,340.0 1,447.7 Total lease liabilities $ 1,866.5 $ 2,004.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $9.7 million and $11.1 million, respectively. (b) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for operating leases was 12.6 years and the weighted average discount rate was 5.8%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $32.9 million and $33.9 million, respectively. (c) 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 condensed consolidated balance sheets. (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 condensed consolidated balance sheets. A summary of our aggregate lease expense is set forth below: Three months ended 2021 2020 in millions Finance lease expense: Depreciation and amortization $ 19.8 $ 21.7 Interest expense 8.6 8.1 Total finance lease expense 28.4 29.8 Operating lease expense (a) 64.6 35.8 Short-term lease expense (a) 2.2 1.8 Variable lease expense (b) 1.5 1.3 Total lease expense $ 96.7 $ 68.7 _______________ (a) Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Three months ended 2021 2020 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 80.4 $ 38.9 Operating cash outflows from finance leases 8.6 8.1 Financing cash outflows from finance leases 18.3 39.2 Total cash outflows from operating and finance leases $ 107.3 $ 86.2 Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 (remainder of year) $ 140.5 $ 77.6 2022 191.0 95.3 2023 177.8 98.9 2024 160.1 60.6 2025 146.4 57.3 2026 134.0 52.3 Thereafter 988.9 234.2 Total payments 1,938.7 676.2 Less: present value discount (598.7) (149.7) Present value of lease payments $ 1,340.0 $ 526.5 Current portion $ 174.3 $ 72.7 Noncurrent portion $ 1,165.7 $ 453.8 |
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 right-of-use ( ROU ) assets and lease liabilities is set forth below: March 31, December 31, 2020 in millions ROU assets: Finance leases (a) $ 468.6 $ 477.8 Operating leases (b) 1,338.4 1,454.7 Total ROU assets $ 1,807.0 $ 1,932.5 Lease liabilities: Finance leases (c) $ 526.5 $ 556.5 Operating leases (d) 1,340.0 1,447.7 Total lease liabilities $ 1,866.5 $ 2,004.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $9.7 million and $11.1 million, respectively. (b) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for operating leases was 12.6 years and the weighted average discount rate was 5.8%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $32.9 million and $33.9 million, respectively. (c) 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 condensed consolidated balance sheets. (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 condensed consolidated balance sheets. A summary of our aggregate lease expense is set forth below: Three months ended 2021 2020 in millions Finance lease expense: Depreciation and amortization $ 19.8 $ 21.7 Interest expense 8.6 8.1 Total finance lease expense 28.4 29.8 Operating lease expense (a) 64.6 35.8 Short-term lease expense (a) 2.2 1.8 Variable lease expense (b) 1.5 1.3 Total lease expense $ 96.7 $ 68.7 _______________ (a) Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Three months ended 2021 2020 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 80.4 $ 38.9 Operating cash outflows from finance leases 8.6 8.1 Financing cash outflows from finance leases 18.3 39.2 Total cash outflows from operating and finance leases $ 107.3 $ 86.2 Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 (remainder of year) $ 140.5 $ 77.6 2022 191.0 95.3 2023 177.8 98.9 2024 160.1 60.6 2025 146.4 57.3 2026 134.0 52.3 Thereafter 988.9 234.2 Total payments 1,938.7 676.2 Less: present value discount (598.7) (149.7) Present value of lease payments $ 1,340.0 $ 526.5 Current portion $ 174.3 $ 72.7 Noncurrent portion $ 1,165.7 $ 453.8 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Income Taxes [Abstract] | |
Income Taxes | Income Taxes Income tax expense attributable to our earnings before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Three months ended 2021 2020 in millions Computed “expected” tax expense (a) $ (306.1) $ (192.1) Non-deductible or non-taxable foreign currency exchange results 119.7 153.6 Change in valuation allowances 34.5 (88.7) International rate differences (b) (23.9) (16.1) Recognition of previously unrecognized tax benefits 20.5 — Non-deductible or non-taxable interest and other items (15.7) (20.4) Tax benefit associated with technology innovation (c) 5.8 44.8 Enacted tax law and rate changes (0.3) 36.1 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (d) 0.2 3.1 Other, net (5.2) (0.4) Total income tax expense $ (170.5) $ (80.1) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 19.0% for the 2021 period and 17.5% for the 2020 period. The statutory rate for the 2020 period represents the blended rate in effect for the year ended December 31, 2020 based on the 19.0% statutory rate that was in effect for the first quarter of 2020 and the 17.0% statutory rate that was expected to be in effect for the remainder of 2020. On July 22, 2020, legislation was enacted in the U.K. to maintain the corporate income tax rate at 19.0%, reversing previous legislation that had reduced the U.K. rate to 17.0% from April 1, 2020. The impact of this rate change on our deferred balances was recorded during the third quarter of 2020. In March 2021, it was announced that the U.K. corporate tax rate will increase to 25% from April 1, 2023. This U.K. rate change has yet to be enacted and the impact on our deferred tax balances will not be recorded until the quarter of enactment. (b) 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. (c) Amount reflects the recognition of the innovation income tax deduction in Belgium. The amount for the 2020 period includes the one-time effect of deductions related to prior periods. (d) 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. As of March 31, 2021, our unrecognized tax benefits of $573.4 million included $390.2 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 the next 12 months, it is reasonably possible that the resolution of ongoing examinations by tax authorities, as well as the expiration of statutes of limitation and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of March 31, 2021. The amount of any such reductions could range up to $147.0 million, substantially all of which would not have a positive impact on our effective tax rate. Other than the potential impacts of these ongoing examinations and the expected expiration of certain statutes of limitation, we do not expect any material changes to our unrecognized tax benefits during the next 12 months. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during the next 12 months. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | EquityShare Repurchases. During the three months ended March 31, 2021, we repurchased (i) 666,600 shares of our class A ordinary shares at an average price per share of $24.43 and (ii) 12,211,300 shares of our class C ordinary shares at an average price per share of $25.15, for an aggregate purchase price of $323.4 million, including direct acquisition costs. At March 31, 2021, the remaining amount authorized for share repurchases was $678.4 million. |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Three months ended 2021 2020 in millions Liberty Global: Performance-based incentive awards (a) $ 24.0 $ 27.7 Non-performance based incentive awards 25.4 18.3 Other (b) 7.4 6.2 Total Liberty Global 56.8 52.2 Other 6.6 3.0 Total $ 63.4 $ 55.2 Included in: Other operating expense $ 1.2 $ 0.7 SG&A expense 62.2 54.5 Total $ 63.4 $ 55.2 _______________ (a) Includes share-based compensation expense related to performance-based restricted share units ( PSUs ). (b) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash. The following table provides the aggregate number of options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2021: Class A Class C Gross number of shares underlying option, SAR and PSAR awards (a) Weighted Average exercise or base price Gross number of shares underlying option, SAR and PSAR awards (a) Weighted Average exercise or base price Held by Liberty Global employees: Outstanding 23,236,280 $ 27.14 50,958,171 $ 26.02 Exercisable 12,093,245 $ 32.07 28,036,342 $ 30.22 Held by former Liberty Global employees (b): Outstanding 1,413,040 $ 34.11 3,140,085 $ 32.23 Exercisable 1,396,581 $ 34.09 3,107,117 $ 32.21 _______________ (a) Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. (b) Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding ordinary shares. The following table provides the aggregate number of restricted share units ( RSUs ) and PSUs that were outstanding as of March 31, 2021. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding. Class A Class B Class C Held by Liberty Global employees: RSUs 2,325,394 — 4,653,691 PSUs 1,761,952 660,000 3,523,923 |
Earnings or Loss per Share
Earnings or Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings or Loss per Share | Earnings or Loss per Share Basic earnings or loss per share ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares (e.g., options, SARs, RSUs, PSARs and PSUs) as if they had been exercised, vested or converted at the beginning of the periods presented. The details of our basic and diluted weighted average ordinary shares outstanding are set forth below: Three months ended March 31, 2021 2020 Weighted average ordinary shares outstanding (basic EPS computation) 575,114,550 630,472,769 Incremental shares attributable to the assumed exercise of outstanding options and SARs and the release of RSUs and PSUs upon vesting (treasury stock method) 9,507,525 1,305,793 Weighted average ordinary shares outstanding (diluted EPS computation) 584,622,075 631,778,562 During the three months ended March 31, 2021 and 2020, a total of 51.6 million and 59.7 million options, SARs and RSUs, respectively, and 16.9 million and 22.2 million PSARs and PSUs, respectively, were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive or, in the case of the PSARs and PSUs, because such awards had not yet met the applicable performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 network and connectivity commitments, programming contracts, 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 March 31, 2021. Due to the held-for-sale presentation of the U.K. JV Entities at March 31, 2021, the contractual commitments of these entities have been shown separately in the table below. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4. The commitments included in this table do not reflect any liabilities that are included on our March 31, 2021 condensed consolidated balance sheet. Payments due during: Remainder 2022 2023 2024 2025 2026 Thereafter Total in millions Network and connectivity commitments $ 154.6 $ 89.6 $ 85.5 $ 52.8 $ 50.9 $ 41.7 $ 697.1 $ 1,172.2 Purchase commitments 391.5 185.4 47.4 16.0 11.3 5.5 — 657.1 Programming commitments 205.3 177.7 74.3 39.5 32.5 14.6 2.4 546.3 Other commitments 34.6 57.4 27.7 1.8 1.5 0.9 1.8 125.7 Total $ 786.0 $ 510.1 $ 234.9 $ 110.1 $ 96.2 $ 62.7 $ 701.3 $ 2,501.3 U.K. JV Entities $ 1,415.5 $ 601.1 $ 58.9 $ 5.9 $ 4.6 $ 3.9 $ 16.2 $ 2,106.1 Network and connectivity commitments include Telenet’s commitments for certain operating costs associated with its leased network. 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. 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. 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 (including amounts related to the U.K. JV Entities) aggregated $499.7 million and $468.2 million during the three months ended March 31, 2021 and 2020, respectively. Programming costs include (i) agreements to distribute channels to our customers, (ii) exhibition rights of programming content and (iii) sports rights. Channel Distribution Agreements . Our channel distribution agreements are generally multi-year contracts for which we are charged either (i) variable rates based upon the number of subscribers or (ii) on a flat fee basis. Certain of our variable rate contracts require minimum guarantees. Programming costs under such arrangements are recorded in operating costs and expenses in our condensed consolidated statement of operations when the programming is available for viewing. Exhibition Rights . Our agreements for exhibition rights are generally multi-year license agreements for which we are typically charged either (i) a percentage of the revenue earned per program or (ii) a flat fee per program. The current and long-term portions of our exhibition rights acquired under licenses are recorded as other current assets and other assets, net, respectively, on our condensed consolidated balance sheet when the license period begins and the program is available for its first showing. Capitalized exhibition rights are amortized based on the projected future showings of the content using a straight-line or accelerated method of amortization, as appropriate. Exhibition rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value. Sports Rights . Our sports rights agreements are generally multi-year contracts for which we are typically charged a flat fee per season. We typically pay for sports rights in advance of the respective season. The current and long-term portions of any payments made in advance of the respective season are recorded as other current assets and other assets, net, respectively, on our condensed consolidated balance sheet and are amortized on a straight-line basis over the respective sporting season. Sports rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value. In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the three months ended March 31, 2021 and 2020, see note 6. We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable. Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. Legal and Regulatory Proceedings and Other Contingencies Interkabel Acquisition. On November 26, 2007, Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “ PICs ,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers, to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement ), which closed effective October 1, 2008. Beginning in December 2007, Proximus NV/SA ( Proximus ), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Proximus brought this appeal judgment before the Cour de Cassation (the Belgian Supreme Court ), which confirmed the appeal judgment in September 2010. On April 6, 2009, the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus’s request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Proximus appealed this judgment with the Court of Appeal of Antwerp. In this appeal, Proximus is now also seeking compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs’ board of directors to approve the 2008 PICs Agreement. In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ($1.6 billion). In December 2017, the Court of Appeals of Antwerp issued a judgment rejecting Proximus’ claims. In June 2019, Proximus filed an appeal of the Court of Appeals of Antwerp’s judgment with the Belgian Supreme Court. In January 2021, the Belgian Supreme Court partially annulled the Court of Appeals of Antwerp’s judgment. The case will be referred to the Court of Appeals of Brussels, which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court. A decision on the matter is likely to take several years. 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. 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 GmbH ( 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 our former operations in Germany, Romania, Hungary and the Czech Republic to Vodafone (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 imposed a 17% interim price reduction in monthly wholesale cable access prices. On May 26, 2020, the Belgium Regulatory Authorities adopted a final decision regarding the “reasonable access tariffs” to replace the interim prices, which represents an estimated decrease of 11.5%, as compared to the initial August 1, 2018 interim rates, and is applicable as of July 1, 2020. These rates are expected to evolve over time due to, among other reasons, broadband capacity usage. 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 appealed the 2018 Decision, which was rejected in September 2019. 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). Virgin Media has been granted permission to appeal the case to the Upper Tribunal, with the appeal being stayed pending the outcome of a related case. The timing of the final outcome of the litigation remains uncertain, although any further hearing on this matter is unlikely to occur before the third quarter of 2021. UPC Austria Matter . On July 31 2018, we completed the sale of our Austrian operations, “ UPC Austria ,” to Deutsche Telekom AG ( Deutsche Telekom ). 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 €70.5 million ($82.8 million). The value of the amounts claimed by the UPC Austria Sale Counterparties has since increased to €106.2 million ($124.8 million). 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 and (ii) there are significant factual matters to be resolved. 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. Regulation may also 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 significantly increased our network infrastructure charges and we expect further but declining increases to these charges through the first quarter of 2022. We continue to believe that these increases are excessive and retain the right of appeal should more favorable agreements be reached with other operators. The rateable value of our network and other assets in the U.K. remains subject to review by the U.K. government. In 2019, the U.K. Office of Communications regulatory authority issued new regulatory requirements originating from the European Electronic Communications Code, that, effective from 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 the provider 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 the provider can offer them. In both cases, we must also set out the price available to new customers for an equivalent service offering. These new requirements adversely impacted our revenue in the U.K. during the first quarter of 2021 and we expect additional and potentially more significant adverse impacts on our operating results in the U.K. in future periods. For additional information, see Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Discussion and Analysis of our Reportable Segments. 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 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
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 EBITDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted EBITDA represents 10% or more of our total assets, revenue or Adjusted EBITDA, 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 EBITDA. In addition, we review non-financial measures such as customer growth, as appropriate. Adjusted EBITDA 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 EBITDA ” is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on extinguishment of debt, net realized and unrealized gains (losses) due to changes in fair value of certain investments and debt, net foreign currency gains (losses), net gains (losses) on derivative instruments, net interest expense, 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 EBITDA 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 net earnings or loss to Adjusted EBITDA is presented below. As of March 31, 2021, 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) services provided to the VodafoneZiggo JV and various third parties related to transitional service agreements, (ii) sales of customer premises equipment to the VodafoneZiggo JV and (iii) certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions. Performance Measures of Our Reportable Segments The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. As we have the ability to control Telenet, we consolidate 100% of Telenet’s revenue and expenses in our condensed consolidated statements of operations despite the fact that third parties own a significant interest. The noncontrolling owners’ interests in the operating results of Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV, we present 100% of its revenue and Adjusted EBITDA in the tables below. Our share of the VodafoneZiggo JV’s operating results is included in share of results of affiliates, net, in our condensed consolidated statements of operations. Revenue Three months ended 2021 2020 in millions U.K./Ireland $ 1,770.7 $ 1,620.6 Belgium 772.7 718.1 Switzerland 841.8 316.8 Central and Eastern Europe 128.6 119.1 Central and Corporate 102.7 101.2 Intersegment eliminations (1.2) — Total $ 3,615.3 $ 2,875.8 VodafoneZiggo JV $ 1,217.0 $ 1,097.1 Adjusted EBITDA Three months ended 2021 2020 in millions U.K./Ireland $ 692.6 $ 655.4 Belgium 371.8 331.6 Switzerland 281.6 134.1 Central and Eastern Europe 57.0 54.3 Central and Corporate (35.7) (25.1) Total $ 1,367.3 $ 1,150.3 VodafoneZiggo JV $ 565.2 $ 502.8 The following table provides a reconciliation of net earnings to Adjusted EBITDA: Three months ended 2021 2020 in millions Net earnings $ 1,440.3 $ 1,017.7 Income tax expense 170.5 80.1 Other income, net (10.1) (52.4) Share of results of affiliates, net (1.7) (33.4) Losses on debt extinguishment, net — 54.5 Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net (194.6) 529.8 Foreign currency transaction gains, net (303.1) (391.7) Realized and unrealized gains on derivative instruments, net (811.1) (1,237.3) Interest expense 335.1 313.3 Operating income 625.3 280.6 Impairment, restructuring and other operating items, net 44.4 31.0 Depreciation and amortization 634.2 783.5 Share-based compensation expense 63.4 55.2 Adjusted EBITDA $ 1,367.3 $ 1,150.3 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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively. Three months ended 2021 2020 in millions U.K./Ireland $ 351.4 $ 346.6 Belgium 153.4 141.6 Switzerland 154.2 69.2 Central and Eastern Europe 17.6 18.9 Central and Corporate (a) 70.0 78.1 Total property and equipment additions 746.6 654.4 Assets acquired under capital-related vendor financing arrangements (328.2) (370.9) Assets acquired under finance leases (9.7) (11.1) Changes in current liabilities related to capital expenditures 67.1 75.4 Total capital expenditures, net $ 475.8 $ 347.8 Property and equipment additions - VodafoneZiggo JV $ 234.5 $ 245.4 _______________ (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. Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended 2021 2020 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Broadband internet $ 926.8 $ 796.8 Video 745.1 683.1 Fixed-line telephony 357.2 338.2 Total subscription revenue 2,029.1 1,818.1 Non-subscription revenue 56.7 53.0 Total residential cable revenue 2,085.8 1,871.1 Residential mobile revenue (c): Subscription revenue (b) 481.3 235.9 Non-subscription revenue 280.4 145.3 Total residential mobile revenue 761.7 381.2 Total residential revenue 2,847.5 2,252.3 B2B revenue (d): Subscription revenue 147.9 124.6 Non-subscription revenue 456.3 349.5 Total B2B revenue 604.2 474.1 Other revenue (e) 163.6 149.4 Total $ 3,615.3 $ 2,875.8 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with 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 (i) 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 and (ii) revenue from long-term leases of portions of our network. (e) Other revenue includes, among other items, (i) broadcasting revenue in Belgium and Ireland, (ii) revenue earned from the JV Services and the sale of customer premises equipment to the VodafoneZiggo JV and (iii) revenue earned from transitional and other services provided to various third parties. Geographic Segments The revenue of our geographic segments is set forth below: Three months ended 2021 2020 in millions U.K. $ 1,635.0 $ 1,496.4 Belgium 772.7 718.1 Switzerland 841.8 316.8 Ireland 135.7 124.2 Poland 115.6 106.7 Slovakia 13.0 12.4 Other, including intersegment eliminations 101.5 101.2 Total $ 3,615.3 $ 2,875.8 VodafoneZiggo JV (the Netherlands) $ 1,217.0 $ 1,097.1 |
Accounting Changes and Recent_2
Accounting Changes and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | ASU 2019-12 In December 2019, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( 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. We adopted ASU 2019-12 on January 1, 2021, and such adoption did not have a significant impact on our consolidated financial statements. 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 |
Revenue Recognition and Related Costs | Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $51.8 million and $49.8 million at March 31, 2021 and December 31, 2020, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $46.6 million and $44.3 million as of March 31, 2021 and December 31, 2020, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $393.6 million and $442.6 million as of March 31, 2021 and December 31, 2020, respectively. The decrease in deferred revenue for the three months ended March 31, 2021 is primarily due to the net effect of (a) the recognition of $176.2 million o f revenue that was included in our deferred revenue balance at December 31, 2020 and (b) advanced billings in certain markets. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $49.5 million and $46.6 million at March 31, 2021 and December 31, 2020, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $49.8 million and $37.7 million during the three months ended March 31, 2021 and 2020, respectively, to operating costs and expenses related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts. |
Leases | GeneralWe 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. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Acquisitions and Dispositions [Abstract] | |
Pro Forma Information for Significant Acquisitions | The following unaudited pro forma consolidated operating results give effect to the Sunrise Acquisition as if it had been completed as of January 1, 2019. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Sunrise Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. Three months ended March 31, 2020 (unaudited) in millions, except per share amount Revenue $ 3,350.4 Net earnings attributable to Liberty Global shareholders $ 895.9 Basic and diluted earnings attributable to Liberty Global shareholders per share $ 1.42 |
Classes of assets and liabilities held for sale | The carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities that are classified as held for sale on our condensed consolidated balance sheets are as follows: March 31, 2021 December 31, 2020 in millions Assets: Current assets (a) $ 4,676.0 $ 4,519.8 Property and equipment, net 9,037.5 8,614.0 Goodwill 8,005.2 7,918.5 Other assets, net 3,190.4 3,230.4 Total assets $ 24,909.1 $ 24,282.7 Liabilities: Current portion of debt and finance lease obligations $ 2,865.9 $ 2,699.5 Other accrued and current liabilities 2,144.6 2,207.3 Long-term debt and finance lease obligations 16,707.8 16,724.1 Other long-term liabilities 1,375.6 1,566.3 Total liabilities $ 23,093.9 $ 23,197.2 _______________ (a) Amounts include the restricted cash resulting from certain financing transactions completed in 2020, as such restricted cash will be contributed to the U.K. JV. Amounts exclude the cash and cash equivalents of the U.K. JV Entities, which will be retained by Liberty Global upon the formation of the U.K. JV and are therefore not classified as held for sale. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: Accounting Method March 31, December 31, Ownership (a) in millions % Equity (b): Long-term: VodafoneZiggo JV (c) $ 2,924.8 $ 3,052.3 50.0 All3Media Group ( All3Media ) 160.3 157.7 50.0 Formula E Holdings Ltd ( Formula E ) 110.2 105.8 32.9 Other 172.4 172.9 Total — equity 3,367.7 3,488.7 Fair value: Short-term: Separately-managed accounts ( SMAs ) (d) 1,571.7 1,600.2 Long-term: ITV plc ( ITV ) — subject to re-use rights (e) 660.8 581.0 9.9 SMAs (d) 389.5 365.7 Skillz Inc. 198.3 225.4 2.8 Plume Design, Inc. ( Plume ) 110.0 54.9 12.1 Univision Holdings Inc. 100.0 100.0 11.5 Lions Gate Entertainment Corp ( Lionsgate ) 92.8 72.0 3.0 CANAL+ Polska S.A. 87.5 92.3 17.0 EdgeConneX Inc. ( EdgeConneX ) 85.1 75.1 5.1 Other (f) 333.3 299.4 Total — fair value 3,629.0 3,466.0 Total investments (g) $ 6,996.7 $ 6,954.7 Short-term investments $ 1,571.7 $ 1,600.2 Long-term investments $ 5,425.0 $ 5,354.5 _______________ (a) Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information. (b) Our equity method investments are originally recorded at cost and 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. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At March 31, 2021 and December 31, 2020, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,154.9 million and $1,198.5 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media. (c) Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $822.5 million and $855.8 million, respectively (the VodafoneZiggo JV Receivable I ), and (ii) a euro-denominated note receivable with a principal amount of $122.1 million and $127.1 million, respectively (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2021, interest accrued on the VodafoneZiggo JV Receivables was $13.4 million, all of which has been cash settled. (d) Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of March 31, 2021, all of our investments held under SMAs were classified as available-for-sale debt securities. At March 31, 2021 and December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $6.2 million and $7.1 million, respectively. (e) In connection with our investment in ITV, we entered into a share collar (the ITV Collar ) with respect to the ITV shares held by our company. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under a secured borrowing agreement (the ITV Collar Loan ). Beginning in the third quarter of 2020 through March 31, 2021, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar. As of March 31, 2021, (i) certain of the ITV shares our company held remain subject to the ITV Collar and were pledged as collateral under the ITV Collar Loan and (ii) the fair value of the ITV Collar was a net asset of $77.1 million and principal borrowings outstanding under the ITV Collar Loan were $138.4 million. In April 2021, we cash settled all remaining amounts under the ITV Collar Loan and completed the unwind of the ITV Collar. Accordingly, we currently hold 398.5 million shares of ITV, and these shares are no longer subject to a share collar nor are they pledged as collateral under a secured borrowing arrangement. (f) As of March 31, 2021 and December 31, 2020, we held a noncontrolling junior interest in receivables we have securitized of $9.8 million and $9.7 million, respectively. (g) The purchase and sale of investments are presented on a gross basis in our statement of cash flows, including those made by investment managers acting as agents on our behalf. |
Equity Method Investments | The following table sets forth the details of our share of results of affiliates, net: Three months ended March 31, 2021 2020 in millions All3Media $ (9.0) $ (24.9) Formula E 8.7 (1.2) VodafoneZiggo JV (a) 4.7 61.1 Other (2.7) (1.6) Total $ 1.7 $ 33.4 _______________ (a) Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivables and (ii) our 50% share of the results of operations of the VodafoneZiggo JV. The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended March 31, 2021 2020 in millions Revenue $ 1,217.0 $ 1,097.1 Earnings (loss) before income taxes $ (21.4) $ 124.9 Net earnings (loss) $ (16.1) $ 99.7 |
Schedule of Debt Securities | The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net: Three months ended March 31, 2021 2020 in millions ITV $ 79.8 $ (471.9) Plume 55.1 — Lionsgate 20.8 (29.4) EdgeConneX 13.1 — Other, net 25.8 (26.7) Total $ 194.6 $ (528.0) As of March 31, 2021 and December 31, 2020, all of our SMAs are composed of debt securities, which are summarized in the following tables: March 31, 2021 Amortized cost basis Accumulated unrealized gains (losses) Fair value in millions Government bonds $ 473.0 $ (0.2) $ 472.8 Corporate debt securities 710.4 1.2 711.6 Commercial paper 495.6 0.2 495.8 Certificates of deposit 260.7 — 260.7 Other debt securities 20.3 — 20.3 Total debt securities $ 1,960.0 $ 1.2 $ 1,961.2 December 31, 2020 Amortized cost basis Accumulated unrealized gains Fair value in millions Corporate debt securities $ 713.2 $ 2.3 $ 715.5 Commercial paper 523.7 0.6 524.3 Government bonds 474.8 0.2 475.0 Certificates of deposit 251.0 0.1 251.1 Total debt securities $ 1,962.7 $ 3.2 $ 1,965.9 The fair value of our debt securities as of March 31, 2021 by contractual maturity are shown below (in millions): Due in one year or less $ 1,571.7 Due in one to five years 383.7 Due in five to ten years 5.8 Total (a) $ 1,961.2 _______________ (a) The weighted average life of our total debt securities was 0.6 years as of March 31, 2021. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2021 December 31, 2020 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 101.5 $ 323.7 $ 425.2 $ 148.8 $ 418.4 $ 567.2 Equity-related derivative instruments (c) 25.1 115.3 140.4 49.3 231.6 280.9 Foreign currency forward and option contracts 6.5 0.2 6.7 36.5 0.1 36.6 Other 0.1 0.1 0.2 — 0.1 0.1 Total $ 133.2 $ 439.3 $ 572.5 $ 234.6 $ 650.2 $ 884.8 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 159.0 $ 614.8 $ 773.8 $ 171.2 $ 1,364.1 $ 1,535.3 Foreign currency forward and option contracts 54.8 — 54.8 81.5 — 81.5 Other 0.1 — 0.1 — — — Total $ 213.9 $ 614.8 $ 828.7 $ 252.7 $ 1,364.1 $ 1,616.8 _______________ (a) Our current derivative assets, long-term derivative assets and long-term derivative liabilities are included in other current assets, other assets, net, and other long-term liabilities, respectively, on our condensed consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain (loss) of ($39.0 million) and $66.3 million during the three months ended March 31, 2021 and 2020, respectively. These amounts are included in realized and unrealized gains on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7. (c) Our equity-related derivative instruments include the ITV Collar. The fair value of the ITV Collar does 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 arrangement. As further described in note 5, the ITV Collar was fully unwound in April 2021. |
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended March 31, 2021 2020 in millions Cross-currency and interest rate derivative contracts $ 784.6 $ 842.3 Equity-related derivative instruments: ITV Collar (10.6) 383.4 Other 35.1 7.0 Total equity-related derivative instruments 24.5 390.4 Foreign currency forward and option contracts 2.1 5.7 Other (0.1) (1.1) Total $ 811.1 $ 1,237.3 |
Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location | The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The following table sets forth the classification of the net cash outflows of our derivative instruments: Three months ended 2021 2020 in millions Operating activities $ (158.0) $ (213.7) Investing activities 1.6 — Financing activities (11.5) (27.4) Total $ (167.9) $ (241.1) |
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 March 31, 2021: Notional amount Notional amount Weighted average remaining life in millions in years UPC Holding $ 360.0 € 267.9 4.5 $ 4,200.0 CHF 3,838.7 (a)(b) 6.8 € 3,233.3 CHF 3,602.9 (a)(b) 4.7 € 707.0 PLN 2,999.5 3.1 CHF 740.0 € 701.1 1.8 Telenet $ 3,940.0 € 3,489.6 (a) 5.8 € 45.2 $ 50.0 (c) 3.8 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2021. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) Includes amounts subject to a 0.0% floor. (c) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At March 31, 2021, the total U.S. dollar equivalent of the notional amount of these derivative instruments was $53.1 million. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2021: Pays fixed rate Receives fixed rate Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years UPC Holding $ 8,996.6 (a) 3.8 $ 4,713.8 4.7 Telenet $ 3,389.0 (a) 4.0 $ 1,676.7 2.5 _______________ (a) Includes forward-starting derivative instruments. Notional amount due from counterparty Weighted average remaining life in millions in years UPC Holding $ 3,300.0 (a) 0.4 Telenet $ 2,295.0 (a) 0.8 ______________ (a) Includes amounts subject to a 0.0% floor. The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows: Increase to UPC Holding 0.30 % Telenet 0.36 % Total increase to borrowing costs 0.31 % _______________ (a) Represents the effect of derivative instruments in effect at March 31, 2021 and does not include forward-starting derivative instruments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Description March 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 425.2 $ — $ 425.2 $ — Equity-related derivative instruments 140.4 — — 140.4 Foreign currency forward and option contracts 6.7 — 6.7 — Other 0.2 — 0.2 — Total derivative instruments 572.5 — 432.1 140.4 Investments: SMAs 1,961.2 426.0 1,535.2 — Other investments 1,667.8 961.6 87.5 618.7 Total investments 3,629.0 1,387.6 1,622.7 618.7 Total assets $ 4,201.5 $ 1,387.6 $ 2,054.8 $ 759.1 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 773.8 $ — $ 773.8 $ — Foreign currency forward and option contracts 54.8 — 54.8 — Other 0.1 — 0.1 — Total liabilities $ 828.7 $ — $ 828.7 $ — Fair value measurements at Description December 31, 2020 Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 567.2 $ — $ 567.2 $ — Equity-related derivative instruments 280.9 — — 280.9 Foreign currency forward and option contracts 36.6 — 36.6 — Other 0.1 — 0.1 — Total derivative instruments 884.8 — 603.9 280.9 Investments: SMAs 1,965.9 405.7 1,560.2 — Other investments 1,500.1 888.2 92.3 519.6 Total investments 3,466.0 1,293.9 1,652.5 519.6 Total assets $ 4,350.8 $ 1,293.9 $ 2,256.4 $ 800.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,535.3 $ — $ 1,535.3 $ — Foreign currency forward and option contracts 81.5 — 81.5 — Total liabilities $ 1,616.8 $ — $ 1,616.8 $ — |
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 Total in millions Balance of net assets at January 1, 2021 $ 519.6 $ — $ 280.9 $ 800.5 Gains included in earnings (a): Realized and unrealized gains on derivative instruments, net — 179.4 24.5 203.9 Realized and unrealized gains due to changes in fair values of certain investments and debt, net 100.9 — — 100.9 Partial settlement of ITV Collar (b) — — (164.9) (164.9) Additions 4.3 — — 4.3 Reclassification of asset to held for sale (c) — (179.4) — (179.4) Foreign currency translation adjustments and other, net (6.1) — (0.1) (6.2) Balance of net assets at March 31, 2021 $ 618.7 $ — $ 140.4 $ 759.1 _______________ (a) Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2021. (b) For additional information regarding the ITV Collar, see note 5. (c) Represents the reclassification of the derivative assets associated with the U.K. JV Entities as of March 31, 2021 to assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4. |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of PP&E | The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems $ 9,893.0 $ 10,264.0 Customer premises equipment 1,719.4 1,800.4 Support equipment, buildings and land 4,132.1 4,491.9 Total property and equipment, gross 15,744.5 16,556.3 Accumulated depreciation (8,192.4) (8,502.2) Total property and equipment, net $ 7,552.1 $ 8,054.1 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during the three months ended March 31, 2021 are set forth below: January 1, 2021 Acquisitions Foreign March 31, 2021 in millions Switzerland $ 6,816.0 $ 0.4 $ (412.0) $ 6,404.4 Belgium 2,783.7 — (108.3) 2,675.4 Central and Eastern Europe 570.2 — (28.9) 541.3 U.K./Ireland 296.2 — (11.5) 284.7 Central and Corporate 0.6 — — 0.6 Total $ 10,466.7 $ 0.4 $ (560.7) $ 9,906.4 |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization are set forth below: March 31, 2021 December 31, 2020 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 2,287.9 $ (327.5) $ 1,960.4 $ 2,426.6 $ (246.4) $ 2,180.2 Other 1,031.8 (374.4) 657.4 1,072.1 (366.3) 705.8 Total $ 3,319.7 $ (701.9) $ 2,617.8 $ 3,498.7 $ (612.7) $ 2,886.0 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2021 Principal amount Weighted Unused borrowing Borrowing currency U.S. $ March 31, 2021 December 31, in millions UPC Holding Bank Facility (c) 3.29 % € 716.6 $ 842.0 $ 4,710.0 $ 4,767.1 UPCB SPE Notes 3.80 % — — 1,339.5 1,393.7 UPC Holding Senior Notes 4.58 % — — 1,233.2 1,261.5 Telenet Credit Facility (d) 2.16 % € 555.0 652.1 3,599.3 3,652.0 Telenet Senior Secured Notes 4.72 % — — 1,634.5 1,660.2 Vendor financing (e) 2.23 % — — 1,077.3 1,142.9 ITV Collar Loan 0.90 % — — 138.4 415.9 Other 7.06 % — — 157.6 266.3 Total debt before deferred financing costs, discounts and premiums (f) 3.27 % $ 1,494.1 $ 13,889.8 $ 14,559.6 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: March 31, December 31, in millions Total debt before deferred financing costs, discounts and premiums $ 13,889.8 $ 14,559.6 Deferred financing costs, discounts and premiums, net (111.9) (118.4) Total carrying amount of debt 13,777.9 14,441.2 Finance lease obligations (note 10) 526.5 556.5 Total debt and finance lease obligations 14,304.4 14,997.7 Current maturities of debt and finance lease obligations (1,059.0) (1,130.4) Long-term debt and finance lease obligations $ 13,245.4 $ 13,867.3 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2021 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, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.67% at March 31, 2021. For information regarding our derivative instruments, see note 6. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2021 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2021, 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 additional restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders. Upon completion of the relevant March 31, 2021 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities, with no additional restriction to loan or distribute. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to March 31, 2021, or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. (c) Unused borrowing capacity under the UPC Holding Bank Facility comprises (i) €500.0 million ($587.5 million) under the UPC Revolving Facility and (ii) €216.6 million ($254.5 million) equivalent under the Revolving Facility, part of which has been made available as an ancillary facility. The UPC Revolving Facility and the Revolving Facility were each undrawn at March 31, 2021. Subsequent to March 31, 2021, commitments under the Revolving Facility were cancelled in full and certain lenders under the Revolving Facility became lenders under the UPC Revolving Facility or increased their commitments under the UPC Revolving Facility, in each case, by a corresponding amount in aggregate. Accordingly, the UPC Revolving Facility, as increased, provides for maximum borrowing capacity equivalent to €736.4 million ($865.2 million). (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €510.0 million ($599.2 million) under the Telenet Revolving Facility I, (ii) €25.0 million ($29.4 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($23.5 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2021. (e) Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g. extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable on our condensed consolidated balance sheet. These obligations are generally due within one year and include VAT that was also financed under these arrangements. Repayments of vendor financing obligations are included in repayments and repurchases of debt and finance lease obligations in our condensed consolidated statements of cash flows. (f) As of March 31, 2021 and December 31, 2020, our debt had an estimated fair value of $14.0 billion and $14.7 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 7. |
Maturities of Debt and Capital Lease Obligations | Maturities of our debt as of March 31, 2021 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2021 exchange rates. UPC Telenet Other (b) Total in millions Year ending December 31: 2021 (remainder of year) $ 251.6 $ 353.8 $ 106.6 $ 712.0 2022 124.0 84.3 231.8 440.1 2023 — 11.6 67.1 78.7 2024 — 11.5 18.9 30.4 2025 — 11.5 1.2 12.7 2026 — 11.6 — 11.6 Thereafter 7,282.7 5,321.6 — 12,604.3 Total debt maturities (c) 7,658.3 5,805.9 425.6 13,889.8 Deferred financing costs, discounts and premiums, net (95.0) (16.5) (0.4) (111.9) Total debt $ 7,563.3 $ 5,789.4 $ 425.2 $ 13,777.9 Current portion $ 375.6 $ 426.0 $ 184.7 $ 986.3 Noncurrent portion $ 7,187.7 $ 5,363.4 $ 240.5 $ 12,791.6 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global. (b) Amounts include $138.4 million related to the ITV Collar Loan, which, as described in note 5, was fully repaid in April 2021. (c) Amounts include vendor financing obligations of $1,077.3 million, as set forth below: UPC Telenet Other Total in millions Year ending December 31: 2021 (remainder of year) $ 251.6 $ 342.2 $ 106.6 $ 700.4 2022 124.0 72.3 93.4 289.7 2023 — — 67.1 67.1 2024 — — 18.9 18.9 2025 — — 1.2 1.2 Total vendor financing maturities $ 375.6 $ 414.5 $ 287.2 $ 1,077.3 Current portion $ 375.6 $ 414.5 $ 139.9 $ 930.0 Noncurrent portion $ — $ — $ 147.3 $ 147.3 |
Maturities of Financing Lease Liabilities | Amounts include vendor financing obligations of $1,077.3 million, as set forth below: UPC Telenet Other Total in millions Year ending December 31: 2021 (remainder of year) $ 251.6 $ 342.2 $ 106.6 $ 700.4 2022 124.0 72.3 93.4 289.7 2023 — — 67.1 67.1 2024 — — 18.9 18.9 2025 — — 1.2 1.2 Total vendor financing maturities $ 375.6 $ 414.5 $ 287.2 $ 1,077.3 Current portion $ 375.6 $ 414.5 $ 139.9 $ 930.0 Noncurrent portion $ — $ — $ 147.3 $ 147.3 Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 (remainder of year) $ 140.5 $ 77.6 2022 191.0 95.3 2023 177.8 98.9 2024 160.1 60.6 2025 146.4 57.3 2026 134.0 52.3 Thereafter 988.9 234.2 Total payments 1,938.7 676.2 Less: present value discount (598.7) (149.7) Present value of lease payments $ 1,340.0 $ 526.5 Current portion $ 174.3 $ 72.7 Noncurrent portion $ 1,165.7 $ 453.8 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease Balances | A summary of our right-of-use ( ROU ) assets and lease liabilities is set forth below: March 31, December 31, 2020 in millions ROU assets: Finance leases (a) $ 468.6 $ 477.8 Operating leases (b) 1,338.4 1,454.7 Total ROU assets $ 1,807.0 $ 1,932.5 Lease liabilities: Finance leases (c) $ 526.5 $ 556.5 Operating leases (d) 1,340.0 1,447.7 Total lease liabilities $ 1,866.5 $ 2,004.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $9.7 million and $11.1 million, respectively. (b) Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At March 31, 2021, the weighted average remaining lease term for operating leases was 12.6 years and the weighted average discount rate was 5.8%. During the three months ended March 31, 2021 and 2020, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $32.9 million and $33.9 million, respectively. (c) 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 condensed consolidated balance sheets. (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 condensed consolidated balance sheets. |
Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense is set forth below: Three months ended 2021 2020 in millions Finance lease expense: Depreciation and amortization $ 19.8 $ 21.7 Interest expense 8.6 8.1 Total finance lease expense 28.4 29.8 Operating lease expense (a) 64.6 35.8 Short-term lease expense (a) 2.2 1.8 Variable lease expense (b) 1.5 1.3 Total lease expense $ 96.7 $ 68.7 _______________ (a) Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Three months ended 2021 2020 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 80.4 $ 38.9 Operating cash outflows from finance leases 8.6 8.1 Financing cash outflows from finance leases 18.3 39.2 Total cash outflows from operating and finance leases $ 107.3 $ 86.2 |
Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 (remainder of year) $ 140.5 $ 77.6 2022 191.0 95.3 2023 177.8 98.9 2024 160.1 60.6 2025 146.4 57.3 2026 134.0 52.3 Thereafter 988.9 234.2 Total payments 1,938.7 676.2 Less: present value discount (598.7) (149.7) Present value of lease payments $ 1,340.0 $ 526.5 Current portion $ 174.3 $ 72.7 Noncurrent portion $ 1,165.7 $ 453.8 |
Maturities of Financing Lease Liabilities | Amounts include vendor financing obligations of $1,077.3 million, as set forth below: UPC Telenet Other Total in millions Year ending December 31: 2021 (remainder of year) $ 251.6 $ 342.2 $ 106.6 $ 700.4 2022 124.0 72.3 93.4 289.7 2023 — — 67.1 67.1 2024 — — 18.9 18.9 2025 — — 1.2 1.2 Total vendor financing maturities $ 375.6 $ 414.5 $ 287.2 $ 1,077.3 Current portion $ 375.6 $ 414.5 $ 139.9 $ 930.0 Noncurrent portion $ — $ — $ 147.3 $ 147.3 Maturities of our operating and finance lease liabilities as of March 31, 2021 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2021 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 (remainder of year) $ 140.5 $ 77.6 2022 191.0 95.3 2023 177.8 98.9 2024 160.1 60.6 2025 146.4 57.3 2026 134.0 52.3 Thereafter 988.9 234.2 Total payments 1,938.7 676.2 Less: present value discount (598.7) (149.7) Present value of lease payments $ 1,340.0 $ 526.5 Current portion $ 174.3 $ 72.7 Noncurrent portion $ 1,165.7 $ 453.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Income Taxes [Abstract] | |
Income Tax Benefit (Expense) Reconciliation Table | Income tax expense attributable to our earnings before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Three months ended 2021 2020 in millions Computed “expected” tax expense (a) $ (306.1) $ (192.1) Non-deductible or non-taxable foreign currency exchange results 119.7 153.6 Change in valuation allowances 34.5 (88.7) International rate differences (b) (23.9) (16.1) Recognition of previously unrecognized tax benefits 20.5 — Non-deductible or non-taxable interest and other items (15.7) (20.4) Tax benefit associated with technology innovation (c) 5.8 44.8 Enacted tax law and rate changes (0.3) 36.1 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (d) 0.2 3.1 Other, net (5.2) (0.4) Total income tax expense $ (170.5) $ (80.1) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 19.0% for the 2021 period and 17.5% for the 2020 period. The statutory rate for the 2020 period represents the blended rate in effect for the year ended December 31, 2020 based on the 19.0% statutory rate that was in effect for the first quarter of 2020 and the 17.0% statutory rate that was expected to be in effect for the remainder of 2020. On July 22, 2020, legislation was enacted in the U.K. to maintain the corporate income tax rate at 19.0%, reversing previous legislation that had reduced the U.K. rate to 17.0% from April 1, 2020. The impact of this rate change on our deferred balances was recorded during the third quarter of 2020. In March 2021, it was announced that the U.K. corporate tax rate will increase to 25% from April 1, 2023. This U.K. rate change has yet to be enacted and the impact on our deferred tax balances will not be recorded until the quarter of enactment. (b) 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. (c) Amount reflects the recognition of the innovation income tax deduction in Belgium. The amount for the 2020 period includes the one-time effect of deductions related to prior periods. (d) 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. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation | A summary of our aggregate share-based compensation expense is set forth below: Three months ended 2021 2020 in millions Liberty Global: Performance-based incentive awards (a) $ 24.0 $ 27.7 Non-performance based incentive awards 25.4 18.3 Other (b) 7.4 6.2 Total Liberty Global 56.8 52.2 Other 6.6 3.0 Total $ 63.4 $ 55.2 Included in: Other operating expense $ 1.2 $ 0.7 SG&A expense 62.2 54.5 Total $ 63.4 $ 55.2 _______________ (a) Includes share-based compensation expense related to performance-based restricted share units ( PSUs ). (b) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash. |
Schedule of Stock Option Activity | The following table provides the aggregate number of options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2021: Class A Class C Gross number of shares underlying option, SAR and PSAR awards (a) Weighted Average exercise or base price Gross number of shares underlying option, SAR and PSAR awards (a) Weighted Average exercise or base price Held by Liberty Global employees: Outstanding 23,236,280 $ 27.14 50,958,171 $ 26.02 Exercisable 12,093,245 $ 32.07 28,036,342 $ 30.22 Held by former Liberty Global employees (b): Outstanding 1,413,040 $ 34.11 3,140,085 $ 32.23 Exercisable 1,396,581 $ 34.09 3,107,117 $ 32.21 _______________ (a) Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. (b) Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding ordinary shares. |
Schedule of Other Share Based Compensation Activity | The following table provides the aggregate number of restricted share units ( RSUs ) and PSUs that were outstanding as of March 31, 2021. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding. Class A Class B Class C Held by Liberty Global employees: RSUs 2,325,394 — 4,653,691 PSUs 1,761,952 660,000 3,523,923 |
Earnings or Loss per Share (Tab
Earnings or Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The details of our basic and diluted weighted average ordinary shares outstanding are set forth below: Three months ended March 31, 2021 2020 Weighted average ordinary shares outstanding (basic EPS computation) 575,114,550 630,472,769 Incremental shares attributable to the assumed exercise of outstanding options and SARs and the release of RSUs and PSUs upon vesting (treasury stock method) 9,507,525 1,305,793 Weighted average ordinary shares outstanding (diluted EPS computation) 584,622,075 631,778,562 |
Schedule of Weighted Average Number of Shares | The details of our basic and diluted weighted average ordinary shares outstanding are set forth below: Three months ended March 31, 2021 2020 Weighted average ordinary shares outstanding (basic EPS computation) 575,114,550 630,472,769 Incremental shares attributable to the assumed exercise of outstanding options and SARs and the release of RSUs and PSUs upon vesting (treasury stock method) 9,507,525 1,305,793 Weighted average ordinary shares outstanding (diluted EPS computation) 584,622,075 631,778,562 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2021. Due to the held-for-sale presentation of the U.K. JV Entities at March 31, 2021, the contractual commitments of these entities have been shown separately in the table below. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 4. The commitments included in this table do not reflect any liabilities that are included on our March 31, 2021 condensed consolidated balance sheet. Payments due during: Remainder 2022 2023 2024 2025 2026 Thereafter Total in millions Network and connectivity commitments $ 154.6 $ 89.6 $ 85.5 $ 52.8 $ 50.9 $ 41.7 $ 697.1 $ 1,172.2 Purchase commitments 391.5 185.4 47.4 16.0 11.3 5.5 — 657.1 Programming commitments 205.3 177.7 74.3 39.5 32.5 14.6 2.4 546.3 Other commitments 34.6 57.4 27.7 1.8 1.5 0.9 1.8 125.7 Total $ 786.0 $ 510.1 $ 234.9 $ 110.1 $ 96.2 $ 62.7 $ 701.3 $ 2,501.3 U.K. JV Entities $ 1,415.5 $ 601.1 $ 58.9 $ 5.9 $ 4.6 $ 3.9 $ 16.2 $ 2,106.1 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Performance Measures of our Reportable Segments | The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. As we have the ability to control Telenet, we consolidate 100% of Telenet’s revenue and expenses in our condensed consolidated statements of operations despite the fact that third parties own a significant interest. The noncontrolling owners’ interests in the operating results of Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV, we present 100% of its revenue and Adjusted EBITDA in the tables below. Our share of the VodafoneZiggo JV’s operating results is included in share of results of affiliates, net, in our condensed consolidated statements of operations. Revenue Three months ended 2021 2020 in millions U.K./Ireland $ 1,770.7 $ 1,620.6 Belgium 772.7 718.1 Switzerland 841.8 316.8 Central and Eastern Europe 128.6 119.1 Central and Corporate 102.7 101.2 Intersegment eliminations (1.2) — Total $ 3,615.3 $ 2,875.8 VodafoneZiggo JV $ 1,217.0 $ 1,097.1 Adjusted EBITDA Three months ended 2021 2020 in millions U.K./Ireland $ 692.6 $ 655.4 Belgium 371.8 331.6 Switzerland 281.6 134.1 Central and Eastern Europe 57.0 54.3 Central and Corporate (35.7) (25.1) Total $ 1,367.3 $ 1,150.3 VodafoneZiggo JV $ 565.2 $ 502.8 The following table provides a reconciliation of net earnings to Adjusted EBITDA: Three months ended 2021 2020 in millions Net earnings $ 1,440.3 $ 1,017.7 Income tax expense 170.5 80.1 Other income, net (10.1) (52.4) Share of results of affiliates, net (1.7) (33.4) Losses on debt extinguishment, net — 54.5 Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net (194.6) 529.8 Foreign currency transaction gains, net (303.1) (391.7) Realized and unrealized gains on derivative instruments, net (811.1) (1,237.3) Interest expense 335.1 313.3 Operating income 625.3 280.6 Impairment, restructuring and other operating items, net 44.4 31.0 Depreciation and amortization 634.2 783.5 Share-based compensation expense 63.4 55.2 Adjusted EBITDA $ 1,367.3 $ 1,150.3 |
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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively. Three months ended 2021 2020 in millions U.K./Ireland $ 351.4 $ 346.6 Belgium 153.4 141.6 Switzerland 154.2 69.2 Central and Eastern Europe 17.6 18.9 Central and Corporate (a) 70.0 78.1 Total property and equipment additions 746.6 654.4 Assets acquired under capital-related vendor financing arrangements (328.2) (370.9) Assets acquired under finance leases (9.7) (11.1) Changes in current liabilities related to capital expenditures 67.1 75.4 Total capital expenditures, net $ 475.8 $ 347.8 Property and equipment additions - VodafoneZiggo JV $ 234.5 $ 245.4 _______________ (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. |
Revenue by Major Category | Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended 2021 2020 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Broadband internet $ 926.8 $ 796.8 Video 745.1 683.1 Fixed-line telephony 357.2 338.2 Total subscription revenue 2,029.1 1,818.1 Non-subscription revenue 56.7 53.0 Total residential cable revenue 2,085.8 1,871.1 Residential mobile revenue (c): Subscription revenue (b) 481.3 235.9 Non-subscription revenue 280.4 145.3 Total residential mobile revenue 761.7 381.2 Total residential revenue 2,847.5 2,252.3 B2B revenue (d): Subscription revenue 147.9 124.6 Non-subscription revenue 456.3 349.5 Total B2B revenue 604.2 474.1 Other revenue (e) 163.6 149.4 Total $ 3,615.3 $ 2,875.8 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with 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 (i) 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 and (ii) revenue from long-term leases of portions of our network. (e) Other revenue includes, among other items, (i) broadcasting revenue in Belgium and Ireland, (ii) revenue earned from the JV Services and the sale of customer premises equipment to the VodafoneZiggo JV and (iii) revenue earned from transitional and other services provided to various third parties. |
Geographic Segments | The revenue of our geographic segments is set forth below: Three months ended 2021 2020 in millions U.K. $ 1,635.0 $ 1,496.4 Belgium 772.7 718.1 Switzerland 841.8 316.8 Ireland 135.7 124.2 Poland 115.6 106.7 Slovakia 13.0 12.4 Other, including intersegment eliminations 101.5 101.2 Total $ 3,615.3 $ 2,875.8 VodafoneZiggo JV (the Netherlands) $ 1,217.0 $ 1,097.1 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Telenet | |
Schedule of Equity Method Investments [Line Items] | |
Percentage ownership in subsidiary | 60.70% |
VodafoneZiggo JV | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 50.00% |
Co-venturer ownership percentage | 50.00% |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Trade receivables, allowance for doubtful accounts | $ 51.8 | $ 49.8 | |
Contract assets | 46.6 | 44.3 | |
Deferred revenue | 393.6 | 442.6 | |
Revenue recognized | 176.2 | ||
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | 49.5 | $ 46.6 | |
Amortization related to contract costs | $ 49.8 | $ 37.7 | |
Performance obligation period | 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 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Narrative) (Details) SFr / shares in Units, $ / shares in Units, $ in Millions, SFr in Billions | Nov. 11, 2020CHF (SFr)SFr / shares | Nov. 11, 2020USD ($) | May 07, 2020 | Mar. 31, 2021USD ($) | Apr. 30, 2021 | Feb. 28, 2021 | Nov. 11, 2020$ / shares |
U.K. J.V. | |||||||
Business Acquisition [Line Items] | |||||||
Termination rights period | 24 months | ||||||
Extended period | 6 months | ||||||
Ownership percentage | 50.00% | ||||||
Telefonica | |||||||
Business Acquisition [Line Items] | |||||||
Co-venturer ownership percentage | 50.00% | 50.00% | |||||
Sunrise Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Share price (in dollars per share) | (per share) | SFr 110 | $ 120 | |||||
Consideration transferred | SFr 5 | $ 5,400 | |||||
Percentage of shares tendered | 99.20% | ||||||
Recorded liability | $ 41.2 | ||||||
Sunrise Acquisition | Subsequent Event | |||||||
Business Acquisition [Line Items] | |||||||
Interest acquired | 0.80% |
Acquisitions and Dispositions_3
Acquisitions and Dispositions (Pro Forma Information) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
Acquisitions and Dispositions [Abstract] | |
Revenue | $ 3,350.4 |
Net earnings attributable to Liberty Global shareholders | $ 895.9 |
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share (in dollars per share) | $ / shares | $ 1.42 |
Acquisitions and Dispositions C
Acquisitions and Dispositions Classes of Assets and Liabilities (Details) - Discontinued Operations - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Current assets | $ 4,676 | $ 4,519.8 |
Property and equipment, net | 9,037.5 | 8,614 |
Goodwill | 8,005.2 | 7,918.5 |
Other assets, net | 3,190.4 | 3,230.4 |
Total assets | 24,909.1 | 24,282.7 |
Liabilities: | ||
Current portion of debt and finance lease obligations | 2,865.9 | 2,699.5 |
Other accrued and current liabilities | 2,144.6 | 2,207.3 |
Long-term debt and finance lease obligations | 16,707.8 | 16,724.1 |
Other long-term liabilities | 1,375.6 | 1,566.3 |
Total liabilities | $ 23,093.9 | $ 23,197.2 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Equity | $ 3,367.7 | $ 3,488.7 |
Short-term, separately-managed accounts (SMAs) | 1,571.7 | 1,600.2 |
Long-term, SMAs | 389.5 | 365.7 |
Total investments | 3,629 | 3,466 |
Total investments (g) | 6,996.7 | 6,954.7 |
Short-term investments | 1,571.7 | 1,600.2 |
Long-term investments | 5,425 | 5,354.5 |
VodafoneZiggo JV | ||
Schedule of Investments [Line Items] | ||
Equity | $ 2,924.8 | 3,052.3 |
Ownership percentage | 50.00% | |
All3Media Group (All3Media) | ||
Schedule of Investments [Line Items] | ||
Equity | $ 160.3 | 157.7 |
Ownership percentage | 50.00% | |
Formula E Holdings Ltd (Formula E) | ||
Schedule of Investments [Line Items] | ||
Equity | $ 110.2 | 105.8 |
Ownership percentage | 32.90% | |
Other | ||
Schedule of Investments [Line Items] | ||
Equity | $ 172.4 | 172.9 |
Long-term investments at fair value | 333.3 | 299.4 |
ITV | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 660.8 | 581 |
Ownership percentage | 9.90% | |
Skillz Inc. | ||
Schedule of Investments [Line Items] | ||
Long-term, SMAs | $ 198.3 | 225.4 |
Ownership percentage | 2.80% | |
Plume Design, Inc. (Plume) | ||
Schedule of Investments [Line Items] | ||
Long-term, SMAs | $ 110 | 54.9 |
Ownership percentage | 12.10% | |
Univision Holdings Inc. | ||
Schedule of Investments [Line Items] | ||
Long-term, SMAs | $ 100 | 100 |
Ownership percentage | 11.50% | |
Lions Gate Entertainment Corp (Lionsgate) | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 92.8 | 72 |
Ownership percentage | 3.00% | |
CANAL+ Polska S.A. | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 87.5 | 92.3 |
Ownership percentage | 17.00% | |
EdgeConneX Inc. (EdgeConneX) | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 85.1 | $ 75.1 |
Ownership percentage | 5.10% |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Accrued interest | $ 6.2 | $ 7.1 | |
Borrowings outstanding | 13,889.8 | 14,559.6 | |
Revenue | 3,615.3 | $ 2,875.8 | |
Proceeds from sale of debt securities | 1,500 | 1,200 | |
Realized net losses | 1.3 | 1.3 | |
Third-Party Purchaser | |||
Schedule of Investments [Line Items] | |||
Noncontrolling interests | 9.8 | 9.7 | |
ITV Collar Loan | |||
Schedule of Investments [Line Items] | |||
Borrowings outstanding | $ 138.4 | 415.9 | |
Shares held | 398.5 | ||
VodafoneZiggo JV | |||
Schedule of Investments [Line Items] | |||
Percent of interest income earned on loan included in investment | 100.00% | ||
Percent of remaining results of operations included in investment | 50.00% | ||
JV Services | |||
Schedule of Investments [Line Items] | |||
Revenue | $ 50.7 | $ 46.7 | |
VodafoneZiggo JV Loan | VodafoneZiggo JV | |||
Schedule of Investments [Line Items] | |||
Excess of carrying amount over proportional share in investees net assets | $ 1,154.9 | 1,198.5 | |
Related party note receivable rate | 5.55% | ||
Interest accrued | $ 13.4 | ||
VodafoneZiggo JV Receivable I | VodafoneZiggo JV | |||
Schedule of Investments [Line Items] | |||
Related party note receivable | 822.5 | 855.8 | |
VodafoneZiggo JV Receivable II | VodafoneZiggo JV | |||
Schedule of Investments [Line Items] | |||
Related party note receivable | 122.1 | 127.1 | |
Equity Method Investee | VodafoneZiggo JV | |||
Schedule of Investments [Line Items] | |||
Due from related party | 34.8 | $ 27.4 | |
ITV Collar | |||
Schedule of Investments [Line Items] | |||
Derivative asset, fair value | $ 77.1 |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||
Share of results of affiliates, net (note 5) | $ 1.7 | $ 33.4 |
Revenue | 3,615.3 | 2,875.8 |
Earnings (loss) before income taxes | 1,610.8 | 1,097.8 |
Net earnings | 1,440.3 | 1,017.7 |
All3Media Group (All3Media) | ||
Schedule of Equity Method Investments [Line Items] | ||
Share of results of affiliates, net (note 5) | (9) | (24.9) |
Formula E Holdings Ltd (Formula E) | ||
Schedule of Equity Method Investments [Line Items] | ||
Share of results of affiliates, net (note 5) | 8.7 | (1.2) |
VodafoneZiggo JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Share of results of affiliates, net (note 5) | 4.7 | 61.1 |
VodafoneZiggo JV | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenue | 1,217 | 1,097.1 |
Earnings (loss) before income taxes | (21.4) | 124.9 |
Net earnings | (16.1) | 99.7 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Share of results of affiliates, net (note 5) | $ (2.7) | $ (1.6) |
Investments (Fair Value Realize
Investments (Fair Value Realized and Unrealized Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | $ 194.6 | $ (528) |
ITV | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 79.8 | (471.9) |
Plume Design, Inc. (Plume) | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 55.1 | 0 |
Lions Gate Entertainment Corp (Lionsgate) | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 20.8 | (29.4) |
EdgeConneX | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 13.1 | 0 |
Other | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | $ 25.8 | $ (26.7) |
Investments (Debt Securities) (
Investments (Debt Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 1,960 | $ 1,962.7 |
Accumulated unrealized gains (losses) | 1.2 | 3.2 |
Fair value | 1,961.2 | 1,965.9 |
Contractual maturity: | ||
Due in one year or less | 1,571.7 | |
Due in one to five years | 383.7 | |
Due in five to ten years | 5.8 | |
Fair value | 1,961.2 | 1,965.9 |
Government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 473 | 474.8 |
Accumulated unrealized gains (losses) | (0.2) | |
Accumulated unrealized gains (losses) | 0.2 | |
Fair value | 472.8 | 475 |
Contractual maturity: | ||
Fair value | 472.8 | 475 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 710.4 | 713.2 |
Accumulated unrealized gains (losses) | 1.2 | 2.3 |
Fair value | 711.6 | 715.5 |
Contractual maturity: | ||
Fair value | 711.6 | 715.5 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 495.6 | 523.7 |
Accumulated unrealized gains (losses) | 0.2 | 0.6 |
Fair value | 495.8 | 524.3 |
Contractual maturity: | ||
Fair value | 495.8 | 524.3 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 260.7 | 251 |
Accumulated unrealized gains (losses) | 0 | 0.1 |
Fair value | 260.7 | 251.1 |
Contractual maturity: | ||
Fair value | 260.7 | $ 251.1 |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 20.3 | |
Accumulated unrealized gains (losses) | 0 | |
Fair value | 20.3 | |
Contractual maturity: | ||
Fair value | $ 20.3 | |
Weighted Average | ||
Contractual maturity: | ||
Weighted average life | 7 months 6 days |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Asset | ||
Current | $ 133.2 | $ 234.6 |
Long-term | 439.3 | 650.2 |
Total | 572.5 | 884.8 |
Liabilities | ||
Current | 213.9 | 252.7 |
Long-term | 614.8 | 1,364.1 |
Total | 828.7 | 1,616.8 |
Cross-currency and interest rate derivative contracts | ||
Asset | ||
Current | 101.5 | 148.8 |
Long-term | 323.7 | 418.4 |
Total | 425.2 | 567.2 |
Liabilities | ||
Current | 159 | 171.2 |
Long-term | 614.8 | 1,364.1 |
Total | 773.8 | 1,535.3 |
Equity-related derivative instruments: | ||
Asset | ||
Current | 25.1 | 49.3 |
Long-term | 115.3 | 231.6 |
Total | 140.4 | 280.9 |
Foreign currency forward and option contracts | ||
Asset | ||
Current | 6.5 | 36.5 |
Long-term | 0.2 | 0.1 |
Total | 6.7 | 36.6 |
Liabilities | ||
Current | 54.8 | 81.5 |
Long-term | 0 | 0 |
Total | 54.8 | 81.5 |
Other | ||
Asset | ||
Current | 0.1 | 0 |
Long-term | 0.1 | 0.1 |
Total | 0.2 | 0.1 |
Liabilities | ||
Current | 0.1 | 0 |
Long-term | 0 | 0 |
Total | $ 0.1 | $ 0 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Derivative assets | $ 572.5 | $ 884.8 | |
Counterparty Credit Risk | |||
Derivative [Line Items] | |||
Derivative assets | 130.5 | ||
Cross-currency and interest rate derivative contracts | |||
Derivative [Line Items] | |||
Gain (loss) in changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts | (39) | $ 66.3 | |
Derivative assets | $ 425.2 | $ 567.2 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Schedule and Footnotes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ 811.1 | $ 1,237.3 |
Cross-currency and interest rate derivative contracts | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 784.6 | 842.3 |
Equity-related derivative instruments: | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 24.5 | 390.4 |
ITV Collar | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (10.6) | 383.4 |
Other | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 35.1 | 7 |
Foreign currency forward and option contracts | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 2.1 | 5.7 |
Other | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ (0.1) | $ (1.1) |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Operating activities | $ (158) | $ (213.7) |
Investing activities | 1.6 | 0 |
Financing activities | (11.5) | (27.4) |
Total | $ (167.9) | $ (241.1) |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) € in Millions, zł in Millions, SFr in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2021CHF (SFr) | Mar. 31, 2021PLN (zł) | |
Derivative [Line Items] | ||||
Floor rate | 0 | 0 | 0 | 0 |
UPC Holding | Cross-Currency Swap 1 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 4 years 6 months | |||
UPC Holding | Cross-Currency Swap 2 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 6 years 9 months 18 days | |||
UPC Holding | Cross-Currency Swap 3 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 4 years 8 months 12 days | |||
UPC Holding | Cross-Currency Swap 4 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 3 years 1 month 6 days | |||
UPC Holding | Cross-Currency Swap 5 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 1 year 9 months 18 days | |||
Telenet | Cross-Currency Swap 6 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 5 years 9 months 18 days | |||
Telenet | Cross-Currency Swap 7 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 3 years 9 months 18 days | |||
Virgin Media | ||||
Derivative [Line Items] | ||||
Derivative instruments that do not involve the exchange of notional amounts at the inception and maturity | $ | $ 53.1 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 1 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | $ | 360 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 2 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | $ | 4,200 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 3 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | € 3,233.3 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 4 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | 707 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 5 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | SFr | SFr 740 | |||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 6 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | $ | 3,940 | |||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 7 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | 45.2 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 1 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | 267.9 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 2 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | SFr | 3,838.7 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 3 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | SFr | SFr 3,602.9 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 4 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | zł | zł 2,999.5 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 5 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | 701.1 | |||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 6 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | € 3,489.6 | |||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 7 | ||||
Derivative [Line Items] | ||||
Notional amount of derivative | $ | $ 50 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Swap Contracts and Options) (Details) - Notional amount - Interest Rate Swap $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
UPC Holding | |
Derivative [Line Items] | |
Notional amount of derivative | $ 8,996.6 |
Weighted average remaining life | 3 years 9 months 18 days |
Telenet | |
Derivative [Line Items] | |
Notional amount of derivative | $ 3,389 |
Weighted average remaining life | 4 years |
UPC Holding | |
Derivative [Line Items] | |
Notional amount of derivative | $ 4,713.8 |
Weighted average remaining life | 4 years 8 months 12 days |
Telenet | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,676.7 |
Weighted average remaining life | 2 years 6 months |
Derivative Instruments (Basis S
Derivative Instruments (Basis Swaps, Interest Rate Caps and Collars) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivative [Line Items] | |
Floor rate | 0 |
Interest Rate Caps | |
Derivative [Line Items] | |
Notional amount of derivative | $ 470 |
Interest Rate Collars | |
Derivative [Line Items] | |
Notional amount of derivative | $ 7,839.3 |
UPC Holding | Basis Swaps | |
Derivative [Line Items] | |
Weighted average remaining life | 4 months 24 days |
Telenet | Basis Swaps | |
Derivative [Line Items] | |
Weighted average remaining life | 9 months 18 days |
Notional amount due from counterparty | UPC Holding | Basis Swaps | |
Derivative [Line Items] | |
Notional amount of derivative | $ 3,300 |
Notional amount due from counterparty | Telenet | Basis Swaps | |
Derivative [Line Items] | |
Notional amount of derivative | $ 2,295 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Mar. 31, 2021 |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.31% |
UPC Holding | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.30% |
Telenet | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.36% |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards and Options) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Foreign currency forward and option contracts | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,500 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | $ 572.5 | $ 884.8 |
SMAs | 1,961.2 | 1,965.9 |
Other investments | 1,667.8 | 1,500.1 |
Total investments | 3,629 | 3,466 |
Total assets | 4,201.5 | 4,350.8 |
Derivative instruments: | 828.7 | 1,616.8 |
Total liabilities | 828.7 | 1,616.8 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
SMAs | 426 | 405.7 |
Other investments | 961.6 | 888.2 |
Total investments | 1,387.6 | 1,293.9 |
Total assets | 1,387.6 | 1,293.9 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 432.1 | 603.9 |
SMAs | 1,535.2 | 1,560.2 |
Other investments | 87.5 | 92.3 |
Total investments | 1,622.7 | 1,652.5 |
Total assets | 2,054.8 | 2,256.4 |
Total liabilities | 828.7 | 1,616.8 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 140.4 | 280.9 |
SMAs | 0 | 0 |
Other investments | 618.7 | 519.6 |
Total investments | 618.7 | 519.6 |
Total assets | 759.1 | 800.5 |
Total liabilities | 0 | 0 |
Cross-currency and interest rate derivative contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 425.2 | 567.2 |
Derivative instruments: | 773.8 | 1,535.3 |
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] | ||
Derivative instruments: | 0 | 0 |
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] | ||
Derivative instruments: | 425.2 | 567.2 |
Derivative instruments: | 773.8 | 1,535.3 |
Cross-currency and interest rate derivative contracts | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | 0 |
Equity-related derivative instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 140.4 | 280.9 |
Equity-related derivative instruments | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Equity-related derivative instruments | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Equity-related derivative instruments | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 140.4 | 280.9 |
Foreign currency forward and option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 6.7 | 36.6 |
Derivative instruments: | 54.8 | 81.5 |
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] | ||
Derivative instruments: | 0 | 0 |
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] | ||
Derivative instruments: | 6.7 | 36.6 |
Derivative instruments: | 54.8 | 81.5 |
Foreign currency forward and option contracts | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | 0 |
Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0.2 | 0.1 |
Derivative instruments: | 0.1 | 0 |
Other | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | |
Other | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0.2 | 0.1 |
Derivative instruments: | 0.1 | |
Other | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | $ 0 |
Derivative instruments: | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Schedule and Footnote) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2021 | $ 800.5 |
Gains included in net earnings (loss) | |
Realized and unrealized gains on derivative instruments, net | 203.9 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 100.9 |
Additions | 4.3 |
Reclassification of liability to held for sale | (179.4) |
Foreign currency translation adjustments and other, net | (6.2) |
Balance of net assets at March 31, 2021 | 759.1 |
Investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2021 | 519.6 |
Gains included in net earnings (loss) | |
Realized and unrealized gains on derivative instruments, net | 0 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 100.9 |
Additions | 4.3 |
Reclassification of liability to held for sale | 0 |
Foreign currency translation adjustments and other, net | (6.1) |
Balance of net assets at March 31, 2021 | 618.7 |
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 at January 1, 2021 | 0 |
Gains included in net earnings (loss) | |
Realized and unrealized gains on derivative instruments, net | 179.4 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 0 |
Additions | 0 |
Reclassification of liability to held for sale | (179.4) |
Foreign currency translation adjustments and other, net | 0 |
Balance of net assets at March 31, 2021 | 0 |
Equity-related derivative instruments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2021 | 280.9 |
Gains included in net earnings (loss) | |
Realized and unrealized gains on derivative instruments, net | 24.5 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 0 |
Additions | 0 |
Reclassification of liability to held for sale | 0 |
Foreign currency translation adjustments and other, net | (0.1) |
Balance of net assets at March 31, 2021 | 140.4 |
ITV Collar | |
Gains included in net earnings (loss) | |
Reclassification of liability to held for sale | (164.9) |
ITV Collar | Investments | |
Gains included in net earnings (loss) | |
Reclassification of liability to held for sale | 0 |
ITV Collar | Cross-currency, interest rate and foreign currency derivative contracts | |
Gains included in net earnings (loss) | |
Reclassification of liability to held for sale | 0 |
ITV Collar | Equity-related derivative instruments | |
Gains included in net earnings (loss) | |
Reclassification of liability to held for sale | $ (164.9) |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 15,744.5 | $ 16,556.3 |
Accumulated depreciation | (8,192.4) | (8,502.2) |
Total property and equipment, net | 7,552.1 | 8,054.1 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 9,893 | 10,264 |
Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 1,719.4 | 1,800.4 |
Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 4,132.1 | $ 4,491.9 |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Noncash vendor financing arrangement, cash increase, excluding value added tax | $ 328.2 | $ 370.9 |
Value added tax, vendor financing arrangement | $ 41.4 | $ 63.6 |
Long-lived Assets (Schedule o_2
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | $ 10,466.7 |
Acquisitions and related adjustments | 0.4 |
Foreign currency translation adjustments and other | (560.7) |
Goodwill ending balance | 9,906.4 |
Switzerland | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 6,816 |
Acquisitions and related adjustments | 0.4 |
Foreign currency translation adjustments and other | (412) |
Goodwill ending balance | 6,404.4 |
Belgium | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 2,783.7 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | (108.3) |
Goodwill ending balance | 2,675.4 |
Central and Eastern Europe | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 570.2 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | (28.9) |
Goodwill ending balance | 541.3 |
U.K./Ireland | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 296.2 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | (11.5) |
Goodwill ending balance | 284.7 |
Central and Corporate | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 0.6 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 0 |
Goodwill ending balance | $ 0.6 |
Long-lived Assets (Schedule o_3
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | $ 3,319.7 | $ 3,498.7 |
Accumulated amortization | (701.9) | (612.7) |
Net carrying amount | 2,617.8 | 2,886 |
Customer relationships | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 2,287.9 | 2,426.6 |
Accumulated amortization | (327.5) | (246.4) |
Net carrying amount | 1,960.4 | 2,180.2 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 1,031.8 | 1,072.1 |
Accumulated amortization | (374.4) | (366.3) |
Net carrying amount | $ 657.4 | $ 705.8 |
Debt (Components of Debt) (Deta
Debt (Components of Debt) (Details) € in Millions, £ in Millions, $ in Millions | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2021GBP (£) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.27% | 3.27% | 3.27% | |
Unused borrowing capacity | $ 1,494.1 | |||
Total debt before deferred financing costs, discounts and premiums | 13,889.8 | $ 14,559.6 | ||
Deferred financing costs, discounts and premiums, net | (111.9) | (118.4) | ||
Outstanding debt | 13,777.9 | 14,441.2 | ||
Finance lease obligations (note 10) | 526.5 | 556.5 | ||
Total debt and finance lease obligations | 14,304.4 | 14,997.7 | ||
Current maturities of debt and finance lease obligations | (1,059) | (1,130.4) | ||
Long-term debt and finance lease obligations | $ 13,245.4 | 13,867.3 | ||
UPC Holding Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.29% | 3.29% | 3.29% | |
Unused borrowing capacity | $ 842 | € 716.6 | ||
Total debt before deferred financing costs, discounts and premiums | $ 4,710 | 4,767.1 | ||
UPCB SPE Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.80% | 3.80% | 3.80% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,339.5 | 1,393.7 | ||
UPC Holding Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.58% | 4.58% | 4.58% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,233.2 | 1,261.5 | ||
Telenet Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.16% | 2.16% | 2.16% | |
Unused borrowing capacity | $ 652.1 | € 555 | ||
Total debt before deferred financing costs, discounts and premiums | $ 3,599.3 | 3,652 | ||
Telenet Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.72% | 4.72% | 4.72% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,634.5 | 1,660.2 | ||
Vendor financing | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.23% | 2.23% | 2.23% | |
Unused borrowing capacity | $ 0 | £ 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,077.3 | 1,142.9 | ||
ITV Collar Loan | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 0.90% | 0.90% | 0.90% | |
Unused borrowing capacity | $ 0 | £ 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 138.4 | 415.9 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 7.06% | 7.06% | 7.06% | |
Unused borrowing capacity | $ 0 | £ 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 157.6 | $ 266.3 |
Debt (Footnotes) (Details)
Debt (Footnotes) (Details) € in Millions, $ in Millions | Apr. 01, 2021EUR (€) | Apr. 01, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.27% | 3.27% | |||
Unused borrowing capacity | $ 1,494.1 | ||||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Estimated fair value | $ 14,000 | $ 14,700 | |||
Aggregate Variable and Fixed Rate Indebtedness | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.67% | 3.67% | |||
Telenet Revolving Credit Facility I | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | € 510 | $ 599.2 | |||
Telenet Overdraft Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 25 | 29.4 | |||
Telenet Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 20 | 23.5 | |||
UPC Revolving Facility One | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | 500 | 587.5 | |||
UPC Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | € 216.6 | $ 254.5 | |||
UPC Revolving Facility | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | € 736.4 | $ 865.2 |
Debt (Financing Transactions) (
Debt (Financing Transactions) (Details) € in Millions | 1 Months Ended | 3 Months Ended | |||
Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($)group | Mar. 31, 2020USD ($) | Apr. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Number of borrowing groups | group | 3 | ||||
Non-cash borrowings and repayments | $ 0 | $ 3,500,000,000 | |||
Outstanding debt | $ 13,777,900,000 | $ 14,441,200,000 | |||
UPC Facility AZ | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.875% | 4.875% | |||
UPC Facility AK | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Outstanding debt | $ 634,500,000 | € 540 | |||
UPC Facility AV | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Outstanding debt | 600,000,000 | ||||
UPC Facility AW | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Outstanding debt | 940,000,000 | € 800 | |||
UPC Facility AX | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 1,925,000,000 | ||||
Issued at par percentage | 99.00% | 99.00% | |||
UPC Facility AX | UPC Holding | LIBOR | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Floor rate | 0.00% | 0.00% | |||
UPC Facility AY | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 1,013,400,000 | € 862.5 | |||
Issued at par percentage | 99.75% | 99.75% | |||
UPC Facility AY | UPC Holding | EURIBOR | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
Floor rate | 0.00% | 0.00% | |||
UPC Facility AV1 | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Outstanding debt | $ 1,300,000,000 | ||||
UPC Facility AV2 | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | 1,300,000,000 | ||||
Outstanding debt | 2,600,000,000 | ||||
UPC Facility AW1 | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Outstanding debt | 400,000,000 | ||||
UPC Facility AW2 | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | 470,000,000 | € 400 | |||
Outstanding debt | 940,000,000 | € 800 | |||
UPC facility AV and UPC facility AV2 | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Outstanding debt | 2,000,000,000 | ||||
UPC Holding Dollar Denominated Senior Secured Notes | UPC Holding | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt | $ 1,250,000,000 |
Debt (Maturities of Debt) (Deta
Debt (Maturities of Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2021 (remainder of year) | $ 712 | |
2022 | 440.1 | |
2023 | 78.7 | |
2024 | 30.4 | |
2025 | 12.7 | |
2026 | 11.6 | |
Thereafter | 12,604.3 | |
Total debt maturities | 13,889.8 | |
Deferred financing costs, discounts and premiums, net | (111.9) | |
Total debt | 13,777.9 | |
Current portion | 986.3 | |
Noncurrent portion | 12,791.6 | |
Borrowings outstanding | 13,889.8 | $ 14,559.6 |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 251.6 | |
2022 | 124 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 7,282.7 | |
Total debt maturities | 7,658.3 | |
Deferred financing costs, discounts and premiums, net | (95) | |
Total debt | 7,563.3 | |
Current portion | 375.6 | |
Noncurrent portion | 7,187.7 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 353.8 | |
2022 | 84.3 | |
2023 | 11.6 | |
2024 | 11.5 | |
2025 | 11.5 | |
2026 | 11.6 | |
Thereafter | 5,321.6 | |
Total debt maturities | 5,805.9 | |
Deferred financing costs, discounts and premiums, net | (16.5) | |
Total debt | 5,789.4 | |
Current portion | 426 | |
Noncurrent portion | 5,363.4 | |
Other | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 106.6 | |
2022 | 231.8 | |
2023 | 67.1 | |
2024 | 18.9 | |
2025 | 1.2 | |
2026 | 0 | |
Thereafter | 0 | |
Total debt maturities | 425.6 | |
Deferred financing costs, discounts and premiums, net | (0.4) | |
Total debt | 425.2 | |
Current portion | 184.7 | |
Noncurrent portion | 240.5 | |
ITV Collar Loan | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 138.4 | $ 415.9 |
Debt (Capital Lease Obligations
Debt (Capital Lease Obligations) (Schedule) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2021 (remainder of year) | $ 712 | |
2022 | 440.1 | |
2023 | 78.7 | |
2024 | 30.4 | |
2025 | 12.7 | |
Total vendor financing maturities | 13,889.8 | $ 14,559.6 |
Current portion | 986.3 | |
Noncurrent portion | 12,791.6 | |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 251.6 | |
2022 | 124 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Current portion | 375.6 | |
Noncurrent portion | 7,187.7 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 353.8 | |
2022 | 84.3 | |
2023 | 11.6 | |
2024 | 11.5 | |
2025 | 11.5 | |
Current portion | 426 | |
Noncurrent portion | 5,363.4 | |
Other | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 106.6 | |
2022 | 231.8 | |
2023 | 67.1 | |
2024 | 18.9 | |
2025 | 1.2 | |
Current portion | 184.7 | |
Noncurrent portion | 240.5 | |
Vendor financing | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 700.4 | |
2022 | 289.7 | |
2023 | 67.1 | |
2024 | 18.9 | |
2025 | 1.2 | |
Total vendor financing maturities | 1,077.3 | $ 1,142.9 |
Current portion | 930 | |
Noncurrent portion | 147.3 | |
Vendor financing | UPC Holding | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 251.6 | |
2022 | 124 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Total vendor financing maturities | 375.6 | |
Current portion | 375.6 | |
Noncurrent portion | 0 | |
Vendor financing | Telenet | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 342.2 | |
2022 | 72.3 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Total vendor financing maturities | 414.5 | |
Current portion | 414.5 | |
Noncurrent portion | 0 | |
Vendor financing | Other | ||
Debt Instrument [Line Items] | ||
2021 (remainder of year) | 106.6 | |
2022 | 93.4 | |
2023 | 67.1 | |
2024 | 18.9 | |
2025 | 1.2 | |
Total vendor financing maturities | 287.2 | |
Current portion | 139.9 | |
Noncurrent portion | $ 147.3 |
Leases (Lease Balances) (Detail
Leases (Lease Balances) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
ROU assets recorded during the period associated with: | |||
Finance leases | $ 468.6 | $ 477.8 | |
Operating leases | 1,338.4 | 1,454.7 | |
Total ROU assets | 1,807 | 1,932.5 | |
Lease liabilities: | |||
Finance lease | 526.5 | 556.5 | |
Operating leases | 1,340 | 1,447.7 | |
Total lease liabilities | $ 1,866.5 | $ 2,004.2 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term debt and finance lease obligations | Long-term debt and finance lease obligations | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of debt and finance lease obligations (notes 9 and 10) | Current portion of debt and finance lease obligations (notes 9 and 10) | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | |
Weighted average remaining lease term for finance leases | 22 years 9 months 18 days | ||
Weighted average discount rate, for finance leases | 6.00% | ||
ROU assets associated with finance leases | $ 9.7 | $ 11.1 | |
Weighted average remaining lease term for operating leases | 12 years 7 months 6 days | ||
Weighted average discount rate, for operating leases | 5.80% | ||
Addition to ROU assets associated with operating leases | $ 32.9 | $ 33.9 |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finance lease expense: | ||
Depreciation and amortization | $ 19.8 | $ 21.7 |
Interest expense | 8.6 | 8.1 |
Total finance lease expense | 28.4 | 29.8 |
Operating lease expense | 64.6 | 35.8 |
Short-term lease expense | 2.2 | 1.8 |
Variable lease expense | 1.5 | 1.3 |
Total lease expense | 96.7 | 68.7 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | 80.4 | 38.9 |
Operating cash outflows from finance leases | 8.6 | 8.1 |
Financing cash outflows from finance leases | 18.3 | 39.2 |
Total cash outflows from operating and finance leases | $ 107.3 | $ 86.2 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Operating leases | ||
2021 (remainder of year) | $ 140.5 | |
2022 | 191 | |
2023 | 177.8 | |
2024 | 160.1 | |
2025 | 146.4 | |
2026 | 134 | |
Thereafter | 988.9 | |
Total payments | 1,938.7 | |
Less: present value discount | (598.7) | |
Present value of lease payments | 1,340 | $ 1,447.7 |
Current portion | 174.3 | |
Noncurrent portion | 1,165.7 | |
Finance leases | ||
2021 (remainder of year) | 77.6 | |
2022 | 95.3 | |
2023 | 98.9 | |
2024 | 60.6 | |
2025 | 57.3 | |
2026 | 52.3 | |
Thereafter | 234.2 | |
Total payments | 676.2 | |
Less: present value discount | (149.7) | |
Present value of lease payments | 526.5 | $ 556.5 |
Current portion | 72.7 | |
Noncurrent portion | $ 453.8 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accrued Income Taxes [Abstract] | ||
Computed “expected” tax benefit (expense) | $ (306.1) | $ (192.1) |
Non-deductible or non-taxable foreign currency exchange results | 119.7 | 153.6 |
Change in valuation allowances | 34.5 | (88.7) |
International rate differences | (23.9) | (16.1) |
Recognition of previously unrecognized tax benefits | 20.5 | 0 |
Non-deductible or non-taxable interest and other items | (15.7) | (20.4) |
Tax benefit associated with technology innovation | 5.8 | 44.8 |
Enacted tax law and rate changes | (0.3) | 36.1 |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | 0.2 | 3.1 |
Other, net | (5.2) | (0.4) |
Total income tax expense | $ (170.5) | $ (80.1) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Accrued Income Taxes [Abstract] | |
Unrecognized tax benefits | $ 573.4 |
UTB that would impact effective tax rate | 390.2 |
Reduction in UTB | $ 147 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Class of Stock [Line Items] | |
Remaining authorized for share repurchases | $ | $ 678.4 |
Class A | |
Class of Stock [Line Items] | |
Stock repurchased (in shares) | shares | 666,600 |
Average price paid per share (in dollars per share) | $ / shares | $ 24.43 |
Class C | |
Class of Stock [Line Items] | |
Stock repurchased (in shares) | shares | 12,211,300 |
Average price paid per share (in dollars per share) | $ / shares | $ 25.15 |
Aggregate purchase price | $ | $ 323.4 |
Share-based Compensation (Share
Share-based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 63.4 | $ 55.2 |
Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 1.2 | 0.7 |
SG&A expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 62.2 | 54.5 |
Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 56.8 | 52.2 |
Performance-based incentive awards | Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 24 | 27.7 |
Non-performance based incentive awards | Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 25.4 | 18.3 |
Other | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 6.6 | 3 |
Other | Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 7.4 | $ 6.2 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) | Mar. 31, 2021 |
Share-based Payment Arrangement [Abstract] | |
Percent of annual incentive compensation receivable in shares | 100.00% |
Share-based Compensation (Award
Share-based Compensation (Awards Outstanding and Exercisable) (Details) | Mar. 31, 2021$ / sharesshares |
Held by Liberty Global employees: | Options and SARs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 23,236,280 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 27.14 |
Options exercisable (in shares) | 12,093,245 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 32.07 |
Held by Liberty Global employees: | Options and SARs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 50,958,171 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 26.02 |
Options exercisable (in shares) | 28,036,342 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 30.22 |
Held by Liberty Global employees: | RSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 2,325,394 |
Held by Liberty Global employees: | RSUs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 0 |
Held by Liberty Global employees: | RSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 4,653,691 |
Held by Liberty Global employees: | PSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 1,761,952 |
Held by Liberty Global employees: | PSUs | Class B | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 660,000 |
Held by Liberty Global employees: | PSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 3,523,923 |
Held by former Liberty Global employees | Options and SARs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 1,413,040 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 34.11 |
Options exercisable (in shares) | 1,396,581 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 34.09 |
Held by former Liberty Global employees | Options and SARs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 3,140,085 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 32.23 |
Options exercisable (in shares) | 3,107,117 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 32.21 |
Earnings or Loss per Share (Sch
Earnings or Loss per Share (Schedules) (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average ordinary shares outstanding (basic EPS computation) (in shares) | 575,114,550 | 630,472,769 |
Incremental shares attributable to the assumed exercise of outstanding options and SARs and the release of RSUs and PSUs upon vesting (treasury stock method) (in shares) | 9,507,525 | 1,305,793 |
Weighted average common shares (diluted EPS computation) (in shares) | 584,622,075 | 631,778,562 |
Earnings or Loss per Share (Nar
Earnings or Loss per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 (in shares) | 51.6 | 59.7 |
PSARs and PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS (in shares) | 16.9 | 22.2 |
Commitments and Contingencies_2
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2021 | $ 786 |
2022 | 510.1 |
2023 | 234.9 |
2024 | 110.1 |
2025 | 96.2 |
2026 | 62.7 |
Thereafter | 701.3 |
Total | 2,501.3 |
U.K. J.V. Entities | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2021 | 1,415.5 |
2022 | 601.1 |
2023 | 58.9 |
2024 | 5.9 |
2025 | 4.6 |
2026 | 3.9 |
Thereafter | 16.2 |
Total | 2,106.1 |
Network and connectivity commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2021 | 154.6 |
2022 | 89.6 |
2023 | 85.5 |
2024 | 52.8 |
2025 | 50.9 |
2026 | 41.7 |
Thereafter | 697.1 |
Total | 1,172.2 |
Purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2021 | 391.5 |
2022 | 185.4 |
2023 | 47.4 |
2024 | 16 |
2025 | 11.3 |
2026 | 5.5 |
Thereafter | 0 |
Total | 657.1 |
Programming commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2021 | 205.3 |
2022 | 177.7 |
2023 | 74.3 |
2024 | 39.5 |
2025 | 32.5 |
2026 | 14.6 |
Thereafter | 2.4 |
Total | 546.3 |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2021 | 34.6 |
2022 | 57.4 |
2023 | 27.7 |
2024 | 1.8 |
2025 | 1.5 |
2026 | 0.9 |
Thereafter | 1.8 |
Total | $ 125.7 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) € in Millions, £ in Millions | 1 Months Ended | 3 Months Ended | |||||||
Oct. 31, 2019USD ($) | Oct. 31, 2019EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021GBP (£) | Oct. 31, 2019EUR (€) | Aug. 01, 2018 | |
Loss Contingencies [Line Items] | |||||||||
Programming costs | $ 499,700,000 | $ 468,200,000 | |||||||
Percent of customers | 50.00% | ||||||||
Percent of reduction in monthly wholesale cable resale access prices | 11.50% | ||||||||
Virgin Media VAT Matters | |||||||||
Loss Contingencies [Line Items] | |||||||||
Estimate of possible loss | $ 54,000,000 | £ 41.3 | |||||||
Belgium Regulatory Developments | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percent of reduction in monthly wholesale cable resale access prices | 17.00% | ||||||||
Interkabel Acquisition | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages sought | $ 1,600,000,000 | € 1,400 | |||||||
Loss contingency accrual | $ 0 | ||||||||
Deutsche Telekom Litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Reduction of annual lease fees | 83.33% | ||||||||
Discontinued Operations, Disposed of by Sale | UPC Austria [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Asserted claims | $ 82,800,000 | € 70.5 | |||||||
Amount of claim | $ 124,800,000 | € 106.2 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Performance measures, percentage of reportable segment revenue and operating cash flow presented | 100.00% |
VodafoneZiggo JV | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% |
Ownership percentage | 50.00% |
Telenet | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,615.3 | $ 2,875.8 |
Adjusted EBITDA | 1,367.3 | 1,150.3 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 565.2 | 502.8 |
VodafoneZiggo JV | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,217 | 1,097.1 |
Operating Segments | U.K./Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,770.7 | 1,620.6 |
Adjusted EBITDA | 692.6 | 655.4 |
Operating Segments | Belgium | ||
Segment Reporting Information [Line Items] | ||
Revenue | 772.7 | 718.1 |
Adjusted EBITDA | 371.8 | 331.6 |
Operating Segments | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 841.8 | 316.8 |
Adjusted EBITDA | 281.6 | 134.1 |
Operating Segments | Central and Eastern Europe | ||
Segment Reporting Information [Line Items] | ||
Revenue | 128.6 | 119.1 |
Adjusted EBITDA | 57 | 54.3 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 102.7 | 101.2 |
Adjusted EBITDA | (35.7) | (25.1) |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (1.2) | $ 0 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Consolidated Segment Adjusted OIBDA) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||
Net earnings | $ 1,440.3 | $ 1,017.7 |
Income tax expense | 170.5 | 80.1 |
Other income, net | (10.1) | (52.4) |
Share of results of affiliates, net | (1.7) | (33.4) |
Losses on debt extinguishment, net | 0 | 54.5 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | (194.6) | 529.8 |
Foreign currency transaction gains, net | (303.1) | (391.7) |
Realized and unrealized gains on derivative instruments, net | (811.1) | (1,237.3) |
Interest expense | 335.1 | 313.3 |
Operating income | 625.3 | 280.6 |
Impairment, restructuring and other operating items, net | 44.4 | 31 |
Depreciation and amortization | 634.2 | 783.5 |
Share-based compensation expense | 63.4 | 55.2 |
Adjusted EBITDA | $ 1,367.3 | $ 1,150.3 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 746.6 | $ 654.4 |
Assets acquired under capital-related vendor financing arrangements | (328.2) | (370.9) |
Assets acquired under finance leases | (9.7) | (11.1) |
Changes in current liabilities related to capital expenditures | 67.1 | 75.4 |
Total capital expenditures, net | 475.8 | 347.8 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Property and equipment additions - VodafoneZiggo JV | 234.5 | 245.4 |
Operating Segments | U.K./Ireland | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 351.4 | 346.6 |
Operating Segments | Belgium | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 153.4 | 141.6 |
Operating Segments | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 154.2 | 69.2 |
Operating Segments | Central and Eastern Europe | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 17.6 | 18.9 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 70 | $ 78.1 |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,615.3 | $ 2,875.8 |
Total residential cable revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,085.8 | 1,871.1 |
Total subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,029.1 | 1,818.1 |
Broadband internet | ||
Segment Reporting Information [Line Items] | ||
Revenue | 926.8 | 796.8 |
Video | ||
Segment Reporting Information [Line Items] | ||
Revenue | 745.1 | 683.1 |
Fixed-line telephony | ||
Segment Reporting Information [Line Items] | ||
Revenue | 357.2 | 338.2 |
Non-subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 56.7 | 53 |
Total residential revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,847.5 | 2,252.3 |
Total residential mobile revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 761.7 | 381.2 |
Subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 481.3 | 235.9 |
Non-subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 280.4 | 145.3 |
Total B2B revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 604.2 | 474.1 |
Subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 147.9 | 124.6 |
Non-subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 456.3 | 349.5 |
Other revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 163.6 | $ 149.4 |
Segment Reporting (Geographic S
Segment Reporting (Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,615.3 | $ 2,875.8 |
Operating Segments | U.K. | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,635 | 1,496.4 |
Operating Segments | Belgium | ||
Segment Reporting Information [Line Items] | ||
Revenue | 772.7 | 718.1 |
Operating Segments | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 841.8 | 316.8 |
Operating Segments | Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 135.7 | 124.2 |
Operating Segments | Poland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 115.6 | 106.7 |
Operating Segments | Slovakia | ||
Segment Reporting Information [Line Items] | ||
Revenue | 13 | 12.4 |
Other, including intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 101.5 | $ 101.2 |