Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35961 | ||
Entity Registrant Name | Liberty Global Ltd. | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-1750381 | ||
Entity Address, Address Line One | Clarendon House | ||
Entity Address, Address Line Two | 2 Church Street | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Postal Zip Code | HM 11 | ||
Entity Address, Country | BM | ||
Country Region | 1 | ||
City Area Code | 303 | ||
Local Phone Number | 220.6600 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6.7 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for the Registrant’s 2024 Annual General Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0001570585 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class A common shares | ||
Trading Symbol | LBTYA | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 171,477,771 | ||
Class B | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class B common shares | ||
Trading Symbol | LBTYB | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 12,988,658 | ||
Class C | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class C common shares | ||
Trading Symbol | LBTYK | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 193,080,198 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Denver, Colorado |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,415.9 | $ 1,726.2 |
Trade receivables, net (note 3) | 870.1 | 830.6 |
Short-term investments (measured at fair value on a recurring basis) (note 7) | 1,990.5 | 2,621.6 |
Derivative instruments (note 8) | 518.1 | 382.7 |
Other current assets (notes 4 and 7) | 847 | 736.3 |
Total current assets | 5,641.6 | 6,297.4 |
Investments and related notes receivable (including $3,408.5 million and $2,271.4 million, respectively, measured at fair value on a recurring basis) (note 7) | 13,396.1 | 14,948.5 |
Property and equipment, net (notes 10 and 12) | 7,360.2 | 6,504.5 |
Goodwill (note 10) | 10,477 | 9,316.1 |
Intangible assets subject to amortization, net (note 10) | 2,053.6 | 2,342.4 |
Other assets, net (notes 4, 8, 12 and 13) | 3,159.4 | 3,486.1 |
Total assets | 42,087.9 | 42,895 |
Current liabilities: | ||
Accounts payable | 689.8 | 610.1 |
Deferred revenue (note 4) | 249.2 | 264.4 |
Current portion of debt and finance lease obligations (notes 11 and 12) | 806.8 | 799.7 |
Accrued capital expenditures | 229.5 | 244 |
Accrued income taxes | 263.9 | 235.6 |
Derivative instruments (note 8) | 426.8 | 296.8 |
Other accrued and current liabilities (note 12) | 1,666.8 | 1,470.4 |
Total current liabilities | 4,332.8 | 3,921 |
Long-term debt and finance lease obligations (notes 11 and 12) | 14,959.1 | 12,963.5 |
Long-term operating lease liabilities (notes 6 and 12) | 1,652.1 | 1,645.9 |
Other long-term liabilities (notes 4, 8, 13 and 16) | 2,136.5 | 1,791.2 |
Total liabilities | 23,080.5 | 20,321.6 |
Commitments and contingencies (notes 8, 11, 12, 13, 16 and 18) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 1,322.6 | 2,300.8 |
Accumulated earnings | 15,566 | 19,617.7 |
Accumulated other comprehensive earnings, net of taxes | 2,170.3 | 513.4 |
Treasury shares, at cost | (0.1) | (0.1) |
Total Liberty Global shareholders | 19,062.6 | 22,436.4 |
Noncontrolling interests | (55.2) | 137 |
Total equity | 19,007.4 | 22,573.4 |
Total liabilities and equity | 42,087.9 | 42,895 |
Class A | ||
Liberty Global shareholders: | ||
Common stock | 1.7 | 1.8 |
Class B | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C | ||
Liberty Global shareholders: | ||
Common stock | $ 2 | $ 2.7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments and receivables at fair value | $ 3,408.5 | $ 2,271.4 |
Class A | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 171,463,760 | 171,917,370 |
Common stock, outstanding (in shares) | 171,463,760 | 171,917,370 |
Class B | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,988,658 | 12,994,000 |
Common stock, outstanding (in shares) | 12,988,658 | 12,994,000 |
Class C | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 198,153,613 | 274,436,585 |
Common stock, outstanding (in shares) | 198,153,613 | 274,436,585 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue (notes 4, 6, 7 and 19) | $ 7,491.4 | $ 7,195.7 | $ 10,311.3 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | |||
Programming and other direct costs of services (note 12) | 2,384.7 | 2,085.7 | 3,017.6 |
Other operating (notes 12 and 15) | 1,207.1 | 1,088.2 | 1,484.6 |
Selling, general and administrative (SG&A) (notes 12 and 15) | 1,761 | 1,618.5 | 2,154.1 |
Depreciation and amortization (note 10) | 2,315.2 | 2,171.4 | 2,353.7 |
Impairment, restructuring and other operating items, net (notes 12 and 16) | 67.9 | 85.1 | (19) |
Operating costs and expenses | 7,735.9 | 7,048.9 | 8,991 |
Operating income (loss) | (244.5) | 146.8 | 1,320.3 |
Non-operating income (expense): | |||
Interest expense | (907.9) | (589.3) | (882.1) |
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | (526.3) | 1,213.1 | 537.3 |
Foreign currency transaction gains (losses), net | (70.8) | 1,407.2 | 1,324.5 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 7 and 9) | (557.3) | (323.5) | 820.6 |
Gains (losses) on debt extinguishment, net (note 11) | (1.4) | 2.8 | (90.6) |
Share of results of affiliates, net (note 7) | (2,019.3) | (1,267.8) | (175.4) |
Gain associated with the Telenet Wyre Transaction (note 5) | 377.8 | 0 | 0 |
Gain on Telenet Tower Sale | 0 | 700.5 | 0 |
Other income, net | 225.5 | 134.4 | 44.9 |
Non-operating income (expense) | (3,479.7) | 1,277.4 | 12,680.5 |
Earnings (loss) from continuing operations before income taxes | (3,724.2) | 1,424.2 | 14,000.8 |
Income tax expense (note 13) | (149.6) | (318.9) | (473.3) |
Earnings (loss) from continuing operations | (3,873.8) | 1,105.3 | 13,527.5 |
Discontinued operations (note 6): | |||
Earnings from discontinued operations, net of taxes | 0 | 34.6 | 82.6 |
Gain on disposal of discontinued operations, net of taxes | 0 | 846.4 | 0 |
Discontinued operations | 0 | 881 | 82.6 |
Net earnings (loss) | (3,873.8) | 1,986.3 | 13,610.1 |
Net earnings attributable to noncontrolling interests | (177.9) | (513.1) | (183.3) |
Net earnings (loss) attributable to Liberty Global shareholders | $ (4,051.7) | $ 1,473.2 | $ 13,426.8 |
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 3): | |||
Continuing operations (in USD per share) | $ (9.52) | $ 1.21 | $ 24.01 |
Discontinued operations (in USD per share) | 0 | 1.80 | 0.15 |
Basic earnings (loss) attributable to Liberty Global shareholders per share (in USD per share) | (9.52) | 3.01 | 24.16 |
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 3): | |||
Continuing operations (in USD per share) | (9.52) | 1.19 | 23.45 |
Discontinued operations (in USD per share) | 0 | 1.77 | 0.14 |
Diluted earnings (loss) attributable to Liberty Global shareholders per share (in USD per share) | $ (9.52) | $ 2.96 | $ 23.59 |
U.K. JV Transaction | |||
Non-operating income (expense): | |||
Gain (adjustment to gain) on JV Transaction | $ 0 | $ 0 | $ 10,873.8 |
AtlasEdge JV | |||
Non-operating income (expense): | |||
Share of results of affiliates, net (note 7) | (31.1) | (23.3) | (5.8) |
Gain (adjustment to gain) on JV Transaction | $ 0 | $ 0 | $ 227.5 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (3,873.8) | $ 1,986.3 | $ 13,610.1 |
Other comprehensive earnings (loss), net of taxes (note 17): | |||
Foreign currency translation adjustments | 1,778.4 | (3,214.8) | (1,069.8) |
Reclassification adjustment included in net earnings (loss) (note 6) | 5.7 | (4.2) | 1,249.3 |
Pension-related adjustments and other | (128) | (113.2) | 80.7 |
Other comprehensive earnings (loss) from continuing operations | 1,656.1 | (3,332.2) | 260.2 |
Other comprehensive loss from discontinued operations (note 6) | 0 | (44.4) | (59.9) |
Other comprehensive earnings (loss) | 1,656.1 | (3,376.6) | 200.3 |
Comprehensive earnings (loss) | (2,217.7) | (1,390.3) | 13,810.4 |
Comprehensive earnings attributable to noncontrolling interests | (177.1) | (515.3) | (184.5) |
Comprehensive earnings (loss) attributable to Liberty Global shareholders | $ (2,394.8) | $ (1,905.6) | $ 13,625.9 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Telenet Wyre Transaction | Telenet | Total Liberty Global shareholders | Total Liberty Global shareholders Telenet Wyre Transaction | Total Liberty Global shareholders Telenet | Common shares Class A | Common shares Class B | Common shares Class C | Additional paid-in capital | Additional paid-in capital Telenet Wyre Transaction | Additional paid-in capital Telenet | Accumulated earnings | Accumulated other comprehensive earnings, net of taxes | Treasury shares, at cost | Non-controlling interests | Non-controlling interests Telenet Wyre Transaction | Non-controlling interests Telenet |
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 (loss) | 13,610.1 | 13,426.8 | 13,426.8 | 183.3 | ||||||||||||||
Other comprehensive earnings (loss), net of taxes (note 17) | 200.3 | 199.1 | 199.1 | 1.2 | ||||||||||||||
Repurchases and cancellations of Liberty Global common shares (note 14) | (1,581.1) | (1,581.1) | (0.5) | (1,580.6) | ||||||||||||||
Share-based compensation (note 15) | 257.9 | 257.9 | 257.9 | |||||||||||||||
Dividend distributions by subsidiaries to noncontrolling interest owners (note 14) | (141.8) | (141.8) | ||||||||||||||||
Repurchases by Telenet of its outstanding shares | (15.3) | (16.9) | (16.9) | 1.6 | ||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (30.5) | (13.5) | (39.1) | 25.6 | (17) | |||||||||||||
Ending balance at Dec. 31, 2021 | 25,598 | 25,934.9 | 1.8 | 0.1 | 3.4 | 3,893 | 18,144.5 | 3,892.2 | (0.1) | (336.9) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net earnings (loss) | 1,986.3 | 1,473.2 | 1,473.2 | 513.1 | ||||||||||||||
Other comprehensive earnings (loss), net of taxes (note 17) | (3,376.6) | (3,378.8) | (3,378.8) | 2.2 | ||||||||||||||
Repurchases and cancellations of Liberty Global common shares (note 14) | (1,702.6) | (1,702.6) | (0.7) | (1,701.9) | ||||||||||||||
Share-based compensation (note 15) | 171.1 | 171.1 | 171.1 | |||||||||||||||
Dividend distributions by subsidiaries to noncontrolling interest owners (note 14) | (66.3) | (66.3) | ||||||||||||||||
Repurchases by Telenet of its outstanding shares | (24.9) | (28) | (28) | 3.1 | ||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (11.6) | (33.4) | (33.4) | 21.8 | ||||||||||||||
Ending balance at Dec. 31, 2022 | 22,573.4 | 22,436.4 | 1.8 | 0.1 | 2.7 | 2,300.8 | 19,617.7 | 513.4 | (0.1) | 137 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net earnings (loss) | (3,873.8) | (4,051.7) | (4,051.7) | 177.9 | ||||||||||||||
Other comprehensive earnings (loss), net of taxes (note 17) | 1,656.1 | 1,656.9 | 1,656.9 | (0.8) | ||||||||||||||
Repurchases and cancellations of Liberty Global common shares (note 14) | (1,505.9) | (1,505.9) | (0.7) | (1,505.2) | ||||||||||||||
Share-based compensation (note 15) | 183.5 | 183.5 | 183.5 | |||||||||||||||
Impact of the Telenet Wyre Transaction (note 5) | $ 1,037.5 | $ 708.2 | $ 708.2 | $ 329.3 | ||||||||||||||
Impact of the Telenet Takeover Bid (note 14) | $ (993.7) | $ (341.5) | $ (341.5) | $ (652.2) | ||||||||||||||
Dividend distributions by subsidiaries to noncontrolling interest owners (note 14) | (47.3) | (47.3) | ||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (22.4) | (23.3) | (0.1) | (23.2) | 0.9 | |||||||||||||
Ending balance at Dec. 31, 2023 | $ 19,007.4 | $ 19,062.6 | $ 1.7 | $ 0.1 | $ 2 | $ 1,322.6 | $ 15,566 | $ 2,170.3 | $ (0.1) | $ (55.2) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS zł in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (3,873.8) | $ 1,986.3 | $ 13,610.1 |
Earnings from discontinued operations | 0 | 881 | 82.6 |
Earnings (loss) from continuing operations | (3,873.8) | 1,105.3 | 13,527.5 |
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities of continuing operations: | |||
Share-based compensation expense | 231 | 192.1 | 308.1 |
Depreciation and amortization | 2,315.2 | 2,171.4 | 2,353.7 |
Impairment, restructuring and other operating items, net | 67.9 | 85.1 | (19) |
Amortization of deferred financing costs and non-cash interest | 65.7 | 31 | 31.9 |
Realized and unrealized losses (gains) on derivative instruments, net | 526.3 | (1,213.1) | (537.3) |
Foreign currency transaction losses (gains), net | 70.8 | (1,407.2) | (1,324.5) |
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net | 557.3 | 323.5 | (820.6) |
Losses (gains) on debt extinguishment, net | 1.4 | (2.8) | 90.6 |
Share of results of affiliates, net | 2,019.3 | 1,267.8 | 175.4 |
Deferred income tax expense (benefit) | (33.1) | 172.5 | 318.2 |
Gain associated with the Telenet Wyre Transaction | (377.8) | 0 | 0 |
Gain on Telenet Tower Sale | 0 | (700.5) | 0 |
Gain on U.K. JV Transaction | 0 | 0 | (10,873.8) |
Gain on AtlasEdge JV Transactions | 0 | 0 | (227.5) |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | |||
Receivables and other operating assets | 1,252.1 | 796.3 | 707.1 |
Payables and accruals | (1,194.2) | (755.9) | (872.3) |
Net cash provided by operating activities of continuing operations | 2,165.9 | 2,786.7 | 3,364 |
Net cash provided by operating activities of discontinued operations | 0 | 51.1 | 185 |
Net cash provided by operating activities | 2,165.9 | 2,837.8 | 3,549 |
Cash flows from investing activities: | |||
Cash paid for investments | (8,130.9) | (9,433.8) | (7,261.8) |
Cash received from the sale of investments | 6,988.6 | 9,213.3 | 6,170.8 |
Capital expenditures, net | (1,386) | (1,303.2) | (1,408) |
Dividend distributions received from the VMO2 JV | 815.2 | 477.9 | 0 |
Cash received (paid) in connection with acquisitions, net of cash acquired | (114.6) | 2.7 | (70.8) |
Cash received in connection with the sale of UPC Poland | 0 | 0 | |
Cash received in connection with the Telenet Tower Sale | 0 | 779.9 | 0 |
Cash released from the Vodafone Escrow Accounts, net | 0 | 6.5 | 214.9 |
Cash and restricted cash contributed to the VMO2 JV in connection with the U.K. JV Transaction | 0 | 0 | (3,424) |
Net cash received in connection with the AtlasEdge JV Transactions | 0 | 0 | 144.5 |
Loans to the VodafoneZiggo JV | 0 | 0 | (123) |
Net cash received in connection with the U.K. JV Transaction | 0 | 0 | 108.6 |
Other investing activities, net | (17.3) | 0 | (96.7) |
Net cash provided (used) by investing activities of continuing operations | (1,845) | 1,296.6 | (5,745.5) |
Net cash used by investing activities of discontinued operations | 0 | (15.6) | (51) |
Net cash provided (used) by investing activities | (1,845) | 1,281 | (5,796.5) |
Cash flows from financing activities: | |||
Borrowings of debt | 3,167 | 4.7 | 2,570.7 |
Operating-related vendor financing additions | 648.5 | 522.7 | 1,781.6 |
Repayments and repurchases of debt and finance lease obligations: | |||
Debt (excluding vendor financing) | (1,005.4) | (980.9) | (1,721) |
Principal payments on operating-related vendor financing | (568.8) | (616.1) | (1,408) |
Principal payments on capital-related vendor financing | (256.1) | (210.1) | (964.4) |
Principal payments on finance leases | (27.9) | (62) | (75.7) |
Repurchases of Liberty Global common shares | (1,494.7) | (1,703.4) | (1,580.4) |
Acquisition of shares in connection with the Telenet Takeover Bid | (985.7) | 0 | 0 |
Net cash received (paid) related to derivative instruments | (59.6) | (50) | 143.6 |
Dividend distributions by subsidiaries to noncontrolling interest owners | (46.9) | (61.1) | (137.6) |
Other financing activities, net | (62.8) | (117.2) | (121.4) |
Net cash used by financing activities of continuing operations | (692.4) | (3,273.4) | (1,512.6) |
Net cash used by financing activities of discontinued operations | 0 | (2.6) | (33.3) |
Net cash used by financing activities | (692.4) | (3,276) | (1,545.9) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash: | |||
Continuing operations | 62 | (27.7) | (6.6) |
Discontinued operations | 0 | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 62 | (27.7) | (6.6) |
Net increase (decrease) in cash and cash equivalents and restricted cash: | |||
Continuing operations | (309.5) | 782.2 | (3,900.7) |
Discontinued operations | 0 | 32.9 | 100.7 |
Total | (309.5) | 815.1 | (3,800) |
Cash and cash equivalents and restricted cash: | |||
Beginning of year | 1,732.4 | 917.3 | 4,717.3 |
Net increase (decrease) | (309.5) | 815.1 | (3,800) |
End of year | 1,422.9 | 1,732.4 | 917.3 |
Cash paid for interest: | |||
Continuing operations | 885.2 | 547.1 | 830.3 |
Discontinued operations | 0 | 0.3 | 1.7 |
Total | 885.2 | 547.4 | 832 |
Net cash paid for taxes: | |||
Continuing operations | 494.3 | 164.3 | 156.2 |
Discontinued operations | 0 | 7.4 | 34.2 |
Total | 494.3 | 171.7 | 190.4 |
VMO2 JV | |||
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | |||
Dividends received | 427.6 | 454.6 | 214.8 |
VodafoneZiggo JV | |||
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities of continuing operations: | |||
Share of results of affiliates, net | 196.7 | (241.2) | 32 |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | |||
Dividends received | $ 110.2 | $ 266.6 | $ 311.7 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Details of end of year cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 1,415.9 | $ 1,726.2 | $ 910.6 |
Restricted cash included in other current assets and other assets, net | 7 | 6.2 | 6.7 |
Total cash and cash equivalents and restricted cash | $ 1,422.9 | $ 1,732.4 | $ 917.3 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Liberty Global Ltd. ( Liberty Global ) is an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe. As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. ( Virgin Media ). On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation ). The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. In this Annual Report on Form 10-K, except where context dictates otherwise, the terms “we”, “our”, “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its joint ventures. Our continuing operations comprise businesses that provide residential and business-to-business ( B2B ) communications services in (i) Switzerland, which we refer to as “ Sunrise ”, and Slovakia through certain wholly-owned subsidiaries that we collectively refer to as “ Sunrise Holding ” (formerly UPC Holding), (ii) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “ Telenet ”, and (iii) Ireland through another wholly-owned subsidiary ( VM Ireland ). In addition, we own 50% noncontrolling interests in (a) a 50:50 joint venture (the VMO2 JV ) with Telefónica SA ( Telefónica ), which provides residential and B2B communication services in the United Kingdom ( U.K. ), and (b) a 50:50 joint venture (the VodafoneZiggo JV ) with Vodafone Group plc ( Vodafone ), which provides residential and B2B communication services in the Netherlands. We also own (1) a 50% noncontrolling voting interest in a joint venture (the AtlasEdge JV ), which is a leading European Edge data center platform, and (2) a 25% noncontrolling interest in a joint venture (the nexfibre JV ), which is constructing a new fiber network in the U.K. outside of the existing footprint of the VMO2 JV. In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 14), pursuant to which we increased our ownership interest in Telenet to 100%. Through March 31, 2022, we provided residential and B2B communications services in Poland through Sunrise Holding. On April 1, 2022, we completed the sale of our operations in Poland. Accordingly, in these consolidated financial statements, our operations in Poland are reflected as discontinued operations for all applicable periods. For additional information, see note 6. Through May 31, 2021, our consolidated operations also included residential and B2B communications services provided to customers in the U.K. through Virgin Media ( Virgin Media U.K. ). On June 1, 2021, we contributed the U.K. JV Entities (as defined in note 6) to the VMO2 JV and began accounting for our 50% interest in the VMO2 JV as an equity method investment. For additional information, see note 6. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ). Unless otherwise indicated, the amounts presented in these notes relate only to our continuing operations, and ownership percentages and convenience translations into United States ( U.S. |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Changes ASU 2022-04 In September 2022, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( ASU ) No. 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04 ), which requires additional disclosures for buyers participating in supplier financing programs, which we refer to as vendor financing, including (i) the key terms of the arrangement, (ii) the confirmed amount outstanding at the end of the period, (iii) the balance sheet presentation of related amounts and (iv) a reconciliation of the balances from period to period. We adopted ASU 2022-04 on January 1, 2023, and such adoption did not have a significant impact on our consolidated financial statements. For additional information regarding our vendor financing obligations, see note 11. ASU 2021-08 In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ( ASU 2021-08 ), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. We adopted ASU 2021-08 on January 1, 2023. The main impact of the adoption of ASU 2021-08 is the recognition of contract assets and contract liabilities in business combinations at amounts generally consistent with the carrying value of such assets and liabilities of the acquiree immediately before the acquisition date. ASU 2020-04 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides, for a limited time, optional expedients and exceptions for certain contract modifications that reference the London Interbank Offered Rate ( LIBOR ) or another reference rate expected to be discontinued. In December 2022, the FASB deferred the expiration date of ASU 2020-04 from December 31, 2022 to December 31, 2024. In accordance with the optional expedients in ASU 2020-04, we have modified all applicable debt agreements to replace LIBOR with another reference rate and applied the practical expedient to account for the modification as a continuation of the existing contract. The use of optional expedients in ASU 2020-04 has not had a significant impact on our consolidated financial statements to date. For additional information regarding our debt, see note 11. Recent Accounting Pronouncements ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures ( ASU 2023-09 ), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements and disclosures. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and is required to be applied on a retrospective basis. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements and disclosures. ASU 2023-05 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations – Joint Venture Formations: Recognition and Initial Measurement ( ASU 2023-05 ), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after January 1, 2025. We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities and the development of internal-use software, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation, including the reclassification of certain segment information with respect to the Tech Framework, as defined and described in note 19. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. Our significant non-cash investing and financing activities are disclosed in our consolidated statements of equity and in notes 6, 10, 11 and 12. Cash Flow Statement For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. The capital expenditures we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $58.0 million and $43.1 million at December 31, 2023 and 2022, respectively. The allowance for doubtful accounts is based upon our current estimate of lifetime expected credit losses related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent. Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. We determine the appropriate classification of our investments in debt securities at the time of purchase based on the underlying nature and characteristics of each security. With the exception of our debt security in a leveraged structured note, all of our debt securities are classified as available for sale and are reported at fair value. Changes in fair value are reported in other comprehensive earnings or loss and, upon sale, are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Our debt security held in a leveraged structured note is accounted for at fair value and any change in fair value is reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. In addition, any interest received on our debt securities is reported as interest income in our consolidated statements of operations. Under the equity method, investments are recorded at cost and are subsequently increased or reduced to reflect our share of net earnings or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9. Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. Dividend distributions from investees that are not accounted for under the equity method are recognized as dividend income in our consolidated statements of operations when the investee’s shares begin trading on an ex-dividend basis for publicly traded investees or when declared for privately held investees. Dividend distributions from our equity method investees are reflected as reductions in the carrying values of the applicable investments. Dividend distributions that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity method investments to determine whether a decline in fair value below the cost basis is deemed other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable. If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value and the corresponding charge is reported in share of results of affiliates, net, in our consolidated statements of operations. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. Financial Instruments Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of certain of our investments, derivatives and debt, see notes 7, 8 and 11, respectively. For information regarding how we arrive at certain of our fair value measurements, see note 9. Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. We generally do not apply hedge accounting to our derivative instruments, therefore changes in the fair value of derivative instruments are recognized in earnings or loss. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For additional information regarding our derivative instruments, see note 8. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new, or upgrades to existing, fixed and mobile transmission and distribution facilities, the installation of new fixed-line services and the development of internal-use software. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our fixed-line system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for new, or upgrades to existing, fixed-line services. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Costs related to the development of entertainment- and connectivity-related software that we externally market, or plan to externally market, to third parties are expensed as incurred, as the time period between technological feasibility and product launch is generally limited in duration and the associated costs during said time period are not significant. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of fixed and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. As of December 31, 2023 and 2022, the recorded value of our asset retirement obligations was $105.9 million and $93.0 million, respectively. Intangible Assets Our primary intangible asset s relate to goodwill and customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships are initially recorded at their fair value in connection with business combinations. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values. For additional information regarding the useful lives of our intangible assets, see note 10. Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill for impairment at least annually on October 1 and whenever facts and circumstances indicate that a reporting unit’s carrying amount may not be recoverable. We first make a qualitative assessment to determine if the goodwill may be impaired. If it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). Leases For leases with a term greater than 12 months, we recognize on the lease commencement date (i) right-of-use ( ROU ) assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term. Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings or loss in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. The 2017 Tax Cuts and Jobs Act created a requirement that certain income earned by foreign subsidiaries, known as global intangible low-taxed income ( GILTI ), must be included in the gross income of their U.S. shareholder. We have elected to treat the tax effect of GILTI as a current-period expense when incurred. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. For additional information regarding our income taxes, see note 13. Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. Revenue Recognition Service Revenue — Fixed Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from prepaid customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Other Revenue — Services to Affiliates. We provide certain services to the VMO2 JV and the VodafoneZiggo JV, which 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 VMO2 JV and the VodafoneZiggo JV. We recognize revenue from services to affiliates in the period in which the related services are provided. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes ( VAT ). For additional information regarding our revenue recognition and related costs, see note 4. For additional information regarding services provided to our affiliates, see note 7. For a disaggregation of our revenue by major category and by reportable and geographic segment, see note 19. Programming Costs 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 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 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 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. For additional information regarding our programming costs, see note 18. Share-based Compensation We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards is recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units ( RSUs ), restricted share awards ( RSAs ) and performance-based restricted share units ( PSUs ) are based upon the closing share price of Liberty Global common shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SARs granted by Liberty Global to employees. The expected volatility for options and SARs related to our common shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global common shares when Liberty Global options or SARs are exercised, when RSUs and PSUs vest and when RSAs are granted. 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. Although we repurchase Liberty Global common shares from time to time, the parameters of our share purchase and redemption activities are not established with reference to the dilutive impact of our share-based compensation plans. For additional information regarding our share-based compensation, see note 15. Litigation Costs Legal fees and related litigation costs are expensed as incurred. Earnings or Loss per Share Basic earnings or loss per share ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented. For additional information reg |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $45.8 million and $33.3 million as of December 31, 2023 and 2022, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $267.6 million and $272.5 million as of December 31, 2023 and 2022, respectively. The decrease in deferred revenue during 2023 is primarily due to the net effect of (a) the recognition of $217.1 million of revenue that was included in our deferred revenue balance at December 31, 2022 and (b) the impact of additions during the period. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $84.1 million and $69.4 million at December 31, 2023 and 2022, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our consolidated balance sheets. During 2023, 2022 and 2021, we amortized $80.6 million, $75.2 million and $122.0 million, respectively, to operating costs and expenses related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one one |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Telenet Wyre Transaction . On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV ( Fluvius ) created an independent, self-funding infrastructure company ( Wyre ) within their combined geographic footprint in Belgium (the Telenet Wyre Transaction ). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius initially owning 66.8% and 33.2% of Wyre, respectively. In exchange for its 66.8% ownership of Wyre, Telenet contributed net assets with a fair value of €1,851.2 million ($2,021.2 million at the transaction date), together with annual payments to Fluvius of €20.0 million ($22.1 million) over the next six years following the date of the transaction. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction. With the closing of the Telenet Wyre Transaction, Telenet early terminated and effectively settled certain pre-existing contractual relationships with Fluvius, principally related to Telenet’s leased network, and began consolidating certain infrastructure cable assets contributed by Fluvius to Wyre, as described above. Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction does not have a significant impact on our operating income during 2023, 2022 or 2021. Accordingly, the pro forma effect of the Telenet Wyre Transaction is not presented herein. In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during 2023, which represents the difference between the fair value and carrying amount of a pre-existing network leasing relationship between Telenet and Fluvius. No income taxes were required to be provided on this gain. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions 2022 Dispositions UPC Poland . On April 1, 2022, we completed the sale of 100% of our operations in Poland ( UPC Poland ) to a subsidiary of iliad S.A. ( iliad ). After considering debt and working capital adjustments (including cash disposed), we received net cash proceeds of Polish zloty 6,520.4 million ($1,553.3 million at the transaction date). In connection with the sale of UPC Poland, we recognized a gain of $846.4 million, which includes a cumulative foreign currency translation gain of $10.9 million. No income taxes were required to be provided on this gain. In connection with the sale of UPC Poland, we have agreed to provide certain transitional services to iliad for a period of up to five years, depending on the service. These services principally comprise network and information technology-related functions. During 2023 and 2022, we recorded revenue of $24.6 million and $26.6 million, respectively, associated with these transitional services. UPC Poland is presented as a discontinued operation in our consolidated financial statements for all applicable periods. Effective with the signing of the sale and purchase agreement on September 22, 2021, we ceased to depreciate or amortize the associated long-lived assets. Our operations in Poland were held through Sunrise Holding prior to the disposal date. No debt, interest or derivative instruments of the Sunrise Holding borrowing group have been allocated to discontinued operations. The operating results of UPC Poland for 2022 and 2021 are summarized in the following table. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations. Year ended December 31, 2022 (a) 2021 in millions Revenue $ 109.5 $ 454.8 Operating income $ 45.0 $ 133.7 Earnings before income taxes $ 43.9 $ 130.7 Income tax expense (9.3) (48.1) Net earnings attributable to Liberty Global shareholders $ 34.6 $ 82.6 _______________ (a) Includes the operating results of UPC Poland from January 1, 2022 to April 1, 2022, the date UPC Poland was sold. Telenet Tower Sale . On June 1, 2022, Telenet completed the sale of substantially all of their passive infrastructure and tower assets to DigitalBridge Investments LLC ( DigitalBridge ) (the Telenet Tower Sale ). After considering working capital adjustments, we received net cash proceeds of €733.0 million ($779.9 million at the transaction date). Effective with the signing of the sale and purchase agreement on March 25, 2022, we began accounting for the associated assets and liabilities as held for sale and, accordingly, we ceased to depreciate or amortize these long-lived assets. In connection with the completion of the Telenet Tower Sale, we recognized a gain of $700.5 million. No income taxes were required to be provided on this gain. As part of the Telenet Tower Sale, Telenet entered into a master lease agreement to lease back the passive infrastructure and tower assets from DigitalBridge for an initial period of 15 years (the Telenet Tower Lease Agreement ). In connection with the Telenet Tower Lease Agreement, we recorded non-cash additions to our operating lease ROU assets of $615.1 million and a corresponding increase to our operating lease liabilities of the same amount. In addition, as part of the Telenet Tower Lease Agreement, Telenet has also committed to lease back 475 build-to-suit sites over the term of the lease. As of December 31, 2023, the total U.S. dollar equivalent of the estimated future payments for the build-to-suit sites over the term of the lease was $106.8 million, the majority of which are due after 2028. Telenet will act as an agent over the construction of future towers on the build-to-suit sites. 2021 Dispositions U.K. JV Transaction . On June 1, 2021, pursuant to a Contribution Agreement dated May 7, 2020 (the Contribution Agreement ) with, among others, Telefónica, (i) we contributed Virgin Media U.K. and certain other Liberty Global subsidiaries (together, the U.K. JV Entities ) to the VMO2 JV and (ii) Telefónica contributed its U.K. mobile business to the VMO2 JV, creating a nationwide integrated communications provider (herein referred to as the “ U.K. JV Transaction ”). We account for our 50% interest in the VMO2 JV as an equity method investment, as further described in note 7. In connection with the U.K. JV Transaction, we received net cash of $108.6 million, which includes the net impact of (i) equalization payments received from Telefónica, (ii) our share of the proceeds associated with related recapitalization financing transactions completed by the VMO2 JV and (iii) $44.5 million of cash paid by Liberty Global to settle certain centrally-held vendor financing obligations associated with the VMO2 JV. In connection with the U.K. JV Transaction, we recognized a pre-tax gain of $10,873.8 million, net of the recognition of a cumulative foreign currency translation loss of $1,198.6 million. This gain was calculated by deducting the carrying value of the U.K. JV Entities (including the related foreign currency translation loss) from the sum of (i) the fair value assigned to our 50% interest in the VMO2 JV and (ii) the net cash received pursuant to the equalization payments and recapitalization transactions described above. For information regarding our approach to the valuation of our interest in the VMO2 JV, see note 9. A summary of the fair value of the assets and liabilities of the VMO2 JV at the June 1, 2021 transaction date is presented in the following table. The opening balance sheet presented below reflects the final purchase price allocation (in millions): Current assets $ 4,186.7 Property and equipment, net 12,523.2 Goodwill 29,455.4 Intangible assets subject to amortization, net 13,274.6 Other assets, net 4,163.5 Current portion of debt and finance lease obligations (4,352.5) Other accrued and current liabilities (5,780.8) Long-term debt and finance lease obligations (21,879.2) Other long-term liabilities (2,170.9) Total fair value of the net assets of the VMO2 JV $ 29,420.0 For the period prior to the June 1, 2021 completion of the U.K. JV Transaction, our consolidated statement of operations includes aggregate earnings before income taxes attributable to the U.K. JV Entities of $890.5 million during 2021. 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. However, the U.K. JV Entities were not presented as discontinued operations as the U.K. JV Transaction did not represent a strategic shift as defined by GAAP. The June 1, 2021 carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities, which were contributed to the VMO2 JV, are summarized below (in millions): Assets: Current assets (a) $ 4,868.3 Property and equipment, net 9,465.1 Goodwill 8,214.7 Other assets, net 3,086.9 Total assets (b) $ 25,635.0 Liabilities: Current portion of debt and finance lease obligations $ 3,220.9 Other accrued and current liabilities 2,242.0 Long-term debt and finance lease obligations 16,905.1 Other long-term liabilities 1,788.2 Total liabilities (b) $ 24,156.2 _______________ (a) Amount includes $3.4 billion of net proceeds from certain financing transactions completed in 2020 that were held in escrow pending the completion of the U.K. JV Transaction. (b) The carrying amount of the net assets of $1,478.8 million presented above is net of the cumulative foreign currency translation loss of $1,198.6 million. AtlasEdge JV Transactions . On September 1, 2021, we (i) contributed certain assets and liabilities to a newly-formed 50:50 joint venture (the AtlasEdge JV ) that was established for the purpose of acquiring and commercializing European technical real estate for edge colocation and hosting services and (ii) sold certain other assets to the AtlasEdge JV. In addition, we sold certain additional assets to the AtlasEdge JV during the fourth quarter of 2021. In connection with these transactions, which we collectively refer to as the “ AtlasEdge JV Transactions ”, we (a) received net cash of $144.5 million and (b) recognized a pre-tax gain of $227.5 million (net of the recognition of a cumulative foreign currency translation loss of $1.8 million), representing the difference between the estimated fair value and the carrying value of the net assets associated with these transactions. We account for our interest in the AtlasEdge JV as an equity method investment. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: December 31, 2023 2022 Ownership (a) Accounting Method in millions % Equity (b): Long-term: VMO2 JV $ 7,248.5 $ 9,790.9 50.0 VodafoneZiggo JV (c) 2,055.4 2,345.8 50.0 AtlasEdge JV 250.8 122.2 48.1 All3Media Group ( All3Media ) 144.2 143.9 50.0 Formula E Holdings Ltd ( Formula E ) 99.1 87.3 35.9 nexfibre JV 55.9 52.4 25.0 Other 133.7 134.6 Total — equity 9,987.6 12,677.1 Fair value: Short-term: Separately-managed accounts ( SMAs ) (d) 1,990.5 2,621.6 Long-term: Vodafone - subject to re-use rights (e) 1,168.1 — 4.9 Televisa Univision, Inc. ( Televisa Univision ) 388.3 385.5 6.0 ITV plc ( ITV ) 321.9 362.4 9.8 EdgeConneX, Inc. ( EdgeConneX ) 318.3 183.8 5.2 SMAs (d) 285.6 233.0 Plume Design, Inc. ( Plume ) (f) 168.4 246.2 11.5 Pax8, Inc. ( Pax8 ) 100.3 99.0 5.6 Lacework, Inc. ( Lacework ) 94.2 242.8 3.2 CANAL+ Polska S.A. ( CANAL+ Polska ) 76.4 66.1 17.0 Lions Gate Entertainment Corp. ( Lionsgate ) 69.6 36.7 2.8 Aviatrix Systems, Inc. ( Aviatrix ) 55.5 78.2 3.3 Other 361.9 337.7 Total — fair value 5,399.0 4,893.0 Total investments (g) $ 15,386.6 $ 17,570.1 Short-term investments $ 1,990.5 $ 2,621.6 Long-term investments $ 13,396.1 $ 14,948.5 _______________ (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 dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At December 31, 2023 and 2022, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,234.7 million and $1,196.8 million, respectively, which primarily includes 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 $774.5 million and $749.7 million at December 31, 2023 and 2022, respectively, (the VodafoneZiggo JV Receivable I ) and (ii) a euro-denominated note receivable with a principal amount of $230.0 million and $222.7 million at December 31, 2023 and 2022, 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 2023, interest accrued on the VodafoneZiggo JV Receivables was $55.3 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. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were classified as available-for-sale debt securities as of December 31, 2023. At December 31, 2023 and 2022, interest accrued on our debt securities, which is included in other current assets (e) During the first quarter of 2023, we acquired 1,335 million shares of Vodafone at an average purchase price of £0.9195 ($1.1151 at the transaction date) per share. The aggregate purchase price of £1,227.6 million ($1,488.7 million at the transaction date) was funded with $269.2 million of cash on hand, net of a $0.3 million collar premium, and the remainder through a collar transaction (the Vodafone Collar Transaction ). The Vodafone Collar Transaction includes a collar on the full amount of our Vodafone shares (the Vodafone Collar ) and a loan (the Vodafone Collar Loan ) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares. At December 31, 2023, after consideration of the Vodafone Collar Transaction, the net fair value of our investment in Vodafone is $115.5 million. For additional information regarding the Vodafone Collar Transaction, including a description of the related re-use rights and the impact on the dividends we receive on our Vodafone shares, see note 8. (f) Our investment in Plume includes warrants with a fair value of $61.3 million and $92.2 million at December 31, 2023 and 2022, respectively. (g) The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs. Equity Method Investments The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2023 2022 2021 in millions VMO2 JV (a) $ (1,723.1) $ (1,396.6) $ (97.2) VodafoneZiggo JV (b) (196.7) 241.2 (32.0) nexfibre JV (34.7) 25.2 — AtlasEdge JV (31.1) (23.3) (5.8) Formula E (19.4) (20.2) (2.5) Streamz B.V. ( Streamz ) (c) (6.9) (35.2) (0.7) All3Media 4.0 (10.0) (17.4) Eltrona Interdiffusion S.A. ( Eltrona ) (d) — (34.2) (17.2) Other (11.4) (14.7) (2.6) Total $ (2,019.3) $ (1,267.8) $ (175.4) _______________ (a) Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. In addition, the 2023 and 2022 amounts include charges of $1.5 billion and $1.8 billion, respectively, representing our 50% share of the VMO2 JV’s goodwill impairments, as described below. (b) Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables. (c) The 2022 amount includes a charge of $31.7 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter. (d) The 2022 amount includes a charge of $32.5 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter. VMO2 JV On June 1, 2021, we completed the U.K. JV Transaction. Each of Liberty Global and Telefónica (each a “ U.K. JV Shareholder ”) holds 50% of the issued share capital of the VMO2 JV . The U.K. JV Shareholders intend for the VMO2 JV to be funded solely from its net cash flows from operations and third-party financing. We account for our 50% interest in the VMO2 JV as an equity method investment and consider the VMO2 JV to be a related party. For additional information regarding the U.K. JV Transaction, see note 6. In connection with the formation of the VMO2 JV, the U.K. JV Shareholders entered into an agreement (the U.K. JV Shareholders Agreement ) that contains customary provisions for the governance of a 50:50 joint venture and provides Liberty Global and Telefónica with joint control over decision making with respect to the VMO2 JV. The U.K. JV Shareholders Agreement also provides (i) for a dividend distribution policy that requires the VMO2 JV to distribute all unrestricted cash to the U.K. JV Shareholders on a pro rata basis (subject to the VMO2 JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VMO2 JV will be managed with a leverage ratio between 4.0 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VMO2 JV undertaking periodic recapitalizations and/or refinancings accordingly. During 2023 and 2022, we received dividend distributions from the VMO2 JV aggregating $1,242.8 million and $932.5 million, respectively, of which $815.2 million and $477.9 million, respectively, were accounted for as a return of capital and $427.6 million and $454.6 million, respectively, were accounted for as a return on capital for purposes of our consolidated statements of cash flows. During 2021, we received a dividend distribution from the VMO2 JV of $214.8 million, which was accounted for as a return on capital for purposes of our consolidated statement of cash flows. Each U.K. JV Shareholder has the right to initiate an initial public offering ( IPO ) of the VMO2 JV after the third anniversary of the closing, with the opportunity for the other U.K. JV Shareholder to sell shares in the IPO on a pro rata basis. Subject to certain exceptions, the U.K. JV Shareholders Agreement prohibits transfers of interests in the VMO2 JV to third parties until the fifth anniversary of the closing. After the fifth anniversary, each U.K. JV Shareholder will be able to initiate a sale of all of its interest in the VMO2 JV to a third party and, under certain circumstances, initiate a sale of the entire VMO2 JV; subject, in each case, to a right of first offer in favor of the other U.K. JV Shareholder. Pursuant to an agreement entered into in connection with the closing of the VMO2 JV and amended in December 2023 (the U.K. JV Framework Agreement ), Liberty Global provides certain services to the VMO2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services ). Pursuant to the terms of the U.K. JV Framework Agreement, the ongoing services, as amended, will be provided through 2029 depending on the type of service, while transitional services will be provided for a period of no less than 12 months, after which both parties shall be entitled to terminate based on specified notice periods. The U.K. 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 VMO2 JV. Liberty Global charges both fixed and variable fees to the VMO2 JV for the U.K. JV Services it provides during the term of the U.K. JV Framework Agreement. We recorded revenue related to the U.K. JV Services of $190.1 million, $251.2 million and $170.1 million during 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, $18.6 million and $37.0 million, respectively, was due from the VMO2 JV, primarily related to (a) the U.K. JV Services and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VMO2 JV. The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets. In July 2022, the VMO2 JV entered into a new long-term performance incentive plan (the 2022 VMO2 LTIP ) for certain of its employees, dependent on the achievement of specific performance metrics over each of the three years in the period beginning January 1, 2022 and ending on December 31, 2024. Payout may occur in March 2025 and will be settled in Liberty Global Class A and/or Liberty Global Class C common shares and Telefónica ordinary shares, with the settlement split evenly between the U.K. JV Shareholders. Subject to forfeitures, 66.7% of each participant’s payout will be earned on January 1, 2024 with the remainder earned on December 31, 2024. The 2022 VMO2 LTIP awards are liability classified due to the fact that the final payout will be a fixed monetary amount settled in a variable number of shares. At December 31, 2023, the estimated fair value of Liberty Global’s share of the final payout under the 2022 VMO2 LTIP was $17.4 million. As the VMO2 JV will reimburse the U.K. JV Shareholders in cash for the value of each company’s 50% payout of the 2022 VMO2 LTIP awards, a receivable from the VMO2 JV equal to the amount of the fair value of our share of the 2022 VMO2 LTIP liability is recorded on our consolidated balance sheet. During the fourth quarters of 2023 and 2022, the VMO2 JV recorded GAAP goodwill impairments of £2.3 billion ($2.9 billion at the applicable rate) and £3.1 billion ($3.6 billion at the applicable rate), respectively. The impairments recorded primarily related to (i) a decline in projected cash flows resulting from the effects of the broader macroeconomic environment in the U.K., (ii) increases in the weighted average cost of capital (discount rate) under a market participant view and (iii) declines in comparable public company market valuations. Significant judgment was involved in these assessments, including (a) market participant estimates of the discount rates and (b) current earnings multiples of comparable public companies. Our 50% share of the VMO2 JV’s goodwill impairment charges are reported in share of results of affiliates, net, in our consolidated statements of operations. The summarized results of operations of the VMO2 JV are set forth below: Year ended December 31, 2023 2022 2021 (a) in millions Revenue $ 13,574.1 $ 12,857.2 $ 8,522.9 Loss before income taxes $ (3,728.8) $ (3,012.8) $ (351.6) Net loss $ (3,438.6) $ (3,042.0) $ (173.2) _______________ (a) Includes the operating results of the VMO2 JV for the period from June 1, 2021 through December 31, 2021. The summarized financial position of the VMO2 JV is set forth below: December 31, 2023 2022 in millions Current assets $ 5,237.8 $ 4,056.0 Long-term assets 42,801.6 45,753.3 Total assets $ 48,039.4 $ 49,809.3 Current liabilities $ 9,465.8 $ 8,349.7 Long-term liabilities 24,075.9 21,877.6 Owners’ equity 14,497.7 19,582.0 Total liabilities and owners’ equity $ 48,039.4 $ 49,809.3 VodafoneZiggo JV Each of Liberty Global and Vodafone (each a “ NL JV Shareholder ”) holds 50% of the issued share capital of the VodafoneZiggo JV. The NL JV Shareholders intend for the VodafoneZiggo JV to be funded primarily from its net cash flows from operations and third-party financing. We account for our 50% interest in the VodafoneZiggo JV as an equity method investment and consider the VodafoneZiggo JV to be a related party. In connection with the formation of the VodafoneZiggo JV, the NL JV Shareholders entered into an agreement (the NL Shareholders Agreement ) that contains customary provisions for the governance of a 50:50 joint venture and provides Liberty Global and Vodafone with joint control over decision making with respect to the VodafoneZiggo JV. The NL Shareholders Agreement also provides (i) for a dividend distribution policy that requires the VodafoneZiggo JV to distribute all unrestricted cash to the NL JV Shareholders every two months (subject to the VodafoneZiggo JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VodafoneZiggo JV will be managed with a leverage ratio of between 4.5 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VodafoneZiggo JV undertaking periodic recapitalizations and/or refinancings accordingly. During 2023, 2022 and 2021, we received dividend distributions from the VodafoneZiggo JV of $110.2 million, $266.6 million and $311.7 million, respectively, which were accounted for as returns on capital for purposes of our consolidated statements of cash flows. Each NL JV Shareholder has the right to initiate an IPO of the VodafoneZiggo JV, with the opportunity for the other NL JV Shareholder to sell shares in the IPO on a pro rata basis. As of January 1, 2021, each NL JV Shareholder has the right to initiate a sale of all of its interest in the VodafoneZiggo JV to a third party and, under certain circumstances, initiate a sale of the entire VodafoneZiggo JV, subject, in each case, to a right of first offer in favor of the other NL JV Shareholder. Pursuant to an agreement (the NL JV Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the NL JV Services ). The NL 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 NL JV Services provided during the term of the NL JV Framework Agreement. During 2023, 2022 and 2021, we recorded revenue from the VodafoneZiggo JV of $191.9 million, $263.9 million and $222.0 million, respectively, primarily related to (a) the NL JV Services and (b) the sale of customer premises equipment ( CPE ) to the VodafoneZiggo JV at a mark-up. At December 31, 2023 and 2022, $24.2 million and $35.0 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets. The summarized results of operations of the VodafoneZiggo JV are set forth below: Year ended December 31, 2023 2022 2021 in millions Revenue $ 4,450.5 $ 4,284.6 $ 4,824.2 Earnings (loss) before income taxes $ (614.6) $ 608.3 $ (90.8) Net earnings (loss) $ (510.0) $ 394.7 $ (163.1) The summarized financial position of the VodafoneZiggo JV is set forth below: December 31, 2023 2022 in millions Current assets $ 923.6 $ 815.5 Long-term assets 18,790.5 19,396.4 Total assets $ 19,714.1 $ 20,211.9 Current liabilities $ 2,727.5 $ 2,719.2 Long-term liabilities 14,795.2 14,652.3 Owners’ equity 2,191.4 2,840.4 Total liabilities and owners’ equity $ 19,714.1 $ 20,211.9 Fair Value Investments The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net: Year ended December 31, 2023 2022 2021 in millions Vodafone $ (362.4) $ — $ — Lacework (148.6) (26.3) 223.9 EdgeConneX 122.3 43.4 28.9 Plume (77.8) (55.4) 219.5 ITV (40.5) (233.9) 15.3 Lionsgate 32.9 (69.2) 33.9 SMAs (26.4) (49.1) (10.1) Aviatrix (22.7) — 65.4 Televisa Univision (9.9) 23.1 301.6 Pax8 1.3 79.3 — Skillz Inc. ( Skillz ) (a) — (34.7) (100.4) TiBiT Communications, Inc. ( TiBiT ) (b) — 26.4 — Other, net (c) (25.5) (27.1) 42.6 Total $ (557.3) $ (323.5) $ 820.6 _______________ (a) We completed the sale of our investment in Skillz during the first quarter of 2023. (b) Our investment in TiBiT was sold during the fourth quarter of 2022. (c) Amounts include gains of $8.0 million, $15.7 million and $12.9 million, in the respective periods shown, related to investments that were sold during the year. Debt Securities The following tables set forth a summary of our debt securities at December 31, 2023 and 2022: December 31, 2023 Amortized cost basis Accumulated unrealized gains Fair value in millions Commercial paper $ 1,066.5 $ (0.1) $ 1,066.4 Government bonds 504.7 0.3 505.0 Certificates of deposit 373.1 0.1 373.2 Corporate debt securities 226.6 (0.1) 226.5 Structured note (a) (a) (a) 95.8 Other debt securities 9.2 — 9.2 Total debt securities $ 2,180.1 $ 0.2 $ 2,276.1 _______________ (a) Amount represents an investment in a leveraged structured note issued by a third party investment bank, which is accounted for at fair value and classified within Level 2 of the fair value hierarchy. For further information regarding our fair value measurements, see note 9. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. At December 31, 2023, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table: Proportion of debt associated with the return on the leveraged structured note Subsidiary: Sunrise Holding 32.91 % Telenet 28.23 % Affiliate: VMO2 JV 31.49 % VodafoneZiggo JV 7.37 % Total 100.00 % December 31, 2022 Amortized cost basis Accumulated unrealized losses Fair value in millions Commercial paper $ 881.1 $ 2.1 $ 883.2 Government bonds 697.0 (1.4) 695.6 Certificates of deposit 520.5 (0.6) 519.9 Corporate debt securities 405.3 (4.8) 400.5 Other debt securities 355.0 0.4 355.4 Total debt securities $ 2,858.9 $ (4.3) $ 2,854.6 During 2023, 2022 and 2021, we received proceeds from the sale of debt securities of $6.9 billion, $9.1 billion and $6.1 billion, respectively, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities during 2023, 2022 and 2021 resulted in realized net losses of $56.3 million, $6.9 million and $2.0 million, respectively. The fair values of our debt securities as of December 31, 2023 by contractual maturity are shown below (in millions): Due in one year or less $ 1,990.5 Due in one to five years 284.7 Due in five to ten years 0.9 Total (a) $ 2,276.1 _______________ (a) The weighted average life of our total debt securities was 0.6 years as of December 31, 2023. Our investment portfolio is subject to various macroeconomic pressures and has experienced significant volatility, which affects both our non-public and publicly-traded investments. Changes in the fair values of these investments, including changes with respect to interest rates within our local jurisdictions, are likely to continue and could be significant. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 ( £ ) and the Swiss franc ( CHF ). 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 consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: December 31, 2023 December 31, 2022 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 515.6 $ 427.5 $ 943.1 $ 381.4 $ 1,087.6 $ 1,469.0 Equity-related derivative instruments (c) — 310.7 310.7 — — — Foreign currency forward and option contracts 2.3 0.6 2.9 1.0 — 1.0 Other 0.2 — 0.2 0.3 — 0.3 Total $ 518.1 $ 738.8 $ 1,256.9 $ 382.7 $ 1,087.6 $ 1,470.3 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 369.9 $ 948.5 $ 1,318.4 $ 286.5 $ 449.0 $ 735.5 Equity-related derivative instruments (c) 47.4 — 47.4 — — — Foreign currency forward and option contracts 9.5 4.5 14.0 10.3 1.3 11.6 Total $ 426.8 $ 953.0 $ 1,379.8 $ 296.8 $ 450.3 $ 747.1 _______________ (a) Our long-term derivative assets and long-term derivative liabilities are included in other assets, net other long-term liabilities (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 11). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $36.9 million, ($16.6 million) and ($10.7 million) during 2023, 2022 and 2021, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9. (c) Our equity-related derivative instruments include the Vodafone Collar. The fair value of the Vodafone 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 arrangements. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2023 2022 2021 in millions Cross-currency and interest rate derivative contracts $ (785.4) $ 1,185.5 $ 578.9 Equity-related derivative instruments: Vodafone Collar 258.5 — — ITV Collar — — (11.8) Total equity-related derivative instruments 258.5 — (11.8) Foreign currency forward and option contracts 0.6 28.3 (31.8) Other — (0.7) 2.0 Total $ (526.3) $ 1,213.1 $ 537.3 The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. The following table sets forth the classification of the net cash inflows of our derivative instruments: Year ended December 31, 2023 2022 2021 in millions Operating activities $ 390.9 $ 75.3 $ (22.5) Investing activities 2.1 40.9 (107.1) Financing activities (59.6) (50.0) 143.6 Total $ 333.4 $ 66.2 $ 14.0 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, however notwithstanding, given the size of our derivative portfolio, the default of certain counterparties could have a significant impact on our consolidated statements of operations. Collateral is generally not posted by either party under our derivative instruments. At December 31, 2023, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $232.9 million. Each of our subsidiary borrowing groups have entered into derivative instruments under master agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. Under our derivative contracts, it is generally only the non-defaulting party that has a contractual option to exercise early termination rights upon the default of the other counterparty and to set off other liabilities against sums due upon such termination. However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty. Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us and the relevant counterparty. Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us. To the extent that we are required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time. In an insolvency of a defaulting counterparty, we will be an unsecured creditor in respect of any amount owed to us by the defaulting counterparty, except to the extent of the value of any collateral we have obtained from that counterparty. In addition, where a counterparty is in financial difficulty, under the laws of certain jurisdictions, the relevant regulators may be able to (i) compel the termination of one or more derivative instruments, determine the settlement amount and/or compel, without any payment, the partial or full discharge of liabilities arising from such early termination that are payable by the relevant counterparty, or (ii) transfer the derivative instruments to an alternative counterparty. Details of our Derivative Instruments Cross-currency Derivative Contracts We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At December 31, 2023, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at December 31, 2023: Notional amount due from counterparty Notional amount due Weighted average remaining life in millions in years Sunrise Holding $ 250.0 € 220.6 1.8 $ 4,275.0 CHF 3,912.7 (a) 4.7 € 1,952.6 CHF 2,176.5 3.2 Telenet $ 3,940.0 € 3,489.6 (a) 3.1 € 45.2 $ 50.0 (b) 1.1 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2023. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. Interest Rate Swap Contracts The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2023: Pays fixed rate Receives fixed rate Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years Sunrise Holding $ 3,672.7 (a) 2.6 $ 3,383.6 2.6 Telenet $ 2,513.3 4.0 $ 298.7 1.1 Other (b) $ — — $ 26.2 1.7 ______________ (a) Includes forward-starting derivative instruments. (b) Represents contracts associated with our investment in a leveraged structured note. For additional information, see note 7. Basis Swaps Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at December 31, 2023: Notional amount due from counterparty Weighted average remaining life in millions in years Sunrise Holding $ 3,626.4 — Telenet $ 3,523.2 0.4 VM Ireland $ 995.8 — Interest Rate Caps, Floors and Collars From time to time, we enter into interest rate cap, floor and collar agreements. Purchased interest rate caps and collars lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. Purchased interest rate floors protect us from interest rates falling below a certain level, generally to match a floating rate floor on a debt instrument. At December 31, 2023, we had no interest rate collar agreements, and the total U.S. dollar equivalents of the notional amounts of our purchased interest rate caps and floors were $1.3 billion and $6.0 billion, respectively. Impact of Derivative Instruments on Borrowing Costs The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows: Decrease to borrowing costs at December 31, 2023 (a) Sunrise Holding (3.57) % VM Ireland (3.51) % Telenet (2.97) % Total decrease to borrowing costs (3.31) % _______________ (a) Represents the effect of derivative instruments in effect at December 31, 2023 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, including hedges of the proceeds from the sale of UPC Poland. As of December 31, 2023, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $820.6 million. Equity-related Derivative Instruments Vodafone Collar and Vodafone Collar Loan. As part of the Vodafone Collar Transaction, on February 11, 2023, we entered into the Vodafone Collar with respect to all 1,335 million of our Vodafone shares. The Vodafone Collar is comprised of (i) purchase put options that we can exercise and (ii) written call options exercisable by the counterparty. The Vodafone Collar effectively hedges the value of our investment in Vodafone shares from potential losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. For additional information regarding our investment in Vodafone, see note 7. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use the fair value method to account for (i) certain of our investments and (ii) our derivative instruments. The reported fair values of these investments and derivative instruments as of December 31, 2023 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. During 2023, no material transfers were made. All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (forecasted volatilities and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations. For our investments in publicly-traded companies, the recurring fair value measurements are based on the quoted closing price of the respective shares at each reporting date. Accordingly, the valuations of these investments fall under Level 1 of the fair value hierarchy. Our other investments that we account for at fair value are privately-held companies, and therefore, quoted market prices are unavailable. For such investments, we generally apply a measurement alternative to record these investments at cost less impairment, adjusted for observable price changes in orderly transactions. For those privately-held investments for which we do not apply the measurement alternative, we apply a combination of an income approach (discounted cash flow model based on forecasts) and a market approach (transactions with new third-party investors or market multiples of similar businesses). With the exception of certain inputs for our weighted average cost of capital calculations that are derived from pricing services, the inputs used to value these investments are based on unobservable inputs derived from our assumptions. Therefore, the valuation of our privately-held investments falls under Level 3 of the fair value hierarchy. Any reasonably foreseeable changes in assumed levels of unobservable inputs for the valuations of our Level 3 investments would not be expected to have a material impact on our financial position or results of operations. The recurring fair value measurements of our equity-related derivative instruments are based on standard option pricing models, which require the input of observable and unobservable variables such as exchange-traded equity prices, risk-free interest rates, dividend forecasts and forecasted volatilities of the underlying equity securities. The valuations of our equity-related derivative instruments are based on a combination of Level 1 inputs (exchange-traded equity prices), Level 2 inputs (interest rate futures and swap rates) and Level 3 inputs (forecasted volatilities). As changes in volatilities could have a significant impact on the overall valuations over the terms of the derivative instruments, we have determined that these valuations fall under Level 3 of the fair value hierarchy. For the December 31, 2023 valuation of the Vodafone Collar, we used estimated volatilities based predominantly on market observations. In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 8. The recurring fair value measurements of these instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these instruments. This observable data mostly includes currency rates, interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We classify deal-contingent hedges under Level 3 of the fair value hierarchy, as we adjust the valuations to reflect an internal judgement of the probability of the completion of the deal, which is unobservable. We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. The inputs used for our credit risk valuations, including our and our counterparties’ credit spreads, represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect these parameters to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swap contracts are quantified and further explained in note 8. Fair value measurements are also used for nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. These nonrecurring valuations include the valuation of reporting units, customer relationships and other intangible assets, property and equipment and the implied value of goodwill. The valuation of reporting units is based on an income-based approach (discounted cash flows) based on assumptions in our long-range business plans or a market-based approach (current multiples of comparable public companies and guideline transactions) and, in some cases, a combination of an income-based approach and a market-based approach. 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, including inputs with respect to revenue growth and Adjusted EBITDA margin (as defined in note 19), and terminal growth rates, 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. The implied value of goodwill is determined by allocating the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination, with the residual amount allocated to goodwill. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During 2023, we performed a nonrecurring valuation in association with the Telenet Wyre Transaction. The tangible asset value of the cable infrastructure contributed by Fluvius was based on the depreciated replacement cost method with a range of estimated useful lives up to 19 years. During 2022, we did not perform any significant nonrecurring fair value measurements. A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at December 31, 2023 using: Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 943.1 $ — $ 943.1 $ — Equity-related derivative instruments 310.7 — — 310.7 Foreign currency forward and option contracts 2.9 — 2.9 — Other 0.2 — 0.2 — Total derivative instruments 1,256.9 — 946.2 310.7 Investments: SMAs 2,276.1 483.7 1,792.4 — Other investments 3,122.9 1,559.7 0.1 1,563.1 Total investments 5,399.0 2,043.4 1,792.5 1,563.1 Total assets $ 6,655.9 $ 2,043.4 $ 2,738.7 $ 1,873.8 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,318.4 $ — $ 1,318.4 $ — Equity-related derivative instruments 47.4 — — 47.4 Foreign currency forward and option contracts 14.0 — 14.0 — Total liabilities $ 1,379.8 $ — $ 1,332.4 $ 47.4 Fair value measurements at December 31, 2022 using: Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,469.0 $ — $ 1,469.0 $ — Foreign currency forward and option contracts 1.0 — 1.0 — Other 0.3 — 0.3 — Total derivative instruments 1,470.3 — 1,470.3 — Investments: SMAs 2,854.6 943.2 1,911.4 — Other investments 2,038.4 399.3 0.1 1,639.0 Total investments 4,893.0 1,342.5 1,911.5 1,639.0 Total assets $ 6,363.3 $ 1,342.5 $ 3,381.8 $ 1,639.0 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 735.5 $ — $ 735.5 $ — Foreign currency forward and option contracts 11.6 — 11.6 — Total liabilities $ 747.1 $ — $ 747.1 $ — A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows: Investments Equity-related Total in millions Balance of net assets at January 1, 2023 $ 1,639.0 $ — $ 1,639.0 Gains (losses) included in earnings from continuing operations (a): Realized and unrealized gains on derivative instruments, net — 258.5 258.5 Realized and unrealized losses due to changes in fair values of certain investments, net (160.6) — (160.6) Additions 74.1 — 74.1 Dispositions (20.7) — (20.7) Foreign currency translation adjustments and other, net 31.3 4.8 36.1 Balance of net assets at December 31, 2023 (b) $ 1,563.1 $ 263.3 $ 1,826.4 _______________ (a) Amounts primarily relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2023. (b) As of December 31, 2023, $361.8 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes. |
Long-lived Assets
Long-lived Assets | 12 Months Ended |
Dec. 31, 2023 | |
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: Estimated useful life at December 31, 2023 December 31, 2023 2022 in millions Distribution systems 3 to 30 years $ 10,638.0 $ 9,134.3 Support equipment, buildings and land 3 to 33 years 4,116.0 4,067.2 Customer premises equipment 4 to 7 years 1,354.7 1,338.1 Total property and equipment, gross 16,108.7 14,539.6 Accumulated depreciation (8,748.5) (8,035.1) Total property and equipment, net $ 7,360.2 $ 6,504.5 Depreciation expense related to our property and equipment was $1,856.9 million, $1,727.7 million and $1,883.2 million during 2023, 2022 and 2021, respectively. During 2023, 2022 and 2021, we recorded non-cash increases to our property and equipment related to vendor financing arrangements (including amounts related to the U.K. JV Entities through the closing of the U.K. JV Transaction) of $178.4 million, $182.8 million and $661.1 million, respectively, which exclude related VAT of $18.4 million, $21.2 million and $84.7 million, respectively, that were also financed under these arrangements. Goodwill Changes in the carrying amount of our goodwill during 2023 are set forth below: January 1, 2023 Acquisitions Foreign currency translation adjustments and other December 31, in millions Sunrise $ 6,515.1 $ 11.7 $ 641.9 $ 7,168.7 Telenet 2,480.2 555.1 (58.4) 2,976.9 VM Ireland 259.5 — 8.6 268.1 Central and Other 61.3 — 2.0 63.3 Total $ 9,316.1 $ 566.8 $ 594.1 $ 10,477.0 If, among other factors, the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant. Changes in the carrying amount of our goodwill during 2022 are set forth below: January 1, 2022 Acquisitions Foreign December 31, in millions Sunrise $ 6,590.5 $ — $ (75.4) $ 6,515.1 Telenet 2,591.8 39.0 (150.6) 2,480.2 VM Ireland 275.9 — (16.4) 259.5 Central and Other 65.2 — (3.9) 61.3 Total $ 9,523.4 $ 39.0 $ (246.3) $ 9,316.1 Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization are set forth below: Estimated useful life at December 31, 2023 December 31, 2023 December 31, 2022 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships 5 to 11 years $ 2,489.5 $ (1,370.8) $ 1,118.7 $ 2,289.9 $ (932.2) $ 1,357.7 Other 2 to 20 years 1,538.3 (603.4) 934.9 1,467.2 (482.5) 984.7 Total $ 4,027.8 $ (1,974.2) $ 2,053.6 $ 3,757.1 $ (1,414.7) $ 2,342.4 During the third quarter of 2022, Telenet acquired certain mobile spectrum licenses. In connection with this transaction, we recorded a non-cash increase of $384.1 million to our intangible assets subject to amortization. Amortization expense related to intangible assets with finite useful lives was $458.3 million, $443.7 million and $470.5 million during 2023, 2022 and 2021, respectively. Based on our amortizable intangible asset balance at December 31, 2023, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2024 $ 488.5 2025 482.7 2026 416.9 2027 94.3 2028 90.4 Thereafter 480.8 Total $ 2,053.6 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt and Lease Obligation [Abstract] | |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2023 Principal amount Weighted Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent December 31, 2023 2022 in millions Sunrise Holding Bank Facility (c) 7.72 % € 725.0 $ 802.2 $ 3,626.4 $ 3,587.7 Sunrise Holding SPE Notes 4.56 % — — 1,664.9 1,651.6 Sunrise Holding Senior Notes 4.76 % — — 826.1 814.2 Telenet Credit Facility (d) 6.96 % € 645.0 713.7 4,507.9 3,483.9 Telenet Senior Secured Notes 4.75 % — — 1,597.6 1,578.4 VM Ireland Credit Facility (e) 7.35 % € 100.0 110.6 995.8 963.9 Vodafone Collar Loan (f) 2.95 % — — 1,391.9 — Vendor financing (g) 4.91 % — — 768.7 704.7 Other (h) 6.22 % — — 478.3 585.8 Total debt before deferred financing costs, discounts and premiums (i) 6.10 % $ 1,626.5 $ 15,857.6 $ 13,370.2 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: December 31, 2023 2022 in millions Total debt before deferred financing costs, discounts and premiums $ 15,857.6 $ 13,370.2 Deferred financing costs, discounts and premiums, net (149.7) (43.1) Total carrying amount of debt 15,707.9 13,327.1 Finance lease obligations (note 12) 58.0 436.1 Total debt and finance lease obligations 15,765.9 13,763.2 Current portion of debt and finance lease obligations (806.8) (799.7) Long-term debt and finance lease obligations $ 14,959.1 $ 12,963.5 _______________ (a) Represents the weighted average interest rate in effect at December 31, 2023 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 and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.45% at December 31, 2023. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 8. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2023 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities, (i) at December 31, 2023 and (ii) upon completion of the relevant December 31, 2023 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2023, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. Availability December 31, 2023 Upon completion of the relevant December 31, 2023 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Available to borrow: Sunrise Holding Bank Facility € 725.0 $ 802.2 € 725.0 $ 802.2 Telenet Credit Facility € 645.0 $ 713.7 € 645.0 $ 713.7 VM Ireland Credit Facility € 100.0 $ 110.6 € 100.0 $ 110.6 Available to loan or distribute: Sunrise Holding Bank Facility € 725.0 $ 802.2 € 725.0 $ 802.2 Telenet Credit Facility € 645.0 $ 713.7 € 645.0 $ 713.7 VM Ireland Credit Facility € 100.0 $ 110.6 € 100.0 $ 110.6 (c) Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €725.0 million ($802.2 million) under the Sunrise Holding Revolving Facility, comprising (i) €660.0 million ($730.3 million) under Sunrise Holding Revolving Facility B (as defined below) and (ii) €65.0 million ($71.9 million) under Sunrise Holding Revolving Facility A (as defined below). The Sunrise Holding Revolving Facility provides for maximum borrowing capacity of €748.0 million ($827.6 million), including €23.0 million ($25.4 million) under the related ancillary facility. With the exception of €23.0 million of borrowings under the ancillary facility, the Sunrise Holding Revolving Facility was undrawn at December 31, 2023. During 2023, the Sunrise Holding Bank Facility was amended to replace LIBOR with the Term Secured Overnight Financing Rate ( Term SOFR ) as the reference rate for U.S. dollar-denominated loans. In addition, the Sunrise Holding Revolving Facility was amended to provide for an additional €11.6 million ($12.8 million) of borrowing capacity and was split into two revolving facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €88.0 million ($97.3 million), including €23.0 million under the ancillary facility, and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €660.0 million and a final maturity date of September 30, 2029. All other terms from the previously existing Sunrise Holding Revolving Facility continue to apply to the new revolving facilities. (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($630.7 million) under Telenet Revolving Facility B (as defined below), (ii) €30.0 million ($33.2 million) under Telenet Revolving Facility A (as defined below), (iii) €25.0 million ($27.7 million) under the Telenet Overdraft Facility and (iv) €20.0 million ($22.1 million) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2023. During 2023, the Telenet Credit Facility was amended to replace LIBOR with Term SOFR as the reference rate for U.S. dollar-denominated loans. In addition, Telenet Revolving Facility I was amended to provide for an additional €90.0 million ($99.6 million) of borrowing capacity and was split into two revolving facilities. Telenet Revolving Facility A has a maximum borrowing capacity of €30.0 million and a final maturity date of May 31, 2026 and Telenet Revolving Facility B has a maximum borrowing capacity of €570.0 million and a final maturity date of May 31, 2029. All other terms from the previously existing Telenet Revolving Facility I continue to apply to the new revolving facilities. (e) Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($110.6 million) under the VM Ireland Revolving Facility, which was undrawn at December 31, 2023. (f) For information regarding the Vodafone Collar Loan, see notes 7 and 8. (g) 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 as debt on our consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During 2023 and 2022, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $648.5 million and $522.7 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows. (h) Amounts include $430.8 million and $428.1 million at December 31, 2023 and 2022, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses. For additional information regarding Telenet’s acquisition of mobile spectrum licenses, see note 10. (i) As of December 31, 2023 and 2022, our debt had an estimated fair value of $15.5 billion and $12.6 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). For additional information regarding fair value hierarchies, see note 9. General Information At December 31, 2023, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Sunrise Holding, Telenet and VM Ireland, include their respective restricted parent and subsidiary entities. Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial and other institutions. Certain of our credit facilities provide for adjustments to our borrowing rates based on the achievement, or otherwise, of certain sustainability-linked metrics. Each of these credit facilities contain certain covenants, the more notable of which are as follows: • Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments on a maintenance basis; • Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions; • Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder; • In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility); • Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder; • Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and • In addition to customary default provisions, our credit facilities generally include certain cross-default or cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Certain of our borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the shares of certain members of the relevant borrowing group and, in certain borrowing groups, over substantially all of their assets. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows: • Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal at its stated maturity (after giving effect to any applicable grace period) of, or any acceleration with respect to, other indebtedness of the issuer or certain subsidiaries over agreed minimum thresholds (as specified under the applicable indenture) is an event of default under the respective notes; • Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions; • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%; • Our senior secured notes contain certain early redemption provisions including the ability to, during each 12-month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest; and • Our notes are non-callable prior to their respective call date (as specified under the applicable indenture). At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). On or after the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date. SPE Notes. From time to time, we create special purpose financing entities ( SPEs ), some of which are owned by the relevant borrowing group and some of which are owned by third parties ( Third-Party SPEs ). These SPEs are created for the primary purpose of facilitating the offering of senior secured notes, which we collectively refer to as “ SPE Notes ”. The SPEs use the proceeds from the issuance of SPE Notes to fund term loan facilities under the credit facilities made available to their respective borrowing group, each a “ Funded Facility ” and collectively the “ Funded Facilities .” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note. Each of the Funded Facility term loans creates a variable interest in the respective Third-Party SPE for which the relevant borrowing entity is the primary beneficiary. Accordingly, such Third-Party SPEs are consolidated by the relevant parent entities, including Liberty Global. As a result, the amounts outstanding under the Funded Facilities of the SPEs owned by the relevant borrowing group and the Third-Party SPEs are eliminated in the consolidated financial statements of the respective borrowing group and Liberty Global. At December 31, 2023, we had outstanding SPE Notes issued by a Third-Party SPE consolidated by Sunrise Holding (the Sunrise Holding SPE ). Pursuant to the respective indentures for the SPE Notes (the SPE Indentures ) and the respective accession agreements for the Funded Facilities, the call provisions, maturity dates and applicable interest rates for each Funded Facility are the same as those of the related SPE Notes. The SPEs, as lenders under the relevant Funded Facility for the relevant borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over the relevant SPE’s rights under the applicable Funded Facility granted to secure the relevant SPE’s obligations under the relevant SPE Notes, the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the applicable Funded Facility. The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures. The SPE Notes are non-callable prior to their respective call date (as specified under the applicable SPE Indenture). If, however, at any time prior to the applicable call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (a SPE Early Redemption Event ), then the SPE will be required to redeem an aggregate principal amount of its respective SPE Notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility. In general, the redemption price payable will equal 100% of the principal amount of the applicable SPE Notes to be redeemed and a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable SPE Indenture). Upon the occurrence of a SPE Early Redemption Event on or after the applicable call date, the SPE will redeem an aggregate principal amount of its respective SPE Notes equal to the principal amount prepaid under the related Funded Facility at a redemption price (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable SPE Indenture), if any, to the applicable redemption date. Financing Transactions Below we provide summary descriptions of certain financing transactions completed during 2023, 2022 and 2021. A portion of our financing transactions may include non-cash borrowings and repayments. During 2023, 2022 and 2021, non-cash borrowings and repayments aggregated nil, nil and $2.9 billion, respectively. Telenet - 2023 Financing Transactions In November 2023, Telenet entered into a €890.0 million ($984.7 million) sustainability-linked term loan facility ( Telenet Facility AT1 ). Telenet Facility AT1 was issued at par, matures on November 10, 2028 and bears interest at a rate of EURIBOR + 3.0%, subject to a EURIBOR floor of 0.0%. The interest rate on Telenet Facility AT1 is subject to adjustment based on the achievement or otherwise of certain Environmental, Social and Governance ( ESG ) metrics. The proceeds from Telenet Facility AT1 were used to fund a dividend distribution to Liberty Global Belgium Holding B.V. ( LGBH ), an indirect wholly-owned subsidiary of Liberty Global. Other 2023 Financing Transactions In connection with the Telenet Takeover Bid (as defined and described in note 14), LGBH entered into a €1.0 billion ($1.1 billion) term loan facility ( LGBH Facility B ). LGBH Facility B was issued at par, matures on July 25, 2026 and bears interest at a rate of EURIBOR plus (i) 4.0% per annum through July 24, 2024, (ii) 4.5% per annum from July 25, 2024 through July 24, 2025 and (iii) 5.25% per annum from July 25, 2025 through maturity, in each case subject to a EURIBOR floor of 0.0%. Under LGBH Facility B, LGBH drew (a) €745.0 million ($824.3 million) in July 2023 and (b) €67.5 million ($74.7 million) in September 2023, the proceeds of which were used to fund the Offer (as defined and described in note 14). In October 2023, LGBH drew an additional €77.5 million ($85.7 million) under LGBH Facility B, the proceeds of which were used to further fund the Offer. The remaining €110.0 million ($121.7 million) of undrawn commitments under LGBH Facility B were subsequently cancelled. In November 2023, LGBH prepaid in full the €890.0 million outstanding principal amount under LGBH Facility B. In connection with this transaction, LGBH recognized a loss on debt extinguishment of $1.4 million related to the write-off of unamortized deferred financing costs and discounts. Sunrise Holding - 2022 and 2021 Financing Transactions During 2022 and 2021, Sunrise Holding completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Sunrise Holding recognized gains (losses) on debt extinguishment of $2.8 million and ($90.6 million) during 2022 and 2021, respectively. The gain during 2022 is attributable to the net effect of (i) a net gain associated with settlement discounts of $9.8 million, (ii) the write-off of $5.5 million of unamortized deferred financing costs and discounts and (iii) the payment of $1.5 million of third-party costs. The loss during 2021 is attributable to (a) the write-off of $77.7 million of unamortized deferred financing costs and discounts and (b) the payment of $12.9 million of redemption premiums . Maturities of Debt Maturities of our debt as of December 31, 2023 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on December 31, 2023 exchange rates. Sunrise Telenet VM Other (b) Total in millions Year ending December 31: 2024 $ 374.6 $ 404.4 $ — $ 15.6 $ 794.6 2025 — 23.3 — 329.6 352.9 2026 — 23.4 — 1,063.5 1,086.9 2027 — 23.7 — — 23.7 2028 1,152.3 4,931.0 — — 6,083.3 Thereafter 4,965.1 1,555.3 995.8 — 7,516.2 Total debt maturities (c) 6,492.0 6,961.1 995.8 1,408.7 15,857.6 Deferred financing costs, discounts and premiums, net (21.5) (28.9) (5.3) (94.0) (149.7) Total debt $ 6,470.5 $ 6,932.2 $ 990.5 $ 1,314.7 $ 15,707.9 Current portion $ 374.6 $ 404.4 $ — $ 15.6 $ 794.6 Long-term portion $ 6,095.9 $ 6,527.8 $ 990.5 $ 1,299.1 $ 14,913.3 _______________ (a) Amounts include SPE Notes issued by the Sunrise Holding SPE which, as described above, is consolidated by Sunrise Holding and Liberty Global. (b) Includes $1,391.9 million related to the Vodafone Collar Loan, which has settlement dates in 2025 and 2026 consistent with the Vodafone Collar. We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle amounts under the Vodafone Collar Loan. (c) Amounts include vendor financing obligations of $768.7 million, as set forth below: Sunrise Telenet Other Total in millions Year ending December 31: 2024 $ 374.6 $ 377.3 $ 15.6 $ 767.5 2025 — — 1.2 1.2 Total vendor financing maturities $ 374.6 $ 377.3 $ 16.8 $ 768.7 Current portion $ 374.6 $ 377.3 $ 15.6 $ 767.5 Long-term portion $ — $ — $ 1.2 $ 1.2 Vendor Financing Obligations A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below: 2023 2022 in millions Balance at January 1 $ 704.7 $ 843.2 Operating-related vendor financing additions 648.5 522.7 Capital-related vendor financing additions 178.4 182.8 Principal payments on operating-related vendor financing (568.8) (616.1) Principal payments on capital-related vendor financing (256.1) (210.1) Foreign currency and other 62.0 (17.8) Balance at December 31 $ 768.7 $ 704.7 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our ROU assets and lease liabilities is set forth below: December 31, 2023 2022 in millions ROU assets: Finance leases (a) $ 57.9 $ 377.6 Operating leases (b) 1,761.8 1,724.4 Total ROU assets $ 1,819.7 $ 2,102.0 Lease liabilities: Finance leases (c) $ 58.0 $ 436.1 Operating leases (d) 1,803.9 1,791.1 Total lease liabilities $ 1,861.9 $ 2,227.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2023, the weighted average remaining lease term for finance leases was 10.8 years and the weighted average discount rate was 4.9%. During 2023, 2022 and 2021, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) of $20.9 million, $34.2 million and $42.6 million, respectively. The decrease in our finance lease ROU assets is primarily related to the Telenet Wyre Transaction. For additional information, see note 5. (b) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2023, the weighted average remaining lease term for operating leases was 12.2 years and the weighted average discount rate was 5.8%. During 2023, 2022 and 2021, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) of $68.3 million, $678.6 million and $169.8 million, respectively. For additional information regarding the non-cash additions to our operating lease ROU assets during 2022 related to the Telenet Tower Lease Agreement, see note 6. (c) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets. The decrease in our finance lease liabilities is primarily related to the Telenet Wyre Transaction. For additional information, see note 5. (d) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our consolidated balance sheets. For additional information regarding the increase in our operating lease liabilities during 2022 related to the Telenet Tower Lease Agreement, see note 6. A summary of our aggregate lease expense is set forth below: Year ended December 31, 2023 2022 2021 in millions Finance lease expense: Depreciation and amortization $ 33.9 $ 66.4 $ 74.8 Interest expense 2.2 26.5 30.8 Total finance lease expense 36.1 92.9 105.6 Operating lease expense (a) 241.2 236.7 249.7 Short-term lease expense (a) 4.2 4.0 5.0 Variable lease expense (b) 1.4 1.9 1.6 Total lease expense $ 282.9 $ 335.5 $ 361.9 _______________ (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, net, in our consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Year ended December 31, 2023 2022 2021 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 226.9 $ 234.2 $ 223.0 Operating cash outflows from finance leases (interest component) 2.2 26.5 30.8 Financing cash outflows from finance leases (principal component) 27.9 62.0 75.7 Total cash outflows from operating and finance leases $ 257.0 $ 322.7 $ 329.5 Maturities of our operating and finance lease liabilities as of December 31, 2023 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2023 exchange rates: Operating leases Finance in millions Year ending December 31: 2024 $ 250.8 $ 12.3 2025 222.7 10.3 2026 208.3 8.2 2027 196.9 7.3 2028 189.5 4.6 Thereafter 1,466.8 31.8 Total payments 2,535.0 74.5 Less: present value discount (731.1) (16.5) Present value of lease payments $ 1,803.9 $ 58.0 Current portion $ 151.8 $ 12.2 Long-term portion $ 1,652.1 $ 45.8 |
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 ROU assets and lease liabilities is set forth below: December 31, 2023 2022 in millions ROU assets: Finance leases (a) $ 57.9 $ 377.6 Operating leases (b) 1,761.8 1,724.4 Total ROU assets $ 1,819.7 $ 2,102.0 Lease liabilities: Finance leases (c) $ 58.0 $ 436.1 Operating leases (d) 1,803.9 1,791.1 Total lease liabilities $ 1,861.9 $ 2,227.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2023, the weighted average remaining lease term for finance leases was 10.8 years and the weighted average discount rate was 4.9%. During 2023, 2022 and 2021, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) of $20.9 million, $34.2 million and $42.6 million, respectively. The decrease in our finance lease ROU assets is primarily related to the Telenet Wyre Transaction. For additional information, see note 5. (b) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2023, the weighted average remaining lease term for operating leases was 12.2 years and the weighted average discount rate was 5.8%. During 2023, 2022 and 2021, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) of $68.3 million, $678.6 million and $169.8 million, respectively. For additional information regarding the non-cash additions to our operating lease ROU assets during 2022 related to the Telenet Tower Lease Agreement, see note 6. (c) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets. The decrease in our finance lease liabilities is primarily related to the Telenet Wyre Transaction. For additional information, see note 5. (d) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our consolidated balance sheets. For additional information regarding the increase in our operating lease liabilities during 2022 related to the Telenet Tower Lease Agreement, see note 6. A summary of our aggregate lease expense is set forth below: Year ended December 31, 2023 2022 2021 in millions Finance lease expense: Depreciation and amortization $ 33.9 $ 66.4 $ 74.8 Interest expense 2.2 26.5 30.8 Total finance lease expense 36.1 92.9 105.6 Operating lease expense (a) 241.2 236.7 249.7 Short-term lease expense (a) 4.2 4.0 5.0 Variable lease expense (b) 1.4 1.9 1.6 Total lease expense $ 282.9 $ 335.5 $ 361.9 _______________ (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, net, in our consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Year ended December 31, 2023 2022 2021 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 226.9 $ 234.2 $ 223.0 Operating cash outflows from finance leases (interest component) 2.2 26.5 30.8 Financing cash outflows from finance leases (principal component) 27.9 62.0 75.7 Total cash outflows from operating and finance leases $ 257.0 $ 322.7 $ 329.5 Maturities of our operating and finance lease liabilities as of December 31, 2023 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2023 exchange rates: Operating leases Finance in millions Year ending December 31: 2024 $ 250.8 $ 12.3 2025 222.7 10.3 2026 208.3 8.2 2027 196.9 7.3 2028 189.5 4.6 Thereafter 1,466.8 31.8 Total payments 2,535.0 74.5 Less: present value discount (731.1) (16.5) Present value of lease payments $ 1,803.9 $ 58.0 Current portion $ 151.8 $ 12.2 Long-term portion $ 1,652.1 $ 45.8 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Liberty Global is a Bermuda exempted company limited by shares and is not considered to be a tax resident in any other jurisdiction or country. At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by Liberty Global. On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (the CIT Act ) which provides for the taxation of the Bermuda constituent entities of certain large multi-national groups beginning on or after January 1, 2025. We do not currently anticipate that the CIT Act will have a material impact on our consolidated financial statements, although we will continue to monitor guidance as it is issued. Our non-Bermuda subsidiaries are subject to tax in their respective jurisdictions. Our subsidiaries file income tax returns in the U.S., the U.K. and a number of other European jurisdictions. The income taxes of Liberty Global and our subsidiaries are presented on a separate return basis for each tax-paying entity or group. The components of our earnings (loss) from continuing operations before income taxes are as follows: Year ended December 31, 2023 2022 2021 in millions U.K. $ (2,899.5) $ (516.2) $ 12,922.0 The Netherlands (805.4) 742.3 644.5 Belgium 653.9 1,000.4 404.7 Switzerland (446.7) (470.5) (308.3) Luxembourg (195.6) 505.4 373.2 Ireland (16.6) 178.3 39.5 U.S. (4.7) 5.9 (3.7) Intercompany activity with discontinued operations — (15.6) (54.2) Other (9.6) (5.8) (16.9) Earnings (loss) from continuing operations before income taxes $ (3,724.2) $ 1,424.2 $ 14,000.8 Our income tax expense consists of: Current Deferred Total in millions Year ended December 31, 2023: Belgium $ (100.9) $ (64.9) $ (165.8) U.S. (a) (68.0) (28.4) (96.4) Switzerland (0.3) 78.9 78.6 Luxembourg — 44.3 44.3 The Netherlands (16.9) 0.2 (16.7) Ireland 3.6 2.5 6.1 U.K. (0.1) 0.5 0.4 Other (0.1) — (0.1) Total income tax expense $ (182.7) $ 33.1 $ (149.6) Year ended December 31, 2022: U.S. (a) $ (51.8) $ (133.0) $ (184.8) Luxembourg (0.3) (152.3) (152.6) Switzerland 0.6 87.2 87.8 Belgium (87.7) 17.1 (70.6) Ireland (5.3) 10.5 5.2 The Netherlands (1.7) (0.8) (2.5) U.K. (0.1) 0.8 0.7 Other (0.1) (2.0) (2.1) Total income tax expense $ (146.4) $ (172.5) $ (318.9) Year ended December 31, 2021: U.K. $ (0.4) $ (319.5) $ (319.9) Belgium (96.3) 16.2 (80.1) U.S. (a) (47.9) (25.8) (73.7) Switzerland (7.2) 63.5 56.3 Luxembourg (0.4) (49.5) (49.9) The Netherlands (2.6) (1.3) (3.9) Ireland (0.7) — (0.7) Other 0.4 (1.8) (1.4) Total income tax expense $ (155.1) $ (318.2) $ (473.3) _______________ (a) Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented. Income tax expense attributable to our earnings (loss) from continuing operations before income taxes differs from the amounts computed using the applicable income tax rates as a result of the following factors: Year ended December 31, 2023 2022 2021 in millions Computed “expected” tax benefit (expense) (a) $ 875.2 $ (270.6) $ (2,660.2) Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (406.9) (68.4) 84.0 Change in valuation allowances (275.1) (39.0) (62.2) Non-deductible or non-taxable foreign exchange results (198.7) 267.3 218.0 Non-deductible or non-taxable interest and other expenses (138.4) (89.6) (69.0) International rate differences (c) (13.3) (147.1) (92.4) Tax benefit associated with technologies innovation (d) 6.5 22.1 25.8 Non-taxable gain on the U.K. JV Transaction — — 2,066.0 Recognition of previously unrecognized tax benefits — — 20.5 Other, net 1.1 6.4 (3.8) Total income tax expense $ (149.6) $ (318.9) $ (473.3) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 23.5% for 2023 and 19.0% for 2022 and 2021. The 2023 statutory rate represents that blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate that was in effect for the remainder of 2023. Although we are domiciled in Bermuda, we have used the U.K. statutory rate as management believes it is more meaningful. (b) Amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates, including the effects of foreign earnings. (c) 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. (d) Amounts reflect the recognition of the innovation income tax deduction in Belgium. The components of our net deferred tax liabilities are as follows: December 31, 2023 2022 in millions Deferred tax assets (a) $ 83.6 $ 233.8 Deferred tax liabilities (a) (543.7) (533.8) Net deferred tax liabilities $ (460.1) $ (300.0) _______________ (a) Our deferred tax assets and deferred tax liabilities are included within other assets, net, and other long-term liabilities, respectively, on our consolidated balance sheets. The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities are presented below: December 31, 2023 2022 in millions Deferred tax assets: Net operating loss and other carryforwards $ 1,372.1 $ 1,327.6 Investments 366.4 251.8 Lease liabilities 186.5 184.0 Debt and interest 185.2 175.7 Property and equipment, net 169.9 125.7 Derivative instruments 126.7 4.3 Share-based compensation 81.4 84.7 Other future deductible amounts 60.7 64.6 Deferred tax assets 2,548.9 2,218.4 Valuation allowance (1,899.6) (1,586.5) Deferred tax assets, net of valuation allowance 649.3 631.9 Deferred tax liabilities: Intangible assets (272.9) (336.7) Property and equipment, net (272.2) (157.6) Debt and interest (266.4) (91.1) ROU assets (177.2) (177.1) Derivative instruments (70.8) (155.3) Other future taxable amounts (49.9) (14.1) Deferred tax liabilities (1,109.4) (931.9) Net deferred tax liabilities $ (460.1) $ (300.0) Our deferred income tax valuation allowance increased $313.1 million in 2023. This increase reflects the net effect of (i) net tax expense of $275.1 million, (ii) foreign currency translation adjustments and (iii) other individually insignificant items. The significant components of our tax loss carryforwards and related tax assets at December 31, 2023 are as follows: Tax loss Related Expiration Country in millions The Netherlands $ 2,599.3 $ 670.6 Indefinite Belgium 1,145.5 286.4 Indefinite U.K. 767.7 191.9 Indefinite Luxembourg 441.1 119.9 Various Ireland 387.1 48.7 Indefinite Switzerland 295.5 51.1 7 years Other 9.9 3.5 Various Total $ 5,646.1 $ 1,372.1 Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction, however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. Further, tax jurisdictions restrict the type of taxable income that the above losses are able to offset. The majority of the tax losses shown in the above table are not expected to be realized, including certain losses that are limited in use due to change in control or same business tests. We have taxable outside basis differences on certain investments in non-U.S. subsidiaries. No additional income taxes have been provided for any undistributed foreign earnings, or any additional outside basis difference inherent in these entities, as these amounts continue to be reinvested in foreign operations. At December 31, 2023, we have not provided deferred tax liabilities on an estimated $1.4 billion of cumulative temporary differences on the outside bases of our non-U.S. subsidiaries. Through our subsidiaries, we maintain a presence in many countries. Many of these countries maintain highly complex tax regimes that differ significantly from the system of income taxation used in the U.K. and the U.S. We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws. On August 16, 2022, the Inflation Reduction Act was signed into law in the U.S. Although this legislation does not increase the U.S. corporate income tax rate, it includes, among other provisions, a new corporate alternative minimum tax ( CAMT ) on “adjusted financial statement income” that is effective for tax years beginning after December 31, 2022. CAMT did not have an impact on our consolidated financial statements for the year ended December 31, 2023; we will continue to monitor additional guidance as it is issued to assess the impact to our tax position. We will disregard our CAMT status when evaluating our deferred tax assets under the regular U.S. tax system. In December 2021, the Organization for Economic Co-Operation and Development ( OECD )/G20 Inclusive Framework on Base Erosion and Profit Shifting ( BEPS ) released Model Global Anti-Base Erosion ( GLoBE ) rules under Pillar Two. These rules provide for the taxation of certain large multinational corporations at a minimum rate of 15%, calculated on a jurisdictional basis. Numerous countries in which we operate, including the U.K. and certain E.U. member states, have enacted or are expected to enact legislation to implement many aspects of the Pillar Two rules beginning on January 1, 2024, with certain remaining impacts to be effective from January 1, 2025. We do not currently anticipate that Pillar Two legislation will have a material impact on our consolidated financial statements, but we will continue to monitor future legislation and any additional guidance that is issued. We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations. In general, tax returns filed by our company or our subsidiaries for years prior to 2016 are no longer subject to examination by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Switzerland, Ireland and Luxembourg. While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues. The changes in our unrecognized tax benefits for the indicated periods are summarized below: 2023 2022 2021 in millions Balance at January 1 $ 435.2 $ 447.1 $ 602.5 Additions for tax positions of prior years 8.5 — 12.9 Effects of business acquisitions 6.9 — — Reductions for tax positions of prior years (5.9) (11.2) (170.0) Settlements with tax authorities (4.0) — — Additions based on tax positions related to the current year 2.2 1.7 14.3 Foreign currency translation 1.5 (2.3) (8.7) Lapse of statute of limitations — (0.1) (3.9) Balance at December 31 $ 444.4 $ 435.2 $ 447.1 No assurance can be given that any of these tax benefits will be recognized or realized. As of December 31, 2023, 2022 and 2021, there were $347.0 million, $337.9 million, and $378.7 million, respectively, 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 2024, it is reasonably possible that the resolution of ongoing tax controversies, as well as the expiration of statutes of limitations and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2023. The amount of such reductions could range up to $345 million. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2024. During 2023, 2022 and 2021, the income tax expense of our continuing operations included $59.6 million, $38.4 million and $25.7 million, respectively, representing the net accrual of interest and penalties during the period. At December 31, 2023, accrued interest and penalties associated with our uncertain tax benefits totaled $262.9 million. On October 7, 2022, the U.S. Department of Justice filed suit against Liberty Global, Inc. ( LGI ), a wholly owned U.S. subsidiary of Liberty Global, in the U.S. District Court of Colorado for unpaid federal income taxes and penalties for the 2018 tax year of approximately $284 million. This action by the U.S. Department of Justice is related to the November 2020 complaint filed by LGI in the District Court of Colorado seeking a refund of approximately $110 million of taxes, penalties and interest associated with the application of certain temporary Treasury regulations issued in June 2019. In October 2023, the U.S. District Court of Colorado entered judgement against LGI with respect to the refund claim and we appealed this decision to the U.S. Court of Appeals for the Tenth Circuit ( Court of Appeals ) in December 2023. No amounts have been accrued by LGI with respect to this matter. We will vigorously defend this matter and continue to actively pursue our claim for refund. In January 2021, we petitioned the U.S. Tax Court with respect to unresolved issues related to our 2010 tax year for which we had already recognized an accrued liability for an uncertain tax position. In November 2023, we received an unfavorable decision which we will appeal to the Court of Appeals. In December 2023, we made a payment of the disputed tax in the amount of $315.0 million, which reduced our accrued liability for uncertain tax benefits on our consolidated balance sheet but has not been reflected in the uncertain tax benefit schedule above as the position is not yet settled. We will continue to vigorously defend our position, however, due to the inherent uncertainty involved in the litigation process, there can be no assurance that the Court of Appeals will rule in our favor. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity Capitalization At December 31, 2023, our authorized share capital consisted of an aggregate nominal amount of $20.0 million, consisting of any of the following: (i) common shares (Class A, B or C), each with a nominal value of $0.01 per share, (ii) preference shares, with a nominal value to be determined by the board of directors, the issuance of one or more classes or series of which may be authorized by the board of directors, and (iii) any other shares of one or more classes as may be determined by the board of directors or by the shareholders of Liberty Global. Under Liberty Global’s Articles of Association, effective July 1, 2015, holders of Liberty Global Class A common shares are entitled to one vote for each such share held, and holders of Liberty Global Class B common shares are entitled to 10 votes for each such share held, on all matters submitted to a vote of Liberty Global shareholders at any general meeting (annual or special). Holders of Liberty Global Class C common shares are not entitled to any voting powers except as required by law. At the option of the holder, each Liberty Global Class B common share is convertible into one Liberty Global Class A common share. One Liberty Global Class A common share is reserved for issuance for each Liberty Global Class B common share that is issued (12,988,658 shares issued as of December 31, 2023). Additionally, at December 31, 2023, we have reserved the following common shares for the issuance of outstanding share-based incentive awards: Class A Class C Options 622,177 2,704,383 SARs 20,430,440 47,534,716 RSUs 2,446,678 5,382,896 PSUs and PSARs 3,682,808 7,155,287 Subject to any preferential rights of any outstanding class of our preference shares, the holders of our common shares are entitled to dividends as may be declared from time to time by our board of directors from funds available therefore. Except with respect to share distributions, whenever a dividend is paid in cash to the holder of one class of our common shares, we shall also pay to the holders of the other classes of our common shares an equal per share dividend. There are currently no contractual restrictions on our ability to pay dividends in cash or shares. In the event of our liquidation, dissolution or winding up, after payment or provision for payment of our debts and liabilities and subject to the prior payment in full of any preferential amounts to which our preference shareholders, if any, may be entitled, the holders of our common shares will be entitled to receive their proportionate interests, expressed in liquidation units, in any assets available for distribution to our common shares. Share Repurchase Programs Our board of directors has approved various share repurchase programs for our Liberty Global common shares. Under our repurchase programs, we may acquire from time to time our Class A common shares, Class C common shares or any combination of Class A and Class C common shares. Our repurchase programs may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to these programs will depend on a variety of factors, including market conditions and applicable law, and these programs may be implemented in conjunction with brokers for the company and other financial institutions with whom the company has relationships within certain preset parameters and purchases may continue during closed periods in accordance with applicable restrictions. Our share repurchase programs may be suspended or discontinued at any time. Our original share buyback plan for 2023 authorized the repurchase of 10% of our outstanding shares as of December 31, 2022, and this was increased to a minimum of 15% in July 2023. We achieved this minimum as of October 30, 2023, and announced a further repurchase target of approximately $300.0 million through the end of January 2024. At December 31, 2023, $101.7 million of this target remained and was fully achieved on January 26, 2024. The following table provides details of our share repurchases during 2023, 2022 and 2021: Class A common shares Class C common shares Shares Average price Shares Average price Total cost (a) in millions 2023 1,444,000 $ 18.24 78,452,085 $ 18.86 $ 1,505.9 2022 3,856,700 $ 21.55 69,381,968 $ 23.34 $ 1,702.6 2021 8,445,800 $ 27.31 49,604,048 $ 27.23 $ 1,581.1 _______________ (a) Includes direct acquisition costs, where applicable. Telenet Takeover Bid On June 8, 2023, following approval by the Belgian Financial Services and Markets Authority, LGBH launched a voluntary and conditional public takeover bid (the Offer ) for all of the shares of Telenet that we did not already own or that were not held by Telenet (the Telenet Bid Shares ) (the Telenet Takeover Bid ). The Offer consisted of per share cash consideration for the tendered Telenet Bid Shares of €22 per share, which after deducting the €1 gross dividend paid on May 5, 2023, resulted in an offer price of €21 per share. After the conclusion of both the initial acceptance period and the subsequent mandatory reopening period, LGBH acquired 38,210,285 of the Telenet Bid Shares, including 380,691 shares subject to lock-up provisions, increasing our ownership interest in Telenet’s issued and outstanding shares to 96.26%. On September 22, 2023, we initiated a simplified “squeeze-out” procedure according to applicable Belgium law, pursuant to which LGBH acquired the remaining Telenet Bid Shares that it or Telenet did not already own. The simplified squeeze-out procedure concluded on October 13, 2023 and, on that date, any shares of Telenet that were not tendered during the simplified squeeze-out procedure were automatically transferred to LGBH by operation of law and Telenet shares were delisted from Euronext Brussels. The Telenet Bid Shares that were acquired as a result of the simplified squeeze-out procedure were settled on October 19, 2023 and, from that date, Telenet is owned 100% by LGBH. The Telenet Takeover Bid was funded through (i) available borrowings under LGBH Facility B and (ii) existing liquidity of Liberty Global. As of December 31, 2023, the consideration associated with the Telenet Takeover Bid, including certain fees and expenses, totaled €904.2 million ($993.7 million at the applicable transaction dates). Subsidiary Distributions From time to time, Telenet and certain other of our subsidiaries make cash distributions to their respective shareholders. Our share of these distributions is eliminated in consolidation and the noncontrolling interest owners’ share of these distributions is reflected as a charge against noncontrolling interests in our consolidated statements of equity. In this regard, Telenet, prior to the Telenet Takeover Bid, paid aggregate dividends to its shareholders during 2023, 2022 and 2021 of €108.6 million, €149.0 million and €306.2 million, respectively. Our share of these dividends was €66.3 million ($73.2 million at the applicable rate), €91.2 million ($96.2 million at the applicable rate) and €182.4 million ($214.0 million at the applicable rate), respectively. Restricted Net Assets The ability of certain of our subsidiaries to distribute or loan all or a portion of their net assets to our company is limited by the terms of applicable debt facilities. At December 31, 2023, a significant portion of our net assets represented net assets of our subsidiaries that were subject to such limitations. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Year ended December 31, 2023 2022 2021 in millions Liberty Global: Non-performance based incentive awards (a) $ 157.4 $ 133.5 $ 168.6 Performance-based incentive awards (b) 6.9 7.1 59.6 Other (c) 33.5 30.8 33.6 Total Liberty Global (d) 197.8 171.4 261.8 Telenet share-based incentive awards (e) 27.7 10.9 35.1 Other 5.5 9.8 11.2 Total $ 231.0 $ 192.1 $ 308.1 Included in: Other operating expenses $ 11.7 $ 4.9 $ 13.7 SG&A expenses 219.3 187.2 294.4 Total $ 231.0 $ 192.1 $ 308.1 _______________ (a) In April 2023, with respect to 2016 through 2018 grants, and in April 2021, with respect to 2014 and 2015 grants, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options from a seven-year term to a ten-year term (prior to 2019, awards granted under the 2014 Incentive Plans, as defined and described below, expired seven years after the grant date). Accordingly, the Black-Scholes fair values of the respective outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $27.1 million and $22.7 million during 2023 and 2021, respectively. (b) Includes share-based compensation expense related to (i) for 2023, certain Telenet Replacement Awards, as defined and described below, (ii) for 2022 and 2021, our 2019 Challenge Performance Awards and (iii) for 2021, the 2019 PSUs and our 2019 CEO Performance Award, each as defined and described below. (c) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common 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 common shares of Liberty Global in lieu of cash. In addition, amounts include compensation expense related to the Ventures Incentive Plans as defined and described below. (d) In accordance with the terms of the Telenet Takeover Bid, we issued Liberty Global share-based incentive awards ( Telenet Replacement Awards ) to employees and former directors of Telenet in exchange for corresponding Telenet awards. In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C shares. No incremental share-based compensation expense was recognized from the remeasurement and modification of the Telenet awards. The Telenet Replacement Awards were re-granted on November 7, 2023, resulting in total share-based compensation expense of $50.0 million, of which $8.5 million was recognized on this date due to the immediate vesting of select Telenet Replacement Awards. The remaining expense of $41.5 million will be amortized over the remaining service periods of the unvested Telenet Replacement Awards, subject to forfeitures and the satisfaction of performance conditions as further described below. For further information regarding the Telenet Takeover Bid, see note 14. (e) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards prior to the Telenet Takeover Bid. In addition, €7.6 million ($8.2 million at the applicable rate) was expensed during the fourth quarter of 2023 related to the reimbursement of certain employee income taxes associated with the ESOP 2019 and the ESOP 2020, each as defined and described below. As of December 31, 2023, $165.8 million of total unrecognized compensation cost related to our Liberty Global share-based incentive awards is expected to be recognized by our company over a weighted-average period of approximately 1.9 years. The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global common shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted): Year ended December 31, 2023 2022 2021 Assumptions used to estimate fair value of options and SARs granted: Risk-free interest rate 3.12 - 4.10% 2.27 - 3.09% 0.48 - 1.13% Expected life 3.7 - 6.2 years 3.7 - 6.2 years 3.7 - 6.2 years Expected volatility 29.0 - 33.1% 33.5 - 38.1% 30.8 - 33.2% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 7.18 $ 9.90 $ 8.75 SARs $ 5.85 $ 7.50 $ 6.79 RSUs $ 18.59 $ 25.51 $ 25.69 PSUs $ 16.60 (a) (a) Total intrinsic value of awards exercised (in millions): Options (b) $ 0.5 $ 1.4 SARs $ 4.6 $ 7.0 $ 28.9 PSARs (b) $ 0.2 $ 0.1 Cash received from exercise of options (in millions) $ 1.2 $ 13.0 $ 8.9 Income tax benefit related to share-based compensation of our continuing operations (in millions) $ 17.4 $ 1.3 $ 14.9 _______________ (a) There were no grants of PSUs made during the indicated period. (b) There were no exercises of this award type during the year ended December 31, 2023. Share Incentive Plans — Liberty Global Common Shares 2023 Incentive Plan As of December 31, 2023, we are authorized to grant incentive awards under the “ Liberty Global 2023 Incentive Plan ”, which was approved by our shareholders on June 14, 2023. Generally, we may grant options, SARs, RSAs, RSUs, performance awards or cash awards or any combination of the foregoing under this incentive plan (collectively, “ awards ”). The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2023 Incentive Plan is 43,284,342 which represents the number of common shares available for grant under the previous “ Liberty Global 2014 Incentive Plan ” and the “ Liberty Global 2014 Nonemployee Director Incentive Plan ” (collectively, the 2014 Incentive Plans ) immediately prior to the 2023 Annual General Meeting of Shareholders of Liberty Global plc, plus any common shares subject to outstanding awards under the 2014 Incentive Plans that become available for issuance under the Liberty Global 2023 Incentive Plan pursuant to its terms. The maximum number of common shares reserved for issuance under the Liberty Global 2023 Incentive Plan is also subject to anti-dilution and other adjustment provisions of the Liberty Global 2023 Incentive Plan. Outstanding awards granted under the 2014 Incentive Plans will continue to be governed by the terms of that plan until exercised, expired, paid or otherwise terminated. No further awards will be granted under the 2014 Incentive Plans. As of December 31, 2023, the Liberty Global 2023 Incentive Plan had 40,245,318 common shares available for grant. Awards (other than performance-based awards) under the Liberty Global 2023 Incentive Plan and the Liberty Global 2014 Incentive Plan generally (i) vest annually over a three-year period and (ii) expire 10 years after the grant date. Awards (other than RSUs) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire ten years after the grant date. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of common shares. In connection with the Telenet Takeover Bid, the compensation committee of our board of directors approved the issuance of Telenet Replacement Awards as part of the Liberty Global 2023 Incentive Plan in exchange for corresponding Telenet awards. Prior to the Telenet Takeover Bid, Telenet had several outstanding equity award plans including the 2019 Employee Stock Option Plan ( ESOP 2019 ), the 2020 Employee Stock Option Plan ( ESOP 2020 ), the 2021 Performance Share Plan ( PSP 2021 ), the 2021 CEO Performance Share Plan ( CEO PSP 2021 ) and the 2022 Restricted Share Plan ( RSP 2022 ). Liberty Global proposed to rollover any Telenet equity awards into equivalent awards in Liberty Global shares, excluding the ESOP 2019 and ESOP 2020 which were out-of-the-money at the time of the Telenet Takeover Bid. Additionally, due to regulatory constraints associated with the Telenet Takeover Bid, Telenet was unable to issue equity awards from the 2020 Performance Share Plan ( PSP 2020 ), the 2022 Performance Share Plan ( PSP 2022 ), the 2023 Performance Share Plan ( PSP 2023 ), the 2022 CEO Performance Share Plan ( CEO PSP 2022 ), the 2023 Restricted Share Plan ( RSP 2023 ), the 2023 CEO Performance Share Plan ( CEO PSP 2023 ) and the 2023 Dividend Share Plan ( Dividend Plan 2023 ). Liberty Global has also granted equivalent awards under these Telenet plans. The Telenet Replacement Awards were issued as either RSUs or PSUs, depending on the presence of a performance factor. Generally, (i) awards issued under the CEO PSP 2021, CEO PSP 2022 and CEO PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period, (ii) awards issued under the Dividend Plan 2023 vest immediately, (iii) awards issued under the RSP 2022 and RSP 2023 vest 40% after year one and 60% after year two and are subject to a two-year holding restriction, (iv) awards issued under the PSP 2020 are subject to certain performance metrics, vest immediately and are subject to a two-year holding restriction, (v) awards issued under the PSP 2021 and PSP 2023 are subject to certain performance metrics and vest at the end of a three-year period and (vi) awards issued under the PSP 2022 were issued as RSUs, vest 40% after year one and 60% after year two and are subject to a two-year holding restriction. Ventures Incentive Plans Annually, beginning in April 2021, the compensation committee of our board of directors has approved grants under the “ Ventures Incentive Plans ”. The Ventures Incentive Plans are provided to executive officers and other key employees based on the performance of the Liberty Global Ventures Portfolio (the “ Portfolio ”), or a specific portion of the Portfolio in the instance of the “ Tech Ventures Incentive Plan .” A fair value assessment is performed for the Portfolio as of December 31st by an independent third-party valuation specialist and the Portfolio performance is measured by assessing the fair value of the Portfolio over a three-year period beginning on December 31st of the year preceding each annual grant. Payout will be denominated in cash and will be assessed at the end of each three-year period using eligible participants’ initial contributions which are between 10% and 50% of their annual target equity value (10% and 100% for the 2021 Ventures Incentive Plan) and the contributed amount is in lieu of their normal annual equity grant. The compensation committee has the discretion to settle the final payout amount in (i) cash or (ii) Liberty Global Class A and Class C common shares based on the change in the Portfolio’s value. Subject to forfeitures, 100% of each participant’s payout will vest on or around March of the year subsequent to the conclusion of the three-year performance period. In order to receive the payout, participants are required to remain employed through the final vesting date. Awards under the Ventures Incentive Plans are liability classified due to the fact that the final payout under these plans will be denominated in cash and may be settled in a variable number of shares. The estimated fair value of the final payouts under our Ventures Incentive Plans as of December 31, 2023 are shown below: Performance period Vesting date Estimated fair value of final payout in millions 2021 Ventures Incentive Plan 12/31/2020 - 12/31/2023 March 31, 2024 $ 15.4 2022 Ventures Incentive Plan 12/31/2021 - 12/31/2024 March 15, 2025 9.3 2023 Ventures Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 12.0 2023 Tech Ventures Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 0.9 Total $ 37.6 Performance Awards The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees. 2019 CEO Performance Award In April 2019, the compensation committee of our board of directors approved the grant of RSAs and PSUs to our Chief Executive Officer ( CEO ) (the 2019 CEO Performance Award ), comprising 670,000 RSAs and 1,330,000 PSUs, each with respect to Liberty Global Class B common shares. The RSAs vested on December 31, 2019, 670,000 PSUs vested on May 15, 2020, and the remaining 660,000 PSUs vested on May 15, 2021. The performance criteria for the 2019 CEO Performance Award PSUs was based on the achievement of our CEO’s performance conditions, as established by the compensation committee. 2019 Challenge Performance Awards In March 2019, the compensation committee of our board of directors approved a challenge performance award for executive officers and certain employees (the 2019 Challenge Performance Awards ), which consists of a combination of PSARs and PSUs, in each case divided on a 1:2 ratio based on Liberty Global Class A common shares and Liberty Global Class C common shares. Each PSU represents the right to receive one Liberty Global Class A common share or one Liberty Global Class C common share, as applicable. The performance criteria for the 2019 Challenge Performance Awards is based on the participant’s performance and achievement of individual goals during the three-year period ended December 31, 2021. Subject to forfeitures, the satisfaction of performance conditions and certain other terms, 100% of each participant’s 2019 Challenge Performance Awards were earned and vested on March 7, 2022. The PSARs have a term of ten years and base prices equal to the respective market closing prices of the applicable class on the grant date. Liberty Global PSUs In April 2019, the compensation committee of our board of directors approved the grant of PSUs to executive officers and key employees (the 2019 PSUs ). The performance plan for the 2019 PSUs covered the two-year period ended December 31, 2020 and included a performance target based on the achievement of a specified compound annual growth rate ( CAGR ) in a consolidated Adjusted EBITDA metric (as defined in note 19). The performance target was adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates that affect comparability ( Adjusted EBITDA CAGR ). The 2019 PSUs required delivery of an Adjusted EBITDA CAGR of 1.38% and included over- and under-performance payout opportunities should the Adjusted EBITDA CAGR exceed or fail to meet the target, as applicable. Participants earned 65% of their targeted awards under the 2019 PSUs which vested 50% on each of April 1, 2021 and October 1, 2021. Share-based Award Activity — Liberty Global Common Shares The following tables summarize the share-based award activity during 2023 with respect to awards issued by Liberty Global. 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, with respect to share-based awards held by Liberty Global employees, the number of shares to be issued upon vesting or exercise is reduced by the amount of the employee’s required income tax withholding. Options — Class A common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 608,258 $ 30.02 Granted 59,672 17.22 Forfeited (45,753) 28.89 Outstanding at December 31, 2023 622,177 $ 28.87 3.5 $ — Exercisable at December 31, 2023 522,207 $ 30.60 2.5 $ — Options — Class C common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 2,465,294 $ 25.84 Granted 386,050 19.02 Forfeited (146,961) 27.22 Outstanding at December 31, 2023 2,704,383 $ 24.79 5.2 $ 1.4 Exercisable at December 31, 2023 2,028,231 $ 25.76 4.0 $ 1.4 SARs — Class A common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 21,183,640 $ 26.98 Granted 2,564,253 18.53 Forfeited (2,982,585) 28.38 Exercised (334,868) 16.05 Outstanding at December 31, 2023 20,430,440 $ 25.90 5.1 $ 5.5 Exercisable at December 31, 2023 15,176,348 $ 27.14 3.9 $ 5.5 SARs — Class C common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 49,778,158 $ 26.20 Granted 6,632,778 19.39 Forfeited (8,166,202) 27.03 Exercised (710,018) 15.12 Outstanding at December 31, 2023 47,534,716 $ 25.28 5.5 $ 22.1 Exercisable at December 31, 2023 32,831,063 $ 26.32 4.2 $ 22.1 PSARs — Class A common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 3,281,811 $ 25.97 Forfeited (43,451) 25.97 Outstanding at December 31, 2023 3,238,360 $ 25.97 5.2 $ — Exercisable at December 31, 2023 3,238,360 $ 25.97 5.2 $ — PSARs — Class C common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 6,417,033 $ 25.22 Forfeited (81,960) 25.22 Outstanding at December 31, 2023 6,335,073 $ 25.22 5.2 $ — Exercisable at December 31, 2023 6,335,073 $ 25.22 5.2 $ — RSUs — Class A common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 1,984,663 $ 22.92 Granted 2,189,968 17.86 Forfeited (135,105) 22.79 Released from restrictions (1,592,848) 20.38 Outstanding at December 31, 2023 2,446,678 $ 20.05 2.2 RSUs — Class B common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 7,890 $ 25.24 Forfeited (7,890) 25.24 Outstanding at December 31, 2023 — $ — — RSUs — Class C common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 3,968,778 $ 22.75 Granted 4,867,995 18.92 Forfeited (270,175) 23.10 Released from restrictions (3,183,702) 20.33 Outstanding at December 31, 2023 5,382,896 $ 20.70 2.3 PSUs — Class A common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 — $ — Granted 564,660 15.78 Forfeited (1,724) 15.78 Released from restrictions (118,488) 15.78 Outstanding at December 31, 2023 444,448 $ 15.78 1.6 PSUs — Class C common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 — $ — Granted 1,042,067 17.05 Forfeited (3,183) 17.05 Released from restrictions (218,670) 17.05 Outstanding at December 31, 2023 820,214 $ 17.05 1.6 Share-based Award Activity — Liberty Global Common Shares held by former Liberty Global employees The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Any future exercises of SARs or PSARs, or vesting of RSUs will increase the number of our outstanding common shares. Number of awards Weighted average exercise or base price Weighted average remaining contractual term Aggregate intrinsic value in years in millions Options, SARs and PSARs: Class A: Outstanding 1,122,607 $ 32.54 2.4 $ 0.1 Exercisable 1,090,530 $ 32.81 2.2 $ 0.1 Class C: Outstanding 2,221,159 $ 31.64 3.0 $ 0.2 Exercisable 2,157,015 $ 31.88 2.9 $ 0.2 Number of awards Weighted average grant-date fair value per share Weighted average remaining contractual term in years Outstanding RSUs: Class A 14,501 $ 22.69 1.6 Class C 28,987 $ 23.06 1.6 |
Defined Benefit Plans
Defined Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. The table below provides summary information on our defined benefit plans: December 31, 2023 2022 2021 in millions Fair value of plan assets (a) $ 1,202.6 $ 1,066.1 $ 1,269.9 Projected benefit obligation $ 1,214.2 $ 1,016.0 $ 1,280.5 Net asset (liability) $ (11.6) $ 50.1 $ (10.6) _______________ (a) The fair value of plan assets at December 31, 2023 includes $969.5 million and $233.1 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets. Our net periodic pension cost was $25.6 million, $1.8 million and $10.9 million during 2023, 2022 and 2021, respectively, including $38.6 million, $39.6 million and $57.4 million, respectively, representing the service cost component. These amounts exclude aggregate curtailment gains of nil, $4.0 million and $7.5 million, respectively, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. During 2023, our subsidiaries’ contributions to their respective defined benefit plans aggregated $49.2 million. Based on December 31, 2023 exchange rates and information available as of that date, we expect this amount to be $49.7 million in 2024. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings | Accumulated Other Comprehensive Earnings Accumulated other comprehensive earnings included on our consolidated balance sheets and statements of equity reflect the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other. The changes in the components of accumulated other comprehensive earnings, net of taxes, are summarized as follows: Liberty Global shareholders Total accumulated other comprehensive earnings Foreign currency translation adjustments Pension-related adjustments and other Accumulated other comprehensive earnings Noncontrolling interests in millions Balance at January 1, 2021 $ 3,809.3 $ (116.2) $ 3,693.1 $ (2.2) $ 3,690.9 Other comprehensive earnings 70.7 128.4 199.1 1.2 200.3 Balance at December 31, 2021 3,880.0 12.2 3,892.2 (1.0) 3,891.2 Other comprehensive loss (3,259.2) (119.6) (3,378.8) 2.2 (3,376.6) Balance at December 31, 2022 620.8 (107.4) 513.4 1.2 514.6 Other comprehensive earnings 1,778.4 (121.5) 1,656.9 (0.8) 1,656.1 Balance at December 31, 2023 $ 2,399.2 $ (228.9) $ 2,170.3 $ 0.4 $ 2,170.7 The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive earnings (loss). The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net of amounts reclassified to our consolidated statements of operations: Pre-tax Tax benefit Net-of-tax in millions Year ended December 31, 2023: Foreign currency translation adjustments $ 1,780.3 $ (1.9) $ 1,778.4 Pension-related adjustments and other (138.2) 15.9 (122.3) Other comprehensive earnings 1,642.1 14.0 1,656.1 Other comprehensive loss attributable to noncontrolling interests (a) 0.9 (0.1) 0.8 Other comprehensive earnings attributable to Liberty Global shareholders $ 1,643.0 $ 13.9 $ 1,656.9 Year ended December 31, 2022: Foreign currency translation adjustments $ (3,216.1) $ 1.3 $ (3,214.8) Pension-related adjustments and other (113.3) (4.1) (117.4) Other comprehensive loss from continuing operations (3,329.4) (2.8) (3,332.2) Other comprehensive loss from discontinued operations (b) (44.4) — (44.4) Other comprehensive loss (3,373.8) (2.8) (3,376.6) Other comprehensive earnings attributable to noncontrolling interests (a) (2.9) 0.7 (2.2) Other comprehensive loss attributable to Liberty Global shareholders $ (3,376.7) $ (2.1) $ (3,378.8) Year ended December 31, 2021: Foreign currency translation adjustments (b) $ 129.4 $ 1.2 $ 130.6 Pension-related adjustments and other 139.9 (10.3) 129.6 Other comprehensive earnings from continuing operations 269.3 (9.1) 260.2 Other comprehensive loss from discontinued operations (59.9) — (59.9) Other comprehensive earnings 209.4 (9.1) 200.3 Other comprehensive earnings attributable to noncontrolling interests (a) (1.6) 0.4 (1.2) Other comprehensive earnings attributable to Liberty Global shareholders $ 207.8 $ (8.7) $ 199.1 _______________ (a) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. (b) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of CPE and other equipment and services, network and connectivity commitments, programming contracts and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2023. The commitments included in this table do not reflect any liabilities that are included on our December 31, 2023 consolidated balance sheet. Payments due during: 2024 2025 2026 2027 2028 Thereafter Total in millions Purchase commitments $ 735.6 $ 458.5 $ 397.0 $ 376.5 $ 372.0 $ — $ 2,339.6 Network and connectivity 170.4 100.7 49.8 45.6 43.2 237.3 647.0 Programming commitments 224.9 142.1 63.5 33.7 — — 464.2 Other commitments 206.5 168.2 129.8 30.8 28.8 99.2 663.3 Total $ 1,337.4 $ 869.5 $ 640.1 $ 486.6 $ 444.0 $ 336.5 $ 4,114.1 Purchase commitments include unconditional and legally binding obligations related to (i) certain service-related commitments, including software development, information technology, maintenance and call center services and (ii) the purchase of network and other equipment and CPE. Network and connectivity commitments include (i) certain network capacity arrangements at Sunrise and (ii) certain equipment and service-related commitments at Telenet. As a result of the Telenet Wyre Transaction, as described in note 5, Telenet’s commitments associated with its leased network terminated. Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. Programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $558.0 million, $511.3 million and $1,123.2 million (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) during 2023, 2022 and 2021, respectively. Other commitments include (i) our share of the funding commitment associated with the nexfibre JV and (ii) various sports sponsorships. 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, see note 8. For information regarding our defined benefit plans, see note 16. 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. We have established various defined contribution benefit plans for our and our subsidiaries’ employees. Our aggregate expense for matching contributions under the various defined contribution employee benefit plans was $24.9 million, $22.2 million and $30.1 million (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) during 2023, 2022 and 2021, respectively. Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. Legal and Regulatory Proceedings and Other Contingencies Interkabel Acquisition. On November 26, 2007, Telenet and 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 an appeal judgment before 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’ request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Proximus appealed this judgment to the Court of Appeal of Antwerp. In this appeal, Proximus also sought 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 ($1.5 billion). O n December 18, 2017, the Court of Appeal of Antwerp rejected Proximus’ claim in its entirety. On June 28, 2019, Proximus brought this appeal judgment before the Belgian Supreme Court. On January 22, 2021, the Belgian Supreme Court partially annulled the judgment of the Court of Appeal of Antwerp. The case was referred to the Court of Appeal of Brussels and is currently pending with this Court which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court. It is likely that it will take the Court of Appeal of Brussels several years to decide on the matter. 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 filed a lawsuit against Telekom Deutschland GmbH ( Telekom Deutschland ) in which Unitymedia asserted 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 sought 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. Unitymedia has since successfully appealed the case to the Federal Court of Justice, and proceedings continue before the German courts. 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 ) in 2019, 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. Swisscom MVNO Matter. On December 8, 2017, one of our subsidiaries, Sunrise GmbH, formerly known as UPC Schweiz GmbH, entered into a mobile virtual network operator ( MVNO ) agreement with Swisscom (Schweiz) AG ( Swisscom ), as subsequently amended (the Swisscom MVNO ), for the provision of mobile network services to certain of Sunrise GmbH’s end customers. In January 2023, Swisscom filed a formal lawsuit against Sunrise GmbH, asserting that it is in breach of the Swisscom MVNO and claiming approximately CHF 90 million ($107 million) in damages. No amounts have been accrued by us with respect to this matter, as the likelihood of loss is not considered to be probable at this stage. We believe the assertions in this claim are unsupported and/or exaggerated and 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, the amounts of which could be significant, subject to certain thresholds. No amounts have been accrued by our company related to unasserted claims for indemnification, as the likelihood of any loss is not considered to be probable. Further, Liberty Global may be entitled to certain amounts that our disposed operations may recover from taxing authorities. Any such amounts will not be reflected in our consolidated financial statements until such time as the final disposition of such matters has been reached. Other Regulatory Matters. Broadband internet, video distribution, 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. In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving VAT and wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming, copyright and channel carriage fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
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 earnings (loss) from continuing operations 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 values of certain investments, 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 earnings or loss from continuing operations to Adjusted EBITDA is presented below. As of December 31, 2023, our reportable segments are as follows: Consolidated: • Sunrise • Telenet • VM Ireland Nonconsolidated: • VMO2 JV • VodafoneZiggo JV On June 1, 2021, we completed the U.K. JV Transaction, whereby we contributed the U.K. JV Entities to the VMO2 JV. Prior to the completion of the U.K. JV Transaction, we presented Virgin Media U.K., together with VM Ireland, as a single reportable segment, “U.K./Ireland” . In connection with the completion of the U.K. JV Transaction, we restated our segment presentation for all periods to separately present (i) Virgin Media U.K. and (ii) VM Ireland. In addition, certain other less significant entities previously included in the U.K./Ireland segment are now included within Central and Other (as defined below). Following the closing of the U.K. JV Transaction, we identified the VMO2 JV as a nonconsolidated reportable segment. For additional information regarding the U.K. JV Transaction, see note 6. 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 Other ” category primarily includes (i) services provided to the VMO2 JV, the VodafoneZiggo JV and various third parties related to transitional service agreements, (ii) sales of CPE to the VodafoneZiggo JV, (iii) certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions and (iv) our operations in Slovakia. We present only the reportable segments of our continuing operations in the tables below. During the first quarter of 2023, we changed the terms related to, and approach to how we reflect the allocation of, charges for certain products and services that our centrally-managed technology and innovation function (our T&I Function ) provide to our consolidated reportable segments (the Tech Framework ). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. As a result of these changes, our consolidated reportable segments now capitalize the combined cost of the CPE hardware and essential software as property and equipment additions. The other services, including maintenance and hosting, continue to be reported as operating costs in the period incurred (included in our Adjusted EBITDA). The corresponding amounts charged by our T&I Function are reflected as revenue when earned. The new Tech Framework resulted in a change to the way in which our chief operating decision maker evaluates the revenue, Adjusted EBITDA and property and equipment additions of our consolidated reportable segments. Segment information has been revised, as applicable, to reflect these changes. The following table provides a summary of the impact on the revenue, Adjusted EBITDA and property and equipment additions of our consolidated reportable segments and Central and Other. Year ended December 31, 2023 2022 2021 in millions Increase (decrease) to revenue (a): Central and Other $ 243.9 $ 237.5 $ 266.7 Intersegment eliminations (243.9) (237.5) (266.7) Total $ — $ — $ — Increase (decrease) to Adjusted EBITDA (b): Sunrise $ (65.0) $ (40.0) $ (44.3) Telenet (8.8) (8.5) (9.6) VM Ireland (23.9) (13.9) (16.0) Central and Other 158.5 121.7 136.4 Intersegment eliminations (60.8) (59.3) (66.5) Total $ — $ — $ — Increase (decrease) to property and equipment additions (c): Sunrise $ 22.8 $ 22.2 $ 24.9 Telenet 27.7 27.0 30.3 VM Ireland 10.3 10.1 11.3 Central and Other — — — Intersegment eliminations (60.8) (59.3) (66.5) Total $ — $ — $ — _______________ (a) Amounts reflect the revenue recognized within our T&I Function, as well as any applicable markup, related to the Tech Framework. (b) Amounts reflect the charge to each respective consolidated reportable segment related to the service and maintenance component of the Tech Framework and, additionally for Central and Other, the Adjusted EBITDA impact of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup. (c) Amounts reflect the charge to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup. During the second quarter of 2023, we determined to market and sell certain of our internally-developed software to third parties. As a result of these strategic and operational changes, from May 2023, proceeds from the licensing and related sale of products from this internally-developed software (including proceeds generated from our arrangements with the VMO2 JV and the VodafoneZiggo JV) have been applied against the net book value of our existing internally-developed capitalized software until that balance is reduced to zero, after which time we will resume recognizing revenue for such licensing and related sale of products. Further, we now expense the costs of development of such software due to the fact that it is now externally marketed to third parties. During the year ended December 31, 2023, revenue within our Central and Other category was reduced by $127.7 million as a result of this change and the associated accounting treatment, including $69.3 million and $41.0 million from the VMO2 JV and the VodafoneZiggo JV, respectively. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero. Performance Measures of Our Reportable Segments The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. The noncontrolling owners’ interests in the operating results of Telenet, prior to the Telenet Takeover Bid, and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Furthermore, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, we present 100% of the revenue and Adjusted EBITDA of those entities in the tables below. Our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our consolidated statements of operations. Year ended December 31, 2023 2022 (a) 2021 (a) Revenue Adjusted EBITDA Revenue Adjusted EBITDA Revenue Adjusted EBITDA in millions Sunrise $ 3,380.4 $ 1,148.5 $ 3,180.9 $ 1,097.8 $ 3,321.9 $ 1,164.4 Telenet 3,089.2 1,315.2 2,807.3 1,299.6 3,065.9 1,472.2 VM Ireland 506.1 181.4 494.7 183.6 550.0 202.6 Virgin Media U.K. (b) — — — — 2,736.4 1,085.3 Central and Other 775.7 (214.7) 959.9 74.7 915.4 103.3 Intersegment eliminations (c) (260.0) (60.8) (247.1) (60.3) (278.3) (64.7) Total $ 7,491.4 $ 2,369.6 $ 7,195.7 $ 2,595.4 $ 10,311.3 $ 3,963.1 VMO2 JV (d) $ 13,574.1 $ 4,531.3 $ 12,857.2 $ 4,562.2 $ 8,522.9 $ 2,716.6 VodafoneZiggo JV $ 4,450.5 $ 1,972.5 $ 4,284.6 $ 2,018.0 $ 4,824.2 $ 2,265.6 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. (b) Amounts represent the revenue and Adjusted EBITDA of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction. (c) Amounts primarily relate to (i) the revenue recognized within our T&I Function related to the Tech Framework, (ii) the Adjusted EBITDA impact to Central and Other of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup, and (iii) for 2022 and 2021, transactions between our continuing and discontinued operations. (d) The 2021 amounts represent the revenue and Adjusted EBITDA of the VMO2 JV for the period beginning June 1, 2021. The following table provides a reconciliation of earnings (loss) from continuing operations to Adjusted EBITDA: Year ended December 31, 2023 2022 2021 in millions Earnings (loss) from continuing operations $ (3,873.8) $ 1,105.3 $ 13,527.5 Income tax expense 149.6 318.9 473.3 Other income, net (225.5) (134.4) (44.9) Gain on AtlasEdge JV Transactions — — (227.5) Gain on U.K. JV Transaction — — (10,873.8) Gain on Telenet Tower Sale — (700.5) — Gain associated with the Telenet Wyre Transaction (377.8) — — Share of results of affiliates, net 2,019.3 1,267.8 175.4 Losses (gains) on debt extinguishment, net 1.4 (2.8) 90.6 Realized and unrealized losses (gains) due to changes in fair values of certain investments, net 557.3 323.5 (820.6) Foreign currency transaction losses (gains), net 70.8 (1,407.2) (1,324.5) Realized and unrealized losses (gains) on derivative instruments, net 526.3 (1,213.1) (537.3) Interest expense 907.9 589.3 882.1 Operating income (loss) (244.5) 146.8 1,320.3 Impairment, restructuring and other operating items, net 67.9 85.1 (19.0) Depreciation and amortization 2,315.2 2,171.4 2,353.7 Share-based compensation expense 231.0 192.1 308.1 Adjusted EBITDA $ 2,369.6 $ 2,595.4 $ 3,963.1 Balance Sheet Data of our Reportable Segments Selected balance sheet data of our reportable segments is set forth below: Long-lived assets Total assets December 31, December 31, 2023 2022 (a) 2023 2022 (a) in millions Sunrise $ 11,604.0 $ 10,950.4 $ 13,992.2 $ 13,133.0 Telenet 7,137.1 5,779.0 9,801.5 8,917.5 VM Ireland 932.0 813.2 1,183.6 1,084.9 Central and Other 339.6 717.4 17,229.5 19,853.6 Intersegment eliminations (118.9) (94.0) (118.9) (94.0) Total $ 19,893.8 $ 18,166.0 $ 42,087.9 $ 42,895.0 VMO2 JV $ 39,073.2 $ 41,087.5 $ 48,039.4 $ 49,809.3 VodafoneZiggo JV $ 17,725.3 $ 17,845.3 $ 19,714.1 $ 20,211.9 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. Property and Equipment Additions of our Reportable Segments The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively. Year ended December 31, 2023 2022 (a) 2021 (a) in millions Sunrise $ 586.4 $ 597.9 $ 634.8 Telenet 746.6 643.0 603.8 VM Ireland 176.7 147.4 105.7 Virgin Media U.K. (b) — — 557.4 Central and Other (c) 129.1 259.9 334.3 Intersegment eliminations (d) (60.8) (59.3) (66.5) Total property and equipment additions 1,578.0 1,588.9 2,169.5 Assets acquired under capital-related vendor financing arrangements (178.4) (182.8) (661.1) Assets acquired under finance leases (20.9) (34.2) (42.6) Changes in current liabilities related to capital expenditures 7.3 (68.7) (57.8) Total capital expenditures, net $ 1,386.0 $ 1,303.2 $ 1,408.0 Property and equipment additions: VMO2 JV (e) $ 2,478.9 $ 2,785.0 $ 1,706.4 VodafoneZiggo JV $ 989.8 $ 999.3 $ 990.5 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. (b) Amount represents the property and equipment additions of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction. (c) Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software, (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments and (iii) property and equipment additions of our operations in Slovakia. (d) Amounts reflect the charge under the Tech Framework to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup. (e) The 2021 amount represents the property and equipment additions of the VMO2 JV for the period beginning June 1, 2021. Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Year ended December 31, 2023 2022 2021 in millions Residential revenue: Residential fixed revenue (a): Subscription revenue (b): Broadband internet $ 1,491.0 $ 1,378.2 $ 2,371.7 Video 1,091.3 1,077.4 1,831.8 Fixed-line telephony 359.6 381.4 841.1 Total subscription revenue 2,941.9 2,837.0 5,044.6 Non-subscription revenue 69.2 46.3 98.9 Total residential fixed revenue 3,011.1 2,883.3 5,143.5 Residential mobile revenue (c): Subscription revenue (b) 1,519.3 1,401.4 1,630.7 Non-subscription revenue 550.9 543.7 760.8 Total residential mobile revenue 2,070.2 1,945.1 2,391.5 Total residential revenue 5,081.3 4,828.4 7,535.0 B2B revenue (d): Subscription revenue 561.7 515.1 619.0 Non-subscription revenue 934.9 861.7 1,243.8 Total B2B revenue 1,496.6 1,376.8 1,862.8 Other revenue (e) 913.5 990.5 913.5 Total $ 7,491.4 $ 7,195.7 $ 10,311.3 _______________ (a) Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed 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 fixed 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 (i) services provided to small or home office ( SOHO ) subscribers and (ii) mobile services provided to medium and large enterprises. 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 (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network. (e) Other revenue includes, among other items, (i) broadcasting revenue at Telenet, VM Ireland and Sunrise, (ii) revenue earned from the U.K. JV Services and NL JV Services, (iii) revenue earned from the sale of CPE to the VodafoneZiggo JV and (iv) revenue earned from transitional and other services provided to various third parties. Geographic Segments The revenue of our geographic segments is set forth below: Year ended December 31, 2023 2022 2021 in millions Switzerland $ 3,380.4 $ 3,180.9 $ 3,321.9 Belgium 2,948.2 2,807.3 3,065.9 Ireland 506.1 494.7 550.0 U.K. (a) — — 2,736.4 Slovakia 51.8 49.9 52.3 Other, including intersegment eliminations (b) 604.9 662.9 584.8 Total $ 7,491.4 $ 7,195.7 $ 10,311.3 VMO2 JV (U.K.) (c) $ 13,574.1 $ 12,857.2 $ 8,522.9 VodafoneZiggo JV (Netherlands) $ 4,450.5 $ 4,284.6 $ 4,824.2 _______________ (a) Amount represents the revenue of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction. (b) Revenue from our other geographic segments relates to (i) our Central functions, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg. (c) The 2021 amount represents the revenue of the VMO2 JV for the period beginning June 1, 2021. The long-lived assets of our geographic segments are set forth below: December 31, 2023 2022 (a) in millions Switzerland $ 11,604.0 $ 10,950.4 Belgium 7,087.6 5,779.0 Ireland 932.0 813.2 Slovakia 118.2 116.5 Other (b) 270.9 600.9 Intersegment eliminations (118.9) $ (94.0) Total $ 19,893.8 $ 18,166.0 VMO2 JV (U.K.) $ 39,073.2 $ 41,087.5 VodafoneZiggo JV (Netherlands) $ 17,725.3 $ 17,845.3 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. |
SCHEDULE I (Parent Company Info
SCHEDULE I (Parent Company Information) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I (Parent Company Information) | LIBERTY GLOBAL LTD. SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED BALANCE SHEET (Parent Company Only) December 31, in millions ASSETS Current assets: Other receivables — related-party $ 4.1 Total current assets 4.1 Investments in consolidated subsidiaries, including intercompany balances 19,073.7 Other assets, net 17.6 Total assets $ 19,095.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Other current liabilities — related-party $ 0.6 Other accrued and current liabilities 11.3 Total current liabilities 11.9 Other long-term liabilities 20.9 Total liabilities 32.8 Commitments and contingencies Shareholders’ equity: Class A common shares, $0.01 nominal value. Issued and outstanding 171,463,760 shares 1.7 Class B common shares, $0.01 nominal value. Issued and outstanding 12,988,658 shares 0.1 Class C common shares, $0.01 nominal value. Issued and outstanding 198,153,613 shares 2.0 Additional paid-in capital 1,322.6 Accumulated earnings 15,566.0 Accumulated other comprehensive earnings, net of taxes 2,170.3 Treasury shares, at cost (0.1) Total shareholders’ equity 19,062.6 Total liabilities and shareholders’ equity $ 19,095.4 LIBERTY GLOBAL LTD. SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENT OF OPERATIONS (Parent Company Only) Period from November 23, 2023 to December 31, 2023 in millions Operating costs and expenses: Selling, general and administrative $ 0.6 Operating loss (0.6) Non-operating expense: Interest expense — related-party (0.3) (0.3) Loss before income taxes and equity in loss of consolidated subsidiaries, net (0.9) Equity in loss of consolidated subsidiaries, net (2,998.7) Net loss $ (2,999.6) LIBERTY GLOBAL LTD. SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENT OF CASH FLOWS (Parent Company Only) Period from November 23, 2023 to December 31, 2023 in millions Cash flows from operating activities: Net loss $ (2,999.6) Adjustments to reconcile net loss to net cash provided (used) by operating activities: Equity in loss of consolidated subsidiaries, net 2,998.7 Changes in operating assets and liabilities: Payables and accruals 0.9 Net cash provided (used) by operating activities — Cash flows from investing activities: Net cash provided (used) by investing activities — Cash flows from financing activities: Capital contributions from consolidated subsidiaries 107.4 Repurchases of Liberty Global common shares (107.4) Net cash provided (used) by financing activities — Net increase (decrease) in cash and cash equivalents and restricted cash — Cash and cash equivalents and restricted cash: Beginning of period — End of period $ — LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED BALANCE SHEET (Parent Company Only) December 31, 2022 in millions ASSETS Current assets: Cash and cash equivalents $ 1.8 Other receivables — related-party 89.8 Current notes receivable — related-party 0.8 Other current assets 7.5 Total current assets 99.9 Long-term notes receivable — related-party 190.0 Investments in consolidated subsidiaries, including intercompany balances 51,050.7 Other assets, net 16.8 Total assets $ 51,357.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1.1 Other payables — related-party 78.5 Other current liabilities — related-party 0.6 Current portion of notes payable — related-party 12,590.2 Other accrued and current liabilities 25.0 Total current liabilities 12,695.4 Long-term notes payable — related-party 16,200.9 Other long-term liabilities 24.7 Total liabilities 28,921.0 Commitments and contingencies Shareholders’ equity: Class A common shares, $0.01 nominal value. Issued and outstanding 171,917,370 shares 1.8 Class B common shares, $0.01 nominal value. Issued and outstanding 12,994,000 shares 0.1 Class C common shares, $0.01 nominal value. Issued and outstanding 274,436,585 shares 2.7 Additional paid-in capital 2,300.8 Accumulated earnings 19,617.7 Accumulated other comprehensive earnings, net of taxes 513.4 Treasury shares, at cost (0.1) Total shareholders’ equity 22,436.4 Total liabilities and shareholders’ equity $ 51,357.4 SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENTS OF OPERATIONS (Parent Company Only) Period from January 1, 2023 to November 22, 2023 Year ended December 31, 2022 2021 in millions Operating costs and expenses: Selling, general and administrative (including share-based compensation) $ 89.6 $ 55.7 $ 77.6 Related-party fees and allocations 233.9 239.3 182.5 Depreciation and amortization 1.0 1.2 1.4 Operating loss (324.5) (296.2) (261.5) Non-operating income (expense): Interest expense — related-party (1,395.5) (1,308.7) (1,185.6) Interest income — related-party 12.8 15.1 31.7 Foreign currency transaction gains, net 46.5 274.8 317.7 Realized and unrealized gains on derivative instruments, net 26.5 61.5 9.0 Other income, net 0.2 0.3 0.1 (1,309.5) (957.0) (827.1) Loss before income taxes and equity in earnings of consolidated subsidiaries, net (1,634.0) (1,253.2) (1,088.6) Equity in earnings of consolidated subsidiaries, net 581.4 2,726.4 14,530.5 Income tax benefit (expense) 0.5 — (15.1) Net earnings (loss) $ (1,052.1) $ 1,473.2 $ 13,426.8 LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENTS OF CASH FLOWS (Parent Company Only) Period from January 1, 2023 to November 22, 2023 Year ended December 31, 2022 2021 in millions Cash flows from operating activities: Net earnings (loss) $ (1,052.1) $ 1,473.2 $ 13,426.8 Adjustments to reconcile net earnings (loss) to net cash used by operating activities: Equity in earnings of consolidated subsidiaries, net (581.4) (2,726.4) (14,530.5) Share-based compensation expense 55.1 28.4 49.4 Related-party fees and allocations 233.9 239.3 182.5 Depreciation and amortization 1.0 1.2 1.4 Realized and unrealized gains on derivative instruments, net (26.5) (61.5) (9.0) Foreign currency transaction gains, net (46.5) (274.8) (317.7) Deferred income tax expense (benefit) (0.5) — 15.1 Changes in operating assets and liabilities: Receivables and other operating assets (25.5) 138.5 85.3 Payables and accruals 1,135.6 654.7 709.9 Net cash used by operating activities (306.9) (527.4) (386.8) Cash flows from investing activities: Distributions and repayments from (investments in and advances to) consolidated subsidiaries, net (401.0) 22.4 (274.8) Net cash received related to derivative instruments — 50.0 — Cash released from the Vodafone Escrow Accounts, net — 6.5 214.9 Other investing activities, net — — (0.1) Net cash provided (used) by investing activities (401.0) 78.9 (60.0) Cash flows from financing activities: Borrowings of related-party debt 2,206.1 2,187.8 2,445.3 Repayments of related-party debt (106.2) (26.5) (443.3) Repurchases of Liberty Global common shares (1,387.3) (1,703.4) (1,580.4) Proceeds from the issuance of Liberty Global shares upon exercise of options 1.2 13.0 8.9 Other financing activities, net (6.2) (20.8) (15.3) Net cash provided by financing activities 707.6 450.1 415.2 Effect of exchange rate changes on cash and cash equivalents and restricted cash (0.7) (1.5) 0.1 Net increase (decrease) in cash and cash equivalents and restricted cash (1.0) 0.1 (31.5) Cash and cash equivalents and restricted cash: Beginning of period 6.9 6.8 38.3 End of period $ 5.9 $ 6.9 $ 6.8 Details of end of period cash and cash equivalents and restricted cash: Cash and cash equivalents $ 0.7 $ 1.8 $ 1.7 Restricted cash included in other current assets 5.2 5.1 5.1 Total cash and cash equivalents and restricted cash $ 5.9 $ 6.9 $ 6.8 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LIBERTY GLOBAL LTD. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for doubtful accounts — Trade receivables Balance at beginning of period Additions to costs and expenses Acquisitions Deductions or write-offs Foreign currency translation adjustments Balance at end of period in millions Year ended December 31: 2021 $ 48.3 16.3 (1.6) (18.5) (2.5) $ 42.0 2022 $ 42.0 30.8 — (28.5) (1.2) $ 43.1 2023 $ 43.1 25.6 — (14.3) 3.6 $ 58.0 Allowance for doubtful accounts — Loans to affiliates Balance at beginning Additions to Foreign currency translation adjustments Balance in millions Year ended December 31: 2021 $ 38.5 1.0 (2.3) $ 37.2 2022 $ 37.2 (4.5) (2.5) $ 30.2 2023 $ 30.2 (1.6) 1.0 $ 29.6 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net earnings (loss) | $ (4,051.7) | $ 1,473.2 | $ 13,426.8 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes ASU 2022-04 In September 2022, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( ASU ) No. 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04 ), which requires additional disclosures for buyers participating in supplier financing programs, which we refer to as vendor financing, including (i) the key terms of the arrangement, (ii) the confirmed amount outstanding at the end of the period, (iii) the balance sheet presentation of related amounts and (iv) a reconciliation of the balances from period to period. We adopted ASU 2022-04 on January 1, 2023, and such adoption did not have a significant impact on our consolidated financial statements. For additional information regarding our vendor financing obligations, see note 11. ASU 2021-08 In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ( ASU 2021-08 ), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. We adopted ASU 2021-08 on January 1, 2023. The main impact of the adoption of ASU 2021-08 is the recognition of contract assets and contract liabilities in business combinations at amounts generally consistent with the carrying value of such assets and liabilities of the acquiree immediately before the acquisition date. ASU 2020-04 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides, for a limited time, optional expedients and exceptions for certain contract modifications that reference the London Interbank Offered Rate ( LIBOR ) or another reference rate expected to be discontinued. In December 2022, the FASB deferred the expiration date of ASU 2020-04 from December 31, 2022 to December 31, 2024. In accordance with the optional expedients in ASU 2020-04, we have modified all applicable debt agreements to replace LIBOR with another reference rate and applied the practical expedient to account for the modification as a continuation of the existing contract. The use of optional expedients in ASU 2020-04 has not had a significant impact on our consolidated financial statements to date. For additional information regarding our debt, see note 11. Recent Accounting Pronouncements ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures ( ASU 2023-09 ), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements and disclosures. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and is required to be applied on a retrospective basis. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements and disclosures. ASU 2023-05 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations – Joint Venture Formations: Recognition and Initial Measurement ( ASU 2023-05 ), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after January 1, 2025. We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities and the development of internal-use software, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. |
Reclassifications | Reclassifications |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. |
Cash Flow Statement | Cash Flow Statement For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. The capital expenditures we report in our consolidated statements of cash flows do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. |
Trade Receivables | Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $58.0 million and $43.1 million at December 31, 2023 and 2022, respectively. The allowance for doubtful accounts is based upon our current estimate of lifetime expected credit losses related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent. |
Investments | Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. We determine the appropriate classification of our investments in debt securities at the time of purchase based on the underlying nature and characteristics of each security. With the exception of our debt security in a leveraged structured note, all of our debt securities are classified as available for sale and are reported at fair value. Changes in fair value are reported in other comprehensive earnings or loss and, upon sale, are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Our debt security held in a leveraged structured note is accounted for at fair value and any change in fair value is reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. In addition, any interest received on our debt securities is reported as interest income in our consolidated statements of operations. Under the equity method, investments are recorded at cost and are subsequently increased or reduced to reflect our share of net earnings or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9. Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. Dividend distributions from investees that are not accounted for under the equity method are recognized as dividend income in our consolidated statements of operations when the investee’s shares begin trading on an ex-dividend basis for publicly traded investees or when declared for privately held investees. Dividend distributions from our equity method investees are reflected as reductions in the carrying values of the applicable investments. Dividend distributions that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity method investments to determine whether a decline in fair value below the cost basis is deemed other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable. If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value and the corresponding charge is reported in share of results of affiliates, net, in our consolidated statements of operations. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. |
Financial Instruments | Financial Instruments |
Derivative Instruments | Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. We generally do not apply hedge accounting to our derivative instruments, therefore changes in the fair value of derivative instruments are recognized in earnings or loss. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new, or upgrades to existing, fixed and mobile transmission and distribution facilities, the installation of new fixed-line services and the development of internal-use software. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our fixed-line system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for new, or upgrades to existing, fixed-line services. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Costs related to the development of entertainment- and connectivity-related software that we externally market, or plan to externally market, to third parties are expensed as incurred, as the time period between technological feasibility and product launch is generally limited in duration and the associated costs during said time period are not significant. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of fixed and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. |
Intangible Assets | Intangible Assets Our primary intangible asset s relate to goodwill and customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships are initially recorded at their fair value in connection with business combinations. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values. |
Impairment of Property and Equipment and Intangible Assets | Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. |
Leases | Leases For leases with a term greater than 12 months, we recognize on the lease commencement date (i) right-of-use ( ROU ) assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings or loss in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. The 2017 Tax Cuts and Jobs Act created a requirement that certain income earned by foreign subsidiaries, known as global intangible low-taxed income ( GILTI |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. |
Revenue Recognition | Revenue Recognition Service Revenue — Fixed Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from prepaid customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Other Revenue — Services to Affiliates. We provide certain services to the VMO2 JV and the VodafoneZiggo JV, which 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 VMO2 JV and the VodafoneZiggo JV. We recognize revenue from services to affiliates in the period in which the related services are provided. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes ( VAT ). |
Programming Costs | Programming Costs 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 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 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 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. |
Share-based Compensation | Share-based Compensation We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards is recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units ( RSUs ), restricted share awards ( RSAs ) and performance-based restricted share units ( PSUs ) are based upon the closing share price of Liberty Global common shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SARs granted by Liberty Global to employees. The expected volatility for options and SARs related to our common shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global common shares when Liberty Global options or SARs are exercised, when RSUs and PSUs vest and when RSAs are granted. 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. Although we repurchase Liberty Global common shares from time to time, the parameters of our share purchase and redemption activities are not established with reference to the dilutive impact of our share-based compensation plans. |
Litigation Costs | Litigation Costs Legal fees and related litigation costs are expensed as incurred. |
Earnings or Loss per Share | Earnings or Loss per Share Basic earnings or loss per share ( EPS |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Shares Outstanding | The details of our net earnings (loss) from continuing operations attributable to Liberty Global shareholders are set forth below: Year ended December 31, 2023 2022 2021 in millions, except share amounts Earnings (loss) from continuing operations $ (3,873.8) $ 1,105.3 $ 13,527.5 Net earnings from continuing operations attributable to noncontrolling interests (177.9) (513.1) (183.3) Net earnings (loss) from continuing operations attributable to Liberty Global shareholders $ (4,051.7) $ 592.2 $ 13,344.2 Weighted average common shares outstanding (basic EPS computation) 425,679,037 489,555,582 555,695,224 Incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting (treasury stock method) — 7,433,268 13,418,999 Weighted average common shares outstanding (diluted EPS computation) 425,679,037 496,988,850 569,114,223 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Classes of Assets and Liabilities Held for Sale | The operating results of UPC Poland for 2022 and 2021 are summarized in the following table. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations. Year ended December 31, 2022 (a) 2021 in millions Revenue $ 109.5 $ 454.8 Operating income $ 45.0 $ 133.7 Earnings before income taxes $ 43.9 $ 130.7 Income tax expense (9.3) (48.1) Net earnings attributable to Liberty Global shareholders $ 34.6 $ 82.6 _______________ (a) Includes the operating results of UPC Poland from January 1, 2022 to April 1, 2022, the date UPC Poland was sold. The June 1, 2021 carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities, which were contributed to the VMO2 JV, are summarized below (in millions): Assets: Current assets (a) $ 4,868.3 Property and equipment, net 9,465.1 Goodwill 8,214.7 Other assets, net 3,086.9 Total assets (b) $ 25,635.0 Liabilities: Current portion of debt and finance lease obligations $ 3,220.9 Other accrued and current liabilities 2,242.0 Long-term debt and finance lease obligations 16,905.1 Other long-term liabilities 1,788.2 Total liabilities (b) $ 24,156.2 _______________ (a) Amount includes $3.4 billion of net proceeds from certain financing transactions completed in 2020 that were held in escrow pending the completion of the U.K. JV Transaction. (b) The carrying amount of the net assets of $1,478.8 million presented above is net of the cumulative foreign currency translation loss of $1,198.6 million. |
Schedule of Equity Method Investments | The opening balance sheet presented below reflects the final purchase price allocation (in millions): Current assets $ 4,186.7 Property and equipment, net 12,523.2 Goodwill 29,455.4 Intangible assets subject to amortization, net 13,274.6 Other assets, net 4,163.5 Current portion of debt and finance lease obligations (4,352.5) Other accrued and current liabilities (5,780.8) Long-term debt and finance lease obligations (21,879.2) Other long-term liabilities (2,170.9) Total fair value of the net assets of the VMO2 JV $ 29,420.0 The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2023 2022 2021 in millions VMO2 JV (a) $ (1,723.1) $ (1,396.6) $ (97.2) VodafoneZiggo JV (b) (196.7) 241.2 (32.0) nexfibre JV (34.7) 25.2 — AtlasEdge JV (31.1) (23.3) (5.8) Formula E (19.4) (20.2) (2.5) Streamz B.V. ( Streamz ) (c) (6.9) (35.2) (0.7) All3Media 4.0 (10.0) (17.4) Eltrona Interdiffusion S.A. ( Eltrona ) (d) — (34.2) (17.2) Other (11.4) (14.7) (2.6) Total $ (2,019.3) $ (1,267.8) $ (175.4) _______________ (a) Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. In addition, the 2023 and 2022 amounts include charges of $1.5 billion and $1.8 billion, respectively, representing our 50% share of the VMO2 JV’s goodwill impairments, as described below. (b) Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables. (c) The 2022 amount includes a charge of $31.7 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter. (d) The 2022 amount includes a charge of $32.5 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter. The summarized results of operations of the VMO2 JV are set forth below: Year ended December 31, 2023 2022 2021 (a) in millions Revenue $ 13,574.1 $ 12,857.2 $ 8,522.9 Loss before income taxes $ (3,728.8) $ (3,012.8) $ (351.6) Net loss $ (3,438.6) $ (3,042.0) $ (173.2) _______________ (a) Includes the operating results of the VMO2 JV for the period from June 1, 2021 through December 31, 2021. The summarized financial position of the VMO2 JV is set forth below: December 31, 2023 2022 in millions Current assets $ 5,237.8 $ 4,056.0 Long-term assets 42,801.6 45,753.3 Total assets $ 48,039.4 $ 49,809.3 Current liabilities $ 9,465.8 $ 8,349.7 Long-term liabilities 24,075.9 21,877.6 Owners’ equity 14,497.7 19,582.0 Total liabilities and owners’ equity $ 48,039.4 $ 49,809.3 The summarized results of operations of the VodafoneZiggo JV are set forth below: Year ended December 31, 2023 2022 2021 in millions Revenue $ 4,450.5 $ 4,284.6 $ 4,824.2 Earnings (loss) before income taxes $ (614.6) $ 608.3 $ (90.8) Net earnings (loss) $ (510.0) $ 394.7 $ (163.1) The summarized financial position of the VodafoneZiggo JV is set forth below: December 31, 2023 2022 in millions Current assets $ 923.6 $ 815.5 Long-term assets 18,790.5 19,396.4 Total assets $ 19,714.1 $ 20,211.9 Current liabilities $ 2,727.5 $ 2,719.2 Long-term liabilities 14,795.2 14,652.3 Owners’ equity 2,191.4 2,840.4 Total liabilities and owners’ equity $ 19,714.1 $ 20,211.9 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: December 31, 2023 2022 Ownership (a) Accounting Method in millions % Equity (b): Long-term: VMO2 JV $ 7,248.5 $ 9,790.9 50.0 VodafoneZiggo JV (c) 2,055.4 2,345.8 50.0 AtlasEdge JV 250.8 122.2 48.1 All3Media Group ( All3Media ) 144.2 143.9 50.0 Formula E Holdings Ltd ( Formula E ) 99.1 87.3 35.9 nexfibre JV 55.9 52.4 25.0 Other 133.7 134.6 Total — equity 9,987.6 12,677.1 Fair value: Short-term: Separately-managed accounts ( SMAs ) (d) 1,990.5 2,621.6 Long-term: Vodafone - subject to re-use rights (e) 1,168.1 — 4.9 Televisa Univision, Inc. ( Televisa Univision ) 388.3 385.5 6.0 ITV plc ( ITV ) 321.9 362.4 9.8 EdgeConneX, Inc. ( EdgeConneX ) 318.3 183.8 5.2 SMAs (d) 285.6 233.0 Plume Design, Inc. ( Plume ) (f) 168.4 246.2 11.5 Pax8, Inc. ( Pax8 ) 100.3 99.0 5.6 Lacework, Inc. ( Lacework ) 94.2 242.8 3.2 CANAL+ Polska S.A. ( CANAL+ Polska ) 76.4 66.1 17.0 Lions Gate Entertainment Corp. ( Lionsgate ) 69.6 36.7 2.8 Aviatrix Systems, Inc. ( Aviatrix ) 55.5 78.2 3.3 Other 361.9 337.7 Total — fair value 5,399.0 4,893.0 Total investments (g) $ 15,386.6 $ 17,570.1 Short-term investments $ 1,990.5 $ 2,621.6 Long-term investments $ 13,396.1 $ 14,948.5 _______________ (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 dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At December 31, 2023 and 2022, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,234.7 million and $1,196.8 million, respectively, which primarily includes 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 $774.5 million and $749.7 million at December 31, 2023 and 2022, respectively, (the VodafoneZiggo JV Receivable I ) and (ii) a euro-denominated note receivable with a principal amount of $230.0 million and $222.7 million at December 31, 2023 and 2022, 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 2023, interest accrued on the VodafoneZiggo JV Receivables was $55.3 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. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were classified as available-for-sale debt securities as of December 31, 2023. At December 31, 2023 and 2022, interest accrued on our debt securities, which is included in other current assets (e) During the first quarter of 2023, we acquired 1,335 million shares of Vodafone at an average purchase price of £0.9195 ($1.1151 at the transaction date) per share. The aggregate purchase price of £1,227.6 million ($1,488.7 million at the transaction date) was funded with $269.2 million of cash on hand, net of a $0.3 million collar premium, and the remainder through a collar transaction (the Vodafone Collar Transaction ). The Vodafone Collar Transaction includes a collar on the full amount of our Vodafone shares (the Vodafone Collar ) and a loan (the Vodafone Collar Loan ) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares. At December 31, 2023, after consideration of the Vodafone Collar Transaction, the net fair value of our investment in Vodafone is $115.5 million. For additional information regarding the Vodafone Collar Transaction, including a description of the related re-use rights and the impact on the dividends we receive on our Vodafone shares, see note 8. (f) Our investment in Plume includes warrants with a fair value of $61.3 million and $92.2 million at December 31, 2023 and 2022, respectively. (g) The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs. |
Schedule of Equity Method Investments | The opening balance sheet presented below reflects the final purchase price allocation (in millions): Current assets $ 4,186.7 Property and equipment, net 12,523.2 Goodwill 29,455.4 Intangible assets subject to amortization, net 13,274.6 Other assets, net 4,163.5 Current portion of debt and finance lease obligations (4,352.5) Other accrued and current liabilities (5,780.8) Long-term debt and finance lease obligations (21,879.2) Other long-term liabilities (2,170.9) Total fair value of the net assets of the VMO2 JV $ 29,420.0 The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2023 2022 2021 in millions VMO2 JV (a) $ (1,723.1) $ (1,396.6) $ (97.2) VodafoneZiggo JV (b) (196.7) 241.2 (32.0) nexfibre JV (34.7) 25.2 — AtlasEdge JV (31.1) (23.3) (5.8) Formula E (19.4) (20.2) (2.5) Streamz B.V. ( Streamz ) (c) (6.9) (35.2) (0.7) All3Media 4.0 (10.0) (17.4) Eltrona Interdiffusion S.A. ( Eltrona ) (d) — (34.2) (17.2) Other (11.4) (14.7) (2.6) Total $ (2,019.3) $ (1,267.8) $ (175.4) _______________ (a) Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. In addition, the 2023 and 2022 amounts include charges of $1.5 billion and $1.8 billion, respectively, representing our 50% share of the VMO2 JV’s goodwill impairments, as described below. (b) Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables. (c) The 2022 amount includes a charge of $31.7 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter. (d) The 2022 amount includes a charge of $32.5 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter. The summarized results of operations of the VMO2 JV are set forth below: Year ended December 31, 2023 2022 2021 (a) in millions Revenue $ 13,574.1 $ 12,857.2 $ 8,522.9 Loss before income taxes $ (3,728.8) $ (3,012.8) $ (351.6) Net loss $ (3,438.6) $ (3,042.0) $ (173.2) _______________ (a) Includes the operating results of the VMO2 JV for the period from June 1, 2021 through December 31, 2021. The summarized financial position of the VMO2 JV is set forth below: December 31, 2023 2022 in millions Current assets $ 5,237.8 $ 4,056.0 Long-term assets 42,801.6 45,753.3 Total assets $ 48,039.4 $ 49,809.3 Current liabilities $ 9,465.8 $ 8,349.7 Long-term liabilities 24,075.9 21,877.6 Owners’ equity 14,497.7 19,582.0 Total liabilities and owners’ equity $ 48,039.4 $ 49,809.3 The summarized results of operations of the VodafoneZiggo JV are set forth below: Year ended December 31, 2023 2022 2021 in millions Revenue $ 4,450.5 $ 4,284.6 $ 4,824.2 Earnings (loss) before income taxes $ (614.6) $ 608.3 $ (90.8) Net earnings (loss) $ (510.0) $ 394.7 $ (163.1) The summarized financial position of the VodafoneZiggo JV is set forth below: December 31, 2023 2022 in millions Current assets $ 923.6 $ 815.5 Long-term assets 18,790.5 19,396.4 Total assets $ 19,714.1 $ 20,211.9 Current liabilities $ 2,727.5 $ 2,719.2 Long-term liabilities 14,795.2 14,652.3 Owners’ equity 2,191.4 2,840.4 Total liabilities and owners’ equity $ 19,714.1 $ 20,211.9 |
Schedule of Debt Securities | The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net: Year ended December 31, 2023 2022 2021 in millions Vodafone $ (362.4) $ — $ — Lacework (148.6) (26.3) 223.9 EdgeConneX 122.3 43.4 28.9 Plume (77.8) (55.4) 219.5 ITV (40.5) (233.9) 15.3 Lionsgate 32.9 (69.2) 33.9 SMAs (26.4) (49.1) (10.1) Aviatrix (22.7) — 65.4 Televisa Univision (9.9) 23.1 301.6 Pax8 1.3 79.3 — Skillz Inc. ( Skillz ) (a) — (34.7) (100.4) TiBiT Communications, Inc. ( TiBiT ) (b) — 26.4 — Other, net (c) (25.5) (27.1) 42.6 Total $ (557.3) $ (323.5) $ 820.6 _______________ (a) We completed the sale of our investment in Skillz during the first quarter of 2023. (b) Our investment in TiBiT was sold during the fourth quarter of 2022. (c) Amounts include gains of $8.0 million, $15.7 million and $12.9 million, in the respective periods shown, related to investments that were sold during the year. The following tables set forth a summary of our debt securities at December 31, 2023 and 2022: December 31, 2023 Amortized cost basis Accumulated unrealized gains Fair value in millions Commercial paper $ 1,066.5 $ (0.1) $ 1,066.4 Government bonds 504.7 0.3 505.0 Certificates of deposit 373.1 0.1 373.2 Corporate debt securities 226.6 (0.1) 226.5 Structured note (a) (a) (a) 95.8 Other debt securities 9.2 — 9.2 Total debt securities $ 2,180.1 $ 0.2 $ 2,276.1 _______________ (a) Amount represents an investment in a leveraged structured note issued by a third party investment bank, which is accounted for at fair value and classified within Level 2 of the fair value hierarchy. For further information regarding our fair value measurements, see note 9. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. At December 31, 2023, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table: Proportion of debt associated with the return on the leveraged structured note Subsidiary: Sunrise Holding 32.91 % Telenet 28.23 % Affiliate: VMO2 JV 31.49 % VodafoneZiggo JV 7.37 % Total 100.00 % December 31, 2022 Amortized cost basis Accumulated unrealized losses Fair value in millions Commercial paper $ 881.1 $ 2.1 $ 883.2 Government bonds 697.0 (1.4) 695.6 Certificates of deposit 520.5 (0.6) 519.9 Corporate debt securities 405.3 (4.8) 400.5 Other debt securities 355.0 0.4 355.4 Total debt securities $ 2,858.9 $ (4.3) $ 2,854.6 The fair values of our debt securities as of December 31, 2023 by contractual maturity are shown below (in millions): Due in one year or less $ 1,990.5 Due in one to five years 284.7 Due in five to ten years 0.9 Total (a) $ 2,276.1 _______________ (a) The weighted average life of our total debt securities was 0.6 years as of December 31, 2023. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: December 31, 2023 December 31, 2022 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 515.6 $ 427.5 $ 943.1 $ 381.4 $ 1,087.6 $ 1,469.0 Equity-related derivative instruments (c) — 310.7 310.7 — — — Foreign currency forward and option contracts 2.3 0.6 2.9 1.0 — 1.0 Other 0.2 — 0.2 0.3 — 0.3 Total $ 518.1 $ 738.8 $ 1,256.9 $ 382.7 $ 1,087.6 $ 1,470.3 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 369.9 $ 948.5 $ 1,318.4 $ 286.5 $ 449.0 $ 735.5 Equity-related derivative instruments (c) 47.4 — 47.4 — — — Foreign currency forward and option contracts 9.5 4.5 14.0 10.3 1.3 11.6 Total $ 426.8 $ 953.0 $ 1,379.8 $ 296.8 $ 450.3 $ 747.1 _______________ (a) Our long-term derivative assets and long-term derivative liabilities are included in other assets, net other long-term liabilities (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 11). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $36.9 million, ($16.6 million) and ($10.7 million) during 2023, 2022 and 2021, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9. (c) |
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2023 2022 2021 in millions Cross-currency and interest rate derivative contracts $ (785.4) $ 1,185.5 $ 578.9 Equity-related derivative instruments: Vodafone Collar 258.5 — — ITV Collar — — (11.8) Total equity-related derivative instruments 258.5 — (11.8) Foreign currency forward and option contracts 0.6 28.3 (31.8) Other — (0.7) 2.0 Total $ (526.3) $ 1,213.1 $ 537.3 |
Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location | The following table sets forth the classification of the net cash inflows of our derivative instruments: Year ended December 31, 2023 2022 2021 in millions Operating activities $ 390.9 $ 75.3 $ (22.5) Investing activities 2.1 40.9 (107.1) Financing activities (59.6) (50.0) 143.6 Total $ 333.4 $ 66.2 $ 14.0 |
Schedule of Derivative Instruments | The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at December 31, 2023: Notional amount due from counterparty Notional amount due Weighted average remaining life in millions in years Sunrise Holding $ 250.0 € 220.6 1.8 $ 4,275.0 CHF 3,912.7 (a) 4.7 € 1,952.6 CHF 2,176.5 3.2 Telenet $ 3,940.0 € 3,489.6 (a) 3.1 € 45.2 $ 50.0 (b) 1.1 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2023. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2023: Pays fixed rate Receives fixed rate Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years Sunrise Holding $ 3,672.7 (a) 2.6 $ 3,383.6 2.6 Telenet $ 2,513.3 4.0 $ 298.7 1.1 Other (b) $ — — $ 26.2 1.7 ______________ (a) Includes forward-starting derivative instruments. (b) Represents contracts associated with our investment in a leveraged structured note. For additional information, see note 7. Notional amount due from counterparty Weighted average remaining life in millions in years Sunrise Holding $ 3,626.4 — Telenet $ 3,523.2 0.4 VM Ireland $ 995.8 — The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows: Decrease to borrowing costs at December 31, 2023 (a) Sunrise Holding (3.57) % VM Ireland (3.51) % Telenet (2.97) % Total decrease to borrowing costs (3.31) % _______________ (a) Represents the effect of derivative instruments in effect at December 31, 2023 and does not include forward-starting derivative instruments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at December 31, 2023 using: Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 943.1 $ — $ 943.1 $ — Equity-related derivative instruments 310.7 — — 310.7 Foreign currency forward and option contracts 2.9 — 2.9 — Other 0.2 — 0.2 — Total derivative instruments 1,256.9 — 946.2 310.7 Investments: SMAs 2,276.1 483.7 1,792.4 — Other investments 3,122.9 1,559.7 0.1 1,563.1 Total investments 5,399.0 2,043.4 1,792.5 1,563.1 Total assets $ 6,655.9 $ 2,043.4 $ 2,738.7 $ 1,873.8 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,318.4 $ — $ 1,318.4 $ — Equity-related derivative instruments 47.4 — — 47.4 Foreign currency forward and option contracts 14.0 — 14.0 — Total liabilities $ 1,379.8 $ — $ 1,332.4 $ 47.4 Fair value measurements at December 31, 2022 using: Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,469.0 $ — $ 1,469.0 $ — Foreign currency forward and option contracts 1.0 — 1.0 — Other 0.3 — 0.3 — Total derivative instruments 1,470.3 — 1,470.3 — Investments: SMAs 2,854.6 943.2 1,911.4 — Other investments 2,038.4 399.3 0.1 1,639.0 Total investments 4,893.0 1,342.5 1,911.5 1,639.0 Total assets $ 6,363.3 $ 1,342.5 $ 3,381.8 $ 1,639.0 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 735.5 $ — $ 735.5 $ — Foreign currency forward and option contracts 11.6 — 11.6 — Total liabilities $ 747.1 $ — $ 747.1 $ — |
Schedule of Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value Using Significant Unobservable, or Level 3, Inputs | A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows: Investments Equity-related Total in millions Balance of net assets at January 1, 2023 $ 1,639.0 $ — $ 1,639.0 Gains (losses) included in earnings from continuing operations (a): Realized and unrealized gains on derivative instruments, net — 258.5 258.5 Realized and unrealized losses due to changes in fair values of certain investments, net (160.6) — (160.6) Additions 74.1 — 74.1 Dispositions (20.7) — (20.7) Foreign currency translation adjustments and other, net 31.3 4.8 36.1 Balance of net assets at December 31, 2023 (b) $ 1,563.1 $ 263.3 $ 1,826.4 _______________ (a) Amounts primarily relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2023. (b) As of December 31, 2023, $361.8 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes. |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: Estimated useful life at December 31, 2023 December 31, 2023 2022 in millions Distribution systems 3 to 30 years $ 10,638.0 $ 9,134.3 Support equipment, buildings and land 3 to 33 years 4,116.0 4,067.2 Customer premises equipment 4 to 7 years 1,354.7 1,338.1 Total property and equipment, gross 16,108.7 14,539.6 Accumulated depreciation (8,748.5) (8,035.1) Total property and equipment, net $ 7,360.2 $ 6,504.5 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during 2023 are set forth below: January 1, 2023 Acquisitions Foreign currency translation adjustments and other December 31, in millions Sunrise $ 6,515.1 $ 11.7 $ 641.9 $ 7,168.7 Telenet 2,480.2 555.1 (58.4) 2,976.9 VM Ireland 259.5 — 8.6 268.1 Central and Other 61.3 — 2.0 63.3 Total $ 9,316.1 $ 566.8 $ 594.1 $ 10,477.0 Changes in the carrying amount of our goodwill during 2022 are set forth below: January 1, 2022 Acquisitions Foreign December 31, in millions Sunrise $ 6,590.5 $ — $ (75.4) $ 6,515.1 Telenet 2,591.8 39.0 (150.6) 2,480.2 VM Ireland 275.9 — (16.4) 259.5 Central and Other 65.2 — (3.9) 61.3 Total $ 9,523.4 $ 39.0 $ (246.3) $ 9,316.1 |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization are set forth below: Estimated useful life at December 31, 2023 December 31, 2023 December 31, 2022 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships 5 to 11 years $ 2,489.5 $ (1,370.8) $ 1,118.7 $ 2,289.9 $ (932.2) $ 1,357.7 Other 2 to 20 years 1,538.3 (603.4) 934.9 1,467.2 (482.5) 984.7 Total $ 4,027.8 $ (1,974.2) $ 2,053.6 $ 3,757.1 $ (1,414.7) $ 2,342.4 |
Schedule of Amortization Expense Related to Intangible Assets with Finite Lives | Based on our amortizable intangible asset balance at December 31, 2023, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2024 $ 488.5 2025 482.7 2026 416.9 2027 94.3 2028 90.4 Thereafter 480.8 Total $ 2,053.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2023 Principal amount Weighted Unused borrowing capacity (b) Borrowing currency U.S. $ equivalent December 31, 2023 2022 in millions Sunrise Holding Bank Facility (c) 7.72 % € 725.0 $ 802.2 $ 3,626.4 $ 3,587.7 Sunrise Holding SPE Notes 4.56 % — — 1,664.9 1,651.6 Sunrise Holding Senior Notes 4.76 % — — 826.1 814.2 Telenet Credit Facility (d) 6.96 % € 645.0 713.7 4,507.9 3,483.9 Telenet Senior Secured Notes 4.75 % — — 1,597.6 1,578.4 VM Ireland Credit Facility (e) 7.35 % € 100.0 110.6 995.8 963.9 Vodafone Collar Loan (f) 2.95 % — — 1,391.9 — Vendor financing (g) 4.91 % — — 768.7 704.7 Other (h) 6.22 % — — 478.3 585.8 Total debt before deferred financing costs, discounts and premiums (i) 6.10 % $ 1,626.5 $ 15,857.6 $ 13,370.2 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: December 31, 2023 2022 in millions Total debt before deferred financing costs, discounts and premiums $ 15,857.6 $ 13,370.2 Deferred financing costs, discounts and premiums, net (149.7) (43.1) Total carrying amount of debt 15,707.9 13,327.1 Finance lease obligations (note 12) 58.0 436.1 Total debt and finance lease obligations 15,765.9 13,763.2 Current portion of debt and finance lease obligations (806.8) (799.7) Long-term debt and finance lease obligations $ 14,959.1 $ 12,963.5 _______________ (a) Represents the weighted average interest rate in effect at December 31, 2023 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 and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.45% at December 31, 2023. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 8. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2023 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities, (i) at December 31, 2023 and (ii) upon completion of the relevant December 31, 2023 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2023, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. Availability December 31, 2023 Upon completion of the relevant December 31, 2023 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Available to borrow: Sunrise Holding Bank Facility € 725.0 $ 802.2 € 725.0 $ 802.2 Telenet Credit Facility € 645.0 $ 713.7 € 645.0 $ 713.7 VM Ireland Credit Facility € 100.0 $ 110.6 € 100.0 $ 110.6 Available to loan or distribute: Sunrise Holding Bank Facility € 725.0 $ 802.2 € 725.0 $ 802.2 Telenet Credit Facility € 645.0 $ 713.7 € 645.0 $ 713.7 VM Ireland Credit Facility € 100.0 $ 110.6 € 100.0 $ 110.6 (c) Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €725.0 million ($802.2 million) under the Sunrise Holding Revolving Facility, comprising (i) €660.0 million ($730.3 million) under Sunrise Holding Revolving Facility B (as defined below) and (ii) €65.0 million ($71.9 million) under Sunrise Holding Revolving Facility A (as defined below). The Sunrise Holding Revolving Facility provides for maximum borrowing capacity of €748.0 million ($827.6 million), including €23.0 million ($25.4 million) under the related ancillary facility. With the exception of €23.0 million of borrowings under the ancillary facility, the Sunrise Holding Revolving Facility was undrawn at December 31, 2023. During 2023, the Sunrise Holding Bank Facility was amended to replace LIBOR with the Term Secured Overnight Financing Rate ( Term SOFR ) as the reference rate for U.S. dollar-denominated loans. In addition, the Sunrise Holding Revolving Facility was amended to provide for an additional €11.6 million ($12.8 million) of borrowing capacity and was split into two revolving facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €88.0 million ($97.3 million), including €23.0 million under the ancillary facility, and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €660.0 million and a final maturity date of September 30, 2029. All other terms from the previously existing Sunrise Holding Revolving Facility continue to apply to the new revolving facilities. (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($630.7 million) under Telenet Revolving Facility B (as defined below), (ii) €30.0 million ($33.2 million) under Telenet Revolving Facility A (as defined below), (iii) €25.0 million ($27.7 million) under the Telenet Overdraft Facility and (iv) €20.0 million ($22.1 million) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2023. During 2023, the Telenet Credit Facility was amended to replace LIBOR with Term SOFR as the reference rate for U.S. dollar-denominated loans. In addition, Telenet Revolving Facility I was amended to provide for an additional €90.0 million ($99.6 million) of borrowing capacity and was split into two revolving facilities. Telenet Revolving Facility A has a maximum borrowing capacity of €30.0 million and a final maturity date of May 31, 2026 and Telenet Revolving Facility B has a maximum borrowing capacity of €570.0 million and a final maturity date of May 31, 2029. All other terms from the previously existing Telenet Revolving Facility I continue to apply to the new revolving facilities. (e) Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($110.6 million) under the VM Ireland Revolving Facility, which was undrawn at December 31, 2023. (f) For information regarding the Vodafone Collar Loan, see notes 7 and 8. (g) 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 as debt on our consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During 2023 and 2022, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $648.5 million and $522.7 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows. (h) Amounts include $430.8 million and $428.1 million at December 31, 2023 and 2022, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses. For additional information regarding Telenet’s acquisition of mobile spectrum licenses, see note 10. (i) As of December 31, 2023 and 2022, our debt had an estimated fair value of $15.5 billion and $12.6 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). For additional information regarding fair value hierarchies, see note 9. |
Schedule of Maturities of Debt and Capital Lease Obligations | Maturities of our debt as of December 31, 2023 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on December 31, 2023 exchange rates. Sunrise Telenet VM Other (b) Total in millions Year ending December 31: 2024 $ 374.6 $ 404.4 $ — $ 15.6 $ 794.6 2025 — 23.3 — 329.6 352.9 2026 — 23.4 — 1,063.5 1,086.9 2027 — 23.7 — — 23.7 2028 1,152.3 4,931.0 — — 6,083.3 Thereafter 4,965.1 1,555.3 995.8 — 7,516.2 Total debt maturities (c) 6,492.0 6,961.1 995.8 1,408.7 15,857.6 Deferred financing costs, discounts and premiums, net (21.5) (28.9) (5.3) (94.0) (149.7) Total debt $ 6,470.5 $ 6,932.2 $ 990.5 $ 1,314.7 $ 15,707.9 Current portion $ 374.6 $ 404.4 $ — $ 15.6 $ 794.6 Long-term portion $ 6,095.9 $ 6,527.8 $ 990.5 $ 1,299.1 $ 14,913.3 _______________ (a) Amounts include SPE Notes issued by the Sunrise Holding SPE which, as described above, is consolidated by Sunrise Holding and Liberty Global. (b) Includes $1,391.9 million related to the Vodafone Collar Loan, which has settlement dates in 2025 and 2026 consistent with the Vodafone Collar. We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle amounts under the Vodafone Collar Loan. (c) Amounts include vendor financing obligations of $768.7 million, as set forth below: Sunrise Telenet Other Total in millions Year ending December 31: 2024 $ 374.6 $ 377.3 $ 15.6 $ 767.5 2025 — — 1.2 1.2 Total vendor financing maturities $ 374.6 $ 377.3 $ 16.8 $ 768.7 Current portion $ 374.6 $ 377.3 $ 15.6 $ 767.5 Long-term portion $ — $ — $ 1.2 $ 1.2 |
Schedule of Vendor Financing Obligations | A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below: 2023 2022 in millions Balance at January 1 $ 704.7 $ 843.2 Operating-related vendor financing additions 648.5 522.7 Capital-related vendor financing additions 178.4 182.8 Principal payments on operating-related vendor financing (568.8) (616.1) Principal payments on capital-related vendor financing (256.1) (210.1) Foreign currency and other 62.0 (17.8) Balance at December 31 $ 768.7 $ 704.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Balances | A summary of our ROU assets and lease liabilities is set forth below: December 31, 2023 2022 in millions ROU assets: Finance leases (a) $ 57.9 $ 377.6 Operating leases (b) 1,761.8 1,724.4 Total ROU assets $ 1,819.7 $ 2,102.0 Lease liabilities: Finance leases (c) $ 58.0 $ 436.1 Operating leases (d) 1,803.9 1,791.1 Total lease liabilities $ 1,861.9 $ 2,227.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2023, the weighted average remaining lease term for finance leases was 10.8 years and the weighted average discount rate was 4.9%. During 2023, 2022 and 2021, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) of $20.9 million, $34.2 million and $42.6 million, respectively. The decrease in our finance lease ROU assets is primarily related to the Telenet Wyre Transaction. For additional information, see note 5. (b) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2023, the weighted average remaining lease term for operating leases was 12.2 years and the weighted average discount rate was 5.8%. During 2023, 2022 and 2021, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction) of $68.3 million, $678.6 million and $169.8 million, respectively. For additional information regarding the non-cash additions to our operating lease ROU assets during 2022 related to the Telenet Tower Lease Agreement, see note 6. (c) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our consolidated balance sheets. The decrease in our finance lease liabilities is primarily related to the Telenet Wyre Transaction. For additional information, see note 5. (d) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our consolidated balance sheets. For additional information regarding the increase in our operating lease liabilities during 2022 related to the Telenet Tower Lease Agreement, see note 6. |
Schedule of Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense is set forth below: Year ended December 31, 2023 2022 2021 in millions Finance lease expense: Depreciation and amortization $ 33.9 $ 66.4 $ 74.8 Interest expense 2.2 26.5 30.8 Total finance lease expense 36.1 92.9 105.6 Operating lease expense (a) 241.2 236.7 249.7 Short-term lease expense (a) 4.2 4.0 5.0 Variable lease expense (b) 1.4 1.9 1.6 Total lease expense $ 282.9 $ 335.5 $ 361.9 _______________ (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, net, in our consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Year ended December 31, 2023 2022 2021 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 226.9 $ 234.2 $ 223.0 Operating cash outflows from finance leases (interest component) 2.2 26.5 30.8 Financing cash outflows from finance leases (principal component) 27.9 62.0 75.7 Total cash outflows from operating and finance leases $ 257.0 $ 322.7 $ 329.5 |
Schedule of Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease liabilities as of December 31, 2023 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2023 exchange rates: Operating leases Finance in millions Year ending December 31: 2024 $ 250.8 $ 12.3 2025 222.7 10.3 2026 208.3 8.2 2027 196.9 7.3 2028 189.5 4.6 Thereafter 1,466.8 31.8 Total payments 2,535.0 74.5 Less: present value discount (731.1) (16.5) Present value of lease payments $ 1,803.9 $ 58.0 Current portion $ 151.8 $ 12.2 Long-term portion $ 1,652.1 $ 45.8 |
Schedule of Maturities of Finance Lease Liabilities | Maturities of our operating and finance lease liabilities as of December 31, 2023 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2023 exchange rates: Operating leases Finance in millions Year ending December 31: 2024 $ 250.8 $ 12.3 2025 222.7 10.3 2026 208.3 8.2 2027 196.9 7.3 2028 189.5 4.6 Thereafter 1,466.8 31.8 Total payments 2,535.0 74.5 Less: present value discount (731.1) (16.5) Present value of lease payments $ 1,803.9 $ 58.0 Current portion $ 151.8 $ 12.2 Long-term portion $ 1,652.1 $ 45.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Loss from Continuing Operations before Income Taxes | The components of our earnings (loss) from continuing operations before income taxes are as follows: Year ended December 31, 2023 2022 2021 in millions U.K. $ (2,899.5) $ (516.2) $ 12,922.0 The Netherlands (805.4) 742.3 644.5 Belgium 653.9 1,000.4 404.7 Switzerland (446.7) (470.5) (308.3) Luxembourg (195.6) 505.4 373.2 Ireland (16.6) 178.3 39.5 U.S. (4.7) 5.9 (3.7) Intercompany activity with discontinued operations — (15.6) (54.2) Other (9.6) (5.8) (16.9) Earnings (loss) from continuing operations before income taxes $ (3,724.2) $ 1,424.2 $ 14,000.8 |
Schedule of Income Tax Expense Benefit (Expense) | Our income tax expense consists of: Current Deferred Total in millions Year ended December 31, 2023: Belgium $ (100.9) $ (64.9) $ (165.8) U.S. (a) (68.0) (28.4) (96.4) Switzerland (0.3) 78.9 78.6 Luxembourg — 44.3 44.3 The Netherlands (16.9) 0.2 (16.7) Ireland 3.6 2.5 6.1 U.K. (0.1) 0.5 0.4 Other (0.1) — (0.1) Total income tax expense $ (182.7) $ 33.1 $ (149.6) Year ended December 31, 2022: U.S. (a) $ (51.8) $ (133.0) $ (184.8) Luxembourg (0.3) (152.3) (152.6) Switzerland 0.6 87.2 87.8 Belgium (87.7) 17.1 (70.6) Ireland (5.3) 10.5 5.2 The Netherlands (1.7) (0.8) (2.5) U.K. (0.1) 0.8 0.7 Other (0.1) (2.0) (2.1) Total income tax expense $ (146.4) $ (172.5) $ (318.9) Year ended December 31, 2021: U.K. $ (0.4) $ (319.5) $ (319.9) Belgium (96.3) 16.2 (80.1) U.S. (a) (47.9) (25.8) (73.7) Switzerland (7.2) 63.5 56.3 Luxembourg (0.4) (49.5) (49.9) The Netherlands (2.6) (1.3) (3.9) Ireland (0.7) — (0.7) Other 0.4 (1.8) (1.4) Total income tax expense $ (155.1) $ (318.2) $ (473.3) _______________ |
Schedule of Income Tax Benefit (Expense) Reconciliation | Income tax expense attributable to our earnings (loss) from continuing operations before income taxes differs from the amounts computed using the applicable income tax rates as a result of the following factors: Year ended December 31, 2023 2022 2021 in millions Computed “expected” tax benefit (expense) (a) $ 875.2 $ (270.6) $ (2,660.2) Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (406.9) (68.4) 84.0 Change in valuation allowances (275.1) (39.0) (62.2) Non-deductible or non-taxable foreign exchange results (198.7) 267.3 218.0 Non-deductible or non-taxable interest and other expenses (138.4) (89.6) (69.0) International rate differences (c) (13.3) (147.1) (92.4) Tax benefit associated with technologies innovation (d) 6.5 22.1 25.8 Non-taxable gain on the U.K. JV Transaction — — 2,066.0 Recognition of previously unrecognized tax benefits — — 20.5 Other, net 1.1 6.4 (3.8) Total income tax expense $ (149.6) $ (318.9) $ (473.3) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 23.5% for 2023 and 19.0% for 2022 and 2021. The 2023 statutory rate represents that blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate that was in effect for the remainder of 2023. Although we are domiciled in Bermuda, we have used the U.K. statutory rate as management believes it is more meaningful. (b) Amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates, including the effects of foreign earnings. (c) 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. (d) Amounts reflect the recognition of the innovation income tax deduction in Belgium. |
Schedule of Current And Noncurrent Deferred Tax Assets And Liabilities | The components of our net deferred tax liabilities are as follows: December 31, 2023 2022 in millions Deferred tax assets (a) $ 83.6 $ 233.8 Deferred tax liabilities (a) (543.7) (533.8) Net deferred tax liabilities $ (460.1) $ (300.0) _______________ (a) Our deferred tax assets and deferred tax liabilities are included within other assets, net, and other long-term liabilities, respectively, on our consolidated balance sheets. The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities are presented below: December 31, 2023 2022 in millions Deferred tax assets: Net operating loss and other carryforwards $ 1,372.1 $ 1,327.6 Investments 366.4 251.8 Lease liabilities 186.5 184.0 Debt and interest 185.2 175.7 Property and equipment, net 169.9 125.7 Derivative instruments 126.7 4.3 Share-based compensation 81.4 84.7 Other future deductible amounts 60.7 64.6 Deferred tax assets 2,548.9 2,218.4 Valuation allowance (1,899.6) (1,586.5) Deferred tax assets, net of valuation allowance 649.3 631.9 Deferred tax liabilities: Intangible assets (272.9) (336.7) Property and equipment, net (272.2) (157.6) Debt and interest (266.4) (91.1) ROU assets (177.2) (177.1) Derivative instruments (70.8) (155.3) Other future taxable amounts (49.9) (14.1) Deferred tax liabilities (1,109.4) (931.9) Net deferred tax liabilities $ (460.1) $ (300.0) |
Schedule of Operating Loss Carryforwards | The significant components of our tax loss carryforwards and related tax assets at December 31, 2023 are as follows: Tax loss Related Expiration Country in millions The Netherlands $ 2,599.3 $ 670.6 Indefinite Belgium 1,145.5 286.4 Indefinite U.K. 767.7 191.9 Indefinite Luxembourg 441.1 119.9 Various Ireland 387.1 48.7 Indefinite Switzerland 295.5 51.1 7 years Other 9.9 3.5 Various Total $ 5,646.1 $ 1,372.1 |
Schedule of Unrecognized Tax Benefits Roll Forward | The changes in our unrecognized tax benefits for the indicated periods are summarized below: 2023 2022 2021 in millions Balance at January 1 $ 435.2 $ 447.1 $ 602.5 Additions for tax positions of prior years 8.5 — 12.9 Effects of business acquisitions 6.9 — — Reductions for tax positions of prior years (5.9) (11.2) (170.0) Settlements with tax authorities (4.0) — — Additions based on tax positions related to the current year 2.2 1.7 14.3 Foreign currency translation 1.5 (2.3) (8.7) Lapse of statute of limitations — (0.1) (3.9) Balance at December 31 $ 444.4 $ 435.2 $ 447.1 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Share-Based Incentive Awards | Additionally, at December 31, 2023, we have reserved the following common shares for the issuance of outstanding share-based incentive awards: Class A Class C Options 622,177 2,704,383 SARs 20,430,440 47,534,716 RSUs 2,446,678 5,382,896 PSUs and PSARs 3,682,808 7,155,287 |
Schedule of Share Repurchases | The following table provides details of our share repurchases during 2023, 2022 and 2021: Class A common shares Class C common shares Shares Average price Shares Average price Total cost (a) in millions 2023 1,444,000 $ 18.24 78,452,085 $ 18.86 $ 1,505.9 2022 3,856,700 $ 21.55 69,381,968 $ 23.34 $ 1,702.6 2021 8,445,800 $ 27.31 49,604,048 $ 27.23 $ 1,581.1 _______________ (a) Includes direct acquisition costs, where applicable. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation | A summary of our aggregate share-based compensation expense is set forth below: Year ended December 31, 2023 2022 2021 in millions Liberty Global: Non-performance based incentive awards (a) $ 157.4 $ 133.5 $ 168.6 Performance-based incentive awards (b) 6.9 7.1 59.6 Other (c) 33.5 30.8 33.6 Total Liberty Global (d) 197.8 171.4 261.8 Telenet share-based incentive awards (e) 27.7 10.9 35.1 Other 5.5 9.8 11.2 Total $ 231.0 $ 192.1 $ 308.1 Included in: Other operating expenses $ 11.7 $ 4.9 $ 13.7 SG&A expenses 219.3 187.2 294.4 Total $ 231.0 $ 192.1 $ 308.1 _______________ (a) In April 2023, with respect to 2016 through 2018 grants, and in April 2021, with respect to 2014 and 2015 grants, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options from a seven-year term to a ten-year term (prior to 2019, awards granted under the 2014 Incentive Plans, as defined and described below, expired seven years after the grant date). Accordingly, the Black-Scholes fair values of the respective outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $27.1 million and $22.7 million during 2023 and 2021, respectively. (b) Includes share-based compensation expense related to (i) for 2023, certain Telenet Replacement Awards, as defined and described below, (ii) for 2022 and 2021, our 2019 Challenge Performance Awards and (iii) for 2021, the 2019 PSUs and our 2019 CEO Performance Award, each as defined and described below. (c) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common 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 common shares of Liberty Global in lieu of cash. In addition, amounts include compensation expense related to the Ventures Incentive Plans as defined and described below. (d) In accordance with the terms of the Telenet Takeover Bid, we issued Liberty Global share-based incentive awards ( Telenet Replacement Awards ) to employees and former directors of Telenet in exchange for corresponding Telenet awards. In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C shares. No incremental share-based compensation expense was recognized from the remeasurement and modification of the Telenet awards. The Telenet Replacement Awards were re-granted on November 7, 2023, resulting in total share-based compensation expense of $50.0 million, of which $8.5 million was recognized on this date due to the immediate vesting of select Telenet Replacement Awards. The remaining expense of $41.5 million will be amortized over the remaining service periods of the unvested Telenet Replacement Awards, subject to forfeitures and the satisfaction of performance conditions as further described below. For further information regarding the Telenet Takeover Bid, see note 14. (e) |
Schedule of Stock Compensation Assumptions | The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global common shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted): Year ended December 31, 2023 2022 2021 Assumptions used to estimate fair value of options and SARs granted: Risk-free interest rate 3.12 - 4.10% 2.27 - 3.09% 0.48 - 1.13% Expected life 3.7 - 6.2 years 3.7 - 6.2 years 3.7 - 6.2 years Expected volatility 29.0 - 33.1% 33.5 - 38.1% 30.8 - 33.2% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 7.18 $ 9.90 $ 8.75 SARs $ 5.85 $ 7.50 $ 6.79 RSUs $ 18.59 $ 25.51 $ 25.69 PSUs $ 16.60 (a) (a) Total intrinsic value of awards exercised (in millions): Options (b) $ 0.5 $ 1.4 SARs $ 4.6 $ 7.0 $ 28.9 PSARs (b) $ 0.2 $ 0.1 Cash received from exercise of options (in millions) $ 1.2 $ 13.0 $ 8.9 Income tax benefit related to share-based compensation of our continuing operations (in millions) $ 17.4 $ 1.3 $ 14.9 _______________ (a) There were no grants of PSUs made during the indicated period. (b) There were no exercises of this award type during the year ended December 31, 2023. |
Schedule of Estimated Fair Value of the Final Payouts | The estimated fair value of the final payouts under our Ventures Incentive Plans as of December 31, 2023 are shown below: Performance period Vesting date Estimated fair value of final payout in millions 2021 Ventures Incentive Plan 12/31/2020 - 12/31/2023 March 31, 2024 $ 15.4 2022 Ventures Incentive Plan 12/31/2021 - 12/31/2024 March 15, 2025 9.3 2023 Ventures Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 12.0 2023 Tech Ventures Incentive Plan 12/31/2022 - 12/31/2025 March 15, 2026 0.9 Total $ 37.6 |
Schedule of Stock Options Activity | The following tables summarize the share-based award activity during 2023 with respect to awards issued by Liberty Global. 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, with respect to share-based awards held by Liberty Global employees, the number of shares to be issued upon vesting or exercise is reduced by the amount of the employee’s required income tax withholding. Options — Class A common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 608,258 $ 30.02 Granted 59,672 17.22 Forfeited (45,753) 28.89 Outstanding at December 31, 2023 622,177 $ 28.87 3.5 $ — Exercisable at December 31, 2023 522,207 $ 30.60 2.5 $ — Options — Class C common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 2,465,294 $ 25.84 Granted 386,050 19.02 Forfeited (146,961) 27.22 Outstanding at December 31, 2023 2,704,383 $ 24.79 5.2 $ 1.4 Exercisable at December 31, 2023 2,028,231 $ 25.76 4.0 $ 1.4 SARs — Class A common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 21,183,640 $ 26.98 Granted 2,564,253 18.53 Forfeited (2,982,585) 28.38 Exercised (334,868) 16.05 Outstanding at December 31, 2023 20,430,440 $ 25.90 5.1 $ 5.5 Exercisable at December 31, 2023 15,176,348 $ 27.14 3.9 $ 5.5 SARs — Class C common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 49,778,158 $ 26.20 Granted 6,632,778 19.39 Forfeited (8,166,202) 27.03 Exercised (710,018) 15.12 Outstanding at December 31, 2023 47,534,716 $ 25.28 5.5 $ 22.1 Exercisable at December 31, 2023 32,831,063 $ 26.32 4.2 $ 22.1 PSARs — Class A common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 3,281,811 $ 25.97 Forfeited (43,451) 25.97 Outstanding at December 31, 2023 3,238,360 $ 25.97 5.2 $ — Exercisable at December 31, 2023 3,238,360 $ 25.97 5.2 $ — PSARs — Class C common shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2023 6,417,033 $ 25.22 Forfeited (81,960) 25.22 Outstanding at December 31, 2023 6,335,073 $ 25.22 5.2 $ — Exercisable at December 31, 2023 6,335,073 $ 25.22 5.2 $ — The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Any future exercises of SARs or PSARs, or vesting of RSUs will increase the number of our outstanding common shares. Number of awards Weighted average exercise or base price Weighted average remaining contractual term Aggregate intrinsic value in years in millions Options, SARs and PSARs: Class A: Outstanding 1,122,607 $ 32.54 2.4 $ 0.1 Exercisable 1,090,530 $ 32.81 2.2 $ 0.1 Class C: Outstanding 2,221,159 $ 31.64 3.0 $ 0.2 Exercisable 2,157,015 $ 31.88 2.9 $ 0.2 |
Schedule of Other-than-Options Activity | RSUs — Class A common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 1,984,663 $ 22.92 Granted 2,189,968 17.86 Forfeited (135,105) 22.79 Released from restrictions (1,592,848) 20.38 Outstanding at December 31, 2023 2,446,678 $ 20.05 2.2 RSUs — Class B common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 7,890 $ 25.24 Forfeited (7,890) 25.24 Outstanding at December 31, 2023 — $ — — RSUs — Class C common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 3,968,778 $ 22.75 Granted 4,867,995 18.92 Forfeited (270,175) 23.10 Released from restrictions (3,183,702) 20.33 Outstanding at December 31, 2023 5,382,896 $ 20.70 2.3 PSUs — Class A common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 — $ — Granted 564,660 15.78 Forfeited (1,724) 15.78 Released from restrictions (118,488) 15.78 Outstanding at December 31, 2023 444,448 $ 15.78 1.6 PSUs — Class C common shares Number of awards Weighted Weighted in years Outstanding at January 1, 2023 — $ — Granted 1,042,067 17.05 Forfeited (3,183) 17.05 Released from restrictions (218,670) 17.05 Outstanding at December 31, 2023 820,214 $ 17.05 1.6 Number of awards Weighted average grant-date fair value per share Weighted average remaining contractual term in years Outstanding RSUs: Class A 14,501 $ 22.69 1.6 Class C 28,987 $ 23.06 1.6 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans | The table below provides summary information on our defined benefit plans: December 31, 2023 2022 2021 in millions Fair value of plan assets (a) $ 1,202.6 $ 1,066.1 $ 1,269.9 Projected benefit obligation $ 1,214.2 $ 1,016.0 $ 1,280.5 Net asset (liability) $ (11.6) $ 50.1 $ (10.6) _______________ (a) The fair value of plan assets at December 31, 2023 includes $969.5 million and $233.1 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Earnings | The changes in the components of accumulated other comprehensive earnings, net of taxes, are summarized as follows: Liberty Global shareholders Total accumulated other comprehensive earnings Foreign currency translation adjustments Pension-related adjustments and other Accumulated other comprehensive earnings Noncontrolling interests in millions Balance at January 1, 2021 $ 3,809.3 $ (116.2) $ 3,693.1 $ (2.2) $ 3,690.9 Other comprehensive earnings 70.7 128.4 199.1 1.2 200.3 Balance at December 31, 2021 3,880.0 12.2 3,892.2 (1.0) 3,891.2 Other comprehensive loss (3,259.2) (119.6) (3,378.8) 2.2 (3,376.6) Balance at December 31, 2022 620.8 (107.4) 513.4 1.2 514.6 Other comprehensive earnings 1,778.4 (121.5) 1,656.9 (0.8) 1,656.1 Balance at December 31, 2023 $ 2,399.2 $ (228.9) $ 2,170.3 $ 0.4 $ 2,170.7 Pre-tax Tax benefit Net-of-tax in millions Year ended December 31, 2023: Foreign currency translation adjustments $ 1,780.3 $ (1.9) $ 1,778.4 Pension-related adjustments and other (138.2) 15.9 (122.3) Other comprehensive earnings 1,642.1 14.0 1,656.1 Other comprehensive loss attributable to noncontrolling interests (a) 0.9 (0.1) 0.8 Other comprehensive earnings attributable to Liberty Global shareholders $ 1,643.0 $ 13.9 $ 1,656.9 Year ended December 31, 2022: Foreign currency translation adjustments $ (3,216.1) $ 1.3 $ (3,214.8) Pension-related adjustments and other (113.3) (4.1) (117.4) Other comprehensive loss from continuing operations (3,329.4) (2.8) (3,332.2) Other comprehensive loss from discontinued operations (b) (44.4) — (44.4) Other comprehensive loss (3,373.8) (2.8) (3,376.6) Other comprehensive earnings attributable to noncontrolling interests (a) (2.9) 0.7 (2.2) Other comprehensive loss attributable to Liberty Global shareholders $ (3,376.7) $ (2.1) $ (3,378.8) Year ended December 31, 2021: Foreign currency translation adjustments (b) $ 129.4 $ 1.2 $ 130.6 Pension-related adjustments and other 139.9 (10.3) 129.6 Other comprehensive earnings from continuing operations 269.3 (9.1) 260.2 Other comprehensive loss from discontinued operations (59.9) — (59.9) Other comprehensive earnings 209.4 (9.1) 200.3 Other comprehensive earnings attributable to noncontrolling interests (a) (1.6) 0.4 (1.2) Other comprehensive earnings attributable to Liberty Global shareholders $ 207.8 $ (8.7) $ 199.1 _______________ (a) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. (b) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2023. The commitments included in this table do not reflect any liabilities that are included on our December 31, 2023 consolidated balance sheet. Payments due during: 2024 2025 2026 2027 2028 Thereafter Total in millions Purchase commitments $ 735.6 $ 458.5 $ 397.0 $ 376.5 $ 372.0 $ — $ 2,339.6 Network and connectivity 170.4 100.7 49.8 45.6 43.2 237.3 647.0 Programming commitments 224.9 142.1 63.5 33.7 — — 464.2 Other commitments 206.5 168.2 129.8 30.8 28.8 99.2 663.3 Total $ 1,337.4 $ 869.5 $ 640.1 $ 486.6 $ 444.0 $ 336.5 $ 4,114.1 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule of Performance Measures of our Reportable Segments | Year ended December 31, 2023 2022 2021 in millions Increase (decrease) to revenue (a): Central and Other $ 243.9 $ 237.5 $ 266.7 Intersegment eliminations (243.9) (237.5) (266.7) Total $ — $ — $ — Increase (decrease) to Adjusted EBITDA (b): Sunrise $ (65.0) $ (40.0) $ (44.3) Telenet (8.8) (8.5) (9.6) VM Ireland (23.9) (13.9) (16.0) Central and Other 158.5 121.7 136.4 Intersegment eliminations (60.8) (59.3) (66.5) Total $ — $ — $ — Increase (decrease) to property and equipment additions (c): Sunrise $ 22.8 $ 22.2 $ 24.9 Telenet 27.7 27.0 30.3 VM Ireland 10.3 10.1 11.3 Central and Other — — — Intersegment eliminations (60.8) (59.3) (66.5) Total $ — $ — $ — _______________ (a) Amounts reflect the revenue recognized within our T&I Function, as well as any applicable markup, related to the Tech Framework. (b) Amounts reflect the charge to each respective consolidated reportable segment related to the service and maintenance component of the Tech Framework and, additionally for Central and Other, the Adjusted EBITDA impact of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup. (c) Amounts reflect the charge to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup. Selected balance sheet data of our reportable segments is set forth below: Long-lived assets Total assets December 31, December 31, 2023 2022 (a) 2023 2022 (a) in millions Sunrise $ 11,604.0 $ 10,950.4 $ 13,992.2 $ 13,133.0 Telenet 7,137.1 5,779.0 9,801.5 8,917.5 VM Ireland 932.0 813.2 1,183.6 1,084.9 Central and Other 339.6 717.4 17,229.5 19,853.6 Intersegment eliminations (118.9) (94.0) (118.9) (94.0) Total $ 19,893.8 $ 18,166.0 $ 42,087.9 $ 42,895.0 VMO2 JV $ 39,073.2 $ 41,087.5 $ 48,039.4 $ 49,809.3 VodafoneZiggo JV $ 17,725.3 $ 17,845.3 $ 19,714.1 $ 20,211.9 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. |
Schedule of Revenue and Operating Cash Flow by Segment | The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. The noncontrolling owners’ interests in the operating results of Telenet, prior to the Telenet Takeover Bid, and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Furthermore, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, we present 100% of the revenue and Adjusted EBITDA of those entities in the tables below. Our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our consolidated statements of operations. Year ended December 31, 2023 2022 (a) 2021 (a) Revenue Adjusted EBITDA Revenue Adjusted EBITDA Revenue Adjusted EBITDA in millions Sunrise $ 3,380.4 $ 1,148.5 $ 3,180.9 $ 1,097.8 $ 3,321.9 $ 1,164.4 Telenet 3,089.2 1,315.2 2,807.3 1,299.6 3,065.9 1,472.2 VM Ireland 506.1 181.4 494.7 183.6 550.0 202.6 Virgin Media U.K. (b) — — — — 2,736.4 1,085.3 Central and Other 775.7 (214.7) 959.9 74.7 915.4 103.3 Intersegment eliminations (c) (260.0) (60.8) (247.1) (60.3) (278.3) (64.7) Total $ 7,491.4 $ 2,369.6 $ 7,195.7 $ 2,595.4 $ 10,311.3 $ 3,963.1 VMO2 JV (d) $ 13,574.1 $ 4,531.3 $ 12,857.2 $ 4,562.2 $ 8,522.9 $ 2,716.6 VodafoneZiggo JV $ 4,450.5 $ 1,972.5 $ 4,284.6 $ 2,018.0 $ 4,824.2 $ 2,265.6 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. (b) Amounts represent the revenue and Adjusted EBITDA of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction. (c) Amounts primarily relate to (i) the revenue recognized within our T&I Function related to the Tech Framework, (ii) the Adjusted EBITDA impact to Central and Other of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup, and (iii) for 2022 and 2021, transactions between our continuing and discontinued operations. (d) The 2021 amounts represent the revenue and Adjusted EBITDA of the VMO2 JV for the period beginning June 1, 2021. |
Schedule of Reconciliation of Total Segment Operating Cash Flow from Continuing Operations to Loss from Continuing Operations Before Income Taxes | The following table provides a reconciliation of earnings (loss) from continuing operations to Adjusted EBITDA: Year ended December 31, 2023 2022 2021 in millions Earnings (loss) from continuing operations $ (3,873.8) $ 1,105.3 $ 13,527.5 Income tax expense 149.6 318.9 473.3 Other income, net (225.5) (134.4) (44.9) Gain on AtlasEdge JV Transactions — — (227.5) Gain on U.K. JV Transaction — — (10,873.8) Gain on Telenet Tower Sale — (700.5) — Gain associated with the Telenet Wyre Transaction (377.8) — — Share of results of affiliates, net 2,019.3 1,267.8 175.4 Losses (gains) on debt extinguishment, net 1.4 (2.8) 90.6 Realized and unrealized losses (gains) due to changes in fair values of certain investments, net 557.3 323.5 (820.6) Foreign currency transaction losses (gains), net 70.8 (1,407.2) (1,324.5) Realized and unrealized losses (gains) on derivative instruments, net 526.3 (1,213.1) (537.3) Interest expense 907.9 589.3 882.1 Operating income (loss) (244.5) 146.8 1,320.3 Impairment, restructuring and other operating items, net 67.9 85.1 (19.0) Depreciation and amortization 2,315.2 2,171.4 2,353.7 Share-based compensation expense 231.0 192.1 308.1 Adjusted EBITDA $ 2,369.6 $ 2,595.4 $ 3,963.1 |
Schedule of Capital Expenditures of Reportable Segments | The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively. Year ended December 31, 2023 2022 (a) 2021 (a) in millions Sunrise $ 586.4 $ 597.9 $ 634.8 Telenet 746.6 643.0 603.8 VM Ireland 176.7 147.4 105.7 Virgin Media U.K. (b) — — 557.4 Central and Other (c) 129.1 259.9 334.3 Intersegment eliminations (d) (60.8) (59.3) (66.5) Total property and equipment additions 1,578.0 1,588.9 2,169.5 Assets acquired under capital-related vendor financing arrangements (178.4) (182.8) (661.1) Assets acquired under finance leases (20.9) (34.2) (42.6) Changes in current liabilities related to capital expenditures 7.3 (68.7) (57.8) Total capital expenditures, net $ 1,386.0 $ 1,303.2 $ 1,408.0 Property and equipment additions: VMO2 JV (e) $ 2,478.9 $ 2,785.0 $ 1,706.4 VodafoneZiggo JV $ 989.8 $ 999.3 $ 990.5 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. (b) Amount represents the property and equipment additions of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction. (c) Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software, (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments and (iii) property and equipment additions of our operations in Slovakia. (d) Amounts reflect the charge under the Tech Framework to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup. (e) The 2021 amount represents the property and equipment additions of the VMO2 JV for the period beginning June 1, 2021. |
Schedule of Revenue by Major Category | Our revenue by major category for our consolidated reportable segments is set forth below: Year ended December 31, 2023 2022 2021 in millions Residential revenue: Residential fixed revenue (a): Subscription revenue (b): Broadband internet $ 1,491.0 $ 1,378.2 $ 2,371.7 Video 1,091.3 1,077.4 1,831.8 Fixed-line telephony 359.6 381.4 841.1 Total subscription revenue 2,941.9 2,837.0 5,044.6 Non-subscription revenue 69.2 46.3 98.9 Total residential fixed revenue 3,011.1 2,883.3 5,143.5 Residential mobile revenue (c): Subscription revenue (b) 1,519.3 1,401.4 1,630.7 Non-subscription revenue 550.9 543.7 760.8 Total residential mobile revenue 2,070.2 1,945.1 2,391.5 Total residential revenue 5,081.3 4,828.4 7,535.0 B2B revenue (d): Subscription revenue 561.7 515.1 619.0 Non-subscription revenue 934.9 861.7 1,243.8 Total B2B revenue 1,496.6 1,376.8 1,862.8 Other revenue (e) 913.5 990.5 913.5 Total $ 7,491.4 $ 7,195.7 $ 10,311.3 _______________ (a) Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed 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 fixed 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 (i) services provided to small or home office ( SOHO ) subscribers and (ii) mobile services provided to medium and large enterprises. 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 (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network. (e) Other revenue includes, among other items, (i) broadcasting revenue at Telenet, VM Ireland and Sunrise, (ii) revenue earned from the U.K. JV Services and NL JV Services, (iii) revenue earned from the sale of CPE to the VodafoneZiggo JV and (iv) revenue earned from transitional and other services provided to various third parties. |
Schedule of Revenue by Geographic Segments | Geographic Segments The revenue of our geographic segments is set forth below: Year ended December 31, 2023 2022 2021 in millions Switzerland $ 3,380.4 $ 3,180.9 $ 3,321.9 Belgium 2,948.2 2,807.3 3,065.9 Ireland 506.1 494.7 550.0 U.K. (a) — — 2,736.4 Slovakia 51.8 49.9 52.3 Other, including intersegment eliminations (b) 604.9 662.9 584.8 Total $ 7,491.4 $ 7,195.7 $ 10,311.3 VMO2 JV (U.K.) (c) $ 13,574.1 $ 12,857.2 $ 8,522.9 VodafoneZiggo JV (Netherlands) $ 4,450.5 $ 4,284.6 $ 4,824.2 _______________ (a) Amount represents the revenue of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction. (b) Revenue from our other geographic segments relates to (i) our Central functions, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg. (c) The 2021 amount represents the revenue of the VMO2 JV for the period beginning June 1, 2021. |
Schedule of Long-Lived Assets by Geographic Segments | The long-lived assets of our geographic segments are set forth below: December 31, 2023 2022 (a) in millions Switzerland $ 11,604.0 $ 10,950.4 Belgium 7,087.6 5,779.0 Ireland 932.0 813.2 Slovakia 118.2 116.5 Other (b) 270.9 600.9 Intersegment eliminations (118.9) $ (94.0) Total $ 19,893.8 $ 18,166.0 VMO2 JV (U.K.) $ 39,073.2 $ 41,087.5 VodafoneZiggo JV (Netherlands) $ 17,725.3 $ 17,845.3 _______________ (a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above. |
Basis of Presentation (Details)
Basis of Presentation (Details) | Dec. 31, 2023 | Oct. 31, 2023 | Oct. 19, 2023 | Sep. 21, 2023 | Jun. 01, 2021 |
Telenet | Subsidiaries | Liberty Global Belgium Holding B.V. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of voting interests acquired | 100% | 100% | 96.26% | ||
VodafoneZiggo JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50% | ||||
Co-venturer ownership percentage | 50% | ||||
VMO2 JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50% | ||||
Co-venturer ownership percentage | 50% | ||||
Telefónica | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Co-venturer ownership percentage | 50% | ||||
Vodafone Group Inc. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Co-venturer ownership percentage | 50% | ||||
AtlasEdge JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 48.10% | ||||
Voting interest percentage | 50% | ||||
nexfibre JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 25% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate allowance for doubtful accounts | $ 58 | $ 43.1 | |
Asset retirement obligation | $ 105.9 | $ 93 | |
Aggregate number of shares excluded from computation of EPS (in shares) | 96.5 | ||
Stock Options, SARs and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS (in shares) | 59.5 | 47.9 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Earnings or Loss per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Earnings (loss) from continuing operations | $ (3,873.8) | $ 1,105.3 | $ 13,527.5 |
Net earnings attributable to noncontrolling interests | (177.9) | (513.1) | (183.3) |
Net earnings (loss) from continuing operations attributable to Liberty Global shareholders | $ (4,051.7) | $ 592.2 | $ 13,344.2 |
Weighted average common shares outstanding (basic EPS computation) (in shares) | 425,679,037 | 489,555,582 | 555,695,224 |
Incremental shares attributable to the assumed exercise of outstanding options and SARs and the release of RSUs, RSAs and PSUs upon vesting (treasury stock method) (in shares) | 0 | 7,433,268 | 13,418,999 |
Weighted average common shares outstanding (diluted EPS computation) (in shares) | 425,679,037 | 496,988,850 | 569,114,223 |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 45.8 | $ 33.3 | |
Deferred revenue | 267.6 | 272.5 | |
Revenue recognized | 217.1 | ||
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | 84.1 | 69.4 | |
Amortization related to contract costs | $ 80.6 | $ 75.2 | $ 122 |
Residential Service | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, period | 12 months | ||
Mobile Services | Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, period | 1 year | ||
Mobile Services | Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, period | 3 years | ||
B2B Services | Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, period | 1 year | ||
B2B Services | Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, remaining performance obligation, period | 5 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Jul. 19, 2023 USD ($) | Jul. 19, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 19, 2022 | |
Business Acquisition [Line Items] | ||||||
Annual payment period | 6 years | 6 years | ||||
Gain associated with the Telenet Wyre transaction | $ 377.8 | $ 0 | $ 0 | |||
Telenet | Telenet Wyre Transaction | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 2,021.2 | € 1,851.2 | ||||
Annual payment amount | $ 22.1 | € 20 | ||||
NetCo | Telenet | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of ownership interest | 66.80% | |||||
NetCo | Fluvius | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of ownership interest | 33.20% |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) € in Millions, zł in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 01, 2022 USD ($) | Apr. 01, 2022 USD ($) | Apr. 01, 2022 PLN (zł) | Jun. 01, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) site | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2022 EUR (€) | Sep. 01, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash received in connection with the sale of UPC Poland | $ 1,553.3 | zł 6,520.4 | $ 0 | $ 0 | ||||||
Gain on disposal of discontinued operations, net of taxes | 0 | $ 846.4 | 0 | |||||||
Gain (loss) on disposition of assets | 0 | 700.5 | 0 | |||||||
Operating lease | $ 615.1 | 1,761.8 | 1,724.4 | |||||||
Operating lease | $ 615.1 | 1,803.9 | 1,791.1 | |||||||
Term of leases | 2,535 | |||||||||
Net cash received in connection with the U.K. JV Transaction | 0 | 0 | 108.6 | |||||||
Share of results of affiliates, net | (2,019.3) | (1,267.8) | (175.4) | |||||||
Gain on atlas edge jv transactions | $ 0 | 0 | 227.5 | |||||||
AtlasEdge JV | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Co-venturer ownership percentage | 50% | |||||||||
VMO2 JV | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership percentage | 50% | 50% | ||||||||
Share of results of affiliates, net | $ (1,723.1) | (1,396.6) | (97.2) | |||||||
Co-venturer ownership percentage | 50% | |||||||||
U.K. JV Transaction | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Net cash received in connection with the U.K. JV Transaction | $ 108.6 | |||||||||
Debt (excluding vendor financing) | 44.5 | |||||||||
Gain (adjustment to gain) on JV Transaction | 10,873.8 | $ 0 | 0 | 10,873.8 | ||||||
Cumulative foreign currency translation loss | $ 1,198.6 | |||||||||
U.K. J.V. Entities | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Share of results of affiliates, net | 890.5 | |||||||||
AtlasEdge JV | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership percentage | 48.10% | |||||||||
Gain (adjustment to gain) on JV Transaction | $ 227.5 | $ 0 | 0 | 227.5 | ||||||
Share of results of affiliates, net | $ (31.1) | (23.3) | $ (5.8) | |||||||
Cash received in connection with the Atlas Edge JV Transactions | 144.5 | |||||||||
Gain on atlas edge jv transactions | $ 1.8 | |||||||||
Telenet Tower Lease Agreement | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of sites | site | 475 | |||||||||
Term of leases | $ 106.8 | |||||||||
Telenet | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Term of contract | 15 years | 15 years | ||||||||
Disposed of by Sale | UPC Poland | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership percentage sold | 100% | 100% | ||||||||
Gain on disposal of discontinued operations, net of taxes | 846.4 | |||||||||
Cumulative foreign currency translation gains (loss) | 10.9 | |||||||||
Term of transitional services | 5 years | 5 years | ||||||||
Revenue from transitional services | $ 24.6 | $ 26.6 | ||||||||
Disposed of by Sale | Telenet | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Total enterprise value | $ 779.9 | € 733 | ||||||||
Gain (loss) on disposition of assets | $ 700.5 |
Dispositions (Intercompany Reve
Dispositions (Intercompany Revenue and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Earnings before income taxes | $ (3,724.2) | $ 1,424.2 | $ 14,000.8 |
Disposed of by Sale | UPC Poland | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | 109.5 | 454.8 | |
Operating income | 45 | 133.7 | |
Earnings before income taxes | 43.9 | 130.7 | |
Income tax expense | (9.3) | (48.1) | |
Net earnings attributable to Liberty Global shareholders | $ 34.6 | $ 82.6 |
Dispositions (Identifiable Asse
Dispositions (Identifiable Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 01, 2021 |
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | $ 5,641.6 | $ 6,297.4 | ||
Property and equipment, net (notes 10 and 12) | 7,360.2 | 6,504.5 | ||
Goodwill | 10,477 | 9,316.1 | $ 9,523.4 | |
Intangible assets subject to amortization, net | 2,053.6 | 2,342.4 | ||
Other assets, net | 3,159.4 | 3,486.1 | ||
Current portion of debt and finance lease obligations | (806.8) | (799.7) | ||
Long-term debt and finance lease obligations | (14,959.1) | (12,963.5) | ||
Other long-term liabilities | $ (2,136.5) | $ (1,791.2) | ||
Total fair value of the net assets of the VMO2 JV | $ 1,478.8 | |||
VMO2 JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 4,186.7 | |||
Property and equipment, net (notes 10 and 12) | 12,523.2 | |||
Goodwill | 29,455.4 | |||
Intangible assets subject to amortization, net | 13,274.6 | |||
Other assets, net | 4,163.5 | |||
Current portion of debt and finance lease obligations | (4,352.5) | |||
Other accrued and current liabilities | (5,780.8) | |||
Long-term debt and finance lease obligations | (21,879.2) | |||
Other long-term liabilities | (2,170.9) | |||
Total fair value of the net assets of the VMO2 JV | $ 29,420 |
Dispositions (Classes of Assets
Dispositions (Classes of Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities: | ||||
Cash and restricted cash contributed to the VMO2 JV in connection with the U.K. JV Transaction | $ 3,400 | $ 0 | $ 0 | $ 3,424 |
Net assets | 1,478.8 | |||
Disposed of by Sale | ||||
ASSETS | ||||
Current assets | 4,868.3 | |||
Property and equipment, net | 9,465.1 | |||
Goodwill | 8,214.7 | |||
Other assets, net | 3,086.9 | |||
Total assets | 25,635 | |||
Liabilities: | ||||
Current portion of debt and finance lease obligations | 3,220.9 | |||
Other accrued and current liabilities | 2,242 | |||
Long-term debt and finance lease obligations | 16,905.1 | |||
Other long-term liabilities | 1,788.2 | |||
Total liabilities | $ 24,156.2 |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) £ / shares in Units, $ / shares in Units, £ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2023 GBP (£) £ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 01, 2021 | |
Schedule of Investments [Line Items] | |||||
Equity | $ 9,987.6 | $ 12,677.1 | |||
Short-term, separately-managed accounts (SMAs) | 1,990.5 | 2,621.6 | |||
Total investments | 5,399 | 4,893 | |||
Total investments | 15,386.6 | 17,570.1 | |||
Short-term investments (measured at fair value on a recurring basis) (note 7) | 1,990.5 | 2,621.6 | |||
Long-term investments | $ 13,396.1 | $ 14,948.5 | |||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other current assets (notes 4 and 7) | Other current assets (notes 4 and 7) | |||
Accrued interest | $ 34.6 | $ 18.5 | |||
VMO2 JV | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 7,248.5 | 9,790.9 | |||
Ownership percentage | 50% | 50% | |||
VodafoneZiggo JV | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 2,055.4 | 2,345.8 | |||
Ownership percentage | 50% | ||||
VodafoneZiggo JV | VodafoneZiggo JV Loan | |||||
Schedule of Investments [Line Items] | |||||
Excess of carrying amount over proportional share in investees net assets | $ 1,234.7 | 1,196.8 | |||
Related party note receivable rate | 5.55% | ||||
Interest accrued | $ 55.3 | ||||
VodafoneZiggo JV | VodafoneZiggo JV Receivable I | |||||
Schedule of Investments [Line Items] | |||||
Related party note receivable | 774.5 | 749.7 | |||
VodafoneZiggo JV | VodafoneZiggo JV Receivable II | |||||
Schedule of Investments [Line Items] | |||||
Related party note receivable | 230 | 222.7 | |||
AtlasEdge JV | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 250.8 | 122.2 | |||
Ownership percentage | 48.10% | ||||
All3Media Group (All3Media) | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 144.2 | 143.9 | |||
Ownership percentage | 50% | ||||
Formula E | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 99.1 | 87.3 | |||
Ownership percentage | 35.90% | ||||
nexfibre JV | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 55.9 | 52.4 | |||
Ownership percentage | 25% | ||||
Other | |||||
Schedule of Investments [Line Items] | |||||
Equity | $ 133.7 | 134.6 | |||
Long-term investments at fair value | 361.9 | 337.7 | |||
Vodafone - subject to re-use rights | |||||
Schedule of Investments [Line Items] | |||||
Long-term | 1,168.1 | 0 | |||
Total investments | $ 115.5 | ||||
Ownership percentage | 4.90% | ||||
Number of shares purchased (in shares) | shares | 1,335,000,000 | 1,335,000,000 | |||
Average purchase price per share (in dollars per share) | (per share) | $ 1.1151 | £ 0.9195 | |||
Aggregate purchase price | $ 1,488.7 | £ 1,227.6 | |||
Cash paid for acquisition | 269.2 | ||||
Asset acquisition, collar premium | $ 0.3 | ||||
Televisa Univision, Inc. (Televisa Univision) | |||||
Schedule of Investments [Line Items] | |||||
Long-term | $ 388.3 | 385.5 | |||
Ownership percentage | 6% | ||||
ITV | |||||
Schedule of Investments [Line Items] | |||||
Long-term investments at fair value | $ 321.9 | 362.4 | |||
Ownership percentage | 9.80% | ||||
EdgeConneX | |||||
Schedule of Investments [Line Items] | |||||
Long-term investments at fair value | $ 318.3 | 183.8 | |||
Ownership percentage | 5.20% | ||||
SMAs | |||||
Schedule of Investments [Line Items] | |||||
Long-term | $ 285.6 | 233 | |||
Plume Design, Inc. (Plume) | |||||
Schedule of Investments [Line Items] | |||||
Long-term | $ 168.4 | 246.2 | |||
Ownership percentage | 11.50% | ||||
Warrants, fair value | $ 61.3 | 92.2 | |||
Pax8, Inc. (Pax8) | |||||
Schedule of Investments [Line Items] | |||||
Long-term | $ 100.3 | 99 | |||
Ownership percentage | 5.60% | ||||
Lacework, Inc. (Lacework) | |||||
Schedule of Investments [Line Items] | |||||
Long-term investments at fair value | $ 94.2 | 242.8 | |||
Ownership percentage | 3.20% | ||||
CANAL+ Polska S.A. (CANAL+ Polska) | |||||
Schedule of Investments [Line Items] | |||||
Long-term investments at fair value | $ 76.4 | 66.1 | |||
Ownership percentage | 17% | ||||
Lions Gate Entertainment Corp. (Lionsgate) | |||||
Schedule of Investments [Line Items] | |||||
Long-term investments at fair value | $ 69.6 | 36.7 | |||
Ownership percentage | 2.80% | ||||
Aviatrix Systems, Inc. (Aviatrix) | |||||
Schedule of Investments [Line Items] | |||||
Long-term investments at fair value | $ 55.5 | $ 78.2 | |||
Ownership percentage | 3.30% |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ (2,019.3) | $ (1,267.8) | $ (175.4) | |
Revenue | 7,491.4 | 7,195.7 | 10,311.3 | |
Loss before income taxes | (3,724.2) | 1,424.2 | 14,000.8 | |
Net earnings (loss) | (3,873.8) | 1,986.3 | 13,610.1 | |
Current assets | 5,641.6 | 6,297.4 | ||
Total assets | 42,087.9 | 42,895 | ||
Current liabilities | 4,332.8 | 3,921 | ||
Owners’ equity | 19,007.4 | 22,573.4 | 25,598 | $ 13,298.4 |
Total liabilities and equity | 42,087.9 | 42,895 | ||
VMO2 JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 13,574.1 | 12,857.2 | 8,522.9 | |
Loss before income taxes | (3,728.8) | (3,012.8) | (351.6) | |
Net earnings (loss) | (3,438.6) | (3,042) | (173.2) | |
Current assets | 5,237.8 | 4,056 | ||
Long-term assets | 42,801.6 | 45,753.3 | ||
Total assets | 48,039.4 | 49,809.3 | ||
Current liabilities | 9,465.8 | 8,349.7 | ||
Long-term liabilities | 24,075.9 | 21,877.6 | ||
Owners’ equity | 14,497.7 | 19,582 | ||
Total liabilities and equity | 48,039.4 | 49,809.3 | ||
VodafoneZiggo JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 4,450.5 | 4,284.6 | 4,824.2 | |
Loss before income taxes | (614.6) | 608.3 | (90.8) | |
Net earnings (loss) | (510) | 394.7 | (163.1) | |
Current assets | 923.6 | 815.5 | ||
Long-term assets | 18,790.5 | 19,396.4 | ||
Total assets | 19,714.1 | 20,211.9 | ||
Current liabilities | 2,727.5 | 2,719.2 | ||
Long-term liabilities | 14,795.2 | 14,652.3 | ||
Owners’ equity | 2,191.4 | 2,840.4 | ||
Total liabilities and equity | 19,714.1 | 20,211.9 | ||
VMO2 JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ (1,723.1) | (1,396.6) | (97.2) | |
Percent of remaining results of operations included in investment | 50% | |||
Percent of share based compensation expense | 100% | |||
Other than temporary impairment losses, investments | $ 1,500 | 1,800 | ||
VodafoneZiggo JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ (196.7) | 241.2 | (32) | |
Percent of remaining results of operations included in investment | 50% | |||
Percent of interest income earned on loan included in investment | 100% | |||
nexfibre JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ (34.7) | 25.2 | 0 | |
AtlasEdge JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | (31.1) | (23.3) | (5.8) | |
Formula E | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | (19.4) | (20.2) | (2.5) | |
Streamz B.V. (Streamz) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | (6.9) | (35.2) | (0.7) | |
Other than temporary impairment losses, investments | 31.7 | |||
All3Media | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | 4 | (10) | (17.4) | |
Eltrona Interdiffusion S.A. (Eltrona) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | 0 | (34.2) | (17.2) | |
Other than temporary impairment losses, investments | 32.5 | |||
Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment | $ (11.4) | $ (14.7) | $ (2.6) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions, £ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2022 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 01, 2021 | |
Schedule of Investments [Line Items] | |||||||||
Dividend distributions received from the VMO2 JV | $ 815.2 | $ 477.9 | $ 0 | ||||||
Revenue | 7,491.4 | 7,195.7 | 10,311.3 | ||||||
Other current assets | $ 847 | $ 736.3 | 847 | 736.3 | |||||
Estimated fair value of final payout | 37.6 | 37.6 | |||||||
Investments measured at fair value | 5,399 | 4,893 | 5,399 | 4,893 | |||||
Proceeds from sale of debt securities | 6,900 | 9,100 | 6,100 | ||||||
Realized net gains (losses) | (56.3) | (6.9) | (2) | ||||||
2022 VMO2 Long-term Incentive Plan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Long term incentive plan, performance period | 3 years | ||||||||
Vesting percentage | 66.70% | ||||||||
Estimated fair value of final payout | $ 17.4 | $ 17.4 | |||||||
Long term incentive plan, percentage of payout liability owed by each joint venture | 50% | ||||||||
VMO2 JV | |||||||||
Schedule of Investments [Line Items] | |||||||||
Co-venturer ownership percentage | 50% | ||||||||
Proceeds from equity method investment | $ 1,242.8 | 932.5 | |||||||
Ownership percentage | 50% | 50% | 50% | ||||||
VMO2 JV | Related Party | |||||||||
Schedule of Investments [Line Items] | |||||||||
Other current assets | $ 18.6 | 37 | $ 18.6 | 37 | |||||
VMO2 JV | Minimum | |||||||||
Schedule of Investments [Line Items] | |||||||||
Leverage ratio | 4 | ||||||||
VMO2 JV | Maximum | |||||||||
Schedule of Investments [Line Items] | |||||||||
Leverage ratio | 5 | ||||||||
VMO2 JV | Telefónica | |||||||||
Schedule of Investments [Line Items] | |||||||||
Co-venturer ownership percentage | 50% | ||||||||
VMO2 JV | Liberty Global | |||||||||
Schedule of Investments [Line Items] | |||||||||
Co-venturer ownership percentage | 50% | ||||||||
UK JV Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Revenue | $ 190.1 | 251.2 | 170.1 | ||||||
VodafoneZiggo JV | |||||||||
Schedule of Investments [Line Items] | |||||||||
Co-venturer ownership percentage | 50% | 50% | |||||||
Dividends received | $ 110.2 | 266.6 | 311.7 | ||||||
Ownership percentage | 50% | 50% | |||||||
Term to distribute all unrestricted cash | 2 months | ||||||||
VodafoneZiggo JV | Related Party | |||||||||
Schedule of Investments [Line Items] | |||||||||
Other current assets | $ 24.2 | 35 | $ 24.2 | 35 | |||||
VodafoneZiggo JV | Minimum | |||||||||
Schedule of Investments [Line Items] | |||||||||
Leverage ratio | 4.5 | 4.5 | |||||||
VodafoneZiggo JV | Maximum | |||||||||
Schedule of Investments [Line Items] | |||||||||
Leverage ratio | 5 | 5 | |||||||
JV Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Revenue | $ 191.9 | 263.9 | 222 | ||||||
VMO2 JV | |||||||||
Schedule of Investments [Line Items] | |||||||||
Co-venturer ownership percentage | 50% | 50% | |||||||
Dividends received | $ 427.6 | $ 454.6 | $ 214.8 | ||||||
Goodwill, impairment loss | $ 2,900 | £ 2.3 | $ 3,600 | £ 3.1 | |||||
Ownership percentage | 50% |
Investments (Fair Value Realize
Investments (Fair Value Realized and Unrealized Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | $ (557.3) | $ (323.5) | $ 820.6 |
Vodafone | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (362.4) | 0 | 0 |
Lacework | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (148.6) | (26.3) | 223.9 |
EdgeConneX | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 122.3 | 43.4 | 28.9 |
Plume Design, Inc. (Plume) | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (77.8) | (55.4) | 219.5 |
ITV | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (40.5) | (233.9) | 15.3 |
Lionsgate | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 32.9 | (69.2) | 33.9 |
SMAs | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (26.4) | (49.1) | (10.1) |
Aviatrix Systems, Inc. (Aviatrix) | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (22.7) | 0 | 65.4 |
Televisa Univision | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (9.9) | 23.1 | 301.6 |
Pax8 | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 1.3 | 79.3 | 0 |
Skillz Inc. (Skillz) | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 0 | (34.7) | (100.4) |
TiBiT Communications, Inc. (TiBiT) | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 0 | 26.4 | 0 |
Other, net | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (25.5) | (27.1) | 42.6 |
Gain on sale of investment | $ 8 | $ 15.7 | $ 12.9 |
Investments (Debt Securities) (
Investments (Debt Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 2,180.1 | $ 2,858.9 |
Accumulated unrealized gains | 0.2 | (4.3) |
Fair value | 2,276.1 | 2,854.6 |
Contractual maturity: | ||
Due in one year or less | 1,990.5 | |
Due in one to five years | 284.7 | |
Due in five to ten years | 0.9 | |
Total | $ 2,276.1 | 2,854.6 |
Weighted Average | ||
Contractual maturity: | ||
Weighted average life | 7 months 6 days | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 1,066.5 | 881.1 |
Accumulated unrealized gains | (0.1) | 2.1 |
Fair value | 1,066.4 | 883.2 |
Contractual maturity: | ||
Total | 1,066.4 | 883.2 |
Government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 504.7 | 697 |
Accumulated unrealized gains | 0.3 | (1.4) |
Fair value | 505 | 695.6 |
Contractual maturity: | ||
Total | 505 | 695.6 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 373.1 | 520.5 |
Accumulated unrealized gains | 0.1 | (0.6) |
Fair value | 373.2 | 519.9 |
Contractual maturity: | ||
Total | 373.2 | 519.9 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 226.6 | 405.3 |
Accumulated unrealized gains | (0.1) | (4.8) |
Fair value | 226.5 | 400.5 |
Contractual maturity: | ||
Total | 226.5 | 400.5 |
Structured note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | $ 95.8 | |
Proportion of debt associated with the return on the leveraged structured note | 100% | |
Contractual maturity: | ||
Total | $ 95.8 | |
Structured note | Affiliated Entity | VMO2 JV | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proportion of debt associated with the return on the leveraged structured note | 31.49% | |
Structured note | Affiliated Entity | VodafoneZiggo JV | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proportion of debt associated with the return on the leveraged structured note | 7.37% | |
Structured note | Sunrise Holding | Subsidiaries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proportion of debt associated with the return on the leveraged structured note | 32.91% | |
Structured note | Telenet | Subsidiaries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proportion of debt associated with the return on the leveraged structured note | 28.23% | |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 9.2 | 355 |
Accumulated unrealized gains | 0 | 0.4 |
Fair value | 9.2 | 355.4 |
Contractual maturity: | ||
Total | $ 9.2 | $ 355.4 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Current | $ 518.1 | $ 382.7 |
Long-term | 738.8 | 1,087.6 |
Total | 1,256.9 | 1,470.3 |
Liability: | ||
Current | 426.8 | 296.8 |
Long-term | 953 | 450.3 |
Total | $ 1,379.8 | $ 747.1 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Cross-currency and interest rate derivative contracts | ||
Assets: | ||
Current | $ 515.6 | $ 381.4 |
Long-term | 427.5 | 1,087.6 |
Total | 943.1 | 1,469 |
Liability: | ||
Current | 369.9 | 286.5 |
Long-term | 948.5 | 449 |
Total | 1,318.4 | 735.5 |
Equity-related derivative instruments | ||
Assets: | ||
Current | 0 | 0 |
Long-term | 310.7 | 0 |
Total | 310.7 | 0 |
Liability: | ||
Current | 47.4 | 0 |
Long-term | 0 | 0 |
Total | 47.4 | 0 |
Foreign currency forward and option contracts | ||
Assets: | ||
Current | 2.3 | 1 |
Long-term | 0.6 | 0 |
Total | 2.9 | 1 |
Liability: | ||
Current | 9.5 | 10.3 |
Long-term | 4.5 | 1.3 |
Total | 14 | 11.6 |
Other | ||
Assets: | ||
Current | 0.2 | 0.3 |
Long-term | 0 | 0 |
Total | $ 0.2 | $ 0.3 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative instruments: | $ 1,256.9 | $ 1,470.3 | |
Cross-currency and interest rate derivative contracts | |||
Derivative [Line Items] | |||
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net | 36.9 | (16.6) | $ (10.7) |
Derivative instruments: | 943.1 | $ 1,469 | |
Counterparty Credit Risk | |||
Derivative [Line Items] | |||
Derivative instruments: | $ 232.9 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | $ (526.3) | $ 1,213.1 | $ 537.3 |
Cross-currency and interest rate derivative contracts | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | (785.4) | 1,185.5 | 578.9 |
Total equity-related derivative instruments | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 258.5 | 0 | (11.8) |
Vodafone Collar | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 258.5 | 0 | 0 |
ITV Collar | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 0 | 0 | (11.8) |
Foreign currency forward and option contracts | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 0.6 | 28.3 | (31.8) |
Other | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | $ 0 | $ (0.7) | $ 2 |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Operating activities | $ 390.9 | $ 75.3 | $ (22.5) |
Investing activities | 2.1 | 40.9 | (107.1) |
Financing activities | (59.6) | (50) | 143.6 |
Total | $ 333.4 | $ 66.2 | $ 14 |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 12 months ended Dec. 31, 2023 € in Millions, SFr in Millions, $ in Millions | USD ($) | EUR (€) | CHF (SFr) |
Sunrise Holding | Cross-Currency Swap 1 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 1 year 9 months 18 days | ||
Sunrise Holding | Cross-Currency Swap 2 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 4 years 8 months 12 days | ||
Sunrise Holding | Cross-Currency Swap 3 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 3 years 2 months 12 days | ||
Telenet | Cross-Currency Swap 4 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 3 years 1 month 6 days | ||
Telenet | Cross-Currency Swap 5 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 1 year 1 month 6 days | ||
Notional amount due from counterparty | Sunrise Holding | Cross-Currency Swap 1 | |||
Derivative [Line Items] | |||
Notional amount | $ | $ 250 | ||
Notional amount due from counterparty | Sunrise Holding | Cross-Currency Swap 2 | |||
Derivative [Line Items] | |||
Notional amount | $ | 4,275 | ||
Notional amount due from counterparty | Sunrise Holding | Cross-Currency Swap 3 | |||
Derivative [Line Items] | |||
Notional amount | € | € 1,952.6 | ||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 4 | |||
Derivative [Line Items] | |||
Notional amount | $ | 3,940 | ||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 5 | |||
Derivative [Line Items] | |||
Notional amount | € | 45.2 | ||
Notional amount due to counterparty | Sunrise Holding | Cross-Currency Swap 1 | |||
Derivative [Line Items] | |||
Notional amount | € | 220.6 | ||
Notional amount due to counterparty | Sunrise Holding | Cross-Currency Swap 2 | |||
Derivative [Line Items] | |||
Notional amount | SFr | SFr 3,912.7 | ||
Notional amount due to counterparty | Sunrise Holding | Cross-Currency Swap 3 | |||
Derivative [Line Items] | |||
Notional amount | SFr | SFr 2,176.5 | ||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 4 | |||
Derivative [Line Items] | |||
Notional amount | € | € 3,489.6 | ||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 5 | |||
Derivative [Line Items] | |||
Notional amount | $ | $ 50 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Swap Contracts, Options and Basis Swaps) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Basis Swaps | Telenet | |
Derivative [Line Items] | |
Weighted average remaining life | 4 months 24 days |
Notional amount due from counterparty | Interest Rate Swap | Sunrise Holding | |
Derivative [Line Items] | |
Notional amount | $ 3,672.7 |
Weighted average remaining life | 2 years 7 months 6 days |
Notional amount due from counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Notional amount | $ 2,513.3 |
Weighted average remaining life | 4 years |
Notional amount due from counterparty | Interest Rate Swap | Other | |
Derivative [Line Items] | |
Notional amount | $ 0 |
Notional amount due from counterparty | Basis Swaps | Sunrise Holding | |
Derivative [Line Items] | |
Notional amount | 3,626.4 |
Notional amount due from counterparty | Basis Swaps | Telenet | |
Derivative [Line Items] | |
Notional amount | 3,523.2 |
Notional amount due from counterparty | Basis Swaps | VM Ireland | |
Derivative [Line Items] | |
Notional amount | 995.8 |
Notional amount due to counterparty | Interest Rate Swap | Sunrise Holding | |
Derivative [Line Items] | |
Notional amount | $ 3,383.6 |
Weighted average remaining life | 2 years 7 months 6 days |
Notional amount due to counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Notional amount | $ 298.7 |
Weighted average remaining life | 1 year 1 month 6 days |
Notional amount due to counterparty | Interest Rate Swap | Other | |
Derivative [Line Items] | |
Notional amount | $ 26.2 |
Weighted average remaining life | 1 year 8 months 12 days |
Derivative Instruments (Inter_2
Derivative Instruments (Interest Rate Caps and Collars) (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Interest Rate Cap | |
Derivative [Line Items] | |
Notional amount | $ 1.3 |
Interest Rate Collar | |
Derivative [Line Items] | |
Notional amount | $ 6 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Dec. 31, 2023 |
Derivative [Line Items] | |
Total decrease to borrowing costs | (3.31%) |
Sunrise Holding | |
Derivative [Line Items] | |
Total decrease to borrowing costs | (3.57%) |
VM Ireland | |
Derivative [Line Items] | |
Total decrease to borrowing costs | (3.51%) |
Telenet | |
Derivative [Line Items] | |
Total decrease to borrowing costs | (2.97%) |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Foreign currency forward and option contracts | |
Derivative [Line Items] | |
Foreign currency forward and option contracts | $ 820.6 |
Derivative Instruments (Equity-
Derivative Instruments (Equity-related Derivative Instruments) (Details) - Vodafone Collar Loan € in Millions, $ in Millions | Feb. 11, 2023 EUR (€) shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Feb. 11, 2023 USD ($) |
Derivative [Line Items] | ||||
Stock issued during period, shares, new issues | 1,335,000,000 | |||
Original issue amount | € 1,143.6 | € 1,258 | $ 1,341.8 | $ 1,219.8 |
Debt instrument, unamortized discount | € 114.4 | $ 122 | ||
Stated interest percentage | 2.95% | 2.95% |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Dec. 31, 2023 |
Infrastructure | Telenet Wyre Transaction | Maximum | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Tangible asset useful lives | 19 years |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | $ 1,256.9 | $ 1,470.3 |
SMAs | 2,276.1 | 2,854.6 |
Other investments | 3,122.9 | 2,038.4 |
Total investments | 5,399 | 4,893 |
Total assets | 6,655.9 | 6,363.3 |
Derivative instruments: | 1,379.8 | 747.1 |
Total liabilities | 1,379.8 | 747.1 |
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 | 483.7 | 943.2 |
Other investments | 1,559.7 | 399.3 |
Total investments | 2,043.4 | 1,342.5 |
Total assets | 2,043.4 | 1,342.5 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 946.2 | 1,470.3 |
SMAs | 1,792.4 | 1,911.4 |
Other investments | 0.1 | 0.1 |
Total investments | 1,792.5 | 1,911.5 |
Total assets | 2,738.7 | 3,381.8 |
Total liabilities | 1,332.4 | 747.1 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 310.7 | 0 |
SMAs | 0 | 0 |
Other investments | 1,563.1 | 1,639 |
Total investments | 1,563.1 | 1,639 |
Total assets | 1,873.8 | 1,639 |
Total liabilities | 47.4 | 0 |
Cross-currency and interest rate derivative contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 943.1 | 1,469 |
Derivative instruments: | 1,318.4 | 735.5 |
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: | 943.1 | 1,469 |
Derivative instruments: | 1,318.4 | 735.5 |
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: | 310.7 | 0 |
Derivative instruments: | 47.4 | 0 |
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 | |
Derivative instruments: | 0 | |
Equity-related derivative instruments | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | |
Derivative instruments: | 0 | |
Equity-related derivative instruments | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 310.7 | |
Derivative instruments: | 47.4 | |
Foreign currency forward and option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 2.9 | 1 |
Derivative instruments: | 14 | 11.6 |
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: | 2.9 | 1 |
Derivative instruments: | 14 | 11.6 |
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 | 0.3 |
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 |
Other | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0.2 | 0.3 |
Other | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag | true | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance of net assets at January 1, 2023 | $ 1,639 | ||
Gains included in net earnings (loss) | |||
Realized and unrealized losses due to changes in fair values of certain investments, net | 258.5 | ||
Realized and unrealized losses due to changes in fair values of certain investments, net | (160.6) | ||
Additions | 74.1 | ||
Dispositions | (20.7) | ||
Foreign currency translation adjustments and other, net | 36.1 | ||
Balance of net assets at December 31, 2022 | $ 1,826.4 | $ 1,639 | |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and unrealized losses (gains) on derivative instruments, net | Realized and unrealized losses (gains) on derivative instruments, net | Realized and unrealized losses (gains) on derivative instruments, net |
Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance of net assets at January 1, 2023 | $ 1,639 | ||
Gains included in net earnings (loss) | |||
Realized and unrealized losses due to changes in fair values of certain investments, net | 0 | ||
Realized and unrealized losses due to changes in fair values of certain investments, net | (160.6) | ||
Additions | 74.1 | ||
Dispositions | (20.7) | ||
Foreign currency translation adjustments and other, net | 31.3 | ||
Balance of net assets at December 31, 2022 | 1,563.1 | $ 1,639 | |
Equity-related derivative instruments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance of net assets at January 1, 2023 | 0 | ||
Gains included in net earnings (loss) | |||
Realized and unrealized losses due to changes in fair values of certain investments, net | 258.5 | ||
Realized and unrealized losses due to changes in fair values of certain investments, net | 0 | ||
Additions | 0 | ||
Dispositions | 0 | ||
Foreign currency translation adjustments and other, net | 4.8 | ||
Balance of net assets at December 31, 2022 | 263.3 | $ 0 | |
Instruments Accounted For Under Measurement Alternative | |||
Gains included in net earnings (loss) | |||
Balance of net assets at December 31, 2022 | $ 361.8 |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 16,108.7 | $ 14,539.6 |
Accumulated depreciation | (8,748.5) | (8,035.1) |
Total property and equipment, net | 7,360.2 | 6,504.5 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 10,638 | 9,134.3 |
Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 4,116 | 4,067.2 |
Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 1,354.7 | $ 1,338.1 |
Minimum | Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2023 | 3 years | |
Minimum | Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2023 | 3 years | |
Minimum | Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2023 | 4 years | |
Maximum | Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2023 | 30 years | |
Maximum | Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2023 | 33 years | |
Maximum | Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2023 | 7 years |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 1,856.9 | $ 1,727.7 | $ 1,883.2 | |
Value added tax, vendor financing arrangement | 18.4 | 21.2 | 84.7 | |
Deferred license fees | 430.8 | 428.1 | $ 384.1 | |
Amortization of intangible assets | 458.3 | 443.7 | 470.5 | |
Vendor financing | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital-related vendor financing additions | $ 178.4 | $ 182.8 | $ 661.1 |
Long-lived Assets (Schedule o_2
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 9,316.1 | $ 9,523.4 |
Acquisitions and related adjustments | 566.8 | 39 |
Foreign currency translation adjustments and other | 594.1 | (246.3) |
Goodwill ending balance | 10,477 | 9,316.1 |
Sunrise Holding | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 6,515.1 | 6,590.5 |
Acquisitions and related adjustments | 11.7 | 0 |
Foreign currency translation adjustments and other | 641.9 | (75.4) |
Goodwill ending balance | 7,168.7 | 6,515.1 |
Telenet | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 2,480.2 | 2,591.8 |
Acquisitions and related adjustments | 555.1 | 39 |
Foreign currency translation adjustments and other | (58.4) | (150.6) |
Goodwill ending balance | 2,976.9 | 2,480.2 |
VM Ireland | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 259.5 | 275.9 |
Acquisitions and related adjustments | 0 | 0 |
Foreign currency translation adjustments and other | 8.6 | (16.4) |
Goodwill ending balance | 268.1 | 259.5 |
Central and Other | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 61.3 | 65.2 |
Acquisitions and related adjustments | 0 | 0 |
Foreign currency translation adjustments and other | 2 | (3.9) |
Goodwill ending balance | $ 63.3 | $ 61.3 |
Long-lived Assets (Schedule o_3
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 4,027.8 | $ 3,757.1 |
Accumulated amortization | (1,974.2) | (1,414.7) |
Total | 2,053.6 | 2,342.4 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,489.5 | 2,289.9 |
Accumulated amortization | (1,370.8) | (932.2) |
Total | 1,118.7 | 1,357.7 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,538.3 | 1,467.2 |
Accumulated amortization | (603.4) | (482.5) |
Total | $ 934.9 | $ 984.7 |
Minimum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2023 | 5 years | |
Minimum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2023 | 2 years | |
Maximum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2023 | 11 years | |
Maximum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2023 | 20 years |
Long-lived Assets (Schedule o_4
Long-lived Assets (Schedule of Expected Future Amortization Expense for Finite Lived Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
2024 | $ 488.5 | |
2025 | 482.7 | |
2026 | 416.9 | |
2027 | 94.3 | |
2028 | 90.4 | |
Thereafter | 480.8 | |
Total | $ 2,053.6 | $ 2,342.4 |
Debt (Schedules) (Details)
Debt (Schedules) (Details) € in Millions, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 6.10% | 6.10% | ||
Unused borrowing capacity | $ 1,626.5 | |||
Principal amount | 15,857.6 | $ 13,370.2 | ||
Deferred financing costs, discounts and premiums, net | (149.7) | (43.1) | ||
Total carrying amount of debt | 15,707.9 | 13,327.1 | ||
Finance lease obligations | 58 | 436.1 | ||
Total debt and finance lease obligations | 15,765.9 | 13,763.2 | ||
Current portion of debt and finance lease obligations | (806.8) | (799.7) | ||
Long-term debt and finance lease obligations | $ 14,959.1 | 12,963.5 | ||
Sunrise Holding Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 7.72% | 7.72% | ||
Principal amount | $ 3,626.4 | 3,587.7 | ||
Sunrise Holding Bank Facility | Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 802.2 | € 725 | ||
Sunrise Holding SPE Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.56% | 4.56% | ||
Principal amount | $ 1,664.9 | 1,651.6 | ||
Sunrise Holding Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.76% | 4.76% | ||
Principal amount | $ 826.1 | 814.2 | ||
Telenet Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 6.96% | 6.96% | ||
Principal amount | $ 4,507.9 | 3,483.9 | ||
Telenet Credit Facility | Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 713.7 | € 645 | ||
Telenet Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.75% | 4.75% | ||
Principal amount | $ 1,597.6 | 1,578.4 | ||
VM Ireland Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 7.35% | 7.35% | ||
Unused borrowing capacity | $ 110.6 | € 100 | ||
Principal amount | 995.8 | 963.9 | ||
VM Ireland Credit Facility | Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 110.6 | € 100 | ||
Vodafone Collar Loan | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.95% | 2.95% | ||
Principal amount | $ 1,391.9 | 0 | ||
Vendor financing | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.91% | 4.91% | ||
Principal amount | $ 768.7 | 704.7 | $ 843.2 | |
Other | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 6.22% | 6.22% | ||
Principal amount | $ 478.3 | $ 585.8 |
Debt (Footnotes) (Details)
Debt (Footnotes) (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2023 EUR (€) facility | Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 6.10% | 6.10% | ||
Unused borrowing capacity | $ | $ 1,626,500,000 | |||
Deferred license fees | $ | 430,800,000 | $ 428,100,000 | $ 384,100,000 | |
Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Debt | $ | $ 15,500,000,000 | 12,600,000,000 | ||
Aggregate Variable and Fixed Rate Indebtedness | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.45% | 3.45% | ||
Sunrise Holding Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 7.72% | 7.72% | ||
Sunrise Holding Bank Facility | Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 802,200,000 | € 725,000,000 | ||
Available to loan or distribute | 802,200,000 | 725,000,000 | ||
Sunrise Holding Bank Facility | Sunrise Holding Revolving Facility | Debt Covenant, Scenario 1 | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 802,200,000 | 725,000,000 | ||
Available to loan or distribute | $ 802,200,000 | € 725,000,000 | ||
Telenet Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 6.96% | 6.96% | ||
Telenet Credit Facility | Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 713,700,000 | € 645,000,000 | ||
Available to loan or distribute | 713,700,000 | 645,000,000 | ||
Telenet Credit Facility | Sunrise Holding Revolving Facility | Debt Covenant, Scenario 1 | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 713,700,000 | 645,000,000 | ||
Available to loan or distribute | $ 713,700,000 | € 645,000,000 | ||
VM Ireland Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 7.35% | 7.35% | ||
Unused borrowing capacity | $ 110,600,000 | € 100,000,000 | ||
VM Ireland Credit Facility | Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 110,600,000 | 100,000,000 | ||
Available to loan or distribute | 110,600,000 | 100,000,000 | ||
VM Ireland Credit Facility | Sunrise Holding Revolving Facility | Debt Covenant, Scenario 1 | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 110,600,000 | 100,000,000 | ||
Available to loan or distribute | 110,600,000 | 100,000,000 | ||
Sunrise Holding Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | € | 23,000,000 | |||
Sunrise Holding Revolving Facility One | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 802,200,000 | 725,000,000 | ||
Maximum borrowing capacity | 827,600,000 | 748,000,000 | ||
Sunrise Holding Revolving Facility B | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 730,300,000 | 660,000,000 | ||
Maximum borrowing capacity | € | 660,000,000 | |||
Sunrise Holding Revolving Facility A | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 71,900,000 | 65,000,000 | ||
Maximum borrowing capacity | 97,300,000 | 88,000,000 | ||
Sunrise Holding Revolving Facility One, Ancillary Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 25,400,000 | 23,000,000 | ||
Sunrise Holding Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 12,800,000 | € 11,600,000 | ||
Number of revolving facilities | facility | 2 | 2 | ||
Telenet Revolving Credit Facility B | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 630,700,000 | € 570,000,000 | ||
Maximum borrowing capacity | € | 570,000,000 | |||
Telenet Revolving Credit Facility A | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 33,200,000 | 30,000,000 | ||
Maximum borrowing capacity | € | 30,000,000 | |||
Telenet Overdraft Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 27,700,000 | 25,000,000 | ||
Telenet Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 22,100,000 | 20,000,000 | ||
Telenet Revolving Credit Facility I | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 99,600,000 | € 90,000,000 | ||
Number of revolving facilities | facility | 2 | 2 | ||
Vendor financing | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.91% | 4.91% | ||
Operating-related vendor financing additions | $ | $ 648,500,000 | $ 522,700,000 |
Debt (General Information) (Det
Debt (General Information) (Details) | 12 Months Ended |
Dec. 31, 2023 subsidiary group | |
Debt Instrument [Line Items] | |
Number of subsidiaries with the most outstanding debt | subsidiary | 1 |
Number of borrowing groups | group | 3 |
Senior and Senior Secured Notes | |
Debt Instrument [Line Items] | |
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 101% |
Redemption term | 12 years |
Redemption price, percentage of principal amount limitation | 10% |
Redemption price | 103% |
SPE Notes | |
Debt Instrument [Line Items] | |
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 100% |
Debt (Financing Transactions) (
Debt (Financing Transactions) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Nov. 30, 2023 EUR (€) | Nov. 30, 2023 USD ($) | Oct. 31, 2023 EUR (€) | Oct. 31, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Jul. 31, 2023 EUR (€) | Jul. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) | Jun. 08, 2023 EUR (€) | Jun. 08, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Losses (gains) on debt extinguishment, net | $ 1,400,000 | $ (2,800,000) | $ 90,600,000 | ||||||||||||
Line of Credit | Telenet Facility AT1 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | € 890,000,000 | $ 984,700,000 | |||||||||||||
Line of Credit | Telenet Facility AT1 | Euro Interbank Offered Rate (EURIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Floor rate | 0% | 0% | |||||||||||||
Basis spread on variable rate | 3% | 3% | |||||||||||||
U.K. J.V. Entities | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Non-cash borrowings and repayments of debt | $ 0 | 0 | 2,900,000,000 | ||||||||||||
Liberty Global Belgium Holding B.V. | Line of Credit | LGBH Facility B | Secured Debt | Subsidiaries | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | € 1,000,000,000 | $ 1,100,000,000 | |||||||||||||
Proceeds from lines of credit | € 77,500,000 | $ 85,700,000 | € 67,500,000 | $ 74,700,000 | € 745,000,000 | $ 824,300,000 | |||||||||
Available borrowings | € 110,000,000 | $ 121,700,000 | |||||||||||||
Repayments of lines of credit | € | € 890,000,000 | ||||||||||||||
Losses (gains) on debt extinguishment, net | $ 1,400,000 | ||||||||||||||
Liberty Global Belgium Holding B.V. | Line of Credit | LGBH Facility B | Secured Debt | Subsidiaries | Euro Interbank Offered Rate (EURIBOR) | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Floor rate | 0% | 0% | |||||||||||||
Liberty Global Belgium Holding B.V. | Line of Credit | LGBH Facility B | Secured Debt | Subsidiaries | Euro Interbank Offered Rate (EURIBOR) | Debt Instrument, Period One | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4% | ||||||||||||||
Liberty Global Belgium Holding B.V. | Line of Credit | LGBH Facility B | Secured Debt | Subsidiaries | Euro Interbank Offered Rate (EURIBOR) | Debt Instrument, Period Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.50% | ||||||||||||||
Liberty Global Belgium Holding B.V. | Line of Credit | LGBH Facility B | Secured Debt | Subsidiaries | Euro Interbank Offered Rate (EURIBOR) | Debt Instrument, Period Three | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 5.25% | ||||||||||||||
Sunrise Holding | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Losses (gains) on debt extinguishment, net | (2,800,000) | 90,600,000 | |||||||||||||
Payment for debt redemption premium | (9,800,000) | 12,900,000 | |||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 5,500,000 | $ 77,700,000 | |||||||||||||
Payment for debt extinguishment or debt prepayment cost | $ 1,500,000 |
Debt (Maturities of Debt) (Sche
Debt (Maturities of Debt) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2024 | $ 794.6 | |
2025 | 352.9 | |
2026 | 1,086.9 | |
2027 | 23.7 | |
2028 | 6,083.3 | |
Thereafter | 7,516.2 | |
Total debt maturities | 15,857.6 | |
Deferred financing costs, discounts and premiums, net | (149.7) | |
Total debt | 15,707.9 | |
Current portion | 794.6 | |
Long-term portion | 14,913.3 | |
Principal amount | 15,857.6 | $ 13,370.2 |
Vodafone Collar Loan | ||
Debt Instrument [Line Items] | ||
Principal amount | 1,391.9 | $ 0 |
Sunrise Holding | ||
Debt Instrument [Line Items] | ||
2024 | 374.6 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 1,152.3 | |
Thereafter | 4,965.1 | |
Total debt maturities | 6,492 | |
Deferred financing costs, discounts and premiums, net | (21.5) | |
Total debt | 6,470.5 | |
Current portion | 374.6 | |
Long-term portion | 6,095.9 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2024 | 404.4 | |
2025 | 23.3 | |
2026 | 23.4 | |
2027 | 23.7 | |
2028 | 4,931 | |
Thereafter | 1,555.3 | |
Total debt maturities | 6,961.1 | |
Deferred financing costs, discounts and premiums, net | (28.9) | |
Total debt | 6,932.2 | |
Current portion | 404.4 | |
Long-term portion | 6,527.8 | |
VM Ireland | ||
Debt Instrument [Line Items] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 995.8 | |
Total debt maturities | 995.8 | |
Deferred financing costs, discounts and premiums, net | (5.3) | |
Total debt | 990.5 | |
Current portion | 0 | |
Long-term portion | 990.5 | |
Other | ||
Debt Instrument [Line Items] | ||
2024 | 15.6 | |
2025 | 329.6 | |
2026 | 1,063.5 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total debt maturities | 1,408.7 | |
Deferred financing costs, discounts and premiums, net | (94) | |
Total debt | 1,314.7 | |
Current portion | 15.6 | |
Long-term portion | $ 1,299.1 |
Debt (Vendor Financing Obligati
Debt (Vendor Financing Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
2024 | $ 794.6 | ||
2025 | 352.9 | ||
Total vendor financing maturities | 15,857.6 | $ 13,370.2 | |
Current portion | 794.6 | ||
Long-term portion | 14,913.3 | ||
Sunrise Holding | |||
Debt Instrument [Line Items] | |||
2024 | 374.6 | ||
2025 | 0 | ||
Current portion | 374.6 | ||
Long-term portion | 6,095.9 | ||
Telenet | |||
Debt Instrument [Line Items] | |||
2024 | 404.4 | ||
2025 | 23.3 | ||
Current portion | 404.4 | ||
Long-term portion | 6,527.8 | ||
Other | |||
Debt Instrument [Line Items] | |||
2024 | 15.6 | ||
2025 | 329.6 | ||
Current portion | 15.6 | ||
Long-term portion | 1,299.1 | ||
Vendor financing | |||
Debt Instrument [Line Items] | |||
2024 | 767.5 | ||
2025 | 1.2 | ||
Total vendor financing maturities | 768.7 | $ 704.7 | $ 843.2 |
Current portion | 767.5 | ||
Long-term portion | 1.2 | ||
Vendor financing | Sunrise Holding | |||
Debt Instrument [Line Items] | |||
2024 | 374.6 | ||
2025 | 0 | ||
Total vendor financing maturities | 374.6 | ||
Current portion | 374.6 | ||
Long-term portion | 0 | ||
Vendor financing | Telenet | |||
Debt Instrument [Line Items] | |||
2024 | 377.3 | ||
2025 | 0 | ||
Total vendor financing maturities | 377.3 | ||
Current portion | 377.3 | ||
Long-term portion | 0 | ||
Vendor financing | Other | |||
Debt Instrument [Line Items] | |||
2024 | 15.6 | ||
2025 | 1.2 | ||
Total vendor financing maturities | 16.8 | ||
Current portion | 15.6 | ||
Long-term portion | $ 1.2 |
Debt (Vendor Financing Obliga_2
Debt (Vendor Financing Obligations Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Roll Forward] | |||
Balance at January 1 | $ 13,370.2 | ||
Principal payments on operating-related vendor financing | (568.8) | $ (616.1) | $ (1,408) |
Principal payments on capital-related vendor financing | (256.1) | (210.1) | (964.4) |
Balance at December 31 | 15,857.6 | 13,370.2 | |
Vendor financing | |||
Debt Instrument [Roll Forward] | |||
Balance at January 1 | 704.7 | 843.2 | |
Operating-related vendor financing additions | 648.5 | 522.7 | |
Capital-related vendor financing additions | 178.4 | 182.8 | 661.1 |
Principal payments on operating-related vendor financing | (568.8) | (616.1) | |
Principal payments on capital-related vendor financing | (256.1) | (210.1) | |
Foreign currency and other | 62 | (17.8) | |
Balance at December 31 | $ 768.7 | $ 704.7 | $ 843.2 |
Leases (Leases Balances) (Detai
Leases (Leases Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 01, 2022 | |
Leases [Abstract] | ||||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net | Other assets, net | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Current portion of debt and finance lease obligations (notes 11 and 12), Long-term debt and finance lease obligations | Current portion of debt and finance lease obligations (notes 11 and 12), Long-term debt and finance lease obligations | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term portion, Other accrued and current liabilities | Long-term portion, Other accrued and current liabilities | ||
ROU assets: | ||||
Finance leases | $ 57.9 | $ 377.6 | ||
Operating lease | 1,761.8 | 1,724.4 | $ 615.1 | |
Total ROU assets | 1,819.7 | 2,102 | ||
Lease liabilities: | ||||
Finance leases | 58 | 436.1 | ||
Operating leases | 1,803.9 | 1,791.1 | $ 615.1 | |
Total lease liabilities | $ 1,861.9 | 2,227.2 | ||
Weighted average remaining lease term for finance leases | 10 years 9 months 18 days | |||
Weighted average discount rate for finance leases | 4.90% | |||
ROU assets associated with finance leases | $ 20.9 | 34.2 | $ 42.6 | |
Weighted average remaining lease term for operating leases | 12 years 2 months 12 days | |||
Weighted average discount rate for operating leases | 5.80% | |||
Addition to ROU assets associated with operating leases | $ 68.3 | $ 678.6 | $ 169.8 |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance lease expense: | |||
Depreciation and amortization | $ 33.9 | $ 66.4 | $ 74.8 |
Interest expense | 2.2 | 26.5 | 30.8 |
Total finance lease expense | 36.1 | 92.9 | 105.6 |
Operating lease expense | 241.2 | 236.7 | 249.7 |
Short-term lease expense | 4.2 | 4 | 5 |
Variable lease expense | 1.4 | 1.9 | 1.6 |
Total lease expense | 282.9 | 335.5 | 361.9 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash outflows from operating leases | 226.9 | 234.2 | 223 |
Operating cash outflows from finance leases (interest component) | 2.2 | 26.5 | 30.8 |
Financing cash outflows from finance leases (principal component) | 27.9 | 62 | 75.7 |
Total cash outflows from operating and finance leases | $ 257 | $ 322.7 | $ 329.5 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 01, 2022 |
Operating leases | |||
2024 | $ 250.8 | ||
2025 | 222.7 | ||
2026 | 208.3 | ||
2027 | 196.9 | ||
2028 | 189.5 | ||
Thereafter | 1,466.8 | ||
Total payments | 2,535 | ||
Less: present value discount | (731.1) | ||
Present value of lease payments | 1,803.9 | $ 1,791.1 | $ 615.1 |
Current portion | 151.8 | ||
Long-term portion | 1,652.1 | 1,645.9 | |
Finance leases | |||
2024 | 12.3 | ||
2025 | 10.3 | ||
2026 | 8.2 | ||
2027 | 7.3 | ||
2028 | 4.6 | ||
Thereafter | 31.8 | ||
Total payments | 74.5 | ||
Less: present value discount | (16.5) | ||
Present value of lease payments | 58 | $ 436.1 | |
Current portion | 12.2 | ||
Long-term portion | $ 45.8 |
Income Taxes (Earnings (Loss) B
Income Taxes (Earnings (Loss) Before Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | $ (3,724.2) | $ 1,424.2 | $ 14,000.8 |
Continuing Operations | Domestic tax authority | U.K. | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (2,899.5) | (516.2) | 12,922 |
Continuing Operations | Foreign tax authority | The Netherlands | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (805.4) | 742.3 | 644.5 |
Continuing Operations | Foreign tax authority | Belgium | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | 653.9 | 1,000.4 | 404.7 |
Continuing Operations | Foreign tax authority | Switzerland | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (446.7) | (470.5) | (308.3) |
Continuing Operations | Foreign tax authority | Luxembourg | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (195.6) | 505.4 | 373.2 |
Continuing Operations | Foreign tax authority | Ireland | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (16.6) | 178.3 | 39.5 |
Continuing Operations | Foreign tax authority | U.S. | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (4.7) | 5.9 | (3.7) |
Continuing Operations | Foreign tax authority | Other | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (9.6) | (5.8) | (16.9) |
Discontinued Operations | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | $ 0 | $ (15.6) | $ (54.2) |
Income Taxes (Benefit (Expense)
Income Taxes (Benefit (Expense) of Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Current | $ (182.7) | $ (146.4) | $ (155.1) |
Deferred | 33.1 | (172.5) | (318.2) |
Total income tax expense | (149.6) | (318.9) | (473.3) |
Belgium | |||
Income Taxes [Line Items] | |||
Current | (100.9) | (87.7) | (96.3) |
Deferred | (64.9) | 17.1 | 16.2 |
Total | (165.8) | (70.6) | (80.1) |
U.S. | |||
Income Taxes [Line Items] | |||
Current | (68) | (51.8) | (47.9) |
Deferred | (28.4) | (133) | (25.8) |
Total | (96.4) | (184.8) | (73.7) |
Switzerland | |||
Income Taxes [Line Items] | |||
Current | (0.3) | 0.6 | (7.2) |
Deferred | 78.9 | 87.2 | 63.5 |
Total | 78.6 | 87.8 | 56.3 |
Luxembourg | |||
Income Taxes [Line Items] | |||
Current | 0 | (0.3) | (0.4) |
Deferred | 44.3 | (152.3) | (49.5) |
Total | 44.3 | (152.6) | (49.9) |
The Netherlands | |||
Income Taxes [Line Items] | |||
Current | (16.9) | (1.7) | (2.6) |
Deferred | 0.2 | (0.8) | (1.3) |
Total | (16.7) | (2.5) | (3.9) |
Ireland | |||
Income Taxes [Line Items] | |||
Current | 3.6 | (5.3) | (0.7) |
Deferred | 2.5 | 10.5 | 0 |
Total | 6.1 | 5.2 | (0.7) |
U.K. | |||
Income Taxes [Line Items] | |||
Current | (0.1) | (0.1) | (0.4) |
Deferred | 0.5 | 0.8 | (319.5) |
Total | 0.4 | 0.7 | (319.9) |
Other | |||
Income Taxes [Line Items] | |||
Current | (0.1) | (0.1) | 0.4 |
Deferred | 0 | (2) | (1.8) |
Total | $ (0.1) | $ (2.1) | $ (1.4) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax benefit (expense) | $ 875.2 | $ (270.6) | $ (2,660.2) |
Change in valuation allowances | (275.1) | (39) | (62.2) |
Non-deductible or non-taxable foreign exchange results | (198.7) | 267.3 | 218 |
Non-deductible or non-taxable interest and other expenses | (138.4) | (89.6) | (69) |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (406.9) | (68.4) | 84 |
International rate differences | (13.3) | (147.1) | (92.4) |
Tax benefit associated with technology innovation | 6.5 | 22.1 | 25.8 |
Non-taxable gain on the U.K. JV Transaction | 0 | 0 | 2,066 |
Recognition of previously unrecognized tax benefits | 0 | 0 | 20.5 |
Other, net | 1.1 | 6.4 | (3.8) |
Total income tax expense | $ (149.6) | $ (318.9) | $ (473.3) |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 83.6 | $ 233.8 |
Deferred tax liabilities | (543.7) | (533.8) |
Net deferred tax liabilities | $ (460.1) | $ (300) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss and other carryforwards | $ 1,372.1 | $ 1,327.6 |
Investments | 366.4 | 251.8 |
Lease liabilities | 186.5 | 184 |
Debt and interest | 185.2 | 175.7 |
Property and equipment, net | 169.9 | 125.7 |
Derivative instruments | 126.7 | 4.3 |
Share-based compensation | 81.4 | 84.7 |
Other future deductible amounts | 60.7 | 64.6 |
Deferred tax assets | 2,548.9 | 2,218.4 |
Valuation allowance | (1,899.6) | (1,586.5) |
Deferred tax assets, net of valuation allowance | 649.3 | 631.9 |
Deferred tax liabilities: | ||
Intangible assets | (272.9) | (336.7) |
Property and equipment, net | (272.2) | (157.6) |
Debt and interest | (266.4) | (91.1) |
ROU assets | (177.2) | (177.1) |
Derivative instruments | (70.8) | (155.3) |
Other future taxable amounts | (49.9) | (14.1) |
Deferred tax liabilities | (1,109.4) | (931.9) |
Net deferred tax liabilities | $ (460.1) | $ (300) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 07, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | ||||
Change in valuation allowances | $ 313.1 | |||
Change in valuation allowances | (275.1) | $ (39) | $ (62.2) | |
Cumulative temporary differences | 1,400 | |||
Unrecognized tax benefits - favorable impact on effective income tax rate if ultimately recognized, net of valuation allowances | 347 | 337.9 | 378.7 | |
Income tax penalties and interest expense | $ 110 | 59.6 | $ 38.4 | $ 25.7 |
Accrued interest and penalties on tax related items | 262.9 | |||
Liability for settlement with taxing authority | 315 | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Reductions to our unrecognized tax benefits reasonably possible | $ 345 | |||
Income Tax Contingency | Tax Year 2018 | ||||
Income Tax Contingency [Line Items] | ||||
Damages sought | $ 284 |
Income Taxes (Tax Loss Carryfor
Income Taxes (Tax Loss Carryforwards and Related Tax Assets) (Details) - Capital Loss Carryforward $ in Millions | Dec. 31, 2023 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | $ 5,646.1 |
Related tax asset | 1,372.1 |
The Netherlands | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 2,599.3 |
Related tax asset | 670.6 |
Belgium | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,145.5 |
Related tax asset | 286.4 |
U.K. | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 767.7 |
Related tax asset | 191.9 |
Luxembourg | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 441.1 |
Related tax asset | 119.9 |
Ireland | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 387.1 |
Related tax asset | 48.7 |
Switzerland | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 295.5 |
Related tax asset | 51.1 |
Other | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 9.9 |
Related tax asset | $ 3.5 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 435.2 | $ 447.1 | $ 602.5 |
Additions for tax positions of prior years | 8.5 | 0 | 12.9 |
Effects of business acquisitions | 6.9 | 0 | 0 |
Reductions for tax positions of prior years | (5.9) | (11.2) | (170) |
Settlements with tax authorities | (4) | 0 | 0 |
Additions based on tax positions related to the current year | 2.2 | 1.7 | 14.3 |
Foreign currency translation | 1.5 | ||
Foreign currency translation | (2.3) | (8.7) | |
Lapse of statute of limitations | 0 | (0.1) | (3.9) |
Balance at December 31 | $ 444.4 | $ 435.2 | $ 447.1 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) € / shares in Units, $ / shares in Units, € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jan. 31, 2024 USD ($) | May 05, 2023 € / shares | Jul. 31, 2023 | Sep. 21, 2023 shares | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) class $ / shares shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 | Oct. 19, 2023 | Jul. 08, 2023 shares | Jun. 08, 2023 € / shares | Jul. 01, 2015 vote | |
Class of Stock [Line Items] | |||||||||||||||
Share capital authorized, aggregate nominal amount | $ | $ 20,000,000 | ||||||||||||||
Minimum number of classes or series of stock which may be authorized | class | 1 | ||||||||||||||
Share repurchase | 15% | 10% | 10% | ||||||||||||
Total cost for stock purchased pursuant to repurchase programs | $ | $ 101,700,000 | ||||||||||||||
Dividends | € 66.3 | 73,200,000 | € 91.2 | $ 96,200,000 | € 182.4 | $ 214,000,000 | |||||||||
Telenet | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends | € | 108.6 | € 149 | € 306.2 | ||||||||||||
Telenet | Subsidiaries | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Dividends paid (in euro per share) | € / shares | € 1 | ||||||||||||||
Liberty Global Belgium Holding B.V. | Telenet | Subsidiaries | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Share price (in euro per share) | € / shares | € 22 | ||||||||||||||
Share price (in euro per share) | € / shares | € 21 | ||||||||||||||
Number of common shares acquired (in shares) | 38,210,285 | ||||||||||||||
Business acquisition, equity interest (in shares) | 380,691 | ||||||||||||||
Percentage of voting interests acquired | 96.26% | 100% | 100% | ||||||||||||
Consideration transferred | € 904.2 | $ 993,700,000 | |||||||||||||
Subsequent Event | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Total cost for stock purchased pursuant to repurchase programs | $ | $ 300,000,000 | ||||||||||||||
Class A | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock, nominal value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||
Number of votes allowed per class of stock (in votes) | vote | 1 | ||||||||||||||
Number of ordinary shares convertible to certain class of ordinary shares (in shares) | 1 | ||||||||||||||
Class B | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock, nominal value (in dollars per share) | $ / shares | $ 0.01 | 0.01 | |||||||||||||
Number of votes allowed per class of stock (in votes) | vote | 10 | ||||||||||||||
Common reserved for issuance (in shares) | 12,988,658 | ||||||||||||||
Class C | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common stock, nominal value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Equity (Schedule of Outstanding
Equity (Schedule of Outstanding Share-Based Compensation Awards) (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Options | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 622,177 | 608,258 |
Options | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,704,383 | 2,465,294 |
SARs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 20,430,440 | 21,183,640 |
SARs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 47,534,716 | 49,778,158 |
RSUs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,446,678 | |
RSUs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 5,382,896 | |
PSUs and PSARs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,682,808 | |
PSUs and PSARs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 7,155,287 |
Equity (Share Repurchases Progr
Equity (Share Repurchases Programs) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Total cost for stock purchased pursuant to repurchase programs | $ 101.7 | ||
Class A | |||
Class of Stock [Line Items] | |||
Total cost for stock purchased pursuant to repurchase programs | $ 1,505.9 | $ 1,702.6 | $ 1,581.1 |
Class A | Class A | |||
Class of Stock [Line Items] | |||
Shares purchased pursuant to repurchase programs (in shares) | 1,444,000 | 3,856,700 | 8,445,800 |
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 18.24 | $ 21.55 | $ 27.31 |
Class C | Class A | |||
Class of Stock [Line Items] | |||
Shares purchased pursuant to repurchase programs (in shares) | 78,452,085 | 69,381,968 | 49,604,048 |
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 18.86 | $ 23.34 | $ 27.23 |
Equity (Subsidiary Distribution
Equity (Subsidiary Distributions) (Details) € in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | |
Class of Stock [Line Items] | ||||||
Dividends | € 66.3 | $ 73.2 | € 91.2 | $ 96.2 | € 182.4 | $ 214 |
Telenet | ||||||
Class of Stock [Line Items] | ||||||
Dividends | € 108.6 | € 149 | € 306.2 |
Share-based Compensation (Summa
Share-based Compensation (Summary Of Stock-Based Compensation) (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Nov. 07, 2023 USD ($) | Mar. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | $ 231 | $ 192.1 | $ 308.1 | ||||||
Percent of annual inventive compensation | 100% | 100% | |||||||
Total compensation expense not yet recognized | $ 165.8 | $ 165.8 | |||||||
Other operating expenses | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 11.7 | 4.9 | 13.7 | ||||||
SG&A expenses | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 219.3 | 187.2 | 294.4 | ||||||
Liberty Global Plc | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 197.8 | 171.4 | 261.8 | ||||||
Non-performance based incentive awards | Liberty Global Plc | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 157.4 | 133.5 | 168.6 | ||||||
Performance-based incentive awards | Liberty Global Plc | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 6.9 | 7.1 | 59.6 | ||||||
Other | Liberty Global Plc | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 33.5 | 30.8 | 33.6 | ||||||
Telenet share-based incentive awards | Telenet | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 27.7 | 10.9 | 35.1 | ||||||
Other | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | $ 5.5 | $ 9.8 | 11.2 | ||||||
Telenet Replacement Awards | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | $ 50 | ||||||||
Award conversion ratio | 0.5 | ||||||||
Accelerated cost | $ 8.5 | ||||||||
Total compensation expense not yet recognized | $ 41.5 | ||||||||
ESOP 2019 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | 8.2 | € 7.6 | |||||||
ESOP 2020 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated share-based compensation expense | $ 8.2 | € 7.6 | |||||||
Liberty Global 2014 Incentive Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expiration period | 10 years | 7 years | |||||||
SARs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Expiration period | 7 years | 10 years | |||||||
Incremental share based compensation expense | $ 27.1 | $ 22.7 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 07, 2023 USD ($) | Apr. 30, 2022 | Apr. 30, 2019 shares | Mar. 31, 2019 shares | Dec. 31, 2023 USD ($) installment shares | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation expense not yet recognized | $ | $ 165.8 | |||||
Weighted average period remaining for expense recognition | 1 year 10 months 24 days | |||||
Performance period | 2 years | |||||
CEO | RSAs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 670,000 | |||||
CEO | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 1,330,000 | |||||
May 15, 2020 | CEO | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting (in shares) | 670,000 | |||||
May 15, 2021 | CEO | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting (in shares) | 660,000 | |||||
Class A | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 2,189,968 | |||||
Class A | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 564,660 | |||||
Class C | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 4,867,995 | |||||
Class C | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 1,042,067 | |||||
Liberty Global 2023 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized (in shares) | 43,284,342 | |||||
Number of shares available for grant | 40,245,318 | |||||
Vesting period | 3 years | |||||
Expiration period | 10 years | |||||
Liberty Global 2014 Incentive Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Expiration period | 10 years | 7 years | ||||
Liberty Global 2014 Nonemployee Director Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiration period | 10 years | |||||
Number of equal or semi-equal installments | installment | 3 | |||||
CEO Performance Share Plan 2021 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
CEO Performance Share Plan 2022 (CEO PSP 2022) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
CEO Performance Share Plan 2023 (CEO PSP 2023) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted Share Plan 2022 (RSP 2022) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Holding restriction period | 2 years | |||||
Restricted Share Plan 2022 (RSP 2022) | After year two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 60% | |||||
Restricted Share Plan 2022 (RSP 2022) | After year one | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 40% | |||||
Restricted Share Plan 2023 (RSP 2023) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Holding restriction period | 2 years | |||||
Restricted Share Plan 2023 (RSP 2023) | After year two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 60% | |||||
Restricted Share Plan 2023 (RSP 2023) | After year one | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 40% | |||||
Performance Share Plan 2020 (PSP 2020) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Holding restriction period | 2 years | |||||
Performance Share Plan 2021 (PSP 2021) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Performance Share Plan 2023 (PSP 2023) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Performance Share Plan 2022 (PSP 2022) | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Holding restriction period | 2 years | |||||
Performance Share Plan 2022 (PSP 2022) | After year two | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 60% | |||||
Performance Share Plan 2022 (PSP 2022) | After year one | RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 40% | |||||
Telenet Replacement Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation expense not yet recognized | $ | $ 41.5 | |||||
Award conversion ratio | 0.5 | |||||
Liberty Global Challenge Performance Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expiration period | 10 years | |||||
Vesting percentage | 100% | |||||
Performance period | 3 years | |||||
Liberty Global Challenge Performance Awards | Class A | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of ordinary share rights for each performance share (in shares) | 1 | |||||
Liberty Global Challenge Performance Awards | Class C | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of ordinary share rights for each performance share (in shares) | 1 | |||||
2019 PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Adjusted OIBDA CAGR | 1.38% | |||||
2019 PSUs | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
PSUs earned | 65% | |||||
2019 PSUs | April 1, 2021 | PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 50% | |||||
Ventures Incentive Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 100% | |||||
Assessed period | 3 years | |||||
Ventures Incentive Plans | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Eligible participants’ initial contribution percent | 10% | |||||
Ventures Incentive Plans | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Eligible participants’ initial contribution percent | 50% | |||||
2021 Ventures Incentive Plan | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Eligible participants’ initial contribution percent | 10% | |||||
2021 Ventures Incentive Plan | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Eligible participants’ initial contribution percent | 100% |
Share-based Compensation (Sum_2
Share-based Compensation (Summary of Stock Award Information) (Schedule) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assumptions used to estimate fair value of options and SARs granted: | |||
Cash received from exercise of options | $ 1.2 | $ 13 | $ 8.9 |
Income tax benefit related to share-based compensation of our continuing operations (in millions) | $ 17.4 | $ 1.3 | $ 14.9 |
Options And SARs | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Expected dividend yield | 0% | 0% | 0% |
Options And SARs | Minimum | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Risk-free interest rate | 3.12% | 3.09% | 0.48% |
Expected life | 3 years 8 months 12 days | 3 years 8 months 12 days | 3 years 8 months 12 days |
Expected volatility | 29% | 33.50% | 30.80% |
Options And SARs | Maximum | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Risk-free interest rate | 4.10% | 2.27% | 1.13% |
Expected life | 6 years 2 months 12 days | 6 years 2 months 12 days | 6 years 2 months 12 days |
Expected volatility | 33.10% | 38.10% | 33.20% |
Options | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Weighted average grant-date fair value per share of awards granted, options (in dollars per share) | $ 7.18 | $ 9.90 | $ 8.75 |
Total intrinsic value of awards exercised | $ 0.5 | $ 1.4 | |
SARs | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 5.85 | $ 7.50 | $ 6.79 |
Total intrinsic value of awards exercised | $ 4.6 | $ 7 | $ 28.9 |
PSARs | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Total intrinsic value of awards exercised | $ 0.2 | $ 0.1 | |
RSUs | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 18.59 | $ 25.51 | $ 25.69 |
PSUs | |||
Assumptions used to estimate fair value of options and SARs granted: | |||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 16.60 |
Share-based Compensation (Sched
Share-based Compensation (Schedule of Estimated Fair Value of the Final Payouts) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of final payout | $ 37.6 |
2021 Ventures Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of final payout | 15.4 |
2022 Ventures Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of final payout | 9.3 |
2023 Ventures Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of final payout | 12 |
2023 Tech Ventures Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of final payout | $ 0.9 |
Share-based Compensation (Stock
Share-based Compensation (Stock Award Activity, Options, SARs & PSARs) (Schedules) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Options | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 608,258 |
Options granted (in shares) | shares | 59,672 |
Options expired, cancelled or forfeited (in shares) | shares | (45,753) |
Options outstanding at end of period (in shares) | shares | 622,177 |
Options exercisable and end of period (in shares) | shares | 522,207 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 30.02 |
Options granted (in dollars per shares) | $ / shares | 17.22 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 28.89 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 28.87 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 30.60 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years 6 months |
Options exercisable at end of period | 2 years 6 months |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Options | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 2,465,294 |
Options granted (in shares) | shares | 386,050 |
Options expired, cancelled or forfeited (in shares) | shares | (146,961) |
Options outstanding at end of period (in shares) | shares | 2,704,383 |
Options exercisable and end of period (in shares) | shares | 2,028,231 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.84 |
Options granted (in dollars per shares) | $ / shares | 19.02 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 27.22 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 24.79 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.76 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 5 years 2 months 12 days |
Options exercisable at end of period | 4 years |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 1.4 |
Options exercisable at end of period | $ | $ 1.4 |
SARs | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 21,183,640 |
Options granted (in shares) | shares | 2,564,253 |
Options expired, cancelled or forfeited (in shares) | shares | (2,982,585) |
Options exercised (in shares) | shares | (334,868) |
Options outstanding at end of period (in shares) | shares | 20,430,440 |
Options exercisable and end of period (in shares) | shares | 15,176,348 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 26.98 |
Options granted (in dollars per shares) | $ / shares | 18.53 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 28.38 |
Options exercised (in dollars per share) | $ / shares | 16.05 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.90 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 27.14 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 5 years 1 month 6 days |
Options exercisable at end of period | 3 years 10 months 24 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 5.5 |
Options exercisable at end of period | $ | $ 5.5 |
SARs | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 49,778,158 |
Options granted (in shares) | shares | 6,632,778 |
Options expired, cancelled or forfeited (in shares) | shares | (8,166,202) |
Options exercised (in shares) | shares | (710,018) |
Options outstanding at end of period (in shares) | shares | 47,534,716 |
Options exercisable and end of period (in shares) | shares | 32,831,063 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 26.20 |
Options granted (in dollars per shares) | $ / shares | 19.39 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 27.03 |
Options exercised (in dollars per share) | $ / shares | 15.12 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.28 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 26.32 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 5 years 6 months |
Options exercisable at end of period | 4 years 2 months 12 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 22.1 |
Options exercisable at end of period | $ | $ 22.1 |
PSARs | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 3,281,811 |
Options expired, cancelled or forfeited (in shares) | shares | (43,451) |
Options outstanding at end of period (in shares) | shares | 3,238,360 |
Options exercisable and end of period (in shares) | shares | 3,238,360 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.97 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.97 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.97 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.97 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 5 years 2 months 12 days |
Options exercisable at end of period | 5 years 2 months 12 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
PSARs | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 6,417,033 |
Options expired, cancelled or forfeited (in shares) | shares | (81,960) |
Options outstanding at end of period (in shares) | shares | 6,335,073 |
Options exercisable and end of period (in shares) | shares | 6,335,073 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.22 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.22 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.22 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.22 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 5 years 2 months 12 days |
Options exercisable at end of period | 5 years 2 months 12 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Options, SARs and PSARs | Class A | Former Employees | |
Number of awards | |
Options outstanding at end of period (in shares) | shares | 1,122,607 |
Options exercisable and end of period (in shares) | shares | 1,090,530 |
Weighted average exercise or base price | |
Options outstanding at end of period (in dollars per shares) | $ / shares | $ 32.54 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 32.81 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 2 years 4 months 24 days |
Options exercisable at end of period | 2 years 2 months 12 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0.1 |
Options exercisable at end of period | $ | $ 0.1 |
Options, SARs and PSARs | Class C | Former Employees | |
Number of awards | |
Options outstanding at end of period (in shares) | shares | 2,221,159 |
Options exercisable and end of period (in shares) | shares | 2,157,015 |
Weighted average exercise or base price | |
Options outstanding at end of period (in dollars per shares) | $ / shares | $ 31.64 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 31.88 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years |
Options exercisable at end of period | 2 years 10 months 24 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0.2 |
Options exercisable at end of period | $ | $ 0.2 |
Share-based Compensation (Other
Share-based Compensation (Other than Options Award Activity) (Schedules) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RSUs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $ 18.59 | $ 25.51 | $ 25.69 |
RSUs | Class A | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 1,984,663 | ||
Granted (in shares) | 2,189,968 | ||
Forfeited (in shares) | (135,105) | ||
Released from restrictions (in shares) | (1,592,848) | ||
Outstanding at end of period (in shares) | 2,446,678 | 1,984,663 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 22.92 | ||
Granted (in dollars per shares) | 17.86 | ||
Forfeited (in dollars per share) | 22.79 | ||
Released from restrictions (in dollars per shares) | 20.38 | ||
Outstanding at end of period (in dollars per shares) | $ 20.05 | $ 22.92 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 years 2 months 12 days | ||
RSUs | Class A | Former Employees | |||
Number of awards | |||
Outstanding at end of period (in shares) | 14,501 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 22.69 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 7 months 6 days | ||
RSUs | Class C | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 3,968,778 | ||
Granted (in shares) | 4,867,995 | ||
Forfeited (in shares) | (270,175) | ||
Released from restrictions (in shares) | (3,183,702) | ||
Outstanding at end of period (in shares) | 5,382,896 | 3,968,778 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 22.75 | ||
Granted (in dollars per shares) | 18.92 | ||
Forfeited (in dollars per share) | 23.10 | ||
Released from restrictions (in dollars per shares) | 20.33 | ||
Outstanding at end of period (in dollars per shares) | $ 20.70 | $ 22.75 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 years 3 months 18 days | ||
RSUs | Class C | Former Employees | |||
Number of awards | |||
Outstanding at end of period (in shares) | 28,987 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 23.06 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 7 months 6 days | ||
RSUs | Class B | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 7,890 | ||
Forfeited (in shares) | (7,890) | ||
Outstanding at end of period (in shares) | 0 | 7,890 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 25.24 | ||
Forfeited (in dollars per share) | 25.24 | ||
Outstanding at end of period (in dollars per shares) | $ 0 | $ 25.24 | |
PSUs | Class A | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 564,660 | ||
Forfeited (in shares) | (1,724) | ||
Released from restrictions (in shares) | (118,488) | ||
Outstanding at end of period (in shares) | 444,448 | 0 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 0 | ||
Granted (in dollars per shares) | 15.78 | ||
Forfeited (in dollars per share) | 15.78 | ||
Released from restrictions (in dollars per shares) | 15.78 | ||
Outstanding at end of period (in dollars per shares) | $ 15.78 | $ 0 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 7 months 6 days | ||
PSUs | Class C | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 1,042,067 | ||
Forfeited (in shares) | (3,183) | ||
Released from restrictions (in shares) | (218,670) | ||
Outstanding at end of period (in shares) | 820,214 | 0 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 0 | ||
Granted (in dollars per shares) | 17.05 | ||
Forfeited (in dollars per share) | 17.05 | ||
Released from restrictions (in dollars per shares) | 17.05 | ||
Outstanding at end of period (in dollars per shares) | $ 17.05 | $ 0 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year 7 months 6 days |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,202.6 | $ 1,066.1 | $ 1,269.9 |
Projected benefit obligation | 1,214.2 | 1,016 | 1,280.5 |
Net asset (liability) | (11.6) | 50.1 | (10.6) |
Net periodic pension cost | 25.6 | 1.8 | 10.9 |
Service cost | 38.6 | 39.6 | 57.4 |
Curtailment gain | 0 | $ 4 | $ 7.5 |
Contributions by employer | 49.2 | ||
Contributions expected in next fiscal year | 49.7 | ||
Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 969.5 | ||
Significant other observable inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 233.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Balance Sheets and Statements of Equity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 22,573.4 | $ 25,598 | $ 13,298.4 |
Other comprehensive earnings (loss) | 1,656.1 | (3,376.6) | 200.3 |
Ending balance | 19,007.4 | 22,573.4 | 25,598 |
Total accumulated other comprehensive earnings | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 514.6 | 3,891.2 | 3,690.9 |
Other comprehensive earnings (loss) | 1,656.1 | (3,376.6) | 200.3 |
Ending balance | 2,170.7 | 514.6 | 3,891.2 |
Accumulated other comprehensive earnings | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 513.4 | 3,892.2 | 3,693.1 |
Other comprehensive earnings (loss) | 1,656.9 | (3,378.8) | 199.1 |
Ending balance | 2,170.3 | 513.4 | 3,892.2 |
Foreign currency translation adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 620.8 | 3,880 | 3,809.3 |
Other comprehensive earnings (loss) | 1,778.4 | (3,259.2) | 70.7 |
Ending balance | 2,399.2 | 620.8 | 3,880 |
Pension-related adjustments and other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (107.4) | 12.2 | (116.2) |
Other comprehensive earnings (loss) | (121.5) | (119.6) | 128.4 |
Ending balance | (228.9) | (107.4) | 12.2 |
Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 1.2 | (1) | (2.2) |
Other comprehensive earnings (loss) | (0.8) | 2.2 | 1.2 |
Ending balance | $ 0.4 | $ 1.2 | $ (1) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings (Statements of Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | $ 1,642.1 | $ (3,373.8) | $ 209.4 |
Other comprehensive income (loss), tax benefit (expense) | 14 | (2.8) | (9.1) |
Other comprehensive earnings (loss) | 1,656.1 | (3,376.6) | 200.3 |
Other comprehensive earnings attributable to noncontrolling interests, Pre-tax amount | 0.9 | (2.9) | (1.6) |
Other comprehensive earnings attributable to noncontrolling interests, Tax benefit (expense) | (0.1) | 0.7 | 0.4 |
Other comprehensive earnings attributable to noncontrolling interests, net | 0.8 | (2.2) | (1.2) |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, pre-tax | 1,643 | (3,376.7) | 207.8 |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, tax | 13.9 | (2.1) | (8.7) |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, net | 1,656.9 | (3,378.8) | 199.1 |
Continuing Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | (3,329.4) | 269.3 | |
Other comprehensive income (loss), tax benefit (expense) | (2.8) | (9.1) | |
Other comprehensive earnings (loss) | (3,332.2) | 260.2 | |
Discontinued Operations | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | (44.4) | (59.9) | |
Other comprehensive income (loss), tax benefit (expense) | 0 | 0 | |
Other comprehensive earnings (loss) | (44.4) | (59.9) | |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | 1,780.3 | (3,216.1) | 129.4 |
Other comprehensive income (loss), tax benefit (expense) | (1.9) | 1.3 | 1.2 |
Other comprehensive earnings (loss) | 1,778.4 | (3,214.8) | 130.6 |
Pension-related adjustments and other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive income (loss), pre-tax amount | (138.2) | (113.3) | 139.9 |
Other comprehensive income (loss), tax benefit (expense) | 15.9 | (4.1) | (10.3) |
Other comprehensive earnings (loss) | $ (122.3) | $ (117.4) | $ 129.6 |
Commitments and Contingencies_2
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | $ 1,337.4 |
2025 | 869.5 |
2026 | 640.1 |
2027 | 486.6 |
2028 | 444 |
Thereafter | 336.5 |
Total | 4,114.1 |
Purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | 735.6 |
2025 | 458.5 |
2026 | 397 |
2027 | 376.5 |
2028 | 372 |
Thereafter | 0 |
Total | 2,339.6 |
Network and connectivity commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | 170.4 |
2025 | 100.7 |
2026 | 49.8 |
2027 | 45.6 |
2028 | 43.2 |
Thereafter | 237.3 |
Total | 647 |
Programming commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | 224.9 |
2025 | 142.1 |
2026 | 63.5 |
2027 | 33.7 |
2028 | 0 |
Thereafter | 0 |
Total | 464.2 |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2024 | 206.5 |
2025 | 168.2 |
2026 | 129.8 |
2027 | 30.8 |
2028 | 28.8 |
Thereafter | 99.2 |
Total | $ 663.3 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) SFr in Millions, $ in Millions, € in Billions | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2022 USD ($) | May 31, 2022 CHF (SFr) | Dec. 31, 2015 USD ($) | Dec. 31, 2015 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 | Mar. 31, 2011 | |
Loss Contingencies [Line Items] | |||||||||
Programming and copyright costs | $ 558 | $ 511.3 | $ 1,123.2 | ||||||
Aggregate expense for matching contributions under various defined contribution plans | $ 24.9 | $ 22.2 | $ 30.1 | ||||||
Percentage of amounts recovered | 50% | ||||||||
Percentage of amounts recovered | 50% | ||||||||
Percentage of legal and other third party, fees | 50% | ||||||||
Unitymedia | |||||||||
Loss Contingencies [Line Items] | |||||||||
Requested reduction in annual lease fees, percent | 0.83333 | ||||||||
Interkabel Acquisition | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages sought | $ 1,500 | € 1.4 | |||||||
Swisscom MVNO Matter | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages sought | $ 107 | SFr 90 |
Segment Reporting (Summary of t
Segment Reporting (Summary of the Impact on the Adjusted EBITDA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Increase (decrease) to revenue | $ 0 | $ 0 | $ 0 |
Increase (decrease) to Adjusted EBITDA | 0 | 0 | 0 |
Increase (decrease) to property and equipment additions | 0 | 0 | 0 |
Central and Other | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) to revenue | 243.9 | 237.5 | 266.7 |
Increase (decrease) to Adjusted EBITDA | 158.5 | 121.7 | 136.4 |
Increase (decrease) to property and equipment additions | 0 | 0 | 0 |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) to revenue | (243.9) | (237.5) | (266.7) |
Increase (decrease) to Adjusted EBITDA | (60.8) | (59.3) | (66.5) |
Increase (decrease) to property and equipment additions | (60.8) | (59.3) | (66.5) |
Operating Segments | Sunrise | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) to Adjusted EBITDA | (65) | (40) | (44.3) |
Increase (decrease) to property and equipment additions | 22.8 | 22.2 | 24.9 |
Operating Segments | Telenet | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) to Adjusted EBITDA | (8.8) | (8.5) | (9.6) |
Increase (decrease) to property and equipment additions | 27.7 | 27 | 30.3 |
Operating Segments | Ireland | |||
Segment Reporting Information [Line Items] | |||
Increase (decrease) to Adjusted EBITDA | (23.9) | (13.9) | (16) |
Increase (decrease) to property and equipment additions | $ 10.3 | $ 10.1 | $ 11.3 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 01, 2021 | |
Segment Reporting Information [Line Items] | ||||
Reduction in revenue | $ (7,491.4) | $ (7,195.7) | $ (10,311.3) | |
VMO2 JV | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 50% | 50% | ||
VodafoneZiggo JV | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage | 50% | |||
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100% | |||
Central and Other | Internally Developed Software Treatment | ||||
Segment Reporting Information [Line Items] | ||||
Reduction in revenue | $ 127.7 | |||
Central and Other | Internally Developed Software Treatment | VMO2 JV | ||||
Segment Reporting Information [Line Items] | ||||
Reduction in revenue | 69.3 | |||
Central and Other | Internally Developed Software Treatment | VodafoneZiggo JV | ||||
Segment Reporting Information [Line Items] | ||||
Reduction in revenue | $ 41 |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 7,491.4 | $ 7,195.7 | $ 10,311.3 |
Adjusted EBITDA | 2,369.6 | 2,595.4 | 3,963.1 |
VMO2 JV | |||
Segment Reporting Information [Line Items] | |||
Revenue | 13,574.1 | 12,857.2 | 8,522.9 |
Adjusted EBITDA | 4,531.3 | 4,562.2 | 2,716.6 |
VodafoneZiggo JV | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,450.5 | 4,284.6 | 4,824.2 |
Adjusted EBITDA | 1,972.5 | 2,018 | 2,265.6 |
Operating Segments | Sunrise | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,380.4 | 3,180.9 | 3,321.9 |
Adjusted EBITDA | 1,148.5 | 1,097.8 | 1,164.4 |
Operating Segments | Telenet | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,089.2 | 2,807.3 | 3,065.9 |
Adjusted EBITDA | 1,315.2 | 1,299.6 | 1,472.2 |
Operating Segments | VM Ireland | |||
Segment Reporting Information [Line Items] | |||
Revenue | 506.1 | 494.7 | 550 |
Adjusted EBITDA | 181.4 | 183.6 | 202.6 |
Operating Segments | Virgin Media U.K. | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | 2,736.4 |
Adjusted EBITDA | 0 | 0 | 1,085.3 |
Central and Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 775.7 | 959.9 | 915.4 |
Adjusted EBITDA | (214.7) | 74.7 | 103.3 |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | (260) | (247.1) | (278.3) |
Adjusted EBITDA | $ (60.8) | $ (60.3) | $ (64.7) |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Earnings (loss) from continuing operations | $ (3,873.8) | $ 1,105.3 | $ 13,527.5 | ||
Income tax expense | 149.6 | 318.9 | 473.3 | ||
Other income, net | (225.5) | (134.4) | (44.9) | ||
Gain on Telenet Tower Sale | 0 | (700.5) | 0 | ||
Gain associated with the Telenet Wyre Transaction | (377.8) | 0 | 0 | ||
Share of results of affiliates, net | 2,019.3 | 1,267.8 | 175.4 | ||
Losses (gains) on debt extinguishment, net | 1.4 | (2.8) | 90.6 | ||
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net | 557.3 | 323.5 | (820.6) | ||
Foreign currency transaction losses (gains), net | 70.8 | (1,407.2) | (1,324.5) | ||
Realized and unrealized losses (gains) on derivative instruments, net | 526.3 | (1,213.1) | (537.3) | ||
Interest expense | 907.9 | 589.3 | 882.1 | ||
Operating income (loss) | (244.5) | 146.8 | 1,320.3 | ||
Impairment, restructuring and other operating items, net | 67.9 | 85.1 | (19) | ||
Depreciation and amortization | 2,315.2 | 2,171.4 | 2,353.7 | ||
Share-based compensation expense | 231 | 192.1 | 308.1 | ||
Adjusted EBITDA | 2,369.6 | 2,595.4 | 3,963.1 | ||
AtlasEdge JV | |||||
Segment Reporting Information [Line Items] | |||||
Gain on transaction | $ (227.5) | 0 | 0 | (227.5) | |
Share of results of affiliates, net | 31.1 | 23.3 | 5.8 | ||
U.K. JV Transaction | |||||
Segment Reporting Information [Line Items] | |||||
Gain on transaction | $ (10,873.8) | $ 0 | $ 0 | $ (10,873.8) |
Segment Reporting (Balance Shee
Segment Reporting (Balance Sheet Data of Reportable Segments) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 19,893.8 | $ 18,166 |
Total assets | 42,087.9 | 42,895 |
VMO2 JV | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 39,073.2 | 41,087.5 |
Total assets | 48,039.4 | 49,809.3 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 17,725.3 | 17,845.3 |
Total assets | 19,714.1 | 20,211.9 |
Operating Segments | Sunrise | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 11,604 | 10,950.4 |
Total assets | 13,992.2 | 13,133 |
Operating Segments | Telenet | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 7,137.1 | 5,779 |
Total assets | 9,801.5 | 8,917.5 |
Operating Segments | VM Ireland | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 932 | 813.2 |
Total assets | 1,183.6 | 1,084.9 |
Central and Other | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 339.6 | 717.4 |
Total assets | 17,229.5 | 19,853.6 |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | (118.9) | (94) |
Total assets | (118.9) | (94) |
Total - continuing operations | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 19,893.8 | 18,166 |
Total assets | $ 42,087.9 | $ 42,895 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $ 1,578 | $ 1,588.9 | $ 2,169.5 |
Assets acquired under capital-related vendor financing arrangements | (178.4) | (182.8) | (661.1) |
Assets acquired under finance leases | (20.9) | (34.2) | (42.6) |
Changes in current liabilities related to capital expenditures | 7.3 | (68.7) | (57.8) |
Total capital expenditures, net | 1,386 | 1,303.2 | 1,408 |
VMO2 JV | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions: | 2,478.9 | 2,785 | 1,706.4 |
VodafoneZiggo JV | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions: | 989.8 | 999.3 | 990.5 |
Operating Segments | Sunrise | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 586.4 | 597.9 | 634.8 |
Operating Segments | Telenet | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 746.6 | 643 | 603.8 |
Operating Segments | VM Ireland | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 176.7 | 147.4 | 105.7 |
Operating Segments | Virgin Media U.K. | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 0 | 0 | 557.4 |
Central and Other | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 129.1 | 259.9 | 334.3 |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $ (60.8) | $ (59.3) | $ (66.5) |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Principal Transaction Revenue [Line Items] | |||
Revenue | $ 7,491.4 | $ 7,195.7 | $ 10,311.3 |
Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 3,011.1 | 2,883.3 | 5,143.5 |
Total subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 2,941.9 | 2,837 | 5,044.6 |
Broadband internet | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,491 | 1,378.2 | 2,371.7 |
Video | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,091.3 | 1,077.4 | 1,831.8 |
Fixed-line telephony | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 359.6 | 381.4 | 841.1 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 69.2 | 46.3 | 98.9 |
Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 5,081.3 | 4,828.4 | 7,535 |
Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 2,070.2 | 1,945.1 | 2,391.5 |
Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,519.3 | 1,401.4 | 1,630.7 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 550.9 | 543.7 | 760.8 |
Total B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,496.6 | 1,376.8 | 1,862.8 |
Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 561.7 | 515.1 | 619 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 934.9 | 861.7 | 1,243.8 |
Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | $ 913.5 | $ 990.5 | $ 913.5 |
Segment Reporting (Revenue and
Segment Reporting (Revenue and Long-Lived Assets by Geographic Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 7,491.4 | $ 7,195.7 | $ 10,311.3 |
Long-lived assets | 19,893.8 | 18,166 | |
Operating Segments | Switzerland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 3,380.4 | 3,180.9 | 3,321.9 |
Long-lived assets | 11,604 | 10,950.4 | |
Operating Segments | Belgium | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 2,948.2 | 2,807.3 | 3,065.9 |
Long-lived assets | 7,087.6 | 5,779 | |
Operating Segments | Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 506.1 | 494.7 | 550 |
Long-lived assets | 932 | 813.2 | |
Operating Segments | U.K. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 0 | 2,736.4 |
Operating Segments | Slovakia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 51.8 | 49.9 | 52.3 |
Long-lived assets | 118.2 | 116.5 | |
Operating Segments | Other, including intersegment eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 270.9 | 600.9 | |
Geography Eliminations | Other, including intersegment eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 604.9 | 662.9 | 584.8 |
Intersegment eliminations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | (260) | (247.1) | $ (278.3) |
Long-lived assets | $ (118.9) | $ (94) |
SCHEDULE I (Parent Company In_2
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEET (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Nov. 22, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||||
Cash and cash equivalents | $ 1,415.9 | $ 1,726.2 | $ 910.6 | |
Current notes receivable — related-party | 870.1 | 830.6 | ||
Other current assets | 847 | 736.3 | ||
Total current assets | 5,641.6 | 6,297.4 | ||
Total assets | 42,087.9 | 42,895 | ||
Current liabilities: | ||||
Accounts payable | 689.8 | 610.1 | ||
Other accrued and current liabilities | 1,666.8 | 1,470.4 | ||
Total current liabilities | 4,332.8 | 3,921 | ||
Other long-term liabilities | 2,136.5 | 1,791.2 | ||
Total liabilities | 23,080.5 | 20,321.6 | ||
Commitments and contingencies | ||||
Additional paid-in capital | 1,322.6 | 2,300.8 | ||
Accumulated earnings | 15,566 | 19,617.7 | ||
Accumulated other comprehensive earnings, net of taxes | 2,170.3 | 513.4 | ||
Treasury shares, at cost | (0.1) | (0.1) | ||
Total Liberty Global shareholders | 19,062.6 | 22,436.4 | ||
Total liabilities and equity | 42,087.9 | 42,895 | ||
Liberty Global Plc | ||||
Current assets: | ||||
Cash and cash equivalents | $ 0.7 | 1.8 | $ 1.7 | |
Other receivables — related-party | 4.1 | |||
Other current assets | 7.5 | |||
Total current assets | 4.1 | 99.9 | ||
Investments in consolidated subsidiaries, including intercompany balances | 19,073.7 | 51,050.7 | ||
Other assets, net | 17.6 | 16.8 | ||
Total assets | 19,095.4 | 51,357.4 | ||
Current liabilities: | ||||
Accounts payable | 1.1 | |||
Current portion of notes payable — related-party | 12,590.2 | |||
Other accrued and current liabilities | 11.3 | 25 | ||
Total current liabilities | 11.9 | 12,695.4 | ||
Other long-term liabilities | 20.9 | 24.7 | ||
Total liabilities | 32.8 | 28,921 | ||
Commitments and contingencies | ||||
Additional paid-in capital | 1,322.6 | 2,300.8 | ||
Accumulated earnings | 15,566 | 19,617.7 | ||
Accumulated other comprehensive earnings, net of taxes | 2,170.3 | 513.4 | ||
Treasury shares, at cost | (0.1) | |||
Total Liberty Global shareholders | 19,062.6 | 22,436.4 | ||
Total liabilities and equity | 19,095.4 | 51,357.4 | ||
Liberty Global Plc | Related Party | ||||
Current assets: | ||||
Other receivables — related-party | 89.8 | |||
Current notes receivable — related-party | 0.8 | |||
Long-term notes receivable — related-party | 190 | |||
Current liabilities: | ||||
Other payables — related-party | 78.5 | |||
Other current liabilities — related-party | 0.6 | 0.6 | ||
Long-term notes payable — related-party | 16,200.9 | |||
Class A | ||||
Current liabilities: | ||||
Common stock | 1.7 | 1.8 | ||
Class A | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | 1.7 | 1.8 | ||
Class B | ||||
Current liabilities: | ||||
Common stock | 0.1 | 0.1 | ||
Class B | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | 0.1 | 0.1 | ||
Class C | ||||
Current liabilities: | ||||
Common stock | 2 | 2.7 | ||
Class C | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | $ 2 | $ 2.7 |
SCHEDULE I (Parent Company In_3
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEET - Additional Information (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class A | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 171,463,760 | 171,917,370 |
Common stock, outstanding (in shares) | 171,463,760 | 171,917,370 |
Class B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,988,658 | 12,994,000 |
Common stock, outstanding (in shares) | 12,988,658 | 12,994,000 |
Class C | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 198,153,613 | 274,436,585 |
Common stock, outstanding (in shares) | 198,153,613 | 274,436,585 |
SCHEDULE I (Parent Company In_4
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF OPERATIONS (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Nov. 22, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Costs and Expenses [Abstract] | |||||
Selling, General and Administrative Expense | $ 1,761 | $ 1,618.5 | $ 2,154.1 | ||
Depreciation and amortization | 2,315.2 | 2,171.4 | 2,353.7 | ||
Operating income (loss) | (244.5) | 146.8 | 1,320.3 | ||
Non-operating income (expense): | |||||
Interest expense | 907.9 | 589.3 | 882.1 | ||
Foreign currency transaction gains (losses), net | (70.8) | 1,407.2 | 1,324.5 | ||
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | (526.3) | 1,213.1 | 537.3 | ||
Other income, net | 225.5 | 134.4 | 44.9 | ||
Non-operating income (expense) | (3,479.7) | 1,277.4 | 12,680.5 | ||
Income tax benefit (expense) | (149.6) | (318.9) | (473.3) | ||
Net earnings (loss) | $ (4,051.7) | 1,473.2 | 13,426.8 | ||
Liberty Global Plc | |||||
Operating Costs and Expenses [Abstract] | |||||
Selling, General and Administrative Expense | $ 0.6 | $ 89.6 | 55.7 | 77.6 | |
Related-party fees and allocations | 233.9 | 239.3 | 182.5 | ||
Depreciation and amortization | 1 | 1.2 | 1.4 | ||
Operating income (loss) | (0.6) | (324.5) | (296.2) | (261.5) | |
Non-operating income (expense): | |||||
Foreign currency transaction gains (losses), net | 46.5 | 274.8 | 317.7 | ||
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | 26.5 | 61.5 | 9 | ||
Other income, net | 0.2 | 0.3 | 0.1 | ||
Non-operating income (expense) | (0.3) | (1,309.5) | (957) | (827.1) | |
Loss before income taxes and equity in earnings of consolidated subsidiaries, net | (0.9) | (1,634) | (1,253.2) | (1,088.6) | |
Equity in earnings of consolidated subsidiaries, net | (2,998.7) | 581.4 | 2,726.4 | 14,530.5 | |
Income tax benefit (expense) | 0.5 | 0 | (15.1) | ||
Net earnings (loss) | (2,999.6) | (1,052.1) | 1,473.2 | 13,426.8 | |
Liberty Global Plc | Related Party | |||||
Non-operating income (expense): | |||||
Interest expense | $ (0.3) | 1,395.5 | 1,308.7 | 1,185.6 | |
Other Nonoperating Income | $ 12.8 | $ 15.1 | $ 31.7 |
SCHEDULE I (Parent Company In_5
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Nov. 22, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||||
Net earnings (loss) | $ (4,051.7) | $ 1,473.2 | $ 13,426.8 | ||
Adjustments to reconcile net earnings (loss) to net cash used by operating activities: | |||||
Share-based compensation expense | 231 | 192.1 | 308.1 | ||
Depreciation and amortization | 2,315.2 | 2,171.4 | 2,353.7 | ||
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | 526.3 | (1,213.1) | (537.3) | ||
Foreign currency transaction losses (gains), net | 70.8 | (1,407.2) | (1,324.5) | ||
Deferred income tax expense (benefit) | (33.1) | 172.5 | 318.2 | ||
Changes in operating assets and liabilities: | |||||
Payables and accruals | (1,194.2) | (755.9) | (872.3) | ||
Net cash provided by operating activities | 2,165.9 | 2,837.8 | 3,549 | ||
Cash flows from investing activities: | |||||
Cash released from the Vodafone Escrow Accounts, net | 0 | 6.5 | 214.9 | ||
Other investing activities, net | (17.3) | 0 | (96.7) | ||
Net cash provided (used) by investing activities | (1,845) | 1,281 | (5,796.5) | ||
Cash flows from financing activities: | |||||
Repurchases of Liberty Global common shares | (1,494.7) | (1,703.4) | (1,580.4) | ||
Borrowings of third-party debt | 3,167 | 4.7 | 2,570.7 | ||
Other financing activities, net | (62.8) | (117.2) | (121.4) | ||
Net cash used by financing activities | (692.4) | (3,276) | (1,545.9) | ||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 62 | (27.7) | (6.6) | ||
Total | (309.5) | 815.1 | (3,800) | ||
Details of end of year cash and cash equivalents and restricted cash: | |||||
Cash and cash equivalents | $ 1,415.9 | 1,415.9 | 1,726.2 | 910.6 | |
Liberty Global Plc | |||||
Cash flows from operating activities: | |||||
Net earnings (loss) | (2,999.6) | $ (1,052.1) | 1,473.2 | 13,426.8 | |
Adjustments to reconcile net earnings (loss) to net cash used by operating activities: | |||||
Equity in earnings of consolidated subsidiaries, net | 2,998.7 | (581.4) | (2,726.4) | (14,530.5) | |
Share-based compensation expense | 55.1 | 28.4 | 49.4 | ||
Related-party fees and allocations | 233.9 | 239.3 | 182.5 | ||
Depreciation and amortization | 1 | 1.2 | 1.4 | ||
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | (26.5) | (61.5) | (9) | ||
Foreign currency transaction losses (gains), net | (46.5) | (274.8) | (317.7) | ||
Deferred income tax expense (benefit) | (0.5) | 0 | 15.1 | ||
Changes in operating assets and liabilities: | |||||
Receivables and other operating assets | (25.5) | 138.5 | 85.3 | ||
Payables and accruals | 0.9 | 1,135.6 | 654.7 | 709.9 | |
Net cash provided by operating activities | 0 | (306.9) | (527.4) | (386.8) | |
Cash flows from investing activities: | |||||
Distributions and repayments from (investments in and advances to) consolidated subsidiaries, net | (401) | 22.4 | (274.8) | ||
Net cash received related to derivative instruments | 0 | 50 | 0 | ||
Cash released from the Vodafone Escrow Accounts, net | 0 | 6.5 | 214.9 | ||
Other investing activities, net | 0 | 0 | (0.1) | ||
Net cash provided (used) by investing activities | 0 | (401) | 78.9 | (60) | |
Cash flows from financing activities: | |||||
Borrowings of related-party debt | 2,206.1 | 2,187.8 | 2,445.3 | ||
Repayments of related-party debt | (106.2) | (26.5) | (443.3) | ||
Capital contributions from consolidated subsidiaries | 107.4 | ||||
Repurchases of Liberty Global common shares | (107.4) | (1,387.3) | (1,703.4) | (1,580.4) | |
Proceeds from the issuance of Liberty Global shares upon exercise of options | 1.2 | 13 | 8.9 | ||
Other financing activities, net | (6.2) | (20.8) | (15.3) | ||
Net cash used by financing activities | 0 | 707.6 | 450.1 | 415.2 | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (0.7) | (1.5) | 0.1 | ||
Total | 0 | (1) | 0.1 | (31.5) | |
Cash and cash equivalents and restricted cash: | |||||
Beginning of period | 0 | 6.9 | 6.9 | 6.8 | 38.3 |
End of period | 0 | 5.9 | 0 | 6.9 | 6.8 |
Details of end of year cash and cash equivalents and restricted cash: | |||||
Cash and cash equivalents | 0.7 | 1.8 | 1.7 | ||
Restricted cash included in other current assets | 5.2 | 5.1 | 5.1 | ||
Total cash and cash equivalents and restricted cash | $ 0 | $ 5.9 | $ 0 | $ 6.9 | $ 6.8 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for doubtful accounts — Trade receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 43.1 | $ 42 | $ 48.3 |
Additions to costs and expenses | 25.6 | 30.8 | 16.3 |
Acquisitions | 0 | 0 | (1.6) |
Deductions or write-offs | (14.3) | (28.5) | (18.5) |
Foreign currency translation adjustments | 3.6 | (1.2) | (2.5) |
Balance at end of period | 58 | 43.1 | 42 |
Allowance for doubtful accounts — Loans to affiliates | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 30.2 | 37.2 | 38.5 |
Additions to costs and expenses | (1.6) | (4.5) | 1 |
Foreign currency translation adjustments | 1 | (2.5) | (2.3) |
Balance at end of period | $ 29.6 | $ 30.2 | $ 37.2 |