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/A | ||
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 | true | ||
Amendment Description | Amended to include financial statements required under Rule 3-09 of Regulation S-X | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Denver, CO | ||
Auditor Firm ID | 185 | ||
Common Class A [Member] | |||
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 | ||
Common Class B [Member] | |||
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 | ||
Common Class C [Member] | |||
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, CO |
Auditor Firm ID | 185 |
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 |
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: | ||||
Other receivables — related-party | $ 4.1 | |||
Investments in consolidated subsidiaries, including intercompany balances | 19,073.7 | |||
Other assets, net | 17.6 | |||
Current liabilities: | ||||
Commitments and contingencies | ||||
Accumulated earnings | 15,566 | |||
Accumulated other comprehensive earnings, net of taxes | 2,170.3 | |||
Treasury shares, at cost | $ (0.1) | |||
Liberty Global Plc | ||||
Current assets: | ||||
Cash and cash equivalents | $ 0.7 | 1.8 | $ 1.7 | |
Other current assets | 7.5 | |||
Total current assets | 4.1 | 99.9 | ||
Investments in consolidated subsidiaries, including intercompany balances | 51,050.7 | |||
Other assets, net | 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 | ||
Liabilities, Total | 32.8 | 28,921 | ||
Commitments and contingencies | ||||
Additional paid-in capital | 1,322.6 | 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 | 19,062.6 | 22,436.4 | ||
Total liabilities and shareholders’ 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 | |||
Common Class A [Member] | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | 1.7 | 1.8 | ||
Common Class B [Member] | Liberty Global Plc | ||||
Current liabilities: | ||||
Common stock | 0.1 | 0.1 | ||
Common Class C [Member] | 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) - Liberty Global Plc - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, outstanding (in shares) | 171,917,370 | |
Common Class A [Member] | ||
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 | |
Common Class B [Member] | ||
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 |
Common Class C [Member] | ||
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) - Liberty Global Plc - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Nov. 22, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating costs and expenses: | ||||
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 loss | (0.6) | (324.5) | (296.2) | (261.5) |
Non-operating expense: | ||||
Foreign currency transaction gains, net | 46.5 | 274.8 | 317.7 | |
Realized and unrealized gains on derivative instruments, net | 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 |
Related Party | ||||
Non-operating expense: | ||||
Interest expense — related-party | $ (0.3) | 1,395.5 | 1,308.7 | 1,185.6 |
Interest income — related-party | $ 12.8 | $ 15.1 | $ 31.7 |
SCHEDULE I (Parent Company In_5
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF CASH FLOWS (Details) - Liberty Global Plc - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Nov. 22, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
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) |
Incremental 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 on derivative instruments, net | (26.5) | (61.5) | (9) | |
Foreign currency transaction 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 (used) 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) | |
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) | |
Capital contributions from consolidated subsidiaries | 107.4 | |||
Net cash provided (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 | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 0 | (1) | 0.1 | (31.5) |
Cash and cash equivalents and restricted cash: | ||||
Beginning of period | 0 | 6.9 | 6.8 | 38.3 |
End of period | 0 | 5.9 | 6.9 | 6.8 |
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 | $ 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 |