Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 22, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, Country | BM | |
Entity Address, Postal Zip Code | HM 11 | |
Country Region | 1 | |
City Area Code | 303 | |
Local Phone Number | 220.6600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001570585 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | 172,161,088 | |
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 | 187,571,790 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,139.6 | $ 1,415.9 |
Trade receivables, net (note 3) | 858.6 | 870.1 |
Short-term investments (measured at fair value on a recurring basis) (note 4) | 1,652.8 | 1,990.5 |
Derivative instruments (note 5) | 525.5 | 518.1 |
Other current assets (notes 3 and 4) | 692.9 | 847 |
Total current assets | 4,869.4 | 5,641.6 |
Investments and related notes receivable (including $3,571.9 million and $3,408.5 million, respectively, measured at fair value on a recurring basis) (note 4) | 13,462.3 | 13,396.1 |
Property and equipment, net (notes 7 and 9) | 7,048.3 | 7,360.2 |
Goodwill (note 7) | 9,905.9 | 10,477 |
Intangible assets subject to amortization, net (note $7) | 1,832.2 | 2,053.6 |
Operating leases | 2,225.6 | 1,761.8 |
Other assets, net (notes 3 and 5) | 1,216 | 1,397.6 |
Total assets | 40,559.7 | 42,087.9 |
Current liabilities: | ||
Accounts payable | 537.3 | 689.8 |
Deferred revenue (note 3) | 293.8 | 249.2 |
Current portion of debt and finance lease obligations (notes 8 and 9) | 737.8 | 806.8 |
Accrued capital expenditures | 236.4 | 229.5 |
Accrued income taxes | 163.9 | 263.9 |
Derivative instruments (note 5) | 317.6 | 426.8 |
Other accrued and current liabilities (note 9) | 1,517.1 | 1,666.8 |
Total current liabilities | 3,803.9 | 4,332.8 |
Long-term debt and finance lease obligations (notes 8 and 9) | 14,782.6 | 14,959.1 |
Long-term operating lease liabilities (note 9) | 1,882.7 | 1,652.1 |
Other long-term liabilities (notes 3 and 5) | 1,699.1 | 2,136.5 |
Total liabilities | 22,168.3 | 23,080.5 |
Commitments and contingencies (notes 5, 8, 9, 10 and 14) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 1,206.2 | 1,322.6 |
Accumulated earnings | 16,076 | 15,566 |
Accumulated other comprehensive earnings, net of taxes | 1,143.3 | 2,170.3 |
Treasury shares, at cost | (0.1) | (0.1) |
Total Liberty Global shareholders | 18,429.1 | 19,062.6 |
Noncontrolling interests | (37.7) | (55.2) |
Total equity | 18,391.4 | 19,007.4 |
Total liabilities and equity | 40,559.7 | 42,087.9 |
Class A | ||
Liberty Global shareholders: | ||
Common stock | 1.7 | 1.7 |
Class B | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C | ||
Liberty Global shareholders: | ||
Common stock | $ 1.9 | $ 2 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments and receivables at fair value | $ 3,571.9 | $ 3,408.5 |
Class A | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 172,152,979 | 171,463,760 |
Common stock, outstanding (in shares) | 172,152,979 | 171,463,760 |
Class B | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,988,658 | 12,988,658 |
Common stock, outstanding (in shares) | 12,988,658 | 12,988,658 |
Class C | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 190,031,873 | 198,153,613 |
Common stock, outstanding (in shares) | 190,031,873 | 198,153,613 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue (notes 3, 4 and 15) | $ 1,945.1 | $ 1,868.4 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||
Programming and other direct costs of services (note 9) | 672.1 | 570.7 |
Other operating (notes 9 and 12) | 308.6 | 301.6 |
Selling, general and administrative (SG&A) (notes 9 and 12) | 427.6 | 415.4 |
Depreciation and amortization | 480.7 | 526.9 |
Impairment, restructuring and other operating items, net (note 9) | 33.5 | 16.4 |
Operating costs and expenses | 1,922.5 | 1,831 |
Operating income | 22.6 | 37.4 |
Non-operating income (expense): | ||
Interest expense | (253.5) | (200.9) |
Realized and unrealized gains (losses) on derivative instruments, net (note 5) | 565.3 | (34.4) |
Foreign currency transaction gains (losses), net | 69.1 | (302.9) |
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 4 and 6) | 114.9 | (5.5) |
Share of results of affiliates, net (note 4) | (8) | (238.6) |
Other income, net | 43.5 | 43.9 |
Non-operating income (expense) | 531.3 | (738.4) |
Earnings (loss) before income taxes | 553.9 | (701) |
Income tax expense (note 10) | (26.9) | (12.5) |
Net earnings (loss) | 527 | (713.5) |
Net earnings attributable to noncontrolling interests | (17) | (7.9) |
Net earnings (loss) attributable to Liberty Global shareholders | $ 510 | $ (721.4) |
Basic earnings (loss) attributable to Liberty Global shareholders per share (in USD per share) | $ 1.35 | $ (1.59) |
Diluted earnings (loss) attributable to Liberty Global shareholders per share (in USD per share) | $ 1.32 | $ (1.59) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ 527 | $ (713.5) |
Other comprehensive earnings (loss), net of taxes: | ||
Foreign currency translation adjustments | (1,039.3) | 701.3 |
Reclassification adjustments included in net earnings (loss) | (1.3) | (0.2) |
Pension-related adjustments and other | 14.2 | (3.5) |
Other comprehensive earnings (loss) | (1,026.4) | 697.6 |
Comprehensive loss | (499.4) | (15.9) |
Comprehensive earnings attributable to noncontrolling interests | (17.6) | (8.4) |
Comprehensive loss attributable to Liberty Global shareholders | $ (517) | $ (24.3) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) $ in Millions | Total | Total Liberty Global shareholders | Common shares Class A | Common shares Class B | Common shares Class C | Additional paid-in capital | Accumulated earnings | Accumulated other comprehensive earnings, net of taxes | Treasury shares, at cost | Non-controlling interests |
Beginning balance at Dec. 31, 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) | (713.5) | (721.4) | (721.4) | 7.9 | ||||||
Other comprehensive earnings (loss), net of taxes | 697.6 | 697.1 | 697.1 | 0.5 | ||||||
Repurchases and cancellations of Liberty Global common shares (note 11) | (236.8) | (236.8) | (0.1) | (236.7) | ||||||
Share-based compensation (note 12) | 34.9 | 34.9 | 34.9 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 13.9 | 12.2 | 12.2 | 1.7 | ||||||
Ending balance at Mar. 31, 2023 | 22,369.5 | 22,222.4 | 1.8 | 0.1 | 2.6 | 2,111.2 | 18,896.3 | 1,210.5 | (0.1) | 147.1 |
Beginning 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings (loss) | 527 | 510 | 510 | 17 | ||||||
Other comprehensive earnings (loss), net of taxes | (1,026.4) | (1,027) | (1,027) | 0.6 | ||||||
Repurchases and cancellations of Liberty Global common shares (note 11) | (170.5) | (170.5) | (0.1) | (170.4) | ||||||
Share-based compensation (note 12) | 35.4 | 35.4 | 35.4 | |||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 18.5 | 18.6 | 18.6 | (0.1) | ||||||
Ending balance at Mar. 31, 2024 | $ 18,391.4 | $ 18,429.1 | $ 1.7 | $ 0.1 | $ 1.9 | $ 1,206.2 | $ 16,076 | $ 1,143.3 | $ (0.1) | $ (37.7) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 527 | $ (713.5) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Share-based compensation expense | 44.6 | 43.8 |
Depreciation and amortization | 480.7 | 526.9 |
Impairment, restructuring and other operating items, net | 33.5 | 16.4 |
Amortization of deferred financing costs and non-cash interest | 17.4 | 13.4 |
Realized and unrealized losses (gains) on derivative instruments, net | (565.3) | 34.4 |
Foreign currency transaction losses (gains), net | (69.1) | 302.9 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net | (114.9) | 5.5 |
Share of results of affiliates, net | 8 | 238.6 |
Deferred income tax expense (benefit) | 3.8 | (27.6) |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions | (120) | (133) |
Net cash provided by operating activities | 245.7 | 307.8 |
Cash flows from investing activities: | ||
Cash received from the sale of investments | 1,152.8 | 2,471.8 |
Cash paid for investments | (993.9) | (3,631.7) |
Capital expenditures, net | (350.8) | (377.2) |
Cash received (paid) in connection with acquisitions, net of cash acquired | (3.7) | (93.8) |
Dividend distributions received from the VMO2 JV | 0 | 198.3 |
Other investing activities, net | (16.1) | 9.4 |
Net cash provided (used) by investing activities | (211.7) | (1,423.2) |
Cash flows from financing activities: | ||
Borrowings of debt | 2.1 | 1,220.3 |
Operating-related vendor financing additions | 159.8 | 141.4 |
Repayments and repurchases of debt and finance lease obligations: | ||
Debt (excluding vendor financing) | (5.9) | (6.7) |
Principal payments on operating-related vendor financing | (191) | (143.5) |
Principal payments on capital-related vendor financing | (45.1) | (104.5) |
Principal payments on finance leases | (4) | (2.4) |
Repurchases of Liberty Global common shares | (176.3) | (229.3) |
Net cash paid related to derivative instruments | (1.5) | (62.1) |
Other financing activities, net | (22.1) | 0.6 |
Net cash provided (used) by financing activities | (284) | 813.8 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (25.6) | 22 |
Net decrease in cash and cash equivalents and restricted cash | (275.6) | (279.6) |
Cash and cash equivalents and restricted cash: | ||
Beginning of period | 1,422.9 | 1,732.4 |
Net decrease | (275.6) | (279.6) |
End of period | 1,147.3 | 1,452.8 |
Cash paid for interest | 284.5 | 284.1 |
Net cash paid for taxes | $ 102.8 | $ 99 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Details of end of period cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | $ 1,139.6 | $ 1,446.2 |
Restricted cash included in other current assets and other assets, net | 7.7 | 6.6 |
Total cash and cash equivalents and restricted cash | $ 1,147.3 | $ 1,452.8 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 these notes, 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 businesses 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 ”, (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. We have announced our intention to spin-off our operations at Sunrise and certain other Liberty Global subsidiaries (together, the Sunrise Entities ), which is expected to close during the fourth quarter of 2024. In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 11), pursuant to which we increased our ownership interest in Telenet to 100%. Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2023 consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K, as amended (our 10-K ). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, lease terms, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Unless otherwise indicated, ownership percentages and convenience translations into United States ( U.S. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( 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 interim periods within fiscal years beginning after December 15, 2024 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. |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $54.1 million and $58.0 million at March 31, 2024 and December 31, 2023, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $43.3 million and $45.8 million as of March 31, 2024 and December 31, 2023, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $307.4 million and $267.6 million as of March 31, 2024 and December 31, 2023, respectively. The increase in deferred revenue for the three months ended March 31, 2024 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $158.2 million of revenue that was included in our deferred revenue balance at December 31, 2023. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $80.3 million and $84.1 million at March 31, 2024 and December 31, 2023, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $20.9 million and $19.4 million during the three months ended March 31, 2024 and 2023, 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 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: Accounting Method March 31, December 31, Ownership (a) in millions % Equity (b): Long-term: VMO2 JV $ 7,175.1 $ 7,248.5 50.0 VodafoneZiggo JV (c) 1,998.5 2,055.4 50.0 AtlasEdge JV 272.0 250.8 48.2 All3Media Ltd. ( All3Media ) (d) 149.4 144.2 50.0 Formula E Holdings Ltd ( Formula E ) 101.9 99.1 35.9 nexfibre JV 67.8 55.9 25.0 Other 125.7 133.7 Total — equity 9,890.4 9,987.6 Fair value: Short-term: Separately-managed accounts ( SMAs ) (e) 1,652.8 1,990.5 Long-term: Vodafone - subject to re-use rights (f) 1,187.6 1,168.1 4.9 EdgeConneX, Inc. ( EdgeConneX ) 402.8 318.3 5.2 Televisa Univision, Inc. ( Televisa Univision ) 388.3 388.3 6.0 SMAs (e) 376.7 285.6 ITV plc ( ITV ) 371.9 321.9 9.9 Plume Design, Inc. ( Plume ) (g) 167.3 168.4 11.5 Pax8, Inc. 101.1 100.3 5.6 CANAL+ Polska S.A. 75.2 76.4 17.0 Lions Gate Entertainment Corp. ( Lionsgate ) 63.6 69.6 2.8 Aviatrix Systems, Inc. ( Aviatrix ) 41.2 55.5 3.3 Lacework, Inc. ( Lacework ) 26.6 94.2 3.3 Other 369.6 361.9 Total — fair value 5,224.7 5,399.0 Total investments (h) $ 15,115.1 $ 15,386.6 Short-term investments $ 1,652.8 $ 1,990.5 Long-term investments $ 13,462.3 $ 13,396.1 _______________ (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 March 31, 2024 and December 31, 2023, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,213.8 million and $1,234.7 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 $755.8 million and $774.5 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable I ) and (ii) a euro-denominated note receivable with a principal amount of $224.4 million and $230.0 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2024, interest accrued on the VodafoneZiggo JV Receivables was $13.8 million, all of which has been cash settled. (d) On February 16, 2024, Liberty Global, together with joint owner Warner Bros. Discovery, Inc., reached a definitive agreement to sell 100% of All3Media to RedBird IMI. We expect to receive approximately £315.0 million ($397.7 million) of total cash proceeds from the sale. Regulatory clearance was obtained in April 2024 and we expect the transaction to close in the second quarter of 2024. (e) 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 March 31, 2024. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains (losses) due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At March 31, 2024 and December 31, 2023, interest accrued on our debt securities, which is included in other current assets (f) In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar ) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (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 March 31, 2024 and December 31, 2023, the net fair value of our investment in Vodafone was $122.3 million and $115.5 million, respectively. (g) Our investment in Plume includes warrants with a fair value of $60.9 million and $61.3 million at March 31, 2024 and December 31, 2023, respectively. (h) The purchase and sale of investments are presented on a gross basis in our condensed 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: Three months ended 2024 2023 in millions nexfibre JV $ 12.4 $ (8.6) All3Media (10.1) 0.3 AtlasEdge JV (9.1) (10.1) VodafoneZiggo JV (a) 6.6 (35.7) Formula E (4.5) 0.2 VMO2 JV (b) 0.7 (178.5) Other, net (4.0) (6.2) Total $ (8.0) $ (238.6) _______________ (a) 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. (b) 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. VMO2 JV Pursuant to an agreement (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 ). 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 from the VMO2 JV of $112.3 million and $65.8 million during the three months ended March 31, 2024 and 2023, respectively, primarily related to (a) the U.K. JV Services and (b) the sale of customer premises equipment ( CPE ) to the VMO2 JV at a mark-up. At March 31, 2024 and December 31, 2023, $29.4 million and $18.6 million, respectively, was due from the VMO2 JV related to the aforementioned transactions. The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets. In addition, during the three months ended March 31, 2023, we received a dividend distribution from the VMO2 JV aggregating $198.3 million, which was accounted for as a return of capital for purposes of our condensed consolidated statement of cash flows. The summarized results of operations of the VMO2 JV are set forth below: Three months ended 2024 2023 in millions Revenue $ 3,282.8 $ 3,162.7 Earnings (loss) before income taxes $ 43.0 $ (454.0) Net earnings (loss) $ 22.7 $ (352.1) VodafoneZiggo JV 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. We recorded revenue from the VodafoneZiggo JV of $62.1 million and $65.0 million during the three months ended March 31, 2024 and 2023, respectively, primarily related to (a) the NL JV Services and (b) the sale of CPE to the VodafoneZiggo JV at a mark-up. At March 31, 2024 and December 31, 2023, $37.6 million and $24.2 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 condensed consolidated balance sheets. The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended 2024 2023 in millions Revenue $ 1,114.0 $ 1,083.4 Loss before income taxes $ (25.5) $ (108.9) Net loss $ (13.6) $ (88.1) Fair Value Investments The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net: Three months ended 2024 2023 in millions EdgeConneX $ 71.8 $ 11.9 Lacework (67.6) (21.4) ITV 50.0 45.1 Vodafone 48.2 (37.4) SMAs 19.3 (14.5) Aviatrix (14.3) — Lionsgate (6.0) 34.1 Plume (1.1) (17.5) Other, net 14.6 (5.8) Total $ 114.9 $ (5.5) Debt Securities The following tables set forth a summary of our debt securities at March 31, 2024 and December 31, 2023: March 31, 2024 Amortized cost basis Accumulated unrealized gains Fair value in millions Commercial paper $ 903.4 $ 0.6 $ 904.0 Government bonds 431.1 (0.3) 430.8 Certificates of deposit 300.7 — 300.7 Corporate debt securities 245.1 (0.1) 245.0 Structured note (a) (a) (a) 147.0 Other debt securities 2.0 — 2.0 Total debt securities $ 1,882.3 $ 0.2 $ 2,029.5 ______________ (a) Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value. 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. During the three months ended March 31, 2024, we invested an additional $46.6 million in the leveraged structured note. At March 31, 2024, 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 40.08 % Telenet 18.62 % Affiliate: VMO2 JV 21.23 % VodafoneZiggo JV 20.07 % Total 100.00 % 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. 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 % We received proceeds from the sale of debt securities of $1.1 billion and $2.4 billion during the three months ended March 31, 2024 and 2023, respectively, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities resulted in realized net losses of $11.2 million and $19.2 million during the three months ended March 31, 2024 and 2023, respectively. The fair values of our debt securities as of March 31, 2024 by contractual maturity are shown below (in millions): Due in one year or less $ 1,652.8 Due in one to five years 329.1 Due in five to ten years 47.6 Total (a) $ 2,029.5 _______________ (a) The weighted average life of our total debt securities was 0.8 years as of March 31, 2024. 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 condensed consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2024 December 31, 2023 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 515.1 $ 456.9 $ 972.0 $ 515.6 $ 427.5 $ 943.1 Equity-related derivative instruments (c) — 304.5 304.5 — 310.7 310.7 Foreign currency forward and option contracts 10.2 0.6 10.8 2.3 0.6 2.9 Other 0.2 — 0.2 0.2 — 0.2 Total $ 525.5 $ 762.0 $ 1,287.5 $ 518.1 $ 738.8 $ 1,256.9 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 220.4 $ 581.8 $ 802.2 $ 369.9 $ 948.5 $ 1,318.4 Equity-related derivative instruments (c) 90.7 — 90.7 47.4 — 47.4 Foreign currency forward and option contracts 6.5 2.5 9.0 9.5 4.5 14.0 Total $ 317.6 $ 584.3 $ 901.9 $ 426.8 $ 953.0 $ 1,379.8 _______________ (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 8). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $48.8 million and $21.4 million during the three months ended March 31, 2024 and 2023, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6. (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: Three months ended 2024 2023 in millions Cross-currency and interest rate derivative contracts $ 598.1 $ (66.9) Equity-related derivative instruments (43.5) 31.7 Foreign currency forward and option contracts 10.7 0.8 Total $ 565.3 $ (34.4) The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Three months ended 2024 2023 in millions Operating activities $ 58.1 $ 56.0 Financing activities (1.5) (62.1) Total $ 56.6 $ (6.1) Counterparty Credit Risk We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions, 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 March 31, 2024, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $394.0 million. Details of our Derivative Instruments Cross-currency Derivative Contracts We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At March 31, 2024, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at March 31, 2024: Notional amount Notional amount Weighted average remaining life in millions in years Sunrise Holding $ 250.0 € 220.6 1.5 $ 4,275.0 CHF 3,912.7 (a) 4.5 € 1,952.6 CHF 2,176.5 3.0 Telenet $ 3,940.0 € 3,489.6 (a) 2.8 € 45.2 $ 50.0 (b) 0.8 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2024. 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 March 31, 2024: 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 $ 3,419.4 (a) 2.3 $ 3,249.2 2.4 Telenet $ 3,650.7 (a) 4.2 $ 291.5 0.8 Other (b) $ — — $ 25.9 1.5 _______________ (a) Includes forward-starting derivative instruments. (b) Represents contracts associated with our investment in a leveraged structured note. For additional information, see note 4. Basis Swaps Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at March 31, 2024: Notional amount due from counterparty Weighted average remaining life in millions in years Sunrise Holding $ 3,597.1 0.5 Telenet $ 3,493.4 0.5 VM Ireland $ 971.7 0.8 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 March 31, 2024, 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 $1.2 billion and $4.5 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 March 31, 2024 (a) Sunrise Holding (3.60) % VM Ireland (3.56) % Telenet (2.98) % Total decrease to borrowing costs (3.32) % _______________ (a) Represents the effect of derivative instruments in effect at March 31, 2024 and does not include forward-starting derivative instruments. Foreign Currency Forwards and Options Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of March 31, 2024, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $1.6 billion. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swap contracts are quantified and further explained in note 5. 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 15), 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 the three months ended March 31, 2024 and 2023, we did not perform any significant nonrecurring fair value measurements. For additional information concerning our fair value measurements, see note 9 to the consolidated financial statements included in our 10-K. A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at March 31, 2024 using: Description March 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 972.0 $ — $ 972.0 $ — Equity-related derivative instruments 304.5 — — 304.5 Foreign currency forward and option contracts 10.8 — 10.8 — Other 0.2 — 0.2 — Total derivative instruments 1,287.5 — 983.0 304.5 Investments: SMAs 2,029.5 407.0 1,622.5 — Other investments 3,195.2 1,623.2 0.1 1,571.9 Total investments 5,224.7 2,030.2 1,622.6 1,571.9 Total assets $ 6,512.2 $ 2,030.2 $ 2,605.6 $ 1,876.4 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 802.2 $ — $ 802.2 $ — Equity-related derivative instruments 90.7 — — 90.7 Foreign currency forward and option contracts 9.0 — 9.0 — Total liabilities $ 901.9 $ — $ 811.2 $ 90.7 Fair value measurements at December 31, 2023 using: Description December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs 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 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, 2024 $ 1,563.1 $ 263.3 $ 1,826.4 Gains (losses) included in net earnings (a): Realized and unrealized losses on derivative instruments, net — (43.5) (43.5) Realized and unrealized gains due to changes in fair values of certain investments, net 3.4 — 3.4 Additions 30.2 — 30.2 Foreign currency translation adjustments and other, net (24.8) (6.0) (30.8) Balance of net assets at March 31, 2024 (b) $ 1,571.9 $ 213.8 $ 1,785.7 _______________ (a) Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2024. (b) |
Long-lived Assets
Long-lived Assets | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Long-lived Assets | Long-lived Assets Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems $ 10,350.9 $ 10,638.0 Support equipment, buildings and land 3,996.1 4,116.0 Customer premises equipment 1,339.5 1,354.7 Total property and equipment, gross 15,686.5 16,108.7 Accumulated depreciation (8,638.2) (8,748.5) Total property and equipment, net $ 7,048.3 $ 7,360.2 During the three months ended March 31, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $39.8 million and $42.3 million, respectively, which exclude related value-added taxes ( VAT ) of $5.1 million and $6.7 million, respectively, that were also financed under these arrangements. Goodwill Changes in the carrying amount of our goodwill during the three months ended March 31, 2024 are set forth below: January 1, 2024 Acquisitions Foreign March 31, in millions Sunrise $ 7,168.7 $ 3.1 $ (496.8) $ 6,675.0 Telenet 2,976.9 2.8 (72.2) 2,907.5 VM Ireland 268.1 — (6.5) 261.6 Central and Other 63.3 — (1.5) 61.8 Total $ 10,477.0 $ 5.9 $ (577.0) $ 9,905.9 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. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization are set forth below: March 31, 2024 December 31, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 2,327.6 $ (1,374.3) $ 953.3 $ 2,489.5 $ (1,370.8) $ 1,118.7 Other 1,480.6 (601.7) 878.9 1,538.3 (603.4) 934.9 Total $ 3,808.2 $ (1,976.0) $ 1,832.2 $ 4,027.8 $ (1,974.2) $ 2,053.6 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2024 Principal amount Weighted Unused borrowing Borrowing currency U.S. $ March 31, December 31, in millions Sunrise Holding Bank Facility (c) 7.70 % € 707.0 $ 763.4 $ 3,597.1 $ 3,626.4 Sunrise Holding SPE Notes 4.57 % — — 1,654.8 1,664.9 Sunrise Holding Senior Notes 4.77 % — — 817.1 826.1 Telenet Credit Facility (d) 6.95 % € 615.0 664.0 4,454.3 4,507.9 Telenet Senior Secured Notes 4.76 % — — 1,583.0 1,597.6 VM Ireland Credit Facility (e) 7.36 % € 100.0 108.0 971.7 995.8 Vodafone Collar Loan (f) 2.95 % — — 1,358.2 1,391.9 Vendor financing (g) 4.97 % — — 708.0 768.7 Other (h) 5.90 % — — 458.3 478.3 Total debt before deferred financing costs, discounts and premiums (i) 6.09 % $ 1,535.4 $ 15,602.5 $ 15,857.6 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: March 31, December 31, in millions Total debt before deferred financing costs, discounts and premiums $ 15,602.5 $ 15,857.6 Deferred financing costs, discounts and premiums, net (134.4) (149.7) Total carrying amount of debt 15,468.1 15,707.9 Finance lease obligations (note 9) 52.3 58.0 Total debt and finance lease obligations 15,520.4 15,765.9 Current portion of debt and finance lease obligations (737.8) (806.8) Long-term debt and finance lease obligations $ 14,782.6 $ 14,959.1 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2024 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 3.41% at March 31, 2024. 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 5. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2024 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 March 31, 2024 and (ii) upon completion of the relevant March 31, 2024 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 March 31, 2024, 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 March 31, 2024 Upon completion of the relevant March 31, 2024 compliance reporting requirements Borrowing currency U.S. $ Borrowing currency U.S. $ in millions Available to borrow: Sunrise Holding Bank Facility € 707.0 $ 763.4 € 707.0 $ 763.4 Telenet Credit Facility € 615.0 $ 664.0 € 615.0 $ 664.0 VM Ireland Credit Facility € 100.0 $ 108.0 € 100.0 $ 108.0 Available to loan or distribute: Sunrise Holding Bank Facility € 707.0 $ 763.4 € 707.0 $ 763.4 Telenet Credit Facility € 615.0 $ 664.0 € 615.0 $ 664.0 VM Ireland Credit Facility € 100.0 $ 108.0 € 100.0 $ 108.0 (c) Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €707.0 million ($763.4 million) under the Sunrise Holding Revolving Facility, comprising (i) €697.0 million ($752.6 million) under Sunrise Holding Revolving Facility B and (ii) €10.0 million ($10.8 million) under Sunrise Holding Revolving Facility A. With the exception of €23.0 million ($24.8 million) of borrowings under the ancillary facilities, the Sunrise Holding Revolving Facility was undrawn at March 31, 2024. In February 2024, commitments under the Sunrise Holding Revolving Facility were reduced by €18.0 million ($19.4 million) and €60.0 million ($64.8 million) of commitments under Sunrise Holding Revolving Facility A were extended and redesignated under Sunrise Holding Revolving Facility B. As a result, the Sunrise Holding Revolving Facility now provides for maximum borrowing capacity of €730.0 million ($788.2 million), including €60.0 million under the related ancillary facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €10.0 million and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €720.0 million ($777.4 million), including €60.0 million under the ancillary facilities, and a final maturity date of September 30, 2029. (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($615.4 million) under Telenet Revolving Facility B, (ii) €25.0 million ($27.0 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($21.6 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2024. In February 2024, the €30.0 million ($32.4 million) of commitments under Telenet Revolving Facility A were cancelled in full. (e) Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($108.0 million) under the VM Ireland Revolving Facility, which was undrawn at March 31, 2024. (f) For information regarding the Vodafone Collar Loan, see note 4. (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 condensed 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 condensed 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 the three months ended March 31, 2024 and 2023, 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 $159.8 million and $141.4 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 condensed consolidated statements of cash flows. (h) Amounts include $410.9 million and $430.8 million at March 31, 2024 and December 31, 2023, 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. (i) As of March 31, 2024 and December 31, 2023, our debt had an estimated fair value of $15.2 billion and $15.5 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 6. General Information At March 31, 2024, 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. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 11 to the consolidated financial statements included in our 10-K. Maturities of Debt Maturities of our debt as of March 31, 2024 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2024 exchange rates. Sunrise Holding (a) Telenet VM Ireland Other (b) Total in millions Year ending December 31: 2024 (remainder of year) $ 257.0 $ 346.0 $ — $ 10.7 $ 613.7 2025 67.8 71.6 — 321.6 461.0 2026 — 22.6 — 1,037.7 1,060.3 2027 — 23.2 — — 23.2 2028 1,152.3 4,891.4 — — 6,043.7 2029 3,666.7 1,222.0 971.7 — 5,860.4 Thereafter 1,250.0 290.2 — — 1,540.2 Total debt maturities (c) 6,393.8 6,867.0 971.7 1,370.0 15,602.5 Deferred financing costs, discounts and premiums, net (20.2) (26.9) (4.9) (82.4) (134.4) Total debt $ 6,373.6 $ 6,840.1 $ 966.8 $ 1,287.6 $ 15,468.1 Current portion $ 324.8 $ 392.9 $ — $ 11.2 $ 728.9 Long-term portion $ 6,048.8 $ 6,447.2 $ 966.8 $ 1,276.4 $ 14,739.2 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Sunrise Holding and Liberty Global. (b) Includes $1,358.2 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 $708.0 million, as set forth below: Sunrise Holding Telenet Other Total in millions Year ending December 31: 2024 (remainder of year) $ 257.0 $ 323.8 $ 10.7 $ 591.5 2025 67.8 47.6 1.1 116.5 Total vendor financing maturities $ 324.8 $ 371.4 $ 11.8 $ 708.0 Current portion $ 324.8 $ 371.4 $ 11.2 $ 707.4 Long-term portion $ — $ — $ 0.6 $ 0.6 Vendor Financing Obligations A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below: 2024 2023 in millions Balance at January 1 $ 768.7 $ 704.7 Operating-related vendor financing additions 159.8 141.4 Capital-related vendor financing additions 39.8 42.3 Principal payments on operating-related vendor financing (191.0) (143.5) Principal payments on capital-related vendor financing (45.1) (104.5) Foreign currency and other (24.2) 14.9 Balance at March 31 $ 708.0 $ 655.3 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, in millions ROU assets: Finance leases (a) $ 56.1 $ 57.9 Operating leases (b) 2,225.6 1,761.8 Total ROU assets $ 2,281.7 $ 1,819.7 Lease liabilities: Finance leases (c) $ 52.3 $ 58.0 Operating leases (d) 2,060.9 1,803.9 Total lease liabilities $ 2,113.2 $ 1,861.9 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2024, the weighted average remaining lease term for finance leases was 10.6 years and the weighted average discount rate was 4.9%. During the three months ended March 31, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $0.5 million and $7.3 million, respectively. (b) At March 31, 2024, the weighted average remaining lease term for operating leases was 9.9 years and the weighted average discount rate was 4.8%. During the three months ended March 31, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $29.4 million and $25.0 million, respectively. (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 condensed consolidated balance sheets. (d) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets. A summary of our aggregate lease expense is set forth below: Three months ended 2024 2023 in millions Finance lease expense: Depreciation and amortization $ 2.1 $ 17.3 Interest expense 0.6 6.2 Total finance lease expense 2.7 23.5 Operating lease expense (a) 62.5 59.3 Short-term lease expense (a) 0.4 1.1 Variable lease expense (b) 0.3 0.4 Total lease expense $ 65.9 $ 84.3 _______________ (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 condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Three months ended 2024 2023 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 79.3 $ 59.9 Operating cash outflows from finance leases (interest component) 0.6 6.2 Financing cash outflows from finance leases (principal component) 4.0 2.4 Total cash outflows from operating and finance leases $ 83.9 $ 68.5 Maturities of our operating and finance lease liabilities as of March 31, 2024 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2024 exchange rates. Operating leases Finance in millions Year ending December 31: 2024 (remainder of year) $ 218.8 $ 8.2 2025 255.8 10.1 2026 238.7 7.9 2027 227.8 7.0 2028 219.2 4.4 2029 211.4 3.1 Thereafter 1,488.1 27.1 Total payments 2,859.8 67.8 Less: present value discount (798.9) (15.5) Present value of lease payments $ 2,060.9 $ 52.3 Current portion $ 178.2 $ 8.9 Long-term portion $ 1,882.7 $ 43.4 |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our ROU assets and lease liabilities is set forth below: March 31, December 31, in millions ROU assets: Finance leases (a) $ 56.1 $ 57.9 Operating leases (b) 2,225.6 1,761.8 Total ROU assets $ 2,281.7 $ 1,819.7 Lease liabilities: Finance leases (c) $ 52.3 $ 58.0 Operating leases (d) 2,060.9 1,803.9 Total lease liabilities $ 2,113.2 $ 1,861.9 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2024, the weighted average remaining lease term for finance leases was 10.6 years and the weighted average discount rate was 4.9%. During the three months ended March 31, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $0.5 million and $7.3 million, respectively. (b) At March 31, 2024, the weighted average remaining lease term for operating leases was 9.9 years and the weighted average discount rate was 4.8%. During the three months ended March 31, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $29.4 million and $25.0 million, respectively. (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 condensed consolidated balance sheets. (d) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets. A summary of our aggregate lease expense is set forth below: Three months ended 2024 2023 in millions Finance lease expense: Depreciation and amortization $ 2.1 $ 17.3 Interest expense 0.6 6.2 Total finance lease expense 2.7 23.5 Operating lease expense (a) 62.5 59.3 Short-term lease expense (a) 0.4 1.1 Variable lease expense (b) 0.3 0.4 Total lease expense $ 65.9 $ 84.3 _______________ (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 condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Three months ended 2024 2023 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 79.3 $ 59.9 Operating cash outflows from finance leases (interest component) 0.6 6.2 Financing cash outflows from finance leases (principal component) 4.0 2.4 Total cash outflows from operating and finance leases $ 83.9 $ 68.5 Maturities of our operating and finance lease liabilities as of March 31, 2024 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2024 exchange rates. Operating leases Finance in millions Year ending December 31: 2024 (remainder of year) $ 218.8 $ 8.2 2025 255.8 10.1 2026 238.7 7.9 2027 227.8 7.0 2028 219.2 4.4 2029 211.4 3.1 Thereafter 1,488.1 27.1 Total payments 2,859.8 67.8 Less: present value discount (798.9) (15.5) Present value of lease payments $ 2,060.9 $ 52.3 Current portion $ 178.2 $ 8.9 Long-term portion $ 1,882.7 $ 43.4 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense attributable to our earnings (loss) before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Three months ended 2024 2023 in millions Computed “expected” tax benefit (expense) (a) $ (138.5) $ 164.7 Non-deductible or non-taxable foreign currency exchange results 164.2 (88.2) Non-deductible or non-taxable interest and other expenses (27.1) (26.1) Change in valuation allowances (20.9) 19.7 International rate differences (b) (6.2) (4.4) Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (3.6) (76.6) Other, net 5.2 (1.6) Total income tax expense $ (26.9) $ (12.5) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 25.0% for the 2024 period and 23.5% for the 2023 period. The statutory rate for the 2023 period represents the 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 is in effect from April 1, 2023. Although we are domiciled in Bermuda, we use the U.K. statutory rate to compute our “expected” tax benefit (expense) as management believes it is more meaningful. (b) Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K. 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 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 through March 31, 2024, although 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. As of March 31, 2024, our unrecognized tax benefits were $443.3 million, of which $346.0 million would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors. During the next 12 months it is reasonably possible that the resolution of ongoing tax controversies, as well as the expiration of statutes of limitation and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of March 31, 2024. The amount of such reductions could range up to $348.0 million. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during the next 12 months. 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 European Union ( E.U. ) member states, have enacted 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. 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 will continue to be included in our inventory of unrecognized tax benefits 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 | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | Equity Share Repurchases During the three months ended March 31, 2024, we repurchased 8,914,916 of our Class C common shares at an average price per share of $19.12, for an aggregate purchase price of $170.5 million, including direct acquisition costs. Under our current share repurchase program, we are authorized during 2024 to repurchase up to 10% of our total outstanding shares as of December 31, 2023. As of March 31, 2024, the remaining number of our Class A and/or Class C common shares that we are authorized to repurchase during 2024 was 29.3 million. Based on the average of the respective closing share prices as of March 31, 2024, this would equate to additional share repurchases during the remainder of 2024 of approximately $506.3 million. However, the actual U.S. dollar amount of our share repurchases during the remainder of 2024 will be determined by the actual transaction date share prices during the year and could differ significantly from this amount. Telenet Takeover Bid On October 19, 2023, Liberty Global Belgium Holding B.V. ( LGBH ), an indirect wholly-owned subsidiary of Liberty Global, completed its public takeover bid for all of the shares of Telenet that we did not already own or that were not held by Telenet (the Telenet Takeover Bid |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Three months ended 2024 2023 in millions Liberty Global (a): Non-performance based incentive awards $ 32.5 $ 29.2 Performance-based incentive awards 2.1 — Other (b) 8.8 6.8 Total Liberty Global 43.4 36.0 Other 1.2 7.8 Total $ 44.6 $ 43.8 Included in: Other operating expense $ 5.3 $ 2.2 SG&A expense 39.3 41.6 Total $ 44.6 $ 43.8 _______________ (a) The 2024 amounts include share-based compensation expense related to certain Telenet Replacement Awards. (b) 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 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. The following table provides the aggregate number of options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2024: Class A Class C Gross number of shares underlying option, SAR and PSAR awards (a) Weighted average exercise or base price Gross number of shares underlying option, SAR and PSAR awards (a) Weighted average exercise or base price Held by Liberty Global employees: Outstanding 23,892,259 $ 26.01 56,105,273 $ 25.23 Exercisable 18,609,643 $ 27.07 40,613,634 $ 26.16 Held by former Liberty Global employees (b): Outstanding 1,062,927 $ 32.87 2,097,635 $ 32.03 Exercisable 1,030,850 $ 33.16 2,033,491 $ 32.29 _______________ (a) Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. (b) Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding common shares. The following table provides the aggregate number of restricted share units ( RSUs ) and performance-based restricted share units ( PSUs ) that were outstanding as of March 31, 2024. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding. Class A Class C Held by Liberty Global employees: RSUs 2,393,441 5,210,720 PSUs 441,813 815,349 Held by former Liberty Global employees (a): RSUs 14,304 28,593 _______________ (a) Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. The future vesting of these RSUs and PSUs will increase the number of our outstanding common shares. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Earnings (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 regarding our share-based incentive awards, see note 12. The details of our basic and diluted weighted average common shares outstanding are set forth below: Three months ended 2024 2023 Weighted average common shares outstanding (basic EPS computation) 377,747,016 454,394,944 Incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting (treasury stock method) 7,362,615 — Weighted average common shares outstanding (diluted EPS computation) 385,109,631 454,394,944 The calculation of diluted EPS excludes aggregate share-based incentive awards of 73.3 million for the three months ended March 31, 2024 because their effect would have been anti-dilutive. We reported a net loss attributable to Liberty Global shareholders for the three months ended March 31, 2023. Therefore, the potentially dilutive effect at March 31, 2023 excludes 111.1 million shares issuable pursuant to outstanding share-based incentive awards in the computation of diluted net loss attributable to Liberty Global shareholders per share because their inclusion would have been anti-dilutive to the computation. The details of our net earnings (loss) attributable to Liberty Global shareholders is set forth below: Three months ended 2024 2023 in millions Net earnings (loss) $ 527.0 $ (713.5) Net earnings attributable to noncontrolling interests (17.0) (7.9) Net earnings (loss) attributable to Liberty Global shareholders $ 510.0 $ (721.4) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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, programming contracts, network and connectivity commitments and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2024. The commitments included in this table do not reflect any liabilities that are included on our March 31, 2024 condensed consolidated balance sheet. Payments due during: Remainder of 2024 2025 2026 2027 2028 2029 Thereafter Total in millions Purchase commitments $ 642.0 $ 448.6 $ 394.8 $ 370.0 $ 364.7 $ 0.7 $ 0.5 $ 2,221.3 Programming commitments 161.5 139.0 61.5 31.8 — — — 393.8 Network and connectivity commitments 133.4 85.9 41.2 4.3 1.9 1.5 16.1 284.3 Other commitments 192.2 164.3 126.5 28.9 27.0 26.8 66.1 631.8 Total $ 1,129.1 $ 837.8 $ 624.0 $ 435.0 $ 393.6 $ 29.0 $ 82.7 $ 3,531.2 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. 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 $152.8 million and $154.1 million during the three months ended March 31, 2024 and 2023, respectively. Network and connectivity commitments include (i) certain equipment and service-related commitments at Telenet and (ii) certain network capacity arrangements at Sunrise. 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 5. We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable. Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. Legal and Regulatory Proceedings and Other Contingencies Interkabel Acquisition. On November 26, 2007, Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “ PICs ,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers, to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement ), which closed effective October 1, 2008. Beginning in December 2007, Proximus NV/SA ( Proximus ), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Proximus brought 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). On 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 ($100 million) in damages. In April 2024, we agreed with Swisscom to resolve the matter, the terms of which are not material to us and, as a result, the lawsuit against Sunrise GmbH has been withdrawn. 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 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 | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our revenue, Adjusted EBITDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted EBITDA represents 10% or more of our total assets, revenue or Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and Adjusted EBITDA. In addition, we review non-financial measures such as customer growth, as appropriate. Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, “ Adjusted EBITDA ” is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of net earnings or loss to Adjusted EBITDA is presented below. As of March 31, 2024, our reportable segments are as follows: Consolidated: • Sunrise • Telenet • VM Ireland Nonconsolidated: • VMO2 JV • VodafoneZiggo JV All of our reportable segments derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services. Our “ Central and Other ” category primarily includes (i) services provided to the VMO2 JV, the VodafoneZiggo JV and various third parties related to service agreements, (ii) sales of CPE to the VMO2 JV and 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. Our centrally-managed technology and innovation function (our T&I Function ) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework ). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned. 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) were applied against the net book value of our existing internally-developed capitalized software. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero, after which time we began recognizing revenue for such licensing and related sale of products. Further, from May 2023, we expense the costs of development of such software due to the fact that it is able to be externally marketed to third parties. 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 condensed 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 condensed consolidated statements of operations. Revenue Three months ended 2024 2023 in millions Sunrise $ 854.0 $ 807.4 Telenet 762.6 754.5 VM Ireland 123.0 123.0 Central and Other 269.6 244.5 Intersegment eliminations (a) (64.1) (61.0) Total $ 1,945.1 $ 1,868.4 VMO2 JV $ 3,282.8 $ 3,162.7 VodafoneZiggo JV $ 1,114.0 $ 1,083.4 ______________ (a) Amounts primarily relate to the revenue recognized within our T&I Function related to the Tech Framework. Adjusted EBITDA Three months ended 2024 2023 in millions Sunrise $ 279.3 $ 263.0 Telenet 308.4 302.9 VM Ireland 40.0 41.5 Central and Other (a) (31.0) 32.1 Intersegment eliminations (b) (15.3) (15.0) Total $ 581.4 $ 624.5 VMO2 JV $ 1,073.6 $ 1,025.9 VodafoneZiggo JV $ 519.0 $ 471.5 _______________ (a) The 2024 amount includes development costs related to our internally-developed software subsequent to our decision to externally market such software during the second quarter of 2023. (b) Amounts relate to the Adjusted EBITDA impact within our T&I Function related to the Tech Framework. The following table provides a reconciliation of net earnings (loss) to Adjusted EBITDA: Three months ended 2024 2023 in millions Net earnings (loss) $ 527.0 $ (713.5) Income tax expense 26.9 12.5 Other income, net (43.5) (43.9) Share of results of affiliates, net 8.0 238.6 Realized and unrealized losses (gains) due to changes in fair values of certain investments, net (114.9) 5.5 Foreign currency transaction losses (gains), net (69.1) 302.9 Realized and unrealized losses (gains) on derivative instruments, net (565.3) 34.4 Interest expense 253.5 200.9 Operating income 22.6 37.4 Impairment, restructuring and other operating items, net 33.5 16.4 Depreciation and amortization 480.7 526.9 Share-based compensation expense 44.6 43.8 Adjusted EBITDA $ 581.4 $ 624.5 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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 7 and 9, respectively. Three months ended 2024 2023 in millions Sunrise $ 149.9 $ 149.0 Telenet 183.7 173.0 VM Ireland 39.4 33.1 Central and Other (a) 7.4 49.8 Intersegment eliminations (b) (15.3) (15.0) Total property and equipment additions 365.1 389.9 Assets acquired under capital-related vendor financing arrangements (39.8) (42.3) Assets acquired under finance leases (0.5) (7.3) Changes in current liabilities related to capital expenditures 26.0 36.9 Total capital expenditures, net $ 350.8 $ 377.2 Property and equipment additions: VMO2 JV $ 685.8 $ 590.6 VodafoneZiggo JV $ 244.7 $ 250.4 _______________ (a) 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 during the second quarter of 2023, (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. (b) 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. Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended 2024 2023 in millions Residential revenue: Residential fixed revenue (a): Subscription revenue (b): Broadband internet $ 382.3 $ 359.5 Video 264.3 273.2 Fixed-line telephony 84.2 92.1 Total subscription revenue 730.8 724.8 Non-subscription revenue 13.7 14.3 Total residential fixed revenue 744.5 739.1 Residential mobile revenue (c): Subscription revenue (b) 376.6 356.4 Non-subscription revenue 137.3 133.9 Total residential mobile revenue 513.9 490.3 Total residential revenue 1,258.4 1,229.4 B2B revenue (d): Subscription revenue 144.9 133.4 Non-subscription revenue 231.0 223.8 Total B2B revenue 375.9 357.2 Other revenue (e) 310.8 281.8 Total $ 1,945.1 $ 1,868.4 _______________ (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 and (iii) revenue earned from the sale of CPE to the VMO2 JV and VodafoneZiggo JV. Geographic Segments The revenue of our geographic segments is set forth below: Three months ended 2024 2023 in millions Switzerland $ 854.0 $ 807.4 Belgium 720.0 716.6 Ireland 123.0 123.0 Slovakia 12.7 13.3 Other, including intersegment eliminations (a) 235.4 208.1 Total $ 1,945.1 $ 1,868.4 VMO2 JV (U.K.) $ 3,282.8 $ 3,162.7 VodafoneZiggo JV (Netherlands) $ 1,114.0 $ 1,083.4 ______________ (a) 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 510 | $ (721.4) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the FASB ) issued Accounting Standards Update ( 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 interim periods within fiscal years beginning after December 15, 2024 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. |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $54.1 million and $58.0 million at March 31, 2024 and December 31, 2023, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $43.3 million and $45.8 million as of March 31, 2024 and December 31, 2023, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $307.4 million and $267.6 million as of March 31, 2024 and December 31, 2023, respectively. The increase in deferred revenue for the three months ended March 31, 2024 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $158.2 million of revenue that was included in our deferred revenue balance at December 31, 2023. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $80.3 million and $84.1 million at March 31, 2024 and December 31, 2023, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $20.9 million and $19.4 million during the three months ended March 31, 2024 and 2023, 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 |
Leases | Leases General |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: Accounting Method March 31, December 31, Ownership (a) in millions % Equity (b): Long-term: VMO2 JV $ 7,175.1 $ 7,248.5 50.0 VodafoneZiggo JV (c) 1,998.5 2,055.4 50.0 AtlasEdge JV 272.0 250.8 48.2 All3Media Ltd. ( All3Media ) (d) 149.4 144.2 50.0 Formula E Holdings Ltd ( Formula E ) 101.9 99.1 35.9 nexfibre JV 67.8 55.9 25.0 Other 125.7 133.7 Total — equity 9,890.4 9,987.6 Fair value: Short-term: Separately-managed accounts ( SMAs ) (e) 1,652.8 1,990.5 Long-term: Vodafone - subject to re-use rights (f) 1,187.6 1,168.1 4.9 EdgeConneX, Inc. ( EdgeConneX ) 402.8 318.3 5.2 Televisa Univision, Inc. ( Televisa Univision ) 388.3 388.3 6.0 SMAs (e) 376.7 285.6 ITV plc ( ITV ) 371.9 321.9 9.9 Plume Design, Inc. ( Plume ) (g) 167.3 168.4 11.5 Pax8, Inc. 101.1 100.3 5.6 CANAL+ Polska S.A. 75.2 76.4 17.0 Lions Gate Entertainment Corp. ( Lionsgate ) 63.6 69.6 2.8 Aviatrix Systems, Inc. ( Aviatrix ) 41.2 55.5 3.3 Lacework, Inc. ( Lacework ) 26.6 94.2 3.3 Other 369.6 361.9 Total — fair value 5,224.7 5,399.0 Total investments (h) $ 15,115.1 $ 15,386.6 Short-term investments $ 1,652.8 $ 1,990.5 Long-term investments $ 13,462.3 $ 13,396.1 _______________ (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 March 31, 2024 and December 31, 2023, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,213.8 million and $1,234.7 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 $755.8 million and $774.5 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable I ) and (ii) a euro-denominated note receivable with a principal amount of $224.4 million and $230.0 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2024, interest accrued on the VodafoneZiggo JV Receivables was $13.8 million, all of which has been cash settled. (d) On February 16, 2024, Liberty Global, together with joint owner Warner Bros. Discovery, Inc., reached a definitive agreement to sell 100% of All3Media to RedBird IMI. We expect to receive approximately £315.0 million ($397.7 million) of total cash proceeds from the sale. Regulatory clearance was obtained in April 2024 and we expect the transaction to close in the second quarter of 2024. (e) 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 March 31, 2024. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains (losses) due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At March 31, 2024 and December 31, 2023, interest accrued on our debt securities, which is included in other current assets (f) In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar ) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (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 March 31, 2024 and December 31, 2023, the net fair value of our investment in Vodafone was $122.3 million and $115.5 million, respectively. (g) Our investment in Plume includes warrants with a fair value of $60.9 million and $61.3 million at March 31, 2024 and December 31, 2023, respectively. (h) The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs. |
Schedule of Equity Method Investments | The following table sets forth the details of our share of results of affiliates, net: Three months ended 2024 2023 in millions nexfibre JV $ 12.4 $ (8.6) All3Media (10.1) 0.3 AtlasEdge JV (9.1) (10.1) VodafoneZiggo JV (a) 6.6 (35.7) Formula E (4.5) 0.2 VMO2 JV (b) 0.7 (178.5) Other, net (4.0) (6.2) Total $ (8.0) $ (238.6) _______________ (a) 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. (b) 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. The summarized results of operations of the VMO2 JV are set forth below: Three months ended 2024 2023 in millions Revenue $ 3,282.8 $ 3,162.7 Earnings (loss) before income taxes $ 43.0 $ (454.0) Net earnings (loss) $ 22.7 $ (352.1) The summarized results of operations of the VodafoneZiggo JV are set forth below: Three months ended 2024 2023 in millions Revenue $ 1,114.0 $ 1,083.4 Loss before income taxes $ (25.5) $ (108.9) Net loss $ (13.6) $ (88.1) |
Schedule of Debt Securities | The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net: Three months ended 2024 2023 in millions EdgeConneX $ 71.8 $ 11.9 Lacework (67.6) (21.4) ITV 50.0 45.1 Vodafone 48.2 (37.4) SMAs 19.3 (14.5) Aviatrix (14.3) — Lionsgate (6.0) 34.1 Plume (1.1) (17.5) Other, net 14.6 (5.8) Total $ 114.9 $ (5.5) The following tables set forth a summary of our debt securities at March 31, 2024 and December 31, 2023: March 31, 2024 Amortized cost basis Accumulated unrealized gains Fair value in millions Commercial paper $ 903.4 $ 0.6 $ 904.0 Government bonds 431.1 (0.3) 430.8 Certificates of deposit 300.7 — 300.7 Corporate debt securities 245.1 (0.1) 245.0 Structured note (a) (a) (a) 147.0 Other debt securities 2.0 — 2.0 Total debt securities $ 1,882.3 $ 0.2 $ 2,029.5 ______________ (a) Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value. 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. During the three months ended March 31, 2024, we invested an additional $46.6 million in the leveraged structured note. At March 31, 2024, 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 40.08 % Telenet 18.62 % Affiliate: VMO2 JV 21.23 % VodafoneZiggo JV 20.07 % Total 100.00 % 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. 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 % The fair values of our debt securities as of March 31, 2024 by contractual maturity are shown below (in millions): Due in one year or less $ 1,652.8 Due in one to five years 329.1 Due in five to ten years 47.6 Total (a) $ 2,029.5 _______________ (a) The weighted average life of our total debt securities was 0.8 years as of March 31, 2024. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2024 December 31, 2023 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 515.1 $ 456.9 $ 972.0 $ 515.6 $ 427.5 $ 943.1 Equity-related derivative instruments (c) — 304.5 304.5 — 310.7 310.7 Foreign currency forward and option contracts 10.2 0.6 10.8 2.3 0.6 2.9 Other 0.2 — 0.2 0.2 — 0.2 Total $ 525.5 $ 762.0 $ 1,287.5 $ 518.1 $ 738.8 $ 1,256.9 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 220.4 $ 581.8 $ 802.2 $ 369.9 $ 948.5 $ 1,318.4 Equity-related derivative instruments (c) 90.7 — 90.7 47.4 — 47.4 Foreign currency forward and option contracts 6.5 2.5 9.0 9.5 4.5 14.0 Total $ 317.6 $ 584.3 $ 901.9 $ 426.8 $ 953.0 $ 1,379.8 _______________ (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 8). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $48.8 million and $21.4 million during the three months ended March 31, 2024 and 2023, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6. (c) |
Schedule Of Realized And Unrealized Gains On Derivative Instruments | The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Three months ended 2024 2023 in millions Cross-currency and interest rate derivative contracts $ 598.1 $ (66.9) Equity-related derivative instruments (43.5) 31.7 Foreign currency forward and option contracts 10.7 0.8 Total $ 565.3 $ (34.4) |
Schedule Of Cash Received Paid Related To Derivative Instruments Statement Of Cash Flows Location | The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Three months ended 2024 2023 in millions Operating activities $ 58.1 $ 56.0 Financing activities (1.5) (62.1) Total $ 56.6 $ (6.1) |
Schedule of Derivative Instruments | The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at March 31, 2024: Notional amount Notional amount Weighted average remaining life in millions in years Sunrise Holding $ 250.0 € 220.6 1.5 $ 4,275.0 CHF 3,912.7 (a) 4.5 € 1,952.6 CHF 2,176.5 3.0 Telenet $ 3,940.0 € 3,489.6 (a) 2.8 € 45.2 $ 50.0 (b) 0.8 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2024. 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 March 31, 2024: 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 $ 3,419.4 (a) 2.3 $ 3,249.2 2.4 Telenet $ 3,650.7 (a) 4.2 $ 291.5 0.8 Other (b) $ — — $ 25.9 1.5 _______________ (a) Includes forward-starting derivative instruments. (b) Represents contracts associated with our investment in a leveraged structured note. For additional information, see note 4. Notional amount due from counterparty Weighted average remaining life in millions in years Sunrise Holding $ 3,597.1 0.5 Telenet $ 3,493.4 0.5 VM Ireland $ 971.7 0.8 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 March 31, 2024 (a) Sunrise Holding (3.60) % VM Ireland (3.56) % Telenet (2.98) % Total decrease to borrowing costs (3.32) % _______________ (a) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at March 31, 2024 using: Description March 31, Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 972.0 $ — $ 972.0 $ — Equity-related derivative instruments 304.5 — — 304.5 Foreign currency forward and option contracts 10.8 — 10.8 — Other 0.2 — 0.2 — Total derivative instruments 1,287.5 — 983.0 304.5 Investments: SMAs 2,029.5 407.0 1,622.5 — Other investments 3,195.2 1,623.2 0.1 1,571.9 Total investments 5,224.7 2,030.2 1,622.6 1,571.9 Total assets $ 6,512.2 $ 2,030.2 $ 2,605.6 $ 1,876.4 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 802.2 $ — $ 802.2 $ — Equity-related derivative instruments 90.7 — — 90.7 Foreign currency forward and option contracts 9.0 — 9.0 — Total liabilities $ 901.9 $ — $ 811.2 $ 90.7 Fair value measurements at December 31, 2023 using: Description December 31, 2023 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs 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 |
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, 2024 $ 1,563.1 $ 263.3 $ 1,826.4 Gains (losses) included in net earnings (a): Realized and unrealized losses on derivative instruments, net — (43.5) (43.5) Realized and unrealized gains due to changes in fair values of certain investments, net 3.4 — 3.4 Additions 30.2 — 30.2 Foreign currency translation adjustments and other, net (24.8) (6.0) (30.8) Balance of net assets at March 31, 2024 (b) $ 1,571.9 $ 213.8 $ 1,785.7 _______________ (a) Amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2024. (b) |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems $ 10,350.9 $ 10,638.0 Support equipment, buildings and land 3,996.1 4,116.0 Customer premises equipment 1,339.5 1,354.7 Total property and equipment, gross 15,686.5 16,108.7 Accumulated depreciation (8,638.2) (8,748.5) Total property and equipment, net $ 7,048.3 $ 7,360.2 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during the three months ended March 31, 2024 are set forth below: January 1, 2024 Acquisitions Foreign March 31, in millions Sunrise $ 7,168.7 $ 3.1 $ (496.8) $ 6,675.0 Telenet 2,976.9 2.8 (72.2) 2,907.5 VM Ireland 268.1 — (6.5) 261.6 Central and Other 63.3 — (1.5) 61.8 Total $ 10,477.0 $ 5.9 $ (577.0) $ 9,905.9 |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization are set forth below: March 31, 2024 December 31, 2023 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships $ 2,327.6 $ (1,374.3) $ 953.3 $ 2,489.5 $ (1,370.8) $ 1,118.7 Other 1,480.6 (601.7) 878.9 1,538.3 (603.4) 934.9 Total $ 3,808.2 $ (1,976.0) $ 1,832.2 $ 4,027.8 $ (1,974.2) $ 2,053.6 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2024 Principal amount Weighted Unused borrowing Borrowing currency U.S. $ March 31, December 31, in millions Sunrise Holding Bank Facility (c) 7.70 % € 707.0 $ 763.4 $ 3,597.1 $ 3,626.4 Sunrise Holding SPE Notes 4.57 % — — 1,654.8 1,664.9 Sunrise Holding Senior Notes 4.77 % — — 817.1 826.1 Telenet Credit Facility (d) 6.95 % € 615.0 664.0 4,454.3 4,507.9 Telenet Senior Secured Notes 4.76 % — — 1,583.0 1,597.6 VM Ireland Credit Facility (e) 7.36 % € 100.0 108.0 971.7 995.8 Vodafone Collar Loan (f) 2.95 % — — 1,358.2 1,391.9 Vendor financing (g) 4.97 % — — 708.0 768.7 Other (h) 5.90 % — — 458.3 478.3 Total debt before deferred financing costs, discounts and premiums (i) 6.09 % $ 1,535.4 $ 15,602.5 $ 15,857.6 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: March 31, December 31, in millions Total debt before deferred financing costs, discounts and premiums $ 15,602.5 $ 15,857.6 Deferred financing costs, discounts and premiums, net (134.4) (149.7) Total carrying amount of debt 15,468.1 15,707.9 Finance lease obligations (note 9) 52.3 58.0 Total debt and finance lease obligations 15,520.4 15,765.9 Current portion of debt and finance lease obligations (737.8) (806.8) Long-term debt and finance lease obligations $ 14,782.6 $ 14,959.1 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2024 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 3.41% at March 31, 2024. 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 5. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2024 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 March 31, 2024 and (ii) upon completion of the relevant March 31, 2024 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 March 31, 2024, 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 March 31, 2024 Upon completion of the relevant March 31, 2024 compliance reporting requirements Borrowing currency U.S. $ Borrowing currency U.S. $ in millions Available to borrow: Sunrise Holding Bank Facility € 707.0 $ 763.4 € 707.0 $ 763.4 Telenet Credit Facility € 615.0 $ 664.0 € 615.0 $ 664.0 VM Ireland Credit Facility € 100.0 $ 108.0 € 100.0 $ 108.0 Available to loan or distribute: Sunrise Holding Bank Facility € 707.0 $ 763.4 € 707.0 $ 763.4 Telenet Credit Facility € 615.0 $ 664.0 € 615.0 $ 664.0 VM Ireland Credit Facility € 100.0 $ 108.0 € 100.0 $ 108.0 (c) Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €707.0 million ($763.4 million) under the Sunrise Holding Revolving Facility, comprising (i) €697.0 million ($752.6 million) under Sunrise Holding Revolving Facility B and (ii) €10.0 million ($10.8 million) under Sunrise Holding Revolving Facility A. With the exception of €23.0 million ($24.8 million) of borrowings under the ancillary facilities, the Sunrise Holding Revolving Facility was undrawn at March 31, 2024. In February 2024, commitments under the Sunrise Holding Revolving Facility were reduced by €18.0 million ($19.4 million) and €60.0 million ($64.8 million) of commitments under Sunrise Holding Revolving Facility A were extended and redesignated under Sunrise Holding Revolving Facility B. As a result, the Sunrise Holding Revolving Facility now provides for maximum borrowing capacity of €730.0 million ($788.2 million), including €60.0 million under the related ancillary facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €10.0 million and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €720.0 million ($777.4 million), including €60.0 million under the ancillary facilities, and a final maturity date of September 30, 2029. (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($615.4 million) under Telenet Revolving Facility B, (ii) €25.0 million ($27.0 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($21.6 million) under the Telenet Revolving Facility, each of which were undrawn at March 31, 2024. In February 2024, the €30.0 million ($32.4 million) of commitments under Telenet Revolving Facility A were cancelled in full. (e) Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($108.0 million) under the VM Ireland Revolving Facility, which was undrawn at March 31, 2024. (f) For information regarding the Vodafone Collar Loan, see note 4. (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 condensed 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 condensed 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 the three months ended March 31, 2024 and 2023, 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 $159.8 million and $141.4 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 condensed consolidated statements of cash flows. (h) Amounts include $410.9 million and $430.8 million at March 31, 2024 and December 31, 2023, 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. (i) As of March 31, 2024 and December 31, 2023, our debt had an estimated fair value of $15.2 billion and $15.5 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 6. |
Schedule of Maturities of Debt and Capital Lease Obligations | Maturities of our debt as of March 31, 2024 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on March 31, 2024 exchange rates. Sunrise Holding (a) Telenet VM Ireland Other (b) Total in millions Year ending December 31: 2024 (remainder of year) $ 257.0 $ 346.0 $ — $ 10.7 $ 613.7 2025 67.8 71.6 — 321.6 461.0 2026 — 22.6 — 1,037.7 1,060.3 2027 — 23.2 — — 23.2 2028 1,152.3 4,891.4 — — 6,043.7 2029 3,666.7 1,222.0 971.7 — 5,860.4 Thereafter 1,250.0 290.2 — — 1,540.2 Total debt maturities (c) 6,393.8 6,867.0 971.7 1,370.0 15,602.5 Deferred financing costs, discounts and premiums, net (20.2) (26.9) (4.9) (82.4) (134.4) Total debt $ 6,373.6 $ 6,840.1 $ 966.8 $ 1,287.6 $ 15,468.1 Current portion $ 324.8 $ 392.9 $ — $ 11.2 $ 728.9 Long-term portion $ 6,048.8 $ 6,447.2 $ 966.8 $ 1,276.4 $ 14,739.2 _______________ (a) Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Sunrise Holding and Liberty Global. (b) Includes $1,358.2 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 $708.0 million, as set forth below: Sunrise Holding Telenet Other Total in millions Year ending December 31: 2024 (remainder of year) $ 257.0 $ 323.8 $ 10.7 $ 591.5 2025 67.8 47.6 1.1 116.5 Total vendor financing maturities $ 324.8 $ 371.4 $ 11.8 $ 708.0 Current portion $ 324.8 $ 371.4 $ 11.2 $ 707.4 Long-term portion $ — $ — $ 0.6 $ 0.6 |
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: 2024 2023 in millions Balance at January 1 $ 768.7 $ 704.7 Operating-related vendor financing additions 159.8 141.4 Capital-related vendor financing additions 39.8 42.3 Principal payments on operating-related vendor financing (191.0) (143.5) Principal payments on capital-related vendor financing (45.1) (104.5) Foreign currency and other (24.2) 14.9 Balance at March 31 $ 708.0 $ 655.3 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Balances | A summary of our ROU assets and lease liabilities is set forth below: March 31, December 31, in millions ROU assets: Finance leases (a) $ 56.1 $ 57.9 Operating leases (b) 2,225.6 1,761.8 Total ROU assets $ 2,281.7 $ 1,819.7 Lease liabilities: Finance leases (c) $ 52.3 $ 58.0 Operating leases (d) 2,060.9 1,803.9 Total lease liabilities $ 2,113.2 $ 1,861.9 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At March 31, 2024, the weighted average remaining lease term for finance leases was 10.6 years and the weighted average discount rate was 4.9%. During the three months ended March 31, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $0.5 million and $7.3 million, respectively. (b) At March 31, 2024, the weighted average remaining lease term for operating leases was 9.9 years and the weighted average discount rate was 4.8%. During the three months ended March 31, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $29.4 million and $25.0 million, respectively. (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 condensed consolidated balance sheets. (d) The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets. |
Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense is set forth below: Three months ended 2024 2023 in millions Finance lease expense: Depreciation and amortization $ 2.1 $ 17.3 Interest expense 0.6 6.2 Total finance lease expense 2.7 23.5 Operating lease expense (a) 62.5 59.3 Short-term lease expense (a) 0.4 1.1 Variable lease expense (b) 0.3 0.4 Total lease expense $ 65.9 $ 84.3 _______________ (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 condensed consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Three months ended 2024 2023 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 79.3 $ 59.9 Operating cash outflows from finance leases (interest component) 0.6 6.2 Financing cash outflows from finance leases (principal component) 4.0 2.4 Total cash outflows from operating and finance leases $ 83.9 $ 68.5 |
Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease liabilities as of March 31, 2024 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2024 exchange rates. Operating leases Finance in millions Year ending December 31: 2024 (remainder of year) $ 218.8 $ 8.2 2025 255.8 10.1 2026 238.7 7.9 2027 227.8 7.0 2028 219.2 4.4 2029 211.4 3.1 Thereafter 1,488.1 27.1 Total payments 2,859.8 67.8 Less: present value discount (798.9) (15.5) Present value of lease payments $ 2,060.9 $ 52.3 Current portion $ 178.2 $ 8.9 Long-term portion $ 1,882.7 $ 43.4 |
Maturities of Financing Lease Liabilities | Maturities of our operating and finance lease liabilities as of March 31, 2024 are presented below. Amounts represent U.S. dollar equivalents based on March 31, 2024 exchange rates. Operating leases Finance in millions Year ending December 31: 2024 (remainder of year) $ 218.8 $ 8.2 2025 255.8 10.1 2026 238.7 7.9 2027 227.8 7.0 2028 219.2 4.4 2029 211.4 3.1 Thereafter 1,488.1 27.1 Total payments 2,859.8 67.8 Less: present value discount (798.9) (15.5) Present value of lease payments $ 2,060.9 $ 52.3 Current portion $ 178.2 $ 8.9 Long-term portion $ 1,882.7 $ 43.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Benefit (Expense) Reconciliation | Income tax expense attributable to our earnings (loss) before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Three months ended 2024 2023 in millions Computed “expected” tax benefit (expense) (a) $ (138.5) $ 164.7 Non-deductible or non-taxable foreign currency exchange results 164.2 (88.2) Non-deductible or non-taxable interest and other expenses (27.1) (26.1) Change in valuation allowances (20.9) 19.7 International rate differences (b) (6.2) (4.4) Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (3.6) (76.6) Other, net 5.2 (1.6) Total income tax expense $ (26.9) $ (12.5) _______________ (a) The statutory or “expected” tax rates are the U.K. rates of 25.0% for the 2024 period and 23.5% for the 2023 period. The statutory rate for the 2023 period represents the 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 is in effect from April 1, 2023. Although we are domiciled in Bermuda, we use the U.K. statutory rate to compute our “expected” tax benefit (expense) as management believes it is more meaningful. (b) Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation | A summary of our aggregate share-based compensation expense is set forth below: Three months ended 2024 2023 in millions Liberty Global (a): Non-performance based incentive awards $ 32.5 $ 29.2 Performance-based incentive awards 2.1 — Other (b) 8.8 6.8 Total Liberty Global 43.4 36.0 Other 1.2 7.8 Total $ 44.6 $ 43.8 Included in: Other operating expense $ 5.3 $ 2.2 SG&A expense 39.3 41.6 Total $ 44.6 $ 43.8 _______________ (a) The 2024 amounts include share-based compensation expense related to certain Telenet Replacement Awards. (b) 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 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. |
Schedule of Stock Option Activity | The following table provides the aggregate number of options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of March 31, 2024: Class A Class C Gross number of shares underlying option, SAR and PSAR awards (a) Weighted average exercise or base price Gross number of shares underlying option, SAR and PSAR awards (a) Weighted average exercise or base price Held by Liberty Global employees: Outstanding 23,892,259 $ 26.01 56,105,273 $ 25.23 Exercisable 18,609,643 $ 27.07 40,613,634 $ 26.16 Held by former Liberty Global employees (b): Outstanding 1,062,927 $ 32.87 2,097,635 $ 32.03 Exercisable 1,030,850 $ 33.16 2,033,491 $ 32.29 _______________ (a) Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. (b) Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding common shares. |
Schedule of Other Share Based Compensation Activity | The following table provides the aggregate number of restricted share units ( RSUs ) and performance-based restricted share units ( PSUs ) that were outstanding as of March 31, 2024. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding. Class A Class C Held by Liberty Global employees: RSUs 2,393,441 5,210,720 PSUs 441,813 815,349 Held by former Liberty Global employees (a): RSUs 14,304 28,593 _______________ (a) Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. The future vesting of these RSUs and PSUs will increase the number of our outstanding common shares. |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The details of our basic and diluted weighted average common shares outstanding are set forth below: Three months ended 2024 2023 Weighted average common shares outstanding (basic EPS computation) 377,747,016 454,394,944 Incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting (treasury stock method) 7,362,615 — Weighted average common shares outstanding (diluted EPS computation) 385,109,631 454,394,944 The details of our net earnings (loss) attributable to Liberty Global shareholders is set forth below: Three months ended 2024 2023 in millions Net earnings (loss) $ 527.0 $ (713.5) Net earnings attributable to noncontrolling interests (17.0) (7.9) Net earnings (loss) attributable to Liberty Global shareholders $ 510.0 $ (721.4) |
Schedule of Weighted Average Number of Shares | The details of our basic and diluted weighted average common shares outstanding are set forth below: Three months ended 2024 2023 Weighted average common shares outstanding (basic EPS computation) 377,747,016 454,394,944 Incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting (treasury stock method) 7,362,615 — Weighted average common shares outstanding (diluted EPS computation) 385,109,631 454,394,944 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024. The commitments included in this table do not reflect any liabilities that are included on our March 31, 2024 condensed consolidated balance sheet. Payments due during: Remainder of 2024 2025 2026 2027 2028 2029 Thereafter Total in millions Purchase commitments $ 642.0 $ 448.6 $ 394.8 $ 370.0 $ 364.7 $ 0.7 $ 0.5 $ 2,221.3 Programming commitments 161.5 139.0 61.5 31.8 — — — 393.8 Network and connectivity commitments 133.4 85.9 41.2 4.3 1.9 1.5 16.1 284.3 Other commitments 192.2 164.3 126.5 28.9 27.0 26.8 66.1 631.8 Total $ 1,129.1 $ 837.8 $ 624.0 $ 435.0 $ 393.6 $ 29.0 $ 82.7 $ 3,531.2 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
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 condensed 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 condensed consolidated statements of operations. Revenue Three months ended 2024 2023 in millions Sunrise $ 854.0 $ 807.4 Telenet 762.6 754.5 VM Ireland 123.0 123.0 Central and Other 269.6 244.5 Intersegment eliminations (a) (64.1) (61.0) Total $ 1,945.1 $ 1,868.4 VMO2 JV $ 3,282.8 $ 3,162.7 VodafoneZiggo JV $ 1,114.0 $ 1,083.4 ______________ (a) Amounts primarily relate to the revenue recognized within our T&I Function related to the Tech Framework. Adjusted EBITDA Three months ended 2024 2023 in millions Sunrise $ 279.3 $ 263.0 Telenet 308.4 302.9 VM Ireland 40.0 41.5 Central and Other (a) (31.0) 32.1 Intersegment eliminations (b) (15.3) (15.0) Total $ 581.4 $ 624.5 VMO2 JV $ 1,073.6 $ 1,025.9 VodafoneZiggo JV $ 519.0 $ 471.5 _______________ (a) The 2024 amount includes development costs related to our internally-developed software subsequent to our decision to externally market such software during the second quarter of 2023. (b) Amounts relate to the Adjusted EBITDA impact within our T&I Function related to the Tech Framework. The following table provides a reconciliation of net earnings (loss) to Adjusted EBITDA: Three months ended 2024 2023 in millions Net earnings (loss) $ 527.0 $ (713.5) Income tax expense 26.9 12.5 Other income, net (43.5) (43.9) Share of results of affiliates, net 8.0 238.6 Realized and unrealized losses (gains) due to changes in fair values of certain investments, net (114.9) 5.5 Foreign currency transaction losses (gains), net (69.1) 302.9 Realized and unrealized losses (gains) on derivative instruments, net (565.3) 34.4 Interest expense 253.5 200.9 Operating income 22.6 37.4 Impairment, restructuring and other operating items, net 33.5 16.4 Depreciation and amortization 480.7 526.9 Share-based compensation expense 44.6 43.8 Adjusted EBITDA $ 581.4 $ 624.5 |
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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 7 and 9, respectively. Three months ended 2024 2023 in millions Sunrise $ 149.9 $ 149.0 Telenet 183.7 173.0 VM Ireland 39.4 33.1 Central and Other (a) 7.4 49.8 Intersegment eliminations (b) (15.3) (15.0) Total property and equipment additions 365.1 389.9 Assets acquired under capital-related vendor financing arrangements (39.8) (42.3) Assets acquired under finance leases (0.5) (7.3) Changes in current liabilities related to capital expenditures 26.0 36.9 Total capital expenditures, net $ 350.8 $ 377.2 Property and equipment additions: VMO2 JV $ 685.8 $ 590.6 VodafoneZiggo JV $ 244.7 $ 250.4 _______________ (a) 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 during the second quarter of 2023, (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. (b) 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. |
Schedule of Revenue by Major Category | Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended 2024 2023 in millions Residential revenue: Residential fixed revenue (a): Subscription revenue (b): Broadband internet $ 382.3 $ 359.5 Video 264.3 273.2 Fixed-line telephony 84.2 92.1 Total subscription revenue 730.8 724.8 Non-subscription revenue 13.7 14.3 Total residential fixed revenue 744.5 739.1 Residential mobile revenue (c): Subscription revenue (b) 376.6 356.4 Non-subscription revenue 137.3 133.9 Total residential mobile revenue 513.9 490.3 Total residential revenue 1,258.4 1,229.4 B2B revenue (d): Subscription revenue 144.9 133.4 Non-subscription revenue 231.0 223.8 Total B2B revenue 375.9 357.2 Other revenue (e) 310.8 281.8 Total $ 1,945.1 $ 1,868.4 _______________ (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 and (iii) revenue earned from the sale of CPE to the VMO2 JV and VodafoneZiggo JV. |
Schedule of Revenue Geographic Segments | The revenue of our geographic segments is set forth below: Three months ended 2024 2023 in millions Switzerland $ 854.0 $ 807.4 Belgium 720.0 716.6 Ireland 123.0 123.0 Slovakia 12.7 13.3 Other, including intersegment eliminations (a) 235.4 208.1 Total $ 1,945.1 $ 1,868.4 VMO2 JV (U.K.) $ 3,282.8 $ 3,162.7 VodafoneZiggo JV (Netherlands) $ 1,114.0 $ 1,083.4 ______________ (a) 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. |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2024 | Oct. 31, 2023 | Oct. 19, 2023 |
Telenet | Liberty Global Belgium Holding B.V. | Subsidiaries | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of voting interests acquired | 100% | 100% | |
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] | |||
Co-venturer ownership percentage | 50% | ||
Telefonica | |||
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 | 48.20% | ||
Noting interest percentage | 50% | ||
nexfibre JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 25% |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Trade receivables, allowance for doubtful accounts | $ 54.1 | $ 58 | |
Contract assets | 43.3 | 45.8 | |
Deferred revenue | 307.4 | 267.6 | |
Revenue recognized | 158.2 | ||
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | 80.3 | $ 84.1 | |
Amortization related to contract costs | $ 20.9 | $ 19.4 | |
Residential Service | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, period | 12 months | ||
Mobile Services | Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, period | 1 year | ||
Mobile Services | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, period | 3 years | ||
B2B Services | Minimum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, period | 1 year | ||
B2B Services | Maximum | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, period | 5 years |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) £ in Millions, $ in Millions | 3 Months Ended | |||
Feb. 16, 2024 USD ($) | Feb. 16, 2024 GBP (£) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Schedule of Investments [Line Items] | ||||
Equity | $ 9,890.4 | $ 9,987.6 | ||
Short-term, separately-managed accounts (SMAs) | 1,652.8 | 1,990.5 | ||
Total investments | 5,224.7 | 5,399 | ||
Total investments | 15,115.1 | 15,386.6 | ||
Short-term investments | 1,652.8 | 1,990.5 | ||
Long-term investments | $ 13,462.3 | $ 13,396.1 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Other current assets (notes 3 and 4) | Other current assets (notes 3 and 4) | ||
Accrued interest | $ 35.2 | $ 34.6 | ||
VMO2 JV | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 7,175.1 | 7,248.5 | ||
Ownership percentage | 50% | |||
VodafoneZiggo JV | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 1,998.5 | 2,055.4 | ||
Ownership percentage | 50% | |||
VodafoneZiggo JV | VodafoneZiggo JV Loan | ||||
Schedule of Investments [Line Items] | ||||
Excess of carrying amount over proportional share in investees net assets | $ 1,213.8 | 1,234.7 | ||
Related party note receivable rate | 5.55% | |||
Interest accrued | $ 13.8 | |||
VodafoneZiggo JV | VodafoneZiggo JV Receivable I | ||||
Schedule of Investments [Line Items] | ||||
Related party note receivable | 755.8 | 774.5 | ||
VodafoneZiggo JV | VodafoneZiggo JV Receivable II | ||||
Schedule of Investments [Line Items] | ||||
Related party note receivable | 224.4 | 230 | ||
AtlasEdge JV | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 272 | 250.8 | ||
Ownership percentage | 48.20% | |||
All3Media Ltd. (All3Media) (d) | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 149.4 | 144.2 | ||
Ownership percentage | 100% | 100% | 50% | |
Cash proceeds from equity sale | $ 397.7 | £ 315 | ||
Formula E Holdings Ltd (Formula E) | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 101.9 | 99.1 | ||
Ownership percentage | 35.90% | |||
nexfibre JV | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 67.8 | 55.9 | ||
Ownership percentage | 25% | |||
Other | ||||
Schedule of Investments [Line Items] | ||||
Equity | $ 125.7 | 133.7 | ||
Long-term investments at fair value | 369.6 | 361.9 | ||
Vodafone - subject to re-use rights | ||||
Schedule of Investments [Line Items] | ||||
Long-term, SMAs | 1,187.6 | 1,168.1 | ||
Total investments | $ 122.3 | 115.5 | ||
Ownership percentage | 4.90% | |||
EdgeConneX, Inc. (EdgeConneX) | ||||
Schedule of Investments [Line Items] | ||||
Long-term investments at fair value | $ 402.8 | 318.3 | ||
Ownership percentage | 5.20% | |||
Televisa Univision, Inc. (Televisa Univision) | ||||
Schedule of Investments [Line Items] | ||||
Long-term, SMAs | $ 388.3 | 388.3 | ||
Ownership percentage | 6% | |||
SMAs | ||||
Schedule of Investments [Line Items] | ||||
Long-term, SMAs | $ 376.7 | 285.6 | ||
ITV plc (ITV) | ||||
Schedule of Investments [Line Items] | ||||
Long-term investments at fair value | $ 371.9 | 321.9 | ||
Ownership percentage | 9.90% | |||
Plume Design, Inc. (Plume) | ||||
Schedule of Investments [Line Items] | ||||
Long-term, SMAs | $ 167.3 | 168.4 | ||
Ownership percentage | 11.50% | |||
Warrants, fair value | $ 60.9 | 61.3 | ||
Pax8, Inc. | ||||
Schedule of Investments [Line Items] | ||||
Long-term, SMAs | $ 101.1 | 100.3 | ||
Ownership percentage | 5.60% | |||
CANAL+ Polska S.A. | ||||
Schedule of Investments [Line Items] | ||||
Long-term investments at fair value | $ 75.2 | 76.4 | ||
Ownership percentage | 17% | |||
Lions Gate Entertainment Corp. (Lionsgate) | ||||
Schedule of Investments [Line Items] | ||||
Long-term investments at fair value | $ 63.6 | 69.6 | ||
Ownership percentage | 2.80% | |||
Aviatrix Systems, Inc. (Aviatrix) | ||||
Schedule of Investments [Line Items] | ||||
Long-term investments at fair value | $ 41.2 | 55.5 | ||
Ownership percentage | 3.30% | |||
Lacework, Inc. (Lacework) | ||||
Schedule of Investments [Line Items] | ||||
Long-term investments at fair value | $ 26.6 | $ 94.2 | ||
Ownership percentage | 3.30% |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ (8) | $ (238.6) |
nexfibre JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | 12.4 | (8.6) |
All3Media | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | (10.1) | 0.3 |
AtlasEdge JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | (9.1) | (10.1) |
VodafoneZiggo JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ 6.6 | (35.7) |
Percent of remaining results of operations included in investment | 50% | |
Percent of interest income earned on loan included in investment | 100% | |
Formula E | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ (4.5) | 0.2 |
VMO2 JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ 0.7 | (178.5) |
Percent of remaining results of operations included in investment | 50% | |
Percentage of share based compensation expense | 100% | |
Other, net | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment | $ (4) | $ (6.2) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Revenue | $ 1,945.1 | $ 1,868.4 | |
Other assets, current | 692.9 | $ 847 | |
Proceeds from sale of debt securities | 1,100 | 2,400 | |
Realized net losses | 11.2 | 19.2 | |
UK JV Services | |||
Schedule of Investments [Line Items] | |||
Revenue | 112.3 | 65.8 | |
VMO2 JV | |||
Schedule of Investments [Line Items] | |||
Revenue | 3,282.8 | 3,162.7 | |
Dividends received | 198.3 | ||
VMO2 JV | Related Party | |||
Schedule of Investments [Line Items] | |||
Other assets, current | 29.4 | 18.6 | |
JV Services | |||
Schedule of Investments [Line Items] | |||
Revenue | 62.1 | 65 | |
VodafoneZiggo JV | |||
Schedule of Investments [Line Items] | |||
Revenue | 1,114 | $ 1,083.4 | |
VodafoneZiggo JV | Related Party | |||
Schedule of Investments [Line Items] | |||
Other assets, current | $ 37.6 | $ 24.2 |
Investments (Result of Operatio
Investments (Result of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||
Revenue | $ 1,945.1 | $ 1,868.4 |
Loss before income taxes | 553.9 | (701) |
Net earnings (loss) | 527 | (713.5) |
VMO2 JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Loss before income taxes | 43 | (454) |
Net earnings (loss) | 22.7 | (352.1) |
VodafoneZiggo JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Loss before income taxes | (25.5) | (108.9) |
Net earnings (loss) | (13.6) | (88.1) |
VMO2 JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenue | 3,282.8 | 3,162.7 |
VodafoneZiggo JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenue | $ 1,114 | $ 1,083.4 |
Investments (Fair Value Realize
Investments (Fair Value Realized and Unrealized Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | $ 114.9 | $ (5.5) |
EdgeConneX | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 71.8 | 11.9 |
Lacework | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | (67.6) | (21.4) |
ITV | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 50 | 45.1 |
Vodafone | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 48.2 | (37.4) |
SMAs | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | 19.3 | (14.5) |
Aviatrix Systems, Inc. (Aviatrix) | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | (14.3) | 0 |
Lionsgate | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | (6) | 34.1 |
Plume | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | (1.1) | (17.5) |
Other, net | ||
Net Investment Income [Line Items] | ||
Realized and unrealized gains (losses) | $ 14.6 | $ (5.8) |
Investments (Debt Securities) (
Investments (Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 1,882.3 | $ 2,180.1 |
Accumulated unrealized gains | 0.2 | 0.2 |
Fair value | 2,029.5 | 2,276.1 |
Contractual maturity: | ||
Due in one year or less | 1,652.8 | |
Due in one to five years | 329.1 | |
Due in five to ten years | 47.6 | |
Fair value | $ 2,029.5 | 2,276.1 |
Weighted Average | ||
Contractual maturity: | ||
Weighted average life | 9 months 18 days | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 903.4 | 1,066.5 |
Accumulated unrealized gains | 0.6 | (0.1) |
Fair value | 904 | 1,066.4 |
Contractual maturity: | ||
Fair value | 904 | 1,066.4 |
Government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 431.1 | 504.7 |
Accumulated unrealized gains | (0.3) | 0.3 |
Fair value | 430.8 | 505 |
Contractual maturity: | ||
Fair value | 430.8 | 505 |
Certificates of deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 300.7 | 373.1 |
Accumulated unrealized gains | 0 | 0.1 |
Fair value | 300.7 | 373.2 |
Contractual maturity: | ||
Fair value | 300.7 | 373.2 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | 245.1 | 226.6 |
Accumulated unrealized gains | (0.1) | (0.1) |
Fair value | 245 | 226.5 |
Contractual maturity: | ||
Fair value | 245 | 226.5 |
Structured note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | $ 147 | $ 95.8 |
Proportion of debt associated with the return on the leveraged structured note | 100% | 100% |
Contractual maturity: | ||
Fair value | $ 147 | $ 95.8 |
Payment to acquire investment | $ 46.6 | |
Structured note | Affiliate | VMO2 JV | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proportion of debt associated with the return on the leveraged structured note | 21.23% | 31.49% |
Structured note | Affiliate | VodafoneZiggo JV | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proportion of debt associated with the return on the leveraged structured note | 20.07% | 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 | 40.08% | 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 | 18.62% | 28.23% |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost basis | $ 2 | $ 9.2 |
Accumulated unrealized gains | 0 | 0 |
Fair value | 2 | 9.2 |
Contractual maturity: | ||
Fair value | $ 2 | $ 9.2 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Asset | |||
Current | $ 525.5 | $ 518.1 | |
Long-term | 762 | 738.8 | |
Total | 1,287.5 | 1,256.9 | |
Liabilities | |||
Current | 317.6 | 426.8 | |
Long-term | 584.3 | 953 | |
Total | $ 901.9 | $ 1,379.8 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Cross-currency and interest rate derivative contracts | |||
Asset | |||
Current | $ 515.1 | $ 515.6 | |
Long-term | 456.9 | 427.5 | |
Total | 972 | 943.1 | |
Liabilities | |||
Current | 220.4 | 369.9 | |
Long-term | 581.8 | 948.5 | |
Total | 802.2 | 1,318.4 | |
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net | (48.8) | $ (21.4) | |
Equity-related derivative instruments | |||
Asset | |||
Current | 0 | 0 | |
Long-term | 304.5 | 310.7 | |
Total | 304.5 | 310.7 | |
Liabilities | |||
Current | 90.7 | 47.4 | |
Long-term | 0 | 0 | |
Total | 90.7 | 47.4 | |
Foreign currency forward and option contracts | |||
Asset | |||
Current | 10.2 | 2.3 | |
Long-term | 0.6 | 0.6 | |
Total | 10.8 | 2.9 | |
Liabilities | |||
Current | 6.5 | 9.5 | |
Long-term | 2.5 | 4.5 | |
Total | 9 | 14 | |
Other | |||
Asset | |||
Current | 0.2 | 0.2 | |
Long-term | 0 | 0 | |
Total | $ 0.2 | $ 0.2 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Schedule and Footnotes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ 565.3 | $ (34.4) |
Cross-currency and interest rate derivative contracts | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 598.1 | (66.9) |
Equity-related derivative instruments | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (43.5) | 31.7 |
Foreign currency forward and option contracts | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ 10.7 | $ 0.8 |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Operating activities | $ 58.1 | $ 56 |
Financing activities | (1.5) | (62.1) |
Total | $ 56.6 | $ (6.1) |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative assets | $ 1,287.5 | $ 1,256.9 |
Counterparty Credit Risk | ||
Derivative [Line Items] | ||
Derivative assets | 394 | |
Interest Rate Caps | ||
Derivative [Line Items] | ||
Notional amount | 1,200 | |
Interest Rate Collars | ||
Derivative [Line Items] | ||
Notional amount | 4,500 | |
Foreign currency forward and option contracts | ||
Derivative [Line Items] | ||
Derivative assets | 10.8 | $ 2.9 |
Notional amount | $ 1,600 |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 3 months ended Mar. 31, 2024 € 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 6 months | ||
Sunrise Holding | Cross-Currency Swap 2 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 4 years 6 months | ||
Sunrise Holding | Cross-Currency Swap 3 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 3 years | ||
Telenet | Cross-Currency Swap 4 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 2 years 9 months 18 days | ||
Telenet | Cross-Currency Swap 5 | |||
Derivative [Line Items] | |||
Weighted average remaining life | 9 months 18 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 and Options) (Details) - Interest Rate Swap $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Pays fixed rate | Sunrise Holding | |
Derivative [Line Items] | |
Notional amount | $ 3,419.4 |
Weighted average remaining life | 2 years 3 months 18 days |
Pays fixed rate | Telenet | |
Derivative [Line Items] | |
Notional amount | $ 3,650.7 |
Weighted average remaining life | 4 years 2 months 12 days |
Pays fixed rate | Other | |
Derivative [Line Items] | |
Notional amount | $ 0 |
Receives fixed rate | Sunrise Holding | |
Derivative [Line Items] | |
Notional amount | $ 3,249.2 |
Weighted average remaining life | 2 years 4 months 24 days |
Receives fixed rate | Telenet | |
Derivative [Line Items] | |
Notional amount | $ 291.5 |
Weighted average remaining life | 9 months 18 days |
Receives fixed rate | Other | |
Derivative [Line Items] | |
Notional amount | $ 25.9 |
Weighted average remaining life | 1 year 6 months |
Derivative Instruments (Basis S
Derivative Instruments (Basis Swaps, Interest Rate Caps and Collars) (Details) - Basis Swaps $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Sunrise Holding | |
Derivative [Line Items] | |
Weighted average remaining life | 6 months |
Telenet | |
Derivative [Line Items] | |
Weighted average remaining life | 6 months |
VM Ireland | |
Derivative [Line Items] | |
Weighted average remaining life | 9 months 18 days |
Notional amount due from counterparty | Sunrise Holding | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 3,597.1 |
Notional amount due from counterparty | Telenet | |
Derivative [Line Items] | |
Notional amount due from counterparty | 3,493.4 |
Notional amount due from counterparty | VM Ireland | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 971.7 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Mar. 31, 2024 |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (3.32%) |
Sunrise Holding | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (3.60%) |
VM Ireland | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (3.56%) |
Telenet | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (2.98%) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | $ 1,287.5 | $ 1,256.9 |
SMAs | 2,029.5 | 2,276.1 |
Other investments | 3,195.2 | 3,122.9 |
Total investments | 5,224.7 | 5,399 |
Total assets | 6,512.2 | 6,655.9 |
Derivative instruments | 901.9 | 1,379.8 |
Total liabilities | 901.9 | 1,379.8 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 0 | 0 |
SMAs | 407 | 483.7 |
Other investments | 1,623.2 | 1,559.7 |
Total investments | 2,030.2 | 2,043.4 |
Total assets | 2,030.2 | 2,043.4 |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 983 | 946.2 |
SMAs | 1,622.5 | 1,792.4 |
Other investments | 0.1 | 0.1 |
Total investments | 1,622.6 | 1,792.5 |
Total assets | 2,605.6 | 2,738.7 |
Total liabilities | 811.2 | 1,332.4 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 304.5 | 310.7 |
SMAs | 0 | 0 |
Other investments | 1,571.9 | 1,563.1 |
Total investments | 1,571.9 | 1,563.1 |
Total assets | 1,876.4 | 1,873.8 |
Total liabilities | 90.7 | 47.4 |
Cross-currency and interest rate derivative contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 972 | 943.1 |
Derivative instruments | 802.2 | 1,318.4 |
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 | 972 | 943.1 |
Derivative instruments | 802.2 | 1,318.4 |
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 | 304.5 | 310.7 |
Derivative instruments | 90.7 | 47.4 |
Equity-related derivative instruments | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 0 | 0 |
Derivative instruments | 0 | 0 |
Equity-related derivative instruments | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 0 | 0 |
Derivative instruments | 0 | 0 |
Equity-related derivative instruments | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 304.5 | 310.7 |
Derivative instruments | 90.7 | 47.4 |
Foreign currency forward and option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments | 10.8 | 2.9 |
Derivative instruments | 9 | 14 |
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 | 10.8 | 2.9 |
Derivative instruments | 9 | 14 |
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 | 0.2 |
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 | 0.2 |
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) (Schedule and Footnote) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, 2024 | $ 1,826.4 |
Gains (losses) included in net loss earnings | |
Realized and unrealized losses on derivative instruments, net | (43.5) |
Realized and unrealized gains due to changes in fair values of certain investments, net | 3.4 |
Additions | 30.2 |
Foreign currency translation adjustments and other, net | (30.8) |
Balance of net assets at March 31, 2024 | $ 1,785.7 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and unrealized gains (losses) on derivative instruments, net (note 5) |
Investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2024 | $ 1,563.1 |
Gains (losses) included in net loss earnings | |
Realized and unrealized losses on derivative instruments, net | 0 |
Realized and unrealized gains due to changes in fair values of certain investments, net | 3.4 |
Additions | 30.2 |
Foreign currency translation adjustments and other, net | (24.8) |
Balance of net assets at March 31, 2024 | 1,571.9 |
Equity-related derivative instruments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets at January 1, 2024 | 263.3 |
Gains (losses) included in net loss earnings | |
Realized and unrealized losses on derivative instruments, net | (43.5) |
Realized and unrealized gains due to changes in fair values of certain investments, net | 0 |
Additions | 0 |
Foreign currency translation adjustments and other, net | (6) |
Balance of net assets at March 31, 2024 | 213.8 |
Instruments accounted for under measurement alternative | |
Gains (losses) included in net loss earnings | |
Balance of net assets at March 31, 2024 | $ 369.4 |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 15,686.5 | $ 16,108.7 |
Accumulated depreciation | (8,638.2) | (8,748.5) |
Total property and equipment, net | 7,048.3 | 7,360.2 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 10,350.9 | 10,638 |
Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 3,996.1 | 4,116 |
Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 1,339.5 | $ 1,354.7 |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Value added tax, vendor financing arrangement | $ 5.1 | $ 6.7 |
Vendor financing | ||
Property, Plant and Equipment [Line Items] | ||
Capital-related vendor financing additions | $ 39.8 | $ 42.3 |
Long-lived Assets (Schedule o_2
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | $ 10,477 |
Acquisitions and related adjustments | 5.9 |
Foreign currency translation adjustments and other | (577) |
Goodwill ending balance | 9,905.9 |
Sunrise Holding | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 7,168.7 |
Acquisitions and related adjustments | 3.1 |
Foreign currency translation adjustments and other | (496.8) |
Goodwill ending balance | 6,675 |
Telenet | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 2,976.9 |
Acquisitions and related adjustments | 2.8 |
Foreign currency translation adjustments and other | (72.2) |
Goodwill ending balance | 2,907.5 |
VM Ireland | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 268.1 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | (6.5) |
Goodwill ending balance | 261.6 |
Central and Other | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 63.3 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | (1.5) |
Goodwill ending balance | $ 61.8 |
Long-lived Assets (Schedule o_3
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | $ 3,808.2 | $ 4,027.8 |
Accumulated amortization | (1,976) | (1,974.2) |
Net carrying amount | 1,832.2 | 2,053.6 |
Customer relationships | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 2,327.6 | 2,489.5 |
Accumulated amortization | (1,374.3) | (1,370.8) |
Net carrying amount | 953.3 | 1,118.7 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross carrying amount | 1,480.6 | 1,538.3 |
Accumulated amortization | (601.7) | (603.4) |
Net carrying amount | $ 878.9 | $ 934.9 |
Debt (Components of Debt) (Deta
Debt (Components of Debt) (Details) € in Millions, $ in Millions | Mar. 31, 2024 USD ($) | Mar. 31, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 6.09% | 6.09% | |||
Unused borrowing capacity, amount | $ 1,535.4 | ||||
Total debt before deferred financing costs, discounts and premiums | 15,602.5 | $ 15,857.6 | |||
Deferred financing costs, discounts and premiums, net | (134.4) | (149.7) | |||
Total carrying amount of debt | 15,468.1 | 15,707.9 | |||
Finance lease obligations | 52.3 | 58 | |||
Total debt and finance lease obligations | 15,520.4 | 15,765.9 | |||
Current portion of debt and finance lease obligations | (737.8) | (806.8) | |||
Long-term debt and finance lease obligations | $ 14,782.6 | 14,959.1 | |||
Sunrise Holding Bank Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 7.70% | 7.70% | |||
Unused borrowing capacity, amount | $ 763.4 | € 707 | |||
Total debt before deferred financing costs, discounts and premiums | 3,597.1 | 3,626.4 | |||
Sunrise Holding Bank Facility | Sunrise Holding Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity, amount | $ 763.4 | € 707 | |||
Sunrise Holding SPE Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.57% | 4.57% | |||
Total debt before deferred financing costs, discounts and premiums | $ 1,654.8 | 1,664.9 | |||
Sunrise Holding Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.77% | 4.77% | |||
Total debt before deferred financing costs, discounts and premiums | $ 817.1 | 826.1 | |||
Telenet Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 6.95% | 6.95% | |||
Total debt before deferred financing costs, discounts and premiums | $ 4,454.3 | 4,507.9 | |||
Telenet Credit Facility | Sunrise Holding Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity, amount | $ 664 | € 615 | |||
Telenet Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.76% | 4.76% | |||
Total debt before deferred financing costs, discounts and premiums | $ 1,583 | 1,597.6 | |||
VM Ireland Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 7.36% | 7.36% | |||
Unused borrowing capacity, amount | $ 108 | € 100 | |||
Total debt before deferred financing costs, discounts and premiums | 971.7 | 995.8 | |||
VM Ireland Credit Facility | Sunrise Holding Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity, amount | $ 108 | € 100 | |||
Vodafone Collar Loan | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 2.95% | 2.95% | |||
Total debt before deferred financing costs, discounts and premiums | $ 1,358.2 | 1,391.9 | |||
Vendor financing | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.97% | 4.97% | |||
Total debt before deferred financing costs, discounts and premiums | $ 708 | 768.7 | $ 655.3 | $ 704.7 | |
Other | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.90% | 5.90% | |||
Total debt before deferred financing costs, discounts and premiums | $ 458.3 | $ 478.3 |
Debt ( Component of Debt-Footno
Debt ( Component of Debt-Footnotes) (Details) | 2 Months Ended | 3 Months Ended | |||||
Feb. 29, 2024 USD ($) | Feb. 29, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2024 EUR (€) | Feb. 29, 2024 EUR (€) | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 6.09% | 6.09% | |||||
Unused borrowing capacity, amount | $ 1,535,400,000 | ||||||
Repayment of debt | 5,900,000 | $ 6,700,000 | |||||
Deferred liabilities | 410,900,000 | $ 430,800,000 | |||||
Long-term Debt | |||||||
Debt Instrument [Line Items] | |||||||
Estimated fair value | $ 15,200,000,000 | $ 15,500,000,000 | |||||
Aggregate Variable and Fixed Rate Indebtedness | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 3.41% | 3.41% | |||||
Sunrise Holding Bank Facility | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 7.70% | 7.70% | |||||
Unused borrowing capacity, amount | $ 763,400,000 | € 707,000,000 | |||||
Sunrise Holding Bank Facility | Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 763,400,000 | 707,000,000 | |||||
Unused borrowing capacity, amount under covenant | 763,400,000 | 707,000,000 | |||||
Available to loan or distribute | 763,400,000 | 707,000,000 | |||||
Sunrise Holding Bank Facility | Debt Covenant, Scenario 1 | Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 763,400,000 | 707,000,000 | |||||
Available to loan or distribute | 763,400,000 | 707,000,000 | |||||
Sunrise Holding Revolving Facility B | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 752,600,000 | 697,000,000 | |||||
Maximum borrowing capacity | 777,400,000 | 720,000,000 | |||||
Sunrise Holding Revolving Facility A | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | $ 64,800,000 | 10,800,000 | 10,000,000 | € 60,000,000 | |||
Maximum borrowing capacity | € | 10,000,000 | ||||||
Sunrise Holding Revolving Facility Auxillary | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 24,800,000 | 23,000,000 | |||||
Maximum borrowing capacity | € | 60,000,000 | ||||||
Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of debt | 19,400,000 | € 18,000,000 | |||||
Sunrise Holding Revolving Facility One | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 788,200,000 | 730,000,000 | |||||
Sunrise Holding Revolving Facility B, Auxillary | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | € | 60,000,000 | ||||||
Telenet Revolving Credit Facility B | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 615,400,000 | 570,000,000 | |||||
Telenet Revolving Credit Facility A | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | $ 32,400,000 | € 30,000,000 | |||||
Telenet Overdraft Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 27,000,000 | 25,000,000 | |||||
Telenet Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | $ 21,600,000 | € 20,000,000 | |||||
VM Ireland Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 7.36% | 7.36% | |||||
Unused borrowing capacity, amount | $ 108,000,000 | € 100,000,000 | |||||
VM Ireland Credit Facility | Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 108,000,000 | 100,000,000 | |||||
Unused borrowing capacity, amount under covenant | 108,000,000 | 100,000,000 | |||||
Available to loan or distribute | 108,000,000 | 100,000,000 | |||||
VM Ireland Credit Facility | Debt Covenant, Scenario 1 | Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 108,000,000 | 100,000,000 | |||||
Available to loan or distribute | $ 108,000,000 | € 100,000,000 | |||||
Vendor financing | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 4.97% | 4.97% | |||||
Operating-related vendor financing additions | $ 159,800,000 | $ 141,400,000 | |||||
Telenet Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Weighted average interest rate | 6.95% | 6.95% | |||||
Telenet Credit Facility | Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | $ 664,000,000 | € 615,000,000 | |||||
Unused borrowing capacity, amount under covenant | 664,000,000 | 615,000,000 | |||||
Available to loan or distribute | 664,000,000 | 615,000,000 | |||||
Telenet Credit Facility | Debt Covenant, Scenario 1 | Sunrise Holding Revolving Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity, amount | 664,000,000 | 615,000,000 | |||||
Available to loan or distribute | $ 664,000,000 | € 615,000,000 |
Debt (General Information) (Det
Debt (General Information) (Details) | 3 Months Ended |
Mar. 31, 2024 subsidiary group | |
Debt Disclosure [Abstract] | |
Number of subsidiaries with the most outstanding debt | subsidiary | 1 |
Number of borrowing groups | group | 3 |
Debt (Maturities of Debt) (Deta
Debt (Maturities of Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
2024 (remainder of year) | $ 613.7 | |
2025 | 461 | |
2026 | 1,060.3 | |
2027 | 23.2 | |
2028 | 6,043.7 | |
2029 | 5,860.4 | |
Thereafter | 1,540.2 | |
Total debt | 15,602.5 | $ 15,857.6 |
Deferred financing costs, discounts and premiums, net | (134.4) | |
Total debt | 15,468.1 | |
Current portion | 728.9 | |
Long-term portion | 14,739.2 | |
Vodafone Collar Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 1,358.2 | $ 1,391.9 |
Sunrise Holding | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 257 | |
2025 | 67.8 | |
2026 | 0 | |
2027 | 0 | |
2028 | 1,152.3 | |
2029 | 3,666.7 | |
Thereafter | 1,250 | |
Total debt | 6,393.8 | |
Deferred financing costs, discounts and premiums, net | (20.2) | |
Total debt | 6,373.6 | |
Current portion | 324.8 | |
Long-term portion | 6,048.8 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 346 | |
2025 | 71.6 | |
2026 | 22.6 | |
2027 | 23.2 | |
2028 | 4,891.4 | |
2029 | 1,222 | |
Thereafter | 290.2 | |
Total debt | 6,867 | |
Deferred financing costs, discounts and premiums, net | (26.9) | |
Total debt | 6,840.1 | |
Current portion | 392.9 | |
Long-term portion | 6,447.2 | |
VM Ireland | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 | 971.7 | |
Thereafter | 0 | |
Total debt | 971.7 | |
Deferred financing costs, discounts and premiums, net | (4.9) | |
Total debt | 966.8 | |
Current portion | 0 | |
Long-term portion | 966.8 | |
Other | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 10.7 | |
2025 | 321.6 | |
2026 | 1,037.7 | |
2027 | 0 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 0 | |
Total debt | 1,370 | |
Deferred financing costs, discounts and premiums, net | (82.4) | |
Total debt | 1,287.6 | |
Current portion | 11.2 | |
Long-term portion | $ 1,276.4 |
Debt (Vendor Financing Obligati
Debt (Vendor Financing Obligations) (Schedule) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | $ 613.7 | |||
2025 | 461 | |||
Total debt | 15,602.5 | $ 15,857.6 | ||
Current portion | 728.9 | |||
Long-term portion | 14,739.2 | |||
Sunrise Holding | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 257 | |||
2025 | 67.8 | |||
Total debt | 6,393.8 | |||
Current portion | 324.8 | |||
Long-term portion | 6,048.8 | |||
Telenet | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 346 | |||
2025 | 71.6 | |||
Total debt | 6,867 | |||
Current portion | 392.9 | |||
Long-term portion | 6,447.2 | |||
Other | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 10.7 | |||
2025 | 321.6 | |||
Total debt | 1,370 | |||
Current portion | 11.2 | |||
Long-term portion | 1,276.4 | |||
Vendor financing | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 591.5 | |||
2025 | 116.5 | |||
Total debt | 708 | $ 768.7 | $ 655.3 | $ 704.7 |
Current portion | 707.4 | |||
Long-term portion | 0.6 | |||
Vendor financing | Sunrise Holding | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 257 | |||
2025 | 67.8 | |||
Total debt | 324.8 | |||
Current portion | 324.8 | |||
Long-term portion | 0 | |||
Vendor financing | Telenet | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 323.8 | |||
2025 | 47.6 | |||
Total debt | 371.4 | |||
Current portion | 371.4 | |||
Long-term portion | 0 | |||
Vendor financing | Other | ||||
Debt Instrument [Line Items] | ||||
2024 (remainder of year) | 10.7 | |||
2025 | 1.1 | |||
Total debt | 11.8 | |||
Current portion | 11.2 | |||
Long-term portion | $ 0.6 |
Debt (Vendor Financing Obliga_2
Debt (Vendor Financing Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Vendor Financing Obligation [Roll Forward] | ||
Balance at January 1 | $ 15,857.6 | |
Principal payments on operating-related vendor financing | (191) | $ (143.5) |
Principal payments on capital-related vendor financing | (45.1) | (104.5) |
Balance at March 31 | 15,602.5 | |
Vendor financing | ||
Vendor Financing Obligation [Roll Forward] | ||
Balance at January 1 | 768.7 | 704.7 |
Operating-related vendor financing additions | 159.8 | 141.4 |
Capital-related vendor financing additions | 39.8 | 42.3 |
Principal payments on operating-related vendor financing | (191) | (143.5) |
Principal payments on capital-related vendor financing | (45.1) | (104.5) |
Foreign currency and other | (24.2) | 14.9 |
Balance at March 31 | $ 708 | $ 655.3 |
Leases (Lease Balances) (Detail
Leases (Lease Balances) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
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 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Current portion of debt and finance lease obligations (notes 8 and 9), Long-term debt and finance lease obligations | Current portion of debt and finance lease obligations (notes 8 and 9), Long-term debt and finance lease obligations | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Accrued Liabilities, Current | Other Accrued Liabilities, Current | |
ROU assets: | |||
Finance leases | $ 56.1 | $ 57.9 | |
Operating leases | 2,225.6 | 1,761.8 | |
Total ROU assets | 2,281.7 | 1,819.7 | |
Lease liabilities: | |||
Finance lease | 52.3 | 58 | |
Operating leases | 2,060.9 | 1,803.9 | |
Total lease liabilities | $ 2,113.2 | $ 1,861.9 | |
Weighted average remaining lease term for finance leases | 10 years 7 months 6 days | ||
Weighted average discount rate, for finance leases | 4.90% | ||
ROU assets associated with finance leases | $ 0.5 | $ 7.3 | |
Weighted average remaining lease term for operating leases | 9 years 10 months 24 days | ||
Weighted average discount rate, for operating leases | 4.80% | ||
Addition to ROU assets associated with operating leases | $ 29.4 | $ 25 |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finance lease expense: | ||
Depreciation and amortization | $ 2.1 | $ 17.3 |
Interest expense | 0.6 | 6.2 |
Total finance lease expense | 2.7 | 23.5 |
Operating lease expense | 62.5 | 59.3 |
Short-term lease expense | 0.4 | 1.1 |
Variable lease expense | 0.3 | 0.4 |
Total lease expense | 65.9 | 84.3 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | 79.3 | 59.9 |
Operating cash outflows from finance leases (interest component) | 0.6 | 6.2 |
Financing cash outflows from finance leases (principal component) | 4 | 2.4 |
Total cash outflows from operating and finance leases | $ 83.9 | $ 68.5 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Operating leases | ||
2024 (remainder of year) | $ 218.8 | |
2025 | 255.8 | |
2026 | 238.7 | |
2027 | 227.8 | |
2028 | 219.2 | |
2029 | 211.4 | |
Thereafter | 1,488.1 | |
Total payments | 2,859.8 | |
Less: present value discount | (798.9) | |
Present value of lease payments | 2,060.9 | $ 1,803.9 |
Current portion | 178.2 | |
Long-term portion | 1,882.7 | 1,652.1 |
Finance leases | ||
2024 (remainder of year) | 8.2 | |
2025 | 10.1 | |
2026 | 7.9 | |
2027 | 7 | |
2028 | 4.4 | |
2029 | 3.1 | |
Thereafter | 27.1 | |
Total payments | 67.8 | |
Less: present value discount | (15.5) | |
Present value of lease payments | 52.3 | $ 58 |
Current portion | 8.9 | |
Long-term portion | $ 43.4 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Computed “expected” tax benefit (expense) | $ (138.5) | $ 164.7 |
Non-deductible or non-taxable foreign currency exchange results | 164.2 | (88.2) |
Non-deductible or non-taxable interest and other expenses | (27.1) | (26.1) |
Change in valuation allowances | (20.9) | 19.7 |
International rate differences | (6.2) | (4.4) |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (3.6) | (76.6) |
Other, net | 5.2 | (1.6) |
Total income tax expense | $ (26.9) | $ (12.5) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Oct. 07, 2022 | Mar. 31, 2024 | Dec. 31, 2023 |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits | $ 443.3 | ||
UTB that would impact effective tax rate | 346 | ||
Reduction in UTB | $ 348 | ||
Income tax penalties and interest expense | $ 110 | ||
Income tax examination, liability (refund) adjustment from settlement with taxing authority | $ 315 | ||
Tax Year 2018 | Income Tax Contingency | |||
Income Tax Contingency [Line Items] | |||
Damages sought | $ 284 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Oct. 31, 2023 | Oct. 19, 2023 | |
Class of Stock [Line Items] | ||||
Share repurchase program, minimum repurchase requirement, percentage | 10% | |||
Stock repurchase, remaining authorized amount | $ 506.3 | |||
Telenet | Subsidiaries | Liberty Global Belgium Holding B.V. | ||||
Class of Stock [Line Items] | ||||
Interest acquired | 100% | 100% | ||
Class C | ||||
Class of Stock [Line Items] | ||||
Stock repurchased (in shares) | 8,914,916 | |||
Average price paid per share (in dollars per share) | $ 19.12 | |||
Aggregate purchase price | $ 170.5 | |||
Stock repurchase, remaining authorized amount | 29.3 | |||
Class A | ||||
Class of Stock [Line Items] | ||||
Stock repurchase, remaining authorized amount | $ 29.3 |
Share-based Compensation (Share
Share-based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 44.6 | $ 43.8 |
Percent of annual incentive compensation receivable in shares | 100% | |
Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 5.3 | 2.2 |
SG&A expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 39.3 | 41.6 |
Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 43.4 | 36 |
Non-performance based incentive awards | Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 32.5 | 29.2 |
Performance-based incentive awards | Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 2.1 | 0 |
Other | Liberty Global | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 8.8 | 6.8 |
Other | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 1.2 | $ 7.8 |
Share-based Compensation (Award
Share-based Compensation (Awards Outstanding and Exercisable) (Details) | Mar. 31, 2024 $ / shares shares |
Held by Liberty Global employees: | Options and SARs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 23,892,259 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 26.01 |
Options exercisable (in shares) | 18,609,643 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 27.07 |
Held by Liberty Global employees: | Options and SARs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 56,105,273 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 25.23 |
Options exercisable (in shares) | 40,613,634 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 26.16 |
Held by Liberty Global employees: | RSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 2,393,441 |
Held by Liberty Global employees: | RSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 5,210,720 |
Held by Liberty Global employees: | PSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 441,813 |
Held by Liberty Global employees: | PSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 815,349 |
Held by former Liberty Global employees | Options and SARs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 1,062,927 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 32.87 |
Options exercisable (in shares) | 1,030,850 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 33.16 |
Held by former Liberty Global employees | Options and SARs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding (in shares) | 2,097,635 |
Options outstanding, weighted average exercise or base price (in dollars per shares) | $ / shares | $ 32.03 |
Options exercisable (in shares) | 2,033,491 |
Options exercisable, weighted average exercise price or base price (in dollars per shares) | $ / shares | $ 32.29 |
Held by former Liberty Global employees | RSUs | Class A | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 14,304 |
Held by former Liberty Global employees | RSUs | Class C | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options outstanding (in shares) | 28,593 |
Earnings (Loss) per Share (Sche
Earnings (Loss) per Share (Schedules) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted average ordinary shares outstanding (basic EPS computation) (in shares) | 377,747,016 | 454,394,944 |
Incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting (treasury stock method) (in shares) | 7,362,615 | 0 |
Weighted average ordinary shares outstanding (diluted EPS computation) (in shares) | 385,109,631 | 454,394,944 |
Earnings (Loss) per Share (Narr
Earnings (Loss) per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS (in shares) | 111.1 | |
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) | 73.3 |
Earnings (Loss) per Share (Net
Earnings (Loss) per Share (Net Earnings (Loss) From Continuing Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net earnings (loss) | $ 527 | $ (713.5) |
Net earnings attributable to noncontrolling interests | (17) | (7.9) |
Net earnings (loss) attributable to Liberty Global shareholders | $ 510 | $ (721.4) |
Commitments and Contingencies_2
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2024 | $ 1,129.1 |
2025 | 837.8 |
2026 | 624 |
2027 | 435 |
2028 | 393.6 |
2029 | 29 |
Thereafter | 82.7 |
Total | 3,531.2 |
Purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2024 | 642 |
2025 | 448.6 |
2026 | 394.8 |
2027 | 370 |
2028 | 364.7 |
2029 | 0.7 |
Thereafter | 0.5 |
Total | 2,221.3 |
Programming commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2024 | 161.5 |
2025 | 139 |
2026 | 61.5 |
2027 | 31.8 |
2028 | 0 |
2029 | 0 |
Thereafter | 0 |
Total | 393.8 |
Network and connectivity commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2024 | 133.4 |
2025 | 85.9 |
2026 | 41.2 |
2027 | 4.3 |
2028 | 1.9 |
2029 | 1.5 |
Thereafter | 16.1 |
Total | 284.3 |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2024 | 192.2 |
2025 | 164.3 |
2026 | 126.5 |
2027 | 28.9 |
2028 | 27 |
2029 | 26.8 |
Thereafter | 66.1 |
Total | $ 631.8 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) SFr in Millions, € in Billions | 1 Months Ended | 3 Months Ended | ||||||
Jan. 31, 2023 USD ($) | Jan. 31, 2023 CHF (SFr) | Dec. 31, 2015 USD ($) | Dec. 31, 2015 EUR (€) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 08, 2017 subsidiary | Nov. 26, 2007 association | |
Loss Contingencies [Line Items] | ||||||||
Programming costs | $ 152,800,000 | $ 154,100,000 | ||||||
Percentage of amounts recovered | 50% | |||||||
Percentage of net present value, cost savings | 50% | |||||||
Percentage of legal and other third party, fees | 50% | |||||||
Deutsche Telekom Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reduction of annual lease fees | 83.33% | |||||||
Interkabel Acquisition | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of associations of municipalities | association | 4 | |||||||
Damages sought | $ 1,500,000,000 | € 1.4 | ||||||
Loss contingency accrual | $ 0 | |||||||
Swisscom MVNO Matter | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages sought | $ 100,000,000 | SFr 90 | ||||||
Number of subsidiaries | subsidiary | 1 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting Information [Line Items] | |
Performance measures, percentage of reportable segment revenue and operating cash flow presented | 100% |
VMO2 JV | |
Segment Reporting Information [Line Items] | |
Ownership percentage | 50% |
VodafoneZiggo JV | |
Segment Reporting Information [Line Items] | |
Ownership percentage | 50% |
VodafoneZiggo JV | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100% |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,945.1 | $ 1,868.4 |
Adjusted EBITDA | 581.4 | 624.5 |
VMO2 JV | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,282.8 | 3,162.7 |
VMO2 JV | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 1,073.6 | 1,025.9 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,114 | 1,083.4 |
VodafoneZiggo JV | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 519 | 471.5 |
Operating Segments | Sunrise | ||
Segment Reporting Information [Line Items] | ||
Revenue | 854 | 807.4 |
Adjusted EBITDA | 279.3 | 263 |
Operating Segments | Telenet | ||
Segment Reporting Information [Line Items] | ||
Revenue | 762.6 | 754.5 |
Adjusted EBITDA | 308.4 | 302.9 |
Operating Segments | VM Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 123 | 123 |
Adjusted EBITDA | 40 | 41.5 |
Central and Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 269.6 | 244.5 |
Adjusted EBITDA | (31) | 32.1 |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | (64.1) | (61) |
Adjusted EBITDA | $ (15.3) | $ (15) |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Consolidated Segment Adjusted EBITDA) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||
Net earnings (loss) | $ 527 | $ (713.5) |
Income tax expense | 26.9 | 12.5 |
Other income, net | (43.5) | (43.9) |
Share of results of affiliates, net | 8 | 238.6 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net | (114.9) | 5.5 |
Foreign currency transaction losses (gains), net | (69.1) | 302.9 |
Realized and unrealized losses (gains) on derivative instruments, net | (565.3) | 34.4 |
Interest expense | 253.5 | 200.9 |
Operating income | 22.6 | 37.4 |
Impairment, restructuring and other operating items, net | 33.5 | 16.4 |
Depreciation and amortization | 480.7 | 526.9 |
Share-based compensation expense | 44.6 | 43.8 |
Adjusted EBITDA | $ 581.4 | $ 624.5 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 365.1 | $ 389.9 |
Assets acquired under capital-related vendor financing arrangements | (39.8) | (42.3) |
Assets acquired under finance leases | (0.5) | (7.3) |
Changes in current liabilities related to capital expenditures | 26 | 36.9 |
Total capital expenditures, net | 350.8 | 377.2 |
VMO2 JV | ||
Segment Reporting Information [Line Items] | ||
Property and equipment additions: | 685.8 | 590.6 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Property and equipment additions: | 244.7 | 250.4 |
Operating Segments | Sunrise | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 149.9 | 149 |
Operating Segments | Telenet | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 183.7 | 173 |
Operating Segments | VM Ireland | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 39.4 | 33.1 |
Central and Other | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 7.4 | 49.8 |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ (15.3) | $ (15) |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,945.1 | $ 1,868.4 |
Total residential fixed revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 744.5 | 739.1 |
Total subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 730.8 | 724.8 |
Broadband internet | ||
Segment Reporting Information [Line Items] | ||
Revenue | 382.3 | 359.5 |
Video | ||
Segment Reporting Information [Line Items] | ||
Revenue | 264.3 | 273.2 |
Fixed-line telephony | ||
Segment Reporting Information [Line Items] | ||
Revenue | 84.2 | 92.1 |
Non-subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 13.7 | 14.3 |
Total residential revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,258.4 | 1,229.4 |
Total residential mobile revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 513.9 | 490.3 |
Subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 376.6 | 356.4 |
Non-subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 137.3 | 133.9 |
Total B2B revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 375.9 | 357.2 |
Subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 144.9 | 133.4 |
Non-subscription revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | 231 | 223.8 |
Other revenue | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 310.8 | $ 281.8 |
Segment Reporting (Geographic S
Segment Reporting (Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,945.1 | $ 1,868.4 |
VMO2 JV | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,282.8 | 3,162.7 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,114 | 1,083.4 |
Operating Segments | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 854 | 807.4 |
Operating Segments | Belgium | ||
Segment Reporting Information [Line Items] | ||
Revenue | 720 | 716.6 |
Operating Segments | Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenue | 123 | 123 |
Operating Segments | Slovakia | ||
Segment Reporting Information [Line Items] | ||
Revenue | 12.7 | 13.3 |
Other, including intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 235.4 | $ 208.1 |