Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38335 | |
Entity Registrant Name | Liberty Latin America Ltd. | |
Entity Address, Country | BM | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-1386359 | |
Entity Address, Address Line One | 2 Church Street, | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 11 | |
City Area Code | 441 | |
Local Phone Number | 295-5950 | |
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 | 0001712184 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Shares, par value $0.01 per share | |
Trading Symbol | LILA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 40,800,000 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,200,000 | |
Common Class C | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class C Common Shares, par value $0.01 per share | |
Trading Symbol | LILAK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 161,700,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 571.6 | $ 781 |
Trade receivables, net | 648.1 | 603.3 |
Prepaid expenses | 91.1 | 65.1 |
Current derivative assets | 101.9 | 91.3 |
Current notes receivable, net | 84 | 92 |
Current contract assets | 107.6 | 107.3 |
Other current assets, net | 366.3 | 338.9 |
Total current assets | 1,970.6 | 2,078.9 |
Goodwill | 3,469.8 | 3,421.3 |
Property and equipment, net | 4,254.7 | 4,293.6 |
Intangible assets not subject to amortization | 1,592.8 | 1,592.8 |
Intangible assets subject to amortization, net | 577.3 | 688.1 |
Other assets, net | 1,443.3 | 1,500.5 |
Total assets | 13,308.5 | 13,575.2 |
Current liabilities: | ||
Accounts payable | 404.5 | 525.1 |
Current portion of deferred revenue | 150.8 | 151.7 |
Current portion of debt and finance lease obligations | 558.1 | 226.9 |
Accrued interest | 110.8 | 118.2 |
Accrued payroll and employee benefits | 83.3 | 82.1 |
Current derivative liabilities | 19 | 42.3 |
Current portion of operating lease liabilities | 83.4 | 76.7 |
Other accrued and current liabilities | 520.1 | 550.8 |
Total current liabilities | 1,930 | 1,773.8 |
Long-term debt and finance lease obligations | 7,356.6 | 7,653.8 |
Deferred tax liabilities | 674.7 | 688.7 |
Deferred revenue | 89.4 | 109.3 |
Other long-term liabilities | 829.1 | 792.9 |
Total liabilities | 10,879.8 | 11,018.5 |
Commitments and contingencies | ||
Liberty Latin America shareholders: | ||
Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period | 0 | 0 |
Treasury shares, at cost; 38.8 million and 25.3 million shares, respectively | (354.7) | (243.4) |
Additional paid-in capital | 5,252.4 | 5,177.1 |
Accumulated deficit | (2,838.9) | (2,868.1) |
Accumulated other comprehensive loss, net of taxes | (193.6) | (149.2) |
Total Liberty Latin America shareholders | 1,867.6 | 1,918.8 |
Noncontrolling interests | 561.1 | 637.9 |
Total equity | 2,428.7 | 2,556.7 |
Total liabilities and equity | 13,308.5 | 13,575.2 |
Class A | ||
Liberty Latin America shareholders: | ||
Common stock | 0.5 | 0.5 |
Class B | ||
Liberty Latin America shareholders: | ||
Common stock | 0 | 0 |
Class C | ||
Liberty Latin America shareholders: | ||
Common stock | $ 1.9 | $ 1.9 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury shares (in shares) | 38,800,000 | 25,300,000 |
Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 52,600,000 | 51,800,000 |
Common stock, shares outstanding (in shares) | 40,900,000 | 42,700,000 |
Class B | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 2,200,000 | 2,100,000 |
Common stock, shares outstanding (in shares) | 2,200,000 | 2,100,000 |
Class C | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 189,600,000 | 187,400,000 |
Common stock, shares outstanding (in shares) | 162,500,000 | 171,300,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,125.8 | $ 1,220.8 | $ 3,347.5 | $ 3,649.4 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||||
Programming and other direct costs of services | 259.1 | 299.1 | 740.2 | 903.3 |
Other operating costs and expenses | 462.4 | 528.7 | 1,415.4 | 1,521.4 |
Depreciation and amortization | 230.5 | 234.3 | 705.6 | 661.7 |
Impairment, restructuring and other operating items, net | 11.1 | 7 | 81.6 | 583.4 |
Operating costs and expenses (exclusive of depreciation and amortization) | 963.1 | 1,069.1 | 2,942.8 | 3,669.8 |
Operating income (loss) | 162.7 | 151.7 | 404.7 | (20.4) |
Non-operating income (expense): | ||||
Interest expense | (152.3) | (149.2) | (448) | (415.8) |
Realized and unrealized gains on derivative instruments, net | 47.5 | 135.4 | 52.8 | 385 |
Foreign currency transaction gains (losses), net | 3.7 | (56.5) | 46.2 | (221.9) |
Gains (losses) on debt extinguishments, net | 0.3 | 41.1 | (3.9) | 41.1 |
Other expense, net | (3.6) | (1.8) | (4) | (7) |
Non-operating income (expense) | (104.4) | (31) | (356.9) | (218.6) |
Earnings (loss) before income taxes | 58.3 | 120.7 | 47.8 | (239) |
Income tax expense | (10.4) | (38.8) | (51.9) | (100.6) |
Net earnings (loss) | 47.9 | 81.9 | (4.1) | (339.6) |
Net loss (earnings) attributable to noncontrolling interests | 11.8 | (6.2) | 33.3 | 30.3 |
Net earnings (loss) attributable to Liberty Latin America shareholders | $ 59.7 | $ 75.7 | $ 29.2 | $ (309.3) |
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ 0.29 | $ 0.34 | $ 0.14 | $ (1.38) |
Diluted net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ 0.29 | $ 0.34 | $ 0.14 | $ (1.38) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 47.9 | $ 81.9 | $ (4.1) | $ (339.6) |
Other comprehensive earnings (loss), net of taxes: | ||||
Foreign currency translation adjustments | 8.6 | 21.7 | 31 | 52.9 |
Reclassification adjustments included in net earnings (loss) | 0 | (3.2) | 0 | (6.7) |
Pension-related adjustments and other, net | (4) | (7.6) | (74.5) | (16.7) |
Other comprehensive earnings (loss) | 4.6 | 10.9 | (43.5) | 29.5 |
Comprehensive earnings (loss) | 52.5 | 92.8 | (47.6) | (310.1) |
Comprehensive loss (earnings) attributable to noncontrolling interests | 11.6 | (6.7) | 32.4 | 30.8 |
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders | $ 64.1 | $ 86.1 | $ (15.2) | $ (279.3) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Total Liberty Latin America shareholders | Common shares Class A | Common shares Class C | Treasury Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss, net of taxes | Non-controlling interests |
Beginning balance at Dec. 31, 2021 | $ 2,893.9 | $ 2,216.5 | $ 0.5 | $ 1.8 | $ (74) | $ 5,075.3 | $ (2,697.4) | $ (89.7) | $ 677.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | (339.6) | (309.3) | (309.3) | (30.3) | |||||
Other comprehensive earnings (loss) | 29.5 | 30 | 30 | (0.5) | |||||
Repurchase of Liberty Latin America common shares | (152.4) | (152.4) | (152.4) | ||||||
Cash and non-cash distributions to noncontrolling interest owners | (1.9) | (1.9) | |||||||
Share-based compensation | 88.9 | 88.9 | 0.1 | 88.8 | |||||
Ending balance at Sep. 30, 2022 | 2,518.4 | 1,873.7 | 0.5 | 1.9 | (226.4) | 5,164.1 | (3,006.7) | (59.7) | 644.7 |
Beginning balance at Jun. 30, 2022 | 2,441.3 | 1,803.3 | 0.5 | 1.9 | (192.8) | 5,146.2 | (3,082.4) | (70.1) | 638 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | 81.9 | 75.7 | 75.7 | 6.2 | |||||
Other comprehensive earnings (loss) | 10.9 | 10.4 | 10.4 | 0.5 | |||||
Repurchase of Liberty Latin America common shares | (33.6) | (33.6) | (33.6) | ||||||
Share-based compensation | 17.9 | 17.9 | 17.9 | ||||||
Ending balance at Sep. 30, 2022 | 2,518.4 | 1,873.7 | 0.5 | 1.9 | (226.4) | 5,164.1 | (3,006.7) | (59.7) | 644.7 |
Beginning balance at Dec. 31, 2022 | 2,556.7 | 1,918.8 | 0.5 | 1.9 | (243.4) | 5,177.1 | (2,868.1) | (149.2) | 637.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | (4.1) | 29.2 | 29.2 | (33.3) | |||||
Other comprehensive earnings (loss) | (43.5) | (44.4) | (44.4) | 0.9 | |||||
Repurchase of Liberty Latin America common shares | (111.3) | (111.3) | (111.3) | ||||||
Cash and non-cash distributions to noncontrolling interest owners | (49.9) | (49.9) | |||||||
Share-based compensation | 75.3 | 75.3 | 75.3 | ||||||
Other | 5.5 | 5.5 | |||||||
Ending balance at Sep. 30, 2023 | 2,428.7 | 1,867.6 | 0.5 | 1.9 | (354.7) | 5,252.4 | (2,838.9) | (193.6) | 561.1 |
Beginning balance at Jun. 30, 2023 | 2,375.3 | 1,808.1 | 0.5 | 1.9 | (325.2) | 5,227.5 | (2,898.6) | (198) | 567.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | 47.9 | 59.7 | 59.7 | (11.8) | |||||
Other comprehensive earnings (loss) | 4.6 | 4.4 | 4.4 | 0.2 | |||||
Repurchase of Liberty Latin America common shares | (29.5) | (29.5) | (29.5) | ||||||
Share-based compensation | 24.9 | 24.9 | 24.9 | ||||||
Other | 5.5 | 5.5 | |||||||
Ending balance at Sep. 30, 2023 | $ 2,428.7 | $ 1,867.6 | $ 0.5 | $ 1.9 | $ (354.7) | $ 5,252.4 | $ (2,838.9) | $ (193.6) | $ 561.1 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ 47.9 | $ 81.9 | $ (4.1) | $ (339.6) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Share-based compensation expense | 24.1 | 20.8 | 77.8 | 82.6 |
Depreciation and amortization | 230.5 | 234.3 | 705.6 | 661.7 |
Impairments and other non-cash charges, net | 49.5 | 566.6 | ||
Amortization of debt financing costs, premiums and discounts, net | 23.5 | 27.8 | ||
Realized and unrealized gains on derivative instruments, net | (47.5) | (135.4) | (52.8) | (385) |
Foreign currency transaction losses (gains), net | (3.7) | 56.5 | (46.2) | 221.9 |
Losses (gains) on debt extinguishments, net | (0.3) | (41.1) | 3.9 | (41.1) |
Deferred income tax expense (benefit) | (12.7) | 14 | ||
Changes in operating assets and liabilities, net of the effect of acquisitions | (238) | (317.1) | ||
Net cash provided by operating activities | 506.5 | 491.8 | ||
Cash flows from investing activities: | ||||
Capital expenditures, net | (422.9) | (494.1) | ||
Cash paid in connection with acquisitions, net of cash acquired | 0 | (234.1) | ||
Other investing activities, net | (29.6) | (16.4) | ||
Net cash used by investing activities | (452.5) | (744.6) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 756.3 | 315.3 | ||
Payments of principal amounts of debt and finance lease obligations | (855.6) | (220.8) | ||
Repurchase of Liberty Latin America common shares | (110.8) | (152.9) | ||
Net cash received related to derivative instruments | 9.8 | 97.6 | ||
Payment of financing costs and debt redemption premiums | (15.4) | (6.5) | ||
Distributions to noncontrolling interest owners | (41.2) | (1.9) | ||
Other financing activities, net | 2 | (8.9) | ||
Net cash provided (used) by financing activities | (254.9) | 21.9 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5.3) | (3.5) | ||
Net decrease in cash, cash equivalents and restricted cash | (206.2) | (234.4) | ||
Cash, cash equivalents and restricted cash: | ||||
Beginning of period | 788.9 | 1,074.2 | ||
End of period | $ 582.7 | $ 839.8 | 582.7 | 839.8 |
Cash paid for interest | 423.6 | 403.4 | ||
Net cash paid for taxes | $ 60.3 | $ 83.6 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements. General Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes (i) C&W; (ii) Liberty Communications PR; (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones; and (iv) prior to the closing of the formation of the Chile JV in October 2022, VTR, as further described below. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP. We are an international provider of fixed, mobile and subsea telecommunications services. We provide: A. residential and B2B services in: i. over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama; ii. Puerto Rico and the USVI, through our reportable segment Liberty Puerto Rico; and iii. Costa Rica, through our reportable segment Liberty Costa Rica. B. through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region. In October 2022, we completed the formation of the Chile JV by contributing the Chile JV Entities into the Chile JV. Subsequent to the formation of the Chile JV, we began accounting for our 50% interest in the Chile JV as an equity method investment. Prior to the formation of the Chile JV, VTR was a wholly owned subsidiary. As such, our condensed consolidated statements of operations and cash flows for the 2022 periods include VTR. Unless otherwise indicated, ownership percentages are calculated as of September 30, 2023. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on 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 U.S. GAAP or SEC 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 condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2022 Form 10-K. The preparation of financial statements in conformity with U.S. 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, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation. Correction of Immaterial Errors We identified certain errors in our previously reported consolidated financial statements, primarily related to revenue, deferred tax liabilities, and non-controlling interests. We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued condensed consolidated financial statements. Notwithstanding this evaluation, we have revised (i) our December 31, 2022 consolidated balance sheet, (ii) our consolidated statements of operations, comprehensive earnings (loss), and equity for the three and nine months ended September 30, 2022, and (iii) our cash flows for the nine months ended September 30, 2022 for these errors. The tables below set forth the adjustments to the primary condensed consolidated financial statement line items resulting from these adjustments: Three months ended September 30, 2022 Nine months ended September 30, 2022 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted in millions Revenue $ 1,222.0 $ (1.2) $ 1,220.8 $ 3,654.4 $ (5.0) $ 3,649.4 Operating income (loss) $ 152.9 $ (1.2) $ 151.7 $ (15.4) $ (5.0) $ (20.4) Earnings (loss) before income taxes $ 121.9 $ (1.2) $ 120.7 $ (234.0) $ (5.0) $ (239.0) Net earnings (loss) attributable to Liberty Latin America shareholders $ 84.1 $ (8.4) $ 75.7 $ (310.3) $ 1.0 $ (309.3) December 31, 2022 As Previously Reported Adjustments As Adjusted in millions Total liabilities $ 11,009.1 $ 9.4 $ 11,018.5 Total equity $ 2,566.1 $ (9.4) $ 2,556.7 |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Change ASU 2022-04 In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires that a buyer in a supplier finance program disclose certain information about the program to allow financial statement users to understand the nature of the program, activity during the period and changes to the program from period to period. In each annual reporting period, the disclosure requirements include (i) the key terms of the program, including payment terms, (ii) the amount and location in the balance sheet of obligations outstanding with the finance provider or intermediary, and (iii) a rollforward of the obligations during the annual period. In each interim reporting period, the disclosure requirements include the amount of obligations outstanding that the buyer has confirmed as valid to the finance provider or intermediary as of the end of the interim period. The rollforward disclosure is effective for fiscal years beginning after December 15, 2023, while the remaining annual disclosures are required to be disclosed on an interim basis in the year of adoption. With the exception of the rollforward disclosure requirements, we adopted ASU 2022-04 effective January 1, 2023. Disclosures surrounding our supplier finance programs are included in note 8. Recent Accounting Pronouncements ASU 2020-04, ASU 2021-01 and ASU 2022-06 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as LIBOR . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in Topic 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and was initially not intended to be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( ASU 2022-06 ), which defers the expiration date of Topic 848 from December 31, 2022, to December 31, 2024, and permits companies to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR. The phase out of LIBOR has not had a material impact on our condensed consolidated financial statements. |
Current Expected Credit Losses
Current Expected Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Current Expected Credit Losses | Current Expected Credit Losses The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below: Nine months ended September 30, 2023 2022 in millions Balance at beginning of period $ 101.1 $ 112.6 Provision for expected losses, net 54.4 52.3 Write-offs (63.5) (44.4) Foreign currency translation adjustments and other 2.5 (23.1) Balance at end of period $ 94.5 $ 97.4 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2022 Acquisition Claro Panama Acquisition. On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis. On July 1, 2022, we completed the acquisition of Claro Panama, which was financed through a combination of debt and existing cash. We have accounted for the Claro Panama Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Claro Panama based on assessments of their respective fair values. A summary of the purchase price and the opening balance sheet of Claro Panama at the July 1, 2022 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): Current assets $ 24.4 Property and equipment 136.3 Intangible assets subject to amortization (a) 47.9 Other assets (b) 198.2 Current liabilities (64.8) Long-term liabilities (c) (132.7) Total purchase price $ 209.3 (a) At July 1, 2022, the weighted average useful life of the acquired spectrum intangible assets was approximately 6 years. (b) Primarily consists of operating lease right-of-use assets. (c) Primarily consists of the non-current portion of operating lease obligations. 2021 Acquisition BBVI Acquisition . Effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, the payment of which occurred in January 2022. Broadband VI, LLC provides fixed services to residential and business customers in the U.S. Virgin Islands and is included in our Liberty Puerto Rico reportable segment. Supplemental Pro Forma Information The pro forma financial information set forth in the table below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had this acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to: i. the alignment of accounting policies; ii. depreciation expense related to acquired tangible assets; iii. amortization expense related to acquired intangible assets; and iv. the elimination of direct acquisition costs. The following unaudited pro forma condensed consolidated operating results for the nine months ended September 30, 2022 give effect to the Claro Panama Acquisition, as if it had been completed as of January 1, 2021 (in millions): Revenue $ 3,713.9 Net loss attributable to Liberty Latin America shareholders $ (327.4) |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative InstrumentsIn general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements. With the exception of certain foreign currency forward contracts, 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 in our condensed consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: September 30, 2023 December 31, 2022 Current Long-term (a) Total Current Long-term (a) Total in millions Assets (b): Interest rate derivative contracts $ 101.6 $ 245.8 $ 347.4 $ 91.3 $ 224.2 $ 315.5 Other 0.3 — 0.3 — — — Total $ 101.9 $ 245.8 $ 347.7 $ 91.3 $ 224.2 $ 315.5 Liabilities (b): Interest rate derivative contracts $ 2.5 $ 36.3 $ 38.8 $ 30.4 $ — $ 30.4 Foreign currency forward contracts 16.5 2.6 19.1 11.9 — 11.9 Total $ 19.0 $ 38.9 $ 57.9 $ 42.3 $ — $ 42.3 (a) Our long-term derivative assets and long-term derivative liabilities are included in other assets, net and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) We consider credit risk relating to our nonperformance and the nonperformance of our counterparties 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 primary borrowing groups (see note 8) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6. The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets. The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Interest rate and cross-currency derivative contracts $ 60.1 $ 159.3 $ 99.8 $ 417.8 Foreign currency forward contracts and other (5.0) (16.0) (23.9) (9.3) Weather Derivatives (7.6) (7.9) (23.1) (23.5) Total $ 47.5 $ 135.4 $ 52.8 $ 385.0 The following table sets forth the classification of the net cash inflows of our derivative instruments: Nine months ended September 30, 2023 2022 in millions Operating activities $ 17.4 $ (30.9) Investing activities — 5.3 Financing activities 9.8 97.6 Total $ 27.2 $ 72.0 Counterparty Credit Risk We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At September 30, 2023, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $309 million. Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. Details of our Derivative Instruments Interest Rate Derivative Contracts In connection with the phase-out of LIBOR, we amended or entered into certain derivative contracts to reference Adjusted Term SOFR for interest periods commencing after June 30, 2023. Interest Rate Swaps We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. 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 September 30, 2023: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,100.0 4.8 Liberty Puerto Rico $ 500.0 5.0 (a) Includes embedded floors of 0% on certain contracts. Basis Swaps 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 the related weighted average remaining contractual lives of our basis swap contracts at September 30, 2023: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W $ 2,100.0 1.3 Liberty Puerto Rico $ 620.0 1.3 Interest Rate Floors Interest rate floors provide protection against interest rates falling below a pre-set level. At September 30, 2023, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 5.0 years. Interest Rate Caps Interest rate caps provide protection against interest rates rising above a pre-set level. At September 30, 2023, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120 million and a remaining weighted average contractual life of 5.0 years. Foreign Currency Forwards Contracts We enter into foreign currency forward contracts with respect to non-functional currency exposure. At September 30, 2023, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $204 million and CRC 120 billion, respectively, with a weighted average remaining contractual life of 0.6 years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements General We use the fair value method to account for most of our derivative instruments. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement. U.S. 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. Recurring Fair Value Measurements Derivatives In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We 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 and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 5. Non-recurring Fair Value Measurements Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. Acquisition Accounting During the second quarter of 2023, we finalized our acquisition accounting for the Claro Panama Acquisition, which did not result in any material changes to our opening balance sheet associated with the Claro Panama Acquisition. For additional information relating to the opening balance sheet for the Claro Panama Acquisition, see note 4. Impairment Assessments The nonrecurring valuations associated with impairment assessments, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of reporting units for the purpose of testing for goodwill impairment. Unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach. Goodwill During the third quarter of 2023, we completed our annual goodwill impairment assessment. Additionally, during the second quarter of 2022, primarily due to significant increases in interest rates, we performed goodwill impairment analyses of all of our reporting units. For both of these assessments, we used an income approach to determine the estimated fair values of these reporting units. Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective. This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates. Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach. We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit. The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services. Based upon the results of the aforementioned analyses, we (i) did not recognize any goodwill impairment charges during the third quarter of 2023, and (ii) recognized impairment charges associated with certain reporting units of our C&W Caribbean segment during the second quarter of 2022. For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 7. |
Long-lived Assets
Long-lived Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-lived Assets | Long-lived Assets Goodwill Changes in the carrying amount of our goodwill are set forth below: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total in millions January 1, 2023 $ 1,220.4 $ 617.1 $ 654.0 $ 501.1 $ 428.7 $ 3,421.3 Acquisitions and related adjustments — — (5.7) — 5.7 — Foreign currency translation adjustments and other (1.7) — 6.1 — 44.1 48.5 September 30, 2023 $ 1,218.7 $ 617.1 $ 654.4 $ 501.1 $ 478.5 $ 3,469.8 Based on the results of our annual goodwill impairment test, we determined no impairment of goodwill was required. If, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant. During the nine months ended September 30, 2022, we recorded a $555 million impairment of goodwill within certain reporting units of our C&W Caribbean segment. This impairment was driven primarily by macroeconomic factors, including higher interest rates, that drove an increase in the discount rates used to value these reporting units, and is recorded in impairment, restructuring and other operating items, net, in our condensed consolidated statement of operations. Our accumulated goodwill impairments were $2,784 million at each of September 30, 2023 and December 31, 2022. Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: September 30, December 31, in millions Distribution systems $ 4,852.8 $ 4,419.1 Support equipment, buildings, land and CIP 2,093.5 2,232.7 CPE 1,048.8 919.0 7,995.1 7,570.8 Accumulated depreciation (3,740.4) (3,277.2) Total $ 4,254.7 $ 4,293.6 During the nine months ended September 30, 2023 and 2022, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $118 million and $114 million, respectively. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below: September 30, December 31, in millions Customer relationships $ 1,321.6 $ 1,464.4 Licenses and other 284.8 278.9 1,606.4 1,743.3 Accumulated amortization (1,029.1) (1,055.2) Total $ 577.3 $ 688.1 Intangible Assets Not Subject to Amortization The details of our intangible assets not subject to amortization are set forth below: September 30, December 31, in millions Spectrum licenses $ 1,051.0 $ 1,051.0 Cable television franchise rights and other 541.8 541.8 Total $ 1,592.8 $ 1,592.8 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Debt and Lease Obligation [Abstract] | |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: September 30, 2023 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent September 30, December 31, 2022 September 30, December 31, 2022 in millions Convertible Notes (d) 2.00 % — $ — $ 209.5 $ 357.4 $ 220.3 $ 402.5 C&W Notes 6.55 % — — 1,523.3 1,591.6 1,715.0 1,715.0 C&W Credit Facilities 7.27 % (e) 654.5 2,645.7 2,505.0 2,684.3 2,605.2 LPR Senior Secured Notes 6.08 % — — 1,729.0 1,772.7 1,981.0 1,981.0 LPR Credit Facilities 9.20 % $ 172.5 172.5 614.6 613.8 620.0 620.0 LCR Credit Facilities (f) 10.88 % $ 60.0 60.0 451.0 382.9 450.0 419.3 Vendor financing and other (g) 7.88 % — — 309.2 223.1 309.2 223.1 Total debt before premiums, discounts and deferred financing costs 7.05 % $ 887.0 $ 7,482.3 $ 7,446.5 $ 7,979.8 $ 7,966.1 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: September 30, December 31, 2022 in millions Total debt before premiums, discounts and deferred financing costs $ 7,979.8 $ 7,966.1 Premiums, discounts and deferred financing costs, net (73.1) (94.0) Total carrying amount of debt 7,906.7 7,872.1 Finance lease obligations 8.0 8.6 Total debt and finance lease obligations 7,914.7 7,880.7 Less: Current maturities of debt and finance lease obligations (558.1) (226.9) Long-term debt and finance lease obligations $ 7,356.6 $ 7,653.8 (a) Represents the weighted average interest rate in effect at September 30, 2023 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2023 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2023, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the September 30, 2023 compliance reporting requirements. At September 30, 2023, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders. (c) The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 6. (d) The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At September 30, 2023, the carrying value of the Convertible Notes was $212 million and the unamortized debt discount on the Convertible Notes was $8 million. (e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. (f) The LCR Credit Facilities at December 31, 2022 comprise certain CRC and U.S. dollar term loans and a U.S. dollar revolving credit facility. For information on the LCR Credit Facilities at September 30, 2023, see Financing Activity below. (g) Primarily represents $303 million and $217 million at September 30, 2023 and December 31, 2022, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $132 million and $116 million for the nine months ended September 30, 2023 and 2022, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a cash inflow within net cash used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows. Financing Activity During May 2023, the terms of the agreements underlying the C&W Credit Facilities and the LPR Credit Facilities were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for the C&W Term Loan B-5 Facility, the C&W Term Loan B-6 Facility, the C&W Revolving Credit Facility, the 2028 LPR Term Loan and the LPR Revolving Credit Facility for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes. The credit adjustment spreads applicable to the aforementioned debt instruments are 0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively. In the tables below, non-cash activity relates to borrowings that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of the outstanding debt instruments within the same borrowing group. During the nine months ended September 30, 2023 and 2022, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows: Period Borrowing group/ Borrower Instrument Issued at Maturity Interest rate Borrowing currency Non-cash component in millions 2023 C&W Other 100% (a) 6.483% $ 69.0 $ — 2023 C&W C&W Revolving Credit Facility N/A January 30, 2027 Adjusted Term SOFR + 3.25% $ 40.0 $ — 2023 Liberty Puerto Rico LPR Revolving Credit Facility (b) N/A March 15, 2027 Adjusted Term SOFR + 3.50% $ 65.0 $ — 2023 Liberty Costa Rica 2031 LCR Term Loan A 100% January 15, 2031 10.875% $ 50.0 $ — 2023 Liberty Costa Rica 2031 LCR Term Loan B 100% January 15, 2031 10.875% $ 400.0 $ — 2023 Liberty Costa Rica LCR Revolving Credit Facility (c) N/A January 15, 2028 Term SOFR + 4.25% $ — N/A 2022 C&W 2028 CWP Term Loan 100% January 18, 2028 4.25% $ 435.0 $ 272.9 2022 C&W CWP Revolving Credit Facility (d) 100% January 18, 2027 Adjusted Term SOFR + 3.75% $ 12.0 N/A N/A – Not applicable. (a) This borrowing is due in three annual installments beginning in May 2024. (b) During the second and third quarters of 2023, we borrowed, and repaid within the respective quarter, $30 million and $35 million, respectively. (c) In January 2023, the LCR Revolving Credit Facility was amended and restated. The amended and restated $60 million LCR Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (d) The CWP Revolving Credit Facility has a fee on unused commitments of 0.5%. During the nine months ended September 30, 2023 and 2022, we made certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities: Amount paid Period Borrowing group / Borrower Instrument Redemption price Borrowing currency USD equivalent (a) Non-cash component USD in millions, CRC in billions 2023 C&W C&W Revolving Credit Facility 100% $ 20.0 $ 20.0 $ — 2023 Liberty Puerto Rico LPR Revolving Credit Facility 100% $ 65.0 $ 65.0 $ — 2023 Liberty Costa Rica LCR Term Loan B-1 Facility 100% $ 276.7 $ 276.7 $ — 2023 Liberty Costa Rica LCR Term Loan B-2 Facility 100% CRC 79.6 $ 138.6 $ — 2023 Liberty Costa Rica LCR Revolving Credit Facility 100% $ 8.0 $ 8.0 $ — 2023 Liberty Latin America Convertible Notes (b) $ 173.0 $ 173.0 $ — 2022 C&W CWP Credit Facilities 100% $ 272.9 $ 272.9 $ 272.9 2022 VTR VTR Notes (c) $ 48.1 $ 48.1 $ — (a) Translated at the transaction date, as applicable. (b) During 2023, we repurchased and cancelled $182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9%. In connection with these repurchases, we unwound $182 million of the related Capped Calls. (c) Prior to the disposition of the Chile JV Entities and during the third quarter of 2022, in aggregate we repurchased and cancelled approximately $91 million original principal amount of certain of the outstanding senior secured notes and senior notes of the Chile JV Entities. Maturities of Debt Maturities of our debt as of September 30, 2023 are presented below. Amounts presented below represent U.S. dollar equivalents based on September 30, 2023 exchange rates: C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2023 (remainder of year) $ 114.8 $ 16.7 $ 6.5 $ 0.4 $ 138.4 2024 188.8 24.9 — 220.6 434.3 2025 26.2 — — — 26.2 2026 23.6 — — — 23.6 2027 1,715.5 1,161.0 — — 2,876.5 2028 1,997.6 620.0 — — 2,617.6 Thereafter 593.2 820.0 450.0 — 1,863.2 Total debt maturities 4,659.7 2,642.6 456.5 221.0 7,979.8 Premiums, discounts and deferred financing costs, net (27.4) (23.5) (14.3) (7.9) (73.1) Total debt $ 4,632.3 $ 2,619.1 $ 442.2 $ 213.1 $ 7,906.7 Current portion $ 296.3 $ 41.6 $ 6.5 $ 213.1 $ 557.5 Noncurrent portion $ 4,336.0 $ 2,577.5 $ 435.7 $ — $ 7,349.2 (a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The following table provides details of our operating lease expense: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Operating lease expense: Operating lease cost $ 34.8 $ 29.4 $ 100.2 $ 85.3 Short-term lease cost 7.0 5.9 21.8 17.9 Total operating lease expense $ 41.8 $ 35.3 $ 122.0 $ 103.2 Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our condensed consolidated statements of operations. Certain other details of our operating leases are set forth in the tables below: September 30, December 31, in millions Operating lease right-of-use assets (a) $ 482.3 $ 550.8 Operating lease liabilities: Current $ 83.4 $ 76.7 Noncurrent 490.6 438.5 Total operating lease liabilities $ 574.0 $ 515.2 Weighted-average remaining lease term 7.6 years 8.2 years Weighted-average discount rate 7.7 % 7.5 % Nine months ended September 30, 2023 2022 in millions Operating cash outflows related to operating leases $ 99.6 $ 92.8 Right-of-use assets obtained in exchange for new operating lease liabilities (b) $ 38.1 $ 171.7 (a) During the three and nine months ended September 30, 2023, we recorded impairment charges totaling $7 million and $50 million, respectively, associated with certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama. These charges are included in impairment, restructuring and other, net, in our condensed consolidated statements of operations. (b) Represents non-cash transactions associated with operating leases entered into during the nine months ended September 30, 2023 and 2022, respectively. Maturities of Operating Leases Maturities of our operating lease liabilities as of September 30, 2023 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2023 exchange rates. Years ending December 31: 2023 (remainder of year) $ 31.8 2024 119.2 2025 110.8 2026 100.1 2027 85.7 2028 77.5 Thereafter 254.0 Total operating lease liabilities on an undiscounted basis 779.1 Present value discount (205.1) Present value of operating lease liabilities $ 574.0 |
Unfulfilled Performance Obligat
Unfulfilled Performance Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled Performance Obligations | Unfulfilled Performance Obligations We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of September 30, 2023, we have approximately $285 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of five years. |
Programming and Other Direct Co
Programming and Other Direct Costs of Services | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Programming and Other Direct Costs of Services | Programming and Other Direct Costs of Services Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, and other direct costs related to our operations. Our programming and other direct costs of services by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Programming and copyright $ 60.2 $ 91.6 $ 180.3 $ 302.1 Interconnect 77.5 88.6 227.5 262.7 Equipment and other (a) 121.4 118.9 332.4 338.5 Total programming and other direct costs of services $ 259.1 $ 299.1 $ 740.2 $ 903.3 (a) Includes amounts related to cost of goods sold from equipment sales of $75 million and $88 million for the three months ended September 30, 2023 and 2022, respectively, and $231 million and $258 million for the nine months ended September 30, 2023 and 2022, respectively. |
Other Operating Costs and Expen
Other Operating Costs and Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Costs and Expenses | Other Operating Costs and Expenses Other operating costs and expenses set forth in the table below comprise the following cost categories: • Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs; • Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs; • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services; • Commercial , which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; • Facility, provision, franchise and other , which primarily includes facility-related costs, provision for bad debt expense, operating lease rent expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs; and • Share-based compensation expense that relates to (i) equity awards issued to our employees and Directors and (ii) certain bonus-related expenses that are paid in the form of equity. Our other operating costs and expenses by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Personnel and contract labor $ 130.8 $ 155.3 $ 418.1 $ 453.6 Network-related 65.2 88.6 193.6 250.1 Service-related 52.3 52.8 162.6 158.6 Commercial 47.1 58.9 136.2 182.5 Facility, provision, franchise and other 142.9 152.3 427.1 394.0 Share-based compensation expense 24.1 20.8 77.8 82.6 Total other operating costs and expenses $ 462.4 $ 528.7 $ 1,415.4 $ 1,521.4 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. Income tax expense was $10 million and $39 million during the three months ended September 30, 2023 and 2022, respectively, and $52 million and $101 million during the nine months ended September 30, 2023 and 2022, respectively. This represents an effective income tax rate of (17.8)% and (32.1%) for the three months ended September 30, 2023 and 2022, respectively, and (108.6)% and 42.1% for the nine months ended September 30, 2023 and 2022, respectively, including items treated discretely. For the three and nine months ended September 30, 2023, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of net increases in valuation allowances, negative effects of permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of international rate differences and permanent tax differences, such as non-taxable income. |
Earnings or Loss Per Share
Earnings or Loss Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings or Loss Per Share | Earnings or Loss Per Share Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented, as further described below. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented. The details of the calculations of our basic and diluted EPS are set forth below: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions, except per share amounts Numerator: Basic EPS computation: Net earnings (loss) attributable to Liberty Latin America shareholders - basic $ 59.7 $ 75.7 $ 29.2 $ (309.3) Diluted EPS computation: Add back: interest expense, amortization of deferred financing costs and discounts, and net loss on debt extinguishment associated with Convertible Notes (if-converted method) — 6.3 — — Net earnings (loss) attributable to Liberty Latin America shareholders - diluted $ 59.7 $ 82.0 $ 29.2 $ (309.3) Denominator: Basic EPS computation: Weighted average shares - basic (a) 207.2 220.2 211.7 224.4 Diluted EPS computation: Incremental shares attributable to the release of SARs, PSUs and RSUs upon vesting, the LTVP and the ESPP (treasury stock method) 1.4 0.9 1.1 — Number of shares issuable under our Convertible Notes (if-converted method) (b) — 19.5 — — Weighted average shares - diluted (c) 208.6 240.6 212.8 224.4 Basic and diluted net earnings (loss) per share attributable to Liberty Latin America shareholders $ 0.29 $ 0.34 $ 0.14 $ (1.38) (a) We reported a net loss attributable to Liberty Latin America shareholders during the nine months ended September 30, 2022. As a result, the potentially dilutive effect at September 30, 2022 of the following items was not included in the computation of diluted EPS for such period because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria (in millions): Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 35.8 Outstanding PSUs and PSARs 8.7 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) 19.5 (b) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, the Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. (c) We reported net earnings attributable to Liberty Latin America shareholders during the three and nine months ended September 30, 2023 and the three months ended September 30, 2022. The following table sets forth items that have been excluded from our computation of diluted EPS because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 in millions Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 32.0 35.1 32.8 Outstanding PSUs and PSARs 8.8 8.5 8.8 ESPP 0.1 — 0.1 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) 10.7 — 10.7 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity Share Repurchase Program On May 8, 2023, our Directors approved an additional $200 million for the repurchase of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2025 through open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. During the nine months ended September 30, 2023, we repurchased 2.6 million and 11.0 million Class A and Class C common shares, respectively. During the nine months ended September 30, 2022, we repurchased 2.7 million and 14.3 million Class A and Class C common shares, respectively. At September 30, 2023, the remaining amount authorized for share repurchases under the Share Repurchase Program was $146 million. Pension Buy-in |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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. Regulatory Issues We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright 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 | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets. As of September 30, 2023, unless otherwise specified below, our reportable segments are as follows: • C&W Caribbean; • C&W Panama; • Liberty Networks; • Liberty Puerto Rico; • Liberty Costa Rica; and • VTR (through September 30, 2022) . Performance Measures of our Reportable Segments We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices. Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA 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 incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below. The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Subsequent to the formation of the Chile JV during October 2022, VTR is no longer consolidated. Revenue Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions C&W Caribbean $ 360.5 $ 359.1 $ 1,070.6 $ 1,069.5 C&W Panama 190.4 172.5 536.5 441.3 Liberty Networks 112.5 102.8 339.8 326.8 Liberty Puerto Rico 351.2 365.7 1,064.2 1,091.4 Liberty Costa Rica 134.6 109.2 399.0 324.6 VTR — 129.8 — 450.6 Corporate 6.5 5.4 18.5 16.5 Intersegment eliminations (29.9) (23.7) (81.1) (71.3) Total $ 1,125.8 $ 1,220.8 $ 3,347.5 $ 3,649.4 Adjusted OIBDA Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions C&W Caribbean $ 150.4 $ 132.7 $ 436.9 $ 397.1 C&W Panama 58.5 46.7 161.0 131.6 Liberty Networks 64.2 58.9 200.0 196.6 Liberty Puerto Rico 116.4 130.3 381.6 413.2 Liberty Costa Rica 49.9 32.8 145.2 98.6 VTR — 31.2 — 115.6 Corporate (11.0) (18.8) (55.0) (45.4) Total $ 428.4 $ 413.8 $ 1,269.7 $ 1,307.3 The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Total Adjusted OIBDA $ 428.4 $ 413.8 $ 1,269.7 $ 1,307.3 Share-based compensation expense (24.1) (20.8) (77.8) (82.6) Depreciation and amortization (230.5) (234.3) (705.6) (661.7) Impairment, restructuring and other operating items, net (11.1) (7.0) (81.6) (583.4) Operating income (loss) 162.7 151.7 404.7 (20.4) Interest expense (152.3) (149.2) (448.0) (415.8) Realized and unrealized gains on derivative instruments, net 47.5 135.4 52.8 385.0 Foreign currency transaction gains (losses), net 3.7 (56.5) 46.2 (221.9) Gains (losses) on debt extinguishments, net 0.3 41.1 (3.9) 41.1 Other expense, net (3.6) (1.8) (4.0) (7.0) Earnings (loss) before income taxes $ 58.3 $ 120.7 $ 47.8 $ (239.0) Property and Equipment Additions of our Reportable Segments The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Nine months ended September 30, 2023 2022 in millions C&W Caribbean $ 173.8 $ 151.4 C&W Panama 82.8 71.6 Liberty Networks 37.1 32.0 Liberty Puerto Rico 158.4 154.8 Liberty Costa Rica 46.2 45.7 VTR — 107.3 Corporate 26.0 28.3 Total property and equipment additions 524.3 591.1 Assets acquired under capital-related vendor financing arrangements (117.7) (114.2) Changes in current liabilities related to capital expenditures and other 16.3 17.2 Total capital expenditures, net $ 422.9 $ 494.1 Revenue by Major Category Our revenue by major category for our reportable segments is set forth in the tables below and includes the following categories: • residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively; • residential fixed non-subscription revenue, which primarily includes interconnect and advertising revenue; and Three months ended September 30, 2023 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 122.6 $ 29.6 $ — $ 120.5 $ 37.9 $ — $ — $ 310.6 Non-subscription revenue 6.5 1.4 — 7.7 4.0 — (1.8) 17.8 Total residential fixed revenue 129.1 31.0 — 128.2 41.9 — (1.8) 328.4 Residential mobile revenue: Service revenue 83.9 66.0 — 99.3 60.7 — — 309.9 Interconnect, inbound roaming, equipment sales and other (a) 18.4 13.6 — 58.8 19.3 5.6 — 115.7 Total residential mobile revenue 102.3 79.6 — 158.1 80.0 5.6 — 425.6 Total residential revenue 231.4 110.6 — 286.3 121.9 5.6 (1.8) 754.0 B2B revenue (b) 129.1 79.8 112.5 56.8 12.7 0.9 (28.1) 363.7 Other revenue — — — 8.1 — — — 8.1 Total $ 360.5 $ 190.4 $ 112.5 $ 351.2 $ 134.6 $ 6.5 $ (29.9) $ 1,125.8 (a) The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $5 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Three months ended September 30, 2022 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 122.2 $ 27.3 $ — $ 111.7 $ 33.8 $ 112.7 $ — $ — $ 407.7 Non-subscription revenue 7.6 1.7 — 5.0 1.0 2.4 — — 17.7 Total residential fixed revenue 129.8 29.0 — 116.7 34.8 115.1 — — 425.4 Residential mobile revenue: Service revenue 78.8 65.8 — 111.0 48.0 7.8 — — 311.4 Interconnect, inbound roaming, equipment sales and other (a) 17.3 14.4 — 64.1 16.4 0.8 5.4 — 118.4 Total residential mobile revenue 96.1 80.2 — 175.1 64.4 8.6 5.4 — 429.8 Total residential revenue 225.9 109.2 — 291.8 99.2 123.7 5.4 — 855.2 B2B revenue (b) 133.2 63.3 102.8 53.0 10.0 6.1 — (23.7) 344.7 Other revenue — — — 20.9 — — — — 20.9 Total $ 359.1 $ 172.5 $ 102.8 $ 365.7 $ 109.2 $ 129.8 $ 5.4 $ (23.7) $ 1,220.8 (a) The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2023 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 363.9 $ 86.6 $ — $ 358.6 $ 115.1 $ — $ — $ 924.2 Non-subscription revenue 21.2 4.2 — 19.4 9.1 — (1.8) 52.1 Total residential fixed revenue 385.1 90.8 — 378.0 124.2 — (1.8) 976.3 Residential mobile revenue: Service revenue 245.3 196.8 — 302.2 178.8 — — 923.1 Interconnect, inbound roaming, equipment sales and other (a) 57.7 40.5 — 183.9 56.4 17.6 — 356.1 Total residential mobile revenue 303.0 237.3 — 486.1 235.2 17.6 — 1,279.2 Total residential revenue 688.1 328.1 — 864.1 359.4 17.6 (1.8) 2,255.5 B2B revenue (b) 382.5 208.4 339.8 168.7 39.6 0.9 (79.3) 1,060.6 Other revenue — — — 31.4 — — — 31.4 Total $ 1,070.6 $ 536.5 $ 339.8 $ 1,064.2 $ 399.0 $ 18.5 $ (81.1) $ 3,347.5 (a) The total amount includes $186 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $22 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2022 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 363.5 $ 75.1 $ — $ 343.0 $ 101.9 $ 392.3 $ — $ — $ 1,275.8 Non-subscription revenue 25.2 5.7 — 16.0 2.6 8.9 — — 58.4 Total residential fixed revenue 388.7 80.8 — 359.0 104.5 401.2 — — 1,334.2 Residential mobile revenue: Service revenue 232.9 152.7 — 338.5 142.8 25.8 — — 892.7 Interconnect, inbound roaming, equipment sales and other (a) 48.1 35.9 — 188.2 48.5 2.9 16.5 — 340.1 Total residential mobile revenue 281.0 188.6 — 526.7 191.3 28.7 16.5 — 1,232.8 Total residential revenue 669.7 269.4 — 885.7 295.8 429.9 16.5 — 2,567.0 B2B revenue (b) 399.8 171.9 326.8 164.3 28.8 20.7 — (71.3) 1,041.0 Other revenue — — — 41.4 — — — — 41.4 Total $ 1,069.5 $ 441.3 $ 326.8 $ 1,091.4 $ 324.6 $ 450.6 $ 16.5 $ (71.3) $ 3,649.4 (a) The total amount includes $176 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $19 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Revenue by Geographic Market The revenue from third-party customers for each of our geographic markets is set forth in the table below. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Puerto Rico $ 340.0 $ 352.8 $ 1,031.0 $ 1,052.6 Panama 189.6 171.6 534.3 439.0 Costa Rica 134.3 109.0 398.3 324.1 Jamaica 103.2 108.5 301.6 318.6 Networks & LatAm (a) 89.6 83.5 274.5 269.4 The Bahamas 48.9 48.4 143.6 144.5 Trinidad and Tobago 39.2 39.5 117.2 119.7 Barbados 39.5 37.3 117.5 110.6 Curacao 34.0 34.2 102.8 99.9 Chile — 129.8 — 450.6 Other (b) 107.5 106.2 326.7 320.4 Total $ 1,125.8 $ 1,220.8 $ 3,347.5 $ 3,649.4 (a) Amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 5, 2023, we entered into an asset purchase agreement and a license purchase agreement with DISH Network ( DISH |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 59.7 | $ 75.7 | $ 29.2 | $ (309.3) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Changes and Recent_2
Accounting Changes and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Change ASU 2022-04 In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires that a buyer in a supplier finance program disclose certain information about the program to allow financial statement users to understand the nature of the program, activity during the period and changes to the program from period to period. In each annual reporting period, the disclosure requirements include (i) the key terms of the program, including payment terms, (ii) the amount and location in the balance sheet of obligations outstanding with the finance provider or intermediary, and (iii) a rollforward of the obligations during the annual period. In each interim reporting period, the disclosure requirements include the amount of obligations outstanding that the buyer has confirmed as valid to the finance provider or intermediary as of the end of the interim period. The rollforward disclosure is effective for fiscal years beginning after December 15, 2023, while the remaining annual disclosures are required to be disclosed on an interim basis in the year of adoption. With the exception of the rollforward disclosure requirements, we adopted ASU 2022-04 effective January 1, 2023. Disclosures surrounding our supplier finance programs are included in note 8. Recent Accounting Pronouncements ASU 2020-04, ASU 2021-01 and ASU 2022-06 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as LIBOR . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in Topic 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and was initially not intended to be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( ASU 2022-06 ), which defers the expiration date of Topic 848 from December 31, 2022, to December 31, 2024, and permits companies to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR. The phase out of LIBOR has not had a material impact on our condensed consolidated financial statements. |
Recurring and Non-Recurring Fair Value Measurements | Recurring Fair Value Measurements Derivatives In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We 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 and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 5. Non-recurring Fair Value Measurements Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. |
Acquisition Accounting | Acquisition Accounting During the second quarter of 2023, we finalized our acquisition accounting for the Claro Panama Acquisition, which did not result in any material changes to our opening balance sheet associated with the Claro Panama Acquisition. For additional information relating to the opening balance sheet for the Claro Panama Acquisition, see note 4. |
Impairment Assessments and Goodwill | Impairment Assessments The nonrecurring valuations associated with impairment assessments, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of reporting units for the purpose of testing for goodwill impairment. Unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach. Goodwill During the third quarter of 2023, we completed our annual goodwill impairment assessment. Additionally, during the second quarter of 2022, primarily due to significant increases in interest rates, we performed goodwill impairment analyses of all of our reporting units. For both of these assessments, we used an income approach to determine the estimated fair values of these reporting units. Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective. This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates. Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach. We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit. The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services. Based upon the results of the aforementioned analyses, we (i) did not recognize any goodwill impairment charges during the third quarter of 2023, and (ii) recognized impairment charges associated with certain reporting units of our C&W Caribbean segment during the second quarter of 2022. For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 7. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Financial Statements | The tables below set forth the adjustments to the primary condensed consolidated financial statement line items resulting from these adjustments: Three months ended September 30, 2022 Nine months ended September 30, 2022 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted in millions Revenue $ 1,222.0 $ (1.2) $ 1,220.8 $ 3,654.4 $ (5.0) $ 3,649.4 Operating income (loss) $ 152.9 $ (1.2) $ 151.7 $ (15.4) $ (5.0) $ (20.4) Earnings (loss) before income taxes $ 121.9 $ (1.2) $ 120.7 $ (234.0) $ (5.0) $ (239.0) Net earnings (loss) attributable to Liberty Latin America shareholders $ 84.1 $ (8.4) $ 75.7 $ (310.3) $ 1.0 $ (309.3) December 31, 2022 As Previously Reported Adjustments As Adjusted in millions Total liabilities $ 11,009.1 $ 9.4 $ 11,018.5 Total equity $ 2,566.1 $ (9.4) $ 2,556.7 |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable, Allowance for Credit Loss | The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below: Nine months ended September 30, 2023 2022 in millions Balance at beginning of period $ 101.1 $ 112.6 Provision for expected losses, net 54.4 52.3 Write-offs (63.5) (44.4) Foreign currency translation adjustments and other 2.5 (23.1) Balance at end of period $ 94.5 $ 97.4 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation | A summary of the purchase price and the opening balance sheet of Claro Panama at the July 1, 2022 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): Current assets $ 24.4 Property and equipment 136.3 Intangible assets subject to amortization (a) 47.9 Other assets (b) 198.2 Current liabilities (64.8) Long-term liabilities (c) (132.7) Total purchase price $ 209.3 (a) At July 1, 2022, the weighted average useful life of the acquired spectrum intangible assets was approximately 6 years. (b) Primarily consists of operating lease right-of-use assets. (c) Primarily consists of the non-current portion of operating lease obligations. |
Schedule of Pro Forma Information | The following unaudited pro forma condensed consolidated operating results for the nine months ended September 30, 2022 give effect to the Claro Panama Acquisition, as if it had been completed as of January 1, 2021 (in millions): Revenue $ 3,713.9 Net loss attributable to Liberty Latin America shareholders $ (327.4) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Our Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: September 30, 2023 December 31, 2022 Current Long-term (a) Total Current Long-term (a) Total in millions Assets (b): Interest rate derivative contracts $ 101.6 $ 245.8 $ 347.4 $ 91.3 $ 224.2 $ 315.5 Other 0.3 — 0.3 — — — Total $ 101.9 $ 245.8 $ 347.7 $ 91.3 $ 224.2 $ 315.5 Liabilities (b): Interest rate derivative contracts $ 2.5 $ 36.3 $ 38.8 $ 30.4 $ — $ 30.4 Foreign currency forward contracts 16.5 2.6 19.1 11.9 — 11.9 Total $ 19.0 $ 38.9 $ 57.9 $ 42.3 $ — $ 42.3 (a) Our long-term derivative assets and long-term derivative liabilities are included in other assets, net and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) We consider credit risk relating to our nonperformance and the nonperformance of our counterparties 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 primary borrowing groups (see note 8) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6. |
Schedule of Realized and Unrealized Gains on Derivative Instruments, Net | The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Interest rate and cross-currency derivative contracts $ 60.1 $ 159.3 $ 99.8 $ 417.8 Foreign currency forward contracts and other (5.0) (16.0) (23.9) (9.3) Weather Derivatives (7.6) (7.9) (23.1) (23.5) Total $ 47.5 $ 135.4 $ 52.8 $ 385.0 |
Schedule of Classification of the Net Cash Inflows (Outflows) of Our Derivative Instruments | The following table sets forth the classification of the net cash inflows of our derivative instruments: Nine months ended September 30, 2023 2022 in millions Operating activities $ 17.4 $ (30.9) Investing activities — 5.3 Financing activities 9.8 97.6 Total $ 27.2 $ 72.0 |
Schedule of Derivative Instruments | 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 September 30, 2023: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,100.0 4.8 Liberty Puerto Rico $ 500.0 5.0 (a) Includes embedded floors of 0% on certain contracts. Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W $ 2,100.0 1.3 Liberty Puerto Rico $ 620.0 1.3 |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of our goodwill are set forth below: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total in millions January 1, 2023 $ 1,220.4 $ 617.1 $ 654.0 $ 501.1 $ 428.7 $ 3,421.3 Acquisitions and related adjustments — — (5.7) — 5.7 — Foreign currency translation adjustments and other (1.7) — 6.1 — 44.1 48.5 September 30, 2023 $ 1,218.7 $ 617.1 $ 654.4 $ 501.1 $ 478.5 $ 3,469.8 |
Schedule of Property and Equipment and the Related Accumulated Depreciation | The details of our property and equipment and the related accumulated depreciation are set forth below: September 30, December 31, in millions Distribution systems $ 4,852.8 $ 4,419.1 Support equipment, buildings, land and CIP 2,093.5 2,232.7 CPE 1,048.8 919.0 7,995.1 7,570.8 Accumulated depreciation (3,740.4) (3,277.2) Total $ 4,254.7 $ 4,293.6 |
Schedule of Intangible Assets Subject to Amortization | The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below: September 30, December 31, in millions Customer relationships $ 1,321.6 $ 1,464.4 Licenses and other 284.8 278.9 1,606.4 1,743.3 Accumulated amortization (1,029.1) (1,055.2) Total $ 577.3 $ 688.1 Intangible Assets Not Subject to Amortization The details of our intangible assets not subject to amortization are set forth below: September 30, December 31, in millions Spectrum licenses $ 1,051.0 $ 1,051.0 Cable television franchise rights and other 541.8 541.8 Total $ 1,592.8 $ 1,592.8 |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: September 30, 2023 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent September 30, December 31, 2022 September 30, December 31, 2022 in millions Convertible Notes (d) 2.00 % — $ — $ 209.5 $ 357.4 $ 220.3 $ 402.5 C&W Notes 6.55 % — — 1,523.3 1,591.6 1,715.0 1,715.0 C&W Credit Facilities 7.27 % (e) 654.5 2,645.7 2,505.0 2,684.3 2,605.2 LPR Senior Secured Notes 6.08 % — — 1,729.0 1,772.7 1,981.0 1,981.0 LPR Credit Facilities 9.20 % $ 172.5 172.5 614.6 613.8 620.0 620.0 LCR Credit Facilities (f) 10.88 % $ 60.0 60.0 451.0 382.9 450.0 419.3 Vendor financing and other (g) 7.88 % — — 309.2 223.1 309.2 223.1 Total debt before premiums, discounts and deferred financing costs 7.05 % $ 887.0 $ 7,482.3 $ 7,446.5 $ 7,979.8 $ 7,966.1 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: September 30, December 31, 2022 in millions Total debt before premiums, discounts and deferred financing costs $ 7,979.8 $ 7,966.1 Premiums, discounts and deferred financing costs, net (73.1) (94.0) Total carrying amount of debt 7,906.7 7,872.1 Finance lease obligations 8.0 8.6 Total debt and finance lease obligations 7,914.7 7,880.7 Less: Current maturities of debt and finance lease obligations (558.1) (226.9) Long-term debt and finance lease obligations $ 7,356.6 $ 7,653.8 (a) Represents the weighted average interest rate in effect at September 30, 2023 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2023 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2023, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the September 30, 2023 compliance reporting requirements. At September 30, 2023, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders. (c) The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 6. (d) The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At September 30, 2023, the carrying value of the Convertible Notes was $212 million and the unamortized debt discount on the Convertible Notes was $8 million. (e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. (f) The LCR Credit Facilities at December 31, 2022 comprise certain CRC and U.S. dollar term loans and a U.S. dollar revolving credit facility. For information on the LCR Credit Facilities at September 30, 2023, see Financing Activity below. (g) Primarily represents $303 million and $217 million at September 30, 2023 and December 31, 2022, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $132 million and $116 million for the nine months ended September 30, 2023 and 2022, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a cash inflow within net cash used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations |
Schedule of Line of Credit Facilities | During the nine months ended September 30, 2023 and 2022, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows: Period Borrowing group/ Borrower Instrument Issued at Maturity Interest rate Borrowing currency Non-cash component in millions 2023 C&W Other 100% (a) 6.483% $ 69.0 $ — 2023 C&W C&W Revolving Credit Facility N/A January 30, 2027 Adjusted Term SOFR + 3.25% $ 40.0 $ — 2023 Liberty Puerto Rico LPR Revolving Credit Facility (b) N/A March 15, 2027 Adjusted Term SOFR + 3.50% $ 65.0 $ — 2023 Liberty Costa Rica 2031 LCR Term Loan A 100% January 15, 2031 10.875% $ 50.0 $ — 2023 Liberty Costa Rica 2031 LCR Term Loan B 100% January 15, 2031 10.875% $ 400.0 $ — 2023 Liberty Costa Rica LCR Revolving Credit Facility (c) N/A January 15, 2028 Term SOFR + 4.25% $ — N/A 2022 C&W 2028 CWP Term Loan 100% January 18, 2028 4.25% $ 435.0 $ 272.9 2022 C&W CWP Revolving Credit Facility (d) 100% January 18, 2027 Adjusted Term SOFR + 3.75% $ 12.0 N/A N/A – Not applicable. (a) This borrowing is due in three annual installments beginning in May 2024. (b) During the second and third quarters of 2023, we borrowed, and repaid within the respective quarter, $30 million and $35 million, respectively. (c) In January 2023, the LCR Revolving Credit Facility was amended and restated. The amended and restated $60 million LCR Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (d) The CWP Revolving Credit Facility has a fee on unused commitments of 0.5%. During the nine months ended September 30, 2023 and 2022, we made certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities: Amount paid Period Borrowing group / Borrower Instrument Redemption price Borrowing currency USD equivalent (a) Non-cash component USD in millions, CRC in billions 2023 C&W C&W Revolving Credit Facility 100% $ 20.0 $ 20.0 $ — 2023 Liberty Puerto Rico LPR Revolving Credit Facility 100% $ 65.0 $ 65.0 $ — 2023 Liberty Costa Rica LCR Term Loan B-1 Facility 100% $ 276.7 $ 276.7 $ — 2023 Liberty Costa Rica LCR Term Loan B-2 Facility 100% CRC 79.6 $ 138.6 $ — 2023 Liberty Costa Rica LCR Revolving Credit Facility 100% $ 8.0 $ 8.0 $ — 2023 Liberty Latin America Convertible Notes (b) $ 173.0 $ 173.0 $ — 2022 C&W CWP Credit Facilities 100% $ 272.9 $ 272.9 $ 272.9 2022 VTR VTR Notes (c) $ 48.1 $ 48.1 $ — (a) Translated at the transaction date, as applicable. (b) During 2023, we repurchased and cancelled $182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9%. In connection with these repurchases, we unwound $182 million of the related Capped Calls. (c) Prior to the disposition of the Chile JV Entities and during the third quarter of 2022, in aggregate we repurchased and cancelled approximately $91 million original principal amount of certain of the outstanding senior secured notes and senior notes of the Chile JV Entities. |
Schedule of Maturities of Debt | Maturities of our debt as of September 30, 2023 are presented below. Amounts presented below represent U.S. dollar equivalents based on September 30, 2023 exchange rates: C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2023 (remainder of year) $ 114.8 $ 16.7 $ 6.5 $ 0.4 $ 138.4 2024 188.8 24.9 — 220.6 434.3 2025 26.2 — — — 26.2 2026 23.6 — — — 23.6 2027 1,715.5 1,161.0 — — 2,876.5 2028 1,997.6 620.0 — — 2,617.6 Thereafter 593.2 820.0 450.0 — 1,863.2 Total debt maturities 4,659.7 2,642.6 456.5 221.0 7,979.8 Premiums, discounts and deferred financing costs, net (27.4) (23.5) (14.3) (7.9) (73.1) Total debt $ 4,632.3 $ 2,619.1 $ 442.2 $ 213.1 $ 7,906.7 Current portion $ 296.3 $ 41.6 $ 6.5 $ 213.1 $ 557.5 Noncurrent portion $ 4,336.0 $ 2,577.5 $ 435.7 $ — $ 7,349.2 (a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease Expense | The following table provides details of our operating lease expense: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Operating lease expense: Operating lease cost $ 34.8 $ 29.4 $ 100.2 $ 85.3 Short-term lease cost 7.0 5.9 21.8 17.9 Total operating lease expense $ 41.8 $ 35.3 $ 122.0 $ 103.2 |
Schedule of Certain Other Details of Operating Leases Assets and Liabilities | Certain other details of our operating leases are set forth in the tables below: September 30, December 31, in millions Operating lease right-of-use assets (a) $ 482.3 $ 550.8 Operating lease liabilities: Current $ 83.4 $ 76.7 Noncurrent 490.6 438.5 Total operating lease liabilities $ 574.0 $ 515.2 Weighted-average remaining lease term 7.6 years 8.2 years Weighted-average discount rate 7.7 % 7.5 % Nine months ended September 30, 2023 2022 in millions Operating cash outflows related to operating leases $ 99.6 $ 92.8 Right-of-use assets obtained in exchange for new operating lease liabilities (b) $ 38.1 $ 171.7 (a) During the three and nine months ended September 30, 2023, we recorded impairment charges totaling $7 million and $50 million, respectively, associated with certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama. These charges are included in impairment, restructuring and other, net, in our condensed consolidated statements of operations. (b) Represents non-cash transactions associated with operating leases entered into during the nine months ended September 30, 2023 and 2022, respectively. |
Schedule of Maturities of Operating Lease Liabilities | Maturities of our operating lease liabilities as of September 30, 2023 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2023 exchange rates. Years ending December 31: 2023 (remainder of year) $ 31.8 2024 119.2 2025 110.8 2026 100.1 2027 85.7 2028 77.5 Thereafter 254.0 Total operating lease liabilities on an undiscounted basis 779.1 Present value discount (205.1) Present value of operating lease liabilities $ 574.0 |
Programming and Other Direct _2
Programming and Other Direct Costs of Services (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Cost of Goods and Services Sold | Our programming and other direct costs of services by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Programming and copyright $ 60.2 $ 91.6 $ 180.3 $ 302.1 Interconnect 77.5 88.6 227.5 262.7 Equipment and other (a) 121.4 118.9 332.4 338.5 Total programming and other direct costs of services $ 259.1 $ 299.1 $ 740.2 $ 903.3 (a) Includes amounts related to cost of goods sold from equipment sales of $75 million and $88 million for the three months ended September 30, 2023 and 2022, respectively, and $231 million and $258 million for the nine months ended September 30, 2023 and 2022, respectively. |
Other Operating Costs and Exp_2
Other Operating Costs and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense | Our other operating costs and expenses by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Personnel and contract labor $ 130.8 $ 155.3 $ 418.1 $ 453.6 Network-related 65.2 88.6 193.6 250.1 Service-related 52.3 52.8 162.6 158.6 Commercial 47.1 58.9 136.2 182.5 Facility, provision, franchise and other 142.9 152.3 427.1 394.0 Share-based compensation expense 24.1 20.8 77.8 82.6 Total other operating costs and expenses $ 462.4 $ 528.7 $ 1,415.4 $ 1,521.4 |
Earnings or Loss Per Share (Tab
Earnings or Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The details of the calculations of our basic and diluted EPS are set forth below: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions, except per share amounts Numerator: Basic EPS computation: Net earnings (loss) attributable to Liberty Latin America shareholders - basic $ 59.7 $ 75.7 $ 29.2 $ (309.3) Diluted EPS computation: Add back: interest expense, amortization of deferred financing costs and discounts, and net loss on debt extinguishment associated with Convertible Notes (if-converted method) — 6.3 — — Net earnings (loss) attributable to Liberty Latin America shareholders - diluted $ 59.7 $ 82.0 $ 29.2 $ (309.3) Denominator: Basic EPS computation: Weighted average shares - basic (a) 207.2 220.2 211.7 224.4 Diluted EPS computation: Incremental shares attributable to the release of SARs, PSUs and RSUs upon vesting, the LTVP and the ESPP (treasury stock method) 1.4 0.9 1.1 — Number of shares issuable under our Convertible Notes (if-converted method) (b) — 19.5 — — Weighted average shares - diluted (c) 208.6 240.6 212.8 224.4 Basic and diluted net earnings (loss) per share attributable to Liberty Latin America shareholders $ 0.29 $ 0.34 $ 0.14 $ (1.38) (a) We reported a net loss attributable to Liberty Latin America shareholders during the nine months ended September 30, 2022. As a result, the potentially dilutive effect at September 30, 2022 of the following items was not included in the computation of diluted EPS for such period because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria (in millions): Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 35.8 Outstanding PSUs and PSARs 8.7 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) 19.5 (b) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, the Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. (c) We reported net earnings attributable to Liberty Latin America shareholders during the three and nine months ended September 30, 2023 and the three months ended September 30, 2022. The following table sets forth items that have been excluded from our computation of diluted EPS because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 in millions Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 32.0 35.1 32.8 Outstanding PSUs and PSARs 8.8 8.5 8.8 ESPP 0.1 — 0.1 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) 10.7 — 10.7 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule of Revenue and Adjusted OIBDA by Segment | The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Subsequent to the formation of the Chile JV during October 2022, VTR is no longer consolidated. Revenue Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions C&W Caribbean $ 360.5 $ 359.1 $ 1,070.6 $ 1,069.5 C&W Panama 190.4 172.5 536.5 441.3 Liberty Networks 112.5 102.8 339.8 326.8 Liberty Puerto Rico 351.2 365.7 1,064.2 1,091.4 Liberty Costa Rica 134.6 109.2 399.0 324.6 VTR — 129.8 — 450.6 Corporate 6.5 5.4 18.5 16.5 Intersegment eliminations (29.9) (23.7) (81.1) (71.3) Total $ 1,125.8 $ 1,220.8 $ 3,347.5 $ 3,649.4 Adjusted OIBDA Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions C&W Caribbean $ 150.4 $ 132.7 $ 436.9 $ 397.1 C&W Panama 58.5 46.7 161.0 131.6 Liberty Networks 64.2 58.9 200.0 196.6 Liberty Puerto Rico 116.4 130.3 381.6 413.2 Liberty Costa Rica 49.9 32.8 145.2 98.6 VTR — 31.2 — 115.6 Corporate (11.0) (18.8) (55.0) (45.4) Total $ 428.4 $ 413.8 $ 1,269.7 $ 1,307.3 |
Schedule of Reconciliation of Total Adjusted OIBDA to Earnings Before Income Taxes | The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Total Adjusted OIBDA $ 428.4 $ 413.8 $ 1,269.7 $ 1,307.3 Share-based compensation expense (24.1) (20.8) (77.8) (82.6) Depreciation and amortization (230.5) (234.3) (705.6) (661.7) Impairment, restructuring and other operating items, net (11.1) (7.0) (81.6) (583.4) Operating income (loss) 162.7 151.7 404.7 (20.4) Interest expense (152.3) (149.2) (448.0) (415.8) Realized and unrealized gains on derivative instruments, net 47.5 135.4 52.8 385.0 Foreign currency transaction gains (losses), net 3.7 (56.5) 46.2 (221.9) Gains (losses) on debt extinguishments, net 0.3 41.1 (3.9) 41.1 Other expense, net (3.6) (1.8) (4.0) (7.0) Earnings (loss) before income taxes $ 58.3 $ 120.7 $ 47.8 $ (239.0) |
Schedule of Capital Expenditures of Reportable Segments | The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Nine months ended September 30, 2023 2022 in millions C&W Caribbean $ 173.8 $ 151.4 C&W Panama 82.8 71.6 Liberty Networks 37.1 32.0 Liberty Puerto Rico 158.4 154.8 Liberty Costa Rica 46.2 45.7 VTR — 107.3 Corporate 26.0 28.3 Total property and equipment additions 524.3 591.1 Assets acquired under capital-related vendor financing arrangements (117.7) (114.2) Changes in current liabilities related to capital expenditures and other 16.3 17.2 Total capital expenditures, net $ 422.9 $ 494.1 |
Schedule of Revenue by Major Category | Three months ended September 30, 2023 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 122.6 $ 29.6 $ — $ 120.5 $ 37.9 $ — $ — $ 310.6 Non-subscription revenue 6.5 1.4 — 7.7 4.0 — (1.8) 17.8 Total residential fixed revenue 129.1 31.0 — 128.2 41.9 — (1.8) 328.4 Residential mobile revenue: Service revenue 83.9 66.0 — 99.3 60.7 — — 309.9 Interconnect, inbound roaming, equipment sales and other (a) 18.4 13.6 — 58.8 19.3 5.6 — 115.7 Total residential mobile revenue 102.3 79.6 — 158.1 80.0 5.6 — 425.6 Total residential revenue 231.4 110.6 — 286.3 121.9 5.6 (1.8) 754.0 B2B revenue (b) 129.1 79.8 112.5 56.8 12.7 0.9 (28.1) 363.7 Other revenue — — — 8.1 — — — 8.1 Total $ 360.5 $ 190.4 $ 112.5 $ 351.2 $ 134.6 $ 6.5 $ (29.9) $ 1,125.8 (a) The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $5 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Three months ended September 30, 2022 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 122.2 $ 27.3 $ — $ 111.7 $ 33.8 $ 112.7 $ — $ — $ 407.7 Non-subscription revenue 7.6 1.7 — 5.0 1.0 2.4 — — 17.7 Total residential fixed revenue 129.8 29.0 — 116.7 34.8 115.1 — — 425.4 Residential mobile revenue: Service revenue 78.8 65.8 — 111.0 48.0 7.8 — — 311.4 Interconnect, inbound roaming, equipment sales and other (a) 17.3 14.4 — 64.1 16.4 0.8 5.4 — 118.4 Total residential mobile revenue 96.1 80.2 — 175.1 64.4 8.6 5.4 — 429.8 Total residential revenue 225.9 109.2 — 291.8 99.2 123.7 5.4 — 855.2 B2B revenue (b) 133.2 63.3 102.8 53.0 10.0 6.1 — (23.7) 344.7 Other revenue — — — 20.9 — — — — 20.9 Total $ 359.1 $ 172.5 $ 102.8 $ 365.7 $ 109.2 $ 129.8 $ 5.4 $ (23.7) $ 1,220.8 (a) The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2023 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 363.9 $ 86.6 $ — $ 358.6 $ 115.1 $ — $ — $ 924.2 Non-subscription revenue 21.2 4.2 — 19.4 9.1 — (1.8) 52.1 Total residential fixed revenue 385.1 90.8 — 378.0 124.2 — (1.8) 976.3 Residential mobile revenue: Service revenue 245.3 196.8 — 302.2 178.8 — — 923.1 Interconnect, inbound roaming, equipment sales and other (a) 57.7 40.5 — 183.9 56.4 17.6 — 356.1 Total residential mobile revenue 303.0 237.3 — 486.1 235.2 17.6 — 1,279.2 Total residential revenue 688.1 328.1 — 864.1 359.4 17.6 (1.8) 2,255.5 B2B revenue (b) 382.5 208.4 339.8 168.7 39.6 0.9 (79.3) 1,060.6 Other revenue — — — 31.4 — — — 31.4 Total $ 1,070.6 $ 536.5 $ 339.8 $ 1,064.2 $ 399.0 $ 18.5 $ (81.1) $ 3,347.5 (a) The total amount includes $186 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $22 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2022 C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 363.5 $ 75.1 $ — $ 343.0 $ 101.9 $ 392.3 $ — $ — $ 1,275.8 Non-subscription revenue 25.2 5.7 — 16.0 2.6 8.9 — — 58.4 Total residential fixed revenue 388.7 80.8 — 359.0 104.5 401.2 — — 1,334.2 Residential mobile revenue: Service revenue 232.9 152.7 — 338.5 142.8 25.8 — — 892.7 Interconnect, inbound roaming, equipment sales and other (a) 48.1 35.9 — 188.2 48.5 2.9 16.5 — 340.1 Total residential mobile revenue 281.0 188.6 — 526.7 191.3 28.7 16.5 — 1,232.8 Total residential revenue 669.7 269.4 — 885.7 295.8 429.9 16.5 — 2,567.0 B2B revenue (b) 399.8 171.9 326.8 164.3 28.8 20.7 — (71.3) 1,041.0 Other revenue — — — 41.4 — — — — 41.4 Total $ 1,069.5 $ 441.3 $ 326.8 $ 1,091.4 $ 324.6 $ 450.6 $ 16.5 $ (71.3) $ 3,649.4 (a) The total amount includes $176 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (b) The total amount includes $19 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. |
Schedule of Revenue by Geographic Segments | The revenue from third-party customers for each of our geographic markets is set forth in the table below. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 in millions Puerto Rico $ 340.0 $ 352.8 $ 1,031.0 $ 1,052.6 Panama 189.6 171.6 534.3 439.0 Costa Rica 134.3 109.0 398.3 324.1 Jamaica 103.2 108.5 301.6 318.6 Networks & LatAm (a) 89.6 83.5 274.5 269.4 The Bahamas 48.9 48.4 143.6 144.5 Trinidad and Tobago 39.2 39.5 117.2 119.7 Barbados 39.5 37.3 117.5 110.6 Curacao 34.0 34.2 102.8 99.9 Chile — 129.8 — 450.6 Other (b) 107.5 106.2 326.7 320.4 Total $ 1,125.8 $ 1,220.8 $ 3,347.5 $ 3,649.4 (a) Amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks. |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2023 segment market country | Oct. 31, 2022 | Aug. 09, 2021 | |
Basis of Presentation [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Chile JV | |||
Basis of Presentation [Line Items] | |||
Ownership interest (as a percent) | 50% | ||
Telefónica Costa Rica. C&W | |||
Basis of Presentation [Line Items] | |||
Percentage ownership of subsidiaries (less than) | 100% | ||
Residential and Business-to-Business Services | |||
Basis of Presentation [Line Items] | |||
Number of countries in which entity provides services | country | 20 | ||
Wholesale Communication Services | C&W | |||
Basis of Presentation [Line Items] | |||
Number of markets | market | 40 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Condensed Consolidated Financial Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Basis of Presentation [Line Items] | ||||||||
Revenue | $ 1,125.8 | $ 1,220.8 | $ 3,347.5 | $ 3,649.4 | ||||
Operating Income (Loss) | 162.7 | 151.7 | 404.7 | (20.4) | ||||
Earnings (losses) before income taxes | 58.3 | 120.7 | 47.8 | (239) | ||||
Net earnings (loss) attributable to Liberty Latin America shareholders | 59.7 | 75.7 | 29.2 | (309.3) | ||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Total liabilities | 10,879.8 | 10,879.8 | $ 11,018.5 | |||||
Total equity | $ 2,428.7 | 2,518.4 | $ 2,428.7 | 2,518.4 | $ 2,375.3 | 2,556.7 | $ 2,441.3 | $ 2,893.9 |
As Previously Reported | ||||||||
Basis of Presentation [Line Items] | ||||||||
Revenue | 1,222 | 3,654.4 | ||||||
Operating Income (Loss) | 152.9 | (15.4) | ||||||
Earnings (losses) before income taxes | 121.9 | (234) | ||||||
Net earnings (loss) attributable to Liberty Latin America shareholders | 84.1 | (310.3) | ||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Total liabilities | 11,009.1 | |||||||
Total equity | 2,566.1 | |||||||
Adjustments | ||||||||
Basis of Presentation [Line Items] | ||||||||
Revenue | (1.2) | (5) | ||||||
Operating Income (Loss) | (1.2) | (5) | ||||||
Earnings (losses) before income taxes | (1.2) | (5) | ||||||
Net earnings (loss) attributable to Liberty Latin America shareholders | $ (8.4) | $ 1 | ||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Total liabilities | 9.4 | |||||||
Total equity | $ (9.4) |
Current Expected Credit Losse_2
Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 101.1 | $ 112.6 |
Provision for expected losses, net | 54.4 | 52.3 |
Write-offs | (63.5) | (44.4) |
Foreign currency translation adjustments and other | 2.5 | (23.1) |
Balance at end of period | $ 94.5 | $ 97.4 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Sep. 14, 2021 |
Claro Panama Acquisition | ||
Business Acquisition [Line Items] | ||
Enterprise value | $ 200 | |
Broadband VI, LLC Acquisition | ||
Business Acquisition [Line Items] | ||
Enterprise value | $ 33 | |
Percentage of interests acquired (as a percent) | 96% |
Acquisitions - Preliminary Open
Acquisitions - Preliminary Opening Balance Sheet (Details) - Claro Panama Acquisition $ in Millions | Jul. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Current assets | $ 24.4 |
Property and equipment | 136.3 |
Intangible assets subject to amortization | 47.9 |
Other assets | 198.2 |
Current liabilities | (64.8) |
Long-term liabilities | (132.7) |
Total purchase price | $ 209.3 |
Customer relationships | |
Business Acquisition [Line Items] | |
Weighted average useful life of acquired intangible assets (in years) | 6 years |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Revenue | $ 3,713.9 |
Net loss attributable to Liberty Latin America shareholders | $ (327.4) |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Current | $ 101.9 | $ 91.3 |
Long-term | 245.8 | 224.2 |
Total | 347.7 | 315.5 |
Liabilities: | ||
Current | 19 | 42.3 |
Long-term | 38.9 | 0 |
Total | 57.9 | 42.3 |
Interest rate derivative contracts | ||
Assets: | ||
Current | 101.6 | 91.3 |
Long-term | 245.8 | 224.2 |
Total | 347.4 | 315.5 |
Liabilities: | ||
Current | 2.5 | 30.4 |
Long-term | 36.3 | 0 |
Total | 38.8 | 30.4 |
Other | ||
Assets: | ||
Current | 0.3 | 0 |
Long-term | 0 | 0 |
Total | 0.3 | 0 |
Foreign currency forward contracts | ||
Liabilities: | ||
Current | 16.5 | 11.9 |
Long-term | 2.6 | 0 |
Total | $ 19.1 | $ 11.9 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains on Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ 47.5 | $ 135.4 | $ 52.8 | $ 385 |
Interest rate and cross-currency derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 60.1 | 159.3 | 99.8 | 417.8 |
Foreign currency forward contracts and other | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | (5) | (16) | (23.9) | (9.3) |
Weather Derivatives | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ (7.6) | $ (7.9) | $ (23.1) | $ (23.5) |
Derivative Instruments - Net Ca
Derivative Instruments - Net Cash Received (Paid) Related to Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Operating activities | $ 17.4 | $ (30.9) |
Investing activities | 0 | 5.3 |
Financing activities | 9.8 | 97.6 |
Total | $ 27.2 | $ 72 |
Derivative Instruments - Counte
Derivative Instruments - Counterparty Credit Risk (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Exposure to counterparty credit risk | $ 309 |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Derivative Contracts (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Interest Rate Swap | C&W | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 2,100 |
Weighted average remaining life | 4 years 9 months 18 days |
Derivative floor interest rate | 0% |
Interest Rate Swap | Liberty Puerto Rico | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 500 |
Weighted average remaining life | 5 years |
Basis Swap | C&W | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 2,100 |
Weighted average remaining life | 1 year 3 months 18 days |
Basis Swap | Liberty Puerto Rico | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 620 |
Weighted average remaining life | 1 year 3 months 18 days |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - 9 months ended Sep. 30, 2023 $ in Millions, ₡ in Billions | USD ($) | CRC (₡) |
Interest Rate Floor | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount due from counterparty | $ 620 | |
Weighted average remaining life | 5 years | |
Interest Rate Cap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount due from counterparty | $ 120 | |
Weighted average remaining life | 5 years | |
Foreign Exchange Forward | Costa Rice Borrowing Group | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount due from counterparty | $ 204 | ₡ 120 |
Weighted average remaining life | 7 months 6 days |
Long-lived Assets - Goodwill (D
Long-lived Assets - Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill. beginning balance | $ 3,421.3 | |
Acquisitions and related adjustments | 0 | |
Foreign currency translation adjustments and other | 48.5 | |
Goodwill. ending balance | 3,469.8 | $ 3,421.3 |
Accumulated goodwill impairments | 2,784 | 2,784 |
C&W Caribbean | ||
Goodwill [Roll Forward] | ||
Goodwill. beginning balance | 1,220.4 | |
Acquisitions and related adjustments | 0 | |
Foreign currency translation adjustments and other | (1.7) | |
Goodwill. ending balance | 1,218.7 | 1,220.4 |
Goodwill, Impairment Loss | (555) | |
C&W Panama | ||
Goodwill [Roll Forward] | ||
Goodwill. beginning balance | 617.1 | |
Acquisitions and related adjustments | 0 | |
Foreign currency translation adjustments and other | 0 | |
Goodwill. ending balance | 617.1 | 617.1 |
Liberty Networks | ||
Goodwill [Roll Forward] | ||
Goodwill. beginning balance | 654 | |
Acquisitions and related adjustments | (5.7) | |
Foreign currency translation adjustments and other | 6.1 | |
Goodwill. ending balance | 654.4 | 654 |
Liberty Puerto Rico | ||
Goodwill [Roll Forward] | ||
Goodwill. beginning balance | 501.1 | |
Acquisitions and related adjustments | 0 | |
Foreign currency translation adjustments and other | 0 | |
Goodwill. ending balance | 501.1 | 501.1 |
Liberty Costa Rica | ||
Goodwill [Roll Forward] | ||
Goodwill. beginning balance | 428.7 | |
Acquisitions and related adjustments | 5.7 | |
Foreign currency translation adjustments and other | 44.1 | |
Goodwill. ending balance | $ 478.5 | $ 428.7 |
Long-lived Assets - Property an
Long-lived Assets - Property and Equipment, Net (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 7,995.1 | $ 7,570.8 | |
Accumulated depreciation | (3,740.4) | (3,277.2) | |
Total | 4,254.7 | 4,293.6 | |
Non-cash increases related to vendor financing arrangements | 117.7 | $ 114.2 | |
Distribution systems | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,852.8 | 4,419.1 | |
Support equipment, buildings, land and CIP | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 2,093.5 | 2,232.7 | |
CPE | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,048.8 | $ 919 |
Long-lived Assets - Intangible
Long-lived Assets - Intangible Assets Subject to Amortization, Net (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||
Finite-lived intangible assets, gross | $ 1,606.4 | $ 1,743.3 |
Accumulated amortization | (1,029.1) | (1,055.2) |
Total | 577.3 | 688.1 |
Customer relationships | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross | 1,321.6 | 1,464.4 |
Licenses and other | ||
Statement [Line Items] | ||
Finite-lived intangible assets, gross | $ 284.8 | $ 278.9 |
Long-lived Assets - Intangibl_2
Long-lived Assets - Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total | $ 1,592.8 | $ 1,592.8 |
Spectrum licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | 1,051 | 1,051 |
Cable television franchise rights and other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | $ 541.8 | $ 541.8 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations - Components of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 7.05% | |
Unused borrowing capacity | $ 887 | |
Estimated fair value | 7,482.3 | $ 7,446.5 |
Total debt before premiums, discounts and deferred financing costs | 7,979.8 | 7,966.1 |
Premiums, discounts and deferred financing costs, net | (73.1) | (94) |
Total carrying amount of debt | 7,906.7 | 7,872.1 |
Finance lease obligations | 8 | 8.6 |
Total debt and finance lease obligations | 7,914.7 | 7,880.7 |
Less: Current maturities of debt and finance lease obligations | (558.1) | (226.9) |
Long-term debt and finance lease obligations | $ 7,356.6 | $ 7,653.8 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total debt and finance lease obligations | Total debt and finance lease obligations |
Convertible Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 2% | |
Unused borrowing capacity | $ 0 | |
Estimated fair value | 209.5 | $ 357.4 |
Total debt before premiums, discounts and deferred financing costs | $ 220.3 | 402.5 |
C&W Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 6.55% | |
Unused borrowing capacity | $ 0 | |
Estimated fair value | 1,523.3 | 1,591.6 |
Total debt before premiums, discounts and deferred financing costs | $ 1,715 | 1,715 |
C&W Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 7.27% | |
Credit facilities, unused borrowing capacity | $ 654.5 | |
Estimated fair value | 2,645.7 | 2,505 |
Total debt before premiums, discounts and deferred financing costs | $ 2,684.3 | 2,605.2 |
LPR Senior Secured Notes | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 6.08% | |
Credit facilities, unused borrowing capacity | $ 0 | |
Estimated fair value | 1,729 | 1,772.7 |
Total debt before premiums, discounts and deferred financing costs | $ 1,981 | 1,981 |
LPR Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 9.20% | |
Credit facilities, unused borrowing capacity | $ 172.5 | |
Estimated fair value | 614.6 | 613.8 |
Total debt before premiums, discounts and deferred financing costs | $ 620 | 620 |
LCR Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 10.88% | |
Credit facilities, unused borrowing capacity | $ 60 | |
Estimated fair value | 451 | 382.9 |
Total debt before premiums, discounts and deferred financing costs | $ 450 | 419.3 |
Vendor financing and other | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 7.88% | |
Unused borrowing capacity | $ 0 | |
Estimated fair value | 309.2 | 223.1 |
Total debt before premiums, discounts and deferred financing costs | 309.2 | 223.1 |
Total carrying amount of debt | $ 303 | $ 217 |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations - Components of Debt Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Carrying value | $ 7,906.7 | $ 7,872.1 | |
Convertible Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount of convertible note | 212 | ||
Unamortized debt discount | $ 8 | ||
Convertible Notes | Convertible Debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.70% | ||
Vendor financing and other | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Carrying value | $ 303 | $ 217 | |
Vendor Financing Obligations | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
General term of vendor financing arrangements for amounts due (in year) | 1 year | 1 year | |
Operating expenses financed by intermediary | $ 132 | $ 116 |
Debt and Finance Lease Obliga_5
Debt and Finance Lease Obligations - Finance Activity Narrative (Details) - Line of Credit | 1 Months Ended |
May 31, 2023 | |
One Month | |
Debt Instrument [Line Items] | |
Interest rate, variable rate | 0.11448% |
Three Months | |
Debt Instrument [Line Items] | |
Interest rate, variable rate | 0.26161% |
Six Months | |
Debt Instrument [Line Items] | |
Interest rate, variable rate | 0.42826% |
Debt and Finance Lease Obliga_6
Debt and Finance Lease Obligations - Finance Activity (Details) $ in Millions, ₡ in Billions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 CRC (₡) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 35 | $ 30 | ||||||
Debt instrument, borrowed principal | 35 | $ 30 | ||||||
Amount paid | $ 7,979.8 | $ 7,979.8 | $ 7,966.1 | |||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt extinguished | $ 91 | |||||||
Other | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued at | 100% | 100% | 100% | |||||
Interest rate | 6.483% | 6.483% | 6.483% | |||||
Aggregate facility amount | $ 69 | $ 69 | ||||||
Non-cash component | 0 | 0 | ||||||
C&W Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate facility amount | 40 | 40 | ||||||
Non-cash component | 0 | $ 0 | ||||||
Redemption price | 100% | |||||||
Amount paid | $ 20 | $ 20 | ||||||
C&W Revolving Credit Facility | Line of Credit | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.25% | 3.25% | 3.25% | |||||
LPR Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate facility amount | $ 65 | $ 65 | ||||||
Non-cash component | 0 | $ 0 | ||||||
Redemption price | 100% | |||||||
Amount paid | $ 65 | $ 65 | ||||||
LPR Revolving Credit Facility | Line of Credit | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.50% | 3.50% | 3.50% | |||||
2031 LCR Term Loan A | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued at | 100% | 100% | 100% | |||||
Interest rate | 10.875% | 10.875% | 10.875% | |||||
Aggregate facility amount | $ 50 | $ 50 | ||||||
Non-cash component | $ 0 | $ 0 | ||||||
2031 LCR Term Loan B | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued at | 100% | 100% | 100% | |||||
Interest rate | 10.875% | 10.875% | 10.875% | |||||
Aggregate facility amount | $ 400 | $ 400 | ||||||
Non-cash component | 0 | 0 | ||||||
LCR Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate facility amount | $ 0 | $ 0 | ||||||
Line of credit facility, remaining borrowing capacity | $ 60 | |||||||
Fee on unused portion of credit facility (as a percent) | 0.50% | |||||||
LCR Revolving Credit Facility | Line of Credit | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 4.25% | 4.25% | 4.25% | |||||
2028 CWP Term Loan | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued at | 100% | 100% | ||||||
Interest rate | 4.25% | 4.25% | ||||||
Aggregate facility amount | $ 435 | $ 435 | ||||||
Non-cash component | $ 272.9 | $ 272.9 | ||||||
CWP Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Issued at | 100% | 100% | ||||||
Aggregate facility amount | $ 12 | $ 12 | ||||||
CWP Revolving Credit Facility | Line of Credit | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 3.75% | 3.75% | ||||||
C&W Credit Facilities | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, remaining borrowing capacity | $ 654.5 | $ 654.5 | ||||||
Fee on unused portion of credit facility (as a percent) | 0.50% | |||||||
Amount paid | 2,684.3 | $ 2,684.3 | $ 2,605.2 | |||||
LCR Term Loan B-1 Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-cash component | 0 | $ 0 | ||||||
Redemption price | 100% | |||||||
Amount paid | 276.7 | $ 276.7 | ||||||
LCR Term Loan B-2 Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-cash component | 0 | $ 0 | ||||||
Redemption price | 100% | |||||||
Amount paid | 138.6 | $ 138.6 | ₡ 79.6 | |||||
LCR Revolving Credit Facility | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-cash component | 0 | $ 0 | ||||||
Redemption price | 100% | |||||||
Amount paid | 8 | $ 8 | ||||||
Convertible Notes | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-cash component | 0 | 0 | ||||||
Amount paid | $ 173 | $ 173 | ||||||
Convertible Notes | Line of Credit | Convertible Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price | 94.90% | |||||||
Debt extinguished | $ 182 | |||||||
Increase (decrease) in derivative assets | $ (182) | |||||||
CWP Credit Facilities | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-cash component | $ 272.9 | $ 272.9 | ||||||
Redemption price | 100% | |||||||
Amount paid | 272.9 | $ 272.9 | ||||||
VTR Notes | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Non-cash component | 0 | 0 | ||||||
Amount paid | $ 48.1 | $ 48.1 |
Debt and Finance Lease Obliga_7
Debt and Finance Lease Obligations - Maturities of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt maturities | $ 7,979.8 | $ 7,966.1 |
Premiums, discounts and deferred financing costs, net | (73.1) | (94) |
Total carrying amount of debt | 7,906.7 | $ 7,872.1 |
C&W | ||
Debt Instrument [Line Items] | ||
2023 (remainder of year) | 114.8 | |
2024 | 188.8 | |
2025 | 26.2 | |
2026 | 23.6 | |
2027 | 1,715.5 | |
2028 | 1,997.6 | |
Thereafter | 593.2 | |
Total debt maturities | 4,659.7 | |
Premiums, discounts and deferred financing costs, net | (27.4) | |
Total carrying amount of debt | 4,632.3 | |
Current portion | 296.3 | |
Noncurrent portion | 4,336 | |
Liberty Puerto Rico | ||
Debt Instrument [Line Items] | ||
2023 (remainder of year) | 16.7 | |
2024 | 24.9 | |
2025 | 0 | |
2026 | 0 | |
2027 | 1,161 | |
2028 | 620 | |
Thereafter | 820 | |
Total debt maturities | 2,642.6 | |
Premiums, discounts and deferred financing costs, net | (23.5) | |
Total carrying amount of debt | 2,619.1 | |
Current portion | 41.6 | |
Noncurrent portion | 2,577.5 | |
Liberty Costa Rica | ||
Debt Instrument [Line Items] | ||
2023 (remainder of year) | 6.5 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 450 | |
Total debt maturities | 456.5 | |
Premiums, discounts and deferred financing costs, net | (14.3) | |
Total carrying amount of debt | 442.2 | |
Current portion | 6.5 | |
Noncurrent portion | 435.7 | |
Liberty Latin America | ||
Debt Instrument [Line Items] | ||
2023 (remainder of year) | 0.4 | |
2024 | 220.6 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total debt maturities | 221 | |
Premiums, discounts and deferred financing costs, net | (7.9) | |
Total carrying amount of debt | 213.1 | |
Current portion | 213.1 | |
Noncurrent portion | 0 | |
Consolidated | ||
Debt Instrument [Line Items] | ||
2023 (remainder of year) | 138.4 | |
2024 | 434.3 | |
2025 | 26.2 | |
2026 | 23.6 | |
2027 | 2,876.5 | |
2028 | 2,617.6 | |
Thereafter | 1,863.2 | |
Total debt maturities | 7,979.8 | |
Premiums, discounts and deferred financing costs, net | (73.1) | |
Total carrying amount of debt | 7,906.7 | |
Current portion | 557.5 | |
Noncurrent portion | $ 7,349.2 |
Operating Leases - Lease Expens
Operating Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 34.8 | $ 29.4 | $ 100.2 | $ 85.3 |
Short-term lease cost | 7 | 5.9 | 21.8 | 17.9 |
Total operating lease expense | $ 41.8 | $ 35.3 | $ 122 | $ 103.2 |
Operating Leases - Operating Le
Operating Leases - Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Operating lease right-of-use assets | $ 482.3 | $ 482.3 | $ 550.8 | |
Operating lease liabilities: | ||||
Current | 83.4 | 83.4 | 76.7 | |
Noncurrent | 490.6 | 490.6 | 438.5 | |
Total operating lease liabilities | $ 574 | $ 574 | $ 515.2 | |
Weighted-average remaining lease term | 7 years 7 months 6 days | 7 years 7 months 6 days | 8 years 2 months 12 days | |
Weighted-average discount rate | 7.70% | 7.70% | 7.50% | |
Operating cash outflows related to operating leases | $ 99.6 | $ 92.8 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 38.1 | $ 171.7 | ||
Impairment of certain operating lease right-of-use assets | $ 7 | $ 50 |
Operating Leases - Lease Maturi
Operating Leases - Lease Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 (remainder of year) | $ 31.8 | |
2024 | 119.2 | |
2025 | 110.8 | |
2026 | 100.1 | |
2027 | 85.7 | |
2028 | 77.5 | |
Thereafter | 254 | |
Total operating lease liabilities on an undiscounted basis | 779.1 | |
Present value discount | (205.1) | |
Present value of operating lease liabilities | $ 574 | $ 515.2 |
Unfulfilled Performance Oblig_2
Unfulfilled Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unfulfilled performance obligations | $ 285 |
Unfulfilled performance obligations, period (in years) | 5 years |
Programming and Other Direct _3
Programming and Other Direct Costs of Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | $ 259.1 | $ 299.1 | $ 740.2 | $ 903.3 |
Programming and copyright | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 60.2 | 91.6 | 180.3 | 302.1 |
Interconnect | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 77.5 | 88.6 | 227.5 | 262.7 |
Equipment and other | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 121.4 | 118.9 | 332.4 | 338.5 |
Equipment | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | $ 75 | $ 88 | $ 231 | $ 258 |
Other Operating Costs and Exp_3
Other Operating Costs and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Personnel and contract labor | $ 130.8 | $ 155.3 | $ 418.1 | $ 453.6 |
Network-related | 65.2 | 88.6 | 193.6 | 250.1 |
Service-related | 52.3 | 52.8 | 162.6 | 158.6 |
Commercial | 47.1 | 58.9 | 136.2 | 182.5 |
Facility, provision, franchise and other | 142.9 | 152.3 | 427.1 | 394 |
Share-based compensation expense | 24.1 | 20.8 | 77.8 | 82.6 |
Total other operating costs and expenses | $ 462.4 | $ 528.7 | $ 1,415.4 | $ 1,521.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 10.4 | $ 38.8 | $ 51.9 | $ 100.6 |
Effective income tax rate (as a percent) | (17.80%) | (32.10%) | (108.60%) | 42.10% |
Earnings or Loss per Share - Ba
Earnings or Loss per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net earnings (loss) attributable to Liberty Latin America shareholders - basic | $ 59.7 | $ 75.7 | $ 29.2 | $ (309.3) |
Add back: interest expense, amortization of deferred financing costs and discounts, and net loss on debt extinguishment associated with Convertible Notes (if-converted method) | 0 | 6.3 | 0 | 0 |
Net earnings (loss) attributable to Liberty Latin America shareholders - diluted | $ 59.7 | $ 82 | $ 29.2 | $ (309.3) |
Denominator: | ||||
Weighted average shares - basic (in shares) | 207.2 | 220.2 | 211.7 | 224.4 |
Incremental shares attributable to the release of PSUs and RSUs upon vesting and the ESPP (treasury stock method) (in shares) | 1.4 | 0.9 | 1.1 | 0 |
Number of shares issuable under our Convertible Notes (if-converted method) (in shares) | 0 | 19.5 | 0 | 0 |
Weighted average shares - diluted (in shares) | 208.6 | 240.6 | 212.8 | 224.4 |
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ 0.29 | $ 0.34 | $ 0.14 | $ (1.38) |
Diluted net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ 0.29 | $ 0.34 | $ 0.14 | $ (1.38) |
Earnings or Loss Per Share - Po
Earnings or Loss Per Share - Potential Diluted Effect of Diluted Loss Per Share (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Outstanding options, SARs and RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded (in shares) | 32 | 35.1 | 32.8 | 35.8 |
Outstanding PSUs and PSARs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded (in shares) | 8.8 | 8.5 | 8.8 | 8.7 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded (in shares) | 0.1 | 0 | 0.1 | |
Convertible Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded (in shares) | 10.7 | 0 | 10.7 | 19.5 |
Equity - Share Repurchase Progr
Equity - Share Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | May 08, 2023 | |
Class of Stock [Line Items] | |||||
Stock repurchase program, additional number of shares authorized to be repurchased | 200 | ||||
Stock repurchased program, remaining authorized repurchase amount | $ 146 | ||||
Percent of liabilities covered by insurance annuity policies | 100% | ||||
Reclassification of net pension assets to accumulated other comprehensive income | $ 75 | ||||
Common Class A | |||||
Class of Stock [Line Items] | |||||
Number of shares repurchased (in shares) | 2.6 | 2.7 | |||
Common Class C | |||||
Class of Stock [Line Items] | |||||
Number of shares repurchased (in shares) | 11 | 14.3 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Percentage of minority interest revenues and adjusted OBIDA included in net earnings attributable to noncontrolling interest | 100% |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100% |
Segment Reporting - Performance
Segment Reporting - Performance Measures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,125.8 | $ 1,220.8 | $ 3,347.5 | $ 3,649.4 |
Adjusted OIBDA | 428.4 | 413.8 | 1,269.7 | 1,307.3 |
Operating Segments | C&W Caribbean | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 360.5 | 359.1 | 1,070.6 | 1,069.5 |
Adjusted OIBDA | 150.4 | 132.7 | 436.9 | 397.1 |
Operating Segments | C&W Panama | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 190.4 | 172.5 | 536.5 | 441.3 |
Adjusted OIBDA | 58.5 | 46.7 | 161 | 131.6 |
Operating Segments | Liberty Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 112.5 | 102.8 | 339.8 | 326.8 |
Adjusted OIBDA | 64.2 | 58.9 | 200 | 196.6 |
Operating Segments | Liberty Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 351.2 | 365.7 | 1,064.2 | 1,091.4 |
Adjusted OIBDA | 116.4 | 130.3 | 381.6 | 413.2 |
Operating Segments | Liberty Costa Rica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 134.6 | 109.2 | 399 | 324.6 |
Adjusted OIBDA | 49.9 | 32.8 | 145.2 | 98.6 |
Operating Segments | VTR | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 129.8 | 0 | 450.6 |
Adjusted OIBDA | 0 | 31.2 | 0 | 115.6 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6.5 | 5.4 | 18.5 | 16.5 |
Adjusted OIBDA | (11) | (18.8) | (55) | (45.4) |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ (29.9) | $ (23.7) | $ (81.1) | $ (71.3) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Operating Cash Flow to Earnings from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||||
Total Adjusted OIBDA | $ 428.4 | $ 413.8 | $ 1,269.7 | $ 1,307.3 |
Share-based compensation expense | (24.1) | (20.8) | (77.8) | (82.6) |
Depreciation and amortization | (230.5) | (234.3) | (705.6) | (661.7) |
Impairment, restructuring and other operating items, net | (11.1) | (7) | (81.6) | (583.4) |
Operating income (loss) | 162.7 | 151.7 | 404.7 | (20.4) |
Interest expense | (152.3) | (149.2) | (448) | (415.8) |
Realized and unrealized gains on derivative instruments, net | 47.5 | 135.4 | 52.8 | 385 |
Foreign currency transaction gains (losses), net | 3.7 | (56.5) | 46.2 | (221.9) |
Gains (losses) on debt extinguishments, net | 0.3 | 41.1 | (3.9) | 41.1 |
Other expense, net | (3.6) | (1.8) | (4) | (7) |
Earnings (loss) before income taxes | $ 58.3 | $ 120.7 | $ 47.8 | $ (239) |
Segment Reporting - Property an
Segment Reporting - Property and Equipment Additions of our Reportable Segments (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 524.3 | $ 591.1 |
Assets acquired under capital-related vendor financing arrangements | (117.7) | (114.2) |
Changes in current liabilities related to capital expenditures and other | 16.3 | 17.2 |
Total capital expenditures, net | 422.9 | 494.1 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 26 | 28.3 |
C&W Caribbean | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 173.8 | 151.4 |
C&W Panama | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 82.8 | 71.6 |
Liberty Networks | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 37.1 | 32 |
Liberty Puerto Rico | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 158.4 | 154.8 |
Liberty Costa Rica | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 46.2 | 45.7 |
VTR | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 0 | $ 107.3 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Major Category (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 1,125.8 | $ 1,220.8 | $ 3,347.5 | $ 3,649.4 |
Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 754 | 855.2 | 2,255.5 | 2,567 |
Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 328.4 | 425.4 | 976.3 | 1,334.2 |
Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 310.6 | 407.7 | 924.2 | 1,275.8 |
Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 17.8 | 17.7 | 52.1 | 58.4 |
Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 425.6 | 429.8 | 1,279.2 | 1,232.8 |
Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 309.9 | 311.4 | 923.1 | 892.7 |
Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 115.7 | 118.4 | 356.1 | 340.1 |
B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 363.7 | 344.7 | 1,060.6 | 1,041 |
Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 8.1 | 20.9 | 31.4 | 41.4 |
Mobile Handset | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 60 | 60 | 186 | |
B2B Mobile Handset and Other Devices | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5 | 7 | 22 | 19 |
Mobile Service Revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 176 | |||
Operating Segments | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 286.3 | 291.8 | 864.1 | |
Operating Segments | C&W Caribbean | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 360.5 | 359.1 | 1,070.6 | 1,069.5 |
Operating Segments | C&W Caribbean | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 231.4 | 225.9 | 688.1 | 669.7 |
Operating Segments | C&W Caribbean | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 129.1 | 129.8 | 385.1 | 388.7 |
Operating Segments | C&W Caribbean | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 122.6 | 122.2 | 363.9 | 363.5 |
Operating Segments | C&W Caribbean | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 6.5 | 7.6 | 21.2 | 25.2 |
Operating Segments | C&W Caribbean | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 102.3 | 96.1 | 303 | 281 |
Operating Segments | C&W Caribbean | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 83.9 | 78.8 | 245.3 | 232.9 |
Operating Segments | C&W Caribbean | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 18.4 | 17.3 | 57.7 | 48.1 |
Operating Segments | C&W Caribbean | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 129.1 | 133.2 | 382.5 | 399.8 |
Operating Segments | C&W Caribbean | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Panama | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 190.4 | 172.5 | 536.5 | 441.3 |
Operating Segments | C&W Panama | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 110.6 | 109.2 | 328.1 | 269.4 |
Operating Segments | C&W Panama | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 31 | 29 | 90.8 | 80.8 |
Operating Segments | C&W Panama | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 29.6 | 27.3 | 86.6 | 75.1 |
Operating Segments | C&W Panama | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1.4 | 1.7 | 4.2 | 5.7 |
Operating Segments | C&W Panama | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 79.6 | 80.2 | 237.3 | 188.6 |
Operating Segments | C&W Panama | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 66 | 65.8 | 196.8 | 152.7 |
Operating Segments | C&W Panama | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 13.6 | 14.4 | 40.5 | 35.9 |
Operating Segments | C&W Panama | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 79.8 | 63.3 | 208.4 | 171.9 |
Operating Segments | C&W Panama | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 112.5 | 102.8 | 339.8 | 326.8 |
Operating Segments | Liberty Networks | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Networks | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 112.5 | 102.8 | 339.8 | 326.8 |
Operating Segments | Liberty Networks | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Puerto Rico | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 351.2 | 365.7 | 1,064.2 | 1,091.4 |
Operating Segments | Liberty Puerto Rico | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 885.7 | |||
Operating Segments | Liberty Puerto Rico | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 128.2 | 116.7 | 378 | 359 |
Operating Segments | Liberty Puerto Rico | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 120.5 | 111.7 | 358.6 | 343 |
Operating Segments | Liberty Puerto Rico | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.7 | 5 | 19.4 | 16 |
Operating Segments | Liberty Puerto Rico | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 158.1 | 175.1 | 486.1 | 526.7 |
Operating Segments | Liberty Puerto Rico | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 99.3 | 111 | 302.2 | 338.5 |
Operating Segments | Liberty Puerto Rico | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 58.8 | 64.1 | 183.9 | 188.2 |
Operating Segments | Liberty Puerto Rico | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 56.8 | 53 | 168.7 | 164.3 |
Operating Segments | Liberty Puerto Rico | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 8.1 | 20.9 | 31.4 | 41.4 |
Operating Segments | Liberty Costa Rica | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 134.6 | 109.2 | 399 | 324.6 |
Operating Segments | Liberty Costa Rica | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 121.9 | 99.2 | 359.4 | 295.8 |
Operating Segments | Liberty Costa Rica | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 41.9 | 34.8 | 124.2 | 104.5 |
Operating Segments | Liberty Costa Rica | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 37.9 | 33.8 | 115.1 | 101.9 |
Operating Segments | Liberty Costa Rica | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 4 | 1 | 9.1 | 2.6 |
Operating Segments | Liberty Costa Rica | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 80 | 64.4 | 235.2 | 191.3 |
Operating Segments | Liberty Costa Rica | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 60.7 | 48 | 178.8 | 142.8 |
Operating Segments | Liberty Costa Rica | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 19.3 | 16.4 | 56.4 | 48.5 |
Operating Segments | Liberty Costa Rica | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 12.7 | 10 | 39.6 | 28.8 |
Operating Segments | Liberty Costa Rica | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | VTR | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 129.8 | 0 | 450.6 |
Operating Segments | VTR | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 123.7 | 429.9 | ||
Operating Segments | VTR | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 115.1 | 401.2 | ||
Operating Segments | VTR | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 112.7 | 392.3 | ||
Operating Segments | VTR | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 2.4 | 8.9 | ||
Operating Segments | VTR | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 8.6 | 28.7 | ||
Operating Segments | VTR | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.8 | 25.8 | ||
Operating Segments | VTR | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0.8 | 2.9 | ||
Operating Segments | VTR | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 6.1 | 20.7 | ||
Operating Segments | VTR | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Corporate | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 6.5 | 5.4 | 18.5 | 16.5 |
Corporate | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.6 | 5.4 | 17.6 | 16.5 |
Corporate | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.6 | 5.4 | 17.6 | 16.5 |
Corporate | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.6 | 5.4 | 17.6 | 16.5 |
Corporate | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0.9 | 0 | 0.9 | 0 |
Corporate | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (29.9) | (23.7) | (81.1) | (71.3) |
Intersegment Eliminations | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (1.8) | 0 | (1.8) | 0 |
Intersegment Eliminations | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (1.8) | 0 | (1.8) | 0 |
Intersegment Eliminations | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (1.8) | 0 | (1.8) | 0 |
Intersegment Eliminations | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (28.1) | (23.7) | (79.3) | (71.3) |
Intersegment Eliminations | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Geographic
Segment Reporting - Geographic Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,125.8 | $ 1,220.8 | $ 3,347.5 | $ 3,649.4 |
Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 340 | 352.8 | 1,031 | 1,052.6 |
Panama | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 189.6 | 171.6 | 534.3 | 439 |
Costa Rica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 134.3 | 109 | 398.3 | 324.1 |
Jamaica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 103.2 | 108.5 | 301.6 | 318.6 |
Networks & LatAm | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 89.6 | 83.5 | 274.5 | 269.4 |
The Bahamas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48.9 | 48.4 | 143.6 | 144.5 |
Trinidad and Tobago | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.2 | 39.5 | 117.2 | 119.7 |
Barbados | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.5 | 37.3 | 117.5 | 110.6 |
Curacao | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 34 | 34.2 | 102.8 | 99.9 |
Chile | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 129.8 | 0 | 450.6 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 107.5 | $ 106.2 | $ 326.7 | $ 320.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - DISH - Forecast subscriber in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2024 USD ($) subscriber installment | |
Subsequent Event [Line Items] | |
Number of prepaid mobile subscribers | subscriber | 120 |
Asset purchase price | $ | $ 256 |
Number of annual installments | installment | 4 |