Cover Page
Cover Page - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | 37.9 | |
Common Class C | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class C Common Shares, par value $0.01 per share | |
Trading Symbol | LILAK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 156 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2.4 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 598.6 | $ 988.6 |
Trade receivables, net | 708.5 | 686.1 |
Prepaid expenses | 100.1 | 68.8 |
Current derivative assets | 95.7 | 92 |
Current notes receivable, net | 111.5 | 107 |
Current contract assets | 103.3 | 110.2 |
Other current assets, net | 346.7 | 359.5 |
Total current assets | 2,064.4 | 2,412.2 |
Goodwill | 3,473.4 | 3,483.4 |
Property and equipment, net | 4,096.9 | 4,205.7 |
Intangible assets not subject to amortization | 1,597.8 | 1,592.8 |
Intangible assets subject to amortization, net | 462.5 | 541.6 |
Other assets, net | 1,455.5 | 1,358.9 |
Total assets | 13,150.5 | 13,594.6 |
Current liabilities: | ||
Accounts payable | 320.4 | 424.4 |
Current portion of deferred revenue | 125.6 | 167.1 |
Current portion of debt and finance lease obligations | 499.6 | 581.9 |
Accrued interest | 138.7 | 157.3 |
Accrued payroll and employee benefits | 79.9 | 79.1 |
Current derivative liabilities | 49.6 | 25 |
Current portion of operating lease liabilities | 87.6 | 84.3 |
Other accrued and current liabilities | 598.6 | 613.5 |
Total current liabilities | 1,900 | 2,132.6 |
Long-term debt and finance lease obligations | 7,581.1 | 7,598 |
Deferred tax liabilities | 612.6 | 630.6 |
Deferred revenue | 87.2 | 91.6 |
Other long-term liabilities | 775.9 | 832.1 |
Total liabilities | 10,956.8 | 11,284.9 |
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; $51.8 million and 39.6 million shares, respectively | (444.1) | (361.2) |
Additional paid-in capital | 5,278.6 | 5,262 |
Accumulated deficit | (2,984.9) | (2,941.7) |
Accumulated other comprehensive loss, net of taxes | (200.1) | (198) |
Total Liberty Latin America shareholders | 1,651.9 | 1,763.5 |
Noncontrolling interests | 541.8 | 546.2 |
Total equity | 2,193.7 | 2,309.7 |
Total liabilities and equity | 13,150.5 | 13,594.6 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 51,800,000 | 39,600,000 |
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) | 53,600,000 | 52,600,000 |
Common stock, shares outstanding (in shares) | 37,900,000 | 40,800,000 |
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) | 2,400,000 | 2,200,000 |
Common stock, shares outstanding (in shares) | 2,400,000 | 2,200,000 |
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) | 192,000,000 | 189,600,000 |
Common stock, shares outstanding (in shares) | 155,900,000 | 161,700,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,118 | $ 1,120.2 | $ 2,217.4 | $ 2,221.7 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||||
Programming and other direct costs of services | 245.3 | 234.6 | 485.5 | 481.1 |
Other operating costs and expenses | 499.6 | 468.9 | 1,011.6 | 953 |
Depreciation and amortization | 236.7 | 240.5 | 484.5 | 475.1 |
Impairment, restructuring and other operating items, net | 25.6 | 40.8 | 32.2 | 70.5 |
Operating costs and expenses (exclusive of depreciation and amortization) | 1,007.2 | 984.8 | 2,013.8 | 1,979.7 |
Operating income | 110.8 | 135.4 | 203.6 | 242 |
Non-operating expense: | ||||
Interest expense | (156.2) | (149.1) | (312.1) | (295.7) |
Realized and unrealized gains on derivative instruments, net | 23.9 | 64.4 | 70.3 | 5.3 |
Foreign currency transaction gains (losses), net | (46.4) | (6.7) | (23.1) | 42.5 |
Gains (losses) on debt extinguishments, net | 0 | 0.4 | (0.3) | (4.2) |
Other income (expense), net | (4.9) | 1.3 | (6.6) | (0.4) |
Non-operating income (expense) | (183.6) | (89.7) | (271.8) | (252.5) |
Earnings (loss) before income taxes | (72.8) | 45.7 | (68.2) | (10.5) |
Income tax benefit (expense) | 35.9 | (29.6) | 30.8 | (41.5) |
Net earnings (loss) | (36.9) | 16.1 | (37.4) | (52) |
Net loss (earnings) attributable to noncontrolling interests | (5.8) | 19 | (5.8) | 21.5 |
Net earnings (loss) attributable to Liberty Latin America shareholders | $ (42.7) | $ 35.1 | $ (43.2) | $ (30.5) |
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ (0.22) | $ 0.17 | $ (0.22) | $ (0.14) |
Diluted net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ (0.22) | $ 0.16 | $ (0.22) | $ (0.14) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (36.9) | $ 16.1 | $ (37.4) | $ (52) |
Other comprehensive loss, net of taxes: | ||||
Foreign currency translation adjustments | (14.3) | 2 | (3.1) | 22.4 |
Reclassification adjustments included in net earnings (loss) | 1.1 | 0 | 2 | 0 |
Pension-related adjustments and other, net | 1.7 | (72.7) | (0.5) | (70.5) |
Other comprehensive loss | (11.5) | (70.7) | (1.6) | (48.1) |
Comprehensive loss | (48.4) | (54.6) | (39) | (100.1) |
Comprehensive loss (earnings) attributable to noncontrolling interests | (6.9) | 17.7 | (6.3) | 20.8 |
Comprehensive loss attributable to Liberty Latin America shareholders | $ (55.3) | $ (36.9) | $ (45.3) | $ (79.3) |
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, 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) | (52) | (30.5) | (30.5) | (21.5) | |||||
Other comprehensive (loss) earnings | (48.1) | (48.8) | (48.8) | 0.7 | |||||
Repurchase of Liberty Latin America common shares | (81.8) | (81.8) | (81.8) | ||||||
Cash distribution to noncontrolling interest owner | (49.9) | (49.9) | |||||||
Share-based compensation | 50.4 | 50.4 | 50.4 | ||||||
Ending 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 |
Beginning balance at Mar. 31, 2023 | 2,507.7 | 1,882 | 0.5 | 1.9 | (268) | 5,207.3 | (2,933.7) | (126) | 625.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | 16.1 | 35.1 | 35.1 | (19) | |||||
Other comprehensive (loss) earnings | (70.7) | (72) | (72) | 1.3 | |||||
Repurchase of Liberty Latin America common shares | (57.2) | (57.2) | (57.2) | ||||||
Cash distribution to noncontrolling interest owner | (40.8) | (40.8) | |||||||
Share-based compensation | 20.2 | 20.2 | 20.2 | ||||||
Ending 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 |
Beginning balance at Dec. 31, 2023 | 2,309.7 | 1,763.5 | 0.5 | 1.9 | (361.2) | 5,262 | (2,941.7) | (198) | 546.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | (37.4) | (43.2) | (43.2) | 5.8 | |||||
Other comprehensive (loss) earnings | (1.6) | (2.1) | (2.1) | 0.5 | |||||
Repurchase of Liberty Latin America common shares | (82.9) | (82.9) | (82.9) | ||||||
Cash distribution to noncontrolling interest owner | (10.7) | (10.7) | |||||||
Share-based compensation | 31.2 | 31.2 | 31.2 | ||||||
Capped call option contracts | (14.6) | (14.6) | (14.6) | ||||||
Ending balance at Jun. 30, 2024 | 2,193.7 | 1,651.9 | 0.5 | 1.9 | (444.1) | 5,278.6 | (2,984.9) | (200.1) | 541.8 |
Beginning balance at Mar. 31, 2024 | 2,279 | 1,733.4 | 0.5 | 1.9 | (421.7) | 5,282.4 | (2,942.2) | (187.5) | 545.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | (36.9) | (42.7) | (42.7) | 5.8 | |||||
Other comprehensive (loss) earnings | (11.5) | (12.6) | (12.6) | 1.1 | |||||
Repurchase of Liberty Latin America common shares | (22.4) | (22.4) | (22.4) | ||||||
Cash distribution to noncontrolling interest owner | (10.7) | (10.7) | |||||||
Share-based compensation | 10.8 | 10.8 | 10.8 | ||||||
Capped call option contracts | (14.6) | (14.6) | (14.6) | ||||||
Ending balance at Jun. 30, 2024 | $ 2,193.7 | $ 1,651.9 | $ 0.5 | $ 1.9 | $ (444.1) | $ 5,278.6 | $ (2,984.9) | $ (200.1) | $ 541.8 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (37.4) | $ (52) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Share-based compensation expense | 38.9 | 53.7 |
Depreciation and amortization | 484.5 | 475.1 |
Impairments and other non-cash charges, net | 12.6 | 41.2 |
Amortization of debt financing costs, premiums and discounts, net | 11.3 | 16.4 |
Realized and unrealized gains on derivative instruments, net | (70.3) | (5.3) |
Foreign currency transaction losses (gains), net | 23.1 | (42.5) |
Losses on debt extinguishments, net | 0.3 | 4.2 |
Deferred income tax expense benefit | (82.5) | (9.7) |
Changes in operating assets and liabilities | (200.3) | (193.1) |
Net cash provided by operating activities | 180.2 | 288 |
Cash flows from investing activities: | ||
Capital expenditures, net | (250.2) | (273.1) |
Other investing activities, net | (32.2) | (18) |
Net cash used by investing activities | (282.4) | (291.1) |
Cash flows from financing activities: | ||
Borrowings of debt | 202.3 | 642.9 |
Payments of principal amounts of debt and finance lease obligations | (384.2) | (645.3) |
Repurchase of Liberty Latin America common shares | (82.9) | (80.3) |
Distributions to non-controlling interest owners | (10.7) | (41.2) |
Payment of financing costs and debt redemption premiums | (0.4) | (15.4) |
Net cash received related to derivative instruments | 0 | 9.8 |
Other financing activities, net | (4.6) | (3.2) |
Net cash used by financing activities | (280.5) | (132.7) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.6) | (4.2) |
Net decrease in cash, cash equivalents and restricted cash | (385.3) | (140) |
Cash, cash equivalents and restricted cash: | ||
Beginning of period | 999.8 | 788.9 |
End of period | 614.5 | 648.9 |
Cash paid for interest | 315.4 | 258.4 |
Net cash paid for taxes | $ 80.2 | $ 40.9 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
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; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones. 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 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. Unless otherwise indicated, ownership percentages are calculated as of June 30, 2024. 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 2023 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. |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Recent Accounting Pronouncements ASU 2022-04 In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ( ASU 2022-04) , which requires, among other things, a rollforward of the obligations for the period. The rollforward disclosure requirement is effective for the first annual report filed for fiscal years beginning after December 15, 2023. Additional disclosures surrounding our supplier finance programs are included in note 10. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which requires enhanced disclosures surrounding significant segment expenses. In each annual and interim period, entities are required to disclose (i) significant segment expenses that are regularly provided to the CODM and are included within each reported measure of segment profit or loss, (ii) an amount and description for other segment items by reportable segment, where the other items category represents the difference between segment revenue, significant segment expenses and the reported measure of segment profit or loss, (iii) all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, and (iv) the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 clarifies that a public entity may disclose more than one measure of a segment’s profit or loss if the CODM uses more than one measure to assess segment performance and allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements. ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ( ASU 2023-09 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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 6. 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 6. Non-recurring Fair Value Measurements |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisitions | Acquisitions Pending Transactions Puerto Rico and USVI Spectrum Acquisition. On November 6, 2023, we entered into an agreement with DISH Network to acquire DISH Network spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets in exchange for cash and international roaming credits. The aggregate purchase price of $256 million will be paid in four annual installments commencing on the closing date, subject to post-closing adjustments. The waiting period applicable to the transaction under the Hart-Scott-Rodino Act expired on July 1, 2024. On December 4, 2023, the Public Interest Statement and applications for approval were filed with the FCC and are currently under routine review. On February 23, 2024, the FCC issued a Public Notice that accepted the application and established a period for public comment. The comment period expired on March 11, 2024, without any comments or objections filed. The transaction remains subject to certain customary closing conditions, including regulatory approvals, and is expected to close during 2024. Costa Rica Transaction. |
Current Expected Credit Losses
Current Expected Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
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: Six months ended June 30, 2024 2023 in millions Balance at beginning of period $ 91.6 $ 101.1 Provision for expected losses, net 62.0 36.3 Write-offs, net of recoveries (41.6) (37.9) Foreign currency translation adjustments (0.6) 1.3 Balance at end of period $ 111.4 $ 100.8 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In 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: June 30, 2024 December 31, 2023 Current Long-term (a) Total Current Long-term (a) Total in millions Assets (b): Interest rate derivative contracts $ 95.7 $ 189.2 $ 284.9 $ 91.9 $ 157.4 $ 249.3 Other — — — 0.1 — 0.1 Total $ 95.7 $ 189.2 $ 284.9 $ 92.0 $ 157.4 $ 249.4 Liabilities (b): Interest rate derivative contracts $ 39.8 $ 1.2 $ 41.0 $ 8.2 $ 30.6 $ 38.8 Foreign currency forward contracts 9.8 2.4 12.2 16.8 4.0 20.8 Total $ 49.6 $ 3.6 $ 53.2 $ 25.0 $ 34.6 $ 59.6 (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 10) 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 3. 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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Interest rate derivative contracts $ 24.7 $ 75.2 $ 85.9 $ 39.7 Foreign currency forward contracts and other 6.5 (3.1) (0.7) (18.9) Weather Derivatives (7.3) (7.7) (14.9) (15.5) Total $ 23.9 $ 64.4 $ 70.3 $ 5.3 The following table sets forth the classification of the net cash inflows of our derivative instruments: Six months ended June 30, 2024 2023 in millions Operating activities $ 43.3 $ 30.5 Investing activities (0.5) — Financing activities — 9.8 Total $ 42.8 $ 40.3 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 June 30, 2024, 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 $244 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 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 June 30, 2024: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,100.0 4.1 Liberty Puerto Rico $ 500.0 4.3 (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 June 30, 2024: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W $ 2,100.0 0.6 Liberty Puerto Rico $ 620.0 0.6 Interest Rate Floors Interest rate floors provide protection against interest rates falling below a pre-set level. At June 30, 2024, 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 4.3 years. Interest Rate Caps Interest rate caps provide protection against interest rates rising above a pre-set level. At June 30, 2024, 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 4.3 years. Foreign Currency Forwards Contracts We enter into foreign currency forward contracts with respect to non-functional currency exposure. At June 30, 2024, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $193 million and CRC 109 billion, respectively, with a weighted average remaining contractual life of 0.6 years. |
Long-lived Assets
Long-lived Assets | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 $ 1,218.1 $ 617.1 $ 655.9 $ 501.1 $ 491.2 $ 3,483.4 Foreign currency translation adjustments and other (1.6) — (2.1) — (6.3) (10.0) June 30, 2024 $ 1,216.5 $ 617.1 $ 653.8 $ 501.1 $ 484.9 $ 3,473.4 During the first half of 2024, Liberty Puerto Rico experienced declines in revenue, primarily from mobile subscriber losses, increased bad debt and other adverse impacts largely associated with (i) the migration of customers acquired from AT&T to our mobile network and (ii) various network outages that have impacted these mobile customers. If we continue to experience adverse impacts related to the migration of customers to our mobile network, or if other 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 an impairment charge in Liberty Puerto Rico would be required in order to reduce the carrying value of goodwill for this reporting unit. Any such impairment charge could be significant. Our accumulated goodwill impairments were $2,784 million at each of June 30, 2024 and December 31, 2023. Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: June 30, December 31, in millions Distribution systems $ 4,999.4 $ 4,797.4 Support equipment, buildings, land and CIP 1,947.2 1,923.9 CPE 984.9 938.3 7,931.5 7,659.6 Accumulated depreciation (3,834.6) (3,453.9) Total $ 4,096.9 $ 4,205.7 During each of the six months ended June 30, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $72 million. Intangible Assets Not Subject to Amortization The details of our intangible assets not subject to amortization are set forth below: June 30, December 31, in millions Spectrum licenses $ 1,056.0 $ 1,051.0 Cable television franchise rights and other 541.8 541.8 Total $ 1,597.8 $ 1,592.8 Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below: June 30, December 31, in millions Customer relationships $ 898.1 $ 1,327.8 Licenses and other 266.0 286.7 1,164.1 1,614.5 Accumulated amortization (701.6) (1,072.9) Total $ 462.5 $ 541.6 |
The Chile JV
The Chile JV | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
The Chile JV | The Chile JV On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV. During October 2022, we completed the formation of the Chile JV, which is owned 50:50 by Liberty Latin America and América Móvil. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The following table provides details of our operating lease expense: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Operating lease expense: Operating lease cost $ 30.3 $ 32.3 $ 60.1 $ 65.4 Short-term lease cost 7.1 7.9 13.7 14.8 Total operating lease expense $ 37.4 $ 40.2 $ 73.8 $ 80.2 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: June 30, December 31, in millions Operating lease right-of-use assets (a) $ 466.7 $ 475.2 Operating lease liabilities: Current $ 87.6 $ 84.3 Noncurrent 463.2 483.4 Total operating lease liabilities $ 550.8 $ 567.7 Weighted-average remaining lease term 7.2 years 7.4 years Weighted-average discount rate 7.9 % 7.8 % Six months ended June 30, 2024 2023 in millions Operating cash outflows related to operating leases $ 71.7 $ 70.4 Right-of-use assets obtained in exchange for new operating lease liabilities (b) $ 41.0 $ 26.0 (a) During the three and six months ended June 30, 2023, we recorded impairment charges totaling $23 million and $42 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 six months ended June 30, 2024 and 2023, respectively. Maturities of Operating Leases Maturities of our operating lease liabilities as of June 30, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on June 30, 2024 exchange rates. Years ending December 31: 2024 (remainder of year) $ 59.5 2025 122.3 2026 110.4 2027 93.7 2028 83.8 2029 72.9 Thereafter 200.5 Total operating lease liabilities on an undiscounted basis 743.1 Present value discount (192.3) Present value of operating lease liabilities $ 550.8 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent June 30, December 31, 2023 June 30, December 31, 2023 in millions Convertible Notes (d) 2.00 % — $ — $ 139.1 $ 213.8 $ 139.6 $ 220.3 C&W Notes 6.55 % — — 1,643.3 1,609.8 1,715.0 1,715.0 C&W Credit Facilities (e) 7.27 % (f) 635.8 2,566.9 2,663.4 2,660.2 2,694.2 LPR Senior Secured Notes 6.08 % — — 1,768.9 1,851.5 1,981.0 1,981.0 LPR Credit Facilities 9.18 % $ 147.5 147.5 619.3 621.6 645.0 620.0 LCR Credit Facilities 10.88 % $ 60.0 60.0 477.8 463.5 450.0 450.0 Vendor financing, Tower Transactions and other (g) (h) 7.83 % — — 540.3 561.7 540.3 561.7 Total debt before premiums, discounts and deferred financing costs 7.13 % $ 843.3 $ 7,755.6 $ 7,985.3 $ 8,131.1 $ 8,242.2 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: June 30, December 31, 2023 in millions Total debt before premiums, discounts and deferred financing costs $ 8,131.1 $ 8,242.2 Premiums, discounts and deferred financing costs, net (55.6) (67.8) Total carrying amount of debt 8,075.5 8,174.4 Finance lease obligations 5.2 5.5 Total debt and finance lease obligations 8,080.7 8,179.9 Less: Current maturities of debt and finance lease obligations (499.6) (581.9) Long-term debt and finance lease obligations $ 7,581.1 $ 7,598.0 (a) Represents the weighted average interest rate in effect at June 30, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally 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 June 30, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2024, 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 June 30, 2024 compliance reporting requirements. At June 30, 2024, 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 3. (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 June 30, 2024, the carrying value of the Convertible Notes was $139 million. Subsequent to June 30, 2024, we repurchased and cancelled the remaining $140 million original principal amount of the Convertible Notes. (e) Includes other facilities that are generally repaid in three annual installments. (f) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. (g) During 2024, we entered into the Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets. (h) Includes $300 million and $299 million at June 30, 2024 and December 31, 2023, 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 $81 million and $94 million for the six months ended June 30, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or 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 the six months ended June 30, 2024 and 2023, 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 Amount borrowed in millions 2024 C&W C&W Other Facilities 100% (a) 6.96% $ 22.5 2024 C&W C&W Revolving Credit Facility 100% January 30, 2027 Adjusted Term SOFR $ 60.0 2024 Liberty Puerto Rico LPR Revolving Credit Facility 100% March 15, 2027 Adjusted Term SOFR $ 25.0 2024 Liberty Costa Rica LCR Revolving Credit Facility (b) 100% January 15, 2028 Term SOFR $ 14.0 2023 C&W C&W Other Facilities 100% (c) 6.483% $ 69.0 2023 Liberty Puerto Rico LPR Revolving Credit Facility 100% March 15, 2027 LIBOR $ 30.0 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 (b) N/A January 15, 2028 Term SOFR $ — N/A – Not applicable. (a) This borrowing is due in three annual installments beginning in May 2025. (b) The LCR Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (c) This borrowing is due in three annual installments, the first of which was due in May 2024. During the six months ended June 30, 2024 and 2023, we made certain repurchases or repayments on the following debt instruments: Amount paid Period Borrowing group / Borrower Instrument Redemption price Borrowing currency USD equivalent (a) USD in millions, CRC in billions 2024 Liberty Costa Rica LCR Revolving Credit Facility 100% $ 14.0 $ 14.0 2024 Liberty Latin America Convertible Notes (b) $ 79.6 $ 79.6 2024 C&W C&W Revolving Credit Facility 100% $ 60.0 $ 60.0 2024 C&W C&W Regional Facilities 100% $ 20.0 $ 20.0 2024 C&W CWP Revolving Credit Facility 100% $ 10.0 $ 10.0 2024 C&W C&W Other Facilities 100% $ 23.0 $ 23.0 2023 Liberty Puerto Rico LPR Revolving Credit Facility 100% $ 30.0 $ 30.0 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 Latin America Convertible Notes (c) $ 93.6 $ 93.6 (a) Translated at the transaction date, as applicable. (b) In February 2024, we repurchased and cancelled $81 million original principal amount of the Convertible Notes at a weighted average redemption price of 98.7%. In addition, we unwound the remaining $102 million of the Capped Calls for immaterial value on settlement. (c) During the six months ended June 30, 2023, we repurchased and cancelled $99 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.2%. In connection with these repurchases, we unwound $99 million of the related Capped Calls for immaterial value on settlement. Maturities of Debt Maturities of our debt as of June 30, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2024 exchange rates: C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2024 (remainder of year) $ 147.1 $ 51.0 $ — $ 139.6 $ 337.7 2025 148.9 15.9 — — 164.8 2026 35.5 0.3 — — 35.8 2027 1,727.8 1,161.4 — — 2,889.2 2028 2,002.8 620.5 — — 2,623.3 2029 597.6 820.7 — — 1,418.3 Thereafter 174.2 37.8 450.0 — 662.0 Total debt maturities 4,833.9 2,707.6 450.0 139.6 8,131.1 Premiums, discounts and deferred financing costs, net (22.8) (19.2) (13.4) (0.2) (55.6) Total debt $ 4,811.1 $ 2,688.4 $ 436.6 $ 139.4 $ 8,075.5 Current portion $ 292.7 $ 66.7 $ — $ 139.4 $ 498.8 Noncurrent portion $ 4,518.4 $ 2,621.7 $ 436.6 $ — $ 7,576.7 (a) Represents the amount held by Liberty Latin America on a standalone basis. Subsequent Events Subsequent to June 30, 2024, we (i) had net borrowings of $165 million, $25 million and $17 million on the C&W Revolving Credit Facility, LPR Revolving Credit Facility and LCR Revolving Credit Facility, respectively, and (ii) repurchased and cancelled the remaining $140 million original principal amount of the Convertible Notes. |
Unfulfilled Performance Obligat
Unfulfilled Performance Obligations | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, we have approximately $260 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 four years. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity Share Repurchase Program On May 8, 2023, our Directors approved a Share Repurchase Program to repurchase $200 million of our Class A common shares and/or Class C common shares through December 2025. On May 7, 2024, our Directors approved the repurchase of an additional $200 million of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2026 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 six months ended June 30, 2024, we repurchased 4 million and 8 million Class A and Class C common shares, respectively. During the six months ended June 30, 2023, we repurchased 2 million and 8 million Class A and Class C common shares, respectively. At June 30, 2024, the remaining amount authorized for share repurchases under the Share Repurchase Program was $257 million. Capped Call Option Contracts During June 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on 1.7 million and 4.3 million Liberty Latin America Class A and Class C common shares, respectively, with a low exercise price and a capped payout. These contracts will expire 12 to 18 months following the June 2024 trade date and can result in the receipt of cash or shares at our election. Shares acquired through the exercise of the call options will be included in our share repurchases. The capped call option contracts are not considered derivative instruments as the contracts are indexed to our Class A and Class C common shares and are therefore classified within shareholders’ equity. At June 30, 2024, the aggregate premium associated with these capped call option contracts of $15 million is included in additional paid-in capital in our condensed consolidated statement of equity. Pension Buy-in |
Programming and Other Direct Co
Programming and Other Direct Costs of Services | 6 Months Ended |
Jun. 30, 2024 | |
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, B2B project-related costs 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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Programming and copyright $ 60.4 $ 59.4 $ 120.5 $ 120.1 Interconnect 65.9 75.3 137.8 150.0 Equipment 72.4 70.1 151.5 159.1 Project-related and other 46.6 29.8 75.7 51.9 Total programming and other direct costs of services $ 245.3 $ 234.6 $ 485.5 $ 481.1 |
Other Operating Costs and Expen
Other Operating Costs and Expenses | 6 Months Ended |
Jun. 30, 2024 | |
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 and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash. Our other operating costs and expenses by major category are set forth below: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Personnel and contract labor $ 143.3 $ 140.2 $ 300.0 $ 287.3 Network-related 64.2 61.6 127.6 128.4 Service-related 64.4 58.7 137.1 110.3 Commercial 52.9 44.6 99.9 89.1 Facility, provision, franchise and other 158.8 139.3 304.0 284.2 Share-based compensation and other Employee Incentive Plan-related expense 16.0 24.5 43.0 53.7 Total other operating costs and expenses $ 499.6 $ 468.9 $ 1,011.6 $ 953.0 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
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 benefit (expense) was $36 million and ($30 million) during the three months ended June 30, 2024 and 2023, respectively, and $31 million and ($42 million) during the six months ended June 30, 2024 and 2023, respectively. This represents an effective income tax rate of (49.3%) and (64.8%) for the three months ended June 30, 2024 and 2023, respectively, and (45.2%) and 395.2% for the six months ended June 30, 2024 and 2023, respectively, including items treated discretely. For the three and six months ended June 30, 2024, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of net decreases in valuation allowances and permanent tax differences, such as non-taxable income. These beneficial impacts to our effective tax rate were partially offset by the detrimental effects of withholding taxes on cross-border payments, legislative increase to the statutory tax rate in Barbados, net return to provision adjustments, jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, and changes in uncertain tax positions. For the three months ended June 30, 2024, our income tax benefit reflects our estimate of global minimum tax which has been reduced for changes in legislative landscape and updated current and forecasted operating results. For the six months ended June 30, 2024, our income tax benefit reflects the net detrimental effects of the inclusion of global minimum tax. For the three and six months ended June 30, 2023, the income tax expense attributable to our earnings (loss) 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 |
Earnings or Loss Per Share
Earnings or Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
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. 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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions, except per share amounts Numerator: Basic EPS computation: Net earnings (loss) attributable to Liberty Latin America shareholders - basic $ (42.7) $ 35.1 $ (43.2) $ (30.5) 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) — 1.3 — — Net earnings (loss) attributable to Liberty Latin America shareholders - diluted $ (42.7) $ 36.4 $ (43.2) $ (30.5) Denominator: Basic EPS computation: Weighted average shares - basic (a) 197.0 212.3 200.3 214.0 Diluted EPS computation: Incremental shares attributable to the release of SARs, PSUs and RSUs upon vesting, the LTVP and the ESPP (treasury stock method) — 0.3 — — Number of shares issuable under our Convertible Notes (if-converted method) (b) — 14.7 — — Weighted average shares - diluted (c) 197.0 227.3 200.3 214.0 Basic net earnings (loss) per share attributable to Liberty Latin America shareholders $ (0.22) $ 0.17 $ (0.22) $ (0.14) Diluted net earnings (loss) per share attributable to Liberty Latin America shareholders $ (0.22) $ 0.16 $ (0.22) $ (0.14) (a) During the three months ended June 30, 2024 and the six months ended June 30, 2024 and 2023, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at June 30, 2024 and 2023 of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and, for the 2023 period, PSARs, because such awards had not yet met the applicable performance criteria: June 30, 2024 2023 in millions Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 43.2 39.4 Outstanding PSUs and PSARs 8.6 8.8 LTVP and ESPP 4.4 3.0 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) 6.8 14.7 (b) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during the 2023 period, the Capped Calls provided 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 would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. During the first quarter of 2024, we unwound the remaining balance of the Capped Calls. For further information, see note 10. (c) We reported net earnings attributable to Liberty Latin America shareholders during the three months ended June 30, 2023. The following table sets forth items that have been excluded from our computation of diluted EPS for the three months ended June 30, 2023 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 36.0 Outstanding PSUs and PSARs 8.8 LTVP 2.8 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024, unless otherwise specified below, our reportable segments are as follows: • C&W Caribbean; • C&W Panama; • Liberty Networks; • Liberty Puerto Rico; and • Liberty Costa Rica. 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 CODM 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. Revenue Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions C&W Caribbean $ 368.3 $ 356.3 $ 732.5 $ 710.1 C&W Panama 197.2 180.8 366.4 346.1 Liberty Networks 119.1 118.6 227.6 227.3 Liberty Puerto Rico 308.6 349.5 635.8 713.0 Liberty Costa Rica 147.2 135.2 299.5 264.4 Corporate 5.9 5.6 11.0 12.0 Intersegment eliminations (28.3) (25.8) (55.4) (51.2) Total $ 1,118.0 $ 1,120.2 $ 2,217.4 $ 2,221.7 Adjusted OIBDA Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions C&W Caribbean $ 157.0 $ 146.3 $ 307.6 $ 286.5 C&W Panama 64.8 59.0 121.6 102.5 Liberty Networks 63.1 72.2 122.3 135.8 Liberty Puerto Rico 71.1 137.2 140.2 265.2 Liberty Costa Rica 53.4 50.1 111.7 95.3 Corporate (20.3) (23.6) (40.1) (44.0) Total $ 389.1 $ 441.2 $ 763.3 $ 841.3 The following table provides a reconciliation of total Adjusted OIBDA to operating income and to earnings (loss) before income taxes: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Total Adjusted OIBDA $ 389.1 $ 441.2 $ 763.3 $ 841.3 Share-based compensation and other Employee Incentive Plan-related expense (a) (16.0) (24.5) (43.0) (53.7) Depreciation and amortization (236.7) (240.5) (484.5) (475.1) Impairment, restructuring and other operating items, net (25.6) (40.8) (32.2) (70.5) Operating income 110.8 135.4 203.6 242.0 Interest expense (156.2) (149.1) (312.1) (295.7) Realized and unrealized gains on derivative instruments, net 23.9 64.4 70.3 5.3 Foreign currency transaction gains (losses), net (46.4) (6.7) (23.1) 42.5 Gains (losses) on debt extinguishments, net — 0.4 (0.3) (4.2) Other income (expense), net (4.9) 1.3 (6.6) (0.4) Earnings (loss) before income taxes $ (72.8) $ 45.7 $ (68.2) $ (10.5) (a) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee. 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. Six months ended June 30, 2024 2023 in millions C&W Caribbean $ 99.4 $ 118.2 C&W Panama 48.0 45.5 Liberty Networks 26.4 23.9 Liberty Puerto Rico 89.9 101.7 Liberty Costa Rica 32.0 30.3 Corporate 18.8 17.5 Total property and equipment additions 314.5 337.1 Assets acquired under capital-related vendor financing arrangements (72.1) (71.9) Changes in current liabilities related to capital expenditures and other 7.8 7.9 Total capital expenditures, net $ 250.2 $ 273.1 Revenue by Major Category Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following: • 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 equipment, interconnect and advertising revenue; and • Three months ended June 30, 2024 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 123.7 $ 30.1 $ — $ 120.4 $ 34.7 $ — $ — $ 308.9 Non-subscription revenue 7.1 1.2 — 5.7 7.9 — (0.8) 21.1 Total residential fixed revenue 130.8 31.3 — 126.1 42.6 — (0.8) 330.0 Residential mobile revenue: Service revenue 86.2 67.9 — 78.7 68.5 — — 301.3 Interconnect, inbound roaming, equipment sales and other (b) 17.9 14.3 — 43.9 19.7 5.7 — 101.5 Total residential mobile revenue 104.1 82.2 — 122.6 88.2 5.7 — 402.8 Total residential revenue 234.9 113.5 — 248.7 130.8 5.7 (0.8) 732.8 B2B revenue (c) 133.4 83.7 119.1 52.6 16.4 0.2 (27.5) 377.9 Other revenue — — — 7.3 — — — 7.3 Total $ 368.3 $ 197.2 $ 119.1 $ 308.6 $ 147.2 $ 5.9 $ (28.3) $ 1,118.0 (a) Included in this amount is $23 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $49 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Three months ended June 30, 2023 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 121.4 $ 28.7 $ — $ 121.1 $ 37.4 $ — $ — $ 308.6 Non-subscription revenue 7.7 1.4 — 6.0 2.6 — — 17.7 Total residential fixed revenue 129.1 30.1 — 127.1 40.0 — — 326.3 Residential mobile revenue: Service revenue 81.3 65.8 — 100.9 60.3 — — 308.3 Interconnect, inbound roaming, equipment sales and other (b) 18.6 13.6 — 54.3 19.1 5.6 — 111.2 Total residential mobile revenue 99.9 79.4 — 155.2 79.4 5.6 — 419.5 Total residential revenue 229.0 109.5 — 282.3 119.4 5.6 — 745.8 B2B revenue (c) 127.3 71.3 118.6 56.2 15.8 — (25.8) 363.4 Other revenue — — — 11.0 — — — 11.0 Total $ 356.3 $ 180.8 $ 118.6 $ 349.5 $ 135.2 $ 5.6 $ (25.8) $ 1,120.2 (a) Included in this amount is $21 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $55 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $8 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Six months ended June 30, 2024 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 245.6 $ 60.5 $ — $ 240.2 $ 70.1 $ — $ — $ 616.4 Non-subscription revenue 14.7 2.4 — 11.0 17.6 — (1.5) 44.2 Total residential fixed revenue 260.3 62.9 — 251.2 87.7 — (1.5) 660.6 Residential mobile revenue: Service revenue 171.8 129.7 — 172.2 136.3 — — 610.0 Interconnect, inbound roaming, equipment sales and other (b) 38.3 27.0 — 88.4 42.7 10.6 — 207.0 Total residential mobile revenue 210.1 156.7 — 260.6 179.0 10.6 — 817.0 Total residential revenue 470.4 219.6 — 511.8 266.7 10.6 (1.5) 1,477.6 B2B revenue (c) 262.1 146.8 227.6 108.6 32.8 0.4 (53.9) 724.4 Other revenue — — — 15.4 — — — 15.4 Total $ 732.5 $ 366.4 $ 227.6 $ 635.8 $ 299.5 $ 11.0 $ (55.4) $ 2,217.4 (a) Included in this amount is $45 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $99 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $12 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Six months ended June 30, 2023 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 241.3 $ 57.0 $ — $ 238.1 $ 73.5 $ — $ — $ 609.9 Non-subscription revenue 14.7 2.8 — 11.7 5.1 — — 34.3 Total residential fixed revenue 256.0 59.8 — 249.8 78.6 — — 644.2 Residential mobile revenue: Service revenue 161.4 130.8 — 202.9 118.1 — — 613.2 Interconnect, inbound roaming, equipment sales and other (b) 39.3 26.9 — 125.1 37.1 12.0 — 240.4 Total residential mobile revenue 200.7 157.7 — 328.0 155.2 12.0 — 853.6 Total residential revenue 456.7 217.5 — 577.8 233.8 12.0 — 1,497.8 B2B revenue (c) 253.4 128.6 227.3 111.9 30.6 — (51.2) 700.6 Other revenue — — — 23.3 — — — 23.3 Total $ 710.1 $ 346.1 $ 227.3 $ 713.0 $ 264.4 $ 12.0 $ (51.2) $ 2,221.7 (a) Included in this amount is $42 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $126 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $16 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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Puerto Rico $ 292.0 $ 333.2 $ 605.1 $ 681.0 Panama 196.6 180.4 365.0 344.7 Costa Rica 146.5 134.8 298.6 264.0 Jamaica 104.0 99.6 205.3 198.4 Networks & LatAm (a) 96.4 97.3 182.6 184.9 The Bahamas 55.6 47.6 106.9 94.7 Trinidad and Tobago 38.6 39.3 78.1 78.0 Barbados 39.6 39.4 80.4 78.0 Curacao 34.3 34.3 68.1 68.8 Other (b) 114.4 114.3 227.3 229.2 Total $ 1,118.0 $ 1,120.2 $ 2,217.4 $ 2,221.7 (a) The 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. (b) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ (42.7) | $ 35.1 | $ (43.2) | $ (30.5) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Changes and Recent_2
Accounting Changes and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ASU 2022-04 In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ( ASU 2022-04) , which requires, among other things, a rollforward of the obligations for the period. The rollforward disclosure requirement is effective for the first annual report filed for fiscal years beginning after December 15, 2023. Additional disclosures surrounding our supplier finance programs are included in note 10. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which requires enhanced disclosures surrounding significant segment expenses. In each annual and interim period, entities are required to disclose (i) significant segment expenses that are regularly provided to the CODM and are included within each reported measure of segment profit or loss, (ii) an amount and description for other segment items by reportable segment, where the other items category represents the difference between segment revenue, significant segment expenses and the reported measure of segment profit or loss, (iii) all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, and (iv) the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 clarifies that a public entity may disclose more than one measure of a segment’s profit or loss if the CODM uses more than one measure to assess segment performance and allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements. ASU 2023-09 In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ( ASU 2023-09 |
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 6. 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 6. Non-recurring Fair Value Measurements |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: Six months ended June 30, 2024 2023 in millions Balance at beginning of period $ 91.6 $ 101.1 Provision for expected losses, net 62.0 36.3 Write-offs, net of recoveries (41.6) (37.9) Foreign currency translation adjustments (0.6) 1.3 Balance at end of period $ 111.4 $ 100.8 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: June 30, 2024 December 31, 2023 Current Long-term (a) Total Current Long-term (a) Total in millions Assets (b): Interest rate derivative contracts $ 95.7 $ 189.2 $ 284.9 $ 91.9 $ 157.4 $ 249.3 Other — — — 0.1 — 0.1 Total $ 95.7 $ 189.2 $ 284.9 $ 92.0 $ 157.4 $ 249.4 Liabilities (b): Interest rate derivative contracts $ 39.8 $ 1.2 $ 41.0 $ 8.2 $ 30.6 $ 38.8 Foreign currency forward contracts 9.8 2.4 12.2 16.8 4.0 20.8 Total $ 49.6 $ 3.6 $ 53.2 $ 25.0 $ 34.6 $ 59.6 (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 10) 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 3. |
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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Interest rate derivative contracts $ 24.7 $ 75.2 $ 85.9 $ 39.7 Foreign currency forward contracts and other 6.5 (3.1) (0.7) (18.9) Weather Derivatives (7.3) (7.7) (14.9) (15.5) Total $ 23.9 $ 64.4 $ 70.3 $ 5.3 |
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: Six months ended June 30, 2024 2023 in millions Operating activities $ 43.3 $ 30.5 Investing activities (0.5) — Financing activities — 9.8 Total $ 42.8 $ 40.3 |
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 June 30, 2024: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,100.0 4.1 Liberty Puerto Rico $ 500.0 4.3 (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 0.6 Liberty Puerto Rico $ 620.0 0.6 |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 $ 1,218.1 $ 617.1 $ 655.9 $ 501.1 $ 491.2 $ 3,483.4 Foreign currency translation adjustments and other (1.6) — (2.1) — (6.3) (10.0) June 30, 2024 $ 1,216.5 $ 617.1 $ 653.8 $ 501.1 $ 484.9 $ 3,473.4 |
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: June 30, December 31, in millions Distribution systems $ 4,999.4 $ 4,797.4 Support equipment, buildings, land and CIP 1,947.2 1,923.9 CPE 984.9 938.3 7,931.5 7,659.6 Accumulated depreciation (3,834.6) (3,453.9) Total $ 4,096.9 $ 4,205.7 |
Schedule of Intangible Assets Subject to Amortization | The details of our intangible assets not subject to amortization are set forth below: June 30, December 31, in millions Spectrum licenses $ 1,056.0 $ 1,051.0 Cable television franchise rights and other 541.8 541.8 Total $ 1,597.8 $ 1,592.8 Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below: June 30, December 31, in millions Customer relationships $ 898.1 $ 1,327.8 Licenses and other 266.0 286.7 1,164.1 1,614.5 Accumulated amortization (701.6) (1,072.9) Total $ 462.5 $ 541.6 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Operating Lease Expense | The following table provides details of our operating lease expense: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Operating lease expense: Operating lease cost $ 30.3 $ 32.3 $ 60.1 $ 65.4 Short-term lease cost 7.1 7.9 13.7 14.8 Total operating lease expense $ 37.4 $ 40.2 $ 73.8 $ 80.2 |
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: June 30, December 31, in millions Operating lease right-of-use assets (a) $ 466.7 $ 475.2 Operating lease liabilities: Current $ 87.6 $ 84.3 Noncurrent 463.2 483.4 Total operating lease liabilities $ 550.8 $ 567.7 Weighted-average remaining lease term 7.2 years 7.4 years Weighted-average discount rate 7.9 % 7.8 % Six months ended June 30, 2024 2023 in millions Operating cash outflows related to operating leases $ 71.7 $ 70.4 Right-of-use assets obtained in exchange for new operating lease liabilities (b) $ 41.0 $ 26.0 (a) During the three and six months ended June 30, 2023, we recorded impairment charges totaling $23 million and $42 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 six months ended June 30, 2024 and 2023, respectively. |
Schedule of Maturities of Operating Lease Liabilities | Maturities of our operating lease liabilities as of June 30, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on June 30, 2024 exchange rates. Years ending December 31: 2024 (remainder of year) $ 59.5 2025 122.3 2026 110.4 2027 93.7 2028 83.8 2029 72.9 Thereafter 200.5 Total operating lease liabilities on an undiscounted basis 743.1 Present value discount (192.3) Present value of operating lease liabilities $ 550.8 |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: June 30, 2024 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent June 30, December 31, 2023 June 30, December 31, 2023 in millions Convertible Notes (d) 2.00 % — $ — $ 139.1 $ 213.8 $ 139.6 $ 220.3 C&W Notes 6.55 % — — 1,643.3 1,609.8 1,715.0 1,715.0 C&W Credit Facilities (e) 7.27 % (f) 635.8 2,566.9 2,663.4 2,660.2 2,694.2 LPR Senior Secured Notes 6.08 % — — 1,768.9 1,851.5 1,981.0 1,981.0 LPR Credit Facilities 9.18 % $ 147.5 147.5 619.3 621.6 645.0 620.0 LCR Credit Facilities 10.88 % $ 60.0 60.0 477.8 463.5 450.0 450.0 Vendor financing, Tower Transactions and other (g) (h) 7.83 % — — 540.3 561.7 540.3 561.7 Total debt before premiums, discounts and deferred financing costs 7.13 % $ 843.3 $ 7,755.6 $ 7,985.3 $ 8,131.1 $ 8,242.2 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: June 30, December 31, 2023 in millions Total debt before premiums, discounts and deferred financing costs $ 8,131.1 $ 8,242.2 Premiums, discounts and deferred financing costs, net (55.6) (67.8) Total carrying amount of debt 8,075.5 8,174.4 Finance lease obligations 5.2 5.5 Total debt and finance lease obligations 8,080.7 8,179.9 Less: Current maturities of debt and finance lease obligations (499.6) (581.9) Long-term debt and finance lease obligations $ 7,581.1 $ 7,598.0 (a) Represents the weighted average interest rate in effect at June 30, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally 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 June 30, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2024, 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 June 30, 2024 compliance reporting requirements. At June 30, 2024, 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 3. (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 June 30, 2024, the carrying value of the Convertible Notes was $139 million. Subsequent to June 30, 2024, we repurchased and cancelled the remaining $140 million original principal amount of the Convertible Notes. (e) Includes other facilities that are generally repaid in three annual installments. (f) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. (g) During 2024, we entered into the Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets. (h) Includes $300 million and $299 million at June 30, 2024 and December 31, 2023, 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 $81 million and $94 million for the six months ended June 30, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or 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. |
Schedule of Line of Credit Facilities | During the six months ended June 30, 2024 and 2023, 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 Amount borrowed in millions 2024 C&W C&W Other Facilities 100% (a) 6.96% $ 22.5 2024 C&W C&W Revolving Credit Facility 100% January 30, 2027 Adjusted Term SOFR $ 60.0 2024 Liberty Puerto Rico LPR Revolving Credit Facility 100% March 15, 2027 Adjusted Term SOFR $ 25.0 2024 Liberty Costa Rica LCR Revolving Credit Facility (b) 100% January 15, 2028 Term SOFR $ 14.0 2023 C&W C&W Other Facilities 100% (c) 6.483% $ 69.0 2023 Liberty Puerto Rico LPR Revolving Credit Facility 100% March 15, 2027 LIBOR $ 30.0 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 (b) N/A January 15, 2028 Term SOFR $ — N/A – Not applicable. (a) This borrowing is due in three annual installments beginning in May 2025. (b) The LCR Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (c) This borrowing is due in three annual installments, the first of which was due in May 2024. During the six months ended June 30, 2024 and 2023, we made certain repurchases or repayments on the following debt instruments: Amount paid Period Borrowing group / Borrower Instrument Redemption price Borrowing currency USD equivalent (a) USD in millions, CRC in billions 2024 Liberty Costa Rica LCR Revolving Credit Facility 100% $ 14.0 $ 14.0 2024 Liberty Latin America Convertible Notes (b) $ 79.6 $ 79.6 2024 C&W C&W Revolving Credit Facility 100% $ 60.0 $ 60.0 2024 C&W C&W Regional Facilities 100% $ 20.0 $ 20.0 2024 C&W CWP Revolving Credit Facility 100% $ 10.0 $ 10.0 2024 C&W C&W Other Facilities 100% $ 23.0 $ 23.0 2023 Liberty Puerto Rico LPR Revolving Credit Facility 100% $ 30.0 $ 30.0 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 Latin America Convertible Notes (c) $ 93.6 $ 93.6 (a) Translated at the transaction date, as applicable. (b) In February 2024, we repurchased and cancelled $81 million original principal amount of the Convertible Notes at a weighted average redemption price of 98.7%. In addition, we unwound the remaining $102 million of the Capped Calls for immaterial value on settlement. (c) During the six months ended June 30, 2023, we repurchased and cancelled $99 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.2%. In connection with these repurchases, we unwound $99 million of the related Capped Calls for immaterial value on settlement. |
Schedule of Maturities of Debt | Maturities of our debt as of June 30, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2024 exchange rates: C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2024 (remainder of year) $ 147.1 $ 51.0 $ — $ 139.6 $ 337.7 2025 148.9 15.9 — — 164.8 2026 35.5 0.3 — — 35.8 2027 1,727.8 1,161.4 — — 2,889.2 2028 2,002.8 620.5 — — 2,623.3 2029 597.6 820.7 — — 1,418.3 Thereafter 174.2 37.8 450.0 — 662.0 Total debt maturities 4,833.9 2,707.6 450.0 139.6 8,131.1 Premiums, discounts and deferred financing costs, net (22.8) (19.2) (13.4) (0.2) (55.6) Total debt $ 4,811.1 $ 2,688.4 $ 436.6 $ 139.4 $ 8,075.5 Current portion $ 292.7 $ 66.7 $ — $ 139.4 $ 498.8 Noncurrent portion $ 4,518.4 $ 2,621.7 $ 436.6 $ — $ 7,576.7 (a) Represents the amount held by Liberty Latin America on a standalone basis. |
Programming and Other Direct _2
Programming and Other Direct Costs of Services (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Programming and copyright $ 60.4 $ 59.4 $ 120.5 $ 120.1 Interconnect 65.9 75.3 137.8 150.0 Equipment 72.4 70.1 151.5 159.1 Project-related and other 46.6 29.8 75.7 51.9 Total programming and other direct costs of services $ 245.3 $ 234.6 $ 485.5 $ 481.1 |
Other Operating Costs and Exp_2
Other Operating Costs and Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Personnel and contract labor $ 143.3 $ 140.2 $ 300.0 $ 287.3 Network-related 64.2 61.6 127.6 128.4 Service-related 64.4 58.7 137.1 110.3 Commercial 52.9 44.6 99.9 89.1 Facility, provision, franchise and other 158.8 139.3 304.0 284.2 Share-based compensation and other Employee Incentive Plan-related expense 16.0 24.5 43.0 53.7 Total other operating costs and expenses $ 499.6 $ 468.9 $ 1,011.6 $ 953.0 |
Earnings or Loss Per Share (Tab
Earnings or Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions, except per share amounts Numerator: Basic EPS computation: Net earnings (loss) attributable to Liberty Latin America shareholders - basic $ (42.7) $ 35.1 $ (43.2) $ (30.5) 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) — 1.3 — — Net earnings (loss) attributable to Liberty Latin America shareholders - diluted $ (42.7) $ 36.4 $ (43.2) $ (30.5) Denominator: Basic EPS computation: Weighted average shares - basic (a) 197.0 212.3 200.3 214.0 Diluted EPS computation: Incremental shares attributable to the release of SARs, PSUs and RSUs upon vesting, the LTVP and the ESPP (treasury stock method) — 0.3 — — Number of shares issuable under our Convertible Notes (if-converted method) (b) — 14.7 — — Weighted average shares - diluted (c) 197.0 227.3 200.3 214.0 Basic net earnings (loss) per share attributable to Liberty Latin America shareholders $ (0.22) $ 0.17 $ (0.22) $ (0.14) Diluted net earnings (loss) per share attributable to Liberty Latin America shareholders $ (0.22) $ 0.16 $ (0.22) $ (0.14) (a) During the three months ended June 30, 2024 and the six months ended June 30, 2024 and 2023, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at June 30, 2024 and 2023 of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and, for the 2023 period, PSARs, because such awards had not yet met the applicable performance criteria: June 30, 2024 2023 in millions Aggregate number of shares issuable pursuant to: Outstanding options, SARs and RSUs 43.2 39.4 Outstanding PSUs and PSARs 8.6 8.8 LTVP and ESPP 4.4 3.0 Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) 6.8 14.7 (b) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during the 2023 period, the Capped Calls provided 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 would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. During the first quarter of 2024, we unwound the remaining balance of the Capped Calls. For further information, see note 10. (c) We reported net earnings attributable to Liberty Latin America shareholders during the three months ended June 30, 2023. The following table sets forth items that have been excluded from our computation of diluted EPS for the three months ended June 30, 2023 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 36.0 Outstanding PSUs and PSARs 8.8 LTVP 2.8 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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. Revenue Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions C&W Caribbean $ 368.3 $ 356.3 $ 732.5 $ 710.1 C&W Panama 197.2 180.8 366.4 346.1 Liberty Networks 119.1 118.6 227.6 227.3 Liberty Puerto Rico 308.6 349.5 635.8 713.0 Liberty Costa Rica 147.2 135.2 299.5 264.4 Corporate 5.9 5.6 11.0 12.0 Intersegment eliminations (28.3) (25.8) (55.4) (51.2) Total $ 1,118.0 $ 1,120.2 $ 2,217.4 $ 2,221.7 Adjusted OIBDA Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions C&W Caribbean $ 157.0 $ 146.3 $ 307.6 $ 286.5 C&W Panama 64.8 59.0 121.6 102.5 Liberty Networks 63.1 72.2 122.3 135.8 Liberty Puerto Rico 71.1 137.2 140.2 265.2 Liberty Costa Rica 53.4 50.1 111.7 95.3 Corporate (20.3) (23.6) (40.1) (44.0) Total $ 389.1 $ 441.2 $ 763.3 $ 841.3 |
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 and to earnings (loss) before income taxes: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Total Adjusted OIBDA $ 389.1 $ 441.2 $ 763.3 $ 841.3 Share-based compensation and other Employee Incentive Plan-related expense (a) (16.0) (24.5) (43.0) (53.7) Depreciation and amortization (236.7) (240.5) (484.5) (475.1) Impairment, restructuring and other operating items, net (25.6) (40.8) (32.2) (70.5) Operating income 110.8 135.4 203.6 242.0 Interest expense (156.2) (149.1) (312.1) (295.7) Realized and unrealized gains on derivative instruments, net 23.9 64.4 70.3 5.3 Foreign currency transaction gains (losses), net (46.4) (6.7) (23.1) 42.5 Gains (losses) on debt extinguishments, net — 0.4 (0.3) (4.2) Other income (expense), net (4.9) 1.3 (6.6) (0.4) Earnings (loss) before income taxes $ (72.8) $ 45.7 $ (68.2) $ (10.5) (a) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee. |
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. Six months ended June 30, 2024 2023 in millions C&W Caribbean $ 99.4 $ 118.2 C&W Panama 48.0 45.5 Liberty Networks 26.4 23.9 Liberty Puerto Rico 89.9 101.7 Liberty Costa Rica 32.0 30.3 Corporate 18.8 17.5 Total property and equipment additions 314.5 337.1 Assets acquired under capital-related vendor financing arrangements (72.1) (71.9) Changes in current liabilities related to capital expenditures and other 7.8 7.9 Total capital expenditures, net $ 250.2 $ 273.1 |
Schedule of Revenue by Major Category | Three months ended June 30, 2024 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 123.7 $ 30.1 $ — $ 120.4 $ 34.7 $ — $ — $ 308.9 Non-subscription revenue 7.1 1.2 — 5.7 7.9 — (0.8) 21.1 Total residential fixed revenue 130.8 31.3 — 126.1 42.6 — (0.8) 330.0 Residential mobile revenue: Service revenue 86.2 67.9 — 78.7 68.5 — — 301.3 Interconnect, inbound roaming, equipment sales and other (b) 17.9 14.3 — 43.9 19.7 5.7 — 101.5 Total residential mobile revenue 104.1 82.2 — 122.6 88.2 5.7 — 402.8 Total residential revenue 234.9 113.5 — 248.7 130.8 5.7 (0.8) 732.8 B2B revenue (c) 133.4 83.7 119.1 52.6 16.4 0.2 (27.5) 377.9 Other revenue — — — 7.3 — — — 7.3 Total $ 368.3 $ 197.2 $ 119.1 $ 308.6 $ 147.2 $ 5.9 $ (28.3) $ 1,118.0 (a) Included in this amount is $23 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $49 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Three months ended June 30, 2023 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 121.4 $ 28.7 $ — $ 121.1 $ 37.4 $ — $ — $ 308.6 Non-subscription revenue 7.7 1.4 — 6.0 2.6 — — 17.7 Total residential fixed revenue 129.1 30.1 — 127.1 40.0 — — 326.3 Residential mobile revenue: Service revenue 81.3 65.8 — 100.9 60.3 — — 308.3 Interconnect, inbound roaming, equipment sales and other (b) 18.6 13.6 — 54.3 19.1 5.6 — 111.2 Total residential mobile revenue 99.9 79.4 — 155.2 79.4 5.6 — 419.5 Total residential revenue 229.0 109.5 — 282.3 119.4 5.6 — 745.8 B2B revenue (c) 127.3 71.3 118.6 56.2 15.8 — (25.8) 363.4 Other revenue — — — 11.0 — — — 11.0 Total $ 356.3 $ 180.8 $ 118.6 $ 349.5 $ 135.2 $ 5.6 $ (25.8) $ 1,120.2 (a) Included in this amount is $21 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $55 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $8 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Six months ended June 30, 2024 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 245.6 $ 60.5 $ — $ 240.2 $ 70.1 $ — $ — $ 616.4 Non-subscription revenue 14.7 2.4 — 11.0 17.6 — (1.5) 44.2 Total residential fixed revenue 260.3 62.9 — 251.2 87.7 — (1.5) 660.6 Residential mobile revenue: Service revenue 171.8 129.7 — 172.2 136.3 — — 610.0 Interconnect, inbound roaming, equipment sales and other (b) 38.3 27.0 — 88.4 42.7 10.6 — 207.0 Total residential mobile revenue 210.1 156.7 — 260.6 179.0 10.6 — 817.0 Total residential revenue 470.4 219.6 — 511.8 266.7 10.6 (1.5) 1,477.6 B2B revenue (c) 262.1 146.8 227.6 108.6 32.8 0.4 (53.9) 724.4 Other revenue — — — 15.4 — — — 15.4 Total $ 732.5 $ 366.4 $ 227.6 $ 635.8 $ 299.5 $ 11.0 $ (55.4) $ 2,217.4 (a) Included in this amount is $45 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $99 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $12 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Six months ended June 30, 2023 C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 241.3 $ 57.0 $ — $ 238.1 $ 73.5 $ — $ — $ 609.9 Non-subscription revenue 14.7 2.8 — 11.7 5.1 — — 34.3 Total residential fixed revenue 256.0 59.8 — 249.8 78.6 — — 644.2 Residential mobile revenue: Service revenue 161.4 130.8 — 202.9 118.1 — — 613.2 Interconnect, inbound roaming, equipment sales and other (b) 39.3 26.9 — 125.1 37.1 12.0 — 240.4 Total residential mobile revenue 200.7 157.7 — 328.0 155.2 12.0 — 853.6 Total residential revenue 456.7 217.5 — 577.8 233.8 12.0 — 1,497.8 B2B revenue (c) 253.4 128.6 227.3 111.9 30.6 — (51.2) 700.6 Other revenue — — — 23.3 — — — 23.3 Total $ 710.1 $ 346.1 $ 227.3 $ 713.0 $ 264.4 $ 12.0 $ (51.2) $ 2,221.7 (a) Included in this amount is $42 million of revenue earned from other segments of Liberty Latin America. (b) The total amount includes $126 million of revenue from sales of mobile handsets and other devices to residential mobile customers. (c) The total amount includes $16 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 June 30, Six months ended June 30, 2024 2023 2024 2023 in millions Puerto Rico $ 292.0 $ 333.2 $ 605.1 $ 681.0 Panama 196.6 180.4 365.0 344.7 Costa Rica 146.5 134.8 298.6 264.0 Jamaica 104.0 99.6 205.3 198.4 Networks & LatAm (a) 96.4 97.3 182.6 184.9 The Bahamas 55.6 47.6 106.9 94.7 Trinidad and Tobago 38.6 39.3 78.1 78.0 Barbados 39.6 39.4 80.4 78.0 Curacao 34.3 34.3 68.1 68.8 Other (b) 114.4 114.3 227.3 229.2 Total $ 1,118.0 $ 1,120.2 $ 2,217.4 $ 2,221.7 (a) The 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. (b) |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 market segment country | |
Basis of Presentation [Line Items] | |
Number of reportable segments | segment | 2 |
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 |
Telefónica Costa Rica. C&W | |
Basis of Presentation [Line Items] | |
Percentage ownership of subsidiaries (less than) | 100% |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 6 Months Ended | ||
Dec. 31, 2024 USD ($) installment | Dec. 31, 2025 | Aug. 01, 2024 | |
Subsequent Event | Joint Costa Rica Operations | Millicom | |||
Business Acquisition [Line Items] | |||
Percentage of interests acquired (as a percent) | 14% | ||
Forecast | Joint Costa Rica Operations | Liberty Latin America and Minority Partner | |||
Business Acquisition [Line Items] | |||
Percentage of interests acquired (as a percent) | 86% | ||
DISH | Forecast | |||
Business Acquisition [Line Items] | |||
Asset purchase price | $ | $ 256 | ||
Number of annual installments | installment | 4 |
Current Expected Credit Losse_2
Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 91.6 | $ 101.1 |
Provision for expected losses, net | 62 | 36.3 |
Write-offs, net of recoveries | (41.6) | (37.9) |
Foreign currency translation adjustments | (0.6) | 1.3 |
Balance at end of period | $ 111.4 | $ 100.8 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Current | $ 95.7 | $ 92 |
Long-term | 189.2 | 157.4 |
Total | 284.9 | 249.4 |
Liabilities: | ||
Current | 49.6 | 25 |
Long-term | 3.6 | 34.6 |
Total | 53.2 | 59.6 |
Interest rate derivative contracts | ||
Assets: | ||
Current | 95.7 | 91.9 |
Long-term | 189.2 | 157.4 |
Total | 284.9 | 249.3 |
Liabilities: | ||
Current | 39.8 | 8.2 |
Long-term | 1.2 | 30.6 |
Total | 41 | 38.8 |
Other | ||
Assets: | ||
Current | 0 | 0.1 |
Long-term | 0 | 0 |
Total | 0 | 0.1 |
Foreign currency forward contracts | ||
Liabilities: | ||
Current | 9.8 | 16.8 |
Long-term | 2.4 | 4 |
Total | $ 12.2 | $ 20.8 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains on Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ 23.9 | $ 64.4 | $ 70.3 | $ 5.3 |
Interest rate derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 24.7 | 75.2 | 85.9 | 39.7 |
Foreign currency forward contracts and other | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 6.5 | (3.1) | (0.7) | (18.9) |
Weather Derivatives | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ (7.3) | $ (7.7) | $ (14.9) | $ (15.5) |
Derivative Instruments - Net Ca
Derivative Instruments - Net Cash Received (Paid) Related to Derivatives (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Operating activities | $ 43.3 | $ 30.5 |
Investing activities | (0.5) | 0 |
Financing activities | 0 | 9.8 |
Total | $ 42.8 | $ 40.3 |
Derivative Instruments - Counte
Derivative Instruments - Counterparty Credit Risk (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Measurement Input, Counterparty Credit Risk | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Exposure to counterparty credit risk | $ 244 |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Derivative Contracts (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Interest Rate Swap | C&W | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 2,100 |
Weighted average remaining life | 4 years 1 month 6 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 | 4 years 3 months 18 days |
Basis Swap | C&W | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 2,100 |
Weighted average remaining life | 7 months 6 days |
Basis Swap | Liberty Puerto Rico | |
Derivative [Line Items] | |
Notional amount due from counterparty | $ 620 |
Weighted average remaining life | 7 months 6 days |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - 6 months ended Jun. 30, 2024 $ 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 | 4 years 3 months 18 days | |
Interest Rate Cap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount due from counterparty | $ 120 | |
Weighted average remaining life | 4 years 3 months 18 days | |
Foreign Exchange Forward | Costa Rice Borrowing Group | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount due from counterparty | $ 193 | ₡ 109 |
Weighted average remaining life | 7 months 6 days |
Long-lived Assets - Goodwill (D
Long-lived Assets - Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill. beginning balance | $ 3,483.4 |
Foreign currency translation adjustments and other | (10) |
Goodwill. ending balance | 3,473.4 |
C&W Caribbean | |
Goodwill [Roll Forward] | |
Goodwill. beginning balance | 1,218.1 |
Foreign currency translation adjustments and other | (1.6) |
Goodwill. ending balance | 1,216.5 |
C&W Panama | |
Goodwill [Roll Forward] | |
Goodwill. beginning balance | 617.1 |
Foreign currency translation adjustments and other | 0 |
Goodwill. ending balance | 617.1 |
Liberty Networks | |
Goodwill [Roll Forward] | |
Goodwill. beginning balance | 655.9 |
Foreign currency translation adjustments and other | (2.1) |
Goodwill. ending balance | 653.8 |
Liberty Puerto Rico | |
Goodwill [Roll Forward] | |
Goodwill. beginning balance | 501.1 |
Foreign currency translation adjustments and other | 0 |
Goodwill. ending balance | 501.1 |
Liberty Costa Rica | |
Goodwill [Roll Forward] | |
Goodwill. beginning balance | 491.2 |
Foreign currency translation adjustments and other | (6.3) |
Goodwill. ending balance | $ 484.9 |
Long-lived Assets - Narrative (
Long-lived Assets - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Accumulated goodwill impairments | $ 2,784 | $ 2,784 | |
Non-cash increases related to vendor financing arrangements | $ 72.1 | $ 71.9 |
Long-lived Assets - Property an
Long-lived Assets - Property and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 7,931.5 | $ 7,659.6 |
Accumulated depreciation | (3,834.6) | (3,453.9) |
Total | 4,096.9 | 4,205.7 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,999.4 | 4,797.4 |
Support equipment, buildings, land and CIP | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,947.2 | 1,923.9 |
CPE | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 984.9 | $ 938.3 |
Long-lived Assets - Intangible
Long-lived Assets - Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total | $ 1,597.8 | $ 1,592.8 |
Spectrum licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | 1,056 | 1,051 |
Cable television franchise rights and other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | $ 541.8 | $ 541.8 |
Long-lived Assets - Intangibl_2
Long-lived Assets - Intangible Assets Subject to Amortization, Net (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 1,164.1 | $ 1,614.5 |
Accumulated amortization | (701.6) | (1,072.9) |
Total | 462.5 | 541.6 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 898.1 | 1,327.8 |
Licenses and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 266 | $ 286.7 |
The Chile JV (Details)
The Chile JV (Details) $ in Millions, $ in Billions | 1 Months Ended | ||||
Dec. 31, 2023 CLP ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2024 | Dec. 01, 2023 | Sep. 29, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Joint venture, maximum additional capital required | $ 972 | $ 1,031 | |||
Chile JV | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest (as a percent) | 0.50% | 50% | |||
Chile JV | Forecast | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest (as a percent) | 10% |
Operating Leases - Lease Expens
Operating Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 30.3 | $ 32.3 | $ 60.1 | $ 65.4 |
Short-term lease cost | 7.1 | 7.9 | 13.7 | 14.8 |
Total operating lease expense | $ 37.4 | $ 40.2 | $ 73.8 | $ 80.2 |
Operating Leases - Operating Le
Operating Leases - Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | ||||
Operating lease right-of-use assets | $ 466.7 | $ 475.2 | ||
Operating lease liabilities: | ||||
Current | 87.6 | 84.3 | ||
Noncurrent | 463.2 | 483.4 | ||
Total operating lease liabilities | $ 550.8 | $ 567.7 | ||
Weighted-average remaining lease term | 7 years 2 months 12 days | 7 years 4 months 24 days | ||
Weighted-average discount rate | 7.90% | 7.80% | ||
Operating cash outflows related to operating leases | $ 71.7 | $ 70.4 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 41 | 26 | ||
Impairment of certain operating lease right-of-use assets | $ 23 | $ 42 |
Operating Leases - Lease Maturi
Operating Leases - Lease Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 (remainder of year) | $ 59.5 | |
2025 | 122.3 | |
2026 | 110.4 | |
2027 | 93.7 | |
2028 | 83.8 | |
2029 | 72.9 | |
Thereafter | 200.5 | |
Total operating lease liabilities on an undiscounted basis | 743.1 | |
Present value discount | (192.3) | |
Present value of operating lease liabilities | $ 550.8 | $ 567.7 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations - Components of Debt (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 7.13% | ||
Unused borrowing capacity | $ 843.3 | ||
Estimated fair value | 7,755.6 | $ 7,985.3 | |
Total debt before premiums, discounts and deferred financing costs | 8,131.1 | 8,242.2 | |
Premiums, discounts and deferred financing costs, net | (55.6) | (67.8) | |
Total carrying amount of debt | 8,075.5 | 8,174.4 | |
Finance lease obligations | 5.2 | 5.5 | |
Total debt and finance lease obligations | 8,080.7 | 8,179.9 | |
Less: Current maturities of debt and finance lease obligations | (499.6) | (581.9) | |
Long-term debt and finance lease obligations | $ 7,581.1 | $ 7,598 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total debt and finance lease obligations | Total debt and finance lease obligations | |
Convertible Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount of convertible note | $ 139 | ||
Convertible Notes | Convertible Debt | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 2% | ||
Unused borrowing capacity | $ 0 | ||
Estimated fair value | 139.1 | $ 213.8 | |
Total debt before premiums, discounts and deferred financing costs | $ 139.6 | 220.3 | |
Interest rate (as a percent) | 6.70% | ||
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 | 1,643.3 | 1,609.8 | |
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 | $ 635.8 | ||
Estimated fair value | 2,566.9 | 2,663.4 | |
Total debt before premiums, discounts and deferred financing costs | $ 2,660.2 | 2,694.2 | |
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 | 1,768.9 | 1,851.5 | |
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) | 9.18% | ||
Credit facilities, unused borrowing capacity | $ 147.5 | ||
Estimated fair value | 619.3 | 621.6 | |
Total debt before premiums, discounts and deferred financing costs | $ 645 | 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 | 477.8 | 463.5 | |
Total debt before premiums, discounts and deferred financing costs | $ 450 | 450 | |
Vendor financing, Tower Transactions and other | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 7.83% | ||
Unused borrowing capacity | $ 0 | ||
Estimated fair value | 540.3 | 561.7 | |
Total debt before premiums, discounts and deferred financing costs | 540.3 | 561.7 | |
Vendor Financing | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Total carrying amount of debt | $ 300 | $ 299 | |
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 | $ 81 | $ 94 |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations - Finance Activity (Details) $ in Millions, ₡ in Billions | 1 Months Ended | 6 Months Ended | |||
Feb. 29, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 CRC (₡) | |
Debt Instrument [Line Items] | |||||
Amount paid | $ 8,131.1 | $ 8,242.2 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt extinguished | $ 99 | ||||
C&W Other Facilities | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Issued at | 100% | 100% | 100% | ||
Interest rate | 6.96% | 6.483% | 6.483% | ||
Amount borrowed | $ 22.5 | $ 69 | |||
Redemption price | 100% | ||||
Amount paid | $ 23 | ||||
C&W Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Issued at | 100% | ||||
Interest rate | 3.25% | ||||
Amount borrowed | $ 60 | ||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||
Redemption price | 100% | ||||
Amount paid | $ 60 | ||||
LPR Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Issued at | 100% | 100% | 100% | ||
Interest rate | 3.50% | 3.50% | 3.50% | ||
Amount borrowed | $ 25 | $ 30 | |||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | London Interbank Offered Rate (LIBOR) 1 [Member] | ||||
Redemption price | 100% | ||||
Amount paid | $ 30 | ||||
LCR Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Issued at | 100% | ||||
Interest rate | 4.25% | 4.25% | 4.25% | ||
Amount borrowed | $ 14 | $ 0 | |||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||
Fee on unused portion of credit facility (as a percent) | 0.50% | ||||
Redemption price | 100% | ||||
Amount paid | $ 14 | ||||
2031 LCR Term Loan A | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Issued at | 100% | 100% | |||
Interest rate | 10.875% | 10.875% | |||
Amount borrowed | $ 50 | ||||
2031 LCR Term Loan B | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Issued at | 100% | 100% | |||
Interest rate | 10.875% | 10.875% | |||
Amount borrowed | $ 400 | ||||
Convertible Notes | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Amount paid | $ 79.6 | $ 93.6 | |||
Convertible Notes | Line of Credit | Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Redemption price | 98.70% | 94.20% | |||
Debt extinguished | $ 81 | ||||
Increase (decrease) in derivative assets | $ (102) | $ (99) | |||
C&W Regional Facilities | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Redemption price | 100% | ||||
Amount paid | $ 20 | ||||
CWP Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Redemption price | 100% | ||||
Amount paid | $ 10 | ||||
LCR Term Loan B-1 Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Redemption price | 100% | ||||
Amount paid | $ 276.7 | ||||
LCR Term Loan B-2 Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Redemption price | 100% | ||||
Amount paid | $ 138.6 | ₡ 79.6 |
Debt and Finance Lease Obliga_5
Debt and Finance Lease Obligations - Maturities of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt maturities | $ 8,131.1 | $ 8,242.2 |
Premiums, discounts and deferred financing costs, net | (55.6) | (67.8) |
Total carrying amount of debt | 8,075.5 | $ 8,174.4 |
C&W | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 147.1 | |
2025 | 148.9 | |
2026 | 35.5 | |
2027 | 1,727.8 | |
2028 | 2,002.8 | |
2029 | 597.6 | |
Thereafter | 174.2 | |
Total debt maturities | 4,833.9 | |
Premiums, discounts and deferred financing costs, net | (22.8) | |
Total carrying amount of debt | 4,811.1 | |
Current portion | 292.7 | |
Noncurrent portion | 4,518.4 | |
Liberty Puerto Rico | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 51 | |
2025 | 15.9 | |
2026 | 0.3 | |
2027 | 1,161.4 | |
2028 | 620.5 | |
2029 | 820.7 | |
Thereafter | 37.8 | |
Total debt maturities | 2,707.6 | |
Premiums, discounts and deferred financing costs, net | (19.2) | |
Total carrying amount of debt | 2,688.4 | |
Current portion | 66.7 | |
Noncurrent portion | 2,621.7 | |
Liberty Costa Rica | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 450 | |
Total debt maturities | 450 | |
Premiums, discounts and deferred financing costs, net | (13.4) | |
Total carrying amount of debt | 436.6 | |
Current portion | 0 | |
Noncurrent portion | 436.6 | |
Liberty Latin America | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 139.6 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 | 0 | |
Thereafter | 0 | |
Total debt maturities | 139.6 | |
Premiums, discounts and deferred financing costs, net | (0.2) | |
Total carrying amount of debt | 139.4 | |
Current portion | 139.4 | |
Noncurrent portion | 0 | |
Consolidated | ||
Debt Instrument [Line Items] | ||
2024 (remainder of year) | 337.7 | |
2025 | 164.8 | |
2026 | 35.8 | |
2027 | 2,889.2 | |
2028 | 2,623.3 | |
2029 | 1,418.3 | |
Thereafter | 662 | |
Total debt maturities | 8,131.1 | |
Premiums, discounts and deferred financing costs, net | (55.6) | |
Total carrying amount of debt | 8,075.5 | |
Current portion | 498.8 | |
Noncurrent portion | $ 7,576.7 |
Debt and Finance Lease Obliga_6
Debt and Finance Lease Obligations - Subsequent Events (Details) - Line of Credit - USD ($) $ in Millions | 1 Months Ended | |
Aug. 06, 2024 | Feb. 29, 2024 | |
Convertible Notes | Convertible Notes | ||
Debt Instrument [Line Items] | ||
Debt extinguished | $ 81 | |
Subsequent Event | Convertible Notes | Convertible Notes | ||
Debt Instrument [Line Items] | ||
Debt extinguished | $ 140 | |
C&W Revolving Credit Facility | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 165 | |
LPR Revolving Credit Facility | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | 25 | |
LCR Revolving Credit Facility | Subsequent Event | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | $ 17 |
Unfulfilled Performance Oblig_2
Unfulfilled Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unfulfilled performance obligations | $ 260 |
Unfulfilled performance obligations, period (in years) | 4 years |
Equity (Details)
Equity (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | May 31, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | May 07, 2024 | May 08, 2023 | |
Class of Stock [Line Items] | |||||||
Stock repurchased program, remaining authorized repurchase amount | $ 257 | $ 257 | $ 257 | $ 200 | |||
Capped call option contracts included in additional paid-in capital | 14.6 | $ 14.6 | |||||
Pension assets to accumulated | $ 75 | ||||||
Minimum | |||||||
Class of Stock [Line Items] | |||||||
Capped call option contracts, term | 12 months | ||||||
Maximum | |||||||
Class of Stock [Line Items] | |||||||
Capped call option contracts, term | 18 months | ||||||
Additional paid-in capital | |||||||
Class of Stock [Line Items] | |||||||
Capped call option contracts included in additional paid-in capital | $ 14.6 | $ 14.6 | |||||
Cable Wireless Superannuation Fund (CWSF) | |||||||
Class of Stock [Line Items] | |||||||
Risk mitigated by insurance policies, percent | 100% | ||||||
Common Class A | |||||||
Class of Stock [Line Items] | |||||||
Additional authorized amount | $ 200 | ||||||
Number of shares repurchased (in shares) | 4 | 2 | |||||
Purchase of capped call options | 1.7 | ||||||
Common Class C | |||||||
Class of Stock [Line Items] | |||||||
Additional authorized amount | $ 200 | ||||||
Number of shares repurchased (in shares) | 8 | 8 | |||||
Purchase of capped call options | $ 4.3 |
Programming and Other Direct _3
Programming and Other Direct Costs of Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | $ 245.3 | $ 234.6 | $ 485.5 | $ 481.1 |
Programming and copyright | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 60.4 | 59.4 | 120.5 | 120.1 |
Interconnect | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 65.9 | 75.3 | 137.8 | 150 |
Equipment | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 72.4 | 70.1 | 151.5 | 159.1 |
Project-related and other | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | $ 46.6 | $ 29.8 | $ 75.7 | $ 51.9 |
Other Operating Costs and Exp_3
Other Operating Costs and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Personnel and contract labor | $ 143.3 | $ 140.2 | $ 300 | $ 287.3 |
Network-related | 64.2 | 61.6 | 127.6 | 128.4 |
Service-related | 64.4 | 58.7 | 137.1 | 110.3 |
Commercial | 52.9 | 44.6 | 99.9 | 89.1 |
Facility, provision, franchise and other | 158.8 | 139.3 | 304 | 284.2 |
Share-based compensation and other Employee Incentive Plan-related expense | 16 | 24.5 | 43 | 53.7 |
Total other operating costs and expenses | $ 499.6 | $ 468.9 | $ 1,011.6 | $ 953 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ (35.9) | $ 29.6 | $ (30.8) | $ 41.5 |
Effective income tax rate (as a percent) | (49.30%) | (64.80%) | (45.20%) | 395.20% |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net earnings (loss) attributable to Liberty Latin America shareholders - basic | $ (42.7) | $ 35.1 | $ (43.2) | $ (30.5) |
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 | 1.3 | 0 | 0 |
Net earnings (loss) attributable to Liberty Latin America shareholders - diluted | $ (42.7) | $ 36.4 | $ (43.2) | $ (30.5) |
Denominator: | ||||
Weighted average shares - basic (in shares) | 197 | 212.3 | 200.3 | 214 |
Incremental shares attributable to the release of SARs, PSUs and RSUs upon vesting, the LTVP and the ESPP (treasury stock method) (in shares) | 0 | 0.3 | 0 | 0 |
Number of shares issuable under our Convertible Notes (if-converted method) (in shares) | 0 | 14.7 | 0 | 0 |
Weighted average shares - diluted (in shares) | 197 | 227.3 | 200.3 | 214 |
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ (0.22) | $ 0.17 | $ (0.22) | $ (0.14) |
Diluted net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ (0.22) | $ 0.16 | $ (0.22) | $ (0.14) |
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 | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Outstanding options, SARs and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 36 | 43.2 | 39.4 |
Outstanding PSUs and PSARs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 8.8 | 8.6 | 8.8 |
LTVP and ESPP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 4.4 | 3 | |
Convertible Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 6.8 | 14.7 | |
LTVP | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 2.8 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,118 | $ 1,120.2 | $ 2,217.4 | $ 2,221.7 |
Adjusted OIBDA | 389.1 | 441.2 | 763.3 | 841.3 |
Liberty Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 42 | |||
Operating Segments | C&W Caribbean | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 368.3 | 356.3 | 732.5 | 710.1 |
Adjusted OIBDA | 157 | 146.3 | 307.6 | 286.5 |
Operating Segments | C&W Panama | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 197.2 | 180.8 | 366.4 | 346.1 |
Adjusted OIBDA | 64.8 | 59 | 121.6 | 102.5 |
Operating Segments | Liberty Networks | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 119.1 | 118.6 | 227.6 | 227.3 |
Adjusted OIBDA | 63.1 | 72.2 | 122.3 | 135.8 |
Operating Segments | Liberty Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 308.6 | 349.5 | 635.8 | 713 |
Adjusted OIBDA | 71.1 | 137.2 | 140.2 | 265.2 |
Operating Segments | Liberty Costa Rica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 147.2 | 135.2 | 299.5 | 264.4 |
Adjusted OIBDA | 53.4 | 50.1 | 111.7 | 95.3 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5.9 | 5.6 | 11 | 12 |
Adjusted OIBDA | (20.3) | (23.6) | (40.1) | (44) |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ (28.3) | $ (25.8) | $ (55.4) | $ (51.2) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Operating Cash Flow to Earnings from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||||
Total Adjusted OIBDA | $ 389.1 | $ 441.2 | $ 763.3 | $ 841.3 |
Share-based compensation and other Employee Incentive Plan-related expense | (16) | (24.5) | (43) | (53.7) |
Depreciation and amortization | (236.7) | (240.5) | (484.5) | (475.1) |
Impairment, restructuring and other operating items, net | (25.6) | (40.8) | (32.2) | (70.5) |
Operating income | 110.8 | 135.4 | 203.6 | 242 |
Interest expense | (156.2) | (149.1) | (312.1) | (295.7) |
Realized and unrealized gains on derivative instruments, net | 23.9 | 64.4 | 70.3 | 5.3 |
Foreign currency transaction gains (losses), net | (46.4) | (6.7) | (23.1) | 42.5 |
Gains (losses) on debt extinguishments, net | 0 | 0.4 | (0.3) | (4.2) |
Other income (expense), net | (4.9) | 1.3 | (6.6) | (0.4) |
Earnings (loss) before income taxes | $ (72.8) | $ 45.7 | $ (68.2) | $ (10.5) |
Segment Reporting - Property an
Segment Reporting - Property and Equipment Additions of our Reportable Segments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 314.5 | $ 337.1 |
Assets acquired under capital-related vendor financing arrangements | (72.1) | (71.9) |
Changes in current liabilities related to capital expenditures and other | 7.8 | 7.9 |
Total capital expenditures, net | 250.2 | 273.1 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 18.8 | 17.5 |
C&W Caribbean | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 99.4 | 118.2 |
C&W Panama | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 48 | 45.5 |
Liberty Networks | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 26.4 | 23.9 |
Liberty Puerto Rico | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 89.9 | 101.7 |
Liberty Costa Rica | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 32 | $ 30.3 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Major Category (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 1,118 | $ 1,120.2 | $ 2,217.4 | $ 2,221.7 |
Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 732.8 | 745.8 | 1,477.6 | 1,497.8 |
Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 330 | 326.3 | 660.6 | 644.2 |
Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 308.9 | 308.6 | 616.4 | 609.9 |
Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 21.1 | 17.7 | 44.2 | 34.3 |
Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 402.8 | 419.5 | 817 | 853.6 |
Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 301.3 | 308.3 | 610 | 613.2 |
Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 101.5 | 111.2 | 207 | 240.4 |
B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 377.9 | 363.4 | 724.4 | 700.6 |
Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.3 | 11 | 15.4 | 23.3 |
Mobile Handset | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 49 | 55 | 99 | |
B2B Mobile Handset and Other Devices | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 6 | 8 | 12 | 16 |
Mobile Service Revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 126 | |||
Liberty Networks | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 42 | |||
Liberty Networks, Other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 23 | 21 | 45 | |
Operating Segments | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 248.7 | 282.3 | 511.8 | |
Operating Segments | C&W Caribbean | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 368.3 | 356.3 | 732.5 | 710.1 |
Operating Segments | C&W Caribbean | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 234.9 | 229 | 470.4 | 456.7 |
Operating Segments | C&W Caribbean | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 130.8 | 129.1 | 260.3 | 256 |
Operating Segments | C&W Caribbean | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 123.7 | 121.4 | 245.6 | 241.3 |
Operating Segments | C&W Caribbean | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.1 | 7.7 | 14.7 | 14.7 |
Operating Segments | C&W Caribbean | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 104.1 | 99.9 | 210.1 | 200.7 |
Operating Segments | C&W Caribbean | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 86.2 | 81.3 | 171.8 | 161.4 |
Operating Segments | C&W Caribbean | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 17.9 | 18.6 | 38.3 | 39.3 |
Operating Segments | C&W Caribbean | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 133.4 | 127.3 | 262.1 | 253.4 |
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 | 197.2 | 180.8 | 366.4 | 346.1 |
Operating Segments | C&W Panama | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 113.5 | 109.5 | 219.6 | 217.5 |
Operating Segments | C&W Panama | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 31.3 | 30.1 | 62.9 | 59.8 |
Operating Segments | C&W Panama | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 30.1 | 28.7 | 60.5 | 57 |
Operating Segments | C&W Panama | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1.2 | 1.4 | 2.4 | 2.8 |
Operating Segments | C&W Panama | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 82.2 | 79.4 | 156.7 | 157.7 |
Operating Segments | C&W Panama | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 67.9 | 65.8 | 129.7 | 130.8 |
Operating Segments | C&W Panama | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 14.3 | 13.6 | 27 | 26.9 |
Operating Segments | C&W Panama | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 83.7 | 71.3 | 146.8 | 128.6 |
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 | 119.1 | 118.6 | 227.6 | 227.3 |
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 | 119.1 | 118.6 | 227.6 | 227.3 |
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 | 308.6 | 349.5 | 635.8 | 713 |
Operating Segments | Liberty Puerto Rico | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 577.8 | |||
Operating Segments | Liberty Puerto Rico | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 126.1 | 127.1 | 251.2 | 249.8 |
Operating Segments | Liberty Puerto Rico | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 120.4 | 121.1 | 240.2 | 238.1 |
Operating Segments | Liberty Puerto Rico | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.7 | 6 | 11 | 11.7 |
Operating Segments | Liberty Puerto Rico | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 122.6 | 155.2 | 260.6 | 328 |
Operating Segments | Liberty Puerto Rico | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 78.7 | 100.9 | 172.2 | 202.9 |
Operating Segments | Liberty Puerto Rico | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 43.9 | 54.3 | 88.4 | 125.1 |
Operating Segments | Liberty Puerto Rico | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 52.6 | 56.2 | 108.6 | 111.9 |
Operating Segments | Liberty Puerto Rico | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.3 | 11 | 15.4 | 23.3 |
Operating Segments | Liberty Costa Rica | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 147.2 | 135.2 | 299.5 | 264.4 |
Operating Segments | Liberty Costa Rica | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 130.8 | 119.4 | 266.7 | 233.8 |
Operating Segments | Liberty Costa Rica | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 42.6 | 40 | 87.7 | 78.6 |
Operating Segments | Liberty Costa Rica | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 34.7 | 37.4 | 70.1 | 73.5 |
Operating Segments | Liberty Costa Rica | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.9 | 2.6 | 17.6 | 5.1 |
Operating Segments | Liberty Costa Rica | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 88.2 | 79.4 | 179 | 155.2 |
Operating Segments | Liberty Costa Rica | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 68.5 | 60.3 | 136.3 | 118.1 |
Operating Segments | Liberty Costa Rica | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 19.7 | 19.1 | 42.7 | 37.1 |
Operating Segments | Liberty Costa Rica | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 16.4 | 15.8 | 32.8 | 30.6 |
Operating Segments | Liberty Costa Rica | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.9 | 5.6 | 11 | 12 |
Corporate | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.7 | 5.6 | 10.6 | 12 |
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 | 5.7 | 5.6 | 10.6 | 12 |
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 | 5.7 | 5.6 | 10.6 | 12 |
Corporate | B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0.2 | 0 | 0.4 | 0 |
Corporate | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (28.3) | (25.8) | (55.4) | (51.2) |
Intersegment Eliminations | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (0.8) | 0 | (1.5) | 0 |
Intersegment Eliminations | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (0.8) | 0 | (1.5) | 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 | (0.8) | 0 | (1.5) | 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 | (27.5) | (25.8) | (53.9) | (51.2) |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,118 | $ 1,120.2 | $ 2,217.4 | $ 2,221.7 |
Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 292 | 333.2 | 605.1 | 681 |
Panama | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 196.6 | 180.4 | 365 | 344.7 |
Costa Rica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 146.5 | 134.8 | 298.6 | 264 |
Jamaica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 104 | 99.6 | 205.3 | 198.4 |
Networks & LatAm | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 96.4 | 97.3 | 182.6 | 184.9 |
The Bahamas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 55.6 | 47.6 | 106.9 | 94.7 |
Trinidad and Tobago | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 38.6 | 39.3 | 78.1 | 78 |
Barbados | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.6 | 39.4 | 80.4 | 78 |
Curacao | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 34.3 | 34.3 | 68.1 | 68.8 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 114.4 | $ 114.3 | $ 227.3 | $ 229.2 |