Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Liberty Global plc | |
Entity Central Index Key | 1,570,585 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Liberty Global Group [Member] | Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 237,159,433 | |
Liberty Global Group [Member] | Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,139,184 | |
Liberty Global Group [Member] | Common Class C [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 609,043,649 | |
LiLAC Group [Member] | Common Class A [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 49,599,951 | |
LiLAC Group [Member] | Common Class B [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,946,579 | |
LiLAC Group [Member] | Common Class C [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 120,698,676 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,636.7 | $ 1,629.2 |
Trade receivables, net | 1,796.4 | 1,906.5 |
Derivative instruments (note 5) | 359.7 | 412.7 |
Prepaid expenses | 255.7 | 209.4 |
Receivable from the VodafoneZiggo JV (note 4) | 0 | 2,346.6 |
Other current assets: | ||
Third-party | 605.6 | 526.4 |
Other Assets, Related Parties, Current | 87.5 | 21 |
Total current assets | 5,741.6 | 7,051.8 |
Investments and related note receivables (including $2,229.2 million and $2,057.2 million, respectively, measured at fair value on a recurring basis) (note 4) | 6,613.9 | 6,483.7 |
Property and equipment, net (note 7) | 21,403.8 | 21,110.2 |
Goodwill (note 7) | 23,505.5 | 23,366.3 |
Intangible assets subject to amortization, net (note 7) | 3,600.6 | 3,657.7 |
Other assets, net (note 5) | 6,865.5 | 7,014.4 |
Total assets | 67,730.9 | 68,684.1 |
Current liabilities: | ||
Accounts payable | 1,208.3 | 1,168.2 |
Deferred revenue and advance payments from subscribers and others | 1,343 | 1,240.1 |
Current portion of debt and capital lease obligations (note 8) | 2,967.5 | 2,775.1 |
Accrued capital expenditures | 568.2 | 765.4 |
Accrued income taxes | 379.6 | 457.9 |
Accrued interest | 357 | 671.4 |
Other accrued and current liabilities (notes 5 and 12) | 2,354.7 | 2,644.7 |
Total current liabilities | 9,178.3 | 9,722.8 |
Long-term debt and capital lease obligations (note 8) | 41,400 | 40,783.6 |
Other long-term liabilities (notes 5, 9, and 12) | 3,351.7 | 3,445.7 |
Total liabilities | 53,930 | 53,952.1 |
Commitments and contingencies (notes 3, 5, 8, 9, 14 and 16) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 16,553.1 | 17,578.2 |
Accumulated deficit | (3,759.7) | (3,454.8) |
Accumulated other comprehensive loss, net of taxes | (132) | (372.4) |
Treasury shares, at cost | (0.2) | (0.3) |
Total Liberty Global shareholders | 12,671.6 | 13,761.3 |
Noncontrolling interests | 1,129.3 | 970.7 |
Total equity | 13,800.9 | 14,732 |
Total liabilities and equity | 67,730.9 | 68,684.1 |
Liberty Global Group [Member] | ||
Current assets: | ||
Derivative instruments (note 5) | 350 | 405.5 |
Other current assets: | ||
Property and equipment, net (note 7) | 17,471 | 17,249.3 |
Goodwill (note 7) | 17,351.1 | 17,063.7 |
Intangible assets subject to amortization, net (note 7) | 2,269.5 | 2,423.2 |
Liberty Global shareholders: | ||
Total equity | 8.7 | 8.9 |
Liberty Global Group [Member] | Common Class A [Member] | ||
Liberty Global shareholders: | ||
Common stock | 2.4 | 2.5 |
Total equity | 2.4 | 2.5 |
Liberty Global Group [Member] | Common Class B [Member] | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Total equity | 0.1 | 0.1 |
Liberty Global Group [Member] | Common Class C [Member] | ||
Liberty Global shareholders: | ||
Common stock | 6.2 | 6.3 |
Total equity | 6.2 | 6.3 |
LiLAC Group [Member] | ||
Current assets: | ||
Derivative instruments (note 5) | 9.7 | 7.2 |
Other current assets: | ||
Property and equipment, net (note 7) | 3,932.8 | 3,860.9 |
Goodwill (note 7) | 6,154.4 | 6,302.6 |
Intangible assets subject to amortization, net (note 7) | 1,331.1 | 1,234.5 |
Liberty Global shareholders: | ||
Total equity | 1.7 | 1.7 |
LiLAC Group [Member] | Common Class A [Member] | ||
Liberty Global shareholders: | ||
Common stock | 0.5 | 0.5 |
Total equity | 0.5 | 0.5 |
LiLAC Group [Member] | Common Class B [Member] | ||
Liberty Global shareholders: | ||
Common stock | 0 | 0 |
Total equity | 0 | 0 |
LiLAC Group [Member] | Common Class C [Member] | ||
Liberty Global shareholders: | ||
Common stock | 1.2 | 1.2 |
Total equity | $ 1.2 | $ 1.2 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, fair value | $ 2,229.2 | $ 2,057.2 |
Liberty Global Group [Member] | Common Class A [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 243,503,655 | 253,827,604 |
Common stock, outstanding (in shares) | 243,503,655 | 253,827,604 |
Liberty Global Group [Member] | Common Class B [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 11,139,184 | 10,805,850 |
Common stock, outstanding (in shares) | 11,139,184 | 10,805,850 |
Liberty Global Group [Member] | Common Class C [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 617,227,678 | 634,391,072 |
Common stock, outstanding (in shares) | 617,227,678 | 634,391,072 |
LiLAC Group [Member] | Common Class A [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 49,857,001 | 50,317,930 |
Common stock, outstanding (in shares) | 49,857,001 | 50,317,930 |
LiLAC Group [Member] | Common Class B [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 1,946,579 | 1,888,323 |
Common stock, outstanding (in shares) | 1,946,579 | 1,888,323 |
LiLAC Group [Member] | Common Class C [Member] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 120,649,676 | 120,889,034 |
Common stock, outstanding (in shares) | 120,649,676 | 120,889,034 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue (notes 4 and 15) | $ 4,429.9 | $ 4,588 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||
Programming and other direct costs of services (note 14) | 1,033.9 | 1,056.3 |
Other operating (note 11) | 689.7 | 672.1 |
Selling, general and administrative (SG&A) (notes 11 and 14) | 786.7 | 813.1 |
Depreciation and amortization (note 7) | 1,322.2 | 1,435.5 |
Impairment, restructuring and other operating items, net (notes 3, 7 and 12) | 28.2 | 24.4 |
Operating costs and expenses, Total | 3,860.7 | 4,001.4 |
Operating income | 569.2 | 586.6 |
Non-operating income (expense): | ||
Interest expense | (547.5) | (619.3) |
Realized and unrealized losses on derivative instruments, net (note 5) | (269.1) | (508.7) |
Foreign currency transaction gains, net | 78.9 | 339 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 4, 6 and 8) | 94.4 | (268.2) |
Losses on debt modification and extinguishment, net (note 8) | (45.3) | (4.3) |
Share of losses of affiliates, net (notes 4 and 11) | (15.4) | (27.9) |
Other income, net | 14.4 | 81.2 |
Non-operating income (expense), Total | (689.6) | (1,008.2) |
Loss before income taxes | (120.4) | (421.6) |
Income tax benefit (expense) (note 9) | (146.8) | 48.9 |
Net loss | (267.2) | (372.7) |
Net loss (earnings) attributable to noncontrolling interests | (53) | 3.6 |
Net loss attributable to Liberty Global shareholders | (320.2) | (369.1) |
Liberty Global Group [Member] | ||
Non-operating income (expense): | ||
Net loss attributable to Liberty Global shareholders | $ (292.9) | $ (330.6) |
Basic and diluted loss attributable to Liberty Global shareholders per share (notes 1 and 13): | ||
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share) | $ (0.33) | $ (0.39) |
Weighted average ordinary shares outstanding - basic and diluted: | ||
Weighted average ordinary shares outstanding - basic and diluted (in shares) | 890,464,735 | 843,492,613 |
LiLAC Group [Member] | ||
Non-operating income (expense): | ||
Net loss attributable to Liberty Global shareholders | $ (27.3) | $ (38.5) |
Basic and diluted loss attributable to Liberty Global shareholders per share (notes 1 and 13): | ||
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (in dollars per share) | $ (0.16) | $ (0.88) |
Weighted average ordinary shares outstanding - basic and diluted: | ||
Weighted average ordinary shares outstanding - basic and diluted (in shares) | 172,743,854 | 43,933,746 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (267.2) | $ (372.7) |
Other comprehensive earnings (loss), net of taxes: | ||
Foreign currency translation adjustments | 242.7 | 16.6 |
Pension-related adjustments and other | (2.8) | (3.6) |
Other comprehensive earnings | 239.9 | 13 |
Comprehensive loss | (27.3) | (359.7) |
Comprehensive loss (earnings) attributable to noncontrolling interests | (52.5) | 3.6 |
Comprehensive loss attributable to Liberty Global shareholders | $ (79.8) | $ (356.1) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity (unaudited) - USD ($) $ in Millions | Total | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss, net of taxes | Treasury shares, at cost | Total Liberty Global shareholders | Non-controlling interests | Liberty Global Group [Member] | Liberty Global Group [Member]Common stock | LiLAC Group [Member] | LiLAC Group [Member]Common stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Accounting change (note 2) | $ 15.3 | $ 15.3 | $ 15.3 | ||||||||
Balance at January 1, 2017, as adjusted for accounting change | 14,747.3 | $ 17,578.2 | (3,439.5) | $ (372.4) | $ (0.3) | 13,776.6 | $ 970.7 | $ 8.9 | $ 1.7 | ||
Balance at January 1, 2017, before effect of accounting change at Dec. 31, 2016 | 14,732 | 17,578.2 | (3,454.8) | (372.4) | (0.3) | 13,761.3 | 970.7 | $ 8.9 | 8.9 | $ 1.7 | 1.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net loss | (267.2) | (320.2) | (320.2) | 53 | |||||||
Other comprehensive earnings, net of taxes | 239.9 | 240.4 | 240.4 | (0.5) | |||||||
Fair value adjustment related to the CWC Acquisition (note 3) | 117.1 | 117.1 | |||||||||
Repurchase and cancellation of Liberty Global ordinary shares (note 10) | (1,020.1) | (1,019.8) | (1,020.1) | (0.3) | (0.3) | ||||||
Share-based compensation (note 11) | 33.3 | 33.3 | 33.3 | ||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | (49.4) | (38.6) | 0.1 | (38.4) | (11) | 0.1 | 0.1 | ||||
Balance at March 31, 2017 at Mar. 31, 2017 | $ 13,800.9 | $ 16,553.1 | $ (3,759.7) | $ (132) | $ (0.2) | $ 12,671.6 | $ 1,129.3 | $ 8.7 | $ 8.7 | $ 1.7 | $ 1.7 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (267.2) | $ (372.7) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Share-based compensation expense | 39 | 69 |
Depreciation and amortization (note 7) | 1,322.2 | 1,435.5 |
Impairment, restructuring and other operating items, net | 28.2 | 24.4 |
Amortization of deferred financing costs and non-cash interest | 12.8 | 20 |
Realized and unrealized losses on derivative instruments, net | 269.1 | 508.7 |
Foreign currency transaction gains, net | (78.9) | (339) |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, including impact of dividends | (82.6) | 268.2 |
Losses on debt modification and extinguishment, net | 45.3 | 4.3 |
Share of losses of affiliates, net | 15.4 | 27.9 |
Deferred income tax benefits | (36.7) | (118.5) |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions | (287.9) | (437.1) |
Net cash provided by operating activities | 978.7 | 1,090.7 |
Cash flows from investing activities: | ||
Distributions received from affiliates | 1,569.4 | 0 |
Equalization payment related to the VodafoneZiggo JV Transaction | 840.8 | 0 |
Capital expenditures | (624.8) | (637.1) |
Investments in and loans to affiliates and others | (25.1) | (26.3) |
Cash paid in connection with acquisitions, net of cash acquired | (3.3) | (1,341.2) |
Other investing activities, net | 3.9 | 77.1 |
Net cash provided (used) by investing activities | 1,760.9 | (1,927.5) |
Cash flows from financing activities: | ||
Repayments and repurchases of debt and capital lease obligations | (3,024.7) | (1,593.6) |
Borrowings of debt | 2,664.1 | 2,642 |
Repurchase of Liberty Global ordinary shares | (959.6) | (191.6) |
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | (162.6) | 0 |
Net cash paid related to derivative instruments | (150.5) | (32) |
Payment of financing costs and debt premiums | (72.1) | (27.6) |
Change in cash collateral | (5.6) | 117.7 |
Net cash paid associated with call option contracts on Liberty Global ordinary shares | 0 | (97.8) |
Other financing activities, net | (43.2) | (36.1) |
Net cash provided (used) by financing activities | (1,754.2) | 781 |
Effect of exchange rate changes on cash | 22.1 | 54.2 |
Net increase (decrease) in cash and cash equivalents | 1,007.5 | (1.6) |
Cash and cash equivalents: | ||
Beginning of period | 1,629.2 | 982.1 |
End of period | 2,636.7 | 980.5 |
Cash paid for interest | 853.3 | 819.6 |
Net cash paid for taxes | $ 216.2 | $ 115.1 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Liberty Global plc ( Liberty Global ) is a public limited company organized under the laws of England and Wales. In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. We are an international provider of video, broadband internet, fixed-line telephony, mobile and other communications services to residential customers and businesses, with consolidated operations at March 31, 2017 in more than 30 countries. In Europe, we provide residential and business-to-business ( B2B ) services in (i) the United Kingdom ( U.K. ) and Ireland through Virgin Media Inc. ( Virgin Media ), (ii) Germany through Unitymedia GmbH ( Unitymedia ), (iii) Belgium through Telenet Group Holding N.V. ( Telenet ), a 57.4% -owned subsidiary, and (iv) seven other European countries through UPC Holding B.V. ( UPC Holding ). In addition, through the December 31, 2016 completion of the VodafoneZiggo JV Transaction (as defined and described in note 4 ), we provided residential and B2B services in the Netherlands through VodafoneZiggo Group B.V., formerly known as Ziggo Group Holding B.V. and referred to herein as “ Ziggo Group Holding ”. Following the completion of the VodafoneZiggo JV Transaction , we own a 50% noncontrolling interest in the VodafoneZiggo JV (as defined in note 4 ), which provides video, broadband, mobile and B2B services in the Netherlands. Virgin Media , Unitymedia and UPC Holding are each wholly-owned subsidiaries of Liberty Global . The operations of Virgin Media , Unitymedia , Telenet , UPC Holding and, through December 31, 2016, Ziggo Group Holding are collectively referred to herein as the “ European Division .” Outside of Europe, we provide residential and B2B services in (i) 18 countries, predominantly in Latin America and the Caribbean, through our wholly-owned subsidiary Cable & Wireless Communications Limited ( CWC ), (ii) Chile through our wholly-owned subsidiary VTR.com SpA ( VTR ) and (iii) Puerto Rico through Liberty Cablevision of Puerto Rico LLC ( Liberty Puerto Rico ), an entity in which we hold a 60.0% ownership interest. CWC also provides (a) B2B services in certain other countries in Latin America and the Caribbean and (b) wholesale services over its sub-sea and terrestrial networks that connect over 30 markets in that region. CWC owns less than 100% of certain of its consolidated subsidiaries, including Cable & Wireless Panama, SA (a 49.0% -owned entity that owns most of our operations in Panama), The Bahamas Telecommunications Company Limited (a 49.0% -owned entity that owns all of our operations in the Bahamas), Cable & Wireless Jamaica Limited (an 82.0% -owned entity that owns the majority of our operations in Jamaica) and Cable & Wireless Barbados Limited (an 81.1% -owned entity that owns the majority of our operations in Barbados). The operations of CWC , VTR and Liberty Puerto Rico are collectively referred to herein as the “ LiLAC Division .” Our share capital comprises (i) Class A, B and C Liberty Global ordinary shares (collectively, Liberty Global Shares ) and (ii) Class A, B and C LiLAC ordinary shares (collectively, LiLAC Shares ). The Liberty Global Shares and the LiLAC Shares are tracking shares. Tracking shares are intended by the issuing company to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. The Liberty Global Shares and the LiLAC Shares are intended to track the economic performance of the Liberty Global Group and the LiLAC Group , respectively (each as defined below). While the Liberty Global Group and the LiLAC Group have separate collections of businesses, assets and liabilities attributed to them, neither group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking shares have no direct claim to the group’s assets and are not represented by separate boards of directors. Instead, holders of tracking shares are shareholders of the parent corporation, with a single board of directors, and are subject to all of the risks and liabilities of the parent corporation. We and our subsidiaries each continue to be responsible for our respective liabilities. Holders of Liberty Global Shares , LiLAC Shares and any other of our capital shares designated as ordinary shares from time to time will continue to be subject to risks associated with an investment in our company as a whole, even if a holder does not own both Liberty Global Shares and LiLAC Shares . The “ LiLAC Group ” comprises our businesses, assets and liabilities in Latin America and the Caribbean and has attributed to it (i) LGE Coral Holdco Limited ( LGE Coral ) and its subsidiaries, which include CWC , (ii) VTR Finance B.V. ( VTR Finance ) and its subsidiaries, which include VTR , (iii) Lila Chile Holding B.V. ( Lila Chile Holding ), which is the parent entity of VTR Finance and (iv) LiLAC Communications Inc. ( LiLAC Communications ) and its subsidiaries, which include Liberty Puerto Rico . The “ Liberty Global Group ” comprises our businesses, assets and liabilities not attributed to the LiLAC Group , including Virgin Media , Ziggo Group Holding (through December 31, 2016), Unitymedia , Telenet , UPC Holding , our corporate entities (excluding LiLAC Communications ) and certain other less significant entities. For additional information regarding our tracking share capital structure, including unaudited attributed financial information of the Liberty Global Group and the LiLAC Group , see Exhibit 99.1 to this Quarterly Report on Form 10-Q. Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( U.S. GAAP ) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2016 consolidated financial statements and notes thereto included in our 2016 Annual Report on Form 10-K, as amended (our 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, allowances for uncollectible accounts, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Unless otherwise indicated, ownership percentages and convenience translations into United States ( U.S. ) dollars are calculated as of March 31, 2017 . |
Accounting Change and Recent Ac
Accounting Change and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Change and Recent Accounting Pronouncements Accounting Change In March 2016, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2016-09, Compensation — Stock Compensation, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09 ), which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. ASU 2016-09 was effective for annual reporting periods beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017. As a result of adopting this standard, we (i) recognized a cumulative effect adjustment to our accumulated deficit as of January 1, 2017 and (ii) retrospectively revised the presentation of our condensed consolidated statements of cash flows to remove the operating cash outflows and financing cash inflows associated with excess tax benefits from share-based compensation. The cumulative effect adjustment, which totaled $15.3 million , represents the tax effect of deductions in excess of the financial reporting expense for share-based compensation that were not previously recognized for financial reporting purposes as these tax benefits were not realized as a reduction of income taxes payable. Recent Accounting Pronouncements ASU 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ( ASU 2014-09 ), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 , as amended by ASU No. 2015-14, will replace existing revenue recognition guidance when it becomes effective for annual and interim reporting periods beginning after December 15, 2017. This new standard permits the use of either the retrospective or cumulative effect transition method. We will adopt ASU 2014-09 effective January 1, 2018 using the cumulative effect transition method. While we are continuing to evaluate the effect that ASU 2014-09 will have on our consolidated financial statements, we have identified a number of our current revenue recognition policies that will be impacted by ASU 2014-09 , including the accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain up-front fees charged to our customers. These impacts are discussed below: • When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under current accounting rules, we recognize revenue net of discounts during the promotional periods and do not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition will be accelerated for these contracts as the impact of the discount or free service period will be recognized uniformly over the total contractual period. • When we enter into contracts to provide services to our customers, we often charge installation or other up-front fees. Under current accounting rules, installation fees related to services provided over our cable networks are recognized as revenue during the period in which the installation occurs to the extent these fees are equal to or less than direct selling costs. Under ASU 2014-09 , these fees will generally be deferred and recognized as revenue over the contractual period, or longer if the up-front fee results in a material renewal right. As the above revenue recognition changes have offsetting impacts and both result in a relatively minor shift in the timing of revenue recognition, we currently do not expect ASU 2014-09 to have a material impact on our reported revenue. ASU 2014-09 will also impact our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our current policy, these costs are expensed as incurred unless the costs are in the scope of another accounting topic that allows for capitalization. Under ASU 2014-09 , the upfront costs that are currently expensed as incurred will be recognized as assets and amortized to other operating expenses over a period that is consistent with the transfer to the customers of the goods or services to which the assets relate, which we have generally interpreted to be the expected life of the customer relationship. The impact of the accounting change for these costs will be dependent on numerous factors, including the number of new subscriber contracts added in any given period, but we expect the adoption of this accounting change will initially result in the deferral of a significant amount of operating and selling costs. The ultimate impact of adopting ASU 2014-09 for both revenue recognition and costs to obtain and fulfill contracts will depend on the promotions and offers in place during the period leading up to and after the adoption of ASU 2014-09 . ASU 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, will result in lessees recognizing lease assets and lease liabilities on the balance sheet with additional disclosures about leasing arrangements. ASU 2016-02 requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach also includes a number of optional practical expedients an entity may elect to apply. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We will adopt ASU 2016-02 on January 1, 2019. Although we are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements, we expect the adoption of this standard will increase the number of leases to be accounted for as capital leases in our consolidated balance sheet. ASU 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment ( ASU 2017-04 ), which eliminates the requirement to estimate the implied fair value of a reporting unit’s goodwill as determined following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, a company should recognize any goodwill impairment by comparing the fair value of a reporting unit to its carrying amount. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We expect the adoption of ASU 2017-04 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Pending Acquisitions SFR BeLux . On December 22, 2016, a subsidiary of Telenet entered into a definitive agreement to acquire Coditel Brabant sprl, operating under the SFR brand ( SFR BeLux ), for €400.0 million ( $427.9 million ) on a cash and debt free basis. SFR BeLux provides cable services to households and businesses in Brussels, Wallonia and Luxembourg and offers mobile services in Belgium through a mobile virtual network operator ( MVNO ) agreement with BASE , as defined and described below. Telenet intends to finance the acquisition of SFR BeLux through a combination of existing cash and cash equivalents and available liquidity under its revolving credit facilities. The transaction is subject to customary closing conditions, including approval from the relevant competition authorities, and is expected to close during the second half of 2017. Multimedia . On October 18, 2016, our subsidiary UPC Polska SP Z.o.o. entered into a definitive agreement to acquire the cable business of Multimedia Polska S.A. ( Multimedia ), the third-largest cable operator in Poland, for cash consideration of PLN 3.0 billion ( $758.6 million ), which is equal to the enterprise value assigned to Multimedia for purposes of this transaction. We intend to finance the acquisition of Multimedia with existing liquidity. The final purchase price is subject to potential downward adjustments for the operational and financial performance of Multimedia prior to closing. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in late 2017 or early 2018. 2016 Acquisitions CWC . On May 16, 2016 , we acquired CWC for shares of Liberty Global (the CWC Acquisition ). The CWC Acquisition triggered regulatory approval requirements in certain jurisdictions in which CWC operates. The regulatory authorities in certain of these jurisdictions, including the Bahamas, Jamaica, Trinidad and Tobago, the Seychelles and the Cayman Islands, have not completed their review of the CWC Acquisition or granted their approval. While we expect to receive all outstanding approvals, such approvals may include binding conditions or requirements that could have an adverse impact on CWC ’s operations and financial condition. In connection with the CWC Acquisition and an acquisition made by CWC in 2015, certain entities (the Carve-out Entities ) that held licenses granted by the U.S. Federal Communications Commission (the FCC ) were transferred to entities not controlled by our company or CWC . The arrangements with respect to the Carve-out Entities , which were executed in connection with the CWC Acquisition , contemplated that upon receipt of regulatory approval, we would acquire the Carve-out Entities . On March 8, 2017, the FCC granted its approval for our acquisition of the Carve-out Entities . Accordingly, on April 1, 2017, subsidiaries of CWC acquired the Carve-out Entities for an aggregate purchase price of $86.2 million . At March 31, 2017, the Carve-out Entities owed $148.8 million to a subsidiary of CWC . We have accounted for the CWC Acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of CWC based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable assets and liabilities. Although most items in the valuation process remain open, the items with the highest likelihood of changing upon finalization of the valuation process include property and equipment, goodwill, customer relationships and income taxes. A summary of the purchase price and the preliminary opening balance sheet of CWC at the May 16, 2016 acquisition date is presented in the following table (in millions): Cash and cash equivalents $ 210.8 Other current assets 579.5 Property and equipment, net 2,975.7 Goodwill (a) 5,390.9 Intangible assets subject to amortization, net (b) 1,422.0 Other assets, net 621.4 Current portion of debt and capital lease obligations (94.1 ) Other accrued and current liabilities (746.5 ) Long-term debt and capital lease obligations (3,305.4 ) Other long-term liabilities (801.5 ) Noncontrolling interests (c) (1,568.9 ) Total purchase price (d) $ 4,683.9 _______________ (a) The goodwill recognized in connection with the CWC Acquisition is primarily attributable to (i) the ability to take advantage of CWC ’s existing terrestrial and sub-sea networks to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of CWC with other operations in the LiLAC Group . (b) Amount primarily includes intangible assets related to customer relationships. At May 16, 2016 , the preliminary assessment of the weighted average useful life of CWC ’s intangible assets was approximately eight years . (c) Represents the estimated aggregate fair value of the noncontrolling interests in CWC ’s subsidiaries as of May 16, 2016 . (d) Excludes direct acquisition costs of $132.9 million , most of which were incurred during 2016. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. BASE . On February 11, 2016 , Telenet acquired Telenet Group BVBA, formerly known as BASE Company NV ( BASE ), for a cash purchase price of €1,318.9 million ( $1,494.3 million at the transaction date) (the BASE Acquisition ). BASE is the third-largest mobile network operator in Belgium. Pro Forma Information The following unaudited pro forma condensed consolidated operating results give effect to (i) the CWC Acquisition and (ii) the BASE Acquisition as if they had been completed as of January 1, 2015. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. Three months ended March 31, 2016 Revenue (in millions): Liberty Global Group $ 4,358.5 LiLAC Group 911.3 Total $ 5,269.8 Net earnings (loss) attributable to Liberty Global shareholders (in millions): Liberty Global Shares $ (334.1 ) LiLAC Shares 98.3 Total $ (235.8 ) Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share: Liberty Global Shares – basic and diluted $ (0.35 ) LiLAC Shares: Basic $ 1.74 Diluted $ 1.73 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: Accounting Method March 31, December 31, in millions Equity (a): VodafoneZiggo JV (b) $ 4,151.8 $ 4,186.6 Other 133.8 142.7 Total — equity 4,285.6 4,329.3 Fair value: ITV plc ( ITV ) — subject to re-use rights 1,094.1 1,015.4 Sumitomo Corporation ( Sumitomo ) 614.2 538.4 ITI Neovision S.A. 135.2 129.3 Lions Gate Entertainment Corp ( Lionsgate ) 127.4 128.6 Other 258.3 245.5 Total — fair value 2,229.2 2,057.2 Cost 99.1 97.2 Total $ 6,613.9 $ 6,483.7 _______________ (a) At March 31, 2017 and December 31, 2016, the aggregate carrying amounts of our equity method investments did not materially exceed our proportionate share of the respective investees’ net assets. (b) Amounts include a related-party note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $1,069.7 million and $1,054.7 million , respectively, due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55% and requires €100.0 million ( $107.0 million ) of principal to be paid annually during the first three years of the agreement, with the remaining principal due on January 16, 2027. The accrued interest on the VodafoneZiggo JV Receivable will be payable in a manner mutually agreed upon by Liberty Global and the VodafoneZiggo JV . Interest accrued on the VodafoneZiggo JV Receivable during the first quarter of 2017 of $14.8 million was cash settled in March 2017. Equity Method Investments The following table sets forth the details of our share of losses of affiliates, net: Three months ended 2017 2016 in millions VodafoneZiggo JV (a) $ 1.3 $ — Other 14.1 27.9 Total $ 15.4 $ 27.9 _______________ (a) Amount includes the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable , (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VodafoneZiggo JV employees who were formerly employees of Liberty Global , as these awards remain our responsibility, and (iii) our 50% share of the remaining results of operations of the VodafoneZiggo JV . VodafoneZiggo JV . On December 31, 2016, pursuant to a Contribution and Transfer Agreement with Vodafone Group plc ( Vodafone ) and one of its wholly-owned subsidiaries, we and Liberty Global Europe Holding B.V., our wholly-owned subsidiary, contributed Ziggo Group Holding and its subsidiaries (including Liberty Global Netherlands Content B.V., referred to herein as “ Ziggo Sport ”) to VodafoneZiggo Group Holding B.V., a newly-formed entity that was formed as a 50 : 50 joint venture between Vodafone and Liberty Global (the “ VodafoneZiggo JV ”). Ziggo Sport , which became a subsidiary of Ziggo Group Holding during the fourth quarter of 2016, operates premium sports channels in the Netherlands. The VodafoneZiggo JV combined Ziggo Group Holding with Vodafone ’s mobile business in the Netherlands ( Vodafone NL ) to create a national unified communications provider in the Netherlands with complementary strengths across video, broadband, mobile and B2B services (the VodafoneZiggo JV Transaction ). As a result of the VodafoneZiggo JV Transaction , effective December 31, 2016 we no longer consolidate Ziggo Group Holding . We account for our 50% interest in the VodafoneZiggo JV , which has been attributed to the Liberty Global Group , as an equity method investment. We consider the VodafoneZiggo JV to be a related party. On January 4, 2017, in connection with the completion of the VodafoneZiggo JV Transaction , we received cash of €2.2 billion ( $2.4 billion at transaction date) comprising (i) a distribution reflecting our 50% share of the €2.8 billion ( $2.9 billion at the transaction date) of net proceeds from the various debt financing arrangements entered into by certain subsidiaries of Ziggo Group Holding during the third quarter of 2016 and (ii) an equalization payment from Vodafone of €802.9 million ( $840.8 million at the transaction date) that is subject to post-closing adjustments, which are expected to be finalized during the second quarter of 2017. At December 31, 2016, our right to receive this cash is reflected as a current receivable from the VodafoneZiggo JV in our condensed consolidated balance sheet. In addition, during the first quarter of 2017, we paid $162.6 million of VAT on behalf of the VodafoneZiggo JV associated with the termination of a services agreement with Ziggo Group Holding that was in effect prior to the closing of the VodafoneZiggo JV Transaction . This advance was repaid during the first quarter of 2017. Pursuant to an agreement entered into in connection with the formation of the VodafoneZiggo JV Transaction (the Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV on a transitional or ongoing basis (collectively, the JV Services ). Pursuant to the terms of the Framework Agreement , the ongoing services will be provided for a period of four to six years depending on the type of service, while transitional services will be provided for a period of not less than 12 months after which both parties shall be entitled to terminate based on specified notice periods. The JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by or will otherwise benefit the VodafoneZiggo JV . Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the JV Services it provides during the term of the Framework Agreement . During the three months ended March 31, 2017 , we recorded revenue of $31.5 million related to the JV Services . In addition, at March 31, 2017 , $87.5 million was due from the VodafoneZiggo JV , primarily related to (a) services performed under the Framework Agreement and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VodafoneZiggo JV . This amount, which is periodically cash settled, is included in other current assets in our condensed consolidated balance sheet. The summarized results of operations of the VodafoneZiggo JV for the three months ended March 31, 2017 are set forth below (in millions): Revenue $ 1,083.8 Loss before income taxes $ (43.6 ) Net loss $ (30.6 ) |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In general, we seek to enter into derivative instruments to protect against (i) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, (ii) increases in the interest rates on our variable-rate debt and (iii) decreases in the market prices of certain publicly traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar ( $ ), the euro ( € ), the British pound sterling ( £ ), the Swiss franc ( CHF ), the Chilean peso ( CLP ), the Czech koruna ( CZK ), the Hungarian forint ( HUF ), the Indian rupee ( INR ), the Jamaican dollar ( JMD ), the Philippine Peso ( PHP ), the Polish zloty ( PLN ) and the Romanian lei ( RON ). With the exception of a limited number of our 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, net, in our condensed consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2017 December 31, 2016 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets: Cross-currency and interest rate derivative contracts: Liberty Global Group $ 251.1 $ 1,990.5 $ 2,241.6 $ 337.5 $ 2,123.1 $ 2,460.6 LiLAC Group 9.1 125.5 134.6 6.9 139.0 145.9 Total cross-currency and interest rate derivative contracts (b) 260.2 2,116.0 2,376.2 344.4 2,262.1 2,606.5 Equity-related derivative instruments – Liberty Global Group (c) 73.8 373.4 447.2 37.1 486.9 524.0 Foreign currency forward and option contracts: Liberty Global Group 24.7 8.3 33.0 30.7 14.1 44.8 LiLAC Group 0.6 — 0.6 0.3 — 0.3 Total foreign currency forward and option contracts 25.3 8.3 33.6 31.0 14.1 45.1 Other – Liberty Global Group 0.4 0.5 0.9 0.2 0.3 0.5 Total assets: Liberty Global Group 350.0 2,372.7 2,722.7 405.5 2,624.4 3,029.9 LiLAC Group 9.7 125.5 135.2 7.2 139.0 146.2 Total $ 359.7 $ 2,498.2 $ 2,857.9 $ 412.7 $ 2,763.4 $ 3,176.1 Liabilities: Cross-currency and interest rate derivative contracts: Liberty Global Group $ 217.2 $ 874.3 $ 1,091.5 $ 239.1 $ 999.6 $ 1,238.7 LiLAC Group 31.9 25.7 57.6 24.6 28.9 53.5 Total cross-currency and interest rate derivative contracts (b) 249.1 900.0 1,149.1 263.7 1,028.5 1,292.2 Equity-related derivative instruments – Liberty Global Group (c) 13.8 — 13.8 8.6 — 8.6 Foreign currency forward and option contracts: Liberty Global Group 6.0 0.3 6.3 4.7 0.1 4.8 LiLAC Group 4.1 — 4.1 4.2 — 4.2 Total foreign currency forward and option contracts 10.1 0.3 10.4 8.9 0.1 9.0 Other – Liberty Global Group — — — — 0.1 0.1 Total liabilities: Liberty Global Group 237.0 874.6 1,111.6 252.4 999.8 1,252.2 LiLAC Group 36.0 25.7 61.7 28.8 28.9 57.7 Total $ 273.0 $ 900.3 $ 1,173.3 $ 281.2 $ 1,028.7 $ 1,309.9 _______________ (a) Our current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other accrued and current liabilities, other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) We consider credit risk in our fair value assessments. As of March 31, 2017 and December 31, 2016 , (i) the fair values of our cross-currency and interest rate derivative contracts that represented assets have been reduced by credit risk valuation adjustments aggregating $3.7 million and $93.1 million , respectively, and (ii) the fair values of our cross-currency and interest rate derivative contracts that represented liabilities have been reduced by credit risk valuation adjustments aggregating $55.4 million and $71.5 million , respectively. The adjustments to our derivative positions relate to the credit risk associated with our and our counterparties’ nonperformance. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (as defined and described in note 8 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains of $73.1 million and $21.4 million during the three months ended March 31, 2017 and 2016 , respectively. These amounts are included in realized and unrealized losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6 . (c) Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar ) with respect ITV shares held by our company, (ii) the share collar (the Sumitomo Collar ) with respect to a portion of the shares of Sumitomo held by our company and (iii) the prepaid forward transaction (the Lionsgate Forward ) with respect to 2.5 million of the shares of Lionsgate held by our company. The fair values of the ITV Collar , the Sumitomo Collar and the Lionsgate Forward do not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements. The details of our realized and unrealized losses on derivative instruments, net, are as follows: Three months ended March 31, 2017 2016 in millions Cross-currency and interest rate derivative contracts: Liberty Global Group $ (153.8 ) $ (635.4 ) LiLAC Group (25.5 ) (137.6 ) Total cross-currency and interest rate derivative contracts (179.3 ) (773.0 ) Equity-related derivative instruments – Liberty Global Group: ITV Collar (53.2 ) 205.4 Sumitomo Collar (23.5 ) 68.7 Lionsgate Forward 0.5 18.7 Other (5.8 ) 0.4 Total equity-related derivative instruments (82.0 ) 293.2 Foreign currency forward contracts: Liberty Global Group (6.5 ) (21.7 ) LiLAC Group (1.8 ) (7.1 ) Total foreign currency forward contracts (8.3 ) (28.8 ) Other – Liberty Global Group 0.5 (0.1 ) Total Liberty Global Group (241.8 ) (364.0 ) Total LiLAC Group (27.3 ) (144.7 ) Total $ (269.1 ) $ (508.7 ) The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The classification of these net cash inflows (outflows) is as follows: Three months ended March 31, 2017 2016 in millions Operating activities: Liberty Global Group $ 92.9 $ 9.7 LiLAC Group (10.7 ) 7.5 Total operating activities 82.2 17.2 Investing activities – LiLAC Group (1.2 ) — Financing activities – Liberty Global Group (150.5 ) (32.0 ) Total cash inflow (outflow): Liberty Global Group (57.6 ) (22.3 ) LiLAC Group (11.9 ) 7.5 Total $ (69.5 ) $ (14.8 ) Counterparty Credit Risk We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. With the exception of a limited number of instances where we have required a counterparty to post collateral, neither party has posted collateral under the derivative instruments of our subsidiary borrowing groups. At March 31, 2017 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $1,694.9 million . Details of our Derivative Instruments Cross-currency Derivative Contracts As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to repay or refinance such debt. Although we generally seek to match the denomination of our and our subsidiaries’ borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At March 31, 2017 , substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual life of our cross-currency swap contracts at March 31, 2017 : Borrowing group Notional amount due from counterparty Notional amount due to counterparty Weighted average remaining life in millions in years Virgin Media $ 400.0 € 339.6 5.8 $ 8,933.0 £ 5,844.3 (a) (b) 6.5 £ 30.3 $ 50.0 (a) 2.5 UPC Holding $ 2,390.0 € 1,973.7 6.7 $ 1,000.0 CHF 922.0 (b) 6.9 € 379.2 $ 425.0 (a) 7.4 € 2,415.2 CHF 2,781.0 5.2 € 418.5 CZK 11,521.8 3.3 € 488.0 HUF 138,437.5 4.8 € 851.6 PLN 3,604.5 4.5 € 191.0 RON 490.0 4.8 Unitymedia $ 2,450.0 € 1,799.0 5.8 Telenet $ 1,500.0 € 1,330.4 7.5 € 743.3 $ 850.0 (a) 7.3 CWC $ 108.3 JMD 13,817.5 5.8 £ 146.7 $ 194.3 2.0 VTR Finance $ 1,400.0 CLP 951,390.0 4.8 _______________ (a) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are interest-related payments and receipts. At March 31, 2017, the total U.S. dollar equivalents of the notional amounts of these derivative instruments for the Virgin Media , UPC Holding and Telenet borrowing groups were $633.7 million , $405.9 million and $795.2 million , respectively. (b) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 2017. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. Interest Rate Derivative Contracts As noted above, 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 life of our interest rate swap contracts at March 31, 2017 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media (a) $ 8,189.1 4.2 UPC Holding $ 4,471.3 6.3 Unitymedia $ 286.9 5.8 Telenet (a) $ 5,470.7 5.7 CWC $ 1,100.0 5.8 Liberty Puerto Rico $ 675.0 4.0 _______________ (a) Includes forward-starting derivative instruments. Basis Swaps Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual life of our basis swap contracts at March 31, 2017 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media $ 3,400.0 0.7 UPC Holding $ 2,150.0 0.8 Telenet $ 1,500.0 0.7 CWC $ 1,100.0 0.8 Interest Rate Caps and Collars We enter into interest rate cap and collar agreements that lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. At March 31, 2017 , the total U.S. dollar equivalents of the notional amounts of our interest rate caps and collars were $1,433.4 million and $1,214.2 million , respectively. Impact of Derivative Instruments on Borrowing Costs The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows: Borrowing group Increase (decrease) to borrowing costs at March 31, 2017 (a) Virgin Media 0.11 % Telenet (0.16 )% Unitymedia (0.29 )% UPC Holding 0.43 % CWC 0.45 % VTR Finance (0.52 )% Liberty Puerto Rico 0.96 % _______________ (a) Represents the effect of derivative instruments in effect at March 31, 2017 and does not include forward-starting derivative instruments. Foreign Currency Forwards and Options Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of March 31, 2017 , the total U.S. dollar equivalents of the notional amount of foreign currency forward and option contracts was $1,648.2 million |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use the fair value method to account for (i) certain of our investments, (ii) our derivative instruments, (iii) certain instruments that we classify as debt and (iv) the Sumitomo Share Loan , as defined and described below. The reported fair values of these investments and instruments as of March 31, 2017 likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. In the case of the investments that we account for using the fair value method, the values we realize upon disposition will be dependent upon, among other factors, market conditions and the forecasted financial performance of the investees at the time of any such disposition. With respect to our derivative and certain debt instruments, we expect that the values realized generally will be based on market conditions at the time of settlement, which may occur at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument. 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. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. During the three months ended March 31, 2017 , no such transfers were made. All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (forecasted volatilities and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations. For our investments in ITV , Sumitomo and Lionsgate , the recurring fair value measurements are based on the quoted closing price of the respective shares at each reporting date. Accordingly, the valuations of these investments fall under Level 1 of the fair value hierarchy. Our other investments that we account for at fair value are privately-held companies, and therefore, quoted market prices are unavailable. The valuation technique we use for such investments is a combination of an income approach (discounted cash flow model based on forecasts) and a market approach (market multiples of similar businesses). With the exception of certain inputs for our weighted average cost of capital calculations that are derived from pricing services, the inputs used to value these investments are based on unobservable inputs derived from our assumptions. Therefore, the valuation of our privately-held investments falls under Level 3 of the fair value hierarchy. Any reasonably foreseeable changes in assumed levels of unobservable inputs for the valuations of our Level 3 investments would not be expected to have a material impact on our financial position or results of operations. During the second quarter of 2016, one of our subsidiaries entered into a securities lending arrangement (the Sumitomo Share Loan ), pursuant to which we borrowed shares of Sumitomo . As the primary input for this recurring fair value measurement is the quoted market price of the borrowed shares of Sumitomo , we believe this valuation falls under Level 1 of the fair value hierarchy. The recurring fair value measurement of our equity-related derivative instruments are based on binomial option pricing models, which require the input of observable and unobservable variables such as exchange-traded equity prices, risk-free interest rates, dividend yields and forecasted volatilities of the underlying equity securities. The valuations of our equity-related derivative instruments are based on a combination of Level 1 inputs (exchange-traded equity prices), Level 2 inputs (interest rate futures and swap rates) and Level 3 inputs (forecasted volatilities). As changes in volatilities could have a significant impact on the overall valuations over the terms of the derivative instruments, we have determined that these valuations fall under Level 3 of the fair value hierarchy. At March 31, 2017 , the valuations of the ITV Collar , the Sumitomo Collar and the Lionsgate Forward were not significantly impacted by forecasted volatilities. In order to manage our interest rate and foreign currency exchange risk, we have entered into (i) various derivative instruments and (ii) certain instruments that we classify as debt, as further described in notes 5 and 8 , respectively. The recurring fair value measurements of these instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these instruments. This observable data mostly includes 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. Effective January 1, 2017, we incorporated a Monte Carlo based approach into our calculation of the value assigned to the risk that we or our counterparties will default on our respective derivative obligations. Previously, we used a static calculation derived from our most current mark-to-market valuation to calculate the impact of counterparty credit risk. The adoption of a Monte Carlo based approach did not have a material impact on the overall fair value of our derivative instruments. 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. Due to the lack of Level 2 inputs for the valuation of the U.S. dollar to Jamaican dollar cross-currency swaps held by Sable , we believe this valuation falls under Level 3 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swaps are quantified and further explained in note 5 . Fair value measurements are also used in connection with nonrecurring valuations performed in connection with impairment assessments, acquisition accounting and the accounting for our initial investment in the VodafoneZiggo JV . These nonrecurring valuations include the valuation of reporting units, customer relationship and other intangible assets, property and equipment, the implied value of goodwill and the valuation of our initial investment in the VodafoneZiggo JV . The valuation of private reporting units and our initial investment in the VodafoneZiggo JV is based at least in part on discounted cash flow analyses. With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, are based on our assumptions. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationship, contributory asset charges and other factors. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The implied value of goodwill is determined by allocating the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination, with the residual amount allocated to goodwill. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. With the exception of valuations performed in connection with updates to the acquisition accounting for the CWC Acquisition , we did not perform significant nonrecurring fair value measurements during the three months ended March 31, 2017 . A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at March 31, 2017 using: Description March 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,376.2 $ — $ 2,376.2 $ — Equity-related derivative instruments 447.2 — — 447.2 Foreign currency forward and option contracts 33.6 — 33.6 — Other 0.9 — 0.9 — Total derivative instruments 2,857.9 — 2,410.7 447.2 Investments 2,229.2 1,835.7 — 393.5 Total assets $ 5,087.1 $ 1,835.7 $ 2,410.7 $ 840.7 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,149.1 $ — $ 1,134.3 $ 14.8 Equity-related derivative instruments 13.8 — — 13.8 Foreign currency forward and option contracts 10.4 — 10.4 — Total derivative liabilities 1,173.3 — 1,144.7 28.6 Debt 639.8 245.9 393.9 — Total liabilities $ 1,813.1 $ 245.9 $ 1,538.6 $ 28.6 Fair value measurements at December 31, 2016 using: Description December 31, 2016 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,606.5 $ — $ 2,606.5 $ — Equity-related derivative instruments 524.0 — — 524.0 Foreign currency forward and option contracts 45.1 — 45.1 — Other 0.5 — 0.5 — Total derivative instruments 3,176.1 — 2,652.1 524.0 Investments 2,057.2 1,682.4 — 374.8 Total assets $ 5,233.3 $ 1,682.4 $ 2,652.1 $ 898.8 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,292.2 $ — $ 1,281.5 $ 10.7 Equity-related derivative instruments 8.6 — — 8.6 Foreign currency forward and option contracts 9.0 — 9.0 — Other 0.1 — 0.1 — Total derivative instruments 1,309.9 — 1,290.6 19.3 Debt 344.4 215.5 128.9 — Total liabilities $ 1,654.3 $ 215.5 $ 1,419.5 $ 19.3 A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows: Investments Cross-currency and interest rate derivative contracts Equity-related derivative instruments Total in millions Balance of net asset (liability) at January 1, 2017 $ 374.8 $ (10.7 ) $ 515.4 $ 879.5 Gains (losses) included in net loss (a): Realized and unrealized losses on derivative instruments, net — (4.1 ) (82.0 ) (86.1 ) Realized and unrealized gains due to changes in fair values of certain investments and debt, net 9.8 — — 9.8 Additions 22.3 — — 22.3 Foreign currency translation adjustments, dividends and other, net (13.4 ) — — (13.4 ) Balance of net asset (liability) at March 31, 2017 $ 393.5 $ (14.8 ) $ 433.4 $ 812.1 _______________ (a) Most of these net losses relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2017 |
Long-lived Assets
Long-lived Assets | 3 Months Ended |
Mar. 31, 2017 | |
Long lived Assets | |
Long-lived Assets | Long-lived Assets Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems: Liberty Global Group $ 21,970.7 $ 21,249.9 LiLAC Group 3,573.5 3,522.0 Total 25,544.2 24,771.9 Customer premises equipment: Liberty Global Group 5,125.0 4,829.9 LiLAC Group 1,210.9 1,205.4 Total 6,335.9 6,035.3 Support equipment, buildings and land: Liberty Global Group 4,512.4 4,385.5 LiLAC Group 1,115.3 954.8 Total 5,627.7 5,340.3 Total property and equipment, gross: Liberty Global Group 31,608.1 30,465.3 LiLAC Group 5,899.7 5,682.2 Total 37,507.8 36,147.5 Accumulated depreciation: Liberty Global Group (14,137.1 ) (13,216.0 ) LiLAC Group (1,966.9 ) (1,821.3 ) Total (16,104.0 ) (15,037.3 ) Total property and equipment, net: Liberty Global Group 17,471.0 17,249.3 LiLAC Group 3,932.8 3,860.9 Total $ 21,403.8 $ 21,110.2 During the three months ended March 31, 2017 and 2016 , we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $628.5 million and $438.9 million , respectively, which exclude related VAT of $98.4 million and $61.1 million , respectively, that were also financed by our vendors under these arrangements. In addition, during the three months ended March 31, 2017 and 2016 , we recorded non-cash increases to our property and equipment related to assets acquired under capital leases of $32.3 million and $27.9 million , respectively. Goodwill Changes in the carrying amount of our goodwill during the three months ended March 31, 2017 are set forth below: January 1, 2017 Acquisitions and related adjustments Foreign currency translation adjustments March 31, in millions Liberty Global Group: European Division: U.K./Ireland $ 7,412.3 $ 4.6 $ 117.9 $ 7,534.8 Belgium 2,032.7 — 28.8 2,061.5 Germany 3,013.2 — 42.9 3,056.1 Switzerland/Austria 3,443.4 — 57.6 3,501.0 Total Western Europe 15,901.6 4.6 247.2 16,153.4 Central and Eastern Europe 1,144.4 0.1 35.5 1,180.0 Total European Division 17,046.0 4.7 282.7 17,333.4 Corporate and other 17.7 — — 17.7 Total Liberty Global Group 17,063.7 4.7 282.7 17,351.1 LiLAC Group: LiLAC Division: CWC 5,506.1 (153.4 ) (0.8 ) 5,351.9 Chile 397.9 — 6.0 403.9 Puerto Rico 277.7 — — 277.7 Total LiLAC Division 6,181.7 (153.4 ) 5.2 6,033.5 Corporate and other (a) 120.9 — — 120.9 Total LiLAC Group 6,302.6 (153.4 ) 5.2 6,154.4 Total $ 23,366.3 $ (148.7 ) $ 287.9 $ 23,505.5 _______________ (a) Represents enterprise-level goodwill that is allocated to our Puerto Rico segment for purposes of our impairment tests. Based on the results of our October 1, 2016 goodwill impairment test, a hypothetical decline of 20% or more in the fair value of any of CWC ’s reporting units could result in the need to record a goodwill impairment charge. If, among other factors, (i) the equity values of the LiLAC Group were to remain depressed or decline further or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause CWC ’s results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization are set forth below: March 31, 2017 December 31, 2016 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships: Liberty Global Group $ 5,239.1 $ (3,287.1 ) $ 1,952.0 $ 5,499.4 $ (3,404.5 ) $ 2,094.9 LiLAC Group 1,416.5 (155.4 ) 1,261.1 1,303.3 (160.1 ) 1,143.2 Total 6,655.6 (3,442.5 ) 3,213.1 6,802.7 (3,564.6 ) 3,238.1 Other: Liberty Global Group 485.5 (168.0 ) 317.5 478.3 (150.0 ) 328.3 LiLAC Group 83.2 (13.2 ) 70.0 99.0 (7.7 ) 91.3 Total 568.7 (181.2 ) 387.5 577.3 (157.7 ) 419.6 Total intangible assets subject to amortization, net: Liberty Global Group 5,724.6 (3,455.1 ) 2,269.5 5,977.7 (3,554.5 ) 2,423.2 LiLAC Group 1,499.7 (168.6 ) 1,331.1 1,402.3 (167.8 ) 1,234.5 Total $ 7,224.3 $ (3,623.7 ) $ 3,600.6 $ 7,380.0 $ (3,722.3 ) $ 3,657.7 |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Debt and Capital Lease Obligations [Abstract] | |
Debt and Capital Lease Obligations | Debt and Capital Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2017 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Estimated fair value (c) Borrowing currency U.S. $ equivalent March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 in millions Liberty Global Group: VM Notes 5.54 % — $ — $ 9,552.5 $ 9,311.0 $ 9,160.0 $ 9,041.0 VM Credit Facilities 3.72 % (d) 846.6 4,535.7 4,531.5 4,516.4 4,505.5 Unitymedia Notes 5.00 % — — 7,844.9 7,679.7 7,489.9 7,419.3 Unitymedia Revolving Credit Facilities — € 500.0 534.9 — — — — UPC Broadband Holding Bank Facility 3.51 % € 990.1 1,059.2 2,803.5 2,811.9 2,791.8 2,782.8 UPCB SPE Notes 4.88 % — — 1,807.7 1,783.7 1,781.8 1,772.8 UPC Holding Senior Notes 6.59 % — — 1,574.1 1,569.8 1,473.2 1,451.5 Telenet Credit Facility 3.56 % € 545.0 583.0 3,215.7 3,210.0 3,211.5 3,187.5 Telenet SPE Notes 5.76 % — — 1,411.7 1,383.9 1,315.7 1,297.3 Vendor financing (e) 3.70 % — — 2,312.1 2,284.5 2,312.1 2,284.5 ITV Collar Loan 1.35 % — — 1,347.2 1,323.7 1,357.5 1,336.2 Derivative-related debt instruments (f) 3.61 % — — 797.6 450.7 741.7 426.3 Sumitomo Collar Loan 1.88 % — — 521.2 499.7 511.6 488.2 Other (g) 3.71 % — — 608.8 558.7 614.5 564.5 Total Liberty Global Group 4.52 % 3,023.7 38,332.7 37,398.8 37,277.7 36,557.4 LiLAC Group: CWC Notes 7.31 % — — 2,346.6 2,319.6 2,184.0 2,181.1 CWC Credit Facilities 5.09 % $ 756.5 756.5 1,499.3 1,427.9 1,486.9 1,411.9 VTR Finance Senior Secured Notes 6.88 % — — 1,463.9 1,463.9 1,400.0 1,400.0 VTR Credit Facility — (h) 226.6 — — — — Liberty Puerto Rico Bank Facility 5.14 % $ 40.0 40.0 939.5 935.2 942.5 942.5 Vendor financing (e) 5.03 % — — 55.8 48.9 55.8 48.9 Total LiLAC Group 6.31 % 1,023.1 6,305.1 6,195.5 6,069.2 5,984.4 Total debt before unamortized premiums, discounts and deferred financing costs 4.77 % $ 4,046.8 $ 44,637.8 $ 43,594.3 $ 43,346.9 $ 42,541.8 The following table provides a reconciliation of total debt before unamortized premiums, discounts and deferred financing costs to total debt and capital lease obligations: March 31, 2017 December 31, 2016 in millions Total debt before unamortized premiums, discounts and deferred financing costs $ 43,346.9 $ 42,541.8 Unamortized premiums, net of discounts 37.5 44.5 Unamortized deferred financing costs (278.2 ) (270.4 ) Total carrying amount of debt 43,106.2 42,315.9 Capital lease obligations (i) 1,261.3 1,242.8 Total debt and capital lease obligations 44,367.5 43,558.7 Current maturities of debt and capital lease obligations (2,967.5 ) (2,775.1 ) Long-term debt and capital lease obligations $ 41,400.0 $ 40,783.6 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2017 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.91% (including 4.62% for the Liberty Global Group and 6.63% for the LiLAC Group ) at March 31, 2017 . For information regarding our derivative instruments, see note 5 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2017 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2017 , based on the applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders, except as shown in the table below. In the following table, for each facility that is subject to limitations on borrowing availability, we present (i) the actual borrowing availability under the respective facility and (ii) for each subsidiary where the ability to make loans or distributions from this availability is limited, the amount that can be loaned or distributed to Liberty Global or its subsidiaries or other equity holders. The amounts presented below assume no changes from March 31, 2017 borrowing levels and are based on the applicable covenant and other limitations in effect within each borrowing group at March 31, 2017 , both before and after considering the impact of the completion of the March 31, 2017 compliance requirements. For information regarding certain refinancing transactions completed subsequent to March 31, 2017 that could have an impact on unused borrowing capacity and/or the availability to be borrowed, loaned or distributed, see note 16 . Limitation on availability March 31, 2017 Upon completion of relevant March 31, 2017 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be borrowed under: CWC Credit Facilities (1) $ 612.5 $ 612.5 $ 612.5 $ 612.5 Limitation on availability to be loaned or distributed by: Virgin Media £ 675.0 $ 846.6 £ 618.8 $ 776.1 Unitymedia € 218.2 $ 233.4 € 225.4 $ 241.1 _______________ (1) The limitation on availability under the CWC Credit Facilities reflects letters of credit issued in connection with certain pension obligations. (c) The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6 . (d) Unused borrowing capacity under the VM Credit Facilities relates to a multi-currency revolving facility with maximum borrowing capacity equivalent to £675.0 million ( $846.6 million ). (e) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our condensed consolidated statements of cash flows. (f) Represents amounts associated with certain derivative-related borrowing instruments, including $393.9 million carried at fair value. For information regarding fair value hierarchies, see note 6 . (g) The March 31, 2017 balance includes (i) $245.9 million associated with the Sumitomo Share Loan , which is carried at fair value, and (ii) $131.7 million of debt collateralized by certain trade receivables of Virgin Media . For information regarding fair value hierarchies, see note 6 . (h) The VTR Credit Facility is the senior secured credit facility of VTR and certain of its subsidiaries and comprises a $160.0 million facility and a CLP 44.0 billion ( $66.6 million ) facility, each of which were undrawn at March 31, 2017 . (i) The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: March 31, 2017 December 31, 2016 in millions Liberty Global Group: Unitymedia $ 661.6 $ 657.0 Telenet 387.1 374.0 Virgin Media 84.1 91.2 Other subsidiaries 107.8 98.9 Total Liberty Global Group 1,240.6 1,221.1 LiLAC Group: CWC 20.0 20.8 VTR 0.6 0.7 Liberty Puerto Rico 0.1 0.2 Total LiLAC Group 20.7 21.7 Total capital lease obligations $ 1,261.3 $ 1,242.8 Refinancing Transactions - General Information We have completed various refinancing transactions during the first three months of 2017 . Unless otherwise noted, the terms and conditions of the notes and credit facilities entered into are largely consistent with those of our existing notes and credit facilities with regard to covenants, events of default and change of control provisions, among other items. For information concerning the general terms and conditions of our debt, see note 10 to the consolidated financial statements included in our 10-K . Virgin Media Refinancing Transactions In January 2017, Virgin Media Secured Finance PLC ( Virgin Media Secured Finance ), a wholly-owned subsidiary of Virgin Media , issued £675.0 million ( $846.6 million ) principal amount of 5.0% senior secured notes due April 15, 2027 (the April 2027 VM Senior Secured Notes ). The net proceeds from the April 2027 VM Senior Secured Notes were used to redeem in full the £640.0 million ( $802.7 million ) outstanding principal amount under the April 2021 VM Sterling Senior Secured Notes . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $39.9 million . This loss includes (i) the payment of $32.6 million of redemption premium and (ii) the write-off of $7.3 million of deferred financing costs. Subject to the circumstances described below, the April 2027 VM Senior Secured Notes are non-callable until April 15, 2022. At any time prior to April 15, 2022, Virgin Media Secured Finance may redeem some or all of the April 2027 VM Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to April 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points . Virgin Media Secured Finance may redeem some or all of the April 2027 VM Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption price 12-month period commencing April 15: 2022 102.500% 2023 101.250% 2024 100.625% 2025 and thereafter 100.000% In February 2017, Virgin Media SFA Finance Limited, a wholly-owned subsidiary of Virgin Media , entered into a new £865.0 million ( $1,084.9 million ) term loan facility ( VM Facility J ). VM Facility J matures on January 31, 2026, bears interest at a rate of LIBOR + 3.50% and is subject to a LIBOR floor of 0.0% . The net proceeds from VM Facility J were used to prepay in full the £849.4 million ( $1,065.3 million ) outstanding principal amount under VM Facility E . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $2.4 million . This loss includes (i) the write-off of $2.0 million of deferred financing costs and (ii) the write-off of $0.4 million of unamortized discount. In February 2017, Virgin Media Secured Finance launched an offer (the Exchange Offer ) to exchange the January 2021 VM Sterling Senior Secured Notes for new senior secured notes due January 15, 2025 (the 2025 VM Sterling Senior Secured Notes ). The Exchange Offer was consummated on March 21, 2017 and £521.3 million ( $653.8 million ) aggregate principal amount of the January 2021 VM Sterling Senior Secured Notes were exchanged for £521.3 million ( $653.8 million ) aggregate principal amount of the 2025 VM Sterling Senior Secured Notes . Interest on the 2025 VM Sterling Senior Secured Notes will initially accrue at a rate of 6.0% up to January 15, 2021 and at a rate of 11.0% thereafter. The January 2021 VM Sterling Senior Secured Notes were exchanged for the 2025 VM Sterling Senior Secured Notes in a non-cash transaction, other than the payment of accrued and unpaid interest on the exchanged January 2021 VM Sterling Senior Secured Notes . In connection with these transactions, Virgin Media recognized a gain on debt modification and extinguishment, net, of $5.7 million . This gain includes (i) the write-off of $7.0 million of unamortized premium and (ii) the payment of $1.3 million of third-party costs. Subject to the circumstances described below, the 2025 VM Sterling Senior Secured Notes are non-callable until January 15, 2021. At any time prior to January 15, 2021, Virgin Media Secured Finance may redeem some or all of the 2025 VM Sterling Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to January 15, 2021 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points . Virgin Media Secured Finance may redeem some or all of the 2025 VM Sterling Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption price 12-month period commencing January 15: 2021 105.000% 2022 102.500% 2023 and thereafter 100.000% UPC Broadband Holding Refinancing Transaction In February 2017, UPC Financing Partnership, a wholly-owned subsidiary of UPC Holding , entered into a new $2,150.0 million term loan facility ( UPC Facility AP ). UPC Facility AP was issued at 99.75% of par, matures on April 15, 2025, bears interest at a rate of LIBOR + 2.75% and is subject to a LIBOR floor of 0.0% . The net proceeds from UPC Facility AP , in conjunction with existing cash, were used to prepay in full the $2,150.0 million outstanding principal amount under UPC Facility AN . In connection with these transactions, UPC Broadband Holding B.V. ( UPC Broadband Holding ) recognized a loss on debt modification and extinguishment, net, of $8.9 million . This loss includes (i) the write-off of $5.8 million of deferred financing costs and (ii) the write-off of $3.1 million of unamortized discount. For information regarding a refinancing transaction completed by a subsidiary of Telenet subsequent to March 31, 2017, see note 16 . Maturities of Debt and Capital Lease Obligations Maturities of our debt and capital lease obligations as of March 31, 2017 are presented below ( U.S. dollar equivalents based on March 31, 2017 exchange rates) for the named entity and its subsidiaries, unless otherwise noted: Debt: Liberty Global Group Virgin Media Unitymedia UPC Telenet (b) Other Total Liberty Global Group in millions Year ending December 31: 2017 (remainder of year) $ 908.4 $ 228.0 $ 690.8 $ 73.2 $ 540.0 $ 2,440.4 2018 156.0 34.8 161.7 20.7 1,120.8 1,494.0 2019 108.8 7.7 1.2 18.1 307.9 443.7 2020 78.0 7.3 2.7 12.0 27.6 127.6 2021 626.2 6.9 4.2 10.6 245.9 893.8 2022 395.3 569.8 642.9 492.2 27.6 2,127.8 Thereafter 12,909.0 7,271.1 5,405.0 4,119.7 — 29,704.8 Total debt maturities 15,181.7 8,125.6 6,908.5 4,746.5 2,269.8 37,232.1 Unamortized premiums (discounts), net 8.7 — (11.8 ) — (34.0 ) (37.1 ) Unamortized deferred financing costs (115.1 ) (49.5 ) (32.9 ) (38.6 ) (1.0 ) (237.1 ) Total debt $ 15,075.3 $ 8,076.1 $ 6,863.8 $ 4,707.9 $ 2,234.8 $ 36,957.9 Current portion $ 1,068.6 $ 261.9 $ 851.6 $ 86.0 $ 430.9 $ 2,699.0 Noncurrent portion $ 14,006.7 $ 7,814.2 $ 6,012.2 $ 4,621.9 $ 1,803.9 $ 34,258.9 LiLAC Group Total Liberty Global Group CWC VTR Liberty Puerto Rico Total LiLAC Group Total Liberty Global in millions Year ending December 31: 2017 (remainder of year) $ 2,440.4 $ 51.3 $ 55.8 $ — $ 107.1 $ 2,547.5 2018 1,494.0 55.1 — — 55.1 1,549.1 2019 443.7 247.6 — — 247.6 691.3 2020 127.6 38.7 — — 38.7 166.3 2021 893.8 1,384.3 — — 1,384.3 2,278.1 2022 2,127.8 1,874.3 — 765.0 2,639.3 4,767.1 Thereafter 29,704.8 19.6 1,400.0 177.5 1,597.1 31,301.9 Total debt maturities 37,232.1 3,670.9 1,455.8 942.5 6,069.2 43,301.3 Unamortized premiums (discounts), net (37.1 ) 81.7 — (7.1 ) 74.6 37.5 Unamortized deferred financing costs (237.1 ) (9.5 ) (24.1 ) (7.5 ) (41.1 ) (278.2 ) Total debt $ 36,957.9 $ 3,743.1 $ 1,431.7 $ 927.9 $ 6,102.7 $ 43,060.6 Current portion $ 2,699.0 $ 82.5 $ 55.8 $ — $ 138.3 $ 2,837.3 Noncurrent portion $ 34,258.9 $ 3,660.6 $ 1,375.9 $ 927.9 $ 5,964.4 $ 40,223.3 _______________ (a) Amounts include certain senior and senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global . (b) Amounts include certain senior and senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global . Capital lease obligations: Liberty Global Group Unitymedia Telenet Virgin Media Other Total Liberty Global Group Total LiLAC Group Total in millions Year ending December 31: 2017 (remainder of year) $ 59.7 $ 54.5 $ 26.9 $ 23.7 $ 164.8 $ 5.4 $ 170.2 2018 79.3 65.2 15.5 24.6 184.6 12.7 197.3 2019 78.8 56.1 7.5 18.3 160.7 2.2 162.9 2020 78.5 53.1 4.7 12.9 149.2 1.3 150.5 2021 78.4 51.1 4.4 10.1 144.0 0.1 144.1 2022 78.4 52.7 3.8 6.3 141.2 — 141.2 Thereafter 618.6 182.0 168.1 33.6 1,002.3 — 1,002.3 Total principal and interest payments 1,071.7 514.7 230.9 129.5 1,946.8 21.7 1,968.5 Amounts representing interest (410.1 ) (127.6 ) (146.8 ) (21.7 ) (706.2 ) (1.0 ) (707.2 ) Present value of net minimum lease payments $ 661.6 $ 387.1 $ 84.1 $ 107.8 $ 1,240.6 $ 20.7 $ 1,261.3 Current portion $ 29.6 $ 44.8 $ 27.1 $ 21.9 $ 123.4 $ 6.8 $ 130.2 Noncurrent portion $ 632.0 $ 342.3 $ 57.0 $ 85.9 $ 1,117.2 $ 13.9 $ 1,131.1 Non-cash Financing Transactions During the three months ended March 31, 2017 and 2016 , certain of our refinancing transactions included non-cash borrowings and repayments of debt aggregating $2,800.5 million and $113.8 million |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Income Taxes [Abstract] | |
Income Taxes | Income Taxes Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Three months ended March 31, 2017 2016 in millions Computed “expected” tax benefit (a) $ 23.2 $ 84.3 Change in valuation allowances (b): Expense (81.9 ) (233.6 ) Benefit 23.8 133.7 Non-deductible or non-taxable foreign currency exchange results (b): Expense (58.5 ) (1.3 ) Benefit 1.9 18.6 Non-deductible or non-taxable interest and other items (b): Expense (69.7 ) (22.1 ) Benefit 13.1 9.9 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b): Expense (14.0 ) (23.7 ) Benefit 0.4 11.3 Enacted tax law and rate change 9.7 (4.2 ) Recognition of previously unrecognized tax benefits 3.6 15.0 International rate differences (b) (c): Benefit 35.8 35.2 Expense (31.7 ) (6.6 ) Tax effect of intercompany financing — 38.1 Other, net (2.5 ) (5.7 ) Total income tax benefit (expense) $ (146.8 ) $ 48.9 _______________ (a) The statutory or “expected” tax rates are U.K. rates of 19.25% for the 2017 period and 20.0% for the 2016 period. The statutory rate for the 2017 period represents the blended rate that will be in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that will be in effect for the first quarter of 2017 and the 19.0% statutory rate that will be in effect for the remainder of 2017. (b) Country jurisdictions giving rise to income tax benefits are grouped together and shown separately from country jurisdictions giving rise to income tax expenses. (c) Amounts reflect adjustments (either a benefit or an expense) to the “expected” tax benefit for statutory rates in jurisdictions in which we operate outside of the U.K. At March 31, 2017 , our unrecognized tax benefits of $604.4 million included $491.3 million of tax benefits that would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors. We are currently undergoing income tax audits in Austria, Chile, the Czech Republic, Germany, the Netherlands, Panama, Poland, Trinidad and Tobago, the U.S. and certain other jurisdictions within the Caribbean and Latin America. Except as noted below, any adjustments that might arise from the foregoing examinations are not expected to have a material impact on our consolidated financial position or results of operations. In the U.S. , we have received notices of adjustment from the Internal Revenue Service with respect to our 2009 and 2010 income tax returns, and have entered into the appeals process with respect to the 2009 and 2010 matters. In Chile, adjustments received from the tax authorities for the tax years 2011 and 2012 are in dispute. We have appealed these adjustments to the Chilean tax court. Also in Chile, we recorded an income tax receivable in connection with the expected utilization of certain net operating loss carryforwards upon the completion of a merger transaction of two indirect subsidiaries of Liberty Global . We are engaged in an ongoing examination by tax authorities in Chile in connection with this receivable and were notified during the third quarter of 2016 that approximately 48% of our claim has been agreed by the tax authorities. We intend to pursue the payment of the remaining portion of this receivable through all available methods. While we believe that the ultimate resolution of these proposed adjustments will not have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues. During the next 12 months, it is reasonably possible that the resolution of ongoing examinations by tax authorities as well as expiration of statutes of limitation could result in reductions to our unrecognized tax benefits related to tax positions taken as of March 31, 2017 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity A summary of the changes in our share capital during the three months ended March 31, 2017 is set forth in the table below: Liberty Global Shares LiLAC Shares Class A Class B Class C Total Class A Class B Class C Total in millions Balance at January 1, 2017 $ 2.5 $ 0.1 $ 6.3 $ 8.9 $ 0.5 $ — $ 1.2 $ 1.7 Repurchase and cancellation of Liberty Global ordinary shares (0.1 ) — (0.2 ) (0.3 ) — — — — Adjustments due to changes in subsidiaries’ equity and other, net — — 0.1 0.1 — — — — Balance at March 31, 2017 $ 2.4 $ 0.1 $ 6.2 $ 8.7 $ 0.5 $ — $ 1.2 $ 1.7 The following table provides details of our share repurchases during the three months ended March 31, 2017 : Class A ordinary shares Class C ordinary shares Shares repurchased Average price paid per share (a) Shares repurchased Average price paid per share (a) Total cost (a) in millions Liberty Global Shares 10,576,200 $ 35.78 17,818,900 $ 34.95 $ 1,001.2 LiLAC Shares 542,200 $ 23.17 285,572 $ 22.25 $ 18.9 _______________ (a) Includes direct acquisition costs, where applicable. As of March 31, 2017 , the remaining amount authorized for repurchases of Liberty Global Shares and LiLAC Shares was $1,947.8 million and $259.8 million |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Three months ended March 31, 2017 2016 in millions Liberty Global: Performance-based incentive awards (a) $ 4.5 $ 41.1 Other share-based incentive awards 28.1 25.4 Total Liberty Global 32.6 66.5 Telenet share-based incentive awards 4.0 1.0 Other 2.4 1.5 Total $ 39.0 $ 69.0 Included in: Other operating expense: Liberty Global Group $ 0.9 $ 0.5 LiLAC Group 0.5 0.2 Total other operating expense 1.4 0.7 SG&A expense: Liberty Global Group 32.5 66.7 LiLAC Group 5.1 1.6 Total SG&A expense 37.6 68.3 Total $ 39.0 $ 69.0 _______________ (a) Includes share-based compensation expense related to (i) performance-based restricted share units ( PSU s ), (ii) for the 2016 period, a challenge performance award plan for certain executive officers and key employees (the Challenge Performance Awards ) and (iii) the May 2014 grant of performance grant units ( PGUs ) to our Chief Executive Officer. The Challenge Performance Awards include performance-based share appreciation rights ( PSAR s ) and PSU |
Restructuring Liability
Restructuring Liability | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability | Restructuring Liability A summary of the changes in our restructuring liability during the three months ended March 31, 2017 is set forth in the table below: Employee severance and termination Office closures Contract termination and other Total in millions Restructuring liability as of January 1, 2017 $ 77.6 $ 7.3 $ 58.7 $ 143.6 Restructuring charges 23.0 0.2 2.5 25.7 Cash paid (31.4 ) (0.6 ) (1.6 ) (33.6 ) Foreign currency translation adjustments and other 1.2 (0.1 ) 0.8 1.9 Restructuring liability as of March 31, 2017 $ 70.4 $ 6.8 $ 60.4 $ 137.6 Current portion $ 65.6 $ 2.0 $ 31.1 $ 98.7 Noncurrent portion 4.8 4.8 29.3 38.9 Total $ 70.4 $ 6.8 $ 60.4 $ 137.6 Our restructuring charges during the three months ended March 31, 2017 include employee severance and termination costs related to certain reorganization and integration activities of $9.1 million at CWC , $9.0 million in Germany and $3.5 million in the European Division |
Earnings or Loss per Share
Earnings or Loss per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings or Loss per Share | Earnings or Loss per Share Basic earnings or loss per shares ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares (e.g., options, share appreciation rights ( SAR s), PSAR s, restricted share units ( RSU s) and convertible securities) as if they had been exercised, vested or converted at the beginning of the periods presented. The details of our net loss attributable to holders of Liberty Global Shares and LiLAC Shares are set forth below: Three months ended March 31, 2017 2016 in millions Net loss attributable to holders of: Liberty Global Shares $ (292.9 ) $ (330.6 ) LiLAC Shares (27.3 ) (38.5 ) Net loss attributable to Liberty Global shareholders $ (320.2 ) $ (369.1 ) Liberty Global Shares We reported losses attributable to holders of Liberty Global Shares for the three months ended March 31, 2017 and 2016 . Therefore, the potentially dilutive effect at March 31, 2017 and 2016 of the following items were not included in the computation of diluted loss per share attributable to holders of Liberty Global Shares because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSU s and, at March 31, 2016 , PGUs , because such awards had not yet met the applicable performance criteria: (i) the aggregate number of shares issuable pursuant to outstanding options, SAR s, PSAR s and RSU s of approximately 48.7 million and 41.9 million , respectively, (ii) the aggregate number of shares issuable pursuant to PSU s and PGUs of approximately 7.9 million and 10.0 million , respectively, and (iii) the aggregate number of shares issuable pursuant to obligations that may be settled in cash or shares of nil and approximately 2.7 million , respectively. LiLAC Shares We reported losses attributable to holders of LiLAC Shares for the three months ended March 31, 2017 and 2016 . Therefore, the potentially dilutive effect at March 31, 2017 and 2016 of the following items were not included in the computation of diluted loss per share attributable to holders of LiLAC Shares because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSU s and, at March 31, 2016 , PGUs , because such awards had not yet met the applicable performance criteria: (i) the aggregate number of shares issuable pursuant to outstanding options, SAR s, PSAR s and RSU s of approximately 7.2 million and 1.4 million , respectively, and (ii) the aggregate number of shares issuable pursuant to PSU s and PGUs of approximately 1.0 million and 0.4 million |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to network and connectivity commitments, programming contracts, purchases of customer premises and other equipment and services, non-cancellable operating leases and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2017 : Payments due during: Remainder 2018 2019 2020 2021 2022 Thereafter Total in millions Network and connectivity commitments $ 958.2 $ 424.3 $ 340.6 $ 259.0 $ 244.2 $ 70.1 $ 835.2 $ 3,131.6 Programming commitments 822.8 945.9 497.5 201.1 63.3 36.7 59.6 2,626.9 Purchase commitments 1,163.9 251.2 169.2 115.8 25.7 21.1 58.5 1,805.4 Operating leases 103.3 111.3 93.7 74.3 60.2 78.4 177.8 699.0 Other commitments 42.3 19.6 13.5 8.2 7.5 7.5 7.1 105.7 Total (a) $ 3,090.5 $ 1,752.3 $ 1,114.5 $ 658.4 $ 400.9 $ 213.8 $ 1,138.2 $ 8,368.6 _______________ (a) The commitments included in this table do not reflect any liabilities that are included in our March 31, 2017 condensed consolidated balance sheet. Network and connectivity commitments include (i) Telenet ’s commitments for certain operating costs associated with its leased network, (ii) commitments associated with our MVNO agreements and (iii) service commitments associated with our network extension projects, primarily in the U.K. Telenet ’s commitments for certain operating costs are subject to adjustment based on changes in the network operating costs incurred by Telenet with respect to its own networks. These potential adjustments are not subject to reasonable estimation and, therefore, are not included in the above table. The amounts reflected in the above table with respect to certain of our MVNO commitments represent fixed minimum amounts payable under these agreements and, therefore, may be significantly less than the actual amounts we ultimately pay in these periods. Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. In addition, programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect that this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $540.3 million (including $438.6 million for the Liberty Global Group and $101.7 million for the LiLAC Group ) and $599.5 million (including $534.1 million for the Liberty Global Group and $65.4 million for the LiLAC Group ) during the three months ended March 31, 2017 and 2016 , respectively. Purchase commitments include unconditional and legally binding obligations related to (i) the purchase of customer premises and other equipment and (ii) certain service-related commitments, including call center, information technology and maintenance services. Commitments arising from acquisition agreements are not reflected in the above table. For information regarding our commitments under acquisition agreements, see note 3 . In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the three months ended March 31, 2017 and 2016 , see note 5 . We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable. Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. Legal and Regulatory Proceedings and Other Contingencies Interkabel Acquisition. On November 26, 2007 , Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “ PICs ,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs , including all existing subscribers to Telenet . Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement ), which closed effective October 1, 2008 . Beginning in December 2007 , Proximus NV/SA ( Proximus ), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008 , the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008 . Proximus brought this appeal judgment before the Cour de Cassation (the Belgian Supreme Court ), which confirmed the appeal judgment in September 2010. On April 6, 2009 , the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus ’s request for the rescission of the agreement-in-principle and the 2008 PICs Agreement . On June 12, 2009 , Proximus appealed this judgment with the Court of Appeal of Antwerp. In this appeal, Proximus is now also seeking compensation for damages should the 2008 PICs Agreement not be rescinded. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs ’ board of directors to approve the 2008 PICs Agreement . In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ( $1.5 billion ). Telenet intends to defend itself vigorously in the resumed proceedings and does not expect an outcome before the end of 2017. No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement and/or to an obligation of Telenet to pay compensation for damages, subject to the relevant provisions of the 2008 PICs Agreement , which stipulate that Telenet is responsible for damages in excess of €20.0 million ( $21.4 million ). We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable. Deutsche Telekom Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH ( Deutsche Telekom ), an operating subsidiary of Deutsche Telekom AG, in which Unitymedia asserts that it pays excessive prices for the co-use of Deutsche Telekom ’s cable ducts in Unitymedia ’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Deutsche Telekom in March 2011. Based in part on these approved rates, Unitymedia is seeking a reduction of the annual lease fees (approximately €76 million ( $81 million ) for 2012) by approximately two-thirds and the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action. We have appealed this decision, however, the resolution of this matter may take several years and no assurance can be given that Unitymedia ’s claims will be successful. Any recovery by Unitymedia will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached. Belgium Regulatory Developments. In December 2010, the Belgisch Instituut voor Post en Telecommunicatie and the regional regulators for the media sectors (together, the Belgium Regulatory Authorities ) published their respective draft decisions reflecting the results of their joint analysis of the broadcasting market in Belgium. The Belgium Regulatory Authorities adopted a final decision on July 1, 2011 (the July 2011 Decision ) with some minor revisions. The regulatory obligations imposed by the July 2011 Decision include (i) an obligation to make a resale offer at “retail minus’’ of the cable analog package available to third-party operators (including Proximus ), (ii) an obligation to grant third-party operators (except Proximus ) access to digital television platforms (including the basic digital video package) at “retail minus” and (iii) an obligation to make a resale offer at “retail minus’’ of broadband internet access available to beneficiaries of the digital television access obligation that wish to offer bundles of digital video and broadband internet services to their customers (except Proximus ). In February 2012, Telenet submitted draft reference offers regarding the obligations described above, and the Belgium Regulatory Authorities published the final decision on September 9, 2013. Telenet has implemented the access obligations as described in its reference offers and, on March 1, 2016, Orange Belgium NV ( Orange Belgium ), formerly known as Mobistar SA, launched a commercial offer combining a cable TV package and broadband internet access for certain of their mobile customers. In addition, as a result of the November 2014 decision by the Brussels Court of Appeal described below, on November 14, 2014, Proximus submitted a request to Telenet to commence access negotiations. Telenet contests this request and has asked the Belgium Regulatory Authorities to assess the reasonableness of the Proximus request. The timing for a decision regarding this assessment by the Belgium Regulatory Authorities is not known. On December 14, 2015, the Belgium Regulatory Authorities published a draft decision, which amended previously-issued decisions and sets forth the “retail minus” tariffs of minus 26% for basic television (basic analog and digital video package) and minus 18% for the bundle of basic television and broadband internet services during an initial two -year period. Following this two -year period, the tariffs would change to minus 15% and 7% , respectively. The draft decision was notified to the European Commission and a final decision was adopted on February 19, 2016. A “retail minus” method of pricing involves a wholesale tariff calculated as the retail price for the offered service by Telenet , excluding VAT and copyrights, and further deducting the retail costs avoided by offering the wholesale service (such as costs for billing, franchise, consumer service, marketing and sales). Telenet filed an appeal against the July 2011 Decision with the Brussels Court of Appeal. On November 12, 2014, the Brussels Court of Appeal rejected Telenet ’s appeal of the July 2011 Decision and accepted Proximus ’s claim that Proximus should be allowed access to Telenet ’s, among other operators, digital television platform and the resale of bundles of digital video and broadband internet services. On November 30, 2015, Telenet filed an appeal of this decision with the Belgian Supreme Court . In 2014, Telenet and wireless operator Orange Belgium each filed an appeal with the Brussels Court of Appeal against the initial retail minus decisions. These appeals are still pending. On April 25, 2016, Telenet also filed an appeal with the Brussels Court of Appeal challenging the February 19, 2016 retail minus decision. There can be no certainty that Telenet ’s appeals will be successful. The July 2011 Decision aims to, and in its application may, strengthen Telenet ’s competitors by granting them resale access to Telenet ’s network to offer competing products and services notwithstanding Telenet ’s substantial historical financial outlays in developing the infrastructure. In addition, any resale access granted to competitors could (i) limit the bandwidth available to Telenet to provide new or expanded products and services to the customers served by its network and (ii) adversely impact Telenet ’s ability to maintain or increase its revenue and cash flows. The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to Telenet ’s network and other competitive factors or market developments. Financial Transactions Tax. Certain countries in the European Union ( E.U. ), including Germany, Austria and Slovakia, are participating in an enhanced cooperation procedure to introduce a financial transactions tax (the FTT ). Under the draft language of the FTT proposal, a wide range of financial transactions could be taxed at rates of at least 0.01% for derivative transactions based on the notional amount and 0.1% for other covered financial transactions based on the underlying transaction price. Each of the individual countries would be permitted to determine an exact rate, which could be higher than the proposed rates of 0.01% and 0.1% . Any implementation of the FTT could have a global impact because it would apply to all financial transactions where a financial institution is involved (including unregulated entities that engage in certain types of covered activity) and either of the parties (whether the financial institution or its counterparty) is in one of the participating countries. Although there continues to be ongoing discussions in the relevant countries around the FTT , uncertainty remains as to if and when the FTT will be implemented and the breadth of its application. Based on our understanding of the current status of the potential FTT , we do not expect that any implementation of the FTT would occur before 2018. Any imposition of the FTT could increase banking fees and introduce taxes on internal transactions that we currently perform. Due to the uncertainty regarding the FTT , we are currently unable to estimate the financial impact that the FTT could have on our results of operations, cash flows or financial position. Virgin Media VAT Matters. Virgin Media ’s application of VAT with respect to certain revenue generating activities has been challenged by the U.K. tax authorities. Virgin Media has estimated its maximum exposure in the event of an unfavorable outcome to be £46.6 million ( $58.4 million ) as of March 31, 2017 . No portion of this exposure has been accrued by Virgin Media as the likelihood of loss is not considered to be probable. A court hearing was held at the end of September 2014 in relation to the U.K. tax authorities’ challenge and the timing of the court’s decision is uncertain. On March 19, 2014, the U.K. government announced a change in legislation with respect to the charging of VAT in connection with prompt payment discounts such as those that we offer to our fixed-line telephony customers. This change, which took effect on May 1, 2014, impacted our company and some of our competitors. The U.K. tax authority issued a decision in the fourth quarter of 2015 challenging our application of the prompt payment discount rules prior to the May 1, 2014 change in legislation. We have appealed this decision. As part of the appeal process, we were required to make aggregate payments of £67.0 million ( $99.1 million at the respective transaction dates), which included the challenged amount of £63.7 million and related interest of £3.3 million . The aggregate amount paid does not include penalties, which could be significant in the unlikely event that penalties were to be assessed. This matter will likely be subject to court proceedings that could delay the ultimate resolution for an extended period of time. No portion of this potential exposure has been accrued by our company as the likelihood of loss is not considered to be probable. Hungary VAT Matter. In February 2016, our direct-to-home satellite ( DTH ) operations in Luxembourg received a second instance decision from the Hungarian tax authorities as a result of an audit with respect to VAT payments that the Hungarian tax authorities conducted for the years 2010 through 2012. The Hungarian tax authorities assessed our DTH operations with an obligation to pay VAT for the years audited of HUF 5,413.2 million ( $18.8 million ), excluding interest and penalties, which could be significant. We believe that our DTH operations have operated in compliance with all applicable rules, regulations and interpretations thereof, including a binding tax ruling that we received from the Hungarian government in 2010. In October 2016 a Budapest court disagreed with the tax authorities and dismissed the assessment. On February 2, 2017, the Hungarian tax authorities appealed the Budapest court decision to the Hungarian Supreme Court. No portion of this exposure has been accrued by us as the likelihood of loss is not considered to be probable. Other Regulatory Issues. Video distribution, broadband internet, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates operate. The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the E.U. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties. Effective April 1, 2017, the rateable value of our existing network and other assets in the U.K. increased significantly. This increase affects the amount we pay for network infrastructure charges as the annual amount payable to the U.K. government is calculated by applying a percentage multiplier to the rateable value of assets. This change, together with a similar change in Ireland, will result in significant increases in our network infrastructure charges. We estimate that the aggregate amount of these increases will be approximately £30 million ( $38 million ) during 2017 and will build to a maximum aggregate increase of up to £100 million ( $125 million ) in 2021. We continue to believe that these increases are excessive and retain the right of appeal should more favorable agreements be reached with other operators. The rateable value of network and other assets constructed under our network extension program in the U.K. remains subject to review by the U.K. government. In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving VAT |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting We generally identify our reportable segments as segments for which discrete financial information is regularly reviewed by our chief operating decision maker and (i) those consolidated subsidiaries that represent 10% or more of our revenue, Adjusted OIBDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted OIBDA represents 10% or more of our total assets, revenue or Adjusted OIBDA , respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and Adjusted OIBDA . In addition, we review non-financial measures such as subscriber growth, as appropriate. Adjusted operating income before depreciation and amortization ( Adjusted OIBDA ) is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted OIBDA is defined as operating income before depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted 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 (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. As of March 31, 2017 , our reportable segments were as follows: Consolidated: • European Division : • U.K./Ireland • Germany • Belgium • Switzerland/Austria • Central and Eastern Europe • LiLAC Division: • CWC • Chile • Puerto Rico Nonconsolidated: • VodafoneZiggo JV On December 31, 2016, we completed the VodafoneZiggo JV Transaction , whereby we contributed Ziggo Group Holding (including Ziggo Sport ) to the VodafoneZiggo JV . In our segment presentation for the three months ended March 31, 2016, Ziggo Group Holding is separately reported as “ The Netherlands ” and Ziggo Sport is included in our “ Corporate and Other ” category. Effective January 1, 2017, following the closing of the VodafoneZiggo JV Transaction , we have identified the VodafoneZiggo JV as a nonconsolidated reportable segment. Our investment in the VodafoneZiggo JV is attributed to the Liberty Global Group . For additional information regarding the VodafoneZiggo JV Transaction , see note 4 . All of the reportable segments set forth above derive their revenue primarily from residential and B2B services, including video, broadband internet and fixed-line telephony services and, with the exception of Puerto Rico, mobile services. At March 31, 2017 , our operations in the European Division provided residential and B2B services in 11 European countries and DTH services to customers in the Czech Republic, Hungary, Romania and Slovakia through a Luxembourg-based organization that we refer to as “ UPC DTH .” In addition to UPC DTH , our Central and Eastern Europe segment includes our broadband communications operations in the Czech Republic, Hungary, Poland, Romania and Slovakia. The European Division ’s central and other category includes (i) costs associated with certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (ii) intersegment eliminations within the European Division . In addition, our LiLAC Division provides residential and B2B services in (a) 18 countries, all but one of which are located in Latin America and the Caribbean, through CWC , (b) Chile through VTR and (c) Puerto Rico through Liberty Puerto Rico . CWC also provides (1) B2B services in certain other countries in Latin America and the Caribbean and (2) wholesale services over its sub-sea and terrestrial networks that connect over 30 markets in that region. The corporate and other category for the Liberty Global Group includes less significant consolidated operating segments that provide programming and other services, including Ziggo Sport through December 31, 2016. Intersegment eliminations primarily represent the elimination of intercompany transactions between our broadband communications and programming operations. Performance Measures of Our Reportable Segments The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted OIBDA . As we have the ability to control Telenet , Liberty Puerto Rico and certain subsidiaries of CWC that are not wholly owned, we consolidate 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 Telenet , Liberty Puerto Rico , certain subsidiaries of CWC and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV , we present 100% of its revenue and Adjusted OIBDA in the tables below. Our share of the VodafoneZiggo JV 's operating results is included in share of losses of affiliates, net, in our condensed consolidated statement of operations. For additional information, see note 1 . Revenue Three months ended 2017 2016 in millions Liberty Global Group: European Division: U.K./Ireland $ 1,504.4 $ 1,686.5 Belgium (a) 661.4 610.2 Germany 629.1 617.1 Switzerland/Austria 423.7 433.4 The Netherlands — 669.8 Total Western Europe 3,218.6 4,017.0 Central and Eastern Europe 271.3 266.1 Central and other (b) 28.7 (2.4 ) Total European Division 3,518.6 4,280.7 Corporate and other 0.4 14.6 Intersegment eliminations (c) — (11.2 ) Total Liberty Global Group 3,519.0 4,284.1 LiLAC Group: LiLAC Division: CWC 575.6 — Chile 229.3 200.0 Puerto Rico 106.7 103.9 Total LiLAC Division 911.6 303.9 Intersegment eliminations (0.7 ) — Total LiLAC Group 910.9 303.9 Total consolidated revenue $ 4,429.9 $ 4,588.0 VodafoneZiggo JV $ 1,083.8 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition revenue of BASE , which was acquired on February 11, 2016. (b) The amount presented for the 2017 period primarily includes revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 . (c) The amount presented for the 2016 period primarily relates to transactions between our European Division and Ziggo Sport , which was contributed to the VodafoneZiggo JV as part of the VodafoneZiggo JV Transaction . Adjusted OIBDA Three months ended 2017 2016 in millions Liberty Global Group: European Division: U.K./Ireland $ 648.5 $ 744.6 Belgium (a) 297.9 269.8 Germany 382.8 379.4 Switzerland/Austria 255.1 258.1 The Netherlands — 367.9 Total Western Europe 1,584.3 2,019.8 Central and Eastern Europe 111.0 110.9 Central and other (42.0 ) (84.3 ) Total European Division 1,653.3 2,046.4 Corporate and other (48.6 ) (52.8 ) Total Liberty Global Group 1,604.7 1,993.6 LiLAC Group: LiLAC Division: CWC 213.1 — Chile 91.6 76.3 Puerto Rico 51.3 46.8 Total LiLAC Division 356.0 123.1 Corporate (2.1 ) (1.2 ) Total LiLAC Group 353.9 121.9 Total Adjusted OIBDA of our consolidated reportable segments $ 1,958.6 $ 2,115.5 VodafoneZiggo JV $ 459.5 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition Adjusted OIBDA of BASE , which was acquired on February 11, 2016. The following table provides a reconciliation of total Adjusted OIBDA of our consolidated reportable segments to loss before income taxes: Three months ended 2017 2016 in millions Total Adjusted OIBDA of our consolidated reportable segments $ 1,958.6 $ 2,115.5 Share-based compensation expense (39.0 ) (69.0 ) Depreciation and amortization (1,322.2 ) (1,435.5 ) Impairment, restructuring and other operating items, net (28.2 ) (24.4 ) Operating income 569.2 586.6 Interest expense (547.5 ) (619.3 ) Realized and unrealized losses on derivative instruments, net (269.1 ) (508.7 ) Foreign currency transaction gains, net 78.9 339.0 Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net 94.4 (268.2 ) Losses on debt modification and extinguishment, net (45.3 ) (4.3 ) Share of losses of affiliates, net (15.4 ) (27.9 ) Other income, net 14.4 81.2 Loss before income taxes $ (120.4 ) $ (421.6 ) Property and Equipment Additions of our Reportable Segments The property and equipment additions of our consolidated reportable segments (including capital additions financed under vendor financing or capital lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 8 . Three months ended 2017 2016 in millions Liberty Global Group: European Division: U.K./Ireland $ 409.1 $ 368.5 Belgium (a) 124.7 98.9 Germany 144.8 127.0 Switzerland/Austria 67.2 58.4 The Netherlands — 140.1 Total Western Europe 745.8 792.9 Central and Eastern Europe 72.0 59.9 Central and other 69.0 68.6 Total European Division 886.8 921.4 Corporate and other (b) (2.4 ) 4.1 Total Liberty Global Group 884.4 925.5 LiLAC Group: CWC 60.5 — Chile 55.4 52.4 Puerto Rico 23.3 19.1 Total LiLAC Group 139.2 71.5 Total consolidated property and equipment additions 1,023.6 997.0 Assets acquired under capital-related vendor financing arrangements (628.5 ) (438.9 ) Assets acquired under capital leases (32.3 ) (27.9 ) Changes in current liabilities related to capital expenditures 262.0 106.9 Total consolidated capital expenditures $ 624.8 $ 637.1 Property and equipment additions - VodafoneZiggo JV $ 227.9 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition property and equipment additions of BASE , which was acquired on February 11, 2016. (b) Includes amounts that represent the net impact of changes in inventory levels associated with certain centrally-procured network equipment. This equipment is ultimately transferred to operating subsidiaries within the European Division . Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended 2017 2016 in millions Subscription revenue (a): Video $ 1,238.6 $ 1,568.4 Broadband internet 1,168.4 1,282.6 Fixed-line telephony 617.6 752.9 Cable subscription revenue 3,024.6 3,603.9 Mobile (b) 451.5 293.2 Total subscription revenue 3,476.1 3,897.1 B2B revenue (c) 578.0 386.1 Other revenue (b) (d) 375.8 304.8 Total $ 4,429.9 $ 4,588.0 _______________ (a) Subscription revenue includes amounts received from subscribers for ongoing services, excluding installation fees and late fees. Subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (b) Mobile subscription revenue excludes mobile interconnect revenue of $76.4 million and $65.0 million during the three months ended March 31, 2017 and 2016 , respectively. Mobile interconnect revenue and revenue from mobile handset sales are included in other revenue. (c) B2B revenue includes revenue from business broadband internet, video, voice, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators. We also provide services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with video, broadband internet, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. Revenue from SOHO subscribers, which is included in subscription revenue, aggregated $114.8 million and $102.7 million during the three months ended March 31, 2017 and 2016 , respectively. (d) Other revenue includes, among other items, interconnect fees, mobile handset sales, installation fees, channel carriage fees and revenue earned from services provided to the VodafoneZiggo JV. . Geographic Segments The revenue of our geographic segments is set forth below: Three months ended March 31, 2017 2016 in millions Liberty Global Group: European Division: U.K. $ 1,400.4 $ 1,578.5 Belgium (a) 661.4 610.2 Germany 629.1 617.1 Switzerland 331.2 339.3 Ireland 104.0 108.0 Poland 95.9 96.6 Austria 92.5 94.1 Hungary 70.6 65.4 The Czech Republic 44.6 44.2 Romania 42.0 41.4 Slovakia 14.1 14.7 Other (b) 32.8 1.4 The Netherlands — 669.8 Total European Division 3,518.6 4,280.7 Other, including intersegment eliminations 0.4 3.4 Total Liberty Global Group 3,519.0 4,284.1 LiLAC Group: LiLAC Division: CWC (c): Panama 159.0 — Jamaica 81.4 — Bahamas 71.4 — Barbados 59.7 — Trinidad and Tobago 41.3 — Other (d) 162.8 — Total CWC 575.6 — Chile 229.3 200.0 Puerto Rico 106.7 103.9 Total LiLAC Division 911.6 303.9 Intersegment eliminations (0.7 ) — Total LiLAC Group 910.9 303.9 Total consolidated revenue $ 4,429.9 $ 4,588.0 VodafoneZiggo JV (the Netherlands) $ 1,083.8 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition revenue of BASE , which was acquired on February 11, 2016. (b) The amount presented for the 2017 period primarily includes revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 . (c) For each CWC jurisdiction, the amounts presented include (i) revenue from residential and B2B operations and (ii) revenue derived from wholesale network customers, as applicable. (d) The amount presented for the 2017 period relates to other countries in which CWC operates, which are primarily located in Latin America and the Caribbean, and includes (i) revenue from residential and B2B |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Telenet Refinancing Transaction In April 2017, (i) Telenet International Finance S.a.r.l, a wholly-owned subsidiary of Telenet , entered into a new €1,330.0 million ( $1,422.8 million ) term loan facility ( Telenet Facility AH ), which was issued at 99.75% of par, matures on March 31, 2026, bears interest at a rate of EURIBOR + 3.00% and is subject to a EURIBOR floor of 0.0% , and (ii) Telenet Financing USD LLC, a wholly-owned subsidiary of Telenet , entered into a new $1,800.0 million term loan facility ( Telenet Facility AI ), which was issued at 99.75% of par, matures on June 30, 2025, bears interest at a rate of LIBOR plus 2.75% and is subject to a LIBOR floor of 0.0% . The net proceeds from Telenet Facility AH and Telenet Facility AI were used to prepay (a) the €1,600.0 million ( $1,711.6 million ) outstanding principal amount under Telenet Facility AE and (b) the $1,500.0 million outstanding principal amount under Telenet Facility AF |
Accounting Change and Recent 24
Accounting Change and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Change In March 2016, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2016-09, Compensation — Stock Compensation, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09 ), which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. ASU 2016-09 was effective for annual reporting periods beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017. As a result of adopting this standard, we (i) recognized a cumulative effect adjustment to our accumulated deficit as of January 1, 2017 and (ii) retrospectively revised the presentation of our condensed consolidated statements of cash flows to remove the operating cash outflows and financing cash inflows associated with excess tax benefits from share-based compensation. The cumulative effect adjustment, which totaled $15.3 million , represents the tax effect of deductions in excess of the financial reporting expense for share-based compensation that were not previously recognized for financial reporting purposes as these tax benefits were not realized as a reduction of income taxes payable. Recent Accounting Pronouncements ASU 2014-09 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ( ASU 2014-09 ), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 , as amended by ASU No. 2015-14, will replace existing revenue recognition guidance when it becomes effective for annual and interim reporting periods beginning after December 15, 2017. This new standard permits the use of either the retrospective or cumulative effect transition method. We will adopt ASU 2014-09 effective January 1, 2018 using the cumulative effect transition method. While we are continuing to evaluate the effect that ASU 2014-09 will have on our consolidated financial statements, we have identified a number of our current revenue recognition policies that will be impacted by ASU 2014-09 , including the accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain up-front fees charged to our customers. These impacts are discussed below: • When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under current accounting rules, we recognize revenue net of discounts during the promotional periods and do not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition will be accelerated for these contracts as the impact of the discount or free service period will be recognized uniformly over the total contractual period. • When we enter into contracts to provide services to our customers, we often charge installation or other up-front fees. Under current accounting rules, installation fees related to services provided over our cable networks are recognized as revenue during the period in which the installation occurs to the extent these fees are equal to or less than direct selling costs. Under ASU 2014-09 , these fees will generally be deferred and recognized as revenue over the contractual period, or longer if the up-front fee results in a material renewal right. As the above revenue recognition changes have offsetting impacts and both result in a relatively minor shift in the timing of revenue recognition, we currently do not expect ASU 2014-09 to have a material impact on our reported revenue. ASU 2014-09 will also impact our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our current policy, these costs are expensed as incurred unless the costs are in the scope of another accounting topic that allows for capitalization. Under ASU 2014-09 , the upfront costs that are currently expensed as incurred will be recognized as assets and amortized to other operating expenses over a period that is consistent with the transfer to the customers of the goods or services to which the assets relate, which we have generally interpreted to be the expected life of the customer relationship. The impact of the accounting change for these costs will be dependent on numerous factors, including the number of new subscriber contracts added in any given period, but we expect the adoption of this accounting change will initially result in the deferral of a significant amount of operating and selling costs. The ultimate impact of adopting ASU 2014-09 for both revenue recognition and costs to obtain and fulfill contracts will depend on the promotions and offers in place during the period leading up to and after the adoption of ASU 2014-09 . ASU 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, will result in lessees recognizing lease assets and lease liabilities on the balance sheet with additional disclosures about leasing arrangements. ASU 2016-02 requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach also includes a number of optional practical expedients an entity may elect to apply. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We will adopt ASU 2016-02 on January 1, 2019. Although we are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements, we expect the adoption of this standard will increase the number of leases to be accounted for as capital leases in our consolidated balance sheet. ASU 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment ( ASU 2017-04 ), which eliminates the requirement to estimate the implied fair value of a reporting unit’s goodwill as determined following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, a company should recognize any goodwill impairment by comparing the fair value of a reporting unit to its carrying amount. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We expect the adoption of ASU 2017-04 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the purchase price and the preliminary opening balance sheet of CWC at the May 16, 2016 acquisition date is presented in the following table (in millions): Cash and cash equivalents $ 210.8 Other current assets 579.5 Property and equipment, net 2,975.7 Goodwill (a) 5,390.9 Intangible assets subject to amortization, net (b) 1,422.0 Other assets, net 621.4 Current portion of debt and capital lease obligations (94.1 ) Other accrued and current liabilities (746.5 ) Long-term debt and capital lease obligations (3,305.4 ) Other long-term liabilities (801.5 ) Noncontrolling interests (c) (1,568.9 ) Total purchase price (d) $ 4,683.9 _______________ (a) The goodwill recognized in connection with the CWC Acquisition is primarily attributable to (i) the ability to take advantage of CWC ’s existing terrestrial and sub-sea networks to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of CWC with other operations in the LiLAC Group . (b) Amount primarily includes intangible assets related to customer relationships. At May 16, 2016 , the preliminary assessment of the weighted average useful life of CWC ’s intangible assets was approximately eight years . (c) Represents the estimated aggregate fair value of the noncontrolling interests in CWC ’s subsidiaries as of May 16, 2016 . (d) Excludes direct acquisition costs of $132.9 million , most of which were incurred during 2016. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. |
Pro Forma Information for Significant Acquisitions | The following unaudited pro forma condensed consolidated operating results give effect to (i) the CWC Acquisition and (ii) the BASE Acquisition as if they had been completed as of January 1, 2015. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. Three months ended March 31, 2016 Revenue (in millions): Liberty Global Group $ 4,358.5 LiLAC Group 911.3 Total $ 5,269.8 Net earnings (loss) attributable to Liberty Global shareholders (in millions): Liberty Global Shares $ (334.1 ) LiLAC Shares 98.3 Total $ (235.8 ) Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share: Liberty Global Shares – basic and diluted $ (0.35 ) LiLAC Shares: Basic $ 1.74 Diluted $ 1.73 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: Accounting Method March 31, December 31, in millions Equity (a): VodafoneZiggo JV (b) $ 4,151.8 $ 4,186.6 Other 133.8 142.7 Total — equity 4,285.6 4,329.3 Fair value: ITV plc ( ITV ) — subject to re-use rights 1,094.1 1,015.4 Sumitomo Corporation ( Sumitomo ) 614.2 538.4 ITI Neovision S.A. 135.2 129.3 Lions Gate Entertainment Corp ( Lionsgate ) 127.4 128.6 Other 258.3 245.5 Total — fair value 2,229.2 2,057.2 Cost 99.1 97.2 Total $ 6,613.9 $ 6,483.7 _______________ (a) At March 31, 2017 and December 31, 2016, the aggregate carrying amounts of our equity method investments did not materially exceed our proportionate share of the respective investees’ net assets. (b) Amounts include a related-party note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $1,069.7 million and $1,054.7 million , respectively, due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55% and requires €100.0 million ( $107.0 million ) of principal to be paid annually during the first three years of the agreement, with the remaining principal due on January 16, 2027. The accrued interest on the VodafoneZiggo JV Receivable will be payable in a manner mutually agreed upon by Liberty Global and the VodafoneZiggo JV . Interest accrued on the VodafoneZiggo JV Receivable during the first quarter of 2017 of $14.8 million was cash settled in March 2017. |
Equity Method Investments | The summarized results of operations of the VodafoneZiggo JV for the three months ended March 31, 2017 are set forth below (in millions): Revenue $ 1,083.8 Loss before income taxes $ (43.6 ) Net loss $ (30.6 ) Three months ended 2017 2016 in millions VodafoneZiggo JV (a) $ 1.3 $ — Other 14.1 27.9 Total $ 15.4 $ 27.9 _______________ (a) Amount includes the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable , (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VodafoneZiggo JV employees who were formerly employees of Liberty Global , as these awards remain our responsibility, and (iii) our 50% share of the remaining results of operations of the VodafoneZiggo JV |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: March 31, 2017 December 31, 2016 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets: Cross-currency and interest rate derivative contracts: Liberty Global Group $ 251.1 $ 1,990.5 $ 2,241.6 $ 337.5 $ 2,123.1 $ 2,460.6 LiLAC Group 9.1 125.5 134.6 6.9 139.0 145.9 Total cross-currency and interest rate derivative contracts (b) 260.2 2,116.0 2,376.2 344.4 2,262.1 2,606.5 Equity-related derivative instruments – Liberty Global Group (c) 73.8 373.4 447.2 37.1 486.9 524.0 Foreign currency forward and option contracts: Liberty Global Group 24.7 8.3 33.0 30.7 14.1 44.8 LiLAC Group 0.6 — 0.6 0.3 — 0.3 Total foreign currency forward and option contracts 25.3 8.3 33.6 31.0 14.1 45.1 Other – Liberty Global Group 0.4 0.5 0.9 0.2 0.3 0.5 Total assets: Liberty Global Group 350.0 2,372.7 2,722.7 405.5 2,624.4 3,029.9 LiLAC Group 9.7 125.5 135.2 7.2 139.0 146.2 Total $ 359.7 $ 2,498.2 $ 2,857.9 $ 412.7 $ 2,763.4 $ 3,176.1 Liabilities: Cross-currency and interest rate derivative contracts: Liberty Global Group $ 217.2 $ 874.3 $ 1,091.5 $ 239.1 $ 999.6 $ 1,238.7 LiLAC Group 31.9 25.7 57.6 24.6 28.9 53.5 Total cross-currency and interest rate derivative contracts (b) 249.1 900.0 1,149.1 263.7 1,028.5 1,292.2 Equity-related derivative instruments – Liberty Global Group (c) 13.8 — 13.8 8.6 — 8.6 Foreign currency forward and option contracts: Liberty Global Group 6.0 0.3 6.3 4.7 0.1 4.8 LiLAC Group 4.1 — 4.1 4.2 — 4.2 Total foreign currency forward and option contracts 10.1 0.3 10.4 8.9 0.1 9.0 Other – Liberty Global Group — — — — 0.1 0.1 Total liabilities: Liberty Global Group 237.0 874.6 1,111.6 252.4 999.8 1,252.2 LiLAC Group 36.0 25.7 61.7 28.8 28.9 57.7 Total $ 273.0 $ 900.3 $ 1,173.3 $ 281.2 $ 1,028.7 $ 1,309.9 _______________ (a) Our current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other accrued and current liabilities, other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) We consider credit risk in our fair value assessments. As of March 31, 2017 and December 31, 2016 , (i) the fair values of our cross-currency and interest rate derivative contracts that represented assets have been reduced by credit risk valuation adjustments aggregating $3.7 million and $93.1 million , respectively, and (ii) the fair values of our cross-currency and interest rate derivative contracts that represented liabilities have been reduced by credit risk valuation adjustments aggregating $55.4 million and $71.5 million , respectively. The adjustments to our derivative positions relate to the credit risk associated with our and our counterparties’ nonperformance. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (as defined and described in note 8 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains of $73.1 million and $21.4 million during the three months ended March 31, 2017 and 2016 , respectively. These amounts are included in realized and unrealized losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6 . (c) Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar ) with respect ITV shares held by our company, (ii) the share collar (the Sumitomo Collar ) with respect to a portion of the shares of Sumitomo held by our company and (iii) the prepaid forward transaction (the Lionsgate Forward ) with respect to 2.5 million of the shares of Lionsgate held by our company. The fair values of the ITV Collar , the Sumitomo Collar and the Lionsgate Forward do not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements. |
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized losses on derivative instruments, net, are as follows: Three months ended March 31, 2017 2016 in millions Cross-currency and interest rate derivative contracts: Liberty Global Group $ (153.8 ) $ (635.4 ) LiLAC Group (25.5 ) (137.6 ) Total cross-currency and interest rate derivative contracts (179.3 ) (773.0 ) Equity-related derivative instruments – Liberty Global Group: ITV Collar (53.2 ) 205.4 Sumitomo Collar (23.5 ) 68.7 Lionsgate Forward 0.5 18.7 Other (5.8 ) 0.4 Total equity-related derivative instruments (82.0 ) 293.2 Foreign currency forward contracts: Liberty Global Group (6.5 ) (21.7 ) LiLAC Group (1.8 ) (7.1 ) Total foreign currency forward contracts (8.3 ) (28.8 ) Other – Liberty Global Group 0.5 (0.1 ) Total Liberty Global Group (241.8 ) (364.0 ) Total LiLAC Group (27.3 ) (144.7 ) Total $ (269.1 ) $ (508.7 ) |
Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location | The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The classification of these net cash inflows (outflows) is as follows: Three months ended March 31, 2017 2016 in millions Operating activities: Liberty Global Group $ 92.9 $ 9.7 LiLAC Group (10.7 ) 7.5 Total operating activities 82.2 17.2 Investing activities – LiLAC Group (1.2 ) — Financing activities – Liberty Global Group (150.5 ) (32.0 ) Total cash inflow (outflow): Liberty Global Group (57.6 ) (22.3 ) LiLAC Group (11.9 ) 7.5 Total $ (69.5 ) $ (14.8 ) |
Schedule of Derivative Instruments | The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual life of our basis swap contracts at March 31, 2017 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media $ 3,400.0 0.7 UPC Holding $ 2,150.0 0.8 Telenet $ 1,500.0 0.7 CWC $ 1,100.0 0.8 Borrowing group Increase (decrease) to borrowing costs at March 31, 2017 (a) Virgin Media 0.11 % Telenet (0.16 )% Unitymedia (0.29 )% UPC Holding 0.43 % CWC 0.45 % VTR Finance (0.52 )% Liberty Puerto Rico 0.96 % March 31, 2017 : Borrowing group Notional amount due from counterparty Notional amount due to counterparty Weighted average remaining life in millions in years Virgin Media $ 400.0 € 339.6 5.8 $ 8,933.0 £ 5,844.3 (a) (b) 6.5 £ 30.3 $ 50.0 (a) 2.5 UPC Holding $ 2,390.0 € 1,973.7 6.7 $ 1,000.0 CHF 922.0 (b) 6.9 € 379.2 $ 425.0 (a) 7.4 € 2,415.2 CHF 2,781.0 5.2 € 418.5 CZK 11,521.8 3.3 € 488.0 HUF 138,437.5 4.8 € 851.6 PLN 3,604.5 4.5 € 191.0 RON 490.0 4.8 Unitymedia $ 2,450.0 € 1,799.0 5.8 Telenet $ 1,500.0 € 1,330.4 7.5 € 743.3 $ 850.0 (a) 7.3 CWC $ 108.3 JMD 13,817.5 5.8 £ 146.7 $ 194.3 2.0 VTR Finance $ 1,400.0 CLP 951,390.0 4.8 _______________ (a) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are interest-related payments and receipts. At March 31, 2017, the total U.S. dollar equivalents of the notional amounts of these derivative instruments for the Virgin Media , UPC Holding and Telenet borrowing groups were $633.7 million , $405.9 million and $795.2 million , respectively. (b) U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual life of our interest rate swap contracts at March 31, 2017 : Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years Virgin Media (a) $ 8,189.1 4.2 UPC Holding $ 4,471.3 6.3 Unitymedia $ 286.9 5.8 Telenet (a) $ 5,470.7 5.7 CWC $ 1,100.0 5.8 Liberty Puerto Rico $ 675.0 4.0 _______________ (a) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at March 31, 2017 using: Description March 31, Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,376.2 $ — $ 2,376.2 $ — Equity-related derivative instruments 447.2 — — 447.2 Foreign currency forward and option contracts 33.6 — 33.6 — Other 0.9 — 0.9 — Total derivative instruments 2,857.9 — 2,410.7 447.2 Investments 2,229.2 1,835.7 — 393.5 Total assets $ 5,087.1 $ 1,835.7 $ 2,410.7 $ 840.7 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,149.1 $ — $ 1,134.3 $ 14.8 Equity-related derivative instruments 13.8 — — 13.8 Foreign currency forward and option contracts 10.4 — 10.4 — Total derivative liabilities 1,173.3 — 1,144.7 28.6 Debt 639.8 245.9 393.9 — Total liabilities $ 1,813.1 $ 245.9 $ 1,538.6 $ 28.6 Fair value measurements at December 31, 2016 using: Description December 31, 2016 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 2,606.5 $ — $ 2,606.5 $ — Equity-related derivative instruments 524.0 — — 524.0 Foreign currency forward and option contracts 45.1 — 45.1 — Other 0.5 — 0.5 — Total derivative instruments 3,176.1 — 2,652.1 524.0 Investments 2,057.2 1,682.4 — 374.8 Total assets $ 5,233.3 $ 1,682.4 $ 2,652.1 $ 898.8 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,292.2 $ — $ 1,281.5 $ 10.7 Equity-related derivative instruments 8.6 — — 8.6 Foreign currency forward and option contracts 9.0 — 9.0 — Other 0.1 — 0.1 — Total derivative instruments 1,309.9 — 1,290.6 19.3 Debt 344.4 215.5 128.9 — Total liabilities $ 1,654.3 $ 215.5 $ 1,419.5 $ 19.3 |
Schedule of Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value Using Significant Unobservable, or Level 3, Inputs | A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows: Investments Cross-currency and interest rate derivative contracts Equity-related derivative instruments Total in millions Balance of net asset (liability) at January 1, 2017 $ 374.8 $ (10.7 ) $ 515.4 $ 879.5 Gains (losses) included in net loss (a): Realized and unrealized losses on derivative instruments, net — (4.1 ) (82.0 ) (86.1 ) Realized and unrealized gains due to changes in fair values of certain investments and debt, net 9.8 — — 9.8 Additions 22.3 — — 22.3 Foreign currency translation adjustments, dividends and other, net (13.4 ) — — (13.4 ) Balance of net asset (liability) at March 31, 2017 $ 393.5 $ (14.8 ) $ 433.4 $ 812.1 _______________ (a) Most of these net losses relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of March 31, 2017 |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Long lived Assets | |
Schedule of PP&E | The details of our property and equipment and the related accumulated depreciation are set forth below: March 31, December 31, in millions Distribution systems: Liberty Global Group $ 21,970.7 $ 21,249.9 LiLAC Group 3,573.5 3,522.0 Total 25,544.2 24,771.9 Customer premises equipment: Liberty Global Group 5,125.0 4,829.9 LiLAC Group 1,210.9 1,205.4 Total 6,335.9 6,035.3 Support equipment, buildings and land: Liberty Global Group 4,512.4 4,385.5 LiLAC Group 1,115.3 954.8 Total 5,627.7 5,340.3 Total property and equipment, gross: Liberty Global Group 31,608.1 30,465.3 LiLAC Group 5,899.7 5,682.2 Total 37,507.8 36,147.5 Accumulated depreciation: Liberty Global Group (14,137.1 ) (13,216.0 ) LiLAC Group (1,966.9 ) (1,821.3 ) Total (16,104.0 ) (15,037.3 ) Total property and equipment, net: Liberty Global Group 17,471.0 17,249.3 LiLAC Group 3,932.8 3,860.9 Total $ 21,403.8 $ 21,110.2 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during the three months ended March 31, 2017 are set forth below: January 1, 2017 Acquisitions and related adjustments Foreign currency translation adjustments March 31, in millions Liberty Global Group: European Division: U.K./Ireland $ 7,412.3 $ 4.6 $ 117.9 $ 7,534.8 Belgium 2,032.7 — 28.8 2,061.5 Germany 3,013.2 — 42.9 3,056.1 Switzerland/Austria 3,443.4 — 57.6 3,501.0 Total Western Europe 15,901.6 4.6 247.2 16,153.4 Central and Eastern Europe 1,144.4 0.1 35.5 1,180.0 Total European Division 17,046.0 4.7 282.7 17,333.4 Corporate and other 17.7 — — 17.7 Total Liberty Global Group 17,063.7 4.7 282.7 17,351.1 LiLAC Group: LiLAC Division: CWC 5,506.1 (153.4 ) (0.8 ) 5,351.9 Chile 397.9 — 6.0 403.9 Puerto Rico 277.7 — — 277.7 Total LiLAC Division 6,181.7 (153.4 ) 5.2 6,033.5 Corporate and other (a) 120.9 — — 120.9 Total LiLAC Group 6,302.6 (153.4 ) 5.2 6,154.4 Total $ 23,366.3 $ (148.7 ) $ 287.9 $ 23,505.5 _______________ (a) |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization are set forth below: March 31, 2017 December 31, 2016 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships: Liberty Global Group $ 5,239.1 $ (3,287.1 ) $ 1,952.0 $ 5,499.4 $ (3,404.5 ) $ 2,094.9 LiLAC Group 1,416.5 (155.4 ) 1,261.1 1,303.3 (160.1 ) 1,143.2 Total 6,655.6 (3,442.5 ) 3,213.1 6,802.7 (3,564.6 ) 3,238.1 Other: Liberty Global Group 485.5 (168.0 ) 317.5 478.3 (150.0 ) 328.3 LiLAC Group 83.2 (13.2 ) 70.0 99.0 (7.7 ) 91.3 Total 568.7 (181.2 ) 387.5 577.3 (157.7 ) 419.6 Total intangible assets subject to amortization, net: Liberty Global Group 5,724.6 (3,455.1 ) 2,269.5 5,977.7 (3,554.5 ) 2,423.2 LiLAC Group 1,499.7 (168.6 ) 1,331.1 1,402.3 (167.8 ) 1,234.5 Total $ 7,224.3 $ (3,623.7 ) $ 3,600.6 $ 7,380.0 $ (3,722.3 ) $ 3,657.7 |
Debt and Capital Lease Obliga30
Debt and Capital Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt and Capital Lease Obligations [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2017 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Estimated fair value (c) Borrowing currency U.S. $ equivalent March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 in millions Liberty Global Group: VM Notes 5.54 % — $ — $ 9,552.5 $ 9,311.0 $ 9,160.0 $ 9,041.0 VM Credit Facilities 3.72 % (d) 846.6 4,535.7 4,531.5 4,516.4 4,505.5 Unitymedia Notes 5.00 % — — 7,844.9 7,679.7 7,489.9 7,419.3 Unitymedia Revolving Credit Facilities — € 500.0 534.9 — — — — UPC Broadband Holding Bank Facility 3.51 % € 990.1 1,059.2 2,803.5 2,811.9 2,791.8 2,782.8 UPCB SPE Notes 4.88 % — — 1,807.7 1,783.7 1,781.8 1,772.8 UPC Holding Senior Notes 6.59 % — — 1,574.1 1,569.8 1,473.2 1,451.5 Telenet Credit Facility 3.56 % € 545.0 583.0 3,215.7 3,210.0 3,211.5 3,187.5 Telenet SPE Notes 5.76 % — — 1,411.7 1,383.9 1,315.7 1,297.3 Vendor financing (e) 3.70 % — — 2,312.1 2,284.5 2,312.1 2,284.5 ITV Collar Loan 1.35 % — — 1,347.2 1,323.7 1,357.5 1,336.2 Derivative-related debt instruments (f) 3.61 % — — 797.6 450.7 741.7 426.3 Sumitomo Collar Loan 1.88 % — — 521.2 499.7 511.6 488.2 Other (g) 3.71 % — — 608.8 558.7 614.5 564.5 Total Liberty Global Group 4.52 % 3,023.7 38,332.7 37,398.8 37,277.7 36,557.4 LiLAC Group: CWC Notes 7.31 % — — 2,346.6 2,319.6 2,184.0 2,181.1 CWC Credit Facilities 5.09 % $ 756.5 756.5 1,499.3 1,427.9 1,486.9 1,411.9 VTR Finance Senior Secured Notes 6.88 % — — 1,463.9 1,463.9 1,400.0 1,400.0 VTR Credit Facility — (h) 226.6 — — — — Liberty Puerto Rico Bank Facility 5.14 % $ 40.0 40.0 939.5 935.2 942.5 942.5 Vendor financing (e) 5.03 % — — 55.8 48.9 55.8 48.9 Total LiLAC Group 6.31 % 1,023.1 6,305.1 6,195.5 6,069.2 5,984.4 Total debt before unamortized premiums, discounts and deferred financing costs 4.77 % $ 4,046.8 $ 44,637.8 $ 43,594.3 $ 43,346.9 $ 42,541.8 The following table provides a reconciliation of total debt before unamortized premiums, discounts and deferred financing costs to total debt and capital lease obligations: March 31, 2017 December 31, 2016 in millions Total debt before unamortized premiums, discounts and deferred financing costs $ 43,346.9 $ 42,541.8 Unamortized premiums, net of discounts 37.5 44.5 Unamortized deferred financing costs (278.2 ) (270.4 ) Total carrying amount of debt 43,106.2 42,315.9 Capital lease obligations (i) 1,261.3 1,242.8 Total debt and capital lease obligations 44,367.5 43,558.7 Current maturities of debt and capital lease obligations (2,967.5 ) (2,775.1 ) Long-term debt and capital lease obligations $ 41,400.0 $ 40,783.6 _______________ (a) Represents the weighted average interest rate in effect at March 31, 2017 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.91% (including 4.62% for the Liberty Global Group and 6.63% for the LiLAC Group ) at March 31, 2017 . For information regarding our derivative instruments, see note 5 . (b) Unused borrowing capacity represents the maximum availability under the applicable facility at March 31, 2017 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2017 , based on the applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders, except as shown in the table below. In the following table, for each facility that is subject to limitations on borrowing availability, we present (i) the actual borrowing availability under the respective facility and (ii) for each subsidiary where the ability to make loans or distributions from this availability is limited, the amount that can be loaned or distributed to Liberty Global or its subsidiaries or other equity holders. The amounts presented below assume no changes from March 31, 2017 borrowing levels and are based on the applicable covenant and other limitations in effect within each borrowing group at March 31, 2017 , both before and after considering the impact of the completion of the March 31, 2017 compliance requirements. For information regarding certain refinancing transactions completed subsequent to March 31, 2017 that could have an impact on unused borrowing capacity and/or the availability to be borrowed, loaned or distributed, see note 16 . Limitation on availability March 31, 2017 Upon completion of relevant March 31, 2017 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be borrowed under: CWC Credit Facilities (1) $ 612.5 $ 612.5 $ 612.5 $ 612.5 Limitation on availability to be loaned or distributed by: Virgin Media £ 675.0 $ 846.6 £ 618.8 $ 776.1 Unitymedia € 218.2 $ 233.4 € 225.4 $ 241.1 _______________ (1) The limitation on availability under the CWC Credit Facilities reflects letters of credit issued in connection with certain pension obligations. (c) The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6 . (d) Unused borrowing capacity under the VM Credit Facilities relates to a multi-currency revolving facility with maximum borrowing capacity equivalent to £675.0 million ( $846.6 million ). (e) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our condensed consolidated statements of cash flows. (f) Represents amounts associated with certain derivative-related borrowing instruments, including $393.9 million carried at fair value. For information regarding fair value hierarchies, see note 6 . (g) The March 31, 2017 balance includes (i) $245.9 million associated with the Sumitomo Share Loan , which is carried at fair value, and (ii) $131.7 million of debt collateralized by certain trade receivables of Virgin Media . For information regarding fair value hierarchies, see note 6 . (h) The VTR Credit Facility is the senior secured credit facility of VTR and certain of its subsidiaries and comprises a $160.0 million facility and a CLP 44.0 billion ( $66.6 million ) facility, each of which were undrawn at March 31, 2017 . (i) The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: March 31, 2017 December 31, 2016 in millions Liberty Global Group: Unitymedia $ 661.6 $ 657.0 Telenet 387.1 374.0 Virgin Media 84.1 91.2 Other subsidiaries 107.8 98.9 Total Liberty Global Group 1,240.6 1,221.1 LiLAC Group: CWC 20.0 20.8 VTR 0.6 0.7 Liberty Puerto Rico 0.1 0.2 Total LiLAC Group 20.7 21.7 Total capital lease obligations $ 1,261.3 $ 1,242.8 |
Schedule of Senior Notes | The U.S. dollar equivalents of the components of our debt are as follows: March 31, 2017 Principal amount Weighted average interest rate (a) Unused borrowing capacity (b) Estimated fair value (c) Borrowing currency U.S. $ equivalent March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 in millions Liberty Global Group: VM Notes 5.54 % — $ — $ 9,552.5 $ 9,311.0 $ 9,160.0 $ 9,041.0 VM Credit Facilities 3.72 % (d) 846.6 4,535.7 4,531.5 4,516.4 4,505.5 Unitymedia Notes 5.00 % — — 7,844.9 7,679.7 7,489.9 7,419.3 Unitymedia Revolving Credit Facilities — € 500.0 534.9 — — — — UPC Broadband Holding Bank Facility 3.51 % € 990.1 1,059.2 2,803.5 2,811.9 2,791.8 2,782.8 UPCB SPE Notes 4.88 % — — 1,807.7 1,783.7 1,781.8 1,772.8 UPC Holding Senior Notes 6.59 % — — 1,574.1 1,569.8 1,473.2 1,451.5 Telenet Credit Facility 3.56 % € 545.0 583.0 3,215.7 3,210.0 3,211.5 3,187.5 Telenet SPE Notes 5.76 % — — 1,411.7 1,383.9 1,315.7 1,297.3 Vendor financing (e) 3.70 % — — 2,312.1 2,284.5 2,312.1 2,284.5 ITV Collar Loan 1.35 % — — 1,347.2 1,323.7 1,357.5 1,336.2 Derivative-related debt instruments (f) 3.61 % — — 797.6 450.7 741.7 426.3 Sumitomo Collar Loan 1.88 % — — 521.2 499.7 511.6 488.2 Other (g) 3.71 % — — 608.8 558.7 614.5 564.5 Total Liberty Global Group 4.52 % 3,023.7 38,332.7 37,398.8 37,277.7 36,557.4 LiLAC Group: CWC Notes 7.31 % — — 2,346.6 2,319.6 2,184.0 2,181.1 CWC Credit Facilities 5.09 % $ 756.5 756.5 1,499.3 1,427.9 1,486.9 1,411.9 VTR Finance Senior Secured Notes 6.88 % — — 1,463.9 1,463.9 1,400.0 1,400.0 VTR Credit Facility — (h) 226.6 — — — — Liberty Puerto Rico Bank Facility 5.14 % $ 40.0 40.0 939.5 935.2 942.5 942.5 Vendor financing (e) 5.03 % — — 55.8 48.9 55.8 48.9 Total LiLAC Group 6.31 % 1,023.1 6,305.1 6,195.5 6,069.2 5,984.4 Total debt before unamortized premiums, discounts and deferred financing costs 4.77 % $ 4,046.8 $ 44,637.8 $ 43,594.3 $ 43,346.9 $ 42,541.8 The following table provides a reconciliation of total debt before unamortized premiums, discounts and deferred financing costs to total debt and capital lease obligations: March 31, 2017 December 31, 2016 in millions Total debt before unamortized premiums, discounts and deferred financing costs $ 43,346.9 $ 42,541.8 Unamortized premiums, net of discounts 37.5 44.5 Unamortized deferred financing costs (278.2 ) (270.4 ) Total carrying amount of debt 43,106.2 42,315.9 Capital lease obligations (i) 1,261.3 1,242.8 Total debt and capital lease obligations 44,367.5 43,558.7 Current maturities of debt and capital lease obligations (2,967.5 ) (2,775.1 ) Long-term debt and capital lease obligations $ 41,400.0 $ 40,783.6 |
Schedule of Borrowings Levels | The amounts presented below assume no changes from March 31, 2017 borrowing levels and are based on the applicable covenant and other limitations in effect within each borrowing group at March 31, 2017 , both before and after considering the impact of the completion of the March 31, 2017 compliance requirements. For information regarding certain refinancing transactions completed subsequent to March 31, 2017 that could have an impact on unused borrowing capacity and/or the availability to be borrowed, loaned or distributed, see note 16 . Limitation on availability March 31, 2017 Upon completion of relevant March 31, 2017 compliance reporting requirements Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent in millions Limitation on availability to be borrowed under: CWC Credit Facilities (1) $ 612.5 $ 612.5 $ 612.5 $ 612.5 Limitation on availability to be loaned or distributed by: Virgin Media £ 675.0 $ 846.6 £ 618.8 $ 776.1 Unitymedia € 218.2 $ 233.4 € 225.4 $ 241.1 |
Schedule of Capital Lease Obligations | The U.S. dollar equivalents of our consolidated capital lease obligations are as follows: March 31, 2017 December 31, 2016 in millions Liberty Global Group: Unitymedia $ 661.6 $ 657.0 Telenet 387.1 374.0 Virgin Media 84.1 91.2 Other subsidiaries 107.8 98.9 Total Liberty Global Group 1,240.6 1,221.1 LiLAC Group: CWC 20.0 20.8 VTR 0.6 0.7 Liberty Puerto Rico 0.1 0.2 Total LiLAC Group 20.7 21.7 Total capital lease obligations $ 1,261.3 $ 1,242.8 |
Debt Instrument Redemption | Virgin Media Secured Finance may redeem some or all of the 2025 VM Sterling Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption price 12-month period commencing January 15: 2021 105.000% 2022 102.500% 2023 and thereafter 100.000% Virgin Media Secured Finance may redeem some or all of the April 2027 VM Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption price 12-month period commencing April 15: 2022 102.500% 2023 101.250% 2024 100.625% 2025 and thereafter 100.000% |
Schedule of Maturities of Long-Term Debt | Maturities of Debt and Capital Lease Obligations Maturities of our debt and capital lease obligations as of March 31, 2017 are presented below ( U.S. dollar equivalents based on March 31, 2017 exchange rates) for the named entity and its subsidiaries, unless otherwise noted: Debt: Liberty Global Group Virgin Media Unitymedia UPC Telenet (b) Other Total Liberty Global Group in millions Year ending December 31: 2017 (remainder of year) $ 908.4 $ 228.0 $ 690.8 $ 73.2 $ 540.0 $ 2,440.4 2018 156.0 34.8 161.7 20.7 1,120.8 1,494.0 2019 108.8 7.7 1.2 18.1 307.9 443.7 2020 78.0 7.3 2.7 12.0 27.6 127.6 2021 626.2 6.9 4.2 10.6 245.9 893.8 2022 395.3 569.8 642.9 492.2 27.6 2,127.8 Thereafter 12,909.0 7,271.1 5,405.0 4,119.7 — 29,704.8 Total debt maturities 15,181.7 8,125.6 6,908.5 4,746.5 2,269.8 37,232.1 Unamortized premiums (discounts), net 8.7 — (11.8 ) — (34.0 ) (37.1 ) Unamortized deferred financing costs (115.1 ) (49.5 ) (32.9 ) (38.6 ) (1.0 ) (237.1 ) Total debt $ 15,075.3 $ 8,076.1 $ 6,863.8 $ 4,707.9 $ 2,234.8 $ 36,957.9 Current portion $ 1,068.6 $ 261.9 $ 851.6 $ 86.0 $ 430.9 $ 2,699.0 Noncurrent portion $ 14,006.7 $ 7,814.2 $ 6,012.2 $ 4,621.9 $ 1,803.9 $ 34,258.9 LiLAC Group Total Liberty Global Group CWC VTR Liberty Puerto Rico Total LiLAC Group Total Liberty Global in millions Year ending December 31: 2017 (remainder of year) $ 2,440.4 $ 51.3 $ 55.8 $ — $ 107.1 $ 2,547.5 2018 1,494.0 55.1 — — 55.1 1,549.1 2019 443.7 247.6 — — 247.6 691.3 2020 127.6 38.7 — — 38.7 166.3 2021 893.8 1,384.3 — — 1,384.3 2,278.1 2022 2,127.8 1,874.3 — 765.0 2,639.3 4,767.1 Thereafter 29,704.8 19.6 1,400.0 177.5 1,597.1 31,301.9 Total debt maturities 37,232.1 3,670.9 1,455.8 942.5 6,069.2 43,301.3 Unamortized premiums (discounts), net (37.1 ) 81.7 — (7.1 ) 74.6 37.5 Unamortized deferred financing costs (237.1 ) (9.5 ) (24.1 ) (7.5 ) (41.1 ) (278.2 ) Total debt $ 36,957.9 $ 3,743.1 $ 1,431.7 $ 927.9 $ 6,102.7 $ 43,060.6 Current portion $ 2,699.0 $ 82.5 $ 55.8 $ — $ 138.3 $ 2,837.3 Noncurrent portion $ 34,258.9 $ 3,660.6 $ 1,375.9 $ 927.9 $ 5,964.4 $ 40,223.3 _______________ (a) Amounts include certain senior and senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global . (b) Amounts include certain senior and senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global . |
Schedule of Capital Lease Obligations Maturities | Capital lease obligations: Liberty Global Group Unitymedia Telenet Virgin Media Other Total Liberty Global Group Total LiLAC Group Total in millions Year ending December 31: 2017 (remainder of year) $ 59.7 $ 54.5 $ 26.9 $ 23.7 $ 164.8 $ 5.4 $ 170.2 2018 79.3 65.2 15.5 24.6 184.6 12.7 197.3 2019 78.8 56.1 7.5 18.3 160.7 2.2 162.9 2020 78.5 53.1 4.7 12.9 149.2 1.3 150.5 2021 78.4 51.1 4.4 10.1 144.0 0.1 144.1 2022 78.4 52.7 3.8 6.3 141.2 — 141.2 Thereafter 618.6 182.0 168.1 33.6 1,002.3 — 1,002.3 Total principal and interest payments 1,071.7 514.7 230.9 129.5 1,946.8 21.7 1,968.5 Amounts representing interest (410.1 ) (127.6 ) (146.8 ) (21.7 ) (706.2 ) (1.0 ) (707.2 ) Present value of net minimum lease payments $ 661.6 $ 387.1 $ 84.1 $ 107.8 $ 1,240.6 $ 20.7 $ 1,261.3 Current portion $ 29.6 $ 44.8 $ 27.1 $ 21.9 $ 123.4 $ 6.8 $ 130.2 Noncurrent portion $ 632.0 $ 342.3 $ 57.0 $ 85.9 $ 1,117.2 $ 13.9 $ 1,131.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Income Taxes [Abstract] | |
Income Tax Benefit (Expense) Reconciliation Table | Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Three months ended March 31, 2017 2016 in millions Computed “expected” tax benefit (a) $ 23.2 $ 84.3 Change in valuation allowances (b): Expense (81.9 ) (233.6 ) Benefit 23.8 133.7 Non-deductible or non-taxable foreign currency exchange results (b): Expense (58.5 ) (1.3 ) Benefit 1.9 18.6 Non-deductible or non-taxable interest and other items (b): Expense (69.7 ) (22.1 ) Benefit 13.1 9.9 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b): Expense (14.0 ) (23.7 ) Benefit 0.4 11.3 Enacted tax law and rate change 9.7 (4.2 ) Recognition of previously unrecognized tax benefits 3.6 15.0 International rate differences (b) (c): Benefit 35.8 35.2 Expense (31.7 ) (6.6 ) Tax effect of intercompany financing — 38.1 Other, net (2.5 ) (5.7 ) Total income tax benefit (expense) $ (146.8 ) $ 48.9 _______________ (a) The statutory or “expected” tax rates are U.K. rates of 19.25% for the 2017 period and 20.0% for the 2016 period. The statutory rate for the 2017 period represents the blended rate that will be in effect for the year ended December 31, 2017 based on the 20.0% statutory rate that will be in effect for the first quarter of 2017 and the 19.0% statutory rate that will be in effect for the remainder of 2017. (b) Country jurisdictions giving rise to income tax benefits are grouped together and shown separately from country jurisdictions giving rise to income tax expenses. (c) Amounts reflect adjustments (either a benefit or an expense) to the “expected” tax benefit for statutory rates in jurisdictions in which we operate outside of the U.K. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of changes in share capital | A summary of the changes in our share capital during the three months ended March 31, 2017 is set forth in the table below: Liberty Global Shares LiLAC Shares Class A Class B Class C Total Class A Class B Class C Total in millions Balance at January 1, 2017 $ 2.5 $ 0.1 $ 6.3 $ 8.9 $ 0.5 $ — $ 1.2 $ 1.7 Repurchase and cancellation of Liberty Global ordinary shares (0.1 ) — (0.2 ) (0.3 ) — — — — Adjustments due to changes in subsidiaries’ equity and other, net — — 0.1 0.1 — — — — Balance at March 31, 2017 $ 2.4 $ 0.1 $ 6.2 $ 8.7 $ 0.5 $ — $ 1.2 $ 1.7 |
Schedule of share repurchases | The following table provides details of our share repurchases during the three months ended March 31, 2017 : Class A ordinary shares Class C ordinary shares Shares repurchased Average price paid per share (a) Shares repurchased Average price paid per share (a) Total cost (a) in millions Liberty Global Shares 10,576,200 $ 35.78 17,818,900 $ 34.95 $ 1,001.2 LiLAC Shares 542,200 $ 23.17 285,572 $ 22.25 $ 18.9 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock-based compensation | A summary of our aggregate share-based compensation expense is set forth below: Three months ended March 31, 2017 2016 in millions Liberty Global: Performance-based incentive awards (a) $ 4.5 $ 41.1 Other share-based incentive awards 28.1 25.4 Total Liberty Global 32.6 66.5 Telenet share-based incentive awards 4.0 1.0 Other 2.4 1.5 Total $ 39.0 $ 69.0 Included in: Other operating expense: Liberty Global Group $ 0.9 $ 0.5 LiLAC Group 0.5 0.2 Total other operating expense 1.4 0.7 SG&A expense: Liberty Global Group 32.5 66.7 LiLAC Group 5.1 1.6 Total SG&A expense 37.6 68.3 Total $ 39.0 $ 69.0 _______________ (a) Includes share-based compensation expense related to (i) performance-based restricted share units ( PSU s ), (ii) for the 2016 period, a challenge performance award plan for certain executive officers and key employees (the Challenge Performance Awards ) and (iii) the May 2014 grant of performance grant units ( PGUs ) to our Chief Executive Officer. The Challenge Performance Awards include performance-based share appreciation rights ( PSAR s ) and PSU s. |
Restructuring Liability (Tables
Restructuring Liability (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary of changes in restructuring liability | A summary of the changes in our restructuring liability during the three months ended March 31, 2017 is set forth in the table below: Employee severance and termination Office closures Contract termination and other Total in millions Restructuring liability as of January 1, 2017 $ 77.6 $ 7.3 $ 58.7 $ 143.6 Restructuring charges 23.0 0.2 2.5 25.7 Cash paid (31.4 ) (0.6 ) (1.6 ) (33.6 ) Foreign currency translation adjustments and other 1.2 (0.1 ) 0.8 1.9 Restructuring liability as of March 31, 2017 $ 70.4 $ 6.8 $ 60.4 $ 137.6 Current portion $ 65.6 $ 2.0 $ 31.1 $ 98.7 Noncurrent portion 4.8 4.8 29.3 38.9 Total $ 70.4 $ 6.8 $ 60.4 $ 137.6 |
Earnings or Loss per Share (Tab
Earnings or Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Details of Net Earnings (Loss) | The details of our net loss attributable to holders of Liberty Global Shares and LiLAC Shares are set forth below: Three months ended March 31, 2017 2016 in millions Net loss attributable to holders of: Liberty Global Shares $ (292.9 ) $ (330.6 ) LiLAC Shares (27.3 ) (38.5 ) Net loss attributable to Liberty Global shareholders $ (320.2 ) $ (369.1 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of March 31, 2017 : Payments due during: Remainder 2018 2019 2020 2021 2022 Thereafter Total in millions Network and connectivity commitments $ 958.2 $ 424.3 $ 340.6 $ 259.0 $ 244.2 $ 70.1 $ 835.2 $ 3,131.6 Programming commitments 822.8 945.9 497.5 201.1 63.3 36.7 59.6 2,626.9 Purchase commitments 1,163.9 251.2 169.2 115.8 25.7 21.1 58.5 1,805.4 Operating leases 103.3 111.3 93.7 74.3 60.2 78.4 177.8 699.0 Other commitments 42.3 19.6 13.5 8.2 7.5 7.5 7.1 105.7 Total (a) $ 3,090.5 $ 1,752.3 $ 1,114.5 $ 658.4 $ 400.9 $ 213.8 $ 1,138.2 $ 8,368.6 _______________ (a) The commitments included in this table do not reflect any liabilities that are included in our March 31, 2017 condensed consolidated balance sheet. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Revenue and Operating Cash Flow by Segment | Revenue Three months ended 2017 2016 in millions Liberty Global Group: European Division: U.K./Ireland $ 1,504.4 $ 1,686.5 Belgium (a) 661.4 610.2 Germany 629.1 617.1 Switzerland/Austria 423.7 433.4 The Netherlands — 669.8 Total Western Europe 3,218.6 4,017.0 Central and Eastern Europe 271.3 266.1 Central and other (b) 28.7 (2.4 ) Total European Division 3,518.6 4,280.7 Corporate and other 0.4 14.6 Intersegment eliminations (c) — (11.2 ) Total Liberty Global Group 3,519.0 4,284.1 LiLAC Group: LiLAC Division: CWC 575.6 — Chile 229.3 200.0 Puerto Rico 106.7 103.9 Total LiLAC Division 911.6 303.9 Intersegment eliminations (0.7 ) — Total LiLAC Group 910.9 303.9 Total consolidated revenue $ 4,429.9 $ 4,588.0 VodafoneZiggo JV $ 1,083.8 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition revenue of BASE , which was acquired on February 11, 2016. (b) The amount presented for the 2017 period primarily includes revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 . (c) The amount presented for the 2016 period primarily relates to transactions between our European Division and Ziggo Sport , which was contributed to the VodafoneZiggo JV as part of the VodafoneZiggo JV Transaction . Adjusted OIBDA Three months ended 2017 2016 in millions Liberty Global Group: European Division: U.K./Ireland $ 648.5 $ 744.6 Belgium (a) 297.9 269.8 Germany 382.8 379.4 Switzerland/Austria 255.1 258.1 The Netherlands — 367.9 Total Western Europe 1,584.3 2,019.8 Central and Eastern Europe 111.0 110.9 Central and other (42.0 ) (84.3 ) Total European Division 1,653.3 2,046.4 Corporate and other (48.6 ) (52.8 ) Total Liberty Global Group 1,604.7 1,993.6 LiLAC Group: LiLAC Division: CWC 213.1 — Chile 91.6 76.3 Puerto Rico 51.3 46.8 Total LiLAC Division 356.0 123.1 Corporate (2.1 ) (1.2 ) Total LiLAC Group 353.9 121.9 Total Adjusted OIBDA of our consolidated reportable segments $ 1,958.6 $ 2,115.5 VodafoneZiggo JV $ 459.5 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition Adjusted OIBDA of BASE |
Total Segment Operating Cash Flow to Earnings (Loss) from Continuing Operations before Income Taxes | The following table provides a reconciliation of total Adjusted OIBDA of our consolidated reportable segments to loss before income taxes: Three months ended 2017 2016 in millions Total Adjusted OIBDA of our consolidated reportable segments $ 1,958.6 $ 2,115.5 Share-based compensation expense (39.0 ) (69.0 ) Depreciation and amortization (1,322.2 ) (1,435.5 ) Impairment, restructuring and other operating items, net (28.2 ) (24.4 ) Operating income 569.2 586.6 Interest expense (547.5 ) (619.3 ) Realized and unrealized losses on derivative instruments, net (269.1 ) (508.7 ) Foreign currency transaction gains, net 78.9 339.0 Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net 94.4 (268.2 ) Losses on debt modification and extinguishment, net (45.3 ) (4.3 ) Share of losses of affiliates, net (15.4 ) (27.9 ) Other income, net 14.4 81.2 Loss before income taxes $ (120.4 ) $ (421.6 ) |
Schedule of Reporting Capital Expenditures of Reportable Segments | Three months ended 2017 2016 in millions Total Adjusted OIBDA of our consolidated reportable segments $ 1,958.6 $ 2,115.5 Share-based compensation expense (39.0 ) (69.0 ) Depreciation and amortization (1,322.2 ) (1,435.5 ) Impairment, restructuring and other operating items, net (28.2 ) (24.4 ) Operating income 569.2 586.6 Interest expense (547.5 ) (619.3 ) Realized and unrealized losses on derivative instruments, net (269.1 ) (508.7 ) Foreign currency transaction gains, net 78.9 339.0 Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net 94.4 (268.2 ) Losses on debt modification and extinguishment, net (45.3 ) (4.3 ) Share of losses of affiliates, net (15.4 ) (27.9 ) Other income, net 14.4 81.2 Loss before income taxes $ (120.4 ) $ (421.6 ) Property and Equipment Additions of our Reportable Segments The property and equipment additions of our consolidated reportable segments (including capital additions financed under vendor financing or capital lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 8 . Three months ended 2017 2016 in millions Liberty Global Group: European Division: U.K./Ireland $ 409.1 $ 368.5 Belgium (a) 124.7 98.9 Germany 144.8 127.0 Switzerland/Austria 67.2 58.4 The Netherlands — 140.1 Total Western Europe 745.8 792.9 Central and Eastern Europe 72.0 59.9 Central and other 69.0 68.6 Total European Division 886.8 921.4 Corporate and other (b) (2.4 ) 4.1 Total Liberty Global Group 884.4 925.5 LiLAC Group: CWC 60.5 — Chile 55.4 52.4 Puerto Rico 23.3 19.1 Total LiLAC Group 139.2 71.5 Total consolidated property and equipment additions 1,023.6 997.0 Assets acquired under capital-related vendor financing arrangements (628.5 ) (438.9 ) Assets acquired under capital leases (32.3 ) (27.9 ) Changes in current liabilities related to capital expenditures 262.0 106.9 Total consolidated capital expenditures $ 624.8 $ 637.1 Property and equipment additions - VodafoneZiggo JV $ 227.9 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition property and equipment additions of BASE , which was acquired on February 11, 2016. (b) Includes amounts that represent the net impact of changes in inventory levels associated with certain centrally-procured network equipment. This equipment is ultimately transferred to operating subsidiaries within the European Division . |
Revenue by Major Category | Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Three months ended 2017 2016 in millions Subscription revenue (a): Video $ 1,238.6 $ 1,568.4 Broadband internet 1,168.4 1,282.6 Fixed-line telephony 617.6 752.9 Cable subscription revenue 3,024.6 3,603.9 Mobile (b) 451.5 293.2 Total subscription revenue 3,476.1 3,897.1 B2B revenue (c) 578.0 386.1 Other revenue (b) (d) 375.8 304.8 Total $ 4,429.9 $ 4,588.0 _______________ (a) Subscription revenue includes amounts received from subscribers for ongoing services, excluding installation fees and late fees. Subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (b) Mobile subscription revenue excludes mobile interconnect revenue of $76.4 million and $65.0 million during the three months ended March 31, 2017 and 2016 , respectively. Mobile interconnect revenue and revenue from mobile handset sales are included in other revenue. (c) B2B revenue includes revenue from business broadband internet, video, voice, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators. We also provide services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with video, broadband internet, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. Revenue from SOHO subscribers, which is included in subscription revenue, aggregated $114.8 million and $102.7 million during the three months ended March 31, 2017 and 2016 , respectively. (d) Other revenue includes, among other items, interconnect fees, mobile handset sales, installation fees, channel carriage fees and revenue earned from services provided to the VodafoneZiggo JV. . |
Geographic Segments | . Geographic Segments The revenue of our geographic segments is set forth below: Three months ended March 31, 2017 2016 in millions Liberty Global Group: European Division: U.K. $ 1,400.4 $ 1,578.5 Belgium (a) 661.4 610.2 Germany 629.1 617.1 Switzerland 331.2 339.3 Ireland 104.0 108.0 Poland 95.9 96.6 Austria 92.5 94.1 Hungary 70.6 65.4 The Czech Republic 44.6 44.2 Romania 42.0 41.4 Slovakia 14.1 14.7 Other (b) 32.8 1.4 The Netherlands — 669.8 Total European Division 3,518.6 4,280.7 Other, including intersegment eliminations 0.4 3.4 Total Liberty Global Group 3,519.0 4,284.1 LiLAC Group: LiLAC Division: CWC (c): Panama 159.0 — Jamaica 81.4 — Bahamas 71.4 — Barbados 59.7 — Trinidad and Tobago 41.3 — Other (d) 162.8 — Total CWC 575.6 — Chile 229.3 200.0 Puerto Rico 106.7 103.9 Total LiLAC Division 911.6 303.9 Intersegment eliminations (0.7 ) — Total LiLAC Group 910.9 303.9 Total consolidated revenue $ 4,429.9 $ 4,588.0 VodafoneZiggo JV (the Netherlands) $ 1,083.8 $ — _______________ (a) The amount presented for the 2016 period excludes the pre-acquisition revenue of BASE , which was acquired on February 11, 2016. (b) The amount presented for the 2017 period primarily includes revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 . (c) For each CWC jurisdiction, the amounts presented include (i) revenue from residential and B2B operations and (ii) revenue derived from wholesale network customers, as applicable. (d) The amount presented for the 2017 period relates to other countries in which CWC operates, which are primarily located in Latin America and the Caribbean, and includes (i) revenue from residential and B2B operations, (ii) revenue from wholesale network customers and (iii) intercompany eliminations. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017marketcountry | |
Telenet [Member] | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 57.40% |
Liberty Puerto Rico [Member] | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 60.00% |
Cable & Wireless Communications Limited (CWC) [Member] | The Bahamas Telecommunications Company Limited [Member] | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 49.00% |
Cable & Wireless Communications Limited (CWC) [Member] | Cable & Wireless Jamaica Limited [Member] | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 82.00% |
Cable & Wireless Communications Limited (CWC) [Member] | Cable & Wireless Panama, SA [Member] | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 49.00% |
Cable & Wireless Communications Limited (CWC) [Member] | Cable & Wireless (Barbados) Limited [Member] | |
Basis of Presentation [Line Items] | |
Percentage ownership in subsidiary | 81.10% |
Video, Broadband Internet and FIxed-Line Telephony, Mobile and other Communications Services [Member] | |
Basis of Presentation [Line Items] | |
Number of countries in which entity provides services | 30 |
Sub-Sea Networks [Member] | Cable & Wireless Communications Limited (CWC) [Member] | |
Basis of Presentation [Line Items] | |
Number of markets | market | 30 |
Total European Operations Division | Consumer and Business-to-Business Services [Member] | |
Basis of Presentation [Line Items] | |
Number of countries in which entity provides services | 7 |
Latin America and the Caribbean [Member] | Consumer and Business-to-Business Services [Member] | |
Basis of Presentation [Line Items] | |
Number of countries in which entity provides services | 18 |
Accounting Change and Recent 39
Accounting Change and Recent Accounting Pronouncements (Details) $ in Millions | Dec. 31, 2016USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Accounting change | $ 15.3 |
Acquisitions (Details)
Acquisitions (Details) € in Millions, $ in Millions, PLN in Billions | Apr. 01, 2017USD ($) | Dec. 22, 2016EUR (€) | Dec. 22, 2016USD ($) | Oct. 18, 2016PLN | Oct. 18, 2016USD ($) | May 16, 2016EUR (€) | Feb. 11, 2016EUR (€) | Feb. 11, 2016USD ($) | Mar. 31, 2017USD ($) |
Multimedia [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | PLN 3 | $ 758.6 | |||||||
CWC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Direct acquisition costs | € | € 132.9 | ||||||||
Customer Relationships [Member] | CWC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Weighted average useful life of intangible assets | 8 years | ||||||||
Telenet [Member] | SFR BeLux [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | € 400 | $ 427.9 | |||||||
Telenet [Member] | BASE [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | € 1,318.9 | $ 1,494.3 | |||||||
CWC [Member] | U.S. Carve-out Entities [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Due from related party | $ 148.8 | ||||||||
CWC [Member] | U.S. Carve-out Entities [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration transferred | $ 86.2 |
Acquisitions (Schedule of Asset
Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | May 16, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 23,505.5 | $ 23,366.3 | |
CWC [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 210.8 | ||
Other current assets | 579.5 | ||
Property and equipment, net | 2,975.7 | ||
Goodwill | 5,390.9 | ||
Intangible assets subject to amortization, net | 1,422 | ||
Other assets, net | 621.4 | ||
Current portion of debt and capital lease obligations | (94.1) | ||
Other accrued and current liabilities | (746.5) | ||
Long-term debt and capital lease obligations | (3,305.4) | ||
Other long-term liabilities | (801.5) | ||
Noncontrolling interests | (1,568.9) | ||
Total purchase price | $ 4,683.9 |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - CWC and BASE Acquisitions [Member] $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenue | $ 5,269.8 |
Net earnings (loss) attributable to Liberty Global shareholders | (235.8) |
Liberty Global Group [Member] | |
Business Acquisition [Line Items] | |
Revenue | 4,358.5 |
Net earnings (loss) attributable to Liberty Global shareholders | $ (334.1) |
Liberty Global Shares – basic and diluted (in dollars per share) | $ / shares | $ (0.35) |
LiLAC Group [Member] | |
Business Acquisition [Line Items] | |
Revenue | $ 911.3 |
Net earnings (loss) attributable to Liberty Global shareholders | $ 98.3 |
Basic (in dollars per share) | $ / shares | $ 1.74 |
Diluted (in dollars per share) | $ / shares | $ 1.73 |
Investments (Schedules) (Detail
Investments (Schedules) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Investment [Line Items] | |||
Equity | $ 4,285.6 | $ 4,329.3 | |
Fair value | 2,229.2 | 2,057.2 | |
Cost | 99.1 | 97.2 | |
Total | 6,613.9 | 6,483.7 | |
Share of losses of affiliates, net | 15.4 | $ 27.9 | |
VodafoneZiggo JV [Member] | |||
Investment [Line Items] | |||
Equity | 4,151.8 | 4,186.6 | |
Share of losses of affiliates, net | 1.3 | 0 | |
Summarized results of operations of the VodafoneZiggo JV | |||
Loss before income taxes | (43.6) | ||
Net loss | (30.6) | ||
ITV — subject to re-use rights | |||
Investment [Line Items] | |||
Fair value | 1,094.1 | 1,015.4 | |
Sumitomo | |||
Investment [Line Items] | |||
Fair value | 614.2 | 538.4 | |
ITI Neovision | |||
Investment [Line Items] | |||
Fair value | 127.4 | 128.6 | |
Lionsgate | |||
Investment [Line Items] | |||
Fair value | 135.2 | 129.3 | |
Other | |||
Investment [Line Items] | |||
Equity | 133.8 | 142.7 | |
Fair value | 258.3 | $ 245.5 | |
Share of losses of affiliates, net | $ 14.1 | 27.9 | |
VodafoneZiggo JV [Member] | VodafoneZiggo JV [Member] | |||
Summarized results of operations of the VodafoneZiggo JV | |||
Revenue | $ 0 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) € in Millions | Jan. 04, 2017EUR (€) | Jan. 04, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017EUR (€) | Mar. 31, 2017USD ($) |
Schedule of Investments [Line Items] | |||||||
Distributions received from affiliates | $ 1,569,400,000 | $ 0 | |||||
Value-added taxes (VAT) paid on behalf of the VodafoneZiggo JV | 162,600,000 | 0 | |||||
Equalization payment related to the VodafoneZiggo JV Transaction | 840,800,000 | 0 | |||||
Revenues | 4,429,900,000 | $ 4,588,000,000 | |||||
Other Assets, Related Parties, Current | $ 21,000,000 | $ 87,500,000 | |||||
VodafoneZiggo JV [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Percent of share-based compensation included in investment | 100.00% | 100.00% | |||||
Percent of remaining results of operations included in investment | 50.00% | 50.00% | |||||
Percent of interest income earned on loan included in investment | 100.00% | 100.00% | |||||
Ownership percentage | 50.00% | ||||||
Co-venturer ownership percentage | 50.00% | ||||||
Distributions received from affiliates | € 2,200 | $ 2,400,000,000 | |||||
Transitional services term | 12 months | ||||||
Revenues | $ 31,500,000 | ||||||
VodafoneZiggo JV [Member] | Minimum [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Continuing and required services term | 4 years | ||||||
VodafoneZiggo JV [Member] | Maximum [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Continuing and required services term | 6 years | ||||||
VodafoneZiggo JV Loan [Member] | VodafoneZiggo JV [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Due from related party | $ 1,054,700,000 | $ 1,069,700,000 | |||||
Receivable interest Rate | 5.55% | ||||||
Receivable in year one | € 100 | 107,000,000 | |||||
Receivable in year two | 100 | 107,000,000 | |||||
Receivable in year three | € 100 | 107,000,000 | |||||
Interest receivable | $ 14,800,000 | ||||||
Vodafone [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Proceeds from financing arrangements | 2,800 | 2,900,000,000 | |||||
Equalization payment related to the VodafoneZiggo JV Transaction | € 802.9 | $ 840,800,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Derivative assets | $ 2,857.9 | $ 3,176.1 | |
Cross-Currency and Interest Rate Derivative Contracts [Member] | |||
Derivative [Line Items] | |||
Valuation adjustment in asset cross currency and interest rate derivative contracts | 3.7 | 93.1 | |
Valuation adjustment in liability cross currency and interest rate derivative contracts | 55.4 | 71.5 | |
Gain (loss) in changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts | 73.1 | $ 21.4 | |
Derivative assets | $ 2,376.2 | $ 2,606.5 | |
Lionsgate Forward [Member] | |||
Derivative [Line Items] | |||
Number of common stock shares owned (in shares) | 2.5 | ||
Counterparty Credit Risk [Member] | |||
Derivative [Line Items] | |||
Derivative assets | $ 1,694.9 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Current | $ 359.7 | $ 412.7 |
Long-term | 2,498.2 | 2,763.4 |
Total | 2,857.9 | 3,176.1 |
Liabilities: | ||
Current | 273 | 281.2 |
Long-term | 900.3 | 1,028.7 |
Total | 1,173.3 | 1,309.9 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Assets: | ||
Current | 260.2 | 344.4 |
Long-term | 2,116 | 2,262.1 |
Total | 2,376.2 | 2,606.5 |
Liabilities: | ||
Current | 249.1 | 263.7 |
Long-term | 900 | 1,028.5 |
Total | 1,149.1 | 1,292.2 |
Equity-Related Derivative Instruments [Member] | ||
Assets: | ||
Total | 447.2 | 524 |
Liabilities: | ||
Total | 13.8 | 8.6 |
Foreign Exchange Contract [Member] | ||
Assets: | ||
Current | 25.3 | 31 |
Long-term | 8.3 | 14.1 |
Total | 33.6 | 45.1 |
Liabilities: | ||
Current | 10.1 | 8.9 |
Long-term | 0.3 | 0.1 |
Total | 10.4 | 9 |
Other Contract [Member] | ||
Assets: | ||
Total | 0.9 | 0.5 |
Liabilities: | ||
Total | 0.1 | |
Liberty Global Group [Member] | ||
Assets: | ||
Current | 350 | 405.5 |
Long-term | 2,372.7 | 2,624.4 |
Total | 2,722.7 | 3,029.9 |
Liabilities: | ||
Current | 237 | 252.4 |
Long-term | 874.6 | 999.8 |
Total | 1,111.6 | 1,252.2 |
Liberty Global Group [Member] | Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Assets: | ||
Current | 251.1 | 337.5 |
Long-term | 1,990.5 | 2,123.1 |
Total | 2,241.6 | 2,460.6 |
Liabilities: | ||
Current | 217.2 | 239.1 |
Long-term | 874.3 | 999.6 |
Total | 1,091.5 | 1,238.7 |
Liberty Global Group [Member] | Equity-Related Derivative Instruments [Member] | ||
Assets: | ||
Current | 73.8 | 37.1 |
Long-term | 373.4 | 486.9 |
Total | 447.2 | 524 |
Liabilities: | ||
Current | 13.8 | 8.6 |
Long-term | 0 | 0 |
Total | 13.8 | 8.6 |
Liberty Global Group [Member] | Foreign Exchange Contract [Member] | ||
Assets: | ||
Current | 24.7 | 30.7 |
Long-term | 8.3 | 14.1 |
Total | 33 | 44.8 |
Liabilities: | ||
Current | 6 | 4.7 |
Long-term | 0.3 | 0.1 |
Total | 6.3 | 4.8 |
Liberty Global Group [Member] | Other Contract [Member] | ||
Assets: | ||
Current | 0.4 | 0.2 |
Long-term | 0.5 | 0.3 |
Total | 0.9 | 0.5 |
Liabilities: | ||
Current | 0 | 0 |
Long-term | 0 | 0.1 |
Total | 0 | 0.1 |
LiLAC Group [Member] | ||
Assets: | ||
Current | 9.7 | 7.2 |
Long-term | 125.5 | 139 |
Total | 135.2 | 146.2 |
Liabilities: | ||
Current | 36 | 28.8 |
Long-term | 25.7 | 28.9 |
Total | 61.7 | 57.7 |
LiLAC Group [Member] | Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Assets: | ||
Current | 9.1 | 6.9 |
Long-term | 125.5 | 139 |
Total | 134.6 | 145.9 |
Liabilities: | ||
Current | 31.9 | 24.6 |
Long-term | 25.7 | 28.9 |
Total | 57.6 | 53.5 |
LiLAC Group [Member] | Foreign Exchange Contract [Member] | ||
Assets: | ||
Current | 0.6 | 0.3 |
Long-term | 0 | 0 |
Total | 0.6 | 0.3 |
Liabilities: | ||
Current | 4.1 | 4.2 |
Long-term | 0 | 0 |
Total | $ 4.1 | $ 4.2 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Schedule and Footnotes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ (269.1) | $ (508.7) |
Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (179.3) | (773) |
Foreign Currency Forwards and Option Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (8.3) | (28.8) |
Liberty Global Group [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (241.8) | (364) |
Liberty Global Group [Member] | Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (153.8) | (635.4) |
Liberty Global Group [Member] | Equity-Related Derivative Instruments [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (82) | 293.2 |
Liberty Global Group [Member] | ITV Collar [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (53.2) | 205.4 |
Liberty Global Group [Member] | Sumitomo Collar [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (23.5) | 68.7 |
Liberty Global Group [Member] | Lionsgate Forward [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 0.5 | 18.7 |
Liberty Global Group [Member] | Other [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (5.8) | 0.4 |
Liberty Global Group [Member] | Foreign Currency Forwards and Option Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (6.5) | (21.7) |
Liberty Global Group [Member] | Other Contract [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | 0.5 | (0.1) |
LiLAC Group [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (27.3) | (144.7) |
LiLAC Group [Member] | Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | (25.5) | (137.6) |
LiLAC Group [Member] | Foreign Currency Forwards and Option Contracts [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments, net | $ (1.8) | $ (7.1) |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Operating activities | $ 82.2 | $ 17.2 |
Total | (69.5) | (14.8) |
Liberty Global Group [Member] | ||
Derivative [Line Items] | ||
Operating activities | 92.9 | 9.7 |
Financing activities | (150.5) | (32) |
Total | (57.6) | (22.3) |
LiLAC Group [Member] | ||
Derivative [Line Items] | ||
Operating activities | (10.7) | 7.5 |
Investing activities | (1.2) | 0 |
Total | $ (11.9) | $ 7.5 |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 3 months ended Mar. 31, 2017 € in Millions, £ in Millions, SFr in Millions, RON in Millions, PLN in Millions, JMD in Millions, HUF in Millions, CZK in Millions, CLP in Millions, $ in Millions | GBP (£) | HUF | CHF (SFr) | JMD | CZK | PLN | EUR (€) | USD ($) | CLP | RON |
Virgin Media [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative instruments without exchange of notional amounts at inception and maturity | $ 633.7 | |||||||||
Virgin Media [Member] | Cross-Currency Swap 1 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 5 years 9 months 18 days | |||||||||
Virgin Media [Member] | Cross-Currency Swap 2 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 6 years 6 months | |||||||||
Virgin Media [Member] | Cross-Currency Swap 3 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 2 years 6 months | |||||||||
UPC Holding [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative instruments without exchange of notional amounts at inception and maturity | 405.9 | |||||||||
UPC Holding [Member] | Cross-Currency Swap 4 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 6 years 8 months 12 days | |||||||||
UPC Holding [Member] | Cross-Currency Swap 5 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 6 years 10 months 24 days | |||||||||
UPC Holding [Member] | Cross-Currency Swap 6 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 7 years 4 months 24 days | |||||||||
UPC Holding [Member] | Cross-Currency Swap 7 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 5 years 2 months 12 days | |||||||||
UPC Holding [Member] | Cross-Currency Swap 8 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 3 years 3 months 18 days | |||||||||
UPC Holding [Member] | Cross-Currency Swap 9 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 4 years 9 months 18 days | |||||||||
UPC Holding [Member] | Cross-Currency Swap 10 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 4 years 6 months | |||||||||
UPC Holding [Member] | Cross-Currency Swap 11 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 4 years 9 months 18 days | |||||||||
Unitymedia [Member] | Cross-Currency Swap 12 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 5 years 9 months 18 days | |||||||||
Telenet [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative instruments without exchange of notional amounts at inception and maturity | 795.2 | |||||||||
Telenet [Member] | Cross-Currency Swap 13 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 7 years 6 months | |||||||||
Telenet [Member] | Cross-Currency Swap 14 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 7 years 3 months 18 days | |||||||||
CWC [Member] | Cross-Currency Swap 15 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 5 years 9 months 18 days | |||||||||
CWC [Member] | Cross-Currency Swap 16 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 2 years | |||||||||
VTR Finance [Member] | Cross-Currency Swap 17 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Weighted average remaining life | 4 years 9 months 18 days | |||||||||
Due From Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 1 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 400 | |||||||||
Due From Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 2 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 8,933 | |||||||||
Due From Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 3 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | £ | £ 30.3 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 4 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 2,390 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 5 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 1,000 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 6 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | € 379.2 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 7 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 2,415.2 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 8 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 418.5 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 9 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 488 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 10 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 851.6 | |||||||||
Due From Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 11 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 191 | |||||||||
Due From Counterparty [Member] | Unitymedia [Member] | Cross-Currency Swap 12 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 2,450 | |||||||||
Due From Counterparty [Member] | Telenet [Member] | Cross-Currency Swap 13 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 1,500 | |||||||||
Due From Counterparty [Member] | Telenet [Member] | Cross-Currency Swap 14 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 743.3 | |||||||||
Due From Counterparty [Member] | CWC [Member] | Cross-Currency Swap 15 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 108.3 | |||||||||
Due From Counterparty [Member] | CWC [Member] | Cross-Currency Swap 16 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | £ | 146.7 | |||||||||
Due From Counterparty [Member] | VTR Finance [Member] | Cross-Currency Swap 17 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 1,400 | |||||||||
Due To Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 1 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 339.6 | |||||||||
Due To Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 2 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | £ | £ 5,844.3 | |||||||||
Due To Counterparty [Member] | Virgin Media [Member] | Cross-Currency Swap 3 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 50 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 4 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 1,973.7 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 5 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | SFr | SFr 922 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 6 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 425 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 7 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | SFr | SFr 2,781 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 8 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | CZK | CZK 11,521.8 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 9 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | HUF | HUF 138,437.5 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 10 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | PLN | PLN 3,604.5 | |||||||||
Due To Counterparty [Member] | UPC Holding [Member] | Cross-Currency Swap 11 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | RON | RON 490 | |||||||||
Due To Counterparty [Member] | Unitymedia [Member] | Cross-Currency Swap 12 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | 1,799 | |||||||||
Due To Counterparty [Member] | Telenet [Member] | Cross-Currency Swap 13 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | € | € 1,330.4 | |||||||||
Due To Counterparty [Member] | Telenet [Member] | Cross-Currency Swap 14 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | 850 | |||||||||
Due To Counterparty [Member] | CWC [Member] | Cross-Currency Swap 15 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | JMD | JMD 13,817.5 | |||||||||
Due To Counterparty [Member] | CWC [Member] | Cross-Currency Swap 16 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | $ 194.3 | |||||||||
Due To Counterparty [Member] | VTR Finance [Member] | Cross-Currency Swap 17 [Member] | ||||||||||
Derivative [Line Items] | ||||||||||
Notional amount of derivative | CLP | CLP 951,390 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Derivative Contracts) (Details) - Due From Counterparty [Member] - Interest Rate Swap [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Virgin Media [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 8,189.1 |
Weighted average remaining life | 4 years 2 months 12 days |
UPC Holding [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 4,471.3 |
Weighted average remaining life | 6 years 3 months 18 days |
Unitymedia [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 286.9 |
Weighted average remaining life | 5 years 9 months 18 days |
Telenet [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 5,470.7 |
Weighted average remaining life | 5 years 8 months 12 days |
CWC [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,100 |
Weighted average remaining life | 5 years 9 months 18 days |
Liberty Puerto Rico [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 675 |
Weighted average remaining life | 4 years |
Derivative Instruments (Basis S
Derivative Instruments (Basis Swaps, Interest Rate Caps and Collars) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Interest Rate Cap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,433.4 |
Interest Rate Collar [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,214.2 |
Virgin Media [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 21 days |
UPC Holding [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 24 days |
Telenet [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 21 days |
CWC [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Weighted average remaining life | 24 days |
Due From Counterparty [Member] | Virgin Media [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 3,400 |
Due From Counterparty [Member] | UPC Holding [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 2,150 |
Due From Counterparty [Member] | Telenet [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 1,500 |
Due From Counterparty [Member] | CWC [Member] | Basis Swap [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,100 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Mar. 31, 2017 |
Virgin Media [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.11% |
Telenet [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.16%) |
Unitymedia [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.29%) |
UPC Holding [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.43% |
CWC [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.45% |
VTR Finance [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | (0.52%) |
Liberty Puerto Rico [Member] | |
Derivative [Line Items] | |
Impact of derivative instruments on borrowing costs | 0.96% |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards and Options) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Foreign Currency Forwards and Option Contracts [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 1,648.2 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Derivative instruments | $ 2,857.9 | $ 3,176.1 |
Investments, fair value | 2,229.2 | 2,057.2 |
Total assets | 5,087.1 | 5,233.3 |
Liabilities: | ||
Derivative instruments | 1,173.3 | 1,309.9 |
Debt | 639.8 | 344.4 |
Total liabilities | 1,813.1 | 1,654.3 |
Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Investments, fair value | 1,835.7 | 1,682.4 |
Total assets | 1,835.7 | 1,682.4 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Debt | 245.9 | 215.5 |
Total liabilities | 245.9 | 215.5 |
Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 2,410.7 | 2,652.1 |
Investments, fair value | 0 | 0 |
Total assets | 2,410.7 | 2,652.1 |
Liabilities: | ||
Derivative instruments | 1,144.7 | 1,290.6 |
Debt | 393.9 | 128.9 |
Total liabilities | 1,538.6 | 1,419.5 |
Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 447.2 | 524 |
Investments, fair value | 393.5 | 374.8 |
Total assets | 840.7 | 898.8 |
Liabilities: | ||
Derivative instruments | 28.6 | 19.3 |
Debt | 0 | 0 |
Total liabilities | 28.6 | 19.3 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | ||
Assets: | ||
Derivative instruments | 2,376.2 | 2,606.5 |
Liabilities: | ||
Derivative instruments | 1,149.1 | 1,292.2 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 2,376.2 | 2,606.5 |
Liabilities: | ||
Derivative instruments | 1,134.3 | 1,281.5 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 14.8 | 10.7 |
Equity-Related Derivative Instruments [Member] | ||
Assets: | ||
Derivative instruments | 447.2 | 524 |
Liabilities: | ||
Derivative instruments | 13.8 | 8.6 |
Equity-Related Derivative Instruments [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Equity-Related Derivative Instruments [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Equity-Related Derivative Instruments [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 447.2 | 524 |
Liabilities: | ||
Derivative instruments | 13.8 | 8.6 |
Foreign Currency Forwards and Option Contracts [Member] | ||
Assets: | ||
Derivative instruments | 33.6 | 45.1 |
Liabilities: | ||
Derivative instruments | 10.4 | 9 |
Foreign Currency Forwards and Option Contracts [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Foreign Currency Forwards and Option Contracts [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 33.6 | 45.1 |
Liabilities: | ||
Derivative instruments | 10.4 | 9 |
Foreign Currency Forwards and Option Contracts [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | 0 |
Other Contract [Member] | ||
Assets: | ||
Derivative instruments | 0.9 | 0.5 |
Liabilities: | ||
Derivative instruments | 0.1 | |
Other Contract [Member] | Quoted prices in active markets for identical assets (Level 1) | ||
Assets: | ||
Derivative instruments | 0 | 0 |
Liabilities: | ||
Derivative instruments | 0 | |
Other Contract [Member] | Significant other observable inputs (Level 2) | ||
Assets: | ||
Derivative instruments | 0.9 | 0.5 |
Liabilities: | ||
Derivative instruments | 0.1 | |
Other Contract [Member] | Significant unobservable inputs (Level 3) | ||
Assets: | ||
Derivative instruments | $ 0 | 0 |
Liabilities: | ||
Derivative instruments | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Schedule and Footnote) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net asset (liability) at January 1, 2017 | $ 879.5 |
Gains included in net earnings (loss) | |
Additions | 22.3 |
Foreign currency translation adjustments, dividends and other, net | (13.4) |
Balance of net asset (liability) at March 31, 2017 | 812.1 |
Investments [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net asset (liability) at January 1, 2017 | 374.8 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | 9.8 |
Additions | 22.3 |
Foreign currency translation adjustments, dividends and other, net | (13.4) |
Balance of net asset (liability) at March 31, 2017 | 393.5 |
Cross-Currency and Interest Rate Derivative Contracts [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net asset (liability) at January 1, 2017 | (10.7) |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | (4.1) |
Additions | 0 |
Foreign currency translation adjustments, dividends and other, net | 0 |
Balance of net asset (liability) at March 31, 2017 | (14.8) |
Equity-Related Derivative Instruments [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net asset (liability) at January 1, 2017 | 515.4 |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | (82) |
Additions | 0 |
Foreign currency translation adjustments, dividends and other, net | 0 |
Balance of net asset (liability) at March 31, 2017 | 433.4 |
Derivative Financial Instruments, Assets [Member] | |
Gains included in net earnings (loss) | |
Realized and unrealized (gains) losses, net | $ (86.1) |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Long lived Assets | ||
Noncash vendor financing arrangement, cash increase, excluding value added tax | $ 628.5 | $ 438.9 |
Value added tax, vendor financing arrangement | 98.4 | 61.1 |
Capital leases | $ 32.3 | $ 27.9 |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Property and equipment, gross | $ 37,507.8 | $ 36,147.5 |
Accumulated depreciation | (16,104) | (15,037.3) |
Total property and equipment, net | 21,403.8 | 21,110.2 |
Liberty Global Group [Member] | ||
Property and equipment, gross | 31,608.1 | 30,465.3 |
Accumulated depreciation | (14,137.1) | (13,216) |
Total property and equipment, net | 17,471 | 17,249.3 |
LiLAC Group [Member] | ||
Property and equipment, gross | 5,899.7 | 5,682.2 |
Accumulated depreciation | (1,966.9) | (1,821.3) |
Total property and equipment, net | 3,932.8 | 3,860.9 |
Distribution Systems [Member] | ||
Property and equipment, gross | 25,544.2 | 24,771.9 |
Distribution Systems [Member] | Liberty Global Group [Member] | ||
Property and equipment, gross | 21,970.7 | 21,249.9 |
Distribution Systems [Member] | LiLAC Group [Member] | ||
Property and equipment, gross | 3,573.5 | 3,522 |
Customer Premises Equipment [Member] | ||
Property and equipment, gross | 6,335.9 | 6,035.3 |
Customer Premises Equipment [Member] | Liberty Global Group [Member] | ||
Property and equipment, gross | 5,125 | 4,829.9 |
Customer Premises Equipment [Member] | LiLAC Group [Member] | ||
Property and equipment, gross | 1,210.9 | 1,205.4 |
Support Equipment, Buildings and Land [Member] | ||
Property and equipment, gross | 5,627.7 | 5,340.3 |
Support Equipment, Buildings and Land [Member] | Liberty Global Group [Member] | ||
Property and equipment, gross | 4,512.4 | 4,385.5 |
Support Equipment, Buildings and Land [Member] | LiLAC Group [Member] | ||
Property and equipment, gross | $ 1,115.3 | $ 954.8 |
Long-lived Assets (Schedule o58
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | $ 23,366.3 |
Acquisitions and related adjustments | (148.7) |
Foreign currency translation adjustments and other | 287.9 |
Goodwill ending balance | 23,505.5 |
European Operations Division U.K / Ireland [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 7,412.3 |
Acquisitions and related adjustments | 4.6 |
Foreign currency translation adjustments and other | 117.9 |
Goodwill ending balance | 7,534.8 |
European Operations Division Belgium [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 2,032.7 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 28.8 |
Goodwill ending balance | 2,061.5 |
European Operations Division Germany [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 3,013.2 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 42.9 |
Goodwill ending balance | 3,056.1 |
European Operations Division Switzerland / Austria [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 3,443.4 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 57.6 |
Goodwill ending balance | 3,501 |
European Operations Division Total Western Europe [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 15,901.6 |
Acquisitions and related adjustments | 4.6 |
Foreign currency translation adjustments and other | 247.2 |
Goodwill ending balance | 16,153.4 |
European Operations Division Central and Eastern Europe [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 1,144.4 |
Acquisitions and related adjustments | 0.1 |
Foreign currency translation adjustments and other | 35.5 |
Goodwill ending balance | 1,180 |
Total European Operations Division [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 17,046 |
Acquisitions and related adjustments | 4.7 |
Foreign currency translation adjustments and other | 282.7 |
Goodwill ending balance | 17,333.4 |
Corporate and Other [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 17.7 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 0 |
Goodwill ending balance | 17.7 |
Liberty Global Group [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 17,063.7 |
Acquisitions and related adjustments | 4.7 |
Foreign currency translation adjustments and other | 282.7 |
Goodwill ending balance | 17,351.1 |
LiLAC Group CWC [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 5,506.1 |
Acquisitions and related adjustments | (153.4) |
Foreign currency translation adjustments and other | (0.8) |
Goodwill ending balance | 5,351.9 |
LiLAC Group Chile [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 397.9 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 6 |
Goodwill ending balance | 403.9 |
LiLAC Group Puerto Rico [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 277.7 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 0 |
Goodwill ending balance | 277.7 |
LiLAC Division [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 6,181.7 |
Acquisitions and related adjustments | (153.4) |
Foreign currency translation adjustments and other | 5.2 |
Goodwill ending balance | 6,033.5 |
LiLAC Group Corporate and Other [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 120.9 |
Acquisitions and related adjustments | 0 |
Foreign currency translation adjustments and other | 0 |
Goodwill ending balance | 120.9 |
LiLAC Group [Member] | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | 6,302.6 |
Acquisitions and related adjustments | (153.4) |
Foreign currency translation adjustments and other | 5.2 |
Goodwill ending balance | $ 6,154.4 |
Long-lived Assets (Schedule o59
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Gross carrying amount | $ 7,224.3 | $ 7,380 |
Accumulated amortization | (3,623.7) | (3,722.3) |
Net carrying amount | 3,600.6 | 3,657.7 |
Customer Relationships [Member] | ||
Gross carrying amount | 6,655.6 | 6,802.7 |
Accumulated amortization | (3,442.5) | (3,564.6) |
Net carrying amount | 3,213.1 | 3,238.1 |
Other Intangible Assets [Member] | ||
Gross carrying amount | 568.7 | 577.3 |
Accumulated amortization | (181.2) | (157.7) |
Net carrying amount | 387.5 | 419.6 |
Liberty Global Group [Member] | ||
Gross carrying amount | 5,724.6 | 5,977.7 |
Accumulated amortization | (3,455.1) | (3,554.5) |
Net carrying amount | 2,269.5 | 2,423.2 |
Liberty Global Group [Member] | Customer Relationships [Member] | ||
Gross carrying amount | 5,239.1 | 5,499.4 |
Accumulated amortization | (3,287.1) | (3,404.5) |
Net carrying amount | 1,952 | 2,094.9 |
Liberty Global Group [Member] | Other Intangible Assets [Member] | ||
Gross carrying amount | 485.5 | 478.3 |
Accumulated amortization | (168) | (150) |
Net carrying amount | 317.5 | 328.3 |
LiLAC Group [Member] | ||
Gross carrying amount | 1,499.7 | 1,402.3 |
Accumulated amortization | (168.6) | (167.8) |
Net carrying amount | 1,331.1 | 1,234.5 |
LiLAC Group [Member] | Customer Relationships [Member] | ||
Gross carrying amount | 1,416.5 | 1,303.3 |
Accumulated amortization | (155.4) | (160.1) |
Net carrying amount | 1,261.1 | 1,143.2 |
LiLAC Group [Member] | Other Intangible Assets [Member] | ||
Gross carrying amount | 83.2 | 99 |
Accumulated amortization | (13.2) | (7.7) |
Net carrying amount | $ 70 | $ 91.3 |
Debt and Capital Lease Obliga60
Debt and Capital Lease Obligations (Components of Debt and Capital Lease Obligations) (Details) | 3 Months Ended | ||||
Mar. 31, 2017GBP (£) | Mar. 31, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017CLP | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.77% | 4.77% | 4.77% | 4.77% | |
Unused borrowing capacity | $ 4,046,800,000 | ||||
Estimated fair value | 44,637,800,000 | $ 43,594,300,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | 43,346,900,000 | 42,541,800,000 | |||
Unamortized premiums, net of discounts | 37,500,000 | 44,500,000 | |||
Unamortized deferred financing costs | (278,200,000) | (270,400,000) | |||
Total debt | 43,106,200,000 | 42,315,900,000 | |||
Capital lease obligations | 1,261,300,000 | 1,242,800,000 | |||
Total debt and capital lease obligations | 44,367,500,000 | 43,558,700,000 | |||
Current maturities of debt and capital lease obligations | (2,967,500,000) | (2,775,100,000) | |||
Long-term debt and capital lease obligations | 41,400,000,000 | 40,783,600,000 | |||
General term of vendor financing arrangements | 1 year | ||||
Debt fair value | 639,800,000 | 344,400,000 | |||
Unitymedia [Member] | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability | € 218,200,000 | 233,400,000 | |||
Virgin Media [Member] | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability | £ 675,000,000 | 846,600,000 | |||
Significant other observable inputs (Level 2) | |||||
Debt Instrument [Line Items] | |||||
Debt fair value | 393,900,000 | 128,900,000 | |||
Quoted prices in active markets for identical assets (Level 1) | |||||
Debt Instrument [Line Items] | |||||
Debt fair value | 245,900,000 | 215,500,000 | |||
Pro Forma [Member] | Unitymedia [Member] | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability | € 225,400,000 | 241,100,000 | |||
Pro Forma [Member] | Virgin Media [Member] | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability | £ 618,800,000 | $ 776,100,000 | |||
VM Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.54% | 5.54% | 5.54% | 5.54% | |
Unused borrowing capacity | £ 0 | $ 0 | |||
Estimated fair value | 9,552,500,000 | 9,311,000,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 9,160,000,000 | 9,041,000,000 | |||
VM Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.72% | 3.72% | 3.72% | 3.72% | |
Unused borrowing capacity | $ 846,600,000 | ||||
Estimated fair value | 4,535,700,000 | 4,531,500,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 4,516,400,000 | 4,505,500,000 | |||
Unitymedia Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 7,844,900,000 | 7,679,700,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 7,489,900,000 | 7,419,300,000 | |||
Unitymedia Revolving Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 0.00% | 0.00% | 0.00% | 0.00% | |
Unused borrowing capacity | € 500,000,000 | $ 534,900,000 | |||
Estimated fair value | 0 | 0 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 0 | 0 | |||
UPC Broadband Holding Bank Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.51% | 3.51% | 3.51% | 3.51% | |
Unused borrowing capacity | € 990,100,000 | $ 1,059,200,000 | |||
Estimated fair value | 2,803,500,000 | 2,811,900,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 2,791,800,000 | 2,782,800,000 | |||
UPCB SPE Notes Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.88% | 4.88% | 4.88% | 4.88% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 1,807,700,000 | 1,783,700,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 1,781,800,000 | 1,772,800,000 | |||
UPC Holding Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 6.59% | 6.59% | 6.59% | 6.59% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 1,574,100,000 | 1,569,800,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 1,473,200,000 | 1,451,500,000 | |||
Telenet Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.56% | 3.56% | 3.56% | 3.56% | |
Unused borrowing capacity | € 545,000,000 | $ 583,000,000 | |||
Estimated fair value | 3,215,700,000 | 3,210,000,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 3,211,500,000 | 3,187,500,000 | |||
Telenet SPE Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.76% | 5.76% | 5.76% | 5.76% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 1,411,700,000 | 1,383,900,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 1,315,700,000 | 1,297,300,000 | |||
ITV Collar Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 1.35% | 1.35% | 1.35% | 1.35% | |
Unused borrowing capacity | $ 0 | ||||
Estimated fair value | 1,347,200,000 | 1,323,700,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 1,357,500,000 | 1,336,200,000 | |||
Derivative Related Debt Instruments [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.61% | 3.61% | 3.61% | 3.61% | |
Unused borrowing capacity | $ 0 | ||||
Estimated fair value | 797,600,000 | 450,700,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 741,700,000 | 426,300,000 | |||
Sumitomo Collar Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 1.88% | 1.88% | 1.88% | 1.88% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 521,200,000 | 499,700,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 511,600,000 | 488,200,000 | |||
Other Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.71% | 3.71% | 3.71% | 3.71% | |
Unused borrowing capacity | $ 0 | ||||
Estimated fair value | 608,800,000 | 558,700,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 614,500,000 | 564,500,000 | |||
CWC Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 7.31% | 7.31% | 7.31% | 7.31% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 2,346,600,000 | 2,319,600,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 2,184,000,000 | 2,181,100,000 | |||
CWC Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.09% | 5.09% | 5.09% | 5.09% | |
Unused borrowing capacity | $ 756,500,000 | ||||
Estimated fair value | 1,499,300,000 | 1,427,900,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | 1,486,900,000 | 1,411,900,000 | |||
Limitation on availability | 612,500,000 | ||||
CWC Credit Facilities [Member] | Pro Forma [Member] | |||||
Debt Instrument [Line Items] | |||||
Limitation on availability | $ 612,500,000 | ||||
VTR Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 6.88% | 6.88% | 6.88% | 6.88% | |
Unused borrowing capacity | € 0 | $ 0 | |||
Estimated fair value | 1,463,900,000 | 1,463,900,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 1,400,000,000 | 1,400,000,000 | |||
VTR Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 0.00% | 0.00% | 0.00% | 0.00% | |
Unused borrowing capacity | $ 226,600,000 | ||||
Estimated fair value | 0 | 0 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 0 | 0 | |||
Liberty Puerto Rico Bank Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.14% | 5.14% | 5.14% | 5.14% | |
Unused borrowing capacity | $ 40,000,000 | ||||
Estimated fair value | 939,500,000 | 935,200,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 942,500,000 | 942,500,000 | |||
Aggregate Variable and Fixed Rate Indebtedness [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.91% | 4.91% | 4.91% | 4.91% | |
VM Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility amount | £ 675,000,000 | $ 846,600,000 | |||
Sumitomo Share Loan [Member] | Virgin Media [Member] | |||||
Debt Instrument [Line Items] | |||||
Total debt | 131,700,000 | ||||
VTR Dollar Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility amount | 160,000,000 | ||||
VTR CLP Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility amount | $ 66,600,000 | CLP 44,000,000,000 | |||
Liberty Global Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.52% | 4.52% | 4.52% | 4.52% | |
Unused borrowing capacity | $ 3,023,700,000 | ||||
Estimated fair value | 38,332,700,000 | 37,398,800,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | 37,277,700,000 | 36,557,400,000 | |||
Unamortized premiums, net of discounts | (37,100,000) | ||||
Unamortized deferred financing costs | (237,100,000) | ||||
Capital lease obligations | 1,240,600,000 | 1,221,100,000 | |||
Liberty Global Group [Member] | UnityMedia KabelBW [Member] | |||||
Debt Instrument [Line Items] | |||||
Capital lease obligations | 661,600,000 | 657,000,000 | |||
Liberty Global Group [Member] | Unitymedia [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | 0 | ||||
Unamortized deferred financing costs | (49,500,000) | ||||
Liberty Global Group [Member] | Virgin Media [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | 8,700,000 | ||||
Unamortized deferred financing costs | (115,100,000) | ||||
Capital lease obligations | 84,100,000 | 91,200,000 | |||
Liberty Global Group [Member] | Telenet [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | 0 | ||||
Unamortized deferred financing costs | (38,600,000) | ||||
Capital lease obligations | 387,100,000 | 374,000,000 | |||
Liberty Global Group [Member] | Other Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | (34,000,000) | ||||
Unamortized deferred financing costs | (1,000,000) | ||||
Capital lease obligations | $ 107,800,000 | 98,900,000 | |||
Liberty Global Group [Member] | Vendor Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.70% | 3.70% | 3.70% | 3.70% | |
Unused borrowing capacity | $ 0 | ||||
Estimated fair value | 2,312,100,000 | 2,284,500,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 2,312,100,000 | 2,284,500,000 | |||
Liberty Global Group [Member] | Aggregate Variable and Fixed Rate Indebtedness [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.62% | 4.62% | 4.62% | 4.62% | |
LiLAC Group [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 6.31% | 6.31% | 6.31% | 6.31% | |
Unused borrowing capacity | $ 1,023,100,000 | ||||
Estimated fair value | 6,305,100,000 | 6,195,500,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | 6,069,200,000 | 5,984,400,000 | |||
Unamortized premiums, net of discounts | 74,600,000 | ||||
Unamortized deferred financing costs | (41,100,000) | ||||
Capital lease obligations | 20,700,000 | 21,700,000 | |||
LiLAC Group [Member] | CWC [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | 81,700,000 | ||||
Unamortized deferred financing costs | (9,500,000) | ||||
Capital lease obligations | 20,000,000 | 20,800,000 | |||
LiLAC Group [Member] | Liberty Puerto Rico [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | (7,100,000) | ||||
Unamortized deferred financing costs | (7,500,000) | ||||
Capital lease obligations | 100,000 | 200,000 | |||
LiLAC Group [Member] | VTR [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized premiums, net of discounts | 0 | ||||
Unamortized deferred financing costs | (24,100,000) | ||||
Capital lease obligations | $ 600,000 | 700,000 | |||
LiLAC Group [Member] | Vendor Financing [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.03% | 5.03% | 5.03% | 5.03% | |
Unused borrowing capacity | $ 0 | ||||
Estimated fair value | 55,800,000 | 48,900,000 | |||
Total debt before unamortized premiums, discounts and deferred financing costs | $ 55,800,000 | $ 48,900,000 | |||
LiLAC Group [Member] | Aggregate Variable and Fixed Rate Indebtedness [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 6.63% | 6.63% | 6.63% | 6.63% |
Debt and Capital Lease Obliga61
Debt and Capital Lease Obligations (Virgin Media Refinancing Transaction) (Details) $ in Millions | Mar. 21, 2017USD ($) | Feb. 15, 2017GBP (£) | Jan. 31, 2017GBP (£) | Jan. 31, 2017USD ($) | Mar. 31, 2017 | Jan. 15, 2021 | Mar. 21, 2017GBP (£) | Mar. 21, 2017USD ($) | Feb. 15, 2017USD ($) | Jan. 31, 2017USD ($) |
Senior Notes [Member] | 2025 VM Variable Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt | £ 521,300,000 | $ 653.8 | ||||||||
Interest rate | 6.00% | 6.00% | ||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | April 2027 VM Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt | £ 675,000,000 | $ 846.6 | ||||||||
Interest rate | 5.00% | 5.00% | ||||||||
Additional basis points used to determine redemption premium | 50.00% | 50.00% | ||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | April 2027 VM Senior Secured Notes [Member] | 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 102.50% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | April 2027 VM Senior Secured Notes [Member] | 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 101.25% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | April 2027 VM Senior Secured Notes [Member] | 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 100.625% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | April 2027 VM Senior Secured Notes [Member] | 2025 and thereafter | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 100.00% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | 2025 VM Variable Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Additional basis points used to determine redemption premium | 0.50% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | 2025 VM Variable Sterling Senior Secured Notes [Member] | 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 105.00% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | 2025 VM Variable Sterling Senior Secured Notes [Member] | 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 102.50% | |||||||||
Virgin Media Secured Finance [Member] | Senior Notes [Member] | 2025 VM Variable Sterling Senior Secured Notes [Member] | 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price | 100.00% | |||||||||
Virgin Media Secured Finance [Member] | Medium-term Notes [Member] | VM Credit Facility J [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt | £ 865,000,000 | $ 1,084.9 | ||||||||
Virgin Media Secured Finance [Member] | Medium-term Notes [Member] | VM Credit Facility J [Member] | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 3.50% | |||||||||
Floor rate | 0.00% | 0.00% | ||||||||
Long-term Debt [Member] | April 2021 VM Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | £ 640,000,000 | $ 802.7 | ||||||||
Long-term Debt [Member] | VM Credit Facility E [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | £ 849,400,000 | 1,065.3 | ||||||||
Long-term Debt [Member] | January 2021 VM Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount of debt | £ 521,300,000 | $ 653.8 | ||||||||
Long-term Debt [Member] | Virgin Media [Member] | April 2021 VM Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss (gain) on debt modification and extinguishment | 39.9 | |||||||||
Payments for debt redemption premium | 32.6 | |||||||||
Write-off of deferred financing costs | 7.3 | |||||||||
Long-term Debt [Member] | Virgin Media [Member] | VM Credit Facility E [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss (gain) on debt modification and extinguishment | 2.4 | |||||||||
Write-off of deferred financing costs | 2 | |||||||||
Write-off of unamortized debt discount (premium) | $ 0.4 | |||||||||
Long-term Debt [Member] | Virgin Media [Member] | January 2021 VM Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss (gain) on debt modification and extinguishment | $ (5.7) | |||||||||
Write-off of deferred financing costs | 1.3 | |||||||||
Write-off of unamortized debt discount (premium) | $ (7) | |||||||||
Scenario, Forecast [Member] | Senior Notes [Member] | 2025 VM Variable Sterling Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 11.00% |
Debt and Capital Lease Obliga62
Debt and Capital Lease Obligations (UPC Broadband Holding Refinancing Transaction) (Details) | 1 Months Ended |
Feb. 28, 2017USD ($) | |
UPC Facility AN [Member] | Long-term Debt [Member] | |
Debt Instrument [Line Items] | |
Extinguishment of debt | $ 2,150,000,000 |
UPC Holding [Member] | Medium-term Notes [Member] | UPC Facility AP [Member] | |
Debt Instrument [Line Items] | |
Principal amount of debt | $ 2,150,000,000 |
Issued at par percentage | 99.75% |
UPC Holding [Member] | Medium-term Notes [Member] | UPC Facility AP [Member] | LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.75% |
Floor rate | 0.00% |
UPC Broadband Holding [Member] | UPC Facility AN [Member] | Long-term Debt [Member] | |
Debt Instrument [Line Items] | |
Loss on debt modification and extinguishment | $ 8,900,000 |
Write-off of deferred financing costs | 5,800,000 |
Write-off of unamortized debt discount (premium) | $ 3,100,000 |
Debt and Capital Lease Obliga63
Debt and Capital Lease Obligations (Maturities of Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2017 (remainder of year) | $ 2,547.5 | |
2,018 | 1,549.1 | |
2,019 | 691.3 | |
2,020 | 166.3 | |
2,021 | 2,278.1 | |
2,022 | 4,767.1 | |
Thereafter | 31,301.9 | |
Total debt maturities | 43,301.3 | |
Unamortized premiums (discounts), net | 37.5 | $ 44.5 |
Unamortized deferred financing costs | (278.2) | $ (270.4) |
Total debt | 43,060.6 | |
Current portion | 2,837.3 | |
Noncurrent portion | 40,223.3 | |
Liberty Global Group [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 2,440.4 | |
2,018 | 1,494 | |
2,019 | 443.7 | |
2,020 | 127.6 | |
2,021 | 893.8 | |
2,022 | 2,127.8 | |
Thereafter | 29,704.8 | |
Total debt maturities | 37,232.1 | |
Unamortized premiums (discounts), net | (37.1) | |
Unamortized deferred financing costs | (237.1) | |
Total debt | 36,957.9 | |
Current portion | 2,699 | |
Noncurrent portion | 34,258.9 | |
Liberty Global Group [Member] | Virgin Media [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 908.4 | |
2,018 | 156 | |
2,019 | 108.8 | |
2,020 | 78 | |
2,021 | 626.2 | |
2,022 | 395.3 | |
Thereafter | 12,909 | |
Total debt maturities | 15,181.7 | |
Unamortized premiums (discounts), net | 8.7 | |
Unamortized deferred financing costs | (115.1) | |
Total debt | 15,075.3 | |
Current portion | 1,068.6 | |
Noncurrent portion | 14,006.7 | |
Liberty Global Group [Member] | Unitymedia [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 228 | |
2,018 | 34.8 | |
2,019 | 7.7 | |
2,020 | 7.3 | |
2,021 | 6.9 | |
2,022 | 569.8 | |
Thereafter | 7,271.1 | |
Total debt maturities | 8,125.6 | |
Unamortized premiums (discounts), net | 0 | |
Unamortized deferred financing costs | (49.5) | |
Total debt | 8,076.1 | |
Current portion | 261.9 | |
Noncurrent portion | 7,814.2 | |
Liberty Global Group [Member] | UPC Holding [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 690.8 | |
2,018 | 161.7 | |
2,019 | 1.2 | |
2,020 | 2.7 | |
2,021 | 4.2 | |
2,022 | 642.9 | |
Thereafter | 5,405 | |
Total debt maturities | 6,908.5 | |
Unamortized premiums (discounts), net | (11.8) | |
Unamortized deferred financing costs | (32.9) | |
Total debt | 6,863.8 | |
Current portion | 851.6 | |
Noncurrent portion | 6,012.2 | |
Liberty Global Group [Member] | Telenet [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 73.2 | |
2,018 | 20.7 | |
2,019 | 18.1 | |
2,020 | 12 | |
2,021 | 10.6 | |
2,022 | 492.2 | |
Thereafter | 4,119.7 | |
Total debt maturities | 4,746.5 | |
Unamortized premiums (discounts), net | 0 | |
Unamortized deferred financing costs | (38.6) | |
Total debt | 4,707.9 | |
Current portion | 86 | |
Noncurrent portion | 4,621.9 | |
Liberty Global Group [Member] | Other Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 540 | |
2,018 | 1,120.8 | |
2,019 | 307.9 | |
2,020 | 27.6 | |
2,021 | 245.9 | |
2,022 | 27.6 | |
Thereafter | 0 | |
Total debt maturities | 2,269.8 | |
Unamortized premiums (discounts), net | (34) | |
Unamortized deferred financing costs | (1) | |
Total debt | 2,234.8 | |
Current portion | 430.9 | |
Noncurrent portion | 1,803.9 | |
LiLAC Group [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 107.1 | |
2,018 | 55.1 | |
2,019 | 247.6 | |
2,020 | 38.7 | |
2,021 | 1,384.3 | |
2,022 | 2,639.3 | |
Thereafter | 1,597.1 | |
Total debt maturities | 6,069.2 | |
Unamortized premiums (discounts), net | 74.6 | |
Unamortized deferred financing costs | (41.1) | |
Total debt | 6,102.7 | |
Current portion | 138.3 | |
Noncurrent portion | 5,964.4 | |
LiLAC Group [Member] | CWC [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 51.3 | |
2,018 | 55.1 | |
2,019 | 247.6 | |
2,020 | 38.7 | |
2,021 | 1,384.3 | |
2,022 | 1,874.3 | |
Thereafter | 19.6 | |
Total debt maturities | 3,670.9 | |
Unamortized premiums (discounts), net | 81.7 | |
Unamortized deferred financing costs | (9.5) | |
Total debt | 3,743.1 | |
Current portion | 82.5 | |
Noncurrent portion | 3,660.6 | |
LiLAC Group [Member] | VTR [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 55.8 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 1,400 | |
Total debt maturities | 1,455.8 | |
Unamortized premiums (discounts), net | 0 | |
Unamortized deferred financing costs | (24.1) | |
Total debt | 1,431.7 | |
Current portion | 55.8 | |
Noncurrent portion | 1,375.9 | |
LiLAC Group [Member] | Liberty Puerto Rico [Member] | ||
Debt Instrument [Line Items] | ||
2017 (remainder of year) | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 765 | |
Thereafter | 177.5 | |
Total debt maturities | 942.5 | |
Unamortized premiums (discounts), net | (7.1) | |
Unamortized deferred financing costs | (7.5) | |
Total debt | 927.9 | |
Current portion | 0 | |
Noncurrent portion | $ 927.9 |
Debt and Capital Lease Obliga64
Debt and Capital Lease Obligations (Capital Lease Obligations) (Schedule) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2017 (remainder of year) | $ 170.2 |
2,018 | 197.3 |
2,019 | 162.9 |
2,020 | 150.5 |
2,021 | 144.1 |
2,022 | 141.2 |
Thereafter | 1,002.3 |
Total principal and interest payments | 1,968.5 |
Amounts representing interest | (707.2) |
Present value of net minimum lease payments | 1,261.3 |
Current portion | 130.2 |
Noncurrent portion | 1,131.1 |
Unitymedia [Member] | |
Debt Instrument [Line Items] | |
2017 (remainder of year) | 59.7 |
2,018 | 79.3 |
2,019 | 78.8 |
2,020 | 78.5 |
2,021 | 78.4 |
2,022 | 78.4 |
Thereafter | 618.6 |
Total principal and interest payments | 1,071.7 |
Amounts representing interest | (410.1) |
Present value of net minimum lease payments | 661.6 |
Current portion | 29.6 |
Noncurrent portion | 632 |
Telenet [Member] | |
Debt Instrument [Line Items] | |
2017 (remainder of year) | 54.5 |
2,018 | 65.2 |
2,019 | 56.1 |
2,020 | 53.1 |
2,021 | 51.1 |
2,022 | 52.7 |
Thereafter | 182 |
Total principal and interest payments | 514.7 |
Amounts representing interest | (127.6) |
Present value of net minimum lease payments | 387.1 |
Current portion | 44.8 |
Noncurrent portion | 342.3 |
Virgin Media [Member] | |
Debt Instrument [Line Items] | |
2017 (remainder of year) | 26.9 |
2,018 | 15.5 |
2,019 | 7.5 |
2,020 | 4.7 |
2,021 | 4.4 |
2,022 | 3.8 |
Thereafter | 168.1 |
Total principal and interest payments | 230.9 |
Amounts representing interest | (146.8) |
Present value of net minimum lease payments | 84.1 |
Current portion | 27.1 |
Noncurrent portion | 57 |
Other Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
2017 (remainder of year) | 23.7 |
2,018 | 24.6 |
2,019 | 18.3 |
2,020 | 12.9 |
2,021 | 10.1 |
2,022 | 6.3 |
Thereafter | 33.6 |
Total principal and interest payments | 129.5 |
Amounts representing interest | (21.7) |
Present value of net minimum lease payments | 107.8 |
Current portion | 21.9 |
Noncurrent portion | 85.9 |
Liberty Global Group [Member] | |
Debt Instrument [Line Items] | |
2017 (remainder of year) | 164.8 |
2,018 | 184.6 |
2,019 | 160.7 |
2,020 | 149.2 |
2,021 | 144 |
2,022 | 141.2 |
Thereafter | 1,002.3 |
Total principal and interest payments | 1,946.8 |
Amounts representing interest | (706.2) |
Present value of net minimum lease payments | 1,240.6 |
Current portion | 123.4 |
Noncurrent portion | 1,117.2 |
LiLAC Group [Member] | |
Debt Instrument [Line Items] | |
2017 (remainder of year) | 5.4 |
2,018 | 12.7 |
2,019 | 2.2 |
2,020 | 1.3 |
2,021 | 0.1 |
2,022 | 0 |
Thereafter | 0 |
Total principal and interest payments | 21.7 |
Amounts representing interest | (1) |
Present value of net minimum lease payments | 20.7 |
Current portion | 6.8 |
Noncurrent portion | $ 13.9 |
Debt and Capital Lease Obliga65
Debt and Capital Lease Obligations (Non-cash Financing Transactions) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt and Capital Lease Obligations [Abstract] | ||
Refinancing transactions, aggregate borrowings and repayments of debt | $ 2,800.5 | $ 113.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | $ 604.4 | |||
Unrecognized tax benefits that would have a favorable impact | $ 491.3 | |||
Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax rate | 20.00% | 20.00% | ||
Scenario, Forecast [Member] | Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax rate | 19.00% | 19.25% | ||
Servicio de Impuestos Internos [Member] | ||||
Income Taxes [Line Items] | ||||
Percent of claim agreed by tax authority in Chile | 48.00% |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accrued Income Taxes [Abstract] | ||
Computed “expected” tax benefit (a) | $ 23.2 | $ 84.3 |
Change in valuation allowances: | ||
Expense | (81.9) | (233.6) |
Benefit | 23.8 | 133.7 |
Non-deductible or non-taxable foreign currency exchange results: | ||
Expense | (58.5) | (1.3) |
Benefit | 1.9 | 18.6 |
Non-deductible or non-taxable interest and other items | ||
Expense | (69.7) | (22.1) |
Benefit | 13.1 | 9.9 |
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates: | ||
Decrease | (14) | (23.7) |
Increase | 0.4 | 11.3 |
Enacted tax law and rate change | 9.7 | (4.2) |
Recognition of previously unrecognized tax benefits | 3.6 | 15 |
International rate differences: | ||
Benefit | 35.8 | 35.2 |
Expense | (31.7) | (6.6) |
Tax effect of intercompany financing | 0 | 38.1 |
Other, net | (2.5) | (5.7) |
Total income tax benefit (expense) | $ (146.8) | $ 48.9 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | $ 14,732 | |
Repurchase and cancellation of Liberty Global ordinary shares (note 10) | (1,020.1) | |
Adjustments due to changes in subsidiaries’ equity and other, net | (49.4) | |
Balance at March 31, 2017 | 13,800.9 | |
Total cost | 959.6 | $ 191.6 |
Liberty Global Group [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | 8.9 | |
Repurchase and cancellation of Liberty Global ordinary shares (note 10) | (0.3) | |
Adjustments due to changes in subsidiaries’ equity and other, net | 0.1 | |
Balance at March 31, 2017 | 8.7 | |
Total cost | 1,001.2 | |
Remaining authorized repurchase amount | 1,947.8 | |
Liberty Global Group [Member] | Common Class A [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | 2.5 | |
Repurchase and cancellation of Liberty Global ordinary shares (note 10) | (0.1) | |
Balance at March 31, 2017 | $ 2.4 | |
Shares repurchased (in shares) | 10,576,200 | |
Average price paid per share (in dollars per share) | $ 35.78 | |
Liberty Global Group [Member] | Common Class B [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | $ 0.1 | |
Balance at March 31, 2017 | 0.1 | |
Liberty Global Group [Member] | Common Class C [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | 6.3 | |
Repurchase and cancellation of Liberty Global ordinary shares (note 10) | (0.2) | |
Adjustments due to changes in subsidiaries’ equity and other, net | 0.1 | |
Balance at March 31, 2017 | $ 6.2 | |
Shares repurchased (in shares) | 17,818,900 | |
Average price paid per share (in dollars per share) | $ 34.95 | |
LiLAC Group [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | $ 1.7 | |
Balance at March 31, 2017 | 1.7 | |
Total cost | 18.9 | |
Remaining authorized repurchase amount | 259.8 | |
LiLAC Group [Member] | Common Class A [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | 0.5 | |
Balance at March 31, 2017 | $ 0.5 | |
Shares repurchased (in shares) | 542,200 | |
Average price paid per share (in dollars per share) | $ 23.17 | |
LiLAC Group [Member] | Common Class B [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | $ 0 | |
Balance at March 31, 2017 | 0 | |
LiLAC Group [Member] | Common Class C [Member] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance at January 1, 2017, before effect of accounting change | 1.2 | |
Balance at March 31, 2017 | $ 1.2 | |
Shares repurchased (in shares) | 285,572 | |
Average price paid per share (in dollars per share) | $ 22.25 |
Share-based Compensation (Summa
Share-based Compensation (Summary of Stock-Based Compensation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 39 | $ 69 |
Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 1.4 | 0.7 |
SG&A expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 37.6 | 68.3 |
Other | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 2.4 | 1.5 |
Liberty Global Group [Member] | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 0.9 | 0.5 |
Liberty Global Group [Member] | SG&A expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 32.5 | 66.7 |
LiLAC Group [Member] | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 0.5 | 0.2 |
LiLAC Group [Member] | SG&A expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 5.1 | 1.6 |
Parent Company [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 32.6 | 66.5 |
Parent Company [Member] | Performance-based incentive awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 4.5 | 41.1 |
Parent Company [Member] | Other share-based incentive awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 28.1 | 25.4 |
Telenet [Member] | Telenet share-based incentive awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 4 | $ 1 |
Restructuring Liability (Detail
Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2017 | $ 143.6 | |
Restructuring charges | 25.7 | |
Cash paid | (33.6) | |
Foreign currency translation adjustments and other | 1.9 | |
Restructuring liability as of March 31, 2017 | 137.6 | |
Current portion | $ 98.7 | |
Noncurrent portion | 38.9 | |
Total | 143.6 | 137.6 |
Employee severance and termination costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2017 | 77.6 | |
Restructuring charges | 23 | |
Cash paid | (31.4) | |
Foreign currency translation adjustments and other | 1.2 | |
Restructuring liability as of March 31, 2017 | 70.4 | |
Current portion | 65.6 | |
Noncurrent portion | 4.8 | |
Total | 77.6 | 70.4 |
Office closures [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2017 | 7.3 | |
Restructuring charges | 0.2 | |
Cash paid | (0.6) | |
Foreign currency translation adjustments and other | (0.1) | |
Restructuring liability as of March 31, 2017 | 6.8 | |
Current portion | 2 | |
Noncurrent portion | 4.8 | |
Total | 7.3 | 6.8 |
Contract termination and other [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring liability as of January 1, 2017 | 58.7 | |
Restructuring charges | 2.5 | |
Cash paid | (1.6) | |
Foreign currency translation adjustments and other | 0.8 | |
Restructuring liability as of March 31, 2017 | 60.4 | |
Current portion | 31.1 | |
Noncurrent portion | 29.3 | |
Total | 58.7 | $ 60.4 |
Latin America and the Caribbean (CWC) [Member] | Employee severance and termination costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring charges | 9.1 | |
Germany | Employee severance and termination costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring charges | 9 | |
European Operations Division Central and Other [Member] | Employee severance and termination costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring charges | $ 3.5 |
Earnings or Loss per Share (Det
Earnings or Loss per Share (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net earnings (loss) attributable to Liberty Global shareholders | $ (320.2) | $ (369.1) |
Liberty Global Group [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net earnings (loss) attributable to Liberty Global shareholders | (292.9) | (330.6) |
LiLAC Group [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net earnings (loss) attributable to Liberty Global shareholders | $ (27.3) | $ (38.5) |
Earnings or Loss per Share (Nar
Earnings or Loss per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Liberty Global Group [Member] | Options, SARs, PSARs and RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 48,700,000 | 41,900,000 |
Liberty Global Group [Member] | PSUs / PGUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 7,900,000 | 10,000,000 |
Liberty Global Group [Member] | Obligations That May Be Settled in Cash or Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 0 | 2,700,000 |
LiLAC Group [Member] | Options, SARs, PSARs and RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 7,200,000 | 1,400,000 |
LiLAC Group [Member] | PSUs / PGUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Aggregate number of shares excluded from computation of EPS | 1,000,000 | 400,000 |
Commitments and Contingencies73
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2017 | $ 3,090.5 |
2,018 | 1,752.3 |
2,019 | 1,114.5 |
2,020 | 658.4 |
2,021 | 400.9 |
2,022 | 213.8 |
Thereafter | 1,138.2 |
Total | 8,368.6 |
Network and Connectivity Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2017 | 958.2 |
2,018 | 424.3 |
2,019 | 340.6 |
2,020 | 259 |
2,021 | 244.2 |
2,022 | 70.1 |
Thereafter | 835.2 |
Total | 3,131.6 |
Programming Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2017 | 822.8 |
2,018 | 945.9 |
2,019 | 497.5 |
2,020 | 201.1 |
2,021 | 63.3 |
2,022 | 36.7 |
Thereafter | 59.6 |
Total | 2,626.9 |
Purchase Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2017 | 1,163.9 |
2,018 | 251.2 |
2,019 | 169.2 |
2,020 | 115.8 |
2,021 | 25.7 |
2,022 | 21.1 |
Thereafter | 58.5 |
Total | 1,805.4 |
Operating Leases [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2017 | 103.3 |
2,018 | 111.3 |
2,019 | 93.7 |
2,020 | 74.3 |
2,021 | 60.2 |
2,022 | 78.4 |
Thereafter | 177.8 |
Total | 699 |
Other Commitments [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Remainder of 2017 | 42.3 |
2,018 | 19.6 |
2,019 | 13.5 |
2,020 | 8.2 |
2,021 | 7.5 |
2,022 | 7.5 |
Thereafter | 7.1 |
Total | $ 105.7 |
Commitments and Contingencies74
Commitments and Contingencies (Narrative) (Details) € in Millions, £ in Millions, HUF in Millions | Dec. 14, 2015 | Feb. 29, 2016HUF | Feb. 29, 2016USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2012EUR (€) | Dec. 31, 2012USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2021USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2017USD ($) | Dec. 14, 2017 | Mar. 31, 2017GBP (£) | Mar. 31, 2017EUR (€) | Mar. 31, 2017USD ($) | Nov. 26, 2007association |
Loss Contingencies [Line Items] | ||||||||||||||||||||
Net cash paid for taxes | $ 216,200,000 | $ 115,100,000 | ||||||||||||||||||
Broadband Communications and DHT Operations [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Programming costs | 540,300,000 | 599,500,000 | ||||||||||||||||||
Interkabel Acquisition [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Damages sought | € 1,400 | $ 1,500,000,000 | ||||||||||||||||||
Liberty Global Group [Member] | Broadband Communications and DHT Operations [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Programming costs | 438,600,000 | 534,100,000 | ||||||||||||||||||
LiLAC Group [Member] | Broadband Communications and DHT Operations [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Programming costs | $ 101,700,000 | $ 65,400,000 | ||||||||||||||||||
Interkabel Acquisition [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Number of associations of municipalities in Belgium | association | 4 | |||||||||||||||||||
Loss contingency damages in excess value | € 20 | $ 21,400,000 | ||||||||||||||||||
Loss contingency accrual | $ 0 | |||||||||||||||||||
Deutsche Telekom Litigation [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Damages sought | € 76 | $ 81,000,000 | ||||||||||||||||||
Reduction of annual lease fees | 66.67% | 66.67% | ||||||||||||||||||
Belgium Regulatory Developments [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Retail-Minus Tariffs for Basic TV | 26.00% | |||||||||||||||||||
Retail-Minus Tariffs for Bundle of Basic TV and Broadband Internet Services | 18.00% | |||||||||||||||||||
Amended Retail-Minus Tariffs Term | 2 years | |||||||||||||||||||
Belgium Regulatory Developments [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Retail-Minus Tariffs for Basic TV | 15.00% | |||||||||||||||||||
Retail-Minus Tariffs for Bundle of Basic TV and Broadband Internet Services | 7.00% | |||||||||||||||||||
Financial Transactions Tax [Member] | Minimum [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Financial transactions tax | 0.01% | 0.01% | 0.01% | |||||||||||||||||
Financial Transactions Tax [Member] | Maximum [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Financial transactions tax | 0.10% | 0.10% | 0.10% | |||||||||||||||||
Virgin Media VAT Matters [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Loss contingency accrual | $ 0 | |||||||||||||||||||
Virgin Media VAT Matters [Member] | Maximum [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Estimate of possible loss | £ 46.6 | 58,400,000 | ||||||||||||||||||
Virgin Media VAT Matters 2 [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Estimate of possible loss | £ | £ 63.7 | |||||||||||||||||||
Net cash paid for taxes | 67 | $ 99,100,000 | ||||||||||||||||||
Interest expense | £ | £ 3.3 | |||||||||||||||||||
Loss contingency accrual | 0 | |||||||||||||||||||
Hungary VAT Matter [Member] | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Unpaid VAT payment assessed | HUF 5,413.2 | $ 18,800,000 | ||||||||||||||||||
Loss contingency accrual | $ 0 | |||||||||||||||||||
Other Regulatory Issues [Member] | Maximum [Member] | Scenario, Forecast [Member] | U.K. | ||||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||
Estimate of possible loss | £ 100 | $ 125,000,000 | £ 30 | $ 38,000,000 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($)marketcountry | Mar. 31, 2016USD ($) | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 4,429.9 | $ 4,588 | |
Threshold percentage used to determine reportable segments using one of three criteria of revenue, operating cash flow or total assets | 10.00% | ||
Performance measures, percentage of reportable segment revenue and operating cash flow presented | 100.00% | ||
Total European Operations Division [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of European countries in operating segment (in countries) | country | 11 | ||
Telenet and Liberty Puerto Rico [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% | ||
Mobile Interconnect [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 76.4 | 65 | |
SOHO Cable Subscription [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 114.8 | $ 102.7 | |
Consumer and Business-to-Business Services [Member] | Latin America and the Caribbean [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of countries in which entity provides services | country | 18 | ||
Consumer and Business-to-Business Services [Member] | Outside of Latin America and Caribbean [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of countries in which entity provides services | country | 1 | ||
Cable & Wireless Communications Limited (CWC) [Member] | Sub-Sea Networks [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of markets | market | 30 | ||
VodafoneZiggo JV [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 31.5 | ||
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% | ||
Ownership percentage | 50.00% |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 4,429.9 | $ 4,588 |
Total consolidated capital expenditures | 624.8 | 637.1 |
Adjusted OIBDA | 1,958.6 | 2,115.5 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,429.9 | 4,588 |
Adjusted OIBDA | 1,958.6 | 2,115.5 |
Operating Segments [Member] | European Operations Division U.K / Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,504.4 | 1,686.5 |
Adjusted OIBDA | 648.5 | 744.6 |
Operating Segments [Member] | European Operations Division Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 661.4 | 610.2 |
Adjusted OIBDA | 297.9 | 269.8 |
Operating Segments [Member] | European Operations Division Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 629.1 | 617.1 |
Adjusted OIBDA | 382.8 | 379.4 |
Operating Segments [Member] | European Operations Division Switzerland / Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 423.7 | 433.4 |
Adjusted OIBDA | 255.1 | 258.1 |
Operating Segments [Member] | European Operations Division Netherlands [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 669.8 |
Adjusted OIBDA | 0 | 367.9 |
Operating Segments [Member] | European Operations Division Total Western Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,218.6 | 4,017 |
Adjusted OIBDA | 1,584.3 | 2,019.8 |
Operating Segments [Member] | European Operations Division Central and Eastern Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 271.3 | 266.1 |
Adjusted OIBDA | 111 | 110.9 |
Operating Segments [Member] | European Operations Division Central and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 28.7 | (2.4) |
Adjusted OIBDA | (42) | (84.3) |
Operating Segments [Member] | Total European Operations Division [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,518.6 | 4,280.7 |
Adjusted OIBDA | 1,653.3 | 2,046.4 |
Operating Segments [Member] | Liberty Global Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,519 | 4,284.1 |
Adjusted OIBDA | 1,604.7 | 1,993.6 |
Operating Segments [Member] | LiLAC Group CWC [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 575.6 | 0 |
Adjusted OIBDA | 213.1 | 0 |
Operating Segments [Member] | LiLAC Group Chile [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 229.3 | 200 |
Adjusted OIBDA | 91.6 | 76.3 |
Operating Segments [Member] | LiLAC Group Puerto Rico [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 106.7 | 103.9 |
Adjusted OIBDA | 51.3 | 46.8 |
Operating Segments [Member] | LiLAC Division [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 911.6 | 303.9 |
Adjusted OIBDA | 356 | 123.1 |
Operating Segments [Member] | LiLAC Group Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Adjusted OIBDA | (2.1) | (1.2) |
Operating Segments [Member] | LiLAC Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 910.9 | 303.9 |
Adjusted OIBDA | 353.9 | 121.9 |
Intersegment Eliminations [Member] | Liberty Global Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | (11.2) |
Intersegment Eliminations [Member] | LiLAC Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (0.7) | 0 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0.4 | 14.6 |
Adjusted OIBDA | (48.6) | (52.8) |
VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 31.5 | |
VodafoneZiggo JV [Member] | VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | |
Adjusted OIBDA | 459.5 | 0 |
The Netherlands | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 669.8 |
The Netherlands | VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 0 | |
The Netherlands | VodafoneZiggo JV [Member] | VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,083.8 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||
Total Adjusted OIBDA of our consolidated reportable segments | $ 1,958.6 | $ 2,115.5 |
Share-based compensation expense | (39) | (69) |
Depreciation and amortization | (1,322.2) | (1,435.5) |
Impairment, restructuring and other operating items, net | (28.2) | (24.4) |
Operating income | 569.2 | 586.6 |
Interest expense | (547.5) | (619.3) |
Realized and unrealized losses on derivative instruments, net | (269.1) | (508.7) |
Foreign currency transaction gains, net | 78.9 | 339 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net | 94.4 | (268.2) |
Losses on debt modification and extinguishment, net | (45.3) | (4.3) |
Share of losses of affiliates, net | (15.4) | (27.9) |
Other income, net | 14.4 | 81.2 |
Loss before income taxes | $ (120.4) | $ (421.6) |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | $ 1,023.6 | $ 997 |
Assets acquired under capital-related vendor financing arrangements | (628.5) | (438.9) |
Assets acquired under capital leases | (32.3) | (27.9) |
Changes in current liabilities related to capital expenditures | 262 | 106.9 |
Total consolidated capital expenditures | 624.8 | 637.1 |
Operating Segments [Member] | European Operations Division U.K / Ireland [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 409.1 | 368.5 |
Operating Segments [Member] | European Operations Division Belgium [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 124.7 | 98.9 |
Operating Segments [Member] | European Operations Division Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 144.8 | 127 |
Operating Segments [Member] | European Operations Division Switzerland / Austria [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 67.2 | 58.4 |
Operating Segments [Member] | European Operations Division Netherlands [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 0 | 140.1 |
Operating Segments [Member] | European Operations Division Total Western Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 745.8 | 792.9 |
Operating Segments [Member] | European Operations Division Central and Eastern Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 72 | 59.9 |
Operating Segments [Member] | European Operations Division Central and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 69 | 68.6 |
Operating Segments [Member] | Total European Operations Division [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 886.8 | 921.4 |
Operating Segments [Member] | Liberty Global Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 884.4 | 925.5 |
Operating Segments [Member] | LiLAC Group CWC [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 60.5 | 0 |
Operating Segments [Member] | LiLAC Group Chile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 55.4 | 52.4 |
Operating Segments [Member] | LiLAC Group Puerto Rico [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 23.3 | 19.1 |
Operating Segments [Member] | LiLAC Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | 139.2 | 71.5 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total consolidated property and equipment additions | (2.4) | 4.1 |
VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment additions - VodafoneZiggo JV | $ 227.9 | $ 0 |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Total | $ 4,429.9 | $ 4,588 |
Video [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 1,238.6 | 1,568.4 |
Broadband Internet [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 1,168.4 | 1,282.6 |
Telephony [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 617.6 | 752.9 |
Cable Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 3,024.6 | 3,603.9 |
Mobile [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 451.5 | 293.2 |
Total Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 3,476.1 | 3,897.1 |
Business to Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 578 | 386.1 |
Other Category [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 375.8 | 304.8 |
Mobile Interconnect [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | 76.4 | 65 |
SOHO Cable Subscription [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 114.8 | $ 102.7 |
Segment Reporting (Geographic S
Segment Reporting (Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 4,429.9 | $ 4,588 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,429.9 | 4,588 |
Operating Segments [Member] | Liberty Global Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,519 | 4,284.1 |
Operating Segments [Member] | CWC [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 575.6 | 0 |
Operating Segments [Member] | LiLAC Division [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 911.6 | 303.9 |
Operating Segments [Member] | LiLAC Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 910.9 | 303.9 |
Operating Segments [Member] | U.K. | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,400.4 | 1,578.5 |
Operating Segments [Member] | Belgium | ||
Segment Reporting Information [Line Items] | ||
Revenues | 661.4 | 610.2 |
Operating Segments [Member] | Germany | ||
Segment Reporting Information [Line Items] | ||
Revenues | 629.1 | 617.1 |
Operating Segments [Member] | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Revenues | 331.2 | 339.3 |
Operating Segments [Member] | Ireland | ||
Segment Reporting Information [Line Items] | ||
Revenues | 104 | 108 |
Operating Segments [Member] | Poland | ||
Segment Reporting Information [Line Items] | ||
Revenues | 95.9 | 96.6 |
Operating Segments [Member] | Austria | ||
Segment Reporting Information [Line Items] | ||
Revenues | 92.5 | 94.1 |
Operating Segments [Member] | Hungary | ||
Segment Reporting Information [Line Items] | ||
Revenues | 70.6 | 65.4 |
Operating Segments [Member] | The Czech Republic | ||
Segment Reporting Information [Line Items] | ||
Revenues | 44.6 | 44.2 |
Operating Segments [Member] | Romania | ||
Segment Reporting Information [Line Items] | ||
Revenues | 42 | 41.4 |
Operating Segments [Member] | Slovakia | ||
Segment Reporting Information [Line Items] | ||
Revenues | 14.1 | 14.7 |
Operating Segments [Member] | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 32.8 | 1.4 |
Operating Segments [Member] | The Netherlands | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 669.8 |
Operating Segments [Member] | Total European Operations Division | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,518.6 | 4,280.7 |
Operating Segments [Member] | Total European Operations Division | Liberty Global Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 3,519 | 4,284.1 |
Operating Segments [Member] | Panama | ||
Segment Reporting Information [Line Items] | ||
Revenues | 159 | 0 |
Operating Segments [Member] | Jamaica | ||
Segment Reporting Information [Line Items] | ||
Revenues | 81.4 | 0 |
Operating Segments [Member] | Bahamas | ||
Segment Reporting Information [Line Items] | ||
Revenues | 71.4 | 0 |
Operating Segments [Member] | Barbados | ||
Segment Reporting Information [Line Items] | ||
Revenues | 59.7 | 0 |
Operating Segments [Member] | Trinidad and Tobago | ||
Segment Reporting Information [Line Items] | ||
Revenues | 41.3 | 0 |
Operating Segments [Member] | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 162.8 | 0 |
Operating Segments [Member] | Chile | ||
Segment Reporting Information [Line Items] | ||
Revenues | 229.3 | 200 |
Operating Segments [Member] | Puerto Rico | ||
Segment Reporting Information [Line Items] | ||
Revenues | 106.7 | 103.9 |
Geography Eliminations [Member] | Liberty Global Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0.4 | 3.4 |
Geography Eliminations [Member] | LiLAC Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (0.7) | 0 |
VodafoneZiggo JV [Member] | The Netherlands | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | |
VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 31.5 | |
VodafoneZiggo JV [Member] | VodafoneZiggo JV [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | |
VodafoneZiggo JV [Member] | VodafoneZiggo JV [Member] | The Netherlands | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,083.8 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] | 1 Months Ended | ||
Apr. 30, 2017EUR (€) | Apr. 30, 2017USD ($) | Apr. 30, 2017USD ($) | |
Telenet Facility AE [Member] | Line of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt | € 1,600,000,000 | $ 1,711,600,000 | |
Telenet Facility AF [Member] | Line of Credit [Member] | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt | $ 1,500,000,000 | ||
Telenet International [Member] | Medium-term Notes [Member] | Telenet Facility AH [Member] | |||
Subsequent Event [Line Items] | |||
Principal amount of debt | € 1,330,000,000 | $ 1,422,800,000 | |
Issue price percentage | 99.75% | 99.75% | |
Telenet International [Member] | Medium-term Notes [Member] | Telenet Facility AH [Member] | LIBOR | |||
Subsequent Event [Line Items] | |||
Basis spread on variable rate | 3.00% | 3.00% | |
Floor rate | 0.00% | 0.00% | |
Telenet Financing USD LLC [Member] | Medium-term Notes [Member] | Telenet Facility AI [Member] | |||
Subsequent Event [Line Items] | |||
Principal amount of debt | $ 1,800,000,000 | ||
Issue price percentage | 99.75% | 99.75% | |
Telenet Financing USD LLC [Member] | Medium-term Notes [Member] | Telenet Facility AI [Member] | LIBOR | |||
Subsequent Event [Line Items] | |||
Basis spread on variable rate | 2.75% | 2.75% | |
Floor rate | 0.00% | 0.00% |