Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-35961 | ||
Entity Registrant Name | Liberty Global plc | ||
Entity Incorporation, State or Country Code | X0 | ||
Entity Tax Identification Number | 98-1112770 | ||
Entity Address, Address Line One | Griffin House | ||
Entity Address, Address Line Two | 161 Hammersmith Rd | ||
Entity Address, City or Town | London | ||
Entity Address, Country | GB | ||
Entity Address, Postal Zip Code | W6 8BS | ||
Country Region | 44 | ||
City Area Code | 208 | ||
Local Phone Number | 483.6449 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12.3 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for the Registrant’s 2021 Annual General Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K . | ||
Entity Central Index Key | 0001570585 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true | ||
Class A | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class A ordinary shares | ||
Trading Symbol | LBTYA | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 181,355,249 | ||
Class B | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class B ordinary shares | ||
Trading Symbol | LBTYB | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 12,561,444 | ||
Class C | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class C ordinary shares | ||
Trading Symbol | LBTYK | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 383,495,825 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,327.2 | $ 8,142.4 |
Trade receivables, net | 1,090.7 | 1,404.8 |
Short-term investments | 1,600.2 | 0 |
Other current assets (notes 4, 6, 7 and 8) | 831 | 1,026.1 |
Total current assets | 4,849.1 | 10,573.3 |
Investments and related notes receivable (including $3,466.0 million and $1,289.2 million, respectively, measured at fair value on a recurring basis) (note 7) | 5,354.5 | 4,782 |
Property and equipment, net (notes 10 and 12) | 8,054.1 | 13,843.4 |
Goodwill (note 10 ) | 10,466.7 | 14,052.1 |
Intangible assets subject to amortization, net (note 10) | 2,886 | 572.1 |
Deferred tax assets (note 13) | 565.1 | 2,457.4 |
Assets held for sale (note 6) | 24,282.7 | 0 |
Other assets, net (notes 4, 6, 8, 10 and 12) | 2,634.5 | 2,766 |
Total assets | 59,092.7 | 49,046.3 |
Current liabilities: | ||
Accounts payable | 618.2 | 963.9 |
Deferred revenue (note 4) | 430.9 | 834.9 |
Current portion of debt and finance lease obligations (notes 11 and 12) | 1,130.4 | 3,877.2 |
Accrued income taxes | 253.6 | 307 |
Derivative instruments (note 8) | 252.7 | 390.4 |
Other accrued and current liabilities (notes 12 and 16) | 1,781.2 | 2,278.3 |
Total current liabilities | 4,467 | 8,651.7 |
Long-term debt and finance lease obligations (notes 11 and 12) | 13,867.3 | 24,305.3 |
Liabilities associated with assets held for sale (note 6) | 23,197.2 | 0 |
Other long-term liabilities (notes 4, 8, 12, 13, 16 and 17) | 4,262.8 | 2,890.7 |
Total liabilities | 45,794.3 | 35,847.7 |
Commitments and contingencies (notes 8, 11, 13, 17 and 19) | ||
Liberty Global shareholders: | ||
Additional paid-in capital | 5,271.7 | 6,136.9 |
Accumulated earnings | 4,692.1 | 6,350.4 |
Accumulated other comprehensive earnings, net of taxes | 3,693.1 | 1,112.7 |
Treasury shares, at cost | (0.1) | (0.1) |
Total Liberty Global shareholders | 13,662.6 | 13,606.2 |
Noncontrolling interests | (364.2) | (407.6) |
Total equity | 13,298.4 | 13,198.6 |
Total liabilities and equity | 59,092.7 | 49,046.3 |
Class A | ||
Liberty Global shareholders: | ||
Common stock | 1.8 | 1.8 |
Class B | ||
Liberty Global shareholders: | ||
Common stock | 0.1 | 0.1 |
Class C | ||
Liberty Global shareholders: | ||
Common stock | $ 3.9 | $ 4.4 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments measured at fair value | $ 3,466 | $ 1,289.2 |
Class A | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 181,348,114 | 181,560,735 |
Common stock, outstanding (in shares) | 181,348,114 | 181,560,735 |
Class B | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,561,444 | 12,151,526 |
Common stock, outstanding (in shares) | 12,561,444 | 12,151,526 |
Class C | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 386,588,921 | 438,867,447 |
Common stock, outstanding (in shares) | 386,588,921 | 438,867,447 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 11,980.1 | $ 11,541.5 | $ 11,957.9 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | |||
Programming and other direct costs of services | 3,437 | 3,238.7 | 3,246.1 |
Other operating (note 15) | 1,777.2 | 1,641.3 | 1,717.2 |
Selling, general and administrative (SG&A) (note 15) | 2,218.3 | 2,107.8 | 2,049.1 |
Depreciation and amortization (note 10) | 2,331.3 | 3,652.2 | 3,858.2 |
Impairment, restructuring and other operating items, net (notes 5, 16 and 17) | 98.6 | 156 | 248.2 |
Operating costs and expenses | 9,862.4 | 10,796 | 11,118.8 |
Operating income | 2,117.7 | 745.5 | 839.1 |
Non-operating income (expense): | |||
Interest expense | (1,188.5) | (1,385.9) | (1,478.7) |
Realized and unrealized gains (losses) on derivative instruments, net (note 8) | (879.3) | (192) | 1,125.8 |
Foreign currency transaction gains (losses), net | (1,416.3) | (94.8) | 90.4 |
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 7, 9 and 11) | 45.2 | 72 | (384.5) |
Losses on debt extinguishment, net | (233.2) | (216.7) | (65) |
Share of results of affiliates, net (note 7) | (245.3) | (198.5) | (8.7) |
Other income, net | 76.1 | 114.4 | 43.4 |
Non-operating income (expense) | (3,841.3) | (1,901.5) | (677.3) |
Earnings (loss) from continuing operations before income taxes | (1,723.6) | (1,156) | 161.8 |
Income tax benefit (expense) (note 13) | 256.9 | (253) | (1,573.3) |
Loss from continuing operations | (1,466.7) | (1,409) | (1,411.5) |
Discontinued operations (note 6): | |||
Earnings from discontinued operations, net of taxes | 0 | 730.3 | 1,163.4 |
Gain on disposal of discontinued operations, net of taxes | 0 | 12,316.9 | 1,098.1 |
Net earnings | 0 | 13,047.2 | 2,261.5 |
Net earnings (loss) | (1,466.7) | 11,638.2 | 850 |
Net earnings attributable to noncontrolling interests | (161.3) | (116.8) | (124.7) |
Net earnings (loss) attributable to Liberty Global shareholders | $ (1,628) | $ 11,521.4 | $ 725.3 |
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share (note 3) (in dollars per share) | $ (2.70) | $ (2.16) | $ (1.97) |
Weighted average shares outstanding - basic and diluted (in shares) | 602,083,910 | 705,794,546 | 778,675,957 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (1,466.7) | $ 11,638.2 | $ 850 |
Other comprehensive earnings (loss), net of taxes (note 18): | |||
Foreign currency translation adjustments | 2,599.7 | 435.5 | (897.9) |
Pension-related adjustments and other | (18.7) | (14.4) | (20) |
Other comprehensive earnings (loss) | 2,581 | 482.1 | (1,024) |
Comprehensive earnings (loss) | 1,114.3 | 12,120.3 | (174) |
Comprehensive earnings attributable to noncontrolling interests | (161.9) | (118) | (124.9) |
Comprehensive earnings (loss) attributable to Liberty Global shareholders | 952.4 | 12,002.3 | (298.9) |
Continuing Operations | |||
Other comprehensive earnings (loss), net of taxes (note 18): | |||
Other comprehensive earnings (loss) | 2,581 | 421.1 | (917.9) |
Discontinued Operations | |||
Other comprehensive earnings (loss), net of taxes (note 18): | |||
Other comprehensive earnings (loss) | $ 0 | $ 61 | $ (106.1) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Adjustment | Adjusted balance | Common StockClass A | Common StockClass AAdjusted balance | Common StockClass B | Common StockClass BAdjusted balance | Common StockClass C | Common StockClass CAdjusted balance | Additional paid-in capital | Additional paid-in capitalAdjusted balance | Accumulated deficit | Accumulated deficitAdjustment | Accumulated deficitAdjusted balance | Accumulated other comprehensive earnings, net of taxes | Accumulated other comprehensive earnings, net of taxesAdjusted balance | Treasury shares, at cost | Treasury shares, at costAdjusted balance | Total Liberty Global shareholders | Total Liberty Global shareholdersAdjustment | Total Liberty Global shareholdersAdjusted balance | Non-controlling interests | Non-controlling interestsAdjustment | Non-controlling interestsAdjusted balance |
Accounting standards update | us-gaap:AccountingStandardsUpdate201602Member | |||||||||||||||||||||||
Beginning balance at Dec. 31, 2017 | $ 6,717.5 | $ 2.2 | $ 0.1 | $ 5.8 | $ 11,358.6 | $ (5,897.5) | $ 1,656 | $ 1,656 | $ (0.1) | $ 7,125.1 | $ (407.6) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net earnings (loss) | $ 850 | $ 725.3 | $ 725.3 | $ 124.7 | ||||||||||||||||||||
Other comprehensive loss, net of taxes (note 18) | (1,024) | (1,024.2) | (1,024.2) | 0.2 | ||||||||||||||||||||
Repurchases and cancellations of Liberty Global ordinary shares (note 14) | (2,010) | $ (0.2) | $ (0.5) | $ (2,009.3) | (2,010) | |||||||||||||||||||
Distributions by subsidiaries to noncontrolling interest owners (note 14) | (298.4) | (298.4) | ||||||||||||||||||||||
Share-based compensation (note 15) | 154.4 | 154.4 | 154.4 | |||||||||||||||||||||
Repurchases by Telenet of its outstanding shares | (258.6) | (294) | (294) | 35.4 | ||||||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 17.4 | 4.8 | 4.8 | 12.6 | ||||||||||||||||||||
Ending balance at Dec. 31, 2018 | $ 4,148.3 | $ 1.2 | 4,149.5 | 2 | 2 | $ 0.1 | 0.1 | 5.3 | 5.3 | 9,214.5 | 9,214.5 | (5,172.2) | $ 1.2 | (5,171) | 631.8 | 631.8 | $ (0.1) | (0.1) | 4,681.4 | $ 1.2 | 4,682.6 | (533.1) | $ 0 | (533.1) |
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net earnings (loss) | $ 11,638.2 | 11,521.4 | 11,521.4 | 116.8 | ||||||||||||||||||||
Other comprehensive loss, net of taxes (note 18) | 482.1 | 480.9 | 480.9 | 1.2 | ||||||||||||||||||||
Repurchases and cancellations of Liberty Global ordinary shares (note 14) | (3,220.2) | (0.2) | (0.9) | (3,219.1) | (3,220.2) | |||||||||||||||||||
Share-based compensation (note 15) | 250.1 | 250.1 | 250.1 | |||||||||||||||||||||
Repurchases by Telenet of its outstanding shares | (114.1) | (134.5) | (134.5) | 20.4 | ||||||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 13 | 25.9 | 25.9 | (12.9) | ||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 13,198.6 | (30.1) | 13,168.5 | 1.8 | 1.8 | 0.1 | 0.1 | 4.4 | 4.4 | 6,136.9 | 6,136.9 | 6,350.4 | (30.3) | 6,320.1 | 1,112.7 | 1,112.7 | (0.1) | (0.1) | 13,606.2 | (30.3) | 13,575.9 | (407.6) | 0.2 | (407.4) |
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||||||||
Ending balance at Jan. 01, 2020 | 30.3 | |||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 13,198.6 | $ (30.1) | $ 13,168.5 | 1.8 | $ 1.8 | 0.1 | $ 0.1 | 4.4 | $ 4.4 | 6,136.9 | $ 6,136.9 | 6,350.4 | $ (30.3) | $ 6,320.1 | 1,112.7 | $ 1,112.7 | (0.1) | $ (0.1) | 13,606.2 | $ (30.3) | $ 13,575.9 | (407.6) | $ 0.2 | $ (407.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net earnings (loss) | (1,466.7) | (1,628) | (1,628) | 161.3 | ||||||||||||||||||||
Other comprehensive loss, net of taxes (note 18) | 2,581 | 2,580.4 | 2,580.4 | 0.6 | ||||||||||||||||||||
Repurchases and cancellations of Liberty Global ordinary shares (note 14) | (1,072.3) | (0.5) | (1,071.8) | (1,072.3) | ||||||||||||||||||||
Distributions by subsidiaries to noncontrolling interest owners (note 14) | (139.2) | (139.2) | ||||||||||||||||||||||
Share-based compensation (note 15) | 261.7 | 261.7 | 261.7 | |||||||||||||||||||||
Repurchases by Telenet of its outstanding shares | (38.1) | (45.3) | (45.3) | 7.2 | ||||||||||||||||||||
Adjustments due to changes in subsidiaries’ equity and other, net | 3.5 | (9.8) | (9.8) | 13.3 | ||||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 13,298.4 | $ 1.8 | $ 0.1 | $ 3.9 | $ 5,271.7 | $ 4,692.1 | $ 3,693.1 | $ (0.1) | $ 13,662.6 | $ (364.2) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (1,466.7) | $ 11,638.2 | $ 850 |
Earnings from discontinued operations | 0 | 13,047.2 | 2,261.5 |
Loss from continuing operations | (1,466.7) | (1,409) | (1,411.5) |
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities from continuing operations: | |||
Share-based compensation expense | 348 | 305.8 | 206 |
Depreciation and amortization | 2,331.3 | 3,652.2 | 3,858.2 |
Impairment, restructuring and other operating items, net | 98.6 | 156 | 248.2 |
Amortization of deferred financing costs and non-cash interest | 44.8 | 53.7 | 56.4 |
Realized and unrealized losses (gains) on derivative instruments, net | 879.3 | 192 | (1,125.8) |
Foreign currency transaction losses (gains), net | 1,416.3 | 94.8 | (90.4) |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | (45.2) | (72) | 384.5 |
Losses on debt extinguishment, net | 233.2 | 216.7 | 65 |
Share of results of affiliates, net | 245.3 | 198.5 | 8.7 |
Deferred income tax expense (benefit) | (261.7) | 65.5 | 438.1 |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | |||
Receivables and other operating assets | 938 | 876.9 | 635.4 |
Payables and accruals | (841.5) | (787.2) | 459.4 |
Dividends from affiliates and others | 266.1 | 170.2 | 252.8 |
Net cash provided by operating activities of continuing operations | 4,185.8 | 3,714.1 | 3,985 |
Net cash provided by operating activities of discontinued operations | 0 | 871.3 | 1,978.1 |
Net cash provided by operating activities | 4,185.8 | 4,585.4 | 5,963.1 |
Cash flows from investing activities: | |||
Cash paid for investments | (8,363.2) | (256.1) | (88.8) |
Cash received from sale of investments | 6,031.9 | 39.6 | 36.2 |
Cash paid in connection with acquisitions, net of cash acquired | (5,267.8) | (23.1) | (82.5) |
Capital expenditures, net | (1,350.2) | (1,243.1) | (1,453) |
Cash released from (used to fund) the Vodafone Escrow Accounts, net | 104.9 | (295.2) | 0 |
Proceeds received upon disposition of discontinued operations, net | 0 | 11,203.1 | 2,058.2 |
Other investing activities, net | (29.6) | 115.8 | 131.4 |
Net cash provided (used) by investing activities of continuing operations | (8,874) | 9,541 | 601.5 |
Net cash used by investing activities of discontinued operations | 0 | (266.4) | (514.2) |
Net cash provided (used) by investing activities | (8,874) | 9,274.6 | 87.3 |
Cash flows from financing activities: | |||
Borrowings of debt | 15,975.9 | 6,618.8 | 4,396.5 |
Repayments and repurchases of debt and finance lease obligations | (13,450.1) | (10,300.7) | (8,170.6) |
Repurchases of Liberty Global ordinary shares | (1,072.3) | (3,219.4) | (2,009.9) |
Payment of financing costs and debt premiums | (290) | (206.8) | (73.1) |
Distributions by subsidiaries to noncontrolling interest owners | (137.1) | (32.6) | (290.3) |
Net cash received related to derivative instruments | 129.1 | 331.5 | 112.8 |
Repurchases by Telenet of its outstanding shares | (38.1) | (114.1) | (244.7) |
Other financing activities, net | (33.8) | 1 | (7.3) |
Net cash provided (used) by financing activities of continuing operations | 1,083.6 | (6,922.3) | (6,286.6) |
Net cash provided (used) by financing activities of discontinued operations | 0 | (254.3) | 96.8 |
Net cash provided (used) by financing activities | 1,083.6 | (7,176.6) | (6,189.8) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash: | |||
Continuing operations | 141 | 0.4 | (43.2) |
Discontinued operations | 0 | (1.2) | (1.9) |
Total | 141 | (0.8) | (45.1) |
Net increase (decrease) in cash and cash equivalents and restricted cash: | |||
Continuing operations | (3,463.6) | 6,333.2 | (1,743.3) |
Discontinued operations | 0 | 349.4 | 1,558.8 |
Total | (3,463.6) | 6,682.6 | (184.5) |
Cash and cash equivalents and restricted cash: | |||
Beginning of year | 8,180.9 | 1,498.3 | 1,682.8 |
Net increase (decrease) | (3,463.6) | 6,682.6 | (184.5) |
End of year | 4,717.3 | 8,180.9 | 1,498.3 |
Cash paid for interest: | |||
Continuing operations | 1,127.7 | 1,422.7 | 1,405.7 |
Discontinued operations | 0 | 361.5 | 436.4 |
Total | 1,127.7 | 1,784.2 | 1,842.1 |
Net cash paid for taxes: | |||
Continuing operations | 247.7 | 358.2 | 309 |
Discontinued operations | 0 | 135.9 | 55.1 |
Total | $ 247.7 | $ 494.1 | $ 364.1 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Details of end of period cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 1,327.2 | $ 8,142.4 | $ 1,480.5 |
Restricted cash included in assets held for sale | 3,383.3 | 0 | 0 |
Restricted cash included in other current assets and other assets, net | 6.8 | 38.5 | 15.9 |
Restricted cash included in current and long-term assets of discontinued operations | 0 | 0 | 1.9 |
Total cash and cash equivalents and restricted cash | $ 4,717.3 | $ 8,180.9 | $ 1,498.3 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
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 broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe. We provide residential and business-to-business ( B2B ) communications services in (i) the United Kingdom ( U.K. ) and Ireland through Virgin Media Inc. ( Virgin Media ), a wholly-owned subsidiary, (ii) Belgium through Telenet Group Holding N.V. ( Telenet ), a 60.7%-owned subsidiary, and (iii) Switzerland, Poland and Slovakia through various wholly-owned subsidiaries that we collectively refer to as “ UPC Holding .” In addition, we own a 50% noncontrolling interest in a 50:50 joint venture between Vodafone Group plc ( Vodafone ) and Liberty Global (the VodafoneZiggo JV ), which provides residential and B2B communication services in the Netherlands. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ). Effective May 7, 2020, in connection with the pending formation of the U.K. JV (as defined in note 6), we began accounting for the U.K. JV Entities (as defined in note 6) as held for sale. Accordingly, the assets and liabilities of the U.K. JV Entities are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2020 consolidated balance sheet. Consistent with the applicable guidance, we have not reflected similar reclassifications in our consolidated statements of operations or cash flows. For additional information, see note 6. Through July 31, 2019, we provided residential and B2B communication services in (i) Germany through Unitymedia GmbH ( Unitymedia) and (ii) Hungary, the Czech Republic and Romania through UPC Holding B.V. In addition, (a) through May 2, 2019, we provided direct-to-home satellite ( DTH ) services to residential customers in Hungary, the Czech Republic, Romania and Slovakia through a Luxembourg-based subsidiary of UPC Holding B.V. that we refer to as “ UPC DTH ” and (b) through July 31, 2018, we provided residential and B2B communication services in Austria. In these consolidated financial statements, our operations in Austria, Germany, Romania, Hungary and the Czech Republic and the operations of UPC DTH are presented as discontinued operations for all applicable periods. For information regarding the disposition of these entities, see note 6. Unless otherwise indicated, the amounts presented in these notes relate only to our continuing operations, and ownership percentages and convenience translations into United States ( U.S. ) dollars are calculated as of December 31, 2020. |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Changes ASU 2018-15 In August 2018, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ( ASU 2018-15 ), which requires entities to defer implementation costs incurred that are related to the application development stage in a cloud computing arrangement that is a service contract. ASU 2018-15 requires deferred implementation costs to be amortized over the term of the cloud computing arrangement and presented in the same expense line item as the cloud computing arrangement. All other implementation costs are generally expensed as incurred. We adopted ASU 2018-15 on January 1, 2020 on a prospective basis. As a result of the adoption of ASU 2018-15, (i) certain implementation costs that were previously expensed as incurred are now deferred as prepaid expenses and amortized over the term of the cloud computing arrangement and (ii) certain costs associated with developing interfaces between a cloud computing arrangement and internal-use software that were previously capitalized as property and equipment are now deferred as prepaid expenses and amortized over the term of the cloud computing arrangement. The adoption of ASU 2018-15 did not have a significant impact on our consolidated financial statements. ASU 2019-02 In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials ( ASU 2019-02 ), which aligns the accounting for production costs of an episodic television series with the accounting for production costs of films. ASU 2019-02 removes the existing constraint that restricts capitalization of production costs to contracted revenue for episodic television series. The amended guidance also permits entities to test a film or license agreement for impairment at the film group level, addresses cash flow classification and provides new disclosure requirements. We adopted ASU 2019-02 on January 1, 2020 on a prospective basis. The adoption of ASU 2019-02 did not have a significant impact on our consolidated financial statements. ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Statements ( ASU 2016-13 ), which changes the recognition model for credit losses related to assets held at amortized cost. ASU 2016-13 ASU 2016-13 ASU 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, results in lessees recognizing right-of-use ( ROU ) assets and lease liabilities on the balance sheet. ASU 2016-02, as amended by ASU No. 2018-11, Targeted Improvements , requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using one of two modified retrospective approaches. A number of optional practical expedients may be applied in transition. We adopted ASU 2016-02 on January 1, 2019. The main impact of the adoption of ASU 2016-02 relates to the recognition of ROU assets and lease liabilities on our consolidated balance sheet for those leases classified as operating leases under previous GAAP. In transition, we have applied the practical expedients that permit us not to reassess (i) whether expired or existing contracts contain a lease under the new standard, (ii) the lease classification for expired or existing leases or (iii) whether previously-capitalized initial direct costs would qualify for capitalization under the new standard. In addition, we have not used hindsight during transition. We have implemented a new lease accounting system and related internal controls over financial reporting to meet the requirements of ASU 2016-02. For additional information regarding our leases, see note 12. Recent Accounting Pronouncements ASU 2019-12 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes ( ASU 2019-12 ), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We do not expect the adoption of ASU 2019-12 to have a significant impact on our consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. Our significant non-cash investing and financing activities are disclosed in our consolidated statements of equity and in notes 5, 6, 8, 10, 11 and 12. Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $49.8 million and $42.8 million at December 31, 2020 and 2019, respectively. The allowance for doubtful accounts is based upon our current estimate of lifetime expected credit losses related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent. Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. We determine the appropriate classification of our investments in debt securities at the time of purchase based on the underlying nature and characteristics of each security. All of our debt securities are classified as available for sale and are reported at fair value. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments and debt, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. In addition, any interest received on our debt securities is reported as interest income in our statements of operations. Under the equity method of accounting, investments are recorded at cost and are subsequently increased or reduced to reflect our share of income or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9. Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. Dividends from publicly-traded investees that are not accounted for under the equity method are recognized when declared as dividend income in our consolidated statements of operations. Dividends from our equity method investees and all of our privately-held investees are reflected as reductions of the carrying values of the applicable investments. Dividends that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity investments to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable. If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. Financial Instruments Due to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable, accrued liabilities and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of certain of our investments, derivatives and debt, see notes 7, 8 and 11, respectively. For information regarding how we arrive at certain of our fair value measurements, see note 9. Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. We generally do not apply hedge accounting to our derivative instruments. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying 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 in our consolidated statement of cash flows. For information regarding our derivative instruments, see note 8. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. As of December 31, 2020 and 2019, the recorded value of our asset retirement obligations was $82.2 million and $55.5 million, respectively. Intangible Assets Our primary intangible assets relate to goodwill and customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships are initially recorded at their fair value in connection with business combinations. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values and reviewed for impairment. For additional information regarding the useful lives of our intangible assets, see note 10. Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). With respect to other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss. Leases For leases with a term greater than 12 months, we recognize on the lease commencement date (i) ROU assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. With respect to our finance leases, (i) ROU assets are generally depreciated on a straight-line basis over the shorter of the lease term or the useful life of the asset and (ii) interest expense on the lease liability is recorded using the effective interest method. Operating lease expense is recognized on a straight-line basis over the lease term. For leases with a term of 12 months or less (short-term leases), we do not recognize ROU assets or lease liabilities. Short-term lease expense is recognized on a straight-line basis over the lease term. Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. For additional information regarding our income taxes, see note 13. Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. Revenue Recognition Service Revenue — Cable Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our cable network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our cable network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from prepaid customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes. For additional information regarding our revenue recognition and related costs, see note 4. For a disaggregation of our revenue by major category and by reportable and geographic segment, see note 20. Share-based Compensation We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards are recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units ( RSUs ), restricted share awards ( RSAs ) and performance-based restricted share units ( PSUs ) are based upon the closing share price of Liberty Global ordinary shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SARs granted by Liberty Global to employees. The expected volatility for options and SARs related to our ordinary shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global ordinary shares when Liberty Global options or SARs are exercised, when RSUs and PSUs vest and when RSAs are granted. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. Although we repurchase Liberty Global ordinary shares from time to time, the parameters of our share purchase and redemption activities are not established with reference to the dilutive impact of our share-based compensation plans. For additional information regarding our share-based compensation, see note 15. Litigation Costs Legal fees and related litigation costs are expensed as incurred. Earnings or Loss per Share Basic earnings or loss per share ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares (e.g., options, SARs, RSUs, RSAs, PSARs and PSUs) as if they had been exercised, vested or converted at the beginning of the periods presented. The details of our net loss from continuing operations attributable to Liberty Global shareholders are set forth below: Year ended December 31, 2020 2019 2018 in millions Loss from continuing operations $ (1,466.7) $ (1,409.0) $ (1,411.5) Net earnings from continuing operations attributable to noncontrolling interests (161.3) (116.8) (120.5) Net loss from continuing operations attributable to Liberty Global shareholders $ (1,628.0) $ (1,525.8) $ (1,532.0) We reported losses from continuing operations attributable to Liberty Global shareholders during 2020, 2019 and 2018. Therefore, the potentially dilutive effect at December 31, 2020, 2019 and 2018 of the following items was not included in the computation of diluted loss from continuing operations attributable to Liberty Global shareholders per share because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSARs and PSUs, because such awards had not yet met the applicable performance criteria: (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, RSUs and RSAs of 76.1 million, 62.5 million and 58.7 million, respectively, and (ii) the aggregate number of shares issuable pursuant to PSARs and PSUs of 18.4 million, 23.9 million and 9.2 million, respectively. |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Revenue Recognition and Related Costs Contract Balances If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $44.3 million and $30.6 million as of December 31, 2020 and 2019, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $442.6 million and $867.1 million as of December 31, 2020 and 2019, respectively. The decrease in deferred revenue during 2020 is primarily due to the net effect of (a) the recognition of $795.3 million of revenue that was included in our deferred revenue balance at December 31, 2019, (b) $475.3 million of deferred revenue related to the U.K. JV Entities that was reclassified to liabilities associated with assets held for sale and (c) advanced billings in certain markets. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $46.6 million and $92.6 million at December 31, 2020 and 2019, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our consolidated balance sheets. During 2020, 2019 and 2018, we amortized $134.8 million, $101.1 million and $99.8 million, respectively, to operating costs and expenses associated with our assets related to contract costs (including with respect to the U.K. JV Entities (as defined in note 6), which assets are presented as held for sale). Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one one |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2020 Acquisition Sunrise Acquisition. On November 11, 2020, Liberty Global completed the acquisition of Sunrise Communications Group AG ( Sunrise ) (the Sunrise Acquisition ). The Sunrise Acquisition was effected through an all cash public tender offer (the Offer ) of the outstanding shares of Sunrise (the Sunrise Shares ) for CHF 110 ($120 at the transaction date) per share, for a total purchase price of CHF 5.0 billion ($5.4 billion at the transaction date). As of December 31, 2020, Liberty Global holds 98.9% of the share capital of Sunrise and has initiated a statutory “squeeze-out” procedure according to applicable Swiss law pursuant to which we will acquire the remaining 1.1% of Sunrise Shares that we do not yet own. This “squeeze-out” procedure is expected to be completed during the first half of 2021. As of December 31, 2020, we have recorded a liability of $59.8 million associated with the Sunrise Shares we have not yet acquired. The Offer was funded through (i) borrowings of CHF 3.2 billion ($3.5 billion at the applicable date) under new term loan facilities and (ii) existing liquidity of Liberty Global. In addition, we used amounts under these term loan facilities to (a) refinance CHF 1.4 billion ($1.5 billion at the applicable date) principal amount of Sunrise’s existing debt and (b) redeem in full CHF 200.0 million ($219.3 million at the applicable date) outstanding principal amount of Sunrise’s senior secured notes. For additional information regarding financing arrangements entered into by UPC Holding in connection with the Sunrise Acquisition, see note 11. We have accounted for the Sunrise Acquisition using the acquisition method of accounting, whereby the total purchase price (including with respect to the aforementioned squeeze-out procedure) was allocated to the acquired identifiable net assets of Sunrise 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. A summary of the preliminary purchase price and the opening balance sheet of Sunrise at the November 11, 2020 acquisition date is presented in the following table. 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 (i) property and equipment, (ii) goodwill, (iii) intangible assets associated with customer relationships, mobile spectrum assets and trade names and (iv) income taxes (in millions): Cash and cash equivalents $ 108.5 Trade receivables, net 489.2 Other current assets 163.5 Property and equipment, net 1,494.2 Goodwill (a) 3,465.7 Intangible assets subject to amortization, net 2,485.8 Operating lease ROU assets 1,047.1 Other assets, net 232.3 Current portion of debt and finance lease obligations (133.2) Current operating lease liabilities (136.5) Other accrued and current liabilities (535.9) Long-term debt and finance lease obligations (1,762.5) Long-term operating lease liabilities (877.6) Other long-term liabilities (612.8) Total purchase price (b) $ 5,427.8 _______________ (a) The goodwill recognized in connection with the Sunrise Acquisition is primarily attributable to (i) the opportunity to leverage Sunrise’s existing mobile network to gain immediate access to potential customers and (ii) estimated synergy benefits through the integration of Sunrise with our existing operations in Switzerland. (b) Excludes direct acquisition costs of $27.8 million incurred during 2020, which are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. 2019 Acquisition De Vijver Media. Prior to June 3, 2019, Telenet owned a 50.0% equity method investment in De Vijver Media NV ( De Vijver Media ), which provides content production, broadcasting and advertising services in Belgium. On June 3, 2019, Telenet acquired the remaining 50.0% ownership interest in De Vijver Media (the De Vijver Media Acquisition ) for cash consideration of €52.5 million ($58.9 million at the transaction date) after post-closing adjustments. Immediately following this transaction, Telenet repaid in full De Vijver Media’s €62.0 million ($69.5 million at the transaction date) of outstanding third-party debt. In connection with the De Vijver Media Acquisition, we recognized a $25.7 million gain during the second quarter of 2019, representing the difference between the fair value of $57.9 million and carrying amount of our then-existing 50.0% ownership interest in De Vijver Media. This gain is included in other income, net, in our consolidated statement of operations. Pro Forma Information The following unaudited pro forma consolidated operating results give effect to the Sunrise Acquisition as if it had been completed as of January 1, 2019. No effect has been given to the De Vijver Media Acquisition since it would not have had a significant impact on our results of operations during 2019 or 2018. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Sunrise Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. Year ended December 31, 2020 2019 in millions, except per share amounts Revenue $ 13,698.2 $ 13,453.2 Net loss from continuing operations attributable to Liberty Global shareholders $ (1,879.3) $ (1,889.8) Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share $ (3.12) $ (2.68) |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and the U.K. JV Transaction | Dispositions Pending Joint Venture Transaction On May 7, 2020, we entered into a Contribution Agreement (the Contribution Agreement ) with, among others, Telefonica SA ( Telefónica ). Pursuant to the Contribution Agreement, Liberty Global and Telefónica agreed to form a 50:50 joint venture (the U.K. JV ), which will combine Virgin Media’s operations in the U.K. along with certain other Liberty Global subsidiaries created as a result of the pending U.K. JV (together, the U.K. JV Entities ) with Telefónica’s mobile business in the U.K. to create a nationwide integrated communications provider. In our segment presentation, the U.K. JV Entities are included in our U.K./Ireland segment. In connection with the transaction, we have completed certain recapitalization financings, as described in note 11. The outstanding third-party debt associated with the U.K. JV Entities will be contributed in full to the U.K. JV, and Telefónica’s business in the U.K. will be contributed on a debt-free basis. The transaction will not trigger a change of control under Virgin Media’s debt agreements. Effectively all of Liberty Global’s U.K. tax capital allowances and tax loss carryforwards, which primarily resulted from prior infrastructure investments, reside in the U.K. JV Entities and, therefore, will be available for use solely within the U.K. JV upon the closing of the transaction. At closing, we expect to pay Telefónica an equalization payment estimated to be approximately £2.5 billion ($3.4 billion), as adjusted for debt and debt-like items and certain working capital and other adjustments. After taking into account the recapitalizations and the equalization payment, Liberty Global is expected to receive an estimated £1.4 billion ($1.9 billion) in total, including approximately £800 million ($1.1 billion) from the recapitalization of Virgin Media’s retained and 100.0% owned Ireland business. Pursuant to the framework agreement that we expect to enter into in connection with the closing of the U.K. JV, our company and Telefónica will provide certain services to the U.K. JV. The annual charges to the U.K. JV will ultimately depend on the actual level of services required by the U.K. JV. The U.K. JV intends to distribute available cash to the shareholders periodically and is expected to undertake periodic further recapitalizations, subject to market and operating conditions, to maintain a target net leverage ratio ranging between 4.0 and 5.0 times EBITDA (as defined in the applicable shareholders’ agreement). Our company will retain the cash generated by the operations of the U.K. JV Entities through the closing date and is required to fund any deficit in the associated defined pension plans that arises from the next triennial actuarial valuation. The consummation of the transaction contemplated by the Contribution Agreement is subject to certain conditions, including competition clearance by the applicable regulatory authorities. The Contribution Agreement also includes customary termination rights, including a right of the parties to terminate the agreement if the transaction has not closed within 24 months following the date of the Contribution Agreement, which may be extended by six months under certain circumstances. We currently expect the U.K. JV transaction to close in mid-2021. Following completion of the transaction, we expect to account for our 50% interest in the U.K. JV as an equity method investment. Effective with the signing of the Contribution Agreement, we began accounting for the U.K. JV Entities as held for sale. Accordingly, we ceased to depreciate or amortize the long-lived assets of the U.K. JV Entities. We have not presented the U.K. JV Entities as a discontinued operation as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale at December 31, 2020 are summarized below (in millions): Assets: Current assets (a) $ 4,519.8 Property and equipment, net 8,614.0 Goodwill 7,918.5 Other assets, net 3,230.4 Total assets $ 24,282.7 Liabilities: Current portion of debt and finance lease obligations $ 2,699.5 Other accrued and current liabilities 2,207.3 Long-term debt and finance lease obligations 16,724.1 Other long-term liabilities 1,566.3 Total liabilities $ 23,197.2 _______________ (a) Amount includes restricted cash, but excludes cash and cash equivalents, as the cash and cash equivalents of the U.K. JV Entities will be retained by Liberty Global upon the formation of the U.K. JV and are therefore not classified as held for sale. Dispositions Vodafone Disposal Group On July 31, 2019, we completed the sale of our operations in Germany, Romania, Hungary and the Czech Republic to Vodafone. The operations of Germany, Romania, Hungary and the Czech Republic are collectively referred to herein as the “ Vodafone Disposal Group .” After considering debt and working capital adjustments (including cash disposed) and €183.7 million ($205.8 million at the transaction date) of cash paid by our company to settle centrally-held vendor financing obligations associated with the Vodafone Disposal Group, we received net cash proceeds of €10.0 billion ($11.1 billion at the applicable rates). Pursuant to the agreement underlying the sale of the Vodafone Disposal Group, we transferred cash to fund certain third-party escrow accounts (the Vodafone Escrow Accounts ) pending the fulfillment by our company of certain terms of the agreement. The current and long-term portions of the receivables associated with the Vodafone Escrow Accounts are included in “other current assets” and “other assets, net”, respectively, on our consolidated balance sheets. The aggregate balance of the Vodafone Escrow Accounts was $190.4 million and $295.2 million at December 31, 2020 and 2019, respectively. In connection with the sale of the Vodafone Disposal Group, we recognized a gain of $12.2 billion that includes cumulative foreign currency translation gains of $88.2 million and income taxes of $35.4 million. In connection with the sale of the Vodafone Disposal Group, we have agreed to provide certain transitional services to Vodafone for a period of up to four years. These services principally comprise network and information technology-related functions. During 2020 and 2019, we recorded revenue of $152.6 million and $63.1 million, respectively, associated with these transitional services. For information regarding certain tax indemnities we provided in connection with the sale of the Vodafone Disposal Group, see note 19. UPC DTH On May 2, 2019, we completed the sale of UPC DTH to M7 Group ( M7 ). After considering debt and working capital adjustments (including cash disposed), we received net cash proceeds of €128.9 million ($144.1 million at the applicable rates). In connection with the sale of UPC DTH, we recognized a gain of $106.0 million that includes cumulative foreign currency translation losses of $10.0 million. No income taxes were required to be provided on this gain. In connection with the sale of UPC DTH, we have agreed to provide certain transitional services to M7 for a period of up to two years. These services principally comprise network and information technology-related functions. During 2020 and 2019, we recorded revenue of $1.9 million and $1.4 million, respectively, associated with these transitional services. UPC Austria On July 31, 2018, we completed the sale of our Austrian operations, “ UPC Austria ,” to Deutsche Telekom AG ( Deutsche Telekom ). After considering debt, working capital and noncontrolling interest adjustments and $35.5 million (equivalent at the transaction date) of cash paid by our company to settle centrally-held vendor financing obligations associated with UPC Austria, we received net cash proceeds of $2,058.2 million (equivalent at the applicable rates). A portion of the net proceeds were used to repay or redeem an aggregate $1.5 billion (equivalent at the applicable dates) principal amount of our outstanding debt, including (i) the repayment of $913.4 million (equivalent at the repayment date) principal amount under the UPC Holding Bank Facility, (ii) the redemption of $69.6 million (equivalent at the redemption date) principal amount of the UPCB SPE Notes and (iii) the redemption of $515.5 million (equivalent at the redemption date) principal amount of the VM Notes. The remaining net proceeds from the sale of UPC Austria were made available for general corporate purposes, including an additional $500.0 million of share repurchases. In connection with the sale of UPC Austria, we recognized a gain of $1,098.1 million that includes cumulative foreign currency translation gains of $79.5 million. No income taxes were required to be provided on this gain, which is included in gain on disposal of discontinued operations, net of taxes, in our consolidated statement of operations. In connection with the sale of UPC Austria, we have agreed to provide certain transitional services to Deutsche Telekom for a period of up to four years. These services principally comprise network and information technology-related functions. During 2020, 2019 and 2018, we recorded revenue of $35.0 million, $42.8 million and $17.9 million, respectively, associated with these transitional services. In October of 2019, we received notification of certain claims made by Deutsche Telekom related to our disposal of UPC Austria. For additional information, see note 19. Presentation of Discontinued Operations The operations of UPC Austria, the Vodafone Disposal Group and UPC DTH are presented as discontinued operations in our consolidated financial statements for 2019 and 2018, as applicable, and are summarized in the following tables. These amounts exclude intercompany revenue and expenses that are eliminated within our consolidated statements of operations. For information regarding our basic and diluted ordinary shares outstanding, see note 3. Vodafone Disposal Group (a) UPC DTH (b) Total in millions Year ended December 31, 2019 Revenue $ 2,017.9 $ 36.7 $ 2,054.6 Operating income $ 1,165.6 $ 10.7 $ 1,176.3 Earnings before income taxes $ 994.7 $ 9.5 $ 1,004.2 Income tax expense (273.9) — (273.9) Net earnings attributable to Liberty Global shareholders $ 720.8 $ 9.5 $ 730.3 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share $ 1.03 _______________ (a) Includes the operating results of the Vodafone Disposal Group through July 31, 2019, the date the Vodafone Disposal Group was sold. (b) Includes the operating results of UPC DTH through May 2, 2019, the date UPC DTH was sold. UPC Austria (a) Vodafone Disposal Group UPC DTH Total in millions Year ended December 31, 2018 Revenue $ 252.4 $ 3,584.2 $ 117.0 $ 3,953.6 Operating income $ 139.0 $ 1,787.0 $ 11.7 $ 1,937.7 Earnings before income taxes $ 138.7 $ 1,396.3 $ 9.6 $ 1,544.6 Income tax benefit (expense) (23.3) (365.2) 7.3 (381.2) Net earnings 115.4 1,031.1 16.9 1,163.4 Net earnings attributable to noncontrolling interests (4.2) — — (4.2) Net earnings attributable to Liberty Global shareholders $ 111.2 $ 1,031.1 $ 16.9 $ 1,159.2 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share $ 1.49 _______________ (a) Includes the operating results of UPC Austria through July 31, 2018, the date UPC Austria was sold. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Investments | Investments The details of our investments are set forth below: December 31, 2020 2019 Ownership (a) Accounting Method in millions % Equity (b): Long-term: VodafoneZiggo JV (c) $ 3,052.3 $ 3,174.1 50.0 All3Media Group ( All3Media ) 157.7 172.8 50.0 Formula E Holdings Ltd ( Formula E ) 105.8 105.2 32.9 Other 172.9 40.7 Total — equity 3,488.7 3,492.8 Fair value: Short-term: Separately-managed accounts ( SMAs ) (d) 1,600.2 — Long-term: ITV plc ( ITV ) — subject to re-use rights (e) 581.0 798.1 10.0 SMAs (d) 365.7 — Skillz Inc. ( Skillz ) (f) 225.4 10.2 3.0 Univision Holdings Inc. ( Univision ) 100.0 — 11.5 CANAL+ Polska S.A. ( CANAL+ Polska ) - formerly known as ITI Neovision S.A. 92.3 122.4 17.0 EdgeConneX Inc. ( EdgeConneX ) (f) 75.1 34.4 5.1 Lions Gate Entertainment Corp ( Lionsgate ) (g) 72.0 68.0 3.0 Other (h) 354.3 256.1 Total — fair value 3,466.0 1,289.2 Total investments (i) $ 6,954.7 $ 4,782.0 Short-term investments $ 1,600.2 $ — Long-term investments $ 5,354.5 $ 4,782.0 _______________ (a) Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information. (b) Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At December 31, 2020 and 2019, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,198.5 million and $1,041.0 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media. (c) Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $855.8 million and $786.1 million, respectively (the VodafoneZiggo JV Receivable I ), and (ii) a euro-denominated note receivable entered into during the third quarter of 2020 with a principal amount of $127.1 million at December 31, 2020 (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ). The VodafoneZiggo JV Receivable I, as amended in June 2020, and the VodafoneZiggo JV Receivable II each bear interest at 5.55% and have a final maturity date of December 31, 2030. In each of 2019 and 2018, we received a €100.0 million principal payment on the VodafoneZiggo JV Receivable I ($112.1 million and $114.5 million at the respective transaction dates). During 2020, interest accrued on the VodafoneZiggo JV Receivables was $48.0 million, all of which was cash settled. (d) Represents investments held under SMAs, which are maintained by investments managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of December 31, 2020, all of our investments held under SMAs were classified as available-for-sale debt securities, as further described in note 3. At December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our consolidated balance sheet, was $7.1 million. (e) In connection with our investment in ITV, we entered into a share collar (the ITV Collar ) with respect to the ITV shares held by our company. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under a secured borrowing agreement (the ITV Collar Loan ). We may elect to use cash or the collective value of the related shares and equity-related derivative instrument to settle the ITV Collar Loan . During 2020, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar, as further described in note 8. (f) At December 31, 2020, the fair values of our investments in Skillz and EdgeConneX reflect the merger of Skillz with Flying Eagle Acquisition Corporation and EdgeConneX with Herndon Merger Sub Inc, each completed during 2020. (g) In connection with our investment in Lionsgate, we previously entered into (i) the Lionsgate Forward (as defined in note 8) and (ii) a related borrowing agreement (the Lionsgate Loan ), each of which were fully settled during 2020, as further described in note 8. (h) As of December 31, 2020, we hold a $9.7 million noncontrolling junior interest in receivables we have securitized. (i) The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including those made by investment managers acting as agents on our behalf. Equity Method Investments The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2020 2019 2018 in millions VodafoneZiggo JV (a) $ (201.1) $ (185.9) $ 11.4 All3Media (27.9) (8.8) (19.2) Formula E (8.4) 1.7 (0.2) Other (7.9) (5.5) (0.7) Total $ (245.3) $ (198.5) $ (8.7) _______________ (a) Amounts include the net effect of (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables. VodafoneZiggo JV. Each of Liberty Global and Vodafone (each a “ Shareholder ”) holds 50% of the issued share capital of the VodafoneZiggo JV. The Shareholders intend for the VodafoneZiggo JV to be funded solely from its net cash flow from operations and third-party financing. We account for our 50% interest in the VodafoneZiggo JV as an equity method investment. We consider the VodafoneZiggo JV to be a related party. In connection with the formation of the VodafoneZiggo JV, the Shareholders entered into a shareholders agreement (the Shareholders Agreement ). The Shareholders Agreement contains customary provisions for the governance of a 50:50 joint venture that result in Liberty Global and Vodafone having joint control over decision making with respect to the VodafoneZiggo JV. The Shareholders Agreement also provides (i) for a dividend policy that requires the VodafoneZiggo JV to distribute all unrestricted cash to the Shareholders every two months (subject to the VodafoneZiggo JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VodafoneZiggo JV will be managed with a leverage ratio of between 4.5 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements) with the VodafoneZiggo JV undertaking periodic recapitalizations and/or refinancings accordingly. During 2020, 2019 and 2018, we received dividend distributions from the VodafoneZiggo JV of $249.5 million, $162.7 million and $232.5 million, respectively, which were accounted for as returns on capital for purposes of our consolidated statements of cash flows. Each Shareholder has the right to initiate an initial public offering ( IPO ) of the VodafoneZiggo JV with the opportunity for the other Shareholder to sell shares in the IPO on a pro rata basis. As of January 1, 2021, each Shareholder has the right to initiate a sale of all of its interest in the VodafoneZiggo JV to a third party and, under certain circumstances, initiate a sale of the entire VodafoneZiggo JV, subject, in each case, to a right of first offer in favor of the other Shareholder. Pursuant to an agreement (the Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the JV Services ). 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 provided during the term of the Framework Agreement. During 2020, 2019 and 2018, we recorded revenue from the VodafoneZiggo JV of $178.9 million, $189.1 million and $189.1 million, respectively, primarily related to (a) the JV Services and (b) sales of customer premises equipment at a mark-up. In addition, during 2019 and 2018, we purchased certain assets on the VodafoneZiggo JV’s behalf with an aggregate cost of $14.4 million and $13.1 million, respectively. At December 31, 2020 and 2019, $27.4 million and $19.3 million, respectively, were due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our consolidated balance sheets. The summarized results of operations of the VodafoneZiggo JV are set forth below: Year ended December 31, 2020 2019 2018 in millions Revenue $ 4,565.4 $ 4,407.8 $ 4,602.2 Loss before income taxes $ (287.2) $ (512.5) $ (467.8) Net loss $ (448.7) $ (470.0) $ (91.6) The summarized financial position of the VodafoneZiggo JV is set forth below: December 31, 2020 2019 in millions Current assets $ 1,067.2 $ 918.4 Long-term assets 22,563.6 21,508.1 Total assets $ 23,630.8 $ 22,426.5 Current liabilities $ 2,967.7 $ 2,726.4 Long-term liabilities 16,450.8 14,920.7 Owners’ equity 4,212.3 4,779.4 Total liabilities and owners’ equity $ 23,630.8 $ 22,426.5 Fair Value Investments The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net: Year ended December 31, 2020 2019 2018 in millions Skillz $ 238.0 $ 1.1 $ — ITV (217.1) 163.9 (257.8) EdgeConneX 33.1 — — CANAL+ Polska (26.3) 2.7 (24.9) SMAs 5.2 — — Lionsgate 4.0 (25.0) (86.4) Other, net (1.1) (43.7) (24.1) Total $ 35.8 $ 99.0 $ (393.2) Debt Securities The following table sets forth the details of our debt securities, which comprise all of our investment held under SMAs, as of and for the year ended December 31, 2020: Amortized cost basis Unrealized gains Fair Value in millions Corporate debt securities $ 713.2 $ 2.3 $ 715.5 Commercial paper 523.7 0.6 524.3 Government bonds 474.8 0.2 475.0 Certificates of deposit 251.0 0.1 251.1 Total debt securities $ 1,962.7 $ 3.2 $ 1,965.9 During 2020, we received proceeds from the sale of debt securities of $6.0 billion, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities during 2020 resulted in a net gain of $2.0 million. The fair values of our debt securities as of December 31, 2020 by contractual maturity are shown below (in millions): Due in one year or less $ 1,600.2 Due in one to five years 359.3 Due in five to ten years 6.4 Total (a) $ 1,965.9 _______________ (a) The weighted average life our total debt securities was 0.5 years as of December 31, 2020. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In general, we enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt, (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, and (iii) decreases in the market prices of certain publicly traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure primarily with respect to the U.S. dollar ( $ ), the euro ( € ), the British pound sterling ( £ ), the Swiss franc ( CHF ) and the Polish zloty ( PLN ). Generally, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: December 31, 2020 December 31, 2019 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 148.8 $ 418.4 $ 567.2 $ 270.8 $ 886.4 $ 1,157.2 Equity-related derivative instruments (c) 49.3 231.6 280.9 55.2 608.2 663.4 Foreign currency forward and option contracts 36.5 0.1 36.6 4.6 1.4 6.0 Other — 0.1 0.1 0.5 0.4 0.9 Total $ 234.6 $ 650.2 $ 884.8 $ 331.1 $ 1,496.4 $ 1,827.5 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 171.2 $ 1,364.1 $ 1,535.3 $ 389.2 $ 1,192.3 $ 1,581.5 Foreign currency forward and option contracts 81.5 — 81.5 1.2 — 1.2 Total $ 252.7 $ 1,364.1 $ 1,616.8 $ 390.4 $ 1,192.3 $ 1,582.7 _______________ (a) Our current derivative assets, long-term derivative assets and long-term derivative liabilities are included in other current assets, other assets, net, and other long-term liabilities, respectively, on our consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 11). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $336.0 million, $16.6 million and ($71.1 million) during 2020, 2019 and 2018, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9. (c) Our equity-related derivative instruments primarily include the ITV Collar, and as of December 31, 2019, the Lionsgate Forward (as defined and described below). The fair value of the ITV Collar does not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangement. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2020 2019 2018 in millions Cross-currency and interest rate derivative contracts $ (1,184.3) $ (207.3) $ 905.8 Equity-related derivative instruments: ITV Collar 364.2 (84.4) 176.7 Lionsgate Forward 0.8 13.0 30.1 Other 21.7 8.0 (9.3) Total equity-related derivative instruments 386.7 (63.4) 197.5 Foreign currency forward and option contracts (81.1) 77.4 22.7 Other (0.6) 1.3 (0.2) Total $ (879.3) $ (192.0) $ 1,125.8 The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying 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 following table sets forth the classification of the net cash inflows of our derivative instruments: Year ended December 31, 2020 2019 2018 in millions Operating activities $ (55.9) $ 179.0 $ 244.4 Investing activities (39.8) — — Financing activities 129.1 331.5 112.8 Total $ 33.4 $ 510.5 $ 357.2 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. Collateral is generally not posted by either party under our derivative instruments. At December 31, 2020, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $83.2 million. Each of our subsidiary borrowing groups have entered into derivative instruments under master agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements are limited to the derivative instruments and derivative-related debt instruments, governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. Under our derivative contracts, it is generally only the non-defaulting party that has a contractual option to exercise early termination rights upon the default of the other counterparty and to set off other liabilities against sums due upon such termination. However, in an insolvency of a derivative counterparty, under the laws of certain jurisdictions, the defaulting counterparty or its insolvency representatives may be able to compel the termination of one or more derivative contracts and trigger early termination payment liabilities payable by us, reflecting any mark-to-market value of the contracts for the counterparty. Alternatively, or in addition, the insolvency laws of certain jurisdictions may require the mandatory set off of amounts due under such derivative contracts against present and future liabilities owed to us under other contracts between us and the relevant counterparty. Accordingly, it is possible that we may be subject to obligations to make payments, or may have present or future liabilities owed to us partially or fully discharged by set off as a result of such obligations, in the event of the insolvency of a derivative counterparty, even though it is the counterparty that is in default and not us. To the extent that we are required to make such payments, our ability to do so will depend on our liquidity and capital resources at the time. In an insolvency of a defaulting counterparty, we will be an unsecured creditor in respect of any amount owed to us by the defaulting counterparty, except to the extent of the value of any collateral we have obtained from that counterparty. In addition, where a counterparty is in financial difficulty, under the laws of certain jurisdictions, the relevant regulators may be able to (i) compel the termination of one or more derivative instruments, determine the settlement amount and/or compel, without any payment, the partial or full discharge of liabilities arising from such early termination that are payable by the relevant counterparty or (ii) transfer the derivative instruments to an alternative counterparty. Details of our Derivative Instruments Cross-currency Derivative Contracts We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At December 31, 2020, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at December 31, 2020: Notional amount due from counterparty Notional amount due Weighted average remaining life in millions in years UPC Holding $ 360.0 € 267.9 4.8 $ 4,200.0 CHF 3,838.7 (a)(b) 7.0 € 3,418.3 CHF 3,802.7 (a)(b) 4.7 € 707.0 PLN 2,999.5 3.4 CHF 740.0 € 701.1 2.0 Telenet $ 3,940.0 € 3,489.6 (a) 6.1 € 45.2 $ 50.0 (c) 4.1 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2020. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) Includes amounts subject to a 0.0% floor. (c) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At December 31, 2020, the total U.S. dollar equivalent of the notional amount of these derivative instruments was $55.2 million. Interest Rate Swap Contracts The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2020: Pays fixed rate Receives fixed rate Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years UPC Holding $ 11,053.1 (a) 3.5 $ 4,970.4 4.9 Telenet $ 3,526.3 (a) 4.2 $ 1,744.7 2.7 Other $ 104.4 3.0 $ — — ______________ (a) Includes forward-starting derivative instruments. Interest Rate Swap Options From time to time, we enter into interest rate swap options ( swaptions ), which give us the right, but not the obligation, to enter into certain interest rate swap contracts at set dates in the future. Such contracts typically have a life of no more than three years. At December 31, 2020, the option expiration period on each of our swaptions had expired. Basis Swaps Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at December 31, 2020: Notional amount due from counterparty Weighted average remaining life in millions in years UPC Holding $ 3,300.0 (a) 0.6 Telenet $ 2,295.0 (a) 1.0 Other $ 104.4 (b) ______________ (a) Includes amounts subject to a 0.0% floor. (b) Contractual life expired on January 15, 2021. Interest Rate Caps, Floors and Collars From time to time, we enter into interest rate cap, floor and collar agreements. Purchased interest rate caps and collars lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. Purchased interest rate floors protect us from interest rates falling below a certain level, generally to match a floating rate floor on a debt instrument. At December 31, 2020, we had no interest rate collar agreements, and the total U.S. dollar equivalents of the notional amounts of our purchased interest rate caps and floors were $489.0 million and $7,930.2 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: Increase to borrowing costs at December 31, 2020 (a) UPC Holding 0.42 % Telenet 0.33 % Total increase to borrowing costs 0.38 % _______________ (a) Represents the effect of derivative instruments in effect at December 31, 2020 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 December 31, 2020, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $2.4 billion. Equity-related Derivative Instruments ITV Collar and Secured Borrowing. The ITV Collar comprises (i) purchased put options exercisable by our company and (ii) written call options exercisable by the counterparty. The ITV Collar effectively hedges a portion of the value of our investment in ITV shares from losses due to market price decreases below the put option price while retaining a portion of the gains from market price increases up to the call option price. The ITV Collar has settlement dates ranging through 2022. The ITV Collar and related borrowing agreement also provide our company with the ability to borrow against the value of its ITV shares. At December 31, 2020, certain of the ITV shares our company holds remain subject to the ITV Collar, which are held in a custody account and are pledged under the ITV Collar Loan. The ITV Collar Loan, which has maturity dates consistent with the ITV Collar and contains no financial covenants, provides for customary representations and warranties, events of default and certain adjustment and termination events. Under the terms of the ITV Collar, the counterparty has the right to re-use the pledged ITV shares held in the custody account, but we have the right to recall the shares that are re-used by the counterparty subject to certain costs. In addition, the counterparty retains dividends on the ITV shares that the counterparty would need to borrow from the custody account to hedge its exposure under the ITV Collar. During 2020, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar. As of December 31, 2020, the fair value of the ITV Collar was a net asset of $252.6 million and principal borrowings outstanding under the ITV Collar Loan were $415.9 million. Lionsgate Forward and Secured Borrowing. During 2020, we cash settled the remaining tranches of a prepaid forward (the Lionsgate Forward ) with respect to 833,333 of our voting and 833,334 of our non-voting Lionsgate shares and the related borrowings under the Lionsgate Loan. Accordingly, at December 31, 2020, the Lionsgate Forward and the Lionsgate Loan had been fully settled. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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 and (iii) certain instruments that we classify as debt. The reported fair values of these investments and instruments as of December 31, 2020 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred. During the fourth quarter of 2020, (i) our investment in Skillz transferred from Level 3 to Level 1 in connection with an initial public offering that was completed subsequent to Skillz’s merger with Flying Eagle Corporation, (ii) our investment in CANAL+ Polska transferred from Level 3 to Level 2 in connection with an attempted initial public offering and (iii) certain probability weighted, deal contingent cross-currency, interest rate and foreign currency derivative contracts entered into in connection with the Sunrise Acquisition moved from Level 3 to Level 2 upon the completion of the acquisition. 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 publicly-traded companies, 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. The recurring fair value measurement of our equity-related derivative instruments are based on standard option pricing models, which require the input of observable and unobservable variables such as exchange-traded equity prices, risk-free interest rates, dividend forecasts 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 December 31, 2020, our equity-related derivatives 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 8 and 11, respectively. The recurring fair value measurements of these instruments are determined using discounted cash flow models. With the exception of the inputs for certain swaptions, 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 currency rates, 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 use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. The inputs used for our credit risk valuations, including 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 these parameters to have a significant impact on the valuations of these instruments, we have determined that these valuations (other than the valuations of the aforementioned swaptions) fall under Level 2 of the fair value hierarchy. Due to the lack of Level 2 inputs for the swaption valuations, we believe these valuations fall 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 8. Fair value measurements are also used in connection with nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. The nonrecurring valuations associated with acquisition accounting primarily include the valuation of reporting units, customer relationship and other intangible assets and property and equipment. Unless a reporting unit has a readily determinable fair value, the valuation of reporting units 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. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During 2020, we performed a nonrecurring fair value measurement associated with the Sunrise Acquisition. The weighted average discount rate used in the preliminary valuation of the customer relationships acquired in connection with the Sunrise Acquisition was 6.75%. During 2019, we performed a nonrecurring fair value measurement associated with the De Vijver Media Acquisition. This valuation had no significant impact on our consolidated balance sheet at December 31, 2019. For information regarding our acquisitions, see note 5. A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows: Fair value measurements at December 31, 2020 using: Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 567.2 $ — $ 567.2 $ — Equity-related derivative instruments 280.9 — — 280.9 Foreign currency forward and option contracts 36.6 — 36.6 — Other 0.1 — 0.1 — Total derivative instruments 884.8 — 603.9 280.9 Investments: SMAs 1,965.9 405.7 1,560.2 — Other investments 1,500.1 888.2 92.3 519.6 Total investments 3,466.0 1,293.9 1,652.5 519.6 Total assets $ 4,350.8 $ 1,293.9 $ 2,256.4 $ 800.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,535.3 $ — $ 1,535.3 $ — Foreign currency forward and option contracts 81.5 — 81.5 — Total liabilities $ 1,616.8 $ — $ 1,616.8 $ — Fair value measurements Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,157.2 $ — $ 1,157.2 $ — Equity-related derivative instruments 663.4 — — 663.4 Foreign currency forward and option contracts 6.0 — 6.0 — Other 0.9 — 0.9 — Total derivative instruments 1,827.5 — 1,164.1 663.4 Investments 1,289.2 869.2 — 420.0 Total assets $ 3,116.7 $ 869.2 $ 1,164.1 $ 1,083.4 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,581.5 $ — $ 1,561.6 $ 19.9 Foreign currency forward and option contracts 1.2 — 1.2 — Total derivative liabilities 1,582.7 — 1,562.8 19.9 Debt 45.6 — 45.6 — Total liabilities $ 1,628.3 $ — $ 1,608.4 $ 19.9 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, interest rate and foreign currency derivative contracts Equity-related Total in millions Balance of net assets (liabilities) at January 1, 2020 $ 420.0 $ (19.9) $ 663.4 $ 1,063.5 Gains included in loss from continuing operations (a): Realized and unrealized gains (losses) on derivative instruments, net — (366.1) 386.7 20.6 Realized and unrealized gains due to changes in fair values of certain investments and debt, net 68.1 — — 68.1 Partial settlement of ITV collar (b) — — (731.2) (731.2) Settlement of Lionsgate Forward (c) — — (38.0) (38.0) Additions 201.6 — — 201.6 Reclassification of liability to held for sale (d) 225.6 — 225.6 Transfers out of Level 3 (180.8) 170.1 — (10.7) Foreign currency translation adjustments and other, net 10.7 (9.7) — 1.0 Balance of net assets at December 31, 2020 $ 519.6 $ — $ 280.9 $ 800.5 _______________ (a) Most of these net gains relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2020. (b) For additional information regarding the ITV Collar, see note 8. (c) For additional information regarding the Lionsgate Forward, see note 8. (d) Represents the reclassification of the derivative liabilities associated with the U.K. JV Entities as of December 31, 2020 to liabilities associated with assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. |
Long-lived Assets
Long-lived Assets | 12 Months Ended |
Dec. 31, 2020 | |
Long-lived Assets [Abstract] | |
Long-lived Assets | Long-lived Assets Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: Estimated December 31, 2020 2019 in millions Distribution systems 3 to 30 years $ 10,264.0 $ 19,007.2 Customer premises equipment 3 to 7 years 1,800.4 4,294.7 Support equipment, buildings and land 2 to 40 years 4,491.9 5,344.3 Total property and equipment, gross 16,556.3 28,646.2 Accumulated depreciation (8,502.2) (14,802.8) Total property and equipment, net $ 8,054.1 $ 13,843.4 Depreciation expense related to our property and equipment was $2,155.6 million, $3,123.5 million and $3,217.1 million during 2020, 2019 and 2018, respectively. During 2020, 2019 and 2018, we recorded non-cash increases to our property and equipment related to vendor financing arrangements (including amounts related to the U.K. JV Entities) of $1,371.1 million, $1,727.0 million and $2,175.5 million, respectively, which exclude related VAT of $226.7 million, $286.1 million and $347.3 million, respectively, that were also financed under these arrangements. Goodwill Changes in the carrying amount of our goodwill during 2020 are set forth below: January 1, Acquisitions Reclassification to assets held for sale (a) Foreign currency translation adjustments and other December 31, in millions U.K./Ireland $ 7,965.4 $ — $ (7,918.5) $ 249.3 $ 296.2 Switzerland 2,953.2 3,465.7 — 397.1 6,816.0 Belgium 2,576.1 6.7 — 200.9 2,783.7 Central and Eastern Europe 557.4 — — 12.8 570.2 Central and Corporate — 0.6 — — 0.6 Total $ 14,052.1 $ 3,473.0 $ (7,918.5) $ 860.1 $ 10,466.7 _______________ (a) Represents goodwill of the U.K. JV Entities. For additional information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. If, among other factors, (i) our equity values were to decline or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant. Changes in the carrying amount of our goodwill during 2019 are set forth below: January 1, Acquisitions Foreign December 31, in millions U.K./Ireland $ 7,671.0 $ — $ 294.4 $ 7,965.4 Belgium 2,576.3 48.7 (48.9) 2,576.1 Switzerland 2,903.9 — 49.3 2,953.2 Central and Eastern Europe 564.6 — (7.2) 557.4 Total $ 13,715.8 $ 48.7 $ 287.6 $ 14,052.1 Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization, which are included in other assets, net, on our consolidated balance sheets, are set forth below: Estimated useful life at December 31, 2020 December 31, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships 5 to 11 years $ 2,426.6 $ (246.4) $ 2,180.2 $ 3,653.9 $ (3,363.6) $ 290.3 Other 2 to 15 years 1,072.1 (366.3) 705.8 563.7 (281.9) 281.8 Total $ 3,498.7 $ (612.7) $ 2,886.0 $ 4,217.6 $ (3,645.5) $ 572.1 Amortization expense related to intangible assets with finite useful lives was $175.7 million, $528.7 million and $641.1 million during 2020, 2019 and 2018, respectively. Based on our amortizable intangible asset balances at December 31, 2020, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2021 $ 449.6 2022 428.9 2023 417.8 2024 405.9 2025 399.1 Thereafter 784.7 Total $ 2,886.0 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt and Lease Obligation [Abstract] | |
Debt | Debt The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2020 Principal amount Weighted Unused borrowing capacity (b) Borrowing currency U.S. $ December 31, 2020 2019 in millions UPC Holding Bank Facility (c) 3.32 % € 716.6 $ 876.0 $ 4,767.1 $ — UPCB SPE Notes 3.80 % — — 1,393.7 2,420.1 UPC Holding Senior Notes 4.56 % — — 1,261.5 1,202.3 Telenet Credit Facility (d) 2.19 % € 555.0 678.5 3,652.0 3,541.4 Telenet Senior Secured Notes 4.70 % — — 1,660.2 1,673.7 Vendor financing (e) (f) 2.21 % — — 1,142.9 1,374.3 ITV Collar Loan 0.90 % — — 415.9 1,435.5 Virgin Media debt (g) — (f) (f) (f) 15,693.5 Other (f) (h) 5.56 % — — 266.3 307.3 Total debt before deferred financing costs, discounts and premiums (i) 3.23 % $ 1,554.5 $ 14,559.6 $ 27,648.1 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: December 31, 2020 2019 in millions Total debt before deferred financing costs, discounts and premiums $ 14,559.6 $ 27,648.1 Deferred financing costs, discounts and premiums, net (118.4) (82.7) Total carrying amount of debt 14,441.2 27,565.4 Finance lease obligations (f) (note 12) 556.5 617.1 Total debt and finance lease obligations 14,997.7 28,182.5 Current maturities of debt and finance lease obligations (1,130.4) (3,877.2) Long-term debt and finance lease obligations $ 13,867.3 $ 24,305.3 _______________ (a) Represents the weighted average interest rate in effect at December 31, 2020 for all borrowings outstanding (except those of the U.K. JV Entities) pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.64% at December 31, 2020. For information regarding our derivative instruments, see note 8. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2020 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2020, based on the most restrictive applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and based on the most restrictive applicable leverage- based restricted payment tests, 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. Upon completion of the relevant December 31, 2020 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities, with no additional restriction to loan or distribute. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2020, or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. (c) Unused borrowing capacity under the UPC Holding Bank Facility comprises (i) €500.0 million ($611.2 million) under the UPC Revolving Facility (as defined below) and (ii) €216.6 million ($264.8 million) under the Revolving Facility (as defined within Financing Transactions below), each of which were undrawn at December 31, 2020. During 2020, as a result of the sale of certain entities within the UPC Holding borrowing group in prior years, and an associated reduction in the outstanding debt and Covenant EBITDA (as defined and described in the related debt agreement) of the remaining UPC Holding borrowing group, UPC Facility AM was cancelled in full and replaced with a new revolving facility which bears interest at a rate of EURIBOR + 2.50% and has a final maturity date of May 31, 2026 (the UPC Revolving Facility ). (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €510.0 million ($623.5 million) under the Telenet Revolving Facility I (as defined below), (ii) €25.0 million ($30.6 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($24.4 million) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2020. During 2020, Telenet Facility AG and Telenet Facility AP were cancelled in full and replaced with a single revolving facility which bears interest at a rate of EURIBOR + 2.25%, is subject to a EURIBOR floor of 0.0% and has a final maturity date of May 31, 2026 (the Telenet Revolving Facility I ). In addition, during 2020, certain lenders under the Telenet Revolving Facility agreed to extend and reprice their commitments and as a result, the Telenet Revolving Facility, as amended, bears interest at a rate of EURIBOR + 2.25%, is subject to a EURIBOR floor of 0.0% and has a final maturity date of September 30, 2026. (e) Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g. extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable on our consolidated balance sheet. These obligations are generally due within one year and include VAT that was also financed under these arrangements. Repayments of vendor financing obligations are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows. (f) In connection with the pending formation of the U.K. JV, the outstanding third-party debt of the U.K. JV Entities has been classified as liabilities associated with assets held for sale on our December 31, 2020 consolidated balance sheet. For information regarding the pending formation of the U.K. JV and the held-for-sale presentation of the U.K. JV Entities, see note 6. (g) The December 31, 2019 amount includes $264.6 million of debt collateralized by certain trade receivables of Virgin Media ( VM Receivables Financing ). During 2020, the amount outstanding under the VM Receivables Financing was repaid, and the associated trade receivables were sold to a third party (the VM Receivables Financing Sale ). (h) The December 31, 2019 amount includes $55.3 million of principal borrowings outstanding under the Lionsgate Loan. During 2020, we cash settled the outstanding amount under the Lionsgate Loan, as further described in note 8. (i) As of December 31, 2020 and 2019, our debt had an estimated fair value of $14.7 billion (excluding the U.K. JV Entities) and $28.4 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) 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 9. General Information At December 31, 2020, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise UPC Holding, Telenet and Virgin Media, include their respective restricted parent and subsidiary entities. Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial and other institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows: • Our credit facilities contain certain consolidated net leverage ratios, as specified in the relevant credit facility, which are required to be complied with (i) on an incurrence basis and/or (ii) when the associated revolving credit facilities have been drawn beyond a specified percentage of the total available revolving credit commitments, on a maintenance basis; • Subject to certain customary and agreed exceptions, our credit facilities contain certain restrictions which, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to their direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions; • Our credit facilities require that certain members of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such group members are required to grant first-ranking security over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder; • In addition to certain mandatory prepayment events, our credit facilities provide that the instructing group of lenders under the relevant credit facility, under certain circumstances, may cancel the group’s commitments thereunder and declare the loan(s) thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility); • Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions, materiality qualifications and cure rights, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) declare that all or part of the loans be payable on demand and/or (iii) accelerate all outstanding loans and terminate their commitments thereunder; • Our credit facilities require members of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and • In addition to customary default provisions, our credit facilities generally include certain cross-default or cross-acceleration provisions with respect to other indebtedness of members of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Certain of our borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future senior debt of such issuer and are senior to all existing and future subordinated debt of such issuer within the relevant borrowing group, (ii) contain, in most instances, certain guarantees from other members of the relevant borrowing group (as specified in the applicable indenture) and (iii) with respect to our senior secured notes, are secured by certain pledges or liens over the shares of certain members of the relevant borrowing group and, in certain borrowing groups, over substantially all of their assets. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows: • Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal at its stated maturity (after giving effect to any applicable grace period) of, or any acceleration with respect to, other indebtedness of the issuer or certain subsidiaries over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes; • Subject to certain customary and agreed exceptions, our notes contain certain restrictions that, among other things, restrict the ability of the members of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets and (iv) make certain restricted payments to its direct and/or indirect parent companies (and indirectly to Liberty Global) through dividends, loans or other distributions; • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must, subject to certain customary and agreed exceptions, offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%; • Our senior secured notes contain certain early redemption provisions including the ability to, during each 12-month period commencing on the issue date for such notes until the applicable call date, redeem up to 10% of the principal amount of the notes at a redemption price equal to 103% of the principal amount of the notes to be redeemed plus accrued and unpaid interest; and • Our notes are non-callable prior to their respective call date (as specified under the applicable indenture). At any time prior to the applicable call date, we may redeem some or all of the applicable notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable call date using the discount rate as of the redemption date plus a premium (as specified in the applicable indenture). On or after the applicable call date, we may redeem some or all of these notes at various redemption prices plus accrued interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date. SPE Notes. From time to time, we create special purpose financing entities ( SPEs ), most of which are 100% owned by third parties, for the primary purpose of facilitating the offering of senior secured notes, which we collectively refer to as the “ SPE Notes .” The SPEs used the proceeds from the issuance of SPE Notes to fund term loan facilities under the credit facilities made available to their respective borrowing group (as further described below), each a “ Funded Facility ” and collectively the “ Funded Facilities .” Each SPE is dependent on payments from the relevant borrowing entity under the applicable Funded Facility in order to service its payment obligations under each respective SPE Note. Each of the Funded Facility term loans creates a variable interest in the respective SPE for which the relevant borrowing entity is the primary beneficiary and are consolidated by the relevant parent entities, including Liberty Global. As a result, the amounts outstanding under the Funded Facilities are eliminated in the respective borrowing group’s and Liberty Global’s consolidated financial statements. At December 31, 2020, we had outstanding SPE Notes issued by entities consolidated by UPC Holding, collectively the “ UPCB SPEs ”. Pursuant to the respective indentures for the SPE Notes (the SPE Indentures ) and the respective accession agreements for the Funded Facilities, the call provisions, maturity and applicable interest rate for each Funded Facility are the same as those of the related SPE Notes. The SPEs, as lenders under the relevant Funded Facility for the relevant borrowing group, are treated the same as the other lenders under the respective credit facility, with benefits, rights and protections similar to those afforded to the other lenders. Through the covenants in the applicable SPE Indentures and the applicable security interests over the relevant SPE’s rights under the applicable Funded Facility granted to secure the relevant SPE’s obligations under the relevant SPE Notes, the holders of the SPE Notes are provided indirectly with the benefits, rights, protections and covenants granted to the SPEs as lenders under the applicable Funded Facility. The SPEs are prohibited from incurring any additional indebtedness, subject to certain exceptions under the SPE Indentures. The SPE Notes are non-callable prior to their respective call date (as specified under the applicable SPE Indenture). If, however, at any time prior to the applicable SPE Notes call date, all or a portion of the loans under the related Funded Facility are voluntarily prepaid (a SPE Early Redemption Event ), then the SPE will be required to redeem an aggregate principal amount of its respective SPE Notes equal to the aggregate principal amount of the loans prepaid under the relevant Funded Facility. In general, the redemption price payable will equal 100% of the principal amount of the applicable SPE Notes to be redeemed and a “make-whole” premium, which is the present value of all remaining scheduled interest payments to the applicable SPE Notes call date using the discount rate (as specified in the applicable SPE Indenture) as of the redemption date plus a premium (as specified in the applicable SPE Indenture). Upon the occurrence of a SPE Early Redemption Event on or after the applicable SPE Notes call date, the SPE will redeem an aggregate principal amount of its respective SPE Notes equal to the principal amount of the related Funded Facility prepaid at a redemption price (expressed as a percentage of the principal amount), plus accrued and unpaid interest and additional amounts (as specified in the applicable SPE Indenture), if any, to the applicable redemption date. Financing Transactions Below we provide summary descriptions of certain financing transactions completed during 2020, 2019 and 2018. A portion of our financing transactions may include non-cash borrowings and repayments. During 2020, 2019 and 2018, non-cash borrowings and repayments aggregated $3,525.2 million, $3,300.2 million and $2,583.3 million, respectively, including amounts related to the U.K. JV Entities. UPC Holding - 2020 Financing Transactions In January 2020, UPC Holding entered into (i) a $700.0 million term loan facility ( UPC Facility AT ) and (ii) a €400.0 million ($489.0 million) term loan facility ( UPC Facility AU ). UPC Facility AT was issued at 99.75% of par, matures on April 30, 2028 and bears interest at a rate of LIBOR + 2.25%, subject to a LIBOR floor of 0.0%. UPC Facility AU was issued at 99.875% of par, matures on April 30, 2029 and bears interest at a rate of EURIBOR + 2.50%, subject to a EURIBOR floor of 0.0%. The net proceeds from UPC Facility AT and UPC Facility AU were used to prepay in full the $1,140.0 million outstanding principal amount under UPC Facility AL, together with accrued and unpaid interest and the related prepayment premiums, which was owed to UPCB Finance IV and, in turn, UPCB Finance IV used such proceeds to redeem in full the $1,140.0 million outstanding principal amount of UPCB Finance IV Dollar Notes. In connection with this transaction, UPC Holding recognized a loss on debt extinguishment of $35.6 million related to (a) the payment of $30.7 million of redemption premiums and (b) the write-off of $4.9 million of unamortized deferred financing costs and discounts. In August 2020, in connection with the Sunrise Acquisition, UPC Holding entered into (i) a $1,300.0 million term loan facility ( UPC Facility AV ), (ii) a €400.0 million ($489.0 million) term loan facility ( UPC Facility AW ), (iii) a $1,300.0 million term loan facility ( UPC Facility AV1 ), (iv) a €400.0 million term loan facility ( UPC Facility AW1 ) and (v) a €236.4 million ($289.0 million) equivalent multi-currency revolving facility, part of which has been made available as an ancillary facility (the Revolving Facility , and together with UPC Facility AV, UPC Facility AW, UPC Facility AV1 and UPC Facility AW1, the UPC Sunrise Facilities ). UPC Facility AV and UPC Facility AV1 were each issued at 99.0% of par, mature on January 31, 2029 and bear interest at a rate of LIBOR + 3.50%, subject to a LIBOR floor of 0.0%. UPC Facility AW and UPC Facility AW1 were each issued at 98.5% of par, mature on January 31, 2029 and bear interest at a rate of EURIBOR + 3.50%, subject to a EURIBOR floor of 0.0%. The Revolving Facility matures on May 31, 2026 and bears interest at a rate of EURIBOR + 2.50%. The Revolving Facility, which is only available to be utilized by the borrowers under UPC Facility AV1 and UPC Facility AW1 and the entities acquired in the Sunrise Acquisition, can be used for ongoing working capital requirements and general corporate purposes. In November 2020, upon completion of the Sunrise Acquisition, the proceeds from (i) UPC Facility AV and UPC Facility AW, together with existing liquidity of Liberty Global, were used to fund the Offer and (ii) UPC Facility AV1 and UPC Facility AW1 were used to refinance the existing debt of Sunrise, as further described in note 5. In connection with these transactions, UPC Holding recognized a net loss on debt extinguishment of $7.5 million primarily related to (a) the payment of $13.1 million of redemption premiums and (b) the write-off of $5.2 million of unamortized deferred financing costs, discounts and premiums. UPC Holding - 2019 and 2018 Financing Transactions During 2019 and 2018, UPC Holding completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, UPC Holding recognized losses on debt extinguishment of $15.4 million and $8.9 million during 2019 and 2018, respectively. These losses include (i) the write-off of unamortized deferred financing costs and discounts of $15.4 million and $6.9 million, respectively, and (ii) during 2018, the payment of $2.0 million of redemption premiums . Telenet - 2020 Financing Transactions In January 2020, Telenet entered into (i) a $2,295.0 million term loan facility ( Telenet Facility AR ) and (ii) a €1,110.0 million ($1,357.0 million) term loan facility ( Telenet Facility AQ ). Telenet Facility AR was issued at 99.75% of par, matures on April 30, 2028 and bears interest at a rate of LIBOR + 2.0%, subject to a LIBOR floor of 0.0%. Telenet Facility AQ was issued at par, matures on April 30, 2029 and bears interest at a rate of EURIBOR + 2.25%, subject to a EURIBOR floor of 0.0%. The net proceeds from Telenet Facility AR and Telenet Facility AQ, together with existing cash, were used to prepay in full (a) the $2,295.0 million outstanding principal amount under Telenet Facility AN and (b) the €1,110.0 million outstanding principal amount under Telenet Facility AO. In connection with these transactions, Telenet recognized a net loss on debt extinguishment of $18.9 million related to the write-off of unamortized deferred financing costs, discounts and premiums. Telenet - 2019 and 2018 Financing Transactions During 2019 and 2018, Telenet completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Telenet recognized losses on debt extinguishment of $54.7 million and $31.5 million during 2019 and 2018, respectively. These losses include (i) the payment of redemption premiums of $50.4 million and $19.3 million, respectively, and (ii) the write-off of unamortized deferred financing costs and discounts of $4.3 million and $12.2 million, respectively . Virgin Media - 2020 Financing Transactions In connection with the pending formation of the U.K. JV, the outstanding third-party debt of Virgin Media and certain of its subsidiaries has been classified as liabilities associated with assets held for sale on our December 31, 2020 consolidated balance sheet. For information regarding the pending formation of the U.K. JV and the held-for-sale presentation of the U.K. JV Entities, see note 6. Trade Receivables Transaction . In May 2020, Virgin Media Trade Receivables Financing plc, a third-party special purpose financing entity, was created for the purpose of facilitating the offering of certain notes. These notes are collateralized by certain trade receivables of Virgin Media, creating a variable interest in which Virgin Media is the primary beneficiary and, accordingly, Virgin Media, and ultimately Liberty Global, are required to consolidate Virgin Media Trade Receivables Financing plc. The offering of these notes resulted in net proceeds of £214.4 million ($292.7 million) (the May 2020 Proceeds ). Senior Notes Transactions. In June 2020, Virgin Media issued $675.0 million principal amount of U.S. dollar-denominated senior notes (the 2030 VM Dollar Senior Notes ). The 2030 VM Dollar Senior Notes were issued at par, mature on July 15, 2030 and bear interest at a rate of 5.0%. The net proceeds from the issuance of these notes, together with the May 2020 Proceeds, were used to redeem in full (i) €460.0 million ($562.3 million) outstanding principal amount of 2025 VM Euro Senior Notes and (ii) $388.7 million outstanding principal amount of 2025 VM Dollar Senior Notes. Virgin Media then issued (a) an additional $250.0 million principal amount of 2030 VM Dollar Senior Notes at 101% of par and (b) €500.0 million ($611.2 million) principal amount of euro-denominated senior notes (the 2030 VM Euro Senior Notes ). The 2030 VM Euro Senior Notes were issued at par, mature on July 15, 2030 and bear interest at a rate of 3.75%. The net proceeds from the issuance of these notes were used (1) to redeem in full (A) $497.0 million outstanding principal amount of 2024 VM Dollar Senior Notes, (B) $71.6 million outstanding principal amount of 2022 VM 4.875% Dollar Senior Notes, (C) $51.5 million outstanding principal amount of 2022 VM 5.25% Dollar Senior Notes and (D) £44.1 million ($60.2 million) outstanding principal amount of 2022 VM Sterling Senior Notes and (2) for general corporate purposes. In connection with these transactions, Virgin Media recognized a net loss on debt extinguishment of $57.5 million related to (I) the payment of $50.8 million of redemption premiums and (II) the write-off of $6.7 million of unamortized deferred financing costs, discounts and premiums. Senior Secured Notes Transactions . In June 2020, Virgin Media issued (i) $650.0 million principal amount of U.S. dollar-denominated senior secured notes (the 2030 VM Dollar Senior Secured Notes ) and (ii) £450.0 million ($614.3 million) principal amount of sterling-denominated senior secured notes (the 2030 VM 4.125% Sterling Senior Secured Notes ). The 2030 VM Dollar Senior Secured Notes and 2030 VM 4.125% Sterling Senior Secured Notes were each issued at par, mature on August 15, 2030 and bear interest at a rate of 4.5% and 4.125%, respectively. The net proceeds from the issuance of these notes, together with existing cash, were used to (a) redeem in full £525.0 million ($716.7 million) outstanding principal amount of 2027 VM 4.875% Sterling Senior Secured Notes, (b) redeem in full £360.0 million ($491.5 million) outstanding principal amount of 2029 VM 6.25% Sterling Senior Secured Notes and (c) redeem £80.0 million ($109.2 million) of the £521.3 million ($711.7 million) outstanding principal amount of 2025 VM Sterling Senior Secured Notes. In connection with these transactions, Virgin Media recognized a net loss on debt extinguishment of $65.7 million related to (1) the payment of $64.7 million of redemption premiums and (2) the write-off of $1.0 million of unamortized deferred financing costs, discounts and premiums. In November 2020, Virgin Media issued via a private placement an additional (i) $265.0 million principal amount of 2030 VM Dollar Senior Secured Notes, (ii) £235.0 million ($320.8 million) principal amount of 4.25% sterling-denominated senior secured notes and (iii) £30.0 million ($41.0 million) principal amount of 2030 VM 4.125% Sterling Senior Secured Notes. The net proceeds from the issuance of these notes were used (a) to redeem in full the £441.3 million ($602.5 million) outstanding principal amount of 2025 VM Sterling Senior Secured Notes and (b) for general corporate purposes. In connection with this transaction, Virgin Media recognized a loss on debt extinguishment of $5.3 million related to the payment of redemption premiums. Vendor Financing Notes Transactions. In June 2020, Virgin Media Vendor Financing Notes III Designated Activity Company ( Virgin Media Financing III Company ) and Virgin Media Vendor Financing Notes IV Designated Activity Company ( Virgin Media Financing IV Company , and together with Virgin Media Financing III Company, the 2020 VM Financing Companies ) were created for the purpose of issuing certain vendor financing notes. The 2020 VM Financing Companies are third-party special purpose financing entities that are not consolidated by Virgin Media or Liberty Global. Virgin Media Financing III Company issued (i) £500.0 million ($682.6 million) principal amount of 4.875% vendor financing notes at par and (ii) £400.0 million ($546.1 million) principal amount of 4.875% vendor financing notes at 99.5% of par, each due July 15, 2028 (together, the VM Vendor Financing III Notes ). Virgin Media Financing IV Company issued $500.0 million principal amount of 5.0% vendor financing notes due July 15, 2028 at par (the VM Vendor Financing IV Notes , and together with the VM Vendor Financing III Notes, the June 2020 Vendor Financing Notes ). The net proceeds from the June 2020 Vendor Financing Notes were used by the 2020 VM Financing Companies to purchase certain vendor-financed receivables owed by Virgin Media and its subsidiaries from previously-existing third-party special purpose financing entities (the Original VM Financing Companies ) and various other third parties. As a result, Virgin Media paid $42.0 million of redemption premiums, which is included in losses on debt extinguishment, net, in our consolidated statement of operations for the year ended December 31, 2020. To the extent that the proceeds from the June 2020 Vendor Financing Notes exceed the amount of vendor-financed receivables available to be purchased from the Original VM Financing Companies and various other third parties, the excess proceeds are used to fund excess cash facilities under certain credit facilities of Virgin Media. As additional vendor financed receivables become available for purchase, the 2020 VM Financing Companies can request that Virgin Media repay any amounts available under these excess cash facilities. Virgin Media - 2019 and 2018 Financing Transactions During 2019 and 2018, Virgin Media completed a number of financing transactions that generally resulted in lower interest rates and extended maturities. In connection with these transactions, Virgin Media recognized losses on debt extinguishment of $144.6 million and $36.4 million during 2019 and 2018, respectively. These losses include (i) the payment of redemption premiums of $121.8 million and $28.2 million, respectively, and (ii) the write-off of net unamortized deferred financing costs, discounts and premiums of $22.8 million and $8.2 million, respectively. Other 2020 Financing Transactions In September 2020, in connection with the pending formation of the U.K. JV, certain subsidiaries of Liberty Global completed various financing transactions, as further described below. Due to the held-for-sale presentation of the U.K. JV Entities, the results of the below transactions have been classified as liabilities associated with assets held for sale on our December 31, 2020 consolidated balance sheet. For additional information regarding the pending formation of the U.K. JV and the held-for-sale presentation of the U.K. JV Entities, see note 6. Senior Secured Notes Transactions. Certain of the U.K. JV Entities outside of the Virgin Media borrowing group issued (i) $1,350.0 million principal amount of U.S. dollar-denominated senior secured notes (the 2031 VM O2 Dollar Senior Secured Notes ), (ii) €950.0 million ($1,161.4 million) principal amount of euro-denominated senior secured notes (the 2031 VM O2 Euro Senior Secured Notes ) and (iii) £600.0 million ($819.1 million) principal amount of sterling-denominated senior secured notes (th |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our ROU assets and lease liabilities is set forth below: December 31, 2020 2019 in millions ROU assets: Finance leases (a) $ 477.8 $ 531.0 Operating leases (b) 1,454.7 512.7 Total ROU assets $ 1,932.5 $ 1,043.7 Lease liabilities: Finance leases (c) $ 556.5 $ 617.1 Operating leases (d) 1,447.7 545.1 Total lease liabilities $ 2,004.2 $ 1,162.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2020, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During 2020, 2019 and 2018, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $49.7 million, $66.9 million and $102.4 million, respectively. (b) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2020, the weighted average remaining lease term for operating leases was 12.8 years and the weighted average discount rate was 5.8%. During 2020 and 2019, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $124.7 million and $88.5 million, respectively. (c) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. (d) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities A summary of our aggregate lease expense is set forth below: Year ended December 31, 2020 2019 in millions Finance lease expense: Depreciation and amortization $ 75.3 $ 84.2 Interest expense 33.4 33.8 Total finance lease expense 108.7 118.0 Operating lease expense (a) 151.1 135.7 Short-term lease expense (a) 6.8 8.0 Variable lease expense (b) 4.6 4.8 Total lease expense $ 271.2 $ 266.5 _______________ (a) Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Year ended December 31, 2020 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 126.2 $ 135.5 Operating cash outflows from finance leases 33.4 33.8 Financing cash outflows from finance leases 98.2 60.0 Total cash outflows from operating and finance leases $ 257.8 $ 229.3 Maturities of our operating and finance lease liabilities as of December 31, 2020 are presented below. As a result of the held-for-sale presentation of the U.K. JV Entities on our December 31, 2020 consolidated balance sheet, the amounts presented below do not include maturities of operating and finance lease liabilities of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Amounts represent U.S. dollar equivalents based on December 31, 2020 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 $ 212.2 $ 107.2 2022 196.1 98.8 2023 184.8 101.3 2024 168.8 62.2 2025 155.0 59.1 Thereafter 1,190.0 292.0 Total payments 2,106.9 720.6 Less: present value discount (659.2) (164.1) Present value of lease payments $ 1,447.7 $ 556.5 Current portion $ 180.3 $ 76.3 Noncurrent portion $ 1,267.4 $ 480.2 |
Leases | Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases. Lease Balances A summary of our ROU assets and lease liabilities is set forth below: December 31, 2020 2019 in millions ROU assets: Finance leases (a) $ 477.8 $ 531.0 Operating leases (b) 1,454.7 512.7 Total ROU assets $ 1,932.5 $ 1,043.7 Lease liabilities: Finance leases (c) $ 556.5 $ 617.1 Operating leases (d) 1,447.7 545.1 Total lease liabilities $ 2,004.2 $ 1,162.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2020, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During 2020, 2019 and 2018, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $49.7 million, $66.9 million and $102.4 million, respectively. (b) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2020, the weighted average remaining lease term for operating leases was 12.8 years and the weighted average discount rate was 5.8%. During 2020 and 2019, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $124.7 million and $88.5 million, respectively. (c) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. (d) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities A summary of our aggregate lease expense is set forth below: Year ended December 31, 2020 2019 in millions Finance lease expense: Depreciation and amortization $ 75.3 $ 84.2 Interest expense 33.4 33.8 Total finance lease expense 108.7 118.0 Operating lease expense (a) 151.1 135.7 Short-term lease expense (a) 6.8 8.0 Variable lease expense (b) 4.6 4.8 Total lease expense $ 271.2 $ 266.5 _______________ (a) Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Year ended December 31, 2020 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 126.2 $ 135.5 Operating cash outflows from finance leases 33.4 33.8 Financing cash outflows from finance leases 98.2 60.0 Total cash outflows from operating and finance leases $ 257.8 $ 229.3 Maturities of our operating and finance lease liabilities as of December 31, 2020 are presented below. As a result of the held-for-sale presentation of the U.K. JV Entities on our December 31, 2020 consolidated balance sheet, the amounts presented below do not include maturities of operating and finance lease liabilities of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Amounts represent U.S. dollar equivalents based on December 31, 2020 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 $ 212.2 $ 107.2 2022 196.1 98.8 2023 184.8 101.3 2024 168.8 62.2 2025 155.0 59.1 Thereafter 1,190.0 292.0 Total payments 2,106.9 720.6 Less: present value discount (659.2) (164.1) Present value of lease payments $ 1,447.7 $ 556.5 Current portion $ 180.3 $ 76.3 Noncurrent portion $ 1,267.4 $ 480.2 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Liberty Global files its primary income tax return in the U.K. Its subsidiaries file income tax returns in the U.S., the U.K. and a number of other European jurisdictions. The income taxes of Liberty Global and its subsidiaries are presented on a separate return basis for each tax-paying entity or group. The components of our earnings (loss) from continuing operations before income taxes are as follows: Year ended December 31, 2020 2019 2018 in millions U.K. $ (1,470.0) $ (831.0) $ 330.9 The Netherlands (606.0) (662.8) (321.1) Belgium 343.5 409.3 392.4 Luxembourg 95.5 (5.3) 0.7 U.S. (46.0) (7.0) (51.6) Switzerland (21.2) 178.5 318.8 Intercompany activity with discontinued operations — (237.2) (426.4) Other (19.4) (0.5) (81.9) Total $ (1,723.6) $ (1,156.0) $ 161.8 Income tax benefit (expense ) consists of: Current Deferred Total in millions Year ended December 31, 2020: U.S. (a) $ 81.5 $ 159.7 $ 241.2 U.K. (1.3) 52.2 50.9 Switzerland (3.5) 41.2 37.7 Luxembourg (0.3) (27.1) (27.4) Belgium (54.5) 36.3 (18.2) The Netherlands (7.7) — (7.7) Other (19.0) (0.6) (19.6) Total $ (4.8) $ 261.7 $ 256.9 Year ended December 31, 2019: The Netherlands $ — $ (275.3) $ (275.3) Belgium (134.7) 3.6 (131.1) U.K (1.5) 118.8 117.3 U.S. (a) (4.1) 81.9 77.8 Switzerland (27.8) (1.1) (28.9) Luxembourg (1.2) 7.7 6.5 Other (18.2) (1.1) (19.3) Total $ (187.5) $ (65.5) $ (253.0) Year ended December 31, 2018: U.S. (a) $ (957.5) $ 7.6 $ (949.9) The Netherlands 14.2 (519.4) (505.2) Belgium (153.9) 41.6 (112.3) U.K (7.2) 32.2 25.0 Switzerland (16.6) 6.2 (10.4) Luxembourg (3.1) 0.3 (2.8) Other (11.1) (6.6) (17.7) Total $ (1,135.2) $ (438.1) $ (1,573.3) _______________ (a) Includes federal and state income taxes. Our U.S. state income taxes were not material during any of the years presented. Income tax benefit (expense) attributable to our earnings (loss) from continuing operations before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Year ended December 31, 2020 2019 2018 in millions Computed “expected” tax benefit (expense) (a) $ 327.5 $ 219.6 $ (30.7) Non-deductible or non-taxable foreign currency exchange results (395.1) (26.5) 132.5 Recognition of previously unrecognized tax benefits 285.8 5.9 49.6 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (248.6) (167.9) (360.1) Enacted tax law and rate changes (c) 248.2 19.2 (13.5) Tax benefit associated with technologies innovation (d) 62.2 — — Non-deductible or non-taxable interest and other expenses (25.6) (191.7) (153.8) Change in valuation allowances (8.4) (113.6) (34.9) Mandatory Repatriation Tax (e) — — (1,137.2) Other, net 10.9 2.0 (25.2) Total income tax expense $ 256.9 $ (253.0) $ (1,573.3) _______________ (a) The statutory or “expected” tax rate is the U.K. rate of 19.0%. (b) These amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates including the effects of foreign earnings. (c) On July 22, 2020, legislation was enacted in the U.K. to maintain the corporate income tax rate at 19.0%, reversing previous legislation that had reduced the U.K. rate to 17.0% from April, 1, 2020. The impact of this rate change on our deferred balances was recorded during the third quarter of 2020. On December 23, 2020, legislation was enacted in the Netherlands to eliminate the corporate income tax rate reduction that had previously been enacted in December 2019. As a result, the corporate income tax rate remains at 25% in 2021 instead of reducing to 21.7%. Substantially all of the impacts of the new rate change in the Netherlands on our deferred tax balances were recorded during the fourth quarter of 2020, modifying the impacts of the 2019 rate change that were previously recorded during the fourth quarter of 2019. The December 2019 legislation delayed and lessened the corporate income tax rate reduction that had previously been enacted in December 2018, maintaining the 25% rate in 2020 and reducing to 21.7% in 2021 instead of reducing the rate to 22.5% in 2020 and 20.5% in 2021. Substantially all of the impacts of this change on our deferred tax balances were recorded during the fourth quarter of 2019, modifying the impacts of the 2018 rate change that were previously recorded during the fourth quarter of 2018. (d) The amount reflects the recognition of the innovation income tax deduction in Belgium, including the one-time effect of deductions related to prior periods. (e) As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due in part to the expected use of carryforward attributes in the U.S., all of which were subject to valuation allowances prior to the initial recognition of the Mandatory Repatriation Tax during the first quarter of 2018. The components of our net deferred tax assets (liabilities) are as follows: December 31, 2020 (a) 2019 in millions Deferred tax assets $ 565.1 $ 2,457.4 Deferred tax liabilities (b) (672.9) (246.4) Net deferred tax asset (liability) $ (107.8) $ 2,211.0 _______________ (a) Due to the held-for-sale presentation of the U.K. JV Entities, amounts as of December 31, 2020 exclude the deferred tax assets and liabilities associated with such entities. (b) Our deferred tax liabilities are included in other long-term liabilities on our consolidated balance sheets. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2020 2019 in millions Deferred tax assets: Net operating loss and other carryforwards $ 1,589.8 $ 4,367.5 Derivative instruments 272.3 113.3 Debt 218.9 231.5 Leases 204.5 58.5 Investments 194.6 136.4 Property and equipment, net 107.5 1,969.0 Other future deductible amounts 217.6 208.8 Deferred tax assets 2,805.2 7,085.0 Valuation allowance (1,578.9) (4,235.5) Deferred tax assets, net of valuation allowance 1,226.3 2,849.5 Deferred tax liabilities: Intangible assets (514.7) (114.1) Property and equipment, net (243.6) (169.9) Right of use assets (204.4) (56.8) Debt (182.6) (65.7) Deferred revenue (157.0) (168.1) Other future taxable amounts (31.8) (63.9) Deferred tax liabilities (1,334.1) (638.5) Net deferred tax asset (liability) $ (107.8) $ 2,211.0 Our deferred income tax valuation allowance decreased $2,656.6 million in 2020. This decrease reflects the net effect of (i) the impact of the held-for-sale presentation of the U.K. JV Entities (see note 6), (ii) the effect of enacted tax law and rate changes, (iii) a decrease in deferred tax assets, (iv) foreign currency translation adjustments, (v) business acquisitions and (vi) other individually insignificant items. The significant components of our tax loss carryforwards and related tax assets at December 31, 2020 are as follows: Tax loss Related Expiration Country in millions The Netherlands $ 3,353.8 $ 838.4 2021-2027 Belgium 1,342.7 335.7 Indefinite Luxembourg 980.6 256.0 Various Ireland 796.5 99.8 Indefinite U.K (a) 264.3 50.2 Indefinite Other 46.5 9.7 Various Total $ 6,784.4 $ 1,589.8 _______________ (a) Due to the held-for-sale presentation of the U.K. JV Entities, amounts exclude the tax loss carryforwards and related tax assets associated with such entities. Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction, however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. Further, tax jurisdictions restrict the type of taxable income that the above losses are able to offset. The majority of the tax losses shown in the above table are not expected to be realized, including certain losses that are limited in use due to change in control or same business tests. We have taxable outside basis differences on certain investments in non-U.S. subsidiaries. No additional income taxes have been provided for any undistributed foreign earnings, or any additional outside basis difference inherent in these entities, as these amounts continue to be reinvested in foreign operations. At December 31, 2020, we have not provided deferred tax liabilities on an estimated $1.4 billion of cumulative temporary differences on the outside bases of our non-U.S. subsidiaries. Through our subsidiaries, we maintain a presence in many countries. Many of these countries maintain highly complex tax regimes that differ significantly from the system of income taxation used in the U.K. and the U.S. We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws. The Tax Cuts and Jobs Act (the 2017 U.S. Tax Act) was signed into U.S. law on December 22, 2017. Significant changes to the U.S. income tax regime include the imposition of taxes on a one-time deemed mandatory repatriation of earnings and profits of foreign corporations (the Mandatory Repatriation Tax ) and a new tax on global intangible low-taxed income (the GILTI Tax ). The Mandatory Repatriation Tax requires that the aggregate post-1986 earnings and profits of our foreign corporations be included in our U.S. taxable income. The one-time repatriation of undistributed foreign earnings and profits is then taxed at a rate of 15.5% for cash earnings and 8% for non-cash earnings, both as defined in the 2017 U.S. Tax Act, and is payable, interest free, over an eight year period according to a prescribed payment schedule with 45% of the tax due in the last two years. At December 31, 2020 and 2019, after considering the expected use of carryforward tax attributes and other filing positions, our liability for the Mandatory Repatriation Tax was $295.7 million and $357.2 million, respectively. The GILTI Tax will require our U.S. subsidiaries that are shareholders in foreign corporations to include in their taxable income for each year beginning after December 31, 2017, their pro rata share of global intangible low-taxed income. The GILTI Tax is calculated as the excess of the net foreign corporation income over a deemed return. The GILTI Tax is reported as a period cost when it is incurred. We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations. In general, tax returns filed by our company or our subsidiaries for years prior to 2010 are no longer subject to examination by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including the Netherlands, Poland, the U.K. and the U.S. While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues. The changes in our unrecognized tax benefits are summarized below: 2020 2019 2018 in millions Balance at January 1 $ 664.3 $ 857.8 $ 350.4 Reductions for tax positions of prior years (361.5) (80.7) (117.9) Additions based on tax positions related to the current year 290.9 1.8 180.0 Additions for tax positions of prior years 134.4 1.0 457.4 Reduction related to the held for sale group (131.8) — — Foreign currency translation 15.4 (4.3) (8.5) Settlements with tax authorities (4.1) (111.3) — Lapse of statute of limitations (2.7) — (3.6) Balance at December 31 $ 604.9 $ 664.3 $ 857.8 No assurance can be given that any of these tax benefits will be recognized or realized. As of December 31, 2020, 2019 and 2018, there are $421.5 million, $546.5 million, and $759.8 million of unrecognized 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. During 2021, it is reasonably possible that the resolution of ongoing examinations by tax authorities, as well as the expiration of statutes of limitation and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2020. The amount of any such reductions could range up to $175.0 million, of which an immaterial amount would have a positive impact on our effective tax rate. Other than the potential impacts of these ongoing examinations and the expected expiration of certain statutes of limitation, we do not expect any material changes to our unrecognized tax benefits during 2021. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2021. During 2020, 2019 and 2018, the income tax expense of our continuing operations includes net income tax expense |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Capitalization At December 31, 2020, our authorized share capital consisted of an aggregate nominal amount of $20.0 million, consisting of any of the following: (i) ordinary shares (Class A, B or C), each with a nominal value of $0.01 per share, (ii) preference shares, with a nominal value to be determined by the board of directors, the issuance of one or more classes or series of which may be authorized by the board of directors, and (iii) any other shares of one or more classes as may be determined by the board of directors or by the shareholders of Liberty Global. Under Liberty Global’s Articles of Association, effective July 1, 2015, holders of Liberty Global Class A ordinary shares are entitled to one vote for each such share held, and holders of Liberty Global Class B ordinary shares are entitled to 10 votes for each such share held, on all matters submitted to a vote of Liberty Global shareholders at any general meeting (annual or special). Holders of Liberty Global Class C ordinary shares are not entitled to any voting powers except as required by law. At the option of the holder, each Liberty Global Class B ordinary share is convertible into one Liberty Global Class A ordinary share. One Liberty Global Class A ordinary share is reserved for issuance for each Liberty Global Class B ordinary share that is issued (12,561,444 shares issued as of December 31, 2020). Additionally, at December 31, 2020, we have reserved the following ordinary shares for the issuance of outstanding share-based incentive awards: Class A Class B Class C Options 623,572 — 3,463,971 SARs 19,245,884 — 40,890,502 RSUs 2,443,306 — 4,878,115 PSUs and PSARS 5,920,958 660,000 11,841,916 Subject to any preferential rights of any outstanding class of our preference shares, the holders of our ordinary shares are entitled to dividends as may be declared from time to time by our board of directors from funds available therefore. Except with respect to share distributions, whenever a dividend is paid in cash to the holder of one class of our ordinary shares, we shall also pay to the holders of the other classes of our ordinary shares an equal per share dividend. There are currently no contractual restrictions on our ability to pay dividends in cash or shares. In the event of our liquidation, dissolution and winding up, after payment or provision for payment of our debts and liabilities and subject to the prior payment in full of any preferential amounts to which our preference shareholders, if any, may be entitled, the holders of our ordinary shares will be entitled to receive their proportionate interests, expressed in liquidation units, in any assets available for distribution to our ordinary shares. Share Repurchase Programs As a U.K. incorporated company, we may only elect to repurchase shares or pay dividends to the extent of our “ Distributable Reserves .” Distributable Reserves, which are not linked to a GAAP reported amount, may be created through the earnings of the U.K. parent company and, among other methods, through a reduction in share premium approved by the English Companies Court. Based on the amounts set forth in our 2019 U.K. Companies Act Report dated May 21, 2020, which are our most recent “Relevant Accounts” for the purposes of determining our Distributable Reserves under U.K. law, our Distributable Reserves were $17.1 billion as of December 31, 2019. This amount does not reflect earnings, share repurchases or other activity that occurred in 2020, each of which impacts the amount of our Distributable Reserves. Our board of directors has approved share repurchase programs for our Liberty Global ordinary shares. Under our share repurchase program, we receive authorization to acquire up to the specified amount (before direct acquisition costs) of Class A and Class C Liberty Global ordinary shares, or other authorized securities, from time to time through open market or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares or other securities pursuant to our equity repurchase programs, which may be suspended or discontinued at any time, is dependent on a variety of factors, including market conditions. At December 31, 2020, the remaining amount authorized for share repurchases was $1.0 billion. The following table provides details of our share repurchases during 2020, 2019 and 2018: Class A ordinary shares Class C ordinary shares Shares Average price Shares Average price Total cost (a) in millions Liberty Global Shares: 2020 1,309,000 $ 22.38 54,473,323 $ 19.15 $ 1,072.3 2019 (b) 24,348,562 $ 27.61 95,395,291 $ 26.64 $ 3,220.2 2018 15,649,900 $ 29.67 54,211,059 $ 28.51 $ 2,010.0 _______________ (a) Includes direct acquisition costs, where applicable. (b) Includes repurchases made pursuant to modified Dutch auction cash tenders, comprising 24,002,262 shares of our class A ordinary shares at a per share price of $27.50 and 75,420,009 shares of our class C ordinary shares at a price per share of $27.00, for an aggregate purchase price of $2.7 billion, including direct acquisition costs. Subsidiary Distributions From time to time, Telenet and certain other of our subsidiaries make cash distributions to their respective shareholders. Our share of these distributions is eliminated in consolidation and the noncontrolling interest owners’ share of these distributions is reflected as a charge against noncontrolling interests in our consolidated statements of equity. In this regard, Telenet paid aggregate dividends to its shareholders during 2020, 2019 and 2018 of €292.4 million, €62.8 million and €600.0 million, respectively. Our share of these dividends was €177.8 million ($205.4 million at the applicable rate), €37.8 million ($42.0 million at the applicable rate) and €351.6 million ($404.8 million at the applicable rate), respectively. Restricted Net Assets The ability of certain of our subsidiaries to distribute or loan all or a portion of their net assets to our company is limited by the terms of applicable debt facilities. At December 31, 2020, substantially all |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based Compensation Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: Year ended December 31, 2020 2019 2018 in millions Liberty Global: Performance-based incentive awards (a) $ 127.4 $ 134.5 $ 50.8 Non-performance based incentive awards (b) 134.1 107.6 90.1 Other (c) 46.2 39.0 43.4 Total Liberty Global 307.7 281.1 184.3 Telenet share-based incentive awards (d) 35.5 15.6 19.6 Other 4.8 9.1 2.1 Total $ 348.0 $ 305.8 $ 206.0 Included in: Other operating expenses $ 7.6 $ 3.9 $ 4.4 SG&A expenses 340.4 301.9 201.6 Total $ 348.0 $ 305.8 $ 206.0 _______________ (a) Includes share-based compensation expense related to (i) PSUs and (ii) in 2020 and 2019, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award, each as defined and described below. (b) In 2019, we changed our policy to provide that all new equity grants would have ten-year contractual terms in order to more closely align with common market practice. In April 2020, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options granted in 2013 from a seven-year term to a ten-year term in order to align with this new policy. Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $18.9 million during 2020. The 2019 amount includes share-based compensation expense related to the RSAs issued under the 2019 CEO Performance Award, as defined and described below. (c) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash. (d) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, which, at December 31, 2020, included performance- and non-performance-based stock option awards with respect to 5,001,814 Telenet shares. These stock option awards had a weighted average exercise price of €40.69 ($49.74). As of December 31, 2020, $244.8 million of total unrecognized compensation cost related to our Liberty Global share-based incentive awards is expected to be recognized by our company over a weighted-average period of approximately 1.8 years. The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global ordinary shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted): Year ended December 31, 2020 2019 2018 Assumptions used to estimate fair value of options, SARs and PSARs granted: Risk-free interest rate 0.13 - 0.47% 1.59 - 2.45% 2.68 - 2.92% Expected life 3.2 - 6.2 years 3.2 - 6.2 years 3.0 - 4.2 years Expected volatility 34.6 - 38.8% 29.9 - 33.8% 30.2 - 33.6% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 5.92 $ 8.60 $ 8.99 SARs $ 4.19 $ 6.79 $ 7.92 PSARs (a) $ 6.92 (a) RSUs $ 15.66 $ 24.66 $ 28.72 RSAs (a) $ 25.29 (a) PSUs (a) $ 25.00 $ 23.60 Total intrinsic value of awards exercised (in millions): Options $ 1.2 $ 4.2 $ 3.8 SARs (b) $ 13.6 $ 22.5 Cash received from exercise of options (in millions) $ 2.2 $ 2.3 $ 5.7 Income tax benefit related to share-based compensation of our continuing operations (in millions) $ 36.9 $ 21.0 $ 18.6 _______________ (a) There were no grants of this award type made during the indicated period. (b) There were no exercises of SARs during the year ended December 31, 2020. Share Incentive Plans — Liberty Global Ordinary Shares Incentive Plans As of December 31, 2020, we are authorized to grant incentive awards under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan. Generally, we may grant non-qualified share options, SARs, PSARs, restricted shares, RSUs, cash awards, performance awards or any combination of the foregoing under either of these incentive plans (collectively, awards). Ordinary shares issuable pursuant to awards made under these incentive plans will be made available from either authorized but unissued shares or shares that have been issued but reacquired by our company. Awards may be granted at or above fair value in any class of ordinary shares. The maximum number of Liberty Global shares with respect to which awards may be issued under the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan is 155 million (of which no more than 50.25 million shares may consist of Class B ordinary shares) and 10.5 million, respectively, in each case, subject to anti-dilution and other adjustment provisions in the respective plan. As of December 31, 2020, the Liberty Global 2014 Incentive Plan and the Liberty Global 2014 Nonemployee Director Incentive Plan had 60,799,181 and 8,005,545 ordinary shares available for grant, respectively. Awards (other than performance-based awards) under the Liberty Global 2014 Incentive Plan generally (i) vest (a) prior to 2020, 12.5% on the six month anniversary of the grant date and then at a rate of 6.25% each quarter thereafter and (b) commencing in 2020, annually over a three-year period and (ii) expire (1) prior to 2019, seven years after the grant date and (2) commencing in 2019, 10 years after the grant date. Awards (other than RSUs) issued under the Liberty Global 2014 Nonemployee Director Incentive Plan generally vest in three equal annual installments, provided the director continues to serve as director immediately prior to the vesting date, and expire seven years after the grant date. Commencing with awards made in 2019, the term was increased to 10 years. RSUs vest on the date of the first annual general meeting of shareholders following the grant date. These awards may be granted at or above fair value in any class of ordinary shares. Performance Awards The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees. 2019 CEO Performance Award In April 2019, the compensation committee of our board of directors approved the grant of RSAs and PSUs to our Chief Executive Officer ( CEO ) (the 2019 CEO Performance Award ), comprising 670,000 RSAs and 1,330,000 PSUs, each with respect to Liberty Global Class B ordinary shares. Subject to certain terms, the RSAs vested on December 31, 2019. Subject to forfeitures, the satisfaction of performance conditions and certain other terms, 670,000 PSUs vested on May 15, 2020, and the remaining 660,000 PSUs will vest on May 15, 2021. Prior to vesting, our CEO may change the PSUs to a mix of Liberty Global Class A, B or C ordinary shares of comparable value. The performance criteria for the 2019 CEO Performance Award PSUs is based on the achievement of our CEO’s performance conditions, as established by the compensation committee. 2019 Challenge Performance Awards In March 2019, the compensation committee of our board of directors approved a challenge performance award for executive officers and certain employees (the 2019 Challenge Performance Awards ), which consists of a combination of PSARs and PSUs, in each case divided on a 1:2 ratio based on Liberty Global Class A ordinary shares and Liberty Global Class C ordinary shares. Each PSU represents the right to receive one Liberty Global Class A ordinary share or one Liberty Global Class C ordinary share, as applicable. The performance criteria for the 2019 Challenge Performance Awards is based on the participant’s performance and achievement of individual goals during a performance period of three years ending on December 31, 2021. Subject to forfeitures, the satisfaction of performance conditions and certain other terms, 100% of each participant’s 2019 Challenge Performance Awards will vest on March 7, 2022. The PSARs have a term of ten years and base prices equal to the respective market closing prices of the applicable class on the grant date. Liberty Global PSUs In April 2019, the compensation committee of our board of directors approved the grant of PSUs to executive officers and key employees (the 2019 PSUs ) pursuant to a performance plan that was based on the achievement of a specified Adjusted EBITDA CAGR during the two-year period ended December 31, 2020. The 2019 PSUs include over- and under-performance payout opportunities should the Adjusted EBITDA CAGR exceed or fail to meet the target, as applicable. A performance range of 50% to 125% of the target Adjusted EBITDA CAGR will generally result in award recipients earning 50% to 150% of their target 2019 PSUs, subject to reduction or forfeiture based on individual performance. The earned 2019 PSUs will vest 50% on April 1, 2021 and 50% on October 1, 2021. During 2018, the compensation committee of our board of directors approved the grant of PSUs to executive officers and key employees (the 2018 PSUs ) pursuant to a performance plan that was based on the achievement of a specified Adjusted EBITDA CAGR during the two-year period ended December 31, 2019. Participants earned 106.1% of their targeted awards under the 2018 PSUs, which vested 50% on each of April 1, 2020 and October 1, 2020. The target Adjusted EBITDA CAGR for the 2018 PSUs was determined on October 26, 2018 and, accordingly, associated compensation expense was recognized prospectively from that date. In February 2016, our compensation committee approved the grant of PSUs to executive officers and key employees (the 2016 PSUs ). The performance plan for the 2016 PSUs covered a three-year period that ended on December 31, 2018 and included a performance target based on the achievement of a specified compound annual growth rate ( CAGR ) in a consolidated Adjusted EBITDA metric (as defined in note 20). The performance target was adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates that affect comparability ( Adjusted EBITDA CAGR ). The 2016 PSUs, as adjusted through the 2017 Award Modification, required delivery of compound annual growth rates of consolidated Adjusted EBITDA CAGR of 6.0% during the three-year performance period for Liberty Global or Liberty Latin America depending on the respective class of shares underlying the award. Participants earned 82.3% of their targeted awards under the 2016 PSUs, which vested 50% on each of April 1, 2019 and October 1, 2019. Share-based Award Activity — Liberty Global Ordinary Shares The following tables summarize the share-based award activity during 2020 with respect to awards issued by Liberty Global. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, with respect to share-based awards held by Liberty Global employees, the number of shares to be issued upon vesting or exercise is reduced by the amount of the employee’s required income tax withholding. Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 588,258 $ 29.25 Granted 78,948 $ 21.86 Forfeited (2,533) $ 22.65 Exercised (41,101) $ 13.00 Outstanding at December 31, 2020 623,572 $ 29.41 3.6 $ 0.6 Exercisable at December 31, 2020 495,900 $ 30.67 2.3 $ 0.4 Options — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 3,506,568 $ 25.81 Granted 542,801 $ 16.98 Forfeited (483,100) $ 25.38 Exercised (102,298) $ 12.88 Outstanding at December 31, 2020 3,463,971 $ 24.87 3.8 $ 4.8 Exercisable at December 31, 2020 2,570,677 $ 26.41 2.3 $ 3.7 SARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 16,251,617 $ 31.18 Granted 5,084,564 $ 16.20 Forfeited (2,085,032) $ 30.52 Exercised (5,265) $ 24.90 Outstanding at December 31, 2020 19,245,884 $ 27.29 5.1 $ 40.2 Exercisable at December 31, 2020 11,367,027 $ 32.23 2.8 $ — SARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 35,682,862 $ 29.77 Granted 10,169,128 $ 15.28 Forfeited (4,952,165) $ 28.95 Exercised (9,323) $ 24.15 Outstanding at December 31, 2020 40,890,502 $ 26.27 4.9 $ 83.9 Exercisable at December 31, 2020 25,082,821 $ 30.83 2.8 $ — PSARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 4,071,616 $ 25.97 Forfeited (347,946) $ 25.99 Outstanding at December 31, 2020 3,723,670 $ 25.97 8.2 $ — Exercisable at December 31, 2020 1,473 $ 25.97 0.8 $ — PSARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 8,143,232 $ 25.22 Forfeited (695,892) $ 25.24 Outstanding at December 31, 2020 7,447,340 $ 25.22 8.2 $ — Exercisable at December 31, 2020 2,946 $ 25.22 0.8 $ — RSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 515,496 $ 27.86 Granted 2,234,496 $ 16.28 Forfeited (91,229) $ 22.62 Released from restrictions (215,457) $ 28.46 Outstanding at December 31, 2020 2,443,306 $ 17.41 2.2 RSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 48,786 $ 26.03 Released from restrictions (48,786) $ 26.03 Outstanding at December 31, 2020 — $ — — RSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 1,026,010 $ 26.95 Granted 4,468,992 $ 15.36 Forfeited (183,173) $ 21.77 Released from restrictions (433,714) $ 27.58 Outstanding at December 31, 2020 4,878,115 $ 16.47 2.2 PSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 3,388,371 $ 25.00 Forfeited (132,789) $ 26.04 Released from restrictions (1,058,294) $ 24.01 Outstanding at December 31, 2020 2,197,288 $ 25.41 1.0 PSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 1,330,000 $ 25.29 Released from restrictions (670,000) $ 25.29 Outstanding at December 31, 2020 660,000 $ 25.29 0.4 PSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 6,776,048 $ 24.29 Forfeited (263,994) $ 25.26 Released from restrictions (2,117,478) $ 23.39 Outstanding at December 31, 2020 4,394,576 $ 24.66 1.0 Share-based Award Activity — Liberty Global Ordinary Shares Held by Former Liberty Global Employees The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although we do not recognize share-based compensation expense with respect to these awards, any future exercises of SARs and any future vesting of RSUs and PSUs will increase the number of our outstanding ordinary shares. Number of awards Weighted average exercise or base price Weighted average remaining contractual term Aggregate intrinsic value SARs: Class A: Outstanding 1,413,040 $ 34.11 1.7 $ — Exercisable 1,396,581 $ 34.09 1.6 $ — Class C: Outstanding 3,142,227 $ 32.23 1.7 $ — Exercisable 3,109,319 $ 32.21 1.7 $ — Number of awards Weighted average grant date fair value per share Weighted average remaining contractual term Outstanding RSUs and PSUs: Class A: RSUs 597 $ 35.32 0.4 PSUs 1,357 $ 24.90 0.8 Class C: RSUs 1,183 $ 34.43 0.4 PSUs 2,714 $ 24.90 0.8 |
Restructuring Liabilities
Restructuring Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liabilities | Restructuring Liabilities A summary of changes in our restructuring liabilities during 2020 is set forth in the table below: Employee Office Contract termination Total in millions Restructuring liability as of January 1, 2020 $ 19.1 $ 2.2 $ 10.6 $ 31.9 Restructuring charges 34.9 5.8 6.8 47.5 Cash paid (43.8) (4.9) (7.5) (56.2) Reclassification to held for sale (a) (2.2) (3.2) — (5.4) Foreign currency translation adjustments and other 2.1 0.3 (0.8) 1.6 Restructuring liability as of December 31, 2020 $ 10.1 $ 0.2 $ 9.1 $ 19.4 Current portion $ 10.1 $ 0.1 $ 3.2 $ 13.4 Noncurrent portion — 0.1 5.9 6.0 Total $ 10.1 $ 0.2 $ 9.1 $ 19.4 _______________ (a) Represents the reclassification of the restructuring liabilities associated with the U.K. JV Entities as of December 31, 2020 to liabilities associated with assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Our restructuring charges during 2020 included employee severance and termination costs related to certain reorganization activities of $15.0 million in Switzerland, $12.9 million in U.K./Ireland and $5.9 million in Central and Corporate. A summary of changes in our restructuring liabilities during 2019 is set forth in the table below: Employee Office Contract termination Total in millions Restructuring liability as of January 1, 2019, before effect of accounting change $ 14.7 $ 8.5 $ 17.9 $ 41.1 Impact of ASU 2016-02 — (2.4) — (2.4) Restructuring liability as of January 1, 2019, as adjusted for accounting change 14.7 6.1 17.9 38.7 Restructuring charges 84.3 1.1 4.5 89.9 Cash paid (81.3) (4.4) (10.9) (96.6) Foreign currency translation adjustments and other 1.4 (0.6) (0.9) (0.1) Restructuring liability as of December 31, 2019 $ 19.1 $ 2.2 $ 10.6 $ 31.9 Current portion $ 17.6 $ 1.9 $ 3.2 $ 22.7 Noncurrent portion 1.5 0.3 7.4 9.2 Total $ 19.1 $ 2.2 $ 10.6 $ 31.9 Our restructuring charges during 2019 included employee severance and termination costs related to certain reorganization activities of $40.2 million in U.K./Ireland, $32.3 million in Central and Corporate and $10.5 million in Switzerland. A summary of changes in our restructuring liabilities during 2018 is set forth in the table below: Employee Office Contract termination Total in millions Restructuring liability as of January 1, 2018 $ 11.3 $ 9.5 $ 16.5 $ 37.3 Restructuring charges 42.2 5.5 48.7 96.4 Cash paid (35.5) (6.0) (44.7) (86.2) Foreign currency translation adjustments and other (3.3) (0.5) (2.6) (6.4) Restructuring liability as of December 31, 2018 $ 14.7 $ 8.5 $ 17.9 $ 41.1 Current portion $ 13.3 $ 4.5 $ 8.4 $ 26.2 Noncurrent portion 1.4 4.0 9.5 14.9 Total $ 14.7 $ 8.5 $ 17.9 $ 41.1 Our restructuring charges during 2018 included (i) $40.5 million of costs in Belgium attributed to the migration of Telenet’s mobile subscribers from a mobile virtual network operator (MVNO) arrangement to Telenet’s mobile network and (ii) employee severance and termination costs related to certain reorganization and integration activities of $23.7 million in U.K./Ireland and $14.2 million in Central and Corporate. In connection with the acquisition of Telenet Group BVBA, formerly known as BASE Company BVBA ( BASE ), Telenet acquired BASE’s mobile network in Belgium. As a result, Telenet migrated its mobile subscribers from an MVNO arrangement to the BASE mobile network. In March 2018, Telenet completed this migration and recorded the costs associated with meeting its minimum guarantee commitment under the MVNO agreement as a restructuring charge. Telenet’s MVNO agreement expired at the end of 2018. |
Defined Benefit Plans
Defined Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans Certain of our subsidiaries maintain various funded and unfunded defined benefit plans for their employees. The table below provides summary information on the defined benefit plans: December 31, 2020 (a) 2019 2018 in millions Fair value of plan assets (b) $ 1,196.8 $ 1,500.0 $ 1,305.0 Projected benefit obligation $ 1,302.7 $ 1,407.5 $ 1,217.5 Net asset (liability) $ (105.9) $ 92.5 $ 87.5 _______________ (a) Due to the held-for-sale presentation of the U.K. JV Entities, amounts as of December 31, 2020 exclude the defined benefit pension plans associated with such entities. (b) The fair value of plan assets at December 31, 2020 includes $710.3 million and $486.5 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan assets comprise investments in debt securities, equity securities, hedge funds, insurance contracts and certain other assets. Our net periodic pension cost was $14.8 million, $8.6 million and $7.4 million during 2020, 2019 and 2018, respectively, including $33.4 million, $20.9 million and $24.4 million, respectively, representing the service cost component. The 2019 and 2018 amounts exclude aggregate curtailment gains of $1.4 million and $1.1 million, respectively, which are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations. During 2020, our subsidiaries’ contributions to their respective defined benefit plans aggregated $35.7 million, including with respect to the defined benefit pension plans associated with the U.K. JV Entities. Based on December 31, 2020 exchange rates and information available as of that date, we expect this amount to be $55.3 million in 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings | Accumulated Other Comprehensive Earnings Accumulated other comprehensive earnings included on our consolidated balance sheets and statements of equity reflect the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other. The changes in the components of accumulated other comprehensive earnings, net of taxes, are summarized as follows: Liberty Global shareholders Total Foreign Pension- Accumulated Noncontrolling in millions Balance at January 1, 2018 $ 1,726.6 $ (70.6) $ 1,656.0 $ (4.2) $ 1,651.8 Other comprehensive loss (1,007.3) (16.9) (1,024.2) 0.2 (1,024.0) Balance at December 31, 2018 719.3 (87.5) 631.8 (4.0) 627.8 Other comprehensive earnings 490.3 (9.4) 480.9 1.2 482.1 Balance at December 31, 2019 1,209.6 (96.9) 1,112.7 (2.8) 1,109.9 Other comprehensive earnings 2,599.7 (19.3) 2,580.4 0.6 2,581.0 Balance at December 31, 2020 $ 3,809.3 $ (116.2) $ 3,693.1 $ (2.2) $ 3,690.9 The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive earnings (loss). The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations: Pre-tax Tax Net-of-tax in millions Year ended December 31, 2020: Foreign currency translation adjustments $ 2,599.9 $ (0.2) $ 2,599.7 Pension-related adjustments and other (22.5) 3.8 (18.7) Other comprehensive earnings 2,577.4 3.6 2,581.0 Other comprehensive earnings attributable to noncontrolling interests (a) (0.9) 0.3 (0.6) Other comprehensive earnings attributable to Liberty Global shareholders $ 2,576.5 $ 3.9 $ 2,580.4 Year ended December 31, 2019: Foreign currency translation adjustments $ 432.2 $ 3.3 $ 435.5 Pension-related adjustments and other (16.7) 2.3 (14.4) Other comprehensive earnings from continuing operations 415.5 5.6 421.1 Other comprehensive earnings from discontinued operations (b) 61.1 (0.1) 61.0 Other comprehensive earnings 476.6 5.5 482.1 Other comprehensive earnings attributable to noncontrolling interests (a) (1.5) 0.3 (1.2) Other comprehensive earnings attributable to Liberty Global shareholders $ 475.1 $ 5.8 $ 480.9 Year ended December 31, 2018: Foreign currency translation adjustments $ (897.9) $ — $ (897.9) Pension-related adjustments and other (24.4) 4.4 (20.0) Other comprehensive loss from continuing operations (922.3) 4.4 (917.9) Other comprehensive loss from discontinued operations (b) (105.9) (0.2) (106.1) Other comprehensive loss (1,028.2) 4.2 (1,024.0) Other comprehensive earnings attributable to noncontrolling interests (a) (0.3) 0.1 (0.2) Other comprehensive loss attributable to Liberty Global shareholders $ (1,028.5) $ 4.3 $ (1,024.2) _______________ (a) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. (b) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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, purchases of customer premises and other equipment and services, programming contracts and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2020. Due to the held-for-sale presentation of the U.K. JV Entities at December 31, 2020, the contractual commitments of these entities have been shown separately in the table below. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. The commitments included in this table do not reflect any liabilities that are included on our December 31, 2020 consolidated balance sheet. Payments due during: 2021 2022 2023 2024 2025 Thereafter Total in millions Network and connectivity $ 274.6 $ 96.8 $ 49.1 $ 40.2 $ 38.5 $ 745.0 $ 1,244.2 Purchase commitments 473.3 72.9 47.6 21.2 16.0 11.6 642.6 Programming commitments 276.9 175.3 76.4 40.9 33.6 17.6 620.7 Other commitments 3.7 3.1 2.1 1.8 0.7 2.0 13.4 Total $ 1,028.5 $ 348.1 $ 175.2 $ 104.1 $ 88.8 $ 776.2 $ 2,520.9 U.K. JV Entities $ 1,705.5 $ 386.7 $ 16.1 $ 5.3 $ 4.5 $ 20.0 $ 2,138.1 Network and connectivity commitments include (i) Telenet’s commitments for certain operating costs associated with its leased network and (ii) costs associated with certain fiber leasing arrangements in Switzerland. 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. 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. Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. Programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect this will continue to be the case in future periods. In this regard, our total programming and copyright costs (including amounts related to the U.K. JV Entities) aggregated $1,724.0 million, $1,702.4 million and $1,671.4 million during 2020, 2019 and 2018, respectively. Programming costs include (i) agreements to distribute channels to our customers, (ii) exhibition rights of programming content and (iii) sports rights. Channel Distribution Agreements . Our channel distribution agreements are generally multi-year contracts for which we are charged either (i) variable rates based upon the number of subscribers or (ii) on a flat fee basis. Certain of our variable rate contracts require minimum guarantees. Programming costs under such arrangements are recorded in operating costs and expenses in our consolidated statement of operations when the programming is available for viewing. Exhibition Rights. Our agreements for exhibition rights are generally multi-year license agreements for which we are typically charged either (i) a percentage of the revenue earned per program or (ii) a flat fee per program. The current and long-term portions of our exhibition rights acquired under licenses are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet when the license period begins and the program is available for its first showing. Capitalized exhibition rights are amortized based on the projected future showings of the content using a straight-line or accelerated method of amortization, as appropriate. Exhibition rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value. Sports Rights. Our sports rights agreements are generally multi-year contracts for which we are typically charged a flat fee per season. We typically pay for sports rights in advance of the respective season. The current and long-term portions of any payments made in advance of the respective season are recorded as other current assets and other assets, net, respectively, on our consolidated balance sheet and are amortized on a straight-line basis over the respective sporting season. Sports rights are regularly reviewed for impairment and held at the lower of unamortized cost or estimated net realizable value. 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 2020, 2019 and 2018, see note 8. For information regarding our defined benefit plans, see note 17. 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. Rental expense under non-cancellable operating lease arrangements amounted to $111.8 million during 2018. It is expected that in the normal course of business, operating leases that expire generally will be renewed or replaced by similar leases. For information regarding our operating lease arrangements for 2020 and 2019 following the adoption of ASU 2016-02, see note 12. We have established various defined contribution benefit plans for our and our subsidiaries’ employees. Our aggregate expense for matching contributions under the various defined contribution employee benefit plans was $44.8 million, $42.6 million and $41.0 million during 2020, 2019 and 2018, respectively. 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. 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 ($1.7 billion). In December 2017, the Court of Appeals of Antwerp issued a judgment rejecting Proximus’ claims. In June 2019, Proximus filed an appeal of the Court of Appeals of Antwerp’s judgment with the Belgian Supreme Court. In January 2021, the Belgian Supreme Court partially annulled the Court of Appeals of Antwerp’s judgment. The case will be referred to the Court of Appeals of Brussels, which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court. A decision on the matter is likely to take several years. No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement. We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable. Telekom Deutschland Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH ( Telekom Deutschland ) in which Unitymedia asserts that it pays excessive prices for the co-use of Telekom Deutschland’s cable ducts in Unitymedia’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Telekom Deutschland in March 2011. Based in part on these approved rates, Unitymedia sought a reduction of the annual lease fees by approximately five-sixths. In addition, Unitymedia is seeking the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action, and in March 2018, the court of appeal dismissed Unitymedia’s appeal of the first instance court’s decision and did not grant permission to appeal further to the Federal Court of Justice. Unitymedia has filed a motion with the Federal Court of Justice to grant permission to appeal. The resolution of this matter may take several years and no assurance can be given that Unitymedia’s claims will be successful. In connection with our sale of the Vodafone Disposal Group, we will only share in 50% of any amounts recovered, plus 50% of the net present value of certain cost savings in future periods that are attributable to the favorable resolution of this matter, less 50% of associated legal or other third-party fees paid post-completion of the sale of the Vodafone Disposal Group. Any amount we may recover related to this matter will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached. Belgium Regulatory Developments. In June 2018, the Belgisch Instituut voor Post en Telecommunicatie and the regional regulators for the media sectors (together, the Belgium Regulatory Authorities ) adopted a new decision finding that Telenet has significant market power in the wholesale broadband market (the 2018 Decision ). The 2018 Decision imposes on Telenet the obligations to (i) provide third-party operators with access to the digital television platform (including basic digital video and analog video) and (ii) make available to third-party operators a bitstream offer of broadband internet access (including fixed-line telephony as an option). Unlike prior decisions, the 2018 Decision no longer applies “retail minus” pricing on Telenet; however, as of August 1, 2018, this decision imposed a 17% interim price reduction in monthly wholesale cable access prices. On May 26, 2020, the Belgium Regulatory Authorities adopted a final decision regarding the “reasonable access tariffs” to replace the interim prices, which represents an estimated decrease of 11.5%, as compared to the initial August 1, 2018 interim rates, and is applicable as of July 1, 2020. These rates are expected to evolve over time due to, among other reasons, broadband capacity usage. The 2018 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 afforded to Telenet’s network, the rates that Telenet receives for such access and other competitive factors or market developments. Telenet appealed the 2018 Decision, which was rejected in September 2019. 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 ( HMRC ). HMRC claimed that amounts charged to certain Virgin Media customers for payment handling services are subject to VAT, while Virgin Media took the position that such charges were exempt from VAT under existing law. At the time of HMRC’s initial challenge in 2009, Virgin Media remitted all related VAT amounts claimed by HMRC, and continued to make such VAT payments pending a ruling on Virgin Media’s appeal to the First Tier Tribunal. As the likelihood of loss was not considered probable and Virgin Media believed that the amounts paid would be recoverable, such amounts were recorded as a receivable on our consolidated balance sheet. In January 2020, the First Tier Tribunal rejected our appeal and ruled in favor of HMRC. Accordingly, during the fourth quarter of 2019, we recorded a net provision for litigation of £41.3 million ($54.0 million at the applicable rate). Virgin Media has been granted permission to appeal the case to the Upper Tribunal, with the appeal being stayed pending the outcome of a related case. The timing of the final outcome of the litigation remains uncertain, although any further hearing on this matter is unlikely to occur before the third quarter of 2021. In a separate matter, 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. HMRC 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 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), comprising (i) the challenged amount of £63.7 million (which we paid during the fourth quarter of 2015) and (ii) related interest of £3.3 million (which we paid during the first quarter of 2016). No provision was recorded by our company at that time as the likelihood of loss was not considered to be probable. The aggregate amount paid does not include penalties, which could be significant in the event that penalties were to be assessed. In September 2018, the court rejected our appeal and ruled in favor of HMRC. Accordingly, during the third quarter of 2018, we recorded a provision for litigation of £63.7 million ($83.1 million at the average rate for the period) and related interest expense of £3.3 million ($4.4 million at the average rate for the period) in our consolidated statement of operations. The First Tier Tribunal gave permission to appeal to the Upper Tribunal and we submitted grounds for appeal on February 22, 2019. We subsequently lost the appeal at the Upper Tribunal and in October 2020 our request to further appeal the case was denied by the Court of Appeal. UPC Austria Matter . As further described in note 6, we completed the sale of UPC Austria on July 31, 2018. In October of 2019, we received notification under the terms of the relevant acquisition agreements from Deutsche Telekom and its subsidiary T-Mobile Austria Holding GmbH (together, the UPC Austria Sale Counterparties ), asserting claims of approximately €70.5 million ($86.2 million) together with an invitation to engage in amicable discussions to resolve the matter in a time and cost effective manner. We since received further asserted claims of approximately €34.7 million ($42.4 million). Discussions regarding the claims are preliminary and no amounts have been accrued by our company with respect to this matter as the likelihood of loss is not considered to be probable at this stage. We are unable to provide any meaningful estimate of a possible range of loss because, among other reasons, (i) we believe the assertions are unsupported and/or exaggerated, (ii) there are significant factual matters to be resolved and (iii) the matter is in a preliminary stage and we have yet to engage in detail with the UPC Austria Sale Counterparties. The acquisition agreement provides for arbitration of disputes in the event the parties are unable to resolve any differences. We intend to vigorously defend this matter. Other Contingency Matters. In connection with the dispositions of certain of our operations, we provided tax indemnities to the counterparties for certain tax liabilities that could arise from the period we owned the respective operations, subject to certain thresholds. While we have not received notification from the counterparties for indemnification, it is reasonably possible that we could, and the amounts involved could be significant. No amounts have been accrued by our company as the likelihood of any loss is not considered to be probable. Other Regulatory Matters. 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 European Union ( E.U. ) Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. Regulation may also restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties. 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 has significantly increased our network infrastructure charges and we expect further but declining increases to these charges through the first quarter of 2022. 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 our network and other assets in the U.K. remains subject to review by the U.K. government. In 2019, the U.K. Office of Communications regulatory authority ( Ofcom ) issued new regulatory requirements originating from the European Electronic Communications Code, that, effective from February 2020, obligate providers to (i) alert customers who are approaching the end of a minimum contract term to the fact that their contract period is coming to an end and to set out the best new price that the provider can offer them and (ii) once a year, alert customers who are out of contract to that fact and again confirm the best new price the provider can offer them. In both cases, we must also set out the price available to new customers for an equivalent service offering. These new requirements adversely impacted our revenue and increased certain of our costs in the U.K. during 2020, and we expect additional and potentially more significant adverse impacts on our operating results in the U.K. in future periods. For additional information, see Item 1. Business - Regulatory Matters, included in Part I of this Annual Report on Form 10-K, and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Discussion and Analysis of our Reportable Segments . In late February 2020, we became aware that one of our databases did not have adequate access security protection and was accessed without permission. We immediately took remedial actions, ceased access to the database and commenced an investigation. The information in the database did not include any individual’s passwords or financial details, such as credit card information or bank account numbers. We have taken steps to inform those individuals impacted and relevant regulatory authorities. The database had information pertaining to approximately 900,000 individuals (including customers and non-customers), representing a number that would be less than 15% of our total customer base. During the fourth quarter of 2020, we were formally notified by the relevant regulatory authorities that they consider this matter to be closed without enforcement action. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our revenue, Adjusted EBITDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted EBITDA represents 10% or more of our total assets, revenue or Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and Adjusted EBITDA. In addition, we review non-financial measures such as customer growth, as appropriate. Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, “ Adjusted EBITDA ” is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on extinguishment of debt, net realized and unrealized gains (losses) due to changes in fair value of certain investments and debt, net foreign currency gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of Adjusted EBITDA from continuing operations to earnings (loss) from continuing operations is presented below. As of December 31, 2020, our reportable segments are as follows: Consolidated: • U.K./Ireland • Belgium • Switzerland • Central and Eastern Europe Nonconsolidated: • VodafoneZiggo JV All of our reportable segments derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services. Our central and corporate functions ( Central and Corporate ) primarily include (i) services provided to the VodafoneZiggo JV and various third parties related to transitional service agreements, (ii) sales of customer premises equipment to the VodafoneZiggo JV and (iii) certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions. Performance Measures of Our Reportable Segments The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. As we have the ability to control Telenet, we consolidate 100% of Telenet’s revenue and expenses in our consolidated statements of operations despite the fact that third parties own a significant interest. The noncontrolling owners’ interests in the operating results of Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV, we present 100% of its revenue and Adjusted EBITDA in the tables below. Our share of the VodafoneZiggo JV’s operating results is included in share of results of affiliates, net, in our consolidated statements of operations. Year ended December 31, 2020 2019 2018 Revenue Adjusted EBITDA Revenue Adjusted EBITDA Revenue Adjusted EBITDA in millions U.K./Ireland $ 6,588.4 $ 2,672.4 $ 6,600.3 $ 2,800.5 $ 6,875.1 $ 2,995.5 Belgium 2,940.9 1,413.4 2,893.0 1,386.1 2,993.6 1,480.0 Switzerland 1,573.8 693.8 1,258.8 627.9 1,326.0 712.0 Central and Eastern Europe 486.9 215.6 475.4 215.0 492.2 233.6 Central and Corporate 394.4 (99.6) 316.4 (171.1) 274.2 (257.8) Intersegment eliminations (a) (4.3) — (2.4) 1.1 (3.2) (11.8) Total $ 11,980.1 $ 4,895.6 $ 11,541.5 $ 4,859.5 $ 11,957.9 $ 5,151.5 VodafoneZiggo JV $ 4,565.4 $ 2,142.0 $ 4,407.8 $ 1,987.7 $ 4,602.2 $ 2,009.7 _______________ (a) Amounts for 2019 and 2018 include transactions between our continuing and discontinued operations prior to the disposal dates of such discontinued operations. The following table provides a reconciliation of loss from continuing operations to Adjusted EBITDA: Year ended December 31, 2020 2019 2018 in millions Loss from continuing operations $ (1,466.7) $ (1,409.0) $ (1,411.5) Income tax expense (benefit) (256.9) 253.0 1,573.3 Other income, net (76.1) (114.4) (43.4) Share of results of affiliates, net 245.3 198.5 8.7 Losses on debt extinguishment, net 233.2 216.7 65.0 Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net (45.2) (72.0) 384.5 Foreign currency transaction losses (gains), net 1,416.3 94.8 (90.4) Realized and unrealized losses (gains) on derivative instruments, net 879.3 192.0 (1,125.8) Interest expense 1,188.5 1,385.9 1,478.7 Operating income 2,117.7 745.5 839.1 Impairment, restructuring and other operating items, net 98.6 156.0 248.2 Depreciation and amortization 2,331.3 3,652.2 3,858.2 Share-based compensation expense 348.0 305.8 206.0 Adjusted EBITDA $ 4,895.6 $ 4,859.5 $ 5,151.5 Balance Sheet Data of our Reportable Segments Selected balance sheet data of our reportable segments is set forth below: Long-lived assets Total assets December 31, December 31, 2020 2019 2020 2019 in millions U.K./Ireland (a) $ 856.3 $ 16,170.9 $ 21,684.7 $ 20,665.5 Switzerland 12,258.8 4,247.7 14,659.9 4,647.8 Belgium 6,221.7 5,910.3 7,571.1 7,148.2 Central and Eastern Europe 1,074.0 1,062.2 1,135.4 1,135.2 Central and Corporate 999.1 1,079.6 14,041.6 15,449.6 Total $ 21,409.9 $ 28,470.7 $ 59,092.7 $ 49,046.3 VodafoneZiggo JV $ 21,808.3 $ 20,674.8 $ 23,630.8 $ 22,426.5 _______________ (a) The December 31, 2020 long-lived asset amount relates to (i) Ireland and (ii) certain Liberty Global subsidiaries located in the U.K. that will not be contributed to the U.K. JV pursuant to the Contribution Agreement. As of December 31, 2020, the long-lived assets associated with the U.K. JV Entities are presented in assets held for sale on our consolidated balance sheet. Property and Equipment Additions of our Reportable Segments The property and equipment additions of our reportable segments (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively. Year ended December 31, 2020 2019 2018 in millions U.K./Ireland $ 1,432.7 $ 1,578.0 $ 1,988.9 Belgium 513.6 537.2 790.8 Switzerland 302.8 277.9 249.6 Central and Eastern Europe 105.5 107.0 152.8 Central and Corporate (a) 340.7 380.4 523.5 Total property and equipment additions 2,695.3 2,880.5 3,705.6 Assets acquired under capital-related vendor financing arrangements (1,371.1) (1,727.0) (2,175.5) Assets acquired under finance leases (49.7) (66.9) (102.4) Changes in current liabilities related to capital expenditures 75.7 156.5 25.3 Total capital expenditures, net $ 1,350.2 $ 1,243.1 $ 1,453.0 Capital expenditures, net: Third-party payments $ 1,352.7 $ 1,323.9 $ 1,552.7 Proceeds received for transfers to related parties (b) (2.5) (80.8) (99.7) Total capital expenditures, net $ 1,350.2 $ 1,243.1 $ 1,453.0 Property and equipment additions - VodafoneZiggo JV $ 918.7 $ 887.9 $ 988.7 _______________ (a) Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments. (b) Primarily relates to transfers of centrally-procured property and equipment to the VodafoneZiggo JV and, for 2019 and 2018, our discontinued operations. Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below: Year ended December 31, 2020 2019 2018 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Broadband internet $ 3,272.5 $ 3,187.4 $ 3,226.6 Video 2,714.5 2,723.9 2,863.2 Fixed-line telephony 1,344.6 1,413.2 1,607.8 Total subscription revenue 7,331.6 7,324.5 7,697.6 Non-subscription revenue 220.7 198.1 279.1 Total residential cable revenue 7,552.3 7,522.6 7,976.7 Residential mobile revenue (c): Subscription revenue (b) 1,091.8 932.1 983.5 Non-subscription revenue 692.0 688.2 694.8 Total residential mobile revenue 1,783.8 1,620.3 1,678.3 Total residential revenue 9,336.1 9,142.9 9,655.0 B2B revenue (d): Subscription revenue 524.5 472.5 446.4 Non-subscription revenue 1,524.5 1,441.5 1,537.1 Total B2B revenue 2,049.0 1,914.0 1,983.5 Other revenue (e) 595.0 484.6 319.4 Total $ 11,980.1 $ 11,541.5 $ 11,957.9 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (i) revenue from business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators and (ii) revenue from long-term leases of portions of our network. (e) Other revenue includes, among other items, (i) broadcasting revenue in Belgium and Ireland, (ii) revenue earned from transitional and other services provided to various third parties and (iii) revenue earned from the JV Services and the sale of customer premises equipment to the VodafoneZiggo JV. Geographic Segments The revenue of our geographic segments is set forth below: Year ended December 31, 2020 2019 2018 in millions U.K. $ 6,076.7 $ 6,086.2 $ 6,351.2 Belgium 2,940.9 2,893.0 2,993.6 Switzerland 1,573.8 1,258.8 1,326.0 Ireland 511.7 514.1 523.9 Poland 436.2 425.7 440.7 Slovakia 50.7 49.7 51.5 Other, including intersegment eliminations 390.1 314.0 271.0 Total $ 11,980.1 $ 11,541.5 $ 11,957.9 VodafoneZiggo JV (the Netherlands) $ 4,565.4 $ 4,407.8 $ 4,602.2 The long-lived assets of our geographic segments are set forth below: December 31, 2020 2019 in millions Switzerland $ 12,258.8 $ 4,247.7 Belgium 6,221.7 5,910.3 Poland 938.5 937.0 Ireland 817.3 748.5 Slovakia 135.5 125.2 U.K. (a) 39.0 15,422.4 U.S. and other (b) 999.1 1,079.6 Total $ 21,409.9 $ 28,470.7 VodafoneZiggo JV (the Netherlands) $ 21,808.3 $ 20,674.8 _______________ (a) The December 31, 2020 amount relates to certain Liberty Global subsidiaries located in the U.K. that will not be contributed to the U.K. JV pursuant to the Contribution Agreement. As of December 31, 2020, the long-lived assets associated with the U.K. JV Entities are presented in assets held for sale on our consolidated balance sheet. (b) Primarily relates to certain long-lived assets included in Central and Corporate. |
SCHEDULE I (Parent Company Info
SCHEDULE I (Parent Company Information) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I (Parent Company Information) | LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED BALANCE SHEETS (Parent Company Only) December 31, 2020 2019 in millions ASSETS Current assets: Cash and cash equivalents $ 33.1 $ 6.7 Other receivables — related-party 39.6 68.9 Other current assets 100.0 80.6 Total current assets 172.7 156.2 Long-term notes receivable — related-party 359.3 2,984.9 Investments in consolidated subsidiaries, including intercompany balances 37,746.4 33,570.7 Other assets, net 149.0 266.1 Total assets $ 38,427.4 $ 36,977.9 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 0.5 $ 0.5 Other payables — related-party 41.3 22.5 Other current liabilities — related party 42.2 2.1 Current portion of notes payable — related-party 9,243.2 7,575.4 Accrued liabilities and other 11.6 10.5 Total current liabilities 9,338.8 7,611.0 Long-term notes payable — related-party 15,422.3 15,757.2 Other long-term liabilities 3.7 3.5 Total liabilities 24,764.8 23,371.7 Commitments and contingencies Shareholders’ equity: Class A ordinary shares, $0.01 nominal value. Issued and outstanding 181,348,114 and 181,560,735 shares, respectively 1.8 1.8 Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,561,444 and 12,151,526 shares, respectively 0.1 0.1 Class C ordinary shares, $0.01 nominal value. Issued and outstanding 386,588,921 and 438,867,447 shares, respectively 3.9 4.4 Additional paid-in capital 5,271.7 6,136.9 Accumulated earnings 4,692.1 6,350.4 Accumulated other comprehensive earnings, net of taxes 3,693.1 1,112.7 Treasury shares, at cost (0.1) (0.1) Total shareholders’ equity 13,662.6 13,606.2 Total liabilities and shareholders’ equity $ 38,427.4 $ 36,977.9 LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENTS OF OPERATIONS (Parent Company Only) Year ended December 31, 2020 2019 2018 in millions Operating costs and expenses: Selling, general and administrative (including share-based compensation) $ 58.8 $ 61.0 $ 42.8 Related-party fees and allocations 36.0 20.6 8.0 Depreciation and amortization 1.4 1.4 1.5 Other operating expenses — 0.2 — Operating loss (96.2) (83.2) (52.3) Non-operating income (expense): Interest expense — related-party (1,086.9) (864.6) (678.0) Interest income — related-party 45.1 89.6 70.9 Foreign currency transaction gains (losses), net (330.2) 281.2 381.0 Other income, net 2.1 3.4 0.1 (1,369.9) (490.4) (226.0) Loss before income taxes and equity in earnings (losses) of consolidated subsidiaries, net (1,466.1) (573.6) (278.3) Equity in earnings (losses) of consolidated subsidiaries, net (401.0) 11,921.4 887.9 Income tax benefit 239.1 173.6 115.7 Net earnings (loss) $ (1,628.0) $ 11,521.4 $ 725.3 LIBERTY GLOBAL PLC SCHEDULE I (Parent Company Information - See Notes to Consolidated Financial Statements) CONDENSED STATEMENTS OF CASH FLOWS (Parent Company Only) Year ended December 31, 2020 2019 2018 in millions Cash flows from operating activities: Net earnings (loss) $ (1,628.0) $ 11,521.4 $ 725.3 Adjustments to reconcile net earnings (loss) to net cash used by operating activities: Equity in losses (earnings) of consolidated subsidiaries, net 401.0 (11,921.4) (887.9) Share-based compensation expense 30.4 35.8 20.6 Related-party fees and allocations 36.0 20.6 8.0 Depreciation and amortization 1.4 1.4 1.5 Other operating expenses — 0.2 — Foreign currency transaction losses (gains), net 330.2 (281.2) (381.0) Deferred income tax benefit (15.1) (10.0) (2.8) Changes in operating assets and liabilities: Receivables and other operating assets (135.0) (213.7) (134.8) Payables and accruals 865.9 554.3 564.4 Net cash used by operating activities (113.2) (292.6) (86.7) Cash flows from investing activities: Investments in and advances to consolidated subsidiaries, net (494.1) (142.8) (93.4) Cash released from (used to fund) the Vodafone Escrow Accounts, net 104.9 (295.2) — Other investing activities, net (0.1) (0.1) — Net cash used by investing activities (389.3) (438.1) (93.4) Cash flows from financing activities: Borrowings of related-party debt 2,087.5 5,870.5 3,133.3 Repayments of related-party debt (483.2) (2,018.6) (1,010.0) Repurchase of Liberty Global ordinary shares (1,072.3) (3,219.4) (2,009.9) Borrowings of third-party debt — 98.6 — Proceeds from issuance of Liberty Global shares upon exercise of options 2.2 2.3 5.7 Other financing activities, net (5.1) (7.3) (1.4) Net cash provided by financing activities 529.1 726.1 117.7 Effect of exchange rate changes on cash (0.2) 0.5 — Net increase (decrease) in cash and cash equivalents 26.4 (4.1) (62.4) Cash and cash equivalents: Beginning of period 11.9 16.0 78.4 End of period $ 38.3 $ 11.9 $ 16.0 Details of end of period cash and cash equivalents and restricted cash: Cash and cash equivalents $ 33.1 $ 6.7 $ 10.8 Restricted cash included in other current assets 5.2 5.2 5.2 Total cash and cash equivalents and restricted cash $ 38.3 $ 11.9 $ 16.0 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | LIBERTY GLOBAL PLC SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for doubtful accounts — Trade receivables Balance at Impact of the adoption of ASU 2014-09 Additions to Acquisitions Impact of U.K. JV Contribution Agreement Deductions Foreign Balance at in millions Year ended December 31: 2018 $ 74.2 11.9 61.6 — — (98.4) (3.5) $ 45.8 2019 $ 45.8 — 44.6 — — (48.3) 0.7 $ 42.8 2020 $ 42.8 1.4 83.0 19.4 (26.1) (74.8) 4.1 $ 49.8 Allowance for doubtful accounts — Loans to affiliates Balance at Impact of the adoption of ASU 2016-13 Additions to Foreign Balance at in millions Year ended December 31: 2020 $ — 25.4 10.3 2.8 $ 38.5 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes ASU 2018-15 In August 2018, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ( ASU 2018-15 ), which requires entities to defer implementation costs incurred that are related to the application development stage in a cloud computing arrangement that is a service contract. ASU 2018-15 requires deferred implementation costs to be amortized over the term of the cloud computing arrangement and presented in the same expense line item as the cloud computing arrangement. All other implementation costs are generally expensed as incurred. We adopted ASU 2018-15 on January 1, 2020 on a prospective basis. As a result of the adoption of ASU 2018-15, (i) certain implementation costs that were previously expensed as incurred are now deferred as prepaid expenses and amortized over the term of the cloud computing arrangement and (ii) certain costs associated with developing interfaces between a cloud computing arrangement and internal-use software that were previously capitalized as property and equipment are now deferred as prepaid expenses and amortized over the term of the cloud computing arrangement. The adoption of ASU 2018-15 did not have a significant impact on our consolidated financial statements. ASU 2019-02 In March 2019, the FASB issued ASU No. 2019-02, Improvements to Accounting for Costs of Films and License Agreements for Program Materials ( ASU 2019-02 ), which aligns the accounting for production costs of an episodic television series with the accounting for production costs of films. ASU 2019-02 removes the existing constraint that restricts capitalization of production costs to contracted revenue for episodic television series. The amended guidance also permits entities to test a film or license agreement for impairment at the film group level, addresses cash flow classification and provides new disclosure requirements. We adopted ASU 2019-02 on January 1, 2020 on a prospective basis. The adoption of ASU 2019-02 did not have a significant impact on our consolidated financial statements. ASU 2016-13 In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Statements ( ASU 2016-13 ), which changes the recognition model for credit losses related to assets held at amortized cost. ASU 2016-13 ASU 2016-13 ASU 2016-02 In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, results in lessees recognizing right-of-use ( ROU ) assets and lease liabilities on the balance sheet. ASU 2016-02, as amended by ASU No. 2018-11, Targeted Improvements , requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using one of two modified retrospective approaches. A number of optional practical expedients may be applied in transition. We adopted ASU 2016-02 on January 1, 2019. The main impact of the adoption of ASU 2016-02 relates to the recognition of ROU assets and lease liabilities on our consolidated balance sheet for those leases classified as operating leases under previous GAAP. In transition, we have applied the practical expedients that permit us not to reassess (i) whether expired or existing contracts contain a lease under the new standard, (ii) the lease classification for expired or existing leases or (iii) whether previously-capitalized initial direct costs would qualify for capitalization under the new standard. In addition, we have not used hindsight during transition. We have implemented a new lease accounting system and related internal controls over financial reporting to meet the requirements of ASU 2016-02. For additional information regarding our leases, see note 12. Recent Accounting Pronouncements ASU 2019-12 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes ( ASU 2019-12 ), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We do not expect the adoption of ASU 2019-12 to have a significant impact on our consolidated financial statements. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments at the stated net asset value. Restricted cash consists of cash held in restricted accounts, including cash held as collateral for debt and other compensating balances. Restricted cash amounts that are required to be used to purchase long-term assets or repay long-term debt are classified as long-term assets. All other cash that is restricted to a specific use is classified as current or long-term based on the expected timing of the disbursement. |
Trade Receivables | Trade Receivables Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $49.8 million and $42.8 million at December 31, 2020 and 2019, respectively. The allowance for doubtful accounts is based upon our current estimate of lifetime expected credit losses related to uncollectible accounts receivable. We use a number of factors in determining the allowance, including, among other things, collection trends, prevailing and anticipated economic conditions and specific customer credit risk. The allowance is maintained until either payment is received or the likelihood of collection is considered to be remote. Concentration of credit risk with respect to trade receivables is limited due to the large number of residential and business customers. We also manage this risk by disconnecting services to customers whose accounts are delinquent. |
Investments | Investments We make elections, on an investment-by-investment basis, as to whether we measure our investments at fair value. Such elections are generally irrevocable. With the exception of those investments over which we exercise significant influence, we generally elect the fair value method. For those investments over which we exercise significant influence, we generally elect the equity method. We determine the appropriate classification of our investments in debt securities at the time of purchase based on the underlying nature and characteristics of each security. All of our debt securities are classified as available for sale and are reported at fair value. Under the fair value method, investments are recorded at fair value and any changes in fair value are reported in realized and unrealized gains or losses due to changes in fair values of certain investments and debt, net, in our consolidated statements of operations. All costs directly associated with the acquisition of an investment to be accounted for using the fair value method are expensed as incurred. In addition, any interest received on our debt securities is reported as interest income in our statements of operations. Under the equity method of accounting, investments are recorded at cost and are subsequently increased or reduced to reflect our share of income or losses of the investee. All costs directly associated with the acquisition of an investment to be accounted for using the equity method are included in the carrying amount of the investment. For additional information regarding our fair value and equity method investments, see notes 7 and 9. Under the equity method, investments, originally recorded at cost, are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. The portion of the difference between our investment and our share of the net assets of the investee that represents goodwill is not amortized, but continues to be considered for impairment. Profits on transactions with equity affiliates for which assets remain on our or our investee’s balance sheet are eliminated to the extent of our ownership in the investee. Dividends from publicly-traded investees that are not accounted for under the equity method are recognized when declared as dividend income in our consolidated statements of operations. Dividends from our equity method investees and all of our privately-held investees are reflected as reductions of the carrying values of the applicable investments. Dividends that are deemed to be (i) returns on our investments are included in cash flows from operating activities in our consolidated statements of cash flows and (ii) returns of our investments are included in cash flows from investing activities in our consolidated statements of cash flows. We continually review all of our equity investments to determine whether a decline in fair value below the cost basis is other-than-temporary. The primary factors we consider in our determination are the extent and length of time that the fair value of the investment is below our company’s carrying value and the financial condition, operating performance and near-term prospects of the investee, changes in the stock price or valuation subsequent to the balance sheet date, and the impacts of exchange rates, if applicable. If the decline in fair value of an equity method investment is deemed to be other-than-temporary, the cost basis of the security is written down to fair value. Realized gains and losses are determined on an average cost basis. Securities transactions are recorded on the trade date. |
Financial Instruments | Financial InstrumentsDue to the short maturities of cash and cash equivalents, restricted cash, short-term liquid investments, trade and other receivables, other current assets, accounts payable, accrued liabilities and other accrued and current liabilities, their respective carrying values approximate their respective fair values. |
Derivative Instruments | Derivative Instruments All derivative instruments, whether designated as hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. We generally do not apply hedge accounting to our derivative instruments. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. Capitalized construction and installation costs include materials, labor and other directly attributable costs. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. Interest capitalized with respect to construction activities was not material during any of the periods presented. Capitalized internal-use software is included as a component of property and equipment. We capitalize internal and external costs directly associated with the development of internal-use software. We also capitalize costs associated with the purchase of software licenses. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 10. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are charged to operations. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations may arise from the loss of rights of way that we obtain from local municipalities or other relevant authorities, as well as our obligations under certain lease arrangements to restore the property to its original condition at the end of the lease term. Given the nature of our operations, most of our rights of way and certain leased premises are considered integral to our business. Accordingly, for most of our rights of way and certain lease agreements, the possibility is remote that we will incur significant removal costs in the foreseeable future and, as such, we do not have sufficient information to make a reasonable estimate of fair value for these asset retirement obligations. |
Intangible Assets | Intangible Assets Our primary intangible assets relate to goodwill and customer relationships. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships are initially recorded at their fair value in connection with business combinations. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values and reviewed for impairment. |
Impairment of Property and Equipment and Intangible Assets | Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) an expectation of a sale or disposal of a long-lived asset or asset group, (ii) adverse changes in market or competitive conditions, (iii) an adverse change in legal factors or business climate in the markets in which we operate and (iv) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (a) sale prices for similar assets, (b) discounted estimated future cash flows using an appropriate discount rate and/or (c) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. Any excess of the carrying amount over the fair value would be charged to operations as an impairment loss. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). With respect to other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss. |
Leases | Leases For leases with a term greater than 12 months, we recognize on the lease commencement date (i) ROU assets representing our right to use an underlying asset and (ii) lease liabilities representing our obligation to make lease payments over the lease term. Lease and non-lease components in a contract are generally accounted for separately. We initially measure lease liabilities at the present value of the remaining lease payments over the lease term. Options to extend or terminate the lease are included only when it is reasonably certain that we will exercise that option. As most of our leases do not provide enough information to determine an implicit interest rate, we generally use a portfolio level incremental borrowing rate in our present value calculation. We initially measure ROU assets at the value of the lease liability, plus any initial direct costs and prepaid lease payments, less any lease incentives received. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not such net deferred tax assets will not be realized. Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign subsidiary has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free manner. Interest and |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The reporting currency of our company is the U.S. dollar. The functional currency of our foreign operations generally is the applicable local currency for each foreign subsidiary and equity method investee. Assets and liabilities of foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded on our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. |
Revenue Recognition | Revenue Recognition Service Revenue — Cable Networks. We recognize revenue from the provision of broadband internet, video and fixed-line telephony services over our cable network to customers in the period the related services are provided, with the exception of revenue recognized pursuant to certain contracts that contain promotional discounts, as described below. Installation fees related to services provided over our cable network are generally deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right. Sale of Multiple Products and Services. We sell broadband internet, video, fixed-line telephony and, in most of our markets, mobile services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Revenue from bundled packages generally is allocated proportionally to the individual products or services based on the relative standalone selling price for each respective product or service. Mobile Revenue — General. Consideration from mobile contracts is allocated to the airtime service component and the handset component based on the relative standalone selling prices of each component. In markets where we offer handsets and airtime services in separate contracts entered into at the same time, we account for these contracts as a single contract. Mobile Revenue — Airtime Services. We recognize revenue from mobile services in the period in which the related services are provided. Revenue from prepaid customers is deferred prior to the commencement of services and recognized as the services are rendered or usage rights expire. Mobile Revenue — Handset Revenue. Revenue from the sale of handsets is recognized at the point in which the goods have been transferred to the customer. Some of our mobile handset contracts that permit the customer to take control of the handset upfront and pay for the handset in installments over a contractual period may contain a significant financing component. For contracts with terms of one year or more, we recognize any significant financing component as revenue over the contractual period using the effective interest method. We do not record the effect of a significant financing component if the contractual period is less than one year. B2B Revenue. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis, generally over the longer of the term of the arrangement or the expected period of performance. From time to time, we also enter into agreements with certain B2B customers pursuant to which they are provided the right to use certain elements of our network. If these agreements are determined to contain a lease that meets the criteria to be considered a sales-type lease, we recognize revenue from the lease component when control of the network element is transferred to the customer. Contract Costs. Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are generally recognized as assets and amortized to SG&A expenses over the applicable period benefited, which generally is the contract life. If, however, the amortization period is less than one year, we expense such costs in the period incurred. Contract fulfillment costs, such as costs for installation activities for B2B customers, are recognized as assets and amortized to other operating costs over the applicable period benefited, which is generally the substantive contract term for the related service contract. Promotional Discounts. For subscriber promotions, such as discounted or free services during an introductory period, revenue is recognized uniformly over the contractual period if the contract has substantive termination penalties. If a contract does not have substantive termination penalties, revenue is recognized only to the extent of the discounted monthly fees charged to the subscriber, if any. Subscriber Advance Payments. Payments received in advance for the services we provide are deferred and recognized as revenue when the associated services are provided. Sales, Use and Other Value-Added Taxes. Revenue is recorded net of applicable sales, use and other value-added taxes. |
Share-based Compensation | Share-based Compensation We recognize all share-based payments to employees, including grants of employee share-based incentive awards, based on their grant-date fair values and our estimates of forfeitures. We recognize share-based compensation expense as a charge to operations over the vesting period based on the grant-date fair value of outstanding awards, which may differ from the fair value of such awards on any given date. Our share of payroll taxes incurred in connection with the vesting or exercise of our share-based incentive awards are recorded as a component of share-based compensation expense in our consolidated statements of operations. We use the straight-line method to recognize share-based compensation expense for our outstanding share awards that do not contain a performance condition and the accelerated expense attribution method for our outstanding share awards that contain a performance condition and vest on a graded basis. The grant date fair values for options, share appreciation rights ( SARs ) and performance-based share appreciation rights ( PSARs ) are estimated using the Black-Scholes option pricing model, and the grant date fair values for restricted share units ( RSUs ), restricted share awards ( RSAs ) and performance-based restricted share units ( PSUs ) are based upon the closing share price of Liberty Global ordinary shares on the date of grant. We consider historical exercise trends in our calculation of the expected life of options and SARs granted by Liberty Global to employees. The expected volatility for options and SARs related to our ordinary shares is generally based on a combination of (i) historical volatilities for a period equal to the expected average life of the awards and (ii) volatilities implied from publicly-traded options for our shares. We generally issue new Liberty Global ordinary shares when Liberty Global options or SARs are exercised, when RSUs and PSUs vest and when RSAs are granted. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding. Although we repurchase Liberty Global ordinary shares from time to time, the parameters of our share purchase and redemption activities are not established with reference to the dilutive impact of our share-based compensation plans. |
Litigation Costs | Litigation Costs Legal fees and related litigation costs are expensed as incurred. |
Earnings or Loss per Ordinary Share | Earnings or Loss per Share Basic earnings or loss per share ( EPS |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Shares Outstanding | The details of our net loss from continuing operations attributable to Liberty Global shareholders are set forth below: Year ended December 31, 2020 2019 2018 in millions Loss from continuing operations $ (1,466.7) $ (1,409.0) $ (1,411.5) Net earnings from continuing operations attributable to noncontrolling interests (161.3) (116.8) (120.5) Net loss from continuing operations attributable to Liberty Global shareholders $ (1,628.0) $ (1,525.8) $ (1,532.0) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Preliminary Purchase Price and Opening Balance Sheet | A summary of the preliminary purchase price and the opening balance sheet of Sunrise at the November 11, 2020 acquisition date is presented in the following table. 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 (i) property and equipment, (ii) goodwill, (iii) intangible assets associated with customer relationships, mobile spectrum assets and trade names and (iv) income taxes (in millions): Cash and cash equivalents $ 108.5 Trade receivables, net 489.2 Other current assets 163.5 Property and equipment, net 1,494.2 Goodwill (a) 3,465.7 Intangible assets subject to amortization, net 2,485.8 Operating lease ROU assets 1,047.1 Other assets, net 232.3 Current portion of debt and finance lease obligations (133.2) Current operating lease liabilities (136.5) Other accrued and current liabilities (535.9) Long-term debt and finance lease obligations (1,762.5) Long-term operating lease liabilities (877.6) Other long-term liabilities (612.8) Total purchase price (b) $ 5,427.8 _______________ (a) The goodwill recognized in connection with the Sunrise Acquisition is primarily attributable to (i) the opportunity to leverage Sunrise’s existing mobile network to gain immediate access to potential customers and (ii) estimated synergy benefits through the integration of Sunrise with our existing operations in Switzerland. (b) Excludes direct acquisition costs of $27.8 million incurred during 2020, which are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. |
Pro Forma Information | The following unaudited pro forma consolidated operating results give effect to the Sunrise Acquisition as if it had been completed as of January 1, 2019. No effect has been given to the De Vijver Media Acquisition since it would not have had a significant impact on our results of operations during 2019 or 2018. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Sunrise Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. Year ended December 31, 2020 2019 in millions, except per share amounts Revenue $ 13,698.2 $ 13,453.2 Net loss from continuing operations attributable to Liberty Global shareholders $ (1,879.3) $ (1,889.8) Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share $ (3.12) $ (2.68) |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Summarized Financial Position and Operating Results, Disposal Group and Discontinued Operations | The carrying amounts of the major classes of assets and liabilities that are classified as held for sale at December 31, 2020 are summarized below (in millions): Assets: Current assets (a) $ 4,519.8 Property and equipment, net 8,614.0 Goodwill 7,918.5 Other assets, net 3,230.4 Total assets $ 24,282.7 Liabilities: Current portion of debt and finance lease obligations $ 2,699.5 Other accrued and current liabilities 2,207.3 Long-term debt and finance lease obligations 16,724.1 Other long-term liabilities 1,566.3 Total liabilities $ 23,197.2 _______________ (a) Amount includes restricted cash, but excludes cash and cash equivalents, as the cash and cash equivalents of the U.K. JV Entities will be retained by Liberty Global upon the formation of the U.K. JV and are therefore not classified as held for sale. Vodafone Disposal Group (a) UPC DTH (b) Total in millions Year ended December 31, 2019 Revenue $ 2,017.9 $ 36.7 $ 2,054.6 Operating income $ 1,165.6 $ 10.7 $ 1,176.3 Earnings before income taxes $ 994.7 $ 9.5 $ 1,004.2 Income tax expense (273.9) — (273.9) Net earnings attributable to Liberty Global shareholders $ 720.8 $ 9.5 $ 730.3 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share $ 1.03 _______________ (a) Includes the operating results of the Vodafone Disposal Group through July 31, 2019, the date the Vodafone Disposal Group was sold. (b) Includes the operating results of UPC DTH through May 2, 2019, the date UPC DTH was sold. UPC Austria (a) Vodafone Disposal Group UPC DTH Total in millions Year ended December 31, 2018 Revenue $ 252.4 $ 3,584.2 $ 117.0 $ 3,953.6 Operating income $ 139.0 $ 1,787.0 $ 11.7 $ 1,937.7 Earnings before income taxes $ 138.7 $ 1,396.3 $ 9.6 $ 1,544.6 Income tax benefit (expense) (23.3) (365.2) 7.3 (381.2) Net earnings 115.4 1,031.1 16.9 1,163.4 Net earnings attributable to noncontrolling interests (4.2) — — (4.2) Net earnings attributable to Liberty Global shareholders $ 111.2 $ 1,031.1 $ 16.9 $ 1,159.2 Basic and diluted earnings from discontinued operations attributable to Liberty Global shareholders per share $ 1.49 _______________ (a) Includes the operating results of UPC Austria through July 31, 2018, the date UPC Austria was sold. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Schedule of Investments by Accounting Method | The details of our investments are set forth below: December 31, 2020 2019 Ownership (a) Accounting Method in millions % Equity (b): Long-term: VodafoneZiggo JV (c) $ 3,052.3 $ 3,174.1 50.0 All3Media Group ( All3Media ) 157.7 172.8 50.0 Formula E Holdings Ltd ( Formula E ) 105.8 105.2 32.9 Other 172.9 40.7 Total — equity 3,488.7 3,492.8 Fair value: Short-term: Separately-managed accounts ( SMAs ) (d) 1,600.2 — Long-term: ITV plc ( ITV ) — subject to re-use rights (e) 581.0 798.1 10.0 SMAs (d) 365.7 — Skillz Inc. ( Skillz ) (f) 225.4 10.2 3.0 Univision Holdings Inc. ( Univision ) 100.0 — 11.5 CANAL+ Polska S.A. ( CANAL+ Polska ) - formerly known as ITI Neovision S.A. 92.3 122.4 17.0 EdgeConneX Inc. ( EdgeConneX ) (f) 75.1 34.4 5.1 Lions Gate Entertainment Corp ( Lionsgate ) (g) 72.0 68.0 3.0 Other (h) 354.3 256.1 Total — fair value 3,466.0 1,289.2 Total investments (i) $ 6,954.7 $ 4,782.0 Short-term investments $ 1,600.2 $ — Long-term investments $ 5,354.5 $ 4,782.0 _______________ (a) Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information. (b) Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At December 31, 2020 and 2019, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,198.5 million and $1,041.0 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media. (c) Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $855.8 million and $786.1 million, respectively (the VodafoneZiggo JV Receivable I ), and (ii) a euro-denominated note receivable entered into during the third quarter of 2020 with a principal amount of $127.1 million at December 31, 2020 (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables ). The VodafoneZiggo JV Receivable I, as amended in June 2020, and the VodafoneZiggo JV Receivable II each bear interest at 5.55% and have a final maturity date of December 31, 2030. In each of 2019 and 2018, we received a €100.0 million principal payment on the VodafoneZiggo JV Receivable I ($112.1 million and $114.5 million at the respective transaction dates). During 2020, interest accrued on the VodafoneZiggo JV Receivables was $48.0 million, all of which was cash settled. (d) Represents investments held under SMAs, which are maintained by investments managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of December 31, 2020, all of our investments held under SMAs were classified as available-for-sale debt securities, as further described in note 3. At December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our consolidated balance sheet, was $7.1 million. (e) In connection with our investment in ITV, we entered into a share collar (the ITV Collar ) with respect to the ITV shares held by our company. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under a secured borrowing agreement (the ITV Collar Loan ). We may elect to use cash or the collective value of the related shares and equity-related derivative instrument to settle the ITV Collar Loan . During 2020, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar, as further described in note 8. (f) At December 31, 2020, the fair values of our investments in Skillz and EdgeConneX reflect the merger of Skillz with Flying Eagle Acquisition Corporation and EdgeConneX with Herndon Merger Sub Inc, each completed during 2020. (g) In connection with our investment in Lionsgate, we previously entered into (i) the Lionsgate Forward (as defined in note 8) and (ii) a related borrowing agreement (the Lionsgate Loan ), each of which were fully settled during 2020, as further described in note 8. (h) As of December 31, 2020, we hold a $9.7 million noncontrolling junior interest in receivables we have securitized. (i) The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including those made by investment managers acting as agents on our behalf. |
Equity Method Investments | The following table sets forth the details of our share of results of affiliates, net: Year ended December 31, 2020 2019 2018 in millions VodafoneZiggo JV (a) $ (201.1) $ (185.9) $ 11.4 All3Media (27.9) (8.8) (19.2) Formula E (8.4) 1.7 (0.2) Other (7.9) (5.5) (0.7) Total $ (245.3) $ (198.5) $ (8.7) _______________ (a) Amounts include the net effect of (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables. The summarized results of operations of the VodafoneZiggo JV are set forth below: Year ended December 31, 2020 2019 2018 in millions Revenue $ 4,565.4 $ 4,407.8 $ 4,602.2 Loss before income taxes $ (287.2) $ (512.5) $ (467.8) Net loss $ (448.7) $ (470.0) $ (91.6) December 31, 2020 2019 in millions Current assets $ 1,067.2 $ 918.4 Long-term assets 22,563.6 21,508.1 Total assets $ 23,630.8 $ 22,426.5 Current liabilities $ 2,967.7 $ 2,726.4 Long-term liabilities 16,450.8 14,920.7 Owners’ equity 4,212.3 4,779.4 Total liabilities and owners’ equity $ 23,630.8 $ 22,426.5 |
Schedule of Debt Securities | The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net: Year ended December 31, 2020 2019 2018 in millions Skillz $ 238.0 $ 1.1 $ — ITV (217.1) 163.9 (257.8) EdgeConneX 33.1 — — CANAL+ Polska (26.3) 2.7 (24.9) SMAs 5.2 — — Lionsgate 4.0 (25.0) (86.4) Other, net (1.1) (43.7) (24.1) Total $ 35.8 $ 99.0 $ (393.2) Debt Securities The following table sets forth the details of our debt securities, which comprise all of our investment held under SMAs, as of and for the year ended December 31, 2020: Amortized cost basis Unrealized gains Fair Value in millions Corporate debt securities $ 713.2 $ 2.3 $ 715.5 Commercial paper 523.7 0.6 524.3 Government bonds 474.8 0.2 475.0 Certificates of deposit 251.0 0.1 251.1 Total debt securities $ 1,962.7 $ 3.2 $ 1,965.9 During 2020, we received proceeds from the sale of debt securities of $6.0 billion, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities during 2020 resulted in a net gain of $2.0 million. The fair values of our debt securities as of December 31, 2020 by contractual maturity are shown below (in millions): Due in one year or less $ 1,600.2 Due in one to five years 359.3 Due in five to ten years 6.4 Total (a) $ 1,965.9 _______________ (a) The weighted average life our total debt securities was 0.5 years as of December 31, 2020. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, 2020 December 31, 2019 Current Long-term Total Current Long-term Total in millions Assets (a): Cross-currency and interest rate derivative contracts (b) $ 148.8 $ 418.4 $ 567.2 $ 270.8 $ 886.4 $ 1,157.2 Equity-related derivative instruments (c) 49.3 231.6 280.9 55.2 608.2 663.4 Foreign currency forward and option contracts 36.5 0.1 36.6 4.6 1.4 6.0 Other — 0.1 0.1 0.5 0.4 0.9 Total $ 234.6 $ 650.2 $ 884.8 $ 331.1 $ 1,496.4 $ 1,827.5 Liabilities (a): Cross-currency and interest rate derivative contracts (b) $ 171.2 $ 1,364.1 $ 1,535.3 $ 389.2 $ 1,192.3 $ 1,581.5 Foreign currency forward and option contracts 81.5 — 81.5 1.2 — 1.2 Total $ 252.7 $ 1,364.1 $ 1,616.8 $ 390.4 $ 1,192.3 $ 1,582.7 _______________ (a) Our current derivative assets, long-term derivative assets and long-term derivative liabilities are included in other current assets, other assets, net, and other long-term liabilities, respectively, on our consolidated balance sheets. (b) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 11). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $336.0 million, $16.6 million and ($71.1 million) during 2020, 2019 and 2018, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. For further information regarding our fair value measurements, see note 9. (c) Our equity-related derivative instruments primarily include the ITV Collar, and as of December 31, 2019, the Lionsgate Forward (as defined and described below). The fair value of the ITV Collar does not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangement. |
Schedule of Realized and Unrealized Losses on Derivative Instruments | The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2020 2019 2018 in millions Cross-currency and interest rate derivative contracts $ (1,184.3) $ (207.3) $ 905.8 Equity-related derivative instruments: ITV Collar 364.2 (84.4) 176.7 Lionsgate Forward 0.8 13.0 30.1 Other 21.7 8.0 (9.3) Total equity-related derivative instruments 386.7 (63.4) 197.5 Foreign currency forward and option contracts (81.1) 77.4 22.7 Other (0.6) 1.3 (0.2) Total $ (879.3) $ (192.0) $ 1,125.8 |
Schedule of Cash Received (Paid) Related to Derivative Instruments Statement of Cash Flows Location | The following table sets forth the classification of the net cash inflows of our derivative instruments: Year ended December 31, 2020 2019 2018 in millions Operating activities $ (55.9) $ 179.0 $ 244.4 Investing activities (39.8) — — Financing activities 129.1 331.5 112.8 Total $ 33.4 $ 510.5 $ 357.2 |
Schedule of Derivative Instruments | The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at December 31, 2020: Notional amount due from counterparty Notional amount due Weighted average remaining life in millions in years UPC Holding $ 360.0 € 267.9 4.8 $ 4,200.0 CHF 3,838.7 (a)(b) 7.0 € 3,418.3 CHF 3,802.7 (a)(b) 4.7 € 707.0 PLN 2,999.5 3.4 CHF 740.0 € 701.1 2.0 Telenet $ 3,940.0 € 3,489.6 (a) 6.1 € 45.2 $ 50.0 (c) 4.1 _______________ (a) Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to December 31, 2020. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts. (b) Includes amounts subject to a 0.0% floor. (c) Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At December 31, 2020, the total U.S. dollar equivalent of the notional amount of these derivative instruments was $55.2 million. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2020: Pays fixed rate Receives fixed rate Notional Weighted average remaining life Notional Weighted average remaining life in millions in years in millions in years UPC Holding $ 11,053.1 (a) 3.5 $ 4,970.4 4.9 Telenet $ 3,526.3 (a) 4.2 $ 1,744.7 2.7 Other $ 104.4 3.0 $ — — ______________ (a) Includes forward-starting derivative instruments. Notional amount due from counterparty Weighted average remaining life in millions in years UPC Holding $ 3,300.0 (a) 0.6 Telenet $ 2,295.0 (a) 1.0 Other $ 104.4 (b) ______________ (a) Includes amounts subject to a 0.0% floor. (b) Contractual life expired on January 15, 2021. 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: Increase to borrowing costs at December 31, 2020 (a) UPC Holding 0.42 % Telenet 0.33 % Total increase to borrowing costs 0.38 % _______________ (a) Represents the effect of derivative instruments in effect at December 31, 2020 and does not include forward-starting derivative instruments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 using: Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 567.2 $ — $ 567.2 $ — Equity-related derivative instruments 280.9 — — 280.9 Foreign currency forward and option contracts 36.6 — 36.6 — Other 0.1 — 0.1 — Total derivative instruments 884.8 — 603.9 280.9 Investments: SMAs 1,965.9 405.7 1,560.2 — Other investments 1,500.1 888.2 92.3 519.6 Total investments 3,466.0 1,293.9 1,652.5 519.6 Total assets $ 4,350.8 $ 1,293.9 $ 2,256.4 $ 800.5 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,535.3 $ — $ 1,535.3 $ — Foreign currency forward and option contracts 81.5 — 81.5 — Total liabilities $ 1,616.8 $ — $ 1,616.8 $ — Fair value measurements Description December 31, Quoted prices Significant Significant in millions Assets: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,157.2 $ — $ 1,157.2 $ — Equity-related derivative instruments 663.4 — — 663.4 Foreign currency forward and option contracts 6.0 — 6.0 — Other 0.9 — 0.9 — Total derivative instruments 1,827.5 — 1,164.1 663.4 Investments 1,289.2 869.2 — 420.0 Total assets $ 3,116.7 $ 869.2 $ 1,164.1 $ 1,083.4 Liabilities: Derivative instruments: Cross-currency and interest rate derivative contracts $ 1,581.5 $ — $ 1,561.6 $ 19.9 Foreign currency forward and option contracts 1.2 — 1.2 — Total derivative liabilities 1,582.7 — 1,562.8 19.9 Debt 45.6 — 45.6 — Total liabilities $ 1,628.3 $ — $ 1,608.4 $ 19.9 |
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, interest rate and foreign currency derivative contracts Equity-related Total in millions Balance of net assets (liabilities) at January 1, 2020 $ 420.0 $ (19.9) $ 663.4 $ 1,063.5 Gains included in loss from continuing operations (a): Realized and unrealized gains (losses) on derivative instruments, net — (366.1) 386.7 20.6 Realized and unrealized gains due to changes in fair values of certain investments and debt, net 68.1 — — 68.1 Partial settlement of ITV collar (b) — — (731.2) (731.2) Settlement of Lionsgate Forward (c) — — (38.0) (38.0) Additions 201.6 — — 201.6 Reclassification of liability to held for sale (d) 225.6 — 225.6 Transfers out of Level 3 (180.8) 170.1 — (10.7) Foreign currency translation adjustments and other, net 10.7 (9.7) — 1.0 Balance of net assets at December 31, 2020 $ 519.6 $ — $ 280.9 $ 800.5 _______________ (a) Most of these net gains relate to assets and liabilities that we continue to carry on our consolidated balance sheet as of December 31, 2020. (b) For additional information regarding the ITV Collar, see note 8. (c) For additional information regarding the Lionsgate Forward, see note 8. (d) Represents the reclassification of the derivative liabilities associated with the U.K. JV Entities as of December 31, 2020 to liabilities associated with assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-lived Assets [Abstract] | |
Schedule of PP&E | The details of our property and equipment and the related accumulated depreciation are set forth below: Estimated December 31, 2020 2019 in millions Distribution systems 3 to 30 years $ 10,264.0 $ 19,007.2 Customer premises equipment 3 to 7 years 1,800.4 4,294.7 Support equipment, buildings and land 2 to 40 years 4,491.9 5,344.3 Total property and equipment, gross 16,556.3 28,646.2 Accumulated depreciation (8,502.2) (14,802.8) Total property and equipment, net $ 8,054.1 $ 13,843.4 |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of our goodwill during 2020 are set forth below: January 1, Acquisitions Reclassification to assets held for sale (a) Foreign currency translation adjustments and other December 31, in millions U.K./Ireland $ 7,965.4 $ — $ (7,918.5) $ 249.3 $ 296.2 Switzerland 2,953.2 3,465.7 — 397.1 6,816.0 Belgium 2,576.1 6.7 — 200.9 2,783.7 Central and Eastern Europe 557.4 — — 12.8 570.2 Central and Corporate — 0.6 — — 0.6 Total $ 14,052.1 $ 3,473.0 $ (7,918.5) $ 860.1 $ 10,466.7 _______________ (a) Represents goodwill of the U.K. JV Entities. For additional information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Changes in the carrying amount of our goodwill during 2019 are set forth below: January 1, Acquisitions Foreign December 31, in millions U.K./Ireland $ 7,671.0 $ — $ 294.4 $ 7,965.4 Belgium 2,576.3 48.7 (48.9) 2,576.1 Switzerland 2,903.9 — 49.3 2,953.2 Central and Eastern Europe 564.6 — (7.2) 557.4 Total $ 13,715.8 $ 48.7 $ 287.6 $ 14,052.1 |
Schedule of Intangible Assets Subject to Amortization, Net | The details of our intangible assets subject to amortization, which are included in other assets, net, on our consolidated balance sheets, are set forth below: Estimated useful life at December 31, 2020 December 31, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount in millions Customer relationships 5 to 11 years $ 2,426.6 $ (246.4) $ 2,180.2 $ 3,653.9 $ (3,363.6) $ 290.3 Other 2 to 15 years 1,072.1 (366.3) 705.8 563.7 (281.9) 281.8 Total $ 3,498.7 $ (612.7) $ 2,886.0 $ 4,217.6 $ (3,645.5) $ 572.1 |
Schedule of Amortization Expense Related to Intangible Assets with Finite Lives | Based on our amortizable intangible asset balances at December 31, 2020, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2021 $ 449.6 2022 428.9 2023 417.8 2024 405.9 2025 399.1 Thereafter 784.7 Total $ 2,886.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2020 Principal amount Weighted Unused borrowing capacity (b) Borrowing currency U.S. $ December 31, 2020 2019 in millions UPC Holding Bank Facility (c) 3.32 % € 716.6 $ 876.0 $ 4,767.1 $ — UPCB SPE Notes 3.80 % — — 1,393.7 2,420.1 UPC Holding Senior Notes 4.56 % — — 1,261.5 1,202.3 Telenet Credit Facility (d) 2.19 % € 555.0 678.5 3,652.0 3,541.4 Telenet Senior Secured Notes 4.70 % — — 1,660.2 1,673.7 Vendor financing (e) (f) 2.21 % — — 1,142.9 1,374.3 ITV Collar Loan 0.90 % — — 415.9 1,435.5 Virgin Media debt (g) — (f) (f) (f) 15,693.5 Other (f) (h) 5.56 % — — 266.3 307.3 Total debt before deferred financing costs, discounts and premiums (i) 3.23 % $ 1,554.5 $ 14,559.6 $ 27,648.1 The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations: December 31, 2020 2019 in millions Total debt before deferred financing costs, discounts and premiums $ 14,559.6 $ 27,648.1 Deferred financing costs, discounts and premiums, net (118.4) (82.7) Total carrying amount of debt 14,441.2 27,565.4 Finance lease obligations (f) (note 12) 556.5 617.1 Total debt and finance lease obligations 14,997.7 28,182.5 Current maturities of debt and finance lease obligations (1,130.4) (3,877.2) Long-term debt and finance lease obligations $ 13,867.3 $ 24,305.3 _______________ (a) Represents the weighted average interest rate in effect at December 31, 2020 for all borrowings outstanding (except those of the U.K. JV Entities) pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs, our weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.64% at December 31, 2020. For information regarding our derivative instruments, see note 8. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2020 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 2020, based on the most restrictive applicable leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and based on the most restrictive applicable leverage- based restricted payment tests, 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. Upon completion of the relevant December 31, 2020 compliance reporting requirements, we expect the full amount of unused borrowing capacity will continue to be available under each of the respective subsidiary facilities, with no additional restriction to loan or distribute. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2020, or the impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility. (c) Unused borrowing capacity under the UPC Holding Bank Facility comprises (i) €500.0 million ($611.2 million) under the UPC Revolving Facility (as defined below) and (ii) €216.6 million ($264.8 million) under the Revolving Facility (as defined within Financing Transactions below), each of which were undrawn at December 31, 2020. During 2020, as a result of the sale of certain entities within the UPC Holding borrowing group in prior years, and an associated reduction in the outstanding debt and Covenant EBITDA (as defined and described in the related debt agreement) of the remaining UPC Holding borrowing group, UPC Facility AM was cancelled in full and replaced with a new revolving facility which bears interest at a rate of EURIBOR + 2.50% and has a final maturity date of May 31, 2026 (the UPC Revolving Facility ). (d) Unused borrowing capacity under the Telenet Credit Facility comprises (i) €510.0 million ($623.5 million) under the Telenet Revolving Facility I (as defined below), (ii) €25.0 million ($30.6 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($24.4 million) under the Telenet Revolving Facility, each of which were undrawn at December 31, 2020. During 2020, Telenet Facility AG and Telenet Facility AP were cancelled in full and replaced with a single revolving facility which bears interest at a rate of EURIBOR + 2.25%, is subject to a EURIBOR floor of 0.0% and has a final maturity date of May 31, 2026 (the Telenet Revolving Facility I ). In addition, during 2020, certain lenders under the Telenet Revolving Facility agreed to extend and reprice their commitments and as a result, the Telenet Revolving Facility, as amended, bears interest at a rate of EURIBOR + 2.25%, is subject to a EURIBOR floor of 0.0% and has a final maturity date of September 30, 2026. (e) Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g. extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable on our consolidated balance sheet. These obligations are generally due within one year and include VAT that was also financed under these arrangements. Repayments of vendor financing obligations are included in repayments and repurchases of debt and finance lease obligations in our consolidated statements of cash flows. (f) In connection with the pending formation of the U.K. JV, the outstanding third-party debt of the U.K. JV Entities has been classified as liabilities associated with assets held for sale on our December 31, 2020 consolidated balance sheet. For information regarding the pending formation of the U.K. JV and the held-for-sale presentation of the U.K. JV Entities, see note 6. (g) The December 31, 2019 amount includes $264.6 million of debt collateralized by certain trade receivables of Virgin Media ( VM Receivables Financing ). During 2020, the amount outstanding under the VM Receivables Financing was repaid, and the associated trade receivables were sold to a third party (the VM Receivables Financing Sale ). (h) The December 31, 2019 amount includes $55.3 million of principal borrowings outstanding under the Lionsgate Loan. During 2020, we cash settled the outstanding amount under the Lionsgate Loan, as further described in note 8. (i) As of December 31, 2020 and 2019, our debt had an estimated fair value of $14.7 billion (excluding the U.K. JV Entities) and $28.4 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) 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 9. |
Maturities of Debt and Capital Lease Obligations | Maturities of our debt as of December 31, 2020 are presented below for the named borrowing group, unless otherwise noted, and represent U.S. dollar equivalents based on December 31, 2020 exchange rates. As a result of the held-for-sale presentation of the U.K. JV Entities on our December 31, 2020 consolidated balance sheet, the amounts presented below do not include maturities of the debt obligations of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Telenet UPC Other (b) Total in millions Year ending December 31: 2021 $ 443.2 $ 380.2 $ 231.0 $ 1,054.4 2022 11.3 — 428.4 439.7 2023 12.0 — 173.7 185.7 2024 11.9 — 19.5 31.4 2025 12.0 — 1.2 13.2 Thereafter 5,412.9 7,422.3 — 12,835.2 Total debt maturities (c) 5,903.3 7,802.5 853.8 14,559.6 Deferred financing costs, discounts and premiums, net (17.2) (98.5) (2.7) (118.4) Total debt $ 5,886.1 $ 7,704.0 $ 851.1 $ 14,441.2 Current portion $ 443.2 $ 380.2 $ 230.7 $ 1,054.1 Noncurrent portion $ 5,442.9 $ 7,323.8 $ 620.4 $ 13,387.1 _______________ (a) Amounts include the UPCB SPE Notes issued by the UPCB SPEs. As described above, the UPCB SPEs are consolidated by UPC Holding and Liberty Global. (b) Amounts include $415.9 million related to the ITV Collar Loan. The ITV Collar Loan has various maturity dates through 2022 consistent with the ITV Collar (see notes 7 and 8). We may elect to use cash or the collective value of the related shares and equity-related derivative instrument to settle the remaining amounts under the ITV Collar Loan. (c) Amounts include vendor financing obligations of $1,142.9 million, as set forth below: Telenet UPC Other Total in millions Year ending December 31: 2021 $ 429.2 $ 380.2 $ 149.9 $ 959.3 2022 — — 93.6 93.6 2023 — — 69.2 69.2 2024 — — 19.5 19.5 2025 — — 1.3 1.3 Total vendor financing maturities $ 429.2 $ 380.2 $ 333.5 $ 1,142.9 Current portion $ 429.2 $ 380.2 $ 149.9 $ 959.3 Noncurrent portion $ — $ — $ 183.6 $ 183.6 |
Maturities of Finance Lease Liabilities | Amounts include vendor financing obligations of $1,142.9 million, as set forth below: Telenet UPC Other Total in millions Year ending December 31: 2021 $ 429.2 $ 380.2 $ 149.9 $ 959.3 2022 — — 93.6 93.6 2023 — — 69.2 69.2 2024 — — 19.5 19.5 2025 — — 1.3 1.3 Total vendor financing maturities $ 429.2 $ 380.2 $ 333.5 $ 1,142.9 Current portion $ 429.2 $ 380.2 $ 149.9 $ 959.3 Noncurrent portion $ — $ — $ 183.6 $ 183.6 Maturities of our operating and finance lease liabilities as of December 31, 2020 are presented below. As a result of the held-for-sale presentation of the U.K. JV Entities on our December 31, 2020 consolidated balance sheet, the amounts presented below do not include maturities of operating and finance lease liabilities of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Amounts represent U.S. dollar equivalents based on December 31, 2020 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 $ 212.2 $ 107.2 2022 196.1 98.8 2023 184.8 101.3 2024 168.8 62.2 2025 155.0 59.1 Thereafter 1,190.0 292.0 Total payments 2,106.9 720.6 Less: present value discount (659.2) (164.1) Present value of lease payments $ 1,447.7 $ 556.5 Current portion $ 180.3 $ 76.3 Noncurrent portion $ 1,267.4 $ 480.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Balances | A summary of our ROU assets and lease liabilities is set forth below: December 31, 2020 2019 in millions ROU assets: Finance leases (a) $ 477.8 $ 531.0 Operating leases (b) 1,454.7 512.7 Total ROU assets $ 1,932.5 $ 1,043.7 Lease liabilities: Finance leases (c) $ 556.5 $ 617.1 Operating leases (d) 1,447.7 545.1 Total lease liabilities $ 2,004.2 $ 1,162.2 _______________ (a) Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheets. At December 31, 2020, the weighted average remaining lease term for finance leases was 22.8 years and the weighted average discount rate was 6.0%. During 2020, 2019 and 2018, we recorded non-cash additions to our finance lease ROU assets (including amounts related to the U.K. JV Entities) of $49.7 million, $66.9 million and $102.4 million, respectively. (b) Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheets. At December 31, 2020, the weighted average remaining lease term for operating leases was 12.8 years and the weighted average discount rate was 5.8%. During 2020 and 2019, we recorded non-cash additions to our operating lease ROU assets (including amounts related to the U.K. JV Entities) of $124.7 million and $88.5 million, respectively. (c) The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. (d) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities |
Lease Expense and Cash Outflows from Operating and Finance Leases | A summary of our aggregate lease expense is set forth below: Year ended December 31, 2020 2019 in millions Finance lease expense: Depreciation and amortization $ 75.3 $ 84.2 Interest expense 33.4 33.8 Total finance lease expense 108.7 118.0 Operating lease expense (a) 151.1 135.7 Short-term lease expense (a) 6.8 8.0 Variable lease expense (b) 4.6 4.8 Total lease expense $ 271.2 $ 266.5 _______________ (a) Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our consolidated statements of operations. (b) Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. A summary of our cash outflows from operating and finance leases is set forth below: Year ended December 31, 2020 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 126.2 $ 135.5 Operating cash outflows from finance leases 33.4 33.8 Financing cash outflows from finance leases 98.2 60.0 Total cash outflows from operating and finance leases $ 257.8 $ 229.3 |
Maturities of Operating Lease Liabilities | Maturities of our operating and finance lease liabilities as of December 31, 2020 are presented below. As a result of the held-for-sale presentation of the U.K. JV Entities on our December 31, 2020 consolidated balance sheet, the amounts presented below do not include maturities of operating and finance lease liabilities of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Amounts represent U.S. dollar equivalents based on December 31, 2020 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 $ 212.2 $ 107.2 2022 196.1 98.8 2023 184.8 101.3 2024 168.8 62.2 2025 155.0 59.1 Thereafter 1,190.0 292.0 Total payments 2,106.9 720.6 Less: present value discount (659.2) (164.1) Present value of lease payments $ 1,447.7 $ 556.5 Current portion $ 180.3 $ 76.3 Noncurrent portion $ 1,267.4 $ 480.2 |
Maturities of Finance Lease Liabilities | Amounts include vendor financing obligations of $1,142.9 million, as set forth below: Telenet UPC Other Total in millions Year ending December 31: 2021 $ 429.2 $ 380.2 $ 149.9 $ 959.3 2022 — — 93.6 93.6 2023 — — 69.2 69.2 2024 — — 19.5 19.5 2025 — — 1.3 1.3 Total vendor financing maturities $ 429.2 $ 380.2 $ 333.5 $ 1,142.9 Current portion $ 429.2 $ 380.2 $ 149.9 $ 959.3 Noncurrent portion $ — $ — $ 183.6 $ 183.6 Maturities of our operating and finance lease liabilities as of December 31, 2020 are presented below. As a result of the held-for-sale presentation of the U.K. JV Entities on our December 31, 2020 consolidated balance sheet, the amounts presented below do not include maturities of operating and finance lease liabilities of these entities. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. Amounts represent U.S. dollar equivalents based on December 31, 2020 exchange rates: Operating leases Finance in millions Year ending December 31: 2021 $ 212.2 $ 107.2 2022 196.1 98.8 2023 184.8 101.3 2024 168.8 62.2 2025 155.0 59.1 Thereafter 1,190.0 292.0 Total payments 2,106.9 720.6 Less: present value discount (659.2) (164.1) Present value of lease payments $ 1,447.7 $ 556.5 Current portion $ 180.3 $ 76.3 Noncurrent portion $ 1,267.4 $ 480.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Loss from Continuing Operations before Income Taxes | The components of our earnings (loss) from continuing operations before income taxes are as follows: Year ended December 31, 2020 2019 2018 in millions U.K. $ (1,470.0) $ (831.0) $ 330.9 The Netherlands (606.0) (662.8) (321.1) Belgium 343.5 409.3 392.4 Luxembourg 95.5 (5.3) 0.7 U.S. (46.0) (7.0) (51.6) Switzerland (21.2) 178.5 318.8 Intercompany activity with discontinued operations — (237.2) (426.4) Other (19.4) (0.5) (81.9) Total $ (1,723.6) $ (1,156.0) $ 161.8 |
Schedule Of Income Tax Expense Benefit | Income tax benefit (expense ) consists of: Current Deferred Total in millions Year ended December 31, 2020: U.S. (a) $ 81.5 $ 159.7 $ 241.2 U.K. (1.3) 52.2 50.9 Switzerland (3.5) 41.2 37.7 Luxembourg (0.3) (27.1) (27.4) Belgium (54.5) 36.3 (18.2) The Netherlands (7.7) — (7.7) Other (19.0) (0.6) (19.6) Total $ (4.8) $ 261.7 $ 256.9 Year ended December 31, 2019: The Netherlands $ — $ (275.3) $ (275.3) Belgium (134.7) 3.6 (131.1) U.K (1.5) 118.8 117.3 U.S. (a) (4.1) 81.9 77.8 Switzerland (27.8) (1.1) (28.9) Luxembourg (1.2) 7.7 6.5 Other (18.2) (1.1) (19.3) Total $ (187.5) $ (65.5) $ (253.0) Year ended December 31, 2018: U.S. (a) $ (957.5) $ 7.6 $ (949.9) The Netherlands 14.2 (519.4) (505.2) Belgium (153.9) 41.6 (112.3) U.K (7.2) 32.2 25.0 Switzerland (16.6) 6.2 (10.4) Luxembourg (3.1) 0.3 (2.8) Other (11.1) (6.6) (17.7) Total $ (1,135.2) $ (438.1) $ (1,573.3) _______________ |
Income Tax Benefit (Expense) Reconciliation | Income tax benefit (expense) attributable to our earnings (loss) from continuing operations before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors: Year ended December 31, 2020 2019 2018 in millions Computed “expected” tax benefit (expense) (a) $ 327.5 $ 219.6 $ (30.7) Non-deductible or non-taxable foreign currency exchange results (395.1) (26.5) 132.5 Recognition of previously unrecognized tax benefits 285.8 5.9 49.6 Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b) (248.6) (167.9) (360.1) Enacted tax law and rate changes (c) 248.2 19.2 (13.5) Tax benefit associated with technologies innovation (d) 62.2 — — Non-deductible or non-taxable interest and other expenses (25.6) (191.7) (153.8) Change in valuation allowances (8.4) (113.6) (34.9) Mandatory Repatriation Tax (e) — — (1,137.2) Other, net 10.9 2.0 (25.2) Total income tax expense $ 256.9 $ (253.0) $ (1,573.3) _______________ (a) The statutory or “expected” tax rate is the U.K. rate of 19.0%. (b) These amounts reflect the net impact of differences in the treatment of income and loss items between financial reporting and tax accounting related to investments in subsidiaries and affiliates including the effects of foreign earnings. (c) On July 22, 2020, legislation was enacted in the U.K. to maintain the corporate income tax rate at 19.0%, reversing previous legislation that had reduced the U.K. rate to 17.0% from April, 1, 2020. The impact of this rate change on our deferred balances was recorded during the third quarter of 2020. On December 23, 2020, legislation was enacted in the Netherlands to eliminate the corporate income tax rate reduction that had previously been enacted in December 2019. As a result, the corporate income tax rate remains at 25% in 2021 instead of reducing to 21.7%. Substantially all of the impacts of the new rate change in the Netherlands on our deferred tax balances were recorded during the fourth quarter of 2020, modifying the impacts of the 2019 rate change that were previously recorded during the fourth quarter of 2019. The December 2019 legislation delayed and lessened the corporate income tax rate reduction that had previously been enacted in December 2018, maintaining the 25% rate in 2020 and reducing to 21.7% in 2021 instead of reducing the rate to 22.5% in 2020 and 20.5% in 2021. Substantially all of the impacts of this change on our deferred tax balances were recorded during the fourth quarter of 2019, modifying the impacts of the 2018 rate change that were previously recorded during the fourth quarter of 2018. (d) The amount reflects the recognition of the innovation income tax deduction in Belgium, including the one-time effect of deductions related to prior periods. (e) As further discussed below, the liability we have recorded for the Mandatory Repatriation Tax (as defined and described below) is significantly lower than the amount included in our income tax expense due in part to the expected use of carryforward attributes in the U.S., all of which were subject to valuation allowances prior to the initial recognition of the Mandatory Repatriation Tax during the first quarter of 2018. |
Schedule Of Current And Noncurrent Deferred Tax Assets And Liabilities | The components of our net deferred tax assets (liabilities) are as follows: December 31, 2020 (a) 2019 in millions Deferred tax assets $ 565.1 $ 2,457.4 Deferred tax liabilities (b) (672.9) (246.4) Net deferred tax asset (liability) $ (107.8) $ 2,211.0 _______________ (a) Due to the held-for-sale presentation of the U.K. JV Entities, amounts as of December 31, 2020 exclude the deferred tax assets and liabilities associated with such entities. (b) Our deferred tax liabilities are included in other long-term liabilities on our consolidated balance sheets. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2020 2019 in millions Deferred tax assets: Net operating loss and other carryforwards $ 1,589.8 $ 4,367.5 Derivative instruments 272.3 113.3 Debt 218.9 231.5 Leases 204.5 58.5 Investments 194.6 136.4 Property and equipment, net 107.5 1,969.0 Other future deductible amounts 217.6 208.8 Deferred tax assets 2,805.2 7,085.0 Valuation allowance (1,578.9) (4,235.5) Deferred tax assets, net of valuation allowance 1,226.3 2,849.5 Deferred tax liabilities: Intangible assets (514.7) (114.1) Property and equipment, net (243.6) (169.9) Right of use assets (204.4) (56.8) Debt (182.6) (65.7) Deferred revenue (157.0) (168.1) Other future taxable amounts (31.8) (63.9) Deferred tax liabilities (1,334.1) (638.5) Net deferred tax asset (liability) $ (107.8) $ 2,211.0 |
Summary of Operating Loss Carryforwards | The significant components of our tax loss carryforwards and related tax assets at December 31, 2020 are as follows: Tax loss Related Expiration Country in millions The Netherlands $ 3,353.8 $ 838.4 2021-2027 Belgium 1,342.7 335.7 Indefinite Luxembourg 980.6 256.0 Various Ireland 796.5 99.8 Indefinite U.K (a) 264.3 50.2 Indefinite Other 46.5 9.7 Various Total $ 6,784.4 $ 1,589.8 _______________ (a) Due to the held-for-sale presentation of the U.K. JV Entities, amounts exclude the tax loss carryforwards and related tax assets associated with such entities. |
Unrecognized Tax Benefits Roll Forward | The changes in our unrecognized tax benefits are summarized below: 2020 2019 2018 in millions Balance at January 1 $ 664.3 $ 857.8 $ 350.4 Reductions for tax positions of prior years (361.5) (80.7) (117.9) Additions based on tax positions related to the current year 290.9 1.8 180.0 Additions for tax positions of prior years 134.4 1.0 457.4 Reduction related to the held for sale group (131.8) — — Foreign currency translation 15.4 (4.3) (8.5) Settlements with tax authorities (4.1) (111.3) — Lapse of statute of limitations (2.7) — (3.6) Balance at December 31 $ 604.9 $ 664.3 $ 857.8 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Outstanding Share-Based Compensation Awards | Additionally, at December 31, 2020, we have reserved the following ordinary shares for the issuance of outstanding share-based incentive awards: Class A Class B Class C Options 623,572 — 3,463,971 SARs 19,245,884 — 40,890,502 RSUs 2,443,306 — 4,878,115 PSUs and PSARS 5,920,958 660,000 11,841,916 |
Details of Share Repurchases | The following table provides details of our share repurchases during 2020, 2019 and 2018: Class A ordinary shares Class C ordinary shares Shares Average price Shares Average price Total cost (a) in millions Liberty Global Shares: 2020 1,309,000 $ 22.38 54,473,323 $ 19.15 $ 1,072.3 2019 (b) 24,348,562 $ 27.61 95,395,291 $ 26.64 $ 3,220.2 2018 15,649,900 $ 29.67 54,211,059 $ 28.51 $ 2,010.0 _______________ (a) Includes direct acquisition costs, where applicable. (b) Includes repurchases made pursuant to modified Dutch auction cash tenders, comprising 24,002,262 shares of our class A ordinary shares at a per share price of $27.50 and 75,420,009 shares of our class C ordinary shares at a price per share of $27.00, for an aggregate purchase price of $2.7 billion, including direct acquisition costs. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation | A summary of our aggregate share-based compensation expense is set forth below: Year ended December 31, 2020 2019 2018 in millions Liberty Global: Performance-based incentive awards (a) $ 127.4 $ 134.5 $ 50.8 Non-performance based incentive awards (b) 134.1 107.6 90.1 Other (c) 46.2 39.0 43.4 Total Liberty Global 307.7 281.1 184.3 Telenet share-based incentive awards (d) 35.5 15.6 19.6 Other 4.8 9.1 2.1 Total $ 348.0 $ 305.8 $ 206.0 Included in: Other operating expenses $ 7.6 $ 3.9 $ 4.4 SG&A expenses 340.4 301.9 201.6 Total $ 348.0 $ 305.8 $ 206.0 _______________ (a) Includes share-based compensation expense related to (i) PSUs and (ii) in 2020 and 2019, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award, each as defined and described below. (b) In 2019, we changed our policy to provide that all new equity grants would have ten-year contractual terms in order to more closely align with common market practice. In April 2020, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options granted in 2013 from a seven-year term to a ten-year term in order to align with this new policy. Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $18.9 million during 2020. The 2019 amount includes share-based compensation expense related to the RSAs issued under the 2019 CEO Performance Award, as defined and described below. (c) Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash. (d) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, which, at December 31, 2020, included performance- and non-performance-based stock option awards with respect to 5,001,814 Telenet shares. These stock option awards had a weighted average exercise price of €40.69 ($49.74). |
Stock Compensation Assumptions | The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global ordinary shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted): Year ended December 31, 2020 2019 2018 Assumptions used to estimate fair value of options, SARs and PSARs granted: Risk-free interest rate 0.13 - 0.47% 1.59 - 2.45% 2.68 - 2.92% Expected life 3.2 - 6.2 years 3.2 - 6.2 years 3.0 - 4.2 years Expected volatility 34.6 - 38.8% 29.9 - 33.8% 30.2 - 33.6% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: Options $ 5.92 $ 8.60 $ 8.99 SARs $ 4.19 $ 6.79 $ 7.92 PSARs (a) $ 6.92 (a) RSUs $ 15.66 $ 24.66 $ 28.72 RSAs (a) $ 25.29 (a) PSUs (a) $ 25.00 $ 23.60 Total intrinsic value of awards exercised (in millions): Options $ 1.2 $ 4.2 $ 3.8 SARs (b) $ 13.6 $ 22.5 Cash received from exercise of options (in millions) $ 2.2 $ 2.3 $ 5.7 Income tax benefit related to share-based compensation of our continuing operations (in millions) $ 36.9 $ 21.0 $ 18.6 _______________ (a) There were no grants of this award type made during the indicated period. (b) There were no exercises of SARs during the year ended December 31, 2020. |
Stock Options Activity | The following tables summarize the share-based award activity during 2020 with respect to awards issued by Liberty Global. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, with respect to share-based awards held by Liberty Global employees, the number of shares to be issued upon vesting or exercise is reduced by the amount of the employee’s required income tax withholding. Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 588,258 $ 29.25 Granted 78,948 $ 21.86 Forfeited (2,533) $ 22.65 Exercised (41,101) $ 13.00 Outstanding at December 31, 2020 623,572 $ 29.41 3.6 $ 0.6 Exercisable at December 31, 2020 495,900 $ 30.67 2.3 $ 0.4 Options — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 3,506,568 $ 25.81 Granted 542,801 $ 16.98 Forfeited (483,100) $ 25.38 Exercised (102,298) $ 12.88 Outstanding at December 31, 2020 3,463,971 $ 24.87 3.8 $ 4.8 Exercisable at December 31, 2020 2,570,677 $ 26.41 2.3 $ 3.7 SARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 16,251,617 $ 31.18 Granted 5,084,564 $ 16.20 Forfeited (2,085,032) $ 30.52 Exercised (5,265) $ 24.90 Outstanding at December 31, 2020 19,245,884 $ 27.29 5.1 $ 40.2 Exercisable at December 31, 2020 11,367,027 $ 32.23 2.8 $ — SARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 35,682,862 $ 29.77 Granted 10,169,128 $ 15.28 Forfeited (4,952,165) $ 28.95 Exercised (9,323) $ 24.15 Outstanding at December 31, 2020 40,890,502 $ 26.27 4.9 $ 83.9 Exercisable at December 31, 2020 25,082,821 $ 30.83 2.8 $ — PSARs — Class A ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 4,071,616 $ 25.97 Forfeited (347,946) $ 25.99 Outstanding at December 31, 2020 3,723,670 $ 25.97 8.2 $ — Exercisable at December 31, 2020 1,473 $ 25.97 0.8 $ — PSARs — Class C ordinary shares Number of awards Weighted Weighted Aggregate in years in millions Outstanding at January 1, 2020 8,143,232 $ 25.22 Forfeited (695,892) $ 25.24 Outstanding at December 31, 2020 7,447,340 $ 25.22 8.2 $ — Exercisable at December 31, 2020 2,946 $ 25.22 0.8 $ — The following tables summarize the share-based awards held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although we do not recognize share-based compensation expense with respect to these awards, any future exercises of SARs and any future vesting of RSUs and PSUs will increase the number of our outstanding ordinary shares. Number of awards Weighted average exercise or base price Weighted average remaining contractual term Aggregate intrinsic value SARs: Class A: Outstanding 1,413,040 $ 34.11 1.7 $ — Exercisable 1,396,581 $ 34.09 1.6 $ — Class C: Outstanding 3,142,227 $ 32.23 1.7 $ — Exercisable 3,109,319 $ 32.21 1.7 $ — |
Other-than-Options Activity | RSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 515,496 $ 27.86 Granted 2,234,496 $ 16.28 Forfeited (91,229) $ 22.62 Released from restrictions (215,457) $ 28.46 Outstanding at December 31, 2020 2,443,306 $ 17.41 2.2 RSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 48,786 $ 26.03 Released from restrictions (48,786) $ 26.03 Outstanding at December 31, 2020 — $ — — RSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 1,026,010 $ 26.95 Granted 4,468,992 $ 15.36 Forfeited (183,173) $ 21.77 Released from restrictions (433,714) $ 27.58 Outstanding at December 31, 2020 4,878,115 $ 16.47 2.2 PSUs — Class A ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 3,388,371 $ 25.00 Forfeited (132,789) $ 26.04 Released from restrictions (1,058,294) $ 24.01 Outstanding at December 31, 2020 2,197,288 $ 25.41 1.0 PSUs — Class B ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 1,330,000 $ 25.29 Released from restrictions (670,000) $ 25.29 Outstanding at December 31, 2020 660,000 $ 25.29 0.4 PSUs — Class C ordinary shares Number of awards Weighted Weighted in years Outstanding at January 1, 2020 6,776,048 $ 24.29 Forfeited (263,994) $ 25.26 Released from restrictions (2,117,478) $ 23.39 Outstanding at December 31, 2020 4,394,576 $ 24.66 1.0 Number of awards Weighted average grant date fair value per share Weighted average remaining contractual term Outstanding RSUs and PSUs: Class A: RSUs 597 $ 35.32 0.4 PSUs 1,357 $ 24.90 0.8 Class C: RSUs 1,183 $ 34.43 0.4 PSUs 2,714 $ 24.90 0.8 |
Restructuring Liabilities (Tabl
Restructuring Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes in Restructuring Liabilities During Year | A summary of changes in our restructuring liabilities during 2020 is set forth in the table below: Employee Office Contract termination Total in millions Restructuring liability as of January 1, 2020 $ 19.1 $ 2.2 $ 10.6 $ 31.9 Restructuring charges 34.9 5.8 6.8 47.5 Cash paid (43.8) (4.9) (7.5) (56.2) Reclassification to held for sale (a) (2.2) (3.2) — (5.4) Foreign currency translation adjustments and other 2.1 0.3 (0.8) 1.6 Restructuring liability as of December 31, 2020 $ 10.1 $ 0.2 $ 9.1 $ 19.4 Current portion $ 10.1 $ 0.1 $ 3.2 $ 13.4 Noncurrent portion — 0.1 5.9 6.0 Total $ 10.1 $ 0.2 $ 9.1 $ 19.4 _______________ (a) Represents the reclassification of the restructuring liabilities associated with the U.K. JV Entities as of December 31, 2020 to liabilities associated with assets held for sale. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. A summary of changes in our restructuring liabilities during 2019 is set forth in the table below: Employee Office Contract termination Total in millions Restructuring liability as of January 1, 2019, before effect of accounting change $ 14.7 $ 8.5 $ 17.9 $ 41.1 Impact of ASU 2016-02 — (2.4) — (2.4) Restructuring liability as of January 1, 2019, as adjusted for accounting change 14.7 6.1 17.9 38.7 Restructuring charges 84.3 1.1 4.5 89.9 Cash paid (81.3) (4.4) (10.9) (96.6) Foreign currency translation adjustments and other 1.4 (0.6) (0.9) (0.1) Restructuring liability as of December 31, 2019 $ 19.1 $ 2.2 $ 10.6 $ 31.9 Current portion $ 17.6 $ 1.9 $ 3.2 $ 22.7 Noncurrent portion 1.5 0.3 7.4 9.2 Total $ 19.1 $ 2.2 $ 10.6 $ 31.9 A summary of changes in our restructuring liabilities during 2018 is set forth in the table below: Employee Office Contract termination Total in millions Restructuring liability as of January 1, 2018 $ 11.3 $ 9.5 $ 16.5 $ 37.3 Restructuring charges 42.2 5.5 48.7 96.4 Cash paid (35.5) (6.0) (44.7) (86.2) Foreign currency translation adjustments and other (3.3) (0.5) (2.6) (6.4) Restructuring liability as of December 31, 2018 $ 14.7 $ 8.5 $ 17.9 $ 41.1 Current portion $ 13.3 $ 4.5 $ 8.4 $ 26.2 Noncurrent portion 1.4 4.0 9.5 14.9 Total $ 14.7 $ 8.5 $ 17.9 $ 41.1 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans | The table below provides summary information on the defined benefit plans: December 31, 2020 (a) 2019 2018 in millions Fair value of plan assets (b) $ 1,196.8 $ 1,500.0 $ 1,305.0 Projected benefit obligation $ 1,302.7 $ 1,407.5 $ 1,217.5 Net asset (liability) $ (105.9) $ 92.5 $ 87.5 _______________ (a) Due to the held-for-sale presentation of the U.K. JV Entities, amounts as of December 31, 2020 exclude the defined benefit pension plans associated with such entities. (b) The fair value of plan assets at December 31, 2020 includes $710.3 million and $486.5 million of assets that are valued based on Level 1 and Level 2 inputs, respectively, of the fair value hierarchy (as further described in note 9). Our plan |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Earnings (Loss) | The changes in the components of accumulated other comprehensive earnings, net of taxes, are summarized as follows: Liberty Global shareholders Total Foreign Pension- Accumulated Noncontrolling in millions Balance at January 1, 2018 $ 1,726.6 $ (70.6) $ 1,656.0 $ (4.2) $ 1,651.8 Other comprehensive loss (1,007.3) (16.9) (1,024.2) 0.2 (1,024.0) Balance at December 31, 2018 719.3 (87.5) 631.8 (4.0) 627.8 Other comprehensive earnings 490.3 (9.4) 480.9 1.2 482.1 Balance at December 31, 2019 1,209.6 (96.9) 1,112.7 (2.8) 1,109.9 Other comprehensive earnings 2,599.7 (19.3) 2,580.4 0.6 2,581.0 Balance at December 31, 2020 $ 3,809.3 $ (116.2) $ 3,693.1 $ (2.2) $ 3,690.9 Pre-tax Tax Net-of-tax in millions Year ended December 31, 2020: Foreign currency translation adjustments $ 2,599.9 $ (0.2) $ 2,599.7 Pension-related adjustments and other (22.5) 3.8 (18.7) Other comprehensive earnings 2,577.4 3.6 2,581.0 Other comprehensive earnings attributable to noncontrolling interests (a) (0.9) 0.3 (0.6) Other comprehensive earnings attributable to Liberty Global shareholders $ 2,576.5 $ 3.9 $ 2,580.4 Year ended December 31, 2019: Foreign currency translation adjustments $ 432.2 $ 3.3 $ 435.5 Pension-related adjustments and other (16.7) 2.3 (14.4) Other comprehensive earnings from continuing operations 415.5 5.6 421.1 Other comprehensive earnings from discontinued operations (b) 61.1 (0.1) 61.0 Other comprehensive earnings 476.6 5.5 482.1 Other comprehensive earnings attributable to noncontrolling interests (a) (1.5) 0.3 (1.2) Other comprehensive earnings attributable to Liberty Global shareholders $ 475.1 $ 5.8 $ 480.9 Year ended December 31, 2018: Foreign currency translation adjustments $ (897.9) $ — $ (897.9) Pension-related adjustments and other (24.4) 4.4 (20.0) Other comprehensive loss from continuing operations (922.3) 4.4 (917.9) Other comprehensive loss from discontinued operations (b) (105.9) (0.2) (106.1) Other comprehensive loss (1,028.2) 4.2 (1,024.0) Other comprehensive earnings attributable to noncontrolling interests (a) (0.3) 0.1 (0.2) Other comprehensive loss attributable to Liberty Global shareholders $ (1,028.5) $ 4.3 $ (1,024.2) _______________ (a) Amounts represent the noncontrolling interest owners’ share of our pension-related adjustments. (b) For additional information regarding the reclassification of foreign currency translation adjustments included in net earnings, see note 6. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Purchase Obligation | The following table sets forth the U.S. dollar equivalents of such commitments as of December 31, 2020. Due to the held-for-sale presentation of the U.K. JV Entities at December 31, 2020, the contractual commitments of these entities have been shown separately in the table below. For information regarding the held-for-sale presentation of the U.K. JV Entities, see note 6. The commitments included in this table do not reflect any liabilities that are included on our December 31, 2020 consolidated balance sheet. Payments due during: 2021 2022 2023 2024 2025 Thereafter Total in millions Network and connectivity $ 274.6 $ 96.8 $ 49.1 $ 40.2 $ 38.5 $ 745.0 $ 1,244.2 Purchase commitments 473.3 72.9 47.6 21.2 16.0 11.6 642.6 Programming commitments 276.9 175.3 76.4 40.9 33.6 17.6 620.7 Other commitments 3.7 3.1 2.1 1.8 0.7 2.0 13.4 Total $ 1,028.5 $ 348.1 $ 175.2 $ 104.1 $ 88.8 $ 776.2 $ 2,520.9 U.K. JV Entities $ 1,705.5 $ 386.7 $ 16.1 $ 5.3 $ 4.5 $ 20.0 $ 2,138.1 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Revenue and Operating Cash Flow by Segment | The noncontrolling owners’ interests in the operating results of Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV, we present 100% of its revenue and Adjusted EBITDA in the tables below. Our share of the VodafoneZiggo JV’s operating results is included in share of results of affiliates, net, in our consolidated statements of operations. Year ended December 31, 2020 2019 2018 Revenue Adjusted EBITDA Revenue Adjusted EBITDA Revenue Adjusted EBITDA in millions U.K./Ireland $ 6,588.4 $ 2,672.4 $ 6,600.3 $ 2,800.5 $ 6,875.1 $ 2,995.5 Belgium 2,940.9 1,413.4 2,893.0 1,386.1 2,993.6 1,480.0 Switzerland 1,573.8 693.8 1,258.8 627.9 1,326.0 712.0 Central and Eastern Europe 486.9 215.6 475.4 215.0 492.2 233.6 Central and Corporate 394.4 (99.6) 316.4 (171.1) 274.2 (257.8) Intersegment eliminations (a) (4.3) — (2.4) 1.1 (3.2) (11.8) Total $ 11,980.1 $ 4,895.6 $ 11,541.5 $ 4,859.5 $ 11,957.9 $ 5,151.5 VodafoneZiggo JV $ 4,565.4 $ 2,142.0 $ 4,407.8 $ 1,987.7 $ 4,602.2 $ 2,009.7 _______________ (a) Amounts for 2019 and 2018 include transactions between our continuing and discontinued operations prior to the disposal dates of such discontinued operations. |
Reconciliation of Total Segment Operating Cash Flow from Continuing Operations to Loss from Continuing Operations Before Income Taxes | The following table provides a reconciliation of loss from continuing operations to Adjusted EBITDA: Year ended December 31, 2020 2019 2018 in millions Loss from continuing operations $ (1,466.7) $ (1,409.0) $ (1,411.5) Income tax expense (benefit) (256.9) 253.0 1,573.3 Other income, net (76.1) (114.4) (43.4) Share of results of affiliates, net 245.3 198.5 8.7 Losses on debt extinguishment, net 233.2 216.7 65.0 Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net (45.2) (72.0) 384.5 Foreign currency transaction losses (gains), net 1,416.3 94.8 (90.4) Realized and unrealized losses (gains) on derivative instruments, net 879.3 192.0 (1,125.8) Interest expense 1,188.5 1,385.9 1,478.7 Operating income 2,117.7 745.5 839.1 Impairment, restructuring and other operating items, net 98.6 156.0 248.2 Depreciation and amortization 2,331.3 3,652.2 3,858.2 Share-based compensation expense 348.0 305.8 206.0 Adjusted EBITDA $ 4,895.6 $ 4,859.5 $ 5,151.5 |
Performance Measures of our Reportable Segments | Selected balance sheet data of our reportable segments is set forth below: Long-lived assets Total assets December 31, December 31, 2020 2019 2020 2019 in millions U.K./Ireland (a) $ 856.3 $ 16,170.9 $ 21,684.7 $ 20,665.5 Switzerland 12,258.8 4,247.7 14,659.9 4,647.8 Belgium 6,221.7 5,910.3 7,571.1 7,148.2 Central and Eastern Europe 1,074.0 1,062.2 1,135.4 1,135.2 Central and Corporate 999.1 1,079.6 14,041.6 15,449.6 Total $ 21,409.9 $ 28,470.7 $ 59,092.7 $ 49,046.3 VodafoneZiggo JV $ 21,808.3 $ 20,674.8 $ 23,630.8 $ 22,426.5 _______________ |
Capital Expenditures of Reportable Segments | The property and equipment additions of our reportable segments (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively. Year ended December 31, 2020 2019 2018 in millions U.K./Ireland $ 1,432.7 $ 1,578.0 $ 1,988.9 Belgium 513.6 537.2 790.8 Switzerland 302.8 277.9 249.6 Central and Eastern Europe 105.5 107.0 152.8 Central and Corporate (a) 340.7 380.4 523.5 Total property and equipment additions 2,695.3 2,880.5 3,705.6 Assets acquired under capital-related vendor financing arrangements (1,371.1) (1,727.0) (2,175.5) Assets acquired under finance leases (49.7) (66.9) (102.4) Changes in current liabilities related to capital expenditures 75.7 156.5 25.3 Total capital expenditures, net $ 1,350.2 $ 1,243.1 $ 1,453.0 Capital expenditures, net: Third-party payments $ 1,352.7 $ 1,323.9 $ 1,552.7 Proceeds received for transfers to related parties (b) (2.5) (80.8) (99.7) Total capital expenditures, net $ 1,350.2 $ 1,243.1 $ 1,453.0 Property and equipment additions - VodafoneZiggo JV $ 918.7 $ 887.9 $ 988.7 _______________ (a) Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments. (b) Primarily relates to transfers of centrally-procured property and equipment to the VodafoneZiggo JV and, for 2019 and 2018, our discontinued operations. |
Revenue by Major Category | Our revenue by major category for our consolidated reportable segments is set forth below: Year ended December 31, 2020 2019 2018 in millions Residential revenue: Residential cable revenue (a): Subscription revenue (b): Broadband internet $ 3,272.5 $ 3,187.4 $ 3,226.6 Video 2,714.5 2,723.9 2,863.2 Fixed-line telephony 1,344.6 1,413.2 1,607.8 Total subscription revenue 7,331.6 7,324.5 7,697.6 Non-subscription revenue 220.7 198.1 279.1 Total residential cable revenue 7,552.3 7,522.6 7,976.7 Residential mobile revenue (c): Subscription revenue (b) 1,091.8 932.1 983.5 Non-subscription revenue 692.0 688.2 694.8 Total residential mobile revenue 1,783.8 1,620.3 1,678.3 Total residential revenue 9,336.1 9,142.9 9,655.0 B2B revenue (d): Subscription revenue 524.5 472.5 446.4 Non-subscription revenue 1,524.5 1,441.5 1,537.1 Total B2B revenue 2,049.0 1,914.0 1,983.5 Other revenue (e) 595.0 484.6 319.4 Total $ 11,980.1 $ 11,541.5 $ 11,957.9 _______________ (a) Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d) B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (i) revenue from business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators and (ii) revenue from long-term leases of portions of our network. |
Revenue by Geographic Segments | The revenue of our geographic segments is set forth below: Year ended December 31, 2020 2019 2018 in millions U.K. $ 6,076.7 $ 6,086.2 $ 6,351.2 Belgium 2,940.9 2,893.0 2,993.6 Switzerland 1,573.8 1,258.8 1,326.0 Ireland 511.7 514.1 523.9 Poland 436.2 425.7 440.7 Slovakia 50.7 49.7 51.5 Other, including intersegment eliminations 390.1 314.0 271.0 Total $ 11,980.1 $ 11,541.5 $ 11,957.9 VodafoneZiggo JV (the Netherlands) $ 4,565.4 $ 4,407.8 $ 4,602.2 |
Long-Lived Assets by Geographic Segments | The long-lived assets of our geographic segments are set forth below: December 31, 2020 2019 in millions Switzerland $ 12,258.8 $ 4,247.7 Belgium 6,221.7 5,910.3 Poland 938.5 937.0 Ireland 817.3 748.5 Slovakia 135.5 125.2 U.K. (a) 39.0 15,422.4 U.S. and other (b) 999.1 1,079.6 Total $ 21,409.9 $ 28,470.7 VodafoneZiggo JV (the Netherlands) $ 21,808.3 $ 20,674.8 _______________ (a) The December 31, 2020 amount relates to certain Liberty Global subsidiaries located in the U.K. that will not be contributed to the U.K. JV pursuant to the Contribution Agreement. As of December 31, 2020, the long-lived assets associated with the U.K. JV Entities are presented in assets held for sale on our consolidated balance sheet. (b) Primarily relates to certain long-lived assets included in Central and Corporate. |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2016 | |
Telenet | ||
Basis of Presentation [Line Items] | ||
Percentage ownership in subsidiary | 60.70% | |
VodafoneZiggo JV | ||
Basis of Presentation [Line Items] | ||
Ownership percentage | 50.00% | |
Co-venturer ownership percentage | 50.00% | 50.00% |
Accounting Changes and Recent_2
Accounting Changes and Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | |
Cumulative effect adjustment | $ 13,198.6 | $ 4,148.3 | $ 13,298.4 | |
Accumulated deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment | 6,350.4 | (5,172.2) | $ 4,692.1 | |
Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment | (30.1) | 1.2 | ||
Adjustment | Accumulated deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment | $ 30.3 | $ (30.3) | $ 1.2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Earnings or Loss per Share) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Loss from continuing operations | $ (1,466.7) | $ (1,409) | $ (1,411.5) |
Net earnings from continuing operations attributable to noncontrolling interests | 161.3 | (116.8) | (120.5) |
Net loss from continuing operations attributable to Liberty Global shareholders | $ (1,628) | $ (1,525.8) | $ (1,532) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate allowance for doubtful accounts | $ 42.8 | $ 49.8 | |
Asset retirement obligation | $ 55.5 | $ 82.2 | |
SARs, RSUs, and RSAs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS (in shares) | 62.5 | 58.7 | 76.1 |
PSARs and PSU | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Aggregate number of shares excluded from computation of EPS (in shares) | 23.9 | 9.2 | 18.4 |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 44.3 | $ 30.6 | |
Deferred revenue | 442.6 | 867.1 | |
Revenue recognized | 795.3 | ||
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs | 46.6 | 92.6 | |
Amortization related to contract costs | $ 134.8 | 101.1 | $ 99.8 |
U.K. JV Entities | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 475.3 | ||
Residential Service | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 12 months | ||
Minimum | Mobile Services | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 1 year | ||
Minimum | B2B Services | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 1 year | ||
Maximum | Mobile Services | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 3 years | ||
Maximum | B2B Services | |||
Disaggregation of Revenue [Line Items] | |||
Contract term | 5 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) SFr / shares in Units, $ / shares in Units, € in Millions, SFr in Millions, $ in Millions | Nov. 11, 2020CHF (SFr)SFr / shares | Nov. 11, 2020USD ($) | Jun. 03, 2019USD ($) | Jun. 03, 2019EUR (€) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021 | Nov. 11, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Jun. 02, 2019 |
Business Acquisition [Line Items] | ||||||||||
Outstanding debt | $ 14,441.2 | $ 27,565.4 | ||||||||
Senior Notes | Sunrise | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Outstanding debt | SFr 200 | $ 219.3 | ||||||||
Sunrise Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Share price (in dollars per share) | (per share) | SFr 110 | $ 120 | ||||||||
Consideration transferred | SFr 5,000 | $ 5,400 | ||||||||
Percentage of shares tendered | 98.90% | |||||||||
Recorded liability | $ 59.8 | |||||||||
Fund for acquisition | 1,400 | $ 1,500 | ||||||||
Revenue | 314 | |||||||||
Net earnings | $ 11.9 | |||||||||
Sunrise Acquisition | Forecast | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Interest acquired | 1.10% | |||||||||
Sunrise Acquisition | Term Loan Facilities | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Available borrowings | SFr 3,200 | $ 3,500 | ||||||||
De Vijver Media | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration transferred | $ 58.9 | € 52.5 | ||||||||
Interest acquired | 50.00% | 50.00% | ||||||||
Previous interest | 50.00% | |||||||||
Repayment of debt | $ 69.5 | € 62 | ||||||||
Gain on remeasurement | $ 25.7 | |||||||||
Fair value | $ 57.9 |
Acquisitions (Schedules) (Detai
Acquisitions (Schedules) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Nov. 11, 2020 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 10,466.7 | $ 14,052.1 | $ 13,715.8 | |
Remaining authorized for share repurchases | $ 27.8 | $ 2,700 | ||
Sunrise Acquisition | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 108.5 | |||
Trade receivables, net | 489.2 | |||
Other current assets | 163.5 | |||
Property and equipment, net | 1,494.2 | |||
Goodwill | 3,465.7 | |||
Intangible assets subject to amortization, net | 2,485.8 | |||
Operating lease ROU assets | 1,047.1 | |||
Other assets, net | 232.3 | |||
Current portion of debt and finance lease obligations | (133.2) | |||
Current operating lease liabilities | (136.5) | |||
Other accrued and current liabilities | (535.9) | |||
Long-term debt and finance lease obligations | (1,762.5) | |||
Long-term operating lease liabilities | (877.6) | |||
Other long-term liabilities | (612.8) | |||
Total purchase price | $ 5,427.8 |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | ||
Revenue | $ 13,698.2 | $ 13,453.2 |
Net loss from continuing operations attributable to Liberty Global shareholders | $ (1,879.3) | $ (1,889.8) |
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share (in dollars per share) | $ (3.12) | $ (2.68) |
Dispositions (Pending and Compl
Dispositions (Pending and Completed Dispositions Narrative) (Details) € in Millions, £ in Millions | May 07, 2020USD ($) | May 07, 2020GBP (£) | Jul. 31, 2019USD ($) | Jul. 31, 2019EUR (€) | May 02, 2019USD ($) | May 02, 2019EUR (€) | Jul. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Liberty global is expected to receive | $ 2,500,000 | $ 80,800,000 | $ 99,700,000 | ||||||||
Cash proceeds | 0 | 11,203,100,000 | 2,058,200,000 | ||||||||
Gain on disposal of discontinued operations, net of taxes | $ 0 | 12,316,900,000 | 1,098,100,000 | ||||||||
Minimum | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Leverage ratio | 4 | ||||||||||
Maximum | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Leverage ratio | 5 | ||||||||||
Ireland Business | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Interest acquired | 100.00% | 100.00% | |||||||||
U.K. J.V. | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Liberty global is expected to receive | $ 1,900,000,000 | £ 1,400 | |||||||||
Equity method investment, termination period | 24 months | ||||||||||
Equity method investment, termination extended period | 6 months | ||||||||||
Ownership percentage | 50.00% | ||||||||||
Telefonica | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Co-venturer ownership percentage | 50.00% | ||||||||||
Telefonica | U.K. J.V. | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Equalization payment | 3,400,000,000 | 2,500 | |||||||||
Proceeds From Recapitalization | $ 1,100,000,000 | £ 800 | |||||||||
Vodafone Disposal Group | Discontinued Operations, Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash divested from deconsolidation | $ 205,800,000 | € 183.7 | |||||||||
Cash proceeds | 11,100,000,000 | € 10,000 | |||||||||
Escrow Deposit | $ 295,200,000 | $ 190,400,000 | 295,200,000 | ||||||||
Gain on disposal of discontinued operations, net of taxes | 12,200,000,000 | ||||||||||
Cumulative foreign currency translation gains (loss) | 88,200,000 | ||||||||||
Income tax on gain | $ 35,400,000 | ||||||||||
Term of transitional services | 4 years | 4 years | |||||||||
Revenue from transitional services | 152,600,000 | 63,100,000 | |||||||||
UPC DTH | Discontinued Operations, Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash proceeds | $ 144,100,000 | € 128.9 | |||||||||
Gain on disposal of discontinued operations, net of taxes | 106,000,000 | ||||||||||
Cumulative foreign currency translation gains (loss) | (10,000,000) | ||||||||||
Income tax on gain | $ 0 | ||||||||||
Term of transitional services | 2 years | 2 years | |||||||||
Revenue from transitional services | 1,900,000 | $ 1,400,000 | |||||||||
UPC Austria | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Authorized amount | $ 500,000,000 | ||||||||||
UPC Austria | Long-term Debt | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Extinguishment of debt | 1,500,000,000 | ||||||||||
UPC Austria | Long-term Debt | UPC Holding Bank Facility | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Extinguishment of debt | 913,400,000 | ||||||||||
UPC Austria | Long-term Debt | UPCB SPE Notes | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Extinguishment of debt | 69,600,000 | ||||||||||
UPC Austria | Long-term Debt | VM Notes | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Extinguishment of debt | 515,500,000 | ||||||||||
UPC Austria | Discontinued Operations, Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cumulative foreign currency translation gains (loss) | $ 79,500,000 | ||||||||||
Term of transitional services | 4 years | ||||||||||
Revenue from transitional services | $ 42,800,000 | $ 35,000,000 | $ 17,900,000 | ||||||||
Payments of vendor financing obligations | $ 35,500,000 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Details) - Discontinued Operations $ in Millions | Dec. 31, 2020USD ($) |
ASSETS | |
Current assets | $ 4,519.8 |
Property and equipment, net | 8,614 |
Goodwill | 7,918.5 |
Other assets, net | 3,230.4 |
Total assets | 24,282.7 |
Liabilities: | |
Current portion of debt and finance lease obligations | 2,699.5 |
Other accrued and current liabilities | 2,207.3 |
Long-term debt and finance lease obligations | 16,724.1 |
Other long-term liabilities | 1,566.3 |
Total liabilities | $ 23,197.2 |
Dispositions (Pending and Com_2
Dispositions (Pending and Completed Dispositions) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating results of discontinued operations | |||||
Revenue | $ 11,541.5 | $ 11,980.1 | $ 11,541.5 | $ 11,957.9 | |
Earnings before income taxes | $ (1,156) | $ 161.8 | (1,723.6) | ||
Net earnings | $ 0 | 13,047.2 | 2,261.5 | ||
Discontinued Operations, Split-off Transaction | |||||
Operating results of discontinued operations | |||||
Revenue | 2,054.6 | ||||
Operating income | 1,176.3 | ||||
Earnings before income taxes | 1,004.2 | ||||
Income tax expense | (273.9) | ||||
Net loss from continuing operations attributable to Liberty Global shareholders | $ 730.3 | ||||
Discontinued Operations, Disposed of by Sale | |||||
Operating results of discontinued operations | |||||
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share | $ 1.03 | ||||
Discontinued Operations | |||||
Operating results of discontinued operations | |||||
Revenue | 3,953.6 | ||||
Operating income | 1,937.7 | ||||
Earnings before income taxes | 1,544.6 | ||||
Income tax expense | (381.2) | ||||
Net earnings | 1,163.4 | ||||
Net earnings attributable to noncontrolling interests | (4.2) | ||||
Net loss from continuing operations attributable to Liberty Global shareholders | $ 1,159.2 | ||||
Basic and diluted loss from continuing operations attributable to Liberty Global shareholders per share | $ 1.49 | ||||
UPC Austria | Discontinued Operations, Split-off Transaction | |||||
Operating results of discontinued operations | |||||
Revenue | 252.4 | $ 2,017.9 | |||
Operating income | 139 | 1,165.6 | |||
Earnings before income taxes | 138.7 | 994.7 | |||
Income tax expense | (23.3) | (273.9) | |||
Net earnings | 115.4 | ||||
Net earnings attributable to noncontrolling interests | (4.2) | ||||
Net loss from continuing operations attributable to Liberty Global shareholders | 111.2 | ||||
Vodafone Disposal Group | Discontinued Operations, Split-off Transaction | |||||
Operating results of discontinued operations | |||||
Revenue | 3,584.2 | ||||
Operating income | 1,787 | ||||
Earnings before income taxes | 1,396.3 | ||||
Income tax expense | (365.2) | ||||
Net earnings | 1,031.1 | ||||
Net earnings attributable to noncontrolling interests | 0 | ||||
Net loss from continuing operations attributable to Liberty Global shareholders | $ 720.8 | 1,031.1 | |||
UPC DTH | Discontinued Operations, Split-off Transaction | |||||
Operating results of discontinued operations | |||||
Revenue | 117 | ||||
Operating income | 11.7 | ||||
Earnings before income taxes | 9.6 | ||||
Income tax expense | 7.3 | ||||
Net earnings | 16.9 | ||||
Net earnings attributable to noncontrolling interests | $ 0 | ||||
Net loss from continuing operations attributable to Liberty Global shareholders | $ 9.5 | 16.9 | |||
UPC DTH | Discontinued Operations, Disposed of by Sale | |||||
Operating results of discontinued operations | |||||
Revenue | 36.7 | ||||
Operating income | 10.7 | ||||
Earnings before income taxes | 9.5 | ||||
Income tax expense | $ 0 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | ||||||
Accrued interest | $ 7.1 | |||||
Debt securities | 2 | |||||
Revenue | $ 11,541.5 | 11,980.1 | $ 11,541.5 | $ 11,957.9 | ||
Third-Party Purchaser | ||||||
Schedule of Investments [Line Items] | ||||||
Noncontrolling interests | 9.7 | |||||
VodafoneZiggo JV | ||||||
Schedule of Investments [Line Items] | ||||||
Related party note receivable | $ 127.1 | |||||
Percent of interest income earned on loan included in investment | 100.00% | |||||
Percent of remaining results of operations included in investment | 50.00% | |||||
Co-venturer ownership percentage | 50.00% | 50.00% | ||||
Ownership percentage | 50.00% | |||||
Term to distribute all unrestricted cash | 2 months | 2 months | ||||
Proceeds from Equity Method Investment, Distribution, Return of Capital | 162.7 | $ 249.5 | 232.5 | |||
VodafoneZiggo JV | Minimum | ||||||
Schedule of Investments [Line Items] | ||||||
Leverage ratio | 4.5 | |||||
VodafoneZiggo JV | Maximum | ||||||
Schedule of Investments [Line Items] | ||||||
Leverage ratio | 5 | |||||
VodafoneZiggo JV | Equity Method Investee | ||||||
Schedule of Investments [Line Items] | ||||||
Payments to acquire | 14.4 | 13.1 | ||||
Due from related parties | 19.3 | $ 27.4 | 19.3 | |||
VodafoneZiggo JV | VodafoneZiggo JV Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Excess of carrying amount over proportional share in investees net assets | 1,041 | 1,198.5 | 1,041 | |||
Related party note receivable | 786.1 | $ 855.8 | $ 786.1 | |||
Related party note receivable rate | 5.55% | 5.55% | ||||
Repayments of related-party debt | 112.1 | € 100 | 114.5 | |||
Interest accrued | $ 48 | |||||
JV Services | ||||||
Schedule of Investments [Line Items] | ||||||
Revenue | $ 189.1 | $ 178.9 | $ 189.1 | |||
CANAL+ Polska S.A. (CANAL+ Polska) - formerly known as ITI Neovision S.A. | ||||||
Schedule of Investments [Line Items] | ||||||
Ownership percentage | 17.00% | |||||
Lionsgate | ||||||
Schedule of Investments [Line Items] | ||||||
Ownership percentage | 3.00% |
Investments (Schedule of Invest
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Equity | $ 3,488.7 | $ 3,492.8 |
Short-term, separately-managed accounts (SMAs) | 1,600.2 | 0 |
Long-term | 365.7 | 0 |
Total investments | 3,466 | 1,289.2 |
Total investments | 6,954.7 | 4,782 |
Short-term investments | 1,600.2 | 0 |
Long-term investments | 5,354.5 | 4,782 |
VodafoneZiggo JV | ||
Schedule of Investments [Line Items] | ||
Equity | $ 3,052.3 | 3,174.1 |
Ownership percentage | 50.00% | |
All3Media | ||
Schedule of Investments [Line Items] | ||
Equity | $ 157.7 | 172.8 |
Ownership percentage | 50.00% | |
Formula E | ||
Schedule of Investments [Line Items] | ||
Equity | $ 105.8 | 105.2 |
Ownership percentage | 32.90% | |
Other | ||
Schedule of Investments [Line Items] | ||
Equity | $ 172.9 | 40.7 |
Long-term investments at fair value | 354.3 | 256.1 |
ITV plc (ITV) — subject to re-use rights | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 581 | 798.1 |
Ownership percentage | 10.00% | |
Skillz | ||
Schedule of Investments [Line Items] | ||
Long-term | $ 225.4 | 10.2 |
Ownership percentage | 3.00% | |
Univision Holdings Inc. (Univision) | ||
Schedule of Investments [Line Items] | ||
Long-term | $ 100 | 0 |
Ownership percentage | 11.50% | |
CANAL+ Polska S.A. (CANAL+ Polska) - formerly known as ITI Neovision S.A. | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 92.3 | 122.4 |
Ownership percentage | 17.00% | |
EdgeConneX | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 75.1 | 34.4 |
Ownership percentage | 5.10% | |
Lions Gate Entertainment Corp (Lionsgate) | ||
Schedule of Investments [Line Items] | ||
Long-term investments at fair value | $ 72 | $ 68 |
Ownership percentage | 3.00% |
Investments (Fair Value Realize
Investments (Fair Value Realized and Unrealized Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | $ 35.8 | $ 99 | $ (393.2) |
Skillz | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 238 | 1.1 | 0 |
ITV | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (217.1) | 163.9 | (257.8) |
EdgeConneX | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 33.1 | 0 | 0 |
CANAL+ Polska | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | (26.3) | 2.7 | (24.9) |
SMAs | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 5.2 | 0 | 0 |
Lionsgate | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | 4 | (25) | (86.4) |
Other, net | |||
Net Investment Income [Line Items] | |||
Realized and unrealized gains (losses) | $ (1.1) | $ (43.7) | $ (24.1) |
Investments (Debt Securities) (
Investments (Debt Securities) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost basis | $ 1,962.7 |
Unrealized gains | 3.2 |
Fair Value | 1,965.9 |
Proceeds from sale of debt securities | 6,000 |
Debt Securities, Realized Gain (Loss) | 2 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
Due in one year or less | 1,600.2 |
Due in one to five years | 359.3 |
Due in five to ten years | 6.4 |
Fair Value | $ 1,965.9 |
Weighted Average | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
Weighted average life | 6 months |
Corporate debt securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost basis | $ 713.2 |
Unrealized gains | 2.3 |
Fair Value | 715.5 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
Fair Value | 715.5 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost basis | 523.7 |
Unrealized gains | 0.6 |
Fair Value | 524.3 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
Fair Value | 524.3 |
Government bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost basis | 474.8 |
Unrealized gains | 0.2 |
Fair Value | 475 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
Fair Value | 475 |
Certificates of deposit | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized cost basis | 251 |
Unrealized gains | 0.1 |
Fair Value | 251.1 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract] | |
Fair Value | $ 251.1 |
Investments (Equity Method Inve
Investments (Equity Method Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Foreign currency transactions losses (gains), net | $ (198.5) | $ (245.3) | $ (198.5) | $ (8.7) |
Revenue | 11,541.5 | 11,980.1 | 11,541.5 | 11,957.9 |
Loss before income taxes | (1,723.6) | (1,156) | 161.8 | |
Net loss | (1,466.7) | 11,638.2 | 850 | |
Current assets | 10,573.3 | 4,849.1 | 10,573.3 | |
Total assets | 49,046.3 | 59,092.7 | 49,046.3 | |
Current liabilities | 8,651.7 | 4,467 | 8,651.7 | |
Owners’ equity | 13,198.6 | 13,298.4 | 13,198.6 | 4,148.3 |
Total liabilities and owners’ equity | 49,046.3 | 59,092.7 | 49,046.3 | |
VodafoneZiggo JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Foreign currency transactions losses (gains), net | (185.9) | (201.1) | 11.4 | |
Current assets | 918.4 | 1,067.2 | 918.4 | |
Long-term assets | 21,508.1 | 22,563.6 | 21,508.1 | |
Total assets | 22,426.5 | 23,630.8 | 22,426.5 | |
Current liabilities | 2,726.4 | 2,967.7 | 2,726.4 | |
Long-term liabilities | 14,920.7 | 16,450.8 | 14,920.7 | |
Owners’ equity | 4,779.4 | 4,212.3 | 4,779.4 | |
Total liabilities and owners’ equity | 22,426.5 | 23,630.8 | 22,426.5 | |
VodafoneZiggo JV | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 4,565.4 | 4,407.8 | 4,602.2 | |
Loss before income taxes | (287.2) | (512.5) | (467.8) | |
Net loss | (448.7) | $ (470) | (91.6) | |
All3Media | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Foreign currency transactions losses (gains), net | (8.8) | (27.9) | (19.2) | |
Formula E | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Foreign currency transactions losses (gains), net | 1.7 | (8.4) | (0.2) | |
Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Foreign currency transactions losses (gains), net | $ (5.5) | $ (7.9) | $ (0.7) |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net | $ 336 | $ 16.6 | $ (71.1) |
Derivative instruments: | 884.8 | $ 1,827.5 | |
Virgin Media | |||
Derivative [Line Items] | |||
Notional amount of derivative instruments without exchange of notional amounts at inception and maturity | 55.2 | ||
Counterparty Credit Risk | |||
Derivative [Line Items] | |||
Derivative instruments: | $ 83.2 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Current | $ 234.6 | $ 331.1 |
Long-term | 650.2 | 1,496.4 |
Total | 884.8 | 1,827.5 |
Liability: | ||
Current | 252.7 | 390.4 |
Long-term | 1,364.1 | 1,192.3 |
Total | 1,616.8 | 1,582.7 |
Cross-currency and interest rate derivative contracts | ||
Assets: | ||
Current | 148.8 | 270.8 |
Long-term | 418.4 | 886.4 |
Total | 567.2 | 1,157.2 |
Liability: | ||
Current | 171.2 | 389.2 |
Long-term | 1,364.1 | 1,192.3 |
Total | 1,535.3 | 1,581.5 |
Equity-related derivative instruments | ||
Assets: | ||
Current | 49.3 | 55.2 |
Long-term | 231.6 | 608.2 |
Total | 280.9 | 663.4 |
Foreign currency forward and option contracts | ||
Assets: | ||
Current | 36.5 | 4.6 |
Long-term | 0.1 | 1.4 |
Total | 36.6 | 6 |
Liability: | ||
Current | 81.5 | 1.2 |
Long-term | 0 | 0 |
Total | 81.5 | 1.2 |
Other | ||
Assets: | ||
Current | 0 | 0.5 |
Long-term | 0.1 | 0.4 |
Total | $ 0.1 | $ 0.9 |
Derivative Instruments (Realize
Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | $ (879.3) | $ (192) | $ 1,125.8 |
Cross-currency and interest rate derivative contracts | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | (1,184.3) | (207.3) | 905.8 |
ITV Collar | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 364.2 | (84.4) | 176.7 |
Lionsgate Forward | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 0.8 | 13 | 30.1 |
Other | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 21.7 | 8 | (9.3) |
Total equity-related derivative instruments | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | 386.7 | (63.4) | 197.5 |
Foreign currency forward and option contracts | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | (81.1) | 77.4 | 22.7 |
Other | |||
Derivative [Line Items] | |||
Realized and unrealized losses (gains) on derivative instruments, net | $ (0.6) | $ 1.3 | $ (0.2) |
Derivative Instruments (Net Cas
Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Operating activities | $ (55.9) | $ 179 | $ 244.4 |
Investing activities | (39.8) | 0 | 0 |
Financing activities | 129.1 | 331.5 | 112.8 |
Total | $ 33.4 | $ 510.5 | $ 357.2 |
Derivative Instruments (Cross-c
Derivative Instruments (Cross-currency Derivative Contracts) (Details) € in Millions, zł in Millions, SFr in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2020PLN (zł) | |
Derivative [Line Items] | ||||
Floor rate | 0 | 0 | 0 | 0 |
UPC Holding | Cross-Currency Swap 1 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 4 years 9 months 18 days | |||
UPC Holding | Cross-Currency Swap 2 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 7 years | |||
UPC Holding | Cross-Currency Swap 3 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 4 years 8 months 12 days | |||
UPC Holding | Cross-Currency Swap 4 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 3 years 4 months 24 days | |||
UPC Holding | Cross-Currency Swap 5 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 2 years | |||
Telenet | Cross-Currency Swap 6 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 6 years 1 month 6 days | |||
Telenet | Cross-Currency Swap 7 | ||||
Derivative [Line Items] | ||||
Weighted average remaining life | 4 years 1 month 6 days | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 1 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ | $ 360 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 2 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ | 4,200 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 3 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | € 3,418.3 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 4 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 707 | |||
Notional amount due from counterparty | UPC Holding | Cross-Currency Swap 5 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | SFr | SFr 740 | |||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 6 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ | 3,940 | |||
Notional amount due from counterparty | Telenet | Cross-Currency Swap 7 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 45.2 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 1 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 267.9 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 2 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | SFr | 3,838.7 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 3 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | SFr | SFr 3,802.7 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 4 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | zł | zł 2,999.5 | |||
Notional amount due to counterparty | UPC Holding | Cross-Currency Swap 5 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 701.1 | |||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 6 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | € 3,489.6 | |||
Notional amount due to counterparty | Telenet | Cross-Currency Swap 7 | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ | $ 50 |
Derivative Instruments (Interes
Derivative Instruments (Interest Rate Swap Contracts, Options and Basis Swaps) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |
Floor rate | 0 |
Basis Swaps | UPC Holding | |
Derivative [Line Items] | |
Weighted average remaining life | 7 months 6 days |
Floor rate | 0 |
Basis Swaps | Telenet | |
Derivative [Line Items] | |
Weighted average remaining life | 1 year |
Notional amount due from counterparty | Interest Rate Swap | UPC Holding | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 11,053.1 |
Weighted average remaining life | 3 years 6 months |
Notional amount due from counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 3,526.3 |
Weighted average remaining life | 4 years 2 months 12 days |
Notional amount due from counterparty | Interest Rate Swap | Other | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 104.4 |
Weighted average remaining life | 3 years |
Notional amount due from counterparty | Basis Swaps | UPC Holding | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 3,300 |
Notional amount due from counterparty | Basis Swaps | Telenet | |
Derivative [Line Items] | |
Derivative, Notional Amount | 2,295 |
Notional amount due from counterparty | Basis Swaps | Other | |
Derivative [Line Items] | |
Derivative, Notional Amount | 104.4 |
Notional amount due to counterparty | Interest Rate Swap | UPC Holding | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 4,970.4 |
Weighted average remaining life | 4 years 10 months 24 days |
Notional amount due to counterparty | Interest Rate Swap | Telenet | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 1,744.7 |
Weighted average remaining life | 2 years 8 months 12 days |
Derivative Instruments (Inter_2
Derivative Instruments (Interest Rate Caps and Collars) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Interest Rate Cap | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 489 |
Interest Rate Collar | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 7,930.2 |
Derivative Instruments (Impact
Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details) | Dec. 31, 2020 |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | 0.38% |
UPC Holding | |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | 0.42% |
Telenet | |
Derivative [Line Items] | |
Increase (decrease) to borrowing costs | 0.33% |
Derivative Instruments (Foreign
Derivative Instruments (Foreign Currency Forwards) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Foreign currency forward and option contracts | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 2,400 |
Derivative Instruments (Equity-
Derivative Instruments (Equity-related Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | |||
Principal borrowings | $ 14,559.6 | $ 27,648.1 | |
ITV Collar Loan | |||
Derivative [Line Items] | |||
Principal borrowings | 415.9 | $ 1,435.5 | |
ITV Collar | |||
Derivative [Line Items] | |||
Net asset | $ 252.6 | ||
Lionsgate Forward | |||
Derivative [Line Items] | |||
Voting shares (in shares) | 833,333 | ||
Nonvoting shares (in shares) | 833,334 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Assets and Liabilities at Fair Value) (Schedule) (Details) $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | $ 884.8 | $ 1,827.5 |
Fair Value | 1,965.9 | |
Other investments | 1,500.1 | |
Total investments | 3,466 | 1,289.2 |
Total assets | 4,350.8 | 3,116.7 |
Derivative instruments: | 1,616.8 | 1,582.7 |
Debt | 45.6 | |
Total liabilities | 1,616.8 | $ 1,628.3 |
Sunrise Acquisition | Discount rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Measurement input | 0.0675 | |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | $ 0 |
Fair Value | 405.7 | |
Other investments | 888.2 | |
Total investments | 1,293.9 | 869.2 |
Total assets | 1,293.9 | 869.2 |
Derivative instruments: | 0 | |
Debt | 0 | |
Total liabilities | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 603.9 | 1,164.1 |
Fair Value | 1,560.2 | |
Other investments | 92.3 | |
Total investments | 1,652.5 | 0 |
Total assets | 2,256.4 | 1,164.1 |
Derivative instruments: | 1,562.8 | |
Debt | 45.6 | |
Total liabilities | 1,616.8 | 1,608.4 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 280.9 | 663.4 |
Fair Value | 0 | |
Other investments | 519.6 | |
Total investments | 519.6 | 420 |
Total assets | 800.5 | 1,083.4 |
Derivative instruments: | 19.9 | |
Debt | 0 | |
Total liabilities | 0 | 19.9 |
Cross-currency and interest rate derivative contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 567.2 | 1,157.2 |
Derivative instruments: | 1,535.3 | 1,581.5 |
Cross-currency and interest rate derivative contracts | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | 0 |
Cross-currency and interest rate derivative contracts | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 567.2 | 1,157.2 |
Derivative instruments: | 1,535.3 | 1,561.6 |
Cross-currency and interest rate derivative contracts | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | 19.9 |
Total equity-related derivative instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 280.9 | 663.4 |
Total equity-related derivative instruments | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Total equity-related derivative instruments | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Total equity-related derivative instruments | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 280.9 | 663.4 |
Foreign currency forward and option contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 36.6 | 6 |
Derivative instruments: | 81.5 | 1.2 |
Foreign currency forward and option contracts | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | 0 |
Foreign currency forward and option contracts | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 36.6 | 6 |
Derivative instruments: | 81.5 | 1.2 |
Foreign currency forward and option contracts | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Derivative instruments: | 0 | 0 |
Other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0.1 | 0.9 |
Other | Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0 | 0 |
Other | Significant other observable inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | 0.1 | 0.9 |
Other | Significant unobservable inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments: | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reconciliation) (Schedule and Footnote) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2020 | $ 1,063.5 |
Gains included in net earnings (loss) | |
Realized and unrealized gains (losses) on derivative instruments, net | 20.6 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 68.1 |
Additions | 201.6 |
Reclassification of liability to held for sale | 225.6 |
Transfers out of Level 3 | (10.7) |
Foreign currency translation adjustments and other, net | 1 |
Balance of net assets at December 31, 2020 | 800.5 |
Investments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2020 | 420 |
Gains included in net earnings (loss) | |
Realized and unrealized gains (losses) on derivative instruments, net | 0 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 68.1 |
Additions | 201.6 |
Reclassification of liability to held for sale | |
Transfers out of Level 3 | (180.8) |
Foreign currency translation adjustments and other, net | 10.7 |
Balance of net assets at December 31, 2020 | 519.6 |
Cross-currency, interest rate and foreign currency derivative contracts | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2020 | (19.9) |
Gains included in net earnings (loss) | |
Realized and unrealized gains (losses) on derivative instruments, net | (366.1) |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 0 |
Additions | 0 |
Reclassification of liability to held for sale | 225.6 |
Transfers out of Level 3 | 170.1 |
Foreign currency translation adjustments and other, net | (9.7) |
Balance of net assets at December 31, 2020 | 0 |
Equity-related derivative instruments | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance of net assets (liabilities) at January 1, 2020 | 663.4 |
Gains included in net earnings (loss) | |
Realized and unrealized gains (losses) on derivative instruments, net | 386.7 |
Realized and unrealized gains due to changes in fair values of certain investments and debt, net | 0 |
Additions | 0 |
Reclassification of liability to held for sale | 0 |
Transfers out of Level 3 | 0 |
Foreign currency translation adjustments and other, net | 0 |
Balance of net assets at December 31, 2020 | 280.9 |
ITV Collar | |
Gains included in net earnings (loss) | |
Partial settlement | (731.2) |
ITV Collar | Investments | |
Gains included in net earnings (loss) | |
Partial settlement | 0 |
ITV Collar | Cross-currency, interest rate and foreign currency derivative contracts | |
Gains included in net earnings (loss) | |
Partial settlement | 0 |
ITV Collar | Equity-related derivative instruments | |
Gains included in net earnings (loss) | |
Partial settlement | (731.2) |
Lionsgate Forward | |
Gains included in net earnings (loss) | |
Partial settlement | (38) |
Lionsgate Forward | Investments | |
Gains included in net earnings (loss) | |
Partial settlement | 0 |
Lionsgate Forward | Cross-currency, interest rate and foreign currency derivative contracts | |
Gains included in net earnings (loss) | |
Partial settlement | 0 |
Lionsgate Forward | Equity-related derivative instruments | |
Gains included in net earnings (loss) | |
Partial settlement | $ (38) |
Long-lived Assets (Schedule of
Long-lived Assets (Schedule of PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 16,556.3 | $ 28,646.2 |
Accumulated depreciation | (8,502.2) | (14,802.8) |
Total property and equipment, net | 8,054.1 | 13,843.4 |
Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 10,264 | 19,007.2 |
Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 1,800.4 | 4,294.7 |
Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 4,491.9 | $ 5,344.3 |
Minimum | Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2020 | 3 years | |
Minimum | Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2020 | 3 years | |
Minimum | Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2020 | 2 years | |
Maximum | Distribution systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2020 | 30 years | |
Maximum | Customer premises equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2020 | 7 years | |
Maximum | Support equipment, buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life at December 31, 2020 | 40 years |
Long-lived Assets (Narrative) (
Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-lived Assets [Abstract] | ||||
Depreciation expense | $ 2,155.6 | $ 3,123.5 | $ 3,217.1 | |
Non-cash increases to PP&E related to vendor financing arrangements | 1,371.1 | 1,727 | 2,175.5 | |
Value added tax, vendor financing arrangement | 226.7 | $ 286.1 | 347.3 | |
Amortization of intangible assets | $ 528.7 | $ 175.7 | $ 641.1 |
Long-lived Assets (Schedule o_2
Long-lived Assets (Schedule of Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill beginning balance | $ 14,052.1 | $ 13,715.8 |
Acquisitions and related adjustments | 3,473 | 48.7 |
Reclassification to assets held for sale | (7,918.5) | |
Foreign currency translation adjustments | 860.1 | 287.6 |
Goodwill ending balance | 10,466.7 | 14,052.1 |
U.K./Ireland | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 7,965.4 | 7,671 |
Acquisitions and related adjustments | 0 | 0 |
Reclassification to assets held for sale | (7,918.5) | |
Foreign currency translation adjustments | 249.3 | 294.4 |
Goodwill ending balance | 296.2 | 7,965.4 |
Belgium | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 2,576.1 | 2,576.3 |
Acquisitions and related adjustments | 6.7 | 48.7 |
Reclassification to assets held for sale | 0 | |
Foreign currency translation adjustments | 200.9 | (48.9) |
Goodwill ending balance | 2,783.7 | 2,576.1 |
Switzerland | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 2,953.2 | 2,903.9 |
Acquisitions and related adjustments | 3,465.7 | 0 |
Reclassification to assets held for sale | 0 | |
Foreign currency translation adjustments | 397.1 | 49.3 |
Goodwill ending balance | 6,816 | 2,953.2 |
Central and Eastern Europe | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 557.4 | 564.6 |
Acquisitions and related adjustments | 0 | 0 |
Reclassification to assets held for sale | 0 | |
Foreign currency translation adjustments | 12.8 | (7.2) |
Goodwill ending balance | 570.2 | 557.4 |
Central and Corporate | ||
Goodwill [Roll Forward] | ||
Goodwill beginning balance | 0 | |
Acquisitions and related adjustments | 0.6 | |
Reclassification to assets held for sale | 0 | |
Foreign currency translation adjustments | 0 | |
Goodwill ending balance | $ 0.6 | $ 0 |
Long-lived Assets (Schedule o_3
Long-lived Assets (Schedule of Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 3,498.7 | $ 4,217.6 |
Accumulated amortization | (612.7) | (3,645.5) |
Total | 2,886 | 572.1 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 2,426.6 | 3,653.9 |
Accumulated amortization | (246.4) | (3,363.6) |
Total | 2,180.2 | 290.3 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,072.1 | 563.7 |
Accumulated amortization | (366.3) | (281.9) |
Total | $ 705.8 | $ 281.8 |
Minimum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2020 | 5 years | |
Minimum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2020 | 2 years | |
Maximum | Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2020 | 11 years | |
Maximum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful life at December 31, 2020 | 15 years |
Long-lived Assets (Schedule o_4
Long-lived Assets (Schedule of expected future amortization expense for finite lived intangible assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-lived Assets [Abstract] | ||
2021 | $ 449.6 | |
2022 | 428.9 | |
2023 | 417.8 | |
2024 | 405.9 | |
2025 | 399.1 | |
Thereafter | 784.7 | |
Total | $ 2,886 | $ 572.1 |
Debt (Schedules) (Details)
Debt (Schedules) (Details) € in Millions, £ in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.23% | 3.23% | 3.23% | |
Unused borrowing capacity | $ 1,554.5 | |||
Total debt before deferred financing costs, discounts and premiums | 14,559.6 | $ 27,648.1 | ||
Deferred financing costs, discounts and premiums, net | (118.4) | (82.7) | ||
Total carrying amount of debt | 14,441.2 | 27,565.4 | ||
Finance lease obligations | 556.5 | 617.1 | ||
Total debt and finance lease obligations | 14,997.7 | 28,182.5 | ||
Current maturities of debt and finance lease obligations | (1,130.4) | (3,877.2) | ||
Long-term debt and finance lease obligations | $ 13,867.3 | 24,305.3 | ||
UPC Holding Bank Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.32% | 3.32% | 3.32% | |
Unused borrowing capacity | $ 876 | € 716.6 | ||
Total debt before deferred financing costs, discounts and premiums | $ 4,767.1 | 0 | ||
UPCB SPE Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 3.80% | 3.80% | 3.80% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,393.7 | 2,420.1 | ||
UPC Holding Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.56% | 4.56% | 4.56% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,261.5 | 1,202.3 | ||
Telenet Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.19% | 2.19% | 2.19% | |
Unused borrowing capacity | $ 678.5 | € 555 | ||
Total debt before deferred financing costs, discounts and premiums | $ 3,652 | 3,541.4 | ||
Telenet Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 4.70% | 4.70% | 4.70% | |
Unused borrowing capacity | $ 0 | € 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,660.2 | 1,673.7 | ||
Vendor financing | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 2.21% | 2.21% | 2.21% | |
Unused borrowing capacity | $ 0 | £ 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 1,142.9 | 1,374.3 | ||
ITV Collar Loan | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 0.90% | 0.90% | 0.90% | |
Unused borrowing capacity | $ 0 | £ 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 415.9 | 1,435.5 | ||
Virgin Media Debt | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 0.00% | 0.00% | 0.00% | |
Total debt before deferred financing costs, discounts and premiums | 15,693.5 | |||
Other | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 5.56% | 5.56% | 5.56% | |
Unused borrowing capacity | $ 0 | £ 0 | ||
Total debt before deferred financing costs, discounts and premiums | $ 266.3 | $ 307.3 |
Debt (Footnotes) (Details)
Debt (Footnotes) (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.23% | 3.23% | |
Unused borrowing capacity | $ 1,554.5 | ||
Outstanding debt | 14,441.2 | $ 27,565.4 | |
Estimated fair value | 45.6 | ||
Long-term Debt | |||
Debt Instrument [Line Items] | |||
Estimated fair value | $ 14,700 | 28,400 | |
Aggregate Variable and Fixed Rate Indebtedness | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.64% | 3.64% | |
UPC Revolving Facility One | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | $ 611.2 | € 500 | |
UPC Revolving Facility | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | $ 264.8 | 216.6 | |
UPC Revolving Facility | EURIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Telenet Revolving Credit Facility I | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | $ 623.5 | € 510 | |
Floor rate | 0.00% | 0.00% | |
Telenet Revolving Credit Facility I | EURIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% | ||
Telenet Overdraft Facility | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | $ 30.6 | € 25 | |
Telenet Revolving Facility | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | $ 24.4 | € 20 | |
Virgin Media Debt | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.00% | 0.00% | |
Debt Instrument, Collateral Amount | 264.6 | ||
Lionsgate Loan | |||
Debt Instrument [Line Items] | |||
Outstanding debt | $ 55.3 |
Debt (General Information) (Det
Debt (General Information) (Details) | 12 Months Ended |
Dec. 31, 2020group | |
Debt Instrument [Line Items] | |
Number of borrowing groups | 3 |
Senior and Senior Secured Notes | |
Debt Instrument [Line Items] | |
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 101.00% |
Redemption term | 12 years |
Redemption price, percentage of principal amount limitation | 10.00% |
Redemption price | 103.00% |
SPE Notes | |
Debt Instrument [Line Items] | |
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 100.00% |
Ownership percentage of SPEs by third parties | 100.00% |
Debt (Financing Transactions) (
Debt (Financing Transactions) (Details) | May 07, 2022 | Nov. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Jun. 30, 2020GBP (£) | May 31, 2020USD ($) | May 31, 2020GBP (£) | Jan. 31, 2020USD ($) | Jan. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020GBP (£) | Oct. 31, 2020USD ($) | Oct. 31, 2020GBP (£) | Sep. 30, 2020USD ($) | Sep. 30, 2020GBP (£) | Aug. 31, 2020EUR (€) | Jan. 31, 2020EUR (€) |
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Non-cash borrowings and repayments of debt | $ 3,300,200,000 | $ 2,583,300,000 | $ 3,525,200,000 | |||||||||||||||||||||
Losses on debt extinguishment, net | 233,200,000 | $ 216,700,000 | $ 65,000,000 | |||||||||||||||||||||
Outstanding debt | $ 14,441,200,000 | $ 27,565,400,000 | 14,441,200,000 | 27,565,400,000 | ||||||||||||||||||||
Medium-term Notes | Virgin Media O2 Facility P | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | 2,047,800,000 | 2,047,800,000 | £ 1,500,000,000 | |||||||||||||||||||||
Medium-term Notes | Virgin Media O2 Facility R | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 916,900,000 | $ 916,900,000 | € 750,000,000 | |||||||||||||||||||||
Issued at par percentage | 99.00% | 99.00% | 99.00% | 99.00% | ||||||||||||||||||||
Medium-term Notes | Virgin Media O2 Facility Q | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 1,300,000,000 | $ 1,300,000,000 | ||||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Interest rate | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||||||||||||
Senior Notes | 2030 VM Dollar Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 675,000,000 | |||||||||||||||||||||||
Extinguishment of debt | $ 250,000,000 | |||||||||||||||||||||||
Interest rate | 5.00% | 5.00% | ||||||||||||||||||||||
Percentage of principal amount redeemed | 101.00% | 101.00% | 101.00% | |||||||||||||||||||||
Senior Notes | 2030 VM Euro Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | $ 611,200,000 | € 500,000,000 | ||||||||||||||||||||||
Interest rate | 3.75% | 3.75% | ||||||||||||||||||||||
Senior Notes | 2025 VM Euro Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 562,300,000 | € 460,000,000 | ||||||||||||||||||||||
Senior Notes | 2025 VM Dollar Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 388,700,000 | |||||||||||||||||||||||
Senior Notes | 2024 VM Dollar Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 497,000,000 | |||||||||||||||||||||||
Senior Notes | 2022 VM 4.875% Dollar Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 71,600,000 | |||||||||||||||||||||||
Interest rate | 4.875% | 4.875% | ||||||||||||||||||||||
Senior Notes | 2022 VM 5.25% Dollar Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 51,500,000 | |||||||||||||||||||||||
Interest rate | 5.25% | 5.25% | ||||||||||||||||||||||
Senior Notes | 2022 VM Sterling Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 60,200,000 | £ 44,100,000 | ||||||||||||||||||||||
Secured Debt | 2025 VM Sterling Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 109,200,000 | 80,000,000 | ||||||||||||||||||||||
Outstanding debt | $ 602,500,000 | £ 441,300,000 | $ 711,700,000 | £ 521,300,000 | ||||||||||||||||||||
Secured Debt | 2030 VM Dollar Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | 265,000,000 | $ 650,000,000 | ||||||||||||||||||||||
Interest rate | 4.50% | 4.50% | ||||||||||||||||||||||
Secured Debt | 2030 VM 4.125% Sterling Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | 41,000,000 | 30,000,000 | $ 614,300,000 | £ 450,000,000 | ||||||||||||||||||||
Interest rate | 4.125% | 4.125% | ||||||||||||||||||||||
Secured Debt | 2027 VM 4.875% Sterling Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | 716,700,000 | 525,000,000 | ||||||||||||||||||||||
Interest rate | 4.875% | 4.875% | ||||||||||||||||||||||
Secured Debt | 2029 VM 6.25% Sterling Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | $ 491,500,000 | £ 360,000,000 | ||||||||||||||||||||||
Interest rate | 6.25% | 6.25% | ||||||||||||||||||||||
Secured Debt | 2030 VM 4.25% Sterling Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 320,800,000 | £ 235,000,000 | ||||||||||||||||||||||
Interest rate | 4.25% | 4.25% | ||||||||||||||||||||||
Secured Debt | 2031 VM O2 Dollar Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||||||||||||||
Secured Debt | 2031 VM O2 Euro Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Interest rate | 3.25% | 3.25% | 3.25% | 3.25% | ||||||||||||||||||||
Financing Notes | 4.875% Receivables Financing Notes due July 15, 2028 | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 682,600,000 | £ 500,000,000 | ||||||||||||||||||||||
Interest rate | 4.875% | 4.875% | ||||||||||||||||||||||
Financing Notes | VM Receivables Financing III Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 546,100,000 | £ 400,000,000 | ||||||||||||||||||||||
Interest rate | 4.875% | 4.875% | ||||||||||||||||||||||
Redemption price | 99.50% | 99.50% | 99.50% | |||||||||||||||||||||
Financing Notes | 5.0% Receivables Financing Notes due July 15, 2028 | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 500,000,000 | |||||||||||||||||||||||
Interest rate | 5.00% | 5.00% | ||||||||||||||||||||||
Telenet | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | $ 2,295,000,000 | |||||||||||||||||||||||
Losses on debt extinguishment, net | 18,900,000 | (54,700,000) | (31,500,000) | |||||||||||||||||||||
Payment for debt redemption premium | 50,400,000 | 19,300,000 | ||||||||||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 4,300,000 | 12,200,000 | ||||||||||||||||||||||
Telenet | Medium-term Notes | Telenet Dollar-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 2,295,000,000 | |||||||||||||||||||||||
Issued at par percentage | 99.75% | 99.75% | ||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | ||||||||||||||||||||||
Telenet | Medium-term Notes | Telenet Euro-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 1,357,000,000 | € 1,110,000,000 | ||||||||||||||||||||||
Extinguishment of debt | € | € 1,110,000,000 | |||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | ||||||||||||||||||||||
UPC Holding | Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Losses on debt extinguishment, net | (8,900,000) | |||||||||||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 6,900,000 | |||||||||||||||||||||||
UPC Holding | Line of Credit | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Losses on debt extinguishment, net | (15,400,000) | |||||||||||||||||||||||
Payment for debt redemption premium | 2,000,000 | |||||||||||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | 15,400,000 | |||||||||||||||||||||||
UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Extinguishment of debt | $ 1,140,000,000 | |||||||||||||||||||||||
Losses on debt extinguishment, net | $ 7,500,000 | 35,600,000 | ||||||||||||||||||||||
Payment for debt redemption premium | 13,100,000 | 30,700,000 | ||||||||||||||||||||||
Write off deferred financing costs | 5,200,000 | 4,900,000 | ||||||||||||||||||||||
UPC Holding | Medium-term Notes | UPC Holding Dollar Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 700,000,000 | |||||||||||||||||||||||
Issued at par percentage | 99.75% | 99.75% | ||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | ||||||||||||||||||||||
UPC Holding | Medium-term Notes | UPC Holding Euro-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 489,000,000 | € 400,000,000 | ||||||||||||||||||||||
Issued at par percentage | 99.875% | 99.875% | ||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | ||||||||||||||||||||||
Virgin Media Trade Receivables Financing Plc | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Proceeds from various debt financing arrangements | $ 292,700,000 | £ 214,400,000 | ||||||||||||||||||||||
Virgin Media | Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Losses on debt extinguishment, net | (144,600,000) | (36,400,000) | ||||||||||||||||||||||
Payment for debt redemption premium | 121,800,000 | 28,200,000 | ||||||||||||||||||||||
Virgin Media | Long-term Debt | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Write-off of unamortized debt discount and deferred financing cost | $ 22,800,000 | $ 8,200,000 | ||||||||||||||||||||||
Virgin Media | Senior Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Losses on debt extinguishment, net | $ 57,500,000 | |||||||||||||||||||||||
Payment for debt redemption premium | 50,800,000 | |||||||||||||||||||||||
Write off deferred financing costs | 6,700,000 | |||||||||||||||||||||||
Virgin Media | Senior Notes | 2031 VM O2 Dollar Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 1,350,000,000 | $ 1,350,000,000 | ||||||||||||||||||||||
Virgin Media | Senior Notes | 2031 VM O2 Euro Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | 1,161,400,000 | 1,161,400,000 | € 950,000,000 | |||||||||||||||||||||
Virgin Media | Senior Notes | 2029 VM O2 Sterling Senior Secured Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 819,100,000 | $ 819,100,000 | £ 600,000,000 | |||||||||||||||||||||
Virgin Media | Secured Debt | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Losses on debt extinguishment, net | $ 5,300,000 | 65,700,000 | ||||||||||||||||||||||
Payment for debt redemption premium | 64,700,000 | |||||||||||||||||||||||
Write off deferred financing costs | 1,000,000 | |||||||||||||||||||||||
Virgin Media | Financing Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Payment for debt redemption premium | $ 42,000,000 | |||||||||||||||||||||||
LIBOR | Medium-term Notes | Virgin Media O2 Facility P | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||||||||||||
LIBOR | Medium-term Notes | Virgin Media O2 Facility Q | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||
LIBOR | Telenet | Medium-term Notes | Telenet Dollar-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 2.00% | 2.00% | ||||||||||||||||||||||
LIBOR | UPC Holding | Medium-term Notes | UPC Holding Dollar Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||||||||||||||||||||
EURIBOR | Medium-term Notes | Virgin Media O2 Facility R | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||
EURIBOR | Medium-term Notes | Virgin Media O2 Facility Q | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Issued at par percentage | 98.50% | 98.50% | 98.50% | 98.50% | ||||||||||||||||||||
EURIBOR | Telenet | Medium-term Notes | Telenet Euro-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||||||||||||||||||||
EURIBOR | UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 2.50% | |||||||||||||||||||||||
EURIBOR | UPC Holding | Medium-term Notes | UPC Holding Euro-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 2.50% | 2.50% | ||||||||||||||||||||||
Revolving Credit Facility | UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 289,000,000 | € 236,400,000 | ||||||||||||||||||||||
UPC Facility AV | UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Issued at par percentage | 99.00% | 99.00% | ||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | ||||||||||||||||||||||
UPC Facility AV | UPC Holding | Medium-term Notes | UPC Holding Dollar Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 1,300,000,000 | |||||||||||||||||||||||
UPC Facility AV | LIBOR | UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 3.50% | |||||||||||||||||||||||
UPC Facility AW | UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Issued at par percentage | 98.50% | 98.50% | ||||||||||||||||||||||
Floor rate | 0.00% | 0.00% | ||||||||||||||||||||||
UPC Facility AW | UPC Holding | Medium-term Notes | UPC Holding Dollar Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 489,000,000 | |||||||||||||||||||||||
UPC Facility AW | UPC Holding | Medium-term Notes | UPC Holding Euro-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 400,000,000 | |||||||||||||||||||||||
UPC Facility AW | EURIBOR | UPC Holding | Medium-term Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Basis spread on variable rate | 3.50% | |||||||||||||||||||||||
UPC Facility AZ | UPC Holding | Medium-term Notes | UPC Holding Dollar Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 1,300,000,000 | |||||||||||||||||||||||
UPC Facility AY | UPC Holding | Medium-term Notes | UPC Holding Euro-Denominated Term Loan Facility | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Original issue amount | $ 400,000,000 | |||||||||||||||||||||||
Forecast | Secured Debt | VM O2 Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Redemption price | 100.00% |
Debt (Maturities of Debt) (Sche
Debt (Maturities of Debt) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 1,054.4 | |
2022 | 439.7 | |
2023 | 185.7 | |
2024 | 31.4 | |
2025 | 13.2 | |
Thereafter | 12,835.2 | |
Total debt maturities | 14,559.6 | |
Deferred financing costs, discounts and premiums, net | (118.4) | |
Total debt | 14,441.2 | |
Current portion | 1,054.1 | |
Noncurrent portion | 13,387.1 | |
Principal borrowings | 14,559.6 | $ 27,648.1 |
Telenet | ||
Debt Instrument [Line Items] | ||
2021 | 443.2 | |
2022 | 11.3 | |
2023 | 12 | |
2024 | 11.9 | |
2025 | 12 | |
Thereafter | 5,412.9 | |
Total debt maturities | 5,903.3 | |
Deferred financing costs, discounts and premiums, net | (17.2) | |
Total debt | 5,886.1 | |
Current portion | 443.2 | |
Noncurrent portion | 5,442.9 | |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2021 | 380.2 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 7,422.3 | |
Total debt maturities | 7,802.5 | |
Deferred financing costs, discounts and premiums, net | (98.5) | |
Total debt | 7,704 | |
Current portion | 380.2 | |
Noncurrent portion | 7,323.8 | |
Other | ||
Debt Instrument [Line Items] | ||
2021 | 231 | |
2022 | 428.4 | |
2023 | 173.7 | |
2024 | 19.5 | |
2025 | 1.2 | |
Thereafter | 0 | |
Total debt maturities | 853.8 | |
Deferred financing costs, discounts and premiums, net | (2.7) | |
Total debt | 851.1 | |
Current portion | 230.7 | |
Noncurrent portion | 620.4 | |
ITV Collar Loan | ||
Debt Instrument [Line Items] | ||
Principal borrowings | $ 415.9 | $ 1,435.5 |
Debt (Capital Lease Obligations
Debt (Capital Lease Obligations) (Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 1,054.4 | |
2022 | 439.7 | |
2023 | 185.7 | |
2024 | 31.4 | |
2025 | 13.2 | |
Total vendor financing maturities | 14,559.6 | $ 27,648.1 |
Current portion | 1,054.1 | |
Noncurrent portion | 13,387.1 | |
UPC Holding | ||
Debt Instrument [Line Items] | ||
2021 | 380.2 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Current portion | 380.2 | |
Noncurrent portion | 7,323.8 | |
Telenet | ||
Debt Instrument [Line Items] | ||
2021 | 443.2 | |
2022 | 11.3 | |
2023 | 12 | |
2024 | 11.9 | |
2025 | 12 | |
Current portion | 443.2 | |
Noncurrent portion | 5,442.9 | |
Other | ||
Debt Instrument [Line Items] | ||
2021 | 231 | |
2022 | 428.4 | |
2023 | 173.7 | |
2024 | 19.5 | |
2025 | 1.2 | |
Current portion | 230.7 | |
Noncurrent portion | 620.4 | |
Vendor financing | ||
Debt Instrument [Line Items] | ||
2021 | 959.3 | |
2022 | 93.6 | |
2023 | 69.2 | |
2024 | 19.5 | |
2025 | 1.3 | |
Total vendor financing maturities | 1,142.9 | $ 1,374.3 |
Current portion | 959.3 | |
Noncurrent portion | 183.6 | |
Vendor financing | UPC Holding | ||
Debt Instrument [Line Items] | ||
2021 | 380.2 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Total vendor financing maturities | 380.2 | |
Current portion | 380.2 | |
Noncurrent portion | 0 | |
Vendor financing | Telenet | ||
Debt Instrument [Line Items] | ||
2021 | 429.2 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Total vendor financing maturities | 429.2 | |
Current portion | 429.2 | |
Noncurrent portion | 0 | |
Vendor financing | Other | ||
Debt Instrument [Line Items] | ||
2021 | 149.9 | |
2022 | 93.6 | |
2023 | 69.2 | |
2024 | 19.5 | |
2025 | 1.3 | |
Total vendor financing maturities | 333.5 | |
Current portion | 149.9 | |
Noncurrent portion | $ 183.6 |
Leases (Leases Balances) (Detai
Leases (Leases Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
ROU assets recorded during the period associated with: | |||
Finance leases | $ 477.8 | $ 531 | |
Operating lease ROU assets | 1,454.7 | 512.7 | |
Total ROU assets | 1,932.5 | 1,043.7 | |
Lease liabilities: | |||
Finance leases | 556.5 | 617.1 | |
Operating leases | 1,447.7 | 545.1 | |
Lease, Liability | $ (2,004.2) | (1,162.2) | |
Weighted average remaining lease term for finance leases | 22 years 9 months 18 days | ||
Weighted average discount rate for finance leases | 6.00% | ||
ROU assets associated with finance leases | $ 49.7 | 66.9 | $ 102.4 |
Weighted average remaining lease term for operating leases | 12 years 9 months 18 days | ||
Weighted average discount rate for operating leases | 5.80% | ||
Addition to ROU assets associated with operating leases | $ 124.7 | $ 88.5 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligations | us-gaap:LongTermDebtAndCapitalLeaseObligations | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:DebtCurrent | us-gaap:DebtCurrent | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherAccruedLiabilitiesCurrent | us-gaap:OtherAccruedLiabilitiesCurrent | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Leases (Lease Expense and Cash
Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease expense: | ||
Depreciation and amortization | $ 75.3 | $ 84.2 |
Interest expense | 33.4 | 33.8 |
Total finance lease expense | 108.7 | 118 |
Operating lease expense | 151.1 | 135.7 |
Short-term lease expense | 6.8 | 8 |
Variable lease expense | 4.6 | 4.8 |
Total lease expense | 271.2 | 266.5 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows from operating leases | 126.2 | 135.5 |
Operating cash outflows from finance leases | 33.4 | 33.8 |
Financing cash outflows from finance leases | 98.2 | 60 |
Total cash outflows from operating and finance leases | $ 257.8 | $ 229.3 |
Leases (Maturities of Operating
Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
2021 | $ 212.2 | |
2022 | 196.1 | |
2023 | 184.8 | |
2024 | 168.8 | |
2025 | 155 | |
Thereafter | 1,190 | |
Total payments | 2,106.9 | |
Less: present value discount | (659.2) | |
Present value of lease payments | 1,447.7 | $ 545.1 |
Current portion | 180.3 | |
Noncurrent portion | 1,267.4 | |
Finance leases | ||
2021 | 107.2 | |
2022 | 98.8 | |
2023 | 101.3 | |
2024 | 62.2 | |
2025 | 59.1 | |
Thereafter | 292 | |
Total payments | 720.6 | |
Less: present value discount | (164.1) | |
Present value of lease payments | 556.5 | $ 617.1 |
Current portion | 76.3 | |
Noncurrent portion | $ 480.2 |
Income Taxes (Earnings (Loss) B
Income Taxes (Earnings (Loss) Before Income Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | $ (1,156) | $ 161.8 | $ (1,723.6) |
Continuing Operations | Domestic tax authority | U.K. | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (831) | 330.9 | (1,470) |
Continuing Operations | Foreign tax authority | The Netherlands | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (662.8) | (321.1) | (606) |
Continuing Operations | Foreign tax authority | Belgium | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | 409.3 | 392.4 | 343.5 |
Continuing Operations | Foreign tax authority | Luxembourg | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (5.3) | 0.7 | 95.5 |
Continuing Operations | Foreign tax authority | U.S. | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (7) | (51.6) | (46) |
Continuing Operations | Foreign tax authority | Switzerland | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | 178.5 | 318.8 | (21.2) |
Continuing Operations | Foreign tax authority | Other | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | (0.5) | (81.9) | (19.4) |
Discontinued Operations | |||
Income Tax Examination [Line Items] | |||
Earnings (loss) from continuing operations before income taxes | $ (237.2) | $ (426.4) | $ 0 |
Income Taxes (Benefit (Expense)
Income Taxes (Benefit (Expense) of Income Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||||
Current | $ (187.5) | $ (1,135.2) | $ (4.8) | ||
Deferred | (65.5) | (438.1) | 261.7 | $ (65.5) | $ (438.1) |
Total income tax expense | (253) | (1,573.3) | 256.9 | $ (253) | $ (1,573.3) |
U.S. | |||||
Income Taxes [Line Items] | |||||
Current | (4.1) | (957.5) | 81.5 | ||
Deferred | 81.9 | 7.6 | 159.7 | ||
Total | 77.8 | (949.9) | 241.2 | ||
U.K. | |||||
Income Taxes [Line Items] | |||||
Current | (1.5) | (7.2) | (1.3) | ||
Deferred | 118.8 | 32.2 | 52.2 | ||
Total | 117.3 | 25 | 50.9 | ||
Switzerland | |||||
Income Taxes [Line Items] | |||||
Current | (27.8) | (16.6) | (3.5) | ||
Deferred | (1.1) | 6.2 | 41.2 | ||
Total | (28.9) | (10.4) | 37.7 | ||
Luxembourg | |||||
Income Taxes [Line Items] | |||||
Current | (1.2) | (3.1) | (0.3) | ||
Deferred | 7.7 | 0.3 | (27.1) | ||
Total | 6.5 | (2.8) | (27.4) | ||
Belgium | |||||
Income Taxes [Line Items] | |||||
Current | (134.7) | (153.9) | (54.5) | ||
Deferred | 3.6 | 41.6 | 36.3 | ||
Total | (131.1) | (112.3) | (18.2) | ||
The Netherlands | |||||
Income Taxes [Line Items] | |||||
Current | 0 | 14.2 | (7.7) | ||
Deferred | (275.3) | (519.4) | 0 | ||
Total | (275.3) | (505.2) | (7.7) | ||
Other | |||||
Income Taxes [Line Items] | |||||
Current | (18.2) | (11.1) | (19) | ||
Deferred | (1.1) | (6.6) | (0.6) | ||
Total | $ (19.3) | $ (17.7) | $ (19.6) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal to Effective Taxes) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Computed “expected” tax benefit (expense) | $ 327.5 | $ 219.6 | $ (30.7) | ||
Non-deductible or non-taxable foreign currency exchange results | (395.1) | (26.5) | 132.5 | ||
Recognition of previously unrecognized tax benefits | 285.8 | 5.9 | 49.6 | ||
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates | (248.6) | (167.9) | (360.1) | ||
Enacted tax law and rate changes | 248.2 | 19.2 | (13.5) | ||
Tax benefit associated with technology innovation | 62.2 | 0 | 0 | ||
Non-deductible or non-taxable interest and other expenses | (25.6) | (191.7) | (153.8) | ||
Change in valuation allowances | (8.4) | (113.6) | (34.9) | ||
Mandatory Repatriation Tax | 0 | 0 | (1,137.2) | ||
Other, net | 10.9 | 2 | (25.2) | ||
Total income tax expense | $ (253) | $ (1,573.3) | $ 256.9 | $ (253) | $ (1,573.3) |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 565.1 | $ 2,457.4 |
Deferred tax liabilities | (672.9) | (246.4) |
Net deferred tax asset (liability) | $ 2,211 | |
Net deferred tax asset (liability) | $ (107.8) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss and other carryforwards | $ 1,589.8 | $ 4,367.5 |
Derivative instruments | 272.3 | 113.3 |
Debt | 218.9 | 231.5 |
Leases | 204.5 | 58.5 |
Investments | 194.6 | 136.4 |
Property and equipment, net | 107.5 | 1,969 |
Other future deductible amounts | 217.6 | 208.8 |
Deferred tax assets | 2,805.2 | 7,085 |
Valuation allowance | (1,578.9) | (4,235.5) |
Deferred tax assets, net of valuation allowance | 1,226.3 | 2,849.5 |
Deferred tax liabilities: | ||
Intangible assets | (514.7) | (114.1) |
Property and equipment, net | (243.6) | (169.9) |
Right of use assets | (204.4) | (56.8) |
Debt | (182.6) | (65.7) |
Deferred revenue | (157) | (168.1) |
Other future taxable amounts | (31.8) | (63.9) |
Deferred tax liabilities | (1,334.1) | (638.5) |
Net deferred tax asset (liability) | $ (107.8) | |
Net deferred tax asset (liability) | $ 2,211 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Change in valuation allowances | $ (2,656.6) | ||
Cumulative temporary differences | 1,400 | ||
Recorded liability for the mandatory repatriation tax | $ 357.2 | 295.7 | |
Unrecognized tax benefits - favorable impact on effective income tax rate if ultimately recognized, net of valuation allowances | 546.5 | 421.5 | $ 759.8 |
Reductions to our unrecognized tax benefits reasonably possible | 175 | ||
Income tax penalties and interest expense | $ 22.6 | 26.2 | $ 58.9 |
Accrued interest and penalties on tax related items | $ 139.9 |
Income Taxes (Tax Loss Carryfor
Income Taxes (Tax Loss Carryforwards and Related Tax Assets) (Details) - Capital Loss Carryforward $ in Millions | Dec. 31, 2020USD ($) |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | $ 6,784.4 |
Related tax asset | 1,589.8 |
The Netherlands | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 3,353.8 |
Related tax asset | 838.4 |
Belgium | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,342.7 |
Related tax asset | 335.7 |
Luxembourg | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 980.6 |
Related tax asset | 256 |
Ireland | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 796.5 |
Related tax asset | 99.8 |
U.K (a) | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 264.3 |
Related tax asset | 50.2 |
Other | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 46.5 |
Related tax asset | $ 9.7 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 664.3 | $ 350.4 | |
Reductions for tax positions of prior years | $ (80.7) | (361.5) | (117.9) |
Additions based on tax positions related to the current year | 1.8 | 290.9 | 180 |
Additions for tax positions of prior years | 1 | 134.4 | 457.4 |
Reduction related to the held for sale group | 0 | (131.8) | 0 |
Foreign currency translation | 15.4 | ||
Foreign currency translation | (4.3) | (8.5) | |
Settlements with tax authorities | (111.3) | (4.1) | 0 |
Lapse of statute of limitations | 0 | (2.7) | (3.6) |
Balance at December 31 | $ 664.3 | $ 604.9 | $ 857.8 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Dec. 31, 2020USD ($)class$ / sharesshares | Dec. 31, 2019$ / shares | Jul. 01, 2015vote |
Class of Stock [Line Items] | |||
Share capital authorized, aggregate nominal amount | $ | $ 20,000,000 | ||
Minimum number of classes or series of stock which may be authorized | class | 1 | ||
Class A | |||
Class of Stock [Line Items] | |||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 | |
Number of votes allowed per class of stock (in votes) | vote | 10 | ||
Number of ordinary shares convertible to certain class of ordinary shares (in shares) | shares | 1 | ||
Class B | |||
Class of Stock [Line Items] | |||
Common stock, nominal value (in dollars per share) | $ 0.01 | 0.01 | |
Number of votes allowed per class of stock (in votes) | vote | 1 | ||
Common reserved for issuance (in shares) | shares | 12,561,444 | ||
Class C | |||
Class of Stock [Line Items] | |||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Equity (Schedule of Outstanding
Equity (Schedule of Outstanding Share-Based Compensation Awards) (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Options | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 623,572 | 588,258 |
Options | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 0 | |
Options | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 3,463,971 | 3,506,568 |
SARs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 19,245,884 | 16,251,617 |
SARs | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 0 | |
SARs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 40,890,502 | 35,682,862 |
RSUs | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,443,306 | |
RSUs | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 4,878,115 | |
PSUs and PSARS | Class A | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 5,920,958 | |
PSUs and PSARS | Class B | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 660,000 | |
PSUs and PSARS | Class C | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 11,841,916 |
Equity (Share Repurchases Progr
Equity (Share Repurchases Programs) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||
Distributable reserves recognized | $ 17,100 | $ 17,100 | ||
Stock repurchase, remaining authorized amount | $ 1,000 | |||
Remaining authorized for share repurchases | $ 27.8 | $ 2,700 | ||
Class A | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 1,309,000 | |||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 22.38 | |||
Shares repurchased (in shares) | 24,002,262 | |||
Share price (in dollars per share) | $ 27.50 | $ 27.50 | ||
Class C | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 54,473,323 | |||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 19.15 | |||
Total cost for stock purchased pursuant to repurchase programs | $ 1,072.3 | |||
Shares repurchased (in shares) | 75,420,009 | |||
Share price (in dollars per share) | $ 27 | $ 27 | ||
Class A | ||||
Class of Stock [Line Items] | ||||
Total cost for stock purchased pursuant to repurchase programs | $ 3,220.2 | $ 2,010 | ||
Class A | Class A | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 24,348,562 | 15,649,900 | ||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 27.61 | $ 29.67 | ||
Class A | Class C | ||||
Class of Stock [Line Items] | ||||
Shares purchased pursuant to repurchase programs (in shares) | 95,395,291 | 54,211,059 | ||
Average price paid per share pursuant to repurchase programs (in dollars per shares) | $ 26.64 | $ 28.51 |
Equity (Subsidiary Distribution
Equity (Subsidiary Distributions) (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | |
Class of Stock [Line Items] | |||||||
Dividends | € 177.8 | $ 205.4 | € 37.8 | $ 42 | € 351.6 | $ 404.8 | |
Telenet | |||||||
Class of Stock [Line Items] | |||||||
Dividends | € 292.4 | € 62.8 | € 600 |
Share-based Compensation (Summa
Share-based Compensation (Summary Of Stock-Based Compensation) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 31, 2018USD ($) | Dec. 31, 2020€ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ 305.8 | $ 348 | $ 206 | |||||
Vesting period | 10 years | |||||||
Expiration period | 10 years | |||||||
Percent of annual inventive compensation | 100.00% | 100.00% | ||||||
Other operating expenses | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 3.9 | 7.6 | 4.4 | |||||
SG&A expenses | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 301.9 | 340.4 | 201.6 | |||||
Liberty Global Plc | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 281.1 | 307.7 | 184.3 | |||||
Performance-based incentive awards | Liberty Global Plc | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 134.5 | 127.4 | 50.8 | |||||
Non-performance based incentive awards | Liberty Global Plc | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 107.6 | 134.1 | 90.1 | |||||
Other | Liberty Global Plc | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 39 | 46.2 | 43.4 | |||||
Telenet share-based incentive awards | Telenet | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | 15.6 | 35.5 | 19.6 | |||||
Other | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ 9.1 | 4.8 | $ 2.1 | |||||
Options | Telenet | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares reserved for future issuance (in shares) | shares | 5,001,814 | 5,001,814 | ||||||
Awards outstanding (in EUR/USD per share) | (per share) | € 40.69 | $ 49.74 | ||||||
SARs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period | 10 years | 7 years | ||||||
Incremental share based compensation expense | $ 18.9 |
Share-based Compensation (Narra
Share-based Compensation (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2019shares | Mar. 31, 2019 | Feb. 29, 2016 | Dec. 31, 2019shares | Dec. 31, 2020USD ($)installmentshares | Dec. 31, 2019shares | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total compensation expense not yet recognized | $ | $ 244.8 | ||||||
Weighted average period remaining for expense recognition | 1 year 9 months 18 days | ||||||
Vesting period | 10 years | ||||||
Expiration period | 10 years | ||||||
PSUs earned | 106.10% | ||||||
Percent of annual inventive compensation | 100.00% | ||||||
Performance period | 2 years | 2 years | |||||
RUSs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
April 1, 2019 and October 1, 2019 | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Adjusted OIBDA CAGR | 6.00% | ||||||
Performance period | 3 years | ||||||
Liberty Global 2014 Incentive Plans | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share authorized (in shares) | 155,000,000 | ||||||
Liberty Global 2014 Incentive Plans | Class B | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share authorized (in shares) | 50,250,000 | ||||||
Liberty Global 2014 Incentive Plans | Anti-Dilution and Other Adjustment Provisions | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share authorized (in shares) | 10,500,000 | ||||||
Liberty Global Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share authorized (in shares) | 60,799,181 | ||||||
Liberty Global Incentive Plan | Awards other than Performance-Based Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Expiration period | 7 years | ||||||
Liberty Global Incentive Plan | Six Month Anniversary After Grant Date | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 12.50% | ||||||
Liberty Global Incentive Plan | Each Quarter Thereafter after Six Month Vest | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 6.25% | ||||||
Liberty Global Director Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share authorized (in shares) | 8,005,545 | ||||||
Expiration period | 7 years | ||||||
Number of equal or semi-equal installments | installment | 3 | ||||||
2016 PSUs | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected performance earnings for PSUs | 82.30% | ||||||
2018 PSUs | April 1, 2020 | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
2019 PSUs | PSUs | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected performance earnings for PSUs | 50.00% | ||||||
Performance range | 50.00% | ||||||
2019 PSUs | PSUs | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected performance earnings for PSUs | 150.00% | ||||||
Performance range | 125.00% | ||||||
2019 PSUs | April 1, 2021 | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
2019 PSUs | October 1, 2021 | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Liberty Global Challenge Performance Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 100.00% | ||||||
Expiration period | 10 years | ||||||
Performance period | 3 years | ||||||
Liberty Global Challenge Performance Awards | Class A | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of ordinary share rights for each performance share (in shares) | 1 | 1 | |||||
Liberty Global Challenge Performance Awards | Class C | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of ordinary share rights for each performance share (in shares) | 1 | 1 | |||||
CEO | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in shares) | 1,330,000 | ||||||
CEO | RSAs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (in shares) | 670,000 | ||||||
CEO | May 15, 2020 | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting (in shares) | 670,000 | ||||||
CEO | May 15, 2021 | PSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting (in shares) | 660,000 |
Share-based Compensation (Sum_2
Share-based Compensation (Summary of Stock Award Information) (Schedule) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Cash received from exercise of options | $ 2.3 | $ 2.2 | $ 5.7 | ||
Income tax benefit related to share-based compensation of our continuing operations (in millions) | $ 21 | $ 36.9 | $ 18.6 | ||
Options, SARs and PSARs | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Options, SARs and PSARs | Minimum | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Risk-free interest rate | 1.59% | 2.68% | 0.13% | ||
Expected life | 3 years 2 months 12 days | 3 years | 3 years 2 months 12 days | ||
Expected volatility | 29.90% | 30.20% | 34.60% | ||
Options, SARs and PSARs | Maximum | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Risk-free interest rate | 2.45% | 2.92% | 0.47% | ||
Expected life | 6 years 2 months 12 days | 4 years 2 months 12 days | 6 years 2 months 12 days | ||
Expected volatility | 33.80% | 33.60% | 38.80% | ||
Options | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Weighted average grant-date fair value per share of awards granted, options (in dollars per share) | $ 8.60 | $ 5.92 | $ 8.99 | ||
Total intrinsic value of awards exercised | $ 4.2 | $ 1.2 | $ 3.8 | ||
SARs | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 6.79 | $ 4.19 | $ 7.92 | ||
Total intrinsic value of awards exercised | $ 13.6 | $ 22.5 | |||
PSARs | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 6.92 | ||||
RSUs | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | 24.66 | $ 15.66 | $ 28.72 | ||
RSAs | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | 25.29 | ||||
PSUs | |||||
Assumptions used to estimate fair value of options, SARs and PSARs granted: | |||||
Weighted average grant-date fair value per share of awards granted, other than options (in dollars per share) | $ 25 | $ 23.60 |
Share-based Compensation (Stock
Share-based Compensation (Stock Award Activity, Options, SARs & PSARs) (Schedules) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Options | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 588,258 |
Options granted (in shares) | shares | 78,948 |
Options expired, cancelled or forfeited (in shares) | shares | (2,533) |
Options exercised (in dollars per share) | shares | (41,101) |
Options outstanding at end of period (in shares) | shares | 623,572 |
Options exercisable and end of period (in shares) | shares | 495,900 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 29.25 |
Options granted (in dollars per shares) | $ / shares | 21.86 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 22.65 |
Options exercised (in dollars per share) | $ / shares | 13 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 29.41 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 30.67 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years 7 months 6 days |
Options exercisable at end of period | 2 years 3 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0.6 |
Options exercisable at end of period | $ | $ 0.4 |
Options | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 3,506,568 |
Options granted (in shares) | shares | 542,801 |
Options expired, cancelled or forfeited (in shares) | shares | (483,100) |
Options exercised (in dollars per share) | shares | (102,298) |
Options outstanding at end of period (in shares) | shares | 3,463,971 |
Options exercisable and end of period (in shares) | shares | 2,570,677 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.81 |
Options granted (in dollars per shares) | $ / shares | 16.98 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.38 |
Options exercised (in dollars per share) | $ / shares | 12.88 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 24.87 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 26.41 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 3 years 9 months 18 days |
Options exercisable at end of period | 2 years 3 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 4.8 |
Options exercisable at end of period | $ | $ 3.7 |
SARs | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 16,251,617 |
Options granted (in shares) | shares | 5,084,564 |
Options expired, cancelled or forfeited (in shares) | shares | (2,085,032) |
Options exercised (in dollars per share) | shares | (5,265) |
Options outstanding at end of period (in shares) | shares | 19,245,884 |
Options exercisable and end of period (in shares) | shares | 11,367,027 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 31.18 |
Options granted (in dollars per shares) | $ / shares | 16.20 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 30.52 |
Options exercised (in dollars per share) | $ / shares | 24.90 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 27.29 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 32.23 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 5 years 1 month 6 days |
Options exercisable at end of period | 2 years 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 40.2 |
Options exercisable at end of period | $ | $ 0 |
SARs | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 35,682,862 |
Options granted (in shares) | shares | 10,169,128 |
Options expired, cancelled or forfeited (in shares) | shares | (4,952,165) |
Options exercised (in dollars per share) | shares | (9,323) |
Options outstanding at end of period (in shares) | shares | 40,890,502 |
Options exercisable and end of period (in shares) | shares | 25,082,821 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 29.77 |
Options granted (in dollars per shares) | $ / shares | 15.28 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 28.95 |
Options exercised (in dollars per share) | $ / shares | 24.15 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 26.27 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 30.83 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 4 years 10 months 24 days |
Options exercisable at end of period | 2 years 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 83.9 |
Options exercisable at end of period | $ | $ 0 |
PSARs | Class A | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 4,071,616 |
Options expired, cancelled or forfeited (in shares) | shares | (347,946) |
Options outstanding at end of period (in shares) | shares | 3,723,670 |
Options exercisable and end of period (in shares) | shares | 1,473 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.97 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.99 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.97 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.97 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 8 years 2 months 12 days |
Options exercisable at end of period | 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
PSARs | Class C | |
Number of awards | |
Options outstanding at beginning of period (in shares) | shares | 8,143,232 |
Options expired, cancelled or forfeited (in shares) | shares | (695,892) |
Options outstanding at end of period (in shares) | shares | 7,447,340 |
Options exercisable and end of period (in shares) | shares | 2,946 |
Weighted average exercise or base price | |
Options outstanding at beginning of period (in dollars per shares) | $ / shares | $ 25.22 |
Options expired, cancelled or forfeited (in dollars per shares) | $ / shares | 25.24 |
Options outstanding at end of period (in dollars per shares) | $ / shares | 25.22 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 25.22 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 8 years 2 months 12 days |
Options exercisable at end of period | 9 months 18 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Options and SARs | Class A | Former Employees | |
Number of awards | |
Options outstanding at end of period (in shares) | shares | 1,413,040 |
Options exercisable and end of period (in shares) | shares | 1,396,581 |
Weighted average exercise or base price | |
Options outstanding at end of period (in dollars per shares) | $ / shares | $ 34.11 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 34.09 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 1 year 8 months 12 days |
Options exercisable at end of period | 1 year 7 months 6 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Options and SARs | Class C | Former Employees | |
Number of awards | |
Options outstanding at end of period (in shares) | shares | 3,142,227 |
Options exercisable and end of period (in shares) | shares | 3,109,319 |
Weighted average exercise or base price | |
Options outstanding at end of period (in dollars per shares) | $ / shares | $ 32.23 |
Options exercisable at end of period (in dollars per share) | $ / shares | $ 32.21 |
Weighted average remaining contractual term | |
Options outstanding at end of period | 1 year 8 months 12 days |
Options exercisable at end of period | 1 year 8 months 12 days |
Aggregate intrinsic value | |
Options outstanding at end of period | $ | $ 0 |
Options exercisable at end of period | $ | $ 0 |
Share-based Compensation (Other
Share-based Compensation (Other than Options Award Activity) (Schedules) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
RSUs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $ 24.66 | $ 15.66 | $ 28.72 |
RSUs | Class A | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 515,496 | ||
Granted (in shares) | 2,234,496 | ||
Forfeited (in shares) | (91,229) | ||
Released from restrictions (in shares) | (215,457) | ||
Outstanding at end of period (in shares) | 515,496 | 2,443,306 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 27.86 | ||
Granted (in dollars per shares) | 16.28 | ||
Forfeited (in dollars per share) | 22.62 | ||
Released from restrictions (in dollars per shares) | 28.46 | ||
Outstanding at end of period (in dollars per shares) | $ 27.86 | $ 17.41 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 years 2 months 12 days | ||
RSUs | Class B | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 48,786 | ||
Released from restrictions (in shares) | (48,786) | ||
Outstanding at end of period (in shares) | 48,786 | 0 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 26.03 | ||
Released from restrictions (in dollars per shares) | 26.03 | ||
Outstanding at end of period (in dollars per shares) | $ 26.03 | $ 0 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 0 years | ||
RSUs | Class C | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 1,026,010 | ||
Granted (in shares) | 4,468,992 | ||
Forfeited (in shares) | (183,173) | ||
Released from restrictions (in shares) | (433,714) | ||
Outstanding at end of period (in shares) | 1,026,010 | 4,878,115 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 26.95 | ||
Granted (in dollars per shares) | 15.36 | ||
Forfeited (in dollars per share) | 21.77 | ||
Released from restrictions (in dollars per shares) | 27.58 | ||
Outstanding at end of period (in dollars per shares) | $ 26.95 | $ 16.47 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 2 years 2 months 12 days | ||
RSAs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | 25.29 | ||
PSUs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per shares) | $ 25 | $ 23.60 | |
PSUs | Class A | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 3,388,371 | ||
Forfeited (in shares) | (132,789) | ||
Released from restrictions (in shares) | (1,058,294) | ||
Outstanding at end of period (in shares) | 3,388,371 | 2,197,288 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 25 | ||
Forfeited (in dollars per share) | 26.04 | ||
Released from restrictions (in dollars per shares) | 24.01 | ||
Outstanding at end of period (in dollars per shares) | $ 25 | $ 25.41 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year | ||
PSUs | Class B | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 1,330,000 | ||
Released from restrictions (in shares) | (670,000) | ||
Outstanding at end of period (in shares) | 1,330,000 | 660,000 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 25.29 | ||
Released from restrictions (in dollars per shares) | 25.29 | ||
Outstanding at end of period (in dollars per shares) | $ 25.29 | $ 25.29 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 4 months 24 days | ||
PSUs | Class C | |||
Number of awards | |||
Outstanding at beginning of period (in shares) | 6,776,048 | ||
Forfeited (in shares) | (263,994) | ||
Released from restrictions (in shares) | (2,117,478) | ||
Outstanding at end of period (in shares) | 6,776,048 | 4,394,576 | |
Weighted average grant-date fair value per share | |||
Outstanding at beginning of period (in dollars per shares) | $ 24.29 | ||
Forfeited (in dollars per share) | 25.26 | ||
Released from restrictions (in dollars per shares) | 23.39 | ||
Outstanding at end of period (in dollars per shares) | $ 24.29 | $ 24.66 | |
Weighted average remaining contractual term | |||
Outstanding at end of period | 1 year | ||
Former Employees | RSUs | Class A | |||
Number of awards | |||
Outstanding at end of period (in shares) | 597 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 35.32 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 4 months 24 days | ||
Former Employees | RSUs | Class C | |||
Number of awards | |||
Outstanding at end of period (in shares) | 1,183 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 34.43 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 4 months 24 days | ||
Former Employees | PSUs | Class A | |||
Number of awards | |||
Outstanding at end of period (in shares) | 1,357 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 24.90 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 9 months 18 days | ||
Former Employees | PSUs | Class C | |||
Number of awards | |||
Outstanding at end of period (in shares) | 2,714 | ||
Weighted average grant-date fair value per share | |||
Outstanding at end of period (in dollars per shares) | $ 24.90 | ||
Weighted average remaining contractual term | |||
Outstanding at end of period | 9 months 18 days |
Restructuring Liabilities (Deta
Restructuring Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | $ 31.9 | $ 41.1 | $ 37.3 | ||||
Restructuring charges | $ 89.9 | 47.5 | 96.4 | ||||
Cash paid | (96.6) | (56.2) | (86.2) | ||||
Reclassification to held for sale | (5.4) | ||||||
Foreign currency translation adjustments and other | (0.1) | 1.6 | (6.4) | ||||
Restructuring liability at end of year | 31.9 | 19.4 | 31.9 | 41.1 | |||
Current portion | $ 13.4 | $ 22.7 | $ 26.2 | ||||
Noncurrent portion | 6 | 9.2 | 14.9 | ||||
Total | 31.9 | 19.4 | 41.1 | 41.1 | 19.4 | 31.9 | 41.1 |
Adjustment | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | (2.4) | ||||||
Restructuring liability at end of year | (2.4) | ||||||
Total | (2.4) | (2.4) | (2.4) | ||||
Adjusted balance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 38.7 | ||||||
Restructuring liability at end of year | 38.7 | ||||||
Total | 38.7 | 38.7 | 38.7 | ||||
Employee severance and termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 19.1 | 14.7 | 11.3 | ||||
Restructuring charges | 84.3 | 34.9 | 42.2 | ||||
Cash paid | (81.3) | (43.8) | (35.5) | ||||
Reclassification to held for sale | (2.2) | ||||||
Foreign currency translation adjustments and other | 1.4 | 2.1 | (3.3) | ||||
Restructuring liability at end of year | 19.1 | 10.1 | 19.1 | 14.7 | |||
Current portion | 10.1 | 17.6 | 13.3 | ||||
Noncurrent portion | 0 | 1.5 | 1.4 | ||||
Total | 19.1 | 10.1 | 14.7 | 11.3 | 10.1 | 19.1 | 14.7 |
Employee severance and termination | Adjustment | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 0 | ||||||
Restructuring liability at end of year | 0 | ||||||
Total | 0 | 0 | 0 | ||||
Employee severance and termination | Adjusted balance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 14.7 | ||||||
Restructuring liability at end of year | 14.7 | ||||||
Total | 14.7 | 14.7 | 14.7 | ||||
Employee severance and termination | Switzerland | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | 15 | 10.5 | |||||
Employee severance and termination | U.K./Ireland | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | 12.9 | 40.2 | 23.7 | ||||
Employee severance and termination | Central and Corporate | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | 32.3 | ||||||
Office closures | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 2.2 | 8.5 | 9.5 | ||||
Restructuring charges | 1.1 | 5.8 | 5.5 | ||||
Cash paid | (4.4) | (4.9) | (6) | ||||
Reclassification to held for sale | (3.2) | ||||||
Foreign currency translation adjustments and other | (0.6) | 0.3 | (0.5) | ||||
Restructuring liability at end of year | 2.2 | 0.2 | 2.2 | 8.5 | |||
Current portion | 0.1 | 1.9 | 4.5 | ||||
Noncurrent portion | 0.1 | 0.3 | 4 | ||||
Total | 2.2 | 2.2 | 8.5 | 8.5 | 0.2 | 2.2 | 8.5 |
Office closures | Adjustment | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | (2.4) | ||||||
Restructuring liability at end of year | (2.4) | ||||||
Total | (2.4) | (2.4) | (2.4) | ||||
Office closures | Adjusted balance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 6.1 | ||||||
Restructuring liability at end of year | 6.1 | ||||||
Total | 6.1 | 6.1 | 6.1 | ||||
Contract termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 10.6 | 17.9 | 16.5 | ||||
Restructuring charges | 4.5 | 6.8 | 48.7 | ||||
Cash paid | (10.9) | (7.5) | (44.7) | ||||
Reclassification to held for sale | 0 | ||||||
Foreign currency translation adjustments and other | (0.9) | (0.8) | (2.6) | ||||
Restructuring liability at end of year | 10.6 | 9.1 | 10.6 | 17.9 | |||
Current portion | 3.2 | 3.2 | 8.4 | ||||
Noncurrent portion | 5.9 | 7.4 | 9.5 | ||||
Total | $ 10.6 | 9.1 | 17.9 | 17.9 | $ 9.1 | $ 10.6 | 17.9 |
Contract termination | Adjustment | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 0 | ||||||
Restructuring liability at end of year | 0 | ||||||
Total | 0 | 0 | 0 | ||||
Contract termination | Adjusted balance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring liability at beginning of year | 17.9 | ||||||
Restructuring liability at end of year | 17.9 | ||||||
Total | $ 17.9 | 17.9 | $ 17.9 | ||||
Contract termination | Belgium | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | 40.5 | ||||||
Central and Corporate | Employee severance and termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges | $ 5.9 | $ 14.2 |
Defined Benefit Plans (Details)
Defined Benefit Plans (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,196.8 | $ 1,500 | $ 1,305 |
Projected benefit obligation | 1,302.7 | 1,407.5 | 1,217.5 |
Net asset (liability) | (105.9) | 92.5 | 87.5 |
Net periodic pension cost | 14.8 | 8.6 | 7.4 |
Service cost | 33.4 | 20.9 | 24.4 |
Curtailment gain | $ 1.4 | $ 1.1 | |
Contributions by employer | 35.7 | ||
Contributions expected in next fiscal year | 55.3 | ||
Quoted prices in active markets for identical assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 710.3 | ||
Significant other observable inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 486.5 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Balance sheets and Statements of equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 13,198.6 | $ 4,148.3 | ||
Other comprehensive earnings (loss) | $ 482.1 | 2,581 | 482.1 | $ (1,024) |
Ending balance | 13,198.6 | 13,298.4 | 13,198.6 | 4,148.3 |
Foreign currency translation adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 1,209.6 | 719.3 | 1,726.6 | |
Other comprehensive earnings (loss) | 490.3 | 2,599.7 | (1,007.3) | |
Ending balance | 1,209.6 | 3,809.3 | 1,209.6 | 719.3 |
Pension- related adjustments and other | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (96.9) | (87.5) | (70.6) | |
Other comprehensive earnings (loss) | (9.4) | (19.3) | (16.9) | |
Ending balance | (96.9) | (116.2) | (96.9) | (87.5) |
Accumulated other comprehensive earnings | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 1,112.7 | 631.8 | 1,656 | |
Other comprehensive earnings (loss) | 480.9 | 2,580.4 | 480.9 | (1,024.2) |
Ending balance | 1,112.7 | 3,693.1 | 1,112.7 | 631.8 |
Noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (2.8) | (4) | (4.2) | |
Other comprehensive earnings (loss) | 1.2 | 0.6 | 0.2 | |
Ending balance | (2.8) | (2.2) | (2.8) | (4) |
Total accumulated other comprehensive earnings | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 1,109.9 | 627.8 | 1,651.8 | |
Ending balance | $ 1,109.9 | $ 3,690.9 | $ 1,109.9 | $ 627.8 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings (Statements of Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), pre-tax amount | $ 476.6 | $ 2,577.4 | $ (1,028.2) | |
Other comprehensive income (loss), tax benefit (expense) | 5.5 | 3.6 | 4.2 | |
Other comprehensive earnings (loss) | 482.1 | 2,581 | $ 482.1 | (1,024) |
Other comprehensive earnings attributable to noncontrolling interests, Pre-tax amount | (1.5) | (0.9) | (0.3) | |
Other comprehensive earnings attributable to noncontrolling interests, Tax benefit (expense) | 0.3 | 0.3 | 0.1 | |
Other comprehensive earnings (loss) attributable to noncontrolling interests, net | (1.2) | (0.6) | (0.2) | |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, pre-tax | 475.1 | 2,576.5 | (1,028.5) | |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, tax | 5.8 | 3.9 | 4.3 | |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, net | 480.9 | 2,580.4 | (1,024.2) | |
Total - continuing operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), pre-tax amount | 415.5 | (922.3) | ||
Other comprehensive income (loss), tax benefit (expense) | 5.6 | 4.4 | ||
Other comprehensive earnings (loss) | 421.1 | 2,581 | 421.1 | (917.9) |
Discontinued Operations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), pre-tax amount | 61.1 | (105.9) | ||
Other comprehensive income (loss), tax benefit (expense) | (0.1) | (0.2) | ||
Other comprehensive earnings (loss) | 61 | 0 | $ 61 | (106.1) |
Foreign currency translation adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), pre-tax amount | 432.2 | 2,599.9 | (897.9) | |
Other comprehensive income (loss), tax benefit (expense) | 3.3 | (0.2) | 0 | |
Other comprehensive earnings (loss) | 435.5 | 2,599.7 | (897.9) | |
Pension-related adjustments and other | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), pre-tax amount | (16.7) | (22.5) | (24.4) | |
Other comprehensive income (loss), tax benefit (expense) | 2.3 | 3.8 | 4.4 | |
Other comprehensive earnings (loss) | $ (14.4) | $ (18.7) | $ (20) |
Commitments and Contingencies_2
Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | $ 1,028.5 |
2022 | 348.1 |
2023 | 175.2 |
2024 | 104.1 |
2025 | 88.8 |
Thereafter | 776.2 |
Total | 2,520.9 |
Network and connectivity commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | 276.9 |
2022 | 175.3 |
2023 | 76.4 |
2024 | 40.9 |
2025 | 33.6 |
Thereafter | 17.6 |
Total | 1,244.2 |
Purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | 274.6 |
2022 | 96.8 |
2023 | 49.1 |
2024 | 40.2 |
2025 | 38.5 |
Thereafter | 745 |
Total | 642.6 |
Programming commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | 473.3 |
2022 | 72.9 |
2023 | 47.6 |
2024 | 21.2 |
2025 | 16 |
Thereafter | 11.6 |
Total | 620.7 |
Other commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | 3.7 |
2022 | 3.1 |
2023 | 2.1 |
2024 | 1.8 |
2025 | 0.7 |
Thereafter | 2 |
Total | 13.4 |
U.K. JV Entities | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2021 | 1,705.5 |
2022 | 386.7 |
2023 | 16.1 |
2024 | 5.3 |
2025 | 4.5 |
Thereafter | 20 |
Total | $ 2,138.1 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) customer in Thousands, € in Millions, £ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 29, 2020customer | Oct. 31, 2019USD ($) | Oct. 31, 2019EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Sep. 30, 2018USD ($) | Sep. 30, 2018GBP (£) | Mar. 31, 2018USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016GBP (£) | Dec. 31, 2015GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019GBP (£) | Aug. 01, 2018 | |
Loss Contingencies [Line Items] | |||||||||||||||||||||
Programming and copyright costs | $ 1,671,400,000 | $ 1,724,000,000 | $ 1,702,400,000 | ||||||||||||||||||
Rent expense under non-cancelable operating lease arrangements | $ 111,800,000 | ||||||||||||||||||||
Aggregate expense for matching contributions under various defined contribution plans | $ 42,600,000 | $ 41,000,000 | $ 44,800,000 | ||||||||||||||||||
Percent of customers | 50.00% | ||||||||||||||||||||
Percent reduction in monthly wholesale cable resale access price | 11.50% | ||||||||||||||||||||
Number of customers impacted by database accessed without permission | customer | 900 | ||||||||||||||||||||
Customer Base Impacted by Database Access [Member] | Customer Concentration Risk [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Percent of customers | 15.00% | ||||||||||||||||||||
Belgium Regulatory Developments | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Percent reduction in monthly wholesale cable resale access price | 17.00% | ||||||||||||||||||||
Interkabel Acquisition | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Damages sought | $ 1,700,000,000 | € 1,400 | |||||||||||||||||||
Loss contingency accrual | $ 0 | ||||||||||||||||||||
Virgin Media VAT Matters | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Estimate of possible loss | $ 54,000,000 | $ 54,000,000 | $ 54,000,000 | £ 41.3 | |||||||||||||||||
Virgin Media VAT Matters 2 [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Income tax paid | $ 99,100,000 | £ 67 | |||||||||||||||||||
Amount paid | $ 83,100,000 | £ 63.7 | £ 3.3 | £ 63.7 | |||||||||||||||||
Interest expense | $ 4,400,000 | £ 3.3 | |||||||||||||||||||
UPC Austria | Discontinued Operations, Disposed of by Sale | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Asserted claims | $ 86,200,000 | € 70.5 | $ 42,400,000 | € 34.7 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Performance measures, percentage of reportable segment revenue and operating cash flow presented | 100.00% |
VodafoneZiggo JV | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% |
Ownership percentage | 50.00% |
Telenet | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100.00% |
Segment Reporting (Performance
Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 11,541.5 | $ 11,980.1 | $ 11,541.5 | $ 11,957.9 |
Adjusted EBITDA | 4,859.5 | 4,895.6 | 5,151.5 | |
VodafoneZiggo JV | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | $ 1,987.7 | 2,142 | 2,009.7 | |
VodafoneZiggo JV | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4,565.4 | 4,407.8 | 4,602.2 | |
Operating Segments | U.K./Ireland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,588.4 | 6,600.3 | 6,875.1 | |
Adjusted EBITDA | 2,672.4 | 2,800.5 | 2,995.5 | |
Operating Segments | Belgium | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,940.9 | 2,893 | 2,993.6 | |
Adjusted EBITDA | 1,413.4 | 1,386.1 | 1,480 | |
Operating Segments | Switzerland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,573.8 | 1,258.8 | 1,326 | |
Adjusted EBITDA | 693.8 | 627.9 | 712 | |
Operating Segments | Central and Eastern Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 486.9 | 475.4 | 492.2 | |
Adjusted EBITDA | 215.6 | 215 | 233.6 | |
Central and Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 394.4 | 316.4 | 274.2 | |
Adjusted EBITDA | (99.6) | (171.1) | (257.8) | |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (4.3) | (2.4) | (3.2) | |
Adjusted EBITDA | $ 0 | $ 1.1 | $ (11.8) |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation of Operating Cash Flow to Earnings from Continuing Operations) (Schedule) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Measurement Disclosures [Abstract] | |||||
Earnings (loss) from continuing operations | $ (1,466.7) | $ (1,409) | $ (1,411.5) | ||
Income tax expense (benefit) | $ 253 | $ 1,573.3 | (256.9) | 253 | 1,573.3 |
Other income, net | (76.1) | (114.4) | (43.4) | ||
Share of results of affiliates, net | $ 198.5 | 245.3 | 198.5 | 8.7 | |
Losses on debt extinguishment, net | 233.2 | 216.7 | 65 | ||
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net | (45.2) | (72) | 384.5 | ||
Foreign currency transaction losses (gains), net | 1,416.3 | 94.8 | (90.4) | ||
Realized and unrealized losses (gains) on derivative instruments, net | 879.3 | 192 | (1,125.8) | ||
Interest expense | 1,188.5 | 1,385.9 | 1,478.7 | ||
Operating income | 2,117.7 | 745.5 | 839.1 | ||
Impairment, restructuring and other operating items, net | 98.6 | 156 | 248.2 | ||
Depreciation and amortization | 2,331.3 | 3,652.2 | 3,858.2 | ||
Share-based compensation expense | 348 | 305.8 | 206 | ||
Adjusted EBITDA | $ 4,895.6 | $ 4,859.5 | $ 5,151.5 |
Segment Reporting (Balance Shee
Segment Reporting (Balance Sheet Data of Reportable Segments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 21,409.9 | $ 28,470.7 |
Total assets | 59,092.7 | 49,046.3 |
VodafoneZiggo JV | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 21,808.3 | 20,674.8 |
Total assets | 23,630.8 | 22,426.5 |
Operating Segments | U.K./Ireland | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 856.3 | 16,170.9 |
Total assets | 21,684.7 | 20,665.5 |
Operating Segments | Switzerland | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 12,258.8 | 4,247.7 |
Total assets | 14,659.9 | 4,647.8 |
Operating Segments | Belgium | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 6,221.7 | 5,910.3 |
Total assets | 7,571.1 | 7,148.2 |
Operating Segments | Central and Eastern Europe | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 1,074 | 1,062.2 |
Total assets | 1,135.4 | 1,135.2 |
Central and Corporate | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 999.1 | 1,079.6 |
Total assets | 14,041.6 | 15,449.6 |
Total - continuing operations | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 21,409.9 | 28,470.7 |
Total assets | $ 59,092.7 | $ 49,046.3 |
Segment Reporting (Capital Expe
Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $ 2,695.3 | $ 2,880.5 | $ 3,705.6 |
Assets acquired under capital-related vendor financing arrangements | (1,371.1) | (1,727) | (2,175.5) |
Assets acquired under finance leases | (49.7) | (66.9) | (102.4) |
Changes in current liabilities related to capital expenditures | 75.7 | 156.5 | 25.3 |
Total capital expenditures, net | 1,350.2 | 1,243.1 | 1,453 |
Third-party payments | 1,352.7 | 1,323.9 | 1,552.7 |
Proceeds received for transfers to related parties | (2.5) | (80.8) | (99.7) |
VodafoneZiggo JV | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions - VodafoneZiggo JV | 918.7 | 887.9 | 988.7 |
Operating Segments | U.K./Ireland | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 1,432.7 | 1,578 | 1,988.9 |
Operating Segments | Belgium | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 513.6 | 537.2 | 790.8 |
Operating Segments | Switzerland | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 302.8 | 277.9 | 249.6 |
Operating Segments | Central and Eastern Europe | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | 105.5 | 107 | 152.8 |
Central and Corporate | |||
Segment Reporting Information [Line Items] | |||
Property and equipment additions | $ 340.7 | $ 380.4 | $ 523.5 |
Segment Reporting (Revenue by M
Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 11,541.5 | $ 11,980.1 | $ 11,541.5 | $ 11,957.9 |
Total residential cable revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7,552.3 | 7,522.6 | 7,976.7 | |
Total subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7,331.6 | 7,324.5 | 7,697.6 | |
Broadband internet | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 3,272.5 | 3,187.4 | 3,226.6 | |
Video | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 2,714.5 | 2,723.9 | 2,863.2 | |
Fixed-line telephony | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1,344.6 | 1,413.2 | 1,607.8 | |
Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 220.7 | 198.1 | 279.1 | |
Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 9,336.1 | 9,142.9 | 9,655 | |
Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1,783.8 | 1,620.3 | 1,678.3 | |
Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1,091.8 | 932.1 | 983.5 | |
Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 692 | 688.2 | 694.8 | |
Total B2B revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 2,049 | 1,914 | 1,983.5 | |
Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 524.5 | 472.5 | 446.4 | |
Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1,524.5 | 1,441.5 | 1,537.1 | |
Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 595 | $ 484.6 | $ 319.4 |
Segment Reporting (Revenue and
Segment Reporting (Revenue and Long-Lived Assets by Geographic Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 11,541.5 | $ 11,980.1 | $ 11,541.5 | $ 11,957.9 |
Long-lived assets | 28,470.7 | 21,409.9 | 28,470.7 | |
VodafoneZiggo JV | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 20,674.8 | 21,808.3 | 20,674.8 | |
Switzerland | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 4,247.7 | 12,258.8 | 4,247.7 | |
Belgium | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 5,910.3 | 6,221.7 | 5,910.3 | |
Ireland | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 748.5 | 817.3 | 748.5 | |
Poland | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 937 | 938.5 | 937 | |
Slovakia | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 125.2 | 135.5 | 125.2 | |
U.K. | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 15,422.4 | 39 | 15,422.4 | |
U.S. and other | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | $ 1,079.6 | 999.1 | 1,079.6 | |
Operating Segments | Switzerland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,573.8 | 1,258.8 | 1,326 | |
Operating Segments | Belgium | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,940.9 | 2,893 | 2,993.6 | |
Operating Segments | Ireland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 511.7 | 514.1 | 523.9 | |
Operating Segments | Poland | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 436.2 | 425.7 | 440.7 | |
Operating Segments | Slovakia | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 50.7 | 49.7 | 51.5 | |
Operating Segments | U.K. | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,076.7 | 6,086.2 | 6,351.2 | |
Geography Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 390.1 | $ 314 | $ 271 |
SCHEDULE I (Parent Company In_2
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 1,327.2 | $ 8,142.4 | $ 1,480.5 |
Other Assets, Current | 831 | 1,026.1 | |
Total current assets | 4,849.1 | 10,573.3 | |
Total assets | 59,092.7 | 49,046.3 | |
Current liabilities: | |||
Accounts payable | 618.2 | 963.9 | |
Accrued liabilities and other | 1,781.2 | 2,278.3 | |
Total current liabilities | 4,467 | 8,651.7 | |
Other Liabilities, Noncurrent | 4,262.8 | 2,890.7 | |
Total liabilities | 45,794.3 | 35,847.7 | |
Commitments and contingencies | |||
Additional paid-in capital | 5,271.7 | 6,136.9 | |
Accumulated earnings | 4,692.1 | 6,350.4 | |
Accumulated other comprehensive earnings, net of taxes | 3,693.1 | 1,112.7 | |
Treasury shares, at cost | (0.1) | (0.1) | |
Total Liberty Global shareholders | 13,662.6 | 13,606.2 | |
Total liabilities and equity | 59,092.7 | 49,046.3 | |
Liberty Global Plc | |||
Current assets: | |||
Cash and cash equivalents | 33.1 | 6.7 | $ 10.8 |
Other receivables — related-party | 39.6 | 68.9 | |
Other Assets, Current | 100 | 80.6 | |
Total current assets | 172.7 | 156.2 | |
Long-term notes receivable — related-party | 359.3 | 2,984.9 | |
Investments in consolidated subsidiaries, including intercompany balances | 37,746.4 | 33,570.7 | |
Other assets, net | 149 | 266.1 | |
Total assets | 38,427.4 | 36,977.9 | |
Current liabilities: | |||
Accounts payable | 0.5 | 0.5 | |
Other payables — related-party | 41.3 | 22.5 | |
Other current liabilities — related party | 42.2 | 2.1 | |
Current portion of notes payable — related-party | 9,243.2 | 7,575.4 | |
Accrued liabilities and other | 11.6 | 10.5 | |
Total current liabilities | 9,338.8 | 7,611 | |
Long-term notes payable — related-party | 15,422.3 | 15,757.2 | |
Other Liabilities, Noncurrent | 3.7 | 3.5 | |
Total liabilities | 24,764.8 | 23,371.7 | |
Total Liberty Global shareholders | 13,662.6 | 13,606.2 | |
Total liabilities and equity | 38,427.4 | 36,977.9 | |
Class A | |||
Current liabilities: | |||
Common stock | 1.8 | 1.8 | |
Class B | |||
Current liabilities: | |||
Common stock | 0.1 | 0.1 | |
Class C | |||
Current liabilities: | |||
Common stock | $ 3.9 | $ 4.4 |
SCHEDULE I (Parent Company In_3
SCHEDULE I (Parent Company Information) CONDENSED BALANCE SHEET - Additional Information (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Class A | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 181,348,114 | 181,560,735 |
Common stock, outstanding (in shares) | 181,348,114 | 181,560,735 |
Class B | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 12,561,444 | 12,151,526 |
Common stock, outstanding (in shares) | 12,561,444 | 12,151,526 |
Class C | ||
Condensed Financial Statements, Captions [Line Items] | ||
Common stock, nominal value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 386,588,921 | 438,867,447 |
Common stock, outstanding (in shares) | 386,588,921 | 438,867,447 |
SCHEDULE I (Parent Company In_4
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating costs and expenses: | |||||
Selling, general and administrative (including stock-based compensation) | $ 2,218.3 | $ 2,107.8 | $ 2,049.1 | ||
Depreciation and amortization | 2,331.3 | 3,652.2 | 3,858.2 | ||
Other operating expenses | 1,777.2 | 1,641.3 | 1,717.2 | ||
Operating income | 2,117.7 | 745.5 | 839.1 | ||
Non-operating income (expense): | |||||
Foreign currency transaction gains (losses), net | (1,416.3) | (94.8) | 90.4 | ||
Other income, net | 76.1 | 114.4 | 43.4 | ||
Non-operating income (expense) | (3,841.3) | (1,901.5) | (677.3) | ||
Income tax benefit | $ (253) | $ (1,573.3) | 256.9 | (253) | (1,573.3) |
Net earnings (loss) attributable to Liberty Global shareholders | (1,628) | $ 11,521.4 | 725.3 | ||
Liberty Global Plc | |||||
Operating costs and expenses: | |||||
Selling, general and administrative (including stock-based compensation) | 61 | 58.8 | 42.8 | ||
Related-party fees and allocations | 20.6 | 36 | 8 | ||
Depreciation and amortization | 1.4 | 1.4 | 1.5 | ||
Other operating expenses | 0.2 | 0 | 0 | ||
Operating income | (83.2) | (96.2) | (52.3) | ||
Non-operating income (expense): | |||||
Interest expense — related-party | (864.6) | (1,086.9) | (678) | ||
Interest income — related-party | 89.6 | 45.1 | 70.9 | ||
Foreign currency transaction gains (losses), net | 281.2 | (330.2) | 381 | ||
Other income, net | 3.4 | 2.1 | 0.1 | ||
Non-operating income (expense) | (490.4) | (1,369.9) | (226) | ||
Loss before income taxes and equity in earnings (losses) of consolidated subsidiaries, net | (573.6) | (1,466.1) | (278.3) | ||
Equity in earnings (losses) of consolidated subsidiaries, net | 11,921.4 | (401) | 887.9 | ||
Income tax benefit | 173.6 | 239.1 | 115.7 | ||
Net earnings (loss) attributable to Liberty Global shareholders | $ 11,521.4 | $ (1,628) | $ 725.3 |
SCHEDULE I (Parent Company In_5
SCHEDULE I (Parent Company Information) CONDENSED STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||||||||
Net earnings (loss) | $ (1,628) | $ 11,521.4 | $ 725.3 | |||||
Adjustments to reconcile net earnings (loss) to net cash used by operating activities: | ||||||||
Share-based compensation expense | 348 | 305.8 | 206 | |||||
Depreciation and amortization | 2,331.3 | 3,652.2 | 3,858.2 | |||||
Foreign currency transaction losses (gains), net | 1,416.3 | 94.8 | (90.4) | |||||
Deferred income tax benefit | $ 65.5 | $ 438.1 | (261.7) | 65.5 | 438.1 | |||
Changes in operating assets and liabilities: | ||||||||
Receivables and other operating assets | 938 | 876.9 | 635.4 | |||||
Payables and accruals | (841.5) | (787.2) | 459.4 | |||||
Net cash provided by operating activities | 4,185.8 | 4,585.4 | 5,963.1 | |||||
Cash flows from investing activities: | ||||||||
Cash released from (used to fund) the Vodafone Escrow Accounts, net | 104.9 | (295.2) | 0 | |||||
Other investing activities, net | (29.6) | 115.8 | 131.4 | |||||
Net cash provided (used) by investing activities | (8,874) | 9,274.6 | 87.3 | |||||
Cash flows from financing activities: | ||||||||
Repurchases of Liberty Global ordinary shares | (1,072.3) | (3,219.4) | (2,009.9) | |||||
Borrowings of third-party debt | 15,975.9 | 6,618.8 | 4,396.5 | |||||
Other financing activities, net | (33.8) | 1 | (7.3) | |||||
Net cash provided (used) by financing activities | 1,083.6 | (7,176.6) | (6,189.8) | |||||
Total | 6,682.6 | (3,463.6) | 6,682.6 | (184.5) | ||||
Details of end of period cash and cash equivalents and restricted cash: | ||||||||
Cash and cash equivalents | $ 1,327.2 | $ 8,142.4 | $ 1,480.5 | |||||
Liberty Global Plc | ||||||||
Cash flows from operating activities: | ||||||||
Net earnings (loss) | 11,521.4 | (1,628) | 725.3 | |||||
Adjustments to reconcile net earnings (loss) to net cash used by operating activities: | ||||||||
Equity in losses (earnings) of consolidated subsidiaries, net | (11,921.4) | 401 | (887.9) | |||||
Share-based compensation expense | 35.8 | 30.4 | 20.6 | |||||
Related-party fees and allocations | 20.6 | 36 | 8 | |||||
Depreciation and amortization | 1.4 | 1.4 | 1.5 | |||||
Other operating expenses | 0.2 | 0 | 0 | |||||
Foreign currency transaction losses (gains), net | (281.2) | 330.2 | (381) | |||||
Deferred income tax benefit | (10) | (15.1) | (2.8) | |||||
Changes in operating assets and liabilities: | ||||||||
Receivables and other operating assets | (213.7) | (135) | (134.8) | |||||
Payables and accruals | 554.3 | 865.9 | 564.4 | |||||
Net cash provided by operating activities | (292.6) | (113.2) | (86.7) | |||||
Cash flows from investing activities: | ||||||||
Investments in and advances to consolidated subsidiaries, net | (142.8) | (494.1) | (93.4) | |||||
Cash released from (used to fund) the Vodafone Escrow Accounts, net | (295.2) | 104.9 | 0 | |||||
Other investing activities, net | (0.1) | (0.1) | 0 | |||||
Net cash provided (used) by investing activities | (438.1) | (389.3) | (93.4) | |||||
Cash flows from financing activities: | ||||||||
Borrowings of related-party debt | 5,870.5 | 2,087.5 | 3,133.3 | |||||
Repayments of related-party debt | (2,018.6) | (483.2) | (1,010) | |||||
Repurchases of Liberty Global ordinary shares | (3,219.4) | (1,072.3) | (2,009.9) | |||||
Borrowings of third-party debt | 98.6 | 0 | 0 | |||||
Proceeds from issuance of Liberty Global shares upon exercise of options | 2.3 | 2.2 | 5.7 | |||||
Other financing activities, net | (7.3) | (5.1) | (1.4) | |||||
Net cash provided (used) by financing activities | 726.1 | 529.1 | 117.7 | |||||
Effect of exchange rate changes on cash | 0.5 | (0.2) | 0 | |||||
Total | (4.1) | 26.4 | (62.4) | |||||
Cash and cash equivalents: | ||||||||
Beginning of period | 78.4 | 11.9 | 16 | 78.4 | ||||
End of period | 11.9 | 38.3 | 11.9 | 16 | ||||
Details of end of period cash and cash equivalents and restricted cash: | ||||||||
Cash and cash equivalents | 33.1 | 6.7 | 10.8 | |||||
Restricted cash included in other current assets | 5.2 | 5.2 | 5.2 | |||||
Total cash and cash equivalents and restricted cash | $ 11.9 | $ 78.4 | $ 11.9 | $ 16 | $ 16 | $ 38.3 | $ 11.9 | $ 16 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts — Trade receivables | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 42.8 | $ 45.8 | $ 74.2 | |
Additions to costs and expenses | $ 44.6 | 83 | 61.6 | |
Acquisitions | 0 | 19.4 | 0 | |
Impact of U.K. JV Contribution Agreement | (26.1) | 0 | 0 | |
Deductions or write-offs | (48.3) | (74.8) | (98.4) | |
Foreign currency translation adjustments | 0.7 | 4.1 | (3.5) | |
Balance at end of period | 42.8 | 49.8 | 42.8 | 45.8 |
Allowance for doubtful accounts — Trade receivables | Adjustment | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 1.4 | 0 | 11.9 | |
Balance at end of period | 1.4 | 1.4 | $ 0 | |
Allowance for doubtful accounts — Loans to affiliates | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 0 | |||
Additions to costs and expenses | 10.3 | |||
Foreign currency translation adjustments | 2.8 | |||
Balance at end of period | 0 | 38.5 | 0 | |
Allowance for doubtful accounts — Loans to affiliates | Adjustment | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 25.4 | |||
Balance at end of period | $ 25.4 | $ 25.4 |