Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38335 | |
Entity Registrant Name | Liberty Latin America Ltd. | |
Entity Address, Country | BM | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-1386359 | |
Entity Address, Address Line One | 2 Church Street, | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 11 | |
City Area Code | 441 | |
Local Phone Number | 295-5950 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001712184 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Shell Company | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Shares, par value $0.01 per share | |
Trading Symbol | LILA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding (in shares) | 43,984,123 | |
Common Class B | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,055,034 | |
Common Class C | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class C Common Shares, par value $0.01 per share | |
Trading Symbol | LILAK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding (in shares) | 171,378,371 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 769.2 | $ 956.7 |
Trade receivables, net | 590.4 | 526.6 |
Prepaid expenses | 87.5 | 67.7 |
Current notes receivable, net | 99.9 | 100.2 |
Other current assets, net | 561.6 | 400.7 |
Total current assets | 2,108.6 | 2,051.9 |
Goodwill | 3,416.6 | 3,948 |
Property and equipment, net | 4,275 | 4,168.4 |
Intangible assets not subject to amortization | 1,592.8 | 1,592.4 |
Intangible assets subject to amortization, net | 717.3 | 788.6 |
Assets held for sale | 1,399.6 | 1,568.7 |
Other assets, net | 1,553 | 1,247.7 |
Total assets | 15,062.9 | 15,365.7 |
Current liabilities: | ||
Accounts payable | 412.2 | 398 |
Current portion of deferred revenue | 143.4 | 148 |
Current portion of debt and finance lease obligations | 208 | 106.3 |
Accrued interest | 95.5 | 113 |
Accrued payroll and employee benefits | 84.9 | 100.5 |
Current operating lease liabilities | 75.6 | 82 |
Other accrued and current liabilities | 571.2 | 566.7 |
Total current liabilities | 1,590.8 | 1,514.5 |
Long-term debt and finance lease obligations | 7,643.5 | 7,459.6 |
Deferred tax liabilities | 703.8 | 692.1 |
Deferred revenue | 113 | 152.6 |
Liabilities associated with assets held for sale | 1,668.5 | 1,854.1 |
Other long-term liabilities | 817.4 | 795.4 |
Total liabilities | 12,537 | 12,468.3 |
Commitments and contingencies | ||
Liberty Latin America shareholders: | ||
Undesignated preference shares, $0.01 par value; 50,000,000 shares authorized; nil shares issued and outstanding at each period | 0 | 0 |
Treasury shares, at cost; 22,952,874 and 6,018,074 shares, respectively | (226.4) | (74) |
Additional paid-in capital | 5,164.1 | 5,075.3 |
Accumulated deficit | (3,004.2) | (2,693.9) |
Accumulated other comprehensive loss, net of taxes | (59.7) | (89.7) |
Total Liberty Latin America shareholders | 1,876.2 | 2,220 |
Noncontrolling interests | 649.7 | 677.4 |
Total equity | 2,525.9 | 2,897.4 |
Total liabilities and equity | 15,062.9 | 15,365.7 |
Class A | ||
Liberty Latin America shareholders: | ||
Common stock | 0.5 | 0.5 |
Class B | ||
Liberty Latin America shareholders: | ||
Common stock | 0 | 0 |
Class C | ||
Liberty Latin America shareholders: | ||
Common stock | $ 1.9 | $ 1.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury shares (in shares) | 22,952,874 | 6,018,074 |
Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 51,788,297 | 50,127,969 |
Common stock, shares outstanding (in shares) | 44,489,381 | 45,482,853 |
Class B | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 2,055,034 | 1,930,907 |
Common stock, shares outstanding (in shares) | 2,055,034 | 1,930,907 |
Class C | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 187,329,320 | 183,643,584 |
Common stock, shares outstanding (in shares) | 171,675,362 | 182,270,626 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,222 | $ 1,196.3 | $ 3,654.4 | $ 3,534.2 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | ||||
Programming and other direct costs of services | 299.1 | 297.2 | 903.3 | 864.8 |
Other operating costs and expenses | 528.7 | 489 | 1,521.4 | 1,406.8 |
Depreciation and amortization | 234.3 | 252 | 661.7 | 736.3 |
Impairment, restructuring and other operating items, net | 7 | 22.1 | 583.4 | 41.3 |
Operating costs and expenses (exclusive of depreciation and amortization) | 1,069.1 | 1,060.3 | 3,669.8 | 3,049.2 |
Operating income (loss) | 152.9 | 136 | (15.4) | 485 |
Non-operating income (expense): | ||||
Interest expense | (149.2) | (137.1) | (415.8) | (397.2) |
Realized and unrealized gains on derivative instruments, net | 135.4 | 292 | 385 | 464.2 |
Foreign currency transaction losses, net | (56.5) | (136.2) | (221.9) | (206) |
Gains (losses) on debt extinguishments | 41.1 | (1.9) | 41.1 | (25.2) |
Other expense, net | (1.8) | (41.1) | (7) | (42.1) |
Non-operating income (expense) | (31) | (24.3) | (218.6) | (206.3) |
Earnings (loss) before income taxes | 121.9 | 111.7 | (234) | 278.7 |
Income tax expense | (39.1) | (39.8) | (101.6) | (110.7) |
Net earnings (loss) | 82.8 | 71.9 | (335.6) | 168 |
Net loss attributable to noncontrolling interests | 1.3 | 4.2 | 25.3 | 6 |
Net earnings (loss) attributable to Liberty Latin America shareholders | $ 84.1 | $ 76.1 | $ (310.3) | $ 174 |
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ 0.38 | $ 0.33 | $ (1.38) | $ 0.75 |
Dilutive net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share) | $ 0.38 | $ 0.32 | $ (1.38) | $ 0.74 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 82.8 | $ 71.9 | $ (335.6) | $ 168 |
Other comprehensive earnings, net of taxes: | ||||
Foreign currency translation adjustments | 21.7 | 52.6 | 52.9 | 9.5 |
Reclassification adjustments included in net earnings (loss) | (3.2) | (0.2) | (6.7) | 2.4 |
Other | (7.6) | 9.9 | (16.7) | 13.1 |
Other comprehensive earnings | 10.9 | 62.3 | 29.5 | 25 |
Comprehensive earnings (loss) | 93.7 | 134.2 | (306.1) | 193 |
Comprehensive loss attributable to noncontrolling interests | 0.8 | 4 | 25.8 | 6.4 |
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders | $ 94.5 | $ 138.2 | $ (280.3) | $ 199.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Total | Total Liberty Latin America shareholders | Common shares Class A | Common shares Class C | Treasury Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss, net of taxes | Non-controlling interests |
Beginning balance at Dec. 31, 2020 | $ 3,322.1 | $ 2,593.1 | $ 0.5 | $ 1.8 | $ (9.5) | $ 4,982 | $ (2,256.1) | $ (125.6) | $ 729 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | 168 | 174 | 174 | (6) | |||||
Other comprehensive (loss) earnings | 25 | 25.4 | 25.4 | (0.4) | |||||
Repurchase of Liberty Latin America common shares | (30) | (30) | (30) | ||||||
Distributions to noncontrolling interest owners | (1.3) | (1.3) | |||||||
Contribution from noncontrolling interest owner | 46.9 | 46.9 | |||||||
Share-based compensation | 75.7 | 75.7 | 75.7 | ||||||
Ending balance at Sep. 30, 2021 | 3,606.4 | 2,838.2 | 0.5 | 1.8 | (39.5) | 5,057.7 | (2,082.1) | (100.2) | 768.2 |
Beginning balance at Jun. 30, 2021 | 3,420.1 | 2,694.8 | 0.5 | 1.8 | (19.5) | 5,032.5 | (2,158.2) | (162.3) | 725.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | 71.9 | 76.1 | 76.1 | (4.2) | |||||
Other comprehensive (loss) earnings | 62.3 | 62.1 | 62.1 | 0.2 | |||||
Repurchase of Liberty Latin America common shares | (20) | (20) | (20) | ||||||
Contribution from noncontrolling interest owner | 46.9 | 46.9 | |||||||
Share-based compensation | 25.1 | 25.1 | 25.1 | ||||||
Other | 0.1 | 0.1 | 0.1 | ||||||
Ending balance at Sep. 30, 2021 | 3,606.4 | 2,838.2 | 0.5 | 1.8 | (39.5) | 5,057.7 | (2,082.1) | (100.2) | 768.2 |
Beginning balance at Dec. 31, 2021 | 2,897.4 | 2,220 | 0.5 | 1.8 | (74) | 5,075.3 | (2,693.9) | (89.7) | 677.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | (335.6) | (310.3) | (310.3) | (25.3) | |||||
Other comprehensive (loss) earnings | 29.5 | 30 | 30 | (0.5) | |||||
Repurchase of Liberty Latin America common shares | (152.4) | (152.4) | (152.4) | ||||||
Distributions to noncontrolling interest owners | (1.9) | (1.9) | |||||||
Share-based compensation | 88.9 | 88.9 | 0.1 | 88.8 | |||||
Ending balance at Sep. 30, 2022 | 2,525.9 | 1,876.2 | 0.5 | 1.9 | (226.4) | 5,164.1 | (3,004.2) | (59.7) | 649.7 |
Beginning balance at Jun. 30, 2022 | 2,447.9 | 1,797.4 | 0.5 | 1.9 | (192.8) | 5,146.2 | (3,088.3) | (70.1) | 650.5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | 82.8 | 84.1 | 84.1 | (1.3) | |||||
Other comprehensive (loss) earnings | 10.9 | 10.4 | 10.4 | 0.5 | |||||
Repurchase of Liberty Latin America common shares | (33.6) | (33.6) | (33.6) | ||||||
Share-based compensation | 17.9 | 17.9 | 17.9 | ||||||
Ending balance at Sep. 30, 2022 | $ 2,525.9 | $ 1,876.2 | $ 0.5 | $ 1.9 | $ (226.4) | $ 5,164.1 | $ (3,004.2) | $ (59.7) | $ 649.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 71.9 | $ (335.6) | $ 168 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Share-based compensation expense | 33.1 | 82.6 | 88.9 |
Depreciation and amortization | 252 | 661.7 | 736.3 |
Impairments | 558.5 | 3 | |
Losses (gains) on dispositions | 1.9 | (10) | |
Amortization of deferred financing costs, premiums and discounts, net | 27.8 | 24.4 | |
Realized and unrealized gains on derivative instruments, net | (292) | (385) | (464.2) |
Foreign currency transaction losses, net | 136.2 | 221.9 | 206 |
Losses (gains) on debt extinguishments | 1.9 | (41.1) | 25.2 |
Impairment of an investment | 0 | 41.1 | |
Deferred income tax expense | 15 | 51.7 | |
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions | (315.9) | (152.6) | |
Net cash provided by operating activities | 491.8 | 717.8 | |
Cash flows from investing activities: | |||
Capital expenditures | (497.7) | (544.7) | |
Cash paid in connection with acquisitions, net of cash acquired | (234.1) | (520.6) | |
Proceeds from dispositions | 3.6 | 20.6 | |
Other investing activities, net | (16.4) | (30.6) | |
Net cash used by investing activities | (744.6) | (1,075.3) | |
Cash flows from financing activities: | |||
Borrowings of debt | 315.3 | 1,046.2 | |
Payments of principal amounts of debt and finance lease obligations | (220.8) | (443.8) | |
Repurchase of Liberty Latin America common shares | (152.9) | (30) | |
Net cash received (paid) related to derivative instruments | 97.6 | (43) | |
Payment of financing costs and debt redemption premiums | (6.5) | (37.2) | |
Distributions to noncontrolling interest owners | (1.9) | (1.3) | |
Capital contribution from noncontrolling interest owner | 47 | 0 | 46.9 |
Other financing activities, net | (8.9) | (7.2) | |
Net cash provided by financing activities | 21.9 | 530.6 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3.5) | (6.7) | |
Net increase in cash, cash equivalents and restricted cash | (234.4) | 166.4 | |
Cash, cash equivalents and restricted cash: | |||
Beginning of period | 1,074.2 | 912.5 | |
End of period | $ 1,078.9 | 839.8 | 1,078.9 |
Cash paid for interest | 403.4 | 361 | |
Net cash paid for taxes | $ 83.6 | $ 21.7 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements. General Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes (i) C&W; (ii) Liberty Communications PR; (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and, as of August 9, 2021 and as further described in note 4, Liberty Telecomunicaciones; and (iv) VTR. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP. We are an international provider of fixed, mobile and subsea telecommunications services. We provide: A. residential and B2B services in: i. over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama; ii. Puerto Rico, through our reportable segment Liberty Puerto Rico; iii. Costa Rica, through our reportable segment Liberty Costa Rica; iv. Chile, through our reportable segment VTR; and B. through our reportable segment C&W Networks & LatAm, (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region. As further described in note 8, we are accounting for the Chile JV Entities as "held for sale”. Consistent with the applicable guidance, we have not reflected reclassifications to exclude the Chile JV Entities from continuing operations in our condensed consolidated statements of operations or cash flows or related footnote disclosures. Subsequent to September 30, 2022, we completed the formation of the Chile JV. Unless otherwise indicated, ownership percentages are calculated as of September 30, 2022. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2021 Form 10-K. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation. Correction of Immaterial Errors We identified certain errors in our previously reported consolidated financial statements, primarily related to revenue, programming and other direct costs of services, trade receivables, note receivables, other assets, depreciation and amortization of long-lived assets and asset impairments. We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued condensed consolidated financial statements. Notwithstanding this evaluation, we have revised (i) our December 31, 2021 consolidated balance sheet, (ii) our consolidated statements of operations, comprehensive earnings, and equity for the three and nine months ended September 30, 2021, and (iii) our cash flows for the nine months ended September 30, 2021 for these errors. The tables below set forth the adjustments to the primary condensed consolidated financial statement line items resulting from these adjustments: Three months ended September 30, 2021 Nine months ended September 30, 2021 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted in millions Revenue $ 1,192.0 $ 4.3 $ 1,196.3 $ 3,519.9 $ 14.3 $ 3,534.2 Operating income $ 137.4 $ (1.4) $ 136.0 $ 475.8 $ 9.2 $ 485.0 Earnings before income taxes $ 113.1 $ (1.4) $ 111.7 $ 269.5 $ 9.2 $ 278.7 Net earnings attributable to Liberty Latin America shareholders $ 78.2 $ (2.1) $ 76.1 $ 170.4 $ 3.6 $ 174.0 December 31, 2021 As Previously Reported Adjustments As Adjusted in millions Current assets $ 2,066.2 $ (14.3) $ 2,051.9 Total assets $ 15,386.0 $ (20.3) $ 15,365.7 Total liabilities $ 12,472.6 $ (4.3) $ 12,468.3 Total equity $ 2,913.4 $ (16.0) $ 2,897.4 |
Accounting Changes and Recent A
Accounting Changes and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes and Recent Accounting Pronouncements Accounting Changes ASU 2020-06 In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( ASU 2020-06 ), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements. We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements ASU 2022-04 In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires that a buyer in a supplier finance program to disclose certain information about the program to allow financial statement users to understand the nature of the program, activity during the period and changes to the program from period to period. The disclosure requirements include (i) the key terms of the program, including payments terms, (ii) the amount and location in the balance sheet of obligations outstanding with the finance provider or intermediary, and (iii) a rollforward of the obligations during the annual period. With the exception of the rollforward disclosure requirements, ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The rollforward information is effective for fiscal years beginning after December 15, 2023. We are currently evaluating the impact ASU 2022-04 will have to the disclosures of our consolidated financial statements. ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the LIBOR . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in ASC 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform. In March 2021, LIBOR’s regulator announced that certain tenors of USD LIBOR will continue to be published through June 30, 2023. We do not currently expect that the phase out of LIBOR will have a material impact on our condensed consolidated financial statements. |
Current Expected Credit Losses
Current Expected Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Current Expected Credit Losses | Current Expected Credit Losses The changes in our allowance for expected credit losses associated with trade receivables are set forth below: Nine months ended September 30, 2022 2021 in millions Balance at beginning of period $ 80.3 $ 100.0 Provision for expected losses, net 52.2 38.6 Write-offs (44.4) (48.7) Foreign currency translation adjustments and other (1.3) (9.4) Balance at end of period $ 86.8 $ 80.5 The changes in our allowance for expected credit losses associated with our current and long-term notes receivables are set forth below: Nine months ended September 30, 2022 2021 in millions Balance at beginning of period $ 32.3 $ 16.2 Provision for expected losses, net 0.1 1.1 Foreign currency translation adjustments and other (21.8) 10.1 Balance at end of period $ 10.6 $ 27.4 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions 2022 Acquisition Claro Panama Acquisition. On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis. On July 1, 2022, we completed the acquisition of Claro Panama, which was financed through a combination of debt and existing cash. The following table sets forth a reconciliation of the stated purchase price to the net cash paid (in millions): Stated purchase price $ 200.0 Preliminary working capital adjustments 12.6 Total purchase price 212.6 Opening balance sheet cash (1.2) Net cash paid for the Claro Panama Acquisition $ 211.4 We have accounted for the Claro Panama Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Claro Panama based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities. The items with the highest likelihood to change upon finalization of the valuation process includ e property and equipment, goodwill, intangible assets, leases and income taxes. A summary of the purchase price and the preliminary opening balance sheet of Claro Panama at the July 1, 2022 acquisition date is presented in the following table (in millions): Current assets $ 42.8 Goodwill (a) 16.5 Property and equipment 139.6 Intangible assets subject to amortization (b) 49.8 Other assets (c) 130.6 Current liabilities (48.1) Long-term liabilities (d) (118.6) Total purchase price $ 212.6 (a) The goodwill recognized in connection with the Claro Panama Acquisition is primarily attributable to synergies that are expected to be achieved through the integration of Claro Panama with Liberty Latin America’s existing business in Panama. Due to the nature of the Claro Panama Acquisition, no tax deductions related to goodwill are expected. (b) At July 1, 2022, the preliminary assessment of the weighted average useful life of the spectrum intangible assets was approximately 6 years. (c) Primarily consists of operating lease right-of-use assets. (d) Primarily consists of the non-current portion of operating lease obligations. Our condensed consolidated statements of operations for each of the three and nine months ended September 30, 2022 include revenue and net loss of $35 million and $7 million, respectively, attributable to Claro Panama. 2021 Acquisition Liberty Telecomunicaciones Acquisition. On July 30, 2020, we entered into the Telefónica Acquisition Agreement to acquire Telefónica S.A.’s operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. On August 9, 2021, we completed the acquisition of all of the outstanding shares of Liberty Telecomunicaciones. The Liberty Telecomunicaciones Acquisition was financed through a combination of debt, existing cash and a $47 million equity contribution from the noncontrolling interest owner of our Liberty Servicios entity. During the first quarter of 2022, we finalized the purchase price for the Liberty Telecomunicaciones Acquisition, which resulted in a reduction in total consideration paid of $12 million. The proceeds received from the final purchase price adjustments have been reflected as an investing activity in our condensed consolidated statement of cash flows. We have accounted for the Liberty Telecomunicaciones Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Liberty Telecomunicaciones 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 purchase price and the opening balance sheet of Liberty Telecomunicaciones at the August 9, 2021 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions): Current assets (a) $ 74.7 Goodwill (b) 256.7 Property and equipment 150.6 Intangible assets subject to amortization (c) 139.9 Other assets (d) 145.7 Current liabilities (e) (74.2) Long-term liabilities (f) (168.3) Total purchase price $ 525.1 (a) Primarily consists of trade receivables, notes receivables related to EIP receivables and cash. (b) The goodwill recognized in connection with the Liberty Telecomunicaciones Acquisition is primarily attributable to (i) the ability to take advantage of Liberty Telecomunicaciones’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Liberty Telecomunicaciones with Liberty Latin America’s existing business in Costa Rica, Liberty Servicios. Due to the nature of the Liberty Telecomunicaciones Acquisition, no tax deductions related to goodwill are expected. (c) At August 9, 2021, the weighted average useful lives of the acquired customer relationship intangible assets and spectrum intangible assets were approximately 7 years and 25 years, respectively. (d) Primarily consists of operating lease right-of-use assets and the long-term portion of note receivables related to EIP receivables. (e) Primarily consists of accounts payable and the current portion of operating lease obligations. (f) Primarily consists of the non-current portion of operating lease obligations and deferred tax liabilities. Broadband VI, LLC Acquisition . Effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, the payment of which occurred in January 2022, subject to certain post-closing adjustments. Broadband VI, LLC provides fixed services to residential and business customers in the U.S. Virgin Islands and is included in our Liberty Puerto Rico reportable segment. Supplemental Pro Forma Information The pro forma financial information set forth in the tables below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had these acquisitions occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the tables below include, as applicable, tax-effected pro forma adjustments primarily related to: i. the impact of estimated costs associated with the transition services agreement entered into in connection with the Liberty Telecomunicaciones Acquisition; ii. the alignment of accounting policies; iii. interest expense related to additional borrowings in conjunction with the Claro Panama Acquisition and the Liberty Telecomunicaciones Acquisition; iv. depreciation expense related to acquired tangible assets; v. amortization expense related to acquired intangible assets; and vi. the elimination of direct acquisition costs. The following unaudited pro forma condensed consolidated operating results give effect to the Claro Panama Acquisition, as if it had been completed as of January 1, 2021: Nine months ended September 30, 2022 in millions Revenue $ 3,718.9 Net loss attributable to Liberty Latin America shareholders $ (323.0) The following unaudited pro forma condensed consolidated operating results give effect to (i) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021, and (ii) the Liberty Telecomunicaciones Acquisition, as if it had been completed as of January 1, 2020: Three months ended September 30, 2021 Nine months ended September 30, 2021 in millions Revenue $ 1,260.7 $ 3,806.4 Net earnings attributable to Liberty Latin America shareholders $ 70.5 $ 152.7 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In general, we enter into derivative instruments to mitigate risk associated with (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar, the CLP, the COP and the CRC. With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations. The following table provides details of the fair values of our derivative instrument assets and liabilities: September 30, 2022 December 31, 2021 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets (b): Cross-currency and interest rate derivative contracts (c) $ 67.6 $ 261.1 $ 328.7 $ 15.1 $ 25.3 $ 40.4 Foreign currency forward contracts — — — 0.1 — 0.1 Total $ 67.6 $ 261.1 $ 328.7 $ 15.2 $ 25.3 $ 40.5 Liabilities (b): Cross-currency and interest rate derivative contracts (c) $ 24.2 $ 0.2 $ 24.4 $ 33.3 $ 62.1 $ 95.4 Foreign currency forward contracts 15.5 — 15.5 5.8 — 5.8 Total $ 39.7 $ 0.2 $ 39.9 $ 39.1 $ 62.1 $ 101.2 (a) Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) Effective with the agreement to form the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our condensed consolidated balance sheets. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8. (c) 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 primary borrowing groups (see note 9) and are recorded in realized and unrealized gains on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6. The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets. The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Cross-currency and interest rate derivative contracts (a) $ 159.3 $ 285.1 $ 417.8 $ 464.2 Foreign currency forward contracts (16.0) 15.4 (9.3) 20.1 Weather Derivatives (7.9) (8.5) (23.5) (20.1) Total $ 135.4 $ 292.0 $ 385.0 $ 464.2 (a) Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $5 million and $15 million during the three months ended September 30, 2022 and 2021, respectively, and $14 million and $44 million during the nine months ended September 30, 2022 and 2021, respectively. Included in these amounts are net losses of $3 million and $12 million during the three months ended September 30, 2022 and 2021, respectively, and $3 million and $29 million during the nine months ended September 30, 2022 and 2021, respectively, related to the Chile JV Entities. The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Nine months ended September 30, 2022 2021 in millions Operating activities $ (30.9) $ (109.0) Investing activities 5.3 (2.0) Financing activities (a) 97.6 (43.0) Total $ 72.0 $ (154.0) (a) The 2022 amount is primarily related to the settlement of certain cross currency swaps at VTR. The 2021 amount is primarily related to (i) $11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities. For additional information regarding our debt refinancing activity, see note 9. Counterparty Credit Risk We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At September 30, 2022, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $302 million. Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. Details of our Derivative Instruments Cross-currency Derivative Contracts As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to service, repay or refinance such debt. Although we generally seek to match the denomination of our borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At September 30, 2022, not including derivative instruments held by the Chile JV Entities, we did not have any cross-currency swap contracts outstanding. Interest Rate Derivative Contracts Interest Rate Swaps As noted above, we enter into interest rate swaps to mitigate risk associated with increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at September 30, 2022: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,690.0 4.6 Liberty Puerto Rico $ 500.0 6.0 Liberty Costa Rica (b) $ 276.7 1.3 (a) Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0%. (b) Includes an embedded floor of 0.75%. Basis Swaps Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at September 30, 2022: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W $ 2,100.0 0.8 Liberty Puerto Rico $ 620.0 0.8 Interest Rate Floors Interest rate floors provide protection against interest rates falling below a pre-set level. At September 30, 2022, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 6.0 years. Interest Rate Caps Interest rate caps provide protection against interest rates rising above a pre-set level. At September 30, 2022, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120 million and a remaining weighted average contractual life of 6.0 years. Foreign Currency Forwards Contracts We enter into foreign currency forward contracts with respect to non-functional currency exposure. 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 foreign currency forwards contracts at September 30, 2022: Notional amount due from counterparty Notional amount due Weighted average remaining life in millions in years LLA UK Holding Limited (a) CLP 73,000.0 $ 88.3 0.0 Liberty Costa Rica borrowing group $ 37.5 CRC 25,585.2 0.1 (a) Represents a foreign currency forward contract entered into in connection with the Chile JV transaction that was closed subsequent to September 30, 2022, as discussed further in note 8. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements General We use the fair value method to account for most of our derivative instruments. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, which generally occurs at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument. U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Recurring Fair Value Measurements Derivatives In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate and cross-currency derivative contracts are quantified and further explained in note 5. Non-recurring Fair Value Measurements Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. Acquisition Accounting The nonrecurring valuations associated with acquisition accounting, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of property and equipment, customer relationships and spectrum intangible assets, as further described below: • Property and equipment. The valuation of property and equipment may use either an indirect cost approach, which utilizes trends based on historical cost information, or a combination of indirect cost approach, market approach and direct replacement cost method, which considers factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. • Customer relationships. 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 for customer relationship intangible assets requires us to estimate the specific cash flows expected from the acquired customer relationships, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationships, contributory asset charges and other factors. • Spectrum intangible assets. The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with other methods, such as an income-based approach (e.g. the “greenfield” valuation method), which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base. During the third quarter of 2022, we performed certain nonrecurring valuations related to the preliminary acquisition accounting for the Claro Panama Acquisition. For information related to the status of valuation work associated with assets acquired in connection with the Claro Panama Acquisition, see note 4. During the second quarter of 2022, we finalized our acquisition accounting for the Liberty Telecomunicaciones Acquisition, which did not result in any material changes to our opening balance sheet. For additional information relating to the opening balance sheet associated with the Liberty Telecomunicaciones Acquisition, see note 4. Impairment Assessments The nonrecurring valuations associated with impairment assessments, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of reporting units for the purpose of testing for goodwill impairment. Unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach. Goodwill During the second quarter of 2022, primarily due to significant increases in interest rates, we performed goodwill impairment analyses of all of our reporting units. We used an income approach to determine the estimated fair values of these reporting units. Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective. This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and an appropriate discount rate. Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach. We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit. The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services. We used discount rates ranging from 7% to 15% in the valuation of the various reporting units. Based upon the results of the aforementioned analysis, we recognized impairment charges associated with certain reporting units of our C&W Caribbean segment. For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 7. Other During the third quarter of 2021, we recorded a $41 million impairment charge in connection with an impairment assessment of a cost basis investment. |
Long-lived Assets
Long-lived Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-lived Assets | Long-lived Assets Goodwill Changes in the carrying amount of our goodwill are set forth below: January 1, Acquisitions Foreign Impairment September 30, in millions C&W Caribbean $ 1,787.0 $ (11.5) $ 5.0 $ (555.3) $ 1,225.2 C&W Panama 617.1 16.5 — — 633.6 C&W Networks & LatAm 646.9 11.5 (3.0) — 655.4 Liberty Puerto Rico 498.3 0.4 — — 498.7 Liberty Costa Rica 398.7 (3.8) 8.8 — 403.7 Total $ 3,948.0 $ 13.1 $ 10.8 $ (555.3) $ 3,416.6 During the second quarter of 2022, we recorded a $555 million impairment of goodwill within certain reporting units of our C&W Caribbean segment. This impairment was driven primarily by macroeconomic factors, including higher interest rates, that drove an increase in the discount rates used to value these reporting units. After recording these impairments, the associated reporting units have $496 million of goodwill remaining at September 30, 2022. If, among other factors, (i) our equity values were to decline significantly, (ii) we experienced additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant. Our accumulated goodwill impairments were $2,784 million and $2,229 million as of September 30, 2022 and December 31, 2021, respectively. During the third quarter of 2022, we changed our annual goodwill impairment testing date from October 1 to July 1 of each year. This change did not have an impact on our consolidated financial statements. Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: September 30, December 31, in millions Distribution systems $ 4,378.7 $ 4,208.8 Support equipment, buildings, land and CIP 2,096.3 1,641.6 CPE 893.3 893.7 7,368.3 6,744.1 Accumulated depreciation (3,093.3) (2,575.7) Total $ 4,275.0 $ 4,168.4 During the nine months ended September 30, 2022 and 2021, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $114 million and $65 million, respectively. Intangible Assets Not Subject to Amortization The details of our intangible assets not subject to amortization are set forth below: September 30, December 31, in millions Spectrum licenses $ 1,051.0 $ 1,050.9 Cable television franchise rights 540.0 540.0 Other 1.8 1.5 Total $ 1,592.8 $ 1,592.4 Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below: September 30, December 31, in millions Customer relationships $ 1,450.4 $ 1,527.6 Licenses and other (a) 276.8 220.2 1,727.2 1,747.8 Accumulated amortization (1,009.9) (959.2) Total $ 717.3 $ 788.6 (a) The 2022 amount includes $50 million of spectrum licenses attributable to the Claro Panama Acquisition. For additional information regarding the assets acquired as part of the Claro Panama Acquisition, see note 4. |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for Sale On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV that will be owned 50:50 by Liberty Latin America and América Móvil. Subsequent to September 30, 2022, we completed the formation of the Chile JV. During October 2022, and in connection with the closing on the formation of the Chile JV, we made a balancing payment to América Móvil totaling $76 million. The transaction did not trigger a change of control under VTR’s debt agreements, and was not subject to Liberty Latin America or América Móvil shareholder approvals. Beginning in October 2022, we will account for our 50% interest in the Chile JV as an equity method investment. Effective with the agreement to form the Chile JV, we began accounting for the Chile JV Entities as held for sale. Accordingly, we ceased to depreciate the long-lived assets and amortization of the right of use assets of the Chile JV Entities. We have not presented the Chile 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 are summarized below: September 30, December 31, in millions Assets: Cash and cash equivalents $ 63.0 $ 109.7 Other current assets, net (a) 104.4 132.6 Property and equipment, net 697.5 686.0 Goodwill 275.6 313.0 Other assets, net (a) 259.1 327.4 Total assets $ 1,399.6 $ 1,568.7 Liabilities: Current portion of debt $ 72.4 $ 82.2 Other accrued and current liabilities (b) 210.1 294.2 Long-term debt (c) 1,330.9 1,416.8 Other long-term liabilities (b) 55.1 60.9 Total liabilities $ 1,668.5 $ 1,854.1 (a) Other current assets, net includes $15 million and $27 million, respectively, and other assets, net, includes $211 million and $277 million, respectively, related to derivative assets. (b) Other accrued and current liabilities includes $3 million and $16 million, respectively, and other long-term liabilities includes $2 million and $2 million, respectively, related to derivative liabilities. (c) The estimated fair values of the Chile JV Entities debt instruments were $829 million and $1,470 million, respectively. Our condensed consolidated statements of operations include earnings (losses) before income taxes attributable to the Chile JV Entities of $32 million and $159 million for the three months ended September 30, 2022 and 2021, respectively, and ($26 million) million and $200 million for the nine months ended September 30, 2022 and 2021, respectively. |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Debt and Lease Obligation [Abstract] | |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations Prior to the formation of the Chile JV, the outstanding third-party debt and vendor financing of the Chile JV Entities has been reflected in liabilities associated with assets held for sale on our condensed consolidated balance sheets. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8. The U.S. dollar equivalents of the components of our debt are as follows: September 30, 2022 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent September 30, December 31, 2021 September 30, December 31, 2021 in millions Convertible Notes (d) 2.00 % — $ — $ 347.7 $ 396.5 $ 402.5 $ 402.5 C&W Notes 6.55 % — — 1,425.3 1,774.3 1,715.0 1,715.0 C&W Credit Facilities 5.12 % (e) 792.2 2,491.3 2,422.7 2,618.1 2,451.3 LPR Senior Secured Notes 6.08 % — — 1,588.0 2,058.1 1,981.0 1,981.0 LPR Credit Facilities 6.57 % $ 172.5 172.5 600.6 623.1 620.0 620.0 Liberty Costa Rica Credit Facilities (f) 8.65 % $ 7.0 7.0 345.3 407.1 411.4 408.7 Vendor financing and other (g) 4.83 % — — 195.9 99.8 195.9 99.8 Total debt before premiums, discounts and deferred financing costs 5.80 % $ 971.7 $ 6,994.1 $ 7,781.6 $ 7,943.9 $ 7,678.3 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: September 30, December 31, 2021 in millions Total debt before premiums, discounts and deferred financing costs $ 7,943.9 $ 7,678.3 Premiums, discounts and deferred financing costs, net (102.2) (120.0) Total carrying amount of debt 7,841.7 7,558.3 Finance lease obligations 9.8 7.6 Total debt and finance lease obligations 7,851.5 7,565.9 Less: Current maturities of debt and finance lease obligations (208.0) (106.3) Long-term debt and finance lease obligations $ 7,643.5 $ 7,459.6 (a) Represents the weighted average interest rate in effect at September 30, 2022 for all borrowings outstanding (excluding those of the Chile 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. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2022, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the September 30, 2022 compliance reporting requirements. At September 30, 2022, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders. (c) The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 6. (d) The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At September 30, 2022, the carrying value of the Convertible Notes was $370 million and the unamortized debt discount on the Convertible Notes was $31 million. (e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and Jamaican dollar revolving credit facilities. (f) The Liberty Costa Rica Credit Facilities comprise certain Costa Rican colón and U.S. dollar term loans and a U.S. dollar revolving credit facility. (g) Primarily represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $116 million and $82 million for the nine months ended September 30, 2022 and 2021, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a cash inflow within net cash provided by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows. Financing Activity In the tables below, non-cash activity relates to cash borrowed that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group. During the nine months ended September 30, 2022 and 2021, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, including activity related to the Chile JV Entities, are as follows: Borrowing Period Borrowing group Instrument Issued at Maturity Interest rate Borrowing currency USD equivalent (a) Non-cash component in millions 2022 C&W 2028 CWP Term Loan A 100% January 18, 2028 4.25% $ 275.0 $ 275.0 $ 272.9 2022 C&W 2028 CWP Term Loan B (b) 100% January 18, 2028 4.25% $ 160.0 $ 160.0 $ — 2022 C&W CWP Revolving Credit Facility (c) 100% January 18, 2027 SOFR + 3.75% $ 12.0 $ 12.0 N/A 2021 C&W C&W Revolving Credit Facility N/A January 30, 2027 LIBOR + 3.25% (d) $ — 2021 Liberty Puerto Rico 2029 LPR Senior Secured Notes 100% July 15, 2029 5.125% $ 820.0 $ 820.0 $ 500.0 2021 Liberty Puerto Rico 2028 LPR Term Loan 100% October 15, 2028 LIBOR + 3.75% $ 500.0 $ 500.0 $ 500.0 2021 Liberty Puerto Rico LPR Revolving Credit Facility N/A March 15, 2027 LIBOR + 3.50% (e) N/A 2021 VTR 2029 VTR Senior Secured Notes 100% April 15, 2029 4.375% $ 410.0 $ 410.0 $ 60.0 2021 VTR VTR RCF – A N/A June 15, 2026 TAB + 3.35% $ — $ — N/A 2021 Liberty Costa Rica (f) Liberty Servicios Term Loan B-1 Facility 100% August 1, 2024 LIBOR + 5.50% (g) $ 227.5 $ 227.5 $ — 2021 Liberty Costa Rica (f) Liberty Servicios Term Loan B-2 Facility 100% August 1, 2024 TAB + 6.75% CRC 36,457.9 $ 58.8 $ — N/A – Not applicable. (a) Translated at the transaction date, as applicable. (b) Borrowings under the 2028 CWP Term Loan B were used to fund a portion of the Claro Panama Acquisition. (c) The CWP Revolving Credit Facility has a fee on unused commitments of 0.50%. (d) The C&W Revolving Credit Facility was amended to extend the maturity of $580 million in underlying commitments from January 30, 2026 to January 30, 2027. (e) Total commitments under the LPR Revolving Credit Facility were increased by $43 million. (f) Borrowings under the Liberty Servicios Term Loan B-1 Facility and Liberty Servicios Term Loan B-2 Facility were used to fund a portion of the Liberty Telecomunicaciones Acquisition. (g) Subject to a LIBOR floor of 75 basis points. During the nine months ended September 30, 2022 and 2021, we made certain repurchases or repayments on the following debt instruments, including activity related to the Chile JV Entities: Amount paid Period Borrowing group Instrument Redemption price Borrowing currency USD equivalent (a) Non-cash component Gain (loss) on debt extinguishment in millions 2022 C&W CWP Credit Facilities 100% $ 272.9 $ 272.9 $ 272.9 $ — 2022 VTR 2029 VTR Senior Secured Notes (b) $ 12.2 $ 12.2 $ — $ 6.0 2022 VTR 2028 VTR Senior Secured Notes (b) $ 4.3 $ 4.3 $ — $ 1.7 2022 VTR 2028 VTR Senior Notes (b) $ 31.6 $ 31.6 $ — $ 33.4 2021 Liberty Puerto Rico 2026 SPV Credit Facility 100% $ 1,000.0 $ 1,000.0 $ 1,000.0 $ (14.3) 2021 VTR 2028 VTR Senior Secured Notes 103% $ 120.0 $ 120.0 $ 60.0 $ (4.0) 2021 VTR VTR TLB-1 Facility 100% CLP 140,900.0 $ 196.4 $ — $ (5.6) 2021 VTR VTR TLB-2 Facility 100% CLP 33,100.0 $ 46.1 $ — $ (1.3) (a) Translated at the transaction date, as applicable. (b) During the third quarter of 2022, in aggregate we repurchased and cancelled approximately $91 million original principal amount of certain of the outstanding senior secured notes and senior notes of the Chile JV Entities. Maturities of Debt Maturities of our debt as of September 30, 2022 are presented below. The table below excludes the debt of the Chile JV Entities as it has been reflected in liabilities associated with assets held for sale on our September 30, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents based on September 30, 2022 exchange rates: C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2022 (remainder of year) $ 43.8 $ — $ 13.1 $ 0.4 $ 57.3 2023 140.9 — 3.5 0.6 145.0 2024 49.7 — 411.4 402.8 863.9 2025 1.8 — — — 1.8 2026 0.6 — — — 0.6 2027 1,727.5 1,161.0 — — 2,888.5 Thereafter 2,546.8 1,440.0 — — 3,986.8 Total debt maturities 4,511.1 2,601.0 428.0 403.8 7,943.9 Premiums, discounts and deferred financing costs, net (33.3) (29.6) (7.0) (32.3) (102.2) Total debt $ 4,477.8 $ 2,571.4 $ 421.0 $ 371.5 $ 7,841.7 Current portion $ 194.6 $ — $ 11.9 $ 0.8 $ 207.3 Noncurrent portion $ 4,283.2 $ 2,571.4 $ 409.1 $ 370.7 $ 7,634.4 (a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The following table provides details of our operating lease expense: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Operating lease expense: Operating lease cost $ 29.4 $ 25.6 $ 85.3 $ 66.1 Short-term lease cost 5.9 5.3 17.9 15.2 Total operating lease expense $ 35.3 $ 30.9 $ 103.2 $ 81.3 Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our condensed consolidated statements of operations. Certain other details of our operating leases are set forth in the tables below: September 30, 2022 December 31, in millions Operating lease right-of-use assets $ 525.2 $ 441.0 Operating lease liabilities: Current $ 75.6 $ 82.0 Noncurrent 473.7 371.0 Total operating lease liabilities $ 549.3 $ 453.0 Weighted-average remaining lease term 7.0 years 7.5 years Weighted-average discount rate 5.6 % 6.2 % Nine months ended September 30, 2022 2021 in millions Operating cash outflows related to operating leases $ 92.8 $ 63.6 Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 171.7 $ 138.9 (a) Represents non-cash transactions associated with operating leases entered into during the nine months ended September 30, 2022 and 2021, respectively, including amounts related to acquisitions as further described in note 4. Our operating lease right-of-use assets are included in other assets, net other long-term liabilities Maturities of Operating Leases Maturities of our operating lease liabilities as of September 30, 2022 are presented below. The table below excludes the operating lease liabilities of the Chile JV Entities as they have been reflected in liabilities associated with assets held for sale on our September 30, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2022 exchange rates. Years ending December 31: 2022 (remainder of year) $ 26.2 2023 108.9 2024 98.5 2025 87.6 2026 76.1 2027 61.5 Thereafter 199.0 Total operating lease liabilities on an undiscounted basis 657.8 Present value discount (108.5) Present value of operating lease liabilities $ 549.3 |
Unfulfilled Performance Obligat
Unfulfilled Performance Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Unfulfilled Performance Obligations | Unfulfilled Performance Obligations We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of September 30, 2022, we have approximately $325 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of 5 years. |
Programming and Other Direct Co
Programming and Other Direct Costs of Services | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Programming and Other Direct Costs of Services | Programming and Other Direct Costs of Services Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, and other direct costs related to our operations. Our programming and other direct costs of services by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Programming and copyright $ 91.6 $ 108.5 $ 302.1 $ 334.7 Interconnect 88.6 92.0 262.7 252.7 Equipment and other (a) 118.9 96.7 338.5 277.4 Total programming and other direct costs of services $ 299.1 $ 297.2 $ 903.3 $ 864.8 (a) Includes amounts related to cost of goods sold from equipment sales of $88 million and $74 million for the three months ended September 30, 2022 and 2021, respectively, and $258 million and $213 million for the nine months ended September 30, 2022 and 2021 include, respectively. |
Other Operating Costs and Expen
Other Operating Costs and Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Operating Costs and Expenses | Other Operating Costs and Expenses Other operating costs and expenses set forth in the table below comprise the following cost categories: • Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs; • Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs; • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services; • Commercial , which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers; • Facility, provision, franchise and other , which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs; and • Share-based compensation expense that relates to (i) equity awards issued to our employees and Directors and (ii) certain bonus-related expenses that are paid in the form of equity. Our other operating costs and expenses by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Personnel and contract labor $ 155.3 $ 142.9 $ 453.6 $ 425.1 Network-related 88.6 86.0 250.1 247.1 Service-related 52.8 47.4 158.6 140.2 Commercial 58.9 57.4 182.5 163.5 Facility, provision, franchise and other 152.3 122.2 394.0 342.0 Share-based compensation expense 20.8 33.1 82.6 88.9 Total other operating costs and expenses $ 528.7 $ 489.0 $ 1,521.4 $ 1,406.8 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. Income tax expense was $39 million and $40 million during the three months ended September 30, 2022 and 2021, respectively, and $102 million and $111 million during the nine months ended September 30, 2022 and 2021, respectively. This represents an effective income tax rate of (32.1%) and (35.6%) for the three months ended September 30, 2022 and 2021, respectively, and 43.4% and (39.7%) for the nine months ended September 30, 2022 and 2021, respectively, including items treated discretely. For the three and nine months ended September 30, 2022, the income tax expense attributable to our earnings (loss) before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of non-deductible goodwill impairment, negative effects of permanent tax differences, such as non-deductible expenses, tax effect of the enactment of a Barbados Pandemic Contribution Levy, and inclusion of withholding taxes on cross-border payments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income and net decreases in valuation allowances. Additionally, for the three months ended September 30, 2022, income tax expense reflects the detrimental effects of international rate differences and for the nine months ended September 30, 2022, income tax expense reflects the beneficial effects of international rate differences. |
Earnings or Loss Per Share
Earnings or Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings or Loss Per Share | Earnings or Loss Per Share Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented, as further described below. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares as if they had been exercised, vested or converted at the beginning of the periods presented. The details of our weighted average shares outstanding are set forth below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Weighted average shares outstanding: Basic 220,186,543 232,801,996 224,414,274 233,059,215 Diluted 240,551,950 253,429,864 224,414,274 233,871,985 The details of the calculations of our basic and diluted EPS for the three months ended September 30, 2022 and 2021, and the nine months ended September 30, 2021 are set forth below (in millions, except for share amounts): Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2021 Numerator: Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation) $ 84.1 $ 76.1 $ 174.0 Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method) 6.3 6.0 — Net earnings attributable to holders of Liberty Latin America Shares (basic and diluted EPS computation) $ 90.4 $ 82.1 $ 174.0 Denominator: Weighted average shares (basic EPS computation) 220,186,543 232,801,996 233,059,215 Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method) 871,728 1,134,189 812,770 Number of shares issuable under our Convertible Notes (if-converted method) (a) 19,493,679 19,493,679 — Weighted average shares (diluted EPS computation) (b) 240,551,950 253,429,864 233,871,985 (a) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, the Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. (b) For the 2022 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 35.1 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSARs of 8.5 million, because their inclusion would have been anti-dilutive to the computation. For the 2021 periods, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 19.9 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSARs and PSUs of 8.2 million and (iii) for the nine-month period, using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 19.5 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria. We reported a net loss attributable to Liberty Latin America shareholders during the nine months ended September 30, 2022. The potentially dilutive effect at September 30, 2022 of the following items was not included in the computation of diluted loss per share for such period because their inclusion would have been anti-dilutive to the computation: (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 35.8 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSUs and PSARs of |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity Share Repurchase Programs On March 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorized us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions. On February 22, 2022, our Directors approved the 2022 Share Repurchase Program. This program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024. The 2022 Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the 2022 Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. During the nine months ended September 30, 2022, we repurchased 2,653,800 and 14,281,000 Class A and Class C common shares, respectively, under the Share Repurchase Programs. During the nine months ended September 30, 2021, we repurchased 2,169,700 Class A common shares. At September 30, 2022, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $74 million . Contribution from noncontrolling interest owners During the third quarter of 2021, we received an equity contribution of $47 million from the noncontrolling interest owner of our Liberty Servicios entity, the proceeds of which were used to partially fund the Liberty Telecomunicaciones Acquisition. This contribution represented their pro-rata share of the equity portion of the purchase price for the Liberty Telecomunicaciones Acquisition, and has been reflected as a contribution from noncontrolling interest owners in our condensed consolidated statements of equity and as a financing activity in our condensed consolidated statement of cash flows. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees and Other Credit Enhancements In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. Legal and Regulatory Proceedings and Other Contingencies VTR Class Action. On August 25, 2020, VTR was notified that SERNAC had filed a class action complaint against VTR in the 14th Civil Court of Santiago. The complaint relates to consumer complaints regarding VTR’s broadband service and capacity during the pandemic and raises claims regarding, among other things, VTR’s disclosure of its broadband speeds and aggregate capacity availability and VTR’s response to address the causes of service instability during the pandemic. We believe that the allegations are without merit, in particular as it relates to VTR’s service and response during the pandemic. See note 8 regarding the closing of the Chile JV subsequent to September 30, 2022. Regulatory Issues. We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | Segment Reporting Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets. During the third quarter of 2022, we completed an organizational change with respect to our C&W operations whereby management of certain subsidiaries of C&W, which primarily operate our subsea and fiber optic cable networks, now report directly to the Senior Vice President, Infrastructure and Corporate Strategy of Liberty Latin America and no longer report to the former C&W Caribbean and Networks segment decision maker. As a result, the aforementioned subsidiaries of C&W are now a separate operating and reportable segment, herein referred to as the C&W Networks & LatAm segment. In connection with this change, we have revised our segment presentation for all periods to separately present (i) C&W Caribbean and (ii) C&W Networks & LatAm. Accordingly, a s of September 30, 2022, our reportable segments are as follows: • C&W Caribbean; • C&W Panama; • C&W Networks & LatAm; • Liberty Puerto Rico; • Liberty Costa Rica; and • VTR. Performance Measures of our Reportable Segments We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, that is, at current market prices. Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below. The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Revenue Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions C&W Caribbean $ 359.1 $ 347.4 $ 1,069.5 $ 1,033.0 C&W Panama 172.5 133.9 441.3 394.5 C&W Networks & LatAm 102.8 106.5 326.8 320.0 Liberty Puerto Rico 366.9 357.3 1,096.4 1,078.5 Liberty Costa Rica 109.2 77.8 324.6 150.3 VTR 129.8 193.1 450.6 612.7 Corporate 5.4 5.4 16.5 16.2 Intersegment eliminations (23.7) (25.1) (71.3) (71.0) Total $ 1,222.0 $ 1,196.3 $ 3,654.4 $ 3,534.2 Adjusted OIBDA Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions C&W Caribbean $ 132.7 $ 119.6 $ 397.1 $ 357.9 C&W Panama 46.7 47.9 131.6 137.5 C&W Networks & LatAm 58.9 62.0 196.6 193.1 Liberty Puerto Rico 131.5 139.3 418.2 445.6 Liberty Costa Rica 32.8 24.0 98.6 50.8 VTR 31.2 65.1 115.6 204.3 Corporate (18.8) (14.7) (45.4) (37.7) Total $ 415.0 $ 443.2 $ 1,312.3 $ 1,351.5 The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Total Adjusted OIBDA $ 415.0 $ 443.2 $ 1,312.3 $ 1,351.5 Share-based compensation expense (20.8) (33.1) (82.6) (88.9) Depreciation and amortization (234.3) (252.0) (661.7) (736.3) Impairment, restructuring and other operating items, net (7.0) (22.1) (583.4) (41.3) Operating income (loss) 152.9 136.0 (15.4) 485.0 Interest expense (149.2) (137.1) (415.8) (397.2) Realized and unrealized gains on derivative instruments, net 135.4 292.0 385.0 464.2 Foreign currency transaction losses, net (56.5) (136.2) (221.9) (206.0) Gains (losses) on debt extinguishments 41.1 (1.9) 41.1 (25.2) Other expense, net (1.8) (41.1) (7.0) (42.1) Earnings (loss) before income taxes $ 121.9 $ 111.7 $ (234.0) $ 278.7 Property and Equipment Additions of our Reportable Segments The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Nine months ended September 30, 2022 2021 in millions C&W Caribbean $ 151.4 $ 155.5 C&W Panama 71.6 64.5 C&W Networks & LatAm 32.0 35.4 Liberty Puerto Rico 154.8 139.1 Liberty Costa Rica 45.7 25.6 VTR 107.3 158.0 Corporate 28.3 20.9 Total property and equipment additions 591.1 599.0 Assets acquired under capital-related vendor financing arrangements (114.2) (65.0) Changes in current liabilities related to capital expenditures 20.8 10.7 Total capital expenditures $ 497.7 $ 544.7 Revenue by Major Category Our revenue by major category for our reportable segments is set forth in the tables below and includes the following categories: • residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively; • residential fixed non-subscription revenue, which primarily includes interconnect and advertising revenue; • B2B service revenue, which primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and, on a wholesale basis, other telecommunication operators; and Three months ended September 30, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 122.2 $ 27.3 $ — $ 111.7 $ 33.8 $ 112.7 $ — $ — $ 407.7 Non-subscription revenue 7.6 1.7 — 5.0 1.0 2.4 — — 17.7 Total residential fixed revenue 129.8 29.0 — 116.7 34.8 115.1 — — 425.4 Residential mobile revenue: Service revenue 78.8 65.8 — 112.2 48.0 7.8 — — 312.6 Interconnect, inbound roaming, equipment sales and other (a) 17.3 14.4 — 64.1 16.4 0.8 5.4 — 118.4 Total residential mobile revenue 96.1 80.2 — 176.3 64.4 8.6 5.4 — 431.0 Total residential revenue 225.9 109.2 — 293.0 99.2 123.7 5.4 — 856.4 B2B revenue (b) 133.2 63.3 102.8 53.0 10.0 6.1 — (23.7) 344.7 Other revenue — — — 20.9 — — — — 20.9 Total $ 359.1 $ 172.5 $ 102.8 $ 366.9 $ 109.2 $ 129.8 $ 5.4 $ (23.7) $ 1,222.0 (a) The total amount includes $60 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Three months ended September 30, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 118.1 $ 22.3 $ — $ 110.6 $ 34.9 $ 167.8 $ — $ — $ 453.7 Non-subscription revenue 8.5 2.3 — 5.0 1.5 3.8 — — 21.1 Total residential fixed revenue 126.6 24.6 — 115.6 36.4 171.6 — — 474.8 Residential mobile revenue: Service revenue 76.1 43.6 — 122.0 28.5 11.5 — — 281.7 Interconnect, inbound roaming, equipment sales and other (a) 14.9 11.6 — 55.3 7.0 1.7 5.4 — 95.9 Total residential mobile revenue 91.0 55.2 — 177.3 35.5 13.2 5.4 — 377.6 Total residential revenue 217.6 79.8 — 292.9 71.9 184.8 5.4 — 852.4 B2B revenue (b) 129.8 54.1 106.5 54.2 5.9 8.3 — (25.1) 333.7 Other revenue — — — 10.2 — — — — 10.2 Total $ 347.4 $ 133.9 $ 106.5 $ 357.3 $ 77.8 $ 193.1 $ 5.4 $ (25.1) $ 1,196.3 (a) The total amount includes $49 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $10 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 363.5 $ 75.1 $ — $ 343.0 $ 101.9 $ 392.3 $ — $ — $ 1,275.8 Non-subscription revenue 25.2 5.7 — 16.0 2.6 8.9 — — 58.4 Total residential fixed revenue 388.7 80.8 — 359.0 104.5 401.2 — — 1,334.2 Residential mobile revenue: Service revenue 232.9 152.7 — 343.5 142.8 25.8 — — 897.7 Interconnect, inbound roaming, equipment sales and other (a) 48.1 35.9 — 188.2 48.5 2.9 16.5 — 340.1 Total residential mobile revenue 281.0 188.6 — 531.7 191.3 28.7 16.5 — 1,237.8 Total residential revenue 669.7 269.4 — 890.7 295.8 429.9 16.5 — 2,572.0 B2B revenue (b) 399.8 171.9 326.8 164.3 28.8 20.7 — (71.3) 1,041.0 Other revenue — — — 41.4 — — — — 41.4 Total $ 1,069.5 $ 441.3 $ 326.8 $ 1,096.4 $ 324.6 $ 450.6 $ 16.5 $ (71.3) $ 3,654.4 (a) The total amount includes $176 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $19 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 353.7 $ 64.7 $ — $ 327.1 $ 104.1 $ 532.9 $ — $ — $ 1,382.5 Non-subscription revenue 25.9 7.2 — 14.1 4.8 11.2 — — 63.2 Total residential fixed revenue 379.6 71.9 — 341.2 108.9 544.1 — — 1,445.7 Residential mobile revenue: Service revenue 222.9 132.8 — 359.8 28.5 37.7 — — 781.7 Interconnect, inbound roaming, equipment sales and other (a) 45.0 33.2 — 188.8 7.0 5.8 16.2 — 296.0 Total residential mobile revenue 267.9 166.0 — 548.6 35.5 43.5 16.2 — 1,077.7 Total residential revenue 647.5 237.9 — 889.8 144.4 587.6 16.2 — 2,523.4 B2B revenue (b) 385.5 156.6 320.0 161.5 5.9 25.1 — (71.0) 983.6 Other revenue — — — 27.2 — — — — 27.2 Total $ 1,033.0 $ 394.5 $ 320.0 $ 1,078.5 $ 150.3 $ 612.7 $ 16.2 $ (71.0) $ 3,534.2 (a) The total amount includes $153 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $23 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Revenue by Geographic Market The revenue from third-party customers for each of our geographic markets is set forth in the table below. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Puerto Rico $ 354.0 $ 344.0 $ 1,057.6 $ 1,037.4 Chile 129.8 193.1 450.6 612.7 Panama 171.6 133.2 439.0 392.7 Costa Rica 109.0 77.7 324.1 150.2 Jamaica 108.5 100.6 318.6 297.3 Networks & LatAm (a) 83.5 85.6 269.4 260.8 The Bahamas 48.4 47.8 144.5 140.5 Trinidad and Tobago 39.5 38.7 119.7 118.3 Barbados 37.3 35.6 110.6 104.5 Curacao 34.2 34.6 99.9 104.2 Other (b) 106.2 105.4 320.4 315.6 Total $ 1,222.0 $ 1,196.3 $ 3,654.4 $ 3,534.2 (a) The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W Networks & LatAm’s subsea and terrestrial fiber optic cable networks. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Changes and Recent Accounting Pronouncements | Accounting Changes ASU 2020-06 In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( ASU 2020-06 ), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements. We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on our condensed consolidated financial statements. Recent Accounting Pronouncements ASU 2022-04 In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires that a buyer in a supplier finance program to disclose certain information about the program to allow financial statement users to understand the nature of the program, activity during the period and changes to the program from period to period. The disclosure requirements include (i) the key terms of the program, including payments terms, (ii) the amount and location in the balance sheet of obligations outstanding with the finance provider or intermediary, and (iii) a rollforward of the obligations during the annual period. With the exception of the rollforward disclosure requirements, ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The rollforward information is effective for fiscal years beginning after December 15, 2023. We are currently evaluating the impact ASU 2022-04 will have to the disclosures of our consolidated financial statements. ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the LIBOR . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in ASC 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform. In March 2021, LIBOR’s regulator announced that certain tenors of USD LIBOR will continue to be published through June 30, 2023. We do not currently expect that the phase out of LIBOR will have a material impact on our condensed consolidated financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Correction of Immaterial Errors | The tables below set forth the adjustments to the primary condensed consolidated financial statement line items resulting from these adjustments: Three months ended September 30, 2021 Nine months ended September 30, 2021 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted in millions Revenue $ 1,192.0 $ 4.3 $ 1,196.3 $ 3,519.9 $ 14.3 $ 3,534.2 Operating income $ 137.4 $ (1.4) $ 136.0 $ 475.8 $ 9.2 $ 485.0 Earnings before income taxes $ 113.1 $ (1.4) $ 111.7 $ 269.5 $ 9.2 $ 278.7 Net earnings attributable to Liberty Latin America shareholders $ 78.2 $ (2.1) $ 76.1 $ 170.4 $ 3.6 $ 174.0 December 31, 2021 As Previously Reported Adjustments As Adjusted in millions Current assets $ 2,066.2 $ (14.3) $ 2,051.9 Total assets $ 15,386.0 $ (20.3) $ 15,365.7 Total liabilities $ 12,472.6 $ (4.3) $ 12,468.3 Total equity $ 2,913.4 $ (16.0) $ 2,897.4 |
Current Expected Credit Losses
Current Expected Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable, Allowance for Credit Loss | The changes in our allowance for expected credit losses associated with trade receivables are set forth below: Nine months ended September 30, 2022 2021 in millions Balance at beginning of period $ 80.3 $ 100.0 Provision for expected losses, net 52.2 38.6 Write-offs (44.4) (48.7) Foreign currency translation adjustments and other (1.3) (9.4) Balance at end of period $ 86.8 $ 80.5 The changes in our allowance for expected credit losses associated with our current and long-term notes receivables are set forth below: Nine months ended September 30, 2022 2021 in millions Balance at beginning of period $ 32.3 $ 16.2 Provision for expected losses, net 0.1 1.1 Foreign currency translation adjustments and other (21.8) 10.1 Balance at end of period $ 10.6 $ 27.4 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation | The following table sets forth a reconciliation of the stated purchase price to the net cash paid (in millions): Stated purchase price $ 200.0 Preliminary working capital adjustments 12.6 Total purchase price 212.6 Opening balance sheet cash (1.2) Net cash paid for the Claro Panama Acquisition $ 211.4 A summary of the purchase price and the preliminary opening balance sheet of Claro Panama at the July 1, 2022 acquisition date is presented in the following table (in millions): Current assets $ 42.8 Goodwill (a) 16.5 Property and equipment 139.6 Intangible assets subject to amortization (b) 49.8 Other assets (c) 130.6 Current liabilities (48.1) Long-term liabilities (d) (118.6) Total purchase price $ 212.6 (a) The goodwill recognized in connection with the Claro Panama Acquisition is primarily attributable to synergies that are expected to be achieved through the integration of Claro Panama with Liberty Latin America’s existing business in Panama. Due to the nature of the Claro Panama Acquisition, no tax deductions related to goodwill are expected. (b) At July 1, 2022, the preliminary assessment of the weighted average useful life of the spectrum intangible assets was approximately 6 years. (c) Primarily consists of operating lease right-of-use assets. (d) Primarily consists of the non-current portion of operating lease obligations. Current assets (a) $ 74.7 Goodwill (b) 256.7 Property and equipment 150.6 Intangible assets subject to amortization (c) 139.9 Other assets (d) 145.7 Current liabilities (e) (74.2) Long-term liabilities (f) (168.3) Total purchase price $ 525.1 (a) Primarily consists of trade receivables, notes receivables related to EIP receivables and cash. (b) The goodwill recognized in connection with the Liberty Telecomunicaciones Acquisition is primarily attributable to (i) the ability to take advantage of Liberty Telecomunicaciones’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Liberty Telecomunicaciones with Liberty Latin America’s existing business in Costa Rica, Liberty Servicios. Due to the nature of the Liberty Telecomunicaciones Acquisition, no tax deductions related to goodwill are expected. (c) At August 9, 2021, the weighted average useful lives of the acquired customer relationship intangible assets and spectrum intangible assets were approximately 7 years and 25 years, respectively. (d) Primarily consists of operating lease right-of-use assets and the long-term portion of note receivables related to EIP receivables. (e) Primarily consists of accounts payable and the current portion of operating lease obligations. |
Schedule of Pro Forma Information | The following unaudited pro forma condensed consolidated operating results give effect to the Claro Panama Acquisition, as if it had been completed as of January 1, 2021: Nine months ended September 30, 2022 in millions Revenue $ 3,718.9 Net loss attributable to Liberty Latin America shareholders $ (323.0) The following unaudited pro forma condensed consolidated operating results give effect to (i) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021, and (ii) the Liberty Telecomunicaciones Acquisition, as if it had been completed as of January 1, 2020: Three months ended September 30, 2021 Nine months ended September 30, 2021 in millions Revenue $ 1,260.7 $ 3,806.4 Net earnings attributable to Liberty Latin America shareholders $ 70.5 $ 152.7 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Our Derivative Instrument Assets and Liabilities | The following table provides details of the fair values of our derivative instrument assets and liabilities: September 30, 2022 December 31, 2021 Current (a) Long-term (a) Total Current (a) Long-term (a) Total in millions Assets (b): Cross-currency and interest rate derivative contracts (c) $ 67.6 $ 261.1 $ 328.7 $ 15.1 $ 25.3 $ 40.4 Foreign currency forward contracts — — — 0.1 — 0.1 Total $ 67.6 $ 261.1 $ 328.7 $ 15.2 $ 25.3 $ 40.5 Liabilities (b): Cross-currency and interest rate derivative contracts (c) $ 24.2 $ 0.2 $ 24.4 $ 33.3 $ 62.1 $ 95.4 Foreign currency forward contracts 15.5 — 15.5 5.8 — 5.8 Total $ 39.7 $ 0.2 $ 39.9 $ 39.1 $ 62.1 $ 101.2 (a) Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our condensed consolidated balance sheets. (b) Effective with the agreement to form the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our condensed consolidated balance sheets. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8. (c) 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 primary borrowing groups (see note 9) and are recorded in realized and unrealized gains on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6. |
Schedule of Realized and Unrealized Gains (Losses) on Derivative Instruments, Net | The details of our realized and unrealized gains on derivative instruments, net, are as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Cross-currency and interest rate derivative contracts (a) $ 159.3 $ 285.1 $ 417.8 $ 464.2 Foreign currency forward contracts (16.0) 15.4 (9.3) 20.1 Weather Derivatives (7.9) (8.5) (23.5) (20.1) Total $ 135.4 $ 292.0 $ 385.0 $ 464.2 (a) Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $5 million and $15 million during the three months ended September 30, 2022 and 2021, respectively, and $14 million and $44 million during the nine months ended September 30, 2022 and 2021, respectively. Included in these amounts are net losses of $3 million and $12 million during the three months ended September 30, 2022 and 2021, respectively, and $3 million and $29 million during the nine months ended September 30, 2022 and 2021, respectively, related to the Chile JV Entities. |
Schedule of Classification of the Net Cash Inflows (Outflows) of Our Derivative Instruments | The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Nine months ended September 30, 2022 2021 in millions Operating activities $ (30.9) $ (109.0) Investing activities 5.3 (2.0) Financing activities (a) 97.6 (43.0) Total $ 72.0 $ (154.0) (a) The 2022 amount is primarily related to the settlement of certain cross currency swaps at VTR. The 2021 amount is primarily related to (i) $11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities. For additional information regarding our debt refinancing activity, see note 9. |
Schedule of Derivative Instruments | The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at September 30, 2022: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,690.0 4.6 Liberty Puerto Rico $ 500.0 6.0 Liberty Costa Rica (b) $ 276.7 1.3 (a) Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0%. (b) Includes an embedded floor of 0.75%. Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W $ 2,100.0 0.8 Liberty Puerto Rico $ 620.0 0.8 Notional amount due from counterparty Notional amount due Weighted average remaining life in millions in years LLA UK Holding Limited (a) CLP 73,000.0 $ 88.3 0.0 Liberty Costa Rica borrowing group $ 37.5 CRC 25,585.2 0.1 (a) Represents a foreign currency forward contract entered into in connection with the Chile JV transaction that was closed subsequent to September 30, 2022, as discussed further in note 8. |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of our goodwill are set forth below: January 1, Acquisitions Foreign Impairment September 30, in millions C&W Caribbean $ 1,787.0 $ (11.5) $ 5.0 $ (555.3) $ 1,225.2 C&W Panama 617.1 16.5 — — 633.6 C&W Networks & LatAm 646.9 11.5 (3.0) — 655.4 Liberty Puerto Rico 498.3 0.4 — — 498.7 Liberty Costa Rica 398.7 (3.8) 8.8 — 403.7 Total $ 3,948.0 $ 13.1 $ 10.8 $ (555.3) $ 3,416.6 |
Schedule of Property and Equipment and the Related Accumulated Depreciation | The details of our property and equipment and the related accumulated depreciation are set forth below: September 30, December 31, in millions Distribution systems $ 4,378.7 $ 4,208.8 Support equipment, buildings, land and CIP 2,096.3 1,641.6 CPE 893.3 893.7 7,368.3 6,744.1 Accumulated depreciation (3,093.3) (2,575.7) Total $ 4,275.0 $ 4,168.4 |
Schedule of Intangible Assets Not Subject to Amortization | The details of our intangible assets not subject to amortization are set forth below: September 30, December 31, in millions Spectrum licenses $ 1,051.0 $ 1,050.9 Cable television franchise rights 540.0 540.0 Other 1.8 1.5 Total $ 1,592.8 $ 1,592.4 |
Schedule of Intangible Assets Subject to Amortization | The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below: September 30, December 31, in millions Customer relationships $ 1,450.4 $ 1,527.6 Licenses and other (a) 276.8 220.2 1,727.2 1,747.8 Accumulated amortization (1,009.9) (959.2) Total $ 717.3 $ 788.6 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Carrying Amounts of The Major Classes of Assets and Liabilities That are Classified as Held for Sale | The carrying amounts of the major classes of assets and liabilities that are classified as held for sale are summarized below: September 30, December 31, in millions Assets: Cash and cash equivalents $ 63.0 $ 109.7 Other current assets, net (a) 104.4 132.6 Property and equipment, net 697.5 686.0 Goodwill 275.6 313.0 Other assets, net (a) 259.1 327.4 Total assets $ 1,399.6 $ 1,568.7 Liabilities: Current portion of debt $ 72.4 $ 82.2 Other accrued and current liabilities (b) 210.1 294.2 Long-term debt (c) 1,330.9 1,416.8 Other long-term liabilities (b) 55.1 60.9 Total liabilities $ 1,668.5 $ 1,854.1 (a) Other current assets, net includes $15 million and $27 million, respectively, and other assets, net, includes $211 million and $277 million, respectively, related to derivative assets. (b) Other accrued and current liabilities includes $3 million and $16 million, respectively, and other long-term liabilities includes $2 million and $2 million, respectively, related to derivative liabilities. (c) The estimated fair values of the Chile JV Entities debt instruments were $829 million and $1,470 million, respectively. |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: September 30, 2022 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent September 30, December 31, 2021 September 30, December 31, 2021 in millions Convertible Notes (d) 2.00 % — $ — $ 347.7 $ 396.5 $ 402.5 $ 402.5 C&W Notes 6.55 % — — 1,425.3 1,774.3 1,715.0 1,715.0 C&W Credit Facilities 5.12 % (e) 792.2 2,491.3 2,422.7 2,618.1 2,451.3 LPR Senior Secured Notes 6.08 % — — 1,588.0 2,058.1 1,981.0 1,981.0 LPR Credit Facilities 6.57 % $ 172.5 172.5 600.6 623.1 620.0 620.0 Liberty Costa Rica Credit Facilities (f) 8.65 % $ 7.0 7.0 345.3 407.1 411.4 408.7 Vendor financing and other (g) 4.83 % — — 195.9 99.8 195.9 99.8 Total debt before premiums, discounts and deferred financing costs 5.80 % $ 971.7 $ 6,994.1 $ 7,781.6 $ 7,943.9 $ 7,678.3 The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations: September 30, December 31, 2021 in millions Total debt before premiums, discounts and deferred financing costs $ 7,943.9 $ 7,678.3 Premiums, discounts and deferred financing costs, net (102.2) (120.0) Total carrying amount of debt 7,841.7 7,558.3 Finance lease obligations 9.8 7.6 Total debt and finance lease obligations 7,851.5 7,565.9 Less: Current maturities of debt and finance lease obligations (208.0) (106.3) Long-term debt and finance lease obligations $ 7,643.5 $ 7,459.6 (a) Represents the weighted average interest rate in effect at September 30, 2022 for all borrowings outstanding (excluding those of the Chile 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. (b) Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2022, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the September 30, 2022 compliance reporting requirements. At September 30, 2022, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders. (c) The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 6. (d) The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At September 30, 2022, the carrying value of the Convertible Notes was $370 million and the unamortized debt discount on the Convertible Notes was $31 million. (e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and Jamaican dollar revolving credit facilities. (f) The Liberty Costa Rica Credit Facilities comprise certain Costa Rican colón and U.S. dollar term loans and a U.S. dollar revolving credit facility. (g) Primarily represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $116 million and $82 million for the nine months ended September 30, 2022 and 2021, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a cash inflow within net cash provided by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows. |
Schedule of Line of Credit Facilities | During the nine months ended September 30, 2022 and 2021, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, including activity related to the Chile JV Entities, are as follows: Borrowing Period Borrowing group Instrument Issued at Maturity Interest rate Borrowing currency USD equivalent (a) Non-cash component in millions 2022 C&W 2028 CWP Term Loan A 100% January 18, 2028 4.25% $ 275.0 $ 275.0 $ 272.9 2022 C&W 2028 CWP Term Loan B (b) 100% January 18, 2028 4.25% $ 160.0 $ 160.0 $ — 2022 C&W CWP Revolving Credit Facility (c) 100% January 18, 2027 SOFR + 3.75% $ 12.0 $ 12.0 N/A 2021 C&W C&W Revolving Credit Facility N/A January 30, 2027 LIBOR + 3.25% (d) $ — 2021 Liberty Puerto Rico 2029 LPR Senior Secured Notes 100% July 15, 2029 5.125% $ 820.0 $ 820.0 $ 500.0 2021 Liberty Puerto Rico 2028 LPR Term Loan 100% October 15, 2028 LIBOR + 3.75% $ 500.0 $ 500.0 $ 500.0 2021 Liberty Puerto Rico LPR Revolving Credit Facility N/A March 15, 2027 LIBOR + 3.50% (e) N/A 2021 VTR 2029 VTR Senior Secured Notes 100% April 15, 2029 4.375% $ 410.0 $ 410.0 $ 60.0 2021 VTR VTR RCF – A N/A June 15, 2026 TAB + 3.35% $ — $ — N/A 2021 Liberty Costa Rica (f) Liberty Servicios Term Loan B-1 Facility 100% August 1, 2024 LIBOR + 5.50% (g) $ 227.5 $ 227.5 $ — 2021 Liberty Costa Rica (f) Liberty Servicios Term Loan B-2 Facility 100% August 1, 2024 TAB + 6.75% CRC 36,457.9 $ 58.8 $ — N/A – Not applicable. (a) Translated at the transaction date, as applicable. (b) Borrowings under the 2028 CWP Term Loan B were used to fund a portion of the Claro Panama Acquisition. (c) The CWP Revolving Credit Facility has a fee on unused commitments of 0.50%. (d) The C&W Revolving Credit Facility was amended to extend the maturity of $580 million in underlying commitments from January 30, 2026 to January 30, 2027. (e) Total commitments under the LPR Revolving Credit Facility were increased by $43 million. (f) Borrowings under the Liberty Servicios Term Loan B-1 Facility and Liberty Servicios Term Loan B-2 Facility were used to fund a portion of the Liberty Telecomunicaciones Acquisition. (g) Subject to a LIBOR floor of 75 basis points. During the nine months ended September 30, 2022 and 2021, we made certain repurchases or repayments on the following debt instruments, including activity related to the Chile JV Entities: Amount paid Period Borrowing group Instrument Redemption price Borrowing currency USD equivalent (a) Non-cash component Gain (loss) on debt extinguishment in millions 2022 C&W CWP Credit Facilities 100% $ 272.9 $ 272.9 $ 272.9 $ — 2022 VTR 2029 VTR Senior Secured Notes (b) $ 12.2 $ 12.2 $ — $ 6.0 2022 VTR 2028 VTR Senior Secured Notes (b) $ 4.3 $ 4.3 $ — $ 1.7 2022 VTR 2028 VTR Senior Notes (b) $ 31.6 $ 31.6 $ — $ 33.4 2021 Liberty Puerto Rico 2026 SPV Credit Facility 100% $ 1,000.0 $ 1,000.0 $ 1,000.0 $ (14.3) 2021 VTR 2028 VTR Senior Secured Notes 103% $ 120.0 $ 120.0 $ 60.0 $ (4.0) 2021 VTR VTR TLB-1 Facility 100% CLP 140,900.0 $ 196.4 $ — $ (5.6) 2021 VTR VTR TLB-2 Facility 100% CLP 33,100.0 $ 46.1 $ — $ (1.3) (a) Translated at the transaction date, as applicable. (b) During the third quarter of 2022, in aggregate we repurchased and cancelled approximately $91 million original principal amount of certain of the outstanding senior secured notes and senior notes of the Chile JV Entities. |
Schedule of Maturities of Debt | Maturities of our debt as of September 30, 2022 are presented below. The table below excludes the debt of the Chile JV Entities as it has been reflected in liabilities associated with assets held for sale on our September 30, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents based on September 30, 2022 exchange rates: C&W Liberty Puerto Rico Liberty Costa Rica Liberty Latin America (a) Consolidated in millions Years ending December 31: 2022 (remainder of year) $ 43.8 $ — $ 13.1 $ 0.4 $ 57.3 2023 140.9 — 3.5 0.6 145.0 2024 49.7 — 411.4 402.8 863.9 2025 1.8 — — — 1.8 2026 0.6 — — — 0.6 2027 1,727.5 1,161.0 — — 2,888.5 Thereafter 2,546.8 1,440.0 — — 3,986.8 Total debt maturities 4,511.1 2,601.0 428.0 403.8 7,943.9 Premiums, discounts and deferred financing costs, net (33.3) (29.6) (7.0) (32.3) (102.2) Total debt $ 4,477.8 $ 2,571.4 $ 421.0 $ 371.5 $ 7,841.7 Current portion $ 194.6 $ — $ 11.9 $ 0.8 $ 207.3 Noncurrent portion $ 4,283.2 $ 2,571.4 $ 409.1 $ 370.7 $ 7,634.4 (a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Operating Lease Expense | The following table provides details of our operating lease expense: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Operating lease expense: Operating lease cost $ 29.4 $ 25.6 $ 85.3 $ 66.1 Short-term lease cost 5.9 5.3 17.9 15.2 Total operating lease expense $ 35.3 $ 30.9 $ 103.2 $ 81.3 |
Schedule of Certain Other Details of Operating Leases Assets and Liabilities | Certain other details of our operating leases are set forth in the tables below: September 30, 2022 December 31, in millions Operating lease right-of-use assets $ 525.2 $ 441.0 Operating lease liabilities: Current $ 75.6 $ 82.0 Noncurrent 473.7 371.0 Total operating lease liabilities $ 549.3 $ 453.0 Weighted-average remaining lease term 7.0 years 7.5 years Weighted-average discount rate 5.6 % 6.2 % Nine months ended September 30, 2022 2021 in millions Operating cash outflows related to operating leases $ 92.8 $ 63.6 Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 171.7 $ 138.9 (a) Represents non-cash transactions associated with operating leases entered into during the nine months ended September 30, 2022 and 2021, respectively, including amounts related to acquisitions as further described in note 4. |
Schedule of Maturities of Operating Lease Liabilities | Maturities of our operating lease liabilities as of September 30, 2022 are presented below. The table below excludes the operating lease liabilities of the Chile JV Entities as they have been reflected in liabilities associated with assets held for sale on our September 30, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2022 exchange rates. Years ending December 31: 2022 (remainder of year) $ 26.2 2023 108.9 2024 98.5 2025 87.6 2026 76.1 2027 61.5 Thereafter 199.0 Total operating lease liabilities on an undiscounted basis 657.8 Present value discount (108.5) Present value of operating lease liabilities $ 549.3 |
Programming and Other Direct _2
Programming and Other Direct Costs of Services (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Cost of Goods and Services Sold | Our programming and other direct costs of services by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Programming and copyright $ 91.6 $ 108.5 $ 302.1 $ 334.7 Interconnect 88.6 92.0 262.7 252.7 Equipment and other (a) 118.9 96.7 338.5 277.4 Total programming and other direct costs of services $ 299.1 $ 297.2 $ 903.3 $ 864.8 (a) Includes amounts related to cost of goods sold from equipment sales of $88 million and $74 million for the three months ended September 30, 2022 and 2021, respectively, and $258 million and $213 million for the nine months ended September 30, 2022 and 2021 include, respectively. |
Other Operating Costs and Exp_2
Other Operating Costs and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense | Our other operating costs and expenses by major category are set forth below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Personnel and contract labor $ 155.3 $ 142.9 $ 453.6 $ 425.1 Network-related 88.6 86.0 250.1 247.1 Service-related 52.8 47.4 158.6 140.2 Commercial 58.9 57.4 182.5 163.5 Facility, provision, franchise and other 152.3 122.2 394.0 342.0 Share-based compensation expense 20.8 33.1 82.6 88.9 Total other operating costs and expenses $ 528.7 $ 489.0 $ 1,521.4 $ 1,406.8 |
Earnings or Loss Per Share (Tab
Earnings or Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Shares Outstanding | The details of our weighted average shares outstanding are set forth below: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Weighted average shares outstanding: Basic 220,186,543 232,801,996 224,414,274 233,059,215 Diluted 240,551,950 253,429,864 224,414,274 233,871,985 |
Schedule of Earnings Per Share | The details of the calculations of our basic and diluted EPS for the three months ended September 30, 2022 and 2021, and the nine months ended September 30, 2021 are set forth below (in millions, except for share amounts): Three months ended September 30, 2022 Three months ended September 30, 2021 Nine months ended September 30, 2021 Numerator: Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation) $ 84.1 $ 76.1 $ 174.0 Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method) 6.3 6.0 — Net earnings attributable to holders of Liberty Latin America Shares (basic and diluted EPS computation) $ 90.4 $ 82.1 $ 174.0 Denominator: Weighted average shares (basic EPS computation) 220,186,543 232,801,996 233,059,215 Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method) 871,728 1,134,189 812,770 Number of shares issuable under our Convertible Notes (if-converted method) (a) 19,493,679 19,493,679 — Weighted average shares (diluted EPS computation) (b) 240,551,950 253,429,864 233,871,985 (a) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, the Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. (b) For the 2022 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 35.1 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSARs of 8.5 million, because their inclusion would have been anti-dilutive to the computation. For the 2021 periods, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 19.9 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSARs and PSUs of 8.2 million and (iii) for the nine-month period, using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 19.5 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule of Revenue and Adjusted OIBDA by Segment | The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Revenue Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions C&W Caribbean $ 359.1 $ 347.4 $ 1,069.5 $ 1,033.0 C&W Panama 172.5 133.9 441.3 394.5 C&W Networks & LatAm 102.8 106.5 326.8 320.0 Liberty Puerto Rico 366.9 357.3 1,096.4 1,078.5 Liberty Costa Rica 109.2 77.8 324.6 150.3 VTR 129.8 193.1 450.6 612.7 Corporate 5.4 5.4 16.5 16.2 Intersegment eliminations (23.7) (25.1) (71.3) (71.0) Total $ 1,222.0 $ 1,196.3 $ 3,654.4 $ 3,534.2 Adjusted OIBDA Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions C&W Caribbean $ 132.7 $ 119.6 $ 397.1 $ 357.9 C&W Panama 46.7 47.9 131.6 137.5 C&W Networks & LatAm 58.9 62.0 196.6 193.1 Liberty Puerto Rico 131.5 139.3 418.2 445.6 Liberty Costa Rica 32.8 24.0 98.6 50.8 VTR 31.2 65.1 115.6 204.3 Corporate (18.8) (14.7) (45.4) (37.7) Total $ 415.0 $ 443.2 $ 1,312.3 $ 1,351.5 |
Schedule of Reconciliation of Total Adjusted OIBDA to Earnings Before Income Taxes | The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Total Adjusted OIBDA $ 415.0 $ 443.2 $ 1,312.3 $ 1,351.5 Share-based compensation expense (20.8) (33.1) (82.6) (88.9) Depreciation and amortization (234.3) (252.0) (661.7) (736.3) Impairment, restructuring and other operating items, net (7.0) (22.1) (583.4) (41.3) Operating income (loss) 152.9 136.0 (15.4) 485.0 Interest expense (149.2) (137.1) (415.8) (397.2) Realized and unrealized gains on derivative instruments, net 135.4 292.0 385.0 464.2 Foreign currency transaction losses, net (56.5) (136.2) (221.9) (206.0) Gains (losses) on debt extinguishments 41.1 (1.9) 41.1 (25.2) Other expense, net (1.8) (41.1) (7.0) (42.1) Earnings (loss) before income taxes $ 121.9 $ 111.7 $ (234.0) $ 278.7 |
Schedule of Capital Expenditures of Reportable Segments | The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Nine months ended September 30, 2022 2021 in millions C&W Caribbean $ 151.4 $ 155.5 C&W Panama 71.6 64.5 C&W Networks & LatAm 32.0 35.4 Liberty Puerto Rico 154.8 139.1 Liberty Costa Rica 45.7 25.6 VTR 107.3 158.0 Corporate 28.3 20.9 Total property and equipment additions 591.1 599.0 Assets acquired under capital-related vendor financing arrangements (114.2) (65.0) Changes in current liabilities related to capital expenditures 20.8 10.7 Total capital expenditures $ 497.7 $ 544.7 |
Schedule of Revenue by Major Category | Three months ended September 30, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 122.2 $ 27.3 $ — $ 111.7 $ 33.8 $ 112.7 $ — $ — $ 407.7 Non-subscription revenue 7.6 1.7 — 5.0 1.0 2.4 — — 17.7 Total residential fixed revenue 129.8 29.0 — 116.7 34.8 115.1 — — 425.4 Residential mobile revenue: Service revenue 78.8 65.8 — 112.2 48.0 7.8 — — 312.6 Interconnect, inbound roaming, equipment sales and other (a) 17.3 14.4 — 64.1 16.4 0.8 5.4 — 118.4 Total residential mobile revenue 96.1 80.2 — 176.3 64.4 8.6 5.4 — 431.0 Total residential revenue 225.9 109.2 — 293.0 99.2 123.7 5.4 — 856.4 B2B revenue (b) 133.2 63.3 102.8 53.0 10.0 6.1 — (23.7) 344.7 Other revenue — — — 20.9 — — — — 20.9 Total $ 359.1 $ 172.5 $ 102.8 $ 366.9 $ 109.2 $ 129.8 $ 5.4 $ (23.7) $ 1,222.0 (a) The total amount includes $60 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Three months ended September 30, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 118.1 $ 22.3 $ — $ 110.6 $ 34.9 $ 167.8 $ — $ — $ 453.7 Non-subscription revenue 8.5 2.3 — 5.0 1.5 3.8 — — 21.1 Total residential fixed revenue 126.6 24.6 — 115.6 36.4 171.6 — — 474.8 Residential mobile revenue: Service revenue 76.1 43.6 — 122.0 28.5 11.5 — — 281.7 Interconnect, inbound roaming, equipment sales and other (a) 14.9 11.6 — 55.3 7.0 1.7 5.4 — 95.9 Total residential mobile revenue 91.0 55.2 — 177.3 35.5 13.2 5.4 — 377.6 Total residential revenue 217.6 79.8 — 292.9 71.9 184.8 5.4 — 852.4 B2B revenue (b) 129.8 54.1 106.5 54.2 5.9 8.3 — (25.1) 333.7 Other revenue — — — 10.2 — — — — 10.2 Total $ 347.4 $ 133.9 $ 106.5 $ 357.3 $ 77.8 $ 193.1 $ 5.4 $ (25.1) $ 1,196.3 (a) The total amount includes $49 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $10 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 363.5 $ 75.1 $ — $ 343.0 $ 101.9 $ 392.3 $ — $ — $ 1,275.8 Non-subscription revenue 25.2 5.7 — 16.0 2.6 8.9 — — 58.4 Total residential fixed revenue 388.7 80.8 — 359.0 104.5 401.2 — — 1,334.2 Residential mobile revenue: Service revenue 232.9 152.7 — 343.5 142.8 25.8 — — 897.7 Interconnect, inbound roaming, equipment sales and other (a) 48.1 35.9 — 188.2 48.5 2.9 16.5 — 340.1 Total residential mobile revenue 281.0 188.6 — 531.7 191.3 28.7 16.5 — 1,237.8 Total residential revenue 669.7 269.4 — 890.7 295.8 429.9 16.5 — 2,572.0 B2B revenue (b) 399.8 171.9 326.8 164.3 28.8 20.7 — (71.3) 1,041.0 Other revenue — — — 41.4 — — — — 41.4 Total $ 1,069.5 $ 441.3 $ 326.8 $ 1,096.4 $ 324.6 $ 450.6 $ 16.5 $ (71.3) $ 3,654.4 (a) The total amount includes $176 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $19 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. Nine months ended September 30, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 353.7 $ 64.7 $ — $ 327.1 $ 104.1 $ 532.9 $ — $ — $ 1,382.5 Non-subscription revenue 25.9 7.2 — 14.1 4.8 11.2 — — 63.2 Total residential fixed revenue 379.6 71.9 — 341.2 108.9 544.1 — — 1,445.7 Residential mobile revenue: Service revenue 222.9 132.8 — 359.8 28.5 37.7 — — 781.7 Interconnect, inbound roaming, equipment sales and other (a) 45.0 33.2 — 188.8 7.0 5.8 16.2 — 296.0 Total residential mobile revenue 267.9 166.0 — 548.6 35.5 43.5 16.2 — 1,077.7 Total residential revenue 647.5 237.9 — 889.8 144.4 587.6 16.2 — 2,523.4 B2B revenue (b) 385.5 156.6 320.0 161.5 5.9 25.1 — (71.0) 983.6 Other revenue — — — 27.2 — — — — 27.2 Total $ 1,033.0 $ 394.5 $ 320.0 $ 1,078.5 $ 150.3 $ 612.7 $ 16.2 $ (71.0) $ 3,534.2 (a) The total amount includes $153 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $23 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. |
Schedule of Revenue by Geographic Segments | The revenue from third-party customers for each of our geographic markets is set forth in the table below. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 in millions Puerto Rico $ 354.0 $ 344.0 $ 1,057.6 $ 1,037.4 Chile 129.8 193.1 450.6 612.7 Panama 171.6 133.2 439.0 392.7 Costa Rica 109.0 77.7 324.1 150.2 Jamaica 108.5 100.6 318.6 297.3 Networks & LatAm (a) 83.5 85.6 269.4 260.8 The Bahamas 48.4 47.8 144.5 140.5 Trinidad and Tobago 39.5 38.7 119.7 118.3 Barbados 37.3 35.6 110.6 104.5 Curacao 34.2 34.6 99.9 104.2 Other (b) 106.2 105.4 320.4 315.6 Total $ 1,222.0 $ 1,196.3 $ 3,654.4 $ 3,534.2 (a) The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W Networks & LatAm’s subsea and terrestrial fiber optic cable networks. |
Basis of Presentation (Details)
Basis of Presentation (Details) | Sep. 30, 2022 country market | Aug. 09, 2021 |
Telefónica Costa Rica. C&W | ||
Basis of Presentation [Line Items] | ||
Percentage ownership of subsidiaries (less than) | 100% | |
Residential and Business-to-Business Services | ||
Basis of Presentation [Line Items] | ||
Number of countries in which entity provides services | country | 20 | |
Wholesale Communication Services | C&W | ||
Basis of Presentation [Line Items] | ||
Number of markets | market | 40 |
Basis of Presentation - Correct
Basis of Presentation - Correction of Immaterial Errors (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Basis of Presentation [Line Items] | ||||||||
Revenue | $ 1,222 | $ 1,196.3 | $ 3,654.4 | $ 3,534.2 | ||||
Operating income | 152.9 | 136 | (15.4) | 485 | ||||
Earnings before income taxes | 121.9 | 111.7 | (234) | 278.7 | ||||
Net earnings attributable to Liberty Latin America shareholders | 84.1 | 76.1 | (310.3) | 174 | ||||
Current assets | 2,108.6 | 2,108.6 | $ 2,051.9 | |||||
Total assets | 15,062.9 | 15,062.9 | 15,365.7 | |||||
Total liabilities | 12,537 | 12,537 | 12,468.3 | |||||
Total equity | $ 2,525.9 | 3,606.4 | $ 2,525.9 | 3,606.4 | $ 2,447.9 | 2,897.4 | $ 3,420.1 | $ 3,322.1 |
As Previously Reported | ||||||||
Basis of Presentation [Line Items] | ||||||||
Revenue | 1,192 | 3,519.9 | ||||||
Operating income | 137.4 | 475.8 | ||||||
Earnings before income taxes | 113.1 | 269.5 | ||||||
Net earnings attributable to Liberty Latin America shareholders | 78.2 | 170.4 | ||||||
Current assets | 2,066.2 | |||||||
Total assets | 15,386 | |||||||
Total liabilities | 12,472.6 | |||||||
Total equity | 2,913.4 | |||||||
Adjustments | ||||||||
Basis of Presentation [Line Items] | ||||||||
Revenue | 4.3 | 14.3 | ||||||
Operating income | (1.4) | 9.2 | ||||||
Earnings before income taxes | (1.4) | 9.2 | ||||||
Net earnings attributable to Liberty Latin America shareholders | $ (2.1) | $ 3.6 | ||||||
Current assets | (14.3) | |||||||
Total assets | (20.3) | |||||||
Total liabilities | (4.3) | |||||||
Total equity | $ (16) |
Current Expected Credit Losse_2
Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 80.3 | $ 100 |
Provision for expected losses, net | 52.2 | 38.6 |
Write-offs | (44.4) | (48.7) |
Foreign currency translation adjustments and other | (1.3) | (9.4) |
Balance at end of period | $ 86.8 | $ 80.5 |
Current Expected Credit Losse_3
Current Expected Credit Losses - Changes in Notes Receivable Allowance For Credit Losses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 32.3 | $ 16.2 |
Provision for expected losses, net | 0.1 | 1.1 |
Foreign currency translation adjustments and other | (21.8) | 10.1 |
Balance at end of period | $ 10.6 | $ 27.4 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021 | Sep. 14, 2021 | Aug. 09, 2021 | Jul. 30, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | |||||||||
Revenue | $ 1,260.7 | $ 3,718.9 | $ 3,806.4 | ||||||
Net earnings | 70.5 | (323) | 152.7 | ||||||
Capital contribution from noncontrolling interest owner | $ 47 | 0 | $ 46.9 | ||||||
Claro Panama Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue | $ 35 | ||||||||
Net earnings | $ (7) | ||||||||
Enterprise value | $ 200 | ||||||||
Telefónica S.A. Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Enterprise value | $ 500 | ||||||||
Capital contribution from noncontrolling interest owner | $ 47 | ||||||||
Reduction in total consideration paid | $ 12 | ||||||||
Broadband VI, LLC Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Enterprise value | $ 33 | ||||||||
Percentage of interests acquired (as a percent) | 96% |
Acquisitions - Reconciliation O
Acquisitions - Reconciliation Of Purchase Price To Net Cash Paid (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 14, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jul. 01, 2022 | |
Business Acquisition [Line Items] | ||||
Net cash paid for the Claro Panama Acquisition | $ 234.1 | $ 520.6 | ||
Claro Panama Acquisition | ||||
Business Acquisition [Line Items] | ||||
Stated purchase price | $ 200 | |||
Preliminary working capital adjustments | 12.6 | |||
Total purchase price | 212.6 | $ 212.6 | ||
Opening balance sheet cash | (1.2) | |||
Net cash paid for the Claro Panama Acquisition | $ 211.4 |
Acquisitions - Preliminary Open
Acquisitions - Preliminary Opening Balance Sheet (Details) - USD ($) $ in Millions | Jul. 01, 2022 | Aug. 09, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 14, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 3,416.6 | $ 3,948 | |||
Claro Panama Acquisition | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ 42.8 | ||||
Goodwill | 16.5 | ||||
Property and equipment | 139.6 | ||||
Intangible assets subject to amortization | 49.8 | ||||
Other assets | 130.6 | ||||
Current liabilities | (48.1) | ||||
Long-term liabilities | (118.6) | ||||
Total purchase price | $ 212.6 | $ 212.6 | |||
Claro Panama Acquisition | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Weighted average useful life of acquired intangible assets (in years) | 6 years | ||||
Telefónica S.A. Acquisition | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ 74.7 | ||||
Goodwill | 256.7 | ||||
Property and equipment | 150.6 | ||||
Intangible assets subject to amortization | 139.9 | ||||
Other assets | 145.7 | ||||
Current liabilities | (74.2) | ||||
Long-term liabilities | (168.3) | ||||
Total purchase price | $ 525.1 | ||||
Telefónica S.A. Acquisition | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Weighted average useful life of acquired intangible assets (in years) | 7 years | ||||
Telefónica S.A. Acquisition | Spectrum licenses | |||||
Business Acquisition [Line Items] | |||||
Weighted average useful life of acquired intangible assets (in years) | 25 years |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Revenue | $ 1,260.7 | $ 3,718.9 | $ 3,806.4 |
Net earnings (loss) attributable to Liberty Latin America shareholders | $ 70.5 | $ (323) | $ 152.7 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Current | $ 67.6 | $ 15.2 |
Long-term | 261.1 | 25.3 |
Total | 328.7 | 40.5 |
Liabilities: | ||
Current | 39.7 | 39.1 |
Long-term | 0.2 | 62.1 |
Total | 39.9 | 101.2 |
Cross-currency and interest rate derivative contracts | ||
Assets: | ||
Current | 67.6 | 15.1 |
Long-term | 261.1 | 25.3 |
Total | 328.7 | 40.4 |
Liabilities: | ||
Current | 24.2 | 33.3 |
Long-term | 0.2 | 62.1 |
Total | 24.4 | 95.4 |
Foreign currency forward contracts | ||
Assets: | ||
Current | 0 | 0.1 |
Long-term | 0 | 0 |
Total | 0 | 0.1 |
Liabilities: | ||
Current | 15.5 | 5.8 |
Long-term | 0 | 0 |
Total | $ 15.5 | $ 5.8 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains on Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | $ 135.4 | $ 292 | $ 385 | $ 464.2 |
Cross-currency and interest rate derivative contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | 159.3 | 285.1 | 417.8 | 464.2 |
Foreign currency forward contracts | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | (16) | 15.4 | (9.3) | 20.1 |
Weather Derivatives | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivative instruments, net | (7.9) | (8.5) | (23.5) | (20.1) |
Cross currency interest rate contract - credit risk valuation adjustments | ||||
Derivative [Line Items] | ||||
Gain (loss) on credit risk derivatives | (5) | (15) | (14) | (44) |
Cross currency interest rate contract - credit risk valuation adjustments | Chile JV | ||||
Derivative [Line Items] | ||||
Gain (loss) on credit risk derivatives | $ (3) | $ (12) | $ (3) | $ (29) |
Derivative Instruments - Net Ca
Derivative Instruments - Net Cash Received (Paid) Related to Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||
Operating activities | $ (30.9) | $ (109) |
Investing activities | 5.3 | (2) |
Financing activities | 97.6 | (43) |
Total | $ 72 | (154) |
Interest Rate Swap | VTR | VTR | ||
Derivative [Line Items] | ||
Financing activities | (11) | |
Interest Rate Swap | Liberty Puerto Rico | VTR | ||
Derivative [Line Items] | ||
Financing activities | $ (32) |
Derivative Instruments - Counte
Derivative Instruments - Counterparty Credit Risk (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Exposure to counterparty credit risk | $ 302 |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Derivative Contracts (Details) ₡ in Millions, $ in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 CLP ($) | Sep. 30, 2022 CRC (₡) | |
Interest Rate Swap | C&W | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 2,690 | ||
Weighted average remaining life (in years) | 4 years 7 months 6 days | ||
Derivative floor interest rate (as a percent) | 0% | 0% | 0% |
Interest Rate Swap | Liberty Puerto Rico | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 500 | ||
Weighted average remaining life (in years) | 6 years | ||
Interest Rate Swap | Liberty Costa Rica | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 276.7 | ||
Weighted average remaining life (in years) | 1 year 3 months 18 days | ||
Derivative floor interest rate (as a percent) | 0.75% | 0.75% | 0.75% |
Basis Swap | C&W | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 2,100 | ||
Weighted average remaining life (in years) | 9 months 18 days | ||
Basis Swap | Liberty Puerto Rico | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 620 | ||
Weighted average remaining life (in years) | 9 months 18 days | ||
Foreign currency forward contracts | LLA UK Holding Limited | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 88.3 | $ 73,000 | |
Weighted average remaining life (in years) | 0 years | ||
Foreign currency forward contracts | Liberty Costa Rica borrowing group | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 37.5 | ₡ 25,585.2 | |
Weighted average remaining life (in years) | 1 month 6 days |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Interest Rate Floor | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount of derivative | $ 620 |
Weighted average remaining life (in years) | 6 years |
Interest Rate Cap | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount of derivative | $ 120 |
Weighted average remaining life (in years) | 6 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impairment of cost basis investment | $ 41 | |
Nonrecurring | Discount rate | Minimum | C&W | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Reporting unit, measurement input | 7% | |
Nonrecurring | Discount rate | Maximum | C&W | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Reporting unit, measurement input | 15% |
Long-lived Assets - Goodwill (D
Long-lived Assets - Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 3,948 | ||
Acquisitions and related adjustments | 13.1 | ||
Foreign currency translation adjustments and other | 10.8 | ||
Impairment | (555.3) | ||
Ending balance | $ 3,416.6 | 3,416.6 | |
Impairment | 555.3 | ||
Accumulated goodwill impairments | 2,784 | 2,784 | $ 2,229 |
C&W Caribbean | |||
Goodwill [Roll Forward] | |||
Beginning balance | 1,787 | ||
Acquisitions and related adjustments | (11.5) | ||
Foreign currency translation adjustments and other | 5 | ||
Impairment | (555) | (555.3) | |
Ending balance | 1,225.2 | 1,225.2 | |
Impairment | 555 | 555.3 | |
Goodwill remaining after impairment | 496 | 496 | |
C&W Panama | |||
Goodwill [Roll Forward] | |||
Beginning balance | 617.1 | ||
Acquisitions and related adjustments | 16.5 | ||
Foreign currency translation adjustments and other | 0 | ||
Impairment | 0 | ||
Ending balance | 633.6 | 633.6 | |
Impairment | 0 | ||
C&W Networks & LatAm | |||
Goodwill [Roll Forward] | |||
Beginning balance | 646.9 | ||
Acquisitions and related adjustments | 11.5 | ||
Foreign currency translation adjustments and other | (3) | ||
Impairment | 0 | ||
Ending balance | 655.4 | 655.4 | |
Impairment | 0 | ||
Liberty Puerto Rico | |||
Goodwill [Roll Forward] | |||
Beginning balance | 498.3 | ||
Acquisitions and related adjustments | 0.4 | ||
Foreign currency translation adjustments and other | 0 | ||
Impairment | 0 | ||
Ending balance | 498.7 | 498.7 | |
Impairment | 0 | ||
Liberty Costa Rica | |||
Goodwill [Roll Forward] | |||
Beginning balance | 398.7 | ||
Acquisitions and related adjustments | (3.8) | ||
Foreign currency translation adjustments and other | 8.8 | ||
Impairment | 0 | ||
Ending balance | $ 403.7 | 403.7 | |
Impairment | $ 0 |
Long-lived Assets - Property an
Long-lived Assets - Property and Equipment, Net (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 7,368.3 | $ 6,744.1 | |
Accumulated depreciation | (3,093.3) | (2,575.7) | |
Total | 4,275 | 4,168.4 | |
Non-cash increases related to vendor financing arrangements | 114.2 | $ 65 | |
Distribution systems | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 4,378.7 | 4,208.8 | |
Support equipment, buildings, land and CIP | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 893.3 | 893.7 | |
CPE | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 2,096.3 | $ 1,641.6 |
Long-lived Assets - Intangible
Long-lived Assets - Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total | $ 1,592.8 | $ 1,592.4 |
Spectrum licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | 1,051 | 1,050.9 |
Cable television franchise rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | 540 | 540 |
Other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total | $ 1.8 | $ 1.5 |
Long-lived Assets - Intangibl_2
Long-lived Assets - Intangible Assets Subject to Amortization, Net (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2021 |
Statement [Line Items] | |||
Finite-lived intangible assets, gross | $ 1,727.2 | $ 1,747.8 | |
Accumulated amortization | (1,009.9) | (959.2) | |
Total | 717.3 | 788.6 | |
Claro Panama Acquisition | |||
Statement [Line Items] | |||
Intangible assets subject to amortization | $ 49.8 | ||
Customer relationships | |||
Statement [Line Items] | |||
Finite-lived intangible assets, gross | 1,450.4 | 1,527.6 | |
Licenses and other (a) | |||
Statement [Line Items] | |||
Finite-lived intangible assets, gross | $ 276.8 | $ 220.2 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 29, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Earnings (losses) before income taxes | $ 121.9 | $ 111.7 | $ (234) | $ 278.7 | ||
Chile JV | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (as a percent) | 50% | |||||
Earnings (losses) before income taxes | $ 32 | $ 159 | $ 26 | $ 200 | ||
Chile JV | Subsequent Event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (as a percent) | 50% | |||||
America Movil | Subsequent Event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Payments to acquire equity method investments | $ 76 |
Assets Held for Sale - Schedule
Assets Held for Sale - Schedule of Assets and Liabilities (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Chile JV Entities - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 63 | $ 109.7 |
Other current assets, net | 104.4 | 132.6 |
Property and equipment, net | 697.5 | 686 |
Goodwill | 275.6 | 313 |
Other assets, net | 259.1 | 327.4 |
Total assets | 1,399.6 | 1,568.7 |
Liabilities: | ||
Current portion of debt | 72.4 | 82.2 |
Other accrued and current liabilities | 210.1 | 294.2 |
Long-term debt (c) | 1,330.9 | 1,416.8 |
Other long-term liabilities | 55.1 | 60.9 |
Total liabilities | 1,668.5 | 1,854.1 |
Derivative assets, current | 15 | 27 |
Derivative assets, noncurrent | 211 | 277 |
Derivative liabilities, current | 3 | 16 |
Derivative liabilities, noncurrent | 2 | 2 |
Estimated fair value of debt instruments | $ 829 | $ 1,470 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations - Components of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 5.80% | |
Unused borrowing capacity | $ 971.7 | |
Estimated fair value | 6,994.1 | $ 7,781.6 |
Total debt before premiums, discounts and deferred financing costs | 7,943.9 | 7,678.3 |
Premiums, discounts and deferred financing costs, net | (102.2) | (120) |
Total carrying amount of debt | 7,841.7 | 7,558.3 |
Finance lease obligations | 9.8 | 7.6 |
Total debt and finance lease obligations | 7,851.5 | 7,565.9 |
Less: Current maturities of debt and finance lease obligations | (208) | (106.3) |
Long-term debt and finance lease obligations | $ 7,643.5 | $ 7,459.6 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total debt and finance lease obligations | Total debt and finance lease obligations |
Convertible Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 2% | |
Unused borrowing capacity | $ 0 | |
Estimated fair value | 347.7 | $ 396.5 |
Total debt before premiums, discounts and deferred financing costs | $ 402.5 | 402.5 |
C&W Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 6.55% | |
Unused borrowing capacity | $ 0 | |
Estimated fair value | 1,425.3 | 1,774.3 |
Total debt before premiums, discounts and deferred financing costs | $ 1,715 | 1,715 |
C&W Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 5.12% | |
Credit facilities, unused borrowing capacity | $ 792.2 | |
Estimated fair value | 2,491.3 | 2,422.7 |
Total debt before premiums, discounts and deferred financing costs | $ 2,618.1 | 2,451.3 |
LPR Senior Secured Notes | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 6.08% | |
Credit facilities, unused borrowing capacity | $ 0 | |
Estimated fair value | 1,588 | 2,058.1 |
Total debt before premiums, discounts and deferred financing costs | $ 1,981 | 1,981 |
LPR Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 6.57% | |
Credit facilities, unused borrowing capacity | $ 172.5 | |
Estimated fair value | 600.6 | 623.1 |
Total debt before premiums, discounts and deferred financing costs | $ 620 | 620 |
Liberty Costa Rica Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 8.65% | |
Credit facilities, unused borrowing capacity | $ 7 | |
Estimated fair value | 345.3 | 407.1 |
Total debt before premiums, discounts and deferred financing costs | $ 411.4 | 408.7 |
Vendor financing | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 4.83% | |
Unused borrowing capacity | $ 0 | |
Estimated fair value | 195.9 | 99.8 |
Total debt before premiums, discounts and deferred financing costs | $ 195.9 | $ 99.8 |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations - Components of Debt Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Convertible Notes | ||
Debt Instrument [Line Items] | ||
Carrying amount of convertible note | $ 370 | |
Unamortized debt discount | $ 31 | |
Convertible Notes | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 6.70% | |
Vendor Financing Obligations | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
General term of vendor financing arrangements for amounts due (in year) | 1 year | 1 year |
Operating expenses financed by intermediary | $ 116 | $ 82 |
Debt and Finance Lease Obliga_5
Debt and Finance Lease Obligations - Finance Activity (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 CRC (₡) | Sep. 30, 2021 CLP ($) | |
Debt Instrument [Line Items] | |||||||
Amount paid | $ 7,943,900,000 | $ 7,943,900,000 | $ 7,678,300,000 | ||||
Gain (loss) on debt extinguishment | (41,100,000) | $ 1,900,000 | $ (41,100,000) | $ 25,200,000 | |||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Rights offering finance acquisitions | $ 91,000,000 | ||||||
2028 CWP Term Loan A | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | |||||
Interest rate | 4.25% | 4.25% | |||||
Aggregate facility amount | $ 275,000,000 | $ 275,000,000 | |||||
Non-cash component | $ 272,900,000 | $ 272,900,000 | |||||
2028 CWP Term Loan B | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | |||||
Interest rate | 4.25% | 4.25% | |||||
Aggregate facility amount | $ 160,000,000 | $ 160,000,000 | |||||
Non-cash component | $ 0 | $ 0 | |||||
C&W Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | |||||
Aggregate facility amount | $ 12,000,000 | $ 12,000,000 | |||||
Non-cash component | $ 0 | $ 0 | |||||
Line of credit facility, remaining borrowing capacity | 580,000,000 | $ 580,000,000 | |||||
C&W Revolving Credit Facility | Line of Credit | SOFR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 3.75% | ||||||
C&W Revolving Credit Facility | Line of Credit | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 3.25% | ||||||
2029 LPR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | 100% | 100% | |||
Interest rate | 5.125% | 5.125% | 5.125% | 5.125% | |||
Aggregate facility amount | $ 820,000,000 | $ 820,000,000 | |||||
Non-cash component | $ 500,000,000 | $ 500,000,000 | |||||
2028 LPR Term Loan | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | 100% | 100% | |||
Aggregate facility amount | $ 500,000,000 | $ 500,000,000 | |||||
Non-cash component | $ 500,000,000 | $ 500,000,000 | |||||
2028 LPR Term Loan | Medium-term Notes | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 3.75% | ||||||
LPR Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 43,000,000 | $ 43,000,000 | |||||
LPR Revolving Credit Facility | Line of Credit | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 3.50% | ||||||
2029 VTR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | 100% | 100% | |||
Interest rate | 4.375% | 4.375% | 4.375% | 4.375% | |||
Aggregate facility amount | $ 410,000,000 | $ 410,000,000 | |||||
Non-cash component | 60,000,000 | 60,000,000 | |||||
Amount paid | 12,200,000 | 12,200,000 | |||||
Gain (loss) on debt extinguishment | $ 6,000,000 | ||||||
VTR RCF – A | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 0 | $ 0 | |||||
VTR RCF – A | Line of Credit | TAB | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 3.35% | ||||||
C&W Credit Facilities | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Fee on unused portion of credit facility (as a percent) | 0.50% | ||||||
Line of credit facility, remaining borrowing capacity | 792,200,000 | $ 792,200,000 | |||||
Amount paid | 2,618,100,000 | 2,618,100,000 | $ 2,451,300,000 | ||||
CWP Credit Facilities | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Non-cash component | 272,900,000 | $ 272,900,000 | |||||
Redemption price | 100% | ||||||
Amount paid | 272,900,000 | $ 272,900,000 | |||||
Gain (loss) on debt extinguishment | 0 | ||||||
2026 SPV Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Non-cash component | 1,000,000,000 | $ 1,000,000,000 | |||||
Redemption price | 100% | ||||||
Amount paid | 1,000,000,000 | $ 1,000,000,000 | |||||
Gain (loss) on debt extinguishment | (14,300,000) | ||||||
2028 VTR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Non-cash component | 60,000,000 | $ 60,000,000 | |||||
Redemption price | 103% | ||||||
Amount paid | 4,300,000 | 120,000,000 | 4,300,000 | $ 120,000,000 | |||
Gain (loss) on debt extinguishment | 1,700,000 | (4,000,000) | |||||
2028 VTR Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount paid | $ 31,600,000 | 31,600,000 | |||||
Gain (loss) on debt extinguishment | $ 33,400,000 | ||||||
VTR TLB-1 Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Non-cash component | 0 | $ 0 | |||||
Redemption price | 100% | ||||||
Amount paid | 196,400,000 | $ 196,400,000 | $ 140,900 | ||||
Gain (loss) on debt extinguishment | (5,600,000) | ||||||
VTR TLB-2 Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Non-cash component | 0 | $ 0 | |||||
Redemption price | 100% | ||||||
Amount paid | $ 46,100,000 | $ 46,100,000 | $ 33,100 | ||||
Gain (loss) on debt extinguishment | $ (1,300,000) | ||||||
Liberty Servicios Term Loan B-1 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | 100% | 100% | |||
Aggregate facility amount | $ 227,500,000 | $ 227,500,000 | |||||
Non-cash component | $ 0 | $ 0 | |||||
Liberty Servicios Term Loan B-1 Facility | Line of Credit | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 5.50% | ||||||
Liberty Servicios Term Loan B-1 Facility | Line of Credit | LIBOR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 0.75% | ||||||
Liberty Servicios Term Loan B-2 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Issued at | 100% | 100% | 100% | 100% | |||
Aggregate facility amount | $ 58,800,000 | $ 58,800,000 | ₡ 36,457,900,000 | ||||
Non-cash component | $ 0 | $ 0 | |||||
Liberty Servicios Term Loan B-2 Facility | Line of Credit | TAB | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, variable rate | 6.75% |
Debt and Finance Lease Obliga_6
Debt and Finance Lease Obligations - Maturities of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt maturities | $ 7,943.9 | $ 7,678.3 |
Premiums, discounts and deferred financing costs, net | (102.2) | (120) |
Total carrying amount of debt | 7,841.7 | $ 7,558.3 |
C&W | ||
Debt Instrument [Line Items] | ||
2022 (remainder of year) | 43.8 | |
2023 | 140.9 | |
2024 | 49.7 | |
2025 | 1.8 | |
2026 | 0.6 | |
2027 | 1,727.5 | |
Thereafter | 2,546.8 | |
Total debt maturities | 4,511.1 | |
Premiums, discounts and deferred financing costs, net | (33.3) | |
Total carrying amount of debt | 4,477.8 | |
Current portion | 194.6 | |
Noncurrent portion | 4,283.2 | |
Liberty Puerto Rico | ||
Debt Instrument [Line Items] | ||
2022 (remainder of year) | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 1,161 | |
Thereafter | 1,440 | |
Total debt maturities | 2,601 | |
Premiums, discounts and deferred financing costs, net | (29.6) | |
Total carrying amount of debt | 2,571.4 | |
Current portion | 0 | |
Noncurrent portion | 2,571.4 | |
Liberty Costa Rica | ||
Debt Instrument [Line Items] | ||
2022 (remainder of year) | 13.1 | |
2023 | 3.5 | |
2024 | 411.4 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total debt maturities | 428 | |
Premiums, discounts and deferred financing costs, net | (7) | |
Total carrying amount of debt | 421 | |
Current portion | 11.9 | |
Noncurrent portion | 409.1 | |
Liberty Latin America | ||
Debt Instrument [Line Items] | ||
2022 (remainder of year) | 0.4 | |
2023 | 0.6 | |
2024 | 402.8 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total debt maturities | 403.8 | |
Premiums, discounts and deferred financing costs, net | (32.3) | |
Total carrying amount of debt | 371.5 | |
Current portion | 0.8 | |
Noncurrent portion | 370.7 | |
Consolidated | ||
Debt Instrument [Line Items] | ||
2022 (remainder of year) | 57.3 | |
2023 | 145 | |
2024 | 863.9 | |
2025 | 1.8 | |
2026 | 0.6 | |
2027 | 2,888.5 | |
Thereafter | 3,986.8 | |
Total debt maturities | 7,943.9 | |
Premiums, discounts and deferred financing costs, net | (102.2) | |
Total carrying amount of debt | 7,841.7 | |
Current portion | 207.3 | |
Noncurrent portion | $ 7,634.4 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 29.4 | $ 25.6 | $ 85.3 | $ 66.1 |
Short-term lease cost | 5.9 | 5.3 | 17.9 | 15.2 |
Total operating lease expense | $ 35.3 | $ 30.9 | $ 103.2 | $ 81.3 |
Leases - Operating Leases Asset
Leases - Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 525.2 | $ 441 | |
Operating lease liabilities: | |||
Current | 75.6 | 82 | |
Noncurrent | 473.7 | 371 | |
Total operating lease liabilities | $ 549.3 | $ 453 | |
Weighted-average remaining lease term | 7 years | 7 years 6 months | |
Weighted-average discount rate | 5.60% | 6.20% | |
Operating cash outflows related to operating leases | $ 92.8 | $ 63.6 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 171.7 | $ 138.9 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets, net | Other assets, net | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Leases - Lease Maturities of Op
Leases - Lease Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 (remainder of year) | $ 26.2 | |
2023 | 108.9 | |
2024 | 98.5 | |
2025 | 87.6 | |
2026 | 76.1 | |
2027 | 61.5 | |
Thereafter | 199 | |
Total operating lease liabilities on an undiscounted basis | 657.8 | |
Present value discount | (108.5) | |
Present value of operating lease liabilities | $ 549.3 | $ 453 |
Unfulfilled Performance Oblig_2
Unfulfilled Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 $ in Millions | Sep. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unfulfilled performance obligations | $ 325 |
Unfulfilled performance obligations, period (in years) | 5 years |
Programming and Other Direct _3
Programming and Other Direct Costs of Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | $ 299.1 | $ 297.2 | $ 903.3 | $ 864.8 |
Programming and copyright | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 91.6 | 108.5 | 302.1 | 334.7 |
Interconnect | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 88.6 | 92 | 262.7 | 252.7 |
Equipment and other | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | 118.9 | 96.7 | 338.5 | 277.4 |
Equipment | ||||
Other Income and Expenses [Line Items] | ||||
Programming and other direct costs of services | $ 88 | $ 74 | $ 258 | $ 213 |
Other Operating Costs and Exp_3
Other Operating Costs and Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Personnel and contract labor | $ 155.3 | $ 142.9 | $ 453.6 | $ 425.1 |
Network-related | 88.6 | 86 | 250.1 | 247.1 |
Service-related | 52.8 | 47.4 | 158.6 | 140.2 |
Commercial | 58.9 | 57.4 | 182.5 | 163.5 |
Facility, provision, franchise and other | 152.3 | 122.2 | 394 | 342 |
Share-based compensation expense | 20.8 | 33.1 | 82.6 | 88.9 |
Total other operating costs and expenses | $ 528.7 | $ 489 | $ 1,521.4 | $ 1,406.8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 39.1 | $ 39.8 | $ 101.6 | $ 110.7 |
Effective income tax rate (as a percent) | (32.10%) | (35.60%) | 43.40% | (39.70%) |
Earnings or Loss Per Share - We
Earnings or Loss Per Share - Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average shares outstanding: | ||||
Weighted average shares outstanding, Basic (in shares) | 220,186,543 | 232,801,996 | 224,414,274 | 233,059,215 |
Weighted average shares outstanding, Diluted (in shares) | 240,551,950 | 253,429,864 | 224,414,274 | 233,871,985 |
Earnings or Loss per Share - Ba
Earnings or Loss per Share - Basic and Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation) | $ 84.1 | |||
Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method) | 6.3 | $ 6 | $ 0 | |
Net earnings attributable to holders of Liberty Latin America Shares (diluted EPS computation) | $ 90.4 | $ 82.1 | $ 174 | |
Denominator: | ||||
Weighted average shares (basic EPS computation) (in shares) | 220,186,543 | 232,801,996 | 224,414,274 | 233,059,215 |
Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method) (in shares) | 871,728 | 1,134,189 | 812,770 | |
Number of shares issuable under our Convertible Notes (if-converted method) (in shares) | 19,493,679 | 19,493,679 | 0 | |
Weighted average shares (diluted EPS computation) (in shares) | 240,551,950 | 253,429,864 | 224,414,274 | 233,871,985 |
Options, SARs and RSUs | ||||
Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 35,100,000 | 35,800,000 | 19,900,000 | |
PSUs and PSARs | ||||
Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 8,500,000 | 8,700,000 | 8,200,000 | |
Convertible Notes | ||||
Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 19,500,000 | 19,500,000 |
Equity - Share Repurchase Progr
Equity - Share Repurchase Program (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Feb. 22, 2022 | Mar. 16, 2020 | |
Class of Stock [Line Items] | ||||
Stock repurchased program, remaining authorized repurchase amount | $ 74,000,000 | |||
Common Class A And Common Class C | ||||
Class of Stock [Line Items] | ||||
Stock repurchase program, authorized amount | $ 100,000,000 | |||
Additional amount authorized to be repurchased | $ 200,000,000 | |||
Common Class A | ||||
Class of Stock [Line Items] | ||||
Number of shares repurchased (in shares) | 2,653,800 | 2,169,700 | ||
Common Class C | ||||
Class of Stock [Line Items] | ||||
Number of shares repurchased (in shares) | 14,281,000 |
Equity - Contribution from Nonc
Equity - Contribution from Noncontrolling Interest Owners (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | |||
Capital contribution from noncontrolling interest owner | $ 47 | $ 0 | $ 46.9 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Percentage of minority interest revenues and adjusted OBIDA included in net earnings attributable to noncontrolling interest | 100% |
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest | 100% |
Segment Reporting - Performance
Segment Reporting - Performance Measures (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,222 | $ 1,196.3 | $ 3,654.4 | $ 3,534.2 |
Adjusted OIBDA | 415 | 443.2 | 1,312.3 | 1,351.5 |
Operating Segments | C&W Caribbean | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 359.1 | 347.4 | 1,069.5 | 1,033 |
Adjusted OIBDA | 132.7 | 119.6 | 397.1 | 357.9 |
Operating Segments | C&W Panama | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 172.5 | 133.9 | 441.3 | 394.5 |
Adjusted OIBDA | 46.7 | 47.9 | 131.6 | 137.5 |
Operating Segments | C&W Networks & LatAm | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 102.8 | 106.5 | 326.8 | 320 |
Adjusted OIBDA | 58.9 | 62 | 196.6 | 193.1 |
Operating Segments | Liberty Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 366.9 | 357.3 | 1,096.4 | 1,078.5 |
Adjusted OIBDA | 131.5 | 139.3 | 418.2 | 445.6 |
Operating Segments | Liberty Costa Rica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 109.2 | 77.8 | 324.6 | 150.3 |
Adjusted OIBDA | 32.8 | 24 | 98.6 | 50.8 |
Operating Segments | VTR | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 129.8 | 193.1 | 450.6 | 612.7 |
Adjusted OIBDA | 31.2 | 65.1 | 115.6 | 204.3 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5.4 | 5.4 | 16.5 | 16.2 |
Adjusted OIBDA | (18.8) | (14.7) | (45.4) | (37.7) |
Intersegment eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ (23.7) | $ (25.1) | $ (71.3) | $ (71) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Operating Cash Flow to Earnings from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Measurement Disclosures [Abstract] | ||||
Total Adjusted OIBDA | $ 415 | $ 443.2 | $ 1,312.3 | $ 1,351.5 |
Share-based compensation expense | (20.8) | (33.1) | (82.6) | (88.9) |
Depreciation and amortization | (234.3) | (252) | (661.7) | (736.3) |
Impairment, restructuring and other operating items, net | (7) | (22.1) | (583.4) | (41.3) |
Operating income (loss) | 152.9 | 136 | (15.4) | 485 |
Interest expense | (149.2) | (137.1) | (415.8) | (397.2) |
Realized and unrealized gains on derivative instruments, net | 135.4 | 292 | 385 | 464.2 |
Foreign currency transaction losses, net | (56.5) | (136.2) | (221.9) | (206) |
Gains (losses) on debt extinguishments | 41.1 | (1.9) | 41.1 | (25.2) |
Other expense, net | (1.8) | (41.1) | (7) | (42.1) |
Earnings (loss) before income taxes | $ 121.9 | $ 111.7 | $ (234) | $ 278.7 |
Segment Reporting - Property an
Segment Reporting - Property and Equipment Additions of our Reportable Segments (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 591.1 | $ 599 |
Assets acquired under capital-related vendor financing arrangements | (114.2) | (65) |
Changes in current liabilities related to capital expenditures | 20.8 | 10.7 |
Total capital expenditures | 497.7 | 544.7 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 28.3 | 20.9 |
C&W Caribbean | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 151.4 | 155.5 |
C&W Panama | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 71.6 | 64.5 |
C&W Networks & LatAm | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 32 | 35.4 |
Liberty Puerto Rico | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 154.8 | 139.1 |
VTR | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | 107.3 | 158 |
Liberty Costa Rica | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment additions | $ 45.7 | $ 25.6 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Major Category (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 1,222 | $ 1,196.3 | $ 3,654.4 | $ 3,534.2 |
Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 856.4 | 852.4 | 2,572 | 2,523.4 |
Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 425.4 | 474.8 | 1,334.2 | 1,445.7 |
Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 407.7 | 453.7 | 1,275.8 | 1,382.5 |
Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 17.7 | 21.1 | 58.4 | 63.2 |
Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 431 | 377.6 | 1,237.8 | 1,077.7 |
Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 312.6 | 281.7 | 897.7 | 781.7 |
Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 118.4 | 95.9 | 340.1 | 296 |
B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 344.7 | 333.7 | 1,041 | 983.6 |
Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 20.9 | 10.2 | 41.4 | 27.2 |
Mobile Service Revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 153 | |||
Mobile Handset | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 60 | 49 | 176 | |
B2B Mobile Handset and Other Devices | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7 | 10 | 19 | 23 |
Operating Segments | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 293 | 292.9 | 890.7 | |
Operating Segments | C&W Caribbean | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 359.1 | 347.4 | 1,069.5 | 1,033 |
Operating Segments | C&W Caribbean | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 225.9 | 217.6 | 669.7 | 647.5 |
Operating Segments | C&W Caribbean | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 129.8 | 126.6 | 388.7 | 379.6 |
Operating Segments | C&W Caribbean | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 122.2 | 118.1 | 363.5 | 353.7 |
Operating Segments | C&W Caribbean | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.6 | 8.5 | 25.2 | 25.9 |
Operating Segments | C&W Caribbean | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 96.1 | 91 | 281 | 267.9 |
Operating Segments | C&W Caribbean | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 78.8 | 76.1 | 232.9 | 222.9 |
Operating Segments | C&W Caribbean | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 17.3 | 14.9 | 48.1 | 45 |
Operating Segments | C&W Caribbean | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 133.2 | 129.8 | 399.8 | 385.5 |
Operating Segments | C&W Caribbean | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Panama | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 172.5 | 133.9 | 441.3 | 394.5 |
Operating Segments | C&W Panama | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 109.2 | 79.8 | 269.4 | 237.9 |
Operating Segments | C&W Panama | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 29 | 24.6 | 80.8 | 71.9 |
Operating Segments | C&W Panama | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 27.3 | 22.3 | 75.1 | 64.7 |
Operating Segments | C&W Panama | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1.7 | 2.3 | 5.7 | 7.2 |
Operating Segments | C&W Panama | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 80.2 | 55.2 | 188.6 | 166 |
Operating Segments | C&W Panama | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 65.8 | 43.6 | 152.7 | 132.8 |
Operating Segments | C&W Panama | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 14.4 | 11.6 | 35.9 | 33.2 |
Operating Segments | C&W Panama | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 63.3 | 54.1 | 171.9 | 156.6 |
Operating Segments | C&W Panama | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 102.8 | 106.5 | 326.8 | 320 |
Operating Segments | C&W Networks & LatAm | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 102.8 | 106.5 | 326.8 | 320 |
Operating Segments | C&W Networks & LatAm | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Puerto Rico | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 366.9 | 357.3 | 1,096.4 | 1,078.5 |
Operating Segments | Liberty Puerto Rico | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 889.8 | |||
Operating Segments | Liberty Puerto Rico | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 116.7 | 115.6 | 359 | 341.2 |
Operating Segments | Liberty Puerto Rico | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 111.7 | 110.6 | 343 | 327.1 |
Operating Segments | Liberty Puerto Rico | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5 | 5 | 16 | 14.1 |
Operating Segments | Liberty Puerto Rico | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 176.3 | 177.3 | 531.7 | 548.6 |
Operating Segments | Liberty Puerto Rico | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 112.2 | 122 | 343.5 | 359.8 |
Operating Segments | Liberty Puerto Rico | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 64.1 | 55.3 | 188.2 | 188.8 |
Operating Segments | Liberty Puerto Rico | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 53 | 54.2 | 164.3 | 161.5 |
Operating Segments | Liberty Puerto Rico | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 20.9 | 10.2 | 41.4 | 27.2 |
Operating Segments | VTR | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 129.8 | 193.1 | 450.6 | 612.7 |
Operating Segments | VTR | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 123.7 | 184.8 | 429.9 | 587.6 |
Operating Segments | VTR | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 115.1 | 171.6 | 401.2 | 544.1 |
Operating Segments | VTR | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 112.7 | 167.8 | 392.3 | 532.9 |
Operating Segments | VTR | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 2.4 | 3.8 | 8.9 | 11.2 |
Operating Segments | VTR | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 8.6 | 13.2 | 28.7 | 43.5 |
Operating Segments | VTR | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 7.8 | 11.5 | 25.8 | 37.7 |
Operating Segments | VTR | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0.8 | 1.7 | 2.9 | 5.8 |
Operating Segments | VTR | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 6.1 | 8.3 | 20.7 | 25.1 |
Operating Segments | VTR | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Liberty Costa Rica | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 109.2 | 77.8 | 324.6 | 150.3 |
Operating Segments | Liberty Costa Rica | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 99.2 | 71.9 | 295.8 | 144.4 |
Operating Segments | Liberty Costa Rica | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 34.8 | 36.4 | 104.5 | 108.9 |
Operating Segments | Liberty Costa Rica | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 33.8 | 34.9 | 101.9 | 104.1 |
Operating Segments | Liberty Costa Rica | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 1 | 1.5 | 2.6 | 4.8 |
Operating Segments | Liberty Costa Rica | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 64.4 | 35.5 | 191.3 | 35.5 |
Operating Segments | Liberty Costa Rica | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 48 | 28.5 | 142.8 | 28.5 |
Operating Segments | Liberty Costa Rica | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 16.4 | 7 | 48.5 | 7 |
Operating Segments | Liberty Costa Rica | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 10 | 5.9 | 28.8 | 5.9 |
Operating Segments | Liberty Costa Rica | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.4 | 5.4 | 16.5 | 16.2 |
Corporate | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.4 | 5.4 | 16.5 | 16.2 |
Corporate | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.4 | 5.4 | 16.5 | 16.2 |
Corporate | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 5.4 | 5.4 | 16.5 | 16.2 |
Corporate | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Corporate | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (23.7) | (25.1) | (71.3) | (71) |
Intersegment Eliminations | Total residential revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Total residential fixed revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Non-subscription revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Total residential mobile revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Service revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | Interconnect, inbound roaming, equipment sales and other | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations | B2B revenue (b) | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | (23.7) | (25.1) | (71.3) | (71) |
Intersegment Eliminations | Other revenue | ||||
Principal Transaction Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Geographic
Segment Reporting - Geographic Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,222 | $ 1,196.3 | $ 3,654.4 | $ 3,534.2 |
Puerto Rico | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 354 | 344 | 1,057.6 | 1,037.4 |
Chile | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 129.8 | 193.1 | 450.6 | 612.7 |
Panama | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 171.6 | 133.2 | 439 | 392.7 |
Costa Rica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 109 | 77.7 | 324.1 | 150.2 |
Jamaica | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 108.5 | 100.6 | 318.6 | 297.3 |
Networks & LatAm | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 83.5 | 85.6 | 269.4 | 260.8 |
The Bahamas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48.4 | 47.8 | 144.5 | 140.5 |
Trinidad and Tobago | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 39.5 | 38.7 | 119.7 | 118.3 |
Barbados | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 37.3 | 35.6 | 110.6 | 104.5 |
Curacao | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 34.2 | 34.6 | 99.9 | 104.2 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 106.2 | $ 105.4 | $ 320.4 | $ 315.6 |