Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.1 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for the Registrant’s 2023 Annual General Meeting of Shareholders are incorporated by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0001712184 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
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) | 42,300,000 | ||
Class C | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Class C Common Shares, par value $0.01 per share | ||
Trading Symbol | LILAK | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding (in Shares) | 171,200,000 | ||
Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in Shares) | 2,100,000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Denver, Colorado |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 781 | $ 956.7 |
Trade receivables, net | 603.3 | 526.6 |
Prepaid expenses | 65.1 | 67.7 |
Current notes receivable, net | 92 | 100.2 |
Current contract assets | 107.3 | 78.2 |
Other current assets, net | 430.2 | 322.5 |
Total current assets | 2,078.9 | 2,051.9 |
Goodwill | 3,421.3 | 3,948 |
Property, Plant and Equipment, Net | 4,293.6 | 4,168.4 |
Intangible assets not subject to amortization | 1,592.8 | 1,592.4 |
Intangible assets subject to amortization, net | 688.1 | 788.6 |
Assets held for sale | 0 | 1,568.7 |
Other assets, net | 1,500.5 | 1,247.7 |
Total assets | 13,575.2 | 15,365.7 |
Current liabilities: | ||
Accounts payable | 525.1 | 398 |
Current portion of deferred revenue | 151.7 | 148 |
Current portion of debt and finance lease obligations | 226.9 | 106.3 |
Accrued interest | 118.2 | 113 |
Accrued payroll and employee benefits | 82.1 | 100.5 |
Current operating lease liabilities | 76.7 | 82 |
Other Accrued Liabilities, Current | 581.2 | 566.7 |
Total current liabilities | 1,761.9 | 1,514.5 |
Long-term debt and finance lease obligations | 7,653.8 | 7,459.6 |
Deferred tax liabilities | 691.2 | 692 |
Deferred revenue | 109.3 | 152.6 |
Liabilities associated with assets held for sale | 0 | 1,854.1 |
Other long-term liabilities | 792.9 | 795.5 |
Total liabilities | 11,009.1 | 12,468.3 |
Commitments and contingencies | ||
Liberty Latin America shareholders: | ||
Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period | 0 | 0 |
Treasury shares, at cost; 25.3 million and 6.0 million shares, respectively | (243.4) | (74) |
Additional paid-in capital | 5,177.1 | 5,075.3 |
Accumulated deficit | (2,869.5) | (2,693.9) |
Accumulated other comprehensive loss, net of taxes | (149.2) | (89.7) |
Total Liberty Latin America shareholders | 1,917.4 | 2,220 |
Noncontrolling interests | 648.7 | 677.4 |
Total equity | 2,566.1 | 2,897.4 |
Total liabilities and equity | 13,575.2 | 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 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, 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 stock (in shares) | 25,300,000 | 6,000,000 |
Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 51,800,000 | 50,100,000 |
Common stock, shares outstanding (in shares) | 42,700,000 | 45,500,000 |
Class B | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 2,100,000 | 1,900,000 |
Common stock, shares outstanding (in shares) | 2,100,000 | 1,900,000 |
Class C | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 187,400,000 | 183,600,000 |
Common stock, shares outstanding (in shares) | 171,300,000 | 182,300,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 4,815.1 | $ 4,814.8 | $ 3,782.4 |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): | |||
Programming and other direct costs of services | 1,210.5 | 1,214.4 | 860.4 |
Other operating costs and expenses | 1,980.6 | 1,903.4 | 1,541.3 |
Depreciation and amortization | 910.7 | 964.7 | 918.7 |
Impairment, restructuring and other operating items, net | 619.2 | 665 | 375.3 |
Operating costs and expenses (exclusive of depreciation and amortization) | 4,721 | 4,747.5 | 3,695.7 |
Operating income | 94.1 | 67.3 | 86.7 |
Non-operating expense: | |||
Interest expense | (556.7) | (527.4) | (533.4) |
Realized and unrealized gains (losses) on derivative instruments, net | 359.4 | 564.1 | (352.7) |
Foreign currency transaction gains (losses), net | (194.3) | (319.6) | 1.2 |
Gains (losses) on debt modification and extinguishment, net | 41.1 | (57.2) | (45.1) |
Gain on disposal of the Chile JV Entities | 169.4 | 0 | 0 |
Other income (expense), net | (28.4) | (41.7) | 5.1 |
Non-operating income (expense) | (209.5) | (381.8) | (924.9) |
Loss before income taxes | (115.4) | (314.5) | (838.2) |
Income tax benefit (expense) | (86.5) | (173.3) | 29.2 |
Net loss | (201.9) | (487.8) | (809) |
Net loss attributable to noncontrolling interests | 26.3 | 50 | 121.7 |
Net loss attributable to Liberty Latin America shareholders | $ (175.6) | $ (437.8) | $ (687.3) |
Basic net loss per share attributable to Liberty Latin America shareholders (in dollars per share) | $ (0.79) | $ (1.88) | $ (3.51) |
Diluted net loss per share attributable to Liberty Latin America shareholders (in dollars per share) | $ (0.79) | $ (1.88) | $ (3.51) |
Cost, Product and Service [Extensible List] | Service [Member] | Service [Member] | Service [Member] |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (201.9) | $ (487.8) | $ (809) |
Other comprehensive earnings (loss), net of taxes: | |||
Foreign currency translation adjustments | 53.1 | 4.8 | (119) |
Reclassification adjustments included in net loss | (22.9) | (3.2) | 0.6 |
Other, net | (90.2) | 33.4 | 6.8 |
Other comprehensive earnings (loss) | (60) | 35 | (111.6) |
Comprehensive loss | (261.9) | (452.8) | (920.6) |
Comprehensive loss attributable to noncontrolling interests | 26.8 | 50.9 | 122.5 |
Comprehensive loss attributable to Liberty Latin America shareholders | $ (235.1) | $ (401.9) | $ (798.1) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Adjustments | As Adjusted | Total Liberty Latin America shareholders | Total Liberty Latin America shareholders Adjustments | Total Liberty Latin America shareholders As Adjusted | Common shares Class A | Common shares Class A As Adjusted | Common shares Class B | Common shares Class C | Common shares Class C As Adjusted | Treasury Stock | Additional paid-in capital | Additional paid-in capital As Adjusted | Accumulated deficit | Accumulated deficit Adjustments | Accumulated deficit As Adjusted | Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes As Adjusted | Non- controlling interests | Non- controlling interests Adjustments | Non- controlling interests As Adjusted |
Beginning balance at Dec. 31, 2019 | $ 3,858.4 | $ 0 | $ 3,858.4 | $ 2,988.3 | $ (0.2) | $ 2,988.1 | $ 0.5 | $ 0.5 | $ 0 | $ 1.3 | $ 1.3 | $ 4,569.9 | $ 4,569.9 | $ (1,568.6) | $ (0.2) | $ (1,568.8) | $ (14.8) | $ (14.8) | $ 870.1 | $ 0.2 | $ 870.3 | |
Treasury stock, beginning balance at Dec. 31, 2019 | $ 0 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net loss | (809) | (687.3) | (687.3) | (121.7) | ||||||||||||||||||
Other comprehensive earnings | (111.6) | (110.8) | (110.8) | (0.8) | ||||||||||||||||||
Repurchase of Liberty Latin America common shares | (9.5) | (9.5) | (9.5) | |||||||||||||||||||
Issuance of Liberty Latin America common shares, net | 345.1 | 345.1 | 0.5 | 344.6 | ||||||||||||||||||
Distributions to noncontrolling interest owners | (18.8) | (18.8) | ||||||||||||||||||||
Shared-based compensation | 66.6 | 66.6 | 66.6 | |||||||||||||||||||
Other | 0.9 | 0.9 | 0.9 | |||||||||||||||||||
Ending balance at Dec. 31, 2020 | 3,322.1 | 2,593.1 | 0.5 | 0 | 1.8 | 4,982 | (2,256.1) | (125.6) | 729 | |||||||||||||
Treasury stock, ending balance at Dec. 31, 2020 | (9.5) | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net loss | (487.8) | (437.8) | (437.8) | (50) | ||||||||||||||||||
Other comprehensive earnings | 35 | 35.9 | 35.9 | (0.9) | ||||||||||||||||||
Repurchase of Liberty Latin America common shares | (64.5) | (64.5) | (64.5) | |||||||||||||||||||
Distributions to noncontrolling interest owners | (47.6) | (47.6) | ||||||||||||||||||||
Contributions to noncontrolling interest owners | 46.9 | 46.9 | ||||||||||||||||||||
Shared-based compensation | 93.3 | 93.3 | 93.3 | |||||||||||||||||||
Ending balance at Dec. 31, 2021 | 2,897.4 | 2,220 | 0.5 | 0 | 1.8 | 5,075.3 | (2,693.9) | (89.7) | 677.4 | |||||||||||||
Treasury stock, ending balance at Dec. 31, 2021 | 74 | (74) | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net loss | (201.9) | (175.6) | (175.6) | (26.3) | ||||||||||||||||||
Other comprehensive earnings | (60) | (59.5) | (59.5) | (0.5) | ||||||||||||||||||
Repurchase of Liberty Latin America common shares | (169.4) | (169.4) | (169.4) | |||||||||||||||||||
Distributions to noncontrolling interest owners | (1.9) | (1.9) | ||||||||||||||||||||
Shared-based compensation | 101.9 | 101.9 | 0.1 | 101.8 | ||||||||||||||||||
Ending balance at Dec. 31, 2022 | 2,566.1 | $ 1,917.4 | $ 0.5 | $ 0 | $ 1.9 | $ 5,177.1 | $ (2,869.5) | $ (149.2) | $ 648.7 | |||||||||||||
Treasury stock, ending balance at Dec. 31, 2022 | $ 243.4 | $ (243.4) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (201.9) | $ (487.8) | $ (809) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Share-based compensation expense | 93.5 | 118.1 | 97.5 |
Depreciation and amortization | 910.7 | 964.7 | 918.7 |
Impairments and other non-cash charges | 593.1 | 645.1 | 283.8 |
Amortization of debt financing costs, premiums and discounts, net | 36.6 | 33.5 | 30.4 |
Realized and unrealized losses (gains) on derivative instruments, net | (359.4) | (564.1) | 352.7 |
Foreign currency transaction losses (gains), net | 194.3 | 319.6 | (1.2) |
Losses (gains) on debt modification and extinguishment, net | (41.1) | 57.2 | 45.1 |
Deferred income tax expense (benefit) | (6.7) | 87.8 | (65.1) |
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions: | |||
Receivables and other operating assets | (85) | (48.5) | (127.6) |
Payables and accruals | (95.9) | (109.4) | (85.2) |
Net cash provided by operating activities | 868.8 | 1,016.2 | 640.1 |
Cash flows from investing activities: | |||
Capital expenditures, net | (660.1) | (736.3) | (565.8) |
Cash paid in connection with acquisitions, net of cash acquired | (230.8) | (520.6) | (1,886.1) |
Cash outflow upon disposal of the Chile JV Entities | (188.8) | 0 | 0 |
Other investing activities, net | (42.9) | (11.7) | 1.1 |
Net cash used by investing activities | (1,122.6) | (1,268.6) | (2,450.8) |
Cash flows from financing activities: | |||
Borrowings of debt | 337.6 | 1,249.4 | 1,319 |
Payments of principal amounts of debt and finance lease obligations | (276.7) | (632.5) | (1,439.4) |
Repurchase of Liberty Latin America common shares | (170.4) | (63) | (9.5) |
Net cash received (paid) related to derivative instruments | 97.6 | (43) | 182.5 |
Distributions to noncontrolling interest owners | (1.9) | (47.6) | (18.8) |
Payment of financing costs and debt redemption premiums | (7.8) | (74.8) | (99) |
Issuance of Liberty Latin America common shares, net | 0 | 0 | 347 |
Capital contribution from noncontrolling interest owner | 0 | 46.9 | 0 |
Other financing activities, net | (7.6) | (8.8) | (10.7) |
Net cash provided (used) by financing activities | (29.2) | 426.6 | 271.1 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.3) | (12.5) | (4.9) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (285.3) | 161.7 | (1,544.5) |
Cash, cash equivalents and restricted cash: | |||
Beginning of year | 1,074.2 | 912.5 | 2,457 |
End of year | 788.9 | 1,074.2 | 912.5 |
Cash paid for interest | 506.4 | 463.3 | 484.3 |
Net cash paid for taxes | 115.6 | 44.3 | 81.6 |
Chile JV | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Gain on disposal of the Chile JV Entities | $ (169.4) | $ 0 | $ 0 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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 Annual Report on Form 10-K for terms used throughout the 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) prior to the closing of the formation of the Chile JV, 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; and iv. Chile, through our reportable segment VTR through September 30, 2022; 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. The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. Effective September 29, 2021, in connection with the pending formation of the Chile JV, as further described in note 8, we began accounting for the Chile JV Entities as “held for sale.” Accordingly, the assets and liabilities of the Chile JV Entities, excluding certain cash balances, are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2021 consolidated balance sheet. Consistent with the applicable guidance, we have not reflected similar reclassifications to exclude the Chile JV Entities from continuing operations in our consolidated statements of operations or cash flows and related footnote disclosures during the period of time they were accounted for as held for sale. In October 2022, we contributed the Chile JV Entities to the Chile JV and began accounting for our 50% interest in the Chile JV as an equity method investment. For additional information, see notes — and 8. Correction of Immaterial Errors During the third quarter of 2022, 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, and other assets. We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued consolidated financial statements. Notwithstanding this evaluation, we have revised (i) our December 31, 2021 consolidated balance sheet, and (ii) our consolidated statements of operations, comprehensive loss, equity and cash flows for the years ended December 31, 2021 and 2020 for these errors. The tables below set forth the adjustments to the primary consolidated financial statement line items resulting from these adjustments: Year ended December 31, 2021 Year ended December 31, 2020 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted in millions Revenue $ 4,799.0 $ 15.8 $ 4,814.8 $ 3,764.6 $ 17.8 $ 3,782.4 Operating income $ 81.2 $ (13.9) $ 67.3 $ 93.2 $ (6.5) $ 86.7 Loss before income taxes $ (300.6) $ (13.9) $ (314.5) $ (831.7) $ (6.5) $ (838.2) Net loss $ (490.1) $ 2.3 $ (487.8) $ (803.9) $ (5.1) $ (809.0) Net loss attributable to LLA shareholders $ (440.1) $ 2.3 $ (437.8) $ (682.2) $ (5.1) $ (687.3) 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 | 12 Months Ended |
Dec. 31, 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 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 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 our consolidated financial statement disclosures. ASU 2020-04, ASU 2021-01 and ASU 2022-06 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as LIBOR . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in Topic 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and was initially not intended to be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( ASU 2022-06 ), which defers the expiration date of Topic 848 from December 31, 2022, to December 31, 2024, and permits companies to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR. We do not currently expect that the phase out of LIBOR will have a material impact on our consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Estimates 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. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. Intercompany accounts have been eliminated in consolidation. Cash and Cash Equivalents Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments. Receivables We have trade and notes receivables that are each reported net of an allowance for expected credit losses. Our notes receivable consist of EIP receivables due from customers under contracts that range between a period of 12 to 36 months, depending on the market. The long-term portion of our notes receivable, net of allowances for expected credit losses, is included in other assets, net, in our consolidated balance sheets. From time to time, we may sell our trade or notes receivables to third parties. During 2022, we generated approximately $48 million from the sale of receivables to third parties that is reflected in cash provided by operating activities in our consolidated statement of cash flows. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $81 million and $85 million at December 31, 2022 and 2021, respectively, due from a single government. The allowances on each of our trade and notes receivables are established using our best estimates of current expected credit losses based upon, among other things, actual credit loss experience over the prior 12-month period, recent collection trends, prevailing and anticipated economic conditions and specific customer credit risk. Receivables outstanding greater than 30 days are considered past due and we generally write-off receivables after they become past due for 365 days, with the exception of amounts due from certain governments. The aggregate changes in our allowance for expected credit losses and associated with trade receivables, and current and long-term note receivables are set forth below: Year ended December 31, 2022 2021 2020 in millions Beginning balance $ 112.6 $ 116.2 $ 87.3 Provision for expected losses 78.4 71.4 63.9 Write-offs (79.1) (59.5) (60.3) Reclassification to assets held for sale — (10.0) — Foreign currency translation adjustments and other (10.8) (5.5) 25.3 Ending balance $ 101.1 $ 112.6 $ 116.2 Investments From time to time, we may hold investments in (i) equity method investments; (ii) cost method investments, and (iii) available-for-sale method investments. We apply the equity method to investments when we have the ability to exercise significant influence over the operating and financial policies of the investee. Under the equity method, investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Our share of the investee’s net earnings or losses is included in other income (expense), net, in our consolidated statements of operations. We are required to hold security against the value of certain pension liabilities in the U.K.. The security is in the form of U.K. Government Gilts, which we account for using the available-for-sale method. Available-for-sale securities are measured at fair value with changes reflected in other comprehensive income or loss until sold or other-than-temporarily impaired, at which time the amounts are reclassified from accumulated other comprehensive income or loss into non-operating income or expense in our consolidated statements of operations. Our investment in U.K. Government Gilts falls under Level 1 of the fair value hierarchy. At December 31, 2022 and 2021, the carrying values of our investment in U.K. Government Gilts were $30 million and $39 million, respectively, which are included in other assets, net, in our consolidated balance sheets. We hold an equity security for which the fair value is not readily determinable. Accordingly, we measure this investment at cost minus impairment, plus or minus changes resulting from observable price changes. We continually review our equity method investments, available-for-sale debt securities and cost-basis investments to determine whether a decline in fair value below the cost basis is other-than-temporary. If it has been determined that an investment has sustained an other-than-temporary decline in value, we estimate the fair value and record an impairment charge if the carrying value of the investment exceeds its estimated fair value. Any impairment charges are recorded in other income (expense), net, in our consolidated statements of operations. For additional information regarding our fair value measurements, see note 6. Financial Instruments Due to the short maturities of cash and cash equivalents, trade and other receivables, notes receivable, other current assets, accounts payable, accrued liabilities and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of our derivative and debt instruments, see notes 5 and 9, respectively. For information regarding how we arrive at certain of our fair value measurements, see note 6. Derivative Instruments Derivative Instruments Recorded at Fair Value Our derivative instruments, excluding our Weather Derivatives, as discussed below, are recorded in our consolidated balance sheets at fair value, whether designated as a hedge or not. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in realized and unrealized gains or losses on derivative instruments in our consolidated statements of operations. As of December 31, 2022, we do not apply hedge accounting to any of our derivative instruments. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows, as follows: • cross-currency and interest rate derivative contracts: the net cash paid or received related to principal and current interest is classified as a financing or operating activity, respectively; • foreign currency forward contracts that are used to hedge operating expenditures: the net cash paid or received is classified as an operating activity; • foreign currency forward contracts that are used to hedge capital expenditures: the net cash paid or received is reflected in capital expenditures, net, which are classified as an investing activity; • foreign currency forward contracts that are used to hedge principal exposure on foreign currencies: the net cash paid or received is classified as a financing activity; and • derivative contracts that are terminated prior to maturity: the cash paid or received upon termination that relates to future periods is classified as a financing activity. Inventories Inventories consist primarily of mobile handset devices and accessories and are valued at the lower of cost or net realizable value. We maintain inventory valuation reserves for obsolete and slow-moving inventory based on analysis of recent historical sales activity and current retail, stand-alone selling prices. We record sales of inventories under the average cost method. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. The nature and amount of labor and other costs to be capitalized with respect to construction and installation activities involves judgment. In addition to direct external and internal labor and materials, we also capitalize other costs directly attributable to our construction and installation activities, including dispatch costs, quality-control costs, vehicle-related costs and certain warehouse-related costs. The capitalization of these costs is based on time sheets, time studies, standard costs, call tracking systems and other verifiable means that directly link the costs incurred with the applicable capitalizable activity. We continuously monitor the appropriateness of our capitalization policies and update the policies when necessary to respond to changes in facts and circumstances, such as the development of new products and services and changes in the manner that installations or construction activities are performed. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. We capitalize internal and external costs directly associated with the development of internal-use software. Capitalized internal-use software is included as a component of property and equipment. We also capitalize costs associated with the purchase of software licenses. Costs associated with software obtained in a hosting arrangement are expensed over the life of the service contract, unless we have the right to take possession of the software at any time without significant penalty and it is feasible to run the software on our own hardware or contract with another party unrelated to the vendor to host the software. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset and is included in depreciation and amortization in our consolidated statements of operations. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 7. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are expensed as incurred. We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values. Asset retirement obligations primarily relate to assets placed on leased wireless towers and other premises. Asset retirement obligations of $55 million and $46 million at December 31, 2022 and 2021, respectively, are included in other long-term liabilities in our consolidated balance sheets. Intangible Assets Our primary intangible assets relate to goodwill, customer relationships, spectrum licenses and cable television franchise rights. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships, spectrum licenses and cable television franchise rights that are acquired in connection with a business combination are initially recorded at their fair values. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. We do not amortize our cable television franchise rights or spectrum licenses that have indefinite lives. Spectrum licenses provide us with the exclusive right to utilize a certain radio frequency spectrum to provide wireless communications services. While spectrum licenses are issued for only a fixed time (generally 10 years or less), renewals of spectrum licenses occur routinely and at nominal cost. Moreover, we believe there are currently no significant legal, regulatory, contractual, competitive, economic or other factors limiting the useful lives of most of our spectrum licenses, and therefore while spectrum licenses in certain markets are amortized over a finite period, we generally treat these spectrum licenses as indefinite-lived intangible assets. We believe we will be able to meet all requirements necessary to secure renewal of such spectrum licenses. For additional information regarding the useful lives of our intangible assets, see note 7. Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) the impact of natural disasters, such as hurricanes, (ii) an expectation of a sale or disposal of a long-lived asset or asset group, (iii) adverse changes in market or competitive conditions, (iv) an adverse change in legal factors or business climate in the markets in which we operate and (v) operating or cash flow losses. For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below). If the carrying amount of the asset or asset group is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment adjustment is recognized. Such adjustment is measured by the amount that the carrying value of such asset or asset group exceeds its fair value. We generally measure fair value by considering (i) sale prices for similar assets, (ii) discounted estimated future cash flows using an appropriate discount rate and/or (iii) estimated replacement cost. Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell. We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on July 1, which we changed from October 1 during 2022, and whenever facts and circumstances indicate that the fair value of a reporting unit or an indefinite-lived intangible asset may be less than its carrying value. For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired. In the case of goodwill, if it is more-likely-than-not that a reporting unit’s fair value is less than its carrying value, we then compare the fair value of the reporting unit to its respective carrying amount. A reporting unit is an operating segment or one level below an operating segment. Goodwill impairment is recorded as the excess of a reporting unit’s carrying value over its fair value and is charged to operations as an impairment loss. With respect to other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss. For additional information regarding the fair value measurements of our property and equipment and intangible assets, see note 6. For additional information regarding impairments, see note 7. Contract Assets When we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets are reclassified to trade receivables, net, in our consolidated balance sheet at the point in time we have the unconditional right to payment. The long-term portion of contract assets are $107 million and $86 million as of December 31, 2022 and 2021, respectively, and are included in other assets, net, in our consolidated balance sheets. Deferred Contract Costs Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are recognized as an asset and amortized to other operating costs and expenses over the applicable period benefited, which is the longer of the contract life or the economic life of the commission. If, however, the amortization period is one year or less, we expense such costs in the period incurred. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognized as an expense when incurred. Our aggregate deferred contract costs were $56 million and $31 million as of December 31, 2022 and 2021, respectively. The current and long-term portion of deferred contract costs are included in other current assets, net, and other assets, net, respectively, in our consolidated balance sheets. Deferred Revenue We record deferred revenue when we have received payment prior to transferring goods or services to a customer. Deferred revenue primarily relates to (i) advanced payments on fixed subscription services, mobile airtime services and long-term capacity contracts and (ii) deferred installation and other upfront fees. Our aggregate current and long-term deferred revenue as of December 31, 2022 and 2021 was $261 million and $301 million, respectively. The decrease in our current and long-term deferred revenue balances during 2022, primarily relates to amortization of long-term capacity contracts, which were partially offset by new contracts entered into during the year. Operating Leases Our operating leases primarily consist of (i) property leases for mobile tower locations that generally have initial terms of five We classify leases with a term of greater than 12 months where substantially all risks and rewards incidental to ownership are retained by the third-party lessors as operating leases. We record a right-of-use asset and an operating lease liability at inception of the lease at the present value of the lease payments plus certain other payments, including variable lease payments and amounts probable of being owed by us under residual value guarantees. Payments made under operating leases, net of any incentives received from the lessors, are recognized to expense on a straight-line basis over the term of the lease. Initial direct costs incurred in negotiating and arranging operating leases are recognized to expense when incurred. Contingent rental payments are recognized to expense when incurred. Our right-of-use assets and non-current operating lease liabilities are included in other assets, net other long-term liabilities We use a credit-adjusted discount rate to measure our operating lease liabilities. We derive the discount rates associated with each of our borrowing groups by firstly constructing a credit curve which is based on the implied credit spread between the risk free rate (generally U.S. dollar denominated U.S. Treasuries) and a credit curve constructed using an index of observable U.S. dollar denominated fixed rate corporate bonds issued by U.S. telecommunications companies with the same rating as the respective borrowing group. Next, we apply a linear fixed spread to this credit curve reflecting the difference between the observable price on the longest tradable debt instrument in each borrowing group and the credit curve at the maturity date of the observed debt instrument. Lastly, we make adjustments for all tenors to correct for the collateralized interest rate spread by comparing unsecured debt to asset-backed securities (secured debt) trades, this adjustment is based on the difference between the index of observable U.S. dollar denominated fixed rate corporate bonds issued by U.S. telecommunications companies with the same rating as the borrowing group and a similar index for companies rated one-class higher on the rating-code scale. Income Taxes The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis. Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not that such net deferred tax assets will not be realized. Certain of our valuation allowances are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign entities and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign entity has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free liquidation. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. For additional information regarding our income taxes, see note 13. Foreign Currency Translation and Transactions The reporting currency of Liberty Latin America is the U.S. dollar. The functional currency of our foreign operations is the applicable local currency for each foreign entity. Assets and liabilities of our foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions. Revenue Recognition We categorize revenue into two major categories: (i) residential revenue, which includes revenue from fixed and mobile services provided to residential customers, and (ii) B2B revenue, which includes B2B service and subsea network revenue. For additional information regarding our revenue by major category, see note 20. Our revenue recognition policies are as follows: General . Most of our fixed and mobile residential contracts are not enforceable or do not contain substantive early termination penalties. Accordingly, revenue relating to these customers is recognized on a basis consistent with customers that are not subject to contracts. We account for customer service revenue contracts that include both non-lease and lease components as a single component in all instances where the non-lease component is the predominant component of the arrangement and the other applicable criteria are met. Residential Fixed and B2B Service Revenue – Fixed Networks . We recognize revenue from video, broadband internet and fixed-line telephony services over our fixed networks to customers in the period the related residential fixed or B2B services are provided. Installation or other upfront fees related to services provided over our fixed networks are generally deferred and recognized as subscription revenue over the contractual period, or longer if the upfront fee results in a material renewal right. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis over the term of the arrangement or the expected period of performance. We may also sell video, broadband internet and fixed-line telephony services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Arrangement consideration from bundled packages generally is allocated proportionally to the individual service based on the relative standalone price for each respective product or service. Mobile Revenue – General. Consideration from mobile contracts is allocated to airtime services and handset sales based on the relative standalone prices of each performance obligation. Mobile Revenue – Airtime Services. We recognize revenue from mobile services in the period the related services are provided. Payments received from prepaid customers are recorded as deferred revenue prior to the commencement of services and are recognized as revenue as the services are rendered or usage rights expire. Mobile Revenue – Handset Revenue. Arrangement consideration allocated to handsets is recognized as revenue when the goods have been transferred to the customer. B2B Subsea Network Revenue – Long-term Capacity Contracts. 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 December 31, 2022, we have approximately $355 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of five years. Government Funding Revenue. From time to time, we receive funds from the FCC, primarily in Puerto Rico, where funds were established in an effort to restore, expand and upgrade fixed and mobile networks in Puerto Rico and the U.S. Virgin Islands. We recognize funds granted from the FCC as other revenue in the period in which we are entitled to receive the funds, as the FCC does not meet the definition of a “customer.” Sales, Use and Other VAT . Revenue is recorded net of applicable sales, use and other value-added taxes. Share-based Compensation We recognize compensation expense associated with share-based incentive awards based on their grant-date fair values. The grant-date fair values for SARs and PSARs are estimated using the Black-Scholes-Merton valuation model, and the grant-date fair values for RSUs and PSUs are based upon the closing market price of our stock on the date of grant. We may also settle annual bonus-related obligations in the form of equity. We use the liability-based method of accounting in such situations, as the equity to be issued is variable. We use the legal life of the award for the expected life of SARs granted to executives. For SARs granted to non-executives, the expected life is calculated using the “simplified method” as we do not have sufficient historical exercise data. The expected volatility of SARs is based on a weighted average calculation that may include (i) data from a comparable group of peer companies, (ii) Liberty Latin America’s share trading history and/or (iii) the implied volatility from traded LILA and LILAK options. We recognize the grant-date fair value of outstanding awards as a charge to operations over the requisite service period, which is generally the vesting period, and account for forfeitures as they occur. We use the straight-line method to recognize share-based compensation expense for share-based incentive awards that do not contain a performance condition and the accelerated expense attribution method for our share-based incentive awards that contain a performance condition and vest on a graded basis. For additional information regarding our share-based compensation, see note 15. Litigation Costs Legal fees and related litigation costs are expensed as incurred. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 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 9.3 Total purchase price 209.3 Opening balance sheet cash (1.2) Net cash paid for the Claro Panama Acquisition $ 208.1 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. 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, 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 Property and equipment 136.4 Intangible assets subject to amortization (a) 47.9 Other assets (b) 180.9 Current liabilities (64.9) Long-term liabilities (c) (133.8) Total purchase price $ 209.3 (a) At July 1, 2022, the preliminary assessment of the weighted average useful life of the spectrum intangible assets was approximately 6 years. (b) Primarily consists of operating lease right-of-use assets. (c) Primarily consists of the non-current portion of operating lease obligations. Our consolidated statements of operations for the year ended December 31, 2022 includes third-party revenue and a net loss of $70 million and $14 million, respectively, attributable to Claro Panama.. 2021 Acquisitions 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, as further described in note 17. During 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. Stated Telefónica Acquisition Agreement purchase price $ 500.0 Working capital adjustments 25.1 Total purchase price 525.1 Opening balance sheet cash (17.0) Net cash paid for the Liberty Telecomunicaciones Acquisition $ 508.1 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 (g) $ 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 current operating lease obligations. (f) Primarily consists of the non-current portion of operating lease obligations and deferred tax liabilities. (g) Amount excludes $9 million of direct acquisition costs incurred during 2021. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. Our consolidated statement of operations for the year ended December 31, 2021 includes revenue and net earnings of $112 million and $5 million, respectively, attributable to Liberty Telecomunicaciones. BBVI Acquisition. Effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, the payment of which occurred in January 2022, 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. 2020 Acquisition AT&T Acquisition. On October 31, 2020, we acquired from AT&T all of the outstanding shares of the AT&T Acquired Entities, which following the closing of the AT&T Acquisition are referred to as Liberty Mobile and its subsidiaries. The operations acquired in the AT&T Acquisition provide consumer mobile and B2B services in Puerto Rico and the U.S. Virgin Islands. As a condition of approval of the AT&T Acquisition, the United States Department of Justice required us to divest certain B2B operations that were a part of our then-existing operations in Puerto Rico. We satisfied this condition in January 2021 by divesting those B2B operations for a stated sales price of $22 million. In connection with this divestiture, we recognized a gain on sale of $9 million, which is included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. AT&T is providing ongoing support to the AT&T Acquired Entities under the AT&T TSA for a period up to 36 months following the closing of the AT&T Acquisition. Services under the AT&T TSA include, but are not limited to, (i) network operations, (ii) customer service, (iii) finance and accounting, (iv) information technology, (v) sales and marketing and (vi) content-related services. We may terminate any services under the AT&T TSA upon sixty business days’ notice to AT&T in accordance with the terms and conditions of the AT&T TSA. The following table sets forth a reconciliation of the stated purchase price included in the Acquisition Agreement to the “Accounting Purchase Price” (in millions): Stated Acquisition Agreement purchase price $ 1,950.0 Less: Purchase price allocated to purchase of prepaid roaming services (a) (73.3) Working capital and other purchase price adjustments: Closing adjustments (b) (51.7) Additional working capital consideration (c) 61.0 Net cash paid for the AT&T Acquisition (d) 1,886.0 Contingent purchase price consideration (e) 46.4 Accounting Purchase Price $ 1,932.4 (a) Represents the portion of the stated Acquisition Agreement purchase price that has been allocated to the purchase of prepaid roaming services. In connection with the Acquisition Agreement, AT&T agreed to give us a $75 million credit against certain roaming services that AT&T provides to the AT&T Acquired Entities for a seven-year period following the closing of the AT&T Acquisition. If the credits are not used for roaming services in that time period, any remaining credit may be used to acquire certain other services from AT&T thereafter. For accounting purposes, we have bifurcated the discounted value of these services from the stated purchase consideration and reflected the amount allocated to the purchase of prepaid roaming, $73 million, in net cash provided by operating activities in our consolidated statement of cash flows. (b) Represents closing adjustments to the purchase price pursuant to the terms of the Acquisition Agreement for (i) closing working capital balances, (ii) outstanding indebtedness and (iii) shortfalls in equipment subsidies made by AT&T prior to the closing of the AT&T Acquisition. (c) Represents cash paid subsequent to the closing of the AT&T Acquisition related to certain liabilities of the AT&T Acquired Entities that were not assumed by us under the terms of the Acquisition Agreement. (d) The net cash paid for the AT&T Acquisition is comprised of (i) borrowings in our Liberty Puerto Rico segment during 2019 of $1,353 million, and (ii) $533 million of cash and cash equivalents from available liquidity. (e) Prior to the closing of the AT&T Acquisition, AT&T made prepayments to the tax authorities of Puerto Rico and the U.S. Virgin Islands. We expect that we will utilize these prepayments, which are reflected in income tax receivable on the consolidated balance sheet, against our future income tax liabilities. Pursuant to the Acquisition Agreement, if we utilize such prepayments to reduce our future income tax liabilities, we are required to pay AT&T additional purchase consideration. We have accounted for the AT&T 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 the AT&T Acquired Entities based on assessments of their respective fair values, and the excess of the total 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 the AT&T Acquired Entities at the October 31, 2020 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) (b) $ 155.6 Goodwill (c) 196.9 Property and equipment 768.6 Intangible assets subject to amortization (d) 85.6 Intangible assets not subject to amortization (e) 1,043.0 Other assets (b) (g) 272.8 Current liabilities (f) (g) (67.9) Long-term debt and finance lease obligations (10.6) Non-current deferred tax liabilities (344.3) Other long-term liabilities (g) (167.3) Total purchase price (h) $ 1,932.4 (a) Current assets consists of trade receivables, prepaid expenses and other current assets. (b) Current assets and other assets include $67 million and $39 million, respectively, in EIP receivables. (c) The goodwill recognized in connection with the AT&T Acquisition is primarily attributable to (i) the ability to take advantage of the AT&T Acquired Entities’ existing mobile network to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of the AT&T Acquired Entities with Liberty Latin America. Due to the nature of the AT&T Acquisition, no tax deductions related to goodwill have been taken. (d) Amount includes intangible assets related to customer relationships. At October 31, 2020, the weighted average useful life of the acquired customer relationship intangible assets was approximately 10 years. (e) Amount represents the estimated fair value of spectrum licenses. (f) Current liabilities include accounts payable, current portion of debt and finance lease obligations and other accrued and current liabilities. (g) Other assets, current liabilities and other long-term liabilities include $182 million, $33 million and $163 million related to operating lease right-of-use assets, current operating lease obligations and non-current operating lease obligations, respectively. (h) Amount excludes $51 million of direct acquisition costs, incurred during 2020. Our consolidated statement of operations for the year ended year ended December 31, 2020 includes revenue of $170 million and a net loss of $88 million attributable to the AT&T Acquired Entities. 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 AT&T TSA that replaced parent-company allocations included in the historical financial statements of the AT&T Acquired Entities; ii. the impact of estimated costs associated with the transition services agreement entered into in connection with the Liberty Telecomunicaciones Acquisition; iii. the impact of new rate agreements associated with roaming, subsea and ethernet services stemming from the AT&T Acquisition; iv. the alignment of accounting policies; v. interest expense related to additional borrowings in conjunction with the Claro Panama Acquisition, the Liberty Telecomunicaciones Acquisition and the AT&T Acquisition; vi. depreciation expense related to acquired tangible assets; vii. amortization expense related to acquired intangible assets; and viii. the elimination of direct acquisition costs. The following unaudited pro forma consolidated operating results give effect to (i) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021, (ii) the Liberty Telecomunicaciones Acquisition, as if it had been completed as of January 1, 2020, and (iii) the AT&T Acquisition, as if it had occurred on January 1, 2019: Year ended December 31, 2022 2021 2020 in millions Revenue $ 4,879.6 $ 5,119.6 $ 4,785.3 Net loss attributable to Liberty Latin America shareholders $ (186.1) $ (464.7) $ (568.0) |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative InstrumentsIn general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, 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. The following table provides details of the fair values of our derivative instrument assets and liabilities: December 31, 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) $ 91.3 $ 224.2 $ 315.5 $ 15.1 $ 25.3 $ 40.4 Foreign currency forward contracts — — — 0.1 — 0.1 Total $ 91.3 $ 224.2 $ 315.5 $ 15.2 $ 25.3 $ 40.5 Liabilities (b): Cross-currency and interest rate derivative contracts (c) $ 30.4 $ — $ 30.4 $ 33.3 $ 62.1 $ 95.4 Foreign currency forward contracts 11.9 — 11.9 5.8 — 5.8 Total $ 42.3 $ — $ 42.3 $ 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 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 December 31, 2021 consolidated balance sheet. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities as of December 31, 2021, 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 or losses on derivative instruments, net, in our 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 details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows: Year ended December 31, 2022 2021 2020 in millions Cross-currency and interest rate derivative contracts (a) (b) $ 404.3 $ 565.4 $ (328.6) Foreign currency forward contracts (13.5) 25.8 (7.8) Weather Derivatives (31.4) (27.1) (16.3) Total $ 359.4 $ 564.1 $ (352.7) (a) Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($4 million), ($41 million) and $47 million during 2022, 2021 and 2020, respectively. Included in the 2021 credit risk valuation adjustment is a net loss of $30 million related to the Chile JV Entities. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. (b) The losses for 2020 include a realized gain of $71 million associated with the settlement of certain cross-currency swaps at VTR in June 2020 that were unwound in connection with the July 2020 refinancing of certain VTR debt. For additional information regarding the refinancing, see note 9. The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments: Year ended December 31, 2022 2021 2020 in millions Operating activities $ (20.5) $ (94.5) $ (50.1) Investing activities (7.4) (1.2) 7.4 Financing activities (a) 97.6 (43.0) 182.5 Total $ 69.7 $ (138.7) $ 139.8 (a) The 2022 amount is primarily related to the settlement of certain cross currency swaps at VTR prior to the formation of the Chile JV. 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. The 2020 amount is primarily related to the settlement of certain cross-currency interest rate swaps at VTR. 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 December 31, 2022, our exposure to counterparty credit risk resulting from our net derivative position was $282 million. Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups. Details of our Derivative Instruments Interest Rate Derivative Contracts Interest Rate Swaps As noted above, we enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2022: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,690.0 4.4 Liberty Puerto Rico $ 500.0 5.8 Costa Rica (b) $ 276.7 1.0 (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 December 31, 2022: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W $ 2,100.0 0.5 Liberty Puerto Rico $ 620.0 0.5 Foreign Currency Forwards Contracts We enter into foreign currency forward contracts with respect to non-functional currency exposure. At December 31, 2022, our foreign currency forward contracts had total notional amounts due from and to counterparties of $150 million and CRC 96 billion, respectively, with a weighted average remaining contractual life of 0.5 years. Interest Rate Floors Interest rate floors provide protection against interest rates falling below a pre-set level. During 2021, we entered into interest rate floors at Liberty Puerto Rico related to certain financing activity associated with the LPR Credit Facilities, as described in note 9. At December 31, 2022, the total notional amount of our interest rate floors was $620 million with a weighted average remaining contractual life of 5.8 years. Interest Rate Caps Interest rate caps provide protection against interest rates rising above a pre-set level. During 2021, we entered into interest rate caps at Liberty Puerto Rico associated with the 2028 LPR Term Loan, as described in note 9. At December 31, 2022, the total notional amount of our interest rate caps was $120 million with a remaining contractual life of 5.8 years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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. All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (non-interest rate curves and credit spreads) are obtained from pricing services. These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates. In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts. Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments. The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations. 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, impairment assessments and the initial valuation related to our equity method investment in the Chile JV. For information concerning our investment in the Chile JV, including the initial fair value assessment, see note 8. 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 2021, we performed a nonrecurring valuation related to the preliminary acquisition accounting for the Liberty Telecomunicaciones Acquisition using an 11% weighted average discount rate for the valuation of the customer relationships acquired. During 2022, we finalized our acquisition accounting for the Liberty Telecomunicaciones Acquisition, which did not result in any material changes to our opening balance sheet. Also during 2021, we finalized our acquisition accounting for the AT&T Acquisition. The weighted average discount rates used in the valuation of the customer relationships and spectrum licenses acquired in the AT&T Acquisition was approximately 10% and 8%, respectively. For additional information relating to our acquisitions, 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 and estimated discount rates. 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. As part of our annual goodwill impairment assessment in the fourth quarter of 2021, we performed goodwill impairment analyses of several reporting units within the C&W Caribbean segment and the C&W Panama segment. We used an income approach to determine the estimated fair values of these reporting units. Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective. This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates. Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach. We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit. The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services and estimated discount rates. For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 7. |
Long-lived Assets
Long-lived Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-lived Assets | Long-lived Assets Impairment Charges The following table sets forth the details of our impairment charges: C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico VTR (a) Liberty Costa Rica Total in millions Year ended December 31, 2022: Goodwill (b) $ 555.3 $ — $ — $ — $ — $ — $ 555.3 Property and equipment and other 3.1 — 1.0 3.6 0.1 0.7 8.5 Total impairment charges $ 558.4 $ — $ 1.0 $ 3.6 $ 0.1 $ 0.7 $ 563.8 Year ended December 31, 2021: Goodwill $ 605.1 $ — $ — $ — $ — $ — $ 605.1 Property and equipment and other 2.6 — — 0.2 1.3 — 4.1 Total impairment charges $ 607.7 $ — $ — $ 0.2 $ 1.3 $ — $ 609.2 Year ended December 31, 2020: Goodwill $ 99.0 $ 173.6 $ — $ — $ — $ — $ 272.6 Property and equipment and other 1.9 — — 1.5 1.6 0.1 5.1 Total impairment charges $ 100.9 $ 173.6 $ — $ 1.5 $ 1.6 $ 0.1 $ 277.7 (a) During October 2022, we contributed the Chile JV Entities into the Chile JV. As such, subsequent to September 30, 2022, VTR is no longer included in our consolidated results of operations. (b) During 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 $498 million of goodwill remaining at December 31, 2022. If, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant. For additional information regarding the fair value methods and related assumptions used in our impairment assessments, see note 6. Goodwill Changes in the carrying amount of our goodwill during 2022 are set forth below: January 1, 2022 Acquisitions Foreign currency translation Impairments December 31, 2022 in millions C&W Caribbean $ 1,787.1 $ (16.5) $ 5.1 $ (555.3) $ 1,220.4 C&W Panama 617.1 — — — 617.1 C&W Networks & LatAm 646.8 11.5 (4.3) — 654.0 Liberty Puerto Rico 498.3 2.8 — — 501.1 Liberty Costa Rica 398.7 (3.8) 33.8 — 428.7 Total $ 3,948.0 $ (6.0) $ 34.6 $ (555.3) $ 3,421.3 Changes in the carrying amount of our goodwill during 2021 are set forth below: January 1, 2021 Acquisitions and related adjustments Reclassification to assets held for sale (a) Foreign Impairments December 31, in millions C&W Caribbean $ 2,459.3 $ — $ — $ (67.1) $ (605.1) $ 1,787.1 C&W Panama 617.1 — — — — 617.1 C&W Networks & LatAm 652.7 — — (5.9) — 646.8 Liberty Puerto Rico 629.9 (131.6) — — — 498.3 Liberty Costa Rica 151.9 262.0 — (15.2) — 398.7 VTR 374.6 — (313.0) (61.6) — — Total $ 4,885.5 $ 130.4 $ (313.0) $ (149.8) $ (605.1) $ 3,948.0 (a) In connection with the then pending formation of the Chile JV, the goodwill associated with the Chile JV Entities was included in assets held for sale on our December 31, 2021 consolidated balance sheet. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see notes 8 and 8. At December 31, 2022 and 2021, our accumulated goodwill impairments were $2,784 million and $2,229 million, respectively. Property and Equipment, Net The details of our property and equipment and the related accumulated depreciation are set forth below: Estimated useful December 31, 2022 2021 in millions Distribution systems 3 to 25 years $ 4,419.1 $ 4,208.8 Support equipment, buildings, land and CIP 3 to 40 years 2,232.7 1,641.6 CPE 3 to 5 years 919.0 893.7 7,570.8 6,744.1 Accumulated depreciation (3,277.2) (2,575.7) Total $ 4,293.6 $ 4,168.4 Depreciation expense related to our property and equipment was $726 million, $771 million and $730 million during 2022, 2021 and 2020, respectively. We recorded non-cash increases to our property and equipment related to vendor financing arrangements of $161 million $101 million and $99 million during 2022, 2021 and 2020, respectively. Intangible Assets Subject to Amortization, Net The details of our intangible assets subject to amortization, which had estimated useful lives ranging from four at December 31, 2022, are set forth below: December 31, 2022 2021 in millions Customer relationships $ 1,464.4 $ 1,527.6 Licenses and other (a) 278.9 220.2 1,743.3 1,747.8 Accumulated amortization (1,055.2) (959.2) Total $ 688.1 $ 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. Amortization expense related to intangible assets with finite useful lives was $185 million, $193 million and $189 million during 2022, 2021 and 2020, respectively. Based on our amortizable intangible assets balance at December 31, 2022, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2023 $ 170.6 2024 133.2 2025 90.3 2026 64.8 2027 54.5 Thereafter 174.7 Total $ 688.1 Intangible Assets Not Subject to Amortization The details of our intangible assets not subject to amortization are set forth below: December 31, 2022 2021 in millions Spectrum licenses $ 1,051.0 $ 1,050.9 Cable television franchise rights and other 541.8 541.5 Total intangible assets not subject to amortization $ 1,592.8 $ 1,592.4 |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 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. During October 2022, we completed the formation of the Chile JV, which is owned 50:50 by Liberty Latin America and América Móvil. 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. The Chile JV Entities were not presented as a discontinued operation, as this transaction did 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 on our December 31, 2021 consolidated balance sheet are summarized below (in millions): Assets: Cash and cash equivalents $ 109.7 Other current assets, net 132.6 Property and equipment, net 686.0 Goodwill 313.0 Other assets, net 327.4 Total assets $ 1,568.7 Liabilities: Current portion of debt $ 82.2 Other accrued and current liabilities 294.2 Long-term debt 1,416.8 Other long-term liabilities 60.9 Total liabilities $ 1,854.1 Our consolidated statements of operations include earnings (losses) before income taxes attributable to the Chile JV Entities of ($26 million ) , $271 million, and ($118 million) for the years ended December 31, 2022, 2021 and 2020, respectively. 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 account for our 50% interest in the Chile JV as an equity method investment. The carrying amounts of the major classes of assets and liabilities associated with the Chile JV Entities, which were contributed to the Chile JV, are summarized below (in millions): Assets: Cash and cash equivalents $ 63.0 Other current assets, net 104.4 Property and equipment, net 697.5 Goodwill 275.6 Other assets, net 259.1 Total assets $ 1,399.6 Liabilities: Current portion of debt $ 72.4 Other accrued and current liabilities 210.1 Long-term debt 1,330.9 Other long-term liabilities 55.1 Total liabilities $ 1,668.5 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Debt and Lease Obligation [Abstract] | |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2022 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent December 31, December 31, 2022 2021 2022 2021 in millions Convertible Notes (d) 2.00 % $ — $ — $ 357.4 $ 396.5 $ 402.5 $ 402.5 C&W Notes 6.55 % — — 1,591.6 1,774.3 1,715.0 1,715.0 C&W Credit Facilities 6.32 % (e) 719.2 2,505.0 2,422.7 2,605.2 2,451.3 LPR Senior Secured Notes 6.08 % — — 1,772.7 2,058.1 1,981.0 1,981.0 LPR Credit Facilities 8.07 % $ 172.5 172.5 613.8 623.1 620.0 620.0 LCR Credit Facilities (f) 10.32 % $ 7.0 7.0 382.9 407.1 419.3 408.7 Vendor financing and other (g) 6.04 % — — 223.1 99.8 223.1 99.8 Total debt before premiums, discounts and deferred financing costs 6.43 % $ 898.7 $ 7,446.5 $ 7,781.6 $ 7,966.1 $ 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: December 31, 2022 2021 in millions Total debt before premiums, discounts and deferred financing costs $ 7,966.1 $ 7,678.3 Premiums, discounts and deferred financing costs, net (d) (94.0) (120.0) Total carrying amount of debt 7,872.1 7,558.3 Finance lease obligations 8.6 7.6 Total debt and finance lease obligations 7,880.7 7,565.9 Less: Current maturities of debt and finance lease obligations (226.9) (106.3) Long-term debt and finance lease obligations $ 7,653.8 $ 7,459.6 (a) Represents the weighted average interest rate in effect at December 31, 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 December 31, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 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 December 31, 2022 compliance reporting requirements. At December 31, 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 Conversion Option, as further described below. (e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. For further information, see C&W Credit Facilities below. (f) The LCR Credit Facilities comprise certain CRC and U.S. dollar term loans and a U.S. dollar revolving credit facility. For further information, see LCR Credit Facilities below. (g) 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 $149 million, $110 million and $108 million for 2022, 2021 and 2020, 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 (used) by financing activities in our 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 consolidated statements of cash flows. General Information At December 31, 2022, all of our outstanding debt had been incurred by one of our three primary “borrowing groups”: C&W, Liberty Puerto Rico and Liberty Costa Rica, except for our Convertible Notes (as described below). Credit Facilities. Each of our borrowing groups has entered into one or more credit facility agreements with certain financial institutions. Each of these credit facilities contain certain covenants, the more notable of which are as follows: • Our credit facilities contain certain net leverage ratios, as specified in the relevant credit facility, which are required to be complied with on an incurrence and/or maintenance basis; • Our credit facilities contain certain restrictions which, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions, and (iv) make certain restricted payments to their direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; • Our credit facilities require that certain entities of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such entities are required to have first-ranking security granted over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder; • In addition to certain mandatory prepayment events, the instructing group of lenders under the relevant credit facility may cancel the commitments thereunder and declare the loans thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility); • Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand; • Our credit facilities require entities of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions; and • In addition to customary default provisions, our credit facilities generally include certain cross-default and cross-acceleration provisions with respect to other indebtedness of entities of the relevant borrowing group, subject to agreed minimum thresholds and other customary and agreed exceptions. Senior and Senior Secured Notes. Our C&W and Liberty Puerto Rico borrowing groups have issued senior and/or senior secured notes. In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future debt of such issuer and, in the case of our senior secured notes, are senior to all existing and future subordinated debt of each respective issuer within the relevant borrowing group, (ii) contain, in most instances, guarantees from other entities of the relevant borrowing group (as specified in the applicable indenture) and (iii) are secured by pledges over the shares of certain entities of the relevant borrowing group and, in certain instances, over substantially all of the assets of those entities. In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows: • Our notes contain certain customary incurrence-based covenants. In addition, our notes provide that any failure to pay principal prior to expiration of any applicable grace period, or any acceleration with respect to other indebtedness of the issuer or certain other members of the relevant borrowing group, over agreed minimum thresholds (as specified under the applicable indenture), is an event of default under the respective notes; • Our notes contain certain restrictions that, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions and (iv) make certain restricted payments to its direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants; and • If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101%. Liberty Latin America – Convertible Notes In June 2019, Liberty Latin America issued the Convertible Notes. Interest on the Convertible Notes is payable semi-annually on January 15 and July 15. The Convertible Notes are general unsecured obligations of the Company and are structurally subordinated to all the debt and other liabilities of our subsidiaries. Conversion Rights. Subject to certain conditions, and adjustments if certain events occur (as specified in the indenture governing the Convertible Notes), including the Rights Offering (as discussed further below), as of December 31, 2022, the Convertible Notes may be converted at a conversion rate equal to 48.4315 Class C common shares per $1,000 principal amount of the Convertible Notes (equivalent to a conversion price of approximately $20.65 per Class C common share. Any conversions of the Convertible Notes may be settled, at the election of the Company, in cash, Class C common shares or a combination thereof. In September 2020, we completed the Rights Offering, as further described in note 17, whereby we issued 49,049,073 of our Class C common shares. In connection with the Rights Offering, subject to certain anti-dilution provisions in the indenture governing the Convertible Notes, the conversion rate for the Convertible Notes was adjusted from 44.9767 to 48.4315 Class C common shares per $1,000 principal amount of the Convertible Notes. The Convertible Notes may be converted at the option of the holders at any time prior to the close of business on January 12, 2024, only under the following circumstances: • during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our Class C common shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price of the Convertible Notes on each applicable trading day; • during the five five • if we give notice of redemption, as described below; or • upon the occurrence of specified corporate transactions. On and after January 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert their notes at any time, regardless of the foregoing circumstances. We determined the Conversion Option should be bifurcated from the debt host instrument (the Convertible Notes) and accounted for as a separate financial instrument that qualifies for equity classification. Accordingly, we bifurcated the Conversion Option from the Convertible Notes and initially recorded the estimated fair value of $78 million as additional paid-in capital and debt discount. The debt discount is being accreted through interest expense, using the effective interest method, through maturity of the Convertible Notes or when the Conversion Option no longer qualifies for equity classification, if ever. At December 31, 2022, the carrying value of the Convertible Notes was $375 million and the unamortized debt discount on the Convertible Notes was $27 million. Redemption Rights. On or after July 19, 2022 but prior to the 85 th scheduled trading day immediately preceding July 15, 2024, we may redeem all or a portion of the Convertible Notes for cash, if the last reported sale price of our Class C common shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption and (ii) the trading day immediately preceding the date we provide such notice . Other. If a fundamental change (as defined in the indenture) occurs, holders of the Convertible Notes may require the Company to repurchase all or a portion of their notes for cash at a price equal to 100% of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In addition, following certain corporate transactions that occur prior to the maturity date of the Convertible Notes or the delivery of a notice of redemption, we will increase the applicable conversion rate for a holder who elects to convert in connection with such corporate transactions or notice of redemption in certain circumstances by a number of additional Class C common shares, as described in the related indenture.. Borrowing Group – Outstanding Debt Instruments C&W Notes The details of the outstanding C&W Notes as of December 31, 2022 are summarized in the following table: Outstanding C&W Notes Maturity Interest Borrowing U.S. $ equivalent Carrying in millions 2027 C&W Senior Secured Notes September 7, 2027 5.750 % $ 495.0 $ 495.0 $ 494.2 2027 C&W Senior Notes September 15, 2027 6.875 % $ 1,220.0 1,220.0 1,218.0 Total $ 1,715.0 $ 1,712.2 (a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable. Redemption Rights. The C&W Notes are subject to certain redemption rights (as specified in the applicable indenture). Some or all of the 2027 C&W Senior Notes and 2027 C&W Senior Secured Notes may be redeemed at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption Price 2027 C&W Senior Notes 2027 C&W Senior Secured Notes 12-month period commencing: September 15 September 7 2023 101.719% 101.438% 2024 100.859% 100.000% 2025 and thereafter 100.000% 100.000% C&W Credit Facilities The details of our borrowings under the C&W Credit Facilities as of December 31, 2022 are summarized in the following table: Unused borrowing capacity Outstanding principal amount C&W Credit Facilities Maturity Interest rate Borrowing currency US $ equivalent Borrowing currency US $ equivalent Carrying in millions CWP Revolving Credit Facility (b) January 18, 2027 SOFR + 3.75% $ 20.0 20.0 $ — $ — $ — C&W Revolving Credit Facility (c) January 30, 2027 LIBOR + 3.25% $ 630.0 $ 630.0 $ — — — C&W Term Loan B-5 Facility January 31, 2028 LIBOR + 2.25% (d) $ — — $ 1,510.0 1,510.0 1,497.2 C&W Term Loan B-6 Facility October 15, 2029 LIBOR + 3.0% (d) $ — — $ 590.0 590.0 581.1 2028 CWP Term Loan (e) January 18, 2028 4.25% $ — — $ 435.0 435.0 429.9 C&W Regional Facilities various dates ranging from 2023 to 2038 5.35% (f) (g) 69.2 (h) 70.2 68.2 Total $ 719.2 $ 2,605.2 $ 2,576.4 (a) Amounts are net of discounts and deferred financing costs, as applicable. (b) The CWP Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (c) The C&W Revolving Credit Facility (i) includes $50 million that matures on June 30, 2023 and (ii) has a fee on unused commitments of 0.5% per year. (d) Subject to a LIBOR floor of 0 basis points. (e) Certain proceeds of the 2028 CWP Term Loan were used to fund a portion of the Claro Panama Acquisition. (f) Represents a weighted average rate for all C&W Regional Facilities. (g) The unused borrowing capacity on the C&W Regional Facilities comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities. (h) The outstanding principal amount on the C&W Regional Facilities comprise certain JMD, U.S. dollar, East Caribbean dollar denominated credit facilities. LPR Senior Secured Notes The details of the outstanding LPR Senior Secured Notes as of December 31, 2022 are summarized in the following table: Outstanding LPR Senior Secured Notes Maturity Interest Borrowing U.S. $ equivalent Carrying in millions 2027 LPR Senior Secured Notes October 15, 2027 6.750% $ 1,161.0 $ 1,161.0 $ 1,146.3 2029 LPR Senior Secured Notes July 15, 2029 5.125% $ 820.0 820.0 810.5 Total $ 1,981.0 $ 1,956.8 (a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable. Redemption Rights. The LPR Senior Secured Notes are subject to certain redemption rights (as specified in the applicable indenture). LCPR Senior Secured Financing may redeem some or all of the 2027 LPR Senior Secured Notes and 2029 LPR Senior Secured Notes at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest and additional amounts (as specified in the applicable indenture), if any, to the applicable redemption date: Redemption Price 2027 LPR Senior Secured Notes 2029 LPR Senior Secured Notes 12-month period commencing: October 15 July 15 2023 101.688% N.A. 2024 100.000% 102.563% 2025 100.000% 101.281% 2026 and thereafter 100.000% 100.000% LPR Credit Facilities The details of our borrowings under the LPR Credit Facilities as of December 31, 2022 are summarized in the following table: LPR Credit Facilities Maturity Interest rate Unused Outstanding principal amount Carrying in millions LPR Revolving Credit Facility (a) March 15, 2027 LIBOR + 3.50% $ 172.5 $ — $ — 2028 LPR Term Loan October 15, 2028 LIBOR + 3.75% — 620.0 615.6 Total $ 172.5 $ 620.0 $ 615.6 (a) The LPR Revolving Credit Facility has a fee on unused commitments of 0.5% per year. LCR Credit Facilities The details of the LCR Credit Facilities as of December 31, 2022 are summarized in the following table: Unused borrowing capacity Outstanding principal Costa Rica Credit Facilities Maturity Interest rate Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent Carrying value (a) in millions LCR Term Loan B-1 Facility (b) LIBOR + 5.50% (c) $ — $ — $ 276.7 $ 276.7 $ 270.5 LCR Term Loan B-2 Facility (b) TBP + 6.75% CRC — — CRC 79,635.2 134.6 135.5 LCR Revolving Credit Facility (d) August 1, 2024 LIBOR + 4.25% $ 7.0 7.0 $ 8.0 8.0 8.0 Total $ 7.0 $ 419.3 $ 414.0 (a) Amounts are net of deferred financing costs. (b) Under the terms of the credit agreement, Liberty Servicios was obligated to repay 50% of the outstanding aggregate principal amounts of the LCR Term Loan B-1 Facility and the LCR Term Loan B-2 Facility on February 1, 2024, with the remaining respective principal amounts due on August 1, 2024, which represented the ultimate maturity date of each facility. The LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility were refinanced subsequent to December 31, 2022, as further described below. (c) Subject to a LIBOR floor of 75 basis points. (d) The LCR Revolving Credit Facility had a fee on unused commitments of 1.70% per year. Subsequent to December 31, 2022, the LCR Revolving Credit Facility was amended and restated. The amended and restated $60 million LCR Revolving Credit Facility bears interest at SOFR plus a margin of 4.25%, matures on January 15, 2028 and has a fee on unused commitments of 0.5% per year. In January 2023, Liberty Costa Rica entered into the 2031 LCR Term Loan A and the 2031 LCR Term Loan B, both issued at par. At any time prior to the maturity dates, the 2031 LCR Term Loan A and 2031 LCR Term Loan B outstanding principal amounts, in whole or in part, may be redeemed or repaid, as applicable, along with (i) any accrued and unpaid interest and (ii) as applicable, any prepayment fee or prepayment premium or applicable premium (each as defined in the applicable credit agreement). The proceeds from the 2031 LCR Term Loan A and 2031 LCR Term Loan B were primarily used to repay the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility. Financing and Refinancing Activity Borrowings related to significant notes we issued and credit facilities drew down, entered into or amended during 2022, 2021 and 2020 are included 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 the outstanding debt instruments within the same borrowing group. Borrowings during 2022 are as follows: Borrowing group Borrowing Non-cash component Instrument Issued at Borrowing currency USD equivalent in millions C&W 2028 CWP Term Loan 100% $ 435.0 435.0 $ 272.9 Borrowings during 2021, including activity related to the Chile JV Entities, are as follows: Borrowing group Borrowing Non-cash component Instrument Issued at Borrowing currency USD equivalent in millions C&W C&W Term Loan B-6 Facility 99.25% $ 590.0 $ 590.0 $ 555.0 C&W C&W Revolving Credit Facility N/A (a) $ — Liberty Puerto Rico 2029 LPR Senior Secured Notes 100% $ 820.0 $ 820.0 $ 500.0 Liberty Puerto Rico 2028 LPR Term Loan 100% $ 620.0 $ 620.0 $ 500.0 Liberty Puerto Rico LPR Revolving Credit Facility N/A (b) $ — VTR 2029 VTR Senior Secured Notes 100% $ 410.0 $ 410.0 $ 60.0 VTR VTR RCF – A N/A $ — $ — $ — Liberty Costa Rica (c) LCR Term Loan B-1 Facility 100% $ 227.5 $ 227.5 $ — Liberty Costa Rica (c) LCR Term Loan B-2 Facility 100% CRC 36,457.9 $ 58.8 N/A $ — (a) In September 2021, 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. (b) Total commitments under the LPR Revolving Credit Facility were increased by $48 million during 2021. (c) Borrowings under the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility were used to fund a portion of the Liberty Telecomunicaciones Acquisition. Borrowings during 2020, including activity related to the Chile JV Entities, are as follows: Borrowing group Issued at Borrowing Non-cash component Instrument Borrowing currency USD equivalent in millions C&W C&W Term Loan B-5 Facility N/A $ 1,510.0 $ 1,510.0 $ 1,510.0 C&W 2027 C&W Senior Secured Notes Add-on 106% $ 150.0 $ 150.0 $ 130.0 C&W C&W Revolving Credit Facility N/A $ 312.5 $ 312.5 $ — VTR 2028 VTR Senior Secured Notes 100% $ 600.0 $ 600.0 $ — VTR 2028 VTR Senior Notes 100% $ 550.0 $ 550.0 $ 550.0 VTR VTR RCF – B N/A $ 92.0 $ 92.0 $ — Liberty Puerto Rico 2027 LPR Senior Secured Notes Add-on 102.5% $ 90.0 $ 90.0 $ — Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 62.5 $ 62.5 $ — During 2022, we made certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities: Borrowing group Redemption price Amount paid Non-cash component Instrument Borrowing currency USD equivalent (a) in millions C&W C&W Regional Facilities 100% $ 272.9 $ 272.9 $ 272.9 VTR 2029 VTR Senior Secured Notes (b) $ 12.2 $ 12.2 $ — VTR 2028 VTR Senior Secured Notes (b) $ 4.3 $ 4.3 $ — VTR 2028 VTR Senior Notes (b) $ 31.6 $ 31.6 $ — (a) Translated at the transaction date, if 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. During 2021, we made repayments on the following debt instruments, including repayments related to the Chile JV Entities: Borrowing group Redemption price Amount paid Non-cash component Instrument Borrowing currency USD equivalent (a) in millions C&W 2026 C&W Senior Notes 103.75% $ 500.0 $ 500.0 $ 500.0 C&W 2027 C&W Senior Secured Notes 103% $ 55.0 $ 55.0 $ 55.0 Liberty Puerto Rico 2026 SPV Credit Facility 100% $ 1,000.0 $ 1,000.0 $ 1,000.0 Liberty Puerto Rico 2027 LPR Senior Secured Notes 103% $ 129.0 $ 129.0 $ — VTR 2028 VTR Senior Secured Notes 103% $ 120.0 $ 120.0 $ 60.0 VTR VTR TLB-1 Facility 100% CLP 140,900.0 $ 196.4 $ — VTR VTR TLB-2 Facility 100% CLP 33,100.0 $ 46.1 $ — (a) Translated at the transaction date, if applicable. During 2020, we made repayments on the following debt instruments, including repayments related to the Chile JV Entities: Borrowing group Redemption price Amount paid Non-cash component Instrument Borrowing currency USD equivalent (a) in millions C&W C&W Term Loan B-4 Facility 100% $ 1,640.0 $ 1,640.0 $ 1,640.0 C&W C&W Revolving Credit Facility N/A $ 312.5 $ 312.5 $ — VTR VTR Finance Senior Notes 100% $ 1,260.0 $ 1,260.0 $ 550.0 VTR VTR RCF – B N/A $ 92.0 $ 92.0 $ — Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 62.5 $ 62.5 $ — (a) Translated at the transaction date, if applicable. Maturities of Debt Maturities of our debt as of December 31, 2022 are presented below. Amounts presented below represent U.S. dollar equivalents based on December 31, 2022 exchange rates. C&W Liberty Puerto Rico Liberty Liberty Latin America (a) Consolidated in millions Years ending December 31: 2023 $ 203.6 $ 16.7 $ 5.2 $ 0.5 $ 226.0 2024 49.8 — 420.2 402.9 872.9 2025 3.2 — — — 3.2 2026 0.6 — — — 0.6 2027 1,715.5 1,161.0 — — 2,876.5 Thereafter 2,546.9 1,440.0 — — 3,986.9 Total debt maturities 4,519.6 2,617.7 425.4 403.4 7,966.1 Premiums, discounts and deferred financing costs, net (31.6) (28.6) (5.8) (28.0) (94.0) Total debt $ 4,488.0 $ 2,589.1 $ 419.6 $ 375.4 $ 7,872.1 Current portion $ 203.6 $ 16.7 $ 5.2 $ 0.5 $ 226.0 Noncurrent portion $ 4,284.4 $ 2,572.4 $ 414.4 $ 374.9 $ 7,646.1 (a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The following table provides details of our operating lease expense: Year ended December 31, 2022 2021 2020 in millions Operating lease expense: Operating lease cost $ 118.8 $ 93.1 $ 52.8 Short-term lease cost 24.6 21.0 13.5 Total operating lease expense $ 143.4 $ 114.1 $ 66.3 Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our consolidated statements of operations. Certain other details of our operating leases are set forth in the tables below. December 31, 2022 2021 in millions Operating lease right-of-use assets $ 550.8 $ 441.0 Operating lease liabilities: Current $ 76.7 $ 82.0 Noncurrent 438.5 371.0 Total operating lease liabilities $ 515.2 $ 453.0 Weighted-average remaining lease term 8.2 years 7.5 years Weighted-average discount rate 7.5 % 6.2 % Year ended December 31, 2022 2021 2020 in millions Operating cash flows from operating leases $ 120.4 $ 93.1 $ 47.0 Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 237.4 $ 211.8 $ 230.5 (a) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 4. Maturities of Operating Leases Maturities of our operating lease liabilities as of December 31, 2022 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on December 31, 2022 exchange rates. Years ending December 31: 2023 $ 104.5 2024 95.8 2025 87.9 2026 79.7 2027 66.8 Thereafter 267.9 Total operating lease liabilities on an undiscounted basis 702.6 Present value discount (187.4) Present value of operating lease liabilities $ 515.2 |
Programming and Other Direct Co
Programming and Other Direct Costs of Services | 12 Months Ended |
Dec. 31, 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. Year ended December 31, 2022 2021 2020 in millions Programming and copyright $ 360.3 $ 441.4 $ 389.3 Interconnect 350.3 347.2 270.1 Equipment and other (a) 499.9 425.8 201.0 Total programming and other direct costs $ 1,210.5 $ 1,214.4 $ 860.4 (a) Amounts for 2022, 2021, and 2020 include $370 million, $309 million, and $118 million, respectively, related to equipment cost of goods sold. |
Other Operating Costs and Expen
Other Operating Costs and Expenses | 12 Months Ended |
Dec. 31, 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: Year ended December 31, 2022 2021 2020 in millions Personnel and contract labor $ 597.7 $ 575.1 $ 483.6 Network-related 311.4 324.2 271.3 Service-related 209.7 196.5 161.7 Commercial 226.0 229.4 168.1 Facility, provision, franchise and other 542.3 460.1 359.1 Share-based compensation expense 93.5 118.1 97.5 Total other operating costs and expenses $ 1,980.6 $ 1,903.4 $ 1,541.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where a Tax Assurance Certificate has been granted to guarantee that any imposition of income or other taxes will not be applicable to Liberty Latin America through March 31, 2035. Accordingly, Liberty Latin America does not file a primary corporate income tax return in Bermuda, although various subsidiaries in other jurisdictions are taxable operations and file income tax returns in their respective jurisdictions. The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis, unless a combined or consolidated tax return regime is permitted. The components of our loss before income taxes are as follows: Year ended December 31, 2022 2021 2020 in millions Domestic (a) $ (97.6) $ (85.7) $ (67.3) Foreign (b) (c) (17.8) (228.8) (770.9) Total $ (115.4) $ (314.5) $ (838.2) (a) Liberty Latin America is considered a stand-alone Bermuda entity. (b) Amounts for the year ended December 31, 2022, include a goodwill impairment charge of $555 million and a $13 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment. Amounts for the year ended December 31, 2021, include a goodwill impairment charge of $605 million and a $41 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment. Amounts for the year ended December 31, 2020, include goodwill impairment charges of $177 million and $99 million at our C&W Panama and C&W Caribbean reporting units. (c) For the year ended December 31, 2022, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Colombia, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Spain, Trinidad, U.S. Virgin Islands, the U.K. and the U.S. For the year ended December 31, 2021, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, U.S. Virgin Islands, the U.K. and the U.S. For the year ended December 31, 2020, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, Chile, Costa Rica, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, the U.K. and the U.S. Income tax benefit (expense) consists of: Current Deferred Total in millions Year ended December 31, 2022: Domestic $ — $ — $ — Foreign (93.2) 6.7 (86.5) Total $ (93.2) $ 6.7 $ (86.5) Year ended December 31, 2021: Domestic $ — $ — $ — Foreign (85.5) (87.8) (173.3) Total $ (85.5) $ (87.8) $ (173.3) Year ended December 31, 2020: Domestic $ — $ — $ — Foreign (35.9) 65.1 29.2 Total $ (35.9) $ 65.1 $ 29.2 Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed by using the applicable tax rate as a result of the following: Year ended December 31, 2022 2021 2020 in millions Computed expected tax benefit (a) $ — $ — $ — Permanent differences (b) 46.8 (13.6) (17.7) Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities (1.2) 1.4 0.5 (Increases) Decreases in valuation allowances 188.8 (321.6) (223.0) Expiration of deferred tax assets with full valuation allowance (12.7) (129.5) — International rate differences (a) (c) 49.9 82.2 180.7 Changes in uncertain tax positions (24.5) (1.0) 33.4 Enacted tax law and rate changes (d) (e) (f) (162.2) 393.7 149.4 Effect of non-deductible goodwill impairments (174.3) (201.2) (70.3) Effect of tax credits 15.9 38.7 — Withholding tax (13.3) (23.4) (40.0) Other, net 0.3 1.0 16.2 Total income tax benefit (expense) $ (86.5) $ (173.3) $ 29.2 (a) On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where the company is exempt from income taxes on ordinary income and capital gains, and therefore has a “statutory” or “expected” tax rate of 0% in 2022, 2021, and 2020. The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable rates, resulting in “international rate differences,” as shown in the table above that reflect the computed tax benefit (expense) of pre-tax book income (loss) in the respective taxable jurisdiction. (b) Permanent differences primarily relate to various non-taxable income or non-deductible expenses, such as Caribbean Community (CARICOM) treaty income, limitations on deductible management fees, or executive compensation, among others. (c) The 2022 corporate tax rates applicable to our primary material jurisdictions are as follows: Bahamas, 0%; Barbados, 1% to 5.5%; British Virgin Islands, 0%; Chile, 27%; Colombia, 35%; Costa Rica, 30%; Curacao, 22%; Jamaica, 33.33%; the Netherlands, 25.8%; Panama, 25%; Puerto Rico, 37.5%; Spain, 25%; Trinidad, 30%; U.S. Virgin Islands, 23.10%; the U.K. 19% and the U.S., 21%. (d) On June 10, 2021, the United Kingdom Finance Bill of 2021 enacted an increase in the main corporate tax rate to 25%, with effect from April 1, 2023. While deferred tax assets were re-valued as of enactment, there is a net nil tax impact of this on total tax result due to a full valuation allowance on all deferred tax items in the U.K. (e) On September 14, 2021, legislation was enacted in Colombia. Changes include an increase in the corporate income tax to 35% from January 1, 2022. Substantially all of the impact of this rate change on our deferred tax balances was recorded during the third quarter of 2021 when the change in law was enacted. (f) On December 27, 2021, the Netherlands enacted legislation increasing the top corporate income tax rate to 25.8%. with effect from January 1, 2022. While deferred tax assets were re-valued, there is a net nil tax impact of this on total tax result due to a full valuation allowance on all deferred tax items in the Netherlands. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The components of our deferred tax assets (liabilities) are as follows: December 31, 2022 2021 in millions Deferred tax assets $ 31.0 $ 25.1 Deferred tax liabilities (691.2) (692.0) Net deferred tax liability $ (660.2) $ (666.9) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2022 2021 in millions Deferred tax assets: Net operating losses, credits and other carryforwards $ 2,276.4 $ 2,439.1 Deferred revenue 13.7 19.3 Unrealized gains and losses 16.0 9.9 Accrued expenses 32.6 4.1 Other future deductible amounts 1.0 0.2 Deferred tax assets 2,339.7 2,472.6 Valuation allowance (1,780.4) (1,940.3) Deferred tax assets, net of valuation allowance 559.3 532.3 Deferred tax liabilities: Investments (255.4) (221.5) Intangible assets (663.5) (690.7) Property and equipment, net (298.5) (286.2) Un-remitted foreign earnings (2.1) (0.8) Deferred tax liabilities (1,219.5) (1,199.2) Net deferred tax liability $ (660.2) $ (666.9) The changes in our valuation allowances are summarized below: Year ended December 31, 2022 2021 2020 in millions Balance at January 1 $ 1,940.3 $ 1,630.9 $ 1,402.8 Net tax expense (benefit) related to operations (188.8) 321.6 223.0 Translation adjustments (6.2) (9.1) 0.3 Business acquisitions and other 35.1 (3.1) 4.8 Balance at December 31 $ 1,780.4 $ 1,940.3 $ 1,630.9 Deferred tax assets related to net operating losses may be used to offset future taxable income. The significant components of our tax loss carryforwards at December 31, 2022 are as follows: Country Tax loss Related Expiration in millions U.K.: Amount attributable to capital losses $ 4,459.6 $ 1,114.9 Indefinite Amount attributable to net operating losses 1,343.4 335.9 Indefinite Barbados 925.2 23.5 2023 - 2029 Jamaica 405.7 135.1 Indefinite Curacao 177.0 41.6 2023 - 2032 Puerto Rico 275.4 85.2 2024 - 2030 U.S. 101.7 23.1 2025-Indefinite Panama 64.0 16.0 2023 - 2027 U.S. Virgin Islands 41.3 9.6 2033-Indefinite Colombia 17.6 6.2 Indefinite Other 32.6 8.9 Various Total $ 7,843.5 $ 1,800.0 As of December 31, 2022, a valuation allowance of $1,672 million has been recorded on the net operating loss carryforwards where we do not expect to generate future taxable income, or where certain losses may be limited in use due to change in control or same-business tests. Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction; however, certain tax jurisdictions limit the ability to offset taxable income of a separate company or different tax group with the tax losses associated with another separate company or group. Further, tax jurisdictions restrict the type of taxable income that the above losses are able to offset. In 2022 and 2021, we have foreign tax credit carryforwards of $13 million and $13 million, respectively, which are available in the U.S. Substantially all credits not utilized will expire at the end of 2032. In 2022 and 2021, we have alternative minimum tax credit carryforwards in the amounts of $47 million and $52 million, respectively, attributable to our operations in Puerto Rico for which the current tax law provides no period of expiration. In 2022, we have research and development credit carryforwards of $19 million and $6 million available in Puerto Rico and the U.S., respectively. With respect to such credits in Puerto Rico, current law provides no period of expiration. In the U.S., substantially all credits not utilized will expire at the end of 2041. Through our consolidated subsidiaries, we maintain a presence in many countries. Many of these countries maintain highly complex tax regimes. We have accounted for the effect of these taxes based on what we believe is reasonably expected to apply to us and our consolidated subsidiaries based on tax laws currently in effect and reasonable interpretations of these laws. Because some jurisdictions do not have systems of taxation that are as well established as the system of income taxation used in other major industrialized countries, it may be difficult to anticipate how other jurisdictions will tax our and our consolidated subsidiaries’ current and future operations. Although we intend to take reasonable tax planning measures to limit our tax exposures, no assurance can be given that we will be able to do so. We file income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations. In general, tax returns filed by, or that include, entities comprising Liberty Latin America for years prior to 2009 are no longer subject to examination by tax authorities. We are currently undergoing income tax audits in Colombia and Trinidad and Tobago and certain other jurisdictions within the Caribbean and Latin America. Except as noted below, any adjustments that might arise from the foregoing examinations are not expected to have a material impact on our consolidated financial position or results of operations. The changes in our unrecognized tax benefits are summarized below: Year ended December 31, 2022 2021 2020 in millions Balance at January 1 $ 12.0 $ 32.0 $ 64.1 Additions for tax positions of prior years 12.7 1.0 2.6 Effects of business acquisitions — — — Additions based on tax positions related to the current year 14.5 — 1.6 Lapse of statute of limitations (1.7) (3.4) (16.7) Foreign currency translation 0.1 (2.4) (0.8) Decrease for settlement with tax authorities — (3.9) — Reductions for tax positions of prior years — — (18.8) Reclassification to liabilities associated with assets held for sale — (11.3) — Balance at December 31 $ 37.6 $ 12.0 $ 32.0 No assurance can be given that any of these unrecognized tax benefits will be recognized or realized. As of December 31, 2022, all of our unrecognized tax benefits would have a favorable impact on our effective income tax rate if ultimately recognized. During 2023, it is reasonably possible that the resolution of ongoing examinations by tax authorities as well as expiration of statutes of limitation could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2022. Other than the potential impacts of ongoing examinations and the expected expiration of certain statutes of limitation, we do not expect any material changes to our unrecognized tax benefits during 2023. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2023. During 2022, 2021 and 2020, our income tax benefit (expense) includes interest income (expense) of ($0.2 million), ($1 million) and $2 million, respectively, representing the net accrual of interest and penalties incurred during the respective |
Defined Benefit Plans
Defined Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans We maintain various funded defined benefit plans for certain current and past employees, including (i) the CWSF, which is C&W’s largest defined benefit plan, (ii) plans in the Bahamas, Jamaica, Barbados, Curacao and Puerto Rico and (iii) certain other defined benefit arrangements in the U.K., which are governed by individual trust deeds. These defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits. Defined benefit plan amounts included in our consolidated balance sheets are as follows: December 31, 2022 2021 in millions Other assets, net $ 119.4 $ 218.8 Other long-term liabilities (146.6) (216.4) Net pension asset (liability) $ (27.2) $ 2.4 The table below provides summary information for our defined benefit plans: December 31, 2022 2021 in millions Projected benefit obligations (a) $ (1,543.7) $ (2,289.5) Fair value of plan assets (b) 1,516.5 2,291.9 Net pension asset (liability) $ (27.2) $ 2.4 (a) The weighted average discount rate used in determining our benefit obligations was 6.0% and 2.8% at December 31, 2022 and 2021, respectively. A 1.0% increase or decrease in the weighted average discount rate would have a ($64 million) or $91 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below). (b) Our plan assets primarily comprise investments in debt securities, equity securities and insurance contracts. The fair value of plan assets at December 31, 2022 includes $659 million, $116 million and $742 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 6). The fair value of plan assets at December 31, 2021 includes $952 million, $209 million and $1,131 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively. At December 31, 2022, approximately 67% of the CWSF’s liabilities, 53% of the Jamaican plan’s liabilities and 100% of the UTS liabilities are covered through the purchase of insurance annuity policies, the payments from which match the corresponding obligations to employees. The remaining investment risks in the plans have also been mitigated to a reasonable extent by a combination of matching assets and diversification of the return-seeking assets. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Compensation | Share-based Compensation Equity Incentive Plans In 2017, we adopted the Employee Incentive Plan and the Nonemployee Director Incentive Plan, under which options, SARs, RSUs, cash awards, performance awards or any combination of the foregoing may be granted. The maximum number of Liberty Latin America common shares that may be issued under the Employee Incentive Plan and the Nonemployee Director Incentive Plan is 75 million (of which no more than 10 million shares may consist of Class B shares) and 5 million, respectively, in each case subject to anti-dilution and other adjustment provisions in the respective plans. Liberty Latin America common shares issuable pursuant to awards will be made available from either authorized but unissued shares, or shares that have been issued but reacquired by Liberty Latin America. Prior to 2020, RSUs and SARs granted under the Employee Incentive Plan generally vested 12.5% on the six-month anniversary of the grant date and then vested at a rate of 6.25% each quarter thereafter over a four year term. SARs granted under the Employee Incentive Plan prior to 2020 expire seven years after the grant date. Awards granted during or after 2020 generally vest 33.3% on the anniversary of the grant date over a three year vesting term. SARs granted under the Employee Incentive Plan during or subsequent to 2020 expire ten years after the grant date. SARs issued under the Employee Incentive Plan may be granted with an exercise price at or above the fair market value of the shares on the date of grant in any class of common shares. RSUs issued under the Nonemployee Director Incentive Plan vest on the first anniversary of the grant date. Our share-based compensation expense includes amounts related to share-based incentive awards held by our employees and employees of our subsidiaries. The following table summarizes certain information related to share-based incentive awards granted: Year ended December 31, Assumptions used to estimate fair value of SARs and PSARs: 2022 2021 2020 Risk-free interest rate 2.0 - 3.7% 0.8 - 1.4% 0.2 - 0.9% Expected life 6.0 - 10.0 years 6.0 - 10.0 years 4.5 - 7.0 years Expected volatility 40.2 - 49.8% 36.9 - 46.8% 48.1 - 90.6% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: SARs $ 4.91 $ 6.43 $ 5.39 PSARs $ 5.92 $ 6.88 $ — RSUs $ 9.49 $ 13.96 $ 10.07 PSUs $ 6.11 $ 11.57 $ — As of December 31, 2022, we have $102 million of total unrecognized compensation expense related to awards held by our employees that is expected to be recognized as a future expense over a weighted-average period of approximately 2 years. Performance Awards The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees. PSUs In early 2020, our compensation committee approved the 2020 PSUs, which represent the right to receive one Liberty Latin America Class A or Class C common share, as applicable, subject to performance and vesting. Because of the COVID-19 pandemic, and the difficulty in providing clarity on our then expected results over a two-year performance period for the 2020 PSUs, the compensation committee delayed setting performance targets for the 2020 PSUs until February 2021. During February 2021, the compensation committee formally communicated the financial and operational targets for earning the 2020 PSUs thereby establishing a grant date for the 2020 PSUs. The performance criteria was based upon the achievement of an Adjusted OIBDA CAGR during the period from January 1, 2021 through December 31, 2021. The earned 2020 PSUs vested 50% on each of March 15, 2022 and September 15, 2022. During 2022, we granted a total of 0.3 million Class B PSUs, 0.1 million of which vested immediately and the remainder of which will vest in March 2023 based upon the achievement of certain 2022 performance objectives. PSARs 2021 PSARs . During 2021 and 2022, certain key employees received the 2021 PSARs. Each award represents the right to receive a payment in shares or, if the compensation committee so determines, cash or a combination of cash and shares, equal to the excess of the fair market value of the common shares on the day of exercise over the exercise price, subject to performance and vesting. The 2021 PSARs, have a term of ten years, a performance period from January 1, 2021 and ending December 31, 2023 and will vest on March 16, 2024 based on the continued employment of the recipient through this date. The 2021 PSARs include performance conditions based on the achievement of individual qualitative objectives during the performance period. As of December 31, 2022 and 2021, we had 2.8 million Class A PSARs and 5.7 million Class C PSARs, and 2.7 million Class A PSARs and 5.5 million Class C PSARs outstanding, respectively. Share-based Incentive Awards The following tables summarize the share-based incentive award activity during 2022 with respect to Liberty Latin America awards held by our employees and our Directors. Number of Weighted Weighted Aggregate intrinsic value SARs – Class A shares in millions in years in millions Outstanding at January 1, 2022 6.4 $ 16.21 Granted 3.2 $ 9.67 Forfeited (0.5) $ 16.46 Outstanding at December 31, 2022 9.1 $ 13.91 6.1 $ — Exercisable at December 31, 2022 4.2 $ 17.32 3.6 $ — Number of Weighted Weighted Aggregate intrinsic value SARs – Class C shares in millions in years in millions Outstanding at January 1, 2022 12.8 $ 16.27 Granted 6.4 $ 9.61 Forfeited (0.9) $ 16.53 Outstanding at December 31, 2022 18.3 $ 13.92 6.1 $ 0.1 Exercisable at December 31, 2022 8.4 $ 17.35 3.6 $ — Number of Weighted Weighted RSUs – Class A shares in millions in years Outstanding at January 1, 2022 1.1 $ 13.40 Granted 2.6 $ 9.66 Forfeited (0.1) $ 11.53 Released from restrictions (1.5) $ 10.82 Outstanding at December 31, 2022 2.1 $ 10.74 2.1 Number of Weighted Weighted RSUs – Class C shares in millions in years Outstanding at January 1, 2022 2.3 $ 13.54 Granted 5.5 $ 9.49 Forfeited (0.2) $ 11.57 Released from restrictions (3.3) $ 10.14 Outstanding at December 31, 2022 4.3 $ 11.04 2.1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss included in our consolidated balance sheets and statements of equity reflects the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other. The changes in the components of accumulated other comprehensive loss , net of taxes, are summarized as follows: Liberty Latin America shareholders Foreign Pension- Accumulated Non-controlling Total in millions Balance at January 1, 2020 $ (25.5) $ 10.7 $ (14.8) $ (8.8) $ (23.6) Other comprehensive loss (117.7) 6.9 (110.8) (0.8) (111.6) Balance at December 31, 2020 (143.2) 17.6 (125.6) (9.6) (135.2) Other comprehensive earnings 5.7 30.2 35.9 (0.9) 35.0 Balance at December 31, 2021 (137.5) 47.8 (89.7) (10.5) (100.2) Other comprehensive loss 53.8 (113.3) (59.5) (0.5) (60.0) Balance at December 31, 2022 $ (83.7) $ (65.5) $ (149.2) $ (11.0) $ (160.2) The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive loss. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations: Pre-tax Tax benefit (expense) Net-of-tax in millions Year ended December 31, 2022: Foreign currency translation adjustments $ 53.1 $ — $ 53.1 Pension-related adjustments and other (114.0) 0.9 (113.1) Other comprehensive loss (60.9) 0.9 (60.0) Other comprehensive loss attributable to noncontrolling interests (a) 0.5 — 0.5 Other comprehensive loss attributable to Liberty Latin America shareholders $ (60.4) $ 0.9 $ (59.5) Year ended December 31, 2021: Foreign currency translation adjustments $ 4.8 $ — $ 4.8 Pension-related adjustments and other 34.4 (4.2) 30.2 Other comprehensive earnings 39.2 (4.2) 35.0 Other comprehensive loss attributable to noncontrolling interests (a) 0.9 — 0.9 Other comprehensive earnings attributable to Liberty Latin America shareholders $ 40.1 $ (4.2) $ 35.9 Year ended December 31, 2020: Foreign currency translation adjustments $ (118.5) $ — $ (118.5) Pension-related adjustments and other 4.9 2.0 6.9 Other comprehensive loss (113.6) 2.0 (111.6) Other comprehensive loss attributable to noncontrolling interests (a) 0.8 — 0.8 Other comprehensive loss attributable to Liberty Latin America shareholders $ (112.8) $ 2.0 $ (110.8) (a) Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments and pension-related adjustments. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity Share Capital A summary of the changes in our share capital during 2022, 2021 and 2020 is set forth in the table below: Class A Class B Class C in millions Balance at January 1, 2020 48.8 1.9 131.2 Rights Offering — — 49.0 Repurchase of Liberty Latin America common shares (0.3) — (0.7) Issued in connection with share-based compensation plans and other 0.5 — 1.6 Balance at December 31, 2020 49.0 1.9 181.1 Balance at January 1, 2021 49.0 1.9 181.1 Repurchase of Liberty Latin America common shares (4.3) — (0.7) Issued in connection with share-based compensation plans and other 0.8 — 1.9 Balance at December 31, 2021 45.5 1.9 182.3 Balance at January 1, 2022 45.5 1.9 182.3 Repurchase of Liberty Latin America common shares (4.5) — (14.8) Issued in connection with share-based compensation plans and other 1.7 0.2 3.8 Balance at December 31, 2022 42.7 2.1 171.3 Voting rights. Holders of Class A common shares and Class B common shares vote together as a single class on all matters submitted to a vote of Liberty Latin America’s shareholders. The holders of Class A common shares have one vote per share; the holders of Class B common shares have 10 votes per share; and the holders of Class C common shares generally have no votes per share. In the event a right to vote is required under applicable law, holders of Class C common shares will vote as a single class with the holders of Class A common shares and Class B common shares and will be entitled to 1/100 of a vote on such matter for each Class C common share. Each Class B common share is convertible at the option of the holder for one Class A common share. Contribution from noncontrolling interest owners During 2021, we received an equity contribution of $47 million from the noncontrolling interest owner of Liberty Servicios, 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 consolidated statement of equity, and as a financing activity in our consolidated statement of cash flows. Share Repurchase Program On March 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorize 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. At December 31, 2022, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $57 million. Rights Offering On August 5, 2020, our Directors authorized the Rights Distribution to holders of Class C Rights to acquire LILAK common shares in the Rights Offering. In the Rights Distribution, we distributed 0.269 of a Class C Right for each share of Class A, Class B or Class C common shares of Liberty Latin America held as of September 8, 2020, which was the record date for the Rights Distribution. Fractional Class C Rights were rounded up to the nearest whole right. Each whole Class C Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LILAK at a subscription price of $7.14, which was equal to an approximate 25% discount to the volume weighted average trading price of LILAK for the 3-day trading period ending on and including September 2, 2020. Each Class C Right also entitled the holder to subscribe for additional shares of LILAK that were unsubscribed for in the Rights Offering pursuant to an over-subscription privilege. The Rights Offering commenced on September 11, 2020, which was also the ex-dividend date for the Rights Distribution. The Rights Offering expired in accordance with its terms on September 25, 2020 and was fully subscribed with 49,049,073 shares of LILAK issued to those rights holders exercising basic and, if applicable, over-subscription privileges. Capped Calls In connection with the issuance of our Convertible Notes, we entered into the Capped Calls, which are used as 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. Collectively, the Capped Calls cover the number of the Company’s Class C common shares underlying the Convertible Notes, or 19.5 million of Class C common shares, as adjusted for the impact of the Rights Offering as described below. The Capped Calls have a current strike price of $20.65 per Class C common share and the cap price per Class C common share ranges from $28.00 to $29.50, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes, and expire on July 15, 2024. The Capped Calls are not considered a derivative instrument under ASC 815, Derivatives and Hedging |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Earnings (Loss) per Share Basic EPS is computed by dividing net earnings (loss) attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the years 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: Year ended December 31, 2022 2021 2020 in millions Weighted average shares outstanding – basic and dilutive 222.6 232.6 195.5 We reported losses attributable to Liberty Latin America shareholders during 2022, 2021 and 2020. As a result, the potentially dilutive effect at December 31, 2022, 2021 and 2020 of the following items was not included in the computation of diluted loss per share for such periods 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: (i) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of approximately 19.5 million in each of the years presented, (ii) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of approximately 35.4 million, 24.7 million and 19.1 million, respectively, and (iii) the aggregate number of shares issuable pursuant to outstanding PSUs and PSARs of approximately 8.7 million, 10.1 million and 1.1 million, respectively. 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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. Regulatory Issues. We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 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 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 chief operating decision maker 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 December 31, 2022 , unless otherwise specified below, our reportable segments are as follows: • C&W Caribbean; • C&W Panama; • C&W Networks & LatAm; • Liberty Puerto Rico; • Liberty Costa Rica; and • VTR (through September 30, 2022, see note 8). 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 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 consolidated statements of operations. Revenue Year ended December 31, 2022 2021 2020 in millions C&W Caribbean $ 1,436.8 $ 1,389.9 $ 1,354.1 C&W Panama 642.7 568.1 522.5 C&W Networks & LatAm 450.8 431.9 405.2 Liberty Puerto Rico 1,470.1 1,449.7 619.6 Liberty Costa Rica 441.3 258.5 140.0 VTR 450.6 787.5 809.0 Corporate 22.2 21.6 2.7 Intersegment eliminations (99.4) (92.4) (70.7) Total $ 4,815.1 $ 4,814.8 $ 3,782.4 Adjusted OIBDA Year ended December 31, 2022 2021 2020 in millions C&W Caribbean $ 535.2 $ 482.9 $ 473.4 C&W Panama 188.8 200.1 177.2 C&W Networks & LatAm 276.3 264.3 239.8 Liberty Puerto Rico 538.4 580.9 270.4 Liberty Costa Rica 134.7 80.2 54.9 VTR 115.6 259.6 307.0 Corporate (71.5) (52.9) (44.5) Total $ 1,717.5 $ 1,815.1 $ 1,478.2 The following table provides a reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes: Year ended December 31, 2022 2021 2020 in millions Total Adjusted OIBDA $ 1,717.5 $ 1,815.1 $ 1,478.2 Share-based compensation expense (93.5) (118.1) (97.5) Depreciation and amortization (910.7) (964.7) (918.7) Impairment, restructuring and other operating items, net (619.2) (665.0) (375.3) Operating income 94.1 67.3 86.7 Interest expense (556.7) (527.4) (533.4) Realized and unrealized gains (losses) on derivative instruments, net 359.4 564.1 (352.7) Foreign currency transaction gains (losses), net (194.3) (319.6) 1.2 Gains (losses) on debt modification and extinguishment, net 41.1 (57.2) (45.1) Gain on disposal of the Chile JV Entities 169.4 — — Other income (expense), net (28.4) (41.7) 5.1 Loss before income taxes $ (115.4) $ (314.5) $ (838.2) Property and Equipment Additions of our Reportable Segments The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Year ended December 31, 2022 2021 2020 in millions C&W Caribbean $ 230.7 $ 222.9 $ 200.1 C&W Panama 98.4 88.9 70.4 C&W Networks & LatAm 40.2 45.3 46.7 Liberty Puerto Rico 233.5 219.2 97.3 Liberty Costa Rica 65.5 45.0 24.2 VTR 107.3 199.1 172.2 Corporate 40.7 35.5 20.2 Total property and equipment additions 816.3 855.9 631.1 Assets acquired under capital-related vendor financing arrangements (161.1) (100.5) (99.1) Changes in current liabilities related to capital expenditures and other 4.9 (19.1) 33.8 Total capital expenditures, net $ 660.1 $ 736.3 $ 565.8 Balance Sheet Data of our Reportable Segments We do not present the balance sheet data of our reportable segments, as this information is not a primary measure used by our chief operating decision maker to evaluate segment operating performance, determine the allocation of resources to segments, or assess the effectiveness of our management for purposes of annual or other incentive compensation plans. 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 • B2B subsea network revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. Year ended December 31, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate (a) Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 484.3 $ 102.8 $ — $ 457.3 $ 137.6 $ 392.3 $ — $ — $ 1,574.3 Non-subscription revenue 32.6 7.3 — 22.1 5.1 8.9 — — 76.0 Total residential fixed revenue 516.9 110.1 — 479.4 142.7 401.2 — — 1,650.3 Residential mobile revenue: Service revenue 314.5 218.6 — 448.0 195.1 25.8 — — 1,202.0 Interconnect, inbound roaming, equipment sales and other (b) 67.9 49.5 — 268.4 64.8 2.9 22.2 — 475.7 Total residential mobile revenue 382.4 268.1 — 716.4 259.9 28.7 22.2 — 1,677.7 Total residential revenue 899.3 378.2 — 1,195.8 402.6 429.9 22.2 — 3,328.0 B2B revenue (c) 537.5 264.5 450.8 220.6 38.7 20.7 — (99.4) 1,433.4 Other revenue (d) — — — 53.7 — — — — 53.7 Total $ 1,436.8 $ 642.7 $ 450.8 $ 1,470.1 $ 441.3 $ 450.6 $ 22.2 $ (99.4) $ 4,815.1 (a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition. (b) The total amount includes $257 million of revenue from sales of mobile handsets and other devices. (c) The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. (d) Amount relates to revenue received from the FCC. Year ended December 31, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate (a) Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 473.4 $ 87.9 $ — $ 438.2 $ 138.5 $ 685.1 $ — $ — $ 1,823.1 Non-subscription revenue 34.6 9.5 — 19.3 6.2 14.9 — — 84.5 Total residential fixed revenue 508.0 97.4 — 457.5 144.7 700.0 — — 1,907.6 Residential mobile revenue: Service revenue 300.2 176.4 — 480.8 72.7 48.0 — — 1,078.1 Interconnect, inbound roaming, equipment sales and other (b) 63.9 44.5 — 253.5 27.1 7.3 21.6 — 417.9 Total residential mobile revenue 364.1 220.9 — 734.3 99.8 55.3 21.6 — 1,496.0 Total residential revenue 872.1 318.3 — 1,191.8 244.5 755.3 21.6 — 3,403.6 B2B revenue (c) 517.8 249.8 431.9 220.4 14.0 32.2 — (92.4) 1,373.7 Other revenue (d) — — — 37.5 — — — — 37.5 Total $ 1,389.9 $ 568.1 $ 431.9 $ 1,449.7 $ 258.5 $ 787.5 $ 21.6 $ (92.4) $ 4,814.8 (a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition. (b) The total amount includes $219 million of revenue from sales of mobile handsets and other devices. (c) The total amount includes $33 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers. (d) Amount relates to revenue received from the FCC primarily related to Liberty Mobile following the closing of the AT&T Acquisition. Year ended December 31, 2020 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 $ 467.0 $ 85.6 $ — $ 377.4 $ 134.2 $ 696.3 $ — $ — $ 1,760.5 Non-subscription revenue 42.2 11.8 — 17.7 5.8 18.5 — — 96.0 Total residential fixed revenue 509.2 97.4 — 395.1 140.0 714.8 — — 1,856.5 Residential mobile revenue: Service revenue 294.1 182.4 — 82.7 — 55.7 — — 614.9 Interconnect, inbound roaming, equipment sales and other (a) 44.4 41.0 — 46.3 — 8.2 2.7 — 142.6 Total residential mobile revenue 338.5 223.4 — 129.0 — 63.9 2.7 — 757.5 Total residential revenue 847.7 320.8 — 524.1 140.0 778.7 2.7 — 2,614.0 B2B revenue (b) 506.4 201.7 405.2 89.8 — 30.3 — (70.7) 1,162.7 Other revenue — — — 5.7 — — — — 5.7 Total $ 1,354.1 $ 522.5 $ 405.2 $ 619.6 $ 140.0 $ 809.0 $ 2.7 $ (70.7) $ 3,782.4 (a) The total amount includes $64 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $18 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers. Geographic Markets The revenue from third-party customers for each of our geographic markets is set forth in the table below. Year ended December 31, 2022 2021 2020 in millions Puerto Rico $ 1,419.5 $ 1,395.5 $ 606.5 Panama 639.7 565.9 520.1 Chile 450.6 787.5 809.0 Costa Rica 440.8 258.2 139.9 Jamaica 428.8 402.0 375.5 Networks & Latam (a) 369.4 355.8 349.4 The Bahamas 194.7 189.9 181.1 Trinidad and Tobago 159.3 158.2 160.6 Barbados 148.0 141.6 139.2 Curacao 134.0 137.9 143.9 Other (b) 430.3 422.3 357.2 Total $ 4,815.1 $ 4,814.8 $ 3,782.4 (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. (b) The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America. The long-lived assets of our geographic markets are set forth below: December 31, 2022 2021 in millions Puerto Rico $ 1,166.7 $ 1,165.3 Networks & LatAm 634.3 675.6 Panama 481.3 351.4 Jamaica 372.4 349.0 The Bahamas 312.0 323.9 Costa Rica 250.7 216.1 Trinidad and Tobago 221.0 220.3 Barbados 164.6 175.5 Curacao 141.8 152.6 Other (a) 548.8 538.7 Total $ 4,293.6 $ 4,168.4 (a) The amounts primarily include long-lived assets of C&W’s other operations, which are primarily located in the Caribbean, and to a lesser extent, in Latin America. |
Parent Company Financial Inform
Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information | Parent Company Financial Information December 31, 2022 2021 in millions ASSETS Current assets: Cash and cash equivalents $ 23.5 $ 72.5 Other receivables – related-party 169.5 138.2 Prepaid expenses 1.3 1.7 Other current assets 0.2 3.4 Total current assets 194.5 215.8 Investments in consolidated subsidiaries 2,192.0 2,434.4 Total assets $ 2,386.5 $ 2,650.2 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Related-party liabilities $ 87.6 $ 62.0 Accrued liabilities and other 7.0 10.5 Total current liabilities 94.6 72.5 Long-term debt and finance lease obligations, net 374.5 357.7 Total liabilities 469.1 430.2 Shareholders’ equity: Class A, $0.01 par value; 500.0 million shares authorized; 51.8 million and 42.7 million shares issued and outstanding, respectively, at December 31, 2022; 50.1 million and 45.5 million shares issued and outstanding, respectively, at December 31, 2021 0.5 0.5 Class B, $0.01 par value; 50.0 million shares authorized; 2.1 million shares issued and outstanding at December 31, 2022 and 1.9 million shares issued and outstanding at December 31, 2021 — — Class C, $0.01 par value; 500.0 million shares authorized; 187.4 million and 171.3 million shares issued and outstanding, respectively, at December 31, 2022; 183.6 million and 182.3 million shares issued and outstanding, respectively, at December 31, 2021 1.9 1.8 Treasury shares, at cost; 25.3 million and 6.0 million shares, respectively (243.4) (74.0) Additional paid-in capital 5,177.1 5,075.3 Accumulated deficit (2,869.5) (2,693.9) Accumulated other comprehensive loss, net of taxes (149.2) (89.7) Total shareholders’ equity 1,917.4 2,220.0 Total liabilities and shareholders’ equity $ 2,386.5 $ 2,650.2 Year ended December 31, 2022 2021 2020 in millions Operating costs and expenses: Other operating costs and expenses $ 12.4 $ 11.2 $ 11.9 Related-party charges and other operating items, net 29.3 37.3 33.1 Operating loss (41.7) (48.5) (45.0) Non-operating income (expense): Interest expense (24.8) (23.8) (22.0) Other income (loss), net (9.6) 0.6 1.7 (34.4) (23.2) (20.3) Loss before equity in losses of consolidated subsidiaries (76.1) (71.7) (65.3) Equity in losses of consolidated subsidiaries, net (99.5) (366.1) (622.0) Net loss $ (175.6) $ (437.8) $ (687.3) Year ended December 31, 2022 2021 2020 in millions Cash flows from operating activities: Net loss $ (175.6) $ (437.8) $ (687.3) Adjustments to reconcile net loss to net cash used by operating activities: Equity in losses of consolidated subsidiaries, net 99.5 366.1 622.0 Share-based compensation expense 3.9 2.3 2.7 Amortization of debt financing costs 16.8 15.7 14.8 Changes in operating assets and liabilities 92.4 124.6 (8.2) Net cash provided (used) by operating activities 37.0 70.9 (56.0) Cash flows from investing activities: Distribution and repayments from (Investments in and advances to) consolidated subsidiaries, net 53.5 (128.7) (511.7) Net cash provided (used) by investing activities 53.5 (128.7) (511.7) Cash flows from financing activities: Repayments of related-party debt — — (101.1) Borrowings of related-party debt 30.0 — — Repurchase of Liberty Latin America Shares (170.4) (63.0) (9.5) Issuance of Liberty Latin America common shares, net — — 347.0 Other financing activities, net 0.9 — — Net cash provided (used) by financing activities (139.5) (63.0) 236.4 Net decrease in cash, cash equivalents and restricted cash (49.0) (120.8) (331.3) Cash, cash equivalents and restricted cash: Beginning of year 72.5 193.3 524.6 End of year $ 23.5 $ 72.5 $ 193.3 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events[OPEN] |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Changes | 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 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 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 our consolidated financial statement disclosures. ASU 2020-04, ASU 2021-01 and ASU 2022-06 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as LIBOR . In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in Topic 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and was initially not intended to be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( ASU 2022-06 ), which defers the expiration date of Topic 848 from December 31, 2022, to December 31, 2024, and permits companies to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR. We do not currently expect that the phase out of LIBOR will have a material impact on our consolidated financial statements. |
Estimates | Estimates 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. |
Reclassifications | ReclassificationsCertain prior year amounts have been reclassified to conform to the current year presentation. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of all voting interest entities where we exercise a controlling financial interest through the ownership of a direct or indirect controlling voting interest and variable interest entities for which our company is the primary beneficiary. Intercompany accounts have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition. We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments. |
Receivables | Receivables We have trade and notes receivables that are each reported net of an allowance for expected credit losses. Our notes receivable consist of EIP receivables due from customers under contracts that range between a period of 12 to 36 months, depending on the market. The long-term portion of our notes receivable, net of allowances for expected credit losses, is included in other assets, net, in our consolidated balance sheets. From time to time, we may sell our trade or notes receivables to third parties. During 2022, we generated approximately $48 million from the sale of receivables to third parties that is reflected in cash provided by operating activities in our consolidated statement of cash flows. Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $81 million and $85 million at December 31, 2022 and 2021, respectively, due from a single government. |
Investments | Investments From time to time, we may hold investments in (i) equity method investments; (ii) cost method investments, and (iii) available-for-sale method investments. We apply the equity method to investments when we have the ability to exercise significant influence over the operating and financial policies of the investee. Under the equity method, investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Our share of the investee’s net earnings or losses is included in other income (expense), net, in our consolidated statements of operations. We are required to hold security against the value of certain pension liabilities in the U.K.. The security is in the form of U.K. Government Gilts, which we account for using the available-for-sale method. Available-for-sale securities are measured at fair value with changes reflected in other comprehensive income or loss until sold or other-than-temporarily impaired, at which time the amounts are reclassified from accumulated other comprehensive income or loss into non-operating income or expense in our consolidated statements of operations. Our investment in U.K. Government Gilts falls under Level 1 of the fair value hierarchy. At December 31, 2022 and 2021, the carrying values of our investment in U.K. Government Gilts were $30 million and $39 million, respectively, which are included in other assets, net, in our consolidated balance sheets. We hold an equity security for which the fair value is not readily determinable. Accordingly, we measure this investment at cost minus impairment, plus or minus changes resulting from observable price changes. We continually review our equity method investments, available-for-sale debt securities and cost-basis investments to determine whether a decline in fair value below the cost basis is other-than-temporary. If it has been determined that an investment has sustained an other-than-temporary decline in value, we estimate the fair value and record an impairment charge if the carrying value of the investment exceeds its estimated fair value. Any impairment charges are recorded in other income (expense), net, in our consolidated statements of operations. |
Financial Instruments | Financial InstrumentsDue to the short maturities of cash and cash equivalents, trade and other receivables, notes receivable, other current assets, accounts payable, accrued liabilities and other accrued and current liabilities, their respective carrying values approximate their respective fair values. For information concerning the fair values of our derivative and debt instruments, see notes 5 and 9, respectively. |
Derivative Instruments | Derivative Instruments Derivative Instruments Recorded at Fair Value Our derivative instruments, excluding our Weather Derivatives, as discussed below, are recorded in our consolidated balance sheets at fair value, whether designated as a hedge or not. If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings. If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in realized and unrealized gains or losses on derivative instruments in our consolidated statements of operations. As of December 31, 2022, we do not apply hedge accounting to any of our derivative instruments. The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows, as follows: • cross-currency and interest rate derivative contracts: the net cash paid or received related to principal and current interest is classified as a financing or operating activity, respectively; • foreign currency forward contracts that are used to hedge operating expenditures: the net cash paid or received is classified as an operating activity; • foreign currency forward contracts that are used to hedge capital expenditures: the net cash paid or received is reflected in capital expenditures, net, which are classified as an investing activity; • foreign currency forward contracts that are used to hedge principal exposure on foreign currencies: the net cash paid or received is classified as a financing activity; and • derivative contracts that are terminated prior to maturity: the cash paid or received upon termination that relates to future periods is classified as a financing activity. |
Inventories | Inventories Inventories consist primarily of mobile handset devices and accessories and are valued at the lower of cost or net realizable value. We maintain inventory valuation reserves for obsolete and slow-moving inventory based on analysis of recent historical sales activity and current retail, stand-alone selling prices. We record sales of inventories under the average cost method. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. We capitalize costs associated with the construction of new cable and mobile transmission and distribution facilities and the installation of new cable services. The nature and amount of labor and other costs to be capitalized with respect to construction and installation activities involves judgment. In addition to direct external and internal labor and materials, we also capitalize other costs directly attributable to our construction and installation activities, including dispatch costs, quality-control costs, vehicle-related costs and certain warehouse-related costs. The capitalization of these costs is based on time sheets, time studies, standard costs, call tracking systems and other verifiable means that directly link the costs incurred with the applicable capitalizable activity. We continuously monitor the appropriateness of our capitalization policies and update the policies when necessary to respond to changes in facts and circumstances, such as the development of new products and services and changes in the manner that installations or construction activities are performed. Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service. The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred. We capitalize internal and external costs directly associated with the development of internal-use software. Capitalized internal-use software is included as a component of property and equipment. We also capitalize costs associated with the purchase of software licenses. Costs associated with software obtained in a hosting arrangement are expensed over the life of the service contract, unless we have the right to take possession of the software at any time without significant penalty and it is feasible to run the software on our own hardware or contract with another party unrelated to the vendor to host the software. Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset. Equipment under finance leases is amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset and is included in depreciation and amortization in our consolidated statements of operations. Useful lives used to depreciate our property and equipment are assessed periodically and are adjusted when warranted. The useful lives of cable and mobile distribution systems that are undergoing a rebuild are adjusted such that property and equipment to be retired will be fully depreciated by the time the rebuild is completed. For additional information regarding the useful lives of our property and equipment, see note 7. Additions, replacements and improvements that extend the asset life are capitalized. Repairs and maintenance are expensed as incurred. |
Intangible Assets | Intangible Assets Our primary intangible assets relate to goodwill, customer relationships, spectrum licenses and cable television franchise rights. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in a business combination. Customer relationships, spectrum licenses and cable television franchise rights that are acquired in connection with a business combination are initially recorded at their fair values. Goodwill and other intangible assets with indefinite useful lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. We do not amortize our cable television franchise rights or spectrum licenses that have indefinite lives. Spectrum licenses provide us with the exclusive right to utilize a certain radio frequency spectrum to provide wireless communications services. While spectrum licenses are issued for only a fixed time (generally 10 years or less), renewals of spectrum licenses occur routinely and at nominal cost. Moreover, we believe there are currently no significant legal, regulatory, contractual, competitive, economic or other factors limiting the useful lives of most of our spectrum licenses, and therefore while spectrum licenses in certain markets are amortized over a finite period, we generally treat these spectrum licenses as indefinite-lived intangible assets. |
Impairment of Property and Equipment and Intangible Assets | Impairment of Property and Equipment and Intangible Assets When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be recoverable. Such changes in circumstance may include (i) the impact of natural disasters, such as hurricanes, (ii) an expectation of a sale or disposal of a long-lived asset or asset group, (iii) adverse changes in market or competitive conditions, |
Contract Assets, Deferred Contract Costs, Deferred Revenue and Revenue Recognition | Contract Assets When we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets are reclassified to trade receivables, net, in our consolidated balance sheet at the point in time we have the unconditional right to payment. The long-term portion of contract assets are $107 million and $86 million as of December 31, 2022 and 2021, respectively, and are included in other assets, net, in our consolidated balance sheets. Deferred Contract Costs Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are recognized as an asset and amortized to other operating costs and expenses over the applicable period benefited, which is the longer of the contract life or the economic life of the commission. If, however, the amortization period is one year or less, we expense such costs in the period incurred. Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognized as an expense when incurred. Our aggregate deferred contract costs were $56 million and $31 million as of December 31, 2022 and 2021, respectively. The current and long-term portion of deferred contract costs are included in other current assets, net, and other assets, net, respectively, in our consolidated balance sheets. Deferred Revenue We record deferred revenue when we have received payment prior to transferring goods or services to a customer. Deferred revenue primarily relates to (i) advanced payments on fixed subscription services, mobile airtime services and long-term capacity contracts and (ii) deferred installation and other upfront fees. Our aggregate current and long-term deferred revenue as of December 31, 2022 and 2021 was $261 million and $301 million, respectively. Revenue Recognition We categorize revenue into two major categories: (i) residential revenue, which includes revenue from fixed and mobile services provided to residential customers, and (ii) B2B revenue, which includes B2B service and subsea network revenue. For additional information regarding our revenue by major category, see note 20. Our revenue recognition policies are as follows: General . Most of our fixed and mobile residential contracts are not enforceable or do not contain substantive early termination penalties. Accordingly, revenue relating to these customers is recognized on a basis consistent with customers that are not subject to contracts. We account for customer service revenue contracts that include both non-lease and lease components as a single component in all instances where the non-lease component is the predominant component of the arrangement and the other applicable criteria are met. Residential Fixed and B2B Service Revenue – Fixed Networks . We recognize revenue from video, broadband internet and fixed-line telephony services over our fixed networks to customers in the period the related residential fixed or B2B services are provided. Installation or other upfront fees related to services provided over our fixed networks are generally deferred and recognized as subscription revenue over the contractual period, or longer if the upfront fee results in a material renewal right. We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment. The deferred fees are amortized into revenue on a straight-line basis over the term of the arrangement or the expected period of performance. We may also sell video, broadband internet and fixed-line telephony services to our customers in bundled packages at a rate lower than if the customer purchased each product on a standalone basis. Arrangement consideration from bundled packages generally is allocated proportionally to the individual service based on the relative standalone price for each respective product or service. Mobile Revenue – General. Consideration from mobile contracts is allocated to airtime services and handset sales based on the relative standalone prices of each performance obligation. Mobile Revenue – Airtime Services. We recognize revenue from mobile services in the period the related services are provided. Payments received from prepaid customers are recorded as deferred revenue prior to the commencement of services and are recognized as revenue as the services are rendered or usage rights expire. Mobile Revenue – Handset Revenue. Arrangement consideration allocated to handsets is recognized as revenue when the goods have been transferred to the customer. B2B Subsea Network Revenue – Long-term Capacity Contracts. 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 December 31, 2022, we have approximately $355 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of five years. Government Funding Revenue. From time to time, we receive funds from the FCC, primarily in Puerto Rico, where funds were established in an effort to restore, expand and upgrade fixed and mobile networks in Puerto Rico and the U.S. Virgin Islands. We recognize funds granted from the FCC as other revenue in the period in which we are entitled to receive the funds, as the FCC does not meet the definition of a “customer.” Sales, Use and Other VAT . Revenue is recorded net of applicable sales, use and other value-added taxes. |
Operating Leases | Operating Leases Our operating leases primarily consist of (i) property leases for mobile tower locations that generally have initial terms of five We classify leases with a term of greater than 12 months where substantially all risks and rewards incidental to ownership are retained by the third-party lessors as operating leases. We record a right-of-use asset and an operating lease liability at inception of the lease at the present value of the lease payments plus certain other payments, including variable lease payments and amounts probable of being owed by us under residual value guarantees. Payments made under operating leases, net of any incentives received from the lessors, are recognized to expense on a straight-line basis over the term of the lease. Initial direct costs incurred in negotiating and arranging operating leases are recognized to expense when incurred. Contingent rental payments are recognized to expense when incurred. Our right-of-use assets and non-current operating lease liabilities are included in other assets, net other long-term liabilities We use a credit-adjusted discount rate to measure our operating lease liabilities. We derive the discount rates associated with each of our borrowing groups by firstly constructing a credit curve which is based on the implied credit spread between the risk free rate (generally U.S. dollar denominated U.S. Treasuries) and a credit curve constructed using an index of observable U.S. dollar denominated fixed rate corporate bonds issued by U.S. telecommunications companies with the same rating as the respective borrowing group. Next, we apply a linear fixed spread to this credit curve reflecting the difference between the observable price on the longest tradable debt instrument in each borrowing group and the credit curve at the maturity date of the observed debt instrument. Lastly, we make adjustments for all tenors to correct for the collateralized interest rate spread by comparing unsecured debt to asset-backed securities (secured debt) trades, this adjustment is based on the difference between the index of observable U.S. dollar denominated fixed rate corporate bonds issued by U.S. telecommunications companies with the same rating as the borrowing group and a similar index for companies rated one-class higher on the rating-code scale. |
Income Taxes | Income Taxes The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis. Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled. We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not that such net deferred tax assets will not be realized. Certain of our valuation allowances are associated with entities that we acquired in business combinations. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Deferred tax liabilities related to investments in foreign entities and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign entity has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free liquidation. Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The reporting currency of Liberty Latin America is the U.S. dollar. The functional currency of our foreign operations is the applicable local currency for each foreign entity. Assets and liabilities of our foreign subsidiaries (including intercompany balances for which settlement is not anticipated in the foreseeable future) are translated at the spot rate in effect at the applicable reporting date. With the exception of certain material transactions, the amounts reported in our consolidated statements of operations are translated at the average exchange rates in effect during the applicable period. The resulting unrealized cumulative translation adjustment, net of applicable income taxes, is recorded as a component of accumulated other comprehensive earnings or loss in our consolidated statements of equity. With the exception of certain material transactions, the cash flows from our operations in foreign countries are translated at the average rate for the applicable period in our consolidated statements of cash flows. The impacts of material transactions generally are recorded at the applicable spot rates in our consolidated statements of operations and cash flows. The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows. |
Share-based Compensation | Share-based Compensation We recognize compensation expense associated with share-based incentive awards based on their grant-date fair values. The grant-date fair values for SARs and PSARs are estimated using the Black-Scholes-Merton valuation model, and the grant-date fair values for RSUs and PSUs are based upon the closing market price of our stock on the date of grant. We may also settle annual bonus-related obligations in the form of equity. We use the liability-based method of accounting in such situations, as the equity to be issued is variable. We use the legal life of the award for the expected life of SARs granted to executives. For SARs granted to non-executives, the expected life is calculated using the “simplified method” as we do not have sufficient historical exercise data. The expected volatility of SARs is based on a weighted average calculation that may include (i) data from a comparable group of peer companies, (ii) Liberty Latin America’s share trading history and/or (iii) the implied volatility from traded LILA and LILAK options. We recognize the grant-date fair value of outstanding awards as a charge to operations over the requisite service period, which is generally the vesting period, and account for forfeitures as they occur. We use the straight-line method to recognize share-based compensation expense for share-based incentive awards that do not contain a performance condition and the accelerated expense attribution method for our share-based incentive awards that contain a performance condition and vest on a graded basis. |
Litigation Costs | Litigation CostsLegal fees and related litigation costs are expensed as incurred |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan Amounts Included in Consolidated Balance Sheets | Defined benefit plan amounts included in our consolidated balance sheets are as follows: December 31, 2022 2021 in millions Other assets, net $ 119.4 $ 218.8 Other long-term liabilities (146.6) (216.4) Net pension asset (liability) $ (27.2) $ 2.4 |
Schedule of Defined Benefit Plans Disclosures | The table below provides summary information for our defined benefit plans: December 31, 2022 2021 in millions Projected benefit obligations (a) $ (1,543.7) $ (2,289.5) Fair value of plan assets (b) 1,516.5 2,291.9 Net pension asset (liability) $ (27.2) $ 2.4 (a) The weighted average discount rate used in determining our benefit obligations was 6.0% and 2.8% at December 31, 2022 and 2021, respectively. A 1.0% increase or decrease in the weighted average discount rate would have a ($64 million) or $91 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below). (b) Our plan assets primarily comprise investments in debt securities, equity securities and insurance contracts. The fair value of plan assets at December 31, 2022 includes $659 million, $116 million and $742 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 6). The fair value of plan assets at December 31, 2021 includes $952 million, $209 million and $1,131 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | Year ended December 31, 2021 Year ended December 31, 2020 As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted in millions Revenue $ 4,799.0 $ 15.8 $ 4,814.8 $ 3,764.6 $ 17.8 $ 3,782.4 Operating income $ 81.2 $ (13.9) $ 67.3 $ 93.2 $ (6.5) $ 86.7 Loss before income taxes $ (300.6) $ (13.9) $ (314.5) $ (831.7) $ (6.5) $ (838.2) Net loss $ (490.1) $ 2.3 $ (487.8) $ (803.9) $ (5.1) $ (809.0) Net loss attributable to LLA shareholders $ (440.1) $ 2.3 $ (437.8) $ (682.2) $ (5.1) $ (687.3) 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable, Allowance for Credit Loss | The aggregate changes in our allowance for expected credit losses and associated with trade receivables, and current and long-term note receivables are set forth below: Year ended December 31, 2022 2021 2020 in millions Beginning balance $ 112.6 $ 116.2 $ 87.3 Provision for expected losses 78.4 71.4 63.9 Write-offs (79.1) (59.5) (60.3) Reclassification to assets held for sale — (10.0) — Foreign currency translation adjustments and other (10.8) (5.5) 25.3 Ending balance $ 101.1 $ 112.6 $ 116.2 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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 9.3 Total purchase price 209.3 Opening balance sheet cash (1.2) Net cash paid for the Claro Panama Acquisition $ 208.1 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 Property and equipment 136.4 Intangible assets subject to amortization (a) 47.9 Other assets (b) 180.9 Current liabilities (64.9) Long-term liabilities (c) (133.8) Total purchase price $ 209.3 (a) At July 1, 2022, the preliminary assessment of the weighted average useful life of the spectrum intangible assets was approximately 6 years. (b) Primarily consists of operating lease right-of-use assets. (c) Primarily consists of the non-current portion of operating lease obligations. Stated Telefónica Acquisition Agreement purchase price $ 500.0 Working capital adjustments 25.1 Total purchase price 525.1 Opening balance sheet cash (17.0) Net cash paid for the Liberty Telecomunicaciones Acquisition $ 508.1 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 (g) $ 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 current operating lease obligations. (f) Primarily consists of the non-current portion of operating lease obligations and deferred tax liabilities. (g) Amount excludes $9 million of direct acquisition costs incurred during 2021. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations. Current assets (a) (b) $ 155.6 Goodwill (c) 196.9 Property and equipment 768.6 Intangible assets subject to amortization (d) 85.6 Intangible assets not subject to amortization (e) 1,043.0 Other assets (b) (g) 272.8 Current liabilities (f) (g) (67.9) Long-term debt and finance lease obligations (10.6) Non-current deferred tax liabilities (344.3) Other long-term liabilities (g) (167.3) Total purchase price (h) $ 1,932.4 (a) Current assets consists of trade receivables, prepaid expenses and other current assets. (b) Current assets and other assets include $67 million and $39 million, respectively, in EIP receivables. (c) The goodwill recognized in connection with the AT&T Acquisition is primarily attributable to (i) the ability to take advantage of the AT&T Acquired Entities’ existing mobile network to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of the AT&T Acquired Entities with Liberty Latin America. Due to the nature of the AT&T Acquisition, no tax deductions related to goodwill have been taken. (d) Amount includes intangible assets related to customer relationships. At October 31, 2020, the weighted average useful life of the acquired customer relationship intangible assets was approximately 10 years. (e) Amount represents the estimated fair value of spectrum licenses. (f) Current liabilities include accounts payable, current portion of debt and finance lease obligations and other accrued and current liabilities. (g) Other assets, current liabilities and other long-term liabilities include $182 million, $33 million and $163 million related to operating lease right-of-use assets, current operating lease obligations and non-current operating lease obligations, respectively. (h) Amount excludes $51 million of direct acquisition costs, incurred during 2020. Our consolidated statement of operations for the year ended year ended December 31, 2020 includes revenue of $170 million and a net loss of $88 million attributable to the AT&T Acquired Entities. |
Schedule of Business Acquisitions, by Acquisition | The following table sets forth a reconciliation of the stated purchase price included in the Acquisition Agreement to the “Accounting Purchase Price” (in millions): Stated Acquisition Agreement purchase price $ 1,950.0 Less: Purchase price allocated to purchase of prepaid roaming services (a) (73.3) Working capital and other purchase price adjustments: Closing adjustments (b) (51.7) Additional working capital consideration (c) 61.0 Net cash paid for the AT&T Acquisition (d) 1,886.0 Contingent purchase price consideration (e) 46.4 Accounting Purchase Price $ 1,932.4 (a) Represents the portion of the stated Acquisition Agreement purchase price that has been allocated to the purchase of prepaid roaming services. In connection with the Acquisition Agreement, AT&T agreed to give us a $75 million credit against certain roaming services that AT&T provides to the AT&T Acquired Entities for a seven-year period following the closing of the AT&T Acquisition. If the credits are not used for roaming services in that time period, any remaining credit may be used to acquire certain other services from AT&T thereafter. For accounting purposes, we have bifurcated the discounted value of these services from the stated purchase consideration and reflected the amount allocated to the purchase of prepaid roaming, $73 million, in net cash provided by operating activities in our consolidated statement of cash flows. (b) Represents closing adjustments to the purchase price pursuant to the terms of the Acquisition Agreement for (i) closing working capital balances, (ii) outstanding indebtedness and (iii) shortfalls in equipment subsidies made by AT&T prior to the closing of the AT&T Acquisition. (c) Represents cash paid subsequent to the closing of the AT&T Acquisition related to certain liabilities of the AT&T Acquired Entities that were not assumed by us under the terms of the Acquisition Agreement. (d) The net cash paid for the AT&T Acquisition is comprised of (i) borrowings in our Liberty Puerto Rico segment during 2019 of $1,353 million, and (ii) $533 million of cash and cash equivalents from available liquidity. |
Schedule of Pro Forma Information | The following unaudited pro forma consolidated operating results give effect to (i) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021, (ii) the Liberty Telecomunicaciones Acquisition, as if it had been completed as of January 1, 2020, and (iii) the AT&T Acquisition, as if it had occurred on January 1, 2019: Year ended December 31, 2022 2021 2020 in millions Revenue $ 4,879.6 $ 5,119.6 $ 4,785.3 Net loss attributable to Liberty Latin America shareholders $ (186.1) $ (464.7) $ (568.0) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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) $ 91.3 $ 224.2 $ 315.5 $ 15.1 $ 25.3 $ 40.4 Foreign currency forward contracts — — — 0.1 — 0.1 Total $ 91.3 $ 224.2 $ 315.5 $ 15.2 $ 25.3 $ 40.5 Liabilities (b): Cross-currency and interest rate derivative contracts (c) $ 30.4 $ — $ 30.4 $ 33.3 $ 62.1 $ 95.4 Foreign currency forward contracts 11.9 — 11.9 5.8 — 5.8 Total $ 42.3 $ — $ 42.3 $ 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 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 December 31, 2021 consolidated balance sheet. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities as of December 31, 2021, 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 or losses on derivative instruments, net, in our 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 (losses) on derivative instruments, net, are as follows: Year ended December 31, 2022 2021 2020 in millions Cross-currency and interest rate derivative contracts (a) (b) $ 404.3 $ 565.4 $ (328.6) Foreign currency forward contracts (13.5) 25.8 (7.8) Weather Derivatives (31.4) (27.1) (16.3) Total $ 359.4 $ 564.1 $ (352.7) (a) Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($4 million), ($41 million) and $47 million during 2022, 2021 and 2020, respectively. Included in the 2021 credit risk valuation adjustment is a net loss of $30 million related to the Chile JV Entities. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations. (b) The losses for 2020 include a realized gain of $71 million associated with the settlement of certain cross-currency swaps at VTR in June 2020 that were unwound in connection with the July 2020 refinancing of certain VTR debt. For additional information regarding the refinancing, see note 9. |
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: Year ended December 31, 2022 2021 2020 in millions Operating activities $ (20.5) $ (94.5) $ (50.1) Investing activities (7.4) (1.2) 7.4 Financing activities (a) 97.6 (43.0) 182.5 Total $ 69.7 $ (138.7) $ 139.8 (a) The 2022 amount is primarily related to the settlement of certain cross currency swaps at VTR prior to the formation of the Chile JV. 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. The 2020 amount is primarily related to the settlement of certain cross-currency interest rate swaps at VTR. 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 December 31, 2022: Borrowing group Notional amount due from counterparty Weighted average remaining life in millions in years C&W (a) $ 2,690.0 4.4 Liberty Puerto Rico $ 500.0 5.8 Costa Rica (b) $ 276.7 1.0 (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 0.5 Liberty Puerto Rico $ 620.0 0.5 |
Long-lived Assets (Tables)
Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Impairment Charges | The following table sets forth the details of our impairment charges: C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico VTR (a) Liberty Costa Rica Total in millions Year ended December 31, 2022: Goodwill (b) $ 555.3 $ — $ — $ — $ — $ — $ 555.3 Property and equipment and other 3.1 — 1.0 3.6 0.1 0.7 8.5 Total impairment charges $ 558.4 $ — $ 1.0 $ 3.6 $ 0.1 $ 0.7 $ 563.8 Year ended December 31, 2021: Goodwill $ 605.1 $ — $ — $ — $ — $ — $ 605.1 Property and equipment and other 2.6 — — 0.2 1.3 — 4.1 Total impairment charges $ 607.7 $ — $ — $ 0.2 $ 1.3 $ — $ 609.2 Year ended December 31, 2020: Goodwill $ 99.0 $ 173.6 $ — $ — $ — $ — $ 272.6 Property and equipment and other 1.9 — — 1.5 1.6 0.1 5.1 Total impairment charges $ 100.9 $ 173.6 $ — $ 1.5 $ 1.6 $ 0.1 $ 277.7 (a) During October 2022, we contributed the Chile JV Entities into the Chile JV. As such, subsequent to September 30, 2022, VTR is no longer included in our consolidated results of operations. (b) During 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 $498 million of goodwill remaining at December 31, 2022. If, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant. |
Schedule of Goodwill | Changes in the carrying amount of our goodwill during 2022 are set forth below: January 1, 2022 Acquisitions Foreign currency translation Impairments December 31, 2022 in millions C&W Caribbean $ 1,787.1 $ (16.5) $ 5.1 $ (555.3) $ 1,220.4 C&W Panama 617.1 — — — 617.1 C&W Networks & LatAm 646.8 11.5 (4.3) — 654.0 Liberty Puerto Rico 498.3 2.8 — — 501.1 Liberty Costa Rica 398.7 (3.8) 33.8 — 428.7 Total $ 3,948.0 $ (6.0) $ 34.6 $ (555.3) $ 3,421.3 Changes in the carrying amount of our goodwill during 2021 are set forth below: January 1, 2021 Acquisitions and related adjustments Reclassification to assets held for sale (a) Foreign Impairments December 31, in millions C&W Caribbean $ 2,459.3 $ — $ — $ (67.1) $ (605.1) $ 1,787.1 C&W Panama 617.1 — — — — 617.1 C&W Networks & LatAm 652.7 — — (5.9) — 646.8 Liberty Puerto Rico 629.9 (131.6) — — — 498.3 Liberty Costa Rica 151.9 262.0 — (15.2) — 398.7 VTR 374.6 — (313.0) (61.6) — — Total $ 4,885.5 $ 130.4 $ (313.0) $ (149.8) $ (605.1) $ 3,948.0 (a) In connection with the then pending formation of the Chile JV, the goodwill associated with the Chile JV Entities was included in assets held for sale on our December 31, 2021 consolidated balance sheet. For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see notes 8 and 8. |
Schedule of Property and Equipment and the Related Accumulated Depreciation | The details of our property and equipment and the related accumulated depreciation are set forth below: Estimated useful December 31, 2022 2021 in millions Distribution systems 3 to 25 years $ 4,419.1 $ 4,208.8 Support equipment, buildings, land and CIP 3 to 40 years 2,232.7 1,641.6 CPE 3 to 5 years 919.0 893.7 7,570.8 6,744.1 Accumulated depreciation (3,277.2) (2,575.7) Total $ 4,293.6 $ 4,168.4 |
Schedule of Intangible Assets Subject to Amortization | The details of our intangible assets subject to amortization, which had estimated useful lives ranging from four at December 31, 2022, are set forth below: December 31, 2022 2021 in millions Customer relationships $ 1,464.4 $ 1,527.6 Licenses and other (a) 278.9 220.2 1,743.3 1,747.8 Accumulated amortization (1,055.2) (959.2) Total $ 688.1 $ 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. |
Schedule of Future Amortization Expense | Based on our amortizable intangible assets balance at December 31, 2022, we expect that amortization expense will be as follows for the next five years and thereafter (in millions): 2023 $ 170.6 2024 133.2 2025 90.3 2026 64.8 2027 54.5 Thereafter 174.7 Total $ 688.1 |
Schedule of Intangible Assets Not Subject to Amortization | The details of our intangible assets not subject to amortization are set forth below: December 31, 2022 2021 in millions Spectrum licenses $ 1,051.0 $ 1,050.9 Cable television franchise rights and other 541.8 541.5 Total intangible assets not subject to amortization $ 1,592.8 $ 1,592.4 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 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 on our December 31, 2021 consolidated balance sheet are summarized below (in millions): Assets: Cash and cash equivalents $ 109.7 Other current assets, net 132.6 Property and equipment, net 686.0 Goodwill 313.0 Other assets, net 327.4 Total assets $ 1,568.7 Liabilities: Current portion of debt $ 82.2 Other accrued and current liabilities 294.2 Long-term debt 1,416.8 Other long-term liabilities 60.9 Total liabilities $ 1,854.1 Assets: Cash and cash equivalents $ 63.0 Other current assets, net 104.4 Property and equipment, net 697.5 Goodwill 275.6 Other assets, net 259.1 Total assets $ 1,399.6 Liabilities: Current portion of debt $ 72.4 Other accrued and current liabilities 210.1 Long-term debt 1,330.9 Other long-term liabilities 55.1 Total liabilities $ 1,668.5 |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt and Lease Obligation [Abstract] | |
Schedule of Debt | The U.S. dollar equivalents of the components of our debt are as follows: December 31, 2022 Estimated fair value (c) Principal amount Weighted Unused borrowing capacity (b) Borrowing currency US $ equivalent December 31, December 31, 2022 2021 2022 2021 in millions Convertible Notes (d) 2.00 % $ — $ — $ 357.4 $ 396.5 $ 402.5 $ 402.5 C&W Notes 6.55 % — — 1,591.6 1,774.3 1,715.0 1,715.0 C&W Credit Facilities 6.32 % (e) 719.2 2,505.0 2,422.7 2,605.2 2,451.3 LPR Senior Secured Notes 6.08 % — — 1,772.7 2,058.1 1,981.0 1,981.0 LPR Credit Facilities 8.07 % $ 172.5 172.5 613.8 623.1 620.0 620.0 LCR Credit Facilities (f) 10.32 % $ 7.0 7.0 382.9 407.1 419.3 408.7 Vendor financing and other (g) 6.04 % — — 223.1 99.8 223.1 99.8 Total debt before premiums, discounts and deferred financing costs 6.43 % $ 898.7 $ 7,446.5 $ 7,781.6 $ 7,966.1 $ 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: December 31, 2022 2021 in millions Total debt before premiums, discounts and deferred financing costs $ 7,966.1 $ 7,678.3 Premiums, discounts and deferred financing costs, net (d) (94.0) (120.0) Total carrying amount of debt 7,872.1 7,558.3 Finance lease obligations 8.6 7.6 Total debt and finance lease obligations 7,880.7 7,565.9 Less: Current maturities of debt and finance lease obligations (226.9) (106.3) Long-term debt and finance lease obligations $ 7,653.8 $ 7,459.6 (a) Represents the weighted average interest rate in effect at December 31, 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 December 31, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At December 31, 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 December 31, 2022 compliance reporting requirements. At December 31, 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 Conversion Option, as further described below. (e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities. For further information, see C&W Credit Facilities below. (f) The LCR Credit Facilities comprise certain CRC and U.S. dollar term loans and a U.S. dollar revolving credit facility. For further information, see LCR Credit Facilities below. (g) 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 $149 million, $110 million and $108 million for 2022, 2021 and 2020, 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 (used) by financing activities in our 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 consolidated statements of cash flows. The details of the outstanding C&W Notes as of December 31, 2022 are summarized in the following table: Outstanding C&W Notes Maturity Interest Borrowing U.S. $ equivalent Carrying in millions 2027 C&W Senior Secured Notes September 7, 2027 5.750 % $ 495.0 $ 495.0 $ 494.2 2027 C&W Senior Notes September 15, 2027 6.875 % $ 1,220.0 1,220.0 1,218.0 Total $ 1,715.0 $ 1,712.2 (a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable. The details of the outstanding LPR Senior Secured Notes as of December 31, 2022 are summarized in the following table: Outstanding LPR Senior Secured Notes Maturity Interest Borrowing U.S. $ equivalent Carrying in millions 2027 LPR Senior Secured Notes October 15, 2027 6.750% $ 1,161.0 $ 1,161.0 $ 1,146.3 2029 LPR Senior Secured Notes July 15, 2029 5.125% $ 820.0 820.0 810.5 Total $ 1,981.0 $ 1,956.8 (a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable. |
Schedule of Debt Redemption | The C&W Notes are subject to certain redemption rights (as specified in the applicable indenture). Some or all of the 2027 C&W Senior Notes and 2027 C&W Senior Secured Notes may be redeemed at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below: Redemption Price 2027 C&W Senior Notes 2027 C&W Senior Secured Notes 12-month period commencing: September 15 September 7 2023 101.719% 101.438% 2024 100.859% 100.000% 2025 and thereafter 100.000% 100.000% Redemption Price 2027 LPR Senior Secured Notes 2029 LPR Senior Secured Notes 12-month period commencing: October 15 July 15 2023 101.688% N.A. 2024 100.000% 102.563% 2025 100.000% 101.281% 2026 and thereafter 100.000% 100.000% |
Schedule of Line of Credit Facilities | The details of our borrowings under the C&W Credit Facilities as of December 31, 2022 are summarized in the following table: Unused borrowing capacity Outstanding principal amount C&W Credit Facilities Maturity Interest rate Borrowing currency US $ equivalent Borrowing currency US $ equivalent Carrying in millions CWP Revolving Credit Facility (b) January 18, 2027 SOFR + 3.75% $ 20.0 20.0 $ — $ — $ — C&W Revolving Credit Facility (c) January 30, 2027 LIBOR + 3.25% $ 630.0 $ 630.0 $ — — — C&W Term Loan B-5 Facility January 31, 2028 LIBOR + 2.25% (d) $ — — $ 1,510.0 1,510.0 1,497.2 C&W Term Loan B-6 Facility October 15, 2029 LIBOR + 3.0% (d) $ — — $ 590.0 590.0 581.1 2028 CWP Term Loan (e) January 18, 2028 4.25% $ — — $ 435.0 435.0 429.9 C&W Regional Facilities various dates ranging from 2023 to 2038 5.35% (f) (g) 69.2 (h) 70.2 68.2 Total $ 719.2 $ 2,605.2 $ 2,576.4 (a) Amounts are net of discounts and deferred financing costs, as applicable. (b) The CWP Revolving Credit Facility has a fee on unused commitments of 0.5% per year. (c) The C&W Revolving Credit Facility (i) includes $50 million that matures on June 30, 2023 and (ii) has a fee on unused commitments of 0.5% per year. (d) Subject to a LIBOR floor of 0 basis points. (e) Certain proceeds of the 2028 CWP Term Loan were used to fund a portion of the Claro Panama Acquisition. (f) Represents a weighted average rate for all C&W Regional Facilities. (g) The unused borrowing capacity on the C&W Regional Facilities comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities. (h) The outstanding principal amount on the C&W Regional Facilities comprise certain JMD, U.S. dollar, East Caribbean dollar denominated credit facilities. The details of our borrowings under the LPR Credit Facilities as of December 31, 2022 are summarized in the following table: LPR Credit Facilities Maturity Interest rate Unused Outstanding principal amount Carrying in millions LPR Revolving Credit Facility (a) March 15, 2027 LIBOR + 3.50% $ 172.5 $ — $ — 2028 LPR Term Loan October 15, 2028 LIBOR + 3.75% — 620.0 615.6 Total $ 172.5 $ 620.0 $ 615.6 (a) The LPR Revolving Credit Facility has a fee on unused commitments of 0.5% per year. LCR Credit Facilities The details of the LCR Credit Facilities as of December 31, 2022 are summarized in the following table: Unused borrowing capacity Outstanding principal Costa Rica Credit Facilities Maturity Interest rate Borrowing currency U.S. $ equivalent Borrowing currency U.S. $ equivalent Carrying value (a) in millions LCR Term Loan B-1 Facility (b) LIBOR + 5.50% (c) $ — $ — $ 276.7 $ 276.7 $ 270.5 LCR Term Loan B-2 Facility (b) TBP + 6.75% CRC — — CRC 79,635.2 134.6 135.5 LCR Revolving Credit Facility (d) August 1, 2024 LIBOR + 4.25% $ 7.0 7.0 $ 8.0 8.0 8.0 Total $ 7.0 $ 419.3 $ 414.0 (a) Amounts are net of deferred financing costs. (b) Under the terms of the credit agreement, Liberty Servicios was obligated to repay 50% of the outstanding aggregate principal amounts of the LCR Term Loan B-1 Facility and the LCR Term Loan B-2 Facility on February 1, 2024, with the remaining respective principal amounts due on August 1, 2024, which represented the ultimate maturity date of each facility. The LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility were refinanced subsequent to December 31, 2022, as further described below. (c) Subject to a LIBOR floor of 75 basis points. (d) The LCR Revolving Credit Facility had a fee on unused commitments of 1.70% per year. Subsequent to December 31, 2022, the LCR Revolving Credit Facility was amended and restated. The amended and restated $60 million LCR Revolving Credit Facility bears interest at SOFR plus a margin of 4.25%, matures on January 15, 2028 and has a fee on unused commitments of 0.5% per year. Borrowings related to significant notes we issued and credit facilities drew down, entered into or amended during 2022, 2021 and 2020 are included 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 the outstanding debt instruments within the same borrowing group. Borrowings during 2022 are as follows: Borrowing group Borrowing Non-cash component Instrument Issued at Borrowing currency USD equivalent in millions C&W 2028 CWP Term Loan 100% $ 435.0 435.0 $ 272.9 Borrowings during 2021, including activity related to the Chile JV Entities, are as follows: Borrowing group Borrowing Non-cash component Instrument Issued at Borrowing currency USD equivalent in millions C&W C&W Term Loan B-6 Facility 99.25% $ 590.0 $ 590.0 $ 555.0 C&W C&W Revolving Credit Facility N/A (a) $ — Liberty Puerto Rico 2029 LPR Senior Secured Notes 100% $ 820.0 $ 820.0 $ 500.0 Liberty Puerto Rico 2028 LPR Term Loan 100% $ 620.0 $ 620.0 $ 500.0 Liberty Puerto Rico LPR Revolving Credit Facility N/A (b) $ — VTR 2029 VTR Senior Secured Notes 100% $ 410.0 $ 410.0 $ 60.0 VTR VTR RCF – A N/A $ — $ — $ — Liberty Costa Rica (c) LCR Term Loan B-1 Facility 100% $ 227.5 $ 227.5 $ — Liberty Costa Rica (c) LCR Term Loan B-2 Facility 100% CRC 36,457.9 $ 58.8 N/A $ — (a) In September 2021, 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. (b) Total commitments under the LPR Revolving Credit Facility were increased by $48 million during 2021. (c) Borrowings under the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility were used to fund a portion of the Liberty Telecomunicaciones Acquisition. Borrowings during 2020, including activity related to the Chile JV Entities, are as follows: Borrowing group Issued at Borrowing Non-cash component Instrument Borrowing currency USD equivalent in millions C&W C&W Term Loan B-5 Facility N/A $ 1,510.0 $ 1,510.0 $ 1,510.0 C&W 2027 C&W Senior Secured Notes Add-on 106% $ 150.0 $ 150.0 $ 130.0 C&W C&W Revolving Credit Facility N/A $ 312.5 $ 312.5 $ — VTR 2028 VTR Senior Secured Notes 100% $ 600.0 $ 600.0 $ — VTR 2028 VTR Senior Notes 100% $ 550.0 $ 550.0 $ 550.0 VTR VTR RCF – B N/A $ 92.0 $ 92.0 $ — Liberty Puerto Rico 2027 LPR Senior Secured Notes Add-on 102.5% $ 90.0 $ 90.0 $ — Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 62.5 $ 62.5 $ — During 2022, we made certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities: Borrowing group Redemption price Amount paid Non-cash component Instrument Borrowing currency USD equivalent (a) in millions C&W C&W Regional Facilities 100% $ 272.9 $ 272.9 $ 272.9 VTR 2029 VTR Senior Secured Notes (b) $ 12.2 $ 12.2 $ — VTR 2028 VTR Senior Secured Notes (b) $ 4.3 $ 4.3 $ — VTR 2028 VTR Senior Notes (b) $ 31.6 $ 31.6 $ — (a) Translated at the transaction date, if 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. During 2021, we made repayments on the following debt instruments, including repayments related to the Chile JV Entities: Borrowing group Redemption price Amount paid Non-cash component Instrument Borrowing currency USD equivalent (a) in millions C&W 2026 C&W Senior Notes 103.75% $ 500.0 $ 500.0 $ 500.0 C&W 2027 C&W Senior Secured Notes 103% $ 55.0 $ 55.0 $ 55.0 Liberty Puerto Rico 2026 SPV Credit Facility 100% $ 1,000.0 $ 1,000.0 $ 1,000.0 Liberty Puerto Rico 2027 LPR Senior Secured Notes 103% $ 129.0 $ 129.0 $ — VTR 2028 VTR Senior Secured Notes 103% $ 120.0 $ 120.0 $ 60.0 VTR VTR TLB-1 Facility 100% CLP 140,900.0 $ 196.4 $ — VTR VTR TLB-2 Facility 100% CLP 33,100.0 $ 46.1 $ — (a) Translated at the transaction date, if applicable. During 2020, we made repayments on the following debt instruments, including repayments related to the Chile JV Entities: Borrowing group Redemption price Amount paid Non-cash component Instrument Borrowing currency USD equivalent (a) in millions C&W C&W Term Loan B-4 Facility 100% $ 1,640.0 $ 1,640.0 $ 1,640.0 C&W C&W Revolving Credit Facility N/A $ 312.5 $ 312.5 $ — VTR VTR Finance Senior Notes 100% $ 1,260.0 $ 1,260.0 $ 550.0 VTR VTR RCF – B N/A $ 92.0 $ 92.0 $ — Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 62.5 $ 62.5 $ — (a) Translated at the transaction date, if applicable. |
Schedule of Maturities of Debt | Maturities of our debt as of December 31, 2022 are presented below. Amounts presented below represent U.S. dollar equivalents based on December 31, 2022 exchange rates. C&W Liberty Puerto Rico Liberty Liberty Latin America (a) Consolidated in millions Years ending December 31: 2023 $ 203.6 $ 16.7 $ 5.2 $ 0.5 $ 226.0 2024 49.8 — 420.2 402.9 872.9 2025 3.2 — — — 3.2 2026 0.6 — — — 0.6 2027 1,715.5 1,161.0 — — 2,876.5 Thereafter 2,546.9 1,440.0 — — 3,986.9 Total debt maturities 4,519.6 2,617.7 425.4 403.4 7,966.1 Premiums, discounts and deferred financing costs, net (31.6) (28.6) (5.8) (28.0) (94.0) Total debt $ 4,488.0 $ 2,589.1 $ 419.6 $ 375.4 $ 7,872.1 Current portion $ 203.6 $ 16.7 $ 5.2 $ 0.5 $ 226.0 Noncurrent portion $ 4,284.4 $ 2,572.4 $ 414.4 $ 374.9 $ 7,646.1 (a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Lease Expense | The following table provides details of our operating lease expense: Year ended December 31, 2022 2021 2020 in millions Operating lease expense: Operating lease cost $ 118.8 $ 93.1 $ 52.8 Short-term lease cost 24.6 21.0 13.5 Total operating lease expense $ 143.4 $ 114.1 $ 66.3 Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our consolidated statements of operations. |
Certain Other Details of Operating Leases Assets and Liabilities | Certain other details of our operating leases are set forth in the tables below. December 31, 2022 2021 in millions Operating lease right-of-use assets $ 550.8 $ 441.0 Operating lease liabilities: Current $ 76.7 $ 82.0 Noncurrent 438.5 371.0 Total operating lease liabilities $ 515.2 $ 453.0 Weighted-average remaining lease term 8.2 years 7.5 years Weighted-average discount rate 7.5 % 6.2 % Year ended December 31, 2022 2021 2020 in millions Operating cash flows from operating leases $ 120.4 $ 93.1 $ 47.0 Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 237.4 $ 211.8 $ 230.5 (a) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 4. |
Maturities of Operating Leases Liabilities | Maturities of our operating lease liabilities as of December 31, 2022 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on December 31, 2022 exchange rates. Years ending December 31: 2023 $ 104.5 2024 95.8 2025 87.9 2026 79.7 2027 66.8 Thereafter 267.9 Total operating lease liabilities on an undiscounted basis 702.6 Present value discount (187.4) Present value of operating lease liabilities $ 515.2 |
Programming and Other Direct _2
Programming and Other Direct Costs of Services (Tables) | 12 Months Ended |
Dec. 31, 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. Year ended December 31, 2022 2021 2020 in millions Programming and copyright $ 360.3 $ 441.4 $ 389.3 Interconnect 350.3 347.2 270.1 Equipment and other (a) 499.9 425.8 201.0 Total programming and other direct costs $ 1,210.5 $ 1,214.4 $ 860.4 (a) Amounts for 2022, 2021, and 2020 include $370 million, $309 million, and $118 million, respectively, related to equipment cost of goods sold. |
Other Operating Costs and Exp_2
Other Operating Costs and Expenses (Tables) | 12 Months Ended |
Dec. 31, 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: Year ended December 31, 2022 2021 2020 in millions Personnel and contract labor $ 597.7 $ 575.1 $ 483.6 Network-related 311.4 324.2 271.3 Service-related 209.7 196.5 161.7 Commercial 226.0 229.4 168.1 Facility, provision, franchise and other 542.3 460.1 359.1 Share-based compensation expense 93.5 118.1 97.5 Total other operating costs and expenses $ 1,980.6 $ 1,903.4 $ 1,541.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings (Loss) From Continuing Operations Before Income Taxes | The components of our loss before income taxes are as follows: Year ended December 31, 2022 2021 2020 in millions Domestic (a) $ (97.6) $ (85.7) $ (67.3) Foreign (b) (c) (17.8) (228.8) (770.9) Total $ (115.4) $ (314.5) $ (838.2) (a) Liberty Latin America is considered a stand-alone Bermuda entity. (b) Amounts for the year ended December 31, 2022, include a goodwill impairment charge of $555 million and a $13 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment. Amounts for the year ended December 31, 2021, include a goodwill impairment charge of $605 million and a $41 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment. Amounts for the year ended December 31, 2020, include goodwill impairment charges of $177 million and $99 million at our C&W Panama and C&W Caribbean reporting units. (c) For the year ended December 31, 2022, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Colombia, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Spain, Trinidad, U.S. Virgin Islands, the U.K. and the U.S. For the year ended December 31, 2021, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, U.S. Virgin Islands, the U.K. and the U.S. For the year ended December 31, 2020, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, Chile, Costa Rica, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, the U.K. and the U.S. |
Schedule of Income Tax Benefit (Expense) | Income tax benefit (expense) consists of: Current Deferred Total in millions Year ended December 31, 2022: Domestic $ — $ — $ — Foreign (93.2) 6.7 (86.5) Total $ (93.2) $ 6.7 $ (86.5) Year ended December 31, 2021: Domestic $ — $ — $ — Foreign (85.5) (87.8) (173.3) Total $ (85.5) $ (87.8) $ (173.3) Year ended December 31, 2020: Domestic $ — $ — $ — Foreign (35.9) 65.1 29.2 Total $ (35.9) $ 65.1 $ 29.2 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed by using the applicable tax rate as a result of the following: Year ended December 31, 2022 2021 2020 in millions Computed expected tax benefit (a) $ — $ — $ — Permanent differences (b) 46.8 (13.6) (17.7) Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities (1.2) 1.4 0.5 (Increases) Decreases in valuation allowances 188.8 (321.6) (223.0) Expiration of deferred tax assets with full valuation allowance (12.7) (129.5) — International rate differences (a) (c) 49.9 82.2 180.7 Changes in uncertain tax positions (24.5) (1.0) 33.4 Enacted tax law and rate changes (d) (e) (f) (162.2) 393.7 149.4 Effect of non-deductible goodwill impairments (174.3) (201.2) (70.3) Effect of tax credits 15.9 38.7 — Withholding tax (13.3) (23.4) (40.0) Other, net 0.3 1.0 16.2 Total income tax benefit (expense) $ (86.5) $ (173.3) $ 29.2 (a) On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where the company is exempt from income taxes on ordinary income and capital gains, and therefore has a “statutory” or “expected” tax rate of 0% in 2022, 2021, and 2020. The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable rates, resulting in “international rate differences,” as shown in the table above that reflect the computed tax benefit (expense) of pre-tax book income (loss) in the respective taxable jurisdiction. (b) Permanent differences primarily relate to various non-taxable income or non-deductible expenses, such as Caribbean Community (CARICOM) treaty income, limitations on deductible management fees, or executive compensation, among others. (c) The 2022 corporate tax rates applicable to our primary material jurisdictions are as follows: Bahamas, 0%; Barbados, 1% to 5.5%; British Virgin Islands, 0%; Chile, 27%; Colombia, 35%; Costa Rica, 30%; Curacao, 22%; Jamaica, 33.33%; the Netherlands, 25.8%; Panama, 25%; Puerto Rico, 37.5%; Spain, 25%; Trinidad, 30%; U.S. Virgin Islands, 23.10%; the U.K. 19% and the U.S., 21%. (d) On June 10, 2021, the United Kingdom Finance Bill of 2021 enacted an increase in the main corporate tax rate to 25%, with effect from April 1, 2023. While deferred tax assets were re-valued as of enactment, there is a net nil tax impact of this on total tax result due to a full valuation allowance on all deferred tax items in the U.K. (e) On September 14, 2021, legislation was enacted in Colombia. Changes include an increase in the corporate income tax to 35% from January 1, 2022. Substantially all of the impact of this rate change on our deferred tax balances was recorded during the third quarter of 2021 when the change in law was enacted. (f) On December 27, 2021, the Netherlands enacted legislation increasing the top corporate income tax rate to 25.8%. with effect from January 1, 2022. While deferred tax assets were re-valued, there is a net nil tax impact of this on total tax result due to a full valuation allowance on all deferred tax items in the Netherlands. |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The components of our deferred tax assets (liabilities) are as follows: December 31, 2022 2021 in millions Deferred tax assets $ 31.0 $ 25.1 Deferred tax liabilities (691.2) (692.0) Net deferred tax liability $ (660.2) $ (666.9) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: December 31, 2022 2021 in millions Deferred tax assets: Net operating losses, credits and other carryforwards $ 2,276.4 $ 2,439.1 Deferred revenue 13.7 19.3 Unrealized gains and losses 16.0 9.9 Accrued expenses 32.6 4.1 Other future deductible amounts 1.0 0.2 Deferred tax assets 2,339.7 2,472.6 Valuation allowance (1,780.4) (1,940.3) Deferred tax assets, net of valuation allowance 559.3 532.3 Deferred tax liabilities: Investments (255.4) (221.5) Intangible assets (663.5) (690.7) Property and equipment, net (298.5) (286.2) Un-remitted foreign earnings (2.1) (0.8) Deferred tax liabilities (1,219.5) (1,199.2) Net deferred tax liability $ (660.2) $ (666.9) |
Schedule of Valuation Allowances | The changes in our valuation allowances are summarized below: Year ended December 31, 2022 2021 2020 in millions Balance at January 1 $ 1,940.3 $ 1,630.9 $ 1,402.8 Net tax expense (benefit) related to operations (188.8) 321.6 223.0 Translation adjustments (6.2) (9.1) 0.3 Business acquisitions and other 35.1 (3.1) 4.8 Balance at December 31 $ 1,780.4 $ 1,940.3 $ 1,630.9 |
Schedule of Tax Loss Carry Forwards and Related Tax Assets | The significant components of our tax loss carryforwards at December 31, 2022 are as follows: Country Tax loss Related Expiration in millions U.K.: Amount attributable to capital losses $ 4,459.6 $ 1,114.9 Indefinite Amount attributable to net operating losses 1,343.4 335.9 Indefinite Barbados 925.2 23.5 2023 - 2029 Jamaica 405.7 135.1 Indefinite Curacao 177.0 41.6 2023 - 2032 Puerto Rico 275.4 85.2 2024 - 2030 U.S. 101.7 23.1 2025-Indefinite Panama 64.0 16.0 2023 - 2027 U.S. Virgin Islands 41.3 9.6 2033-Indefinite Colombia 17.6 6.2 Indefinite Other 32.6 8.9 Various Total $ 7,843.5 $ 1,800.0 |
Schedule of Unrecognized Tax Benefits | The changes in our unrecognized tax benefits are summarized below: Year ended December 31, 2022 2021 2020 in millions Balance at January 1 $ 12.0 $ 32.0 $ 64.1 Additions for tax positions of prior years 12.7 1.0 2.6 Effects of business acquisitions — — — Additions based on tax positions related to the current year 14.5 — 1.6 Lapse of statute of limitations (1.7) (3.4) (16.7) Foreign currency translation 0.1 (2.4) (0.8) Decrease for settlement with tax authorities — (3.9) — Reductions for tax positions of prior years — — (18.8) Reclassification to liabilities associated with assets held for sale — (11.3) — Balance at December 31 $ 37.6 $ 12.0 $ 32.0 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Assumptions Used | The following table summarizes certain information related to share-based incentive awards granted: Year ended December 31, Assumptions used to estimate fair value of SARs and PSARs: 2022 2021 2020 Risk-free interest rate 2.0 - 3.7% 0.8 - 1.4% 0.2 - 0.9% Expected life 6.0 - 10.0 years 6.0 - 10.0 years 4.5 - 7.0 years Expected volatility 40.2 - 49.8% 36.9 - 46.8% 48.1 - 90.6% Expected dividend yield none none none Weighted average grant-date fair value per share of awards granted: SARs $ 4.91 $ 6.43 $ 5.39 PSARs $ 5.92 $ 6.88 $ — RSUs $ 9.49 $ 13.96 $ 10.07 PSUs $ 6.11 $ 11.57 $ — |
Schedule of SARs | The following tables summarize the share-based incentive award activity during 2022 with respect to Liberty Latin America awards held by our employees and our Directors. Number of Weighted Weighted Aggregate intrinsic value SARs – Class A shares in millions in years in millions Outstanding at January 1, 2022 6.4 $ 16.21 Granted 3.2 $ 9.67 Forfeited (0.5) $ 16.46 Outstanding at December 31, 2022 9.1 $ 13.91 6.1 $ — Exercisable at December 31, 2022 4.2 $ 17.32 3.6 $ — Number of Weighted Weighted Aggregate intrinsic value SARs – Class C shares in millions in years in millions Outstanding at January 1, 2022 12.8 $ 16.27 Granted 6.4 $ 9.61 Forfeited (0.9) $ 16.53 Outstanding at December 31, 2022 18.3 $ 13.92 6.1 $ 0.1 Exercisable at December 31, 2022 8.4 $ 17.35 3.6 $ — |
Schedule of RSUs | Number of Weighted Weighted RSUs – Class A shares in millions in years Outstanding at January 1, 2022 1.1 $ 13.40 Granted 2.6 $ 9.66 Forfeited (0.1) $ 11.53 Released from restrictions (1.5) $ 10.82 Outstanding at December 31, 2022 2.1 $ 10.74 2.1 Number of Weighted Weighted RSUs – Class C shares in millions in years Outstanding at January 1, 2022 2.3 $ 13.54 Granted 5.5 $ 9.49 Forfeited (0.2) $ 11.57 Released from restrictions (3.3) $ 10.14 Outstanding at December 31, 2022 4.3 $ 11.04 2.1 |
Schedule of PSUs |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The changes in the components of accumulated other comprehensive loss , net of taxes, are summarized as follows: Liberty Latin America shareholders Foreign Pension- Accumulated Non-controlling Total in millions Balance at January 1, 2020 $ (25.5) $ 10.7 $ (14.8) $ (8.8) $ (23.6) Other comprehensive loss (117.7) 6.9 (110.8) (0.8) (111.6) Balance at December 31, 2020 (143.2) 17.6 (125.6) (9.6) (135.2) Other comprehensive earnings 5.7 30.2 35.9 (0.9) 35.0 Balance at December 31, 2021 (137.5) 47.8 (89.7) (10.5) (100.2) Other comprehensive loss 53.8 (113.3) (59.5) (0.5) (60.0) Balance at December 31, 2022 $ (83.7) $ (65.5) $ (149.2) $ (11.0) $ (160.2) |
Schedule of Tax Effects Related to Each Component of Other Comprehensive Earnings (Loss), Net | The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive loss. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations: Pre-tax Tax benefit (expense) Net-of-tax in millions Year ended December 31, 2022: Foreign currency translation adjustments $ 53.1 $ — $ 53.1 Pension-related adjustments and other (114.0) 0.9 (113.1) Other comprehensive loss (60.9) 0.9 (60.0) Other comprehensive loss attributable to noncontrolling interests (a) 0.5 — 0.5 Other comprehensive loss attributable to Liberty Latin America shareholders $ (60.4) $ 0.9 $ (59.5) Year ended December 31, 2021: Foreign currency translation adjustments $ 4.8 $ — $ 4.8 Pension-related adjustments and other 34.4 (4.2) 30.2 Other comprehensive earnings 39.2 (4.2) 35.0 Other comprehensive loss attributable to noncontrolling interests (a) 0.9 — 0.9 Other comprehensive earnings attributable to Liberty Latin America shareholders $ 40.1 $ (4.2) $ 35.9 Year ended December 31, 2020: Foreign currency translation adjustments $ (118.5) $ — $ (118.5) Pension-related adjustments and other 4.9 2.0 6.9 Other comprehensive loss (113.6) 2.0 (111.6) Other comprehensive loss attributable to noncontrolling interests (a) 0.8 — 0.8 Other comprehensive loss attributable to Liberty Latin America shareholders $ (112.8) $ 2.0 $ (110.8) (a) Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments and pension-related adjustments. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Our Share Capital | A summary of the changes in our share capital during 2022, 2021 and 2020 is set forth in the table below: Class A Class B Class C in millions Balance at January 1, 2020 48.8 1.9 131.2 Rights Offering — — 49.0 Repurchase of Liberty Latin America common shares (0.3) — (0.7) Issued in connection with share-based compensation plans and other 0.5 — 1.6 Balance at December 31, 2020 49.0 1.9 181.1 Balance at January 1, 2021 49.0 1.9 181.1 Repurchase of Liberty Latin America common shares (4.3) — (0.7) Issued in connection with share-based compensation plans and other 0.8 — 1.9 Balance at December 31, 2021 45.5 1.9 182.3 Balance at January 1, 2022 45.5 1.9 182.3 Repurchase of Liberty Latin America common shares (4.5) — (14.8) Issued in connection with share-based compensation plans and other 1.7 0.2 3.8 Balance at December 31, 2022 42.7 2.1 171.3 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The details of our weighted average shares outstanding are set forth below: Year ended December 31, 2022 2021 2020 in millions Weighted average shares outstanding – basic and dilutive 222.6 232.6 195.5 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
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 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 consolidated statements of operations. Revenue Year ended December 31, 2022 2021 2020 in millions C&W Caribbean $ 1,436.8 $ 1,389.9 $ 1,354.1 C&W Panama 642.7 568.1 522.5 C&W Networks & LatAm 450.8 431.9 405.2 Liberty Puerto Rico 1,470.1 1,449.7 619.6 Liberty Costa Rica 441.3 258.5 140.0 VTR 450.6 787.5 809.0 Corporate 22.2 21.6 2.7 Intersegment eliminations (99.4) (92.4) (70.7) Total $ 4,815.1 $ 4,814.8 $ 3,782.4 |
Reconciliation of Assets from Segment to Consolidated | Adjusted OIBDA Year ended December 31, 2022 2021 2020 in millions C&W Caribbean $ 535.2 $ 482.9 $ 473.4 C&W Panama 188.8 200.1 177.2 C&W Networks & LatAm 276.3 264.3 239.8 Liberty Puerto Rico 538.4 580.9 270.4 Liberty Costa Rica 134.7 80.2 54.9 VTR 115.6 259.6 307.0 Corporate (71.5) (52.9) (44.5) Total $ 1,717.5 $ 1,815.1 $ 1,478.2 |
Reconciliation of Total Adjusted OIBDA to Earnings (Loss) Before Income Taxes | The following table provides a reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes: Year ended December 31, 2022 2021 2020 in millions Total Adjusted OIBDA $ 1,717.5 $ 1,815.1 $ 1,478.2 Share-based compensation expense (93.5) (118.1) (97.5) Depreciation and amortization (910.7) (964.7) (918.7) Impairment, restructuring and other operating items, net (619.2) (665.0) (375.3) Operating income 94.1 67.3 86.7 Interest expense (556.7) (527.4) (533.4) Realized and unrealized gains (losses) on derivative instruments, net 359.4 564.1 (352.7) Foreign currency transaction gains (losses), net (194.3) (319.6) 1.2 Gains (losses) on debt modification and extinguishment, net 41.1 (57.2) (45.1) Gain on disposal of the Chile JV Entities 169.4 — — Other income (expense), net (28.4) (41.7) 5.1 Loss before income taxes $ (115.4) $ (314.5) $ (838.2) |
Capital Expenditures of Reportable Segments | The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7. Year ended December 31, 2022 2021 2020 in millions C&W Caribbean $ 230.7 $ 222.9 $ 200.1 C&W Panama 98.4 88.9 70.4 C&W Networks & LatAm 40.2 45.3 46.7 Liberty Puerto Rico 233.5 219.2 97.3 Liberty Costa Rica 65.5 45.0 24.2 VTR 107.3 199.1 172.2 Corporate 40.7 35.5 20.2 Total property and equipment additions 816.3 855.9 631.1 Assets acquired under capital-related vendor financing arrangements (161.1) (100.5) (99.1) Changes in current liabilities related to capital expenditures and other 4.9 (19.1) 33.8 Total capital expenditures, net $ 660.1 $ 736.3 $ 565.8 |
Revenue by Major Category | Year ended December 31, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate (a) Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 484.3 $ 102.8 $ — $ 457.3 $ 137.6 $ 392.3 $ — $ — $ 1,574.3 Non-subscription revenue 32.6 7.3 — 22.1 5.1 8.9 — — 76.0 Total residential fixed revenue 516.9 110.1 — 479.4 142.7 401.2 — — 1,650.3 Residential mobile revenue: Service revenue 314.5 218.6 — 448.0 195.1 25.8 — — 1,202.0 Interconnect, inbound roaming, equipment sales and other (b) 67.9 49.5 — 268.4 64.8 2.9 22.2 — 475.7 Total residential mobile revenue 382.4 268.1 — 716.4 259.9 28.7 22.2 — 1,677.7 Total residential revenue 899.3 378.2 — 1,195.8 402.6 429.9 22.2 — 3,328.0 B2B revenue (c) 537.5 264.5 450.8 220.6 38.7 20.7 — (99.4) 1,433.4 Other revenue (d) — — — 53.7 — — — — 53.7 Total $ 1,436.8 $ 642.7 $ 450.8 $ 1,470.1 $ 441.3 $ 450.6 $ 22.2 $ (99.4) $ 4,815.1 (a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition. (b) The total amount includes $257 million of revenue from sales of mobile handsets and other devices. (c) The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers. (d) Amount relates to revenue received from the FCC. Year ended December 31, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate (a) Intersegment Eliminations Total in millions Residential revenue: Residential fixed revenue: Subscription revenue $ 473.4 $ 87.9 $ — $ 438.2 $ 138.5 $ 685.1 $ — $ — $ 1,823.1 Non-subscription revenue 34.6 9.5 — 19.3 6.2 14.9 — — 84.5 Total residential fixed revenue 508.0 97.4 — 457.5 144.7 700.0 — — 1,907.6 Residential mobile revenue: Service revenue 300.2 176.4 — 480.8 72.7 48.0 — — 1,078.1 Interconnect, inbound roaming, equipment sales and other (b) 63.9 44.5 — 253.5 27.1 7.3 21.6 — 417.9 Total residential mobile revenue 364.1 220.9 — 734.3 99.8 55.3 21.6 — 1,496.0 Total residential revenue 872.1 318.3 — 1,191.8 244.5 755.3 21.6 — 3,403.6 B2B revenue (c) 517.8 249.8 431.9 220.4 14.0 32.2 — (92.4) 1,373.7 Other revenue (d) — — — 37.5 — — — — 37.5 Total $ 1,389.9 $ 568.1 $ 431.9 $ 1,449.7 $ 258.5 $ 787.5 $ 21.6 $ (92.4) $ 4,814.8 (a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition. (b) The total amount includes $219 million of revenue from sales of mobile handsets and other devices. (c) The total amount includes $33 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers. (d) Amount relates to revenue received from the FCC primarily related to Liberty Mobile following the closing of the AT&T Acquisition. Year ended December 31, 2020 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 $ 467.0 $ 85.6 $ — $ 377.4 $ 134.2 $ 696.3 $ — $ — $ 1,760.5 Non-subscription revenue 42.2 11.8 — 17.7 5.8 18.5 — — 96.0 Total residential fixed revenue 509.2 97.4 — 395.1 140.0 714.8 — — 1,856.5 Residential mobile revenue: Service revenue 294.1 182.4 — 82.7 — 55.7 — — 614.9 Interconnect, inbound roaming, equipment sales and other (a) 44.4 41.0 — 46.3 — 8.2 2.7 — 142.6 Total residential mobile revenue 338.5 223.4 — 129.0 — 63.9 2.7 — 757.5 Total residential revenue 847.7 320.8 — 524.1 140.0 778.7 2.7 — 2,614.0 B2B revenue (b) 506.4 201.7 405.2 89.8 — 30.3 — (70.7) 1,162.7 Other revenue — — — 5.7 — — — — 5.7 Total $ 1,354.1 $ 522.5 $ 405.2 $ 619.6 $ 140.0 $ 809.0 $ 2.7 $ (70.7) $ 3,782.4 (a) The total amount includes $64 million of revenue from sales of mobile handsets and other devices. (b) The total amount includes $18 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers. |
Revenue by Geographic Segments | The revenue from third-party customers for each of our geographic markets is set forth in the table below. Year ended December 31, 2022 2021 2020 in millions Puerto Rico $ 1,419.5 $ 1,395.5 $ 606.5 Panama 639.7 565.9 520.1 Chile 450.6 787.5 809.0 Costa Rica 440.8 258.2 139.9 Jamaica 428.8 402.0 375.5 Networks & Latam (a) 369.4 355.8 349.4 The Bahamas 194.7 189.9 181.1 Trinidad and Tobago 159.3 158.2 160.6 Barbados 148.0 141.6 139.2 Curacao 134.0 137.9 143.9 Other (b) 430.3 422.3 357.2 Total $ 4,815.1 $ 4,814.8 $ 3,782.4 (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. |
Long-Lived Assets by Geographic Segments | The long-lived assets of our geographic markets are set forth below: December 31, 2022 2021 in millions Puerto Rico $ 1,166.7 $ 1,165.3 Networks & LatAm 634.3 675.6 Panama 481.3 351.4 Jamaica 372.4 349.0 The Bahamas 312.0 323.9 Costa Rica 250.7 216.1 Trinidad and Tobago 221.0 220.3 Barbados 164.6 175.5 Curacao 141.8 152.6 Other (a) 548.8 538.7 Total $ 4,293.6 $ 4,168.4 (a) The amounts primarily include long-lived assets of C&W’s other operations, which are primarily located in the Caribbean, and to a lesser extent, in Latin America. |
Parent Company Financial Info_2
Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | December 31, 2022 2021 in millions ASSETS Current assets: Cash and cash equivalents $ 23.5 $ 72.5 Other receivables – related-party 169.5 138.2 Prepaid expenses 1.3 1.7 Other current assets 0.2 3.4 Total current assets 194.5 215.8 Investments in consolidated subsidiaries 2,192.0 2,434.4 Total assets $ 2,386.5 $ 2,650.2 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Related-party liabilities $ 87.6 $ 62.0 Accrued liabilities and other 7.0 10.5 Total current liabilities 94.6 72.5 Long-term debt and finance lease obligations, net 374.5 357.7 Total liabilities 469.1 430.2 Shareholders’ equity: Class A, $0.01 par value; 500.0 million shares authorized; 51.8 million and 42.7 million shares issued and outstanding, respectively, at December 31, 2022; 50.1 million and 45.5 million shares issued and outstanding, respectively, at December 31, 2021 0.5 0.5 Class B, $0.01 par value; 50.0 million shares authorized; 2.1 million shares issued and outstanding at December 31, 2022 and 1.9 million shares issued and outstanding at December 31, 2021 — — Class C, $0.01 par value; 500.0 million shares authorized; 187.4 million and 171.3 million shares issued and outstanding, respectively, at December 31, 2022; 183.6 million and 182.3 million shares issued and outstanding, respectively, at December 31, 2021 1.9 1.8 Treasury shares, at cost; 25.3 million and 6.0 million shares, respectively (243.4) (74.0) Additional paid-in capital 5,177.1 5,075.3 Accumulated deficit (2,869.5) (2,693.9) Accumulated other comprehensive loss, net of taxes (149.2) (89.7) Total shareholders’ equity 1,917.4 2,220.0 Total liabilities and shareholders’ equity $ 2,386.5 $ 2,650.2 |
Schedule of Condensed Income Statement | Year ended December 31, 2022 2021 2020 in millions Operating costs and expenses: Other operating costs and expenses $ 12.4 $ 11.2 $ 11.9 Related-party charges and other operating items, net 29.3 37.3 33.1 Operating loss (41.7) (48.5) (45.0) Non-operating income (expense): Interest expense (24.8) (23.8) (22.0) Other income (loss), net (9.6) 0.6 1.7 (34.4) (23.2) (20.3) Loss before equity in losses of consolidated subsidiaries (76.1) (71.7) (65.3) Equity in losses of consolidated subsidiaries, net (99.5) (366.1) (622.0) Net loss $ (175.6) $ (437.8) $ (687.3) |
Schedule of Condensed Cash Flow Statement | Year ended December 31, 2022 2021 2020 in millions Cash flows from operating activities: Net loss $ (175.6) $ (437.8) $ (687.3) Adjustments to reconcile net loss to net cash used by operating activities: Equity in losses of consolidated subsidiaries, net 99.5 366.1 622.0 Share-based compensation expense 3.9 2.3 2.7 Amortization of debt financing costs 16.8 15.7 14.8 Changes in operating assets and liabilities 92.4 124.6 (8.2) Net cash provided (used) by operating activities 37.0 70.9 (56.0) Cash flows from investing activities: Distribution and repayments from (Investments in and advances to) consolidated subsidiaries, net 53.5 (128.7) (511.7) Net cash provided (used) by investing activities 53.5 (128.7) (511.7) Cash flows from financing activities: Repayments of related-party debt — — (101.1) Borrowings of related-party debt 30.0 — — Repurchase of Liberty Latin America Shares (170.4) (63.0) (9.5) Issuance of Liberty Latin America common shares, net — — 347.0 Other financing activities, net 0.9 — — Net cash provided (used) by financing activities (139.5) (63.0) 236.4 Net decrease in cash, cash equivalents and restricted cash (49.0) (120.8) (331.3) Cash, cash equivalents and restricted cash: Beginning of year 72.5 193.3 524.6 End of year $ 23.5 $ 72.5 $ 193.3 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2022 market country segment | Oct. 06, 2022 | Sep. 29, 2021 | Aug. 09, 2021 | |
Basis of Presentation [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Chile JV | ||||
Basis of Presentation [Line Items] | ||||
Ownership interest percentage | 50% | 50% | 50% | |
Telefónica Costa Rica. C&W | ||||
Basis of Presentation [Line Items] | ||||
Percentage ownership in subsidiary | 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 Caribbean | ||||
Basis of Presentation [Line Items] | ||||
Number of markets | market | 40 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | $ 4,815.1 | $ 4,814.8 | $ 3,782.4 | |
Operating income | 94.1 | 67.3 | 86.7 | |
Loss before income taxes | (115.4) | (314.5) | (838.2) | |
Net loss | (201.9) | (487.8) | (809) | |
Net loss attributable to LLA shareholders | (175.6) | (437.8) | (687.3) | |
Current assets | 2,078.9 | 2,051.9 | ||
Total assets | 13,575.2 | 15,365.7 | ||
Total liabilities | 11,009.1 | 12,468.3 | ||
Total equity | $ 2,566.1 | 2,897.4 | 3,322.1 | $ 3,858.4 |
As Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 4,799 | 3,764.6 | ||
Operating income | 81.2 | 93.2 | ||
Loss before income taxes | (300.6) | (831.7) | ||
Net loss | (490.1) | (803.9) | ||
Net loss attributable to LLA shareholders | (440.1) | (682.2) | ||
Current assets | 2,066.2 | |||
Total assets | 15,386 | |||
Total liabilities | 12,472.6 | |||
Total equity | 2,913.4 | |||
Adjustments | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Revenue | 15.8 | 17.8 | ||
Operating income | (13.9) | (6.5) | ||
Loss before income taxes | (13.9) | (6.5) | ||
Net loss | 2.3 | (5.1) | ||
Net loss attributable to LLA shareholders | 2.3 | $ (5.1) | ||
Current assets | (14.3) | |||
Total assets | (20.3) | |||
Total liabilities | (4.3) | |||
Total equity | $ (16) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Proceeds from sale of receivables to third parties | $ 48 | |
Asset retirement obligation | $ 55 | $ 46 |
Spectrum licenses | ||
Concentration Risk [Line Items] | ||
Estimated useful life | 10 years | |
Minimum | ||
Concentration Risk [Line Items] | ||
Notes receivable, term | 12 months | |
Estimated useful life | 4 years | |
Maximum | ||
Concentration Risk [Line Items] | ||
Notes receivable, term | 36 months | |
Estimated useful life | 25 years | |
Level 1 | U.K. Government Gilts | ||
Concentration Risk [Line Items] | ||
Debt securities, available for sale | $ 30 | 39 |
Customer Concentration Risk | Accounts Receivable | Single Government Entity | ||
Concentration Risk [Line Items] | ||
Accounts receivable | $ 81 | $ 85 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Changes in Trade Receivables Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 112.6 | $ 116.2 | $ 87.3 |
Provision for expected losses | 78.4 | 71.4 | 63.9 |
Write-offs | (79.1) | (59.5) | (60.3) |
Reclassification to assets held for sale | 0 | (10) | 0 |
Foreign currency translation adjustments and other | (10.8) | (5.5) | 25.3 |
Ending balance | $ 101.1 | $ 112.6 | $ 116.2 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Contract Assets, Deferred Contract Costs and Deferred Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Current contract assets | $ 107 | $ 86 |
Deferred contract costs | 56 | 31 |
Aggregate current and long-term deferred revenue | $ 261 | $ 301 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Operating Leases (Details) - renewal_option | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Number of renewal options | 1 | |
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 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease initial term | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease initial term | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue Recognition (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unfulfilled performance obligations | $ 355 |
Unfulfilled performance obligations, remaining life | 5 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2021 USD ($) | Sep. 14, 2021 USD ($) | Aug. 09, 2021 USD ($) | Oct. 31, 2020 USD ($) day | Jul. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | ||||||||
Revenue | $ 4,879.6 | $ 5,119.6 | $ 4,785.3 | |||||
Net loss attributable to Liberty Latin America shareholders | (186.1) | (464.7) | (568) | |||||
Capital contribution from noncontrolling interest owner | 0 | 46.9 | 0 | |||||
Revenue | 112 | |||||||
Net earnings (loss) | 5 | |||||||
Gain on disposal of the Chile JV Entities | 169.4 | $ 0 | 0 | |||||
Claro Panama Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price | $ 200 | |||||||
Revenue | 70 | |||||||
Net loss attributable to Liberty Latin America shareholders | (14) | |||||||
Telefnica S A Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price | $ 500 | $ 500 | ||||||
Capital contribution from noncontrolling interest owner | $ 47 | |||||||
Total consideration paid | 12 | |||||||
Broadband VI, LLC Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price | $ 33 | |||||||
Percent of interests acquired | 96% | 96% | ||||||
AT&T Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate purchase price | $ 1,932.4 | |||||||
Revenue | 170 | |||||||
Net loss attributable to Liberty Latin America shareholders | $ 88 | |||||||
Transitional services term | 36 months | |||||||
Termination period | day | 60 | |||||||
AT&T Acquisition | B2B Operations In Puerto Rico | ||||||||
Business Acquisition [Line Items] | ||||||||
Disposal group, consideration | 22 | |||||||
Gain on disposal of the Chile JV Entities | $ 9 |
Acquisitions - Reconciliation O
Acquisitions - Reconciliation Of Purchase Price To Net Cash Paid (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Sep. 14, 2021 | Aug. 09, 2021 | Jul. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2022 | |
Business Acquisition [Line Items] | |||||||
Net cash paid for the Claro Panama Acquisition | $ 230.8 | $ 520.6 | $ 1,886.1 | ||||
Claro Panama Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Stated purchase price | $ 200 | ||||||
Preliminary working capital adjustments | 9.3 | ||||||
Total purchase price | 209.3 | $ 209.3 | |||||
Opening balance sheet cash | (1.2) | ||||||
Net cash paid for the Claro Panama Acquisition | $ 208.1 | ||||||
Telefnica S A Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Stated purchase price | $ 500 | $ 500 | |||||
Preliminary working capital adjustments | 25.1 | ||||||
Total purchase price | 525.1 | ||||||
Opening balance sheet cash | (17) | ||||||
Net cash paid for the Claro Panama Acquisition | $ 508.1 |
Acquisitions - Preliminary Open
Acquisitions - Preliminary Opening Balance Sheet (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Jul. 01, 2022 | Aug. 09, 2021 | Oct. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Sep. 14, 2021 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 3,948 | $ 4,885.5 | $ 3,421.3 | ||||
Intangible assets not subject to amortization | 1,592.4 | 1,592.8 | |||||
Claro Panama Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | $ 42.8 | ||||||
Property and equipment | 136.4 | ||||||
Intangible assets subject to amortization | 47.9 | $ 50 | |||||
Other assets | 180.9 | ||||||
Current liabilities | (64.9) | ||||||
Long-term liabilities | (133.8) | ||||||
Total purchase price | $ 209.3 | $ 209.3 | |||||
Claro Panama Acquisition | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life of acquired intangible assets (in years) | 6 years | ||||||
Telefnica 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 | ||||||
Direct acquisition costs | $ 9 | ||||||
Telefnica S A Acquisition | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life of acquired intangible assets (in years) | 7 years | ||||||
Telefnica S A Acquisition | Spectrum licenses | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life of acquired intangible assets (in years) | 25 years | ||||||
AT&T Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | $ 155.6 | ||||||
Goodwill | 196.9 | ||||||
Property and equipment | 768.6 | ||||||
Intangible assets subject to amortization | 85.6 | ||||||
Intangible assets not subject to amortization | 1,043 | ||||||
Other assets | 272.8 | ||||||
Current liabilities | (67.9) | ||||||
Long-term debt and finance lease obligations | (10.6) | ||||||
Non-current deferred tax liabilities | (344.3) | ||||||
Other long-term liabilities | (167.3) | ||||||
Total purchase price | 1,932.4 | ||||||
Direct acquisition costs | $ 51 | ||||||
Current EIP receivables | 67 | ||||||
Noncurrent EIP receivables | 39 | ||||||
Right-of-use assets acquired | 182 | ||||||
Current operating lease liabilities assumed | 33 | ||||||
Noncurrent operating lease liabilities assumed | $ 163 | ||||||
AT&T Acquisition | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Weighted average useful life of acquired intangible assets (in years) | 10 years |
Acquisitions - Accounting Purch
Acquisitions - Accounting Purchase Price (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Net cash paid for the AT&T Acquisition | $ 230.8 | $ 520.6 | $ 1,886.1 | |
AT&T Acquisition | ||||
Business Acquisition [Line Items] | ||||
Stated Acquisition Agreement purchase price | $ 1,950 | |||
Less: Purchase price allocated to purchase of prepaid roaming services | (73.3) | |||
Preliminary working capital and Closing adjustments | (51.7) | |||
Additional working capital consideration | 61 | |||
Net cash paid for the AT&T Acquisition | 1,886 | |||
Contingent purchase price consideration | 46.4 | |||
Aggregate purchase price | 1,932.4 | |||
Business combination, credit received against future services | $ 75 | |||
Period following acquisition in which acquiree provides credit for services | 7 years | |||
Business combination, present value of credit received against future services | $ 73.3 | |||
Restricted cash and cash equivalents used to acquire business | 1,353 | |||
Cash and cash equivalents used to acquire business | $ 533 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination and Asset Acquisition [Abstract] | |||
Revenue | $ 4,879.6 | $ 5,119.6 | $ 4,785.3 |
Net loss attributable to Liberty Latin America shareholders | $ (186.1) | $ (464.7) | $ (568) |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets : | ||
Current | $ 91.3 | $ 15.2 |
Long-term | 224.2 | 25.3 |
Total | $ 315.5 | 40.5 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets, net | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets, net | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets, net, Other assets, net | |
Liabilities : | ||
Current | $ 42.3 | 39.1 |
Long-term | 0 | 62.1 |
Total | 42.3 | $ 101.2 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | |
Cross-currency and interest rate derivative contracts | ||
Assets : | ||
Current | 91.3 | $ 15.1 |
Long-term | 224.2 | 25.3 |
Total | 315.5 | 40.4 |
Liabilities : | ||
Current | 30.4 | 33.3 |
Long-term | 0 | 62.1 |
Total | 30.4 | 95.4 |
Foreign currency forward contracts | ||
Assets : | ||
Current | 0 | 0.1 |
Long-term | 0 | 0 |
Total | 0 | 0.1 |
Liabilities : | ||
Current | 11.9 | 5.8 |
Long-term | 0 | 0 |
Total | $ 11.9 | $ 5.8 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | $ 359.4 | $ 564.1 | $ (352.7) |
VTR | |||
Derivative [Line Items] | |||
Realized gains (losses) | 71 | ||
Cross-currency and interest rate derivative contracts | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | 404.3 | 565.4 | (328.6) |
Foreign currency forward contracts | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | (13.5) | 25.8 | (7.8) |
Weather Derivatives | |||
Derivative [Line Items] | |||
Gain (loss) on derivative instruments, net | (31.4) | (27.1) | (16.3) |
Cross currency interest rate contract - credit risk valuation adjustments | |||
Derivative [Line Items] | |||
Gain (loss) on credit risk derivatives | $ (4) | (41) | $ 47 |
Cross currency interest rate contract - credit risk valuation adjustments | Chile JV | |||
Derivative [Line Items] | |||
Gain (loss) on credit risk derivatives | $ 30 |
Derivative Instruments - Net Ca
Derivative Instruments - Net Cash Received (Paid) Related to Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Operating activities | $ (20.5) | $ (94.5) | $ (50.1) |
Investing activities | (7.4) | (1.2) | 7.4 |
Financing activities | 97.6 | (43) | 182.5 |
Total | $ 69.7 | (138.7) | $ 139.8 |
Interest Rate Swap | VTR | |||
Derivative [Line Items] | |||
Financing activities | (11) | ||
Interest Rate Swap | Liberty Puerto Rico | |||
Derivative [Line Items] | |||
Financing activities | $ (32) |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Derivative Contracts (Details) $ in Millions, ₡ in Billions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CRC (₡) | |
Interest Rate Swap | C&W | ||
Derivative [Line Items] | ||
Notional amount due from counterparty | $ 2,690 | |
Weighted average remaining life (in years) | 4 years 4 months 24 days | |
Derivative floor interest rate (as a percent) | 0% | 0% |
Interest Rate Swap | Liberty Puerto Rico | ||
Derivative [Line Items] | ||
Notional amount due from counterparty | $ 500 | |
Weighted average remaining life (in years) | 5 years 9 months 18 days | |
Interest Rate Swap | Liberty Costa Rica | ||
Derivative [Line Items] | ||
Notional amount due from counterparty | $ 276.7 | |
Weighted average remaining life (in years) | 1 year | |
Derivative floor interest rate (as a percent) | 0.75% | 0.75% |
Basis Swap | C&W | ||
Derivative [Line Items] | ||
Notional amount due from counterparty | $ 2,100 | |
Weighted average remaining life (in years) | 6 months | |
Basis Swap | Liberty Puerto Rico | ||
Derivative [Line Items] | ||
Notional amount due from counterparty | $ 620 | |
Weighted average remaining life (in years) | 6 months | |
Foreign currency forward contracts | Costa Rice Borrowing Group | ||
Derivative [Line Items] | ||
Notional amount due from counterparty | $ 150 | ₡ 96 |
Weighted average remaining life (in years) | 6 months |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Measurement Input, Counterparty Credit Risk | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Exposure to counterparty credit risk | $ 282 |
Interest Rate Floor | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount due from counterparty | $ 620 |
Weighted average remaining life (in years) | 5 years 9 months 18 days |
Interest Rate Cap | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount due from counterparty | $ 120 |
Weighted average remaining life (in years) | 5 years 9 months 18 days |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Discount Rate - Nonrecurring | Dec. 31, 2021 $ / shares |
Customer relationships | Telefónica Costa Rica Acquisition | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Measurement input (percent) | 0.11 |
Customer relationships | AT&T Acquisition | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Measurement input (percent) | 0.10 |
Spectrum licenses | AT&T Acquisition | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Measurement input (percent) | 0.08 |
Long-lived Assets - Schedule of
Long-lived Assets - Schedule of Impairment Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | $ 555.3 | $ 605.1 | $ 272.6 |
ImpairmentLongLivedAssetHeldForUseStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag | Property and equipment and other | Property and equipment and other | Property and equipment and other |
Property and equipment and other | $ 8.5 | $ 4.1 | $ 5.1 |
Total impairment charges | 563.8 | 609.2 | 277.7 |
Goodwill | 3,421.3 | 3,948 | 4,885.5 |
C&W Caribbean | |||
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | 555.3 | 605.1 | 99 |
Property and equipment and other | 3.1 | 2.6 | 1.9 |
Total impairment charges | 558.4 | 607.7 | 100.9 |
Goodwill | 1,220.4 | 1,787.1 | 2,459.3 |
Goodwill after impairments | 498 | ||
C&W Panama | |||
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | 0 | 0 | 173.6 |
Property and equipment and other | 0 | 0 | 0 |
Total impairment charges | 0 | 0 | 173.6 |
Goodwill | 617.1 | 617.1 | 617.1 |
C&W Networks & LatAm | |||
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | 0 | 0 | 0 |
Property and equipment and other | 1 | 0 | 0 |
Total impairment charges | 1 | 0 | 0 |
Goodwill | 654 | 646.8 | 652.7 |
Liberty Puerto Rico | |||
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | 0 | 0 | 0 |
Property and equipment and other | 3.6 | 0.2 | 1.5 |
Total impairment charges | 3.6 | 0.2 | 1.5 |
Goodwill | 501.1 | 498.3 | 629.9 |
VTR | |||
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | 0 | 0 | 0 |
Property and equipment and other | 0.1 | 1.3 | 1.6 |
Total impairment charges | 0.1 | 1.3 | 1.6 |
Goodwill | 0 | 374.6 | |
Liberty Costa Rica | |||
Schedule of Impairment Charges of Long-Lived Assets [Line Items] | |||
Goodwill | 0 | 0 | 0 |
Property and equipment and other | 0.7 | 0 | 0.1 |
Total impairment charges | 0.7 | 0 | 0.1 |
Goodwill | $ 428.7 | $ 398.7 | $ 151.9 |
Long-lived Assets - Schedule _2
Long-lived Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||
Goodwill beginning balance | $ 3,948 | $ 4,885.5 | |
Acquisitions and related adjustments | (6) | 130.4 | |
Reclassification to assets held for sale (a) | (313) | ||
Foreign currency translation adjustments and other | 34.6 | (149.8) | |
Impairments | (555.3) | (605.1) | $ (272.6) |
Goodwill ending balance | 3,421.3 | 3,948 | 4,885.5 |
Accumulated goodwill impairments | 2,784 | 2,229 | |
C&W Caribbean | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 1,787.1 | 2,459.3 | |
Acquisitions and related adjustments | (16.5) | 0 | |
Reclassification to assets held for sale (a) | 0 | ||
Foreign currency translation adjustments and other | 5.1 | (67.1) | |
Impairments | (555.3) | (605.1) | (99) |
Goodwill ending balance | 1,220.4 | 1,787.1 | 2,459.3 |
C&W Panama | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 617.1 | 617.1 | |
Acquisitions and related adjustments | 0 | 0 | |
Reclassification to assets held for sale (a) | 0 | ||
Foreign currency translation adjustments and other | 0 | 0 | |
Impairments | 0 | 0 | (173.6) |
Goodwill ending balance | 617.1 | 617.1 | 617.1 |
C&W Networks & LatAm | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 646.8 | 652.7 | |
Acquisitions and related adjustments | 11.5 | 0 | |
Reclassification to assets held for sale (a) | 0 | ||
Foreign currency translation adjustments and other | (4.3) | (5.9) | |
Impairments | 0 | 0 | 0 |
Goodwill ending balance | 654 | 646.8 | 652.7 |
Liberty Puerto Rico | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 498.3 | 629.9 | |
Acquisitions and related adjustments | 2.8 | (131.6) | |
Reclassification to assets held for sale (a) | 0 | ||
Foreign currency translation adjustments and other | 0 | 0 | |
Impairments | 0 | 0 | 0 |
Goodwill ending balance | 501.1 | 498.3 | 629.9 |
Liberty Costa Rica | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 398.7 | 151.9 | |
Acquisitions and related adjustments | (3.8) | 262 | |
Reclassification to assets held for sale (a) | 0 | ||
Foreign currency translation adjustments and other | 33.8 | (15.2) | |
Impairments | 0 | 0 | 0 |
Goodwill ending balance | 428.7 | 398.7 | 151.9 |
VTR | |||
Goodwill [Roll Forward] | |||
Goodwill beginning balance | 0 | 374.6 | |
Acquisitions and related adjustments | 0 | ||
Reclassification to assets held for sale (a) | (313) | ||
Foreign currency translation adjustments and other | (61.6) | ||
Impairments | $ 0 | 0 | 0 |
Goodwill ending balance | $ 0 | $ 374.6 |
Long-lived Assets - Schedule _3
Long-lived Assets - Schedule of Property and Equipment and the Related Accumulated Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 7,570.8 | $ 6,744.1 | |
Accumulated depreciation | (3,277.2) | (2,575.7) | |
Total | 4,293.6 | 4,168.4 | |
Depreciation expense | 726 | 771 | $ 730 |
Non-cash increases related to vendor financing arrangements | 161.1 | 100.5 | $ 99.1 |
Distribution systems | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 4,419.1 | 4,208.8 | |
Distribution systems | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Distribution systems | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | ||
Support equipment, buildings, land and CIP | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 2,232.7 | 1,641.6 | |
Support equipment, buildings, land and CIP | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Support equipment, buildings, land and CIP | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | ||
CPE | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 919 | $ 893.7 | |
CPE | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
CPE | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years |
Long-lived Assets - Schedule _4
Long-lived Assets - Schedule of Intangible Assets Subject to Amortization, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2022 | |
Gross carrying amount | $ 1,743.3 | $ 1,747.8 | ||
Accumulated amortization | (1,055.2) | (959.2) | ||
Total | 688.1 | 788.6 | ||
Amortization expense | 185 | 193 | $ 189 | |
Claro Panama Acquisition | ||||
Intangible assets subject to amortization | 50 | $ 47.9 | ||
Customer relationships | ||||
Gross carrying amount | 1,464.4 | 1,527.6 | ||
Licenses and other | ||||
Gross carrying amount | $ 278.9 | $ 220.2 | ||
Minimum | ||||
Estimated useful life | 4 years | |||
Maximum | ||||
Estimated useful life | 25 years |
Long-lived Assets - Schedule _5
Long-lived Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 170.6 | |
2024 | 133.2 | |
2025 | 90.3 | |
2026 | 64.8 | |
2027 | 54.5 | |
Thereafter | 174.7 | |
Total | $ 688.1 | $ 788.6 |
Long-lived Assets - Schedule _6
Long-lived Assets - Schedule of Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | $ 1,592.8 | $ 1,592.4 |
Spectrum licenses | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 1,051 | 1,050.9 |
Cable television franchise rights and other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | $ 541.8 | $ 541.5 |
Assets Held for Sale - Narrativ
Assets Held for Sale - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 06, 2022 | Sep. 29, 2021 | Aug. 09, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Earnings (loss) before income taxes | $ (115.4) | $ (314.5) | $ (838.2) | ||||
Chile JV | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Ownership interest percentage | 50% | 50% | 50% | ||||
Earnings (loss) before income taxes | 26 | $ 271 | $ 118 | ||||
Gain (loss) on fair value hedges recognized in earnings | 169 | ||||||
Derivatives used in net investment hedge, net of tax | 17 | ||||||
Contribution provided for working capital purposes | $ 50 | ||||||
America Movil | |||||||
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 109.7 | |
Other current assets, net | 132.6 | |
Property and equipment, net | 686 | |
Goodwill | 313 | |
Other assets, net | 327.4 | |
Total assets | $ 1,399.6 | 1,568.7 |
Liabilities: | ||
Current portion of debt | 82.2 | |
Other accrued and current liabilities | 294.2 | |
Long-term debt | 1,416.8 | |
Other long-term liabilities | 60.9 | |
Total liabilities | $ 1,668.5 | $ 1,854.1 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations - Components of Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 6.43% | ||
Unused borrowing capacity | $ 898.7 | ||
Estimated fair value | 7,446.5 | $ 7,781.6 | |
Total debt before premiums, discounts and deferred financing costs | 7,966.1 | 7,678.3 | |
Premiums, discounts and deferred financing costs, net | (94) | (120) | |
Total carrying amount of debt | 7,872.1 | 7,558.3 | |
Finance lease obligations | 8.6 | 7.6 | |
Total debt and finance lease obligations | 7,880.7 | 7,565.9 | |
Less: Current maturities of debt and finance lease obligations | (226.9) | (106.3) | |
Long-term debt and finance lease obligations | $ 7,653.8 | $ 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 | 357.4 | $ 396.5 | |
Total debt before premiums, discounts and deferred financing costs | $ 402.5 | 402.5 | |
Conversion ratio (in dollars per share) | 6.70% | ||
C&W Notes | Senior Notes | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 6.55% | ||
Unused borrowing capacity | $ 0 | ||
Estimated fair value | 1,591.6 | 1,774.3 | |
Total debt before premiums, discounts and deferred financing costs | 1,715 | 1,715 | |
Total carrying amount of debt | $ 1,712.2 | ||
C&W Credit Facilities | Line of Credit | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 6.32% | ||
Credit facilities, unused borrowing capacity | $ 719.2 | ||
Estimated fair value | 2,505 | 2,422.7 | |
Total debt before premiums, discounts and deferred financing costs | 2,605.2 | 2,451.3 | |
LPR Senior Secured Notes | Senior Notes | |||
Debt Instrument [Line Items] | |||
Total debt before premiums, discounts and deferred financing costs | 1,981 | ||
Total carrying amount of debt | $ 1,956.8 | ||
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 | 1,772.7 | 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) | 8.07% | ||
Credit facilities, unused borrowing capacity | $ 172.5 | ||
Estimated fair value | 613.8 | 623.1 | |
Total debt before premiums, discounts and deferred financing costs | $ 620 | 620 | |
LCR Credit Facilities | Line of Credit | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 10.32% | ||
Credit facilities, unused borrowing capacity | $ 7 | ||
Estimated fair value | 382.9 | 407.1 | |
Total debt before premiums, discounts and deferred financing costs | $ 419.3 | 408.7 | |
Vendor Financing and other | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 6.04% | ||
Unused borrowing capacity | $ 0 | ||
Estimated fair value | 223.1 | 99.8 | |
Total debt before premiums, discounts and deferred financing costs | $ 223.1 | 99.8 | |
Vendor Financing Obligations | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
General term of vendor financing arrangements for amounts due | 1 year | ||
Operating expenses financed by intermediary | $ 149 | $ 110 | $ 108 |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 group agreement | |
Debt Instrument [Line Items] | |
Number of borrowing group, incurring outstanding debt | 1 |
Number of borrowing groups | 3 |
Number of credit facility agreement, entered by borrowing group | agreement | 1 |
Senior Notes | |
Debt Instrument [Line Items] | |
Mandatory redemption price expressed as percentage of principal amount on senior notes in event that certain assets sold or specific control changed | 101% |
Debt and Finance Lease Obliga_5
Debt and Finance Lease Obligations - Convertible Notes (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 25, 2020 shares | Sep. 30, 2020 shares | Jun. 30, 2019 USD ($) day | Dec. 31, 2022 USD ($) | Dec. 31, 2019 | Jun. 30, 2020 $ / shares | |
Debt Instrument [Line Items] | ||||||
Common stock, shares issued (in shares) | shares | 49,049,073 | 49,049,073 | ||||
Convertible Notes | ||||||
Debt Instrument [Line Items] | ||||||
Carrying amount of convertible note | $ 375 | |||||
Debt instrument, unamortized discount | $ 27 | |||||
Convertible Notes | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Conversion ratio | 0.0484315 | 0.0449767 | ||||
Conversion price (in dollars per share) | $ / shares | $ 20.65 | |||||
Threshold trading day | day | 20 | |||||
Threshold consecutive trading days | 30 days | |||||
Percentage of stock price trigger | 130% | |||||
Measurement period | 5 days | |||||
Measurement period percentage | 98% | |||||
Equity component of convertible debt | $ 78 | |||||
Trading days before expiration | 85 days | |||||
Fundamental change percentage | 100% |
Debt and Finance Lease Obliga_6
Debt and Finance Lease Obligations - C&W Notes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Outstanding principal amount | $ 7,966.1 | $ 7,678.3 |
Carrying value | $ 7,872.1 | $ 7,558.3 |
2027 C&W Senior Secured Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.75% | |
Outstanding principal amount | $ 495 | |
Carrying value | $ 494.2 | |
Redemption price | 103% | |
2027 C&W Senior Secured Notes | Senior Notes | 2023 | ||
Debt Instrument [Line Items] | ||
Redemption price | 101.438% | |
2027 C&W Senior Secured Notes | Senior Notes | 2024 | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
2027 C&W Senior Secured Notes | Senior Notes | 2025 | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
2027 C&W Senior Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.875% | |
Outstanding principal amount | $ 1,220 | |
Carrying value | $ 1,218 | |
2027 C&W Senior Notes | Senior Notes | 2023 | ||
Debt Instrument [Line Items] | ||
Redemption price | 101.719% | |
2027 C&W Senior Notes | Senior Notes | 2024 | ||
Debt Instrument [Line Items] | ||
Redemption price | 100.859% | |
2027 C&W Senior Notes | Senior Notes | 2025 | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
C&W Notes | Senior Notes | ||
Debt Instrument [Line Items] | ||
Outstanding principal amount | $ 1,715 | $ 1,715 |
Carrying value | $ 1,712.2 |
Debt and Finance Lease Obliga_7
Debt and Finance Lease Obligations - C&W Credit Facilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Outstanding principal amount | $ 7,966.1 | $ 7,678.3 |
Line of Credit | CWP Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | 20 | |
Outstanding principal amount | 0 | |
Carrying value | $ 0 | |
Fee on unused portion of credit facility | 0.50% | |
Line of Credit | CWP Revolving Credit Facility | SOFR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.75% | |
Line of Credit | C&W Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 630 | |
Outstanding principal amount | 0 | |
Carrying value | $ 0 | |
Fee on unused portion of credit facility | 0.50% | |
Line of Credit | C&W Revolving Credit Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.25% | |
Line of Credit | C&W Term Loan B-5 Facility | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 0 | |
Outstanding principal amount | 1,510 | |
Carrying value | $ 1,497.2 | |
Line of Credit | C&W Term Loan B-5 Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Line of Credit | C&W Term Loan B-5 Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0% | |
Line of Credit | C&W Term Loan B-6 Facility | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 0 | |
Outstanding principal amount | 590 | |
Carrying value | $ 581.1 | |
Line of Credit | C&W Term Loan B-6 Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3% | |
Line of Credit | C&W Term Loan B-6 Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0% | |
Line of Credit | 2028 CWP Term Loan | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.25% | |
Unused borrowing capacity | $ 0 | |
Outstanding principal amount | 435 | |
Carrying value | $ 429.9 | |
Line of Credit | C&W Regional Facilities | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.35% | |
Unused borrowing capacity | $ 69.2 | |
Outstanding principal amount | 70.2 | |
Carrying value | 68.2 | |
Line of Credit | C&W Credit Facilities | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | 719.2 | |
Outstanding principal amount | 2,605.2 | $ 2,451.3 |
Carrying value | 2,576.4 | |
Line of Credit | C&W Revolving Credit Facility, Maturing June 30, 2023 | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 50 |
Debt and Finance Lease Obliga_8
Debt and Finance Lease Obligations - LPR Senior Secured Notes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Outstanding principal amount | $ 7,966.1 | $ 7,678.3 |
Carrying value | $ 7,872.1 | $ 7,558.3 |
Senior Notes | 2027 LPR Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.75% | |
Outstanding principal amount | $ 1,161 | |
Carrying value | $ 1,146.3 | |
Redemption price | 103% | |
Senior Notes | 2027 LPR Senior Secured Notes | 2023 | ||
Debt Instrument [Line Items] | ||
Redemption price | 101.688% | |
Senior Notes | 2027 LPR Senior Secured Notes | 2024 | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
Senior Notes | 2027 LPR Senior Secured Notes | 2025 | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
Senior Notes | 2027 LPR Senior Secured Notes | 2026 and thereafter | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
Senior Notes | 2029 LPR Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.125% | |
Outstanding principal amount | $ 820 | |
Carrying value | $ 810.5 | |
Senior Notes | 2029 LPR Senior Secured Notes | 2024 | ||
Debt Instrument [Line Items] | ||
Redemption price | 102.563% | |
Senior Notes | 2029 LPR Senior Secured Notes | 2025 | ||
Debt Instrument [Line Items] | ||
Redemption price | 101.281% | |
Senior Notes | 2029 LPR Senior Secured Notes | 2026 and thereafter | ||
Debt Instrument [Line Items] | ||
Redemption price | 100% | |
Senior Notes | LPR Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Outstanding principal amount | $ 1,981 | |
Carrying value | $ 1,956.8 |
Debt and Finance Lease Obliga_9
Debt and Finance Lease Obligations - LPR Credit Facilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Outstanding principal amount | $ 7,966.1 | $ 7,678.3 |
Line of Credit | LPR Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | 172.5 | |
Outstanding principal amount | 0 | |
Carrying value | $ 0 | |
Line of Credit | LPR Revolving Credit Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% | |
Line of Credit | LPR Revolving Credit Facility | Minimum | ||
Debt Instrument [Line Items] | ||
Fee on unused portion of credit facility | 0.50% | |
Line of Credit | 2028 LPR Term Loan | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 0 | |
Outstanding principal amount | 620 | |
Carrying value | $ 615.6 | |
Line of Credit | 2028 LPR Term Loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.75% | |
Line of Credit | LPR Credit Facilities | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 172.5 | |
Outstanding principal amount | 620 | $ 620 |
Carrying value | $ 615.6 |
Debt and Finance Lease Oblig_10
Debt and Finance Lease Obligations - Costa Rica Credit Facilities (Details) ₡ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CRC (₡) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Outstanding principal amount | $ 7,966.1 | $ 7,678.3 | ||
LCR Revolving Credit Facility | SOFR | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.25% | |||
Outstanding principal amount | $ 60 | |||
Line of Credit | LCR Term Loan B-1 Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | 0 | |||
Outstanding principal amount | 276.7 | |||
Carrying value | $ 270.5 | |||
Required repayment percent of outstanding principal amount | 50% | 50% | ||
Additional basis points used to determine redemption premium | 0.75% | 0.75% | ||
Line of Credit | LCR Term Loan B-1 Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 5.50% | |||
Line of Credit | LCR Term Loan B-2 Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 0 | ₡ 0 | ||
Outstanding principal amount | 134.6 | ₡ 79,635.2 | ||
Carrying value | $ 135.5 | |||
Line of Credit | LCR Term Loan B-2 Facility | TBP | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 6.75% | |||
Line of Credit | LCR Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 7 | |||
Outstanding principal amount | 8 | |||
Carrying value | $ 8 | |||
Fee on unused portion of credit facility | 1.70% | |||
Line of Credit | LCR Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.25% | |||
Line of Credit | LCR Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Unused borrowing capacity | $ 7 | |||
Outstanding principal amount | 419.3 | $ 408.7 | ||
Carrying value | $ 414 | |||
Line of Credit | LCR Revolving Credit Facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Fee on unused portion of credit facility | 0.50% |
Debt and Finance Lease Oblig_11
Debt and Finance Lease Obligations - Financing and Refinancing Activity (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CLP ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2021 CRC (₡) | Sep. 30, 2021 USD ($) | |
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Extinguishment of debt | $ 91,000,000 | ||||||
2028 CWP Term Loan | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | ||||||
Aggregate facility amount | $ 435,000,000 | ||||||
Carrying amount of convertible note | 272,900,000 | ||||||
C&W Term Loan B-6 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 99.25% | 99.25% | |||||
Aggregate facility amount | $ 590,000,000 | ||||||
Carrying amount of convertible note | $ 555,000,000 | ||||||
2029 LPR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | 100% | |||||
Aggregate facility amount | $ 820,000,000 | ||||||
Carrying amount of convertible note | $ 500,000,000 | ||||||
2028 LPR Term Loan | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | 100% | |||||
Aggregate facility amount | $ 620,000,000 | ||||||
Carrying amount of convertible note | $ 500,000,000 | ||||||
2029 VTR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | 100% | |||||
Aggregate facility amount | $ 410,000,000 | ||||||
Carrying amount of convertible note | 0 | 60,000,000 | |||||
Repayments of long-term debt | 12,200,000 | ||||||
VTR RCF – A | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 0 | ||||||
Carrying amount of convertible note | $ 0 | ||||||
LCR Term Loan B-1 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | 100% | |||||
Aggregate facility amount | $ 227,500,000 | ||||||
Carrying amount of convertible note | $ 0 | ||||||
LCR Term Loan B-2 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | 100% | |||||
Aggregate facility amount | $ 58,800,000 | ₡ 36,457,900,000 | |||||
Carrying amount of convertible note | 0 | ||||||
LPR Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 48,000,000 | $ 62,500,000 | |||||
Carrying amount of convertible note | 0 | 0 | |||||
Repayments of long-term debt | 62,500,000 | ||||||
C&W Credit Facilities | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 312,500,000 | $ 580,000,000 | |||||
Carrying amount of convertible note | 0 | 0 | |||||
C&W Term Loan B-5 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 1,510,000,000 | ||||||
Carrying amount of convertible note | $ 1,510,000,000 | ||||||
2027 C&W Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 106% | ||||||
Aggregate facility amount | $ 150,000,000 | ||||||
Carrying amount of convertible note | $ 55,000,000 | $ 130,000,000 | |||||
Redemption price | 103% | 103% | |||||
Repayments of long-term debt | $ 55,000,000 | ||||||
2028 VTR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | ||||||
Aggregate facility amount | $ 600,000,000 | ||||||
Carrying amount of convertible note | 0 | $ 60,000,000 | $ 0 | ||||
Redemption price | 103% | 103% | |||||
Repayments of long-term debt | 4,300,000 | $ 120,000,000 | |||||
2028 VTR Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 100% | ||||||
Aggregate facility amount | $ 550,000,000 | ||||||
Carrying amount of convertible note | 0 | 550,000,000 | |||||
Repayments of long-term debt | 31,600,000 | ||||||
VTR RCF – B | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate facility amount | 92,000,000 | ||||||
Carrying amount of convertible note | 0 | ||||||
Repayments of long-term debt | $ 92,000,000 | ||||||
2027 LPR Senior Secured Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Original issue price | 102.50% | ||||||
Aggregate facility amount | $ 90,000,000 | ||||||
Carrying amount of convertible note | $ 0 | 0 | |||||
Redemption price | 103% | 103% | |||||
Repayments of long-term debt | $ 129,000,000 | ||||||
C&W Regional Facilities | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 272,900,000 | ||||||
Redemption price | 100% | ||||||
Repayments of long-term debt | $ 272,900,000 | ||||||
2026 C&W Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 500,000,000 | ||||||
Redemption price | 103.75% | 103.75% | |||||
Repayments of long-term debt | $ 500,000,000 | ||||||
2026 SPV Credit Facility | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 1,000,000,000 | ||||||
Redemption price | 100% | 100% | |||||
Repayments of long-term debt | $ 1,000,000,000 | ||||||
VTR TLB-1 Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 0 | ||||||
Redemption price | 100% | 100% | |||||
Repayments of long-term debt | $ 196,400,000 | $ 140,900 | |||||
VTR TLB-2 Facility | Medium-term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 0 | ||||||
Redemption price | 100% | 100% | |||||
Repayments of long-term debt | $ 46,100,000 | $ 33,100 | |||||
C&W Term Loan B-4 Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 1,640,000,000 | ||||||
Redemption price | 100% | ||||||
Repayments of long-term debt | $ 1,640,000,000 | ||||||
C&W Revolving Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | 0 | ||||||
Repayments of long-term debt | 312,500,000 | ||||||
VTR debt | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Carrying amount of convertible note | $ 550,000,000 | ||||||
Redemption price | 100% | ||||||
Repayments of long-term debt | $ 1,260,000,000 |
Debt and Finance Lease Oblig_12
Debt and Finance Lease Obligations - Maturities of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt maturities | $ 7,966.1 | $ 7,678.3 |
Premiums, discounts and deferred financing costs, net | (94) | (120) |
Total carrying amount of debt | 7,872.1 | $ 7,558.3 |
C&W | ||
Debt Instrument [Line Items] | ||
2023 | 203.6 | |
2024 | 49.8 | |
2025 | 3.2 | |
2026 | 0.6 | |
2027 | 1,715.5 | |
Thereafter | 2,546.9 | |
Total debt maturities | 4,519.6 | |
Premiums, discounts and deferred financing costs, net | (31.6) | |
Total carrying amount of debt | 4,488 | |
Current portion | 203.6 | |
Noncurrent portion | 4,284.4 | |
Liberty Puerto Rico | ||
Debt Instrument [Line Items] | ||
2023 | 16.7 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 1,161 | |
Thereafter | 1,440 | |
Total debt maturities | 2,617.7 | |
Premiums, discounts and deferred financing costs, net | (28.6) | |
Total carrying amount of debt | 2,589.1 | |
Current portion | 16.7 | |
Noncurrent portion | 2,572.4 | |
Liberty Costa Rica | ||
Debt Instrument [Line Items] | ||
2023 | 5.2 | |
2024 | 420.2 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total debt maturities | 425.4 | |
Premiums, discounts and deferred financing costs, net | (5.8) | |
Total carrying amount of debt | 419.6 | |
Current portion | 5.2 | |
Noncurrent portion | 414.4 | |
LLA UK Holding Limited | ||
Debt Instrument [Line Items] | ||
2023 | 0.5 | |
2024 | 402.9 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total debt maturities | 403.4 | |
Premiums, discounts and deferred financing costs, net | (28) | |
Total carrying amount of debt | 375.4 | |
Current portion | 0.5 | |
Noncurrent portion | 374.9 | |
Consolidated | ||
Debt Instrument [Line Items] | ||
2023 | 226 | |
2024 | 872.9 | |
2025 | 3.2 | |
2026 | 0.6 | |
2027 | 2,876.5 | |
Thereafter | 3,986.9 | |
Total debt maturities | 7,966.1 | |
Premiums, discounts and deferred financing costs, net | (94) | |
Total carrying amount of debt | 7,872.1 | |
Current portion | 226 | |
Noncurrent portion | $ 7,646.1 |
Operating Leases - Operating Le
Operating Leases - Operating Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease expense: | |||
Operating lease cost | $ 118.8 | $ 93.1 | $ 52.8 |
Short-term lease cost | 24.6 | 21 | 13.5 |
Total operating lease expense | $ 143.4 | $ 114.1 | $ 66.3 |
Operating Leases - Operating _2
Operating Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 550.8 | $ 441 | |
Operating lease liabilities: | |||
Current | 76.7 | 82 | |
Noncurrent | 438.5 | 371 | |
Total operating lease liabilities | $ 515.2 | $ 453 | |
Weighted-average remaining lease term | 8 years 2 months 12 days | 7 years 6 months | |
Weighted-average discount rate | 7.50% | 6.20% | |
Operating cash flows from operating leases | $ 120.4 | $ 93.1 | $ 47 |
Right-of-use asset obtained in exchange for operating lease liability | $ 237.4 | $ 211.8 | $ 230.5 |
Operating Leases - Future Minim
Operating Leases - Future Minimum Payments of Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 104.5 | |
2024 | 95.8 | |
2025 | 87.9 | |
2026 | 79.7 | |
2027 | 66.8 | |
Thereafter | 267.9 | |
Total operating lease liabilities on an undiscounted basis | 702.6 | |
Present value discount | (187.4) | |
Present value of operating lease liabilities | $ 515.2 | $ 453 |
Programming and Other Direct _3
Programming and Other Direct Costs of Services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Line Items] | |||
Programming and other direct costs of services | $ 1,210.5 | $ 1,214.4 | $ 860.4 |
Programming and copyright | |||
Other Income and Expenses [Line Items] | |||
Programming and other direct costs of services | 360.3 | 441.4 | 389.3 |
Interconnect | |||
Other Income and Expenses [Line Items] | |||
Programming and other direct costs of services | 350.3 | 347.2 | 270.1 |
Equipment and other | |||
Other Income and Expenses [Line Items] | |||
Programming and other direct costs of services | 499.9 | 425.8 | 201 |
Equipment | |||
Other Income and Expenses [Line Items] | |||
Programming and other direct costs of services | $ 370 | $ 309 | $ 118 |
Other Operating Costs and Exp_3
Other Operating Costs and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Personnel and contract labor | $ 597.7 | $ 575.1 | $ 483.6 |
Network-related | 311.4 | 324.2 | 271.3 |
Service-related | 209.7 | 196.5 | 161.7 |
Commercial | 226 | 229.4 | 168.1 |
Facility, provision, franchise and other | 542.3 | 460.1 | 359.1 |
Share-based compensation expense | 93.5 | 118.1 | 97.5 |
Total other operating costs and expenses | $ 1,980.6 | $ 1,903.4 | $ 1,541.3 |
Income Taxes - Earnings (Loss)
Income Taxes - Earnings (Loss) before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Earnings (loss) before income taxes | $ (115.4) | $ (314.5) | $ (838.2) |
Goodwill | 555.3 | 605.1 | 272.6 |
C&W Caribbean | |||
Income Taxes [Line Items] | |||
Goodwill | 555 | 605 | |
Impairment charges | 13 | 41 | 99 |
C&W Panama | |||
Income Taxes [Line Items] | |||
Goodwill | 0 | 0 | 173.6 |
Impairment charges | 177 | ||
Domestic | |||
Income Taxes [Line Items] | |||
Earnings (loss) before income taxes | (97.6) | (85.7) | (67.3) |
Foreign | |||
Income Taxes [Line Items] | |||
Earnings (loss) before income taxes | $ (17.8) | $ (228.8) | $ (770.9) |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Current, Domestic | $ 0 | $ 0 | $ 0 |
Current, Foreign | (93.2) | (85.5) | (35.9) |
Current, Total | (93.2) | (85.5) | (35.9) |
Deferred | |||
Deferred, Domestic | 0 | 0 | 0 |
Deferred, Foreign | 6.7 | (87.8) | 65.1 |
Deferred, Total | 6.7 | (87.8) | 65.1 |
Domestic, Total | 0 | 0 | 0 |
Foreign, Total | (86.5) | (173.3) | 29.2 |
Total income tax benefit (expense) | $ (86.5) | $ (173.3) | $ 29.2 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax benefit | $ 0 | $ 0 | $ 0 |
Permanent differences | 46.8 | (13.6) | (17.7) |
Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities | (1.2) | 1.4 | 0.5 |
(Increases) Decreases in valuation allowances | 188.8 | (321.6) | (223) |
Expiration of deferred tax assets with full valuation allowance | (12.7) | (129.5) | 0 |
International rate differences | 49.9 | 82.2 | 180.7 |
Changes in uncertain tax positions | (24.5) | (1) | 33.4 |
Enacted tax law and rate changes | (162.2) | 393.7 | 149.4 |
Effect of non-deductible goodwill impairments | (174.3) | (201.2) | (70.3) |
Effect of tax credits | 15.9 | 38.7 | 0 |
Withholding tax | (13.3) | (23.4) | (40) |
Other, net | 0.3 | 1 | 16.2 |
Total income tax benefit (expense) | $ (86.5) | $ (173.3) | $ 29.2 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liability (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 31 | $ 25.1 |
Deferred tax liabilities | (691.2) | (692) |
Net deferred tax liability | $ (660.2) | $ (666.9) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||||
Net operating losses, credits and other carryforwards | $ 2,276.4 | $ 2,439.1 | ||
Deferred revenue | 13.7 | 19.3 | ||
Unrealized gains and losses | 16 | 9.9 | ||
Accrued expenses | 32.6 | 4.1 | ||
Other future deductible amounts | 1 | 0.2 | ||
Deferred tax assets | 2,339.7 | 2,472.6 | ||
Valuation allowance | (1,780.4) | (1,940.3) | $ (1,630.9) | $ (1,402.8) |
Deferred tax assets, net of valuation allowance | 559.3 | 532.3 | ||
Deferred tax liabilities: | ||||
Investments | (255.4) | (221.5) | ||
Intangible assets | (663.5) | (690.7) | ||
Property and equipment, net | (298.5) | (286.2) | ||
Un-remitted foreign earnings | (2.1) | (0.8) | ||
Deferred tax liabilities | (1,219.5) | (1,199.2) | ||
Net deferred tax liability | $ (660.2) | $ (666.9) |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Roll Forward] | |||
Balance at beginning of period | $ 1,940.3 | $ 1,630.9 | $ 1,402.8 |
Balance at end of period | 1,780.4 | 1,940.3 | 1,630.9 |
Net tax expense (benefit) related to operations | |||
Valuation Allowance [Roll Forward] | |||
Changes in valuation allowances | (188.8) | 321.6 | 223 |
Translation adjustments | |||
Valuation Allowance [Roll Forward] | |||
Changes in valuation allowances | (6.2) | (9.1) | 0.3 |
Business acquisitions and other | |||
Valuation Allowance [Roll Forward] | |||
Changes in valuation allowances | $ 35.1 | $ (3.1) | $ 4.8 |
Income Taxes - Tax Loss Carryfo
Income Taxes - Tax Loss Carryforwards and Related Tax Assets (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | $ 7,843.5 |
Related tax asset | 1,800 |
U.K. | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 1,343.4 |
Related tax asset | 335.9 |
U.K. | Capital Loss Carryforward | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 4,459.6 |
Related tax asset | 1,114.9 |
Barbados | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 925.2 |
Related tax asset | 23.5 |
Jamaica | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 405.7 |
Related tax asset | 135.1 |
Curacao | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 177 |
Related tax asset | 41.6 |
Puerto Rico | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 275.4 |
Related tax asset | 85.2 |
U.S. | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 101.7 |
Related tax asset | 23.1 |
Panama | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 64 |
Related tax asset | 16 |
U.S. Virgin Islands | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 41.3 |
Related tax asset | 9.6 |
Colombia | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 17.6 |
Related tax asset | 6.2 |
Other | |
Operating Loss Carryforwards [Line Items] | |
Tax loss carryforward | 32.6 |
Related tax asset | $ 8.9 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Valuation allowance of net operating loss carryforwards | $ 1,672 | ||
Income tax penalties and interest expense (benefit) | 0.2 | $ 1 | $ (2) |
Accrued interest and penalties on tax related items | 13 | 13 | |
U.S. | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 13 | 13 | |
U.S. | Research Tax Credit Carryforward | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 6 | ||
Puerto Rico | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 47 | $ 52 | |
Puerto Rico | Research Tax Credit Carryforward | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | $ 19 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at January 1 | $ 12 | $ 32 | $ 64.1 |
Additions for tax positions of prior years | 12.7 | 1 | 2.6 |
Effects of business acquisitions | 0 | 0 | 0 |
Additions based on tax positions related to the current year | 14.5 | 0 | 1.6 |
Lapse of statute of limitations | (1.7) | (3.4) | (16.7) |
Foreign currency translation | 0.1 | ||
Foreign currency translation | (2.4) | (0.8) | |
Decrease for settlement with tax authorities | 0 | (3.9) | 0 |
Reductions for tax positions of prior years | 0 | 0 | (18.8) |
Reclassification to liabilities associated with assets held for sale | 0 | (11.3) | 0 |
Balance at December 31 | $ 37.6 | $ 12 | $ 32 |
Defined Benefit Plans - Amounts
Defined Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Other assets, net | $ 119.4 | $ 218.8 |
Other long-term liabilities | (146.6) | (216.4) |
Net pension asset (liability) | $ (27.2) | $ 2.4 |
Defined Benefit Plans - Balance
Defined Benefit Plans - Balance Sheet Information on Our Defined Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ (1,543.7) | $ (2,289.5) |
Fair value of plan assets | 1,516.5 | 2,291.9 |
Net pension asset (liability) | $ (27.2) | $ 2.4 |
Benefit obligation, discount rate | 6% | 2.80% |
Defined benefit plan, adjustment to discount rate used to determine benefit obligations | 1% | |
Impact of a 1.0% increase to discount rate | $ (64) | |
Impact of 1.0% decrease to discount rate | 91 | |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 659 | $ 952 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 116 | 209 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 742 | $ 1,131 |
Defined Benefit Plans - Narrati
Defined Benefit Plans - Narrative (Details) | Dec. 31, 2022 |
Cable & Wireless Superannuation Fund (CWSF) | |
Defined Benefit Plan Disclosure [Line Items] | |
Risk mitigated by insurance policies | 67% |
Jamaica Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Risk mitigated by insurance policies | 53% |
UTS Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Risk mitigated by insurance policies | 100% |
Share-based Compensation - Narr
Share-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation expense not yet recognized | $ 102 | |||
Weighted average period remaining for expense recognition | 2 years | |||
SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | 7 years | ||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ 9.49 | $ 13.96 | $ 10.07 | |
PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of ordinary shares rights for each performance share (in shares) | 1 | |||
Performance period | 2 years | |||
Granted (in dollars per share) | $ 6.11 | $ 11.57 | $ 0 | |
PSARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 10 years | |||
Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures | $ 0.3 | |||
Class B | PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures | $ 0.1 | |||
Class A | SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 3,200,000 | |||
Class A | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ 9.66 | |||
Class A | PSARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 2,800,000 | 2,700,000 | ||
Class C | SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 6,400,000 | |||
Class C | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ 9.49 | |||
Class C | PSARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 5,700,000 | 5,500,000 | ||
March 15, 2022 and September 15, 2022 | PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 50% | |||
Employee Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share authorized (in shares) | 75,000,000 | |||
Employee Incentive Plan | SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 33.30% | |||
Award vesting period | 3 years | |||
Employee Incentive Plan | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 33.30% | |||
Award vesting period | 3 years | |||
Employee Incentive Plan | Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share authorized (in shares) | 10,000,000 | |||
Employee Incentive Plan | Seven Month Anniversary After Grant Date | SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 12.50% | |||
Award vesting period | 6 months | |||
Employee Incentive Plan | Seven Month Anniversary After Grant Date | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 12.50% | |||
Award vesting period | 6 months | |||
Employee Incentive Plan | Each Quarter Thereafter after Seven Month Vest | SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 6.25% | |||
Award vesting period | 4 years | |||
Employee Incentive Plan | Each Quarter Thereafter after Seven Month Vest | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 6.25% | |||
Award vesting period | 4 years | |||
Nonemployee Director Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share authorized (in shares) | 5,000,000 |
Share-based Compensation - Assu
Share-based Compensation - Assumptions Used (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assumptions used to estimate fair value of SARs and PSARs: | |||
Expected dividend yield | 0% | 0% | 0% |
SARs | |||
Assumptions used to estimate fair value of SARs and PSARs: | |||
Weighted average grant-date fair value per share of awards granted (in dollars per share) | $ 4.91 | $ 6.43 | $ 5.39 |
PSARs | |||
Assumptions used to estimate fair value of SARs and PSARs: | |||
Weighted average grant-date fair value per share of awards granted (in dollars per share) | 5.92 | 6.88 | 0 |
RSUs | |||
Assumptions used to estimate fair value of SARs and PSARs: | |||
Weighted average grant-date fair value per share of awards granted (in dollars per share) | 9.49 | 13.96 | 10.07 |
PSUs | |||
Assumptions used to estimate fair value of SARs and PSARs: | |||
Weighted average grant-date fair value per share of awards granted (in dollars per share) | $ 6.11 | $ 11.57 | $ 0 |
Minimum | |||
Assumptions used to estimate fair value of SARs and PSARs: | |||
Risk-free interest rate | 2% | 0.80% | 0.20% |
Expected life | 6 years | 6 years | 4 years 6 months |
Expected volatility | 40.20% | 36.90% | 48.10% |
Maximum | |||
Assumptions used to estimate fair value of SARs and PSARs: | |||
Risk-free interest rate | 3.70% | 1.40% | 0.90% |
Expected life | 10 years | 10 years | 7 years |
Expected volatility | 49.80% | 46.80% | 90.60% |
Share-based Compensation - SARs
Share-based Compensation - SARs (Details) - SARs - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class A | ||
Number of shares | ||
Outstanding (in shares) | 6,400,000 | |
Granted (in shares) | 3,200,000 | |
Forfeited (in shares) | (500,000) | |
Outstanding (in shares) | 9,100,000 | 6,400,000 |
Exercisable (in shares) | 4,200,000 | |
Weighted average base price | ||
Outstanding (in dollars per share) | $ 13.91 | $ 16.21 |
Granted (in dollars per share) | 9.67 | |
Forfeited (in dollars per share) | 16.46 | |
Outstanding (in dollars per share) | 13.91 | $ 16.21 |
Exercisable (in dollars per share) | $ 17.32 | |
Weighted average remaining contractual term, Outstanding | 6 years 1 month 6 days | |
Weighted average remaining contractual term, Exercisable | 3 years 7 months 6 days | |
Aggregate intrinsic value, Outstanding | $ 0 | |
Aggregate intrinsic value, Exercisable | $ 0 | |
Class C | ||
Number of shares | ||
Outstanding (in shares) | 12,800,000 | |
Granted (in shares) | 6,400,000 | |
Forfeited (in shares) | (900,000) | |
Outstanding (in shares) | 18,300,000 | 12,800,000 |
Exercisable (in shares) | 8,400,000 | |
Weighted average base price | ||
Outstanding (in dollars per share) | $ 13.92 | $ 16.27 |
Granted (in dollars per share) | 9.61 | |
Forfeited (in dollars per share) | 16.53 | |
Outstanding (in dollars per share) | 13.92 | $ 16.27 |
Exercisable (in dollars per share) | $ 17.35 | |
Weighted average remaining contractual term, Outstanding | 6 years 1 month 6 days | |
Weighted average remaining contractual term, Exercisable | 3 years 7 months 6 days | |
Aggregate intrinsic value, Outstanding | $ 0.1 | |
Aggregate intrinsic value, Exercisable | $ 0 |
Share-based Compensation - RSUs
Share-based Compensation - RSUs and PSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
RSUs | |||
Weighted average grant-date fair value per share | |||
Granted (in dollars per share) | $ 9.49 | $ 13.96 | $ 10.07 |
RSUs | Class A | |||
Number of shares | |||
Outstanding (in shares) | 1,100,000 | ||
Granted (in shares) | 2,600,000 | ||
Forfeited (in shares) | (100,000) | ||
Released from restrictions (in shares) | (1,500,000) | ||
Outstanding (in shares) | 2,100,000 | 1,100,000 | |
Weighted average grant-date fair value per share | |||
Outstanding (in dollars per shares) | $ 13.40 | ||
Granted (in dollars per share) | 9.66 | ||
Forfeited (in dollars per share) | 11.53 | ||
Released from restrictions (in dollars per share) | 10.82 | ||
Outstanding (in dollars per shares) | $ 10.74 | $ 13.40 | |
Weighted average remaining contractual term, in years | |||
Outstanding | 2 years 1 month 6 days | ||
RSUs | Class C | |||
Number of shares | |||
Outstanding (in shares) | 2,300,000 | ||
Granted (in shares) | 5,500,000 | ||
Forfeited (in shares) | (200,000) | ||
Released from restrictions (in shares) | (3,300,000) | ||
Outstanding (in shares) | 4,300,000 | 2,300,000 | |
Weighted average grant-date fair value per share | |||
Outstanding (in dollars per shares) | $ 13.54 | ||
Granted (in dollars per share) | 9.49 | ||
Forfeited (in dollars per share) | 11.57 | ||
Released from restrictions (in dollars per share) | 10.14 | ||
Outstanding (in dollars per shares) | $ 11.04 | $ 13.54 | |
Weighted average remaining contractual term, in years | |||
Outstanding | 2 years 1 month 6 days | ||
SARs | Class A | |||
Weighted average remaining contractual term, in years | |||
Aggregate intrinsic value, Outstanding | $ 0 | ||
SARs | Class C | |||
Weighted average remaining contractual term, in years | |||
Aggregate intrinsic value, Outstanding | $ 0.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 2,897.4 | $ 3,322.1 | $ 3,858.4 |
Other comprehensive (loss) earnings | (60) | 35 | (111.6) |
Ending balance | 2,566.1 | 2,897.4 | 3,322.1 |
Foreign currency translation adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (137.5) | (143.2) | (25.5) |
Other comprehensive (loss) earnings | 53.8 | 5.7 | (117.7) |
Ending balance | (83.7) | (137.5) | (143.2) |
Pension- related adjustments and other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 47.8 | 17.6 | 10.7 |
Other comprehensive (loss) earnings | (113.3) | 30.2 | 6.9 |
Ending balance | (65.5) | 47.8 | 17.6 |
Accumulated other comprehensive loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (89.7) | (125.6) | (14.8) |
Other comprehensive (loss) earnings | (59.5) | 35.9 | (110.8) |
Ending balance | (149.2) | (89.7) | (125.6) |
Non-controlling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (10.5) | (9.6) | (8.8) |
Other comprehensive (loss) earnings | (0.5) | (0.9) | (0.8) |
Ending balance | (11) | (10.5) | (9.6) |
Total accumulated other comprehensive loss | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (100.2) | (135.2) | (23.6) |
Ending balance | $ (160.2) | $ (100.2) | $ (135.2) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Components of Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive earning (loss), pre-tax amount | $ (60.9) | $ 39.2 | $ (113.6) |
Other comprehensive earnings (loss), tax benefit (expense) | 0.9 | (4.2) | 2 |
Other comprehensive earnings (loss) | (60) | 35 | (111.6) |
Other comprehensive loss attributable to noncontrolling interests | 0.5 | 0.9 | 0.8 |
Other comprehensive loss attributable to noncontrolling interests, tax | 0 | 0 | 0 |
Other comprehensive loss attributable to noncontrolling interests, net | 0.5 | 0.9 | 0.8 |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, pre-tax | (60.4) | 40.1 | (112.8) |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, tax | 0.9 | (4.2) | 2 |
Other comprehensive earnings (loss) attributable to Liberty Latin America shareholders, net | (59.5) | 35.9 | (110.8) |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive earning (loss), pre-tax amount | 53.1 | 4.8 | (118.5) |
Other comprehensive earnings (loss), tax benefit (expense) | 0 | 0 | 0 |
Other comprehensive earnings (loss) | 53.1 | 4.8 | (118.5) |
Pension-related adjustments and other | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other comprehensive earning (loss), pre-tax amount | (114) | 34.4 | 4.9 |
Other comprehensive earnings (loss), tax benefit (expense) | 0.9 | (4.2) | 2 |
Other comprehensive earnings (loss) | $ (113.1) | $ 30.2 | $ 6.9 |
Equity - Schedule (Details)
Equity - Schedule (Details) - shares | 1 Months Ended | 12 Months Ended | |||
Sep. 25, 2020 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Rights Offering (in shares) | 49,049,073 | 49,049,073 | |||
Class A | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance (in shares) | 45,500,000 | 49,000,000 | 48,800,000 | ||
Rights Offering (in shares) | 0 | ||||
Repurchase of Liberty Latin America common shares (in shares) | (4,500,000) | (4,300,000) | (300,000) | ||
Issued in connection with share-based compensation plans (in shares) | 1,700,000 | 800,000 | 500,000 | ||
Balance (in shares) | 42,700,000 | 45,500,000 | 49,000,000 | ||
Class B | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance (in shares) | 1,900,000 | 1,900,000 | 1,900,000 | ||
Rights Offering (in shares) | 0 | ||||
Repurchase of Liberty Latin America common shares (in shares) | 0 | 0 | 0 | ||
Issued in connection with share-based compensation plans (in shares) | 200,000 | 0 | 0 | ||
Balance (in shares) | 2,100,000 | 1,900,000 | 1,900,000 | ||
Class C | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance (in shares) | 182,300,000 | 181,100,000 | 131,200,000 | ||
Rights Offering (in shares) | 49,000,000 | ||||
Repurchase of Liberty Latin America common shares (in shares) | (14,800,000) | (700,000) | (700,000) | ||
Issued in connection with share-based compensation plans (in shares) | 3,800,000 | 1,900,000 | 1,600,000 | ||
Balance (in shares) | 171,300,000 | 182,300,000 | 181,100,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||||||
Sep. 25, 2020 shares | Aug. 05, 2020 $ / shares day shares | Sep. 30, 2020 shares | Dec. 31, 2022 USD ($) $ / shares vote shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares | Feb. 22, 2022 USD ($) | Mar. 16, 2020 USD ($) | |
Class of Stock [Line Items] | |||||||||
Capital contribution from noncontrolling interest owner | $ | $ 0 | $ 46,900,000 | $ 0 | ||||||
Stock repurchase program, authorized amount | $ | $ 100,000,000 | ||||||||
Stock repurchased program, remaining authorized repurchase amount | $ | $ 57,000,000 | $ 57,000,000 | |||||||
Rights offering distribution (in dollars per shares) | $ / shares | 0.269 | ||||||||
Number of shares entitled to be bought by each class C right (in shares) | shares | 1 | ||||||||
Subscription price (in shares) | $ / shares | $ 7.14 | ||||||||
Weighted average trading price | 25% | ||||||||
Threshold trading day | day | 3 | ||||||||
Common stock, shares issued (in shares) | shares | 49,049,073 | 49,049,073 | |||||||
Option indexed to issuer's equity, cap price (in dollars per share) | $ / shares | $ 20.65 | ||||||||
Convertible Debt Securities | |||||||||
Class of Stock [Line Items] | |||||||||
Securities excluded (in shares) | shares | 19,500,000 | ||||||||
Class A | |||||||||
Class of Stock [Line Items] | |||||||||
Number of votes per share | vote | 1 | ||||||||
Common stock, shares issued (in shares) | shares | 0 | ||||||||
Class B | |||||||||
Class of Stock [Line Items] | |||||||||
Number of votes per share | vote | 10 | ||||||||
Conversion ratio | 1 | ||||||||
Common stock, shares issued (in shares) | shares | 0 | ||||||||
Class C | |||||||||
Class of Stock [Line Items] | |||||||||
Number of votes per share | vote | 0 | ||||||||
Number of votes per share when required by law | $ / shares | 0.01 | ||||||||
Common stock, shares issued (in shares) | shares | 49,000,000 | ||||||||
Class C | Minimum | |||||||||
Class of Stock [Line Items] | |||||||||
Option indexed to issuer's equity, cap price (in dollars per share) | $ / shares | 28 | ||||||||
Class C | Maximum | |||||||||
Class of Stock [Line Items] | |||||||||
Option indexed to issuer's equity, cap price (in dollars per share) | $ / shares | $ 29.50 | ||||||||
Common Class A And Common Class C | |||||||||
Class of Stock [Line Items] | |||||||||
Additional amount authorized to be repurchased | $ | $ 200,000,000 |
Earnings (Loss) per Share - Sch
Earnings (Loss) per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted average shares outstanding - dilutive (in shares) | 222.6 | 232.6 | 195.5 |
Weighted average shares outstanding - basic (in shares) | 222.6 | 232.6 | 195.5 |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Debt Securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 19.5 | ||
Options, SARs and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 35.4 | 24.7 | 19.1 |
P S A Rs And P S Us | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded (in shares) | 8.7 | 10.1 | 1.1 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Percentage of minority interest revenues and adjusted OIBDA from consolidated statements of operations 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 4,815.1 | $ 4,814.8 | $ 3,782.4 |
Adjusted OIBDA | 1,717.5 | 1,815.1 | 1,478.2 |
Operating Segments | C&W Caribbean | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,436.8 | 1,389.9 | 1,354.1 |
Adjusted OIBDA | 535.2 | 482.9 | 473.4 |
Operating Segments | C&W Panama | |||
Segment Reporting Information [Line Items] | |||
Revenue | 642.7 | 568.1 | 522.5 |
Adjusted OIBDA | 188.8 | 200.1 | 177.2 |
Operating Segments | C&W Networks & LatAm | |||
Segment Reporting Information [Line Items] | |||
Revenue | 450.8 | 431.9 | 405.2 |
Adjusted OIBDA | 276.3 | 264.3 | 239.8 |
Operating Segments | Liberty Puerto Rico | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,470.1 | 1,449.7 | 619.6 |
Adjusted OIBDA | 538.4 | 580.9 | 270.4 |
Operating Segments | Liberty Costa Rica | |||
Segment Reporting Information [Line Items] | |||
Revenue | 441.3 | 258.5 | 140 |
Adjusted OIBDA | 134.7 | 80.2 | 54.9 |
Operating Segments | VTR | |||
Segment Reporting Information [Line Items] | |||
Revenue | 450.6 | 787.5 | 809 |
Adjusted OIBDA | 115.6 | 259.6 | 307 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenue | 22.2 | 21.6 | 2.7 |
Adjusted OIBDA | (71.5) | (52.9) | (44.5) |
Intersegment eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (99.4) | $ (92.4) | $ (70.7) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Operating Cash Flow to Earnings from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |||
Total Adjusted OIBDA | $ 1,717.5 | $ 1,815.1 | $ 1,478.2 |
Share-based compensation expense | (93.5) | (118.1) | (97.5) |
Depreciation and amortization | (910.7) | (964.7) | (918.7) |
Impairment, restructuring and other operating items, net | (619.2) | (665) | (375.3) |
Operating income | 94.1 | 67.3 | 86.7 |
Interest expense | (556.7) | (527.4) | (533.4) |
Realized and unrealized gains (losses) on derivative instruments, net | 359.4 | 564.1 | (352.7) |
Foreign currency transaction gains (losses), net | (194.3) | (319.6) | 1.2 |
Gains (losses) on debt modification and extinguishment, net | 41.1 | (57.2) | (45.1) |
Gain on disposal of the Chile JV Entities | 169.4 | 0 | 0 |
Other income (expense), net | (28.4) | (41.7) | 5.1 |
Loss before income taxes | $ (115.4) | $ (314.5) | $ (838.2) |
Segment Reporting - Property an
Segment Reporting - Property and Equipment Additions of our Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | $ 816.3 | $ 855.9 | $ 631.1 |
Assets acquired under capital-related vendor financing arrangements | (161.1) | (100.5) | (99.1) |
Changes in current liabilities related to capital expenditures and other | 4.9 | (19.1) | 33.8 |
Total capital expenditures, net | 660.1 | 736.3 | 565.8 |
Operating Segments | C&W Caribbean | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | 230.7 | 222.9 | 200.1 |
Operating Segments | C&W Panama | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | 98.4 | 88.9 | 70.4 |
Operating Segments | C&W Networks & LatAm | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | 40.2 | 45.3 | 46.7 |
Operating Segments | Liberty Puerto Rico | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | 233.5 | 219.2 | 97.3 |
Operating Segments | Liberty Costa Rica | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | 65.5 | 45 | 24.2 |
Operating Segments | VTR | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | 107.3 | 199.1 | 172.2 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment additions | $ 40.7 | $ 35.5 | $ 20.2 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by Major Category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Principal Transaction Revenue [Line Items] | |||
Revenue | $ 4,815.1 | $ 4,814.8 | $ 3,782.4 |
Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 3,328 | 3,403.6 | 2,614 |
Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,650.3 | 1,907.6 | 1,856.5 |
Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,574.3 | 1,823.1 | 1,760.5 |
Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 76 | 84.5 | 96 |
Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,677.7 | 1,496 | 757.5 |
Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,202 | 1,078.1 | 614.9 |
Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 475.7 | 417.9 | 142.6 |
B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,433.4 | 1,373.7 | 1,162.7 |
Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 53.7 | 37.5 | 5.7 |
Mobile Handsetand Other Devices | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 257 | 219 | 64 |
B2B Mobile Handset and Other Devices | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 26 | 33 | 18 |
Operating Segments | C&W Caribbean | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,436.8 | 1,389.9 | 1,354.1 |
Operating Segments | C&W Caribbean | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 899.3 | 872.1 | 847.7 |
Operating Segments | C&W Caribbean | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 516.9 | 508 | 509.2 |
Operating Segments | C&W Caribbean | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 484.3 | 473.4 | 467 |
Operating Segments | C&W Caribbean | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 32.6 | 34.6 | 42.2 |
Operating Segments | C&W Caribbean | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 382.4 | 364.1 | 338.5 |
Operating Segments | C&W Caribbean | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 314.5 | 300.2 | 294.1 |
Operating Segments | C&W Caribbean | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 67.9 | 63.9 | 44.4 |
Operating Segments | C&W Caribbean | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 537.5 | 517.8 | 506.4 |
Operating Segments | C&W Caribbean | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Panama | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 642.7 | 568.1 | 522.5 |
Operating Segments | C&W Panama | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 378.2 | 318.3 | 320.8 |
Operating Segments | C&W Panama | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 110.1 | 97.4 | 97.4 |
Operating Segments | C&W Panama | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 102.8 | 87.9 | 85.6 |
Operating Segments | C&W Panama | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 7.3 | 9.5 | 11.8 |
Operating Segments | C&W Panama | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 268.1 | 220.9 | 223.4 |
Operating Segments | C&W Panama | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 218.6 | 176.4 | 182.4 |
Operating Segments | C&W Panama | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 49.5 | 44.5 | 41 |
Operating Segments | C&W Panama | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 264.5 | 249.8 | 201.7 |
Operating Segments | C&W Panama | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 450.8 | 431.9 | 405.2 |
Operating Segments | C&W Networks & LatAm | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | C&W Networks & LatAm | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 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 |
Operating Segments | C&W Networks & LatAm | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 450.8 | 431.9 | 405.2 |
Operating Segments | C&W Networks & LatAm | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | Liberty Puerto Rico | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,470.1 | 1,449.7 | 619.6 |
Operating Segments | Liberty Puerto Rico | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 1,195.8 | 1,191.8 | 524.1 |
Operating Segments | Liberty Puerto Rico | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 479.4 | 457.5 | 395.1 |
Operating Segments | Liberty Puerto Rico | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 457.3 | 438.2 | 377.4 |
Operating Segments | Liberty Puerto Rico | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 22.1 | 19.3 | 17.7 |
Operating Segments | Liberty Puerto Rico | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 716.4 | 734.3 | 129 |
Operating Segments | Liberty Puerto Rico | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 448 | 480.8 | 82.7 |
Operating Segments | Liberty Puerto Rico | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 268.4 | 253.5 | 46.3 |
Operating Segments | Liberty Puerto Rico | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 220.6 | 220.4 | 89.8 |
Operating Segments | Liberty Puerto Rico | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 53.7 | 37.5 | 5.7 |
Operating Segments | Liberty Costa Rica | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 441.3 | 258.5 | 140 |
Operating Segments | Liberty Costa Rica | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 402.6 | 244.5 | 140 |
Operating Segments | Liberty Costa Rica | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 142.7 | 144.7 | 140 |
Operating Segments | Liberty Costa Rica | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 137.6 | 138.5 | 134.2 |
Operating Segments | Liberty Costa Rica | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 5.1 | 6.2 | 5.8 |
Operating Segments | Liberty Costa Rica | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 259.9 | 99.8 | 0 |
Operating Segments | Liberty Costa Rica | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 195.1 | 72.7 | 0 |
Operating Segments | Liberty Costa Rica | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 64.8 | 27.1 | 0 |
Operating Segments | Liberty Costa Rica | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 38.7 | 14 | 0 |
Operating Segments | Liberty Costa Rica | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments | VTR | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 450.6 | 787.5 | 809 |
Operating Segments | VTR | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 429.9 | 755.3 | 778.7 |
Operating Segments | VTR | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 401.2 | 700 | 714.8 |
Operating Segments | VTR | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 392.3 | 685.1 | 696.3 |
Operating Segments | VTR | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 8.9 | 14.9 | 18.5 |
Operating Segments | VTR | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 28.7 | 55.3 | 63.9 |
Operating Segments | VTR | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 25.8 | 48 | 55.7 |
Operating Segments | VTR | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 2.9 | 7.3 | 8.2 |
Operating Segments | VTR | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 20.7 | 32.2 | 30.3 |
Operating Segments | VTR | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 22.2 | 21.6 | 2.7 |
Corporate | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 22.2 | 21.6 | 2.7 |
Corporate | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 22.2 | 21.6 | 2.7 |
Corporate | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 22.2 | 21.6 | 2.7 |
Corporate | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Corporate | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | (99.4) | (92.4) | (70.7) |
Intersegment Eliminations | Total residential revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Total residential fixed revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Non-subscription revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Total residential mobile revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Service revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Interconnect, inbound roaming ,equipment sales and other | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | B2B revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | (99.4) | (92.4) | (70.7) |
Intersegment Eliminations | Other revenue | |||
Principal Transaction Revenue [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Segment Reporting - Geographic
Segment Reporting - Geographic Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 4,815.1 | $ 4,814.8 | $ 3,782.4 |
Long-lived assets | 4,293.6 | 4,168.4 | |
Puerto Rico | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,419.5 | 1,395.5 | 606.5 |
Long-lived assets | 1,166.7 | 1,165.3 | |
Panama | |||
Segment Reporting Information [Line Items] | |||
Revenue | 639.7 | 565.9 | 520.1 |
Long-lived assets | 481.3 | 351.4 | |
Chile | |||
Segment Reporting Information [Line Items] | |||
Revenue | 450.6 | 787.5 | 809 |
Costa Rica | |||
Segment Reporting Information [Line Items] | |||
Revenue | 440.8 | 258.2 | 139.9 |
Long-lived assets | 250.7 | 216.1 | |
Jamaica | |||
Segment Reporting Information [Line Items] | |||
Revenue | 428.8 | 402 | 375.5 |
Long-lived assets | 372.4 | 349 | |
Networks & LatAm | |||
Segment Reporting Information [Line Items] | |||
Revenue | 369.4 | 355.8 | 349.4 |
Long-lived assets | 634.3 | 675.6 | |
The Bahamas | |||
Segment Reporting Information [Line Items] | |||
Revenue | 194.7 | 189.9 | 181.1 |
Long-lived assets | 312 | 323.9 | |
Trinidad and Tobago | |||
Segment Reporting Information [Line Items] | |||
Revenue | 159.3 | 158.2 | 160.6 |
Long-lived assets | 221 | 220.3 | |
Barbados | |||
Segment Reporting Information [Line Items] | |||
Revenue | 148 | 141.6 | 139.2 |
Long-lived assets | 164.6 | 175.5 | |
Curacao | |||
Segment Reporting Information [Line Items] | |||
Revenue | 134 | 137.9 | 143.9 |
Long-lived assets | 141.8 | 152.6 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 430.3 | 422.3 | $ 357.2 |
Long-lived assets | $ 548.8 | $ 538.7 |
Parent Company Financial Info_3
Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 781 | $ 956.7 |
Prepaid expenses | 65.1 | 67.7 |
Other current assets, net | 430.2 | 322.5 |
Total current assets | 2,078.9 | 2,051.9 |
Total assets | 13,575.2 | 15,365.7 |
Current liabilities: | ||
Accrued liabilities and other | 581.2 | 566.7 |
Total current liabilities | 1,761.9 | 1,514.5 |
Long-term debt and finance lease obligations | 7,653.8 | 7,459.6 |
Total liabilities | 11,009.1 | 12,468.3 |
Equity: | ||
Treasury shares, at cost; 25.3 million and 6.0 million shares, respectively | (243.4) | (74) |
Additional paid-in capital | 5,177.1 | 5,075.3 |
Accumulated deficit | (2,869.5) | (2,693.9) |
Accumulated other comprehensive loss, net of taxes | (149.2) | (89.7) |
Total Liberty Latin America shareholders | 1,917.4 | 2,220 |
Total liabilities and equity | 13,575.2 | 15,365.7 |
Class A | ||
Equity: | ||
Common stock | 0.5 | 0.5 |
Class B | ||
Equity: | ||
Common stock | 0 | 0 |
Class C | ||
Equity: | ||
Common stock | 1.9 | 1.8 |
Liberty Latin America Ltd. | ||
Current assets: | ||
Cash and cash equivalents | 23.5 | 72.5 |
Other receivables – related-party | 169.5 | 138.2 |
Prepaid expenses | 1.3 | 1.7 |
Other current assets, net | 0.2 | 3.4 |
Total current assets | 194.5 | 215.8 |
Investments in consolidated subsidiaries | 2,192 | 2,434.4 |
Total assets | 2,386.5 | 2,650.2 |
Current liabilities: | ||
Related-party liabilities | 87.6 | 62 |
Accrued liabilities and other | 7 | 10.5 |
Total current liabilities | 94.6 | 72.5 |
Long-term debt and finance lease obligations | 374.5 | 357.7 |
Total liabilities | 469.1 | 430.2 |
Equity: | ||
Total Liberty Latin America shareholders | 1,917.4 | 2,220 |
Total liabilities and equity | $ 2,386.5 | $ 2,650.2 |
Parent Company Financial Info_4
Parent Company Financial Information - Condensed Balance Sheets (Narrative) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | ||||
Treasury stock (in shares) | 25,300,000 | 6,000,000 | ||
Class A | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
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) | 51,800,000 | 50,100,000 | ||
Common stock, shares outstanding (in shares) | 42,700,000 | 45,500,000 | 49,000,000 | 48,800,000 |
Class B | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
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) | 2,100,000 | 1,900,000 | ||
Common stock, shares outstanding (in shares) | 2,100,000 | 1,900,000 | 1,900,000 | 1,900,000 |
Class C | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
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) | 187,400,000 | 183,600,000 | ||
Common stock, shares outstanding (in shares) | 171,300,000 | 182,300,000 | 181,100,000 | 131,200,000 |
Parent Company Financial Info_5
Parent Company Financial Information - Condensed Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating costs and expenses: | |||
Other operating costs and expenses | $ 1,980.6 | $ 1,903.4 | $ 1,541.3 |
Operating income | 94.1 | 67.3 | 86.7 |
Non-operating income (expense): | |||
Interest expense | (556.7) | (527.4) | (533.4) |
Other income (loss), net | (28.4) | (41.7) | 5.1 |
Non-operating income (expense) | (209.5) | (381.8) | (924.9) |
Net loss | (201.9) | (487.8) | (809) |
Liberty Latin America Ltd. | |||
Operating costs and expenses: | |||
Other operating costs and expenses | 12.4 | 11.2 | 11.9 |
Related-party charges and other operating items, net | 29.3 | 37.3 | 33.1 |
Operating income | (41.7) | (48.5) | (45) |
Non-operating income (expense): | |||
Interest expense | (24.8) | (23.8) | (22) |
Other income (loss), net | (9.6) | 0.6 | 1.7 |
Non-operating income (expense) | (34.4) | (23.2) | (20.3) |
Loss before equity in losses of consolidated subsidiaries | (76.1) | (71.7) | (65.3) |
Equity in losses of consolidated subsidiaries, net | (99.5) | (366.1) | (622) |
Net loss | $ (175.6) | $ (437.8) | $ (687.3) |
Parent Company Financial Info_6
Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (201.9) | $ (487.8) | $ (809) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Share-based compensation expense | 93.5 | 118.1 | 97.5 |
Amortization of debt financing costs | 36.6 | 33.5 | 30.4 |
Changes in operating assets and liabilities | (85) | (48.5) | (127.6) |
Net cash provided by operating activities | 868.8 | 1,016.2 | 640.1 |
Cash flows from investing activities: | |||
Net cash used by investing activities | (1,122.6) | (1,268.6) | (2,450.8) |
Cash flows from financing activities: | |||
Borrowings of debt | 337.6 | 1,249.4 | 1,319 |
Repurchase of Liberty Latin America common shares | (170.4) | (63) | (9.5) |
Issuance of Liberty Latin America common shares, net | 0 | 0 | 347 |
Other financing activities, net | (7.6) | (8.8) | (10.7) |
Net cash provided (used) by financing activities | (29.2) | 426.6 | 271.1 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (285.3) | 161.7 | (1,544.5) |
Cash, cash equivalents and restricted cash: | |||
Beginning of year | 1,074.2 | 912.5 | 2,457 |
End of year | 788.9 | 1,074.2 | 912.5 |
Liberty Latin America Ltd. | |||
Cash flows from operating activities: | |||
Net loss | (175.6) | (437.8) | (687.3) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Equity in losses of consolidated subsidiaries, net | 99.5 | 366.1 | 622 |
Share-based compensation expense | 3.9 | 2.3 | 2.7 |
Amortization of debt financing costs | 16.8 | 15.7 | 14.8 |
Changes in operating assets and liabilities | 92.4 | 124.6 | (8.2) |
Net cash provided by operating activities | 37 | 70.9 | (56) |
Cash flows from investing activities: | |||
Distribution and repayments from (Investments in and advances to) consolidated subsidiaries, net | 53.5 | (128.7) | (511.7) |
Net cash used by investing activities | 53.5 | (128.7) | (511.7) |
Cash flows from financing activities: | |||
Repayments of related-party debt | 0 | 0 | (101.1) |
Repurchase of Liberty Latin America common shares | (170.4) | (63) | (9.5) |
Issuance of Liberty Latin America common shares, net | 0 | 0 | 347 |
Borrowings of related-party debt | 30 | 0 | 0 |
Other financing activities, net | 0.9 | 0 | 0 |
Net cash provided (used) by financing activities | (139.5) | (63) | 236.4 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (49) | (120.8) | (331.3) |
Cash, cash equivalents and restricted cash: | |||
Beginning of year | 72.5 | 193.3 | 524.6 |
End of year | $ 23.5 | $ 72.5 | $ 193.3 |