10-Q 1 libertyglobalseptember3020.htm 10-Q 10-Q
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2015
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                     to                    
Commission file number 001-35961
Liberty Global plc
(Exact name of Registrant as specified in its charter)
England and Wales
 
98-1112770
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
Griffin House, 161 Hammersmith Rd, London, United Kingdom
 
W6 8BS
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code:
+44.208.483.6449 or 303.220.6600
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ         No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ        No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer  þ Accelerated Filer ¨  
Non-Accelerated Filer (Do not check if a smaller reporting company) ¨  Smaller Reporting Company  ¨
Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.    Yes  ¨        No  þ
The number of outstanding ordinary shares of Liberty Global plc as of October 30, 2015 was:
 
Class A
 
Class B
 
Class C
Liberty Global ordinary shares
252,695,253

 
10,472,517

 
597,179,863

LiLAC ordinary shares
12,630,532

 
523,423

 
30,772,736

 



LIBERTY GLOBAL PLC
TABLE OF CONTENTS
 
 
 
Page
Number
 
PART I — FINANCIAL INFORMATION
 
ITEM 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 
 
 
ITEM 2.
ITEM 3.
ITEM 4.
 
PART II — OTHER INFORMATION
 
ITEM 1A.
ITEM 2.
ITEM 6.




LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
 
September 30,
2015
 
December 31,
2014
 
in millions
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,111.2

 
$
1,158.5

Trade receivables, net
1,283.1

 
1,499.5

Deferred income taxes
372.5

 
290.3

Derivative instruments (note 5)
278.4

 
446.6

Prepaid expenses
201.9

 
189.7

Other current assets
220.4

 
335.9

Total current assets
3,467.5

 
3,920.5

Investments (including $2,256.5 million and $1,662.7 million, respectively, measured at fair value) (note 4)
2,504.0

 
1,808.2

Property and equipment, net (note 7)
22,256.4

 
23,840.6

Goodwill (note 7)
27,693.3

 
29,001.6

Intangible assets subject to amortization, net (note 7)
7,581.0

 
9,189.8

Other assets, net (note 5)
6,050.6

 
5,081.2

Total assets
$
69,552.8

 
$
72,841.9

 




























The accompanying notes are an integral part of these condensed consolidated financial statements.

1


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
 
September 30,
2015
 
December 31,
2014
 
in millions
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
1,099.5

 
$
1,039.0

Deferred revenue and advance payments from subscribers and others
1,270.9

 
1,452.2

Current portion of debt and capital lease obligations (note 8)
1,958.7

 
1,550.9

Accrued interest
659.9

 
690.6

Accrued income taxes
471.0

 
413.7

Accrued capital expenditures
412.4

 
412.4

Derivative instruments (note 5)
357.7

 
1,043.7

Other accrued and current liabilities (note 12)
2,061.7

 
2,587.8

Total current liabilities
8,291.8

 
9,190.3

Long-term debt and capital lease obligations (note 8)
45,098.0

 
44,608.1

Other long-term liabilities (notes 5 and 12)
4,522.1

 
4,927.5

Total liabilities
57,911.9

 
58,725.9

Commitments and contingencies (notes 3, 5, 8, 9 and 14)

 

Equity (notes 1 and 10):
 
 
 
Liberty Global shareholders:
 
 
 
Liberty Global Shares - Class A, $0.01 nominal value. Issued and outstanding 252,687,082 and nil shares, respectively
2.5

 

Liberty Global Shares - Class B, $0.01 nominal value. Issued and outstanding 10,472,517 and nil shares, respectively
0.1

 

Liberty Global Shares - Class C, $0.01 nominal value. Issued and outstanding 604,606,991 and nil shares, respectively
6.0

 

LiLAC Shares - Class A, $0.01 nominal value. Issued and outstanding 12,630,532 and nil shares, respectively
0.1

 

LiLAC Shares - Class B, $0.01 nominal value. Issued and outstanding 523,423 and nil shares, respectively

 

LiLAC Shares - Class C, $0.01 nominal value. Issued and outstanding 30,772,736 and nil shares, respectively
0.3

 

Old Liberty Global Shares - Class A, $0.01 nominal value. Issued and outstanding nil and 251,167,686 shares, respectively

 
2.5

Old Liberty Global Shares - Class B, $0.01 nominal value. Issued and outstanding nil and 10,139,184 shares, respectively

 
0.1

Old Liberty Global Shares - Class C, $0.01 nominal value. Issued and outstanding nil and 630,353,372 shares, respectively

 
6.3

Additional paid-in capital
15,644.9

 
17,070.8

Accumulated deficit
(4,876.5
)
 
(4,007.6
)
Accumulated other comprehensive earnings, net of taxes
1,371.3

 
1,646.6

Treasury shares, at cost
(0.9
)
 
(4.2
)
Total Liberty Global shareholders
12,147.8

 
14,714.5

Noncontrolling interests
(506.9
)
 
(598.5
)
Total equity
11,640.9

 
14,116.0

Total liabilities and equity
$
69,552.8

 
$
72,841.9


The accompanying notes are an integral part of these condensed consolidated financial statements.

2


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
in millions, except per share amounts
 
 
 
 
 
 
 
 
Revenue (note 15)
$
4,597.4

 
$
4,497.2

 
$
13,680.8

 
$
13,633.1

Operating costs and expenses:
 
 
 
 
 
 
 
Operating (other than depreciation and amortization) (including share-based compensation) (note 11)
1,691.7

 
1,659.7

 
5,042.1

 
5,077.7

Selling, general and administrative (SG&A) (including share-based compensation) (note 11)
838.8

 
800.0

 
2,417.5

 
2,355.0

Depreciation and amortization
1,458.4

 
1,313.5

 
4,387.6

 
4,084.0

Impairment, restructuring and other operating items, net (note 12)
63.0

 
20.3

 
105.7

 
161.5

 
4,051.9

 
3,793.5

 
11,952.9

 
11,678.2

Operating income
545.5

 
703.7

 
1,727.9

 
1,954.9

Non-operating income (expense):
 
 
 
 
 
 
 
Interest expense
(617.7
)
 
(617.3
)
 
(1,834.4
)
 
(1,912.6
)
Realized and unrealized gains (losses) on derivative instruments, net (note 5)
742.0

 
527.9

 
680.8

 
(177.3
)
Foreign currency transaction losses, net
(216.2
)
 
(375.8
)
 
(911.4
)
 
(433.0
)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 4 and 6)
(276.1
)
 
92.2

 
(13.9
)
 
189.4

Losses on debt modification and extinguishment, net (note 8)
(34.3
)
 
(9.6
)
 
(382.6
)
 
(83.5
)
Other income (expense), net
(5.1
)
 
0.2

 
(7.8
)
 
11.8

 
(407.4
)
 
(382.4
)
 
(2,469.3
)
 
(2,405.2
)
Earnings (loss) from continuing operations before income taxes
138.1

 
321.3

 
(741.4
)
 
(450.3
)
Income tax benefit (expense) (note 9)
2.5

 
(145.6
)
 
(49.6
)
 
(28.0
)
Earnings (loss) from continuing operations
140.6

 
175.7

 
(791.0
)
 
(478.3
)
Discontinued operation (note 1):
 
 
 
 
 
 
 
Earnings from discontinued operation, net of taxes

 

 

 
0.8

Gain on disposal of discontinued operation, net of taxes

 

 

 
332.7

 

 




333.5

Net earnings (loss)
140.6

 
175.7

 
(791.0
)
 
(144.8
)
Net earnings attributable to noncontrolling interests
(7.3
)
 
(18.6
)
 
(77.9
)
 
(26.8
)
Net earnings (loss) attributable to Liberty Global shareholders
$
133.3

 
$
157.1

 
$
(868.9
)
 
$
(171.6
)
 
 
 
 
 
 
 
 
Basic and diluted earnings (loss) attributable to Liberty Global shareholders per share (notes 1 and 13):
 
 
 
 
 
 
 
Liberty Global Shares
$
0.12

 
 
 
$
0.12

 
 
LiLAC Shares
$
0.69

 
 
 
$
0.69

 
 
Old Liberty Global Shares:
 
 
 
 
 
 
 
Continuing operations
 
 
$
0.20

 
$
(1.13
)
 
$
(0.64
)
Discontinued operation
 
 

 

 
0.43

 

 
$
0.20

 
$
(1.13
)
 
$
(0.21
)

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited)
 
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
in millions
 
 
 
 
 
 
 
 
Net earnings (loss)
$
140.6

 
$
175.7

 
$
(791.0
)
 
$
(144.8
)
Other comprehensive earnings (loss), net of taxes:
 
 
 
 
 
 
 
Foreign currency translation adjustments
(515.2
)
 
(788.9
)
 
(276.6
)
 
(313.9
)
Reclassification adjustments included in net earnings (loss)
0.5

 
0.3

 
1.5

 
64.5

Other
0.9

 
(0.1
)
 
(0.1
)
 
(0.1
)
Other comprehensive loss
(513.8
)
 
(788.7
)
 
(275.2
)
 
(249.5
)
Comprehensive loss
(373.2
)
 
(613.0
)
 
(1,066.2
)
 
(394.3
)
Comprehensive earnings attributable to noncontrolling interests
(7.3
)
 
(18.7
)
 
(78.0
)
 
(27.1
)
Comprehensive loss attributable to Liberty Global shareholders
$
(380.5
)
 
$
(631.7
)
 
$
(1,144.2
)
 
$
(421.4
)



























The accompanying notes are an integral part of these condensed consolidated financial statements.

4


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(unaudited)
 
 
Liberty Global shareholders
 
Non-controlling
interests
 
Total
equity
 
Liberty Global Shares
 
LiLAC Shares
 
Old Liberty Global Shares
 
Additional
paid-in
capital
 
Accumulated
deficit
 
Accumulated
other
comprehensive
earnings,
net of taxes
 
Treasury shares, at cost
 
Total Liberty Global
shareholders
 
 
in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2015
$

 
$

 
$
8.9

 
$
17,070.8

 
$
(4,007.6
)
 
$
1,646.6

 
$
(4.2
)
 
$
14,714.5

 
$
(598.5
)
 
$
14,116.0

Net loss

 

 

 

 
(868.9
)
 

 

 
(868.9
)
 
77.9

 
(791.0
)
Other comprehensive loss, net of taxes

 

 

 

 

 
(275.3
)
 

 
(275.3
)
 
0.1

 
(275.2
)
Repurchase and cancellation of Liberty Global ordinary shares (note 10)

 

 
(0.1
)
 
(1,450.0
)
 

 

 

 
(1,450.1
)
 

 
(1,450.1
)
Share-based compensation (note 11)

 

 

 
221.4

 

 

 

 
221.4

 

 
221.4

Liberty Global call option contracts
(0.1
)
 

 
(0.1
)
 
(120.5
)
 

 

 


(120.7
)
 

 
(120.7
)
Impact of the LiLAC Transaction (note 1)
8.7

 
0.4

 
(8.7
)
 
(0.4
)
 

 

 

 

 

 

Adjustments due to changes in subsidiaries’ equity and other, net

 

 

 
(76.4
)
 

 

 
3.3

 
(73.1
)
 
13.6

 
(59.5
)
Balance at September 30, 2015
$
8.6

 
$
0.4

 
$

 
$
15,644.9

 
$
(4,876.5
)
 
$
1,371.3

 
$
(0.9
)
 
$
12,147.8

 
$
(506.9
)
 
$
11,640.9











The accompanying notes are an integral part of these condensed consolidated financial statements.

5


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
 
Nine months ended
 
September 30,
 
2015
 
2014
 
in millions
Cash flows from operating activities:
 
 
 
Net loss
$
(791.0
)
 
$
(144.8
)
Earnings from discontinued operation

 
(333.5
)
Loss from continuing operations
(791.0
)
 
(478.3
)
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities:
 
 
 
Share-based compensation expense
253.0

 
182.6

Depreciation and amortization
4,387.6

 
4,084.0

Impairment, restructuring and other operating items, net
105.7

 
161.5

Amortization of deferred financing costs and non-cash interest accretion
59.6

 
63.6

Realized and unrealized losses (gains) on derivative instruments, net
(680.8
)
 
177.3

Foreign currency transaction losses, net
911.4

 
433.0

Realized and unrealized losses (gains) due to changes in fair values of certain investments, including impact of dividends
15.0

 
(189.4
)
Losses on debt modification and extinguishment, net
382.6

 
83.5

Deferred income tax benefit
(280.7
)
 
(243.2
)
Excess tax benefit from share-based compensation
(27.0
)
 

Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions
(176.1
)
 
(204.5
)
Net cash used by operating activities of discontinued operation

 
(9.6
)
Net cash provided by operating activities
4,159.3

 
4,060.5

Cash flows from investing activities:
 
 
 
Capital expenditures
(1,851.5
)
 
(2,046.3
)
Investments in and loans to affiliates and others
(771.4
)
 
(994.2
)
Cash paid in connection with acquisitions, net of cash acquired
(281.2
)
 
(34.5
)
Proceeds received upon disposition of discontinued operation, net of disposal costs

 
988.5

Other investing activities, net
41.4

 
(5.3
)
Net cash used by investing activities of discontinued operation

 
(3.8
)
Net cash used by investing activities
$
(2,862.7
)
 
$
(2,095.6
)
 













The accompanying notes are an integral part of these condensed consolidated financial statements.

6


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(unaudited)
 
 
Nine months ended
 
September 30,
 
2015
 
2014
 
in millions
Cash flows from financing activities:
 
 
 
Borrowings of debt
$
13,293.5

 
$
4,455.2

Repayments and repurchases of debt and capital lease obligations
(12,293.6
)
 
(6,853.6
)
Repurchase of Liberty Global ordinary shares
(1,404.7
)
 
(961.0
)
Payment of financing costs and debt premiums
(395.0
)
 
(191.0
)
Net cash paid related to derivative instruments
(298.8
)
 
(146.7
)
Purchase of additional shares of subsidiaries
(142.2
)
 

Net cash received (paid) associated with call option contracts on Liberty Global ordinary shares
(121.1
)
 
5.9

Other financing activities, net
10.6

 
12.9

Net cash used by financing activities of discontinued operation

 
(1.2
)
Net cash used by financing activities
(1,351.3
)
 
(3,679.5
)
 
 
 
 
Effect of exchange rate changes on cash – continuing operations
7.4

 
(32.4
)
 


 


Net decrease in cash and cash equivalents:
 
 
 
Continuing operations
(47.3
)
 
(1,732.4
)
Discontinued operation

 
(14.6
)
Net decrease in cash and cash equivalents
(47.3
)
 
(1,747.0
)
Cash and cash equivalents:
 
 
 
Beginning of period
1,158.5

 
2,701.9

End of period
$
1,111.2

 
$
954.9

 
 
 
 
Cash paid for interest – continuing operations
$
1,767.4

 
$
1,855.6

Net cash paid for taxes:
 
 
 
Continuing operations
$
192.6

 
$
67.8

Discontinued operation

 
2.2

Total
$
192.6

 
$
70.0





The accompanying notes are an integral part of these condensed consolidated financial statements.

7


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements
September 30, 2015
(unaudited)



(1)   Basis of Presentation

Liberty Global plc (Liberty Global) is a public limited company organized under the laws of England and Wales. In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries.

We are an international provider of video, broadband internet, fixed-line telephony and mobile services, with consolidated operations at September 30, 2015 in 14 countries. Through our wholly-owned subsidiary Virgin Media Inc. (Virgin Media), we provide video, broadband internet, fixed-line telephony and mobile services in the United Kingdom (U.K.) and Ireland. Through Ziggo Group Holding B.V. (Ziggo Group Holding), Unitymedia GmbH (Unitymedia), each a wholly-owned subsidiary, and Telenet Group Holding NV (Telenet), a 57.1%-owned subsidiary, we provide video, broadband internet, fixed-line telephony and mobile services in the Netherlands, Germany and Belgium, respectively. Through UPC Holding BV (UPC Holding), we provide (a) video, broadband internet and fixed-line telephony services in seven other European countries and (b) mobile services in four other European countries. The operations of Virgin Media, Ziggo Group Holding, Unitymedia, Telenet and UPC Holding are collectively referred to herein as the “European Operations Division.” In Chile, we provide video, broadband internet, fixed-line telephony and mobile services through VTR GlobalCom SpA (VTR). In Puerto Rico, we provide video, broadband internet and fixed-line telephony services through Liberty Cablevision of Puerto Rico LLC (Liberty Puerto Rico), an entity in which we hold a 60.0% ownership interest. The operations of VTR and Liberty Puerto Rico are collectively referred to herein as the “LiLAC Division.”

On July 1, 2015, we completed the approved steps of the “LiLAC Transaction” whereby we (i) reclassified our then outstanding Class A, Class B and Class C Liberty Global ordinary shares (collectively, the Old Liberty Global Shares) into corresponding classes of new Liberty Global ordinary shares (collectively, the Liberty Global Shares) and (ii) capitalized a portion of our share premium account and distributed as a dividend (or a “bonus issue” under U.K. law) our LiLAC Class A, Class B and Class C ordinary shares (collectively, the LiLAC Shares). Pursuant to the LiLAC Transaction, each holder of Class A, Class B and Class C Old Liberty Global Shares remained a holder of the same amount and class of Liberty Global Shares and received one share of the corresponding class of LiLAC Shares for each 20 Old Liberty Global Shares held as of the record date for such distribution. Accordingly, we issued 12,625,362 Class A, 523,626 Class B and 30,776,883 Class C LiLAC Shares. Cash was issued in lieu of fractional LiLAC Shares. The LiLAC Shares have a nominal value of $0.01 per share. The impact of the LiLAC Transaction on our capitalization and earnings (loss) per share presentation has been reflected in these condensed consolidated financial statements prospectively from July 1, 2015. Accordingly, (a) our net earnings (loss) attributed to Liberty Global Shares and LiLAC Shares relates to the period from July 1, 2015 through September 30, 2015 and (b) our net loss attributed to Old Liberty Global Shares relates to periods prior to July 1, 2015.

The Liberty Global Shares and the LiLAC Shares are tracking shares. Tracking shares are intended by the issuing company to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. The Liberty Global Shares and the LiLAC Shares are intended to track the economic performance of the Liberty Global Group and the LiLAC Group, respectively (each as defined and described below). While the Liberty Global Group and the LiLAC Group have separate collections of businesses, assets and liabilities attributed to them, neither group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking shares have no direct claim to the group’s assets and are not represented by separate boards of directors. Instead, holders of tracking shares are shareholders of the parent corporation, with a single board of directors, and are subject to all of the risks and liabilities of the parent corporation. We and our subsidiaries each continue to be responsible for our respective liabilities. Holders of Liberty Global Shares, LiLAC Shares and any other of our capital shares designated as ordinary shares from time to time will continue to be subject to risks associated with an investment in our company as a whole, even if a holder does not own both Liberty Global Shares and LiLAC Shares.
The “LiLAC Group” comprises our businesses, assets and liabilities in Latin America and the Caribbean and has attributed to it (i) VTR Finance B.V. (VTR Finance) and its subsidiaries, which include VTR, (ii) Lila Chile Holding BV (Lila Chile Holding), which is the parent entity of VTR Finance, (iii) LiLAC Holdings Inc. (LiLAC Holdings) and its subsidiaries, which include Liberty Puerto Rico, and (iv) prior to July 1, 2015, the costs associated with certain corporate employees of Liberty Global that are exclusively focused on the management of the LiLAC Group (the LiLAC Corporate Costs). Effective July 1, 2015, these corporate employees were transferred to LiLAC Holdings. The “Liberty Global Group” comprises our businesses, assets and

8


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



liabilities not attributed to the LiLAC Group, including Virgin Media, Ziggo Group Holding, Unitymedia, Telenet, UPC Holding, our corporate entities (excluding the LiLAC Corporate Costs) and certain other less significant entities.

For additional information regarding our tracking share capital structure, including unaudited attributed financial information of the Liberty Global Group and the LiLAC Group, see Exhibit 99.1 to this Quarterly Report on Form 10-Q.

On January 31, 2014, we completed the sale of substantially all of the assets (the Chellomedia Disposal Group) of Chellomedia B.V. (Chellomedia) (the Chellomedia Transaction). Chellomedia held certain of our programming interests in Europe and Latin America. We have accounted for the sale of the Chellomedia Disposal Group as a discontinued operation in our condensed consolidated financial statements.

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2014 consolidated financial statements and notes thereto included in our 2014 Annual Report on Form 10-K.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.

Unless otherwise indicated, ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of September 30, 2015.

Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)    Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09, as amended by ASU No. 2015-14, will replace existing revenue recognition guidance in GAAP when it becomes effective January 1, 2018. Early application is permitted, but no sooner than January 1, 2017. This new standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

(3)    Acquisitions

Pending Acquisition

On April 18, 2015, Telenet entered into a definitive agreement (the BASE Agreement) to acquire BASE Company NV (BASE) for a purchase price of €1,324.4 million ($1,480.9 million). BASE is the third-largest mobile network operator in Belgium. We expect that this acquisition will provide Telenet with cost-effective long-term mobile access to effectively compete for future growth opportunities in the Belgium mobile market. Telenet intends to finance the acquisition of BASE through a combination of €1.0 billion ($1.1 billion) of new debt facilities and existing liquidity. The acquisition of BASE is subject to customary closing conditions, including merger approval from the relevant competition authorities, and is expected to close by the end of March

9


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



2016. The BASE Agreement provides that in the event the relevant competition authorities fail to approve the transaction, Telenet would be required to pay the seller a termination fee of €100.0 million ($111.8 million).

2015 Acquisition

On June 3, 2015, pursuant to a stock purchase agreement (the Choice Purchase Agreement) with the parent of Puerto Rico Cable Acquisition Company Inc., dba Choice Cable TV (Choice) and following regulatory approval, one of our subsidiaries, together with investment funds affiliated with Searchlight Capital Partners, L.P. (collectively, Searchlight), acquired 100% of Choice (the Choice Acquisition). Choice is a cable and broadband services provider in Puerto Rico. We acquired Choice in order to achieve certain financial, operational, and strategic benefits through the integration of Choice with Liberty Puerto Rico. The combined business is 60%-owned by our company and 40%-owned by Searchlight.
The purchase price for Choice of $276.4 million was funded through (i) Liberty Puerto Rico’s incremental debt borrowings, net of discount and fees, of $259.1 million, (ii) cash of $10.5 million and (iii) an equity contribution from Searchlight of $6.8 million.
We have accounted for the Choice Acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Choice 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 preliminary opening balance sheet for the Choice Acquisition at the June 3, 2015 acquisition date is presented in the following table. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable assets and liabilities. Although most items in the valuation process remain open, the items with the highest likelihood of changing upon finalization of the valuation process include property and equipment, goodwill, intangible assets associated with franchise rights and customer relationships and income taxes (in millions):
Cash and cash equivalents
$
3.6

Other current assets
7.9

Property and equipment, net
79.8

Goodwill (a)
51.7

Intangible assets subject to amortization, net (b)
59.1

Franchise rights
147.8

Other assets, net
0.3

Other accrued and current liabilities
(13.3
)
Non-current deferred tax liabilities
(60.5
)
Total purchase price (c)
$
276.4

_______________

(a)
The goodwill recognized in connection with the Choice Acquisition is primarily attributable to (i) the ability to take advantage of Choice’s existing advanced broadband communications network to gain immediate access to potential customers and (ii) substantial synergies that are expected to be achieved through the integration of Choice with Liberty Puerto Rico. The entire amount of goodwill is expected to be deductible for U.S. tax purposes.

(b)
Amount primarily includes intangible assets related to customer relationships. As of June 3, 2015, the weighted average useful life of Choice’s intangible assets was approximately ten years.

(c)
Excludes direct acquisition costs of $8.5 million, which are included in impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

2014 Acquisition

On November 11, 2014, we gained control of Ziggo Holding B.V. (Ziggo) through the acquisition of 136,603,794 additional Ziggo shares, which increased our ownership interest in Ziggo to 88.9% (the Ziggo Acquisition). Ziggo is a provider of video, broadband internet, fixed-line telephony and mobile services in the Netherlands. From November 12, 2014 through November

10


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



19, 2014, we acquired 18,998,057 additional Ziggo shares, further increasing our ownership interest in Ziggo to 98.4% (the Ziggo NCI Acquisition). In December 2014, we initiated a statutory squeeze-out procedure in accordance with the Dutch Civil Code (the Statutory Squeeze-out) in order to acquire the remaining 3,162,605 Ziggo shares not tendered through November 19, 2014. Under the Statutory Squeeze-out, which was completed during the second quarter of 2015, Ziggo shareholders other than Liberty Global received cash consideration of €39.78 ($47.29 at the applicable rates) per share, plus interest, for an aggregate of €125.9 million ($142.2 million at the applicable rates). This amount was approved in April 2015 by the Enterprise Court in the Netherlands.

For accounting purposes, (i) the Ziggo Acquisition was treated as the acquisition of Ziggo by Liberty Global and (ii) the Ziggo NCI Acquisition and the Statutory Squeeze-out were treated as the acquisitions of a noncontrolling interest.
We received regulatory clearance from the European Commission for the Ziggo Acquisition on October 10, 2014. The clearance was conditioned upon our commitment to divest our Film1 channels to a third party and to carry Film1 on our network in the Netherlands for a period of three years. On July 21, 2015, we sold our Film1 channels to Sony Pictures Television Networks. Under the terms of the agreement, all five Film1 channels will continue to be carried on certain of our networks for a period of at least three years.
In July 2015, the Dutch incumbent telecommunications operator filed an appeal against the European Commission regarding its decision to approve the Ziggo Acquisition. We are not a party to the appeal and we do not expect that the filing of this appeal will have any impact on the ongoing integration and development of our operations in the Netherlands.
Pro Forma Information
The following unaudited pro forma condensed consolidated operating results for the three months ended September 30, 2014 and the nine months ended September 30, 2015 and 2014 give effect to (i) the acquisition of 100% of Ziggo and (ii) the Choice Acquisition, as if they had been completed as of January 1, 2014. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable. In the following table, we present the revenue that is attributed to the Liberty Global Group and the LiLAC Group as if such revenue had been attributed to each group at the beginning of each period presented. However, our presentation of net earnings (loss) and basic and diluted earnings (loss) per share attributed to (a) Liberty Global Shares, (b) LiLAC Shares and (c) Old Liberty Global Shares only includes the results of operations for the periods during which these shares were outstanding. Accordingly, (1) our net earnings (loss) attributed to Liberty Global Shares and LiLAC Shares relates to the period from July 1, 2015 through September 30, 2015 and (2) our net loss attributed to Old Liberty Global Shares relates to periods prior to July 1, 2015.
 

11


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2014
 
2015
 
2014
 
in millions, except per share amounts
Revenue:
 
 
 
 
 
Liberty Global Group:
 
 
 
 
 
Continuing operations
$
4,724.4

 
$
12,772.8

 
$
14,341.5

Discontinued operation

 

 
26.6

Total - Liberty Global Group
4,724.4

 
12,772.8

 
14,368.1

LiLAC Group
322.0

 
945.1

 
971.7

Intergroup eliminations

 

 
(0.1
)
Total
$
5,046.4

 
$
13,717.9

 
$
15,339.7

 
 
 
 
 
 
Net earnings (loss) attributable to Liberty Global shareholders:
 
 
 
 
 
Liberty Global Shares
$

 
$
102.9

 
$

LiLAC Shares

 
30.4

 

Old Liberty Global Shares
(12.3
)
 
(1,000.4
)
 
(658.3
)
Total
$
(12.3
)
 
$
(867.1
)
 
$
(658.3
)
 
 
 
 
 
 
Basic and diluted loss attributable to Liberty Global shareholders per share:
 
 
 
 
 
Liberty Global Shares
 
 
$
0.12

 
 
LiLAC Shares
 
 
$
0.69

 
 
Old Liberty Global Shares
$
(0.01
)
 
$
(1.13
)
 
$
(0.73
)
Our condensed consolidated statements of operations for the three and nine months ended September 30, 2015 include revenue of $22.6 million and $30.0 million, respectively, and net earnings of $1.1 million and $1.2 million, respectively, attributable to Choice.

(4)    Investments

The details of our investments are set forth below:
 
 
September 30,
2015
 
December 31,
2014
Accounting Method
 
 
 
in millions
Fair value:
 
 
 
ITV — subject to re-use rights
$
1,483.5

 
$
871.2

Sumitomo
439.5

 
473.1

Other
333.5

 
318.4

Total — fair value
2,256.5

 
1,662.7

Equity
247.1

 
145.1

Cost
0.4

 
0.4

Total
$
2,504.0

 
$
1,808.2


ITV

As of June 30, 2015, we owned 259,820,065 shares of ITV plc (ITV), a commercial broadcaster in the U.K. On July 30, 2015, we acquired an additional 138,695,445 shares of ITV from British Sky Broadcasting Group plc at a per share price of

12


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



£2.716 ($4.23 at the transaction date), for an additional investment of £376.7 million ($587.0 million at the transaction date). The aggregate purchase price of these additional ITV shares was financed through borrowings under a secured borrowing arrangement (the ITV Collar Loan). This purchase increased our total ownership of ITV to 398,515,510 shares, or approximately 9.9% of the total outstanding shares of ITV as of June 30, 2015, the most current publicly-available information. All of the ITV shares we hold are subject to a share collar (the ITV Collar) and pledged as collateral under the ITV Collar Loan. Under the terms of the ITV Collar, the counterparty has the right to re-use all of the pledged ITV shares. For additional information regarding the ITV Collar, see note 5.

(5)    Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar ($), the euro (), the British pound sterling (£), the Swiss franc (CHF), the Chilean peso (CLP), the Czech koruna (CZK), the Hungarian forint (HUF), the Polish zloty (PLN) and the Romanian lei (RON). With the exception of a limited number of our foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations.


13


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



The following table provides details of the fair values of our derivative instrument assets and liabilities:
 
September 30, 2015
 
December 31, 2014
 
Current
 
Long-term (a)
 
Total
 
Current
 
Long-term (a)
 
Total
 
in millions
Assets:
 
 
 
 
 
 
 
 
 
 
 
Cross-currency and interest rate derivative contracts:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
$
187.9

 
$
1,348.2

 
$
1,536.1

 
$
443.6

 
$
812.5

 
$
1,256.1

LiLAC Group
7.6

 
310.4

 
318.0

 

 
101.2

 
101.2

Total cross-currency and interest rate derivative contracts (b)
195.5

 
1,658.6

 
1,854.1

 
443.6

 
913.7

 
1,357.3

Equity-related derivative instruments - Liberty Global Group (c)
74.3

 
480.5

 
554.8

 

 
400.2

 
400.2

Foreign currency forward contracts:
 
 
 
 


 
 
 
 
 
 
Liberty Global Group
2.7

 

 
2.7

 
1.4

 

 
1.4

LiLAC Group
5.3

 

 
5.3

 
1.1

 

 
1.1

Total foreign currency forward contracts
8.0

 

 
8.0

 
2.5

 

 
2.5

Other - Liberty Global Group
0.6

 
1.0

 
1.6

 
0.5

 
0.9

 
1.4

Total assets:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
265.5

 
1,829.7

 
2,095.2

 
445.5

 
1,213.6

 
1,659.1

LiLAC Group
12.9

 
310.4

 
323.3

 
1.1

 
101.2

 
102.3

Total
$
278.4


$
2,140.1


$
2,418.5


$
446.6


$
1,314.8


$
1,761.4

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Cross-currency and interest rate derivative contracts:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
$
315.0

 
$
1,352.7

 
$
1,667.7

 
$
987.9

 
$
1,443.9

 
$
2,431.8

LiLAC Group
3.5

 
19.3

 
22.8

 
39.5

 

 
39.5

Total cross-currency and interest rate derivative contracts (b)
318.5

 
1,372.0

 
1,690.5

 
1,027.4

 
1,443.9

 
2,471.3

Equity-related derivative instruments - Liberty Global Group (c)
35.6

 

 
35.6

 
15.3

 
73.1

 
88.4

Foreign currency forward contracts:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
3.5

 

 
3.5

 
0.6

 

 
0.6

LiLAC Group

 

 

 
0.2

 

 
0.2

Total foreign currency forward contracts
3.5

 

 
3.5

 
0.8

 

 
0.8

Other - Liberty Global Group
0.1

 

 
0.1

 
0.2

 
0.1

 
0.3

Total liabilities:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
354.2

 
1,352.7

 
1,706.9

 
1,004.0

 
1,517.1

 
2,521.1

LiLAC Group
3.5

 
19.3

 
22.8

 
39.7

 

 
39.7

Total
$
357.7


$
1,372.0


$
1,729.7


$
1,043.7


$
1,517.1


$
2,560.8


14


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



_______________ 

(a)
Our long-term derivative assets and liabilities are included in other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

(b)
We consider credit risk in our fair value assessments. As of September 30, 2015 and December 31, 2014, (i) the fair values of our cross-currency and interest rate derivative contracts that represented assets have been reduced by credit risk valuation adjustments aggregating $74.9 million and $30.9 million, respectively, and (ii) the fair values of our cross-currency and interest rate derivative contracts that represented liabilities have been reduced by credit risk valuation adjustments aggregating $138.7 million and $64.6 million, respectively. The adjustments to our derivative assets relate to the credit risk associated with counterparty nonperformance, and the adjustments to our derivative liabilities relate to credit risk associated with our own nonperformance. In all cases, the adjustments take into account offsetting liability or asset positions within a given contract. Our determination of credit risk valuation adjustments generally is based on our and our counterparties’ credit risks, as observed in the credit default swap market and market quotations for certain of our subsidiaries’ debt instruments, as applicable. The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $29.9 million and $31.2 million during the three months ended September 30, 2015 and 2014, respectively, and a net gain (loss) of $30.4 million and ($80.1 million) during the nine months ended September 30, 2015 and 2014, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6.

(c)
Our equity-related derivative instruments primarily include the fair value of (i) the ITV Collar with respect to ITV shares held by our company at September 30, 2015, (ii) the share collar (the Sumitomo Collar) with respect to the shares of Sumitomo Corporation held by our company and (iii) Virgin Media’s conversion hedges (the Virgin Media Capped Calls) with respect to Virgin Media’s 6.50% convertible senior notes. The fair values of our equity collars do not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements. In connection with our additional investment in ITV during the third quarter of 2015, we (a) modified the purchased put option and written call option strike prices within the ITV Collar and (b) increased our borrowings under the ITV Collar Loan, resulting in net cash received of $92.0 million. This amount includes $77.5 million of cash borrowings under the ITV Collar Loan that were not required to fund our acquisition of additional ITV shares and $14.5 million related to the ITV Collar modifications. Immediately prior to the completion of these modifications, the fair value of the ITV Collar was a $270.5 million liability. In connection with the ITV Collar modifications, this liability was effectively transferred on a non-cash basis to the principal amount of the ITV Collar Loan. For information regarding our investment in ITV, see note 4.


15


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
 
in millions
Cross-currency and interest rate derivative contracts:
 
 
 
 
 

 
Liberty Global Group
$
392.4

 
$
462.6

 
$
507.0

 
$
(117.7
)
LiLAC Group
139.9

 
148.7

 
217.5

 
23.1

Total cross-currency and interest rate derivative contracts
532.3

 
611.3

 
724.5

 
(94.6
)
Equity-related derivative instruments - Liberty Global Group:
 
 
 
 
 

 
ITV Collar
103.1

 
(65.2
)
 
(55.8
)
 
(65.2
)
Sumitomo Collar
92.0

 
29.0

 
20.1

 
13.7

Ziggo Collar

 
(68.1
)
 

 
(74.0
)
Other
(1.3
)
 
0.3

 
(0.2
)
 
1.2

Total equity-related derivative instruments
193.8

 
(104.0
)
 
(35.9
)

(124.3
)
Foreign currency forward contracts:
 
 
 
 
 

 
Liberty Global Group
10.8

 
19.6

 
(16.6
)
 
39.2

LiLAC Group
5.3

 
1.9

 
8.3

 
2.7

Total foreign currency forward contracts
16.1

 
21.5

 
(8.3
)
 
41.9

Other - Liberty Global Group
(0.2
)
 
(0.9
)
 
0.5

 
(0.3
)
 
 
 
 
 
 
 
 
Total Liberty Global Group
596.8

 
377.3

 
455.0

 
(203.1
)
Total LiLAC Group
145.2

 
150.6

 
225.8

 
25.8

Total
$
742.0


$
527.9


$
680.8


$
(177.3
)
 

16


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The classification of these net cash outflows is as follows:
 
Nine months ended
 
September 30,
 
2015
 
2014
 
in millions
Operating activities:
 
 
 
Liberty Global Group
$
(159.3
)
 
$
(394.4
)
LiLAC Group
(31.1
)
 
(21.1
)
Total operating activities
(190.4
)
 
(415.5
)
Investing activities:
 
 
 
Liberty Global Group
14.5

 
(16.6
)
LiLAC Group
0.6

 

Total investing activities
15.1

 
(16.6
)
Financing activities:
 
 
 
Liberty Global Group
(298.8
)
 
(109.3
)
LiLAC Group

 
(37.4
)
Total financing activities
(298.8
)
 
(146.7
)
Total cash outflows:
 
 
 
Liberty Global Group
(443.6
)
 
(520.3
)
LiLAC Group
(30.5
)
 
(58.5
)
Total
$
(474.1
)
 
$
(578.8
)

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral is generally not posted by either party under the derivative instruments of our subsidiary borrowing groups. At September 30, 2015, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $1,835.3 million.

Details of our Derivative Instruments

In the following tables, we present the details of the various categories of our subsidiaries’ derivative instruments. For each subsidiary with multiple derivative instruments that mature within the same calendar month, the notional amounts are shown in the aggregate, and interest rates are presented on a weighted average basis. In addition, for derivative instruments that were in effect as of September 30, 2015, we present a single date that represents the applicable final maturity date. For derivative instruments that become effective subsequent to September 30, 2015, we present a range of dates that represents the period covered by the applicable derivative instruments.
  

17


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



Cross-currency and Interest Rate Derivative Contracts

Cross-currency Swaps:

The terms of our outstanding cross-currency swap contracts at September 30, 2015 are as follows:
Subsidiary /
Final maturity date
 
Notional
amount
due from
counterparty
 
Notional
amount
due to
counterparty
 
Interest rate
due from
counterparty
 
Interest rate
due to
counterparty
 
 
in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Virgin Media Investment Holdings Limited (VMIH), a subsidiary of Virgin Media:
 
 
 
 
 
 
 
 
 
January 2023
 
$
400.0

 
339.6

 
5.75%
 
4.33%
June 2023
 
$
1,855.0

 
£
1,198.3

 
6 mo. LIBOR + 2.75%
 
6 mo. GBP LIBOR + 3.18%
February 2022
 
$
1,400.0

 
£
873.6

 
5.01%
 
5.49%
January 2023
 
$
1,000.0

 
£
648.6

 
5.25%
 
5.32%
January 2021
 
$
500.0

 
£
308.9

 
5.25%
 
6 mo. GBP LIBOR + 2.06%
October 2022
 
$
450.0

 
£
272.0

 
6.00%
 
6.43%
January 2022
 
$
425.0

 
£
255.8

 
5.50%
 
5.82%
April 2019
 
$
191.5

 
£
122.3

 
5.38%
 
5.49%
November 2016 (a)
 
$
55.0

 
£
27.7

 
6.50%
 
7.03%
October 2019
 
$
50.0

 
£
30.3

 
8.38%
 
8.98%
October 2019 - October 2022
 
$
50.0

 
£
30.7

 
6.00%
 
5.75%
UPC Broadband Holding BV (UPC Broadband Holding), a subsidiary of UPC Holding:
 
 
 
 
 
 
 
 
 
January 2023
 
$
1,140.0

 
1,043.7

 
5.38%
 
3.71%
July 2021
 
$
440.0

 
337.2

 
6 mo. LIBOR + 2.50%
 
6 mo. EURIBOR + 2.87%
January 2017 - July 2021
 
$
262.1

 
194.1

 
6 mo. LIBOR + 2.50%
 
6 mo. EURIBOR + 2.51%
January 2020
 
$
252.5

 
192.5

 
6 mo. LIBOR + 4.93%
 
7.49%
November 2019
 
$
250.0

 
181.5

 
7.25%
 
7.74%
November 2021
 
$
250.0

 
181.4

 
7.25%
 
7.50%
October 2020
 
$
125.0

 
91.3

 
6 mo. LIBOR + 3.00%
 
6 mo. EURIBOR + 3.04%
January 2020
 
$
122.5

 
93.4

 
6 mo. LIBOR + 4.94%
 
6 mo. EURIBOR + 4.87%
December 2016
 
$
340.0

 
CHF
370.9

 
6 mo. LIBOR + 3.50%
 
6 mo. CHF LIBOR + 4.01%
July 2016 (a)
 
$
225.0

 
CHF
206.3

 
6 mo. LIBOR + 4.81%
 
1.00%
July 2016 - January 2020
 
$
225.0

 
CHF
206.3

 
6 mo. LIBOR + 4.81%
 
5.44%
July 2021
 
$
200.0

 
CHF
186.0

 
6 mo. LIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.55%
January 2017 - July 2023
 
$
200.0

 
CHF
185.5

 
6 mo. LIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.48%
November 2019
 
$
175.0

 
CHF
158.7

 
7.25%
 
6 mo. CHF LIBOR + 5.01%
January 2017 - July 2021
 
$
100.0

 
CHF
92.8

 
6 mo. LIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.49%

18


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



Subsidiary /
Final maturity date
 
Notional
amount
due from
counterparty
 
Notional
amount
due to
counterparty
 
Interest rate
due from
counterparty
 
Interest rate
due to
counterparty
 
 
in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
July 2016 (a)
 
$
201.5

 
RON
489.3

 
6 mo. LIBOR + 3.50%
 
1.40%
July 2016 - July 2020
 
$
201.5

 
RON
489.3

 
6 mo. LIBOR + 3.50%
 
11.34%
January 2021
 
720.8

 
CHF
877.0

 
6 mo. EURIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.62%
January 2017 - September 2022
 
383.8

 
CHF
477.0

 
6 mo. EURIBOR + 2.00%
 
6 mo. CHF LIBOR + 2.22%
January 2017
 
360.4

 
CHF
589.0

 
6 mo. EURIBOR + 3.75%
 
6 mo. CHF LIBOR + 3.94%
April 2018
 
285.1

 
CHF
346.7

 
10.51%
 
9.87%
January 2020
 
175.0

 
CHF
258.6

 
7.63%
 
6.76%
July 2020
 
107.4

 
CHF
129.0

 
6 mo. EURIBOR + 3.00%
 
6 mo. CHF LIBOR + 3.28%
July 2023
 
85.3

 
CHF
95.0

 
6 mo. EURIBOR + 2.21%
 
6 mo. CHF LIBOR + 2.65%
July 2021
 
76.1

 
CHF
92.1

 
6 mo. EURIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.88%
January 2017
 
75.0

 
CHF
110.9

 
7.63%
 
6.98%
December 2015
 
69.1

 
CLP
53,000.0

 
3.50%
 
5.75%
January 2020
 
318.9

 
CZK
8,818.7

 
5.58%
 
5.44%
January 2017
 
60.0

 
CZK
1,703.1

 
5.50%
 
6.99%
July 2017
 
39.6

 
CZK
1,000.0

 
3.00%
 
3.75%
July 2016 (a)
 
260.0

 
HUF
75,570.0

 
5.50%
 
5.00%
July 2016 - January 2017
 
260.0

 
HUF
75,570.0

 
5.50%
 
10.56%
December 2016
 
150.0

 
HUF
43,367.5

 
5.50%
 
2.00%
July 2018
 
78.0

 
HUF
19,500.0

 
5.50%
 
9.15%
January 2017
 
245.0

 
PLN
1,000.6

 
5.50%
 
9.03%
September 2016
 
200.0

 
PLN
892.7

 
6.00%
 
3.91%
January 2020
 
144.6

 
PLN
605.0

 
5.50%
 
7.98%
July 2017
 
82.0

 
PLN
318.0

 
3.00%
 
5.60%
December 2015
 
CLP 53,000.0

 
69.1

 
5.75%
 
3.50%
Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo Group Holding:
 
 
 
 
 
 
 
 
 
January 2022
 
$
2,350.0

 
1,727.0

 
6 mo. LIBOR + 2.75%
 
4.56%
January 2023
 
$
400.0

 
339.0

 
5.88%
 
4.58%
Unitymedia Hessen GmbH & Co. KG (Unitymedia Hessen), a subsidiary of Unitymedia:
 


 



 

 

January 2023
 
$
2,450.0

 
1,799.0

 
5.62%
 
4.76%
VTR:
 
 
 
 
 
 
 
 
 
January 2022
 
$
1,400.0

 
CLP
910,665.0

 
6.88%
 
7.18%

19


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2015
(unaudited)



_______________ 

(a)
Unlike the other cross-currency swaps presented in this table, the identified cross-currency swaps do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are interest payments and receipts.

Interest Rate Swaps:

The terms of our outstanding interest rate swap contracts at September 30, 2015 are as follows:
Subsidiary / Final maturity date
 
Notional amount
 
Interest rate due from
counterparty
 
Interest rate due to
counterparty
 
 
in millions
 
 
 
 
VMIH:
 
 
 
 
 
 
 
October 2018
 
£
2,155.0

 
6 mo. GBP LIBOR
 
1.52%
October 2018 - June 2023
 
£
1,200.0

 
6 mo. GBP LIBOR
 
2.49%
January 2021
 
£
650.0

 
5.50%
 
6 mo. GBP LIBOR + 1.84%
January 2021
 
£
650.0

 
6 mo. GBP LIBOR + 1.84%
 
3.87%
December 2015
 
£
600.0

 
6 mo. GBP LIBOR
 
2.90%
April 2018
 
£
300.0

 
6 mo. GBP LIBOR
 
1.37%
UPC Broadband Holding:
 
 
 
 
 
 
 
January 2022
 
$
675.0

 
6.88%
 
6 mo. LIBOR + 4.90%
July 2020
 
750.0

 
6.38%
 
6 mo. EURIBOR + 3.16%
July 2016
 
503.4

 
6 mo. EURIBOR
 
0.20%
July 2016 - January 2021
 
250.0

 
6 mo. EURIBOR
 
2.52%
July 2016 - January 2023
 
210.0

 
6 mo. EURIBOR
 
2.88%
November 2021
 
107.0

 
6 mo. EURIBOR
 
2.89%
July 2016 - July 2020
 
43.4

 
6 mo. EURIBOR
 
3.95%
July 2016
 
CHF
900.0

 
6 mo. CHF LIBOR
 
0.05%
January 2022
 
CHF
711.5

 
6 mo. CHF LIBOR
 
1.89%
July 2016 - January 2021
 
CHF
500.0

 
6 mo. CHF LIBOR
 
1.65%
July 2016 - January 2018
 
CHF
400.0

 
6 mo. CHF LIBOR
 
2.51%
December 2016
 
CHF
370.9

 
6 mo. CHF LIBOR
 
3.82%
November 2019
 
CHF
226.8

 
6 mo. CHF LIBOR + 5.01%
 
6.88%
ABC B.V.:
 
 
 
 
 
 
 
January 2022
 
1,566.0

 
6 mo. EURIBOR
 
1.66%
January 2016
 
689.0

 
1 mo. EURIBOR + 3.75%
 
6 mo. EURIBOR + 3.59%
January 2021
 
500.0

 
6 mo. EURIBOR
 
2.61%
July 2016
 
290.0

 
6 mo. EURIBOR
 
0.20%
July 2016 - January 2023
 
290.0

 
6 mo. EURIBOR
 
2.84%
March 2021
 
175.0

 
6 mo. EURIBOR
 
2.32%
July 2016
 
171.3

 
6 mo. EURIBOR