Investments (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Investments by Accounting Method

The details of our investments are set forth below:



Accounting Method	March 31, 2018		December 31, 2017
	in millions
Equity (a):
VodafoneZiggo JV (b)	$	4,408.0	$	4,162.8
Other	165.4		161.8
Total — equity	4,573.4		4,324.6
Fair value:
ITV plc (ITV) — subject to re-use rights	805.2		892.0
Sumitomo Corporation (Sumitomo)	768.3		776.5
ITI Neovision S.A. (ITI Neovision)	169.1		161.9
Casa Systems, Inc. (Casa)	130.1		76.3
Lions Gate Entertainment Corp (Lionsgate)	124.8		163.9
Other	291.3		244.7
Total — fair value	2,288.8		2,315.3
Cost (c)	—		31.5
Total	$	6,862.2	$	6,671.4

_______________


(a)	At March 31, 2018 and December 31, 2017, the aggregate carrying amounts of our equity method investments did not materially exceed our proportionate share of the respective investees’ net assets.

(b)

Amounts include a related-party note receivable (the VodafoneZiggo JV Receivable) with a principal amount of $1,106.2 million and $1,081.9 million, respectively, due from a subsidiary of the VodafoneZiggo JV (as defined below) to a subsidiary of Liberty Global. The VodafoneZiggo JV Receivable bears interest at 5.55% and requires €100.0 million ($122.9 million) of principal to be paid annually during the first three years of the agreement, with the remaining principal due on January 16, 2027. The accrued interest on the VodafoneZiggo JV Receivable will be payable in a manner mutually agreed upon by Liberty Global and the VodafoneZiggo JV. During the three months ended March 31, 2018, interest accrued on the VodafoneZiggo JV Receivable was $15.2 million, all of which has been cash settled.

(c)

As a result of the January 1, 2018 adoption of ASU 2016-01, all of our cost investments have been reclassified to fair value investments.

Equity Method Investments

The summarized results of operations of the VodafoneZiggo JV are set forth below:



	Three months ended
	March 31,
	2018			2017
	in millions

Revenue	$	1,195.0		$	1,083.8
Loss before income taxes	$	(104.0	)	$	(43.6	)
Net loss	$	(76.7	)	$	(30.6	)

The following table sets forth the details of our share of losses of affiliates, net:



	Three months ended March 31,
	2018		2017
	in millions

VodafoneZiggo JV (a)	$	26.8	$	1.3
Other	9.7		14.4
Total	$	36.5	$	15.7

_______________

(a)

Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable, (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VodafoneZiggo JV employees who were formerly employees of Liberty Global, as these awards remain our responsibility, and (iii) our 50% share of the remaining results of operations of the VodafoneZiggo JV.