XML 37 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions and Dispositions (Tables)
 9 Months Ended
Sep. 30, 2021
Acquisitions and Dispositions [Abstract]  
Classes of Assets and Liabilities Held for Sale
The carrying amounts of the major classes of assets and liabilities of UPC Poland as of September 30, 2021 and December 31, 2020 are summarized in the following table. Due to the fact that we expect to complete the sale of UPC Poland within 12 months, all of the associated assets and liabilities are classified as current on our condensed consolidated balance sheets.
September 30, 2021December 31, 2020
in millions
Assets:
Current assets$23.8 $26.8 
Property and equipment, net383.9 427.5 
Goodwill469.9 501.0 
Other assets, net30.1 24.8 
Total assets$907.7 $980.1 
Liabilities:
Current portion of debt and finance lease obligations$38.2 $44.3 
Other accrued and current liabilities92.2 99.1 
Long-term debt and finance lease obligations5.4 6.0 
Other long-term liabilities55.5 38.1 
Total liabilities$191.3 $187.5 
These amounts exclude intercompany revenue and expenses that are eliminated within our condensed consolidated statements of operations.
Three months ended September 30,Nine months ended September 30,
2021202020212020
in millions
Revenue$113.2 $109.1 $344.9 $319.5 
Operating income$31.6 $18.3 $83.9 $63.4 
Earnings before income taxes and noncontrolling interests$29.5 $16.3 $82.0 $55.6 
Income tax expense(26.4)(4.3)(37.7)(13.1)
Net earnings attributable to Liberty Global shareholders
$3.1 $12.0 $44.3 $42.5 
The June 1, 2021 carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities, which were contributed into the VMED O2 JV, are summarized below (in millions):
Assets:
Current assets (a)
$4,868.3 
Property and equipment, net
9,465.1 
Goodwill
8,214.7 
Other assets, net
3,086.9 
Total assets (b)$25,635.0 
Liabilities:
Current portion of debt and finance lease obligations
$3,220.9 
Other accrued and current liabilities
2,242.0 
Long-term debt and finance lease obligations
16,905.1 
Other long-term liabilities
1,788.2 
Total liabilities (b)$24,156.2 
_______________ 

(a)Amount includes $3.4 billion of net proceeds from certain financing transactions completed in 2020 that were held in escrow pending the completion of the U.K. JV Transaction.

(b)The carrying amount of the net assets of $1,478.8 million presented above is net of the cumulative foreign currency translation loss of $1,198.6 million.
The carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities that are classified as held for sale on our condensed consolidated balance sheet as of December 31, 2020 are as follows (in millions):
Assets:
Current assets$4,519.8 
Property and equipment, net8,614.0 
Goodwill7,918.5 
Other assets, net3,230.4 
Total assets$24,282.7 
Liabilities:
Current portion of debt and finance lease obligations$2,699.5 
Other accrued and current liabilities2,207.3 
Long-term debt and finance lease obligations16,724.1 
Other long-term liabilities1,566.3 
Total liabilities$23,197.2 
Equity Method Investments The preliminary amounts below are subject to adjustment based on the final assessment of the fair values of the identifiable assets and liabilities (in millions):
Current assets$4,753.6 
Property and equipment, net12,496.0 
Goodwill29,173.4 
Intangible assets subject to amortization, net13,274.4 
Other assets, net7,480.1 
Current portion of debt and finance lease obligations(4,352.5)
Other accrued and current liabilities(6,055.0)
Long-term debt and finance lease obligations(21,959.1)
Other long-term liabilities(5,469.3)
Total preliminary fair value of the net assets of the VMED O2 JV$29,341.6 
The following table sets forth the details of our share of results of affiliates, net:
 Three months ended September 30,Nine months ended September 30,
 2021202020212020
 in millions
All3Media
$(3.4)$(0.3)$(18.2)$(40.1)
VMED O2 JV (a)
(10.4)— (10.7)— 
VodafoneZiggo JV (b)
(2.6)(6.8)6.8 (34.9)
Formula E
(10.9)(17.4)(6.5)(16.7)
Other, net(1.9)(2.6)(7.0)(7.4)
Total$(29.2)$(27.1)$(35.6)$(99.1)
_______________

(a)Represents our share of the results of operations of the VMED O2 JV beginning June 1, 2021, which includes 100% of the share-based compensation expense associated with Liberty Global awards held by VMED O2 JV employees who were formerly employees of Liberty Global, as these awards remain our responsibility.

(b)Represents (i) 100% of the interest income earned on the VodafoneZiggo JV Receivables and (ii) our share of the results of operations of the VodafoneZiggo JV.
The summarized results of operations of the VMED O2 JV are set forth below:
Three months ended September 30, 2021Period from June 1, 2021 through September 30, 2021
in millions
Revenue$3,614.0 $4,822.5 
Earnings (loss) before income taxes$56.3 $(112.2)
Net earnings (loss)$31.9 $(2.7)
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended September 30,Nine months ended September 30,
2021202020212020
in millions
Revenue$1,206.1 $1,166.7 $3,638.4 $3,345.4 
Loss before income taxes$(32.9)$(31.6)$(73.9)$(58.5)
Net loss$(24.7)$(25.6)$(56.3)$(111.3)
Pro Forma Information for Significant Acquisitions
The following unaudited pro forma consolidated operating results give effect to the Sunrise Acquisition as if it had been completed as of January 1, 2019. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Sunrise Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.
Three months ended September 30,
2020		Nine months ended September 30, 2020
(unaudited)
Revenue (in millions)$3,337.8 $9,695.3 
Net loss attributable to Liberty Global shareholders (in millions)
$(1,070.8)$(756.8)
Basic and diluted loss attributable to Liberty Global shareholders
per share
$(1.81)$(1.24)