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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Schedule of Investments by Accounting Method
The details of our investments are set forth below:
December 31,
20222021Ownership (a)
Accounting Methodin millions%
Equity (b):
Long-term:
VMO2 JV
$9,790.9 $13,774.7 50.0
VodafoneZiggo JV (c)
2,345.8 2,572.4 50.0
All3Media Group (All3Media)
143.9 143.7 50.0
AtlasEdge JV
122.2 163.7 47.5
Formula E Holdings Ltd (Formula E)
87.3 115.9 35.9
Other187.0 174.8 
Total — equity12,677.1 16,945.2 
Fair value:
Short-term:
Separately-managed accounts (SMAs) (d)
2,621.6 2,269.6 
Long-term:
Televisa Univision, Inc. (Televisa Univision) (e)
385.5 385.5 6.3
ITV plc (ITV)
362.4 596.3 9.9
Lacework, Inc. (Lacework)
242.8 269.1 3.3
SMAs (d)
233.0 531.7 
EdgeConneX, Inc. (EdgeConneX)
183.8 138.7 5.2
Plume Design, Inc. (Plume)
154.0 188.8 11.5
Pax8, Inc. (Pax8)
99.0 14.7 5.9
Aviatrix Systems, Inc. (Aviatrix)
78.2 78.2 3.8
CANAL+ Polska S.A. (CANAL+ Polska)
66.1 70.8 17.0
Lions Gate Entertainment Corp. (Lionsgate)
36.7 105.9 2.9
Other337.5 378.1 
Total — fair value4,800.6 5,027.4 
Total investments (f)$17,477.7 $21,972.6 
Short-term investments$2,621.6 $2,269.6 
Long-term investments$14,856.1 $19,703.0 
_______________

(a)Our ownership percentages are determined based on our legal ownership as of the most recent balance sheet date or are estimated based on the number of shares we own and the most recent publicly-available information.

(b)Our 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 rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At December 31, 2022 and 2021, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,196.8 million and $1,236.0 million, respectively, which primarily includes amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media.
(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $749.7 million and $797.1 million at December 31, 2022 and 2021, respectively, (the VodafoneZiggo JV Receivable I) and (ii) a euro-denominated note receivable with a principal amount of $222.7 million and $236.7 million at December 31, 2022 and 2021, respectively, (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). During 2021, an additional $123.0 million was loaned under the VodafoneZiggo JV Receivable II to fund the VodafoneZiggo JV’s final installment of spectrum license fees due to the Dutch government. The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During 2022, interest accrued on the VodafoneZiggo JV Receivables was $53.8 million, all of which has been cash settled.

(d)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of December 31, 2022, all of our investments held under SMAs were classified as available-for-sale debt securities, as further described in note 3. At December 31, 2022 and 2021, interest accrued on our debt securities, which is included in other current assets on our consolidated balance sheets, was $18.5 million and $5.1 million, respectively.

(e)At December 31, 2022, the fair value of our investment in Televisa Univision reflects the merger of Univision Holdings Inc. and Grupo Televisa, S.A.B., which was completed during the first quarter of 2022.

(f)The purchase and sale of investments are presented on a gross basis in our consolidated statements of cash flows, including amounts associated with SMAs.
Equity Method Investments The opening balance sheet presented below reflects the final purchase price allocation (in millions):
Current assets$4,186.7 
Property and equipment, net12,523.2 
Goodwill29,455.4 
Intangible assets subject to amortization, net13,274.6 
Other assets, net4,163.5 
Current portion of debt and finance lease obligations(4,352.5)
Other accrued and current liabilities(5,780.8)
Long-term debt and finance lease obligations(21,879.2)
Other long-term liabilities(2,170.9)
Total fair value of the net assets of the VMO2 JV
$29,420.0 
The following table sets forth the details of our share of results of affiliates, net:
 Year ended December 31,
 202220212020
 in millions
VMO2 JV (a)
$(1,396.6)$(97.2)$— 
VodafoneZiggo JV (b)
241.2 (32.0)(201.1)
Streamz B.V. (Streamz) (c)
(35.2)(0.7)(2.3)
Eltrona Interdiffusion S.A. (Eltrona) (d)
(34.2)(17.2)1.3 
AtlasEdge JV
(23.3)(5.8)— 
Formula E
(20.2)(2.5)(8.4)
All3Media
(10.0)(17.4)(27.9)
Other10.5 (2.6)(6.9)
Total$(1,267.8)$(175.4)$(245.3)
_______________

(a)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. The 2022 amount includes a charge of $1.8 billion, representing our 50% share of the VMO2 JV’s goodwill impairment, as described below.

(b)Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) 100% of the interest income earned on the VodafoneZiggo JV Receivables.

(c)The 2022 amount includes a charge of $31.7 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter.
(d)The 2022 amount includes a charge of $32.5 million related to a decline in fair value below the cost basis of the investment that was deemed other-than-temporary during the fourth quarter.
The summarized results of operations of the VMO2 JV are set forth below:
Year ended December 31,
20222021 (a)
in millions
Revenue$12,857.2 $8,522.9 
Loss before income taxes$(3,012.8)$(351.6)
Net loss$(3,042.0)$(173.2)
_______________

(a)Includes the operating results of the VMO2 JV for the period from June 1, 2021 through December 31, 2021.

The summarized financial position of the VMO2 JV is set forth below:
December 31,
20222021
in millions
Current assets$4,056.0 $4,733.3 
Long-term assets45,753.3 55,698.3 
Total assets$49,809.3 $60,431.6 
Current liabilities$8,349.7 $9,247.1 
Long-term liabilities21,877.6 23,595.6 
Owners’ equity19,582.0 27,588.9 
Total liabilities and owners’ equity$49,809.3 $60,431.6 
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Year ended December 31,
202220212020
in millions
Revenue$4,284.6 $4,824.2 $4,565.4 
Earnings (loss) before income taxes$608.3 $(90.8)$(287.2)
Net earnings (loss)$394.7 $(163.1)$(448.7)

The summarized financial position of the VodafoneZiggo JV is set forth below:
December 31,
20222021
in millions
Current assets$815.5 $896.2 
Long-term assets19,396.4 20,392.3 
Total assets
$20,211.9 $21,288.5 
Current liabilities$2,719.2 $2,744.3 
Long-term liabilities14,652.3 15,381.0 
Owners’ equity2,840.4 3,163.2 
Total liabilities and owners’ equity
$20,211.9 $21,288.5 
Schedule of Debt Securities
The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:
 Year ended December 31,
 202220212020
 in millions
ITV
$(233.9)$15.3 $(217.1)
Pax8
79.3 — — 
Lionsgate
(69.2)33.9 4.0 
SMAs
(49.1)(10.1)5.2 
EdgeConneX
43.4 28.9 33.1 
Plume
(34.8)133.9 29.6 
Skillz Inc. (Skillz)
(34.7)(100.4)238.0 
TiBiT Communications, Inc. (TiBiT) (a)
26.4 — — 
Lacework
(26.3)223.9 1.1 
Televisa Univision
23.1 301.6 — 
Aviatrix
— 65.4 — 
Other, net (b)(26.3)42.6 (58.1)
Total$(302.1)$735.0 $35.8 
_______________

(a)Our investment in TiBiT was sold during the fourth quarter of 2022.

(b)The amounts in 2022 and 2021 include gains of $15.7 million and $12.9 million, respectively, related to investments that were sold during the year.
At December 31, 2022 and 2021, all of our SMAs were composed of debt securities, which are summarized in the following tables:
December 31, 2022
 Amortized cost basisAccumulated unrealized lossesFair value
 in millions
Commercial paper$881.1 $2.1 $883.2 
Government bonds697.0 (1.4)695.6 
Certificates of deposit520.5 (0.6)519.9 
Corporate debt securities405.3 (4.8)400.5 
Other debt securities355.0 0.4 355.4 
Total debt securities$2,858.9 $(4.3)$2,854.6 
December 31, 2021
 Amortized cost basisAccumulated unrealized lossesFair value
 in millions
Commercial paper$897.4 $— $897.4 
Corporate debt securities705.5 (1.6)703.9 
Government bonds655.9 (3.3)652.6 
Certificates of deposit355.5 (0.1)355.4 
Other debt securities192.0 — 192 
Total debt securities$2,806.3 $(5.0)$2,801.3 
The fair values of our debt securities as of December 31, 2022 by contractual maturity are shown below (in millions):
Due in one year or less$2,621.6 
Due in one to five years231.6 
Due in five to ten years1.4 
Total (a)$2,854.6 
_______________

(a)The weighted average life of our total debt securities was 0.4 years as of December 31, 2022.