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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Schedule of Investments by Accounting Method
The details of our investments are set forth below:
Accounting MethodSeptember 30,
2023		December 31,
2022		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$8,896.5 $9,790.9 50.0
VodafoneZiggo JV (c)
2,180.2 2,345.8 50.0
AtlasEdge JV
247.4 122.2 48.0
All3Media Ltd. (All3Media)
131.0 143.9 50.0
Formula E Holdings Ltd (Formula E)
88.6 87.3 35.9
nexfibre JV
61.7 52.4 25.0
Other
129.2 134.6 
Total — equity11,734.6 12,677.1 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (d)
1,557.0 2,621.6 
Long-term:
Vodafone - subject to re-use rights (e)
1,251.8 — 4.9
Televisa Univision, Inc. (Televisa Univision)
385.5 385.5 6.3
ITV plc (ITV)
343.5 362.4 9.9
EdgeConneX, Inc. (EdgeConneX)
263.3 183.8 5.2
SMAs (d)
240.7 233.0 
Plume Design, Inc. (Plume) (f)
191.0 246.2 11.5
Lacework, Inc. (Lacework)
116.9 242.8 3.2
Pax8, Inc.88.6 99.0 5.6
CANAL+ Polska S.A.73.9 66.1 17.0
Aviatrix Systems, Inc.54.3 78.2 3.3
Lions Gate Entertainment Corp. (Lionsgate)
54.0 36.7 2.8
Other388.8 337.7 
Total — fair value5,009.3 4,893.0 
Total investments (g)$16,743.9 $17,570.1 
Short-term investments$1,557.0 $2,621.6 
Long-term investments$15,186.9 $14,948.5 
_______________

(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 September 30, 2023 and December 31, 2022, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,170.5 million and $1,196.8 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 $740.4 million and $749.7 million at September 30, 2023 and December 31, 2022, respectively, (the VodafoneZiggo JV Receivable I) and (ii) a euro-denominated note receivable with a principal amount of $219.9 million and $222.7 million at September 30, 2023 and December 31, 2022, respectively, (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the nine months ended September 30, 2023, interest accrued on the VodafoneZiggo JV Receivables was $41.4 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. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were classified as available-for-sale debt securities as of September 30, 2023. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains (losses) due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At September 30, 2023 and December 31, 2022, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $26.3 million and $18.5 million, respectively.

(e)During the first quarter of 2023, we acquired 1,335 million shares of Vodafone at an average purchase price of £0.9195 ($1.1151 at the transaction date) per share. The aggregate purchase price of £1,227.6 million ($1,488.7 million at the transaction date) was funded with $269.2 million of cash on hand, net of a $0.3 million collar premium, and the remainder through a collar transaction (the Vodafone Collar Transaction). The Vodafone Collar Transaction includes a collar on the full amount of our Vodafone shares (the Vodafone Collar) and a loan (the Vodafone Collar Loan) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares. At September 30, 2023, after consideration of the Vodafone Collar Transaction, the net fair value of our investment in Vodafone is $168.8 million. For additional information regarding the Vodafone Collar Transaction, including a description of the related re-use rights and the impact on the dividends we receive on our Vodafone shares, see note 6.

(f)Our investment in Plume includes warrants with a fair value of $70.5 million and $92.2 million at September 30, 2023 and December 31, 2022, respectively.

(g)The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs.
Schedule of Equity Method Investments
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,
 2023202220232022
 in millions
VMO2 JV (a)
$(198.0)$398.5 $(187.6)$616.4 
VodafoneZiggo JV (b)
(9.7)92.6 (97.6)224.6 
Formula E
(11.6)(15.1)(21.0)(16.8)
AtlasEdge JV
(4.8)(5.2)(15.2)(13.3)
All3Media
(7.8)(10.2)(6.1)(27.1)
nexfibre JV
(4.2)41.6 2.1 41.6 
Other, net(4.7)(1.2)(15.7)(12.8)
Total$(240.8)$501.0 $(341.1)$812.6 
_______________

(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.

(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.
The summarized results of operations of the VMO2 JV are set forth below:
Three months ended
September 30,		Nine months ended
September 30,
2023202220232022
in millions
Revenue$3,503.8 $3,042.1 $10,058.0 $9,642.7 
Earnings (loss) before income taxes$(503.2)$1,178.7 $(441.8)$1,646.4 
Net earnings (loss)$(386.6)$832.2 $(364.0)$1,238.7 
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended
September 30,		Nine months ended
September 30,
2023202220232022
in millions
Revenue$1,125.2 $1,041.7 $3,297.0 $3,237.3 
Earnings (loss) before income taxes$(82.2)$232.5 $(332.4)$585.2 
Net earnings (loss)$(63.6)$171.7 $(279.2)$390.6 
Schedule of Debt Securities
The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net:
 Three months ended
September 30,		Nine months ended
September 30,
 2023202220232022
 in millions
Vodafone
$35.7 $— $(223.1)$— 
Lacework
(31.3)— (125.9)— 
EdgeConneX
65.9 16.4 79.9 58.9 
Plume
(4.0)0.2 (55.2)0.5 
ITV
(2.6)(62.6)(18.9)(342.2)
Lionsgate
(2.6)(12.3)17.3 (58.4)
Televisa Univision
12.1 26.2 4.7 58.0 
SMAs
20.1 22.7 (1.2)10.3 
Other, net (a)(21.8)7.3 (22.4)65.5 
Total$71.5 $(2.1)$(344.8)$(207.4)
_______________

(a)The nine-month periods include gains of $8.0 million and $12.0 million, respectively, related to investments that were sold during the second quarter of 2023 and 2022.
The following tables set forth a summary of our debt securities at September 30, 2023 and December 31, 2022:
September 30, 2023
Amortized cost basisAccumulated unrealized lossFair value
in millions
Commercial paper$706.5 $0.1 $706.6 
Government bonds454.5 (0.8)453.7 
Certificates of deposit335.4 — 335.4 
Corporate debt securities211.5 (1.5)210.0 
Structured note (a)(a)(a)71.9 
Other debt securities20.1 — 20.1 
Total debt securities$1,728.0 $(2.2)$1,797.7 
______________

(a)Amount represents an investment in a leveraged structured note issued by a third party investment bank, which is accounted for at fair value and classified within Level 2 of the fair value hierarchy. For further information regarding our fair value measurements, see note 7. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. At September 30, 2023, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:
 Proportion of debt associated with the return on the leveraged structured note
 
Subsidiary:
Telenet29.16 %
UPC Holding10.30 %
Affiliate:
VMO2 JV
57.63 %
VodafoneZiggo JV
2.91 %
Total100.00 %

December 31, 2022
Amortized cost basisAccumulated unrealized lossFair 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 
The fair values of our debt securities as of September 30, 2023 by contractual maturity are shown below (in millions):

Due in one year or less$1,557.0 
Due in one to five years238.4 
Due in five to ten years2.3 
Total (a)$1,797.7 
_______________

(a)The weighted average life of our total debt securities was 0.6 years as of September 30, 2023.