XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Schedule of Investments by Accounting Method
The details of our investments are set forth below:
Accounting MethodMarch 31,
2024		December 31,
2023		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$7,175.1 $7,248.5 50.0
VodafoneZiggo JV (c)
1,998.5 2,055.4 50.0
AtlasEdge JV
272.0 250.8 48.2
All3Media Ltd. (All3Media) (d)
149.4 144.2 50.0
Formula E Holdings Ltd (Formula E)
101.9 99.1 35.9
nexfibre JV
67.8 55.9 25.0
Other
125.7 133.7 
Total — equity9,890.4 9,987.6 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (e)
1,652.8 1,990.5 
Long-term:
Vodafone - subject to re-use rights (f)
1,187.6 1,168.1 4.9
EdgeConneX, Inc. (EdgeConneX)
402.8 318.3 5.2
Televisa Univision, Inc. (Televisa Univision)
388.3 388.3 6.0
SMAs (e)
376.7 285.6 
ITV plc (ITV)
371.9 321.9 9.9
Plume Design, Inc. (Plume) (g)
167.3 168.4 11.5
Pax8, Inc.101.1 100.3 5.6
CANAL+ Polska S.A.75.2 76.4 17.0
Lions Gate Entertainment Corp. (Lionsgate)
63.6 69.6 2.8
Aviatrix Systems, Inc. (Aviatrix)
41.2 55.5 3.3
Lacework, Inc. (Lacework)
26.6 94.2 3.3
Other369.6 361.9 
Total — fair value5,224.7 5,399.0 
Total investments (h)$15,115.1 $15,386.6 
Short-term investments$1,652.8 $1,990.5 
Long-term investments$13,462.3 $13,396.1 
_______________

(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 March 31, 2024 and December 31, 2023, the aggregate carrying amounts of our equity method investments exceeded our proportionate share
of the respective investee’s net assets by $1,213.8 million and $1,234.7 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 $755.8 million and $774.5 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable I) and (ii) a euro-denominated note receivable with a principal amount of $224.4 million and $230.0 million at March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024, interest accrued on the VodafoneZiggo JV Receivables was $13.8 million, all of which has been cash settled.

(d)On February 16, 2024, Liberty Global, together with joint owner Warner Bros. Discovery, Inc., reached a definitive agreement to sell 100% of All3Media to RedBird IMI. We expect to receive approximately £315.0 million ($397.7 million) of total cash proceeds from the sale. Regulatory clearance was obtained in April 2024 and we expect the transaction to close in the second quarter of 2024.

(e)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 March 31, 2024. 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 March 31, 2024 and December 31, 2023, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $35.2 million and $34.6 million, respectively.

(f)In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (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 March 31, 2024 and December 31, 2023, the net fair value of our investment in Vodafone was $122.3 million and $115.5 million, respectively.

(g)Our investment in Plume includes warrants with a fair value of $60.9 million and $61.3 million at March 31, 2024 and December 31, 2023, respectively.

(h)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
March 31,
 20242023
 in millions
nexfibre JV
$12.4 $(8.6)
All3Media
(10.1)0.3 
AtlasEdge JV
(9.1)(10.1)
VodafoneZiggo JV (a)
6.6 (35.7)
Formula E
(4.5)0.2 
VMO2 JV (b)
0.7 (178.5)
Other, net(4.0)(6.2)
Total$(8.0)$(238.6)
_______________

(a)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.

(b)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 summarized results of operations of the VMO2 JV are set forth below:
Three months ended
March 31,
20242023
in millions
Revenue$3,282.8 $3,162.7 
Earnings (loss) before income taxes$43.0 $(454.0)
Net earnings (loss)$22.7 $(352.1)
The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended
March 31,
20242023
in millions
Revenue$1,114.0 $1,083.4 
Loss before income taxes$(25.5)$(108.9)
Net loss$(13.6)$(88.1)
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
March 31,
 20242023
 in millions
EdgeConneX
$71.8 $11.9 
Lacework
(67.6)(21.4)
ITV
50.0 45.1 
Vodafone
48.2 (37.4)
SMAs
19.3 (14.5)
Aviatrix
(14.3)— 
Lionsgate
(6.0)34.1 
Plume
(1.1)(17.5)
Other, net14.6 (5.8)
Total$114.9 $(5.5)
The following tables set forth a summary of our debt securities at March 31, 2024 and December 31, 2023:
March 31, 2024
Amortized cost basisAccumulated unrealized gainsFair value
in millions
Commercial paper$903.4 $0.6 $904.0 
Government bonds431.1 (0.3)430.8 
Certificates of deposit300.7 — 300.7 
Corporate debt securities245.1 (0.1)245.0 
Structured note (a)(a)(a)147.0 
Other debt securities2.0 — 2.0 
Total debt securities$1,882.3 $0.2 $2,029.5 
______________

(a)Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value. 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). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. During the three months ended March 31, 2024, we invested an additional $46.6 million in the leveraged structured note. At March 31, 2024, 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:
Sunrise Holding40.08 %
Telenet18.62 %
Affiliate:
VMO2 JV
21.23 %
VodafoneZiggo JV
20.07 %
Total100.00 %
December 31, 2023
Amortized cost basisAccumulated unrealized gainsFair value
in millions
Commercial paper$1,066.5 $(0.1)$1,066.4 
Government bonds504.7 0.3 505.0 
Certificates of deposit373.1 0.1 373.2 
Corporate debt securities226.6 (0.1)226.5 
Structured note (a)(a)(a)95.8 
Other debt securities9.2 — 9.2 
Total debt securities$2,180.1 $0.2 $2,276.1 
______________

(a)Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value. At December 31, 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:
Sunrise Holding
32.91 %
Telenet28.23 %
Affiliate:
VMO2 JV
31.49 %
VodafoneZiggo JV
7.37 %
Total100.00 %
The fair values of our debt securities as of March 31, 2024 by contractual maturity are shown below (in millions):

Due in one year or less$1,652.8 
Due in one to five years329.1 
Due in five to ten years47.6 
Total (a)$2,029.5 
_______________

(a)The weighted average life of our total debt securities was 0.8 years as of March 31, 2024.