0001570585-24-000304 | 10-Q | XBRL Viewer

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

We use the fair value method to account for (i) certain of our investments and (ii) our derivative instruments. The reported fair values of these investments and derivative instruments as of September 30, 2024 are unlikely to represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities.

GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. We record transfers of assets or liabilities into or out of Levels 1, 2 or 3 at the beginning of the quarter during which the transfer occurred.

We use a Monte Carlo based approach to incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swap contracts are quantified and further explained in note 6.

Fair value measurements are also used for nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. These nonrecurring valuations include the valuation of reporting units, customer relationships and other intangible assets, property and equipment and the implied value of goodwill. The valuation of reporting units is based on an income-based approach (discounted cash flows) using assumptions in our long-range business plans or a market-based approach (current multiples of comparable public companies and guideline transactions) and, in some cases, a combination of an income-based approach and a market-based approach. With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, including inputs with respect to revenue growth and Adjusted EBITDA margin (as defined in note 16), and terminal growth rates, are based on our assumptions. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationship, contributory asset

charges and other factors. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The implied value of goodwill is determined by allocating the fair value of a reporting unit to all of the assets and liabilities of that unit as if the reporting unit had been acquired in a business combination, with the residual amount allocated to goodwill. Most of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During the nine months ended September 30, 2024 we did not perform any significant nonrecurring fair value measurements. During the nine months ended September 30, 2023, we performed a nonrecurring valuation in association with the Telenet Wyre Transaction. The tangible asset value of the cable infrastructure contributed by Fluvius was based on the depreciated replacement cost method with a range of estimated useful lives up to 19 years.

For additional information concerning our fair value measurements, see note 9 to the consolidated financial statements included in our 2023 10-K.

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:


			Fair value measurements at September 30, 2024 using:
Description	September 30, 2024		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	602.6	$	—	$	602.6	$	—
Equity-related derivative instruments	179.2		—		—		179.2
Foreign currency forward and option contracts	41.8		—		41.8		—
Other	0.2		—		0.2		—
Total derivative instruments	823.8		—		644.6		179.2
Investments:
SMAs	1,094.5		303.4		791.1		—
Other investments	3,183.8		1,800.7		0.1		1,383.0
Total investments	4,278.3		2,104.1		791.2		1,383.0
Total assets	$	5,102.1	$	2,104.1	$	1,435.8	$	1,562.2

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,132.9	$	—	$	1,132.9	$	—
Equity-related derivative instruments	26.2		—		—		26.2
Foreign currency forward and option contracts	12.1		—		12.1		—



Total liabilities	$	1,171.2	$	—	$	1,145.0	$	26.2


			Fair value measurements at December 31, 2023 using:
Description	December 31, 2023		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	943.1	$	—	$	943.1	$	—
Equity-related derivative instruments	310.7		—		—		310.7
Foreign currency forward and option contracts	2.9		—		2.9		—
Other	0.2		—		0.2		—
Total derivative instruments	1,256.9		—		946.2		310.7
Investments:
SMAs	2,276.1		483.7		1,792.4		—
Other investments	3,122.9		1,559.7		0.1		1,563.1
Total investments	5,399.0		2,043.4		1,792.5		1,563.1
Total assets	$	6,655.9	$	2,043.4	$	2,738.7	$	1,873.8

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,318.4	$	—	$	1,318.4	$	—
Equity-related derivative instruments	47.4		—		—		47.4
Foreign currency forward and option contracts	14.0		—		14.0		—



Total liabilities	$	1,379.8	$	—	$	1,332.4	$	47.4

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:


	Investments		Equity-related derivative instruments		Total
	in millions

Balance of net assets at January 1, 2024	$	1,563.1	$	263.3	$	1,826.4
Losses included in net loss (a):
Realized and unrealized losses on derivative instruments, net	—		(110.7)		(110.7)
Realized and unrealized losses due to changes in fair values of certain investments, net	(239.0)		—		(239.0)


Additions	66.1		—		66.1
Dispositions	(18.3)		—		(18.3)

Foreign currency translation adjustments and other, net	11.1		0.4		11.5
Balance of net assets at September 30, 2024 (b)	$	1,383.0	$	153.0	$	1,536.0

_______________

(a)With the exception of a $75.8 million loss related to the sale of our investment in Lacework, amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of September 30, 2024.

(b)As of September 30, 2024, $396.6 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Segment Reporting (Revenue by Major Category) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,935.2	$ 1,854.5	$ 5,754.0	$ 5,570.9
Total residential fixed revenue
Segment Reporting Information [Line Items]
Revenue	747.2	771.7	2,219.8	2,257.6
Total subscription revenue
Segment Reporting Information [Line Items]
Revenue	735.6	753.4	2,180.3	2,206.8
Broadband internet
Segment Reporting Information [Line Items]
Revenue	385.9	385.6	1,143.5	1,111.0
Video
Segment Reporting Information [Line Items]
Revenue	268.4	276.6	791.3	822.5
Fixed-line telephony
Segment Reporting Information [Line Items]
Revenue	81.3	91.2	245.5	273.3
Non-subscription revenue
Segment Reporting Information [Line Items]
Revenue	11.6	18.3	39.5	50.8
Total residential revenue
Segment Reporting Information [Line Items]
Revenue	1,267.0	1,292.9	3,751.0	3,765.3
Total residential mobile revenue
Segment Reporting Information [Line Items]
Revenue	519.8	521.2	1,531.2	1,507.7
Subscription revenue
Segment Reporting Information [Line Items]
Revenue	391.1	396.9	1,137.2	1,122.8
Non-subscription revenue
Segment Reporting Information [Line Items]
Revenue	128.7	124.3	394.0	384.9
Total B2B revenue
Segment Reporting Information [Line Items]
Revenue	395.0	379.4	1,147.0	1,107.8
Subscription revenue
Segment Reporting Information [Line Items]
Revenue	148.1	144.6	435.1	418.9
Non-subscription revenue
Segment Reporting Information [Line Items]
Revenue	246.9	234.8	711.9	688.9
Other revenue
Segment Reporting Information [Line Items]
Revenue	$ 273.2	$ 182.2	$ 856.0	$ 697.8

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting, Measurement Disclosures [Abstract]

Segment Reporting

We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our revenue, Adjusted EBITDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted EBITDA represents 10% or more of our total assets, revenue or Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and Adjusted EBITDA. The significant accounting policies of our reportable segments are the same as those described in note 3 to the consolidated financial statements included in our 2023 10-K. In addition, we review non-financial measures such as customer growth, as appropriate.

Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, “Adjusted EBITDA” is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total consolidated reportable segment Adjusted EBITDA to earnings (loss) before income taxes is presented below.

As of September 30, 2024, our reportable segments are as follows:

Consolidated:

•Sunrise

•Telenet

•VM Ireland

•Central and Other

Nonconsolidated:

•VMO2 JV

•VodafoneZiggo JV

Our Sunrise, Telenet and VM Ireland reportable segments derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services.

Our “Central and Other” reportable segment primarily includes (i) revenue associated with services provided to the VMO2 JV, the VodafoneZiggo JV and various third parties related to service agreements, (ii) sales of CPE to the VMO2 JV and the VodafoneZiggo JV, (iii) certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (iv) our operations in Slovakia.

Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments and, beginning in 2024, the VMO2 JV (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments and the VMO2 JV capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.

During the second quarter of 2023, we determined to market and sell certain of our internally-developed software to third parties. As a result of these strategic and operational changes, from May 2023, proceeds from the licensing and related sale of products from this internally-developed software (including proceeds generated from our arrangements with the VMO2 JV and the VodafoneZiggo JV) were applied against the net book value of our existing internally-developed capitalized software. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero, after which time we began recognizing revenue for such licensing and related sale of products. Further, from May 2023, we expense the costs of development of such software due to the fact that it is able to be externally marketed to third parties. During the three and nine months ended September 30, 2023, revenue within Central and Other was reduced by $61.5 million and $92.2 million, respectively, including $33.8 million and $49.5 million, respectively, from the VMO2 JV and $19.9 million and $29.7 million, respectively, from the VodafoneZiggo JV, as a result of this change and the associated accounting treatment.

Performance Measures of Our Reportable Segments

The amounts presented below represent 100% of each of our consolidated and nonconsolidated reportable segment’s revenue and Adjusted EBITDA, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interest in both the VMO2 JV and the VodafoneZiggo JV as an equity method investment and as such, our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our condensed consolidated statements of operations. The noncontrolling owners’ interests in the operating results of Telenet, prior to the Telenet Takeover Bid, and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.


	Revenue
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Sunrise	$	865.7	$	859.3	$	2,535.5	$	2,482.9
Telenet	785.2		775.2		2,302.9		2,296.7
VM Ireland	119.8		125.5		362.8		372.4
Central and Other (a)	229.3		164.3		754.3		615.0
Total consolidated reportable segment revenue	2,000.0		1,924.3		5,955.5		5,767.0
Intersegment eliminations (b)	(64.8)		(69.8)		(201.5)		(196.1)
Total consolidated revenue (c)	$	1,935.2	$	1,854.5	$	5,754.0	$	5,570.9

VMO2 JV	$	3,512.7	$	3,503.8	$	10,170.9	$	10,058.0
VodafoneZiggo JV	$	1,131.1	$	1,125.2	$	3,336.7	$	3,297.0

______________

(a)Amounts include services agreements revenue from the VMO2 JV ($90.8 million, $34.2 million, $294.3 million and $155.4 million, respectively) and the VodafoneZiggo JV ($42.5 million, $37.3 million, $164.2 million and $157.8 million, respectively), our nonconsolidated reportable segments, as further described in note 5. The remaining revenue is derived from other consolidated reportable segments, which is disclosed as intersegment eliminations pursuant to footnote (b), external parties and other affiliates.

(b)Amounts primarily relate to revenue recognized within Central and Other from other consolidated reportable segments associated with the Tech Framework.

(c)Total consolidated revenue does not include the revenue of our nonconsolidated reportable segments, which are separately shown below.


	Adjusted EBITDA
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Sunrise	$	318.9	$	311.0	$	886.2	$	861.1
Telenet	360.9		339.8		981.2		988.7
VM Ireland	41.4		45.9		127.1		134.7
Central and Other (a)	(37.4)		(83.6)		(94.2)		(115.3)
Total consolidated reportable segment Adjusted EBITDA	683.8		613.1		1,900.3		1,869.2
Less: consolidated intersegment eliminations (b)	(15.5)		(15.4)		(45.9)		(45.6)
Total consolidated Adjusted EBITDA (c)	$	668.3	$	597.7	$	1,854.4	$	1,823.6

VMO2 JV	$	1,170.9	$	1,170.9	$	3,376.9	$	3,335.6
VodafoneZiggo JV	$	527.8	$	518.3	$	1,565.5	$	1,474.7

_______________

(a)Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.

(b)Amounts relate to the Adjusted EBITDA impact within Central and Other related to the Tech Framework.

(c)Total consolidated Adjusted EBITDA does not include the Adjusted EBITDA of our nonconsolidated reportable segments, which are separately shown below.

The following table provides a reconciliation of total consolidated reportable segment Adjusted EBITDA to earnings (loss) before income taxes:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Total consolidated reportable segment Adjusted EBITDA	$	683.8	$	613.1	$	1,900.3	$	1,869.2
Intersegment eliminations	(15.5)		(15.4)		(45.9)		(45.6)
Share-based compensation expense	(52.9)		(54.8)		(147.0)		(174.4)
Depreciation and amortization	(500.6)		(584.0)		(1,512.7)		(1,681.8)
Impairment, restructuring and other operating items, net	(13.5)		13.7		(51.7)		(6.6)
Operating income (loss)	101.3		(27.4)		143.0		(39.2)

Interest expense	(251.2)		(241.4)		(756.2)		(656.0)
Realized and unrealized gains (losses) on derivative instruments, net	(566.8)		177.1		67.0		193.8
Foreign currency transaction gains (losses), net	(578.3)		664.4		(280.3)		417.9
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net	(45.9)		71.5		38.9		(344.8)
Share of results of affiliates, net	(133.0)		(240.8)		(166.6)		(341.1)
Gain on sale of All3Media	—		—		242.9		—
Gain associated with the Telenet Wyre Transaction	—		377.8		—		377.8
Other income, net	63.9		39.8		191.1		159.5
Earnings (loss) before income taxes	$	(1,410.0)	$	821.0	$	(520.2)	$	(232.1)

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively.


	Nine months ended September 30,
	2024		2023
	in millions

Sunrise	$	418.4	$	406.8
Telenet	611.5		512.1
VM Ireland	125.3		128.0
Central and Other (a)	16.1		106.4
Total consolidated reportable segment property and equipment additions	1,171.3		1,153.3
Intersegment eliminations (b)	(45.9)		(45.6)
Total consolidated property and equipment additions (c)	1,125.4		1,107.7
Assets acquired under capital-related vendor financing arrangements	(98.8)		(129.9)
Assets acquired under finance leases	(0.6)		(20.8)
Changes in current liabilities related to capital expenditures	(38.8)		59.2
Total capital expenditures, net	$	987.2	$	1,016.2

Property and equipment additions:
VMO2 JV	$	1,959.6	$	1,949.1
VodafoneZiggo JV	$	715.3	$	737.8

_______________

(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software during the second quarter of 2023, (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments and (iii) property and equipment additions of our operations in Slovakia.

(b)Amounts reflect the charge under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

(c)Total consolidated property and equipment additions do not include the property and equipment additions of our nonconsolidated reportable segments, which are separately shown below.

Revenue by Major Category

Our revenue by major category for our consolidated reportable segments is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet	$	385.9	$	385.6	$	1,143.5	$	1,111.0
Video	268.4		276.6		791.3		822.5
Fixed-line telephony	81.3		91.2		245.5		273.3
Total subscription revenue	735.6		753.4		2,180.3		2,206.8
Non-subscription revenue	11.6		18.3		39.5		50.8
Total residential fixed revenue	747.2		771.7		2,219.8		2,257.6
Residential mobile revenue (c):
Subscription revenue (b)	391.1		396.9		1,137.2		1,122.8
Non-subscription revenue	128.7		124.3		394.0		384.9
Total residential mobile revenue	519.8		521.2		1,531.2		1,507.7
Total residential revenue	1,267.0		1,292.9		3,751.0		3,765.3
B2B revenue (d):
Subscription revenue	148.1		144.6		435.1		418.9
Non-subscription revenue	246.9		234.8		711.9		688.9
Total B2B revenue	395.0		379.4		1,147.0		1,107.8
Other revenue (e)	273.2		182.2		856.0		697.8
Total	$	1,935.2	$	1,854.5	$	5,754.0	$	5,570.9

_______________

(a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d)B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large

enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

(e)Other revenue includes, among other items, (i) broadcasting revenue at Telenet, VM Ireland and Sunrise, (ii) revenue earned from the U.K. JV Services and NL JV Services and (iii) revenue earned from the sale of CPE to the VMO2 JV and VodafoneZiggo JV.

Geographic Segments

The revenue of our geographic segments is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Switzerland	$	865.7	$	859.3	$	2,535.5	$	2,482.9
Belgium	746.3		743.1		2,185.2		2,190.8
Ireland	119.8		125.5		362.8		372.4
Slovakia	12.9		12.8		38.4		39.2
Other, including intersegment eliminations (a)	190.5		113.8		632.1		485.6
Total	$	1,935.2	$	1,854.5	$	5,754.0	$	5,570.9

VMO2 JV (U.K.)	$	3,512.7	$	3,503.8	$	10,170.9	$	10,058.0
VodafoneZiggo JV (Netherlands)	$	1,131.1	$	1,125.2	$	3,336.7	$	3,297.0

______________

(a)Revenue from our other geographic segments relates to (i) our Central functions, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Derivative Instruments (Basis Swaps, Interest Rate Caps and Collars) (Details) - Basis Swaps $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Sunrise Holding
Derivative [Line Items]
Weighted average remaining life	7 months 6 days
Telenet
Derivative [Line Items]
Weighted average remaining life	7 months 6 days
VM Ireland
Derivative [Line Items]
Weighted average remaining life	3 months 18 days
Notional amount due from counterparty \| Sunrise Holding
Derivative [Line Items]
Notional amount due from counterparty	$ 3,635.6
Notional amount due from counterparty \| Telenet
Derivative [Line Items]
Notional amount due from counterparty	3,532.5
Notional amount due from counterparty \| VM Ireland
Derivative [Line Items]
Notional amount due from counterparty	$ 1,003.4

Long-lived Assets (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Value added tax, vendor financing arrangement	$ 10.9	$ 14.8
Vendor financing
Property, Plant and Equipment [Line Items]
Capital-related vendor financing additions	$ 98.8

Earnings (Loss) per Share (Net Earnings (Loss) From Continuing Operations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net earnings (loss)	$ (1,410.9)	$ 822.7	$ (608.7)	$ (402.1)
Net earnings attributable to noncontrolling interests	(23.2)	(163.5)	(47.3)	(159.7)
Net earnings (loss) attributable to Liberty Global shareholders	$ (1,434.1)	$ 659.2	$ (656.0)	$ (561.8)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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- Definition

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) $ in Millions	Total	Telenet Wyre Transaction	Telenet	Total Liberty Global shareholders	Total Liberty Global shareholders Telenet Wyre Transaction	Total Liberty Global shareholders Telenet	Common shares Class A	Common shares Class B	Common shares Class C	Additional paid-in capital	Additional paid-in capital Telenet Wyre Transaction	Additional paid-in capital Telenet	Accumulated earnings	Accumulated other comprehensive earnings, net of taxes	Treasury shares, at cost	Non-controlling interests	Non-controlling interests Telenet Wyre Transaction	Non-controlling interests Telenet
Beginning balance at Dec. 31, 2022	$ 22,573.4			$ 22,436.4			$ 1.8	$ 0.1	$ 2.7	$ 2,300.8			$ 19,617.7	$ 513.4	$ (0.1)	$ 137.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(713.5)			(721.4)									(721.4)			7.9
Other comprehensive earnings (loss), net of taxes	697.6			697.1										697.1		0.5
Repurchases and cancellations of Liberty Global common shares (note 12)	(236.8)			(236.8)					(0.1)	(236.7)
Share-based compensation (note 13)	34.9			34.9						34.9
Adjustments due to changes in subsidiaries’ equity and other, net	13.9			12.2						12.2						1.7
Ending balance at Mar. 31, 2023	22,369.5			22,222.4			1.8	0.1	2.6	2,111.2			18,896.3	1,210.5	(0.1)	147.1
Beginning balance at Dec. 31, 2022	22,573.4			22,436.4			1.8	0.1	2.7	2,300.8			19,617.7	513.4	(0.1)	137.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(402.1)
Other comprehensive earnings (loss), net of taxes	(298.8)
Ending balance at Sep. 30, 2023	20,847.6			20,921.3			1.8	0.1	2.2	1,646.2			19,055.9	215.2	(0.1)	(73.7)
Beginning balance at Mar. 31, 2023	22,369.5			22,222.4			1.8	0.1	2.6	2,111.2			18,896.3	1,210.5	(0.1)	147.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(511.3)			(499.6)									(499.6)			(11.7)
Other comprehensive earnings (loss), net of taxes	490.2			490.1										490.1		0.1
Repurchases and cancellations of Liberty Global common shares (note 12)	(388.7)			(388.7)					(0.1)	(388.6)
Share-based compensation (note 13)	61.9			61.9						61.9
Dividend distributions by subsidiaries to non-controlling interest owners	(47.3)															(47.3)
Adjustments due to changes in subsidiaries’ equity and other, net	(33.6)			(29.9)						(29.9)						(3.7)
Ending balance at Jun. 30, 2023	21,940.7			21,856.2			1.8	0.1	2.5	1,754.6			18,396.7	1,700.6	(0.1)	84.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	822.7			659.2									659.2			163.5
Other comprehensive earnings (loss), net of taxes	(1,486.6)			(1,485.4)										(1,485.4)		(1.2)
Impact of the business acquisition		$ 1,037.5			$ 708.8						$ 708.8						$ 328.7
Impact of the Telenet Takeover Bid			$ (992.9)			$ (340.7)						$ (340.7)						$ (652.2)
Repurchases and cancellations of Liberty Global common shares (note 12)	(523.7)			(523.7)					(0.3)	(523.4)
Share-based compensation (note 13)	47.8			47.8						47.8
Adjustments due to changes in subsidiaries’ equity and other, net	2.1			(0.9)						(0.9)			0.0			3.0
Ending balance at Sep. 30, 2023	20,847.6			20,921.3			1.8	0.1	2.2	1,646.2			19,055.9	215.2	(0.1)	(73.7)
Beginning balance at Dec. 31, 2023	19,007.4			19,062.6			1.7	0.1	2.0	1,322.6			15,566.0	2,170.3	(0.1)	(55.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	527.0			510.0									510.0			17.0
Other comprehensive earnings (loss), net of taxes	(1,026.4)			(1,027.0)										(1,027.0)		0.6
Repurchases and cancellations of Liberty Global common shares (note 12)	(170.5)			(170.5)					(0.1)	(170.4)
Share-based compensation (note 13)	35.4			35.4						35.4
Adjustments due to changes in subsidiaries’ equity and other, net	18.5			18.6						18.6						(0.1)
Ending balance at Mar. 31, 2024	18,391.4			18,429.1			1.7	0.1	1.9	1,206.2			16,076.0	1,143.3	(0.1)	(37.7)
Beginning balance at Dec. 31, 2023	19,007.4			19,062.6			1.7	0.1	2.0	1,322.6			15,566.0	2,170.3	(0.1)	(55.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(608.7)
Other comprehensive earnings (loss), net of taxes	649.1
Ending balance at Sep. 30, 2024	18,651.6			18,659.1			1.7	0.1	1.8	926.2			14,910.0	2,819.4	(0.1)	(7.5)
Beginning balance at Mar. 31, 2024	18,391.4			18,429.1			1.7	0.1	1.9	1,206.2			16,076.0	1,143.3	(0.1)	(37.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	275.2			268.1									268.1			7.1
Other comprehensive earnings (loss), net of taxes	(198.5)			(198.4)										(198.4)		(0.1)
Repurchases and cancellations of Liberty Global common shares (note 12)	(167.4)			(167.4)					0.0	(167.4)
Share-based compensation (note 13)	46.1			46.1						46.1
Adjustments due to changes in subsidiaries’ equity and other, net	(30.0)			(30.0)						(30.0)						0.0
Ending balance at Jun. 30, 2024	18,316.8			18,347.5			1.7	0.1	1.9	1,054.9			16,344.1	944.9	(0.1)	(30.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) earnings	(1,410.9)			(1,434.1)									(1,434.1)			23.2
Other comprehensive earnings (loss), net of taxes	1,874.0			1,874.5										1,874.5		(0.5)
Repurchases and cancellations of Liberty Global common shares (note 12)	(165.2)			(165.2)					(0.1)	(165.1)
Share-based compensation (note 13)	37.3			37.3						37.3
Adjustments due to changes in subsidiaries’ equity and other, net	(0.4)			(0.9)						(0.9)						0.5
Ending balance at Sep. 30, 2024	$ 18,651.6			$ 18,659.1			$ 1.7	$ 0.1	$ 1.8	$ 926.2			$ 14,910.0	$ 2,819.4	$ (0.1)	$ (7.5)

Share-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Liberty Global (a):
Non-performance based incentive awards (b)	$	40.9	$	45.2	$	105.2	$	127.8
Performance-based incentive awards (c)	5.9		—		13.3		—
Other (d)	6.1		6.3		24.0		23.9
Total Liberty Global	52.9		51.5		142.5		151.7
Other	—		3.3		4.5		22.7
Total	$	52.9	$	54.8	$	147.0	$	174.4
Included in:
Other operating expense	$	5.9	$	1.6	$	16.6	$	6.4
SG&A expense	47.0		53.2		130.4		168.0
Total	$	52.9	$	54.8	$	147.0	$	174.4

_______________

(a)The 2024 amounts include share-based compensation expense related to certain Telenet Replacement Awards.

(b)In April 2023, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding share appreciation rights (SARs) and director options granted in 2016 through 2018 from a seven-year term to a ten-year term. Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $27.1 million during the second quarter of 2023.

(c)The 2024 amounts include share-based compensation expense related to the 2024 PSUs, as defined and described below.

(d)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash.

The following table provides the aggregate number of options, SARs and performance-based share appreciation rights (PSARs) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of September 30, 2024:


	Class A			Class C
	Gross number of shares underlying option, SAR and PSAR awards (a)	Weighted average exercise or base price		Gross number of shares underlying option, SAR and PSAR awards (a)	Weighted average exercise or base price

Held by Liberty Global employees:
Outstanding	26,287,357	$	24.40	58,072,571	$	24.38
Exercisable	20,090,708	$	26.43	46,907,609	$	25.68

Held by former Liberty Global employees (b):
Outstanding	747,931	$	33.32	1,453,922	$	32.80
Exercisable	727,565	$	33.75	1,425,478	$	33.07

_______________

(a)Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding.

(b)Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding common shares.

The following table provides the aggregate number of restricted share units (RSUs) and performance-based restricted share units (PSUs) that were outstanding as of September 30, 2024. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding.


	Class A	Class C

Held by Liberty Global employees:
RSUs	2,972,588	4,840,745
PSUs	1,236,057	1,831,419
Held by former Liberty Global employees (a):
RSUs	9,629	13,813
PSUs	2,472	2,472

_______________

(a)Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. The future vesting of these RSUs and PSUs will increase the number of our outstanding common shares.

2024 PSUs

In May 2024, the compensation committee of our board of directors approved the grant of PSUs to executive officers and other key employees (the 2024 PSUs). The performance metric for the 2024 PSUs is based on Liberty Global’s relative total shareholder return (rTSR) during the performance period commencing May 10, 2024 and ending December 31, 2026, calculated based on a comparison of Liberty Global’s total shareholder return (TSR) compared to the TSR of a comparator group of companies, which comprises all companies continuously listed in the NASDAQ Telecommunications Index or the Stoxx Europe 600 Telecom Index during the performance period. The market condition related to Liberty Global’s rTSR performance relative to the comparator group of companies is incorporated into the measurement of the grant date fair value of the award. The 2024 PSUs include over- and under-performance payout opportunities should the rTSR exceed or fail to meet the target, as applicable. Achieving an rTSR between the 25th percentile to at or above the 75th percentile will generally result in award recipients earning 25% to 200% of their target 2024 PSUs, subject to forfeitures. The 2024 PSUs have a maximum payout of 100% should the TSR be negative. In addition, 50% of the 2024 PSUs will be earned if Liberty Global’s rTSR is equal to or greater than the median TSR for the comparator group of companies as of December 31, 2025. The earned 2024 PSUs will fully vest on or around February 15, 2027.

Derivative Instruments (Impact of Derivative Instruments on Borrowing Costs) (Details)	Sep. 30, 2024
Derivative [Line Items]
Impact of derivative instruments on borrowing costs	(2.92%)
Sunrise Holding
Derivative [Line Items]
Impact of derivative instruments on borrowing costs	(3.29%)
VM Ireland
Derivative [Line Items]
Impact of derivative instruments on borrowing costs	(3.06%)
Telenet
Derivative [Line Items]
Impact of derivative instruments on borrowing costs	(2.48%)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Expense) Reconciliation

Income tax benefit (expense) attributable to our earnings (loss) before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Computed “expected” tax benefit (expense) (a)	$	352.6	$	(193.0)	$	130.1	$	54.5
Non-deductible or non-taxable interest and other items	(26.0)		(33.3)		(126.5)		(108.0)
Non-deductible or non-taxable foreign currency exchange results	(269.3)		197.5		(55.6)		82.9
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b)	(87.0)		78.8		(40.8)		(1.7)
International rate differences (c)	(4.0)		(6.8)		(15.9)		(11.0)
Change in valuation allowances	39.5		(39.5)		10.9		(200.8)
Tax benefit associated with technology innovation	2.8		5.9		6.9		12.1
Other, net	(9.5)		(7.9)		2.4		2.0
Total income tax benefit (expense)	$	(0.9)	$	1.7	$	(88.5)	$	(170.0)

_______________

(a)The statutory or “expected” tax rates are the U.K. rates of 25.0% for the 2024 periods and 23.5% for the 2023 periods. The statutory rate for the 2023 periods represents the blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate in effect from April 1, 2023. Although we are domiciled in Bermuda, we use the U.K. statutory rate to compute our “expected” tax benefit (expense) as management believes it is more meaningful.

(b)Amounts reflect the net impact of differences in the treatment of income and loss items between financial and tax accounting related to investments in subsidiaries and affiliates, including the effects of foreign earnings. The 2023 amounts also include the non-taxable gain associated with the Telenet Wyre Transaction.

(c)Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K.

Debt (Vendor Financing Obligations) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Vendor Financing Obligation [Roll Forward]
Balance at January 1	$ 15,857.6
Principal payments on operating-related vendor financing	(538.1)	$ (470.9)
Principal payments on capital-related vendor financing	(122.8)	(210.8)
Balance at September 30	15,950.2
Vendor financing
Vendor Financing Obligation [Roll Forward]
Balance at January 1	768.7	704.7
Operating-related vendor financing additions	579.4	444.5
Capital-related vendor financing additions	109.7	129.9
Principal payments on operating-related vendor financing	(538.1)	(470.9)
Principal payments on capital-related vendor financing	(122.8)	(210.8)
Foreign currency and other	9.2	13.8
Balance at September 30	$ 806.1	$ 611.2

Debt ( Component of Debt-Footnotes) (Details)	1 Months Ended		9 Months Ended
Debt ( Component of Debt-Footnotes) (Details)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Feb. 29, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate			5.76%		5.76%
Available to borrow, upon completion of the relevant compliance reporting requirements			$ 1,585,300,000
Repayment of debt			9,200,000	$ 22,300,000
Deferred liabilities			430,600,000				$ 430,800,000
Long-term Debt
Debt Instrument [Line Items]
Estimated fair value			$ 15,700,000,000				$ 15,500,000,000
Aggregate Variable and Fixed Rate Indebtedness
Debt Instrument [Line Items]
Weighted average interest rate			3.44%		3.44%
Sunrise Holding Bank Facility
Debt Instrument [Line Items]
Weighted average interest rate			7.16%		7.16%
Available to borrow, upon completion of the relevant compliance reporting requirements			$ 788,200,000		€ 707,000,000.0
Sunrise Holding Bank Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Available to borrow			788,200,000		707,000,000.0
Available to borrow, upon completion of the relevant compliance reporting requirements			788,200,000		707,000,000.0
Available to loan or distribute			788,200,000		707,000,000.0
Sunrise Holding Bank Facility \| Debt Covenant, Scenario 1 \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			788,200,000		707,000,000.0
Available to loan or distribute			788,200,000		707,000,000.0
Sunrise Holding Revolving Facility B
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			777,100,000		697,000,000.0
Maximum borrowing capacity			802,700,000		720,000,000.0
Sunrise Holding Revolving Facility A
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements	$ 66,900,000		$ 11,100,000		10,000,000.0	€ 60,000,000.0
Maximum borrowing capacity \| €					€ 10,000,000.0
Telenet Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate			6.46%		6.46%
Telenet Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Available to borrow			$ 685,600,000		€ 615,000,000.0
Available to borrow, upon completion of the relevant compliance reporting requirements			685,600,000		615,000,000.0
Available to loan or distribute			685,600,000		615,000,000.0
Telenet Credit Facility \| Debt Covenant, Scenario 1 \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			685,600,000		615,000,000.0
Available to loan or distribute			$ 685,600,000		€ 615,000,000.0
VM Ireland Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate			6.93%		6.93%
Available to borrow, upon completion of the relevant compliance reporting requirements			$ 111,500,000		€ 100,000,000.0
VM Ireland Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Available to borrow			111,500,000		100,000,000.0
Available to borrow, upon completion of the relevant compliance reporting requirements			111,500,000		100,000,000.0
Available to loan or distribute			111,500,000		100,000,000.0
VM Ireland Credit Facility \| Debt Covenant, Scenario 1 \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			111,500,000		100,000,000.0
Available to loan or distribute			111,500,000		100,000,000.0
Sunrise Holding Revolving Facility Auxillary
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			25,600,000		23,000,000.0
Maximum borrowing capacity \| €						60,000,000.0
Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Repayment of debt	20,100,000	€ 18,000,000.0
Sunrise Holding Revolving Facility One
Debt Instrument [Line Items]
Maximum borrowing capacity	813,800,000					730,000,000.0
Sunrise Holding Revolving Facility B, Auxillary
Debt Instrument [Line Items]
Maximum borrowing capacity \| €					60,000,000.0
Telenet Revolving Credit Facility B
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			635,400,000		570,000,000.0
Telenet Overdraft Facility
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			27,900,000		25,000,000.0
Telenet Revolving Facility
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements			$ 22,300,000		€ 20,000,000.0
Telenet Revolving Credit Facility A
Debt Instrument [Line Items]
Available to borrow, upon completion of the relevant compliance reporting requirements	$ 33,400,000					€ 30,000,000.0
Vendor financing
Debt Instrument [Line Items]
Weighted average interest rate			4.40%		4.40%
Operating-related vendor financing additions			$ 579,400,000	$ 444,500,000

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:


	September 30, 2024		December 31, 2023
	in millions

ROU assets:
Operating leases (a)	$	2,383.3	$	1,761.8
Finance leases (b)	55.1		57.9
Total ROU assets	$	2,438.4	$	1,819.7

Lease liabilities:
Operating leases (c)	$	2,187.9	$	1,803.9
Finance leases (d)	52.4		58.0
Total lease liabilities	$	2,240.3	$	1,861.9

_______________

(a)At September 30, 2024, the weighted average remaining lease term for operating leases was 12.8 years and the weighted average discount rate was 5.2%. During the nine months ended September 30, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $137.3 million and $38.0 million, respectively.

(b)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At September 30, 2024, the weighted average remaining lease term for finance leases was 11.2 years and the weighted average discount rate was 5.0%. During the nine months ended September 30, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $0.6 million and $20.8 million, respectively.

(c)The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets.

(d)The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets.

A summary of our aggregate lease expense is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Finance lease expense:
Depreciation and amortization	$	1.9	$	3.1	$	6.2	$	32.4
Interest expense (a)	0.6		0.6		1.8		1.5
Total finance lease expense	2.5		3.7		8.0		33.9
Operating lease expense (b)	74.1		50.5		207.5		170.2
Short-term lease expense (b)	0.9		1.1		2.1		3.2
Variable lease expense (c)	0.3		0.4		1.0		1.1
Total lease expense	$	77.8	$	55.7	$	218.6	$	208.4

_______________

(a)Amounts for the 2023 periods include the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

(b)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

(c)Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below:




	Nine months ended September 30,
	2024		2023
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	228.7	$	163.9
Operating cash outflows from finance leases (interest component)	1.8		1.5
Financing cash outflows from finance leases (principal component)	8.4		25.3
Total cash outflows from operating and finance leases	$	238.9	$	190.7

Maturities of our operating and finance lease liabilities as of September 30, 2024 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2024 exchange rates.


	Operating leases		Finance leases
	in millions

Year ending December 31:
2024 (remainder of year)	$	69.0	$	3.2
2025	292.4		10.7
2026	272.9		8.5
2027	261.3		7.5
2028	250.1		4.8
2029	240.6		3.4
Thereafter	1,649.0		30.1
Total payments	3,035.3		68.2
Less: present value discount	(847.4)		(15.8)
Present value of lease payments	$	2,187.9	$	52.4
Current portion	$	187.0	$	8.5
Long-term portion	$	2,000.9	$	43.9

Leases

General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:


	September 30, 2024		December 31, 2023
	in millions

ROU assets:
Operating leases (a)	$	2,383.3	$	1,761.8
Finance leases (b)	55.1		57.9
Total ROU assets	$	2,438.4	$	1,819.7

Lease liabilities:
Operating leases (c)	$	2,187.9	$	1,803.9
Finance leases (d)	52.4		58.0
Total lease liabilities	$	2,240.3	$	1,861.9

_______________

(c)The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets.

A summary of our aggregate lease expense is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Finance lease expense:
Depreciation and amortization	$	1.9	$	3.1	$	6.2	$	32.4
Interest expense (a)	0.6		0.6		1.8		1.5
Total finance lease expense	2.5		3.7		8.0		33.9
Operating lease expense (b)	74.1		50.5		207.5		170.2
Short-term lease expense (b)	0.9		1.1		2.1		3.2
Variable lease expense (c)	0.3		0.4		1.0		1.1
Total lease expense	$	77.8	$	55.7	$	218.6	$	208.4

_______________

(a)Amounts for the 2023 periods include the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

A summary of our cash outflows from operating and finance leases is set forth below:




	Nine months ended September 30,
	2024		2023
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	228.7	$	163.9
Operating cash outflows from finance leases (interest component)	1.8		1.5
Financing cash outflows from finance leases (principal component)	8.4		25.3
Total cash outflows from operating and finance leases	$	238.9	$	190.7

Maturities of our operating and finance lease liabilities as of September 30, 2024 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2024 exchange rates.


	Operating leases		Finance leases
	in millions

Year ending December 31:
2024 (remainder of year)	$	69.0	$	3.2
2025	292.4		10.7
2026	272.9		8.5
2027	261.3		7.5
2028	250.1		4.8
2029	240.6		3.4
Thereafter	1,649.0		30.1
Total payments	3,035.3		68.2
Less: present value discount	(847.4)		(15.8)
Present value of lease payments	$	2,187.9	$	52.4
Current portion	$	187.0	$	8.5
Long-term portion	$	2,000.9	$	43.9

Acquisitions (Details) € in Millions, $ in Millions					3 Months Ended		9 Months Ended
Acquisitions (Details) € in Millions, $ in Millions	Oct. 02, 2024 USD ($)	Oct. 02, 2024 EUR (€)	Jul. 01, 2023 USD ($)	Jul. 01, 2023 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 02, 2024 EUR (€)
Business Acquisition [Line Items]
Annual payment period			6 years	6 years
Gain associated with the Telenet Wyre Transaction (note 4)					$ 0.0	$ 377.8	$ 0.0	$ 377.8
NetCo \| Telenet
Business Acquisition [Line Items]
Percentage of ownership interest			66.80%	66.80%
NetCo \| Fluvius
Business Acquisition [Line Items]
Percentage of ownership interest			33.20%	33.20%
Warner Bros. Discovery, Inc. \| Subsequent Event
Business Acquisition [Line Items]
Ownership interest acquired	65.60%								65.60%
Consideration transferred	$ 165.7	€ 150.0
Total purchase price	607.5								€ 550.0
Business combination, acquired	$ 55.7								€ 50.0
Telenet Wyre Transaction \| Telenet
Business Acquisition [Line Items]
Consideration transferred			$ 2,021.2	€ 1,851.2
Annual payment amount			$ 22.3	€ 20.0

Debt (General Information) and (Financing Transactions) (Details) $ in Billions	Oct. 31, 2024 USD ($)	Sep. 30, 2024 subsidiary group
Debt Instrument [Line Items]
Number of subsidiaries with the most outstanding debt \| subsidiary		1
Number of borrowing groups \| group		3
Subsequent Event \| Sunrise Holding Bank Facility
Debt Instrument [Line Items]
Repurchase amount \| $	$ 1.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Topic 835
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Derivative Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

In general, we enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt, (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, and (iii) decreases in the market prices of certain publicly-traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure primarily with respect to the U.S. dollar ($), the euro (€), the British pound sterling (£) and the Swiss franc (CHF). Generally, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations.

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	September 30, 2024						December 31, 2023
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	357.8	$	244.8	$	602.6	$	515.6	$	427.5	$	943.1
Equity-related derivative instruments (c)	—		179.2		179.2		—		310.7		310.7
Foreign currency forward and option contracts	41.7		0.1		41.8		2.3		0.6		2.9
Other	0.2		—		0.2		0.2		—		0.2
Total	$	399.7	$	424.1	$	823.8	$	518.1	$	738.8	$	1,256.9

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	420.9	$	712.0	$	1,132.9	$	369.9	$	948.5	$	1,318.4
Equity-related derivative instruments (c)	26.2		—		26.2		47.4		—		47.4
Foreign currency forward and option contracts	12.1		—		12.1		9.5		4.5		14.0

Total	$	459.2	$	712.0	$	1,171.2	$	426.8	$	953.0	$	1,379.8

_______________

(a)Our long-term derivative assets and long-term derivative liabilities are included in other assets, net, and other long-term liabilities, respectively, on our condensed consolidated balance sheets.

(b)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our subsidiary borrowing groups (as defined and described in note 9). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of $0.4 million and ($6.9 million) during the three months ended September 30, 2024 and 2023, respectively, and ($41.1 million) and $15.3 million during the nine months ended September 30, 2024 and 2023, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 7.

(c)Our equity-related derivative instruments include the Vodafone Collar. The fair value of the Vodafone Collar does not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of

nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Cross-currency and interest rate derivative contracts	$	(539.5)	$	195.1	$	137.5	$	38.8
Equity-related derivative instruments	(62.6)		(22.0)		(110.7)		145.0
Foreign currency forward and option contracts	37.4		4.0		42.3		10.0
Other	(2.1)		—		(2.1)		—
Total	$	(566.8)	$	177.1	$	67.0	$	193.8

The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. The following table sets forth the classification of the net cash inflows of our derivative instruments:


	Nine months ended September 30,
	2024		2023
	in millions

Operating activities	$	280.8	$	241.2
Investing activities	—		2.1
Financing activities	17.2		(62.5)
Total	$	298.0	$	180.8

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions, however notwithstanding, given the size of our derivative portfolio, the default of certain counterparties could have a significant impact on our consolidated statements of operations. Collateral is generally not posted by either party under our derivative instruments. At September 30, 2024, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $121.5 million.

Details of our Derivative Instruments

Cross-currency Swap Contracts

We generally match the denomination of our subsidiaries’ borrowings with the functional currency of the supporting operations or, when it is more cost effective, we provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At September 30, 2024, substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at September 30, 2024:


	Notional amount due from counterparty		Notional amount due to counterparty			Weighted average remaining life
	in millions					in years





Sunrise Holding	$	250.0	€	220.6		1.0
	$	4,275.0	CHF	3,912.7	(a)	4.0
	€	1,952.6	CHF	2,176.5		2.5








Telenet	$	3,345.0	€	2,969.5	(a)	2.8
	€	45.2	$	50.0	(b)	0.3

_______________

(a)Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to September 30, 2024. These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

(b)Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts.

Interest Rate Swap Contracts

The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at September 30, 2024:


			Pays fixed rate					Receives fixed rate
			Notional amount		Weighted average remaining life			Notional amount		Weighted average remaining life
			in millions		in years			in millions		in years



Sunrise Holding	$	3,649.8	(a)	1.8		$	3,368.9		1.9

Telenet	$	3,769.6	(a)	3.7		$	301.0		0.3

_______________

(a)Includes forward-starting derivative instruments.

Interest Rate Swap Options

We have entered into various interest rate swap options (swaptions), which give either us or the bank the right, but not the obligation, to enter into certain interest rate swap contracts at set dates in the future, with each such contract having a life of no more than five years. At the transaction date, where we have bought the swaption, the strike rate of the contract was above the corresponding market rate. Where the bank has bought the swaption, the strike rate was below the corresponding market rate. The following table sets forth certain information regarding our swaptions at September 30, 2024:


	Notional amount		Underlying swap currency	Weighted average option expiration period (a)	Weighted average strike rate (b)
	in millions			in years

Telenet:
Buy position	$	1,560.8	€	1.4	3.0%
Sell position	$	1,560.8	€	1.4	1.4%

_______________

(a)Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts.

(b)Represents the weighted average interest rate that we would pay if either we or our counterparties exercised our respective options to enter into the interest rate swap contracts.

Basis Swaps

Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at September 30, 2024:


	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years



Sunrise Holding	$	3,635.6	0.6

Telenet	$	3,532.5	0.6

VM Ireland	$	1,003.4	0.3

Interest Rate Caps, Floors and Collars

From time to time, we enter into interest rate cap, floor and collar agreements. Purchased interest rate caps and collars lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. Purchased interest rate floors protect us from interest rates falling below a certain level, generally to match a floating rate floor on a debt instrument. At September 30, 2024, we had no interest rate collar agreements, and the total U.S. dollar equivalents of the notional amounts of our purchased interest rate caps and floors were $1.3 billion and $4.5 billion, respectively.

Impact of Derivative Instruments on Borrowing Costs

The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:


	Decrease to borrowing costs at September 30, 2024 (a)


Sunrise Holding	(3.29)	%
VM Ireland	(3.06)	%
Telenet	(2.48)	%
Total decrease to borrowing costs	(2.92)	%

_______________

(a)Represents the effect of derivative instruments in effect at September 30, 2024 and does not include forward-starting derivative instruments or swaptions.

Foreign Currency Forwards and Options

Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of September 30, 2024, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $2.6 billion.

Derivative Instruments (Interest Rate Swap Contracts and Options) (Details) - Interest Rate Swap $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Telenet \| Long
Derivative [Line Items]
Notional amount	$ 1,560.8
Weighted average remaining life	1 year 4 months 24 days
Weighted average strike rate	3.00%
Telenet \| Short
Derivative [Line Items]
Notional amount	$ 1,560.8
Weighted average remaining life	1 year 4 months 24 days
Weighted average strike rate	1.40%
Pays fixed rate \| Sunrise Holding
Derivative [Line Items]
Notional amount	$ 3,649.8
Weighted average remaining life	1 year 9 months 18 days
Pays fixed rate \| Telenet
Derivative [Line Items]
Notional amount	$ 3,769.6
Weighted average remaining life	3 years 8 months 12 days
Receives fixed rate \| Sunrise Holding
Derivative [Line Items]
Notional amount	$ 3,368.9
Weighted average remaining life	1 year 10 months 24 days
Receives fixed rate \| Telenet
Derivative [Line Items]
Notional amount	$ 301.0
Weighted average remaining life	3 months 18 days

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:


			Fair value measurements at September 30, 2024 using:
Description	September 30, 2024		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	602.6	$	—	$	602.6	$	—
Equity-related derivative instruments	179.2		—		—		179.2
Foreign currency forward and option contracts	41.8		—		41.8		—
Other	0.2		—		0.2		—
Total derivative instruments	823.8		—		644.6		179.2
Investments:
SMAs	1,094.5		303.4		791.1		—
Other investments	3,183.8		1,800.7		0.1		1,383.0
Total investments	4,278.3		2,104.1		791.2		1,383.0
Total assets	$	5,102.1	$	2,104.1	$	1,435.8	$	1,562.2

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,132.9	$	—	$	1,132.9	$	—
Equity-related derivative instruments	26.2		—		—		26.2
Foreign currency forward and option contracts	12.1		—		12.1		—



Total liabilities	$	1,171.2	$	—	$	1,145.0	$	26.2


			Fair value measurements at December 31, 2023 using:
Description	December 31, 2023		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	in millions

Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	943.1	$	—	$	943.1	$	—
Equity-related derivative instruments	310.7		—		—		310.7
Foreign currency forward and option contracts	2.9		—		2.9		—
Other	0.2		—		0.2		—
Total derivative instruments	1,256.9		—		946.2		310.7
Investments:
SMAs	2,276.1		483.7		1,792.4		—
Other investments	3,122.9		1,559.7		0.1		1,563.1
Total investments	5,399.0		2,043.4		1,792.5		1,563.1
Total assets	$	6,655.9	$	2,043.4	$	2,738.7	$	1,873.8

Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,318.4	$	—	$	1,318.4	$	—
Equity-related derivative instruments	47.4		—		—		47.4
Foreign currency forward and option contracts	14.0		—		14.0		—



Total liabilities	$	1,379.8	$	—	$	1,332.4	$	47.4

Schedule of Reconciliation of the Beginning and Ending Balances of Assets and Liabilities Measured at Fair Value Using Significant Unobservable, or Level 3, Inputs

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:


	Investments		Equity-related derivative instruments		Total
	in millions

Balance of net assets at January 1, 2024	$	1,563.1	$	263.3	$	1,826.4
Losses included in net loss (a):
Realized and unrealized losses on derivative instruments, net	—		(110.7)		(110.7)
Realized and unrealized losses due to changes in fair values of certain investments, net	(239.0)		—		(239.0)


Additions	66.1		—		66.1
Dispositions	(18.3)		—		(18.3)

Foreign currency translation adjustments and other, net	11.1		0.4		11.5
Balance of net assets at September 30, 2024 (b)	$	1,383.0	$	153.0	$	1,536.0

_______________

(b)As of September 30, 2024, $396.6 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements and disclosures. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and is required to be applied on a retrospective basis. The adoption of ASU 2023-07 will result in additional segment disclosures beginning with our 2024 Annual Report on Form 10-K (our 2024 10-K) and interim reporting periods in calendar year 2025. ASU 2023-05 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations — Joint Venture Formations: Recognition and Initial Measurement (ASU 2023-05), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after January 1, 2025. We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements.
Revenue Recognition and Related Costs	Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $59.2 million and $58.0 million at September 30, 2024 and December 31, 2023, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $42.3 million and $45.8 million as of September 30, 2024 and December 31, 2023, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $274.7 million and $267.6 million as of September 30, 2024 and December 31, 2023, respectively. The increase in deferred revenue for the nine months ended September 30, 2024 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $224.5 million of revenue that was included in our deferred revenue balance at December 31, 2023. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $90.2 million and $84.1 million at September 30, 2024 and December 31, 2023, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $22.2 million and $63.7 million during the three and nine months ended September 30, 2024, respectively, and $20.7 million and $60.2 million during the three and nine months ended September 30, 2023, respectively, to operating costs and expenses related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts.
Leases	Leases General We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Liberty Global Ltd. (Liberty Global) is an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe. As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. (Virgin Media). On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation). The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. In these notes, except where context dictates otherwise, the terms “we”, “our”, “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its joint ventures. Our businesses provide residential and business-to-business (B2B) communications services in (i) Switzerland, which we refer to as “Sunrise”, and Slovakia through certain wholly-owned subsidiaries that we collectively refer to as “Sunrise Holding”, (ii) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “Telenet” and (iii) Ireland through another wholly-owned subsidiary (VM Ireland). In addition, we own 50% noncontrolling interests in (a) a 50:50 joint venture (the VMO2 JV) with Telefónica SA (Telefónica), which provides residential and B2B communications services in the United Kingdom (U.K.), and (b) a 50:50 joint venture (the VodafoneZiggo JV) with Vodafone Group plc (Vodafone), which provides residential and B2B communications services in the Netherlands. We also own (1) a 50% noncontrolling voting interest in a joint venture (the AtlasEdge JV), which is a leading European Edge data center platform, and (2) a 25% noncontrolling interest in a joint venture (the nexfibre JV), which is constructing a new fiber network in the U.K. outside of the existing footprint of the VMO2 JV. We have announced our intention to spin-off our operations at Sunrise and certain other Liberty Global subsidiaries connected to our Swiss business (together, the Sunrise Entities) in November 2024 (the Spin-off). The Spin-off was approved at a special meeting of Liberty Global shareholders held on October 25, 2024. In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 12), pursuant to which we increased our ownership interest in Telenet to 100%. Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2023 consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K, as amended (our 2023 10-K). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, lease terms, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Unless otherwise indicated, ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of September 30, 2024.

Commitments and Contingencies (Narrative) (Details) SFr in Millions, € in Billions	1 Months Ended				9 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 CHF (SFr)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 08, 2017 subsidiary	Nov. 26, 2007 association
Loss Contingencies [Line Items]
Programming costs					$ 401,700,000	$ 408,700,000
Percentage of amounts recovered					50.00%
Percentage of net present value, cost savings					50.00%
Percentage of legal and other third party, fees					50.00%
Deutsche Telekom Litigation
Loss Contingencies [Line Items]
Reduction of annual lease fees					83.33%
Interkabel Acquisition
Loss Contingencies [Line Items]
Number of associations of municipalities \| association								4
Damages sought			$ 1,600,000,000	€ 1.4
Loss contingency accrual					$ 0
Swisscom MVNO Matter
Loss Contingencies [Line Items]
Damages sought	$ 107,000,000	SFr 90
Number of subsidiaries \| subsidiary							1

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Revenue	$ 1,935.2	$ 1,854.5	$ 5,754.0	$ 5,570.9
Other assets, current	671.2		671.2		$ 847.0
Proceeds from sale of debt securities	900.0	1,800.0	3,200.0	6,000.0
Realized net gains (losses)	(4.5)	(20.1)	(14.6)	(52.8)
VMO2 JV
Schedule of Investments [Line Items]
Revenue			10,170.9
Dividends received				815.2
VMO2 JV \| Central and Other
Schedule of Investments [Line Items]
Revenue	90.8	34.2	294.3	155.4
VMO2 JV \| Related Party
Schedule of Investments [Line Items]
Other assets, current	45.1		45.1		18.6
VodafoneZiggo JV \| Central and Other
Schedule of Investments [Line Items]
Revenue	42.5	$ 37.3	164.2	$ 157.8
VodafoneZiggo JV \| Related Party
Schedule of Investments [Line Items]
Other assets, current	$ 22.9		$ 22.9		$ 24.2

Long-lived Assets (Changes in Carrying Amount of Goodwill) (Details) € in Millions, $ in Millions	9 Months Ended	15 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)
Goodwill [Roll Forward]
Goodwill beginning balance	$ 10,477.0
Acquisitions and related adjustments	(125.1)
Foreign currency translation adjustments and other	(26.3)
Goodwill ending balance	10,325.6	$ 10,325.6
Sunrise Holding
Goodwill [Roll Forward]
Goodwill beginning balance	7,168.7
Acquisitions and related adjustments	9.0
Foreign currency translation adjustments and other	(48.7)
Goodwill ending balance	7,129.0	7,129.0
Telenet
Goodwill [Roll Forward]
Goodwill beginning balance	2,976.9
Acquisitions and related adjustments	(134.1)
Foreign currency translation adjustments and other	19.8
Goodwill ending balance	2,862.6	2,862.6
VM Ireland
Goodwill [Roll Forward]
Goodwill beginning balance	268.1
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	2.1
Goodwill ending balance	270.2	270.2
Central and Other
Goodwill [Roll Forward]
Goodwill beginning balance	63.3
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	0.5
Goodwill ending balance	63.8	63.8
Telenet Wyre Transaction
Goodwill [Roll Forward]
Acquisitions and related adjustments		138.4	€ 126.8
Goodwill ending balance	$ 425.2	$ 425.2	€ 389.4

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

A summary of our aggregate share-based compensation expense is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Liberty Global (a):
Non-performance based incentive awards (b)	$	40.9	$	45.2	$	105.2	$	127.8
Performance-based incentive awards (c)	5.9		—		13.3		—
Other (d)	6.1		6.3		24.0		23.9
Total Liberty Global	52.9		51.5		142.5		151.7
Other	—		3.3		4.5		22.7
Total	$	52.9	$	54.8	$	147.0	$	174.4
Included in:
Other operating expense	$	5.9	$	1.6	$	16.6	$	6.4
SG&A expense	47.0		53.2		130.4		168.0
Total	$	52.9	$	54.8	$	147.0	$	174.4

_______________

(a)The 2024 amounts include share-based compensation expense related to certain Telenet Replacement Awards.

(c)The 2024 amounts include share-based compensation expense related to the 2024 PSUs, as defined and described below.

Schedule of Stock Option Activity


	Class A			Class C
	Gross number of shares underlying option, SAR and PSAR awards (a)	Weighted average exercise or base price		Gross number of shares underlying option, SAR and PSAR awards (a)	Weighted average exercise or base price

Held by Liberty Global employees:
Outstanding	26,287,357	$	24.40	58,072,571	$	24.38
Exercisable	20,090,708	$	26.43	46,907,609	$	25.68

Held by former Liberty Global employees (b):
Outstanding	747,931	$	33.32	1,453,922	$	32.80
Exercisable	727,565	$	33.75	1,425,478	$	33.07

_______________

Schedule of Other Share Based Compensation Activity


	Class A	Class C

Held by Liberty Global employees:
RSUs	2,972,588	4,840,745
PSUs	1,236,057	1,831,419
Held by former Liberty Global employees (a):
RSUs	9,629	13,813
PSUs	2,472	2,472

_______________

Investments (Investments) (Details) £ in Millions, $ in Millions			3 Months Ended		9 Months Ended
	May 16, 2024 USD ($)	May 16, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 02, 2024	Dec. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Equity			$ 10,245.0		$ 10,245.0			$ 9,987.6
Short-term, separately-managed accounts (SMAs)			906.3		906.3			1,990.5
Total investments			4,278.3		4,278.3			5,399.0
Total investments			14,523.3		14,523.3			15,386.6
Short-term investments			906.3		906.3			1,990.5
Long-term investments			13,617.0		13,617.0			$ 13,396.1
Cash received in connection with the sale of All3Media					411.7	$ 0.0
Gain on sale of All3Media (note 5)			$ 0.0	$ 0.0	$ 242.9	$ 0.0
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]			Other current assets (notes 3 and 5)		Other current assets (notes 3 and 5)			Other current assets (notes 3 and 5)
Accrued interest			$ 21.1		$ 21.1			$ 34.6
Warner Bros. Discovery, Inc. \| Subsequent Event
Schedule of Investments [Line Items]
Ownership interest acquired							65.60%
VMO2 JV
Schedule of Investments [Line Items]
Equity			$ 7,571.6		$ 7,571.6			7,248.5
Ownership percentage			50.00%		50.00%
VodafoneZiggo JV
Schedule of Investments [Line Items]
Equity			$ 1,990.3		$ 1,990.3			2,055.4
Ownership percentage			50.00%		50.00%
VodafoneZiggo JV \| VodafoneZiggo JV Loan
Schedule of Investments [Line Items]
Excess of carrying amount over proportional share in investees net assets			$ 1,110.8		$ 1,110.8			1,234.7
Related party note receivable rate					5.55%
Interest accrued					$ 41.7
VodafoneZiggo JV \| VodafoneZiggo JV Receivable I
Schedule of Investments [Line Items]
Related party note receivable			780.4		780.4			774.5
VodafoneZiggo JV \| VodafoneZiggo JV Receivable II
Schedule of Investments [Line Items]
Related party note receivable			231.8		231.8			230.0
AtlasEdge JV
Schedule of Investments [Line Items]
Equity			$ 342.5		$ 342.5			250.8
Ownership percentage			48.50%		48.50%
Formula E
Schedule of Investments [Line Items]
Equity			$ 126.6		$ 126.6			99.1
Ownership percentage			38.20%		38.20%
nexfibre JV
Schedule of Investments [Line Items]
Equity			$ 74.1		$ 74.1			55.9
Ownership percentage			25.00%		25.00%
All3Media
Schedule of Investments [Line Items]
Equity			$ 0.0		$ 0.0			144.2
Ownership percentage			0.00%		0.00%
Cash received in connection with the sale of All3Media	$ 419.3	£ 330.8
Gain on sale of All3Media (note 5) \| £		£ 212.3
Other
Schedule of Investments [Line Items]
Equity			$ 139.9		$ 139.9			133.7
Long-term investments at fair value			371.9		371.9			361.9
Vodafone - subject to re-use rights
Schedule of Investments [Line Items]
Long-term, SMAs			1,342.5		1,342.5			1,168.1
Total investments			$ 141.6		$ 141.6			115.5
Ownership percentage			5.10%		5.10%
EdgeConneX, Inc. (EdgeConneX)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 422.9		$ 422.9			318.3
Ownership percentage			5.20%		5.20%
ITV plc (ITV)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 409.1		$ 409.1			321.9
Ownership percentage			9.70%		9.70%
Televisa Univision, Inc. (Televisa Univision)
Schedule of Investments [Line Items]
Long-term, SMAs			$ 314.9		$ 314.9			388.3
Ownership percentage			6.40%		6.40%
SMAs
Schedule of Investments [Line Items]
Long-term, SMAs			$ 188.2		$ 188.2			285.6
Plume Design, Inc. (Plume)
Schedule of Investments [Line Items]
Long-term, SMAs			$ 98.1		$ 98.1			168.4
Ownership percentage			10.50%		10.50%
Warrants, fair value			$ 33.6		$ 33.6			61.3
CANAL+ Polska S.A.
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 78.1		$ 78.1			76.4
Ownership percentage			17.00%		17.00%
Pax8, Inc.
Schedule of Investments [Line Items]
Long-term, SMAs			$ 72.4		$ 72.4			100.3
Ownership percentage			6.70%		6.70%
Lions Gate Entertainment Corp. (Lionsgate)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 49.0		$ 49.0			69.6
Ownership percentage			2.80%		2.80%
Aviatrix Systems, Inc. (Aviatrix)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 24.9		$ 24.9			55.5
Ownership percentage			4.30%		4.30%
Lacework, Inc. (Lacework)
Schedule of Investments [Line Items]
Long-term investments at fair value			$ 0.0		$ 0.0			$ 94.2
Ownership percentage			0.00%		0.00%

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of Investments by Accounting Method

The details of our investments are set forth below:


Accounting Method	September 30, 2024		December 31, 2023		Ownership (a)
	in millions				%
Equity (b):
Long-term:
VMO2 JV	$	7,571.6	$	7,248.5	50.0
VodafoneZiggo JV (c)	1,990.3		2,055.4		50.0
AtlasEdge JV	342.5		250.8		48.5
Formula E (d)	126.6		99.1		38.2
nexfibre JV	74.1		55.9		25.0
All3Media Group (All3Media) (e)	—		144.2		—
Other	139.9		133.7
Total — equity	10,245.0		9,987.6
Fair value:
Short-term:
Separately-managed accounts (SMAs) (f)	906.3		1,990.5
Long-term:
Vodafone - subject to re-use rights (g)	1,342.5		1,168.1		5.1
EdgeConneX, Inc. (EdgeConneX)	422.9		318.3		5.2
ITV plc (ITV)	409.1		321.9		9.7
Televisa Univision, Inc. (Televisa Univision)	314.9		388.3		6.4
SMAs (f)	188.2		285.6
Plume Design, Inc. (Plume) (h)	98.1		168.4		10.5
CANAL+ Polska S.A.	78.1		76.4		17.0
Pax8, Inc.	72.4		100.3		6.7
Lions Gate Entertainment Corp. (Lionsgate)	49.0		69.6		2.8
Aviatrix Systems, Inc. (Aviatrix)	24.9		55.5		4.3
Lacework, Inc. (Lacework) (i)	—		94.2		—
Other	371.9		361.9
Total — fair value	4,278.3		5,399.0
Total investments (j)	$	14,523.3	$	15,386.6
Short-term investments	$	906.3	$	1,990.5
Long-term investments	$	13,617.0	$	13,396.1

_______________

(a)Represents our economic ownership based on total shares owned as a percentage of total shares outstanding as of the most recent balance sheet date or 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, 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 $1,110.8 million and $1,234.7 million, respectively, which primarily includes amounts associated with the VodafoneZiggo JV Receivables, as defined below, and for December 31, 2023, amounts we were owed under long-term notes 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 $780.4 million and $774.5 million at September 30, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable I) and (ii) a euro-denominated note receivable with a principal amount of $231.8 million and $230.0 million at September 30, 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 a rate of 5.55% and have a final maturity date of December 31, 2030. During the nine months ended September 30, 2024, interest accrued on the VodafoneZiggo JV Receivables was $41.7 million, all of which has been cash settled.

(d)Upon the October 2, 2024 closing of the Formula E Acquisition, Liberty Global’s ownership in Formula E increased to 65.6%. For additional information regarding the Formula E Acquisition, see note 4.

(e)On May 16, 2024, Liberty Global, together with joint owner Warner Bros. Discovery, completed the sale of All3Media to RedBird IMI. We received £330.8 million ($419.3 million at the transaction date) of total cash in connection with the sale, including the repayment of the principal and accrued interest associated with long-term notes receivable from All3Media. We recognized a gain on the sale of All3Media of £212.3 million ($242.9 million at the transaction date).

(f)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, 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 September 30, 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 $21.1 million and $34.6 million, respectively.

(g)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 September 30, 2024 and December 31, 2023, the net fair value of our investment in Vodafone was $141.6 million and $115.5 million, respectively.

(h)Our investment in Plume includes warrants with a fair value of $33.6 million and $61.3 million at September 30, 2024 and December 31, 2023, respectively.

(i)We completed the sale of our investment in Lacework during the third quarter of 2024.

(j)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,
	2024		2023		2024		2023
	in millions

VodafoneZiggo JV (a)	$	(49.4)	$	(9.7)	$	(38.0)	$	(97.6)
VMO2 JV (b)	(36.1)		(198.0)		(32.4)		(187.6)
AtlasEdge JV	(16.5)		(4.8)		(30.3)		(15.2)
Formula E	(5.8)		(11.6)		(29.1)		(21.0)
All3Media	—		(7.8)		(15.5)		(6.1)
nexfibre JV	(18.2)		(4.2)		(6.5)		2.1
Other, net	(7.0)		(4.7)		(14.8)		(15.7)
Total	$	(133.0)	$	(240.8)	$	(166.6)	$	(341.1)

_______________

(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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Revenue	$	3,512.7	$	3,503.8	$	10,170.9	$	10,058.0
Earnings (loss) before income taxes	$	(68.7)	$	(503.2)	$	1.4	$	(441.8)
Net loss	$	(55.3)	$	(386.6)	$	(20.0)	$	(364.0)

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Revenue	$	1,131.1	$	1,125.2	$	3,336.7	$	3,297.0
Loss before income taxes	$	(166.0)	$	(82.2)	$	(201.5)	$	(332.4)
Net loss	$	(132.6)	$	(63.6)	$	(161.6)	$	(279.2)

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:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Vodafone	$	117.3	$	35.7	$	163.8	$	(223.1)
ITV	21.6		(2.6)		104.7		(18.9)
EdgeConneX	(10.8)		65.9		78.3		79.9
Televisa Univision	(87.1)		12.1		(76.4)		4.7
Lacework (a)	(0.2)		(31.3)		(75.8)		(125.9)
Plume	(42.5)		(4.0)		(70.3)		(55.2)
Aviatrix	(3.1)		(12.4)		(30.6)		(23.9)
SMAs	9.1		20.1		30.0		(1.2)
Pax8	(24.8)		(10.4)		(27.9)		(10.4)
Lionsgate	(10.5)		(2.6)		(20.6)		17.3
Other, net	(14.9)		1.0		(36.3)		11.9
Total	$	(45.9)	$	71.5	$	38.9	$	(344.8)

______________

(a)We completed the sale of our investment in Lacework during the third quarter of 2024.

The following tables set forth a summary of our debt securities at September 30, 2024 and December 31, 2023:


	September 30, 2024
	Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions

Government bonds	$	313.5	$	1.0	$	314.5
Commercial paper	309.3		—		309.3
Corporate debt securities	193.7		0.5		194.2
Certificates of deposit	146.1		—		146.1
Structured note	(a)		(a)		122.2
Other debt securities	8.2		—		8.2
Total debt securities	$	970.8	$	1.5	$	1,094.5

______________

(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 nine months ended September 30, 2024, we invested an additional $46.6 million and redeemed $31.3 million of the leveraged structured note. At September 30, 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 Holding	50.51	%
Telenet	23.68	%

Affiliate:

VodafoneZiggo JV	25.81	%
Total	100.00	%


	December 31, 2023
	Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions

Commercial paper	$	1,066.5	$	(0.1)	$	1,066.4
Government bonds	504.7		0.3		505.0
Certificates of deposit	373.1		0.1		373.2
Corporate debt securities	226.6		(0.1)		226.5
Structured note	(a)		(a)		95.8
Other debt securities	9.2		—		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	%
Telenet	28.23	%

Affiliate:
VMO2 JV	31.49	%
VodafoneZiggo JV	7.37	%
Total	100.00	%

The fair values of our debt securities as of September 30, 2024 by contractual maturity are shown below (in millions):





Due in one year or less	$	906.3
Due in one to five years	157.5
Due in five to ten years	30.7

Total (a)	$	1,094.5

_______________

(a)The weighted average life of our total debt securities was 0.9 years as of September 30, 2024.

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Acquisitions and Dispositions [Abstract]
Acquisitions	Acquisitions 2024 Acquisition Formula E Acquisition. On October 2, 2024, we completed the acquisition of the Formula E Holdings Ltd. (Formula E) shares held by Warner Bros. Discovery, Inc. (Warner Bros. Discovery) and certain other minority shareholders, increasing our ownership in Formula E to 65.6% (the Formula E Acquisition). The purchase consideration for these additional shares totaled €150.0 million ($165.7 million at the transaction date) and is based upon an equity value of €550.0 million ($607.5 million at the transaction date). We also acquired Warner Bros. Discovery’s €50.0 million ($55.7 million) shareholder loan to Formula E upon closing of the transaction. We will begin consolidating Formula E’s results from October 2, 2024. We will recognize goodwill for the excess of the sum of (i) the value of the consideration transferred, (ii) the value of the noncontrolling interest in Formula E and (iii) the acquisition date fair value of our previously-held equity interest in Formula E over the estimated fair value of the assets and liabilities of Formula E at the acquisition date. The preliminary purchase accounting and pro forma consolidated operating results for the Formula E Acquisition are incomplete as of the date of issuance of these unaudited condensed consolidated financial statements and will be reflected in our 2024 10-K. 2023 Acquisition Telenet Wyre Transaction. On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) created an independent, self-funding infrastructure company (Wyre) within their combined geographic footprint in Belgium (the Telenet Wyre Transaction). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius initially owning 66.8% and 33.2% of Wyre, respectively. In exchange for its 66.8% ownership of Wyre, Telenet contributed net assets with a fair value of €1,851.2 million ($2,021.2 million at the transaction date), together with annual payments to Fluvius of €20.0 million ($22.3 million) over the next six years following the date of the transaction. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction. With the closing of the Telenet Wyre Transaction, Telenet early terminated and effectively settled certain pre-existing contractual relationships with Fluvius, principally related to Telenet’s leased network, and began consolidating certain infrastructure cable assets contributed by Fluvius to Wyre, as described above. Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction did not have a significant impact on our operating income during the nine months ended September 30, 2023. Accordingly, the pro forma effect of the Telenet Wyre Transaction is not presented herein. In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during the nine months ended September 30, 2023, which represents the difference between the fair value and carrying amount of a pre-existing network leasing relationship between Telenet and Fluvius. No income taxes were required to be provided on this gain.

Long-lived Assets (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The details of our property and equipment and the related accumulated depreciation are set forth below:


	September 30, 2024		December 31, 2023
	in millions

Distribution systems	$	11,399.5	$	10,638.0
Support equipment, buildings and land	4,388.3		4,116.0
Customer premises equipment	1,492.1		1,354.7
Total property and equipment, gross	17,279.9		16,108.7
Accumulated depreciation	(9,840.1)		(8,748.5)
Total property and equipment, net	$	7,439.8	$	7,360.2

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of our goodwill during the nine months ended September 30, 2024 are set forth below:


	January 1, 2024		Acquisitions and related adjustments		Foreign currency translation adjustments and other		September 30, 2024
	in millions

Sunrise	$	7,168.7	$	9.0	$	(48.7)	$	7,129.0
Telenet (a)	2,976.9		(134.1)		19.8		2,862.6
VM Ireland	268.1		—		2.1		270.2
Central and Other	63.3		—		0.5		63.8
Total	$	10,477.0	$	(125.1)	$	(26.3)	$	10,325.6

_______________

(a)In connection with the final purchase price allocation for the Telenet Wyre Transaction, we recorded a net reduction to goodwill of €126.8 million ($138.4 million at the applicable rate) in June 2024, with corresponding increases to certain network-related and other intangible assets. As a result, the final goodwill balance associated with the Telenet Wyre Transaction is €389.4 million ($425.2 million at the applicable rate).

Schedule of Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:


	September 30, 2024						December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	in millions

Customer relationships	$	2,478.2	$	(1,655.0)	$	823.2	$	2,489.5	$	(1,370.8)	$	1,118.7
Other	1,629.6		(679.0)		950.6		1,538.3		(603.4)		934.9
Total	$	4,107.8	$	(2,334.0)	$	1,773.8	$	4,027.8	$	(1,974.2)	$	2,053.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Derivative Instruments (Fair Values of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Assets
Current	$ 399.7		$ 399.7		$ 518.1
Long-term	424.1		424.1		738.8
Total	823.8		823.8		1,256.9
Liabilities
Current	459.2		459.2		426.8
Long-term	712.0		712.0		953.0
Total	$ 1,171.2		$ 1,171.2		$ 1,379.8
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent		Other Assets, Noncurrent
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent		Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
Cross-currency and interest rate derivative contracts
Assets
Current	$ 357.8		$ 357.8		$ 515.6
Long-term	244.8		244.8		427.5
Total	602.6		602.6		943.1
Liabilities
Current	420.9		420.9		369.9
Long-term	712.0		712.0		948.5
Total	1,132.9		1,132.9		1,318.4
Gain (loss) on change in credit risk valuation included in realized and unrealized gains (losses) on derivative instruments, net	0.4	$ (6.9)	(41.1)	$ 15.3
Equity-related derivative instruments
Assets
Current	0.0		0.0		0.0
Long-term	179.2		179.2		310.7
Total	179.2		179.2		310.7
Liabilities
Current	26.2		26.2		47.4
Long-term	0.0		0.0		0.0
Total	26.2		26.2		47.4
Foreign currency forward and option contracts
Assets
Current	41.7		41.7		2.3
Long-term	0.1		0.1		0.6
Total	41.8		41.8		2.9
Liabilities
Current	12.1		12.1		9.5
Long-term	0.0		0.0		4.5
Total	12.1		12.1		14.0
Other
Assets
Current	0.2		0.2		0.2
Long-term	0.0		0.0		0.0
Total	$ 0.2		$ 0.2		$ 0.2

Long-lived Assets (Property and Equipment, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 17,279.9	$ 16,108.7
Accumulated depreciation	(9,840.1)	(8,748.5)
Total property and equipment, net	7,439.8	7,360.2
Distribution systems
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	11,399.5	10,638.0
Support equipment, buildings and land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	4,388.3	4,116.0
Customer premises equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,492.1	$ 1,354.7

Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Basic earnings or loss per share (EPS) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented. For additional information regarding our share-based incentive awards, see note 13.

The details of our basic and diluted weighted average common shares outstanding are set forth below:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023

Weighted average common shares outstanding (basic EPS computation)	363,156,702	416,014,282	370,673,984	437,255,956
Incremental shares (a)	—	4,959,080	—	—
Weighted average common shares outstanding (diluted EPS computation)	363,156,702	420,973,362	370,673,984	437,255,956

_______________

(a)We use the treasury stock method in order to calculate our incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting. Certain of our share incentive plans include performance and/or other features such that the associated shares are contingently issuable. For purposes of applying the treasury stock method, the dilutive effect of these awards is calculated based on the number of the shares that would be issuable as if the end of the reporting period was the end of the contingency period.

We reported net losses attributable to Liberty Global shareholders for the three and nine months ended September 30, 2024 and the nine months ended September 30, 2023. Therefore, the potentially dilutive effect at September 30, 2024 and September 30, 2023 excludes 102.1 million and 96.0 million shares issuable pursuant to outstanding share-based incentive awards in the computation of diluted net loss attributable to Liberty Global shareholders per share, respectively, because their inclusion would have been anti-dilutive to the computation.

The calculation of diluted EPS excludes aggregate share-based incentive awards of 75.1 million for the three months ended September 30, 2023 because their effect would have been anti-dilutive.

The details of our net earnings (loss) attributable to Liberty Global shareholders is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Net earnings (loss)	$	(1,410.9)	$	822.7	$	(608.7)	$	(402.1)
Net earnings attributable to noncontrolling interests	(23.2)		(163.5)		(47.3)		(159.7)
Net earnings (loss) attributable to Liberty Global shareholders	$	(1,434.1)	$	659.2	$	(656.0)	$	(561.8)

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments and receivables at fair value	$ 3,372.0	$ 3,408.5
Class A
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	172,860,433	171,463,760
Common stock, outstanding (in shares)	172,860,433	171,463,760
Class B
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	12,988,658	12,988,658
Common stock, outstanding (in shares)	12,988,658	12,988,658
Class C
Common stock, nominal value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	173,549,083	198,153,613
Common stock, outstanding (in shares)	173,549,083	198,153,613

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 823.8	$ 1,256.9
Counterparty Credit Risk
Derivative [Line Items]
Derivative assets	121.5
Interest Rate Caps
Derivative [Line Items]
Notional amount	1,300.0
Interest Rate Collars
Derivative [Line Items]
Notional amount	4,500.0
Foreign currency forward and option contracts
Derivative [Line Items]
Derivative assets	41.8	$ 2.9
Notional amount	$ 2,600.0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue (notes 3, 5 and 16)	$ 1,935.2	$ 1,854.5	$ 5,754.0	$ 5,570.9
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services (note 10)	591.6	586.3	1,853.3	1,740.8
Other operating (notes 10 and 13)	311.3	301.6	912.0	899.7
Selling, general and administrative (SG&A) (notes 10 and 13)	416.9	423.7	1,281.3	1,281.2
Depreciation and amortization	500.6	584.0	1,512.7	1,681.8
Impairment, restructuring and other operating items, net (note 10)	13.5	(13.7)	51.7	6.6
Operating costs and expenses	1,833.9	1,881.9	5,611.0	5,610.1
Operating income (loss)	101.3	(27.4)	143.0	(39.2)
Non-operating income (expense):
Interest expense	(251.2)	(241.4)	(756.2)	(656.0)
Realized and unrealized gains (losses) on derivative instruments, net (note 6)	(566.8)	177.1	67.0	193.8
Foreign currency transaction gains (losses), net	(578.3)	664.4	(280.3)	417.9
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 5 and 7)	(45.9)	71.5	38.9	(344.8)
Share of results of affiliates, net (note 5)	(133.0)	(240.8)	(166.6)	(341.1)
Gain on sale of All3Media (note 5)	0.0	0.0	242.9	0.0
Gain associated with the Telenet Wyre Transaction (note 4)	0.0	377.8	0.0	377.8
Other income, net	63.9	39.8	191.1	159.5
Non-operating income (expense)	(1,511.3)	848.4	(663.2)	(192.9)
Earnings (loss) before income taxes	(1,410.0)	821.0	(520.2)	(232.1)
Income tax benefit (expense) (note 11)	(0.9)	1.7	(88.5)	(170.0)
Net earnings (loss)	(1,410.9)	822.7	(608.7)	(402.1)
Net earnings attributable to noncontrolling interests	(23.2)	(163.5)	(47.3)	(159.7)
Net earnings (loss) attributable to Liberty Global shareholders	$ (1,434.1)	$ 659.2	$ (656.0)	$ (561.8)
Basic earnings (loss) attributable to Liberty Global shareholders per share (in USD per share)	$ (3.95)	$ 1.58	$ (1.77)	$ (1.28)
Diluted earnings (loss) attributable to Liberty Global shareholders per share (in USD per share)	$ (3.95)	$ 1.57	$ (1.77)	$ (1.28)

Investments (Debt Securities) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	$ 970.8		$ 970.8		$ 2,180.1
Accumulated unrealized gains (losses)	1.5		1.5		0.2
Fair value	1,094.5		1,094.5		2,276.1
Proceeds from sale of debt securities	900.0	$ 1,800.0	3,200.0	$ 6,000.0
Contractual maturity:
Due in one year or less	906.3		906.3
Due in one to five years	157.5		157.5
Due in five to ten years	30.7		30.7
Fair value	$ 1,094.5		$ 1,094.5		2,276.1
Weighted Average
Contractual maturity:
Weighted average life	10 months 24 days		10 months 24 days
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	$ 309.3		$ 309.3		1,066.5
Accumulated unrealized gains (losses)	0.0		0.0		(0.1)
Fair value	309.3		309.3		1,066.4
Contractual maturity:
Fair value	309.3		309.3		1,066.4
Government bonds
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	313.5		313.5		504.7
Accumulated unrealized gains (losses)	1.0		1.0		0.3
Fair value	314.5		314.5		505.0
Contractual maturity:
Fair value	314.5		314.5		505.0
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	146.1		146.1		373.1
Accumulated unrealized gains (losses)	0.0		0.0		0.1
Fair value	146.1		146.1		373.2
Contractual maturity:
Fair value	146.1		146.1		373.2
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	193.7		193.7		226.6
Accumulated unrealized gains (losses)	0.5		0.5		(0.1)
Fair value	194.2		194.2		226.5
Contractual maturity:
Fair value	194.2		194.2		226.5
Structured note
Debt Securities, Available-for-sale [Line Items]
Fair value	$ 122.2		122.2		$ 95.8
Payment to acquire investment			46.6
Proceeds from sale of debt securities			$ 31.3
Proportion of debt associated with the return on the leveraged structured note	100.00%		100.00%		100.00%
Contractual maturity:
Fair value	$ 122.2		$ 122.2		$ 95.8
Structured note \| Affiliate \| VMO2 JV
Debt Securities, Available-for-sale [Line Items]
Proportion of debt associated with the return on the leveraged structured note					31.49%
Structured note \| Affiliate \| VodafoneZiggo JV
Debt Securities, Available-for-sale [Line Items]
Proportion of debt associated with the return on the leveraged structured note	25.81%		25.81%		7.37%
Structured note \| Sunrise Holding \| Subsidiaries
Debt Securities, Available-for-sale [Line Items]
Proportion of debt associated with the return on the leveraged structured note	50.51%		50.51%		32.91%
Structured note \| Telenet \| Subsidiaries
Debt Securities, Available-for-sale [Line Items]
Proportion of debt associated with the return on the leveraged structured note	23.68%		23.68%		28.23%
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost basis	$ 8.2		$ 8.2		$ 9.2
Accumulated unrealized gains (losses)	0.0		0.0		0.0
Fair value	8.2		8.2		9.2
Contractual maturity:
Fair value	$ 8.2		$ 8.2		$ 9.2

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The U.S. dollar equivalents of the components of our debt are as follows:


	September 30, 2024						Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		U.S. $ equivalent		September 30, 2024		December 31, 2023
			in millions

Sunrise Holding Bank Facility (c)	7.16	%	€	707.0	$	788.2	$	3,635.6	$	3,626.4
Sunrise Holding SPE Notes	4.56	%	—		—		1,668.0		1,664.9
Sunrise Holding Senior Notes	4.76	%	—		—		829.0		826.1
Telenet Credit Facility (d)	6.46	%	€	615.0	685.6		4,524.8		4,507.9
Telenet Senior Secured Notes	4.75	%	—		—		1,602.0		1,597.6

VM Ireland Credit Facility (e)	6.93	%	€	100.0	111.5		1,003.4		995.8
Vodafone Collar Loan (f)	2.95	%	—		—		1,402.4		1,391.9
Vendor financing (g)	4.40	%	—		—		806.1		768.7
Other (h)	5.92	%	—		—		478.9		478.3
Total debt before deferred financing costs, discounts and premiums (i)	5.76	%			$	1,585.3	$	15,950.2	$	15,857.6

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:


	September 30, 2024		December 31, 2023
	in millions

Total debt before deferred financing costs, discounts and premiums	$	15,950.2	$	15,857.6
Deferred financing costs, discounts and premiums, net	(111.5)		(149.7)
Total carrying amount of debt	15,838.7		15,707.9
Finance lease obligations (note 10)	52.4		58.0
Total debt and finance lease obligations	15,891.1		15,765.9
Current portion of debt and finance lease obligations	(999.3)		(806.8)
Long-term debt and finance lease obligations	$	14,891.8	$	14,959.1

_______________

(a)Represents the weighted average interest rate in effect at September 30, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.44% at September 30, 2024. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 6.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table

provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities (i) at September 30, 2024 and (ii) upon completion of the relevant September 30, 2024 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to September 30, 2024, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility.


	Availability
	September 30, 2024				Upon completion of the relevant September 30, 2024 compliance reporting requirements
	Borrowing currency		U.S. $ equivalent		Borrowing currency		U.S. $ equivalent
	in millions

Available to borrow:
Sunrise Holding Bank Facility	€	707.0	$	788.2	€	707.0	$	788.2
Telenet Credit Facility	€	615.0	$	685.6	€	615.0	$	685.6
VM Ireland Credit Facility	€	100.0	$	111.5	€	100.0	$	111.5

Available to loan or distribute:
Sunrise Holding Bank Facility	€	707.0	$	788.2	€	707.0	$	788.2
Telenet Credit Facility	€	615.0	$	685.6	€	615.0	$	685.6
VM Ireland Credit Facility	€	100.0	$	111.5	€	100.0	$	111.5

(c)Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €707.0 million ($788.2 million) under the Sunrise Holding Revolving Facility, comprising (i) €697.0 million ($777.1 million) under Sunrise Holding Revolving Facility B and (ii) €10.0 million ($11.1 million) under Sunrise Holding Revolving Facility A. With the exception of €23.0 million ($25.6 million) of borrowings under the ancillary facilities, the Sunrise Holding Revolving Facility was undrawn at September 30, 2024. In February 2024, commitments under the Sunrise Holding Revolving Facility were reduced by €18.0 million ($20.1 million) and €60.0 million ($66.9 million) of commitments under Sunrise Holding Revolving Facility A were extended and redesignated under Sunrise Holding Revolving Facility B. As a result, the Sunrise Holding Revolving Facility now provides for maximum borrowing capacity of €730.0 million ($813.8 million), including €60.0 million under the related ancillary facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €10.0 million and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €720.0 million ($802.7 million), including €60.0 million under the ancillary facilities, and a final maturity date of September 30, 2029. In April 2024, Sunrise Holding Revolving Facility B was amended to include an Environmental, Social and Governance (ESG)-linked margin ratchet. The interest rate on Sunrise Holding Revolving Facility B is now subject to adjustment based on the achievement or otherwise of certain ESG metrics.

(d)Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($635.4 million) under Telenet Revolving Facility B, (ii) €25.0 million ($27.9 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($22.3 million) under the Telenet Revolving Facility, each of which were undrawn at September 30, 2024. In February 2024, the €30.0 million ($33.4 million) of commitments under Telenet Revolving Facility A were cancelled in full.

(e)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($111.5 million) under the VM Ireland Revolving Facility, which was undrawn at September 30, 2024.

(f)For information regarding the Vodafone Collar Loan, see note 5.

(g)Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as debt on our condensed

consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our condensed consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During the nine months ended September 30, 2024 and 2023, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $579.4 million and $444.5 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our condensed consolidated statements of cash flows.

(h)Amounts include $430.6 million and $430.8 million at September 30, 2024 and December 31, 2023, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses.

(i)As of September 30, 2024 and December 31, 2023, our debt had an estimated fair value of $15.7 billion and $15.5 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 7.

Schedule of Maturities of Debt and Capital Lease Obligations

Maturities of our debt as of September 30, 2024 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on September 30, 2024 exchange rates.


	Sunrise Holding (a)		Telenet		VM Ireland		Other (b)		Total
	in millions

Year ending December 31:
2024 (remainder of year)	$	168.0	$	132.4	$	—	$	8.2	$	308.6
2025	235.6		302.2		—		332.1		869.9
2026	—		23.8		—		1,071.5		1,095.3
2027	—		24.0		—		—		24.0
2028	1,152.3		4,944.1		—		—		6,096.4
2029	3,730.3		1,261.9		1,003.4		—		5,995.6
Thereafter	1,250.0		310.4		—		—		1,560.4
Total debt maturities (c)	6,536.2		6,998.8		1,003.4		1,411.8		15,950.2
Deferred financing costs, discounts and premiums, net	(17.9)		(23.7)		(4.6)		(65.3)		(111.5)
Total debt	$	6,518.3	$	6,975.1	$	998.8	$	1,346.5	$	15,838.7
Current portion	$	403.6	$	420.7	$	—	$	166.5	$	990.8
Long-term portion	$	6,114.7	$	6,554.4	$	998.8	$	1,180.0	$	14,847.9

_______________

(a)Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Sunrise Holding and Liberty Global.

(b)Includes $1,402.4 million related to the Vodafone Collar Loan, which has settlement dates in 2025 and 2026 consistent with the Vodafone Collar. We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle amounts under the Vodafone Collar Loan.

(c)Amounts include vendor financing obligations of $806.1 million, as set forth below:


	Sunrise Holding		Telenet		Other		Total
	in millions

Year ending December 31:
2024 (remainder of year)	$	168.0	$	115.4	$	8.2	$	291.6
2025	235.6		277.7		1.2		514.5





Total vendor financing maturities	$	403.6	$	393.1	$	9.4	$	806.1
Current portion	$	403.6	$	393.1	$	8.9	$	805.6
Long-term portion	$	—	$	—	$	0.5	$	0.5

Schedule of Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:


	2024		2023
	in millions

Balance at January 1	$	768.7	$	704.7
Operating-related vendor financing additions	579.4		444.5
Capital-related vendor financing additions	109.7		129.9
Principal payments on operating-related vendor financing	(538.1)		(470.9)
Principal payments on capital-related vendor financing	(122.8)		(210.8)
Foreign currency and other	9.2		13.8
Balance at September 30	$	806.1	$	611.2

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Debt (Components of Debt) (Details) € in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate	5.76%	5.76%
Unused borrowing capacity, amount	$ 1,585.3
Total debt before deferred financing costs, discounts and premiums	15,950.2		$ 15,857.6
Deferred financing costs, discounts and premiums, net	(111.5)		(149.7)
Total carrying amount of debt	15,838.7		15,707.9
Finance lease obligations	52.4		58.0
Total debt and finance lease obligations	15,891.1		15,765.9
Current portion of debt and finance lease obligations	(999.3)		(806.8)
Long-term debt and finance lease obligations	$ 14,891.8		14,959.1
Sunrise Holding Bank Facility
Debt Instrument [Line Items]
Weighted average interest rate	7.16%	7.16%
Unused borrowing capacity, amount	$ 788.2	€ 707.0
Total debt before deferred financing costs, discounts and premiums	3,635.6		3,626.4
Sunrise Holding Bank Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity, amount	$ 788.2	€ 707.0
Sunrise Holding SPE Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.56%	4.56%
Total debt before deferred financing costs, discounts and premiums	$ 1,668.0		1,664.9
Sunrise Holding Senior Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.76%	4.76%
Total debt before deferred financing costs, discounts and premiums	$ 829.0		826.1
Telenet Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	6.46%	6.46%
Total debt before deferred financing costs, discounts and premiums	$ 4,524.8		4,507.9
Telenet Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity, amount	$ 685.6	€ 615.0
Telenet Senior Secured Notes
Debt Instrument [Line Items]
Weighted average interest rate	4.75%	4.75%
Total debt before deferred financing costs, discounts and premiums	$ 1,602.0		1,597.6
VM Ireland Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	6.93%	6.93%
Unused borrowing capacity, amount	$ 111.5	€ 100.0
Total debt before deferred financing costs, discounts and premiums	1,003.4		995.8
VM Ireland Credit Facility \| Sunrise Holding Revolving Facility
Debt Instrument [Line Items]
Unused borrowing capacity, amount	$ 111.5	€ 100.0
Vodafone Collar Loan
Debt Instrument [Line Items]
Weighted average interest rate	2.95%	2.95%
Total debt before deferred financing costs, discounts and premiums	$ 1,402.4		1,391.9
Vendor financing
Debt Instrument [Line Items]
Weighted average interest rate	4.40%	4.40%
Total debt before deferred financing costs, discounts and premiums	$ 806.1		768.7	$ 611.2	$ 704.7
Other
Debt Instrument [Line Items]
Weighted average interest rate	5.92%	5.92%
Total debt before deferred financing costs, discounts and premiums	$ 478.9		$ 478.3

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unrecorded Purchase Obligation

The following table sets forth the U.S. dollar equivalents of such commitments as of September 30, 2024. The commitments included in this table do not reflect any liabilities that are included on our September 30, 2024 condensed consolidated balance sheet.


	Payments due during:
	Remainder of 2024
			2025		2026		2027		2028		2029		Thereafter		Total
	in millions

Purchase commitments	$	202.2	$	558.8	$	457.6	$	404.2	$	378.0	$	2.1	$	20.2	$	2,023.1
Programming commitments	64.7		148.0		63.4		31.1		0.1		—		—		307.3
Network and connectivity commitments	31.4		90.9		43.6		5.2		2.6		2.1		22.8		198.6
Other commitments	164.6		176.7		134.5		31.0		29.0		28.6		70.2		634.6
Total	$	462.9	$	974.4	$	699.1	$	471.5	$	409.7	$	32.8	$	113.2	$	3,163.6

Leases (Lease Expense and Cash Outflows from Operating and Finance Leases) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease expense:
Depreciation and amortization	$ 1.9	$ 3.1	$ 6.2	$ 32.4
Interest expense	0.6	0.6	1.8	1.5
Total finance lease expense	2.5	3.7	8.0	33.9
Operating lease expense	74.1	50.5	207.5	170.2
Short-term lease expense	0.9	1.1	2.1	3.2
Variable lease expense	0.3	0.4	1.0	1.1
Total lease expense	$ 77.8	$ 55.7	218.6	208.4
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases			228.7	163.9
Operating cash outflows from finance leases (interest component)			1.8	1.5
Financing cash outflows from finance leases (principal component)			8.4	25.3
Total cash outflows from operating and finance leases			$ 238.9	$ 190.7

Equity (Details) $ / shares in Units, € in Millions, $ in Millions	4 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023	Oct. 31, 2023	Oct. 19, 2023	Sep. 30, 2023 EUR (€)
Class of Stock [Line Items]
Share repurchase program, minimum repurchase requirement, percentage				10.00%
Stock repurchase, remaining authorized amount			$ 241.4
Telenet \| Subsidiaries \| Liberty Global Belgium Holding B.V.
Class of Stock [Line Items]
Interest acquired					100.00%	100.00%
Consideration transferred	$ 891.3	€ 807.6
Contingent consideration liability	$ 101.6						€ 96.1
Class C
Class of Stock [Line Items]
Stock repurchased (in shares) \| shares			26,914,892
Average price paid per share (in dollars per share) \| $ / shares			$ 18.69
Aggregate purchase price			$ 503.1
Stock repurchase, remaining authorized amount			11.3
Class A
Class of Stock [Line Items]
Stock repurchase, remaining authorized amount			$ 11.3

Derivative Instruments (Net Cash Received (Paid) Related to Derivatives) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Operating activities	$ 280.8	$ 241.2
Investing activities	0.0	2.1
Financing activities	17.2	(62.5)
Total	$ 298.0	$ 180.8

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 22, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-35961
Entity Registrant Name	Liberty Global Ltd.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1750381
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 11
Entity Address, Country	BM
Country Region	1
City Area Code	303
Local Phone Number	220.6600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001570585
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A common shares
Trading Symbol	LBTYA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		172,871,879
Class B
Entity Information [Line Items]
Title of 12(b) Security	Class B common shares
Trading Symbol	LBTYB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		12,988,658
Class C
Entity Information [Line Items]
Title of 12(b) Security	Class C common shares
Trading Symbol	LBTYK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		171,683,938

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Share Repurchases During the nine months ended September 30, 2024, we repurchased 26,914,892 of our Class C common shares at an average price per share of $18.69, for an aggregate purchase price of $503.1 million, including direct acquisition costs. Under our current share repurchase program, we are authorized during 2024 to repurchase up to 10% of our total outstanding shares as of December 31, 2023. As of September 30, 2024, the remaining number of our Class A and/or Class C common shares that we are authorized to repurchase during 2024 was 11.3 million. Based on the average of the respective closing share prices as of September 30, 2024, this would equate to additional share repurchases during the remainder of 2024 of approximately $241.4 million. However, the actual U.S. dollar amount of our share repurchases during the remainder of 2024 will be determined by the actual transaction date share prices during the year and could differ significantly from this amount. Telenet Takeover Bid On June 8, 2023, following approval by the Belgian Financial Services and Markets Authority, Liberty Global Broadband Holding B.V. (LGBH), an indirect wholly-owned subsidiary of Liberty Global, launched a voluntary and conditional public takeover bid for all of the shares of Telenet that we did not already own or that were not held by Telenet (the Telenet Takeover Bid). Following the conclusion of a simplified squeeze-out procedure, Telenet was delisted from Euronext Brussels at the close of trade on October 13, 2023. The shares of Telenet that were acquired as a result of the simplified squeeze-out procedure were settled on October 19, 2023 and, from that date, Telenet was owned 100% by LGBH. The Telenet Takeover Bid was funded through (i) available borrowings and (ii) the existing liquidity of Liberty Global. As of September 30, 2023, the consideration associated with the Telenet Takeover Bid, including certain fees and expenses, totaled €807.6 million ($891.3 million at the applicable transaction dates), excluding €96.1 million ($101.6 million at the applicable rate) associated with the shares subject to the squeeze-out procedure.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Leases (Maturities of Operating and Financing Lease Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating leases
2024 (remainder of year)	$ 69.0
2025	292.4
2026	272.9
2027	261.3
2028	250.1
2029	240.6
Thereafter	1,649.0
Total payments	3,035.3
Less: present value discount	(847.4)
Present value of lease payments	2,187.9	$ 1,803.9
Current portion	187.0
Long-term portion	2,000.9	1,652.1
Finance leases
2024 (remainder of year)	3.2
2025	10.7
2026	8.5
2027	7.5
2028	4.8
2029	3.4
Thereafter	30.1
Total payments	68.2
Less: present value discount	(15.8)
Present value of lease payments	52.4	$ 58.0
Current portion	8.5
Long-term portion	$ 43.9

Long-lived Assets

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Long-lived Assets

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:


	September 30, 2024		December 31, 2023
	in millions

Distribution systems	$	11,399.5	$	10,638.0
Support equipment, buildings and land	4,388.3		4,116.0
Customer premises equipment	1,492.1		1,354.7
Total property and equipment, gross	17,279.9		16,108.7
Accumulated depreciation	(9,840.1)		(8,748.5)
Total property and equipment, net	$	7,439.8	$	7,360.2

During the nine months ended September 30, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $98.8 million and $129.9 million, respectively, which exclude related value-added taxes (VAT) of $10.9 million and $14.8 million, respectively, that were also financed under these arrangements.

Goodwill

Changes in the carrying amount of our goodwill during the nine months ended September 30, 2024 are set forth below:


	January 1, 2024		Acquisitions and related adjustments		Foreign currency translation adjustments and other		September 30, 2024
	in millions

Sunrise	$	7,168.7	$	9.0	$	(48.7)	$	7,129.0
Telenet (a)	2,976.9		(134.1)		19.8		2,862.6
VM Ireland	268.1		—		2.1		270.2
Central and Other	63.3		—		0.5		63.8
Total	$	10,477.0	$	(125.1)	$	(26.3)	$	10,325.6

_______________

If, among other factors the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant.

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:


	September 30, 2024						December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	in millions

Customer relationships	$	2,478.2	$	(1,655.0)	$	823.2	$	2,489.5	$	(1,370.8)	$	1,118.7
Other	1,629.6		(679.0)		950.6		1,538.3		(603.4)		934.9
Total	$	4,107.8	$	(2,334.0)	$	1,773.8	$	4,027.8	$	(1,974.2)	$	2,053.6

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of CPE and other equipment and services, programming contracts, network and connectivity commitments and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of September 30, 2024. The commitments included in this table do not reflect any liabilities that are included on our September 30, 2024 condensed consolidated balance sheet.


	Payments due during:
	Remainder of 2024
			2025		2026		2027		2028		2029		Thereafter		Total
	in millions

Purchase commitments	$	202.2	$	558.8	$	457.6	$	404.2	$	378.0	$	2.1	$	20.2	$	2,023.1
Programming commitments	64.7		148.0		63.4		31.1		0.1		—		—		307.3
Network and connectivity commitments	31.4		90.9		43.6		5.2		2.6		2.1		22.8		198.6
Other commitments	164.6		176.7		134.5		31.0		29.0		28.6		70.2		634.6
Total	$	462.9	$	974.4	$	699.1	$	471.5	$	409.7	$	32.8	$	113.2	$	3,163.6

Purchase commitments include unconditional and legally binding obligations related to (i) certain service-related commitments, including software development, information technology, maintenance and call center services and (ii) the purchase of network and other equipment and CPE.

Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. Programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $401.7 million and $408.7 million during the nine months ended September 30, 2024 and 2023, respectively.

Network and connectivity commitments include (i) certain equipment and service-related commitments at Telenet and (ii) certain network capacity arrangements at Sunrise.

Other commitments include (i) our share of the funding commitment associated with the nexfibre JV and (ii) various sports sponsorships.

In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments, see note 6.

We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable.

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

Legal and Regulatory Proceedings and Other Contingencies

Interkabel Acquisition. On November 26, 2007, Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “PICs,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers, to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement), which closed effective October 1, 2008. Beginning in December 2007, Proximus NV/SA (Proximus), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Proximus brought an appeal judgment before the Belgian Supreme Court, which confirmed the appeal judgment in September 2010. On April 6, 2009, the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus’ request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Proximus appealed this judgment to the Court of Appeal of Antwerp. In this appeal, Proximus also sought compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs’ board of directors to approve the 2008 PICs Agreement. In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ($1.6 billion). On December 18, 2017, the Court of Appeal of Antwerp rejected Proximus’ claim in its entirety. On June 28, 2019, Proximus brought this appeal judgment before the Belgian Supreme Court. On January 22, 2021, the Belgian Supreme Court partially annulled the judgment of the Court of Appeal of Antwerp. The case was referred to the Court of Appeal of Brussels and is currently pending with this Court which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court. It is likely that it will take the Court of Appeal of Brussels several years to decide on the matter.

No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement. We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable.

Telekom Deutschland Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH (Telekom Deutschland) in which Unitymedia asserted that it pays excessive prices for the co-use of Telekom Deutschland’s cable ducts in Unitymedia’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Telekom Deutschland in March 2011. Based in part on these approved rates, Unitymedia sought a reduction of the annual lease fees by approximately five-sixths. In addition, Unitymedia sought the return of similarly calculated overpayments from 2009 through

the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action, and in March 2018, the court of appeal dismissed Unitymedia’s appeal of the first instance court’s decision. Unitymedia has since successfully appealed the case to the Federal Court of Justice, and proceedings continue before the German courts. The resolution of this matter may take several years and no assurance can be given that Unitymedia’s claims will be successful. In connection with our sale of our former operations in Germany, Romania, Hungary and the Czech Republic to Vodafone (the Vodafone Disposal Group) in 2019, we will only share in 50% of any amounts recovered, plus 50% of the net present value of certain cost savings in future periods that are attributable to the favorable resolution of this matter, less 50% of associated legal or other third-party fees paid post-completion of the sale of the Vodafone Disposal Group. Any amount we may recover related to this matter will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached.

Swisscom MVNO Matter. On December 8, 2017, one of our subsidiaries, Sunrise GmbH, formerly known as UPC Schweiz GmbH, entered into a mobile virtual network operator (MVNO) agreement with Swisscom (Schweiz) AG (Swisscom), as subsequently amended (the Swisscom MVNO), for the provision of mobile network services to certain of Sunrise GmbH’s end customers. In January 2023, Swisscom filed a formal lawsuit against Sunrise GmbH, asserting that it is in breach of the Swisscom MVNO and claiming approximately CHF 90 million ($107 million) in damages. In April 2024, we agreed with Swisscom to resolve the matter, the terms of which are not material to us and, as a result, the lawsuit against Sunrise GmbH has been withdrawn.

Other Contingency Matters. In connection with the dispositions of certain of our operations, we provided tax indemnities to the counterparties for certain tax liabilities that could arise from the period we owned the respective operations, the amounts of which could be significant, subject to certain thresholds. No amounts have been accrued by our company related to unasserted claims for indemnification, as the likelihood of any loss is not considered to be probable. Further, Liberty Global may be entitled to certain amounts that our disposed operations may recover from taxing authorities. Any such amounts will not be reflected in our consolidated financial statements until such time as the final disposition of such matters has been reached.

Other Regulatory Matters. Broadband internet, video distribution, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates operate. The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the E.U. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. Regulation may also restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving VAT and wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming, copyright and channel carriage fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

Earnings (Loss) per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Aggregate number of shares excluded from computation of EPS (in shares)		102.1	96.0
Stock Options SARs And RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Aggregate number of shares excluded from computation of EPS (in shares)	75.1

Fair Value Measurements - Narrative (Details)	Sep. 30, 2023
Telenet Wyre Transaction \| Maximum \| Infrastructure
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Tangible asset useful lives	19 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt (Maturities of Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 (remainder of year)	$ 308.6
2025	869.9
2026	1,095.3
2027	24.0
2028	6,096.4
2029	5,995.6
Thereafter	1,560.4
Total debt maturities	15,950.2	$ 15,857.6
Deferred financing costs, discounts and premiums, net	(111.5)
Total debt	15,838.7
Current portion	990.8
Long-term portion	14,847.9
Vodafone Collar Loan
Debt Instrument [Line Items]
Total debt maturities	1,402.4	$ 1,391.9
Sunrise Holding
Debt Instrument [Line Items]
2024 (remainder of year)	168.0
2025	235.6
2026	0.0
2027	0.0
2028	1,152.3
2029	3,730.3
Thereafter	1,250.0
Total debt maturities	6,536.2
Deferred financing costs, discounts and premiums, net	(17.9)
Total debt	6,518.3
Current portion	403.6
Long-term portion	6,114.7
Telenet
Debt Instrument [Line Items]
2024 (remainder of year)	132.4
2025	302.2
2026	23.8
2027	24.0
2028	4,944.1
2029	1,261.9
Thereafter	310.4
Total debt maturities	6,998.8
Deferred financing costs, discounts and premiums, net	(23.7)
Total debt	6,975.1
Current portion	420.7
Long-term portion	6,554.4
VM Ireland
Debt Instrument [Line Items]
2024 (remainder of year)	0.0
2025	0.0
2026	0.0
2027	0.0
2028	0.0
2029	1,003.4
Thereafter	0.0
Total debt maturities	1,003.4
Deferred financing costs, discounts and premiums, net	(4.6)
Total debt	998.8
Current portion	0.0
Long-term portion	998.8
Other
Debt Instrument [Line Items]
2024 (remainder of year)	8.2
2025	332.1
2026	1,071.5
2027	0.0
2028	0.0
2029	0.0
Thereafter	0.0
Total debt maturities	1,411.8
Deferred financing costs, discounts and premiums, net	(65.3)
Total debt	1,346.5
Current portion	166.5
Long-term portion	$ 1,180.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (608.7)	$ (402.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	147.0	174.4
Depreciation and amortization	1,512.7	1,681.8
Impairment, restructuring and other operating items, net	51.7	6.6
Amortization of deferred financing costs and non-cash interest	52.8	47.8
Realized and unrealized gains on derivative instruments, net	(67.0)	(193.8)
Foreign currency transaction losses (gains), net	280.3	(417.9)
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net	(38.9)	344.8
Share of results of affiliates, net	166.6	341.1
Deferred income tax expense (benefit)	(32.6)	40.7
Gain on sale of All3Media	(242.9)	0.0
Gain associated with the Telenet Wyre Transaction	0.0	(377.8)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions	20.3	81.1
Net cash provided by operating activities	1,241.3	1,326.7
Cash flows from investing activities:
Cash received from the sale of investments	3,259.4	6,037.2
Cash paid for investments	(2,320.4)	(6,677.9)
Capital expenditures, net	(987.2)	(1,016.2)
Cash received in connection with the sale of All3Media	411.7	0.0
Cash paid in connection with acquisitions, net of cash acquired	(13.7)	(113.8)
Dividend distributions received from the VMO2 JV	0.0	815.2
Other investing activities, net	(14.9)	(10.9)
Net cash provided (used) by investing activities	334.9	(966.4)
Cash flows from financing activities:
Borrowings of debt	4.0	2,117.5
Operating-related vendor financing additions	579.4	444.5
Repayments and repurchases of debt and finance lease obligations:
Debt (excluding vendor financing)	(9.2)	(22.3)
Principal payments on operating-related vendor financing	(538.1)	(470.9)
Principal payments on capital-related vendor financing	(122.8)	(210.8)
Principal payments on finance leases	(8.4)	(25.3)
Repurchases of Liberty Global common shares	(511.9)	(1,133.1)
Net cash received (paid) related to derivative instruments	17.2	(62.5)
Acquisition of shares in connection with the Telenet Takeover Bid	(5.8)	(878.7)
Dividend distributions by subsidiaries to noncontrolling interest owners	(0.4)	(46.9)
Payment of financing costs and debt premiums	0.0	(22.6)
Other financing activities, net	(54.2)	(32.0)
Net cash used by financing activities	(650.2)	(343.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	15.4	(1.1)
Net increase in cash and cash equivalents and restricted cash	941.4	16.1
Cash and cash equivalents and restricted cash:
Beginning of period	1,422.9	1,732.4
Net increase	941.4	16.1
End of period	2,364.3	1,748.5
Cash paid for interest	753.7	691.4
Net cash paid for taxes	$ 194.2	$ 171.5

Share-based Compensation (Awards Outstanding and Exercisable) (Details) - $ / shares	1 Months Ended
	May 31, 2024	Sep. 30, 2024
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout, percent	100.00%
Additional earned awards, percent	50.00%
PSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award expected performance	25.00%
PSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award expected performance	200.00%
Held by Liberty Global employees: \| Options and SARs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		26,287,357
Options outstanding, weighted average exercise or base price (in dollars per shares)		$ 24.40
Options exercisable (in shares)		20,090,708
Options exercisable, weighted average exercise price or base price (in dollars per shares)		$ 26.43
Held by Liberty Global employees: \| Options and SARs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		58,072,571
Options outstanding, weighted average exercise or base price (in dollars per shares)		$ 24.38
Options exercisable (in shares)		46,907,609
Options exercisable, weighted average exercise price or base price (in dollars per shares)		$ 25.68
Held by Liberty Global employees: \| RSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		2,972,588
Held by Liberty Global employees: \| RSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		4,840,745
Held by Liberty Global employees: \| PSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		1,236,057
Held by Liberty Global employees: \| PSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		1,831,419
Held by former Liberty Global employees \| Options and SARs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		747,931
Options outstanding, weighted average exercise or base price (in dollars per shares)		$ 33.32
Options exercisable (in shares)		727,565
Options exercisable, weighted average exercise price or base price (in dollars per shares)		$ 33.75
Held by former Liberty Global employees \| Options and SARs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		1,453,922
Options outstanding, weighted average exercise or base price (in dollars per shares)		$ 32.80
Options exercisable (in shares)		1,425,478
Options exercisable, weighted average exercise price or base price (in dollars per shares)		$ 33.07
Held by former Liberty Global employees \| RSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		9,629
Held by former Liberty Global employees \| RSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		13,813
Held by former Liberty Global employees \| PSUs \| Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		2,472
Held by former Liberty Global employees \| PSUs \| Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options outstanding (in shares)		2,472

Derivative Instruments (Realized and Unrealized Gains (Losses) on Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative instruments, net	$ (566.8)	$ 177.1	$ 67.0	$ 193.8
Cross-currency and interest rate derivative contracts
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative instruments, net	(539.5)	195.1	137.5	38.8
Equity-related derivative instruments
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative instruments, net	(62.6)	(22.0)	(110.7)	145.0
Foreign currency forward and option contracts
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative instruments, net	37.4	4.0	42.3	10.0
Other
Derivative [Line Items]
Realized and unrealized gains (losses) on derivative instruments, net	$ (2.1)	$ 0.0	$ (2.1)	$ 0.0

Fair Value Measurements (Assets and Liabilities at Fair Value) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	$ 823.8	$ 1,256.9
SMAs	1,094.5	2,276.1
Other investments	3,183.8	3,122.9
Total investments	4,278.3	5,399.0
Total assets	5,102.1	6,655.9
Derivative instruments:	1,171.2	1,379.8
Total liabilities	1,171.2	1,379.8
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
SMAs	303.4	483.7
Other investments	1,800.7	1,559.7
Total investments	2,104.1	2,043.4
Total assets	2,104.1	2,043.4
Total liabilities	0.0	0.0
Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	644.6	946.2
SMAs	791.1	1,792.4
Other investments	0.1	0.1
Total investments	791.2	1,792.5
Total assets	1,435.8	2,738.7
Total liabilities	1,145.0	1,332.4
Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	179.2	310.7
SMAs	0.0	0.0
Other investments	1,383.0	1,563.1
Total investments	1,383.0	1,563.1
Total assets	1,562.2	1,873.8
Total liabilities	26.2	47.4
Cross-currency and interest rate derivative contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	602.6	943.1
Derivative instruments:	1,132.9	1,318.4
Cross-currency and interest rate derivative contracts \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Cross-currency and interest rate derivative contracts \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	602.6	943.1
Derivative instruments:	1,132.9	1,318.4
Cross-currency and interest rate derivative contracts \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Equity-related derivative instruments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	179.2	310.7
Derivative instruments:	26.2	47.4
Equity-related derivative instruments \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Equity-related derivative instruments \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Equity-related derivative instruments \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	179.2	310.7
Derivative instruments:	26.2	47.4
Foreign currency forward and option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	41.8	2.9
Derivative instruments:	12.1	14.0
Foreign currency forward and option contracts \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Foreign currency forward and option contracts \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	41.8	2.9
Derivative instruments:	12.1	14.0
Foreign currency forward and option contracts \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Derivative instruments:	0.0	0.0
Other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.2	0.2
Other \| Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.0	0.0
Other \| Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	0.2	0.2
Other \| Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	$ 0.0	$ 0.0

Investments (Result of Operations (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 1,935.2			$ 1,854.5			$ 5,754.0	$ 5,570.9
Earnings (loss) before income taxes	(1,410.0)			821.0			(520.2)	(232.1)
Net loss	(1,410.9)	$ 275.2	$ 527.0	822.7	$ (511.3)	$ (713.5)	(608.7)	(402.1)
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Earnings (loss) before income taxes	(68.7)			(503.2)			1.4	(441.8)
Net loss	(55.3)			(386.6)			(20.0)	(364.0)
VodafoneZiggo JV
Schedule of Equity Method Investments [Line Items]
Earnings (loss) before income taxes	(166.0)			(82.2)			(201.5)	(332.4)
Net loss	$ (132.6)			$ (63.6)			(161.6)	$ (279.2)
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Revenue							$ 10,170.9

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The details of our basic and diluted weighted average common shares outstanding are set forth below:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023

Weighted average common shares outstanding (basic EPS computation)	363,156,702	416,014,282	370,673,984	437,255,956
Incremental shares (a)	—	4,959,080	—	—
Weighted average common shares outstanding (diluted EPS computation)	363,156,702	420,973,362	370,673,984	437,255,956

_______________

The details of our net earnings (loss) attributable to Liberty Global shareholders is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Net earnings (loss)	$	(1,410.9)	$	822.7	$	(608.7)	$	(402.1)
Net earnings attributable to noncontrolling interests	(23.2)		(163.5)		(47.3)		(159.7)
Net earnings (loss) attributable to Liberty Global shareholders	$	(1,434.1)	$	659.2	$	(656.0)	$	(561.8)

Schedule of Weighted Average Number of Shares

The details of our basic and diluted weighted average common shares outstanding are set forth below:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023

Weighted average common shares outstanding (basic EPS computation)	363,156,702	416,014,282	370,673,984	437,255,956
Incremental shares (a)	—	4,959,080	—	—
Weighted average common shares outstanding (diluted EPS computation)	363,156,702	420,973,362	370,673,984	437,255,956

_______________

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:


	September 30, 2024		December 31, 2023
	in millions

ROU assets:
Operating leases (a)	$	2,383.3	$	1,761.8
Finance leases (b)	55.1		57.9
Total ROU assets	$	2,438.4	$	1,819.7

Lease liabilities:
Operating leases (c)	$	2,187.9	$	1,803.9
Finance leases (d)	52.4		58.0
Total lease liabilities	$	2,240.3	$	1,861.9

_______________

(c)The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets.

Schedule of Lease Expense and Cash Outflows from Operating and Finance Leases

A summary of our aggregate lease expense is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Finance lease expense:
Depreciation and amortization	$	1.9	$	3.1	$	6.2	$	32.4
Interest expense (a)	0.6		0.6		1.8		1.5
Total finance lease expense	2.5		3.7		8.0		33.9
Operating lease expense (b)	74.1		50.5		207.5		170.2
Short-term lease expense (b)	0.9		1.1		2.1		3.2
Variable lease expense (c)	0.3		0.4		1.0		1.1
Total lease expense	$	77.8	$	55.7	$	218.6	$	208.4

_______________

(a)Amounts for the 2023 periods include the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

A summary of our cash outflows from operating and finance leases is set forth below:




	Nine months ended September 30,
	2024		2023
	in millions

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	228.7	$	163.9
Operating cash outflows from finance leases (interest component)	1.8		1.5
Financing cash outflows from finance leases (principal component)	8.4		25.3
Total cash outflows from operating and finance leases	$	238.9	$	190.7

Schedule of Maturities of Operating Lease Liabilities

Maturities of our operating and finance lease liabilities as of September 30, 2024 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2024 exchange rates.


	Operating leases		Finance leases
	in millions

Year ending December 31:
2024 (remainder of year)	$	69.0	$	3.2
2025	292.4		10.7
2026	272.9		8.5
2027	261.3		7.5
2028	250.1		4.8
2029	240.6		3.4
Thereafter	1,649.0		30.1
Total payments	3,035.3		68.2
Less: present value discount	(847.4)		(15.8)
Present value of lease payments	$	2,187.9	$	52.4
Current portion	$	187.0	$	8.5
Long-term portion	$	2,000.9	$	43.9

Schedule of Maturities of Financing Lease Liabilities

Maturities of our operating and finance lease liabilities as of September 30, 2024 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2024 exchange rates.


	Operating leases		Finance leases
	in millions

Year ending December 31:
2024 (remainder of year)	$	69.0	$	3.2
2025	292.4		10.7
2026	272.9		8.5
2027	261.3		7.5
2028	250.1		4.8
2029	240.6		3.4
Thereafter	1,649.0		30.1
Total payments	3,035.3		68.2
Less: present value discount	(847.4)		(15.8)
Present value of lease payments	$	2,187.9	$	52.4
Current portion	$	187.0	$	8.5
Long-term portion	$	2,000.9	$	43.9

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,356.4	$ 1,415.9
Trade receivables, net (note 3)	863.4	870.1
Short-term investments (measured at fair value on a recurring basis) (note 5)	906.3	1,990.5
Derivative instruments (note 6)	399.7	518.1
Other current assets (notes 3 and 5)	671.2	847.0
Total current assets	5,197.0	5,641.6
Investments and related notes receivable (including $3,372.0 million and $3,408.5 million, respectively, measured at fair value on a recurring basis) (note 5)	13,617.0	13,396.1
Property and equipment, net (notes 8 and 10)	7,439.8	7,360.2
Goodwill (note 8)	10,325.6	10,477.0
Intangible assets subject to amortization, net (note 8)	1,773.8	2,053.6
Operating lease right-of-use (ROU) assets (note 10)	2,383.3	1,761.8
Other assets, net (notes 3 and 6)	1,029.9	1,397.6
Total assets	41,766.4	42,087.9
Current liabilities:
Accounts payable	560.6	689.8
Deferred revenue (note 3)	267.4	249.2
Derivative instruments (note 6)	459.2	426.8
Current portion of debt and finance lease obligations (notes 9 and 10)	999.3	806.8
Accrued capital expenditures	299.1	229.5
Accrued income taxes	248.6	263.9
Other accrued and current liabilities (note 10)	1,517.0	1,666.8
Total current liabilities	4,351.2	4,332.8
Long-term debt and finance lease obligations (notes 9 and 10)	14,891.8	14,959.1
Long-term operating lease liabilities (note 10)	2,000.9	1,652.1
Other long-term liabilities (notes 3 and 6)	1,870.9	2,136.5
Total liabilities	23,114.8	23,080.5
Commitments and contingencies (notes 6, 9, 10, 11 and 15)
Liberty Global shareholders:
Additional paid-in capital	926.2	1,322.6
Accumulated earnings	14,910.0	15,566.0
Accumulated other comprehensive earnings, net of taxes	2,819.4	2,170.3
Treasury shares, at cost	(0.1)	(0.1)
Total Liberty Global shareholders	18,659.1	19,062.6
Noncontrolling interests	(7.5)	(55.2)
Total equity	18,651.6	19,007.4
Total liabilities and equity	41,766.4	42,087.9
Class A
Liberty Global shareholders:
Common stock	1.7	1.7
Class B
Liberty Global shareholders:
Common stock	0.1	0.1
Class C
Liberty Global shareholders:
Common stock	$ 1.8	$ 2.0

Investments (Equity Method Investments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (133.0)	$ (240.8)	$ (166.6)	$ (341.1)
VodafoneZiggo JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (49.4)	(9.7)	$ (38.0)	(97.6)
Percent of remaining results of operations included in investment	50.00%		50.00%
Percent of interest income earned on loan included in investment	100.00%		100.00%
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (36.1)	(198.0)	$ (32.4)	(187.6)
Percent of remaining results of operations included in investment	50.00%		50.00%
Percentage of share based compensation expense	100.00%		100.00%
AtlasEdge JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (16.5)	(4.8)	$ (30.3)	(15.2)
Formula E
Schedule of Equity Method Investments [Line Items]
Equity method investment	(5.8)	(11.6)	(29.1)	(21.0)
All3Media
Schedule of Equity Method Investments [Line Items]
Equity method investment	0.0	(7.8)	(15.5)	(6.1)
nexfibre JV
Schedule of Equity Method Investments [Line Items]
Equity method investment	(18.2)	(4.2)	(6.5)	2.1
Other, net
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ (7.0)	$ (4.7)	$ (14.8)	$ (15.7)

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Revenue and Operating Cash Flow by Segment


	Revenue
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Sunrise	$	865.7	$	859.3	$	2,535.5	$	2,482.9
Telenet	785.2		775.2		2,302.9		2,296.7
VM Ireland	119.8		125.5		362.8		372.4
Central and Other (a)	229.3		164.3		754.3		615.0
Total consolidated reportable segment revenue	2,000.0		1,924.3		5,955.5		5,767.0
Intersegment eliminations (b)	(64.8)		(69.8)		(201.5)		(196.1)
Total consolidated revenue (c)	$	1,935.2	$	1,854.5	$	5,754.0	$	5,570.9

VMO2 JV	$	3,512.7	$	3,503.8	$	10,170.9	$	10,058.0
VodafoneZiggo JV	$	1,131.1	$	1,125.2	$	3,336.7	$	3,297.0

______________

(b)Amounts primarily relate to revenue recognized within Central and Other from other consolidated reportable segments associated with the Tech Framework.

(c)Total consolidated revenue does not include the revenue of our nonconsolidated reportable segments, which are separately shown below.


	Adjusted EBITDA
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Sunrise	$	318.9	$	311.0	$	886.2	$	861.1
Telenet	360.9		339.8		981.2		988.7
VM Ireland	41.4		45.9		127.1		134.7
Central and Other (a)	(37.4)		(83.6)		(94.2)		(115.3)
Total consolidated reportable segment Adjusted EBITDA	683.8		613.1		1,900.3		1,869.2
Less: consolidated intersegment eliminations (b)	(15.5)		(15.4)		(45.9)		(45.6)
Total consolidated Adjusted EBITDA (c)	$	668.3	$	597.7	$	1,854.4	$	1,823.6

VMO2 JV	$	1,170.9	$	1,170.9	$	3,376.9	$	3,335.6
VodafoneZiggo JV	$	527.8	$	518.3	$	1,565.5	$	1,474.7

_______________

(a)Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.

(b)Amounts relate to the Adjusted EBITDA impact within Central and Other related to the Tech Framework.

(c)Total consolidated Adjusted EBITDA does not include the Adjusted EBITDA of our nonconsolidated reportable segments, which are separately shown below.

The following table provides a reconciliation of total consolidated reportable segment Adjusted EBITDA to earnings (loss) before income taxes:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Total consolidated reportable segment Adjusted EBITDA	$	683.8	$	613.1	$	1,900.3	$	1,869.2
Intersegment eliminations	(15.5)		(15.4)		(45.9)		(45.6)
Share-based compensation expense	(52.9)		(54.8)		(147.0)		(174.4)
Depreciation and amortization	(500.6)		(584.0)		(1,512.7)		(1,681.8)
Impairment, restructuring and other operating items, net	(13.5)		13.7		(51.7)		(6.6)
Operating income (loss)	101.3		(27.4)		143.0		(39.2)

Interest expense	(251.2)		(241.4)		(756.2)		(656.0)
Realized and unrealized gains (losses) on derivative instruments, net	(566.8)		177.1		67.0		193.8
Foreign currency transaction gains (losses), net	(578.3)		664.4		(280.3)		417.9
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net	(45.9)		71.5		38.9		(344.8)
Share of results of affiliates, net	(133.0)		(240.8)		(166.6)		(341.1)
Gain on sale of All3Media	—		—		242.9		—
Gain associated with the Telenet Wyre Transaction	—		377.8		—		377.8
Other income, net	63.9		39.8		191.1		159.5
Earnings (loss) before income taxes	$	(1,410.0)	$	821.0	$	(520.2)	$	(232.1)

Schedule of Property and Equipment Additions of our Reportable Segments


	Nine months ended September 30,
	2024		2023
	in millions

Sunrise	$	418.4	$	406.8
Telenet	611.5		512.1
VM Ireland	125.3		128.0
Central and Other (a)	16.1		106.4
Total consolidated reportable segment property and equipment additions	1,171.3		1,153.3
Intersegment eliminations (b)	(45.9)		(45.6)
Total consolidated property and equipment additions (c)	1,125.4		1,107.7
Assets acquired under capital-related vendor financing arrangements	(98.8)		(129.9)
Assets acquired under finance leases	(0.6)		(20.8)
Changes in current liabilities related to capital expenditures	(38.8)		59.2
Total capital expenditures, net	$	987.2	$	1,016.2

Property and equipment additions:
VMO2 JV	$	1,959.6	$	1,949.1
VodafoneZiggo JV	$	715.3	$	737.8

_______________

(c)Total consolidated property and equipment additions do not include the property and equipment additions of our nonconsolidated reportable segments, which are separately shown below.

Schedule of Revenue by Major Category

Revenue by Major Category

Our revenue by major category for our consolidated reportable segments is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet	$	385.9	$	385.6	$	1,143.5	$	1,111.0
Video	268.4		276.6		791.3		822.5
Fixed-line telephony	81.3		91.2		245.5		273.3
Total subscription revenue	735.6		753.4		2,180.3		2,206.8
Non-subscription revenue	11.6		18.3		39.5		50.8
Total residential fixed revenue	747.2		771.7		2,219.8		2,257.6
Residential mobile revenue (c):
Subscription revenue (b)	391.1		396.9		1,137.2		1,122.8
Non-subscription revenue	128.7		124.3		394.0		384.9
Total residential mobile revenue	519.8		521.2		1,531.2		1,507.7
Total residential revenue	1,267.0		1,292.9		3,751.0		3,765.3
B2B revenue (d):
Subscription revenue	148.1		144.6		435.1		418.9
Non-subscription revenue	246.9		234.8		711.9		688.9
Total B2B revenue	395.0		379.4		1,147.0		1,107.8
Other revenue (e)	273.2		182.2		856.0		697.8
Total	$	1,935.2	$	1,854.5	$	5,754.0	$	5,570.9

_______________

enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

Schedule of Revenue Geographic Segments

The revenue of our geographic segments is set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Switzerland	$	865.7	$	859.3	$	2,535.5	$	2,482.9
Belgium	746.3		743.1		2,185.2		2,190.8
Ireland	119.8		125.5		362.8		372.4
Slovakia	12.9		12.8		38.4		39.2
Other, including intersegment eliminations (a)	190.5		113.8		632.1		485.6
Total	$	1,935.2	$	1,854.5	$	5,754.0	$	5,570.9

VMO2 JV (U.K.)	$	3,512.7	$	3,503.8	$	10,170.9	$	10,058.0
VodafoneZiggo JV (Netherlands)	$	1,131.1	$	1,125.2	$	3,336.7	$	3,297.0

______________

Commitments and Contingencies (Unrecorded Purchase Obligation) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Remainder of 2024	$ 462.9
2025	974.4
2026	699.1
2027	471.5
2028	409.7
2029	32.8
Thereafter	113.2
Total	3,163.6
Purchase commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Remainder of 2024	202.2
2025	558.8
2026	457.6
2027	404.2
2028	378.0
2029	2.1
Thereafter	20.2
Total	2,023.1
Programming commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Remainder of 2024	64.7
2025	148.0
2026	63.4
2027	31.1
2028	0.1
2029	0.0
Thereafter	0.0
Total	307.3
Network and connectivity commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Remainder of 2024	31.4
2025	90.9
2026	43.6
2027	5.2
2028	2.6
2029	2.1
Thereafter	22.8
Total	198.6
Other commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Remainder of 2024	164.6
2025	176.7
2026	134.5
2027	31.0
2028	29.0
2029	28.6
Thereafter	70.2
Total	$ 634.6

Debt (Vendor Financing Obligations) (Schedule) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024 (remainder of year)	$ 308.6
2025	869.9
Total debt maturities	15,950.2	$ 15,857.6
Current portion	990.8
Long-term portion	14,847.9
Sunrise Holding
Debt Instrument [Line Items]
2024 (remainder of year)	168.0
2025	235.6
Total debt maturities	6,536.2
Current portion	403.6
Long-term portion	6,114.7
Telenet
Debt Instrument [Line Items]
2024 (remainder of year)	132.4
2025	302.2
Total debt maturities	6,998.8
Current portion	420.7
Long-term portion	6,554.4
Other
Debt Instrument [Line Items]
2024 (remainder of year)	8.2
2025	332.1
Total debt maturities	1,411.8
Current portion	166.5
Long-term portion	1,180.0
Vendor financing
Debt Instrument [Line Items]
2024 (remainder of year)	291.6
2025	514.5
Total debt maturities	806.1	$ 768.7	$ 611.2	$ 704.7
Current portion	805.6
Long-term portion	0.5
Vendor financing \| Sunrise Holding
Debt Instrument [Line Items]
2024 (remainder of year)	168.0
2025	235.6
Total debt maturities	403.6
Current portion	403.6
Long-term portion	0.0
Vendor financing \| Telenet
Debt Instrument [Line Items]
2024 (remainder of year)	115.4
2025	277.7
Total debt maturities	393.1
Current portion	393.1
Long-term portion	0.0
Vendor financing \| Other
Debt Instrument [Line Items]
2024 (remainder of year)	8.2
2025	1.2
Total debt maturities	9.4
Current portion	8.9
Long-term portion	$ 0.5

Investments (Fair Value Realized and Unrealized Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Total	$ (45.9)	$ 71.5	$ 38.9	$ (344.8)
Gain on sale of All3Media	0.0	0.0	242.9	0.0
Vodafone
Net Investment Income [Line Items]
Total	117.3	35.7	163.8	(223.1)
ITV
Net Investment Income [Line Items]
Total	21.6	(2.6)	104.7	(18.9)
EdgeConneX
Net Investment Income [Line Items]
Total	(10.8)	65.9	78.3	79.9
Televisa Univision
Net Investment Income [Line Items]
Total	(87.1)	12.1	(76.4)	4.7
Lacework
Net Investment Income [Line Items]
Total	(0.2)	(31.3)	(75.8)	(125.9)
Plume
Net Investment Income [Line Items]
Total	(42.5)	(4.0)	(70.3)	(55.2)
Aviatrix
Net Investment Income [Line Items]
Total	(3.1)	(12.4)	(30.6)	(23.9)
SMAs
Net Investment Income [Line Items]
Total	9.1	20.1	30.0	(1.2)
Pax8
Net Investment Income [Line Items]
Total	(24.8)	(10.4)	(27.9)	(10.4)
Lionsgate
Net Investment Income [Line Items]
Total	(10.5)	(2.6)	(20.6)	17.3
Other, net
Net Investment Income [Line Items]
Total	$ (14.9)	$ 1.0	$ (36.3)	$ 11.9

Investments

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Investments

The details of our investments are set forth below:


Accounting Method	September 30, 2024		December 31, 2023		Ownership (a)
	in millions				%
Equity (b):
Long-term:
VMO2 JV	$	7,571.6	$	7,248.5	50.0
VodafoneZiggo JV (c)	1,990.3		2,055.4		50.0
AtlasEdge JV	342.5		250.8		48.5
Formula E (d)	126.6		99.1		38.2
nexfibre JV	74.1		55.9		25.0
All3Media Group (All3Media) (e)	—		144.2		—
Other	139.9		133.7
Total — equity	10,245.0		9,987.6
Fair value:
Short-term:
Separately-managed accounts (SMAs) (f)	906.3		1,990.5
Long-term:
Vodafone - subject to re-use rights (g)	1,342.5		1,168.1		5.1
EdgeConneX, Inc. (EdgeConneX)	422.9		318.3		5.2
ITV plc (ITV)	409.1		321.9		9.7
Televisa Univision, Inc. (Televisa Univision)	314.9		388.3		6.4
SMAs (f)	188.2		285.6
Plume Design, Inc. (Plume) (h)	98.1		168.4		10.5
CANAL+ Polska S.A.	78.1		76.4		17.0
Pax8, Inc.	72.4		100.3		6.7
Lions Gate Entertainment Corp. (Lionsgate)	49.0		69.6		2.8
Aviatrix Systems, Inc. (Aviatrix)	24.9		55.5		4.3
Lacework, Inc. (Lacework) (i)	—		94.2		—
Other	371.9		361.9
Total — fair value	4,278.3		5,399.0
Total investments (j)	$	14,523.3	$	15,386.6
Short-term investments	$	906.3	$	1,990.5
Long-term investments	$	13,617.0	$	13,396.1

_______________

(h)Our investment in Plume includes warrants with a fair value of $33.6 million and $61.3 million at September 30, 2024 and December 31, 2023, respectively.

(i)We completed the sale of our investment in Lacework during the third quarter of 2024.

(j)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.

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,
	2024		2023		2024		2023
	in millions

VodafoneZiggo JV (a)	$	(49.4)	$	(9.7)	$	(38.0)	$	(97.6)
VMO2 JV (b)	(36.1)		(198.0)		(32.4)		(187.6)
AtlasEdge JV	(16.5)		(4.8)		(30.3)		(15.2)
Formula E	(5.8)		(11.6)		(29.1)		(21.0)
All3Media	—		(7.8)		(15.5)		(6.1)
nexfibre JV	(18.2)		(4.2)		(6.5)		2.1
Other, net	(7.0)		(4.7)		(14.8)		(15.7)
Total	$	(133.0)	$	(240.8)	$	(166.6)	$	(341.1)

_______________

(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.

VMO2 JV

Pursuant to an agreement (the U.K. JV Framework Agreement), Liberty Global provides certain services to the VMO2 JV on a transitional or ongoing basis (collectively, the U.K. JV Services). The U.K. JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VMO2 JV. Liberty Global charges both fixed and variable fees to the VMO2 JV for the U.K. JV Services provided pursuant to the U.K. JV Framework Agreement. We recorded revenue from the VMO2 JV of $90.8 million and $34.2 million during the three months ended September 30, 2024 and 2023, respectively, and $294.3 million and $155.4 million during the nine months ended September 30, 2024 and 2023, respectively, primarily related to (a) the U.K. JV Services and (b) beginning in 2024, the sale of customer premises equipment (CPE) to the VMO2 JV at a mark-up. At September 30, 2024 and December 31, 2023, $45.1 million and $18.6 million, respectively, was due from the VMO2 JV related to the aforementioned transactions. The amounts due from the VMO2 JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets. In addition, during the nine months ended September 30, 2023, we received dividend distributions from the VMO2 JV aggregating $815.2 million, all of which were accounted for as a return of capital for purposes of our condensed consolidated statement of cash flows.

The summarized results of operations of the VMO2 JV are set forth below:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Revenue	$	3,512.7	$	3,503.8	$	10,170.9	$	10,058.0
Earnings (loss) before income taxes	$	(68.7)	$	(503.2)	$	1.4	$	(441.8)
Net loss	$	(55.3)	$	(386.6)	$	(20.0)	$	(364.0)

VodafoneZiggo JV

Pursuant to an agreement (the NL JV Framework Agreement), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the NL JV Services). The NL JV Services provided by Liberty Global consist primarily of (i) technology and other services and (ii) capital-related expenditures for assets that will be used by, or will otherwise benefit, the VodafoneZiggo JV. Liberty Global charges both fixed and usage-based fees to the VodafoneZiggo JV for the NL JV Services provided pursuant to the NL JV Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $42.5 million and $37.3 million during the three months ended September 30, 2024 and 2023, respectively, and $164.2 million and $157.8 million during the nine months ended September 30, 2024 and 2023, respectively, primarily related to (a) the NL JV Services and (b) the sale of CPE to the VodafoneZiggo JV at a mark-up. At September 30, 2024 and December 31, 2023, $22.9 million and $24.2 million, respectively, was due from the VodafoneZiggo JV related to the aforementioned transactions. The amounts due from the VodafoneZiggo JV, which are periodically cash settled, are included in other current assets on our condensed consolidated balance sheets.

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Revenue	$	1,131.1	$	1,125.2	$	3,336.7	$	3,297.0
Loss before income taxes	$	(166.0)	$	(82.2)	$	(201.5)	$	(332.4)
Net loss	$	(132.6)	$	(63.6)	$	(161.6)	$	(279.2)

Fair Value Investments

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Vodafone	$	117.3	$	35.7	$	163.8	$	(223.1)
ITV	21.6		(2.6)		104.7		(18.9)
EdgeConneX	(10.8)		65.9		78.3		79.9
Televisa Univision	(87.1)		12.1		(76.4)		4.7
Lacework (a)	(0.2)		(31.3)		(75.8)		(125.9)
Plume	(42.5)		(4.0)		(70.3)		(55.2)
Aviatrix	(3.1)		(12.4)		(30.6)		(23.9)
SMAs	9.1		20.1		30.0		(1.2)
Pax8	(24.8)		(10.4)		(27.9)		(10.4)
Lionsgate	(10.5)		(2.6)		(20.6)		17.3
Other, net	(14.9)		1.0		(36.3)		11.9
Total	$	(45.9)	$	71.5	$	38.9	$	(344.8)

______________

(a)We completed the sale of our investment in Lacework during the third quarter of 2024.

Debt Securities

The following tables set forth a summary of our debt securities at September 30, 2024 and December 31, 2023:


	September 30, 2024
	Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions

Government bonds	$	313.5	$	1.0	$	314.5
Commercial paper	309.3		—		309.3
Corporate debt securities	193.7		0.5		194.2
Certificates of deposit	146.1		—		146.1
Structured note	(a)		(a)		122.2
Other debt securities	8.2		—		8.2
Total debt securities	$	970.8	$	1.5	$	1,094.5

______________


	Proportion of debt associated with the return on the leveraged structured note

Subsidiary:
Sunrise Holding	50.51	%
Telenet	23.68	%

Affiliate:

VodafoneZiggo JV	25.81	%
Total	100.00	%


	December 31, 2023
	Amortized cost basis		Accumulated unrealized gains		Fair value
	in millions

Commercial paper	$	1,066.5	$	(0.1)	$	1,066.4
Government bonds	504.7		0.3		505.0
Certificates of deposit	373.1		0.1		373.2
Corporate debt securities	226.6		(0.1)		226.5
Structured note	(a)		(a)		95.8
Other debt securities	9.2		—		9.2
Total debt securities	$	2,180.1	$	0.2	$	2,276.1

______________


	Proportion of debt associated with the return on the leveraged structured note

Subsidiary:
Sunrise Holding	32.91	%
Telenet	28.23	%

Affiliate:
VMO2 JV	31.49	%
VodafoneZiggo JV	7.37	%
Total	100.00	%

We received proceeds from the sale and maturities of debt securities of $0.9 billion and $1.8 billion during the three months ended September 30, 2024 and 2023, respectively, and $3.2 billion and $6.0 billion during the nine months ended September 30, 2024 and 2023, respectively, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities resulted in realized net gains (losses) of $4.5 million and ($20.1 million) during the three months ended September 30, 2024 and 2023, respectively, and ($14.6 million) and ($52.8 million) during the nine months ended September 30, 2024 and 2023, respectively.

The fair values of our debt securities as of September 30, 2024 by contractual maturity are shown below (in millions):





Due in one year or less	$	906.3
Due in one to five years	157.5
Due in five to ten years	30.7

Total (a)	$	1,094.5

_______________

(a)The weighted average life of our total debt securities was 0.9 years as of September 30, 2024.

Our investment portfolio is subject to various macroeconomic pressures and has experienced significant volatility, which affects both our non-public and publicly-traded investments. Changes in the fair values of these investments, including changes with respect to interest rates within our local jurisdictions, are likely to continue and could be significant.

Segment Reporting (Reconciliation of Consolidated Segment Adjusted EBITDA) (Schedule) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 668.3	$ 597.7	$ 1,854.4	$ 1,823.6
Share-based compensation expense	(52.9)	(54.8)	(147.0)	(174.4)
Depreciation and amortization	(500.6)	(584.0)	(1,512.7)	(1,681.8)
Impairment, restructuring and other operating items, net	(13.5)	13.7	(51.7)	(6.6)
Operating income (loss)	101.3	(27.4)	143.0	(39.2)
Interest expense	(251.2)	(241.4)	(756.2)	(656.0)
Realized and unrealized gains (losses) on derivative instruments, net	(566.8)	177.1	67.0	193.8
Foreign currency transaction gains (losses), net	(578.3)	664.4	(280.3)	417.9
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net	(45.9)	71.5	38.9	(344.8)
Share of results of affiliates, net	(133.0)	(240.8)	(166.6)	(341.1)
Gain on sale of All3Media	0.0	0.0	242.9	0.0
Gain associated with the Telenet Wyre transaction	0.0	377.8	0.0	377.8
Other income, net	63.9	39.8	191.1	159.5
Earnings (loss) before income taxes	(1,410.0)	821.0	(520.2)	(232.1)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	683.8	613.1	1,900.3	1,869.2
Intersegment eliminations
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (15.5)	$ (15.4)	$ (45.9)	$ (45.6)

Segment Reporting (Performance Measures) (Schedule) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,935.2	$ 1,854.5	$ 5,754.0	$ 5,570.9
Adjusted EBITDA	668.3	597.7	1,854.4	1,823.6
VMO2 JV
Segment Reporting Information [Line Items]
Revenue			10,170.9
VMO2 JV \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Segment Reporting Information [Line Items]
Revenue	3,512.7	3,503.8	10,170.9	10,058.0
Adjusted EBITDA	1,170.9	1,170.9	3,376.9	3,335.6
VodafoneZiggo JV \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Segment Reporting Information [Line Items]
Revenue	1,131.1	1,125.2	3,336.7	3,297.0
Adjusted EBITDA	527.8	518.3	1,565.5	1,474.7
Central and Other \| VMO2 JV
Segment Reporting Information [Line Items]
Revenue	90.8	34.2	294.3	155.4
Central and Other \| VodafoneZiggo JV
Segment Reporting Information [Line Items]
Revenue	42.5	37.3	164.2	157.8
Operating Segments
Segment Reporting Information [Line Items]
Revenue	2,000.0	1,924.3	5,955.5	5,767.0
Adjusted EBITDA	683.8	613.1	1,900.3	1,869.2
Operating Segments \| Sunrise
Segment Reporting Information [Line Items]
Revenue	865.7	859.3	2,535.5	2,482.9
Adjusted EBITDA	318.9	311.0	886.2	861.1
Operating Segments \| Telenet
Segment Reporting Information [Line Items]
Revenue	785.2	775.2	2,302.9	2,296.7
Adjusted EBITDA	360.9	339.8	981.2	988.7
Operating Segments \| VM Ireland
Segment Reporting Information [Line Items]
Revenue	119.8	125.5	362.8	372.4
Adjusted EBITDA	41.4	45.9	127.1	134.7
Operating Segments \| Central and Other
Segment Reporting Information [Line Items]
Revenue	229.3	164.3	754.3	615.0
Adjusted EBITDA	(37.4)	(83.6)	(94.2)	(115.3)
Intersegment eliminations
Segment Reporting Information [Line Items]
Revenue	(64.8)	(69.8)	(201.5)	(196.1)
Adjusted EBITDA	$ (15.5)	$ (15.4)	$ (45.9)	$ (45.6)

Derivative Instruments (Cross-currency Derivative Contracts) (Details) - 9 months ended Sep. 30, 2024 € in Millions, SFr in Millions, $ in Millions	USD ($)	EUR (€)	CHF (SFr)
Sunrise Holding \| Cross-Currency Swap 1
Derivative [Line Items]
Weighted average remaining life	1 year
Sunrise Holding \| Cross-Currency Swap 2
Derivative [Line Items]
Weighted average remaining life	4 years
Sunrise Holding \| Cross-Currency Swap 3
Derivative [Line Items]
Weighted average remaining life	2 years 6 months
Telenet \| Cross-Currency Swap 4
Derivative [Line Items]
Weighted average remaining life	2 years 9 months 18 days
Telenet \| Cross-Currency Swap 5
Derivative [Line Items]
Weighted average remaining life	3 months 18 days
Notional amount due from counterparty \| Sunrise Holding \| Cross-Currency Swap 1
Derivative [Line Items]
Notional amount \| $	$ 250.0
Notional amount due from counterparty \| Sunrise Holding \| Cross-Currency Swap 2
Derivative [Line Items]
Notional amount \| $	4,275.0
Notional amount due from counterparty \| Sunrise Holding \| Cross-Currency Swap 3
Derivative [Line Items]
Notional amount \| €		€ 1,952.6
Notional amount due from counterparty \| Telenet \| Cross-Currency Swap 4
Derivative [Line Items]
Notional amount \| $	3,345.0
Notional amount due from counterparty \| Telenet \| Cross-Currency Swap 5
Derivative [Line Items]
Notional amount \| €		45.2
Notional amount due to counterparty \| Sunrise Holding \| Cross-Currency Swap 1
Derivative [Line Items]
Notional amount \| €		220.6
Notional amount due to counterparty \| Sunrise Holding \| Cross-Currency Swap 2
Derivative [Line Items]
Notional amount \| SFr			SFr 3,912.7
Notional amount due to counterparty \| Sunrise Holding \| Cross-Currency Swap 3
Derivative [Line Items]
Notional amount \| SFr			SFr 2,176.5
Notional amount due to counterparty \| Telenet \| Cross-Currency Swap 4
Derivative [Line Items]
Notional amount \| €		€ 2,969.5
Notional amount due to counterparty \| Telenet \| Cross-Currency Swap 5
Derivative [Line Items]
Notional amount \| $	$ 50.0

Fair Value Measurements (Assets and Liabilities Reconciliation) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of net assets at January 1, 2024	$ 1,826.4
Losses included in net earnings
Realized and unrealized losses on derivative instruments, net	(110.7)
Realized and unrealized losses due to changes in fair values of certain investments, net	(239.0)
Additions	66.1
Foreign currency translation adjustments and other, net	(18.3)
Foreign currency translation adjustments and other, net	11.5
Balance of net assets at March 31, 2024	$ 1,536.0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized and unrealized gains (losses) on derivative instruments, net (note 6)
Fair Value Recurring Basis Unobservable Input Reconciliation Net Derivative Asset Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	true
Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of net assets at January 1, 2024	$ 1,563.1
Losses included in net earnings
Realized and unrealized losses on derivative instruments, net	0.0
Realized and unrealized losses due to changes in fair values of certain investments, net	(239.0)
Additions	66.1
Foreign currency translation adjustments and other, net	(18.3)
Foreign currency translation adjustments and other, net	11.1
Balance of net assets at March 31, 2024	1,383.0
Equity-related derivative instruments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance of net assets at January 1, 2024	263.3
Losses included in net earnings
Realized and unrealized losses on derivative instruments, net	(110.7)
Realized and unrealized losses due to changes in fair values of certain investments, net	0.0
Additions	0.0
Foreign currency translation adjustments and other, net	0.0
Foreign currency translation adjustments and other, net	0.4
Balance of net assets at March 31, 2024	153.0
Instruments accounted for under measurement alternative
Losses included in net earnings
Balance of net assets at March 31, 2024	$ 396.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Details)	Sep. 30, 2024	Oct. 31, 2023	Oct. 19, 2023
Telenet \| Liberty Global Belgium Holding B.V. \| Subsidiaries
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired		100.00%	100.00%
VodafoneZiggo JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Co-venturer ownership percentage	50.00%
VMO2 JV
Schedule of Equity Method Investments [Line Items]
Co-venturer ownership percentage	50.00%
Telefonica
Schedule of Equity Method Investments [Line Items]
Co-venturer ownership percentage	50.00%
Vodafone Group Inc.
Schedule of Equity Method Investments [Line Items]
Co-venturer ownership percentage	50.00%
AtlasEdge JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.50%
Noting interest percentage	50.00%
nexfibre JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.00%

Revenue Recognition and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade receivables, allowance for doubtful accounts	$ 59.2		$ 59.2		$ 58.0
Contract assets	42.3		42.3		45.8
Deferred revenue	274.7		274.7		267.6
Revenue recognized			224.5
Aggregate assets associated with incremental costs to obtain a contract and contract fulfillment costs	90.2		90.2		$ 84.1
Amortization related to contract costs	$ 22.2	$ 20.7	$ 63.7	$ 60.2
Residential Service \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months		12 months
Mobile Services \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year		1 year
Mobile Services \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	3 years		3 years
B2B Services \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year		1 year
B2B Services \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	5 years		5 years

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 2,356.4	$ 1,741.6
Restricted cash included in other current assets and other assets, net	7.9	6.9
Total cash and cash equivalents and restricted cash	$ 2,364.3	$ 1,748.5

Income Taxes (Reconciliation of Federal to Effective Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Computed “expected” tax benefit (expense)	$ 352.6	$ (193.0)	$ 130.1	$ 54.5
Non-deductible or non-taxable interest and other items	(26.0)	(33.3)	(126.5)	(108.0)
Non-deductible or non-taxable foreign currency exchange results	(269.3)	197.5	(55.6)	82.9
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates	(87.0)	78.8	(40.8)	(1.7)
International rate differences	(4.0)	(6.8)	(15.9)	(11.0)
Change in valuation allowances	39.5	(39.5)	10.9	(200.8)
Tax benefit associated with technology innovation	2.8	5.9	6.9	12.1
Other, net	(9.5)	(7.9)	2.4	2.0
Total income tax benefit (expense)	$ (0.9)	$ 1.7	$ (88.5)	$ (170.0)

Long-lived Assets (Intangible Assets Subject to Amortization, Net) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Gross carrying amount	$ 4,107.8	$ 4,027.8
Accumulated amortization	(2,334.0)	(1,974.2)
Net carrying amount	1,773.8	2,053.6
Customer relationships
Property, Plant and Equipment [Line Items]
Gross carrying amount	2,478.2	2,489.5
Accumulated amortization	(1,655.0)	(1,370.8)
Net carrying amount	823.2	1,118.7
Other
Property, Plant and Equipment [Line Items]
Gross carrying amount	1,629.6	1,538.3
Accumulated amortization	(679.0)	(603.4)
Net carrying amount	$ 950.6	$ 934.9

Share-based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended			9 Months Ended
	Mar. 31, 2023	Apr. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 52.9	$ 54.8		$ 147.0	$ 174.4
Percent of annual incentive compensation receivable in shares			100.00%			100.00%
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years	10 years
Income tax expense					$ 27.1
Other operating expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 5.9	1.6		$ 16.6	6.4
SG&A expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			47.0	53.2		130.4	168.0
Liberty Global
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			52.9	51.5		142.5	151.7
Non-performance based incentive awards \| Liberty Global
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			40.9	45.2		105.2	127.8
Performance-based incentive awards \| Liberty Global
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			5.9	0.0		13.3	0.0
Other \| Liberty Global
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			6.1	6.3		24.0	23.9
Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 0.0	$ 3.3		$ 4.5	$ 22.7

Leases (Lease Balances) (Details) - USD ($) $ in Millions	9 Months Ended
Leases (Lease Balances) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term portion, Other Accrued Liabilities, Current		Long-term portion, Other Accrued Liabilities, Current
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Current portion of debt and finance lease obligations (notes 9 and 10), Long-term debt and finance lease obligations		Current portion of debt and finance lease obligations (notes 9 and 10), Long-term debt and finance lease obligations
ROU assets:
Operating leases	$ 2,383.3		$ 1,761.8
Finance leases	55.1		57.9
Total ROU assets	2,438.4		1,819.7
Lease liabilities:
Operating leases	2,187.9		1,803.9
Finance leases	52.4		58.0
Total lease liabilities	$ 2,240.3		$ 1,861.9
Weighted average remaining lease term for operating leases	12 years 9 months 18 days
Weighted average discount rate, for operating leases	5.20%
Addition to ROU assets associated with operating leases	$ 137.3	$ 38.0
Weighted average remaining lease term for finance leases	11 years 2 months 12 days
Weighted average discount rate, for finance leases	5.00%
ROU assets associated with finance leases	$ 0.6	$ 20.8

Segment Reporting (Geographic Segments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,935.2	$ 1,854.5	$ 5,754.0	$ 5,570.9
VMO2 JV
Segment Reporting Information [Line Items]
Revenue			10,170.9
Operating Segments
Segment Reporting Information [Line Items]
Revenue	2,000.0	1,924.3	5,955.5	5,767.0
Operating Segments \| Switzerland
Segment Reporting Information [Line Items]
Revenue	865.7	859.3	2,535.5	2,482.9
Operating Segments \| Belgium
Segment Reporting Information [Line Items]
Revenue	746.3	743.1	2,185.2	2,190.8
Operating Segments \| Ireland
Segment Reporting Information [Line Items]
Revenue	119.8	125.5	362.8	372.4
Operating Segments \| Slovakia
Segment Reporting Information [Line Items]
Revenue	12.9	12.8	38.4	39.2
Other, including intersegment eliminations
Segment Reporting Information [Line Items]
Revenue	$ 190.5	$ 113.8	$ 632.1	$ 485.6

- Definition

+ References

+ Details

Segment Reporting (Capital Expenditures of Reportable Segments) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	$ 1,125.4	$ 1,107.7
Assets acquired under capital-related vendor financing arrangements	(98.8)	(129.9)
Assets acquired under finance leases	(0.6)	(20.8)
Changes in current liabilities related to capital expenditures	(38.8)	59.2
Total capital expenditures, net	987.2	1,016.2
VMO2 JV
Segment Reporting Information [Line Items]
Property and equipment additions:	1,959.6	1,949.1
VodafoneZiggo JV
Segment Reporting Information [Line Items]
Property and equipment additions:	715.3	737.8
Operating Segments
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	1,171.3	1,153.3
Operating Segments \| Sunrise
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	418.4	406.8
Operating Segments \| Telenet
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	611.5	512.1
Operating Segments \| VM Ireland
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	125.3	128.0
Operating Segments \| Central and Other
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	16.1	106.4
Intersegment eliminations
Segment Reporting Information [Line Items]
Total consolidated property and equipment additions	$ (45.9)	$ (45.6)

Segment Reporting (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 1,935.2	$ 1,854.5	$ 5,754.0	$ 5,570.9
Performance measures, percentage of reportable segment revenue and operating cash flow presented			100.00%
Interest Rate Swap \| Telenet
Segment Reporting Information [Line Items]
Term			5 years
Internally Developed Software Treatment \| Central and Other
Segment Reporting Information [Line Items]
Revenue		61.5		92.2
VMO2 JV
Segment Reporting Information [Line Items]
Ownership percentage	50.00%		50.00%
VMO2 JV \| Internally Developed Software Treatment \| Central and Other
Segment Reporting Information [Line Items]
Revenue		33.8		49.5
VodafoneZiggo JV
Segment Reporting Information [Line Items]
Ownership percentage	50.00%		50.00%
VodafoneZiggo JV \| Internally Developed Software Treatment \| Central and Other
Segment Reporting Information [Line Items]
Revenue		$ 19.9		$ 29.7

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,434.1)	$ 659.2	$ (656.0)	$ (561.8)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Oct. 07, 2022	Sep. 30, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Unrecognized tax benefits		$ 500.0
UTB that would impact effective tax rate		402.7
Reduction in UTB		$ 401.0
Income tax penalties and interest expense	$ 110.0
Income tax examination, liability (refund) adjustment from settlement with taxing authority			$ 315.0
Tax Year 2018 \| Income Tax Contingency
Income Tax Contingency [Line Items]
Damages sought	$ 284.0

Earnings (Loss) per Share (Basic and Diluted Weighted Average Common Shares) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average ordinary shares outstanding (basic EPS computation) (in shares)	363,156,702	416,014,282	370,673,984	437,255,956
Incremental shares (in shares)	0	4,959,080	0	0
Weighted average ordinary shares outstanding (diluted EPS computation) (in shares)	363,156,702	420,973,362	370,673,984	437,255,956

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income tax benefit (expense) attributable to our earnings (loss) before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Computed “expected” tax benefit (expense) (a)	$	352.6	$	(193.0)	$	130.1	$	54.5
Non-deductible or non-taxable interest and other items	(26.0)		(33.3)		(126.5)		(108.0)
Non-deductible or non-taxable foreign currency exchange results	(269.3)		197.5		(55.6)		82.9
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b)	(87.0)		78.8		(40.8)		(1.7)
International rate differences (c)	(4.0)		(6.8)		(15.9)		(11.0)
Change in valuation allowances	39.5		(39.5)		10.9		(200.8)
Tax benefit associated with technology innovation	2.8		5.9		6.9		12.1
Other, net	(9.5)		(7.9)		2.4		2.0
Total income tax benefit (expense)	$	(0.9)	$	1.7	$	(88.5)	$	(170.0)

_______________

(c)Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K.

On August 16, 2022, the Inflation Reduction Act was signed into law in the U.S. Although this legislation does not increase the U.S. corporate income tax rate, it includes, among other provisions, a corporate alternative minimum tax (CAMT) on “adjusted financial statement income” that is effective for tax years beginning after December 31, 2022. CAMT did not have an impact on our consolidated financial statements through September 30, 2024, although we will continue to monitor additional guidance as it is issued to assess the impact to our tax position. We will disregard our CAMT status when evaluating our deferred tax assets under the regular U.S. tax system.

In December 2021, the Organization for Economic Co-Operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) released Model Global Anti-Base Erosion (GLoBE) rules under Pillar Two. These rules provide for the taxation of certain large multinational corporations at a minimum rate of 15.0%, calculated on a jurisdictional basis. Numerous countries in which we operate, including the U.K. and certain European Union (E.U.) member states, have enacted legislation to implement many aspects of the Pillar Two rules beginning on January 1, 2024, with certain remaining impacts to be effective from January 1, 2025. We do not currently anticipate that Pillar Two legislation will have a material impact on our consolidated financial statements, but we will continue to monitor future legislation and any additional guidance that is issued.

As of September 30, 2024, our unrecognized tax benefits were $500.0 million, of which $402.7 million would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors. During the next 12 months, it is reasonably possible that the resolution of ongoing tax controversies, as well as the expiration of statutes of limitation and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of September 30, 2024. The amount of such reductions could range up to $401 million. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during the next 12 months.

We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations.

In general, tax returns filed by our company or our subsidiaries for years prior to 2016 are no longer subject to examination

by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Ireland, Luxembourg, Switzerland and the U.S. While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues.

On October 7, 2022, the U.S. Department of Justice filed a suit against Liberty Global, Inc. (LGI), a wholly-owned U.S. subsidiary of Liberty Global, in the U.S. District Court of Colorado for unpaid federal income taxes and penalties for the 2018 tax year of approximately $284 million. This action by the U.S. Department of Justice is related to the November 2020 complaint filed by LGI in the U.S. District Court of Colorado seeking a refund of approximately $110 million of taxes, penalties and interest associated with the application of certain temporary treasury regulations issued in June 2019. In October 2023, the U.S. District Court of Colorado entered judgement against LGI with respect to the refund claim and we appealed this decision to the U.S. Court of Appeals for the Tenth Circuit (Court of Appeals) in December 2023. No amounts have been accrued by LGI with respect to this matter. We will vigorously defend this matter and continue to actively pursue our claim for refund.

In January 2021, we petitioned the U.S. Tax Court with respect to unresolved issues related to our 2010 tax year for which we had already recognized an accrued liability for an uncertain tax position. In November 2023, we received an unfavorable decision, which we will appeal to the Court of Appeals. In December 2023, we made a payment of the disputed tax in the amount of $315 million, which reduced our accrued liability for uncertain tax benefits on our consolidated balance sheet but will continue to be included in our inventory of unrecognized tax benefits as the position is not yet settled. We will continue to vigorously defend our position, however, due to the inherent uncertainty involved in the litigation process, there can be no assurance that the Court of Appeals will rule in our favor.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instrument Assets and Liabilities

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	September 30, 2024						December 31, 2023
	Current		Long-term		Total		Current		Long-term		Total
	in millions

Assets (a):
Cross-currency and interest rate derivative contracts (b)	$	357.8	$	244.8	$	602.6	$	515.6	$	427.5	$	943.1
Equity-related derivative instruments (c)	—		179.2		179.2		—		310.7		310.7
Foreign currency forward and option contracts	41.7		0.1		41.8		2.3		0.6		2.9
Other	0.2		—		0.2		0.2		—		0.2
Total	$	399.7	$	424.1	$	823.8	$	518.1	$	738.8	$	1,256.9

Liabilities (a):
Cross-currency and interest rate derivative contracts (b)	$	420.9	$	712.0	$	1,132.9	$	369.9	$	948.5	$	1,318.4
Equity-related derivative instruments (c)	26.2		—		26.2		47.4		—		47.4
Foreign currency forward and option contracts	12.1		—		12.1		9.5		4.5		14.0

Total	$	459.2	$	712.0	$	1,171.2	$	426.8	$	953.0	$	1,379.8

_______________

(a)Our long-term derivative assets and long-term derivative liabilities are included in other assets, net, and other long-term liabilities, respectively, on our condensed consolidated balance sheets.

Schedule of Realized And Unrealized Gains On Derivative Instruments

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	in millions

Cross-currency and interest rate derivative contracts	$	(539.5)	$	195.1	$	137.5	$	38.8
Equity-related derivative instruments	(62.6)		(22.0)		(110.7)		145.0
Foreign currency forward and option contracts	37.4		4.0		42.3		10.0
Other	(2.1)		—		(2.1)		—
Total	$	(566.8)	$	177.1	$	67.0	$	193.8

Schedule of Cash Received Paid Related To Derivative Instruments Statement Of Cash Flows Location

The following table sets forth the classification of the net cash inflows of our derivative instruments:


	Nine months ended September 30,
	2024		2023
	in millions

Operating activities	$	280.8	$	241.2
Investing activities	—		2.1
Financing activities	17.2		(62.5)
Total	$	298.0	$	180.8

Schedule of Derivative Instruments

The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at September 30, 2024:


	Notional amount due from counterparty		Notional amount due to counterparty			Weighted average remaining life
	in millions					in years





Sunrise Holding	$	250.0	€	220.6		1.0
	$	4,275.0	CHF	3,912.7	(a)	4.0
	€	1,952.6	CHF	2,176.5		2.5








Telenet	$	3,345.0	€	2,969.5	(a)	2.8
	€	45.2	$	50.0	(b)	0.3

_______________


			Pays fixed rate					Receives fixed rate
			Notional amount		Weighted average remaining life			Notional amount		Weighted average remaining life
			in millions		in years			in millions		in years



Sunrise Holding	$	3,649.8	(a)	1.8		$	3,368.9		1.9

Telenet	$	3,769.6	(a)	3.7		$	301.0		0.3

_______________

(a)Includes forward-starting derivative instruments.

The following table sets forth certain information regarding our swaptions at September 30, 2024:


	Notional amount		Underlying swap currency	Weighted average option expiration period (a)	Weighted average strike rate (b)
	in millions			in years

Telenet:
Buy position	$	1,560.8	€	1.4	3.0%
Sell position	$	1,560.8	€	1.4	1.4%

_______________

(a)Represents the weighted average period until the date on which we have the option to enter into the interest rate swap contracts.

(b)Represents the weighted average interest rate that we would pay if either we or our counterparties exercised our respective options to enter into the interest rate swap contracts.

The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at September 30, 2024:


	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years



Sunrise Holding	$	3,635.6	0.6

Telenet	$	3,532.5	0.6

VM Ireland	$	1,003.4	0.3

The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:


	Decrease to borrowing costs at September 30, 2024 (a)


Sunrise Holding	(3.29)	%
VM Ireland	(3.06)	%
Telenet	(2.48)	%
Total decrease to borrowing costs	(2.92)	%

_______________

(a)Represents the effect of derivative instruments in effect at September 30, 2024 and does not include forward-starting derivative instruments or swaptions.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (1,410.9)	$ 822.7	$ (608.7)	$ (402.1)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	1,884.2	(1,485.1)	647.0	(289.8)
Reclassification adjustments included in net earnings (loss)	0.5	(0.5)	(1.2)	(1.1)
Pension-related adjustments and other	(10.7)	(1.0)	3.3	(7.9)
Other comprehensive earnings (loss)	1,874.0	(1,486.6)	649.1	(298.8)
Comprehensive earnings (loss)	463.1	(663.9)	40.4	(700.9)
Comprehensive earnings attributable to noncontrolling interests	(22.7)	(162.3)	(47.3)	(159.1)
Comprehensive earnings (loss) attributable to Liberty Global shareholders	$ 440.4	$ (826.2)	$ (6.9)	$ (860.0)

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements and disclosures. ASU 2023-07 In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and is required to be applied on a retrospective basis. The adoption of ASU 2023-07 will result in additional segment disclosures beginning with our 2024 Annual Report on Form 10-K (our 2024 10-K) and interim reporting periods in calendar year 2025. ASU 2023-05 In August 2023, the FASB issued ASU No. 2023-05, Business Combinations — Joint Venture Formations: Recognition and Initial Measurement (ASU 2023-05), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after January 1, 2025. We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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-Subparagraph (g)(2)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 848
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

The U.S. dollar equivalents of the components of our debt are as follows:


	September 30, 2024						Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		U.S. $ equivalent		September 30, 2024		December 31, 2023
			in millions

Sunrise Holding Bank Facility (c)	7.16	%	€	707.0	$	788.2	$	3,635.6	$	3,626.4
Sunrise Holding SPE Notes	4.56	%	—		—		1,668.0		1,664.9
Sunrise Holding Senior Notes	4.76	%	—		—		829.0		826.1
Telenet Credit Facility (d)	6.46	%	€	615.0	685.6		4,524.8		4,507.9
Telenet Senior Secured Notes	4.75	%	—		—		1,602.0		1,597.6

VM Ireland Credit Facility (e)	6.93	%	€	100.0	111.5		1,003.4		995.8
Vodafone Collar Loan (f)	2.95	%	—		—		1,402.4		1,391.9
Vendor financing (g)	4.40	%	—		—		806.1		768.7
Other (h)	5.92	%	—		—		478.9		478.3
Total debt before deferred financing costs, discounts and premiums (i)	5.76	%			$	1,585.3	$	15,950.2	$	15,857.6

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:


	September 30, 2024		December 31, 2023
	in millions

Total debt before deferred financing costs, discounts and premiums	$	15,950.2	$	15,857.6
Deferred financing costs, discounts and premiums, net	(111.5)		(149.7)
Total carrying amount of debt	15,838.7		15,707.9
Finance lease obligations (note 10)	52.4		58.0
Total debt and finance lease obligations	15,891.1		15,765.9
Current portion of debt and finance lease obligations	(999.3)		(806.8)
Long-term debt and finance lease obligations	$	14,891.8	$	14,959.1

_______________


	Availability
	September 30, 2024				Upon completion of the relevant September 30, 2024 compliance reporting requirements
	Borrowing currency		U.S. $ equivalent		Borrowing currency		U.S. $ equivalent
	in millions

Available to borrow:
Sunrise Holding Bank Facility	€	707.0	$	788.2	€	707.0	$	788.2
Telenet Credit Facility	€	615.0	$	685.6	€	615.0	$	685.6
VM Ireland Credit Facility	€	100.0	$	111.5	€	100.0	$	111.5

Available to loan or distribute:
Sunrise Holding Bank Facility	€	707.0	$	788.2	€	707.0	$	788.2
Telenet Credit Facility	€	615.0	$	685.6	€	615.0	$	685.6
VM Ireland Credit Facility	€	100.0	$	111.5	€	100.0	$	111.5

(e)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($111.5 million) under the VM Ireland Revolving Facility, which was undrawn at September 30, 2024.

(f)For information regarding the Vodafone Collar Loan, see note 5.

General Information

At September 30, 2024, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Sunrise Holding, Telenet and VM Ireland, include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during 2024. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 11 to the consolidated financial statements included in our 2023 10-K.

Financing Transactions

In October 2024, in connection with the Spin-off, Sunrise Holding notified certain lenders under the Sunrise Holding Bank Facility and certain holders of the Sunrise Holding SPE Notes and the Sunrise Holding Senior Notes that it intends to prepay, purchase or redeem an aggregate $1.4 billion of its outstanding indebtedness, including associated derivative instruments. These transactions are expected to be completed by the end of October 2024.

Maturities of Debt


	Sunrise Holding (a)		Telenet		VM Ireland		Other (b)		Total
	in millions

Year ending December 31:
2024 (remainder of year)	$	168.0	$	132.4	$	—	$	8.2	$	308.6
2025	235.6		302.2		—		332.1		869.9
2026	—		23.8		—		1,071.5		1,095.3
2027	—		24.0		—		—		24.0
2028	1,152.3		4,944.1		—		—		6,096.4
2029	3,730.3		1,261.9		1,003.4		—		5,995.6
Thereafter	1,250.0		310.4		—		—		1,560.4
Total debt maturities (c)	6,536.2		6,998.8		1,003.4		1,411.8		15,950.2
Deferred financing costs, discounts and premiums, net	(17.9)		(23.7)		(4.6)		(65.3)		(111.5)
Total debt	$	6,518.3	$	6,975.1	$	998.8	$	1,346.5	$	15,838.7
Current portion	$	403.6	$	420.7	$	—	$	166.5	$	990.8
Long-term portion	$	6,114.7	$	6,554.4	$	998.8	$	1,180.0	$	14,847.9

_______________

(a)Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Sunrise Holding and Liberty Global.

(c)Amounts include vendor financing obligations of $806.1 million, as set forth below:


	Sunrise Holding		Telenet		Other		Total
	in millions

Year ending December 31:
2024 (remainder of year)	$	168.0	$	115.4	$	8.2	$	291.6
2025	235.6		277.7		1.2		514.5





Total vendor financing maturities	$	403.6	$	393.1	$	9.4	$	806.1
Current portion	$	403.6	$	393.1	$	8.9	$	805.6
Long-term portion	$	—	$	—	$	0.5	$	0.5

Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:


	2024		2023
	in millions

Balance at January 1	$	768.7	$	704.7
Operating-related vendor financing additions	579.4		444.5
Capital-related vendor financing additions	109.7		129.9
Principal payments on operating-related vendor financing	(538.1)		(470.9)
Principal payments on capital-related vendor financing	(122.8)		(210.8)
Foreign currency and other	9.2		13.8
Balance at September 30	$	806.1	$	611.2

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition and Related Costs	9 Months Ended
Revenue Recognition and Related Costs	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Related Costs	Revenue Recognition and Related Costs Contract Balances The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $59.2 million and $58.0 million at September 30, 2024 and December 31, 2023, respectively. If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $42.3 million and $45.8 million as of September 30, 2024 and December 31, 2023, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $274.7 million and $267.6 million as of September 30, 2024 and December 31, 2023, respectively. The increase in deferred revenue for the nine months ended September 30, 2024 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $224.5 million of revenue that was included in our deferred revenue balance at December 31, 2023. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets. Contract Costs Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $90.2 million and $84.1 million at September 30, 2024 and December 31, 2023, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $22.2 million and $63.7 million during the three and nine months ended September 30, 2024, respectively, and $20.7 million and $60.2 million during the three and nine months ended September 30, 2023, respectively, to operating costs and expenses related to these assets. Unsatisfied Performance Obligations A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details