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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission file number 001-35961
Liberty Global plc
(Exact name of Registrant as specified in its charter)
England and Wales 98-1112770
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
Griffin House 
161 Hammersmith Rd
London
United KingdomW6 8BS
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
+44.208.483.6449 or 303.220.6600
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A ordinary sharesLBTYANasdaq Global Select Market
Class B ordinary sharesLBTYBNasdaq Global Select Market
Class C ordinary sharesLBTYKNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ         No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ        No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  þ Accelerated Filer ¨  Non-Accelerated Filer ¨  
Smaller Reporting Company  Emerging Growth Company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ¨
Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.  Yes   No  þ

The number of outstanding ordinary shares of Liberty Global plc as of April 30, 2021 was: 180,357,228 class A ordinary shares, 12,561,294 class B ordinary shares and 371,438,801 class C ordinary shares.




LIBERTY GLOBAL PLC
TABLE OF CONTENTS
 
  Page
Number
PART I — FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
ITEM 2.
ITEM 3.
ITEM 4.
PART II — OTHER INFORMATION
ITEM 1.
ITEM 2.
ITEM 6.




LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
March 31,
2021
December 31,
2020
 in millions
ASSETS
Current assets:
Cash and cash equivalents$928.7 $1,327.2 
Trade receivables, net860.0 1,090.7 
Short-term investments (measured at fair value on a recurring basis) (note 5)
1,571.7 1,600.2 
Other current assets (notes 3, 4, 5 and 6)
756.1 831.0 
Total current assets4,116.5 4,849.1 
Investments and related notes receivable (including $2,057.3 million and $1,865.8 million, respectively, measured at fair value on a recurring basis) (note 5)
5,425.0 5,354.5 
Property and equipment, net (notes 8 and 10)
7,552.1 8,054.1 
Goodwill (note 8)
9,906.4 10,466.7 
Intangible assets subject to amortization, net (note 8)
2,617.8 2,886.0 
Assets held for sale (note 4)
24,954.4 24,282.7 
Other assets, net (notes 3, 4, 6, 8 and 10)
2,875.2 3,199.6 
Total assets$57,447.4 $59,092.7 
 




























The accompanying notes are an integral part of these condensed consolidated financial statements.
1


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
March 31,
2021
December 31,
2020
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$616.3 $618.2 
Deferred revenue (note 3)
383.3 430.9 
Current portion of debt and finance lease obligations (notes 9 and 10)
1,059.0 1,130.4 
Accrued income taxes (note 11)
269.4 253.6 
Derivative instruments (note 6)
213.9 252.7 
Other accrued and current liabilities (note 10)
1,605.9 1,781.2 
Total current liabilities
4,147.8 4,467.0 
Long-term debt and finance lease obligations (notes 9 and 10)
13,245.4 13,867.3 
Liabilities associated with assets held for sale (note 4)
23,202.3 23,197.2 
Other long-term liabilities (notes 3, 6 and 10)
3,363.8 4,262.8 
Total liabilities
43,959.3 45,794.3 
Commitments and contingencies (notes 6, 9, 11 and 15)
Equity (note 12):
Liberty Global shareholders:
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 180,988,130 shares and 181,348,114 shares, respectively
1.8 1.8 
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,561,294 shares and 12,561,444 shares, respectively
0.1 0.1 
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 374,982,853 shares and 386,588,921 shares, respectively
3.7 3.9 
Additional paid-in capital5,016.7 5,271.7 
Accumulated earnings6,077.5 4,692.1 
Accumulated other comprehensive earnings, net of taxes2,696.3 3,693.1 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders13,796.0 13,662.6 
Noncontrolling interests(307.9)(364.2)
Total equity
13,488.1 13,298.4 
Total liabilities and equity$57,447.4 $59,092.7 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended
March 31,
 20212020
 in millions, except per share amounts
Revenue (notes 3, 4, 5 and 16)
$3,615.3 $2,875.8 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
1,110.6 855.1 
Other operating (note 13)
524.1 420.1 
Selling, general and administrative (SG&A) (note 13)
676.7 505.5 
Depreciation and amortization634.2 783.5 
Impairment, restructuring and other operating items, net44.4 31.0 
2,990.0 2,595.2 
Operating income
625.3 280.6 
Non-operating income (expense):
Interest expense(335.1)(313.3)
Realized and unrealized gains on derivative instruments, net (note 6)
811.1 1,237.3 
Foreign currency transaction gains, net303.1 391.7 
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 5, 7 and 9)
194.6 (529.8)
Losses on debt extinguishment, net (note 9)
 (54.5)
Share of results of affiliates, net (note 5)
1.7 33.4 
Other income, net
10.1 52.4 
985.5 817.2 
Earnings before income taxes1,610.8 1,097.8 
Income tax expense (note 11)
(170.5)(80.1)
Net earnings1,440.3 1,017.7 
Net earnings attributable to noncontrolling interests(54.9)(67.9)
Net earnings attributable to Liberty Global shareholders$1,385.4 $949.8 
Basic earnings attributable to Liberty Global shareholders per share (note 14)
$2.41 $1.51 
Diluted earnings attributable to Liberty Global shareholders per share (note 14)
$2.37 $1.50 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
Three months ended
March 31,
20212020
 in millions
Net earnings$1,440.3 $1,017.7 
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments
(996.7)(1,070.9)
Pension-related adjustments and other
(0.1)(2.3)
Other comprehensive loss(996.8)(1,073.2)
Comprehensive earnings (loss)443.5 (55.5)
Comprehensive earnings attributable to noncontrolling interests(54.9)(67.2)
Comprehensive earnings (loss) attributable to Liberty Global shareholders$388.6 $(122.7)


























The accompanying notes are an integral part of these condensed consolidated financial statements.
4


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)

 Liberty Global shareholdersNon-controlling
interests
Total
equity
Ordinary sharesAdditional
paid-in
capital
Accumulated
earnings
Accumulated
other
comprehensive
earnings, net of taxes
Treasury shares, at costTotal Liberty Global
shareholders
 Class AClass BClass C
 in millions
Balance at January 1, 20201.8 0.1 4.4 6,136.9 6,320.1 1,112.7 (0.1)13,575.9 (407.4)13,168.5 
Net earnings— — — — 949.8 — — 949.8 67.9 1,017.7 
Other comprehensive loss, net of taxes— — — — — (1,072.5)— (1,072.5)(0.7)(1,073.2)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.1)(224.3)— — — (224.4)— (224.4)
Share-based compensation (note 13)
— — — 46.1 — — — 46.1 — 46.1 
Repurchases by Telenet of its outstanding shares— — — (45.3)— — — (45.3)7.2 (38.1)
Adjustments due to changes in subsidiaries’ equity and other, net— — — 14.5 — — — 14.5 1.1 15.6 
Balance at March 31, 2020$1.8 $0.1 $4.3 $5,927.9 $7,269.9 $40.2 $(0.1)$13,244.1 $(331.9)$12,912.2 

The accompanying notes are an integral part of these condensed consolidated financial statements


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — (Continued)
(unaudited)

 Liberty Global shareholdersNon-controlling
interests
Total
equity
Ordinary sharesAdditional
paid-in
capital
Accumulated earningsAccumulated
other
comprehensive
earnings, net of taxes
Treasury shares, at costTotal Liberty Global
shareholders
 Class AClass BClass C
 in millions
Balance at January 1, 2021$1.8 $0.1 $3.9 $5,271.7 $4,692.1 $3,693.1 $(0.1)$13,662.6 $(364.2)$13,298.4 
Net earnings— — — — 1,385.4 — — 1,385.4 54.9 1,440.3 
Other comprehensive loss, net of taxes— — — — — (996.8)— (996.8)— (996.8)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.2)(323.2)— — — (323.4)— (323.4)
Share-based compensation (note 13)
— — — 49.4 — — — 49.4 — 49.4 
Adjustments due to changes in subsidiaries’ equity and other, net— — — 18.8 — — — 18.8 1.4 20.2 
Balance at March 31, 2021$1.8 $0.1 $3.7 $5,016.7 $6,077.5 $2,696.3 $(0.1)$13,796.0 $(307.9)$13,488.1 

The accompanying notes are an integral part of these condensed consolidated financial statements


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 

Three months ended
 March 31,
 20212020
 in millions
Cash flows from operating activities:
Net earnings $1,440.3 $1,017.7 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense63.4 55.2 
Depreciation and amortization634.2 783.5 
Impairment, restructuring and other operating items, net44.4 31.0 
Amortization of deferred financing costs and non-cash interest10.3 12.7 
Realized and unrealized gains on derivative instruments, net(811.1)(1,237.3)
Foreign currency transaction gains, net(303.1)(391.7)
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net(194.6)529.8 
Losses on debt extinguishment, net
 54.5 
Share of results of affiliates, net
(1.7)(33.4)
Deferred income tax expense123.4 115.8 
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions
(184.3)(488.0)
Net cash provided by operating activities821.2 449.8 
Cash flows from investing activities:
Cash paid for investments(1,551.0)(3,221.0)
Cash received from sale of investments1,540.3 1,221.6 
Capital expenditures, net(475.8)(347.8)
Other investing activities, net(22.9)(2.0)
Net cash used by investing activities$(509.4)$(2,349.2)
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(unaudited)

Three months ended
 March 31,
 20212020
 in millions
Cash flows from financing activities:
Repayments and repurchases of debt and finance lease obligations$(1,365.1)$(2,441.3)
Borrowings of debt1,007.2 1,961.3 
Repurchases of Liberty Global ordinary shares(311.2)(199.3)
Net cash paid related to derivative instruments(11.5)(27.4)
Payment of financing costs and debt premiums(3.3)(43.6)
Repurchases by Telenet of its outstanding shares (32.0)
Other financing activities, net(15.8)(0.9)
Net cash used by financing activities(699.7)(783.2)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(46.3)(16.2)
Net decrease in cash and cash equivalents and restricted cash(434.2)(2,698.8)
Cash and cash equivalents and restricted cash:
Beginning of period4,717.3 8,180.9 
Net decrease(434.2)(2,698.8)
End of period$4,283.1 $5,482.1 
Cash paid for interest$405.3 $389.7 
Net cash received for taxes$7.6 $4.7 
Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents$928.7 $5,440.5 
Restricted cash included in other current assets and other assets, net6.4 40.5 
Cash and cash equivalents and restricted cash included in assets held for sale3,348.0 1.1 
Total cash and cash equivalents and restricted cash$4,283.1 $5,482.1 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements
March 31, 2021
(unaudited)

(1)   Basis of Presentation

Liberty Global plc (Liberty Global) is a public limited company organized under the laws of England and Wales. In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe.

Our operations comprise businesses that provide residential and business-to-business (B2B) communications services in (i) the United Kingdom (U.K.) through Virgin Media Inc. (Virgin Media), a wholly-owned subsidiary of Liberty Global, (ii) Ireland through Newco Holdco 6 Limited, a wholly-owned subsidiary of Liberty Global, (iii) Belgium through Telenet Group Holding N.V. (Telenet), a 60.7%-owned subsidiary of Liberty Global, and (iv) Switzerland, Poland and Slovakia through various wholly-owned subsidiaries that we collectively refer to as “UPC Holding.” In addition, we own a 50% noncontrolling interest in a 50:50 joint venture between Vodafone Group plc (Vodafone) and Liberty Global (the VodafoneZiggo JV), which provides residential and B2B communication services in the Netherlands.

Effective May 7, 2020, in connection with the pending formation of the U.K. JV (as defined in note 4), we began accounting for the U.K. JV Entities (as defined in note 4) as held for sale. Accordingly, the assets and liabilities of the U.K. JV Entities are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our March 31, 2021 condensed consolidated balance sheet. Consistent with the applicable guidance, we have not reflected similar reclassifications in our condensed consolidated statements of operations or cash flows. For additional information, see note 4.

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 2020 consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K, as amended (our 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 March 31, 2021.


9


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


(2)    Accounting Changes

ASU 2019-12

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to improve consistency and simplify several areas of existing guidance. ASU 2019-12 removes certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We adopted ASU 2019-12 on January 1, 2021, and such adoption did not have a significant impact on our consolidated financial statements.

ASU 2018-15

In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (ASU 2018-15), which requires entities to defer implementation costs incurred that are related to the application development stage in a cloud computing arrangement that is a service contract. ASU 2018-15 requires deferred implementation costs to be amortized over the term of the cloud computing arrangement and presented in the same expense line item as the cloud computing arrangement. All other implementation costs are generally expensed as incurred. We adopted ASU 2018-15 on January 1, 2020 on a prospective basis. As a result of the adoption of ASU 2018-15, (i) certain implementation costs that were previously expensed as incurred are now deferred as prepaid expenses and amortized over the term of the cloud computing arrangement and (ii) certain costs associated with developing interfaces between a cloud computing arrangement and internal-use software that were previously capitalized as property and equipment are now deferred as prepaid expenses and amortized over the term of the cloud computing arrangement. The adoption of ASU 2018-15 did not have a significant impact on our consolidated financial statements.

(3)    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 $51.8 million and $49.8 million at March 31, 2021 and December 31, 2020, 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 $46.6 million and $44.3 million as of March 31, 2021 and December 31, 2020, 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 $393.6 million and $442.6 million as of March 31, 2021 and December 31, 2020, respectively. The decrease in deferred revenue for the three months ended March 31, 2021 is primarily due to the net effect of (a) the recognition of $176.2 million of revenue that was included in our deferred revenue balance at December 31, 2020 and (b) advanced billings in certain markets. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets.

10


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


Contract Costs

Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $49.5 million and $46.6 million at March 31, 2021 and December 31, 2020, 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 $49.8 million and $37.7 million during the three months ended March 31, 2021 and 2020, 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.

(4)    Acquisitions and Dispositions

2020 Acquisition

Sunrise Acquisition. On November 11, 2020, Liberty Global completed the acquisition of Sunrise Communications Group AG (Sunrise) (the Sunrise Acquisition). The Sunrise Acquisition was effected through an all cash public tender offer of the outstanding shares of Sunrise (the Sunrise Shares) for CHF 110 ($120 at transaction date) per share, for a total purchase price of CHF 5.0 billion ($5.4 billion at the transaction date). As of March 31, 2021 Liberty Global held 99.2% of the share capital of Sunrise and, during April 2021, acquired the remaining 0.8% of Sunrise Shares through a statutory “squeeze-out” procedure according to applicable Swiss law. As of March 31, 2021, we have recorded a liability of $41.2 million associated with the Sunrise Shares that we acquired in April 2021.

Pro Forma Information

The following unaudited pro forma consolidated operating results give effect to the Sunrise Acquisition as if it had been completed as of January 1, 2019. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if the Sunrise Acquisition had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.

Three months ended March 31, 2020
(unaudited)
in millions, except per share amount
Revenue$3,350.4 
Net earnings attributable to Liberty Global shareholders
$895.9 
Basic and diluted earnings attributable to Liberty Global shareholders per share
$1.42 

Pending Joint Venture Transactions

U.K. JV Transaction. On May 7, 2020, we entered into a Contribution Agreement (the Contribution Agreement) with, among others, Telefonica SA (Telefónica). Pursuant to the Contribution Agreement, Liberty Global and Telefónica agreed to form a 50:50 joint venture (the U.K. JV), which will combine Virgin Media’s operations in the U.K. along with certain other Liberty Global subsidiaries created as a result of the pending U.K. JV (together, the U.K. JV Entities) with Telefónica’s mobile business in the U.K. to create a nationwide integrated communications provider. In our segment presentation, the U.K. JV Entities are included in our U.K./Ireland segment.

11


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


The consummation of the transaction contemplated by the Contribution Agreement is subject to certain conditions, including competition clearance by the applicable regulatory authorities. The Contribution Agreement also includes customary termination rights, including a right of the parties to terminate the agreement if the transaction has not closed within 24 months following the date of the Contribution Agreement, which may be extended by six months under certain circumstances. We currently expect the U.K. JV transaction to close in June 2021. Following completion of the transaction, we expect to account for our 50% interest in the U.K. JV as an equity method investment.

Effective with the signing of the Contribution Agreement, we began accounting for the U.K. JV Entities as held for sale. Accordingly, we ceased to depreciate or amortize the long-lived assets of the U.K. JV Entities. We have not presented the U.K. JV Entities as a discontinued operation as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations. The carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities that are classified as held for sale on our condensed consolidated balance sheets are as follows:

March 31, 2021December 31, 2020
in millions
Assets:
Current assets (a)
$4,676.0 $4,519.8 
Property and equipment, net
9,037.5 8,614.0 
Goodwill
8,005.2 7,918.5 
Other assets, net
3,190.4 3,230.4 
Total assets
$24,909.1 $24,282.7 
Liabilities:
Current portion of debt and finance lease obligations
$2,865.9 $2,699.5 
Other accrued and current liabilities
2,144.6 2,207.3 
Long-term debt and finance lease obligations
16,707.8 16,724.1 
Other long-term liabilities
1,375.6 1,566.3 
Total liabilities
$23,093.9 $23,197.2 
_______________ 

(a)Amounts include the restricted cash resulting from certain financing transactions completed in 2020, as such restricted cash will be contributed to the U.K. JV. Amounts exclude the cash and cash equivalents of the U.K. JV Entities, which will be retained by Liberty Global upon the formation of the U.K. JV and are therefore not classified as held for sale.

Other. In addition to the amounts presented above, our assets and liabilities that are classified as held for sale on our March 31, 2021 condensed consolidated balance sheet include those associated with a less significant 50:50 joint venture agreement that we entered into in February 2021. Upon closing of the transaction, which we expect will occur during the second quarter of 2021, the associated held-for-sale assets and liabilities will be contributed to this joint venture, and we will account for our 50% interest in the joint venture as an equity method investment.


12


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


(5)    Investments

The details of our investments are set forth below:
Accounting MethodMarch 31,
2021
December 31,
2020
Ownership (a)
 in millions%
Equity (b):
Long-term:
VodafoneZiggo JV (c)$2,924.8 $3,052.3 50.0
All3Media Group (All3Media)
160.3 157.7 50.0
Formula E Holdings Ltd (Formula E)
110.2 105.8 32.9
Other
172.4 172.9 
Total — equity
3,367.7 3,488.7 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (d)
1,571.7 1,600.2 
Long-term:
ITV plc (ITV) — subject to re-use rights (e)
660.8 581.0 9.9
SMAs (d)389.5 365.7 
Skillz Inc.198.3 225.4 2.8
Plume Design, Inc. (Plume)
110.0 54.9 12.1
Univision Holdings Inc.100.0 100.0 11.5
Lions Gate Entertainment Corp (Lionsgate)
92.8 72.0 3.0
CANAL+ Polska S.A.87.5 92.3 17.0
EdgeConneX Inc. (EdgeConneX)
85.1 75.1 5.1
Other (f)333.3 299.4 
Total — fair value
3,629.0 3,466.0 
Total investments (g)$6,996.7 $6,954.7 
Short-term investments$1,571.7 $1,600.2 
Long-term investments$5,425.0 $5,354.5 
_______________

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

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At March 31, 2021 and December 31, 2020, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,154.9 million and $1,198.5 million, respectively, which include amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $822.5 million and $855.8 million, respectively (the VodafoneZiggo JV Receivable I), and (ii) a euro-denominated note receivable with a principal amount of $122.1 million and $127.1 million, respectively (the VodafoneZiggo JV Receivable II and, together with the
13


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2021, interest accrued on the VodafoneZiggo JV Receivables was $13.4 million, all of which has been cash settled.

(d)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. As of March 31, 2021, all of our investments held under SMAs were classified as available-for-sale debt securities. At March 31, 2021 and December 31, 2020, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $6.2 million and $7.1 million, respectively.

(e)In connection with our investment in ITV, we entered into a share collar (the ITV Collar) with respect to the ITV shares held by our company. The aggregate purchase price paid to acquire our investment in ITV was financed through borrowings under a secured borrowing agreement (the ITV Collar Loan). Beginning in the third quarter of 2020 through March 31, 2021, we cash settled a portion of the ITV Collar Loan and unwound the associated portion of the ITV Collar. As of March 31, 2021, (i) certain of the ITV shares our company held remain subject to the ITV Collar and were pledged as collateral under the ITV Collar Loan and (ii) the fair value of the ITV Collar was a net asset of $77.1 million and principal borrowings outstanding under the ITV Collar Loan were $138.4 million. In April 2021, we cash settled all remaining amounts under the ITV Collar Loan and completed the unwind of the ITV Collar. Accordingly, we currently hold 398.5 million shares of ITV, and these shares are no longer subject to a share collar nor are they pledged as collateral under a secured borrowing arrangement.

(f)As of March 31, 2021 and December 31, 2020, we held a noncontrolling junior interest in receivables we have securitized of $9.8 million and $9.7 million, respectively.

(g)The purchase and sale of investments are presented on a gross basis in our statement of cash flows, including those made by investment managers acting as agents on our behalf.

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:
 Three months ended March 31,
 20212020
 in millions
All3Media$(9.0)$(24.9)
Formula E8.7 (1.2)
VodafoneZiggo JV (a)
4.7 61.1 
Other(2.7)(1.6)
Total$1.7 $33.4 
_______________

(a)Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivables and (ii) our 50% share of the results of operations of the VodafoneZiggo JV.

VodafoneZiggo JV. Pursuant to an agreement (the Framework Agreement), Liberty Global provides certain services to the VodafoneZiggo JV (collectively, the JV Services). The 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 JV Services provided during the term of the Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $50.7 million and $46.7 million during the three months ended March 31, 2021 and 2020, respectively, primarily related to (a) the JV Services
14


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


and (b) sales of customer premises equipment at a mark-up. At March 31, 2021 and December 31, 2020, $34.8 million and $27.4 million, respectively, were 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 March 31,
20212020
in millions
Revenue$1,217.0 $1,097.1 
Earnings (loss) before income taxes$(21.4)$124.9 
Net earnings (loss)
$(16.1)$99.7 

Fair Value Investments

The following table sets forth the details of our realized and unrealized gains (losses) due to changes in fair value, net:
 Three months ended March 31,
 20212020
 in millions
ITV$79.8 $(471.9)
Plume55.1  
Lionsgate20.8 (29.4)
EdgeConneX13.1  
Other, net25.8 (26.7)
Total$194.6 $(528.0)

Debt Securities
As of March 31, 2021 and December 31, 2020, all of our SMAs are composed of debt securities, which are summarized in the following tables:
March 31, 2021
Amortized cost basisAccumulated unrealized gains (losses)Fair value
in millions
Government bonds$473.0 $(0.2)$472.8 
Corporate debt securities710.4 1.2 711.6 
Commercial paper495.6 0.2 495.8 
Certificates of deposit260.7  260.7 
Other debt securities20.3  20.3 
Total debt securities$1,960.0 $1.2 $1,961.2 
15


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


December 31, 2020
Amortized cost basisAccumulated unrealized gainsFair value
in millions
Corporate debt securities$713.2 $2.3 $715.5 
Commercial paper523.7 0.6 524.3 
Government bonds474.8 0.2 475.0 
Certificates of deposit251.0 0.1 251.1 
Total debt securities$1,962.7 $3.2 $1,965.9 

During the three months ended March 31, 2021 and 2020, we received proceeds from the sale of debt securities of $1.5 billion and $1.2 billion, respectively, the majority of which were reinvested in new debt securities held under SMAs. The sale of debt securities during the three months ended March 31, 2021 and 2020 resulted in realized net losses of $1.3 million and nil, respectively.

The fair value of our debt securities as of March 31, 2021 by contractual maturity are shown below (in millions):
Due in one year or less$1,571.7 
Due in one to five years383.7 
Due in five to ten years5.8 
Total (a)$1,961.2 
_______________

(a)The weighted average life of our total debt securities was 0.6 years as of March 31, 2021.

(6)    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 (£), the Swiss franc (CHF) and the Polish zloty (PLN). 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.

16


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2021
(unaudited)


The following table provides details of the fair values of our derivative instrument assets and liabilities:
 March 31, 2021December 31, 2020
 CurrentLong-termTotalCurrentLong-termTotal
 in millions
Assets (a):
Cross-currency and interest rate derivative contracts (b)
$101.5 $323.7 $425.2 $148.8 $418.4 $567.2 
Equity-related derivative instruments (c)
25.1 115.3 140.4 49.3 231.6 280.9 
Foreign currency forward and option contracts
6.5 0.2 6.7 36.5 0.1 36.6 
Other0.1 0.1 0.2