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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
June 30, 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 July 20, 2021 was: 176,571,806 class A ordinary shares, 12,930,839 class B ordinary shares and 366,049,267 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)
 
June 30,
2021
December 31,
2020
 in millions
ASSETS
Current assets:
Cash and cash equivalents$874.3 $1,327.2 
Trade receivables, net927.2 1,090.7 
Short-term investments (measured at fair value on a recurring basis) (note 5)
2,866.0 1,600.2 
Other current assets (notes 3, 4, 5 and 6)
833.4 831.0 
Total current assets5,500.9 4,849.1 
Investments and related notes receivable (including $2,331.5 million and $1,865.8 million, respectively, measured at fair value on a recurring basis) (note 5)
20,220.9 5,354.5 
Property and equipment, net (notes 8 and 10)
7,585.2 8,054.1 
Goodwill (note 8)
10,066.1 10,466.7 
Intangible assets subject to amortization, net (note 8)
2,546.3 2,886.0 
Assets held for sale (note 4)
63.9 24,282.7 
Other assets, net (notes 3, 4, 6, 8 and 10)
2,571.3 3,199.6 
Total assets$48,554.6 $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)
 
June 30,
2021
December 31,
2020
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$599.2 $618.2 
Deferred revenue (note 3)
361.6 430.9 
Current portion of debt and finance lease obligations (notes 9 and 10)
982.1 1,130.4 
Accrued income taxes (note 11)
139.7 253.6 
Derivative instruments (note 6)
209.5 252.7 
Other accrued and current liabilities (note 10)
1,900.0 1,781.2 
Total current liabilities
4,192.1 4,467.0 
Long-term debt and finance lease obligations (notes 9 and 10)
14,274.6 13,867.3 
Liabilities associated with assets held for sale (note 4)
118.2 23,197.2 
Long-term operating lease liabilities (note 10)
1,175.8 1,267.4 
Other long-term liabilities (notes 3, 6 and 13)
2,243.9 2,995.4 
Total liabilities
22,004.6 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 176,566,406 shares and 181,348,114 shares, respectively
1.8 1.8 
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,930,839 shares and 12,561,444 shares, respectively
0.1 0.1 
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 368,946,495 shares and 386,588,921 shares, respectively
3.7 3.9 
Additional paid-in capital4,698.3 5,271.7 
Accumulated earnings17,205.7 4,692.1 
Accumulated other comprehensive earnings, net of taxes4,972.6 3,693.1 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders26,882.1 13,662.6 
Noncontrolling interests(332.1)(364.2)
Total equity
26,550.0 13,298.4 
Total liabilities and equity$48,554.6 $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 endedSix months ended
June 30,June 30,
 2021202020212020
 in millions, except per share amounts
Revenue (notes 3, 4, 5 and 16)
$3,105.5 $2,722.9 $6,720.8 $5,598.7 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
873.0 715.0 1,983.6 1,570.1 
Other operating (note 13)
453.4 401.1 977.5 821.2 
Selling, general and administrative (SG&A) (note 13)
626.2 502.1 1,302.9 1,007.6 
Depreciation and amortization580.5 545.7 1,214.7 1,329.2 
Impairment, restructuring and other operating items, net6.9 32.2 51.3 63.2 
2,540.0 2,196.1 5,530.0 4,791.3 
Operating income
565.5 526.8 1,190.8 807.4 
Non-operating income (expense):
Interest expense(273.0)(281.7)(608.1)(595.0)
Realized and unrealized gains (losses) on derivative instruments, net (note 6)
(303.1)(319.7)508.0 917.6 
Foreign currency transaction gains (losses), net133.3 (478.0)436.4 (86.3)
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 5, 7 and 9)
288.1 152.3 482.7 (377.5)
Losses on debt extinguishment, net (note 9)
(90.6)(165.6)(90.6)(220.1)
Share of results of affiliates, net (note 5)
(8.1)(105.4)(6.4)(72.0)
Gain on U.K. JV Transaction (note 4)
11,138.0  11,138.0  
Other income, net
7.2 9.5 17.3 61.9 
10,891.8 (1,188.6)11,877.3 (371.4)
Earnings (loss) before income taxes11,457.3 (661.8)13,068.1 436.0 
Income tax benefit (expense) (note 11)
(282.8)158.0 (453.3)77.9 
Net earnings (loss)11,174.5 (503.8)12,614.8 513.9 
Net earnings attributable to noncontrolling interests(46.3)(20.4)(101.2)(88.3)
Net earnings (loss) attributable to Liberty Global shareholders$11,128.2 $(524.2)$12,513.6 $425.6 
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 14)
$19.98 $(0.86)$22.11 $0.69 
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 14)
$19.55 $(0.86)$21.69 $0.68 

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 endedSix months ended
June 30,June 30,
2021202020212020
 in millions
Net earnings (loss)$11,174.5 $(503.8)$12,614.8 $513.9 
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments1,025.4 646.6 28.7 (424.3)
Reclassification adjustment included in net earnings (loss) (note 4)
1,249.1 0.1 1,248.8 0.1 
Pension-related adjustments and other3.1 (16.1)3.3 (18.4)
Other comprehensive earnings (loss)2,277.6 630.6 1,280.8 (442.6)
Comprehensive earnings13,452.1 126.8 13,895.6 71.3 
Comprehensive earnings attributable to noncontrolling interests(47.6)(14.4)(102.5)(81.6)
Comprehensive earnings (loss) attributable to Liberty Global shareholders$13,404.5 $112.4 $13,793.1 $(10.3)




















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, 2020$1.8 $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, 20201.8 0.1 4.3 5,927.9 7,269.9 40.2 (0.1)13,244.1 (331.9)12,912.2 
Net loss— — — — (524.2)— — (524.2)20.4 (503.8)
Other comprehensive earnings, net of taxes— — — — — 636.6 — 636.6 (6.0)630.6 
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.3)(475.5)— — — (475.8)— (475.8)
Share-based compensation (note 13)
— — — 69.5 — — — 69.5 — 69.5 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (16.2)— — — (16.2)(66.0)(82.2)
Balance at June 30, 2020$1.8 $0.1 $4.0 $5,505.7 $6,745.7 $676.8 $(0.1)$12,934.0 $(383.5)$12,550.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


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, 20211.8 0.1 3.7 5,016.7 6,077.5 2,696.3 (0.1)13,796.0 (307.9)13,488.1 
Net earnings— — — — 11,128.2 — — 11,128.2 46.3 11,174.5 
Other comprehensive earnings, net of taxes— — — — — 2,276.3 — 2,276.3 1.3 2,277.6 
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — — (345.2)— — — (345.2)— (345.2)
Share-based compensation (note 13)
— — — 74.3 — — — 74.3 — 74.3 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (47.5)— — — (47.5)(71.8)(119.3)
Balance at June 30, 2021$1.8 $0.1 $3.7 $4,698.3 $17,205.7 $4,972.6 $(0.1)$26,882.1 $(332.1)$26,550.0 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


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

Six months ended
 June 30,
 20212020
 in millions
Cash flows from operating activities:
Net earnings $12,614.8 $513.9 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense163.2 139.0 
Depreciation and amortization1,214.7 1,329.2 
Impairment, restructuring and other operating items, net51.3 63.2 
Amortization of deferred financing costs and non-cash interest19.2 24.1 
Realized and unrealized gains on derivative instruments, net(508.0)(917.6)
Foreign currency transaction losses (gains), net(436.4)86.3 
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net(482.7)377.5 
Losses on debt extinguishment, net90.6 220.1 
Share of results of affiliates, net6.4 72.0 
Deferred income tax expense362.1 95.0 
Gain on U.K. JV Transaction(11,138.0) 
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions(155.4)(415.8)
Dividends from affiliates and others143.3 5.0 
Net cash provided by operating activities1,945.1 1,591.9 
Cash flows from investing activities:
Cash paid for investments(4,055.8)(5,501.5)
Cash and restricted cash contributed to the VMED O2 JV in connection with the U.K. JV
Transaction
(3,424.0) 
Cash received from the sale of investments2,979.7 2,526.2 
Capital expenditures, net(868.9)(649.6)
Net cash received in connection with the U.K. JV Transaction52.0  
Other investing activities, net(116.4)(9.5)
Net cash used by investing activities$(5,433.4)$(3,634.4)

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)

Six months ended
 June 30,
 20212020
 in millions
Cash flows from financing activities:
Borrowings of debt$4,054.2 $6,893.1 
Repayments and repurchases of debt and finance lease obligations(3,616.7)(7,647.9)
Repurchases of Liberty Global ordinary shares(657.3)(692.0)
Net cash received related to derivative instruments22.9 75.0 
Payment of financing costs and debt premiums(22.5)(226.4)
Other financing activities, net(142.8)(123.1)
Net cash used by financing activities(362.2)(1,721.3)
Effect of exchange rate changes on cash and cash equivalents and restricted cash14.5 (10.4)
Net decrease in cash and cash equivalents and restricted cash(3,836.0)(3,774.2)
Cash and cash equivalents and restricted cash:
Beginning of period4,717.3 8,180.9 
Net decrease(3,836.0)(3,774.2)
End of period$881.3 $4,406.7 
Cash paid for interest$613.9 $662.5 
Net cash paid for taxes$160.5 $57.2 
Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents$874.3 $4,360.6 
Restricted cash included in other current assets and other assets, net7.0 6.8 
Restricted cash included in assets held for sale 39.3 
Total cash and cash equivalents and restricted cash$881.3 $4,406.7 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements
June 30, 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 consolidated operations comprise businesses that provide residential and business-to-business (B2B) communications services in (i) Switzerland, Poland and Slovakia through various wholly-owned subsidiaries that we collectively refer to as “UPC Holding”, (ii) Belgium through Telenet Group Holding N.V. (Telenet), a 60.7%-owned subsidiary, and (iii) Ireland through another wholly-owned subsidiary (VM Ireland). In addition, we own 50% noncontrolling interests in (a) a 50:50 joint venture with Vodafone Group plc (Vodafone) (the VodafoneZiggo JV), which provides residential and B2B communication services in the Netherlands and (b) a 50:50 joint venture with Telefónica SA (Telefónica) (the VMED O2 JV), which provides residential and B2B communication services in the United Kingdom (U.K.).

Through May 31, 2021, our consolidated operations also provided residential and B2B communications services in the U.K. through Virgin Media Inc. (Virgin Media). On June 1, 2021, we contributed the U.K. JV Entities (as defined in note 4) to the VMED O2 JV and began accounting for our 50% interest in the VMED O2 JV as an equity method investment. 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 June 30, 2021.

(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.

9


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2021
(unaudited)


(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 $55.2 million and $49.8 million at June 30, 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 $46.8 million and $44.3 million as of June 30, 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 $377.1 million and $442.6 million as of June 30, 2021 and December 31, 2020, respectively. The decrease in deferred revenue for the six months ended June 30, 2021 is primarily due to the net effect of (a) the recognition of $240.5 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.

Contract Costs

Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $61.9 million and $46.6 million at June 30, 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 $27.8 million and $77.7 million during the three and six months ended June 30, 2021, respectively, and $31.9 million and $69.6 million during the three and six months ended June 30, 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

U.K. Joint Venture Transaction

On June 1, 2021, pursuant to a Contribution Agreement dated May 7, 2020 (the Contribution Agreement) with, among others, Telefónica, (i) we contributed Virgin Media’s U.K. operations and certain other Liberty Global subsidiaries (together, the U.K. JV Entities) to the VMED O2 JV and (ii) Telefónica contributed its U.K. mobile business to the VMED O2 JV, creating a nationwide integrated communications provider (herein referred to as the “U.K. JV Transaction”). We account for our 50% interest in the VMED O2 JV as an equity method investment.

On June 1, 2021, we received net cash of $52.0 million, which includes (i) an equalization payment (which is subject to post-closing adjustments), (ii) our share of the proceeds associated with related recapitalization financing transactions completed by the VMED O2 JV and (iii) $44.5 million of cash paid by Liberty Global to settle certain centrally-held vendor financing obligations associated with the VMED O2 JV. In connection with the U.K. JV Transaction, we recognized a pre-tax gain of $11.1 billion, net of the recognition of a cumulative foreign currency translation loss of $1.2 billion. This gain was calculated by deducting the carrying value of the U.K. JV Entities (including the related foreign currency translation loss) from
10


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2021
(unaudited)


the sum of (i) the fair value assigned to our 50% interest in the VMED O2 JV and (ii) the net cash received pursuant to the equalization payment and the recapitalization transactions described above. For information regarding our approach to the valuation of our interest in the VMED O2 JV, see note 7.

Our condensed consolidated statements of operations include aggregate earnings (loss) before income taxes attributable to the U.K. JV Entities of $305.5 million and ($46.1 million) during the three months ended June 30, 2021 and 2020, respectively, and $948.3 million and $85.0 million during the six months ended June 30, 2021 and 2020, respectively.

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. However, the U.K. JV Entities were not presented as discontinued operations as the U.K. JV Transaction did not represent a strategic shift that will have a major effect on our financial results or operations.

The June 1, 2021 carrying amounts of the major classes of assets and liabilities associated with the U.K. JV Entities, which were contributed into the VMED O2 JV, are summarized below (in millions):

Assets:
Current assets (a)
$4,868.3 
Property and equipment, net
9,465.1 
Goodwill
8,214.7 
Other assets, net
3,086.9 
Total assets
$25,635.0 
Liabilities:
Current portion of debt and finance lease obligations
$3,220.9 
Other accrued and current liabilities
2,242.0 
Long-term debt and finance lease obligations
16,905.1 
Other long-term liabilities
1,788.2 
Total liabilities
$24,156.2 
_______________ 

(a)Amount includes $3.4 billion of net proceeds from certain financing transactions completed in 2020 that were held in escrow pending the completion of the U.K. JV Transaction.

11


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2021
(unaudited)


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 sheet as of December 31, 2020 are as follows (in millions):

Assets:
Current assets$4,519.8 
Property and equipment, net