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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, 2024
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
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Liberty Global Ltd.
(Exact name of Registrant as specified in its charter)
Bermuda 98-1750381
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: +1.303.220.6600
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 common sharesLBTYANasdaq Global Select Market
Class B common sharesLBTYBNasdaq Global Select Market
Class C common 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 common shares of Liberty Global Ltd. as of April 22, 2024 was: 172,161,088 class A common shares, 12,988,658 class B common shares and 187,571,790 class C common shares.



LIBERTY GLOBAL LTD.
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 5.
ITEM 6.




LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
March 31,
2024
December 31,
2023
 in millions
ASSETS
Current assets:
Cash and cash equivalents$1,139.6 $1,415.9 
Trade receivables, net (note 3)
858.6 870.1 
Short-term investments (measured at fair value on a recurring basis) (note 4)
1,652.8 1,990.5 
Derivative instruments (note 5)
525.5 518.1 
Other current assets (notes 3 and 4)
692.9 847.0 
Total current assets4,869.4 5,641.6 
Investments and related notes receivable (including $3,571.9 million and $3,408.5 million, respectively, measured at fair value on a recurring basis) (note 4)
13,462.3 13,396.1 
Property and equipment, net (notes 7 and 9)
7,048.3 7,360.2 
Goodwill (note 7)
9,905.9 10,477.0 
Intangible assets subject to amortization, net (note 7)
1,832.2 2,053.6 
Operating lease right-of-use (ROU) assets (note 9)
2,225.6 1,761.8 
Other assets, net (notes 3 and 5)
1,216.0 1,397.6 
Total assets$40,559.7 $42,087.9 

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


LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
March 31,
2024
December 31,
2023
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$537.3 $689.8 
Deferred revenue (note 3)
293.8 249.2 
Current portion of debt and finance lease obligations (notes 8 and 9)
737.8 806.8 
Accrued capital expenditures236.4 229.5 
Accrued income taxes163.9 263.9 
Derivative instruments (note 5)
317.6 426.8 
Other accrued and current liabilities (note 9)
1,517.1 1,666.8 
Total current liabilities3,803.9 4,332.8 
Long-term debt and finance lease obligations (notes 8 and 9)
14,782.6 14,959.1 
Long-term operating lease liabilities (note 9)
1,882.7 1,652.1 
Other long-term liabilities (notes 3 and 5)
1,699.1 2,136.5 
Total liabilities22,168.3 23,080.5 
Commitments and contingencies (notes 5, 8, 9, 10 and 14)
Equity (note 11):
Liberty Global shareholders:
Class A common shares, $0.01 nominal value. Issued and outstanding 172,152,979 and 171,463,760 shares, respectively
1.7 1.7 
Class B common shares, $0.01 nominal value. Issued and outstanding 12,988,658 and 12,988,658 shares, respectively
0.1 0.1 
Class C common shares, $0.01 nominal value. Issued and outstanding 190,031,873 and 198,153,613 shares, respectively
1.9 2.0 
Additional paid-in capital1,206.2 1,322.6 
Accumulated earnings16,076.0 15,566.0 
Accumulated other comprehensive earnings, net of taxes1,143.3 2,170.3 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders18,429.1 19,062.6 
Noncontrolling interests(37.7)(55.2)
Total equity18,391.4 19,007.4 
Total liabilities and equity$40,559.7 $42,087.9 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2


LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three months ended
March 31,
 20242023
 in millions, except per share amounts
Revenue (notes 3, 4 and 15)
$1,945.1 $1,868.4 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services (note 9)
672.1 570.7 
Other operating (notes 9 and 12)
308.6 301.6 
Selling, general and administrative (SG&A) (notes 9 and 12)
427.6 415.4 
Depreciation and amortization480.7 526.9 
Impairment, restructuring and other operating items, net (note 9)
33.5 16.4 
1,922.5 1,831.0 
Operating income22.6 37.4 
Non-operating income (expense):
Interest expense(253.5)(200.9)
Realized and unrealized gains (losses) on derivative instruments, net (note 5)
565.3 (34.4)
Foreign currency transaction gains (losses), net69.1 (302.9)
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 4 and 6)
114.9 (5.5)
Share of results of affiliates, net (note 4)
(8.0)(238.6)
Other income, net43.5 43.9 
531.3 (738.4)
Earnings (loss) before income taxes553.9 (701.0)
Income tax expense (note 10)
(26.9)(12.5)
Net earnings (loss)527.0 (713.5)
Net earnings attributable to noncontrolling interests(17.0)(7.9)
Net earnings (loss) attributable to Liberty Global shareholders$510.0 $(721.4)
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 13)
$1.35 $(1.59)
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 13)
$1.32 $(1.59)

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


LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited)
 
Three months ended
March 31,
20242023
 in millions
Net earnings (loss)$527.0 $(713.5)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments(1,039.3)701.3 
Reclassification adjustments included in net earnings (loss)(1.3)(0.2)
Pension-related adjustments and other14.2 (3.5)
Other comprehensive earnings (loss)(1,026.4)697.6 
Comprehensive loss(499.4)(15.9)
Comprehensive earnings attributable to noncontrolling interests(17.6)(8.4)
Comprehensive loss attributable to Liberty Global shareholders$(517.0)$(24.3)
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)

 Liberty Global shareholdersNon-controlling
interests
Total
equity
Common 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, 2023
$1.8 $0.1 $2.7 $2,300.8 $19,617.7 $513.4 $(0.1)$22,436.4 $137.0 $22,573.4 
Net loss— — — — (721.4)— — (721.4)7.9 (713.5)
Other comprehensive earnings, net of taxes— — — — — 697.1 — 697.1 0.5 697.6 
Repurchases and cancellations of Liberty Global common shares (note 11)
— — (0.1)(236.7)— — — (236.8)— (236.8)
Share-based compensation (note 12)
— — — 34.9 — — — 34.9 — 34.9 
Adjustments due to changes in subsidiaries’ equity and other, net— — — 12.2 — — — 12.2 1.7 13.9 
Balance at March 31, 2023
$1.8 $0.1 $2.6 $2,111.2 $18,896.3 $1,210.5 $(0.1)$22,222.4 $147.1 $22,369.5 




The accompanying notes are an integral part of these condensed consolidated financial statements.
5


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

 Liberty Global shareholdersNon-controlling
interests
Total
equity
Common 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, 2024
$1.7 $0.1 $2.0 $1,322.6 $15,566.0 $2,170.3 $(0.1)$19,062.6 $(55.2)$19,007.4 
Net earnings    510.0 — — 510.0 17.0 527.0 
Other comprehensive loss, net of taxes     (1,027.0)— (1,027.0)0.6 (1,026.4)
Repurchases and cancellations of Liberty Global common shares (note 11)
  (0.1)(170.4)— — — (170.5)— (170.5)
Share-based compensation (note 12)
   35.4 — — — 35.4 — 35.4 
Adjustments due to changes in subsidiaries’ equity and other, net   18.6 — — — 18.6 (0.1)18.5 
Balance at March 31, 2024
$1.7 $0.1 $1.9 $1,206.2 $16,076.0 $1,143.3 $(0.1)$18,429.1 $(37.7)$18,391.4 




The accompanying notes are an integral part of these condensed consolidated financial statements.
6


LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 

 Three months ended
March 31,
 20242023
 in millions
Cash flows from operating activities:
Net earnings (loss)$527.0 $(713.5)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Share-based compensation expense44.6 43.8 
Depreciation and amortization480.7 526.9 
Impairment, restructuring and other operating items, net33.5 16.4 
Amortization of deferred financing costs and non-cash interest17.4 13.4 
Realized and unrealized losses (gains) on derivative instruments, net(565.3)34.4 
Foreign currency transaction losses (gains), net(69.1)302.9 
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net(114.9)5.5 
Share of results of affiliates, net8.0 238.6 
Deferred income tax expense (benefit)3.8 (27.6)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions(120.0)(133.0)
Net cash provided by operating activities245.7 307.8 
Cash flows from investing activities:
Cash received from the sale of investments1,152.8 2,471.8 
Cash paid for investments(993.9)(3,631.7)
Capital expenditures, net(350.8)(377.2)
Cash paid in connection with acquisitions, net of cash acquired(3.7)(93.8)
Dividend distributions received from the VMO2 JV
 198.3 
Other investing activities, net(16.1)9.4 
Net cash used by investing activities$(211.7)$(1,423.2)

The accompanying notes are an integral part of these condensed consolidated financial statements.
7


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

 Three months ended
March 31,
 20242023
 in millions
Cash flows from financing activities:
Borrowings of debt$2.1 $1,220.3 
Operating-related vendor financing additions159.8 141.4 
Repayments and repurchases of debt and finance lease obligations:
Debt (excluding vendor financing)(5.9)(6.7)
Principal payments on operating-related vendor financing(191.0)(143.5)
Principal payments on capital-related vendor financing(45.1)(104.5)
Principal payments on finance leases(4.0)(2.4)
Repurchases of Liberty Global common shares(176.3)(229.3)
Net cash paid related to derivative instruments(1.5)(62.1)
Other financing activities, net(22.1)0.6 
Net cash provided (used) by financing activities(284.0)813.8 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(25.6)22.0 
Net decrease in cash and cash equivalents and restricted cash(275.6)(279.6)
Cash and cash equivalents and restricted cash:
Beginning of period1,422.9 1,732.4 
Net decrease(275.6)(279.6)
End of period$1,147.3 $1,452.8 
Cash paid for interest$284.5 $284.1 
Net cash paid for taxes$102.8 $99.0 
Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents$1,139.6 $1,446.2 
Restricted cash included in other current assets and other assets, net7.7 6.6 
Total cash and cash equivalents and restricted cash$1,147.3 $1,452.8 

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


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements
March 31, 2024
(unaudited)

(1)   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 communication 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 communication 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 (together, the Sunrise Entities), which is expected to close during the fourth quarter of 2024.

In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 11), 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 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, 2024.
9


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
(2)   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. We are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements and disclosures.

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.

10


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(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 $54.1 million and $58.0 million at March 31, 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 $43.3 million and $45.8 million as of March 31, 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 $307.4 million and $267.6 million as of March 31, 2024 and December 31, 2023, respectively. The increase in deferred revenue for the three months ended March 31, 2024 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $158.2 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 $80.3 million and $84.1 million at March 31, 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 $20.9 million and $19.4 million during the three months ended March 31, 2024 and 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.

11


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
(4)    Investments

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

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

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At March 31, 2024 and December 31, 2023, the aggregate carrying amounts of our equity method investments exceeded our proportionate share
12


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
of the respective investee’s net assets by $1,213.8 million and $1,234.7 million, respectively, which primarily includes amounts associated with the VodafoneZiggo JV Receivables, as defined below, and amounts we are owed under a long-term note receivable from All3Media.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $755.8 million and $774.5 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable I) and (ii) a euro-denominated note receivable with a principal amount of $224.4 million and $230.0 million at March 31, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at 5.55% and have a final maturity date of December 31, 2030. During the three months ended March 31, 2024, interest accrued on the VodafoneZiggo JV Receivables was $13.8 million, all of which has been cash settled.

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

(e)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were classified as available-for-sale debt securities as of March 31, 2024. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains (losses) due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At March 31, 2024 and December 31, 2023, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $35.2 million and $34.6 million, respectively.

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

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

(h)The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs.

13


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:
 Three months ended
March 31,
 20242023
 in millions
nexfibre JV
$12.4 $(8.6)
All3Media
(10.1)0.3 
AtlasEdge JV
(9.1)(10.1)
VodafoneZiggo JV (a)
6.6 (35.7)
Formula E
(4.5)0.2 
VMO2 JV (b)
0.7 (178.5)
Other, net(4.0)(6.2)
Total$(8.0)$(238.6)
_______________

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

(b)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility.

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 it provides during the term of the U.K. JV Framework Agreement. We recorded revenue from the VMO2 JV of $112.3 million and $65.8 million during the three months ended March 31, 2024 and 2023, respectively, primarily related to (a) the U.K. JV Services and (b) the sale of customer premises equipment (CPE) to the VMO2 JV at a mark-up. At March 31, 2024 and December 31, 2023, $29.4 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 three months ended March 31, 2023, we received a dividend distribution from the VMO2 JV aggregating $198.3 million, which was 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
March 31,
20242023
in millions
Revenue$3,282.8 $3,162.7 
Earnings (loss) before income taxes$43.0 $(454.0)
Net earnings (loss)$22.7 $(352.1)

14


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
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 during the term of the NL JV Framework Agreement. We recorded revenue from the VodafoneZiggo JV of $62.1 million and $65.0 million during the three months ended March 31, 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 March 31, 2024 and December 31, 2023, $37.6 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
March 31,
20242023
in millions
Revenue$1,114.0 $1,083.4 
Loss before income taxes$(25.5)$(108.9)
Net loss$(13.6)$(88.1)

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,
 20242023
 in millions
EdgeConneX
$71.8 $11.9 
Lacework
(67.6)(21.4)
ITV
50.0 45.1 
Vodafone
48.2 (37.4)
SMAs
19.3 (14.5)
Aviatrix
(14.3) 
Lionsgate
(6.0)34.1 
Plume
(1.1)(17.5)
Other, net14.6 (5.8)
Total$114.9 $(5.5)

15


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
Debt Securities
The following tables set forth a summary of our debt securities at March 31, 2024 and December 31, 2023:
March 31, 2024
Amortized cost basisAccumulated unrealized gainsFair value
in millions
Commercial paper$903.4 $0.6 $904.0 
Government bonds431.1 (0.3)430.8 
Certificates of deposit300.7  300.7 
Corporate debt securities245.1 (0.1)245.0 
Structured note (a)(a)(a)147.0 
Other debt securities2.0  2.0 
Total debt securities$1,882.3 $0.2 $2,029.5 
______________

(a)Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value. The return on the leveraged structured note is based on changes in the fair value of a proportionate amount of debt issued by various Liberty Global consolidated subsidiaries and affiliates (including the VMO2 JV and the VodafoneZiggo JV). The proportionate amount of debt associated with the return on the leveraged structured note may change from time to time as a result of open market purchases, privately negotiated transactions, tender offers, exchange offers, redemptions or prepayments, in each case, completed by Liberty Global consolidated subsidiaries and affiliates. While the structured note itself contains leverage, our at-risk investment is the estimated fair value as reported. During the three months ended March 31, 2024, we invested an additional $46.6 million in the leveraged structured note. At March 31, 2024, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:
 Proportion of debt associated with the return on the leveraged structured note
 
Subsidiary:
Sunrise Holding40.08 %
Telenet18.62 %
Affiliate:
VMO2 JV
21.23 %
VodafoneZiggo JV
20.07 %
Total100.00 %

16


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
December 31, 2023
Amortized cost basisAccumulated unrealized gainsFair value
in millions
Commercial paper$1,066.5 $(0.1)$1,066.4 
Government bonds504.7 0.3 505.0 
Certificates of deposit373.1 0.1 373.2 
Corporate debt securities226.6 (0.1)226.5 
Structured note (a)(a)(a)95.8 
Other debt securities9.2  9.2 
Total debt securities$2,180.1 $0.2 $2,276.1 
______________

(a)Amount represents an investment in a leveraged structured note issued by a third-party investment bank, which is accounted for at fair value. At December 31, 2023, the proportionate amount of debt issued by Liberty Global consolidated subsidiaries and affiliates associated with the return on the leveraged structured note is summarized in the following table:
 Proportion of debt associated with the return on the leveraged structured note
 
Subsidiary:
Sunrise Holding
32.91 %
Telenet28.23 %
Affiliate:
VMO2 JV
31.49 %
VodafoneZiggo JV
7.37 %
Total100.00 %

We received proceeds from the sale of debt securities of $1.1 billion and $2.4 billion during the three months ended March 31, 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 losses of $11.2 million and $19.2 million during the three months ended March 31, 2024 and 2023, respectively.

The fair values of our debt securities as of March 31, 2024 by contractual maturity are shown below (in millions):

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

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

17


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
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.

(5)    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:
 March 31, 2024December 31, 2023
 CurrentLong-termTotalCurrentLong-termTotal
 in millions
Assets (a):
Cross-currency and interest rate derivative contracts (b)
$515.1 $456.9 $972.0 $515.6 $427.5 $943.1 
Equity-related derivative instruments (c)
 304.5 304.5  310.7 310.7 
Foreign currency forward and option contracts
10.2 0.6 10.8 2.3 0.6 2.9 
Other0.2  0.2 0.2  0.2 
Total$525.5 $762.0 $1,287.5 $518.1 $738.8 $1,256.9 
Liabilities (a):
Cross-currency and interest rate derivative contracts (b)
$220.4 $581.8 $802.2 $369.9 $948.5 $1,318.4 
Equity-related derivative instruments (c)
90.7  90.7 47.4  47.4 
Foreign currency forward and option contracts6.5 2.5 9.0 9.5 4.5 14.0 
Total$317.6 $584.3 $901.9 $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 8). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $48.8 million and $21.4 million during the three months ended March 31, 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 6.

(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.
18


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
Three months ended
March 31,
 20242023
 in millions
Cross-currency and interest rate derivative contracts$598.1 $(66.9)
Equity-related derivative instruments(43.5)31.7 
Foreign currency forward and option contracts10.7 0.8 
Total$565.3 $(34.4)
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 (outflows) of our derivative instruments:
Three months ended
March 31,
 20242023
 in millions
Operating activities$58.1 $56.0 
Financing activities(1.5)(62.1)
Total$56.6 $(6.1)

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 March 31, 2024, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $394.0 million.

19


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
Details of our Derivative Instruments

Cross-currency Derivative 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 March 31, 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 March 31, 2024:
Notional amount
due from counterparty
Notional amount
due to counterparty
Weighted average remaining life
 
in millionsin years
Sunrise Holding$250.0 220.6 1.5
$4,275.0 CHF3,912.7 (a)4.5
1,952.6 CHF2,176.5 3.0
Telenet
$3,940.0 3,489.6 (a)2.8
45.2 $50.0 (b)0.8
_______________ 

(a)Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to March 31, 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 March 31, 2024:
Pays fixed rateReceives fixed rate
Notional
amount
Weighted average remaining lifeNotional
amount
Weighted average remaining life
 
in millionsin yearsin millionsin years
Sunrise Holding$3,419.4 (a)2.3$3,249.2 2.4
Telenet$3,650.7 (a)4.2$291.5 0.8
Other (b)$ $25.9 1.5
_______________ 

(a)Includes forward-starting derivative instruments.

(b)    Represents contracts associated with our investment in a leveraged structured note. For additional information, see note 4.

20


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
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 March 31, 2024:
Notional amount due from counterpartyWeighted average remaining life
 
in millionsin years
Sunrise Holding$3,597.1 0.5
Telenet$3,493.4 0.5
VM Ireland$971.7 0.8

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 March 31, 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 $1.2 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 March 31, 2024 (a)
 
Sunrise Holding(3.60)%
VM Ireland(3.56)%
Telenet(2.98)%
Total decrease to borrowing costs(3.32)%
_______________  

(a)Represents the effect of derivative instruments in effect at March 31, 2024 and does not include forward-starting derivative instruments.    

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 March 31, 2024, the total U.S. dollar equivalent of the notional amounts of our foreign currency forward and option contracts was $1.6 billion.

21


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
(6)    Fair Value Measurements

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 March 31, 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 5.

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) based on 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 15), 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 three months ended March 31, 2024 and 2023, we did not perform any significant nonrecurring fair value measurements.

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

22


LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
March 31, 2024
(unaudited)
A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:
  
Fair value measurements at
March 31, 2024 using:
DescriptionMarch 31,
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
$972.0 $ $972.0 $ 
Equity-related derivative instruments
304.5   304.5 
Foreign currency forward and option contracts
10.8  10.8  
Other
0.2  0.2  
Total derivative instruments
1,287.5  983.0 304.5 
Investments:
SMAs
2,029.5 407.0 1,622.5  
Other investments3,195.2 1,623.2 0.1 1,571.9 
Total investments
5,224.7 2,030.2 1,622.6 1,571.9 
Total assets$6,512.2 $2,030.2 $2,605.6 $1,876.4 
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts$802.2 <