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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
September 30, 2023
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
lgorangecirclesrgba32.jpg
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 October 24, 2023 was: 171,379,159 class A ordinary shares, 12,988,658 class B ordinary shares and 210,836,412 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 5.
ITEM 6.



LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
September 30,
2023		December 31,
2022
 in millions
ASSETS
Current assets:
Cash and cash equivalents$1,741.6 $1,726.2 
Trade receivables, net (note 3)
825.1 830.6 
Short-term investments (measured at fair value on a recurring basis) (note 5)
1,557.0 2,621.6 
Derivative instruments (note 6)
556.8 382.7 
Other current assets (notes 3 and 5)
747.5 736.3 
Total current assets5,428.0 6,297.4 
Investments and related notes receivable (including $3,452.3 million and $2,271.4 million, respectively, measured at fair value on a recurring basis) (note 5)
15,186.9 14,948.5 
Property and equipment, net (notes 8 and 10)
7,002.2 6,504.5 
Goodwill (note 8)
9,766.9 9,316.1 
Intangible assets subject to amortization, net (note 8)
2,019.2 2,342.4 
Other assets, net (notes 3, 6 and 10)
3,293.2 3,486.1 
Total assets$42,696.4 $42,895.0 

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

LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
September 30,
2023		December 31,
2022
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$585.8 $610.1 
Deferred revenue (note 3)
271.9 264.4 
Current portion of debt and finance lease obligations (notes 9 and 10)
633.3 799.7 
Accrued capital expenditures206.9 244.0 
Accrued income taxes226.9 235.6 
Derivative instruments (note 6)
327.8 296.8 
Other accrued and current liabilities (note 10)
1,478.2 1,470.4 
Total current liabilities3,730.8 3,921.0 
Long-term debt and finance lease obligations (notes 9 and 10)
14,558.3 12,963.5 
Long-term operating lease liabilities (note 10)
1,554.3 1,645.9 
Other long-term liabilities (notes 3 and 6)
2,005.4 1,791.2 
Total liabilities21,848.8 20,321.6 
Commitments and contingencies (notes 6, 9, 10, 11 and 15)
Equity (note 12):
Liberty Global shareholders:
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 171,378,773 and 171,917,370 shares, respectively
1.8 1.8 
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,988,658 and 12,994,000 shares, respectively
0.1 0.1 
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 218,384,732 and 274,436,585 shares, respectively
2.2 2.7 
Additional paid-in capital1,646.2 2,300.8 
Accumulated earnings19,055.9 19,617.7 
Accumulated other comprehensive earnings, net of taxes215.2 513.4 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders20,921.3 22,436.4 
Noncontrolling interests(73.7)137.0 
Total equity
20,847.6 22,573.4 
Total liabilities and equity$42,696.4 $42,895.0 

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
September 30,		Nine months ended
September 30,
 2023202220232022
 in millions, except per share amounts
Revenue (notes 3, 4, 5 and 16)
$1,854.5 $1,746.3 $5,570.9 $5,353.8 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services (note 10)
550.0 484.3 1,676.4 1,501.7 
Other operating (notes 10 and 13)
337.9 275.6 964.1 816.1 
Selling, general and administrative (SG&A) (notes 10 and 13)
423.7 365.1 1,281.2 1,181.3 
Depreciation and amortization584.0 506.0 1,681.8 1,588.4 
Impairment, restructuring and other operating items, net (note 10)
(13.7)6.4 6.6 74.1 
1,881.9 1,637.4 5,610.1 5,161.6 
Operating income (loss)(27.4)108.9 (39.2)192.2 
Non-operating income (expense):
Interest expense(241.4)(149.7)(656.0)(416.8)
Realized and unrealized gains on derivative instruments, net (note 6)
177.1 546.9 193.8 1,668.8 
Foreign currency transaction gains, net664.4 1,462.7 417.9 3,186.4 
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 5 and 7)
71.5 (2.1)(344.8)(207.4)
Share of results of affiliates, net (note 5)
(240.8)501.0 (341.1)812.6 
Gain associated with the Telenet Wyre Transaction (note 4)
377.8 — 377.8 — 
Gain on Telenet Tower Sale (note 4)
— 7.1 — 700.4 
Other income, net39.8 21.7 159.5 63.0 
848.4 2,387.6 (192.9)5,807.0 
Earnings (loss) from continuing operations before income taxes821.0 2,496.5 (232.1)5,999.2 
Income tax benefit (expense) (note 11)
1.7 (64.8)(170.0)(209.6)
Earnings (loss) from continuing operations822.7 2,431.7 (402.1)5,789.6 
Discontinued operations (note 4):
Earnings from discontinued operations, net of taxes— — — 34.6 
Gain on disposal of discontinued operations, net of taxes— — — 848.9 
— — — 883.5 
Net earnings (loss)822.7 2,431.7 (402.1)6,673.1 
Net earnings attributable to noncontrolling interests(163.5)(83.7)(159.7)(500.2)
Net earnings (loss) attributable to Liberty Global shareholders$659.2 $2,348.0 $(561.8)$6,172.9 

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

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

Three months ended
September 30,		Nine months ended
September 30,
 2023202220232022
 in millions, except per share amounts
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 14):
Continuing operations$1.58 $4.92 $(1.28)$10.59 
Discontinued operations— — — 1.77 
$1.58 $4.92 $(1.28)$12.36 
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 14):
Continuing operations$1.57 $4.87 $(1.28)$10.41 
Discontinued operations— — — 1.74 
$1.57 $4.87 $(1.28)$12.15 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited)
 
Three months ended
September 30,		Nine months ended
September 30,
2023202220232022
 in millions
Net earnings (loss)$822.7 $2,431.7 $(402.1)$6,673.1 
Other comprehensive loss, net of taxes:
Continuing operations:
Foreign currency translation adjustments(1,485.1)(3,266.3)(289.8)(7,174.5)
Reclassification adjustments included in net earnings (loss)(0.5)(1.1)(1.1)(3.3)
Pension-related adjustments and other(1.0)0.2 (7.9)21.3 
Other comprehensive loss from continuing operations(1,486.6)(3,267.2)(298.8)(7,156.5)
Other comprehensive loss from discontinued operations (note 4)
— — — (44.4)
Other comprehensive loss(1,486.6)(3,267.2)(298.8)(7,200.9)
Comprehensive loss(663.9)(835.5)(700.9)(527.8)
Comprehensive earnings attributable to noncontrolling interests(162.3)(83.7)(159.1)(508.0)
Comprehensive loss attributable to Liberty Global shareholders$(826.2)$(919.2)$(860.0)$(1,035.8)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

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 (loss), net of taxes		Treasury shares, at costTotal Liberty Global
shareholders
 Class AClass BClass C
 in millions
Balance at January 1, 2022
$1.8 $0.1 $3.4 $3,893.0 $18,144.5 $3,892.2 $(0.1)$25,934.9 $(336.9)$25,598.0 
Net earnings— — — — 1,038.3 — — 1,038.3 72.0 1,110.3 
Other comprehensive loss, net of taxes— — — — — (1,218.3)— (1,218.3)0.5 (1,217.8)
Repurchases and cancellations of Liberty Global ordinary shares— — (0.2)(495.9)— — — (496.1)— (496.1)
Share-based compensation (note 13)
— — — 50.5 — — — 50.5 — 50.5 
Repurchases by Telenet of its outstanding shares— — — (28.0)— — — (28.0)3.1 (24.9)
Adjustments due to changes in subsidiaries’ equity and other, net— — — (13.5)— — — (13.5)0.6 (12.9)
Balance at March 31, 2022
1.8 0.1 3.2 3,406.1 19,182.8 2,673.9 (0.1)25,267.8 (260.7)25,007.1 
Net earnings— — — — 2,786.6 — — 2,786.6 344.5 3,131.1 
Other comprehensive loss, net of taxes— — — — — (2,723.2)— (2,723.2)7.3 (2,715.9)
Repurchases and cancellations of Liberty Global ordinary shares— — (0.2)(565.7)— — — (565.9)— (565.9)
Dividend distributions by subsidiaries to non-controlling interest owners— — — — — — — — (64.8)(64.8)
Share-based compensation (note 13)
— — — 40.0 — — — 40.0 — 40.0 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (29.3)— — — (29.3)3.3 (26.0)
Balance at June 30, 2022
1.8 0.1 3.0 2,851.1 21,969.4 (49.3)(0.1)24,776.0 29.6 24,805.6 
Net earnings— — — — 2,348.0 — — 2,348.0 83.7 2,431.7 
Other comprehensive loss, net of taxes— — — — — (3,267.2)— (3,267.2)— (3,267.2)
Repurchases and cancellations of Liberty Global ordinary shares— — (0.2)(525.1)— — — (525.3)— (525.3)
Share-based compensation (note 13)
— — — 37.5 — — — 37.5 — 37.5 
Dividend distributions by subsidiaries to non-controlling interest owners— — — — — — — — (1.5)(1.5)
Adjustments due to changes in subsidiaries’ equity and other, net— — — 7.7 — — — 7.7 0.6 8.3 
Balance at September 30, 2022
$1.8 $0.1 $2.8 $2,371.2 $24,317.4 $(3,316.5)$(0.1)$23,376.7 $112.4 $23,489.1 



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

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, 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 ordinary shares (note 12)
— — (0.1)(236.7)— — — (236.8)— (236.8)
Share-based compensation (note 13)
— — — 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 
Net loss— — — — (499.6)— — (499.6)(11.7)(511.3)
Other comprehensive earnings, net of taxes— — — — — 490.1 — 490.1 0.1 490.2 
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.1)(388.6)— — — (388.7)— (388.7)
Share-based compensation (note 13)
— — — 61.9 — — — 61.9 — 61.9 
Dividend distributions by subsidiaries to non-controlling interest owners— — — — — — — — (47.3)(47.3)
Adjustments due to changes in subsidiaries’ equity and other, net— — — (29.9)— — — (29.9)(3.7)(33.6)
Balance at June 30, 2023
1.8 0.1 2.5 1,754.6 18,396.7 1,700.6 (0.1)21,856.2 84.5 21,940.7 
Net earnings— — — — 659.2 — — 659.2 163.5 822.7 
Other comprehensive loss, net of taxes— — — — — (1,485.4)— (1,485.4)(1.2)(1,486.6)
Impact of the Telenet Wyre Transaction (note 4)
— — — 708.8 — — — 708.8 328.7 1,037.5 
Impact of the Telenet Takeover Bid (note 12)
— — — (340.7)— — — (340.7)(652.2)(992.9)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.3)(523.4)— — — (523.7)— (523.7)
Share-based compensation (note 13)
— — — 47.8 — — — 47.8 — 47.8 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (0.9)— — — (0.9)3.0 2.1 
Balance at September 30, 2023
$1.8 $0.1 $2.2 $1,646.2 $19,055.9 $215.2 $(0.1)$20,921.3 $(73.7)$20,847.6 



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

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

 Nine months ended
September 30,
 20232022
 in millions
Cash flows from operating activities:
Net earnings (loss)$(402.1)$6,673.1 
Earnings from discontinued operations— 883.5 
Earnings (loss) from continuing operations(402.1)5,789.6 
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities of continuing operations:
Share-based compensation expense174.4 143.4 
Depreciation and amortization1,681.8 1,588.4 
Impairment, restructuring and other operating items, net6.6 74.1 
Amortization of deferred financing costs and non-cash interest47.8 20.1 
Realized and unrealized gains on derivative instruments, net(193.8)(1,668.8)
Foreign currency transaction gains, net(417.9)(3,186.4)
Realized and unrealized losses due to changes in fair values of certain investments, net344.8 207.4 
Share of results of affiliates, net341.1 (812.6)
Deferred income tax expense40.7 106.1 
Gain associated with the Telenet Wyre Transaction
(377.8)— 
Gain on Telenet Tower Sale
— (700.4)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions81.1 (45.3)
Dividend distributions received from the VMO2 JV— 201.0 
Dividend distributions received from the VodafoneZiggo JV— 186.9 
Net cash provided by operating activities of continuing operations1,326.7 1,903.5 
Net cash provided by operating activities of discontinued operations— 51.1 
Net cash provided by operating activities$1,326.7 $1,954.6 

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

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

 Nine months ended
September 30,
 20232022
 in millions
Cash flows from investing activities:
Cash paid for investments$(6,677.9)$(7,295.3)
Cash received from the sale of investments6,037.2 7,560.4 
Capital expenditures, net(1,016.2)(929.3)
Dividend distributions received from the VMO2 JV
815.2 266.9 
Cash paid in connection with acquisitions, net of cash acquired(113.8)— 
Cash received in connection with the sale of UPC Poland
— 1,563.0 
Cash received in connection with the Telenet Tower Sale
— 779.9 
Other investing activities, net(10.9)2.2 
Net cash provided (used) by investing activities of continuing operations(966.4)1,947.8 
Net cash used by investing activities of discontinued operations— (15.6)
Net cash provided (used) by investing activities(966.4)1,932.2 
Cash flows from financing activities:
Borrowings of debt2,117.5 — 
Operating-related vendor financing additions444.5 397.1 
Repayments and repurchases of debt and finance lease obligations:
Debt (excluding vendor financing)(22.3)(973.0)
Principal payments on operating-related vendor financing(470.9)(525.9)
Principal payments on capital-related vendor financing(210.8)(120.0)
Principal payments on finance leases(25.3)(46.5)
Repurchases of Liberty Global ordinary shares(1,133.1)(1,573.8)
Acquisition of shares in connection with the Telenet Takeover Bid
(878.7)— 
Net cash paid related to derivative instruments(62.5)(50.0)
Dividend distributions by subsidiaries to noncontrolling interest owners(46.9)(61.1)
Payment of financing costs and debt premiums(22.6)(29.0)
Other financing activities, net(32.0)(77.8)
Net cash used by financing activities of continuing operations(343.1)(3,060.0)
Net cash used by financing activities of discontinued operations— (2.6)
Net cash used by financing activities$(343.1)$(3,062.6)

The accompanying notes are an integral part of these condensed consolidated financial statements.
9

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

 Nine months ended
September 30,
 20232022
 in millions
Effect of exchange rate changes on cash and cash equivalents and restricted cash:
Continuing operations$(1.1)$(141.3)
Discontinued operations— — 
Total(1.1)(141.3)
Net increase in cash and cash equivalents and restricted cash:
Continuing operations16.1 650.0 
Discontinued operations— 32.9 
Total16.1 682.9 
Cash and cash equivalents and restricted cash:
Beginning of period1,732.4 917.3 
Net increase16.1 682.9 
End of period$1,748.5 $1,600.2 
Cash paid for interest:
Continuing operations$691.4 $463.5 
Discontinued operations— 0.3 
Total$691.4 $463.8 
Net cash paid for taxes:
Continuing operations$171.5 $159.5 
Discontinued operations— 7.4 
Total$171.5 $166.9 
Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents$1,741.6 $1,594.1 
Restricted cash included in other current assets and other assets, net6.9 6.1 
Total cash and cash equivalents and restricted cash$1,748.5 $1,600.2 

The accompanying notes are an integral part of these condensed consolidated financial statements.
10

LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements
September 30, 2023
(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 continuing operations comprise businesses that provide residential and business-to-business (B2B) communications services in (i) Switzerland and Slovakia through certain wholly-owned subsidiaries that we collectively refer to as “UPC Holding”, (ii) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “Telenet” and (iii) Ireland through another wholly-owned subsidiary (VM Ireland). In addition, we own 50% noncontrolling interests in (a) a 50:50 joint venture (the VMO2 JV) with Telefónica SA (Telefónica), which provides residential and B2B communications services in the United Kingdom (U.K.), and (b) a 50:50 joint venture (the VodafoneZiggo JV) with Vodafone Group plc (Vodafone), which provides residential and B2B communications services in the Netherlands. We also own (1) a 50% noncontrolling voting interest in a joint venture (the AtlasEdge JV), which is a leading European Edge data center platform, and (2) a 25% noncontrolling interest in a joint venture (the nexfibre JV), which is constructing a new fiber network in the U.K. outside of the existing footprint of the VMO2 JV.

In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 12), pursuant to which we increased our ownership interest in Telenet to 100%.

Through March 31, 2022, we provided residential and B2B communications services in Poland through UPC Holding. On April 1, 2022, we completed the sale of our operations in Poland. Accordingly, in these condensed consolidated financial statements, our operations in Poland are reflected as discontinued operations for all applicable periods. 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 2022 consolidated financial statements and notes thereto included in our 2022 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, the amounts presented in these notes relate only to our continuing operations, and ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of September 30, 2023. Certain prior year amounts have been reclassified to conform to the current year presentation.

11

LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2023
(unaudited)
(2)   Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

ASU 2022-04

In September 2022, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2022-04, Liabilities—Supplier Finance Programs (ASU 2022-04), which requires additional disclosures for buyers participating in supplier financing programs, which we refer to as vendor financing, including (i) the key terms of the arrangement, (ii) the confirmed amount outstanding at the end of the period, (iii) the balance sheet presentation of related amounts and (iv) a reconciliation of the balances from period to period. We adopted ASU 2022-04 on January 1, 2023, and such adoption did not have a significant impact on our consolidated financial statements. For additional information regarding our vendor financing obligations, see note 9.
ASU 2021-08

In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. We adopted ASU 2021-08 on January 1, 2023. The main impact of the adoption of ASU 2021-08 is the recognition of contract assets and contract liabilities in business combinations at amounts generally consistent with the carrying value of such assets and liabilities of the acquiree immediately before the acquisition date.

ASU 2020-04

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides, for a limited time, optional expedients and exceptions for certain contract modifications that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued. In December 2022, the FASB deferred the expiration date of ASU 2020-04 from December 31, 2022 to December 31, 2024. In accordance with the optional expedients in ASU 2020-04, we have modified all applicable debt agreements to replace LIBOR with another reference rate and applied the practical expedient to account for the modification as a continuation of the existing contract. The use of optional expedients in ASU 2020-04 has not had a significant impact on our consolidated financial statements to date. For additional information regarding our debt, see note 9.

Recent Accounting Pronouncements

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.
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LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2023
(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 $63.1 million and $43.1 million at September 30, 2023 and December 31, 2022, 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 $37.3 million and $33.3 million as of September 30, 2023 and December 31, 2022, 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 $279.8 million and $272.5 million as of September 30, 2023 and December 31, 2022, respectively. The increase in deferred revenue for the nine months ended September 30, 2023 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $223.6 million of revenue that was included in our deferred revenue balance at December 31, 2022. 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 $71.0 million and $69.4 million at September 30, 2023 and December 31, 2022, 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 $1.8 million and $7.3 million during the three and nine months ended September 30, 2023, respectively, and $3.9 million and $12.5 million during the three and nine months ended September 30, 2022, 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

2023 Acquisition

Telenet Wyre Transaction. On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) created an independent, self-funding infrastructure company (Wyre) within their combined geographic footprint in Belgium (the Telenet Wyre Transaction). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius initially owning 66.8% and 33.2% of Wyre, respectively. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction.

With the closing of the Telenet Wyre Transaction, Telenet early terminated and effectively settled certain pre-existing contractual relationships with Fluvius, principally related to Telenet’s leased network, and began consolidating certain infrastructure cable assets contributed by Fluvius to Wyre, as described above. Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction does not have a significant impact on our operating income during the nine months ended September 30, 2023 or 2022. Accordingly, the pro forma effect of the Telenet Wyre Transaction is not presented herein.

13

LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2023
(unaudited)
In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million, which represents the difference between the fair value and carrying amount of a pre-existing network leasing relationship between Telenet and Fluvius. No income taxes were required to be provided on this gain.

2022 Dispositions

UPC Poland. On April 1, 2022, we completed the sale of 100% of our operations in Poland (UPC Poland) to a subsidiary of iliad S.A. (iliad). After considering debt and working capital adjustments (including cash disposed), we received net cash proceeds of Polish zloty 6,566.7 million ($1,563.0 million at the transaction date) during the nine months ended September 30, 2022.

In connection with the sale of UPC Poland, we recognized a gain of $848.9 million during the nine months ended September 30, 2022, which includes a cumulative foreign currency translation gain of $10.9 million. No income taxes were required to be provided on this gain.

In connection with the sale of UPC Poland, we have agreed to provide certain transitional services to iliad for a period of up to five years, depending on the service. These services principally comprise network and information technology-related functions. During the nine months ended September 30, 2023 and 2022, we recorded revenue of $20.1 million and $17.1 million, respectively, associated with these transitional services.

UPC Poland is presented as a discontinued operation in our condensed consolidated financial statements for all applicable periods. Effective with the signing of the sale and purchase agreement on September 22, 2021, we ceased to depreciate or amortize the associated long-lived assets. Our operations in Poland were held through UPC Holding prior to the disposal date. No debt, interest or derivative instruments of the UPC Holding borrowing group have been allocated to discontinued operations.
The operating results of UPC Poland for the period from January 1, 2022 to April 1, 2022, the date UPC Poland was sold, are summarized in the following table (in millions). These amounts exclude intercompany revenue and expenses that are eliminated within our condensed consolidated statement of operations.
Revenue$109.5 
Operating income$45.0 
Earnings before income taxes$43.9 
Income tax expense(9.3)
Net earnings attributable to Liberty Global shareholders
$34.6 

Telenet Tower Sale. On June 1, 2022, Telenet completed the sale of substantially all of their passive infrastructure and tower assets to DigitalBridge Investments LLC (DigitalBridge) (the Telenet Tower Sale). After considering working capital adjustments, we received net cash proceeds of €733.0 million ($779.9 million at the transaction date) in the second quarter of 2022. Effective with the signing of the sale and purchase agreement on March 25, 2022, we began accounting for the associated assets and liabilities as held for sale and, accordingly, we ceased to depreciate or amortize these long-lived assets.

In connection with the completion of the Telenet Tower Sale, we recognized a gain of $700.4 million during the nine months ended September 30, 2022. No income taxes were required to be provided on this gain.

As part of the Telenet Tower Sale, Telenet entered into a master lease agreement to lease back the passive infrastructure and tower assets from DigitalBridge for an initial period of 15 years (the Telenet Tower Lease Agreement). In connection with the Telenet Tower Lease Agreement, during the second quarter of 2022, we recorded non-cash additions to our operating lease right-of-use (ROU) assets of $