Leases (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Leases [Abstract] |
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| Lease Balances |
A summary of our ROU assets and lease liabilities as of December 31, 2019 is set forth below: | | | | | | | | | | ROU assets | | Lease liabilities | | in millions | | | | | Finance leases (a)(b) | $ | 531.0 |
| | $ | 617.1 |
| Operating leases (c)(d) | 512.7 |
| | 545.1 |
| Total | $ | 1,043.7 |
| | $ | 1,162.2 |
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| | (a) | Our finance lease ROU assets are included in property and equipment, net, on our consolidated balance sheet. At December 31, 2019, the weighted average remaining lease term for finance leases was 23.8 years and the weighted average discount rate was 6.1%. As of December 31, 2018, we had $545.5 million of finance lease ROU assets included on our consolidated balance sheet. During 2019, 2018 and 2017, we recorded additions to our ROU assets associated with finance leases of $66.9 million, $102.4 million and $106.7 million, respectively. |
| | (b) | The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease liabilities and long-term debt and finance lease liabilities, respectively, on our consolidated balance sheets. As of December 31, 2018, we had $621.3 million of finance lease liabilities included on our consolidated balance sheet. At December 31, 2019 and 2018, our finance lease liabilities included €403.6 million ($453.2 million) and €390.6 million ($447.3 million), respectively, associated with Telenet’s lease of the broadband communications network of the four associations of municipalities in Belgium, which we refer to as the pure intercommunalues or the “PICs.” All capital expenditures associated with the PICs network are initiated by Telenet, but are executed and financed by the PICs through additions to this lease that are repaid over a 15-year term. These amounts do not include Telenet’s commitment related to certain operating costs associated with the PICs network. For additional information regarding this commitment, see note 19. |
| | (c) | Our operating lease ROU assets are included in other assets, net, on our consolidated balance sheet. At December 31, 2019, the weighted average remaining lease term for operating leases was 8.0 years and the weighted average discount rate was 4.0%. During 2019, we recorded additions to our ROU assets associated with operating leases of $88.5 million. |
(d) The current and long-term portions of our operating lease liabilities are included within other accrued and current liabilities and other long-term liabilities, respectively, on our consolidated balance sheet.
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| Lease Expense and Cash Outflows from Operating and Finance Leases |
A summary of our aggregate lease expense recorded during 2019 is set forth below (in millions): | | | | | Finance lease expense: | | Depreciation and amortization | $ | 84.2 |
| Interest expense | 33.8 |
| Total finance lease expense | 118.0 |
| Operating lease expense (a) | 135.7 |
| Short-term lease expense (a) | 8.0 |
| Variable lease expense (b) | 4.8 |
| Total lease expense | $ | 266.5 |
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| | (a) | Our operating lease expense and short-term lease expense are included in other operating expenses, SG&A expenses and impairment, restructuring and other operating items in our consolidated statements of operations. |
| | (b) | Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our consolidated statements of operations. |
A summary of our cash outflows from operating and finance leases recorded during 2019 is set forth below (in millions): | | | | | Cash paid for amounts included in the measurement of lease liabilities: | | Operating cash outflows from operating leases | $ | 135.5 |
| Operating cash outflows from finance leases | 33.8 |
| Financing cash outflows from finance leases | 60.0 |
| Total cash outflows from operating and finance leases | $ | 229.3 |
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| Maturities of Operating Lease Liabilities |
Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: | | | | | | | | | | Operating leases | | Finance leases | | in millions | Year ending December 31: | | | | 2020 | $ | 126.6 |
| | $ | 122.2 |
| 2021 | 98.1 |
| | 102.6 |
| 2022 | 81.0 |
| | 101.0 |
| 2023 | 68.5 |
| | 98.7 |
| 2024 | 56.7 |
| | 56.4 |
| Thereafter | 203.6 |
| | 459.4 |
| Total payments | 634.5 |
| | 940.3 |
| Less: present value discount | (89.4 | ) | | (323.2 | ) | Present value of lease payments | $ | 545.1 |
| | $ | 617.1 |
| Current portion | $ | 111.7 |
| | $ | 81.5 |
| Noncurrent portion | $ | 433.4 |
| | $ | 535.6 |
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| Maturities of Finance Lease Liabilities |
Amounts include vendor financing obligations of $3,748.2 million, as set forth below: | | | | | | | | | | | | | | | | | | | | | | Virgin Media | | UPC Holding | | Telenet | | Other | | Total | | in millions | Year ending December 31: | | | | | | | | | | 2020 | $ | 2,337.8 |
| | $ | 644.6 |
| | $ | 402.9 |
| | $ | 68.9 |
| | $ | 3,454.2 |
| 2021 | 34.8 |
| | 22.7 |
| | — |
| | 53.5 |
| | 111.0 |
| 2022 | 24.6 |
| | 20.1 |
| | — |
| | 47.2 |
| | 91.9 |
| 2023 | 22.1 |
| | 17.5 |
| | — |
| | 29.3 |
| | 68.9 |
| 2024 | 14.5 |
| | 7.7 |
| | — |
| | — |
| | 22.2 |
| Total vendor financing maturities | $ | 2,433.8 |
| | $ | 712.6 |
| | $ | 402.9 |
| | $ | 198.9 |
| | $ | 3,748.2 |
| Current portion | $ | 2,337.8 |
| | $ | 644.6 |
| | $ | 402.9 |
| | $ | 68.9 |
| | $ | 3,454.2 |
| Noncurrent portion | $ | 96.0 |
| | $ | 68.0 |
| | $ | — |
| | $ | 130.0 |
| | $ | 294.0 |
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Maturities of our operating and finance lease liabilities as of December 31, 2019 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2019 exchange rates: | | | | | | | | | | Operating leases | | Finance leases | | in millions | Year ending December 31: | | | | 2020 | $ | 126.6 |
| | $ | 122.2 |
| 2021 | 98.1 |
| | 102.6 |
| 2022 | 81.0 |
| | 101.0 |
| 2023 | 68.5 |
| | 98.7 |
| 2024 | 56.7 |
| | 56.4 |
| Thereafter | 203.6 |
| | 459.4 |
| Total payments | 634.5 |
| | 940.3 |
| Less: present value discount | (89.4 | ) | | (323.2 | ) | Present value of lease payments | $ | 545.1 |
| | $ | 617.1 |
| Current portion | $ | 111.7 |
| | $ | 81.5 |
| Noncurrent portion | $ | 433.4 |
| | $ | 535.6 |
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| Schedule of Future Minimum Lease Payments for Capital Leases |
Maturities of our operating and finance lease liabilities as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates: | | | | | | | | | | Operating leases | | Finance leases | | in millions | Year ending December 31: | | | | 2019 | $ | 123.9 |
| | $ | 101.4 |
| 2020 | 85.4 |
| | 107.3 |
| 2021 | 66.6 |
| | 96.7 |
| 2022 | 54.3 |
| | 94.5 |
| 2023 | 46.8 |
| | 93.5 |
| Thereafter | 178.6 |
| | 464.0 |
| Total payments | $ | 555.6 |
| | 957.4 |
| Amounts representing interest | | | (336.1 | ) | Total finance leases | | | $ | 621.3 |
| Current portion | | | $ | 78.2 |
| Noncurrent portion | | | $ | 543.1 |
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| Schedule of Future Minimum Rental Payments for Operating Leases |
Maturities of our operating and finance lease liabilities as of December 31, 2018 are presented below. Amounts represent U.S. dollar equivalents based on December 31, 2018 exchange rates: | | | | | | | | | | Operating leases | | Finance leases | | in millions | Year ending December 31: | | | | 2019 | $ | 123.9 |
| | $ | 101.4 |
| 2020 | 85.4 |
| | 107.3 |
| 2021 | 66.6 |
| | 96.7 |
| 2022 | 54.3 |
| | 94.5 |
| 2023 | 46.8 |
| | 93.5 |
| Thereafter | 178.6 |
| | 464.0 |
| Total payments | $ | 555.6 |
| | 957.4 |
| Amounts representing interest | | | (336.1 | ) | Total finance leases | | | $ | 621.3 |
| Current portion | | | $ | 78.2 |
| Noncurrent portion | | | $ | 543.1 |
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