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Investments (Tables) | 12 Months Ended
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Dec. 31, 2018
Investments [Abstract] |
Schedule of Investments by Accounting Method | The details of our investments are set forth below:
|  | December 31,
Accounting Method |  | 2018 |  | 2017
| in millions
Equity (a): |  |  |
VodafoneZiggo JV (b) | $ | 3,761.5 |  |  | $ | 4,162.8 |
Other (c) | 185.5 |  |  | 161.8 |
Total — equity | 3,947.0 |  |  | 4,324.6 |
Fair value: |  |  |
ITV plc (ITV) — subject to re-use rights | 634.2 |  |  | 892.0 |
ITI Neovision S.A. (ITI Neovision) | 125.4 |  |  | 161.9 |
Lions Gate Entertainment Corp (Lionsgate) | 77.5 |  |  | 163.9 |
Casa Systems, Inc. (Casa) | 39.5 |  |  | 76.3 |
Sumitomo Corporation (Sumitomo) (d) | — |  |  | 776.5 |
Other | 298.2 |  |  | 244.7 |
Total — fair value | 1,174.8 |  |  | 2,315.3 |
Cost (e) | — |  |  | 31.5 |
Total | $ | 5,121.8 |  |  | $ | 6,671.4 |
_______________
(a) | At December 31, 2018, the carrying amount of our equity method investment in the VodafoneZiggo JV exceeded our proportionate share of that entity’s net assets by the amount of the VodafoneZiggo JV Receivable, as defined and described below. The carrying amounts of our other equity method investments did not materially exceed our proportionate share of the respective investee’s net assets at December 31, 2018 and 2017.
(b) | Amounts include a related-party euro-denominated note receivable (the VodafoneZiggo JV Receivable) with a principal amount of $916.1 million and $1,081.9 million, respectively, due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global. The VodafoneZiggo JV Receivable bears interest at 5.55% and required €100.0 million ($114.5 million) of principal to be paid annually through December 31, 2019. In this regard, in December 2018, we received a €100.0 million ($114.5 million at the transaction date) principal payment on the VodafoneZiggo JV Receivable. In 2018, the agreement was amended to (i) eliminate the requirement to pay an annual principal payment of €100.0 million in 2019 and (ii) extend the final maturity date from January 16, 2027 to January 16, 2028. The accrued interest on the VodafoneZiggo JV Receivable will be payable in a manner mutually agreed upon by Liberty Global and the VodafoneZiggo JV. During 2018, interest accrued on the VodafoneZiggo JV Receivable was $59.6 million, all of which was cash settled. For information regarding the impact of the adoption of ASU 2014-09 on our accumulated deficit and our investment in the VodafoneZiggo JV, see note 2.
(c) | Amounts include our equity method investment in a media production company that we refer to as “All3Media”, for which summarized financial information has been provided below. All3Media is a joint venture in which we own a 50% interest.
(d) | At December 31, 2017, we owned 45,652,175 shares of Sumitomo common stock, representing less than 5% of the then outstanding common stock. During 2018, we used all of these shares to settle the outstanding amounts under certain related borrowings.
(e) As a result of the January 1, 2018 adoption of ASU 2016-01, all of our cost investments have been reclassified to fair value investments.
Summarized Financial Condition | The following table sets forth the details of our share of results of affiliates, net:
| Year ended December 31,
| 2018 |  | 2017 |  | 2016
| in millions
VodafoneZiggo JV (a) | $ | 11.4 |  |  | $ | (70.1 | ) |  | $ | — |
Other | (20.1 | ) |  | (25.1 | ) |  | (111.6 | )
Total | $ | (8.7 | ) |  | $ | (95.2 | ) |  | $ | (111.6 | )
_______________
(a) | Amounts include the net effect of (i) 100% of the interest income earned on the VodafoneZiggo JV Receivable, (ii) 100% of the share-based compensation expense associated with Liberty Global awards held by VodafoneZiggo JV employees who were formerly employees of Liberty Global, as these awards remain our responsibility, and (iii) our 50% share of the remaining results of operations of the VodafoneZiggo JV.
The summarized results of operations of the VodafoneZiggo JV are set forth below:
| Year ended December 31,
| 2018 |  | 2017
| in millions
Revenue | $ | 4,602.2 |  |  | $ | 4,512.5 |
Loss before income taxes | $ | (467.8 | ) |  | $ | (362.9 | )
Net loss | $ | (91.6 | ) |  | $ | (259.3 | )
The summarized financial position of the VodafoneZiggo JV is set forth below:
| December 31,
| 2018 |  | 2017
| in millions
Current assets | $ | 1,099.6 |  |  | $ | 823.4 |
Long-term assets | 22,155.7 |  |  | 24,076.8 |
Total assets | $ | 23,255.3 |  |  | $ | 24,900.2 |
Current liabilities | $ | 2,812.3 |  |  | $ | 2,631.7 |
Long-term liabilities | 14,751.5 |  |  | 16,110.4 |
Owners’ equity | 5,691.5 |  |  | 6,158.1 |
Total liabilities and owners’ equity | $ | 23,255.3 |  |  | $ | 24,900.2 |
All3Media. The summarized results of operations of All3Media are set forth below:
| Year ended December 31,
| 2018 |  | 2017 |  | 2016
| in millions
Revenue | $ | 892.3 |  |  | $ | 769.8 |  |  | $ | 649.1 |
Loss before income taxes | $ | (46.8 | ) |  | $ | (49.3 | ) |  | $ | (96.6 | )
Net loss | $ | (58.6 | ) |  | $ | (51.6 | ) |  | $ | (91.0 | )
The summarized financial position of All3Media is set forth below:
| December 31,
| 2018 |  | 2017
| in millions
Current assets | $ | 532.6 |  |  | $ | 409.4 |
Long-term assets | 681.0 |  |  | 748.0 |
Total assets | $ | 1,213.6 |  |  | $ | 1,157.4 |
Current liabilities | $ | 458.0 |  |  | $ | 389.1 |
Long-term liabilities | 766.2 |  |  | 718.8 |
Partners’ equity | 2.7 |  |  | 46.6 |
Noncontrolling interests | (13.3 | ) |  | 2.9 |
Total liabilities and equity | $ | 1,213.6 |  |  | $ | 1,157.4 |

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