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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Summary of Stock-Based Compensation | A summary of our aggregate share-based compensation expense is set forth below:
| Year ended December 31,
| 2019 |  | 2018 |  | 2017
| in millions
Liberty Global: |  |  |  |  |
Performance-based incentive awards (a) | $ | 134.5 |  |  | $ | 50.8 |  |  | $ | 23.9 |
Non-performance based incentive awards (b) | 107.6 |  |  | 90.1 |  |  | 93.8 |
Other (c) | 39.0 |  |  | 43.4 |  |  | 13.7 |
Total Liberty Global | 281.1 |  |  | 184.3 |  |  | 131.4 |
Telenet share-based incentive awards (d) | 15.6 |  |  | 19.6 |  |  | 20.7 |
Other | 9.1 |  |  | 2.1 |  |  | 10.1 |
Total | $ | 305.8 |  |  | $ | 206.0 |  |  | $ | 162.2 |
Included in: |  |  |  |  |
Other operating expenses | $ | 3.9 |  |  | $ | 4.4 |  |  | $ | 4.7 |
SG&A expenses | 301.9 |  |  | 201.6 |  |  | 157.5 |
Total | $ | 305.8 |  |  | $ | 206.0 |  |  | $ | 162.2 |
_______________
(a) | Includes share-based compensation expense related to (i) PSU s, (ii) in 2019, (a) the 2019 Challenge Performance Awards and (b) the performance-based portion of the 2019 CEO Performance Award, each as defined and described below, and (iii) through March 2017, certain performance grant units issued to our Chief Executive Officer.
(b) | The 2019 amount includes share-based compensation expense related to the RSA s issued under the 2019 CEO Performance Award, as defined and described below.
(c) | Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global ordinary shares. In the case of the annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program that was implemented in the fourth quarter of 2017. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in ordinary shares of Liberty Global in lieu of cash.
(d) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards, which, at December 31, 2019, included performance- and non-performance-based stock option awards with respect to 3,846,649 Telenet shares. These stock option awards had a weighted average exercise price of €43.82 ($49.20).
Stock Compensation Assumptions | The following table summarizes certain information related to the share-based incentive awards granted and exercised with respect to Liberty Global ordinary shares (includes amounts related to awards held by employees of our discontinued operations, unless otherwise noted):
| Year ended December 31,
| 2019 |  | 2018 |  | 2017
Assumptions used to estimate fair value of options, SARs and PSARs granted: |  |  |  |  |
Risk-free interest rate | 1.59 - 2.45% |  | 2.68 - 2.92% |  | 1.66 - 2.16%
Expected life | 3.2 - 6.2 years |  | 3.0 - 4.2 years |  | 3.0 - 6.4 years
Expected volatility | 29.9 - 33.8% |  | 30.2 - 33.6% |  | 25.9 - 37.9%
Expected dividend yield | none |  | none |  | none
Weighted average grant-date fair value per share of awards granted: |  |  |  |  |
Options | $ | 8.60 |  |  | $ | 8.99 |  |  | $ | 9.40 |
SARs | $ | 6.79 |  |  | $ | 7.92 |  |  | $ | 8.60 |
PSARs | $ | 6.92 |  |  | $ | — |  |  | $ | — |
RSUs | $ | 24.66 |  |  | $ | 28.72 |  |  | $ | 31.24 |
RSAs | $ | 25.29 |  |  | $ | — |  |  | $ | — |
PSUs | $ | 25.00 |  |  | $ | 23.60 |  |  | $ | 26.59 |
Total intrinsic value of awards exercised (in millions): |  |  |  |  |
Options | $ | 4.2 |  |  | $ | 3.8 |  |  | $ | 13.4 |
SARs | $ | 13.6 |  |  | $ | 22.5 |  |  | $ | 74.8 |
Cash received from exercise of options (in millions) | $ | 2.3 |  |  | $ | 5.7 |  |  | $ | 11.7 |
Income tax benefit related to share-based compensation of our continuing operations (in millions) | $ | 21.0 |  |  | $ | 18.6 |  |  | $ | 9.8 |
Stock Options Activity | The following tables summarize the share-based award activity during 2019 with respect to awards issued by Liberty Global:
Options — Class A ordinary shares |  | Number of awards |  | Weighted average exercise price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  |  |  |  |  | in years |  | in millions
Outstanding at January 1, 2019 |  | 580,254 |  |  | $ | 27.51 |  |  |  |  |
Granted |  | 61,244 |  |  | $ | 26.47 |  |  |  |  |
Exercised |  | (53,240 | ) |  | $ | 7.10 |  |  |  |  |
Outstanding at December 31, 2019 |  | 588,258 |  |  | $ | 29.25 |  |  | 3.7 |  | $ | 0.7 |
Exercisable at December 31, 2019 |  | 447,042 |  |  | $ | 29.40 |  |  | 2.6 |  | $ | 0.7 |
Options — Class C ordinary shares |  | Number of awards |  | Weighted average exercise price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  |  |  |  |  | in years |  | in millions
Outstanding at January 1, 2019 |  | 2,667,506 |  |  | $ | 25.09 |  |  |  |  |
Granted |  | 1,364,721 |  |  | $ | 24.52 |  |  |  |  |
Forfeited |  | (349,474 | ) |  | $ | 24.79 |  |  |  |  |
Exercised |  | (176,185 | ) |  | $ | 6.92 |  |  |  |  |
Outstanding at December 31, 2019 |  | 3,506,568 |  |  | $ | 25.81 |  |  | 3.0 |  | $ | 1.7 |
Exercisable at December 31, 2019 |  | 2,820,918 |  |  | $ | 25.68 |  |  | 2.1 |  | $ | 1.7 |
SARs — Class A ordinary shares |  | Number of awards |  | Weighted average base price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  |  |  |  |  | in years |  | in millions
Outstanding at January 1, 2019 |  | 15,308,562 |  |  | $ | 32.41 |  |  |  |  |
Granted |  | 3,350,635 |  |  | $ | 24.92 |  |  |  |  |
Forfeited |  | (1,520,202 | ) |  | $ | 32.62 |  |  |  |  |
Exercised |  | (509,520 | ) |  | $ | 19.91 |  |  |  |  |
Impact of the sale of the Vodafone Disposal Group |  | (377,858 | ) |  | $ | 34.89 |  |  |  |  |
Outstanding at December 31, 2019 |  | 16,251,617 |  |  | $ | 31.18 |  |  | 3.9 |  | $ | — |
Exercisable at December 31, 2019 |  | 10,951,161 |  |  | $ | 32.66 |  |  | 2.4 |  | $ | — |
SARs — Class C ordinary shares |  | Number of awards |  | Weighted average base price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  |  |  |  |  | in years |  | in millions
Outstanding at January 1, 2019 |  | 34,401,980 |  |  | $ | 30.61 |  |  |  |  |
Granted |  | 6,701,270 |  |  | $ | 24.17 |  |  |  |  |
Forfeited |  | (3,042,500 | ) |  | $ | 31.49 |  |  |  |  |
Exercised |  | (1,599,608 | ) |  | $ | 19.25 |  |  |  |  |
Impact of the sale of the Vodafone Disposal Group |  | (778,280 | ) |  | $ | 33.57 |  |  |  |  |
Outstanding at December 31, 2019 |  | 35,682,862 |  |  | $ | 29.77 |  |  | 3.6 |  | $ | — |
Exercisable at December 31, 2019 |  | 25,082,821 |  |  | $ | 30.83 |  |  | 2.1 |  | $ | — |
PSARs — Class A ordinary shares |  | Number of awards |  | Weighted average base price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  |  |  |  |  | in years |  | in millions
Outstanding at January 1, 2019 |  | — |  |  | $ | — |  |  |  |  |
Granted |  | 4,477,343 |  |  | $ | 25.97 |  |  |  |  |
Forfeited |  | (405,727 | ) |  | $ | 25.97 |  |  |  |  |
Outstanding at December 31, 2019 |  | 4,071,616 |  |  | $ | 25.97 |  |  | 9.2 |  | $ | — |
Exercisable at December 31, 2019 |  | 1,118 |  |  | $ | 25.97 |  |  | 0.8 |  | $ | — |
PSARs — Class C ordinary shares |  | Number of awards |  | Weighted average base price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
|  |  |  |  |  | in years |  | in millions
Outstanding at January 1, 2019 |  | — |  |  | $ | — |  |  |  |  |
Granted |  | 8,954,686 |  |  | $ | 25.22 |  |  |  |  |
Forfeited |  | (811,454 | ) |  | $ | 25.22 |  |  |  |  |
Outstanding at December 31, 2019 |  | 8,143,232 |  |  | $ | 25.22 |  |  | 9.2 |  | $ | — |
Exercisable at December 31, 2019 |  | 2,236 |  |  | $ | 25.22 |  |  | 0.8 |  | $ | — |
RSUs — Class A ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | 582,374 |  |  | $ | 31.85 |  |  |
Granted |  | 359,012 |  |  | $ | 25.09 |  |  |
Forfeited |  | (141,043 | ) |  | $ | 30.23 |  |  |
Released from restrictions |  | (284,847 | ) |  | $ | 31.34 |  |  |
Outstanding at December 31, 2019 |  | 515,496 |  |  | $ | 27.86 |  |  | 2.5
|  | Number of awards |  | Weighted average exercise or base price |  | Weighted average remaining contractual term |  | Aggregate intrinsic value
Options and SARs: |  |  |  |  |  |  |  |
Class A: |  |  |  |  |  |  |  |
Outstanding |  | 1,509,447 |  |  | $ | 33.96 |  |  | 2.0 |  | $ | — |
Exercisable |  | 1,429,022 |  |  | $ | 33.95 |  |  | 1.8 |  | $ | — |
Class C: |  |  |  |  |  |  |  |
Outstanding |  | 3,374,752 |  |  | $ | 32.08 |  |  | 1.8 |  | $ | — |
Exercisable |  | 3,213,870 |  |  | $ | 32.02 |  |  | 1.7 |  | $ | — |
Other-than-Options Activity |
RSUs — Class A ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | 582,374 |  |  | $ | 31.85 |  |  |
Granted |  | 359,012 |  |  | $ | 25.09 |  |  |
Forfeited |  | (141,043 | ) |  | $ | 30.23 |  |  |
Released from restrictions |  | (284,847 | ) |  | $ | 31.34 |  |  |
Outstanding at December 31, 2019 |  | 515,496 |  |  | $ | 27.86 |  |  | 2.5
RSUs — Class B ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | — |  |  | $ | — |  |  |
Granted |  | 48,786 |  |  | $ | 26.03 |  |  |
Outstanding at December 31, 2019 |  | 48,786 |  |  | $ | 26.03 |  |  | 0.2
RSUs — Class C ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | 1,162,351 |  |  | $ | 31.02 |  |  |
Granted |  | 718,024 |  |  | $ | 24.35 |  |  |
Forfeited |  | (281,767 | ) |  | $ | 30.32 |  |  |
Released from restrictions |  | (572,598 | ) |  | $ | 30.29 |  |  |
Outstanding at December 31, 2019 |  | 1,026,010 |  |  | $ | 26.95 |  |  | 2.5
RSAs — Class B ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | — |  |  | $ | — |  |  |
Granted |  | 670,000 |  |  | $ | 25.29 |  |  |
Released from restrictions |  | (670,000 | ) |  | $ | 25.29 |  |  |
Outstanding at December 31, 2019 |  | — |  |  | $ | — |  |  | —
PSUs — Class A ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | 2,904,644 |  |  | $ | 28.22 |  |  |
Granted |  | 2,502,764 |  |  | $ | 25.44 |  |  |
Forfeited |  | (548,237 | ) |  | $ | 28.58 |  |  |
Released from restrictions |  | (1,416,391 | ) |  | $ | 31.04 |  |  |
Impact of the sale of the Vodafone Disposal Group |  | (54,409 | ) |  | $ | 24.03 |  |  |
Outstanding at December 31, 2019 |  | 3,388,371 |  |  | $ | 25.00 |  |  | 1.6
PSUs — Class B ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | — |  |  | $ | — |  |  |
Granted |  | 1,330,000 |  |  | $ | 25.29 |  |  |
Outstanding at December 31, 2019 |  | 1,330,000 |  |  | $ | 25.29 |  |  | 0.9
PSUs — Class C ordinary shares |  | Number of awards |  | Weighted average grant-date fair value per share |  | Weighted average remaining contractual term
|  |  |  |  |  | in years
Outstanding at January 1, 2019 |  | 5,814,437 |  |  | $ | 27.39 |  |  |
Granted |  | 5,005,528 |  |  | $ | 24.69 |  |  |
Forfeited |  | (1,098,252 | ) |  | $ | 27.71 |  |  |
Released from restrictions |  | (2,836,847 | ) |  | $ | 30.06 |  |  |
Impact of the sale of the Vodafone Disposal Group |  | (108,818 | ) |  | $ | 23.41 |  |  |
Outstanding at December 31, 2019 |  | 6,776,048 |  |  | $ | 24.29 |  |  | 1.6
|  | Number of awards |  | Weighted average grant date fair value per share |  | Weighted average remaining contractual term
Outstanding RSUs and PSUs: |  |  |  |  |  |
Class A: |  |  |  |  |  |
RSUs |  | 3,969 |  |  | $ | 33.23 |  |  | 1.3
PSUs |  | 54,990 |  |  | $ | 24.05 |  |  | 0.8
Class C: |  |  |  |  |  |
RSUs |  | 7,923 |  |  | $ | 32.33 |  |  | 1.3
PSUs |  | 109,980 |  |  | $ | 23.44 |  |  | 0.8

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