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Investments
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investments Investments
The details of our investments are set forth below:
Accounting MethodMarch 31,
2022		December 31,
2021		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$13,570.7 $13,774.7 50.0
VodafoneZiggo JV (c)
2,444.1 2,572.4 50.0
All3Media Group (All3Media)
171.0 143.7 50.0
Atlas Edge JV
156.3 163.7 50.0
Formula E Holdings Ltd (Formula E)
120.6 115.9 35.9
Other
171.0 174.8 
Total — equity16,633.7 16,945.2 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (d)
1,958.2 2,269.6 
Long-term:
ITV plc (ITV)
428.9 596.3 9.9
Televisa Univision, Inc. (Televisa Univision) (e)
385.5 385.5 6.3
SMAs (d)
374.4 531.7 
Lacework Inc.269.1 269.1 3.3
Plume Design, Inc. (Plume)
188.8 188.8 11.5
EdgeConneX Inc. (EdgeConneX)
148.5 138.7 5.1
Lions Gate Entertainment Corp (Lionsgate)
103.4 105.9 2.9
Pax8 Inc. (Pax8)
99.0 14.7 5.9
Aviatrix Systems, Inc.78.2 78.2 3.8
CANAL+ Polska S.A.67.9 70.8 17.0
Other (f)382.9 378.1 
Total — fair value4,484.8 5,027.4 
Total investments (g)$21,118.5 $21,972.6 
Short-term investments$1,958.2 $2,269.6 
Long-term investments$19,160.3 $19,703.0 
_______________

(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 dividends or other 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, 2022 and December 31, 2021, the aggregate carrying amounts of our equity method investments exceeded our proportionate share of the respective investee’s net assets by $1,233.9 million and $1,236.0 million, respectively, which include 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 $775.7 million and $797.1 million, respectively (the VodafoneZiggo JV Receivable I), and (ii) a euro-denominated note receivable with a principal amount of $230.4 million and $236.7 million, 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, 2022, interest accrued on the VodafoneZiggo JV Receivables was $14.1 million, all of which has been cash settled.

(d)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. As of March 31, 2022, all of our investments held under SMAs were classified as available-for-sale debt securities. At March 31, 2022 and December 31, 2021, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $5.0 million and $5.1 million, respectively.

(e)At March 31, 2022, the fair value of our investment in Televisa Univision reflects the merger of Univision Holdings Inc. and Grupo Televisa, S.A.B., which was completed during the first quarter of 2022.

(f)Amounts include $1.7 million and $2.1 million, respectively, of a noncontrolling junior interest in receivables we have securitized.

(g)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.

Equity Method Investments

The following table sets forth the details of our share of results of affiliates, net:
 Three months ended
March 31,
 20222021
 in millions
VMO2 JV (a)
$187.1 $— 
VodafoneZiggo JV (b)
48.6 4.7 
Formula E
7.9 8.7 
All3Media
(4.7)(9.0)
Other, net(8.4)(2.7)
Total$230.5 $1.7 
_______________

(a)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 held by VMO2 JV employees who were formerly employees of Liberty Global, as these awards remain our responsibility.

(b)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.
VMO2 JV

On June 1, 2021, we completed the U.K. JV Transaction. Each of Liberty Global and Telefónica (each a “U.K. JV Shareholder”) holds 50% of the issued share capital of the VMO2 JV. The U.K. JV Shareholders intend for the VMO2 JV to be funded solely from its net cash flows from operations and third-party financing. We account for our 50% interest in the VMO2 JV as an equity method investment and consider the VMO2 JV to be a related party. For additional information regarding the U.K. JV Transaction, see note 4.

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. During the three months ended March 31, 2022, we recorded revenue of $68.7 million related to the U.K. JV Services. At March 31, 2022 and December 31, 2021, $35.0 million and $43.3 million, respectively, was due from the VMO2 JV, primarily related to (a) services performed under the U.K. JV Framework Agreement and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VMO2 JV. Amounts due from the VMO2 JV are periodically cash settled and are included in other current assets on our condensed consolidated balance sheets.

The summarized results of operations of the VMO2 JV for the three months ended March 31, 2022 are set forth below (in millions):
Revenue$3,398.0 
Earnings before income taxes$378.6 
Net earnings$318.1 

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. During the three months ended March 31, 2022 and 2021, we recorded revenue from the VodafoneZiggo JV of $60.0 million and $50.7 million, respectively, primarily related to (a) the NL JV Services and (b) the sale of customer premises equipment at a mark-up. At March 31, 2022 and December 31, 2021, $37.0 million and $62.5 million, respectively, were due from the VodafoneZiggo JV related to the aforementioned transactions. Amounts due from the VodafoneZiggo JV are periodically cash settled and are included in other current assets on our condensed consolidated balance sheets. In addition, during the three months ended March 31, 2022, we received a dividend distribution from the VodafoneZiggo JV of $94.8 million, which was accounted for as a return on capital for purposes of our condensed consolidated statement of cash flows.

The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended March 31,
20222021
in millions
Revenue$1,130.0 $1,217.0 
Earnings (loss) before income taxes$127.0 $(21.4)
Net earnings (loss)$72.3 $(16.1)
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,
 20222021
 in millions
ITV
$(167.4)$79.8 
Pax8
79.3 — 
Skillz Inc. (Skillz)
(26.1)— 
EdgeConneX
13.5 13.1 
Lionsgate
(2.5)20.8 
Plume
— 55.1 
Other, net9.6 25.8 
Total$(93.6)$194.6 

Debt Securities
At March 31, 2022 and December 31, 2021, all of our SMAs were composed of debt securities, which are summarized in the following tables:
March 31, 2022
Amortized cost basisAccumulated unrealized lossesFair value
in millions
Commercial paper$778.7 $— $778.7 
Government bonds609.6 (3.8)605.8 
Corporate debt securities585.8 (6.3)579.5 
Certificates of deposit330.1 (0.3)329.8 
Other debt securities38.8 — 38.8 
Total debt securities$2,343.0 $(10.4)$2,332.6 

December 31, 2021
Amortized cost basisAccumulated unrealized lossesFair value
in millions
Commercial paper$897.4 $— $897.4 
Corporate debt securities705.5 (1.6)703.9 
Government bonds655.9 (3.3)652.6 
Certificates of deposit355.5 (0.1)355.4 
Other debt securities192.0 — 192.0 
Total debt securities$2,806.3 $(5.0)$2,801.3 
We received proceeds from the sale of debt securities of $2.6 billion and $1.5 billion during the three months ended March 31, 2022 and 2021, 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 $3.4 million and $1.3 million during the three months ended March 31, 2022 and 2021, respectively.

The fair value of our debt securities as of March 31, 2022 by contractual maturity are shown below (in millions):

Due in one year or less$1,958.2 
Due in one to five years371.4 
Due in five to ten years2.7 
Due after ten years0.3 
Total (a)$2,332.6 
_______________

(a)The weighted average life of our total debt securities was 0.5 years as of March 31, 2022.