LBTYA 10-Q Quarter ended Sept. 30, 2017

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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 video, broadband internet, fixed-line telephony, mobile and other communications services to residential customers and businesses, with consolidated operations at September 30, 2017 in more than 30 countries.

In Europe, we provide residential and business-to-business ( B2B ) communications services in (i) the United Kingdom ( U.K. ) and Ireland through Virgin Media Inc. ( Virgin Media ), (ii) Germany through Unitymedia GmbH ( Unitymedia ), (iii) Belgium and Luxembourg through Telenet Group Holding N.V. ( Telenet ), a 57.6 % -owned subsidiary, and (iv) seven other European countries through UPC Holding B.V. ( UPC Holding ). In addition, through the December 31, 2016 completion of the VodafoneZiggo JV Transaction (as defined and described in note 4 ), we provided residential and B2B communications services in the Netherlands through VodafoneZiggo Group B.V., which is referred to herein as “ Ziggo Group Holding ”. Following the completion of the VodafoneZiggo JV Transaction , we own a 50 % noncontrolling interest in the VodafoneZiggo JV (as defined in note 4 ), which provides video, broadband internet, mobile and B2B services in the Netherlands. Virgin Media , Unitymedia and UPC Holding are each wholly-owned subsidiaries of Liberty Global . The operations of Virgin Media , Unitymedia , Telenet , UPC Holding and, through December 31, 2016, Ziggo Group Holding are collectively referred to herein as the “ European Division .”

Outside of Europe, we provide residential and B2B communications services in (i) 18 countries, predominantly in Latin America and the Caribbean, through our wholly-owned subsidiary Cable & Wireless Communications Limited ( C&W ), (ii) Chile through our wholly-owned subsidiary VTR.com SpA ( VTR ) and (iii) Puerto Rico through Liberty Cablevision of Puerto Rico LLC ( Liberty Puerto Rico ), an entity in which we hold a 60.0 % ownership interest. C&W also provides (a) B2B communications services in certain other countries in Latin America and the Caribbean and (b) wholesale communications services over its sub-sea and terrestrial fiber optic cable network that connects over 40 markets in that region. C&W owns less than 100% of certain of its consolidated subsidiaries, including Cable & Wireless Panama, SA (a 49.0 % -owned entity that owns most of our operations in Panama), The Bahamas Telecommunications Company Limited (a 49.0 % -owned entity that owns all of our operations in the Bahamas) and Cable & Wireless Jamaica Limited (an 82.0 % -owned entity that owns the majority of our operations in Jamaica). The operations of C&W , VTR and Liberty Puerto Rico are collectively referred to herein as the “ LiLAC Division .”

Our share capital comprises (i) Class A, B and C Liberty Global ordinary shares (collectively, Liberty Global Shares ) and (ii) Class A, B and C LiLAC ordinary shares (collectively, LiLAC Shares ). The Liberty Global Shares and the LiLAC Shares are tracking shares. Tracking shares are intended by the issuing company to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. The Liberty Global Shares and the LiLAC Shares are intended to track the economic performance of the Liberty Global Group and the LiLAC Group , respectively (each as defined below). While the Liberty Global Group and the LiLAC Group have separate collections of businesses, assets and liabilities attributed to them, neither group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking shares have no direct claim to the group’s assets and are not represented by separate boards of directors. Instead, holders of tracking shares are shareholders of the parent corporation, with a single board of directors, and are subject to all of the risks and liabilities of the parent corporation. We and our subsidiaries each continue to be responsible for our respective liabilities. Holders of Liberty Global Shares , LiLAC Shares and any other of our capital shares designated as ordinary shares from time to time will continue to be subject to risks associated with an investment in our company as a whole, even if a holder does not own both Liberty Global Shares and LiLAC Shares .

The “ LiLAC Group ” comprises our businesses, assets and liabilities in Latin America and the Caribbean and has attributed to it (i) LGE Coral Holdco Limited ( LGE Coral ) and its subsidiaries, which include C&W , (ii) VTR Finance B.V. ( VTR Finance ) and its subsidiaries, which include VTR , (iii) Lila Chile Holding B.V. ( Lila Chile Holding ), which is the parent entity of VTR Finance and (iv) LiLAC Communications Inc. ( LiLAC Communications ) and its subsidiaries, which include Liberty Puerto Rico . The “ Liberty Global Group ” comprises our businesses, assets and liabilities not attributed to the LiLAC Group , including Virgin Media , Unitymedia , Telenet , UPC Holding , our 50 % interest in the VodafoneZiggo JV (from December 31, 2016), Ziggo Group Holding (up to December 31, 2016), our corporate entities (excluding LiLAC Communications ) and certain other less significant entities. We have announced our intention to split-off the entities that comprise the LiLAC Group around the end of 2017 (the Split-off ).

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For additional information regarding our tracking share capital structure, including unaudited attributed financial information of the Liberty Global Group and the LiLAC Group , see Exhibit 99.1 to this Quarterly Report on Form 10-Q.

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ( U.S. 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 U.S. 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 2016 consolidated financial statements and notes thereto included in our 2016 Annual Report on Form 10-K, as amended (our 10-K ).

The preparation of financial statements in conformity with U.S. 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, 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, 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, ownership percentages and convenience translations into United States ( U.S. ) dollars are calculated as of September 30, 2017 .

Accounting Changes

In March 2016, the Financial Accounting Standards Board ( FASB ) issued Accounting Standards Update ( ASU ) No. 2016-09, Compensation — Stock Compensation, Improvements to Employee Share-Based Payment Accounting ( ASU 2016-09 ), which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification within the statement of cash flows. We adopted ASU 2016-09 on January 1, 2017. As a result of adopting this standard, we (i) recognized a cumulative effect adjustment to our accumulated deficit as of January 1, 2017 and (ii) retrospectively revised the presentation of our condensed consolidated statements of cash flows to remove the operating cash outflows and financing cash inflows associated with excess tax benefits from share-based compensation. The cumulative effect adjustment, which totaled $ 15.3 million , represents the tax effect of deductions in excess of the financial reporting expense for share-based compensation that were not previously recognized for financial reporting purposes as these tax benefits were not realized as a reduction of income taxes payable.

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment ( ASU 2017-04 ), which eliminates the requirement to estimate the implied fair value of a reporting unit’s goodwill as determined following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, a company should recognize any goodwill impairment by comparing the fair value of a reporting unit to its carrying amount. We early-adopted ASU 2017-04 effective January 1, 2017. The adoption of ASU 2017-04 reduces the complexity surrounding the evaluation of our goodwill for impairment.

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Recent Accounting Pronouncements

ASU 2014-09

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ( ASU 2014-09 ), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 , as amended by ASU No. 2015-14, will replace existing revenue recognition guidance when it becomes effective for annual and interim reporting periods beginning after December 15, 2017. This new standard permits the use of either the retrospective or cumulative effect transition method. We will adopt ASU 2014-09 effective January 1, 2018 using the cumulative effect transition method. While we are continuing to evaluate the effect that ASU 2014-09 will have on our consolidated financial statements, we have identified a number of our current revenue recognition policies that will be impacted by ASU 2014-09 , including the accounting for (i) time-limited discounts and free service periods provided to our customers and (ii) certain upfront fees charged to our customers. Although we continue to evaluate the impacts of adopting ASU 2014-09 , our current views are as follows:

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When we enter into contracts to provide services to our customers, we often provide time-limited discounts or free service periods. Under current accounting rules, we recognize revenue net of discounts during the promotional periods and do not recognize any revenue during free service periods. Under ASU 2014-09 , revenue recognition for those contracts that contain substantive termination penalties will be accelerated, as the impact of the discounts or free service periods will be recognized uniformly over the contractual period. For contracts that do not have substantive termination penalties, we will continue to record the impacts of partial or full discounts during the applicable promotional periods.

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When we enter into contracts to provide services to our customers, we often charge installation or other upfront fees. Under current accounting rules, installation fees related to services provided over our cable networks are recognized as revenue during the period in which the installation occurs to the extent these fees are equal to or less than direct selling costs. Under ASU 2014-09 , these fees will generally be deferred and recognized as revenue over the contractual period, or longer if the upfront fee results in a material renewal right.

As the above revenue recognition changes have offsetting impacts and both result in a relatively minor shift in the timing of revenue recognition, we currently do not expect ASU 2014-09 to have a material impact on our consolidated revenue.

ASU 2014-09 will also impact our accounting for certain upfront costs directly associated with obtaining and fulfilling customer contracts. Under our current policy, these costs are expensed as incurred unless the costs are in the scope of another accounting topic that allows for capitalization. Under ASU 2014-09 , the upfront costs associated with contracts that have substantive termination penalties and a term of one year or more will be recognized as assets and amortized to other operating expenses over the applicable period benefited. Although the impact of the accounting change for the upfront costs will be dependent on numerous factors, including the number and terms of new subscriber contracts added during any given period, we do not expect the initial or ongoing impact of this accounting change to be material based on our assessments of the current practices and contracts in effect in our various markets.

Although the ultimate impact of adopting ASU 2014-09 for both revenue recognition and costs to obtain and fulfill contracts will depend on numerous factors, including the promotions and offers in place during the period leading up to and after the adoption of ASU 2014-09 , we currently do not expect the adoption of ASU 2014-09 to have a material impact on our revenue, operating expenses or financial position. In addition, we do not expect to make material changes to our internal control environment as a result of the adoption of ASU 2014-09 .

ASU 2016-02

In February 2016, the FASB issued ASU No. 2016-02, Leases ( ASU 2016-02 ), which, for most leases, will result in lessees recognizing lease assets and lease liabilities on the balance sheet with additional disclosures about leasing arrangements. ASU 2016-02 requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach also includes a number of optional practical expedients an entity may elect to apply. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. We will adopt ASU 2016-02 on January 1, 2019. Although we are currently evaluating the effect that ASU 2016-02 will have on our consolidated financial statements, the main impact of

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the adoption of this standard will be the recognition of lease assets and lease liabilities in our consolidated balance sheets for those leases classified as operating leases under previous U.S. GAAP . ASU 2016-02 will not have significant impacts on our consolidated statements of operations or cash flows.

ASU 2017-07

In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of the Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ( ASU 2017-07 ), which changes the presentation of periodic benefit cost components. Under ASU 2017-07 , we will continue to present the service component of our net benefit cost as a component of operating income but present the other components of our net benefit cost computation, which can include credits, within non-operating income (expense) in our consolidated statements of operations. ASU 2017-07 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years. We will adopt ASU 2017-07 on January 1, 2018 on a retrospective basis.

Pending Acquisitions

Multimedia . On October 18, 2016, our subsidiary UPC Polska SP Z.o.o. entered into a definitive agreement to acquire the cable business of Multimedia Polska S.A. ( Multimedia ), the third-largest cable operator in Poland, for cash consideration of 3.0 billion Polish zlotys ( $ 821.1 million ), which is equal to the enterprise value assigned to Multimedia for purposes of this transaction. We intend to finance the acquisition of Multimedia with existing liquidity. The final purchase price is subject to potential downward adjustments for the operational and financial performance of Multimedia prior to closing. The transaction is subject to customary closing conditions, including regulatory approval. On October 18, 2017, the Polish regulator issued a statement of objection against the proposed transaction on the basis that such transaction could restrict competition in a number of cities across the country. We are in the process of responding to the Polish regulator’s statement of objections and remain confident of clearance in due course. We do not expect the transaction to be completed in 2017.

2017 Acquisitions

Carve-out Entities . In connection with the C&W Acquisition , as defined and described below, and an acquisition made by C&W in 2015, certain entities (the Carve-out Entities ) that hold licenses granted by the U.S. Federal Communications Commission (the FCC ) were transferred to entities not controlled by our company or C&W . The arrangements with respect to the Carve-out Entities , which were executed in connection with the C&W Acquisition and the acquisition made by C&W in 2015, contemplated that upon receipt of regulatory approval, C&W would acquire the Carve-out Entities . On March 8, 2017, the FCC granted its approval for C&W ’s acquisition of the Carve-out Entities . Accordingly, on April 1, 2017, subsidiaries of C&W acquired the Carve-out Entities (the C&W Carve-out Acquisition ) for an aggregate purchase price of $ 86.2 million , which represents the amount due under notes receivable that were exchanged for the equity of the Carve-out Entities .

SFR BeLux . On June 19, 2017 , Telenet acquired Coditel Brabant sprl, operating under the SFR brand ( SFR BeLux ), for a cash and debt free purchase price of € 391.0 million ( $ 453.2 million at the transaction date), subject to certain adjustments (the SFR BeLux Acquisition ). SFR BeLux provides cable services to households and businesses in Brussels, Wallonia and Luxembourg and offers mobile services in Belgium through a mobile virtual network operator ( MVNO ) agreement with BASE , as defined and described below. The SFR BeLux Acquisition was funded through a combination of € 210.0 million ( $ 247.9 million ) of borrowings under the Telenet Credit Facility and existing liquidity of Telenet .

2016 Acquisitions

C&W . On May 16, 2016 , we acquired C&W for shares of Liberty Global (the C&W Acquisition ). The C&W Acquisition triggered regulatory approval requirements in certain jurisdictions in which C&W operates. The regulatory authorities in certain of these jurisdictions, including the Bahamas, Trinidad and Tobago and the Seychelles, have not completed their review of the C&W Acquisition or granted their approval. While we expect to receive all outstanding approvals, such approvals may include binding conditions or requirements that could have an adverse impact on C&W ’s operations and financial condition.

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We have accounted for the C&W Acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of C&W based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. A summary of the purchase price and the opening balance sheet of C&W at the May 16, 2016 acquisition date is presented in the following table. The opening balance sheet presented below reflects our final purchase price allocation (in millions):

Cash and cash equivalents	$	210.8
Other current assets	578.5
Property and equipment, net	2,914.2
Goodwill (a)	5,344.3
Intangible assets subject to amortization, net (b)	1,416.0
Other assets, net	577.8
Current portion of debt and capital lease obligations	( 94.1		)
Other accrued and current liabilities	( 753.2		)
Long-term debt and capital lease obligations	( 3,305.4		)
Other long-term liabilities	( 751.8		)
Noncontrolling interests (c)	( 1,453.2		)
Total purchase price (d)	$	4,683.9

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(a)	The goodwill recognized in connection with the C&W Acquisition is primarily attributable to (i) the ability to take advantage of C&W ’s existing terrestrial and sub-sea networks to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of C&W with other operations in the LiLAC Group .

(b)	Amount primarily includes intangible assets related to customer relationships. The weighted average useful life of C&W ’s intangible assets at the May 16, 2016 acquisition date was approximately nine years .

(c)	Represents the estimated aggregate fair value of the noncontrolling interests in C&W ’s subsidiaries as of May 16, 2016 .

(d)

The total purchase price (i) includes the issuance of Liberty Global Shares and LiLAC Shares that were collectively valued at $ 4,490.1 million and a special cash dividend of $ 193.8 million and (ii) excludes direct acquisition costs of $ 135.0 million , most of which were incurred during 2016. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

BASE . On February 11, 2016 , Telenet acquired Telenet Group BVBA, formerly known as BASE Company NV ( BASE ), for a cash purchase price of € 1,318.9 million ( $ 1,494.3 million at the transaction date) (the BASE Acquisition ). BASE is a mobile network operator in Belgium.

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Pro Forma Information

The following unaudited pro forma condensed consolidated operating results give effect to the C&W Acquisition and the BASE Acquisition as if they had been completed as of January 1, 2015. No effect has been given to the C&W Carve-out Acquisition or the SFR BeLux Acquisition as the assumed completion of these acquisitions on January 1, 2016 would not have had a significant impact on our results of operations for the three and nine months ended September 30, 2016. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.

The details of our investments are set forth below:

Accounting Method		September 30, 2017				December 31, 2016
		in millions
Equity (a):
VodafoneZiggo JV (b)		$	4,360.7			$	4,186.6
Other		161.9				142.7
Total — equity		4,522.6				4,329.3
Fair value:
ITV plc ( ITV ) — subject to re-use rights		932.5				1,015.4
Sumitomo Corporation ( Sumitomo )		656.1				538.4
ITI Neovision S.A.		151.3				129.3
Lions Gate Entertainment Corp ( Lionsgate )		163.1				128.6
Other		257.8				245.5
Total — fair value		2,160.8				2,057.2
Cost		123.4				97.2
Total		$	6,806.8			$	6,483.7

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(a)	At September 30, 2017 and December 31, 2016 , the aggregate carrying amounts of our equity method investments did not materially exceed our proportionate share of the respective investees’ net assets.

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(b)

Amounts include a related-party note receivable (the VodafoneZiggo JV Receivable ) with a principal amount of $ 1,180.3 million and $ 1,054.7 million , respectively, due from a subsidiary of the VodafoneZiggo JV (as defined below) to a subsidiary of Liberty Global . The VodafoneZiggo JV Receivable bears interest at 5.55 % and requires € 100.0 million ( $ 118.0 million ) of principal to be paid annually during the first three years of the agreement, with the remaining principal due on January 16, 2027. 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 the three and nine months ended September 30, 2017 , interest accrued on the VodafoneZiggo JV Receivable was $ 16.9 million and $ 47.5 million , respectively, all of which has been cash settled.

Equity Method Investments

The following table sets forth the details of our share of losses of affiliates, net:

	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
VodafoneZiggo JV (a)	$	( 23.4	)		$	—			$	( 18.2	)		$	—
Other	( 2.8		)		( 16.1		)		( 25.1		)		( 71.2		)
Total	$	( 26.2	)		$	( 16.1	)		$	( 43.3	)		$	( 71.2	)

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(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 .

VodafoneZiggo JV . On December 31, 2016, one of our wholly-owned subsidiaries contributed Ziggo Group Holding and its subsidiaries (including Liberty Global Netherlands Content B.V., referred to herein as “ Ziggo Sport ”) to VodafoneZiggo Group Holding B.V., a newly-formed entity that was formed as a 50 : 50 joint venture (the “ VodafoneZiggo JV ”) between Vodafone Group plc ( Vodafone ) and Liberty Global. Ziggo Sport , which became a subsidiary of Ziggo Group Holding during the fourth quarter of 2016, operates premium sports channels in the Netherlands. As a result of the formation of the VodafoneZiggo JV (the VodafoneZiggo JV Transaction ), effective December 31, 2016, we no longer consolidate Ziggo Group Holding .

On January 4, 2017, in connection with the completion of the VodafoneZiggo JV Transaction , we received cash of € 2.2 billion ( $ 2.4 billion at the transaction date) comprising (i) a distribution reflecting our 50 % share of the € 2.8 billion ( $ 2.9 billion at the transaction date) of net proceeds from the various debt financing arrangements entered into by certain subsidiaries of Ziggo Group Holding during the third quarter of 2016 and (ii) an equalization payment from Vodafone of € 802.9 million ( $ 840.8 million at the transaction date) that was subject to post-closing adjustments. At December 31, 2016, our right to receive this cash is reflected as a current receivable from the VodafoneZiggo JV in our condensed consolidated balance sheet. During the second quarter of 2017, the equalization payment amount was finalized, resulting in an additional € 3.9 million ( $ 4.5 million at the transaction date) being received from Vodafone .

During the first quarter of 2017, we paid $ 162.6 million of VAT on behalf of the VodafoneZiggo JV associated with the termination of a services agreement with Ziggo Group Holding that was in effect prior to the closing of the VodafoneZiggo JV Transaction . This advance was repaid during the first quarter of 2017. In addition, during the first nine months of 2017, we received dividends from the VodafoneZiggo JV aggregating $ 163.7 million , which were accounted for as returns on capital for purposes of our condensed consolidated statement of cash flows.

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Pursuant to an agreement entered into in connection with the formation of the VodafoneZiggo JV Transaction (the Framework Agreement ), Liberty Global provides certain services to the VodafoneZiggo JV on a transitional or ongoing basis (collectively, the JV Services ). Pursuant to the terms of the Framework Agreement , the ongoing services will be provided for a period of four to six years depending on the type of service, while transitional services will be provided for a period of not less than 12 months, after which both parties shall be entitled to terminate the Framework Agreement based on specified notice periods. The 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 JV Services provided during the term of the Framework Agreement . During the three and nine months ended September 30, 2017 , we recorded revenue of $ 37.1 million and $ 100.4 million , respectively, related to the JV Services . In addition, at September 30, 2017 , $ 48.8 million was due from the VodafoneZiggo JV , primarily related to (a) services performed under the Framework Agreement and (b) amounts incurred by Liberty Global for certain equipment and licenses purchased on behalf of the VodafoneZiggo JV . This amount, which is periodically cash settled, is included in other current assets in our condensed consolidated balance sheet.

The mobile and fixed-line operations of the VodafoneZiggo JV are experiencing significant competition. In particular, the mobile operations of the VodafoneZiggo JV continue to experience pressure on pricing, characterized by aggressive promotion campaigns, heavy marketing spend and increasing or unlimited data bundles. If the adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration of the results of operations or cash flows of the VodafoneZiggo JV, we could conclude in future periods that our investment in the VodafoneZiggo JV is impaired or management of the VodafoneZiggo JV could conclude that an impairment of the VodafoneZiggo JV goodwill and, to a lesser extent, long-lived assets, is required. Any such impairment of the VodafoneZiggo JV’s goodwill or our investment in the VodafoneZiggo JV would be reflected as a component of share of results of affiliates, net, in our condensed consolidated statement of operations. Our share of any such impairment charges could be significant.

The summarized results of operations of the VodafoneZiggo JV are set forth below:

In general, we seek to enter into derivative instruments to protect against (i) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity, (ii) increases in the interest rates on our variable-rate debt and (iii) decreases in the market prices of certain publicly traded securities that we own. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar ( $ ), the euro ( € ), the British pound sterling ( £ ), the Swiss franc ( CHF ), the Chilean peso ( CLP ), the Colombian peso ( COP ), the Czech koruna ( CZK ), the Hungarian forint ( HUF ), the Indian rupee ( INR ), the Jamaican dollar ( JMD ), the Philippine peso ( PHP ), the Polish zloty ( PLN ) and the Romanian lei ( RON ). With the exception of a limited number of our foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations.

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The following table provides details of the fair values of our derivative instrument assets and liabilities:

	September 30, 2017												December 31, 2016
	Current (a)				Long-term (a)				Total				Current (a)				Long-term (a)				Total
	in millions
Assets:
Cross-currency and interest rate derivative contracts:
Liberty Global Group	$	318.0			$	1,358.1			$	1,676.1			$	337.5			$	2,123.1			$	2,460.6
LiLAC Group	10.0				44.5				54.5				6.9				139.0				145.9
Total cross-currency and interest rate derivative contracts (b)	328.0				1,402.6				1,730.6				344.4				2,262.1				2,606.5
Equity-related derivative instruments – Liberty Global Group (c)	—				567.2				567.2				37.1				486.9				524.0
Foreign currency forward and option contracts:
Liberty Global Group	16.9				2.4				19.3				30.7				14.1				44.8
LiLAC Group	—				—				—				0.3				—				0.3
Total foreign currency forward and option contracts	16.9				2.4				19.3				31.0				14.1				45.1
Other – Liberty Global Group	0.3				0.4				0.7				0.2				0.3				0.5
Total assets:
Liberty Global Group	335.2				1,928.1				2,263.3				405.5				2,624.4				3,029.9
LiLAC Group	10.0				44.5				54.5				7.2				139.0				146.2
Total	$	345.2			$	1,972.6			$	2,317.8			$	412.7			$	2,763.4			$	3,176.1
Liabilities:
Cross-currency and interest rate derivative contracts:
Liberty Global Group	$	267.4			$	1,242.1			$	1,509.5			$	239.1			$	999.6			$	1,238.7
LiLAC Group	27.0				17.8				44.8				24.6				28.9				53.5
Total cross-currency and interest rate derivative contracts (b)	294.4				1,259.9				1,554.3				263.7				1,028.5				1,292.2
Equity-related derivative instruments – Liberty Global Group (c)	10.7				—				10.7				8.6				—				8.6
Foreign currency forward and option contracts:
Liberty Global Group	15.0				0.5				15.5				4.7				0.1				4.8
LiLAC Group	6.5				1.0				7.5				4.2				—				4.2
Total foreign currency forward and option contracts	21.5				1.5				23.0				8.9				0.1				9.0
Other – Liberty Global Group	—				—				—				—				0.1				0.1
Total liabilities:
Liberty Global Group	293.1				1,242.6				1,535.7				252.4				999.8				1,252.2
LiLAC Group	33.5				18.8				52.3				28.8				28.9				57.7
Total	$	326.6			$	1,261.4			$	1,588.0			$	281.2			$	1,028.7			$	1,309.9

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_______________

(a)	Our current derivative liabilities, long-term derivative assets and long-term derivative liabilities are included in other accrued and current liabilities, other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

(b)

We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (as defined and described in note 8 ). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain of $ 37.3 million and $ 80.4 million during the three months ended September 30, 2017 and 2016 , respectively, and a net gain of $ 182.6 million and $ 87.5 million during the nine months ended September 30, 2017 and 2016, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6 .

(c)

Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar ) with respect to ITV shares held by our company, (ii) the share collar (the Sumitomo Collar ) with respect to a portion of the shares of Sumitomo held by our company and (iii) the prepaid forward transaction (the Lionsgate Forward ) with respect to 2.5 million of the shares of Lionsgate held by our company. The fair values of the ITV Collar , the Sumitomo Collar and the Lionsgate Forward do not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

	Three months ended								Nine months ended
	September 30,								September 30,
	2017				2016				2017				2016
	in millions
Cross-currency and interest rate derivative contracts:
Liberty Global Group	$	( 289.2	)		$	( 300.1	)		$	( 1,099.9	)		$	( 235.7	)
LiLAC Group	( 70.5		)		( 52.4		)		( 107.8		)		( 233.6		)
Total cross-currency and interest rate derivative contracts	( 359.7		)		( 352.5		)		( 1,207.7		)		( 469.3		)
Equity-related derivative instruments – Liberty Global Group:
ITV Collar	44.2				( 46.8		)		154.4				466.9
Sumitomo Collar	( 29.5		)		( 38.8		)		( 50.8		)		96.2
Lionsgate Forward	( 7.3		)		( 0.1		)		( 9.3		)		21.9
Other	1.2				0.7				( 4.2		)		1.6
Total equity-related derivative instruments	8.6				( 85.0		)		90.1				586.6
Foreign currency forward contracts:
Liberty Global Group	( 6.4		)		2.6				( 25.0		)		0.7
LiLAC Group	( 8.1		)		( 1.4		)		( 7.3		)		( 10.3		)
Total foreign currency forward contracts	( 14.5		)		1.2				( 32.3		)		( 9.6		)
Other – Liberty Global Group	( 0.3		)		( 0.1		)		0.4				( 0.8		)
Total Liberty Global Group	( 287.3		)		( 382.6		)		( 1,034.4		)		350.8
Total LiLAC Group	( 78.6		)		( 53.8		)		( 115.1		)		( 243.9		)
Total	$	( 365.9	)		$	( 436.4	)		$	( 1,149.5	)		$	106.9

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The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The classification of these net cash inflows (outflows) is as follows:

	Nine months ended
	September 30,
	2017				2016
	in millions
Operating activities:
Liberty Global Group	$	143.6			$	24.2
LiLAC Group	( 23.7		)		0.5
Total operating activities	119.9				24.7
Investing activities:
Liberty Global Group	( 0.5		)		—
LiLAC Group	( 2.6		)		( 1.7		)
Total investing activities	( 3.1		)		( 1.7		)
Financing activities – Liberty Global Group	( 104.3		)		( 39.5		)
Total cash inflows (outflows):
Liberty Global Group	38.8				( 15.3		)
LiLAC Group	( 26.3		)		( 1.2		)
Total	$	12.5			$	( 16.5	)

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. With the exception of a limited number of instances where we have required a counterparty to post collateral, neither party has posted collateral under the derivative instruments of our subsidiary borrowing groups. At September 30, 2017 , our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $ 413.6 million .

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Details of our Derivative Instruments

Cross-currency Derivative Contracts

As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to repay or refinance such debt. Although we generally seek to match the denomination of our and our subsidiaries’ borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At September 30, 2017 , substantially all of our debt was either directly or synthetically matched to the applicable functional currencies of the underlying operations. The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at September 30, 2017 :

Borrowing group			Notional amount due from counterparty				Notional amount due to counterparty					Weighted average remaining life
			in millions									in years
Virgin Media			$	400.0			€	339.6				5.3
			$	8,933.0			£	5,844.3			(a) (b)	6.0
			£	30.3			$	50.0			(a)	2.0
UPC Holding			$	2,390.0			€	1,973.7				6.1
			€	379.2			$	425.0			(a)	6.9
			$	1,000.0			CHF	922.0			(b)	6.4
			€	2,415.2			CHF	2,781.0				5.4
			€	418.5			CZK	11,521.8				2.8
			€	488.0			HUF	138,437.5				4.3
			€	851.6			PLN	3,604.5				4.0
			€	225.9			RON	650.0				4.4
Unitymedia			$	3,305.0			€	2,562.1				6.0
			€	89.4			$	100.0				5.3
Telenet			$	2,300.0			€	2,067.6				7.4
			€	520.1			$	595.0			(a)	6.8
C&W			$	108.3			JMD	13,817.5				5.3
			$	35.4			COP	106,000.0				4.8
			£	146.7			$	194.3				1.5
VTR Finance			$	1,400.0			CLP	951,390.0				4.6

_______________

(a)

Includes certain derivative instruments that do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these derivative instruments are coupon-related payments and receipts. At September 30, 2017 , the total U.S. dollar equivalents of the notional amounts of these derivative instruments for the Virgin Media , UPC Holding and Telenet borrowing groups were $ 515.6 million , $ 447.6 million and $ 613.8 million , respectively.

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(b)	Includes certain derivative instruments that are “forward-starting,” such that the initial exchange occurs at a date subsequent to September 30, 2017 . These instruments are typically entered into in order to extend existing hedges without the need to amend existing contracts.

Interest Rate Derivative Contracts

As noted above, we enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at September 30, 2017 :

Borrowing group		Notional amount due from counterparty				Weighted average remaining life
		in millions				in years
Virgin Media (a)		$	8,745.5			4.8
UPC Holding (a)		$	4,661.9			6.8
Unitymedia		$	316.5			5.3
Telenet (a)		$	5,410.5			6.4
C&W (a)		$	2,925.0			6.6
Liberty Puerto Rico		$	675.0			3.5

_______________

(a)	Includes forward-starting derivative instruments.

Basis Swaps

Our basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and related weighted average remaining contractual lives of our basis swap contracts at September 30, 2017 :

Borrowing group		Notional amount due from counterparty				Weighted average remaining life
		in millions				in years
Virgin Media (a)		$	7,958.6			0.6
UPC Holding (a)		$	4,300.0			0.8
Unitymedia		$	855.0			1.0
Telenet (a)		$	4,100.0			0.8
C&W (a)		$	2,925.0			0.8

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_______________

(a)	Includes forward-starting derivative instruments.

Interest Rate Caps and Collars

We enter into interest rate cap and collar agreements that lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. At September 30, 2017 , the total U.S. dollar equivalents of the notional amounts of our interest rate caps and collars were $ 603.7 million and $ 669.8 million , respectively.

Impact of Derivative Instruments on Borrowing Costs

The impact of the derivative instruments that mitigate our foreign currency and interest rate risk, as described above, on our borrowing costs is as follows:

			Increase (decrease) to borrowing costs at September 30, 2017 (a)
Liberty Global Group borrowing groups			0.03	%
	Virgin Media		0.09	%
	Telenet		0.04	%
	Unitymedia		( 0.53	)%
	UPC Holding		0.69	%
LiLAC Group borrowing groups			0.39	%
	C&W		0.62	%
	VTR Finance		( 0.52	)%
	Liberty Puerto Rico		0.75	%

_______________

(a)	Represents the effect of derivative instruments in effect at September 30, 2017 and does not include forward-starting derivative instruments.

Foreign Currency Forwards and Options

Certain of our subsidiaries enter into foreign currency forward and option contracts with respect to non-functional currency exposure. As of September 30, 2017 , the total U.S. dollar equivalents of the notional amount of foreign currency forward and option contracts was $ 1,469.1 million .

Equity-related Derivatives

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We use the fair value method to account for (i) certain of our investments, (ii) our derivative instruments, (iii) certain instruments that we classify as debt and (iv) the Sumitomo Share Loan . The reported fair values of these investments and instruments as of September 30, 2017 likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities. In the case of the investments that we account for using the fair value method, the values we realize upon disposition will be dependent upon, among other factors, market conditions and the forecasted financial performance of the investees at the time of any such disposition. With respect to our derivative and certain debt instruments, we expect that the values realized generally will be based on market conditions at the time of settlement, which may occur at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument.

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Effective January 1, 2017, we incorporated a Monte Carlo based approach into our calculation of the value assigned to the risk that we or our counterparties will default on our respective derivative obligations. Previously, we used a static calculation derived from our most current mark-to-market valuation to calculate the impact of counterparty credit risk. The adoption of a Monte Carlo based approach did not have a material impact on the overall fair value of our derivative instruments. Our credit risk valuation adjustments with respect to our cross-currency and interest rate swaps are quantified and further explained in note 5 .

Fair value measurements are also used in connection with nonrecurring valuations performed in connection with acquisition accounting and impairment assessments. The nonrecurring valuations associated with acquisition accounting primarily include the valuation of reporting units, customer relationship and other intangible assets and property and equipment. Unless a reporting unit has a readily determinable fair value, the valuation of reporting units is based at least in part on discounted cash flow analyses. With the exception of certain inputs for our weighted average cost of capital and discount rate calculations that are derived from pricing services, the inputs used in our discounted cash flow analyses, such as forecasts of future cash flows, are based on our assumptions. The valuation of customer relationships and cable television franchise rights are primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology for customer relationship intangibles requires us to estimate the specific cash flows expected from the customer relationship, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationship, contributory asset charges and other factors. The excess earnings methodology for cable television franchise rights requires us to measure the cash flows associated with our right to solicit and service potential customers, and the right to deploy and market new services in the service areas covered by currently held franchise agreements, considering expectations on future customer additions and other factors similar to those used in valuing customer relationships. Tangible assets are typically valued using a replacement or reproduction cost approach, considering factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. The nonrecurring valuations associated with acquisition accounting use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. During the nine months ended September 30, 2017 , we finalized the acquisition accounting associated with the C&W Acquisition . The weighted average discount rates used in the final valuation of the customer relationships acquired as a result of the C&W Acquisition ranged from 9.0 % to 12.0 % .

In September 2017, Hurricanes Irma and Maria impacted a number of our markets in the Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructure in these markets. The most extensive damage occurred in Puerto Rico and certain markets within our C&W reportable segment. The effects of the hurricanes were deemed to constitute triggering events with respect to the need to assess certain assets for impairment. Nonrecurring valuations were performed in connection with these impairment assessments, most notably to measure the fair value of Liberty Puerto Rico and certain reporting units within C&W for purposes of assessing goodwill impairments, and to measure the fair value of Liberty Puerto Rico ’s cable television franchise rights. The nonrecurring valuations for impairment assessments used significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. We used discount rates of 8 % and 10 % in the valuation of Liberty Puerto Rico and certain reporting units within C&W , respectively, while a discount rate of 9 % was used in the valuation of Liberty Puerto Rico ’s cable television franchise rights. The valuations of Liberty Puerto Rico and certain reporting units within C&W used projected cash flows that

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reflected the significant risks and uncertainties associated with our recovery from Hurricanes Irma and Maria, including variables such as (i) the length of time it will take to restore the power and transmission systems, particularly in Puerto Rico, (ii) the number of people that will leave these islands for an extended period or permanently and the associated impact on customer churn and (iii) the amount of potential insurance recoveries. For additional information regarding the impairment charges related to the hurricanes, see note 7 .

For additional information concerning our fair value measurements, see note 8 to the consolidated financial statements included in our 10-K .

A summary of our assets and liabilities that are measured at fair value on a recurring basis is as follows:

					Fair value measurements at September 30, 2017 using:
Description	September 30, 2017				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
	in millions
Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,730.6			$	—			$	1,730.6			$	—
Equity-related derivative instruments	567.2				—				—				567.2
Foreign currency forward and option contracts	19.3				—				19.3				—
Other	0.7				—				0.7				—
Total derivative instruments	2,317.8				—				1,750.6				567.2
Investments	2,160.8				1,751.7				—				409.1
Total assets	$	4,478.6			$	1,751.7			$	1,750.6			$	976.3
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,554.3			$	—			$	1,542.2			$	12.1
Equity-related derivative instruments	10.7				—				—				10.7
Foreign currency forward and option contracts	23.0				—				23.0				—
Total derivative liabilities	1,588.0				—				1,565.2				22.8
Debt	795.9				394.0				401.9				—
Total liabilities	$	2,383.9			$	394.0			$	1,967.1			$	22.8

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					Fair value measurements at December 31, 2016 using:
Description	December 31, 2016				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
	in millions
Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	2,606.5			$	—			$	2,606.5			$	—
Equity-related derivative instruments	524.0				—				—				524.0
Foreign currency forward and option contracts	45.1				—				45.1				—
Other	0.5				—				0.5				—
Total derivative instruments	3,176.1				—				2,652.1				524.0
Investments	2,057.2				1,682.4				—				374.8
Total assets	$	5,233.3			$	1,682.4			$	2,652.1			$	898.8
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts	$	1,292.2			$	—			$	1,281.5			$	10.7
Equity-related derivative instruments	8.6				—				—				8.6
Foreign currency forward and option contracts	9.0				—				9.0				—
Other	0.1				—				0.1				—
Total derivative instruments	1,309.9				—				1,290.6				19.3
Debt	344.4				215.5				128.9				—
Total liabilities	$	1,654.3			$	215.5			$	1,419.5			$	19.3

A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:

	Investments				Cross-currency and interest rate derivative contracts				Equity-related derivative instruments				Total
	in millions
Balance of net asset (liability) at January 1, 2017	$	374.8			$	( 10.7	)		$	515.4			$	879.5
Gains included in net loss (a):
Realized and unrealized gains (losses) on derivative instruments, net	—				( 1.4		)		90.1				88.7
Realized and unrealized gains due to changes in fair values of certain investments and debt, net	12.7				—				—				12.7
Partial settlement of Sumitomo Collar (b)	—				—				( 51.0		)		( 51.0		)
Additions	37.1				—				—				37.1
Foreign currency translation adjustments, dividends and other, net	( 15.5		)		—				2.0				( 13.5		)
Balance of net asset (liability) at September 30, 2017	$	409.1			$	( 12.1	)		$	556.5			$	953.5

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(a)	Most of these net gains relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of September 30, 2017 .

(b)	For additional information regarding the partial settlement of the Sumitomo Collar , see note 5 .

Impairment Charges Associated with Hurricanes

In September 2017, certain of our operations in the Caribbean were severely impacted by Hurricanes Irma and Maria, with the most extensive damage occurring in Puerto Rico and certain of C&W ’s markets. Based on our initial estimates of the impacts on our operations from these hurricanes, we recorded impairment charges to reduce the carrying values of our goodwill, property and equipment and other indefinite-lived intangible assets during the third quarter of 2017, as set forth in the table below. These impairment charges are based on our assessments of currently available information and, accordingly, it is possible that further impairment charges will be required as additional information becomes available regarding the impacts of the hurricanes on our networks and the macro-economic, competitive and demographic trends within the impacted markets.

	C&W				Liberty Puerto Rico				LiLAC Group - Corporate and other				Total
	in millions
Goodwill (a)	$	117.3			$	—			$	120.9			$	238.2
Property and equipment (b)	18.3				42.0				—				60.3
Other indefinite-lived intangible assets (c)	—				44.1				—				44.1
Total	$	135.6			$	86.1			$	120.9			$	342.6

_______________

(a)	We have concluded that the goodwill impairment charges were necessary to reduce the carrying values of Liberty Puerto Rico and certain C&W reporting units to their respective estimated fair values at September 30, 2017.

(b)	Amounts represent estimated impairments recorded in order to write-off the net carrying amount of certain property and equipment that was damaged beyond repair.

(c)	We concluded that an impairment charge was necessary to reduce the carrying value of Liberty Puerto Rico ’s cable television franchise rights to their estimated fair value at September 30, 2017.

For additional information regarding the impacts of the hurricanes and the fair value methods and related assumptions used in our impairment assessments, see note 6 . For information regarding the impact of the hurricanes on our debt, see note 8 .

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Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:

	September 30, 2017				December 31, 2016
	in millions
Distribution systems:
Liberty Global Group	$	25,032.4			$	21,249.9
LiLAC Group	3,728.7				3,522.0
Total	28,761.1				24,771.9
Customer premises equipment:
Liberty Global Group	6,047.7				4,829.9
LiLAC Group	1,315.7				1,205.4
Total	7,363.4				6,035.3
Support equipment, buildings and land:
Liberty Global Group	5,407.3				4,385.5
LiLAC Group	1,238.4				954.8
Total	6,645.7				5,340.3
Total property and equipment, gross:
Liberty Global Group	36,487.4				30,465.3
LiLAC Group	6,282.8				5,682.2
Total	42,770.2				36,147.5
Accumulated depreciation:
Liberty Global Group	( 16,989.0		)		( 13,216.0		)
LiLAC Group	( 2,230.5		)		( 1,821.3		)
Total	( 19,219.5		)		( 15,037.3		)
Total property and equipment, net:
Liberty Global Group	19,498.4				17,249.3
LiLAC Group	4,052.3				3,860.9
Total	$	23,550.7			$	21,110.2

During the nine months ended September 30, 2017 and 2016 , we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $ 1,981.3 million and $ 1,439.3 million , respectively, which exclude related VAT of $ 311.1 million and $ 193.4 million , respectively, that were also financed by our vendors under these arrangements. In addition, during the nine months ended September 30, 2017 and 2016 , we recorded non-cash increases to our property and equipment related to assets acquired under capital leases of $ 139.5 million and $ 78.0 million , respectively.

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Goodwill

Changes in the carrying amount of our goodwill during the nine months ended September 30, 2017 are set forth below:

	January 1, 2017				Acquisitions and related adjustments				Foreign currency translation adjustments				Impairments (a)				September 30, 2017
	in millions
Liberty Global Group:
European Division:
U.K./Ireland	$	7,412.3			$	2.3			$	639.1			$	—			$	8,053.7
Belgium	2,032.7				360.1				262.9				—				2,655.7
Germany	3,013.2				—				358.8				—				3,372.0
Switzerland/Austria	3,443.4				—				214.7				—				3,658.1
Total Western Europe	15,901.6				362.4				1,475.5				—				17,739.5
Central and Eastern Europe	1,144.4				0.9				159.6				—				1,304.9
Total European Division	17,046.0				363.3				1,635.1				—				19,044.4
Corporate and other	17.7				—				—				—				17.7
Total Liberty Global Group	17,063.7				363.3				1,635.1				—				19,062.1
LiLAC Group:
LiLAC Division:
C&W	5,506.1				( 182.5		)		( 53.1		)		( 117.3		)		5,153.2
Chile	397.9				—				19.6				—				417.5
Puerto Rico	277.7				—				—				—				277.7
Total LiLAC Division	6,181.7				( 182.5		)		( 33.5		)		( 117.3		)		5,848.4
Corporate and other (b)	120.9				—				—				( 120.9		)		—
Total LiLAC Group	6,302.6				( 182.5		)		( 33.5		)		( 238.2		)		5,848.4
Total	$	23,366.3			$	180.8			$	1,601.6			$	( 238.2	)		$	24,910.5

_______________

(a)	Amounts represent impairment charges that were recorded during the third quarter of 2017 based on our preliminary assessments of the impacts of Hurricanes Irma and Maria. For additional information regarding the impacts of Hurricanes Irma and Maria and the fair value method and related assumptions used in our impairment assessment, see above and note 6 .

(b)	Represents goodwill that was allocated to our Puerto Rico segment for purposes of our impairment tests.

Based on the results of our most recent goodwill impairment tests, declines in the fair value of Liberty Puerto Rico and certain reporting units within C&W resulted in goodwill impairment charges during the third quarter of 2017. Additionally, if among other factors, (i) the equity values of the LiLAC Group were to decline or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause Liberty Puerto Rico’s or C&W ’s results of operations or cash flows to be worse than anticipated, we could conclude in future periods that additional impairment charges are required in order to reduce the carrying values of the goodwill, cable television franchise rights and, to a lesser extent, other long-lived assets of these entities. Additionally, as discussed above, further impairment charges could be recorded with respect to Liberty Puerto Rico or certain reporting units within C&W as more information becomes available regarding the impacts of Hurricanes Irma and Maria. Any such impairment charges could be significant.

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Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:

	September 30, 2017												December 31, 2016
	Gross carrying amount				Accumulated amortization				Net carrying amount				Gross carrying amount				Accumulated amortization				Net carrying amount
	in millions
Customer relationships:
Liberty Global Group	$	4,828.2			$	( 3,063.1	)		$	1,765.1			$	5,499.4			$	( 3,404.5	)		$	2,094.9
LiLAC Group	1,406.3				( 239.1		)		1,167.2				1,303.3				( 160.1		)		1,143.2
Total	6,234.5				( 3,302.2		)		2,932.3				6,802.7				( 3,564.6		)		3,238.1
Other:
Liberty Global Group	536.9				( 214.7		)		322.2				478.3				( 150.0		)		328.3
LiLAC Group	73.4				( 13.6		)		59.8				99.0				( 7.7		)		91.3
Total	610.3				( 228.3		)		382.0				577.3				( 157.7		)		419.6
Total intangible assets subject to amortization, net:
Liberty Global Group	5,365.1				( 3,277.8		)		2,087.3				5,977.7				( 3,554.5		)		2,423.2
LiLAC Group	1,479.7				( 252.7		)		1,227.0				1,402.3				( 167.8		)		1,234.5
Total	$	6,844.8			$	( 3,530.5	)		$	3,314.3			$	7,380.0			$	( 3,722.3	)		$	3,657.7

Other Indefinite-lived Intangible Assets

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The U.S. dollar equivalents of the components of our debt are as follows:

	September 30, 2017																			Principal amount
	Weighted average interest rate (a)			Unused borrowing capacity (b)								Estimated fair value (c)
				Borrowing currency				U.S. $ equivalent				September 30, 2017				December 31, 2016				September 30, 2017				December 31, 2016
				in millions
Liberty Global Group:
VM Notes	5.54	%		—				$	—			$	10,070.2			$	9,311.0			$	9,510.2			$	9,041.0
VM Credit Facilities	4.12	%		(d)				904.1				5,231.6				4,531.5				5,192.4				4,505.5
Unitymedia Notes	4.92	%		—				—				7,555.5				7,679.7				7,152.6				7,419.3
Unitymedia Credit Facilities	3.49	%		€	500.0			590.2				853.7				—				855.0				—
UPCB SPE Notes	4.51	%		—				—				2,637.9				1,783.7				2,556.4				1,772.8
UPC Holding Bank Facility	3.98	%		€	990.1			1,168.7				2,160.3				2,811.9				2,150.0				2,782.8
UPC Holding Senior Notes	5.44	%		—				—				1,663.4				1,569.8				1,641.7				1,451.5
Telenet Credit Facility (e)	3.57	%		€	425.0			501.7				3,945.2				3,210.0				3,927.9				3,187.5
Telenet SPE Notes	5.48	%		—				—				1,011.4				1,383.9				920.6				1,297.3
Vendor financing (f)	3.53	%		—				—				3,230.6				2,284.5				3,230.6				2,284.5
ITV Collar Loan	0.71	%		—				—				1,425.7				1,323.7				1,449.8				1,336.2
Derivative-related debt instruments (g)	3.34	%		—				—				814.8				450.7				780.1				426.3
Sumitomo Share Loan (h)	1.00	%		—				—				394.0				215.5				394.0				215.5
Sumitomo Collar Loan	1.88	%		—				—				340.0				499.7				337.6				488.2
Other (i)	5.59	%		—				—				398.5				343.2				403.3				349.0
Total Liberty Global Group	4.41	%						3,164.7				41,732.8				37,398.8				40,502.2				36,557.4
LiLAC Group:
C&W Credit Facilities (j)(k)	4.60	%		$	696.5			696.5				2,234.0				1,427.9				2,251.1				1,411.9
C&W Notes (k)	7.08	%		—				—				1,753.2				2,319.6				1,646.5				2,181.1
VTR Finance Senior Secured Notes	6.88	%		—				—				1,486.0				1,463.9				1,400.0				1,400.0
VTR Credit Facility	—			(l)				228.9				—				—				—				—
LPR Bank Facility (k)	5.12	%		$	40.0			40.0				904.7				935.2				942.5				942.5
Vendor financing (f)	4.39	%		—				—				107.4				48.9				107.4				48.9
Total LiLAC Group	5.82	%						965.4				6,485.3				6,195.5				6,347.5				5,984.4
Total debt before premiums, discounts and deferred financing costs	4.60	%						$	4,130.1			$	48,218.1			$	43,594.3			$	46,849.7			$	42,541.8

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The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and capital lease obligations:

										September 30, 2017				December 31, 2016
										in millions
Total debt before premiums, discounts and deferred financing costs										$	46,849.7			$	42,541.8
Premiums, discounts and deferred financing costs, net										( 270.5		)		( 225.9		)
Total carrying amount of debt										46,579.2				42,315.9
Capital lease obligations (m)										1,416.5				1,242.8
Total debt and capital lease obligations										47,995.7				43,558.7
Current maturities of debt and capital lease obligations										( 4,268.7		)		( 2,775.1		)
Long-term debt and capital lease obligations										$	43,727.0			$	40,783.6

_______________

(a)

Represents the weighted average interest rate in effect at September 30, 2017 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 4.71 % (including 4.47 % for the Liberty Global Group and 6.28 % for the LiLAC Group ) at September 30, 2017 . For information regarding our derivative instruments, see note 5 .

(b)

Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2017 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2017 , based on the applicable leverage-based restricted payment tests and leverage covenants, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, and there were no restrictions on the respective subsidiary's ability to make loans or distributions from this availability to Liberty Global or its subsidiaries or other equity holders, except as shown in the table below. In the following table we present (i) for each subsidiary where the ability to borrow is limited, the actual borrowing availability under the respective facility and (ii) for each subsidiary where the ability to make loans or distributions from this availability is limited, the amount that can be loaned or distributed to Liberty Global or its subsidiaries or other equity holders. The amounts presented below assume no changes from September 30, 2017 borrowing levels and are based on the applicable leverage-based restricted payment tests and covenant and other limitations in effect for each borrowing group at September 30, 2017 , both before and after considering the impact of the completion of the September 30, 2017 compliance requirements. For information regarding certain refinancing transactions completed subsequent to September 30, 2017 that could have an impact on unused borrowing capacity and/or the availability to be borrowed, loaned or distributed, see note 16 .

			Limitation on availability
		September 30, 2017								Upon completion of relevant September 30, 2017 compliance reporting requirements
		Borrowing currency				U.S. $ equivalent				Borrowing currency				U.S. $ equivalent
			in millions
Limitation on availability to be borrowed under:
VM Credit Facilities (d)		£	500.0			$	669.7			£	626.6			$	839.3
UPC Holding Bank Facility		€	933.7			$	1,102.1			€	990.1			$	1,168.7
Limitation on availability to be loaned or distributed by:
Unitymedia		€	174.1			$	205.5			€	317.1			$	374.3
C&W		$	607.6			$	607.6			$	696.5			$	696.5

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(c)

The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6 .

(d)	Unused borrowing capacity under the VM Credit Facilities relates to a multi-currency revolving facility with maximum borrowing capacity equivalent to £ 675.0 million ( $ 904.1 million ).

(e)

In connection with the June 19, 2017 closing of the SFR BeLux Acquisition , Telenet borrowed (i) the full € 120.0 million ( $ 141.6 million ) amount under Telenet Facility Z and (ii) € 90.0 million ( $ 106.2 million ) of the total € 400.0 million ( $ 472.1 million ) amount under Telenet Facility AG . At September 30, 2017 , the outstanding balances under Telenet Facility Z and Telenet Facility AG were € 45.0 million ( $ 53.1 million ) and nil , respectively. For further information regarding the SFR BeLux Acquisition , see note 3 .

(f)

Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and, to a lesser extent, certain of our operating expenses. These obligations are generally due within one year and include VAT that was paid on our behalf by the vendor. Repayments of vendor financing obligations are included in repayments and repurchases of debt and capital lease obligations in our condensed consolidated statements of cash flows.

(g)	Represents amounts associated with certain derivative-related borrowing instruments, including $ 401.9 million and $ 128.9 million , respectively, that are carried at fair value. For information regarding fair value hierarchies, see note 6 .

(h)	The Sumitomo Share Loan is carried at fair value. For further information, see note 5 .

(i)	Amounts include $ 147.3 million and $ 116.0 million , respectively, of debt collateralized by certain trade receivables of Virgin Media .

(j)	At September 30, 2017 , the principal amount includes $ 50.0 million under the C&W Revolving Credit Facility , which was borrowed to fund a portion of the contribution to the CWSF (as defined in note 14 ). For additional information, see note 14 .

(k)

As discussed in note 6 , Hurricanes Irma and Maria impacted a number of our markets in the Caribbean, resulting in varying degrees of damage to the homes, businesses and infrastructure in these markets. The most extensive damage occurred in Puerto Rico and certain markets within our C&W reportable segment. The operations of Liberty Puerto Rico support the debt outstanding under the LPR Bank Facility and our operations in the impacted C&W markets, together with certain other C&W operations, support the debt outstanding under the C&W Notes and the C&W Credit Facilities . We expect that the effects of the hurricanes will not impact our ability to comply with the terms of the C&W Notes and the C&W Credit Facilities . We also expect to fully comply with the terms of the LPR Bank Facility as of September 30, 2017 and, accordingly, we continue to classify this debt as a long-term obligation in our September 30, 2017 condensed consolidated balance sheet. However, we expect that our ability to comply with the leverage covenants under the LPR Bank Facility in future periods will be impacted by the challenging circumstances we are experiencing as a result of the damage caused by the hurricanes in Puerto Rico, where only a small portion of Liberty Puerto Rico ’s customers currently are receiving service. In this regard, we expect that Liberty Puerto Rico ’s results for the fourth quarter of 2017 will fall short of what is required to meet the December 31, 2017 leverage covenants under the LPR Bank Facility . Further shortfalls are possible during 2018. Under the LPR Bank Facility , we have the ability to cure the financial covenants up to five times during the life of the LPR Bank Facility , with no more than two cures to be exercised during any period of four consecutive quarters . The financial covenants can be cured with either equity contributions or loans in an amount up to, but not exceeding, the amount required to comply with the applicable covenant. We also have the ability under the LPR Bank Facility to adjust for, among other items, certain impacts of one-off events such as the hurricanes and certain expected and actual insurance proceeds. If we are unable to meet the leverage covenants of the LPR Bank Facility in any particular quarter and we are unable to cure such shortfall or are not otherwise able to obtain relief from the lenders, we would be in default under the LPR Bank Facility . Any such default would not trigger any cross defaults at other Liberty Global borrowings groups. Although we intend to cure any covenant shortfalls to the extent permitted by the LPR Bank Facility and to work with Liberty Puerto Rico ’s lenders to avoid a default, we have not yet concluded on a course of action given that our assessment of the ultimate impacts of the hurricanes on Liberty Puerto

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Rico ’s business is in the early stages. Any failure to remain in compliance with the terms of the LPR Bank Facility could have a material adverse impact on Liberty Puerto Rico ’s business, liquidity and results of operations. Subsequent to September 30, 2017, Liberty Puerto Rico borrowed in full the $ 40.0 million revolving credit facility under the LPR Bank Facility .

(l)	The VTR Credit Facility is a senior secured credit facility that comprises a $ 160.0 million revolving credit facility and a CLP 44.0 billion ( $ 68.9 million ) revolving credit facility, each of which were undrawn at September 30, 2017 .

(m)	The U.S. dollar equivalents of our consolidated capital lease obligations are as follows:

											September 30, 2017				December 31, 2016
											in millions
Liberty Global Group:
Unitymedia											$	715.1			$	657.0
Telenet											437.9				374.0
Virgin Media											78.3				91.2
Other subsidiaries											166.4				98.9
Total Liberty Global Group											1,397.7				1,221.1
LiLAC Group:
C&W											18.0				20.8
VTR											0.8				0.7
Liberty Puerto Rico											—				0.2
Total LiLAC Group											18.8				21.7
Total capital lease obligations											$	1,416.5			$	1,242.8

Refinancing Transactions - General Information

At September 30, 2017 , most of our outstanding debt had been incurred by one of our seven primary subsidiary "borrowing groups." References to these primary borrowing groups, which comprise Virgin Media , Unitymedia , UPC Holding , Telenet , C&W , VTR Finance and Liberty Puerto Rico , include their respective restricted parent and subsidiary entities. We have completed various refinancing transactions during the first nine months of 2017 . Unless otherwise noted, the terms and conditions of the new notes and credit facilities are largely consistent with those of existing notes and credit facilities of the corresponding borrowing group with regard to covenants, events of default and change of control provisions, among other items. For information regarding the general terms and conditions of our debt, see note 10 to the consolidated financial statements included in our 10-K .

Virgin Media Refinancing Transactions

In January 2017, Virgin Media issued £ 675.0 million ( $ 904.1 million ) principal amount of 5.0 % senior secured notes due April 15, 2027 (the April 2027 VM Senior Secured Notes ). The net proceeds from the April 2027 VM Senior Secured Notes were used to redeem in full the £ 640.0 million ( $ 857.2 million ) outstanding principal amount under the April 2021 VM Sterling Senior Secured Notes . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $ 39.9 million . This loss includes (i) the payment of $ 32.6 million of redemption premium and (ii) the write-off of $ 7.3 million of unamortized discount and deferred financing costs.

Subject to the circumstances described below, the April 2027 VM Senior Secured Notes are non-callable until April 15, 2022. At any time prior to April 15, 2022, Virgin Media may redeem some or all of the April 2027 VM Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to April 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points .

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Virgin Media may redeem some or all of the April 2027 VM Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:

		Redemption price
12-month period commencing April 15:
2022		102.500 %
2023		101.250 %
2024		100.625 %
2025 and thereafter		100.000 %

In February 2017, Virgin Media entered into a new £ 865.0 million ( $ 1,158.6 million ) term loan facility ( VM Facility J ). VM Facility J matures on January 31, 2026, bears interest at a rate of LIBOR + 3.50 % and is subject to a LIBOR floor of 0.0 % . The net proceeds from VM Facility J were used to prepay in full the £ 849.4 million ( $ 1,137.7 million ) outstanding principal amount under VM Facility E . In connection with these transactions, Virgin Media recognized a loss on debt modification and extinguishment, net, of $ 2.4 million related to unamortized discount and deferred financing costs.

In February 2017, Virgin Media launched an offer (the Exchange Offer ) to exchange the January 2021 VM Sterling Senior Secured Notes for new senior secured notes due January 15, 2025 (the 2025 VM Sterling Senior Secured Notes ). The Exchange Offer was consummated on March 21, 2017 and £ 521.3 million ( $ 698.2 million ) aggregate principal amount of the January 2021 VM Sterling Senior Secured Notes was exchanged for £ 521.3 million aggregate principal amount of the 2025 VM Sterling Senior Secured Notes . Interest on the 2025 VM Sterling Senior Secured Notes will initially accrue at a rate of 6.0 % up to January 15, 2021 and at a rate of 11.0 % thereafter. The January 2021 VM Sterling Senior Secured Notes were exchanged for the 2025 VM Sterling Senior Secured Notes in a non-cash transaction, other than the payment of accrued and unpaid interest on the exchanged January 2021 VM Sterling Senior Secured Notes . In connection with these transactions, Virgin Media recognized a gain on debt modification and extinguishment, net, of $ 5.7 million . This gain includes (i) the write-off of $ 7.0 million of unamortized premium and (ii) the payment of $ 1.3 million of third-party costs.

Subject to the circumstances described below, the 2025 VM Sterling Senior Secured Notes are non-callable until January 15, 2021. At any time prior to January 15, 2021, Virgin Media may redeem some or all of the 2025 VM Sterling Senior Secured Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to January 15, 2021 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points .

Virgin Media may redeem some or all of the 2025 VM Sterling Senior Secured Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:

		Redemption price
12-month period commencing January 15:
2021		105.000 %
2022		102.500 %
2023 and thereafter		100.000 %

In September 2017, borrowings under the VM Financing Facility were increased by £ 459.0 million ( $ 614.8 million ) as a result of additional loans from Virgin Media Receivables Financing Notes I Designated Activity Company, a third-party special purpose financing entity that is not consolidated by Virgin Media or Liberty Global

Unitymedia Refinancing Transactions

In June 2017, Unitymedia entered into a new $ 855.0 million term loan facility ( UM Facility B ). UM Facility B was issued at 99.75 % of par, matures on September 30, 2025, bears interest at a rate of LIBOR + 2.25 % and is subject to a LIBOR floor of 0.0 % . The $ 240.0 million of net proceeds from UM Facility B that were drawn in June 2017, together with existing cash, were used to (i) redeem 10 % of the original principal amount of each of the following series of notes: (a) the January 2023 UM Dollar Senior

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Secured Notes and (b) the April 2023 UM Senior Secured Notes and (ii) redeem 10% of the outstanding principal amount of each of the following series of notes: (1) the January 2023 5.75 % UM Euro Senior Secured Notes and (2) the January 2023 5.125 % UM Euro Senior Secured Notes. In connection with these transactions, Unitymedia recognized a loss on debt modification and extinguishment, net, of $ 8.2 million . This loss includes (I) the payment of $ 6.9 million of redemption premium and (II) the write-off of $ 1.3 million of unamortized discounts and deferred financing costs.

In September 2017, Unitymedia borrowed the remaining $ 615.0 million under UM Facility B . The net proceeds from the September 2017 borrowing under UM Facility B , together with existing cash, were used to redeem in full the € 526.5 million ( $ 621.5 million ) outstanding principal amount of the 2022 UM Senior Secured Notes . In connection with these transactions, Unitymedia recognized a loss on debt modification and extinguishment, net, of $ 22.6 million . This loss includes (i) the payment of $ 17.3 million of redemption premium and (ii) the write-off of $ 5.3 million of unamortized discounts and deferred financing costs.

For information regarding a refinancing transaction completed by Unitymedia subsequent to September 30, 2017 , see note 16 .

UPC Holding Refinancing Transactions

In February 2017, UPC Holding entered into a new $ 2,150.0 million term loan facility ( UPC Facility AP ). UPC Facility AP was issued at 99.75 % of par, matures on April 15, 2025, bears interest at a rate of LIBOR + 2.75 % and is subject to a LIBOR floor of 0.0 % . The net proceeds from UPC Facility AP , together with existing cash, were used to prepay in full the $ 2,150.0 million outstanding principal amount under UPC Facility AN . In connection with these transactions, UPC Holding recognized a loss on debt modification and extinguishment, net, of $ 8.9 million related to unamortized discount and deferred financing costs.

In June 2017, UPCB Finance VII Limited ( UPCB Finance VII ) issued € 600.0 million ( $ 708.2 million ) principal amount of 3.625 % senior secured notes due June 15, 2029 (the UPCB Finance VII Notes ). UPCB Finance VII is a special purpose financing entity, which is 100 % owned by a third party, created for the primary purpose of facilitating the offering of senior secured notes, for which UPC Holding is the primary beneficiary. As such, UPC Holding and Liberty Global are required to consolidate UPCB Finance VII . UPCB Finance VII used the proceeds to fund UPC Facility AQ , an additional facility under the UPC Holding Bank Facility , with a subsidiary of UPC Holding as the borrower. The call provisions, maturity and applicable interest rate for UPC Facility AQ are the same as those for the UPCB Finance VII Notes .

The net proceeds from UPC Facility AQ were used, together with existing cash, to prepay in full the € 600 million ( $ 708.2 million ) outstanding principal amount under UPC Facility AO . In connection with these transactions, UPC Holding recognized a loss on debt modification and extinguishment, net, of $ 5.4 million related to unamortized discount and deferred financing costs.

Subject to the circumstances described below, the UPCB Finance VII Notes are non-callable until June 15, 2022. At any time prior to June 15, 2022, UPCB Finance VII may redeem some or all of the UPCB Finance VII Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to June 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points .

UPCB Finance VII may redeem some or all of the UPCB Finance VII Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:

		Redemption price
12-month period commencing June 15:
2022		101.813 %
2023		100.906 %
2024		100.453 %
2025 and thereafter		100.000 %

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In June 2017, UPC Holding issued € 635.0 million ( $ 749.5 million ) principal amount of 3.875 % senior notes due June 15, 2029 (the UPC Holding 3.875% Senior Notes ). The net proceeds from the UPC Holding 3.875% Senior Notes were held in escrow as cash collateral at June 30, 2017, and subsequently released in a non-cash transaction to redeem in full the € 600.0 million ( $ 708.2 million ) outstanding principal of the UPC Holding 6.375% Senior Notes . In connection with these transactions, UPC Holding recognized a loss on debt modification and extinguishment, net, of $ 37.7 million . This loss includes (i) the payment of $ 30.7 million of redemption premium and (ii) the write-off of $ 7.0 million of unamortized discounts and deferred financing costs.

Subject to the circumstances described below, the UPC Holding 3.875% Senior Notes are non-callable until June 15, 2022. At any time prior to June 15, 2022, UPC Holding may redeem some or all of the UPC Holding 3.875% Senior Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to June 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points .

UPC Holding may redeem some or all of the UPC Holding 3.875% Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:

		Redemption price
12-month period commencing June 15:
2022		101.938 %
2023		100.969 %
2024		100.484 %
2025 and thereafter		100.000 %

For information regarding refinancing transactions completed by UPC Holding subsequent to September 30, 2017 , see note 16 .

Telenet Refinancing Transactions

In April 2017, Telenet entered into (i) a € 1,330.0 million ( $ 1,569.9 million ) term loan facility ( Telenet Facility AH ), which was issued at 99.75 % of par, matures on March 31, 2026, bears interest at a rate of EURIBOR + 3.00 % and is subject to a EURIBOR floor of 0.0 % , and (ii) a $ 1,800.0 million term loan facility ( Telenet Facility AI ), which was issued at 99.75 % of par, matures on June 30, 2025, bears interest at a rate of LIBOR + 2.75 % and is subject to a LIBOR floor of 0.0 % . The net proceeds from Telenet Facility AH and Telenet Facility AI were used to prepay in full (a) the € 1,600.0 million ( $ 1,888.6 million ) outstanding principal amount under Telenet Facility AE and (b) the $ 1,500.0 million outstanding principal amount under Telenet Facility AF . In connection with these transactions, Telenet recognized a loss on debt modification and extinguishment, net, of $ 22.1 million related to unamortized discounts and deferred financing costs.

In May 2017, commitments under Telenet Facility AI were increased by $ 500.0 million (the Telenet Facility AI Add-on ). The Telenet Facility AI Add-on was issued at 100 % of par with the same maturity and interest rate as Telenet Facility AI . The proceeds from the Telenet Facility AI Add-on were used to prepay in full the € 450.0 million ( $ 531.2 million ) outstanding principal amount under Telenet Facility U , together with accrued and unpaid interest and the related prepayment premium, to Telenet Finance V Luxembourg S.C.A ( Telenet Finance V ) and, in turn, Telenet Finance V used such proceeds to redeem in full the € 450.0 million outstanding principal amount of its 6.25 % senior secured notes. Telenet Finance V is a special purpose financing entity, which is 100 % owned by a third party, created for the primary purpose of facilitating the offering of senior secured notes, for which Telenet is the primary beneficiary. As such, Telenet and Liberty Global are required to consolidate Telenet Finance V . In connection with these transactions, Telenet recognized a loss on debt modification and extinguishment, net, of $ 27.7 million . This loss includes (i) the payment of $ 21.5 million of redemption premium and (ii) the write-off of $ 6.2 million of unamortized discount and deferred financing costs.

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C&W Refinancing Transactions

In May 2017, C&W entered into a new $ 1,125.0 million term loan facility (the C&W Term Loan B-3 Facility ). The C&W Term Loan B-3 Facility was issued at 99.5 % of par, matures on January 31, 2025, bears interest at a rate of LIBOR + 3.50 % and is subject to a LIBOR floor of 0.0 % . The net proceeds from the C&W Term Loan B-3 Facility were used to prepay in full the $ 1,100.0 million outstanding principal amount under the C&W Term Loans . In connection with these transactions, C&W recognized a loss on debt modification and extinguishment, net, of $ 24.9 million . This loss includes (i) the write-off of $ 22.7 million of unamortized discount and deferred financing costs and (ii) the payment of $ 2.2 million of third-party costs.

In July 2017, the commitments under the C&W Term Loan B-3 Facility were increased by $ 700.0 million (the C&W Term Loan B-3 Facility Add-on ). The C&W Term Loan B-3 Facility Add-on was issued at 99.5 % of par with the same maturity and interest rate as the C&W Term Loan B-3 Facility .

In August 2017, C&W Senior Financing Designated Activity Company ( C&W Senior Financing ) issued $ 700.0 million principal amount of 6.875 % senior notes due September 15, 2027 (the 2027 C&W Senior Notes ). C&W Senior Financing , which was created for the primary purpose of facilitating the offering of the 2027 C&W Senior Notes , is a special purpose financing entity that is 100 % owned by a third-party.

C&W Senior Financing used the proceeds from the 2027 C&W Senior Notes to fund a new term loan (the C&W Financing Loan ) under the C&W Credit Facilities , with a subsidiary of C&W as the borrower and certain other C&W subsidiaries as guarantors. The call provisions, maturity and applicable interest rate for the C&W Financing Loan are the same as those for the 2027 C&W Senior Notes . C&W Senior Financing ’s obligations under the 2027 C&W Senior Notes are secured by interests over (i) certain of C&W Senior Financing ’s bank accounts and (ii) C&W Senior Financing ’s rights under the C&W Financing Loan . C&W Senior Financing is prohibited from incurring any additional indebtedness, subject to certain exceptions under the applicable indenture. C&W Senior Financing is dependent upon payments from C&W in order to service its payment obligations under the 2027 C&W Senior Notes .

The C&W Financing Loan creates a variable interest in C&W Senior Financing for which C&W is the primary beneficiary. As a result, C&W and Liberty Global are required to consolidate C&W Senior Financing and, accordingly, the C&W Financing Loan is eliminated in our consolidated financial statements.

Subject to the circumstances described below, the 2027 C&W Senior Notes are non-callable until September 15, 2022. At any time prior to September 15, 2022, C&W Senior Financing may redeem some or all of the 2027 C&W Senior Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to September 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points .

C&W Senior Financing may redeem some or all of the 2027 C&W Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:

		Redemption price
12-month period commencing September 15:
2022		103.438 %
2023		101.719 %
2024		100.859 %
2025 and thereafter		100.000 %

The net proceeds from the C&W Term Loan B-3 Facility Add-on and the C&W Financing Loan were used (i) to redeem in full the $ 1,250.0 million outstanding principal amount of the Columbus Senior Notes and (ii) for general corporate purposes. In connection with these transactions, C&W recognized a loss on debt modification and extinguishment, net, of $ 25.8 million . This loss includes (a) the payment of $ 85.1 million of redemption premium and (b) the write-off of $ 59.3 million of unamortized premium.

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Maturities of Debt and Capital Lease Obligations

Maturities of our debt and capital lease obligations as of September 30, 2017 are presented below ( U.S. dollar equivalents based on September 30, 2017 exchange rates) for the named entity and its subsidiaries, unless otherwise noted:

Debt:

	Liberty Global Group
	Virgin Media				Unitymedia				UPC Holding (a)				Telenet (b)				Other				Total Liberty Global Group
	in millions
Year ending December 31:
2017 (remainder of year)	$	683.3			$	98.8			$	303.1			$	105.7			$	196.1			$	1,387.0
2018	1,583.8				252.1				619.2				187.9				202.7				2,845.7
2019	117.1				8.5				2.2				20.1				36.9				184.8
2020	83.6				8.1				5.4				13.4				202.5				313.0
2021	1,353.1				7.6				11.3				11.8				1,384.4				2,768.2
2022	385.1				7.2				4.5				12.1				322.1				731.0
Thereafter	12,652.2				8,389.4				6,349.7				4,881.2				—				32,272.5
Total debt maturities	16,858.2				8,771.7				7,295.4				5,232.2				2,344.7				40,502.2
Premiums, discounts and deferred financing costs, net	( 86.3		)		( 49.9		)		( 43.0		)		( 32.2		)		( 30.9		)		( 242.3		)
Total debt	$	16,771.9			$	8,721.8			$	7,252.4			$	5,200.0			$	2,313.8			$	40,259.9
Current portion	$	2,266.6			$	350.9			$	921.7			$	284.7			$	57.9			$	3,881.8
Noncurrent portion	$	14,505.3			$	8,370.9			$	6,330.7			$	4,915.3			$	2,255.9			$	36,378.1

					LiLAC Group
	Total Liberty Global Group				C&W (c)				VTR				Liberty Puerto Rico				Total LiLAC Group				Total Liberty Global
	in millions
Year ending December 31:
2017 (remainder of year)	$	1,387.0			$	98.7			$	7.3			$	—			$	106.0			$	1,493.0
2018	2,845.7				79.1				79.9				—				159.0				3,004.7
2019	184.8				243.9				—				—				243.9				428.7
2020	313.0				39.3				—				—				39.3				352.3
2021	2,768.2				135.0				—				—				135.0				2,903.2
2022	731.0				775.1				—				850.0				1,625.1				2,356.1
Thereafter	32,272.5				2,546.7				1,400.0				92.5				4,039.2				36,311.7
Total debt maturities	40,502.2				3,917.8				1,487.2				942.5				6,347.5				46,849.7
Premiums, discounts and deferred financing costs, net	( 242.3		)		6.4				( 22.7		)		( 11.9		)		( 28.2		)		( 270.5		)
Total debt	$	40,259.9			$	3,924.2			$	1,464.5			$	930.6			$	6,319.3			$	46,579.2
Current portion	$	3,881.8			$	160.2			$	87.2			$	—			$	247.4			$	4,129.2
Noncurrent portion	$	36,378.1			$	3,764.0			$	1,377.3			$	930.6			$	6,071.9			$	42,450.0

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(a)	Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by UPC Holding and Liberty Global .

(b)	Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Telenet and Liberty Global .

(c)	Amounts include certain senior notes issued by special purpose financing entities that are consolidated by C&W and Liberty Global .

Capital lease obligations:

	Liberty Global Group
	Unitymedia				Telenet				Virgin Media				Other				Total Liberty Global Group				Total LiLAC Group				Total
	in millions
Year ending December 31:
2017 (remainder of year)	$	22.0			$	22.1			$	7.4			$	12.8			$	64.3			$	7.0			$	71.3
2018	87.8				75.5				17.9				38.4				219.6				7.5				227.1
2019	87.3				66.3				9.4				32.0				195.0				3.8				198.8
2020	86.9				62.8				6.4				26.1				182.2				1.2				183.4
2021	86.7				60.6				6.2				21.6				175.1				0.1				175.2
2022	86.5				62.1				7.0				16.1				171.7				—				171.7
Thereafter	682.6				233.2				179.4				50.7				1,145.9				—				1,145.9
Total principal and interest payments	1,139.8				582.6				233.7				197.7				2,153.8				19.6				2,173.4
Amounts representing interest	( 424.7		)		( 144.7		)		( 155.4		)		( 31.3		)		( 756.1		)		( 0.8		)		( 756.9		)
Present value of net minimum lease payments	$	715.1			$	437.9			$	78.3			$	166.4			$	1,397.7			$	18.8			$	1,416.5
Current portion	$	33.9			$	52.3			$	17.0			$	29.6			$	132.8			$	6.7			$	139.5
Noncurrent portion	$	681.2			$	385.6			$	61.3			$	136.8			$	1,264.9			$	12.1			$	1,277.0

Non-cash Financing Transactions

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Income tax expense attributable to our loss before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors:

	Three months ended								Nine months ended
	September 30,								September 30,
	2017				2016				2017				2016
	in millions
Computed “expected” tax benefit (a)	$	136.9			$	19.1			$	260.7			$	70.4
Change in valuation allowances (b):
Expense	( 97.0		)		( 21.5		)		( 304.7		)		( 256.6		)
Benefit	22.2				1.7				57.6				15.6
Non-deductible or non-taxable foreign currency exchange results (b):
Expense	( 71.8		)		( 2.6		)		( 246.4		)		( 4.9		)
Benefit	4.0				32.3				8.3				154.4
Non-deductible or non-taxable interest and other items (b):
Expense	( 27.4		)		( 82.7		)		( 126.6		)		( 127.9		)
Benefit	13.8				12.5				37.8				34.4
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b):
Expense	( 31.4		)		( 15.3		)		( 59.4		)		( 112.4		)
Benefit	( 0.4		)		18.7				2.2				37.5
Goodwill impairment	( 43.5		)		—				( 43.5		)		—
International rate differences (b) (c):
Benefit	57.0				47.8				136.0				124.8
Expense	( 46.3		)		( 22.2		)		( 92.9		)		( 45.2		)
Enacted tax law and rate change	1.9				( 135.4		)		18.3				( 140.6		)
Recognition of previously unrecognized tax benefits	4.9				14.5				13.8				32.4
Foreign taxes	2.7				( 12.5		)		( 10.6		)		( 22.9		)
Tax effect of intercompany financing	0.9				40.6				( 5.5		)		125.7
Other, net	5.7				( 4.5		)		10.6				( 1.3		)
Total income tax expense	$	( 67.8	)		$	( 109.5	)		$	( 344.3	)		$	( 116.6	)

_______________

(a)

The statutory or “expected” tax rates are U.K. rates of 19.25 % for the 2017 periods and 20.0 % for the 2016 periods. The statutory rate for the 2017 periods represents the blended rate that will be in effect for the year ended December 31, 2017 based on the 20.0 % statutory rate that was in effect for the first quarter of 2017 and the 19.0 % statutory rate that is in effect for the remainder of 2017.

(b)	Country jurisdictions giving rise to income tax benefits are grouped together and shown separately from country jurisdictions giving rise to income tax expenses.

(c)	Amounts reflect adjustments (either a benefit or an expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K.

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At September 30, 2017 , our unrecognized tax benefits of $ 589.9 million included $ 537.9 million of tax benefits that would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors.

During the next 12 months, it is reasonably possible that the resolution of ongoing examinations by tax authorities, as well as the expiration of statutes of limitation, could result in reductions to our unrecognized tax benefits related to tax positions taken as of September 30, 2017 . Other than the potential impacts of these ongoing examinations and the expected expiration of certain statutes of limitation, we do not expect any material changes to our unrecognized tax benefits during the next 12 months. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during the next 12 months.

A summary of the changes in our share capital during the nine months ended September 30, 2017 is set forth in the table below:

	Liberty Global Shares																LiLAC Shares
	Class A				Class B				Class C				Total				Class A				Class B				Class C				Total
	in millions
Balance at January 1, 2017	$	2.5			$	0.1			$	6.3			$	8.9			$	0.5			$	—			$	1.2			$	1.7
Repurchase and cancellation of Liberty Global ordinary shares	( 0.3		)		—				( 0.4		)		( 0.7		)		—				—				—				—
Balance at September 30, 2017	$	2.2			$	0.1			$	5.9			$	8.2			$	0.5			$	—			$	1.2			$	1.7

The following table provides details of our share repurchases during the nine months ended September 30, 2017 :

		Class A ordinary shares							Class C ordinary shares
		Shares repurchased			Average price paid per  share (a)				Shares repurchased			Average price paid per  share (a)				Total cost (a)
																in millions
Liberty Global Shares		32,697,810			$	33.86			44,810,851			$	33.10			$	2,590.4
LiLAC Shares		2,062,233			$	22.84			285,572			$	22.25			$	53.5

_______________

(a)	Includes direct acquisition costs, where applicable. As of September 30, 2017 , the remaining amount authorized for repurchases of Liberty Global Shares and LiLAC Shares was $ 367.7 million and $ 225.5 million , respectively.

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Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below:

	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
Liberty Global:
Performance-based incentive awards (a)	$	( 5.7	)		$	28.5			$	19.6			$	105.7
Other share-based incentive awards	28.5				28.6				88.1				86.8
Total Liberty Global	22.8				57.1				107.7				192.5
Telenet share-based incentive awards	3.4				3.6				10.9				8.2
Other	0.3				2.1				3.3				5.7
Total	$	26.5			$	62.8			$	121.9			$	206.4
Included in:
Other operating expense:
Liberty Global Group	$	1.1			$	0.8			$	2.8			$	2.4
LiLAC Group	( 0.1		)		0.4				0.5				0.9
Total other operating expense	1.0				1.2				3.3				3.3
SG&A expense:
Liberty Global Group	22.1				56.3				107.2				193.3
LiLAC Group	3.4				5.3				11.4				9.8
Total SG&A expense	25.5				61.6				118.6				203.1
Total	$	26.5			$	62.8			$	121.9			$	206.4

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(a)

Includes share-based compensation expense related to (i) performance-based restricted share units ( PSU s ), (ii) for the 2016 periods, a challenge performance award plan for certain executive officers and key employees (the Challenge Performance Awards ) and (iii) through March 2017, performance grant units ( PGUs ) held by our Chief Executive Officer. The Challenge Performance Awards include performance-based share appreciation rights ( PSAR s ) and PSU s.

The following table provides the aggregate number of options, share appreciation rights ( SAR s) and PSAR s with respect to (i) Liberty Global Shares and (ii) LiLAC Shares that were (a) outstanding and (b) exercisable as of September 30, 2017 :

	Class A							Class C
	Number of shares underlying awards			Weighted Average exercise or base price				Number of shares underlying awards			Weighted Average exercise or base price
Aggregate number of Liberty Global options, SARs and PSARs:
Outstanding at September 30, 2017	15,573,819			$	32.37			37,016,924			$	30.20
Exercisable at September 30, 2017	9,051,140			$	30.06			23,933,705			$	27.87
Aggregate number of LiLAC options, SARs and PSARs:
Outstanding at September 30, 2017	2,535,326			$	31.57			5,883,880			$	31.55
Exercisable at September 30, 2017	1,277,144			$	33.83			3,366,278			$	32.91

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The following table provides the aggregate number of restricted share units ( RSU s) and PSU s with respect to (i) Liberty Global Shares and (ii) LiLAC Shares that were outstanding as of September 30, 2017 :

A summary of the changes in our restructuring liability during the nine months ended September 30, 2017 is set forth in the table below:

	Employee severance and termination				Office closures				Contract termination and other				Total
	in millions
Restructuring liability as of January 1, 2017	$	77.6			$	7.3			$	58.7			$	143.6
Restructuring charges	69.3				6.8				5.9				82.0
Cash paid	( 105.0		)		( 3.3		)		( 24.2		)		( 132.5		)
Foreign currency translation adjustments and other	5.9				0.6				3.0				9.5
Restructuring liability as of September 30, 2017	$	47.8			$	11.4			$	43.4			$	102.6
Current portion	$	46.3			$	6.1			$	16.0			$	68.4
Noncurrent portion	1.5				5.3				27.4				34.2
Total	$	47.8			$	11.4			$	43.4			$	102.6

Basic earnings or loss per shares ( EPS ) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares (e.g., options, SAR s, PSAR s, RSU s and convertible securities) as if they had been exercised, vested or converted at the beginning of the periods presented.

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The details of our net loss attributable to holders of Liberty Global Shares and LiLAC Shares are set forth below:

	Three months ended								Nine months ended
	September 30,								September 30,
	2017				2016				2017				2016
	in millions
Net loss attributable to holders of:
Liberty Global Shares	$	( 460.4	)		$	( 167.7	)		$	( 1,389.9	)		$	( 294.1	)
LiLAC Shares	( 331.2		)		( 81.8		)		( 396.2		)		( 223.1		)
Net loss attributable to Liberty Global shareholders	$	( 791.6	)		$	( 249.5	)		$	( 1,786.1	)		$	( 517.2	)

Liberty Global Shares

We reported losses attributable to holders of Liberty Global Shares for the three and nine months ended September 30, 2017 and 2016 . Therefore, the potentially dilutive effect at September 30, 2017 and 2016 of the following items were not included in the computation of diluted loss per share attributable to holders of Liberty Global Shares because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSU s and, at September 30, 2016 , PGUs , because such awards had not yet met the applicable performance criteria: (i) the aggregate number of outstanding options, SAR s, PSAR s and RSU s of approximately 54.4 million and 51.2 million , respectively, (ii) the aggregate number of PSU s and PGUs of approximately 7.2 million and 9.3 million , respectively, and (iii) the aggregate number of shares issuable pursuant to obligations that may be settled in cash or shares of nil and approximately 3.2 million , respectively.

LiLAC Shares

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Commitments

In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to network and connectivity commitments, programming contracts, purchases of customer premises and other equipment and services, non-cancellable operating leases and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of September 30, 2017 :

	Payments due during:
	Remainder of 2017
					2018				2019				2020				2021				2022				Thereafter				Total
	in millions
Network and connectivity commitments	$	478.2			$	516.5			$	378.5			$	285.2			$	266.1			$	74.7			$	924.7			$	2,923.9
Programming commitments	332.6				1,134.3				647.7				282.1				96.9				48.7				63.5				2,605.8
Purchase commitments	721.9				367.9				283.4				198.0				85.5				25.8				64.3				1,746.8
Operating leases	41.4				130.1				108.4				87.2				70.0				57.9				216.3				711.3
Other commitments	15.3				30.6				14.7				9.3				8.3				8.3				7.8				94.3
Total (a)	$	1,589.4			$	2,179.4			$	1,432.7			$	861.8			$	526.8			$	215.4			$	1,276.6			$	8,082.1

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(a)	The commitments included in this table do not reflect any liabilities that are included in our September 30, 2017 condensed consolidated balance sheet.

Network and connectivity commitments include (i) Telenet ’s commitments for certain operating costs associated with its leased network, (ii) commitments associated with our MVNO agreements and (iii) service commitments associated with our network extension projects, primarily in the U.K. Telenet ’s commitments for certain operating costs are subject to adjustment based on changes in the network operating costs incurred by Telenet with respect to its own networks. These potential adjustments are not subject to reasonable estimation and, therefore, are not included in the above table. The amounts reflected in the above table with respect to certain of our MVNO commitments represent fixed minimum amounts payable under these agreements and, therefore, may be significantly less than the actual amounts we ultimately pay in these periods.

Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. In addition, programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect that this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $ 1,638.0 million (including $ 1,335.7 million for the Liberty Global Group and $ 302.3 million for the LiLAC Group ) and $ 1,851.5 million (including $ 1,609.7 million for the Liberty Global Group and $ 241.8 million for the LiLAC Group ) during the nine months ended September 30, 2017 and 2016 , respectively.

Purchase commitments include unconditional and legally binding obligations related to (i) the purchase of customer premises and other equipment and (ii) certain service-related commitments, including call center, information technology and maintenance services.

Commitments arising from acquisition agreements are not reflected in the above table. For information regarding our commitments under an acquisition agreement, see note 3 .

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In addition to the commitments set forth in the table above, we have significant commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the nine months ended September 30, 2017 and 2016 , see note 5 .

We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable.

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future. In addition, C&W has provided indemnifications of (a) up to $ 300.0 million in respect of any potential tax-related claims related to the disposal of C&W ’s interests in certain businesses in April 2013 and (b) an unlimited amount of qualifying claims associated with the disposal of another business in May 2014. The first indemnification expires in April 2020 and the second expires in May 2020. We do not expect that either of these arrangements will require us to make material payments to the indemnified parties.

The C&W Acquisition constituted a “change of control” under a contingent funding agreement (the Contingent Funding Agreement ) between C&W and the trustee of the Cable & Wireless Superannuation Fund ( CWSF ). Under the terms of the Contingent Funding Agreement , the change in control provided the trustee of the CWSF with the right to satisfy certain funding requirements of the CWSF through the utilization of letters of credit aggregating £ 100.0 million that were put in place in connection with a previous acquisition made by C&W . On June 26, 2017, the trustee of the CWSF elected to drawdown the full £ 100.0 million ( $ 129.6 million at the applicable rate) available under the letters of credit, which amount was contributed to the CWSF on July 3, 2017.

Taking into account the aforementioned £ 100.0 million contribution and based on the triennial valuation that was completed in July 2017, no funding deficit exists with respect to the CWSF . As a result, we do not expect to make material contributions to the CWSF through April 2019.

Legal and Regulatory Proceedings and Other Contingencies

Interkabel Acquisition. On November 26, 2007 , Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “ PICs ,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs , including all existing subscribers to Telenet . Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement ), which closed effective October 1, 2008 . Beginning in December 2007 , Proximus NV/SA ( Proximus ), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008 , the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008 . Proximus brought this appeal judgment before the Cour de Cassation (the Belgian Supreme Court ), which confirmed the appeal judgment in September 2010. On April 6, 2009 , the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus ’s request for the rescission of the agreement-in-principle and the 2008 PICs Agreement . On June 12, 2009 , Proximus appealed this judgment with the Court of Appeal of Antwerp. In this appeal, Proximus is now also seeking compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs ’ board of directors to approve the 2008 PICs Agreement . In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of € 1.4 billion ( $ 1.7 billion ).

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Telenet intends to defend itself vigorously in the resumed proceedings and does not expect an outcome before the end of 2017. No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement and/or to an obligation of Telenet to pay compensation for damages, subject to the relevant provisions of the 2008 PICs Agreement , which stipulate that Telenet is responsible for damages in excess of € 20.0 million ( $ 23.6 million ). We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable.

Deutsche Telekom Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH ( Deutsche Telekom ), an operating subsidiary of Deutsche Telekom AG, in which Unitymedia asserts that it pays excessive prices for the co-use of Deutsche Telekom ’s cable ducts in Unitymedia ’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Deutsche Telekom in March 2011. Based in part on these approved rates, Unitymedia is seeking a reduction of the annual lease fees (approximately € 76 million ( $ 90 million ) for 2012) by approximately two-thirds and the return of similarly calculated overpayments from 2009 through the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action. We have appealed this decision, however, the resolution of this matter may take several years and no assurance can be given that Unitymedia ’s claims will be successful. Any recovery by Unitymedia will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached.

Belgium Regulatory Developments. In December 2010, the Belgisch Instituut voor Post en Telecommunicatie and the regional regulators for the media sectors (together, the Belgium Regulatory Authorities ) published their respective draft decisions reflecting the results of their joint analysis of the broadcasting market in Belgium.

The Belgium Regulatory Authorities adopted a final decision on July 1, 2011 (the July 2011 Decision ) with some minor revisions. The regulatory obligations imposed by the July 2011 Decision include (i) an obligation to make a resale offer at “retail minus’’ of the cable analog package available to third-party operators (including Proximus ), (ii) an obligation to grant third-party operators (except Proximus ) access to digital television platforms (including the basic digital video package) at “retail minus” and (iii) an obligation to make a resale offer at “retail minus’’ of broadband internet access available to beneficiaries of the digital television access obligation that wish to offer bundles of digital video and broadband internet services to their customers (except Proximus ).

In February 2012, Telenet submitted draft reference offers regarding the obligations described above, and the Belgium Regulatory Authorities published the final decision on September 9, 2013. Telenet has implemented the access obligations as described in its reference offers and, on March 1, 2016, Orange Belgium NV ( Orange Belgium ), formerly known as Mobistar SA, launched a commercial offer combining a cable TV package and broadband internet access for certain of their mobile customers. In addition, as a result of the November 2014 decision by the Brussels Court of Appeal described below, on November 14, 2014, Proximus submitted a request to Telenet to commence access negotiations. Telenet contests this request and has asked the Belgium Regulatory Authorities to assess the reasonableness of the Proximus request. The timing for a decision regarding this assessment by the Belgium Regulatory Authorities is not known.

On December 14, 2015, the Belgium Regulatory Authorities published a draft decision, which amended previously-issued decisions and sets forth the “retail minus” tariffs of minus 26 % for basic television (basic analog and digital video package) and minus 18 % for the bundle of basic television and broadband internet services during an initial two -year period. Following this two -year period, the tariffs would change to minus 15 % and 7 % , respectively. The draft decision was notified to the European Commission and a final decision was adopted on February 19, 2016. A “retail minus” method of pricing involves a wholesale tariff calculated as the retail price for the offered service by Telenet , excluding VAT and copyrights, and further deducting the retail costs avoided by offering the wholesale service (such as costs for billing, franchise, consumer service, marketing and sales).

Telenet filed an appeal against the July 2011 Decision with the Brussels Court of Appeal. On November 12, 2014, the Brussels Court of Appeal rejected Telenet ’s appeal of the July 2011 Decision and accepted Proximus ’s claim that Proximus should be allowed access to Telenet ’s, among other operators, digital television platform and the resale of bundles of digital video and broadband internet services. On November 30, 2015, Telenet filed an appeal of this decision with the Belgian Supreme Court . In 2014, Telenet and wireless operator Orange Belgium each filed an appeal with the Brussels Court of Appeal against the initial retail minus decisions. These appeals are still pending. On April 25, 2016, Telenet also filed an appeal with the Brussels Court of Appeal challenging the February 19, 2016 retail minus decision. There can be no certainty that Telenet ’s appeals will be successful.

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On July 7, 2017, the Belgium Regulatory Authorities published draft market review decisions for public consultation regarding the regulation of the wholesale broadband and broadcasting markets (the July 2017 Draft Market Review Decisions ). The July 2017 Draft Market Review Decisions include proposals regarding the following regulatory obligations (based on "reasonable tariffs") on cable operators within their respective footprints: (i) an obligation to grant third-party operators access to digital television platforms (including the basic digital video package and analogue TV) and separately (ii) an obligation to make a bitstream offer of broadband internet access available (including fixed voice as an option). The Belgium Regulatory Authorities also propose the continuation of access regulation to Proximus for digital subscriber lines ( DSL ), adding access to fiber-to-the-home ( FTTH ) and multicast. DSL would continue to be regulated on cost orientation, while FTTH would be regulated at "reasonable tariffs". The public consultation ran until September 29, 2017, followed by a notification to the European Commission for review. If the July 2017 Draft Market Review Decisions are adopted, they will replace the July 2011 Decision . However, Telenet has serious concerns with these proposals as they would lead to regulating two broadband infrastructures, which is inconsistent with the European Single Market Strategy to stimulate further investments in broadband networks. Telenet has submitted its comments on these proposals to the public consultation.

The July 2011 Decision and the July 2017 Draft Market Review Decisions aim to, and in their application may, strengthen Telenet ’s competitors by granting them resale access to Telenet ’s network to offer competing products and services notwithstanding Telenet ’s substantial historical financial outlays in developing the infrastructure. In addition, any growth in the resale access granted to competitors could (i) limit the bandwidth available to Telenet to provide new or expanded products and services to the customers served by its network and (ii) adversely impact Telenet ’s ability to maintain or increase its revenue and cash flows. The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to Telenet ’s network and other competitive factors or market developments.

Virgin Media VAT Matters. Virgin Media ’s application of VAT with respect to certain revenue generating activities has been challenged by the U.K. tax authorities. Virgin Media has estimated its maximum exposure in the event of an unfavorable outcome to be £ 46.7 million ( $ 62.6 million ) as of September 30, 2017 . No portion of this exposure has been accrued by Virgin Media as the likelihood of loss is not considered to be probable. A court hearing was held at the end of September 2014 in relation to the U.K. tax authorities’ challenge and the timing of the court’s decision is uncertain.

On March 19, 2014, the U.K. government announced a change in legislation with respect to the charging of VAT in connection with prompt payment discounts such as those that we offer to our fixed-line telephony customers. This change, which took effect on May 1, 2014, impacted our company and some of our competitors. The U.K. tax authority issued a decision in the fourth quarter of 2015 challenging our application of the prompt payment discount rules prior to the May 1, 2014 change in legislation. We have appealed this decision. As part of the appeal process, we were required to make aggregate payments of £ 67.0 million ( $ 99.1 million at the respective transaction dates), which included the challenged amount of £ 63.7 million and related interest of £ 3.3 million . The aggregate amount paid does not include penalties, which could be significant in the unlikely event that penalties were to be assessed. This matter will likely be subject to court proceedings that could delay the ultimate resolution for an extended period of time. No portion of this potential exposure has been accrued by our company as the likelihood of loss is not considered to be probable.

Hungary VAT Matter. In February 2016, our direct-to-home satellite ( DTH ) operations in Luxembourg received a second instance decision from the Hungarian tax authorities as a result of an audit with respect to VAT payments that the Hungarian tax authorities conducted for the years 2010 through 2012. The Hungarian tax authorities assessed our DTH operations with an obligation to pay VAT for the years audited of HUF 5,413.2 million ( $ 20.5 million ), excluding interest and penalties, which could be significant. We believe that our DTH operations have operated in compliance with all applicable rules, regulations and interpretations thereof, including a binding tax ruling that we received from the Hungarian government in 2010. In October 2016 a Budapest court disagreed with the tax authorities and dismissed the assessment. On February 2, 2017, the Hungarian tax authorities appealed the Budapest court decision to the Hungarian Supreme Court and a hearing has been scheduled for November 9, 2017. No portion of this exposure has been accrued by us as the likelihood of loss is not considered to be probable.

Ziggo Acquisition Matter. On August 5, 2015, KPN N.V. appealed the European Commission ’s 2014 approval of the acquisition by Liberty Global of Ziggo Holding B.V. ( Ziggo ). We were not a party to that case. On October 26, 2017, the E.U. General Court annulled the European Commission ’s approval on procedural grounds in that it found that the European Commission had failed to adequately explain the reasons for elements of its decision. This annulment has no impact on day-to-day operations of the VodafoneZiggo JV . However, Liberty Global’s acquisition of Ziggo will need to be renotified to the European Commission for a new merger clearance. We are in the process of exploring the procedure for this with the European Commission , Vodafone and

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the VodafoneZiggo JV . The 2014 merger clearance was based on remedies and our expectation is that these remedies will continue. However, there can be no assurance that other remedies will not be required and such remedies may have operational impact for the VodafoneZiggo JV . Our expectation is that a new merger clearance will be secured within six to 12 months following the annulment decision.

Other Regulatory Issues. Video distribution, broadband internet, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates operate. The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the European Union ( E.U. ) Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

Effective April 1, 2017, the rateable value of our existing network and other assets in the U.K. increased significantly. This increase affects the amount we pay for network infrastructure charges as the annual amount payable to the U.K. government is calculated by applying a percentage multiplier to the rateable value of assets. This change, together with a similar change in Ireland, will result in significant increases in our network infrastructure charges. We estimate that the aggregate amount of these increases will be approximately £ 25 million ( $ 33 million ) during 2017 and will build to a maximum aggregate increase of up to £ 100 million ( $ 134 million ) in 2021. We continue to believe that these increases are excessive and retain the right of appeal should more favorable agreements be reached with other operators. The rateable value of network and other assets constructed under our network extension program in the U.K. remains subject to review by the U.K. government.

We generally identify our reportable segments as segments for which discrete financial information is regularly reviewed by our chief operating decision maker and (i) those consolidated subsidiaries that represent 10 % or more of our revenue, Adjusted OIBDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted OIBDA represents 10 % or more of our total assets, revenue or Adjusted OIBDA , respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and Adjusted OIBDA . In addition, we review non-financial measures such as subscriber growth, as appropriate.

Adjusted operating income before depreciation and amortization ( Adjusted OIBDA ) is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted OIBDA is defined as operating income before depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate.

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As of September 30, 2017 , our reportable segments were as follows:

Consolidated:

•	European Division :

•	U.K./Ireland

•	Germany

•	Belgium

•	Switzerland/Austria

•	Central and Eastern Europe

•	LiLAC Division:

•	C&W

•	Chile

•	Puerto Rico

Nonconsolidated:

•	VodafoneZiggo JV

On December 31, 2016, we completed the VodafoneZiggo JV Transaction , whereby we contributed Ziggo Group Holding (including Ziggo Sport ) to the VodafoneZiggo JV . In our segment presentation for the three and nine months ended September 30, 2016 , Ziggo Group Holding is separately reported as “ The Netherlands ” and Ziggo Sport is included in our “ Corporate and Other ” category. Effective January 1, 2017, following the closing of the VodafoneZiggo JV Transaction , we have identified the VodafoneZiggo JV as a nonconsolidated reportable segment. Our investment in the VodafoneZiggo JV is attributed to the Liberty Global Group . For additional information regarding the VodafoneZiggo JV Transaction , see note 4 .

All of the reportable segments set forth above derive their revenue primarily from residential and B2B communications services, including video, broadband internet and fixed-line telephony services and, with the exception of Puerto Rico, mobile services. At September 30, 2017 , our operations in the European Division provided residential and B2B communications services in 12 European countries and DTH services to customers in the Czech Republic, Hungary, Romania and Slovakia through a Luxembourg-based organization that we refer to as “ UPC DTH .” In addition to UPC DTH , our Central and Eastern Europe segment includes our broadband communications operations in the Czech Republic, Hungary, Poland, Romania and Slovakia. The European Division ’s central and other category includes (i) costs associated with certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (ii) intersegment eliminations within the European Division . In addition, our LiLAC Division provides residential and B2B communications services in (a) 18 countries, all but one of which are located in Latin America and the Caribbean, through C&W , (b) Chile through VTR and (c) Puerto Rico through Liberty Puerto Rico . C&W also provides (1) B2B communications services in certain other countries in Latin America and the Caribbean and (2) wholesale communications services over its sub-sea and terrestrial networks that connect over 40 markets in that region. The corporate and other category for the Liberty Global Group includes the Liberty Global Group ’s corporate operations and less significant consolidated operating segments that provide programming and other services, including Ziggo Sport through December 31, 2016.

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Performance Measures of Our Reportable Segments

The amounts presented below represent 100 % of each of our reportable segment’s revenue and Adjusted OIBDA . As we have the ability to control Telenet , Liberty Puerto Rico and certain subsidiaries of C&W that are not wholly owned, we consolidate 100 % of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Telenet , Liberty Puerto Rico , certain subsidiaries of C&W and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Similarly, despite only holding a 50 % noncontrolling interest in the VodafoneZiggo JV , we present 100 % of its revenue and Adjusted OIBDA in the tables below. Our share of the VodafoneZiggo JV 's operating results is included in share of losses of affiliates, net, in our condensed consolidated statements of operations. For additional information, see notes 1 and 4 .

	Revenue
	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
Liberty Global Group:
European Division:
U.K./Ireland	$	1,617.1			$	1,581.4			$	4,687.6			$	4,985.6
Belgium (a)	759.1				693.4				2,106.5				2,010.9
Germany	703.7				639.4				1,988.6				1,900.0
Switzerland/Austria	456.0				439.3				1,314.8				1,319.7
The Netherlands	—				681.8				—				2,030.4
Total Western Europe	3,535.9				4,035.3				10,097.5				12,246.6
Central and Eastern Europe	306.6				274.5				866.5				814.6
Central and other (b)	35.4				( 1.9		)		95.7				( 5.2		)
Total European Division	3,877.9				4,307.9				11,059.7				13,056.0
Corporate and other	0.8				18.0				1.7				47.8
Intersegment eliminations (c)	( 0.2		)		( 12.8		)		( 0.2		)		( 35.4		)
Total Liberty Global Group	3,878.5				4,313.1				11,061.2				13,068.4
LiLAC Group:
LiLAC Division:
C&W (d)	578.9				568.5				1,737.2				854.1
Chile	242.2				221.3				702.6				631.9
Puerto Rico	88.6				104.8				303.6				315.6
Total LiLAC Division	909.7				894.6				2,743.4				1,801.6
Intersegment eliminations	( 1.6		)		( 0.5		)		( 3.5		)		( 0.7		)
Total LiLAC Group	908.1				894.1				2,739.9				1,800.9
Intergroup eliminations	( 1.2		)		—				( 1.2		)		—
Total consolidated revenue	$	4,785.4			$	5,207.2			$	13,799.9			$	14,869.3
VodafoneZiggo JV	$	1,173.6			$	—			$	3,353.9			$	—

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(a)	The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition revenue of BASE , which was acquired on February 11, 2016.

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(b)	The amounts presented for the 2017 periods primarily include revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 .

(c)	The amounts presented for the 2016 periods primarily relate to transactions between our European Division and Ziggo Sport , which was contributed to the VodafoneZiggo JV as part of the VodafoneZiggo JV Transaction .

(d)	The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition revenue of C&W , which was acquired on May 16, 2016 .

	Adjusted OIBDA
	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
Liberty Global Group:
European Division:
U.K./Ireland	$	721.2			$	696.0			$	2,079.5			$	2,206.1
Belgium (a)	356.7				311.1				972.4				892.2
Germany	444.6				408.0				1,240.2				1,187.7
Switzerland/Austria	272.3				273.4				794.3				795.1
The Netherlands	—				375.5				—				1,107.5
Total Western Europe	1,794.8				2,064.0				5,086.4				6,188.6
Central and Eastern Europe	137.6				120.4				371.5				345.9
Central and other	( 46.0		)		( 77.0		)		( 139.2		)		( 243.7		)
Total European Division	1,886.4				2,107.4				5,318.7				6,290.8
Corporate and other	( 50.7		)		( 47.4		)		( 145.0		)		( 162.6		)
Total Liberty Global Group	1,835.7				2,060.0				5,173.7				6,128.2
LiLAC Group:
LiLAC Division:
C&W (b)	223.9				214.5				661.1				315.5
Chile	98.0				86.9				281.9				245.0
Puerto Rico	39.6				56.1				144.7				152.9
Total LiLAC Division	361.5				357.5				1,087.7				713.4
Corporate and other	( 2.1		)		( 2.9		)		( 6.4		)		( 5.8		)
Total LiLAC Group	359.4				354.6				1,081.3				707.6
Total Adjusted OIBDA of our consolidated reportable segments	$	2,195.1			$	2,414.6			$	6,255.0			$	6,835.8
VodafoneZiggo JV	$	524.6			$	—			$	1,454.9			$	—

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(a)	The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition Adjusted OIBDA of BASE , which was acquired on February 11, 2016.

(b)	The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition Adjusted OIBDA of C&W , which was acquired on May 16, 2016 .

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The following table provides a reconciliation of total Adjusted OIBDA of our consolidated reportable segments to loss before income taxes:

	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
Total Adjusted OIBDA of our consolidated reportable segments	$	2,195.1			$	2,414.6			$	6,255.0			$	6,835.8
Share-based compensation expense	( 26.5		)		( 62.8		)		( 121.9		)		( 206.4		)
Depreciation and amortization	( 1,416.2		)		( 1,416.9		)		( 4,109.8		)		( 4,405.4		)
Impairment, restructuring and other operating items, net	( 416.6		)		( 32.2		)		( 476.4		)		( 246.9		)
Operating income	335.8				902.7				1,546.9				1,977.1
Interest expense	( 582.1		)		( 664.4		)		( 1,691.0		)		( 1,940.8		)
Realized and unrealized gains (losses) on derivative instruments, net	( 365.9		)		( 436.4		)		( 1,149.5		)		106.9
Foreign currency transaction gains (losses), net	( 30.5		)		92.3				180.6				133.2
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net	38.8				73.8				( 6.2		)		( 570.8		)
Losses on debt modification and extinguishment, net	( 85.7		)		( 64.8		)		( 220.6		)		( 88.7		)
Share of losses of affiliates, net	( 26.2		)		( 16.1		)		( 43.3		)		( 71.2		)
Other income, net	4.6				17.3				28.8				102.2
Loss before income taxes	$	( 711.2	)		$	( 95.6	)		$	( 1,354.3	)		$	( 352.1	)

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Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our consolidated reportable segments (including capital additions financed under vendor financing or capital lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and capital lease arrangements, see note 8 .

	Nine months ended September 30,
	2017				2016
	in millions
Liberty Global Group:
European Division:
U.K./Ireland	$	1,586.9			$	1,179.3
Belgium (a)	468.1				366.5
Germany	500.3				426.8
Switzerland/Austria	250.2				241.3
The Netherlands	—				421.0
Total Western Europe	2,805.5				2,634.9
Central and Eastern Europe	297.9				221.5
Central and other	268.9				249.1
Total European Division	3,372.3				3,105.5
Corporate and other (b)	4.1				4.1
Total Liberty Global Group	3,376.4				3,109.6
LiLAC Group:
C&W (c)	280.6				144.9
Chile	157.3				155.0
Puerto Rico	65.6				65.1
Total LiLAC Group	503.5				365.0
Total consolidated property and equipment additions	3,879.9				3,474.6
Assets acquired under capital-related vendor financing arrangements	( 1,981.3		)		( 1,439.3		)
Assets acquired under capital leases	( 139.5		)		( 78.0		)
Changes in current liabilities related to capital expenditures	65.8				( 12.3		)
Total consolidated capital expenditures	$	1,824.9			$	1,945.0
Property and equipment additions - VodafoneZiggo JV	$	646.5			$	—

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(a)	The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition property and equipment additions of BASE , which was acquired on February 11, 2016.

(b)	Includes amounts that represent the net impact of changes in inventory levels associated with certain centrally-procured network equipment. This equipment is ultimately transferred to operating subsidiaries within the European Division .

(c)	The amount presented for the 2016 period excludes the pre-acquisition property and equipment additions of C&W , which was acquired on May 16, 2016 .

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Revenue by Major Category

Our revenue by major category for our consolidated reportable segments is set forth below. Effective April 1, 2017, we changed the categories that we present in this table in order to align with our internal reporting. These changes were retroactively reflected in the prior-year periods.

	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
Residential revenue:
Residential cable revenue (a):
Subscription revenue (b):
Video	$	1,308.1			$	1,598.8			$	3,803.2			$	4,723.5
Broadband internet	1,211.8				1,287.3				3,482.7				3,844.0
Fixed-line telephony	626.3				738.4				1,831.2				2,239.1
Total subscription revenue	3,146.2				3,624.5				9,117.1				10,806.6
Non-subscription revenue	155.6				160.4				459.8				462.3
Total residential cable revenue	3,301.8				3,784.9				9,576.9				11,268.9
Residential mobile revenue (c):
Subscription revenue (b)	451.6				477.0				1,296.6				1,148.3
Non-subscription revenue	189.8				169.5				517.3				487.5
Total residential mobile revenue	641.4				646.5				1,813.9				1,635.8
Total residential revenue	3,943.2				4,431.4				11,390.8				12,904.7
B2B revenue (d):
Subscription revenue	144.3				131.5				391.8				361.4
Non-subscription revenue	639.1				621.9				1,854.6				1,536.6
Total B2B revenue	783.4				753.4				2,246.4				1,898.0
Other revenue (e)	58.8				22.4				162.7				66.6
Total	$	4,785.4			$	5,207.2			$	13,799.9			$	14,869.3

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(a)	Residential cable subscription revenue includes amounts received from subscribers for ongoing services. Residential cable non-subscription revenue includes, among other items, channel carriage fees, installation revenue, late fees and revenue from the sale of equipment.

(b)	Subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)	Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d)

B2B subscription revenue represents revenue from services to certain small or home office ( SOHO ) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with video, broadband internet, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators.

(e)	Other revenue includes, among other items, revenue earned from services provided to the VodafoneZiggo JV.

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Geographic Segments

The revenue of our geographic segments is set forth below:

	Three months ended September 30,								Nine months ended September 30,
	2017				2016				2017				2016
	in millions
Liberty Global Group:
European Division:
U.K.	$	1,495.7			$	1,473.6			$	4,350.9			$	4,657.7
Belgium (a)	759.1				693.4				2,106.5				2,010.9
Germany	703.7				639.4				1,988.6				1,900.0
Switzerland	352.8				344.0				1,023.0				1,033.8
Ireland	121.4				107.8				336.7				327.9
Poland	107.5				98.9				305.2				294.9
Austria	103.2				95.3				291.8				285.9
Hungary	80.6				69.1				225.3				202.5
The Czech Republic	51.3				44.7				145.2				134.2
Romania	47.2				43.2				133.5				127.5
Slovakia	15.5				14.4				44.0				44.1
Other (b)	39.9				2.3				109.0				6.2
The Netherlands	—				681.8				—				2,030.4
Total European Division	3,877.9				4,307.9				11,059.7				13,056.0
Other, including intersegment eliminations	0.6				5.2				1.5				12.4
Total Liberty Global Group	3,878.5				4,313.1				11,061.2				13,068.4
LiLAC Group:
LiLAC Division:
C&W (c):
Panama	160.1				159.1				477.2				242.3
Jamaica	87.3				79.1				255.0				119.5
Bahamas	62.1				71.7				199.1				108.9
Barbados	58.2				55.7				178.5				82.3
Trinidad and Tobago	38.9				40.4				120.1				60.5
Other (d)	172.3				162.5				507.3				240.6
Total C&W	578.9				568.5				1,737.2				854.1
Chile	242.2				221.3				702.6				631.9
Puerto Rico	88.6				104.8				303.6				315.6
Total LiLAC Division	909.7				894.6				2,743.4				1,801.6
Intersegment eliminations	( 1.6		)		( 0.5		)		( 3.5		)		( 0.7		)
Total LiLAC Group	908.1				894.1				2,739.9				1,800.9
Intergroup eliminations	( 1.2		)		—				( 1.2		)		—
Total consolidated revenue	$	4,785.4			$	5,207.2			$	13,799.9			$	14,869.3
VodafoneZiggo JV (the Netherlands)	$	1,173.6			$	—			$	3,353.9			$	—

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(a)	The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition revenue of BASE , which was acquired on February 11, 2016.

(b)	The amounts presented for the 2017 periods primarily include revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 .

(c)	For each C&W jurisdiction, the amounts presented include (i) revenue from residential and B2B operations and (ii) revenue derived from wholesale network customers, as applicable. The amount presented for the nine months ended September 30, 2016 excludes the pre-acquisition revenue of C&W , which was acquired on May 16, 2016 .

(d)	The amounts presented for the 2017 periods relate to a number of countries in which C&W has less significant operations, most of which are located in Latin America and the Caribbean, and include (i) revenue from residential and B2B operations, (ii) revenue from wholesale network customers and (iii) intercompany eliminations.

UPC Holding Refinancing Transactions

In October 2017, UPC Holding (i) entered into a $ 1,975.0 million term loan facility ( UPC Facility AR ), which matures on January 15, 2026, bears interest at a rate of LIBOR + 2.50 % and is subject to a LIBOR floor of 0.0 % , (ii) entered into a € 500.0 million ( $ 590.2 million ) term loan facility ( UPC Facility AS ), which matures on October 15, 2026, bears interest at a rate of EURIBOR + 2.75 % and is subject to a EURIBOR floor of 0.0 % , and (iii) issued $ 550.0 million principal amount of 5.50 % senior notes due January 15, 2028 (the UPC Holding 5.50% Senior Notes ). The net proceeds from UPC Facility AR , UPC Facility AS and the UPC Holding 5.50% Senior Notes were used to (a) prepay in full the $ 2,150.0 million outstanding principal amount under UPC Facility AP , (b) redeem in full the € 450.0 million ( $ 531.2 million ) outstanding principal amount under the UPC Holding 6.75% Euro Senior Notes due 2023 and (c) redeem in full the CHF 350.0 million ( $ 361.1 million ) outstanding principal amount under the UPC Holding 6.75% CHF Senior Notes due 2023.

Subject to the circumstances described below, the UPC Holding 5.50% Senior Notes are non-callable until October 15, 2022. At any time prior to October 15, 2022, UPC Holding may redeem some or all of the UPC Holding 5.50% Senior Notes by paying a “make-whole” premium, which is the present value of all remaining scheduled interest payments to October 15, 2022 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points .

UPC Holding may redeem some or all of the UPC Holding 5.50% Senior Notes at the following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, to the applicable redemption date, as set forth below:

		Redemption price
12-month period commencing October 15:
2022		102.750 %
2023		101.375 %
2024		100.688 %
2025 and thereafter		100.000 %

Unitymedia Financing Transactions

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Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

•	Forward-looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events.

•	Overview. This section provides a general description of our business and recent events.

•	Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and nine months ended September 30, 2017 and 2016 .

•	Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity, condensed consolidated statements of cash flows and contractual commitments.

•	Quantitative and Qualitative Disclosures about Market Risk. This section provides discussion and analysis of the foreign currency, interest rate and other market risk that our company faces.

•	economic and business conditions and industry trends in the countries in which we or our affiliates operate;

•	the competitive environment in the industries in the countries in which we or our affiliates operate, including competitor responses to our products and services;

•	fluctuations in currency exchange rates and interest rates;

•	instability in global financial markets, including sovereign debt issues and related fiscal reforms;

•	consumer disposable income and spending levels, including the availability and amount of individual consumer debt;

•	changes in consumer television viewing preferences and habits;

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•	customer acceptance of our existing service offerings, including our cable television, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;

•	our ability to manage rapid technological changes;

•	our ability to maintain or increase the number of subscriptions to our cable television, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household;

•	our ability to provide satisfactory customer service, including support for new and evolving products and services;

•	our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;

•	the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;

•	changes in, or failure or inability to comply with, government regulations in the countries in which we or our affiliates operate and adverse outcomes from regulatory proceedings;

•	government intervention that requires opening our broadband distribution networks to competitors, such as the obligations imposed in Belgium;

•	our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions;

•	our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire;

•	changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.K. , the U.S. or in other countries in which we or our affiliates operate;

•	changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;

•	the ability of suppliers and vendors (including our third-party wireless network providers under our MVNO arrangements) to timely deliver quality products, equipment, software, services and access;

•	the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;

•	uncertainties inherent in the development and integration of new business lines and business strategies;

•	our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our planned network extensions;

•	the availability of capital for the acquisition and/or development of telecommunications networks and services;

•	certain factors outside of the LiLAC Group 's control that may impact the timing and extent of the restoration of our networks and services in Puerto Rico and certain of our C&W markets following Hurricanes Irma and Maria, as further discussed under Overview below;

•	problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire;

•	the leakage of sensitive customer data;

•	the outcome of any pending or threatened litigation;

•	the loss of key employees and the availability of qualified personnel;

•	changes in the nature of key strategic relationships with partners and joint venturers;

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•	our tracking stock capital structure; and

•	events that are outside of our control, such as political unrest in international markets, terrorist attacks, malicious human acts, natural disasters, pandemics and other similar events.

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•	the length of time that it will take to restore Puerto Rico’s power and transmission system;

•	the number of people that will choose to leave Puerto Rico for an extended period or permanently; and

•	the ability of the Puerto Rico and U.S. governments to effectively oversee the recovery process in Puerto Rico.

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(a)	The amounts presented for the 2017 periods primarily include the revenue earned from services provided to the VodafoneZiggo JV . For additional information, see note 4 to our condensed consolidated financial statements.

(b)	The amounts presented for the 2016 periods primarily relate to transactions between our European Division and Ziggo Sport , which was contributed to the VodafoneZiggo JV as part of the VodafoneZiggo JV Transaction .

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(a)	The increases in residential cable subscription revenue related to changes in the average number of RGU s are primarily attributable to (i) increases in the average number of broadband internet and fixed-line telephony RGU s in the U.K. and (ii) net increases in the average number of video RGU s, as increases in the U.K. were only partially offset by decreases in Ireland.

(b)

The changes in cable subscription revenue related to changes in ARPU are primarily attributable to (i) the net effect of (a) higher ARPU from broadband internet services and (b) lower ARPU from video and fixed-line telephony services and (ii) an improvement in RGU mix, as increases in the U.K. were only partially offset by decreases in Ireland. In addition, ARPU from video, broadband internet and fixed-line telephony services in the nine-month comparison was adversely impacted by an aggregate revenue decrease of $12.4 million associated with the April 2016 changes in the regulations governing payment handling fees that Virgin Media charges to its customers in the U.K.

(c)	The increases in residential cable non-subscription revenue are largely due to increases in installation revenue in the U.K.

(d)

The decreases in residential mobile subscription revenue relate to the net effect of (i) decreases in the U.K. , due primarily to lower ARPU , and (ii) increases in Ireland, mainly due to increases in the average number of mobile subscribers. The lower ARPU in the U.K. includes the net effect of (a) revenue decreases of $22.7 million and $91.1 million, respectively, attributable to declines in the number of customers under subsidized handset contracts, (b) revenue increases of $9.6 million and $36.4 million, respectively, attributable to growth in the number of customers under the Split-contract Program and (c) revenue increases of $1.8 million and $6.0 million, respectively, attributable to growth in the number of customers under subscriber identification module or “SIM”-only contracts. The increase in residential mobile non-subscription revenue for the three-month comparison is primarily due to increases in sales of mobile handsets and other devices. The decrease in residential mobile non-subscription revenue for the nine-month comparison is primarily due to (1) a decrease in interconnect revenue in the U.K. that was only partially offset by a volume-related increase in interconnect revenue in Ireland and (2) an increase in sales of mobile handsets and other devices, as an increase in Ireland was only partially offset by a decrease in the U.K. The decrease in interconnect revenue in the U.K. during the nine-month comparison is primarily due to (I) declines in mobile short message service or “ SMS ” termination volumes and (II) lower mobile termination rates and volumes.

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(e)	The increases in B2B subscription revenue are primarily due to increases in the average number of broadband internet SOHO RGU s in the U.K. The decrease in B2B non-subscription revenue for the three-month comparison is primarily due to lower revenue from data and fixed-line telephony services in the U.K.

(a)	The decreases in residential cable subscription revenue related to changes in the average number of RGU s are attributable to decreases in the average number of video, broadband internet and fixed-line telephony RGU s.

(b)	The increases in residential cable subscription revenue related to changes in ARPU are attributable to (i) net increases due to (a) higher ARPU from broadband internet and video services and (b) lower ARPU from fixed-line telephony services and (ii) improvements in RGU mix.

(c)

The increases in residential cable non-subscription revenue are attributable to (i) an increase of $5.8 million for the nine-month comparison due to adjustments recorded during the 2017 period to reflect the expected recovery of certain prior-period VAT payments, (ii) decreases in revenue from services provided through third-party networks and (iii) an increase for the three-month comparison and a decrease for the nine-month comparison in equipment sales.

(d)

The decreases in residential mobile subscription revenue are primarily due to the net effect of (i) declines in the average number of subscribers, as decreases in the average number of prepaid subscribers was only partially offset by increases in the average number of postpaid subscribers, and (ii) for the nine-month comparison, lower ARPU , and for the three-month comparison, higher ARPU . The changes in residential mobile non-subscription revenue are primarily driven by the net effect of (a) decreases in sales of mobile handsets and other devices, (b) an increase for the three-month comparison and a decrease for the nine-month comparison in interconnect revenue, due to the net effect of lower SMS termination volumes, higher roaming revenue and lower termination rates, and (c) higher revenue from late fees.

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(e)	The increases in B2B subscription revenue are largely attributable to increases in the average number of broadband internet SOHO RGU s and mobile SOHO subscribers. The increases in B2B non-subscription revenue are primarily due to (i) higher revenue from wholesale services, (ii) increases in interconnect revenue, mainly due to higher mobile volumes, and (iii) increases in installation revenue.

(a)

Residential cable subscription revenue includes revenue from multi-year bulk agreements with landlords or housing associations or with third parties that operate and administer the in-building networks on behalf of housing associations. These bulk agreements, which generally allow for the procurement of the basic video signals at volume-based discounts, provide access to approximately two-thirds of Germany’s video subscribers. Germany’s bulk agreements are, to a significant extent, medium- and long-term contracts. As of September 30, 2017 , bulk agreements covering approximately 34% of the video subscribers that Germany serves expire by the end of 2018 or are terminable on 30-days notice. During the three months ended September 30, 2017 , Germany’s 20 largest bulk agreement accounts generated approximately 9% of its total revenue (including estimated amounts billed directly to the building occupants for digital video, broadband internet and fixed-line telephony services). No assurance can be given that Germany’s bulk agreements will be renewed or extended on financially equivalent terms, or at all.

(b)	The increases in residential cable subscription revenue related to changes in the average number of RGU s are attributable to increases in the average number of broadband internet, fixed-line telephony and video RGU s.

(c)	The increases in residential cable subscription revenue related to changes in ARPU are attributable to (i) improvements in RGU mix and (ii) net increases due to (a) higher ARPU from broadband internet and video services and (b) lower ARPU from fixed-line telephony services.

(d)

The decreases in residential cable non-subscription revenue are primarily due to the net effect of (i) decreases in channel carriage fee revenue, (ii) increases in installation revenue and (iii) decreases in interconnect revenue, primarily due to lower fixed-line telephony termination rates and volumes. Channel carriage revenue relates to fees received for the carriage of certain channels included in Germany’s basic and enhanced video offerings. This channel carriage fee revenue is subject to contracts that expire or are otherwise terminable by either party on various dates ranging from 2017 through 2020. The

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(e)	The increases in residential mobile non-subscription revenue are primarily due to increases in mobile handset sales of $8.0 million and $20.0 million, respectively, associated with the fourth quarter 2016 launch of a wholesale handset program. These mobile handset sales typically generate relatively low margins.

(f)	The increases in B2B subscription revenue are primarily attributable to increases in the average number of broadband internet and fixed-line telephony SOHO RGU s. The increases in B2B non-subscription revenue are largely due to higher revenue from data services and increases in interconnect revenue, mainly due to higher fixed-line telephony volumes.

(a)	The increases in residential cable subscription revenue related to changes in the average number of RGU s are attributable to the net effect of (i) declines in the average number of video RGU s and (ii) increases in the average number of fixed-line telephony and broadband internet RGU s.

(b)	The decreases in residential cable subscription revenue related to changes in ARPU are attributable to (i) decreases due to lower ARPU from fixed-line telephony, video and broadband internet services and (ii) adverse changes in RGU mix.

(c)

The increases in residential cable non-subscription revenue are primarily attributable to the net effect of (i) increases in revenue from the distribution of our Swiss sports channel, (ii) decreases in installation revenue, as decreases in Switzerland were only slightly offset by increases in Austria, and (iii) decreases in equipment sales in Switzerland. In addition, the increase in residential cable non-subscription revenue for the nine-month comparison includes the favorable impact of the release of unclaimed customer credits in Switzerland during the 2017 period of $6.5 million.

(d)	The increases in residential mobile subscription revenue are due to the net impact of (i) increases in the average number of mobile subscribers and (ii) lower ARPU from mobile services. The decrease in residential mobile non-subscription

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(e)	The increases in B2B subscription revenue are primarily attributable to increases in the average number of broadband internet and video SOHO RGU s. The increases in B2B non-subscription revenue are mostly due to higher revenue from data and fixed-line telephony services in Switzerland.

(a)

The increases in residential cable subscription revenue related to changes in the average number of RGU s are attributable to (i) increases in the average number of broadband internet RGU s, due primarily to increases in Hungary, Czech Republic, Romania and Poland, (ii) increases in the average number of video RGU s, primarily due to increases in Hungary, Poland and Romania and (iii) increases in the average number of fixed-line telephony RGU s, due primarily to increases in Hungary.

(b)

The decreases in residential cable subscription revenue related to changes in ARPU are primarily attributable to (i) the net effect of (a) higher ARPU from video services, due primarily to increases in Poland, UPC DTH, Czech Republic and Hungary, (b) lower ARPU from broadband internet services, primarily driven by decreases in Poland and Hungary that were only partially offset by increases in Romania, and (c) lower ARPU from fixed-line telephony services, primarily in Poland, Romania and Hungary and (ii) improvements in RGU mix, as improvements in Hungary and Poland were only partially offset by adverse changes in Romania and the Czech Republic.

(c)	The increases in residential cable non-subscription revenue are largely attributable to net increases in Hungary and at UPC DTH .

(d)	The increases in residential mobile subscription revenue are primarily due to increases in the average number of mobile subscribers in Hungary.

(e)	The increases in B2B subscription revenue are largely attributable to increases in the average number of broadband internet SOHO RGU s. The increases in B2B non-subscription revenue are primarily due to (i) higher revenue from fixed-line telephony services, primarily in the Czech Republic, and (ii) higher interconnect revenue, primarily due to higher volumes in Poland and Hungary.

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(a)

The decrease in residential cable subscription revenue related to changes in the average number of RGU s for the three-month comparison is primarily attributable to a decrease in the average number of video RGU s. The decrease in residential cable subscription revenue related to changes in the average number of RGU s for the nine-month comparison is attributable to the net effect of (i) decreases in the average number of broadband internet and video RGU s and (ii) an increase in the average number of fixed-line telephony RGU s.

(b)	The increases in residential cable subscription revenue related to changes in ARPU are attributable to the net effect of (i) net increases due to (a) higher ARPU from broadband internet and video services and (b) lower ARPU from fixed-line telephony services and (ii) adverse changes in RGU mix.

(c)	The decreases in residential cable non-subscription revenue are largely attributable to decreases in interconnect revenue, mainly due to lower fixed-line telephony termination volumes.

(d)	Amounts represent customer credits recorded through September 30, 2017 associated with service interruptions resulting from the hurricanes. For additional information, see Overview above.

(e)	The decreases in residential mobile subscription revenue are primarily attributable to lower revenue in the Bahamas associated with decreases in the average number of subscribers and lower ARPU , primarily driven by the commercial launch of mobile services by a competitor during the fourth quarter of 2016.

(f)

The increases in B2B non-subscription revenue are primarily attributable to the net effect of (i) higher revenue from wholesale services, data services, interconnect fees, video services and installation fees and (ii) lower revenue from fixed-line telephony services. In addition, the increases include $0.9 million and $5.8 million, respectively, of organic impacts associated with wholesale revenue recognized on a cash basis during the second and third quarters of 2017 related to services provided to a significant customer in prior quarters .

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(a)	The increases in residential cable subscription revenue related to changes in the average number of RGU s are attributable to the net effect of (i) increases in the average number of broadband internet and video RGU s and (ii) declines in the average number of fixed-line telephony RGU s.

(b)

The increases in residential cable subscription revenue related to changes in ARPU are attributable to (i) the net effect of (a) higher ARPU from video services and (b) lower ARPU from fixed-line telephony and broadband internet services and (ii) an improvement in RGU mix. In addition, the increase in Chile’s residential cable subscription revenue for the nine-month comparison includes an increase of $3.8 million resulting from the impact of unfavorable adjustments recorded during the first and second quarters of 2016 to reflect the retroactive application of a tariff for the period from July 2013 through February 2014.

(c)	The decrease in residential cable non-subscription revenue is primarily due to the net effect of (i) lower advertising revenue, (ii) lower interconnect revenue, attributable to lower fixed-line telephony termination rates and volumes, and (iii) increases in installation revenue.

(d)	The increases in residential mobile subscription revenue are primarily due to increases in the average number of mobile subscribers.

(e)	The increases in B2B subscription revenue are primarily attributable to increases in the average number of broadband internet and fixed-line telephony SOHO RGU s.

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(a)	The increases in residential cable subscription revenue related to changes in the average number of RGU s are primarily attributable to increases in the average number of broadband internet RGU s that were only partially offset by declines in the average number of video RGU s.

(b)	The increases in residential cable subscription revenue related to changes in ARPU are attributable to the net effect of (i) net increases due to (a) higher ARPU from broadband internet services and (b) lower ARPU from fixed-line telephony and video services and (ii) adverse changes in RGU mix.

(c)	Amounts represent customer credits recorded through September 30, 2017 associated with service interruptions resulting from the hurricanes. For additional information, see Overview above.

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•

Increases in programming and copyright costs of $16.5 million or 3.6% and $63.5 million or 4.6%, respectively, primarily due to increases in U.K./Ireland and, to a lesser extent, Hungary and Belgium and, for the three-month comparison, Switzerland/Austria. These increases are primarily due to (i) higher costs for certain premium and/or basic content, including higher costs for sports rights, primarily in U.K./Ireland and Switzerland/Austria, and (ii) growth in the number of enhanced video subscribers, primarily due to increases in Germany, Hungary, Romania, Poland and U.K./Ireland that were only partially offset by decreases in Belgium;

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An increase (decrease) in interconnect and access costs of $3.7 million or 1.5% and ($39.2 million) or (5.2%), respectively. The higher costs for the three-month comparison are primarily due to higher fixed-line telephony volumes in Switzerland/Austria and the Czech Republic that were only partially offset by lower MVNO costs in Belgium. The lower costs for the nine-month comparison are primarily due to the net effect of (i) a $32.3 million decrease in U.K./Ireland associated with a telecommunications operator’s agreement during the second quarter of 2017 to compensate communications providers, including Virgin Media, for certain contractual breaches related to network charges, (ii) declines resulting from lower interconnect rates, primarily in U.K./Ireland and Germany, (iii) higher MVNO costs, primarily in U.K./Ireland and Switzerland/Austria, (iv) lower mobile voice and data usage in U.K./Ireland and Belgium, (v) an increase of $6.8 million due to the release of an accrual during the second quarter of 2016 related to the settlement of an operational contingency in Belgium and (vi) slightly lower fixed-line telephony call volumes, as declines in U.K./Ireland and Germany were largely offset by an increase in the Czech Republic; and

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An increase (decrease) in mobile handset and other device costs of $13.7 million or 17.6% and ($8.8 million) or (3.5%), respectively. The higher costs for the three-month comparison are primarily due to (i) higher average cost per handset sold in U.K./Ireland and (ii) higher mobile handset sales volumes, as increases in Germany and Belgium were only partially offset by decreases in U.K./Ireland . The lower costs for the nine-month comparison are primarily due to the net effect of (a) lower mobile handset and other device sales volumes, as decreases in U.K./Ireland , Belgium and Switzerland/Austria were only partially offset by an increase in Germany, and (b) a higher average cost per handset sold in U.K./Ireland .

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Increases in programming and copyright costs of $0.2 million or 0.2% and $3.4 million or 1.4%, respectively, primarily associated with the net effect of (i) increased costs associated with premium content, as increases at C&W due to the carriage of live Premier League games were only partially offset by decreases in Puerto Rico and Chile, (ii) growth in the number of enhanced video subscribers and (iii) a decrease of $4.1 million during the third quarter of 2017 due to service interruptions stemming from the impacts of Hurricanes Irma and Maria in Puerto Rico, where we do not incur programming and other content costs for customers that are not receiving video services. In August 2016, C&W began broadcasting live Premier League games in a number of its markets pursuant to a new multi-year agreement. The cost of the rights to broadcast these games, a portion of which is excluded from the year-to-date organic increase in C&W ’s programming and copyright costs for purposes of the nine-month comparison, represents a significant portion of C&W ’s programming costs;

•	Decreases in other direct costs of $1.4 million and $2.1 million, respectively, primarily due to a favorable mix of lower cost managed services projects at C&W ;

•	An increase in interconnect and access costs of $1.9 million or 1.3% during the nine-month comparison, primarily in Chile, due to the net effect of (i) higher MVNO charges and (ii) net declines resulting from lower interconnect rates and higher call volumes; and

•	Decreases in mobile handset costs of $2.7 million and $0.8 million, respectively, primarily due to lower mobile handset subsidy promotions at C&W , primarily in Panama and, to a lesser extent, Barbados, Jamaica and Cayman Islands.

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Decreases in personnel costs of $6.8 million or 4.1% and $39.1 million or 7.2%, respectively, due primarily to the net effect of (i) lower staffing levels, as decreases in Germany, the European Division ’s central operations and U.K./Ireland were only partially offset by increases in Belgium, (ii) decreased costs in U.K./Ireland resulting from higher capitalized labor costs associated with (a) the network extension project and (b) increased installations of new customer premises equipment, (iii) annual wage increases and (iv) lower incentive compensation costs, primarily in U.K./Ireland ;

•

Increases in network-related expenses of $11.8 million or 5.9% and $26.9 million or 4.6%, respectively. These increases are primarily due to the net effect of (i) increases of $10.2 million and $23.4 million, respectively, in U.K./Ireland related to network infrastructure charges following an April 1, 2017 increase in the rateable value of existing assets, (ii) higher network maintenance costs, primarily in the European Division ’s central operations and, for the nine-month comparison, Belgium, (iii) lower duct and pole rental fees in Belgium, (iv) for the nine-month comparison, a $5.9 million increase in U.K./Ireland associated with the impact of the settlement of an operational contingency during the first quarter of 2016 and (v) lower outsourced labor costs primarily associated with customer-facing activities in Germany. For additional information regarding the increased network infrastructure charges in U.K./Ireland , see note 14 to our condensed consolidated financial statements;

•	Increases in outsourced labor and professional fees of $8.0 million or 12.2% and $26.7 million or 13.4%, respectively, primarily due to higher third-party call center costs in U.K./Ireland and Germany, largely driven by increased call volumes; and

•	Increases in information technology-related expenses of $1.2 million or 4.3% and $7.5 million or 9.2%, respectively, primarily due to higher software and other information technology-related maintenance costs in U.K./Ireland , Germany and, for the nine-month comparison, the European Division ’s central operations.

•	Increases in network-related expenses of $6.4 million or 13.3% and $6.8 million or 6.6%, respectively, primarily due to higher maintenance costs at VTR and C&W, including approximately $1.5 million at C&W due to the impact of Hurricanes Irma and Maria;

•	Increases in bad debt and collection expenses of $3.8 million or 18.9% and $4.6 million or 10.8%, respectively, due primarily to increases at VTR and C&W . The increases at C&W include an increase of approximately $4.2 million during the third quarter of 2017 that is attributable to the impacts of Hurricanes Irma and Maria; and

•	An increase in outsourced labor and professional fees of $2.3 million or 7.6%, for the nine-month comparison, primarily due to outsourcing of call center services in Chile beginning in July 2016.

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(a)	General and administrative expenses include all personnel-related costs within our SG&A expenses, including personnel-related costs associated with our sales and marketing function.

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Decreases in personnel costs of $10.3 million or 4.7% and $15.4 million or 2.2%, respectively, due in part to the net effect of (i) decreased staffing levels, as decreases in the European Division ’s central operations and Belgium were only partially offset by increases in Germany, Switzerland/Austria and, for the nine-month comparison, U.K./Ireland , (ii) annual wage increases and (iii) a decrease for the three-month comparison and an increase for the nine-month comparison in incentive compensation costs. The decrease in incentive compensation costs for the three-month comparison is primarily due to decreases in U.K./Ireland , the European Division ’s central operations and Germany that were only partially offset by an increase in Switzerland/Austria. The increase in incentive compensation costs for the nine-month comparison is primarily due to increases in the European Division ’s central operations, Belgium and Switzerland/Austria that were only partially offset by a decrease in U.K./Ireland ;

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Decreases in outsourced labor and professional fees of $8.1 million or 18.2% and $15.0 million or 11.6%, respectively, primarily due to the net effect of (i) decreases in consulting costs, primarily in Belgium, U.K./Ireland and, for the nine-month comparison, the European Division ’s central operations, and (ii) increases in call center costs, primarily in U.K./Ireland . The decreases in consulting costs in Belgium include the impact of costs incurred during the 2016 periods associated with the integration of BASE with our operations in Belgium; and

•	An increase (decrease) in external sales and marketing costs of ($7.0 million) or (4.0%) and $9.3 million or 1.7%, respectively, primarily due to (i) higher third-party sales commissions, primarily in U.K./Ireland and Germany, and (ii) for the three-month comparison, lower costs associated with advertising campaigns in U.K./Ireland .

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Decreases in outsourced labor and professional fees of $1.0 million or 4.1% and $6.6 million or 16.8%, respectively, primarily due to the net effect of (i) a decrease in integration and other consulting costs at C&W and (ii) an increase of $5.1 million during each period resulting from the reversal at Liberty Puerto Rico during the third quarter of 2016 of a previously-recorded provision and related indemnification asset relating to the resolution of certain legal claims that were associated with a company that Liberty Puerto Rico acquired in 2012;

•	Decreases in marketing and advertising expenses of $6.2 million or 19.0% and $5.8 million or 8.7%, respectively, primarily due to marketing costs incurred by C&W in connection with the Summer Olympic Games during the 2016 periods;

•	Increases in facilities related expenses of $3.0 million or 13.5% and $3.0 million or 7.6%, respectively, primarily due to higher utilities and rent expenses at C&W ;

•	Increases in information technology-related expenses of $1.9 million or 28.1% and $2.7 million or 19.7%, respectively, primarily due to higher software and other information technology-related maintenance costs;

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Increases in personnel costs of $0.4 million or 0.7% and $0.6 million or 0.4%, respectively, primarily due to the net effect of (i) decreases of $4.0 million and $6.2 million, respectively, associated with higher net credits from C&W ’s pension and other benefit plans, due primarily to higher expected returns on plan assets, (ii) higher incentive compensation costs at C&W , (iii) annual wage increases at Liberty Puerto Rico and (iv) higher staffing levels at VTR ; and

•	Net decreases resulting from individually insignificant changes in other SG&A expense categories.

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(a)	Residential cable subscription revenue includes amounts received from subscribers for ongoing services. Residential cable non-subscription revenue includes, among other items, channel carriage fees, installation revenue, late fees and revenue from the sale of equipment.

(b)

Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)

Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. Residential mobile interconnect revenue was $88.8 million and $78.4 million during the three months ended September 30, 2017 and 2016 , respectively, and $246.0 million and $232.6 million during the nine months ended September 30, 2017 and 2016 , respectively.

(d)

B2B subscription revenue represents revenue from SOHO subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with video, broadband internet, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. A portion of the increases in our B2B subscription revenue is attributable to the conversion of certain residential subscribers to SOHO subscribers. B2B non-subscription revenue includes revenue from business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators.

(e)	Other revenue includes, among other items, revenue earned from services provided to the VodafoneZiggo JV.

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(a)	For information regarding the impacts of Hurricanes Irma and Maria on the revenue of Liberty Puerto Rico and certain of C&W ’s subsidiaries, see Overview and Discussion and Analysis of our Reportable Segments - Revenue of our Reportable Segments above.

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(a)	Residential mobile non-subscription revenue includes mobile interconnect revenue of $75.3 million and $70.7 million during the three months ended September 30, 2017 and 2016 , respectively, and $206.3 million and $211.4 million during the nine months ended September 30, 2017 and 2016 , respectively.

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(a)	Residential mobile non-subscription revenue includes mobile interconnect revenue of $13.5 million and $7.7 million during the three months ended September 30, 2017 and 2016 , respectively, and $39.7 million and $21.2 million during the nine months ended September 30, 2017 and 2016 , respectively.

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(a)

Includes share-based compensation expense related to (i) PSU s, (ii) for the 2016 periods, the Challenge Performance Awards and (iii) through March 2017, PGUs held by our Chief Executive Officer. The Challenge Performance Awards include PSAR s and PSU s. The decreases are due to a significant number of performance awards becoming fully vested during 2016 and changes during the first and third quarters of 2017 in the expected achievement level for one of our performance-based incentive plans.

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(a)	The loss during the 2017 three-month period is primarily attributable to the net effect of (i) losses associated with increases in the values of the euro, British pound sterling and Chilean peso relative to the U.S. dollar, (ii) gains associated with decreases in the values of the Swiss franc and Polish zloty relative to the euro, (iii) gains associated with increases in

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(b)	The recurring fair value measurements of our equity-related derivative instruments are based on binomial pricing models.

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(a)	Amounts primarily relate to (i) loans between certain of our non-operating and operating subsidiaries in Europe, which generally are denominated in the currency of the applicable operating subsidiary, and (ii) loans between certain of our non-operating subsidiaries in the U.S. and Europe.

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(a)	The amounts for the three and nine months ended September 30, 2016 include gains of $5.6 million and $84.4 million, respectively, related to an investment that was sold during the third quarter of 2016.

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(a)

Amounts include the net effect of (i) $16.9 million and $47.5 million , respectively, representing 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 . During the three and nine months ended September 30, 2017 , the VodafoneZiggo JV generated (a) revenue of $1,173.6 million and $3,353.9 million , respectively, (b) Adjusted OIBDA of $524.6 million and $1,454.9 million , respectively, (c) operating income of $99.0 million and $206.5 million , respectively, (d) net non-operating expenses of $214.7 million and $391.4 million (including $165.5 million and $476.9 million of interest expense), respectively, and (e) net losses of $79.6 million and $128.3 million , respectively. The VodafoneZiggo JV ’s operating income includes depreciation and amortization of $427.2 million and $1,242.6 million , respectively, which is based on the preliminary fair value accounting applied to the net assets of the VodafoneZiggo JV .

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(a)	Represents the amount held by Liberty Global on a standalone basis, which is attributed to the Liberty Global Group .

(b)	Represents the aggregate amount held by subsidiaries attributed to the Liberty Global Group that are outside of our borrowing groups.

(c)	The Virgin Media borrowing group includes certain subsidiaries of Virgin Media , but excludes Virgin Media Inc.

(d)	Represents the aggregate amount held by subsidiaries attributed to the LiLAC Group that are outside of our borrowing groups.

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(e)	Except as otherwise noted, represents the aggregate amounts held by the parent entity and restricted subsidiaries of our borrowing groups.

(f)

C&W 's subsidiaries hold the majority of C&W 's consolidated cash. The ability of certain of these subsidiaries to loan or distribute their cash to C&W is limited by foreign exchange restrictions, the existence of noncontrolling interests, tax considerations and restrictions contained within the debt agreements of certain C&W subsidiaries. As a result, a significant portion of the cash held by C&W subsidiaries is not considered to be an immediate source of corporate liquidity for C&W .

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(a)

For purposes of our condensed consolidated statements of cash flows, expenses financed by an intermediary are treated as hypothetical operating cash outflows and hypothetical financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our condensed consolidated statements of cash flows. For purposes of our adjusted free cash flow definition, we add back the hypothetical operating cash outflow when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.

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(a)

The commitments included in this table do not reflect any liabilities that are included in our September 30, 2017 condensed consolidated balance sheet other than debt and capital lease obligations. Our liability for uncertain tax positions in the various jurisdictions in which we operate ( $436.5 million at September 30, 2017 ) has been excluded from the table as the amount and timing of any related payments are not subject to reasonable estimation.

(b)

Amounts are based on interest rates, interest payment dates, commitment fees and contractual maturities in effect as of September 30, 2017 . These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments required in future periods. In addition, the amounts presented do not include the impact of our interest rate derivative contracts, deferred financing costs, original issue premiums or discounts.

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Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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(i)	an instantaneous increase (decrease) of 10% in the value of the British pound sterling relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the Virgin Media cross-currency and interest rate derivative contracts by approximately £608 million ( $814 million );

(ii)	an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the Virgin Media cross-currency and interest rate derivative contracts by approximately £136 million ( $182 million ); and

(iii)	an instantaneous increase (decrease) of 10% in the value of the euro relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the Virgin Media cross-currency derivative contracts by approximately £37 million ( $50 million ).

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(i)	an instantaneous increase (decrease) of 10% in the value of the Swiss franc, Polish zloty, Hungarian forint, Czech koruna and Romanian lei relative to the euro would have decreased (increased) the aggregate fair value of the UPC Holding cross-currency and interest rate derivative contracts by approximately €503 million ( $594 million );

(ii)	an instantaneous increase (decrease) of 10% in the value of the euro relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the UPC Holding cross-currency and interest rate derivative contracts by approximately €248 million ( $293 million );

(iii)	an instantaneous increase (decrease) of 10% in the value of the Swiss franc relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the UPC Holding cross-currency and interest rate derivative contracts by approximately €91 million ( $107 million ); and

(iv)	an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the UPC Holding cross-currency and interest rate derivative contracts by approximately €49 million ( $58 million ).

(i)	an instantaneous increase (decrease) of 10% in the value of the euro relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the Unitymedia cross-currency and interest rate derivative contracts by approximately €320 million ( $378 million ); and

(ii)	an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the Unitymedia cross-currency and interest rate derivative contracts by approximately €38 million ( $45 million ).

(i)	an instantaneous increase (decrease) of 10% in the value of the euro relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the Telenet cross-currency derivative contracts by approximately €254 million ( $300 million ); and

(ii)	an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the Telenet interest rate cap, collar and swap contracts by approximately €131 million ( $155 million ).

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(a)	Includes (i) the cash flows of our interest rate cap, collar and swap contracts and (ii) the interest-related cash flows of our cross-currency, interest rate and basis swap contracts.

(b)	Includes the principal-related cash flows of our cross-currency swap contracts.

(c)	Includes amounts related to our equity-related derivative instruments and foreign currency forward contracts. We may elect to use cash or the collective value of the related shares and equity-related derivative instrument to settle the ITV Collar Loan , the Sumitomo Collar Loan and the Lionsgate Loan .

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Item 4.	CONTROLS AND PROCEDURES

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Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c)	Issuer Purchases of Equity Securities

(a)	Average price paid per share includes direct acquisition costs and the effects of derivative instruments, where applicable.

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(b)	At September 30, 2017 , the remaining amount authorized for repurchases of Liberty Global Shares was $367.7 million .

(c)	At September 30, 2017 , the remaining amount authorized for repurchases of LiLAC Shares was $225.5 million .

Item 6.	EXHIBITS

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