Company: LBTYK
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001570585-25-000021
Chunk: 146

Company: Liberty Global Ltd.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 9C
Chunk 146
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435.2 No assurance can be given that any of these tax benefits will be recognized or realized.As of December 31, 2024, 2023 and 2022, there were $266.6 million, $347.0 million and $337.9 million, respectively, of unrecognized 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 2025, it is reasonably possible that the resolution of ongoing tax controversies, as well as the expiration of statutes of limitations and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of December 31, 2024. The amount of such reductions could range up to $166 million. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2025.During 2024, 2023 and 2022, the income tax expense of our continuing operations included $7.9 million, $59.6 million and $38.4 million, respectively, representing the net accrual of interest and penalties during the period. At December 31, 2024, accrued interest and penalties associated with our uncertain tax benefits totaled $270.5 million. On October 7, 2022, the U.S. Department of Justice filed a suit against Liberty Global, Inc. (LGI), a wholly-owned U.S. subsidiary of Liberty Global, in the U.S. District Court of Colorado for unpaid federal income taxes and penalties for the 2018 tax year of approximately $284 million. This action by the U.S. Department of Justice is related to the November 2020 complaint filed by LGI in the District Court of Colorado seeking a refund of approximately $110 million of taxes, penalties and interest associated with the application of certain temporary treasury regulations issued in June 2019. In October 2023, the U.S. District Court of Colorado entered judgement against LGI with respect to the refund claim and we appealed this decision to the U.S. Court of Appeals for the Tenth Circuit (Court of Appeals) in December 2023. No amounts have been accrued by LGI with respect to this matter. We will vigorously defend this matter and continue to actively pursue our claim for refund.In January 2021, we petitioned the U.S. Tax Court with respect to unresolved issues related to our 2010 tax year for which