Company: LBTYK
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001570585-25-000021
Chunk: 65

Company: Liberty Global Ltd.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 9C
Chunk 65
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 fair value, the Company makes subjective assumptions using unobservable inputs.  

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We identified the assessment of fair value of certain other investments where quoted market prices are not available and are valued using unobservable inputs as a critical audit matter. Evaluating the fair value of these investments involved a high degree of subjective auditor judgment. Changes in certain unobservable inputs, specifically the weighted average cost of capital and cash flow forecasts used in the income approach and the market multiples used in the market approach, could have resulted in significant differences in the estimated fair value measurements. Additionally, specialized skills and knowledge were required to evaluate these fair value assumptions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s process to measure the fair value of other investments, including controls related to the assessment of certain unobservable inputs, including the weighted average cost of capital, cash flow forecasts, and market multiples, as applicable. To assess the weighted average cost of capital and cash flow forecasts used in the income approach, we compared them to historical results, relevant industry and market indices and to assess the market multiples used in the market approach, we compared them to public company market capitalization values. We involved valuation professionals with specialized skills and knowledge who, for a selection of the investments, assisted in evaluating certain unobservable inputs used by the Company for its estimates of fair values recorded by:

•Developing a range of weighted average cost of capital using publicly available market data for comparable entities and comparing to the estimates used by the Company for values determined using the income method,

•Developing a range of market multiples using market data for comparable entities and transactions, and comparing to the estimates used by the Company for certain values determined using the income and market approaches.

/s/ KPMG LLP

We have served as the Company’s auditor since 2004.

Denver, Colorado

February 18, 2025

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LIBERTY GLOBAL LTD.

CONSOLIDATED BALANCE SHEETS

December 31,20242023 in millionsASSETSCurrent assets:Cash and cash equivalents$1,816.3 $1,410.1 Trade receivables, net (note 3)449.8 404.3 Short-term investments (measured at fair value on a recurring basis) (note 7)335.6 1,990.5 Derivative instruments (note 8)287.0 235.6