Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 23

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 23
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 31, 2025 and 2024, respectively. These amounts include interest and dividend income of $18.4 million and $36.3 million, respectively.

Income tax benefit (expense)

We recognized income tax benefit (expense) of $70.0 million and ($42.8 million) during the three months ended March 31, 2025 and 2024, respectively.

The income tax benefit during the three months ended March 31, 2025 differs from the expected income tax benefit of $209.0 million (based on the Bermuda statutory income tax rate of 15.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates. The net negative impact of these items was partially offset by the net positive impact of (a) statutory rates in certain jurisdictions in which we operate that are different than the Bermuda statutory income tax rate and (b) a net decrease in valuation allowances.

The income tax expense during the three months ended March 31, 2024 differs from the expected income tax expense of $169.3 million (based on the U.K. statutory income tax rate of 25.0%), primarily due to the net positive impact of non-deductible or non-taxable foreign currency exchange results, partially offset by the net negative impact of certain permanent differences between the financial and tax accounting treatment of interest and other expenses.

For additional information concerning our income taxes, see note 11 to our condensed consolidated financial statements.

Earnings (loss) from continuing operations

During the three months ended March 31, 2025 and 2024, we reported earnings (loss) from continuing operations of ($1,323.3 million) and $634.5 million, respectively, consisting of (i) operating income (loss) of $60.7 million and ($12.3 million), respectively, (ii) net non-operating income (expense) of ($1,454.0 million) and $689.6 million, respectively, and (iii) income tax benefit (expense) of $70.0 million and ($42.8 million), respectively.

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Gains or losses associated with (i) changes in the fair values of derivative instruments, (ii) movements in foreign currency exchange rates and (iii) the disposition of assets and changes in ownership are subject to a high degree