Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 138

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 138
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 as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized losses on derivative instruments, net, are as follows:

Three months endedSeptember 30,Nine months endedSeptember 30, 2025202420252024 in millionsCross-currency and interest rate derivative contracts (a)$36.6 $(239.7)$(397.3)$40.6 Equity-related derivative instruments (b)(84.5)(62.6)(207.6)(110.7)Foreign currency forward and option contracts1.5 40.6 (12.2)32.9 Other— (2.1)— (2.1)Total$(46.4)$(263.8)$(617.1)$(39.3)

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(a)The results for the 2025 periods are primarily attributable to the net effect of (i) a net gain for the three-month period and a net loss for the nine-month period associated with changes in the relative value of certain currencies and (ii) net gains associated with changes in certain market interest rates. In addition, the results for the 2025 periods include a net gain (loss) of ($6.1 million) and $3.3 million, respectively, resulting from changes in our credit risk valuation adjustments. The results for the 2024 periods are attributable to net losses associated with changes in (a) certain market interest rates 

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and (b) the relative value of certain currencies. In addition, the results for the 2024 periods include a net gain (loss) of $3.5 million and ($2.0 million), respectively, resulting from changes in our credit risk valuation adjustments.

(b)The recurring fair value measurements of our equity-related derivative instruments are based on Black-Scholes pricing models. For additional information regarding the Vodafone Collar, which was fully settled in 2025, see note 5 to our condensed consolidated financial statements.

For additional information concerning our derivative instruments, see notes 6 and 7 to our condensed consolidated financial statements and Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk below.

Foreign currency transaction gains (losses), net

Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable