5 unchanged sentences
Based on that evaluation, the Executives concluded that our disclosure controls and procedures are not effective as of December 31, 2025 due to material weaknesses in internal control over financial reporting, as described below.
−Removed: Notwithstanding such material weaknesses in internal control over financial reporting, our management concluded that our consolidated financial statements in this Annual Report on Form 10-K present fairly, in all material respects, the company’s financial position, results of operations and cash flows as of the dates, and for the periods presented, in conformity with U.S.
+Added: Notwithstanding such material weaknesses in internal control over financial reporting, our management concluded that our consolidated financial statements in this Annual Report on Form 10-K present fairly, in all material respects,
+Added: the company’s financial position, results of operations and cash flows as of the dates, and for the periods presented, in conformity with U.S.
Management’s Annual Report on Internal Control over Financial Reporting
7 unchanged sentences
Management identified the following material weaknesses in internal control over financial reporting, which exist as of December 31, 2025:
−Removed: • The Company did not have a sufficient number of resources with the appropriate skills, knowledge, assigned responsibilities, or accountability for the design and operation of internal controls over financial reporting.
−Removed: • The Company did not have an effective risk assessment process to sufficiently identify and assess risks of misstatement and ensure controls are designed and implemented to respond to those risks.
−Removed: The Company did not adequately communicate the changes necessary in financial reporting and related internal controls throughout its organization.
−Removed: • The Company did not have an effective information and communication process to identify, capture, and process relevant information necessary for financial accounting and reporting.
−Removed: • The Company did not i) establish effective GITCs, specifically program change controls and access controls, that support the consistent operation of the Company’s IT operating systems, databases and IT applications, and end user computing over all financial reporting;
−Removed: and, ii) have policies and procedures through which general information technology controls are deployed across the organization.
−Removed: Automated process-level controls and manual controls dependent upon the accuracy and completeness of information derived from information technology systems were also rendered ineffective because they are affected by the lack of GITCs.
−Removed: As a consequence, the Company did not effectively design, implement, and operate process-level control activities related to order-to-cash (including revenue, trade receivables, and deferred revenue), procure-to-pay (including operating expenses, prepaid expenses, accounts payable, and accrued liabilities), hire-to-pay (including compensation expense and accrued liabilities), long-lived assets, inventory, and other financial reporting processes.
+Added: • Due to an insufficient allocation of knowledgeable resources, the company did not effectively deploy control activities necessary to ensure the completeness and reliability of information used in certain manual and automated controls.
+Added: • As a consequence, process-level controls were determined to be ineffective throughout the order-to-cash (including revenue, trade receivables, and deferred revenue), long-lived assets, and other financial reporting processes.
These control deficiencies resulted in immaterial misstatements, some of which were corrected, in our consolidated financial statements as of and for the year ended December 31, 2025.
2 unchanged sentences
KPMG LLP's report is included herein on page II-3 5 .
−Removed: Management’s Remediation Plan
−Removed: We, with the oversight from the Audit Committee of the Board of Directors, continue to implement the remediation plans for the aforementioned material weaknesses in internal control over financial reporting as follows:
−Removed: • Hire additional individuals with appropriate skills and experience and ensure responsibilities are appropriately assigned and the individuals are held accountable.
−Removed: • Continue to engage third-party experts to assist in training and coaching existing personnel regarding control design and execution, enhancing the design of the risk assessment process and ensuring that internal controls over financial reporting are or will be implemented to mitigate those risks, and monitoring the execution of internal controls over financial reporting.
−Removed: • Implement the central enterprise resource planning software for the remaining segment to standardize and enhance the related processes and controls.
−Removed: • Design and implement a comprehensive and continuous risk assessment process to identify and assess risks of material misstatement and ensure that the impacted financial reporting processes and related internal controls are properly designed and in place to respond to those risks in our financial reporting.
−Removed: • Enhance information and communication processes, including through information technology solutions of which include, but are not limited to, implementing new enterprise resource planning software, to ensure that information needed for financial reporting is accurate, complete, relevant, reliable, and communicated in a timely manner.
−Removed: • Complete our IT risk assessment process and design and implement GITCs, including program change controls and access controls, that support the consistent operation of the Company’s IT operating systems, databases and IT applications, and end user computing over financial reporting, and ensure they are operating effectively to support process-level automated and manual control activities that are dependent upon information derived from IT systems.
−Removed: • Enhance the design of existing control activities and implement additional process-level control activities (including controls over the order-to-cash, procure-to-pay, hire-to-pay, long-lived assets, inventory, and other financial reporting processes) and ensure they are properly evidenced and operating effectively.
−Removed: We believe that these actions and the improvements we expect to achieve, when fully implemented, will strengthen our internal control over financial reporting and remediate the remaining material weaknesses.
−Removed: We are committed to making further progress in our remediation efforts during 2025;
−Removed: however, if our remedial measures are insufficient to address the material weaknesses, or if one or more additional material weaknesses in our internal controls over financial reporting are discovered, we may be required to take additional remedial measures from our plan as disclosed above.
+Added: Ongoing Remediation Efforts
+Added: As previously disclosed in Part II, Item 9A.
+Added: “Controls and Procedures” of our Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and 2023 and in this Annual Report on Form 10-K, we continue to implement remediation plans for the aforementioned material weaknesses in internal control over financial reporting.
+Added: We have devoted and intend to continue to devote significant time and resources to enhance the design and implementation of our existing controls and procedures and to create new complementary and compensating controls as needed.
+Added: With respect to the remaining material weaknesses in internal control disclosed above, we are further enhancing remediation plans as follows:
+Added: • Assessing the specific training needs for newly hired and existing personnel and developing and delivering training programs designed to uphold our internal control standards.
+Added: • Enhancing our information and communication processes, including through information technology solutions, to ensure that information needed for financial reporting is accurate, complete, relevant, reliable, and communicated in a timely manner.
+Added: We believe these measures will remediate the control deficiencies and strengthen our internal control over financial reporting.
+Added: We will test the operating effectiveness of the revised and new controls subsequent to full implementation, and will consider the material weakness remediated after the applicable controls have operated effectively for a sufficient period of time.
+Added: The actions we are taking are subject to continued senior management review as well as audit committee oversight.
+Added: We are committed to continuing to improve our internal control processes, and, as we continue to evaluate and work to improve our internal control over financial reporting, we may take additional measures to address control deficiencies, or we may modify certain remediation measures described above.
Changes in Internal Control over Financial Reporting
−Removed: Except as listed below, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during our fourth quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
−Removed: During the quarter, we made the following changes in our internal control over financial reporting:
−Removed: • designed and implemented additional manual procedures and controls to enhance our internal control process through a combination of preventative and detective controls;
−Removed: • hired third-party experts to assist in training and coaching existing personnel regarding control design and execution, enhancing the design of the risk assessment process and ensuring that internal controls over financial reporting are or will be implemented to mitigate those risks, and monitoring the execution of internal controls over financial reporting;
−Removed: • implemented an upgraded charging system for one of our markets and executed the system development lifecycle process;
−Removed: • held trainings to reinforce control concepts and responsibilities for control performers.
+Added: The following remediation activities, amongst others, have taken place as of December 31, 2025:
+Added: • Hired additional individuals with appropriate skills and experience and ensured responsibilities are appropriately assigned and the individuals are held accountable.
+Added: • Engaged third-party experts to assist in training and coaching existing personnel regarding control design and execution, enhancing the design of the risk assessment process and ensuring that internal controls over financial reporting are or will be implemented to mitigate those risks, and monitoring the execution of internal controls over financial reporting.
+Added: • Designed and implemented a comprehensive and continuous risk assessment process to identify and assess risks of material misstatement and ensure that the impacted financial reporting processes and related internal controls are properly designed and in place to respond to those risks in our financial reporting.
+Added: • Completed our IT risk assessment process and design and implement GITCs, including program change controls and access controls, that support the consistent operation of the company’s IT operating systems, databases and IT applications, and end user computing over financial reporting, and ensure they are operating effectively to support process-level automated and manual control activities that are dependent upon information derived from IT systems.
+Added: • Enhanced the design of existing control activities and implemented additional process-level control activities (including controls over the order-to-cash, procure-to-pay, hire-to-pay, long-lived assets, inventory, and other financial reporting processes) and ensured they are properly evidenced and operating effectively.
+Added: • Provided training for control owners covering control requirements and performance, and control owner’s responsibilities.
+Added: • Implemented changes to our bonus program to incorporate control implementation and performance objectives specific to each in-scope operation.
+Added: These actions, amongst others, resulted in complete remediation of the material weaknesses in internal control over financial reporting related to our risk assessment processes and GITCs as disclosed in our Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and 2023.
+Added: Except as described above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during our fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
OTHER INFORMATION
27 unchanged sentences
The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Assessment of impairment of goodwill with the Company’s Liberty Puerto Rico reportable segment
−Removed: As discussed in Notes 4 and 8 to the consolidated financial statements, the Company tests for impairment of goodwill at least annually and whenever facts and circumstances indicate that the carrying value of a reporting unit might exceed its fair value.
−Removed: The fair value of the reporting unit was measured using an income approach, utilizing a discounted cash flow.
−Removed: As of December 31, 2024, the goodwill balance was $2,981 million and the Company recorded impairments totaling $516 million.
−Removed: We identified the assessment of impairment of goodwill for the reporting unit within the Company’s Liberty Puerto Rico reportable segment as a critical audit matter.
−Removed: There was a high degree of subjective auditor judgment required in assessing the Company’s key assumptions in measuring the fair value.
−Removed: For the reporting unit, the key assumptions were projected revenues, projected direct costs, projected operating expenses, projected capital expenditures, discount rates and terminal growth rates.
−Removed: For the reporting unit, the valuation was sensitive to minor changes in these inputs which could have a significant impact on the estimated fair value.
−Removed: Additionally, the audit effort associated with this estimate required specialized skills and knowledge.
+Added: Evaluation of the sufficiency of audit evidence over residential and B2B revenue
+Added: As discussed in Note 17 to the consolidated financial statements, the Company had $4.4 billion in residential and B2B revenues for the year ended December 31, 2025.
+Added: The processing and recording of revenue are reliant upon multiple information technology (IT) systems.
+Added: We identified the evaluation of the sufficiency of audit evidence over residential and B2B revenue as a critical audit matter.
+Added: Subjective auditor judgment, and specialized skills and knowledge, were required to determine the nature and extent of procedures to be performed over the related IT systems, applications, configurations and interfaces.
The following are the primary procedures we performed to address this critical audit matter.
−Removed: We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s assessment of impairment of goodwill.
−Removed: These include controls over the:
−Removed: • development of assumptions over projected revenues, projected direct costs, projected operating expenses, projected capital expenditures, and
−Removed: • selection of the discount rates and terminal growth rates assumptions used to develop the estimate.
−Removed: We performed procedures to test the projected revenues, projected direct costs, projected operating expenses, and projected capital expenditures by comparing them with the historical results of the reporting unit and assessing the impacts of internal and/or external economic factors.
−Removed: We involved valuation professionals with specialized skills and knowledge, who assisted in:
−Removed: evaluating the discount rate used in the valuation by comparing it against independently developed discount rates using publicly available market data;
−Removed: evaluating the terminal growth rate used in the valuation by comparing it to publicly available market data, and comparing the implied market multiple from the Company’s fair value estimate using the income approach to the observed range of market multiples derived from comparable companies.
+Added: We applied auditor judgment to determine the nature and extent of procedures to be performed over the IT systems, applications, configurations and interfaces.
+Added: We involved IT professionals with specialized skills and knowledge, who assisted in testing certain IT systems, applications, configurations and interfaces that are used by the Company in its recognition of residential and B2B revenues.
+Added: certain revenue transactions to underlying documentation throughout the year and performed analytical procedures over the completeness and accuracy of revenue recognized by the Company.
+Added: We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of such evidence.
We have served as the Company’s auditor since 2016.
11 unchanged sentences
The material weaknesses described below have been identified and included in management’s assessment.
−Removed: • The Company did not have a sufficient number of resources with the appropriate skills, knowledge, assigned responsibilities, or accountability for the design and operation of internal controls over financial reporting.
−Removed: • The Company did not have an effective risk assessment process to sufficiently identify and assess risks of misstatement and ensure controls are designed and implemented to respond to those risks.
−Removed: The Company did not adequately communicate the changes necessary in financial reporting and related internal controls throughout its organization.
−Removed: • The Company did not have an effective information and communication process to identify, capture, and process relevant information necessary for financial accounting and reporting.
−Removed: • The Company did not i) establish effective GITCs, specifically program change controls and access controls, that support the consistent operation of the Company’s IT operating systems, databases and IT applications, and end user computing over all financial reporting;
−Removed: and, ii) have policies and procedures through which general information technology controls are deployed across the organization.
−Removed: Automated process-level controls and manual controls dependent upon the accuracy and completeness of information derived from information technology systems were also rendered ineffective because they are affected by the lack of GITCs.
−Removed: • As a consequence, the Company did not effectively design, implement, and operate process-level control activities related to order-to-cash (including revenue, trade receivables, and deferred revenue), procure-to-pay (including operating expenses, prepaid expenses, accounts payable, and accrued liabilities), hire-to-pay (including compensation expense and accrued liabilities), long-lived assets, inventory, and other financial reporting processes.
+Added: • Due to an insufficient allocation of knowledgeable resources, the Company did not effectively deploy control activities necessary to ensure the completeness and reliability of information used in certain manual and automated controls.
+Added: • As a consequence, process-level controls were determined to be ineffective throughout the order-to-cash (including revenue, trade receivables, and deferred revenue), long-lived assets, and other financial reporting processes.
The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.
2 unchanged sentences
Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
−Removed: We are a public accounting firm registered with the PCAOB and are
−Removed: required to be independent with respect to the Company in accordance with the U.S.
+Added: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
7 unchanged sentences
A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
−Removed: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
+Added: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
9 unchanged sentences
Prepaid expenses 79.8 79.8
−Removed: Current derivative assets 81.3 92.0
Current notes receivable, net 133.0 109.6
19 unchanged sentences
Accrued payroll and employee benefits 102.4 95.8
−Removed: Current derivative liabilities 48.6 25.0
Current portion of operating lease liabilities 95.0 87.5
52 unchanged sentences
Foreign currency transaction gains (losses), net ( 42.7 ) ( 18.3 ) 70.3
−Removed: Gains (losses) on debt extinguishments, net ( 5.5 ) ( 3.9 ) 41.1
−Removed: Gain on disposal of the Chile JV Entities — — 169.4
+Added: Losses on debt extinguishments, net ( 14.4 ) ( 5.5 ) ( 3.9 )
Other expense, net ( 27.5 ) ( 13.7 ) ( 10.6 )
31 unchanged sentences
Net loss — — — — — ( 73.6 ) — ( 73.6 ) ( 13.2 ) ( 86.8 )
−Removed: Other comprehensive loss — — — — — — ( 59.5 ) ( 59.5 ) ( 0.5 ) ( 60.0 )
+Added: Other comprehensive earnings (loss) — — — — — — ( 48.8 ) ( 48.8 ) 1.1 ( 47.7 )
Repurchase of Liberty Latin America common shares — — — ( 117.8 ) — — — ( 117.8 ) — ( 117.8 )
1 unchanged sentence
Shared-based compensation — — — — 84.9 — — 84.9 — 84.9
+Added: Other — — — — — — — — 4.5 4.5
Balance at December 31, 2023 $ 0.5 $ — $ 1.9 $ ( 361.2 ) $ 5,262.0 $ ( 2,941.7 ) $ ( 198.0 ) $ 1,763.5 $ 546.2 $ 2,309.7
9 unchanged sentences
Balance at January 1, 2024 $ 0.5 $ — $ 1.9 $ ( 361.2 ) $ 5,262.0 $ ( 2,941.7 ) $ ( 198.0 ) $ 1,763.5 $ 546.2 $ 2,309.7
−Removed: Net loss — — — — — ( 73.6 ) — ( 73.6 ) ( 13.2 ) ( 86.8 )
−Removed: Other comprehensive loss — — — — — — ( 48.8 ) ( 48.8 ) 1.1 ( 47.7 )
+Added: Net earnings (loss) — — — — — ( 689.4 ) — ( 689.4 ) 29.7 ( 659.7 )
+Added: Other comprehensive earnings — — — — — — 43.8 43.8 0.3 44.1
Repurchase of Liberty Latin America common shares — — — ( 82.9 ) — — — ( 82.9 ) — ( 82.9 )
−Removed: Cash and non-cash distributions to noncontrolling interest owners — — — — — — — — ( 84.1 ) ( 84.1 )
+Added: Distributions to noncontrolling interest owners — — — — — — — — ( 73.2 ) ( 73.2 )
+Added: Contribution from noncontrolling interest owners — — — — — — — — 2.0 2.0
Share-based compensation — — — — 68.2 — — 68.2 — 68.2
−Removed: Other — — — — — — — — 4.5 4.5
+Added: Capped call option contracts — — — — ( 14.6 ) — — ( 14.6 ) — ( 14.6 )
Balance at December 31, 2024 $ 0.5 $ — $ 1.9 $ ( 444.1 ) $ 5,315.6 $ ( 3,631.1 ) $ ( 154.2 ) $ 1,088.6 $ 505.0 $ 1,593.6
9 unchanged sentences
Balance at January 1, 2025 $ 0.5 $ — $ 1.9 $ ( 444.1 ) $ 5,315.6 $ ( 3,631.1 ) $ ( 154.2 ) $ 1,088.6 $ 505.0 $ 1,593.6
−Removed: Net loss — — — — — ( 657.0 ) — ( 657.0 ) 29.7 ( 627.3 )
+Added: Net earnings (loss) — — — — — ( 611.2 ) — ( 611.2 ) 56.9 ( 554.3 )
Other comprehensive earnings — — — — — — 29.6 29.6 1.6 31.2
−Removed: Repurchase of Liberty Latin America common shares — — — ( 82.9 ) — — — ( 82.9 ) — ( 82.9 )
Distributions to noncontrolling interest owners — — — — — — — — ( 55.2 ) ( 55.2 )
−Removed: Contribution from noncontrolling interest owners — — — — — — — — 2.0 2.0
Share-based compensation — — 0.1 — 48.6 — — 48.7 — 48.7
−Removed: Capped call option contracts — — — — ( 14.6 ) — — ( 14.6 ) — ( 14.6 )
+Added: Exercise of capped call option contracts and other — — — ( 4.8 ) 4.7 — — ( 0.1 ) ( 0.4 ) ( 0.5 )
Balance at December 31, 2025 $ 0.5 $ — $ 2.0 $ ( 448.9 ) $ 5,368.9 $ ( 4,242.3 ) $ ( 124.6 ) $ 555.6 $ 507.9 $ 1,063.5
13 unchanged sentences
Foreign currency transaction losses (gains), net 42.7 18.3 ( 70.3 )
−Removed: Losses (gains) on debt modification and extinguishment, net 5.5 3.9 ( 41.1 )
−Removed: Gain on disposal of the Chile JV Entities — — ( 169.4 )
+Added: Losses on debt modification and extinguishment, net 14.4 5.5 3.9
Deferred income tax benefit ( 238.8 ) ( 129.3 ) ( 87.4 )
−Removed: Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions:
+Added: Changes in operating assets and liabilities, net of the effect of acquisitions:
Receivables and other operating assets 134.4 311.7 51.9
4 unchanged sentences
Cash paid in connection with acquisitions, net of cash acquired — ( 95.4 ) —
−Removed: Cash outflow upon disposal of the Chile JV Entities — — ( 188.8 )
−Removed: Purchases of investments, net ( 47.3 ) ( 24.9 ) ( 19.4 )
+Added: Purchases of investments ( 80.0 ) ( 47.3 ) ( 24.9 )
Other investing activities, net ( 12.3 ) ( 5.4 ) ( 5.9 )
33 unchanged sentences
(ii) Liberty Communications PR;
−Removed: (iii) LBT CT Communications, S.A.
−Removed: (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones;
−Removed: and (iv) prior to the closing of the formation of the Chile JV in October 2022, VTR, as further described below.
+Added: and (iii) LBT CT Communications, S.A.
+Added: (a less than wholly-owned entity) and its subsidiaries, which include Liberty Telecomunicaciones.
C&W owns less than 100 % of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.
1 unchanged sentence
residential and B2B services in:
−Removed: over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;
+Added: over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama;
Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico;
1 unchanged sentence
through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region.
+Added: Unless otherwise indicated, ownership percentages are calculated as of December 31, 2025.
The accompanying consolidated financial statements have been prepared in accordance with U.S.
−Removed: We formed the Chile JV in October of 2022, which we accounted for as an equity method investment.
−Removed: Prior to the formation of the Chile JV, VTR was a wholly owned subsidiary, meaning our consolidated statements of operations and cash flows through September 2022 include VTR through the closing of the formation of the Chile JV.
−Removed: As further described in note 6, beginning in November 2024, we began to account for our investment in the Chile JV as a cost method investment.
−Removed: (2) Accounting Changes and Recent Accounting Pronouncements
−Removed: Accounting Changes
−Removed: In September 2022, the FASB issued ASU No.
−Removed: 2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires, among other things, a rollforward of the obligations for the period.
−Removed: The rollforward disclosure requirement became effective with this Annual Report on Form 10-K.
−Removed: Disclosures surrounding our supplier finance programs are included in note 10.
−Removed: In November 2023, the FASB issued ASU No.
−Removed: 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which requires enhanced disclosures surrounding significant segment expenses.
−Removed: In each annual and interim period, entities are required to disclose (i) significant segment expenses that are regularly provided to the CODM and are included within each reported measure of segment profit or loss, (ii) an amount and description for other segment items by reportable segment, where the other items category represents the difference between segment revenue, significant segment expenses and the reported measure of segment profit or loss, (iii) all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, and (iv) the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
−Removed: deciding how to allocate resources.
−Removed: In addition, ASU 2023-07 clarifies that a public entity may disclose more than one measure of a segment’s profit or loss if the CODM uses more than one measure to assess segment performance and allocate resources.
−Removed: We adopted ASU 2023-07 effective December 31, 2024.
−Removed: The disclosures required by ASU 2023-07 are included in note 18.
−Removed: Recent Accounting Pronouncements
−Removed: ASU 2020-04, ASU 2021-01 and ASU 2022-06
−Removed: In March 2020, the FASB issued ASU No.
−Removed: 2020-04, Reference Rate Reform (Topic 848):
−Removed: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( ASU 2020-04 ), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as LIBOR .
−Removed: In January 2021, the FASB issued ASU No.
−Removed: 2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in Topic 848.
−Removed: The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S.
−Removed: GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and was initially not intended to be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022.
−Removed: In December 2022, the FASB issued ASU No.
−Removed: 2022-06, Reference Rate Reform (Topic 848):
−Removed: Deferral of the Sunset Date of Topic 848 ( ASU 2022-06 ), which defers the expiration date of Topic 848 from December 31, 2022, to December 31, 2024, and permits companies to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR.
−Removed: Through December 31, 2024, the phase out of LIBOR has not had a material impact on our consolidated financial statements.
+Added: Correction of Immaterial Errors
+Added: During the fourth quarter of 2025, we identified certain errors in our previously reported 2024 consolidated financial statements, primarily related to bad debt expense and revenue.
+Added: We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued consolidated financial statements.
+Added: Notwithstanding this evaluation, we have revised (i) our December 31, 2024 consolidated balance sheet, and (ii) our consolidated statement of operations, comprehensive earnings (loss), equity and cash flows for the year ended December 31, 2024 for these errors.
+Added: Year ended December 31, 2024
+Added: As previously reported Adjustments As adjusted
+Added: Revenue $ 4,456.9 ( 10.1 ) $ 4,446.8
+Added: Operating loss $ ( 48.3 ) ( 28.5 ) $ ( 76.8 )
+Added: Loss before income taxes $ ( 631.4 ) ( 28.5 ) $ ( 659.9 )
+Added: Net loss attributable to Liberty Latin America $ ( 657.0 ) ( 32.4 ) $ ( 689.4 )
+Added: December 31, 2024
+Added: As previously reported Adjustments As adjusted
+Added: Total current assets $ 2,131.5 ( 16.3 ) $ 2,115.2
+Added: Total current liabilities $ 2,043.9 16.1 $ 2,060.0
+Added: Total equity $ 1,626.0 ( 32.4 ) $ 1,593.6
+Added: (2) Accounting Changes and Recent Accounting Pronouncements
+Added: Accounting Changes
In December 2023, the FASB issued ASU No.
3 unchanged sentences
ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted.
−Removed: We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.
+Added: We have implemented the reporting standards set forth in ASU 2023-09 on a prospective basis as of December 31, 2025.
+Added: Recent Accounting Pronouncements
In November 2024, the FASB issued ASU No.
6 unchanged sentences
Clarifying the Effective Date ( ASU 2025-01 ).
−Removed: ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01.
+Added: ASU 2024-03 is
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01.
We are currently evaluating the impact this standard will have on our consolidated financial statements.
+Added: In July 2025, the FASB issued ASU No.
+Added: 2025-05, Financial Instruments—Credit Losses (Topic 326):
+Added: Measurement of Credit Losses for Accounts Receivable and Contract Assets ( ASU 2025-05 ), which introduces a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets.
+Added: Entities electing the practical expedient can assume that current conditions as of the balance sheet date do not change for the remaining life of the asset.
+Added: Entities must disclose whether they have elected to use the practical expedient and, if so, whether they have also applied the accounting policy election.
+Added: ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted.
+Added: We are currently evaluating the impact this standard will have on our consolidated financial statements.
+Added: In September 2025, the FASB issued ASU No.
+Added: 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) ( ASU 2025-06 ), which provides accounting guidance to modernize the accounting for internal-use software costs.
+Added: The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being (i) management has authorized and committed to the funding for the software project and (ii) it is probable a project will be completed and used as intended.
+Added: Until both of these criteria are met, all software development costs should be expensed as incurred.
+Added: ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted.
+Added: Entities may apply the amendments prospectively, retrospectively, or using a modified retrospective approach.
+Added: We are currently evaluating the impact of ASU 2025-06 on our consolidated financial statements.
(3) Summary of Significant Accounting Policies
1 unchanged sentence
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.
−Removed: Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
−Removed: assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, and actuarial liabilities associated with certain benefit plans.
+Added: Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, 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 and actuarial liabilities associated with certain benefit plans.
Actual results could differ from those estimates.
7 unchanged sentences
We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
We have trade and notes receivables that are each reported net of an allowance for expected credit losses.
6 unchanged sentences
During 2025, 2024 and 2023, we generated approximately $ 48 million , $ 50 million, and $ 32 million, respectively, from the sale of receivables to third parties that is reflected in cash provided by operating activities in our consolidated statements of cash flows.
−Removed: Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $ 118 million and $ 119 million at December 31, 2024 and 2023, respectively, due from a single government.
+Added: Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $ 78 million and $ 118 million for December 31, 2025 and 2024, respectively, due from a single government.
The allowances on each of our trade and notes receivables are established using our best estimates of current expected credit losses based upon, among other things, actual credit loss experience over the prior 12-month period, recent collection trends, prevailing and anticipated economic conditions and specific customer credit risk.
Receivables outstanding greater than 30 days are considered past due and we generally write-off receivables after they become past due for 365 days, with the exception of amounts due from certain governments.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:
13 unchanged sentences
If it has been determined that an investment has sustained an other-than-temporary decline in value, we estimate the fair value and record an impairment charge if the carrying value of the investment exceeds its estimated fair value.
−Removed: Any impairment charges are recorded in other income or expense, net, in our consolidated statements of operations.
+Added: Any impairment charges are recorded in other income or
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: expense, net, in our consolidated statements of operations.
For additional information regarding our fair value measurements, see note 4.
2 unchanged sentences
As of December 31, 2025 and 2024, our investment in WOW, including shares and certain loans, totaled $ 88 million and $ 87 million, respectively, which represents equity ownership percentages of just under 50 % at each date.
−Removed: Our share of WOW losses for the years ended December 31, 2024 and 2023 were immaterial.
+Added: Our share of WOW losses for the years ended December 31, 2025, 2024 and 2023 were not material to the consolidated financial statements.
Financial Instruments
3 unchanged sentences
Derivative Instruments
−Removed: Derivative Instruments Recorded at Fair Value
Our derivative instruments, excluding our Weather Derivatives, are recorded in our consolidated balance sheets at fair value, whether designated as a hedge or not.
If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings.
−Removed: If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
+Added: If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings.
Ineffective portions of changes in the fair value of cash flow hedges are recognized in realized and unrealized gains or losses on derivative instruments in our consolidated statements of operations.
13 unchanged sentences
For additional information regarding our derivative instruments, see note 6.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Inventories consist primarily of mobile handset devices and accessories and are valued at the lower of cost or net realizable value.
15 unchanged sentences
Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset.
14 unchanged sentences
Spectrum licenses in these markets are therefore amortized over a finite period.
−Removed: In Puerto Rico, our spectrum licenses are issued for a fixed time (generally 10 years or less), but renewals occur routinely and at nominal cost.
−Removed: Moreover, we do not believe there are significant legal, regulatory, contractual, competitive, economic or other factors that would impact the useful lives of these licenses.
+Added: In Puerto Rico and the USVI, spectrum licenses are typically held for perpetuity with the exception of CBRS spectrum which has a priority term of 10 years.
+Added: Moreover, we do not believe there are significant legal, regulatory, contractual, competitive,
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: economic or other factors that would impact the useful lives of these licenses.
As such, we treat spectrum licenses in Puerto Rico as indefinite-lived intangible assets.
14 unchanged sentences
Goodwill impairment is recorded as the excess of a reporting unit’s carrying value over its fair value and is charged to operations as an impairment loss.
−Removed: With respect to other indefinite-lived intangible assets, if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
−Removed: carrying value over the fair value is also charged to operations as an impairment loss.
+Added: With respect to other indefinite-lived intangible assets, if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss.
For additional information regarding the fair value measurements of our property and equipment and intangible assets, see note 4.
14 unchanged sentences
We record a right-of-use asset and an operating lease liability at inception of the lease at the present value of the lease payments plus certain other payments, including variable lease payments and amounts probable of being owed by us under residual value guarantees.
−Removed: Payments made under operating leases, net of any incentives received from the lessors, are recognized to expense on a straight-line basis over the term of the lease.
+Added: Payments made under operating leases, net of any
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: incentives received from the lessors, are recognized to expense on a straight-line basis over the term of the lease.
Initial direct costs incurred in negotiating and arranging operating leases are recognized to expense when incurred.
17 unchanged sentences
We recognize the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination.
−Removed: Net deferred tax assets are then reduced by a valuation allowance if we believe it is more likely than not that such
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
−Removed: net deferred tax assets will not be realized.
+Added: Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not that such net deferred tax assets will not be realized.
Certain of our valuation allowances are associated with entities that we acquired in business combinations.
14 unchanged sentences
Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise.
−Removed: Changes in exchange rates with respect to monetary assets and liabilities denominated in a non-functional currency result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.
+Added: Changes in exchange rates with respect to monetary assets and liabilities
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: denominated in a non-functional currency result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.
Revenue Recognition
15 unchanged sentences
Consideration from mobile contracts is allocated to airtime services and handset sales based on the relative standalone prices of each performance obligation.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
Mobile Revenue – Airtime Services.
3 unchanged sentences
Arrangement consideration allocated to handsets is recognized as revenue when the goods have been transferred to the customer.
−Removed: Wholesale Revenue – Long-term Capacity Contracts.
−Removed: We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.
−Removed: We assess whether prepaid capacity contracts contain a significant financing component.
+Added: Wholesale Revenue – Long-term Contracts.
+Added: We enter into certain long-term (i) capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time and (ii) contracts with customers related to the construction of subsea cable systems where we recognize revenue over time, generally using an output method.
+Added: With respect to long-term prepaid contracts, we assess whether such contracts contain a significant financing component.
If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method.
−Removed: The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract.
−Removed: As of December 31, 2024, we have approximately $ 260 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of three years .
+Added: The revenue associated with prepaid contracts is deferred and generally recognized on a straight-line basis over the life of the contract.
+Added: As of December 31, 2025, we have approximately $ 370 million of unfulfilled performance obligations relating to our long-term contracts that generally will be recognized as revenue over an average remaining life of four years .
Government Funding Revenue.
3 unchanged sentences
Revenue is recorded net of applicable sales, use and other value-added taxes.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Share-based Compensation
10 unchanged sentences
For additional information regarding our share-based compensation, see note 12.
+Added: Restructuring Charges
+Added: We recognize restructuring charges primarily related to employee severance as part of reorganization activities that may happen from time to time.
+Added: Restructuring charges are included in impairments, restructuring and other operating items, net, in the consolidated statement of operations.
+Added: We incurred restructuring charges of $ 52 million, $ 39 million and $ 34 million, and made cash payments of $ 52 million, $ 29 million, and $ 27 million during the years ended December 31, 2025, 2024 and 2023, respectively.
Litigation Costs
6 unchanged sentences
All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (non-interest rate curves and credit spreads) are obtained from pricing services.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates.
6 unchanged sentences
The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models.
−Removed: Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments.
+Added: Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: term of these derivative instruments.
This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data.
6 unchanged sentences
Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments.
+Added: Hurricane Melissa
+Added: In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island and moderate damage in the northwest.
+Added: The effects of the hurricane were deemed to constitute triggering events with respect to the need to assess certain assets for impairment.
+Added: The impairment recorded reflects our assessment of property and equipment that were damaged and destroyed and are no longer in use.
+Added: For additional information regarding the impairment charge related to Hurricane Melissa, see note 7.
Acquisition Accounting
During 2024, we performed certain non-recurring valuations related to the acquisition accounting for the LPR Acquisition.
−Removed: During 2023, we finalized our acquisition accounting for the Claro Panama Acquisition, which did not result in any material changes to the associated opening balance sheet.
−Removed: For information related to (i) the final opening balance sheet associated with the LPR Acquisition and (ii) the final opening balance sheet associated with the Claro Panama Acquisition, see note 5.
+Added: For information related to the final opening balance sheet associated with the LPR Acquisition, see note 5.
Non-recurring valuations associated with acquisition accounting use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.
−Removed: The non-recurring valuations associated with the LPR Acquisition and Claro Panama Acquisition primarily include the valuation of customer relationships and spectrum intangible assets.
−Removed: The Claro Panama Acquisition also includes the valuation of property and equipment.
+Added: The non-recurring valuations associated with the LPR Acquisition primarily include the valuation of customer relationships and spectrum intangible assets.
These valuations are further described below:
4 unchanged sentences
The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with other methods, such as an income-based approach, which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base.
+Added: • Property and equipment .
+Added: The valuation of property and equipment may use either an indirect cost approach, which utilizes trends based on historical cost information, or a combination of indirect cost approach, market approach and direct replacement cost method, which considers factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence.
+Added: Impairment Assessment
+Added: We performed non-recurring valuations associated with impairments of our spectrum license intangible assets and goodwill.
+Added: As further discussed below, these assessments use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.
+Added: For purposes of the goodwill impairment assessment, unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach.
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
−Removed: • Property and equipment .
−Removed: The valuation of property and equipment may use either an indirect cost approach, which utilizes trends based on historical cost information, or a combination of indirect cost approach, market approach and direct replacement cost method, which considers factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence.
−Removed: Impairment Assessments
−Removed: The non-recurring valuations associated with impairment assessments, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of reporting units for the purpose of testing for goodwill impairment.
−Removed: Unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach.
+Added: Spectrum License Intangible Assets
+Added: During 2025, and in response to the cumulative impact of challenges stemming from the migration of customers acquired from AT&T to Liberty Puerto Rico’s mobile network and other various network challenges that impacted these mobile customers, including a slower than expected recovery, we concluded that a triggering event occurred requiring an assessment of the fair value of our spectrum license intangible asset at Liberty Puerto Rico.
+Added: We used a market approach for purposes of the quantitative impairment assessment to value our owned spectrum license intangible assets at Liberty Puerto Rico using a range of values established largely through industry benchmarks, FCC auction data, and precedent transactions, which falls under Level 3 of the fair value hierarchy.
+Added: Based on this valuation, the fair value of the owned spectrum assets at Liberty Puerto Rico were less than the respective carrying value, and as a result, we recorded an impairment loss of $ 494 million during the year ended December 31, 2025.
+Added: The impairment is reflected in impairment, restructuring and other operating items, net, in the consolidated statements of operations, the carrying value of which was $ 777 million after the impairment loss.
+Added: The impairment loss was driven by the lower fair value, primarily attributed to a result of challenges related to the operationalization of this spectrum.
For purposes of our annual goodwill impairment assessments, we used an income approach to determine the estimated fair values of our reporting units.
6 unchanged sentences
For additional information regarding goodwill impairment charges, see note 7.
−Removed: (5) Acquisitions
−Removed: Pending Transactions
−Removed: Costa Rica Transactions.
−Removed: On August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica.
−Removed: Under the terms of the all-stock agreement, Liberty Latin America and our minority partner in Costa Rica will hold an approximate 86 % interest and Millicom will hold an approximate 14 % interest in the joint operations, with final ownership percentages to be confirmed at closing.
−Removed: The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the second half of 2025.
−Removed: During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5 % of the equity of Liberty Costa Rica for aggregate cash consideration of approximately $ 83 million, comprising CRC 22 billion ($ 43 million) and $ 40 million, with 62.5 % of the purchase price due upon closing and the remaining 37.5 % due on January 29, 2027.
(5) Acquisition
LPR Acquisition.
−Removed: On November 6, 2023, we entered into an agreement with EchoStar (formerly DISH Network) to acquire EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits.
−Removed: The aggregate cash consideration of $ 256 million will be paid in four annual installments, the first of which commenced on the closing date, September 3, 2024, and the remainder of which will be paid on the anniversary of the closing date over the next three years .
−Removed: On September 3, 2024, we paid the first installment of $ 95 million, which is reflected as cash paid for an acquisition in our consolidated statement of cash flows.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
+Added: On November 6, 2023, we entered into an agreement with EchoStar to acquire EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits.
+Added: The aggregate cash consideration of $ 256 million is due in four annual installments.
+Added: We paid $ 95 million on the closing date, September 3, 2024, $ 72 million became due on September 3, 2025, and $ 45 million and $ 40 million will become due September 3, 2026 and 2027, respectively.
+Added: Our deferred payment obligation is recorded at its net present value, of which the current portion is included in other accrued and current liabilities in our consolidated balance sheets and the long-term portion is included in other long-term liabilities in our consolidated balance sheets.
The following table sets forth a reconciliation of the stated purchase price to the net cash paid (in millions):
4 unchanged sentences
Total cash paid for acquisition $ 95.4
−Removed: (a) Represents the (i) fair value of approximately $ 7 million assigned to international roaming credits to be provided to EchoStar in addition to the stated purchase price, (ii) the difference between the stated purchase price and the net present value of the deferred payment obligation for the LPR Acquisition, which will be amortized to interest expense over the remaining payment term of the cash installments, and (iii) net working capital adjustments that have not yet been cash settled.
−Removed: (b) Represents the (i) net present value of our deferred payment obligation, which comprises three installment payments of $ 72 million, $ 45 million and $ 40 million that will be paid on the anniversary of the closing date, September 3, 2024, during 2025, 2026 and 2027, respectively, (ii) the fair value of international roaming credits and (iii) certain working capital adjustments that have not yet been cash settled.
−Removed: The current portion of our deferred payment obligation is recorded to other accrued and current liabilities in our consolidated balance sheet and the long-term portion is recorded to other long-term liabilities in our consolidated balance sheet.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: (a) Represents the (i) fair value of approximately $ 7 million assigned to international roaming credits to be provided to EchoStar in addition to the stated purchase price, (ii) the difference between the stated purchase price and the net present value of the deferred payment obligation for the LPR Acquisition, which will be amortized to interest expense over the remaining payment term of the cash installments, and (iii) net working capital adjustments that were not cash settled as of December 31, 2024.
+Added: (b) Represents the (i) net present value of our deferred payment obligation, as further described above, (ii) the fair value of international roaming credits and (iii) certain working capital adjustments that have not yet been cash settled.
+Added: The current portion of our deferred payment obligation is recorded to other accrued and current liabilities in our consolidated balance sheet and the long-term portion is recorded to other long-term liabilities in our consolidated balance sheets.
We have accounted for the LPR Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets 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.
8 unchanged sentences
We expect that all of the goodwill resulting from the LPR Acquisition will be deductible for tax purposes.
−Removed: For further information on the goodwill balance resulting from the LPR Acquisition, see note 8.
−Removed: (b) Represents the estimated fair value of spectrum licenses.
+Added: (b) Represents the then estimated fair value of spectrum licenses.
(c) Represents the estimated fair value of the acquired customer relationship intangible asset, which has a weighted average useful life of 4 years at September 3, 2024.
3 unchanged sentences
December 31, 2025, 2024 and 2023
−Removed: 2022 Acquisition
−Removed: Claro Panama Acquisition.
−Removed: On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $ 200 million on a cash- and debt-free basis.
−Removed: On July 1, 2022, we completed the acquisition of Claro Panama, which was financed through a combination of debt and existing cash.
−Removed: The following table sets forth a reconciliation of the stated purchase price to the net cash paid (in millions):
−Removed: Stated purchase price
−Removed: Working capital adjustments 9.3
−Removed: Total purchase price 209.3
−Removed: Opening balance sheet cash
−Removed: Net cash paid for the Claro Panama Acquisition
−Removed: We have accounted for the Claro Panama Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Claro Panama based on assessments of their respective fair values.
−Removed: A summary of the purchase price and the opening balance sheet of Claro Panama at the July 1, 2022 acquisition date is presented in the following table.
−Removed: The opening balance sheet presented below reflects our final purchase price allocation (in millions):
−Removed: Current assets $ 24.4
−Removed: Property and equipment 136.3
−Removed: Intangible assets subject to amortization (a) 47.9
−Removed: Other assets (b) 198.2
−Removed: Current liabilities ( 64.8 )
−Removed: Long-term liabilities (c) ( 132.7 )
−Removed: Total purchase price $ 209.3
−Removed: (a) At July 1, 2022, the weighted average useful life of the acquired spectrum intangible assets was approximately 6 years.
−Removed: (b) Primarily consists of operating lease right-of-use assets.
−Removed: (c) Primarily consists of the non-current portion of operating lease obligations.
−Removed: Our consolidated statements of operations for the year ended December 31, 2022 includes third-party revenue and a net loss of $ 70 million and $ 14 million, respectively, attributable to Claro Panama.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
Supplemental Pro Forma Information
The pro forma financial information set forth in the tables below is based on available information and assumptions that we believe are reasonable.
−Removed: The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had these acquisitions occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations.
+Added: The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the LPR Acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations.
The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:
1 unchanged sentence
the alignment of accounting policies;
−Removed: interest expense related to additional borrowings in conjunction with the LPR Acquisition and the Claro Panama Acquisition;
+Added: interest expense related to additional borrowings in conjunction with the LPR Acquisition;
interest expense related to the amortization of the discounts recognized in connection with recording our deferred payment obligation and international roaming credits associated with the LPR Acquisition at their net present values;
−Removed: depreciation expense related to acquired tangible assets, with regards to the Claro Panama Acquisition;
amortization expense related to acquired intangible assets;
the elimination of direct acquisition costs.
−Removed: The following unaudited pro forma consolidated operating results give effect to (i) the LPR Acquisition, as if it had closed January 1, 2023, and (ii) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021:
+Added: The following unaudited pro forma consolidated operating results give effect to the LPR Acquisition as if it had closed January 1, 2023.
Year ended December 31,
−Removed: 2024 2023 2022
Revenue $ 4,473.3 $ 4,555.1
Net loss attributable to Liberty Latin America shareholders $ ( 684.4 ) $ ( 86.7 )
−Removed: (6) Disposition
−Removed: 2022 Disposition of the Chile JV Entities
−Removed: On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV.
−Removed: During October 2022, we completed the formation of the Chile JV, which was initially owned 50 :50 by Liberty Latin America and América Móvil and began accounting for our 50 % interest in the Chile JV as an equity method investment.
−Removed: Our consolidated statement of operations includes a loss before income taxes attributable to the Chile JV Entities of $ 26 million for the year ended December 31, 2022.
−Removed: In connection with the formation of the Chile JV, we recognized a pre-tax gain of $ 169 million, which is net of the recognition of a cumulative foreign currency translation loss of $ 17 million.
−Removed: The gain is a result of a minimal estimated fair value of our investment in the Chile JV at formation and the negative net carrying value of the Chile JV Entities at the time of closing, and is net of a $ 50 million contribution that was provided to the Chile JV near the time of closing for working capital purposes.
−Removed: In determining the value of the Chile JV, we considered certain qualitative and quantitative information available, including negative cash flows of the Chile JV and the significant discount in the fair value of the Chile JV’s debt in relation to its par value.
−Removed: During the fourth quarter of 2024, our interest in the Chile JV was reduced to less than 10% upon the conversion by América Móvil of its outstanding convertible notes.
−Removed: The conversion did not have a material impact to our consolidated financial statements.
−Removed: At December 31, 2024, we account for our interest in the Chile JV as a cost method investment.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
(6) Derivative Instruments
−Removed: In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements.
The following table provides details of the fair values of our derivative instrument assets and liabilities:
December 31, 2025 December 31, 2024
−Removed: Current Long-term (a) Total Current Long-term (a) Total
−Removed: Interest rate derivative contracts $ 81.3 $ 109.2 $ 190.5 $ 91.9 $ 157.4 $ 249.3
−Removed: Other — — — 0.1 — 0.1
−Removed: Total $ 81.3 $ 109.2 $ 190.5 $ 92.0 $ 157.4 $ 249.4
+Added: Current (a) Long-term (a) Total Current (a) Long-term (a) Total
+Added: Assets — interest rate derivative contracts (b) $ 44.2 $ 28.2 $ 72.4 $ 81.3 $ 109.2 $ 190.5
Liabilities (b):
2 unchanged sentences
Total $ 12.3 $ 46.8 $ 59.1 $ 48.6 $ 8.5 $ 57.1
−Removed: (a) Our long-term derivative assets and long-term derivative liabilities are included in other assets, net, and other long-term liabilities, respectively, in our consolidated balance sheets.
+Added: (a) Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our consolidated balance sheets.
(b) We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments.
−Removed: In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 10) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations.
+Added: In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains or
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: losses on derivative instruments, net, in our consolidated statements of operations.
For further information regarding our fair value measurements, see note 4.
1 unchanged sentence
The premium payments associated with our Weather Derivatives are included in other current assets, net, in our consolidated balance sheets.
−Removed: In July 2024, Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets.
−Removed: Hurricane Beryl triggered a payment pursuant to coverage under our Weather Derivatives that resulted in net proceeds of $ 44 million during the third quarter of 2024.
−Removed: The payment is reflected as a derivative gain in our consolidated statement of operations and a cash inflow related to operating activities in our consolidated statement of cash flows.
The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
5 unchanged sentences
Total $ ( 20.0 ) $ 82.1 $ ( 34.2 )
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
The following table sets forth the classification of the net cash inflows of our derivative instruments:
1 unchanged sentence
2025 2024 2023
−Removed: Operating activities $ 94.2 $ 35.6 $ ( 20.5 )
+Added: Operating activities (a) $ 81.7 $ 94.2 $ 35.6
Investing activities ( 1.9 ) ( 1.3 ) —
1 unchanged sentence
Total $ 98.6 $ 136.1 $ 45.4
+Added: (a) The 2025 amount primarily relates to (i) $ 81 million in net proceeds in connection with the settlement of certain Hurricane Melissa claims under our Weather Derivatives and (ii) cash outflow of $ 6 million related to the Liberty Puerto Rico cash-settlement of all outstanding interest rate derivative instruments.
+Added: The 2024 amount primarily includes $ 44 million of net proceeds in connection with the settlement of certain Hurricane Beryl claims under our Weather Derivatives.
Counterparty Credit Risk
4 unchanged sentences
At December 31, 2025, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $ 21 million.
−Removed: Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument.
+Added: Our C&W and Liberty Costa Rica borrowing groups have each entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument.
The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Details of our Derivative Instruments
Interest Rate Derivative Contracts
−Removed: In connection with the phase-out of LIBOR, we amended or entered into certain derivative contracts to reference Adjusted Term SOFR for interest periods commencing after June 30, 2023.
Interest Rate Swaps
1 unchanged sentence
Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts.
−Removed: The following table sets forth the total U.S.
−Removed: dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at December 31, 2024:
−Removed: Borrowing group Notional amount due from counterparty Weighted average remaining life
−Removed: in millions in years
−Removed: $ 2,100.0 2.5
−Removed: Liberty Puerto Rico $ 500.0 2.8
−Removed: (a) Includes embedded floors of 0 % on certain contracts.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
+Added: At December 31, 2025, our C&W borrowing group had an outstanding notional amount of $ 3,630 million due from our counterparties under interest rate swap contracts, which includes forward-starting derivative instruments, certain interest rate swap contracts with an embedded floor of 0 %, and certain interest rate swap contracts where the counterparty has the right to cancel at a certain date in the future, and the related weighted average remaining contractual life was 4.6 years.
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.
−Removed: The following table sets forth the total U.S.
−Removed: dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at December 31, 2024:
−Removed: Borrowing group Notional amount due from counterparty Weighted average remaining life
−Removed: in millions in years
−Removed: C&W (a) $ 4,200.0 0.2
−Removed: Liberty Puerto Rico (b) $ 1,240.0 0.5
−Removed: (a) Comprises $ 2.1 billion notional amount of contracts that had a maturity date of January 15, 2025, and $ 2.1 billion notional amount of forward-starting contracts.
−Removed: (b) Comprises $ 620 million notional amount of contracts that had a maturity date of January 15, 2025, and $ 620 million notional amount of forward-starting contracts.
−Removed: Interest Rate Floors
−Removed: Interest rate floors provide protection against interest rates falling below a pre-set level.
−Removed: At December 31, 2024, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $ 620 million and a remaining contractual life of 2.8 years.
−Removed: Interest Rate Caps
−Removed: Interest rate caps provide protection against interest rates rising above a pre-set level.
−Removed: At December 31, 2024, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $ 120 million and a remaining weighted average contractual life of 2.8 years.
+Added: At December 31, 2025, our C&W borrowing group had an outstanding notional amount of $ 1,180 million due from our counterparties under basis swap contracts, and the related weighted average remaining contractual life was 0.2 years.
Foreign Currency Forwards Contracts
1 unchanged sentence
At December 31, 2025, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $ 191 million and CRC 100 billion, respectively, with a weighted average remaining contractual life of 0.5 years.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
(7) Long-lived Assets
1 unchanged sentence
The following table sets forth the details of our impairment charges:
−Removed: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico VTR (a) Liberty Costa Rica Total
−Removed: Year ended December 31, 2024:
−Removed: Goodwill (b) $ — $ — $ — $ 515.7 $ — $ — $ 515.7
−Removed: Property and equipment and other 8.1 7.8 4.5 2.0 — 0.3 22.7
−Removed: Total impairment charges $ 8.1 $ 7.8 $ 4.5 $ 517.7 $ — $ 0.3 $ 538.4
+Added: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total
Year ended December 31, 2025:
−Removed: Goodwill $ — $ — $ — $ — $ — $ — $ —
−Removed: Property and equipment and other (c) 4.1 51.9 0.8 9.4 — 0.8 67.0
+Added: Spectrum (a) $ — $ — $ — $ 494.0 $ — $ 494.0
+Added: Property and equipment and other (b) 56.8 6.0 0.1 1.7 0.3 64.9
Total impairment charges $ 56.8 $ 6.0 $ 0.1 $ 495.7 $ 0.3 $ 558.9
Year ended December 31, 2024:
−Removed: Goodwill (d) $ 555.3 $ — $ — $ — $ — $ — $ 555.3
+Added: Goodwill (c) $ — $ — $ — $ 515.7 $ — $ 515.7
Property and equipment and other 8.1 7.8 4.5 2.0 0.3 22.7
Total impairment charges $ 8.1 $ 7.8 $ 4.5 $ 517.7 $ 0.3 $ 538.4
−Removed: (a) During October 2022, we contributed the Chile JV Entities into the Chile JV.
−Removed: For additional information, see notes 1 and 6.
−Removed: (b) During 2024, we recorded a $ 516 million impairment of goodwill at our Liberty Puerto Rico reporting unit.
+Added: Year ended December 31, 2023:
+Added: Total impairment charges - property and equipment and other (d) $ 4.1 $ 51.9 $ 0.8 $ 9.4 $ 0.8 $ 67.0
+Added: (a) During 2025, we recorded an impairment of $ 494 million on spectrum license intangible assets recorded at Liberty Puerto Rico.
+Added: See further details of our intangible assets not subject to amortization below.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: (b) During October 2025, our operations in Jamaica were significantly impacted by Hurricane Melissa resulting in extensive damage to homes, businesses and infrastructure.
+Added: Based on estimates of the impacts on our Jamaica operations, we recorded impairment charges of $ 56 million to reduce the carrying values of our property and equipment.
+Added: This impairment charge is based on our assessment of currently available information and, accordingly, it is possible that further impairment charges could be required if the adverse impacts of the hurricane or estimated costs of recovery are greater than expected.
+Added: For additional information regarding the impacts of Hurricane Melissa and the fair value method and related assumptions used in our impairment assessments, see note 4.
+Added: (c) During 2024, we recorded a $ 516 million impairment of goodwill at our Liberty Puerto Rico reporting unit.
This impairment was mainly driven by declines in revenue, primarily from mobile subscriber losses, increased bad debt and other adverse impacts largely associated with (i) the migration of customers acquired from AT&T to our mobile network and (ii) various network challenges that have impacted these mobile customers.
−Removed: (c) During 2023, C&W Panama recognized impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases.
+Added: (d) During 2023, C&W Panama recognized impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases.
As of December 31, 2023, these operating lease right-of-use assets were fully amortized.
−Removed: (d) During 2022, we recorded a $ 555 million impairment of goodwill within certain reporting units of our C&W Caribbean segment.
−Removed: This impairment was driven primarily by macroeconomic factors, including higher interest rates, that drove an increase in the discount rates used to value these reporting units.
−Removed: After recording these impairments, the associated reporting units have $ 498 million of goodwill remaining at December 31, 2022.
−Removed: If, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill.
+Added: Based on the results of our impairment test over intangible assets not subject to amortization and impairment test over goodwill, if, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill and intangible assets not subject to amortization.
Any such impairment charges could be significant.
For additional information regarding the fair value methods and related assumptions used in our impairment assessments, see note 4.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
Changes in the carrying amount of our goodwill during 2025 are set forth below:
−Removed: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total
+Added: Liberty Caribbean C&W Panama Liberty Networks Liberty Costa Rica Total
January 1, 2025 $ 1,211.6 $ 617.1 $ 652.2 $ 500.1 $ 2,981.0
−Removed: Acquisition — — — 14.6 — 14.6
Foreign currency translation adjustments and other ( 3.7 ) — 17.1 13.1 26.5
−Removed: Impairment — — — ( 515.7 ) — ( 515.7 )
December 31, 2025 $ 1,207.9 $ 617.1 $ 669.3 $ 513.2 $ 3,007.5
Changes in the carrying amount of our goodwill during 2024 are set forth below:
−Removed: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total
+Added: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Total
January 1, 2024 $ 1,218.1 $ 617.1 $ 655.9 $ 501.1 $ 491.2 $ 3,483.4
−Removed: Acquisitions and related adjustments — — ( 5.7 ) — 5.7 —
−Removed: Foreign currency translation adjustments ( 2.3 ) — 7.6 — 56.8 62.1
+Added: Acquisition — — — 14.6 — 14.6
+Added: Foreign currency translation adjustments and other ( 6.5 ) — ( 3.7 ) — 8.9 ( 1.3 )
+Added: Impairment — — — ( 515.7 ) — ( 515.7 )
December 31, 2024 $ 1,211.6 $ 617.1 $ 652.2 $ — $ 500.1 $ 2,981.0
−Removed: Our accumulated goodwill impairments were $ 3,300 million and $ 2,784 million at December 31, 2024 and 2023, respectively.
+Added: Our accumulated goodwill impairments were $ 3,300 million at both December 31, 2025 and 2024.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Property and Equipment, Net
12 unchanged sentences
Depreciation expense related to our property and equipment was $ 809 million, $ 833 million and $ 840 million during 2025, 2024 and 2023, respectively.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
We recorded non-cash increases to our property and equipment related to vendor financing arrangements of $ 124 million $ 155 million and $ 144 million during 2025, 2024 and 2023, respectively.
7 unchanged sentences
Intangible Assets Subject to Amortization, Net
−Removed: The details of our intangible assets subject to amortization, which had estimated useful lives ranging from four to 25 years at December 31, 2024, are set forth below:
−Removed: Customer relationships (a) $ 898.9 $ 1,327.8
+Added: The details of our intangible assets subject to amortization, which had estimated useful lives ranging from 4 to 25 years at December 31, 2025, are set forth below:
+Added: Customer relationships $ 616.4 $ 898.9
Licenses and other 299.9 259.3
1 unchanged sentence
Accumulated amortization ( 555.3 ) ( 743.9 )
−Removed: Total $ 414.3 $ 541.6
−Removed: (a) The 2024 amount includes $ 7 million of customer relationships attributable to the LPR Acquisition.
−Removed: For additional information regarding the assets acquired as part of the LPR Acquisition, see note 5.
+Added: Total intangible assets subject to amortization, net $ 361.0 $ 414.3
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Amortization expense related to intangible assets with finite useful lives was $ 96 million, $ 136 million and $ 168 million during 2025, 2024 and 2023, respectively.
2 unchanged sentences
Total $ 361.0
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
(8) Operating Leases
13 unchanged sentences
Current $ 95.0 $ 87.5
−Removed: Noncurrent 450.2 483.4
+Added: Long-term 423.6 450.2
Total operating lease liabilities $ 518.6 $ 537.7
5 unchanged sentences
Operating cash outflows from operating leases $ 146.9 $ 131.4 $ 131.9
−Removed: Right-of-use assets obtained in exchange for new operating lease liabilities (b) $ 95.6 $ 53.8 $ 237.4
−Removed: (a) During 2023, we recorded impairment charges totaling $ 52 million associated with certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama.
−Removed: These charges are included in impairment, restructuring and other, net, in our consolidated statements of operations.
−Removed: (b) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 5.
+Added: Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 75.0 $ 95.6 $ 53.8
+Added: (a) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 5.
Liberty Latin America Ltd.
16 unchanged sentences
2025 2024 2025 2024
−Removed: Convertible Notes (d) — $ — $ — $ 213.8 $ — $ 220.3
7.93 % — $ — $ 1,793.8 $ 1,707.2 $ 1,755.0 $ 1,735.0
−Removed: C&W Credit Facilities (e) 6.68 % (f) 613.8 2,671.0 2,663.4 2,690.2 2,694.2
+Added: C&W Credit Facilities (d) 6.62 % (e) 687.5 2,603.7 2,671.0 2,646.2 2,690.2
LPR Senior Secured Notes
2 unchanged sentences
8.15 % $ 116.0 116.0 431.8 598.9 676.5 670.0
+Added: 2030 LPR Term Loan 9.75 % $ 50.0 50.0 200.0 — 208.0 —
LCR Credit Facilities 10.43 % $ 60.0 60.0 538.0 481.7 515.0 450.0
−Removed: Vendor financing, Tower Transactions and other (g) (h) 8.05 % — — 612.6 561.7 612.6 561.7
+Added: Vendor financing, Tower Transactions and other (f) (g) 7.90 % — — 568.1 612.6 568.1 612.6
Total debt before premiums, discounts and deferred financing costs 7.29 % $ 913.5 $ 7,420.9 $ 7,780.5 $ 8,349.8 $ 8,138.8
22 unchanged sentences
For additional information regarding fair value hierarchies, see note 4.
−Removed: (d) In June 2019, Liberty Latin America issued the Convertible Notes, the remaining outstanding original principal amount of which was fully redeemed during the third quarter of 2024.
−Removed: Subject to certain conditions, and adjustments if certain events occurred (as specified in the indenture governing the Convertible Notes), the Convertible Notes could have been converted into Class C common shares.
−Removed: We determined the Conversion Option should be bifurcated from the debt host instrument (the Convertible Notes) and accounted for as a separate financial instrument that qualifies for equity classification.
−Removed: Accordingly, we bifurcated the Conversion Option from the Convertible Notes and initially recorded the estimated fair value as additional paid-in capital and debt discount.
−Removed: The debt discount was accreted through interest expense, using the effective interest method, through maturity of the Convertible Notes.
−Removed: (e) Includes other facilities that are generally repaid in three annual installments.
−Removed: (f) The C&W Credit Facilities unused borrowing capacity comprise certain U.S.
+Added: (d) Includes other facilities that are generally repaid in three annual installments.
+Added: (e) The C&W Credit Facilities unused borrowing capacity comprises certain U.S.
dollar, Trinidad & Tobago dollar and JMD revolving credit facilities.
−Removed: (g) During 2023, we entered into the Tower Transactions associated with certain of our mobile towers across various markets.
+Added: (f) Includes Tower Transactions associated with certain of our mobile towers across various markets.
The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback.
The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our consolidated balance sheets.
−Removed: During 2024 and 2023, we received proceeds of $ 9 million and $ 244 million, respectively , related to the Tower Transactions, which are included in borrowings of debt in our consolidated statement of cash flows.
+Added: During 2025 and 2024, we received proceeds of $ 3 million and $ 9 million, respectively, related to the Tower Transactions, which are included in borrowings of debt in our consolidated statements of cash flows.
+Added: (g) Includes amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions.
+Added: These obligations are generally due within one year , other
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
−Removed: (h) Primarily represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions.
−Removed: These obligations are generally due within one year , other than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that were paid on our behalf by the vendor.
+Added: than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor.
Changes in our vendor financing obligations are set forth below:
7 unchanged sentences
Current portion $ 302.1 $ 324.7
−Removed: Non-current portion $ 3.0 $ 7.1
+Added: Long-term portion $ 3.4 $ 3.0
(i) Our operating expenses include $ 201 million, $ 199 million and $ 177 million for 2025, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our consolidated statements of cash flows.
7 unchanged sentences
Credit Facilities.
−Removed: Each of our borrowing groups has entered into one or more credit facility agreements with certain financial institutions.
+Added: Each of our borrowing groups and unrestricted subsidiaries have entered into one or more credit facility agreements with certain financial institutions.
Each of these credit facilities contain certain covenants, the more notable of which are as follows:
−Removed: • Our credit facilities contain certain net leverage ratios, as specified in the relevant credit facility, which are required to be complied with on an incurrence and/or maintenance basis;
+Added: • Our credit facilities (with the exception of Liberty Puerto Rico unrestricted subsidiaries’ 2030 LPR Term Loan) contain certain net leverage ratios, as specified in the relevant credit facility, which are required to be complied with on an incurrence and/or maintenance basis;
• Our credit facilities contain certain restrictions which, among other things, restrict the ability of the entities of the relevant borrowing group to (i) incur or guarantee certain financial indebtedness, (ii) make certain disposals and acquisitions, (iii) create certain security interests over their assets, in each case, subject to certain customary and agreed exceptions, and (iv) make certain restricted payments to their direct and/or indirect parent companies through dividends, loans or other distributions, subject to compliance with applicable covenants;
19 unchanged sentences
rate Outstanding principal amount Carrying
−Removed: 2027 C&W Senior Notes September 15, 2027 6.875 % $ 735.0 $ 734.3
2032 C&W Senior Secured Notes October 15, 2032 7.125 % $ 1,000.0 $ 990.4
+Added: 2033 C&W Senior Notes January 15, 2033 9.000 % 755.0 746.6
Total $ 1,755.0 $ 1,737.0
−Removed: (a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable.
+Added: (a) Amounts are net of deferred financing costs.
Liberty Latin America Ltd.
3 unchanged sentences
The C&W Notes are subject to certain redemption rights (as specified in the applicable indenture).
−Removed: Some or all of the 2027 C&W Senior Notes and 2032 C&W Senior Secured Notes may be redeemed 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:
+Added: Some or all of the 2032 C&W Senior Secured Notes and 2033 C&W Senior Notes may be redeemed 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
−Removed: 2027 C&W Senior Notes 2032 C&W Senior Secured Notes
+Added: 2032 C&W Senior Secured Notes 2033 C&W Senior Notes
12-month period commencing:
−Removed: September 15 October 15
−Removed: 2025 100.000 % N/A
−Removed: 2026 100.000 % N/A
+Added: October 15 January 15
+Added: 2027 103.563 % (b)
2028 101.781 % 104.500 %
−Removed: 2028 N/A 101.781 %
−Removed: 2029 and thereafter N/A 100.000 %
+Added: 2029 100.000 % 102.025 %
+Added: 2030 and thereafter 100.000 % 100.000 %
N/A – Not applicable.
+Added: (a) At any time prior to October 15, 2027, (i) we may redeem in whole or in part the 2032 C&W Senior Secured Notes by paying a price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on October 15, 2027 plus the present value of all remaining scheduled interest payments through October 15, 2027 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, (ii) we may redeem during each 12-month period commencing on the issue date up to 10 % of the original aggregate principal amount of the notes at a redemption price equal to 103 % of the principal amount of the notes redeemed plus accrued and unpaid interest as of the redemption date and (iii) we may redeem up to 40 % of the aggregate principal amount of the 2032 C&W Senior Secured Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 107.125 % of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date.
+Added: (b) At any time prior to January 15, 2028, (i) we may redeem in whole or in part the 2033 C&W Senior Notes by paying a price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest and an applicable premium, which is generally the redemption price on January 15, 2028 plus the present value of all remaining scheduled interest payments through January 15, 2028 using the discount rate (as specified in the indenture) as of the redemption date plus 50 basis points, and (ii) we may redeem up to 40 % of the aggregate principal amount of the 2033 C&W Senior Notes with the net proceeds of one or more specified equity offerings at a redemption price equal to 109 % of the principal amount of the notes redeemed plus accrued and unpaid interest and additional amounts (as specified in the indenture), if any, as of the redemption date.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
C&W Credit Facilities
2 unchanged sentences
Maturity Interest rate Unused borrowing capacity Outstanding principal amount Carrying
−Removed: CWP Revolving Credit Facility (b)
−Removed: January 18, 2027 Adjusted Term SOFR + 3.75 %
−Removed: $ 20.0 $ — $ —
−Removed: C&W Revolving Credit Facility (b)
−Removed: January 30, 2027 Adjusted Term SOFR + 3.25 % (c)
+Added: 2027 C&W RCF January 30, 2027 Adjusted Term SOFR + 3.25 % (b)
$ 152.0 $ — $ —
−Removed: C&W Term Loan B-5 Facility January 31, 2028 Adjusted Term SOFR + 2.25 % (c)
+Added: 2029 C&W RCF (c)
+Added: April 15, 2029 Term SOFR + 3.25 % (b)
+Added: C&W Term Loan B-6 Facility October 15, 2029 Adjusted Term SOFR + 3.0 % (b)
— 590.0 585.0
−Removed: C&W Term Loan B-6 Facility October 15, 2029 Adjusted Term SOFR + 3.0 % (c)
+Added: C&W Term Loan B-7 Facility January 31, 2032 Term SOFR + 3.25 % (b)
— 1,530.0 1,514.9
3 unchanged sentences
79.5 91.2 91.1
−Removed: C&W Other Facilities (g) 6.48 % (f)
Total $ 687.5 $ 2,646.2 $ 2,623.9
(a) Amounts are net of discounts and deferred financing costs, as applicable.
−Removed: (b) Has a fee on unused commitments of 0.5 % per year.
−Removed: (c) Subject to a SOFR floor of 0 basis points.
−Removed: (d) The unused borrowing capacity on the C&W Regional Facilities comprise certain U.S.
+Added: (b) Subject to a SOFR floor of 0 basis points.
+Added: (c) Has a fee on unused commitments of 0.5 % per year.
+Added: (d) The unused borrowing capacity on the C&W Regional Facilities comprises certain U.S.
dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities.
−Removed: (e) The outstanding principal amount on the C&W Regional Facilities comprise certain JMD, U.S.
−Removed: dollar, East Caribbean dollar denominated credit facilities.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
+Added: (e) The outstanding principal amount on the C&W Regional Facilities comprises certain JMD, U.S.
+Added: dollar and East Caribbean dollar denominated credit facilities.
(f) Represents a weighted average rate.
−Removed: (g) Th e se facilities are generally repaid in three annual installments.
LPR Senior Secured Notes
5 unchanged sentences
(a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Redemption Rights.
8 unchanged sentences
LPR Credit Facilities
+Added: 2030 LPR Credit Agreement
+Added: On September 23, 2025, through the Unrestricted Subsidiaries, we entered into the 2030 LPR Credit Agreement that provides for, among other things, (i) the 2030 LPR Term Loan, which we borrowed during the third quarter of 2025, (ii) delayed draw term loan commitments in an aggregate principal amount of $ 50 million and (iii) uncommitted pari passu incremental term loans of up to $ 350 million aggregate principal amount.
+Added: The obligations under the 2030 LPR Credit Agreement are secured by substantially all of the assets of the Unrestricted Subsidiaries, consisting of, among other things, spectrum and fixed network assets.
+Added: 2030 LPR Term Loan
+Added: The 2030 LPR Term Loan may be repaid at the option of the LPR Unrestricted Subsidiary Borrowers at any time in whole or in part, subject to payment of the following prepayment fees:
+Added: (i) on or prior to the six month anniversary of the closing date (i.e., March 23, 2026), 0 %;
+Added: (ii) after the six month anniversary of the closing date and on or prior to the first anniversary of the closing date, 3 %;
+Added: (iii) after the first anniversary of the closing date and on or prior to the second anniversary of the closing date, 1.00 %;
+Added: and (iv) thereafter, 0 %.
+Added: Subsequent to December 31, 2025, we borrowed the remaining $ 50 million of unused borrowing capacity under the 2030 LPR Credit Agreement.
+Added: Interest on the 2030 LPR Term Loan is payable quarterly, commencing on December 31, 2025, and at maturity.
The details of our borrowings under the LPR Credit Facilities as of December 31, 2025 are summarized in the following table:
3 unchanged sentences
$ 116.0 $ 56.5 $ 56.5
−Removed: 2028 LPR Term Loan October 15, 2028 Adjusted Term SOFR + 3.75 % (c)
+Added: 2028 LPR Term Loan
+Added: October 15, 2028 Adjusted Term SOFR + 3.75 % (c)
— 620.0 617.9
+Added: 2030 LPR Credit Agreement (d)
+Added: September 23, 2030 9.75 % 50.0 208.0 195.8
Total $ 166.0 $ 884.5 $ 870.2
−Removed: (a) Amounts are net of deferred financing costs.
+Added: (a) Amounts are net of discounts and deferred financing costs, as applicable.
(b) Has a fee on unused commitments of 0.5 % per year.
3 unchanged sentences
December 31, 2025, 2024 and 2023
+Added: (d) Has a fee on unused commitments of 1.0 % per year.
LCR Credit Facilities
2 unchanged sentences
capacity Outstanding principal amount Carrying
−Removed: LCR Revolving Credit Facility (b) January 15, 2028 Term SOFR + 4.25 %
+Added: LCR Revolving Credit Facility (b) January 15, 2028 Adjusted Term SOFR + 4.25 %
$ 60.0 $ — $ —
−Removed: 2031 LCR Term Loan A January 15, 2031 10.875 % — 50.0 49.1
−Removed: 2031 LCR Term Loan B January 15, 2031 10.875 % — 400.0 388.5
+Added: 2031 LCR Term Loan A (c)
+Added: January 15, 2031 10.875 % — 50.0 49.2
+Added: 2031 LCR Term Loan B (c)
+Added: January 15, 2031 10.875 % — 400.0 390.4
+Added: 2033 LCR Term Loan A August 14, 2033 Term SOFR + 3.50 %
Total $ 60.0 $ 515.0 $ 502.7
1 unchanged sentence
(b) Has a fee on unused commitments of 0.5 % per year.
+Added: (c) Subsequent to December 31, 2025, $ 40 million of the 2031 LCR Term Loan B outstanding principal amount was repaid at a price of 103 % and $ 5 million of 2031 LCR Term Loan A outstanding principal amount was repaid at par.
Financing and Refinancing Activity
−Removed: During May 2023, the terms of the agreements underlying the C&W Credit Facilities and the LPR Credit Facilities were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for the C&W Term Loan B-5 Facility, the C&W Term Loan B-6 Facility, the C&W Revolving Credit Facility, the 2028 LPR Term Loan and the LPR Revolving Credit Facility for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes.
+Added: During May 2023, the terms of the agreements underlying the C&W Credit Facilities and the LPR Credit Facilities were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for the C&W Term Loan B-5 Facility, the C&W Term Loan B-6 Facility, the 2029 C&W RCF, the 2028 LPR Term Loan and the LPR Revolving Credit Facility for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes.
The credit adjustment spreads applicable to the aforementioned debt instruments are 0.11448 %, 0.26161 % and 0.42826 % for interest periods of one, three and six months, respectively.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
In the tables below, non-cash activity relates to borrowings that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of the outstanding debt instruments within the same borrowing group.
During 2025, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, are as follows:
+Added: Borrowing group/Borrower Instrument Issued at Amount borrowed (a) Non–cash component
+Added: C&W 2027 C&W RCF (b)
+Added: N/A $ 117.1 $ —
+Added: C&W 2029 C&W RCF (b)
+Added: N/A $ 241.9 $ —
+Added: C&W 2033 C&W Senior Notes 100 % $ 755.0 $ —
+Added: C&W C&W Term Loan B-7 Facility 99.5 % $ 1,522.4 $ 1,510.0
+Added: Liberty Puerto Rico 2030 LPR Term Loan 96 % $ 200.0 $ —
+Added: Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 226.1 $ —
+Added: Liberty Costa Rica 2033 LCR Term Loan A 100 % $ 65.0 $ —
+Added: Liberty Costa Rica LCR Revolving Credit Facility N/A $ 61.3 $ —
+Added: N/A – Not applicable.
+Added: (a) Amounts borrowed are net of original issue discounts, as applicable.
+Added: (b) The 2027 C&W RCF and 2029 C&W RCF compose the C&W Revolving Credit Facility.
+Added: During 2025, the C&W Revolving Credit Facility was amended.
+Added: Under the terms of the amended agreement, $ 460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence, if any, of the refinancing of the C&W Term Loan B-6 Facility.
+Added: During 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
Borrowing group/Borrower Instrument Issued at Amount borrowed
7 unchanged sentences
(a) This borrowing is due in three annual installments beginning in May 2025.
−Removed: (b) In September 2024, an extension agreement was executed on the C&W Revolving Credit Facility which extended the maturity date of a portion of the C&W Revolving Credit Facility to:
+Added: (b) In September 2024, an extension agreement was executed on the 2029 C&W RCF, which extended the maturity date of a portion of the 2029 C&W RCF to:
(i) July 31, 2027, upon the refinancing of the 2027 C&W Senior Secured Notes and 2027 C&W Senior Notes in full, (ii) then April 15, 2029, upon the refinancing of the C&W Term Loan B-5 Facility, and (iii) then September 24, 2029, upon the refinancing of the C&W Term Loan B-6 Facility.
−Removed: See Subsequent Events below for details on an agreement entered into after December 31, 2024 that amended this extension agreement.
Liberty Latin America Ltd.
4 unchanged sentences
C&W Other Facilities 100 % $ 69.0
−Removed: C&W Revolving Credit Facility
+Added: C&W Revolving Credit Facility N/A $ 40.0
C&W Regional Facilities
9 unchanged sentences
LCR Revolving Credit Facility (a)
−Removed: (a) For details of the LCR Revolving Credit Facility, see LCR Credit Facilities above.
−Removed: During 2022, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
−Removed: Borrowing group/Borrower Instrument Issued at Amount borrowed Non-cash component
−Removed: C&W 2028 CWP Term Loan 100 % $ 435.0 $ 272.9
+Added: (a) For details on the LCR Revolving Credit Facility, see LCR Credit Facilities above.
During 2025, we made certain repurchases or repayments on the following debt instruments:
+Added: Borrowing group/Borrower Instrument Redemption Price Amount paid Non-cash component
+Added: C&W 2027 C&W RCF
+Added: 100 % $ 109.7 $ —
+Added: C&W 2029 C&W RCF
+Added: 100 % $ 279.3 $ —
+Added: C&W 2027 C&W Senior Notes 100.859 % $ 735.0 $ —
+Added: C&W C&W Term Loan B-5 Facility 100 % $ 1,510.0 $ 1,510.0
+Added: C&W C&W Regional Facilities 100 % $ 30.5 $ —
+Added: Liberty Puerto Rico LPR Revolving Credit Facility 100 % $ 219.6 $ —
+Added: Liberty Costa Rica LCR Revolving Credit Facility 100 % $ 61.3 $ —
+Added: During 2024, we made certain repurchases or repayments on the following debt instruments:
Borrowing group/Borrower Instrument Redemption price Amount paid
15 unchanged sentences
During 2023, we made certain repurchases or repayments on the following debt instruments:
−Removed: Borrowing group / Borrower Instrument Redemption price Borrowing currency USD equivalent (a)
+Added: Borrowing group/Borrower Amount paid
+Added: Instrument Redemption price Borrowing currency USD equivalent (a)
USD in millions, CRC in billions
6 unchanged sentences
Liberty Latin America Convertible Notes (b) $ 173.0 $ 173.0
−Removed: (a) Translated at the transaction date, if applicable.
+Added: (a) Translated at the transaction date, as applicable.
(b) During 2023, we repurchased and cancelled $ 182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9 %.
In connection with these repurchases, we unwound $ 182 million of the related Convertible Notes Capped Calls.
−Removed: During 2022, we made certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities:
−Removed: Borrowing group/ Borrower Instrument Redemption price Amount paid Non-cash component
−Removed: C&W C&W Regional Facilities 100 % $ 272.9 $ 272.9
−Removed: VTR VTR Notes (a) $ 48.1 $ —
−Removed: (a) During the third quarter of 2022, in aggregate we repurchased and cancelled approximately $ 91 million original principal amount of certain of the outstanding senior secured notes and senior notes of the Chile JV Entities.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
Maturities of Debt
15 unchanged sentences
Current portion $ 328.0 $ 77.0 $ — $ 1.3 $ 406.3
−Removed: Noncurrent portion $ 4,533.8 $ 2,637.7 $ 437.6 $ 1.5 $ 7,610.6
+Added: Long-term portion $ 4,534.5 $ 2,826.3 $ 502.7 $ 0.7 $ 7,864.2
(a) Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.
−Removed: Subsequent Events
−Removed: The following transactions took place subsequent to December 31, 2024:
−Removed: • C&W entered into a $ 1.5 billion principal amount Term SOFR + 3.25 % term loan due January 31, 2032.
−Removed: The drawdown on the C&W Term Loan B-7 Facility was made at a 99.5 % original issue discount.
−Removed: The net proceeds from the C&W Term Loan B-7 Facility were used to repay in full the C&W Term Loan B-5 Facility at par.
−Removed: • C&W issued $ 755 million of 9.00 % senior notes due January 15, 2033, at par.
−Removed: The net proceeds from the 2033 C&W Senior Notes were used to redeem in full the remaining 2027 C&W Senior Notes at 100.859 %.
−Removed: • An increase and amendment agreement was signed in respect of the extension agreement on the C&W Revolving Credit Facility originally entered into in September 2024.
−Removed: In accordance with this increase and amendment agreement, including certain new commitments that were made available thereunder, a total of $ 460 million of commitments under the C&W Revolving Credit Facility (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility (which occurred subsequent to December 31, 2024), and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence of the refinancing of the C&W Term Loan B-6 Facility.
Liberty Latin America Ltd.
8 unchanged sentences
Net pension asset $ 22.7 $ 28.0
−Removed: (a) Amounts includes an indemnification asset from the Bahama’s government of $ 115 million and $ 85 million, respectively, and investments in U.K.
+Added: (a) Amounts include an indemnification asset from The Bahamas government of $ 113 million and $ 115 million, respectively, and investments in U.K.
Gilts of $ 24 million and $ 23 million, respectively.
3 unchanged sentences
Net pension asset $ 22.7 $ 28.0
−Removed: (a) Amounts includes an indemnification asset from the Bahama’s government of $ 115 million and $ 85 million, respectively, and investments in U.K.
+Added: (a) Amounts include an indemnification asset from The Bahamas government of $ 113 million and $ 115 million, respectively, and investments in U.K.
Gilts of $ 24 million and $ 23 million, respectively.
−Removed: (b) The weighted average discount rate used in determining our benefit obligations was 6.1 % and 5.6 % at December 31, 2024 and 2023, respectively.
+Added: (b) The weighted average discount rate used in determining our benefit obligations was 6.1 % for each of the years ended December 31, 2025 and 2024.
A 1.0 % increase or decrease in the weighted average discount rate would have a ($ 34 million ) or $ 40 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below).
45 unchanged sentences
Under the Share Repurchase Programs, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.
−Removed: At December 31, 2024, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $ 242 million, which is net of the premium associated with the capped call option contracts, as further described below.
+Added: At December 31, 2025, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $ 200 million.
Liberty Latin America Ltd.
7 unchanged sentences
During 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on 1.7 million and 4.3 million Liberty Latin America Class A and Class C common shares, respectively, with a low exercise price and a capped payout.
−Removed: These contracts will expire 12 to 18 months following a June 2024 trade date and can result in the receipt of cash or shares at our election.
−Removed: Shares acquired through the exercise of the call options will be included in our share repurchases.
+Added: Shares acquired through the exercise of the call options are included in our share repurchases.
The capped call option contracts are not considered derivative instruments as the contracts are indexed to our Class A and Class C common shares and are therefore classified within shareholders’ equity.
At December 31, 2024, the aggregate premium associated with these capped call option contracts of $ 15 million is included as a reduction of additional paid-in capital in our consolidated statement of equity and as a financing cash outflow in our consolidated statement of cash flows.
+Added: During 2025, we exercised some of our rights pursuant to the capped call option contracts, which resulted in 0.6 million shares being effectively repurchased and reflected in treasury stock at December 31, 2025.
+Added: LCR NCI Transaction
+Added: During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire an additional 8.5 % of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $ 84 million.
+Added: The consideration comprises CRC 22 billion ($ 44 million) and $ 40 million, with 62.5 % of the purchase price due upon closing and the remaining 37.5 % due on January 29, 2027.
+Added: Subsequent to December 31, 2025, we paid the first installment payment of $ 53 million.
(12) Share-based Compensation and Other Employee Incentive Plan-related Expense
10 unchanged sentences
RSUs issued under the Nonemployee Director Incentive Plan vest on the first anniversary of the grant date.
−Removed: During 2023, we implemented the Long-term Value Plan component of the Employee Incentive Plan, whereby employees receive a fixed-value award based upon a percentage of annual employee base compensation that vests annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.
−Removed: During 2024 and 2023, we recognized $ 14 million and $ 6 million, respectively, of expense associated with the LTVP, which is recorded in other operating costs and expenses in our consolidated statements of operations.
−Removed: Each vesting tranche of the LTVP is accrued over the vesting period to our consolidated balance sheet in accrued payroll and employee benefits until settlement on the vesting date, which is generally in March of each year.
−Removed: The first vesting tranche of the LTVP was settled in cash during March 2024 and totaled $ 8 million.
+Added: During 2023, we implemented the Long-term Value Plan component of the Employee Incentive Plan, whereby employees receive a fixed-value award based upon a percentage of annual employee base compensation that vests
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
+Added: annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.
+Added: During 2025, 2024, and 2023, we recognized $ 21 million, $ 14 million, and $ 6 million, respectively, of expense associated with the LTVP, which is recorded in other operating costs and expenses in our consolidated statements of operations.
+Added: Each vesting tranche of the LTVP is accrued over the vesting period to our consolidated balance sheet in accrued payroll and employee benefits until settlement on the vesting date, which is generally in March of each year.
+Added: Details on how these awards were settled can be found in the table below.
Performance Awards .
The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees:
−Removed: During 2022, our Chief Executive Officer was awarded a total of 0.6 million Class B PSUs, of which (i) 0.1 million were earned and vested immediately, (ii) 0.2 million were earned and vested in each of March 2023 and March 2024 and (iii) 0.2 million will vest in March 2025 based upon the achievement of certain individual qualitative objectives.
−Removed: At December 31, 2024 and 2023, we had 0.2 million and 0.3 million Class B PSUs outstanding.
+Added: During 2022, our Chief Executive Officer was awarded a total of 0.6 million Class B PSUs, of which the first two tranches were earned and vested in each of March 2023 and March 2024, respectively.
+Added: The remaining 0.2 million will vest in March 2026 based upon the achievement of certain individual qualitative objectives.
+Added: At both December 31, 2025 and 2024, we had 0.2 million Class B PSUs outstanding.
During 2021 and 2022, certain key employees received the 2021 PSARs.
19 unchanged sentences
SARs $ 3.92 $ 3.60 $ 4.31
−Removed: PSARs N/A N/A $ 5.92
RSUs $ 6.53 $ 6.98 $ 7.96
PSUs $ — $ 5.90 $ 8.00
+Added: Cash used to settle equity awards (in millions)
As of December 31, 2025, we have $ 77 million of total unrecognized compensation expense related to awards held by our employees that is expected to be recognized as a future expense over a weighted-average period of approximately 1.6 years.
For the amount of share-based compensation and other Employee Incentive Plan-related expense recognized during each period presented, see note 17.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
2024 Modification
2 unchanged sentences
This modification resulted in the recognition of aggregate incremental share-based compensation expense during 2024 totaling $ 14 million and impacted over 200 grantees.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
Share-based Incentive Award Activity
49 unchanged sentences
On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda.
−Removed: While Bermuda does not currently assess taxes on income, subsidiaries in other jurisdictions are taxable operations and file income tax returns in their respective jurisdictions.
+Added: Effective as of January 1, 2025, Bermuda enacted the Corporate Income Tax Act 2023, which assesses taxes on income at a 15% statutory rate.
+Added: For all years prior to this, Bermuda did not assess taxes on income.
+Added: The majority of subsidiaries in other jurisdictions are taxable operations and file income tax returns in their respective jurisdictions.
The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis, unless a combined or consolidated tax return regime is permitted.
6 unchanged sentences
(a) Liberty Latin America is considered a stand-alone Bermuda entity.
−Removed: (b) Amounts for the year ended December 31, 2024 include a goodwill impairment charge of $ 516 million, which occurred at our Liberty Puerto Rico reporting unit.
−Removed: Amounts for the year ended December 31, 2022 include a goodwill impairment charge of $ 555 million and an impairment associated with a cost method investment of $ 13 million, both of which occurred at C&W Caribbean.
−Removed: (c) For the year ended December 31, 2024, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include the Bahamas, Barbados, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, the U.K., the United States, and USVI.
+Added: (b) Amounts for the year ended December 31, 2025 include a spectrum impairment charge of $ 494 million and for the year ended December 31, 2024 include a goodwill impairment charge of $ 516 million, both of which occurred at our Liberty Puerto Rico reporting unit.
+Added: (c) For the year ended December 31, 2025, significant jurisdictions that comprise the “foreign” component of our loss before income taxes are detailed in the effective rate reconciliation section below.
+Added: For the year ended December 31, 2024, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include The Bahamas, Barbados, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, the U.K., the United States, and USVI.
For the year ended December 31, 2023, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include The Bahamas, Barbados, the British Virgin Islands, Colombia, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, St.
Lucia, Trinidad and Tobago, the U.K., the United States and USVI.
−Removed: For the year ended December 31, 2022, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include the Bahamas, Barbados, the British Virgin Islands, Chile, Colombia, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Spain, Trinidad and Tobago, the U.K., the United States and USVI.
Liberty Latin America Ltd.
15 unchanged sentences
Total $ ( 111.8 ) $ 87.4 $ ( 24.4 )
−Removed: Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed by using the applicable tax rate as a result of the following:
+Added: Income tax benefit (expense) attributable to our loss before income taxes for the year ended December 31, 2025 differs from the amounts computed by using the applicable tax rate as a result of the following (in millions, except percentages):
+Added: Amount Percent
+Added: Bermuda federal statutory income tax rate (a) $ 97.9 ( 15.0 ) %
+Added: Domestic federal
+Added: Changes in valuation allowances ( 15.9 ) 2.4 %
+Added: Foreign tax effects
+Added: Statutory income tax rate differential 8.2 ( 1.3 ) %
+Added: Other 0.4 ( 0.1 ) %
+Added: Other ( 6.2 ) 0.9 %
+Added: Net nondeductible acquisition debt interest and FX ( 8.5 ) 1.3 %
+Added: Statutory income tax rate differential ( 10.8 ) 1.7 %
+Added: Other ( 1.3 ) 0.2 %
+Added: Changes in valuation allowances 26.8 ( 4.1 ) %
+Added: Other ( 3.3 ) 0.5 %
+Added: Nontaxable capital gains 11.0 ( 1.7 ) %
+Added: Cross-border tax laws ( 8.8 ) 1.3 %
+Added: Changes in valuation allowances 4.9 ( 0.8 ) %
+Added: Statutory income tax rate differential ( 9.8 ) 1.5 %
+Added: Other ( 2.7 ) 0.4 %
+Added: Changes in valuation allowances 12.0 ( 1.8 ) %
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: Amount Percent
+Added: Statutory income tax rate differential ( 6.2 ) 0.9 %
+Added: Other ( 4.6 ) 0.7 %
+Added: Tax credits ( 19.7 ) 3.0 %
+Added: Nontaxable interest income 6.8 ( 1.0 ) %
+Added: Cross-border tax laws ( 10.0 ) 1.5 %
+Added: Changes in valuation allowances 49.9 ( 7.6 ) %
+Added: Statutory income tax rate differential 143.0 ( 21.9 ) %
+Added: Other – Change in deferred rate already enacted ( 50.4 ) 7.7 %
+Added: Other ( 21.4 ) 3.3 %
+Added: Nondeductible investment losses ( 8.5 ) 1.3 %
+Added: Statutory income tax rate differential 5.1 ( 0.8 ) %
+Added: Other ( 4.3 ) 0.7 %
+Added: United Kingdom
+Added: Changes in valuation allowances ( 67.9 ) 10.4 %
+Added: Statutory income tax rate differential 25.0 ( 3.8 ) %
+Added: Other 15.0 ( 2.3 ) %
+Added: United States
+Added: Tax credits 8.9 ( 1.4 ) %
+Added: Nondeductible compensation expenses ( 5.0 ) 0.8 %
+Added: Cross-border tax laws ( 36.5 ) 5.6 %
+Added: Changes in valuation allowances ( 9.8 ) 1.5 %
+Added: Other 4.1 ( 0.6 ) %
+Added: Changes in valuation allowances ( 7.6 ) 1.2 %
+Added: Other 5.3 ( 0.8 ) %
+Added: Other foreign jurisdictions ( 13.6 ) 2.1 %
+Added: Worldwide changes in unrecognized tax benefits 7.0 ( 1.1 ) %
+Added: Effective income tax rate $ 98.5 ( 15.1 ) %
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: Income tax benefit (expense) attributable to our loss before income taxes for the years ended December 31, 2024 and 2023, differs from the amounts computed by using the applicable tax rate, as a result of the following:
Year ended December 31,
−Removed: 2024 2023 2022
Computed expected tax benefit (a) $ — $ —
1 unchanged sentence
Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities 0.6 1.5
−Removed: Decreases (increases) in valuation allowances ( 160.8 ) ( 161.5 ) 188.8
+Added: Increases in valuation allowances ( 171.8 ) ( 161.5 )
Expiration of deferred tax assets with full valuation allowance ( 14.7 ) ( 12.3 )
7 unchanged sentences
Total income tax benefit (expense) $ 0.2 $ ( 24.4 )
−Removed: (a) On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where the Company has a “statutory” or “expected” tax rate of 0% during each 2024, 2023 and 2022.
−Removed: The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable rates, resulting in “international rate differences,” as shown in the table above that reflect the computed tax benefit (expense) of pre-tax book earnings (loss) in the respective taxable jurisdiction.
+Added: (a) Liberty Latin America was formed as a corporation in Bermuda where the company has a “statutory” or “expected” tax rate of 15%, effective as of January 1, 2025.
+Added: For years ended December 31, 2023 and 2024, the Bermuda statutory tax rate was 0%.
+Added: The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable statutory rates, resulting in “international rate differences,” as shown in the table above.
+Added: These line items reflect the computed tax benefit (expense) of pre-tax book earnings (loss) in the respective taxable jurisdiction.
(b) Permanent differences primarily relate to various non-taxable income or non-deductible expenses, such as CARICOM treaty income, limitations on deductible management fees, or executive compensation, among others.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
(c) The corporate tax rates applicable to our primary material jurisdictions are as follows:
+Added: The Bahamas, 0%;
Barbados, 9%;
10 unchanged sentences
(f) On May 24, 2024, the Barbados Parliament enacted legislation to increase the corporate income tax rate to 9% with effect from January 1, 2024.
−Removed: The impact of this rate change on our deferred tax balance was substantially recorded during the second quarter of 2024 when the legislation was enacted.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.
18 unchanged sentences
Un-remitted foreign earnings ( 0.6 ) —
+Added: Other future taxable amounts ( 0.5 ) —
Deferred tax liabilities ( 660.4 ) ( 961.0 )
Net deferred tax liability $ ( 207.6 ) $ ( 447.3 )
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
The changes in our valuation allowances are summarized below:
2 unchanged sentences
Balance at January 1 $ 2,115.8 $ 1,942.5 $ 1,780.4
−Removed: Net tax expense (benefit) related to operations 160.8 161.5 ( 188.8 )
+Added: Net tax expense related to operations 88.0 171.8 161.5
Translation adjustments 0.2 ( 0.6 ) ( 1.1 )
1 unchanged sentence
Balance at December 31 $ 2,204.8 $ 2,115.8 $ 1,942.5
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
Deferred tax assets related to net operating losses may be used to offset future taxable income.
5 unchanged sentences
Amount attributable to net operating losses 1,335.5 333.9 Indefinite
−Removed: Barbados 517.3 46.6 2025 - 2030
Puerto Rico 700.8 154.7 2026 - Indefinite
Bermuda 516.1 77.4 Indefinite
+Added: Barbados 501.4 45.1 2026 - 2031
Jamaica 352.2 117.3 Indefinite
3 unchanged sentences
Saint Martin 23.2 4.6 Indefinite
+Added: Venezuela 22.4 7.6 2026-2028
Panama 8.8 2.2 2026 - 2028
10 unchanged sentences
A valuation allowance of $ 13 million has been recorded against the alternative minimum tax credit carryforwards where we do not expect to realize a future benefit.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
−Removed: In 2024, we have research and development credit carryforwards of $ 14 million available in Puerto Rico for which current law provides no period of expiration.
Through our consolidated subsidiaries, we maintain a presence in many countries.
5 unchanged sentences
In the normal course of business, our income tax filings are subject to review by various taxing authorities.
−Removed: In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction.
+Added: In connection with such reviews, disputes could arise with the taxing authorities over the
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
+Added: interpretation or application of certain income tax rules related to our business in that tax jurisdiction.
Such disputes may result in future tax and interest and penalty assessments by these taxing authorities.
8 unchanged sentences
Additions for tax positions of prior years 7.4 2.5 0.7
−Removed: Additions (reductions) based on tax positions related to the current year — 6.0 14.5
+Added: Additions based on tax positions related to the current year — — 6.0
Lapse of statute of limitations ( 1.5 ) ( 2.7 ) ( 1.4 )
−Removed: Foreign currency translation — — 0.1
Decrease for settlement with tax authorities — ( 2.9 ) —
6 unchanged sentences
No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2026.
−Removed: During 2024, 2023 and 2022, our income tax benefit (expense) includes interest expense (income) of ($ 3.3 million), $ 12.4 million and $ 0.2 million, respectively, representing the net accrual of interest and penalties incurred during the respective
+Added: During 2025, 2024 and 2023, our income tax benefit (expense) includes interest expense (income) of $ 4 million, ($ 3 million) and $ 12 million, respectively, representing the net accrual of interest and penalties incurred during the respective period.
+Added: Our other long-term liabilities include accrued interest and penalties of $ 26 million and $ 22 million at December 31, 2025 and 2024, respectively.
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
−Removed: Our other long-term liabilities include accrued interest and penalties of $ 22 million and $ 25 million at December 31, 2024 and 2023, respectively.
+Added: Cash taxes paid (refunded) for the year ended December 31, 2025 are as set forth below (in millions):
+Added: Bermuda federal *
+Added: Bermuda state and local *
+Added: Costa Rica $ 43.6
+Added: United Kingdom ( 9.8 )
+Added: United States 46.9
+Added: Total $ 159.4
+Added: * The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.
(14) Earnings or Loss per Share
9 unchanged sentences
(a) During 2025, 2024 and 2023, we reported losses attributable to Liberty Latin America shareholders.
−Removed: As a result, the potentially dilutive effect at each period of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, and for 2023 and 2022 PSARs, because such awards had not yet met the applicable performance criteria:
+Added: As a result, the potentially dilutive effect at each period of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, and for 2023 PSARs, because such awards had not yet met the applicable performance criteria:
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
2025 2024 2023
5 unchanged sentences
Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) (i)
−Removed: (i) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during the 2023 and 2022 periods, the Convertible Notes Capped Calls provided an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap.
+Added: (i) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during 2023, the Convertible Notes Capped Calls provided an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap.
During 2024, the Convertible Notes Capped Calls expired at maturity or were unwound in connection with redemption activity on the Convertible Notes, as further described in note 9.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
(15) Accumulated Other Comprehensive Earnings or Loss
9 unchanged sentences
Balance at January 1, 2023 $ ( 83.7 ) $ ( 65.5 ) $ ( 149.2 ) $ ( 11.0 ) $ ( 160.2 )
−Removed: Other comprehensive loss 53.8 ( 113.3 ) ( 59.5 ) ( 0.5 ) ( 60.0 )
−Removed: Balance at December 31, 2022 ( 83.7 ) ( 65.5 ) ( 149.2 ) ( 11.0 ) ( 160.2 )
−Removed: Other comprehensive loss 24.9 ( 73.7 ) ( 48.8 ) 1.1 ( 47.7 )
+Added: Other comprehensive earnings (loss) 24.9 ( 73.7 ) ( 48.8 ) 1.1 ( 47.7 )
Balance at December 31, 2023 ( 58.8 ) ( 139.2 ) ( 198.0 ) ( 9.9 ) ( 207.9 )
1 unchanged sentence
Balance at December 31, 2024 ( 33.2 ) ( 121.0 ) ( 154.2 ) ( 9.6 ) ( 163.8 )
+Added: Other comprehensive earnings (loss) 33.2 ( 3.6 ) 29.6 1.6 31.2
+Added: Balance at December 31, 2025 $ — $ ( 124.6 ) $ ( 124.6 ) $ ( 8.0 ) $ ( 132.6 )
Liberty Latin America Ltd.
8 unchanged sentences
Other comprehensive earnings 30.9 0.3 31.2
−Removed: Other comprehensive gain attributable to noncontrolling interests (a) ( 0.3 ) — ( 0.3 )
+Added: Other comprehensive earnings attributable to noncontrolling interests (a) ( 1.6 ) — ( 1.6 )
Other comprehensive earnings attributable to Liberty Latin America shareholders $ 29.3 $ 0.3 $ 29.6
2 unchanged sentences
Pension-related adjustments and other 18.2 — 18.2
−Removed: Other comprehensive loss ( 47.7 ) — ( 47.7 )
−Removed: Other comprehensive gain attributable to noncontrolling interests (a) ( 1.1 ) — ( 1.1 )
−Removed: Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 48.8 ) $ — $ ( 48.8 )
+Added: Other comprehensive earnings 44.1 — 44.1
+Added: Other comprehensive earnings attributable to noncontrolling interests (a) ( 0.3 ) — ( 0.3 )
+Added: Other comprehensive earnings attributable to Liberty Latin America shareholders $ 43.8 $ — $ 43.8
Year ended December 31, 2023:
2 unchanged sentences
Other comprehensive loss ( 47.7 ) — ( 47.7 )
−Removed: Other comprehensive loss attributable to noncontrolling interests (a) 0.5 — 0.5
+Added: Other comprehensive earnings attributable to noncontrolling interests (a) ( 1.1 ) — ( 1.1 )
Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 48.8 ) $ — $ ( 48.8 )
(a) Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments, pension-related adjustments, and other adjustments.
+Added: Liberty Latin America Ltd.
+Added: Notes to Consolidated Financial Statements – (Continued)
+Added: December 31, 2025, 2024 and 2023
(16) Commitments and Contingencies
2 unchanged sentences
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.
−Removed: For commitments associated with the LPR Acquisition and the Costa Rica Transactions, see note 5.
+Added: For commitments associated with the LPR Acquisition and the LCR NCI Transaction, see note 5 and 11, respectively.
Regulatory Issues.
2 unchanged sentences
Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
+Added: During 2024, we received a claim from a third party with respect to possible overpayments made to us under a transitional services agreement.
+Added: We are currently unable to estimate a possible loss or range of possible loss associated with this claim.
(17) Segment Reporting
3 unchanged sentences
As of December 31, 2025 , unless otherwise specified below, our operating segments, which are also our reportable segments, are as follows:
−Removed: • C&W Caribbean;
+Added: • Liberty Caribbean;
• C&W Panama;
2 unchanged sentences
• Liberty Costa Rica.
−Removed: • VTR (through September 30, 2022, see note 6).
Performance Measures of our Reportable Segments
9 unchanged sentences
December 31, 2025, 2024 and 2023
−Removed: The amounts presented below represent 100 % of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations.
+Added: The amounts presented below represent 100 % of the revenue and Adjusted OIBDA of each of our reportable segments.
As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100 % of the revenue and expenses of these entities in our 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 (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.
−Removed: Subsequent to the formation of the Chile JV during October 2022, VTR is no longer consolidated.
Year ended December 31,
2025 2024 2023
−Removed: C&W Caribbean $ 1,462.8 $ 1,437.0 $ 1,436.8
+Added: Liberty Caribbean $ 1,455.0 $ 1,462.8 $ 1,437.0
C&W Panama 783.5 763.2 742.6
2 unchanged sentences
Liberty Costa Rica 632.2 613.1 547.9
−Removed: VTR — — 450.6
Total operating segment revenue 4,540.9 4,537.0 4,598.5
5 unchanged sentences
2025 2024 2023
−Removed: C&W Caribbean $ 633.3 $ 596.9 $ 535.2
+Added: Liberty Caribbean $ 672.9 $ 633.3 $ 596.9
C&W Panama 298.9 269.7 227.7
2 unchanged sentences
Liberty Costa Rica 235.5 229.5 203.1
−Removed: VTR — — 115.6
Total operating segment Adjusted OIBDA $ 1,819.1 $ 1,655.0 $ 1,774.7
−Removed: Corporate ( 89.8 ) ( 73.1 ) ( 71.5 )
−Removed: Consolidated Adjusted OIBDA $ 1,593.7 $ 1,701.6 $ 1,709.9
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
−Removed: The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to loss before income taxes:
+Added: The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes:
Year ended December 31,
2025 2024 2023
−Removed: Total Adjusted OIBDA $ 1,593.7 $ 1,701.6 $ 1,709.9
−Removed: Share-based compensation and other Employee Incentive Plan-related expense (a) ( 84.0 ) ( 88.7 ) ( 93.5 )
+Added: Total reportable segment Adjusted OIBDA
+Added: $ 1,819.1 $ 1,655.0 $ 1,774.7
+Added: Corporate (a) ( 112.8 ) ( 89.8 ) ( 73.1 )
+Added: Share-based compensation and other Employee Incentive Plan-related expense (b)
+Added: ( 75.0 ) ( 84.0 ) ( 88.7 )
Depreciation and amortization ( 904.9 ) ( 968.3 ) ( 1,008.3 )
4 unchanged sentences
Foreign currency transaction gains (losses), net ( 42.7 ) ( 18.3 ) 70.3
−Removed: Gains (losses) on debt extinguishments, net ( 5.5 ) ( 3.9 ) 41.1
−Removed: Gain on disposal of the Chile JV Entities — — 169.4
+Added: Losses on debt extinguishments, net ( 14.4 ) ( 5.5 ) ( 3.9 )
Other expense, net ( 27.5 ) ( 13.7 ) ( 10.6 )
Loss before income taxes $ ( 652.8 ) $ ( 659.9 ) $ ( 62.4 )
−Removed: (a) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.
+Added: (a) Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, which is not considered an operating segment of Liberty Latin America.
+Added: (b) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.
Our programming and other direct costs of services by major category, which are further discussed below, are as follows:
4 unchanged sentences
Equipment 330.3 315.9 320.6
−Removed: Other 161.6 160.1 130.1
+Added: Project-related and other 158.4 161.6 160.1
Total programming and other direct costs of services $ 975.9 $ 989.4 $ 1,020.4
11 unchanged sentences
Share-based compensation and other Employee Incentive Plan-related expense
+Added: 75.0 84.0 88.7
Total other operating costs and expenses (a) $ 1,835.0 $ 1,976.2 $ 1,877.8
−Removed: (a) Significant operating costs and expenses reviewed by our CODM represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.
+Added: (a) Amounts represent total other operating costs and expenses as set forth in our consolidated statements of operations.
+Added: These amounts differ from significant operating costs and expenses reviewed by our CODM, which represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.
Property and Equipment Additions of our Reportable Segments
3 unchanged sentences
2025 2024 2023
−Removed: C&W Caribbean $ 226.9 $ 235.1 $ 230.7
+Added: Liberty Caribbean $ 207.5 $ 226.9 $ 235.1
C&W Panama 104.1 104.8 117.0
2 unchanged sentences
Liberty Costa Rica 86.1 81.4 75.3
−Removed: VTR — — 107.3
Corporate 23.6 42.0 36.9
1 unchanged sentence
Assets acquired under capital-related vendor financing arrangements ( 123.9 ) ( 154.9 ) ( 143.8 )
+Added: Assets acquired under capital leases ( 4.9 ) — —
Changes in current liabilities related to capital expenditures and other ( 11.3 ) ( 30.0 ) ( 2.1 )
17 unchanged sentences
Barbados 171.4 163.8 157.6
−Removed: Curacao 136.2 135.6 134.0
−Removed: Chile — — 450.6
Other (b) 603.1 590.5 592.0
2 unchanged sentences
(b) The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.
−Removed: Liberty Latin America Ltd.
−Removed: Notes to Consolidated Financial Statements – (Continued)
−Removed: December 31, 2024, 2023 and 2022
The long-lived assets of our geographic markets are set forth below:
7 unchanged sentences
Barbados 134.9 138.6
−Removed: Curacao 107.0 127.8
Other (a) 667.9 688.7
13 unchanged sentences
Year ended December 31, 2025
−Removed: C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
+Added: Reportable Segments
+Added: Liberty Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
Residential revenue:
9 unchanged sentences
B2B revenue (c)
+Added: 502.5 304.9 471.0 174.4 68.9 2.1 ( 113.6 ) 1,410.2
Other revenue — — — 26.9 — — — 26.9
7 unchanged sentences
Year ended December 31, 2024
−Removed: C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
+Added: Reportable Segments
+Added: Liberty Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
Residential revenue:
9 unchanged sentences
B2B revenue (c)
+Added: 516.8 302.7 447.5 206.7 75.9 1.0 ( 109.8 ) 1,440.8
Other revenue — — — 33.6 — — — 33.6
7 unchanged sentences
Year ended December 31, 2023
−Removed: C&W Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total
+Added: Reportable Segments
+Added: Liberty Caribbean C&W Panama Liberty Networks (a) Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
Residential revenue:
9 unchanged sentences
B2B revenue (c)
+Added: 511.4 308.0 453.3 224.3 67.0 1.2 ( 108.8 ) 1,456.4
Other revenue — — — 40.5 — — — 40.5
11 unchanged sentences
• Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;
−Removed: • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
Liberty Latin America Ltd.
1 unchanged sentence
December 31, 2025, 2024 and 2023
+Added: • Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
• Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers;
2 unchanged sentences
Reportable Segments
−Removed: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
+Added: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
Programming and copyright $ 64.5 $ 20.5 $ — $ 101.8 $ 37.8 $ — $ — $ 224.6
15 unchanged sentences
Reportable Segments
−Removed: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
+Added: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
Programming and copyright $ 64.2 $ 22.0 $ — $ 109.8 $ 37.6 $ — $ — $ 233.6
15 unchanged sentences
Reportable Segments
−Removed: C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total
+Added: Liberty Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total
Programming and copyright $ 71.5 $ 21.4 $ — $ 112.4 $ 33.1 $ — $ ( 1.2 ) $ 237.2
21 unchanged sentences
Investments in consolidated subsidiaries
−Removed: 949.8 1,850.9
Total assets $ 595.5 $ 1,184.4
2 unchanged sentences
Related-party liabilities $ 32.7 $ 92.7
−Removed: Current portion of debt and finance lease obligations — 214.7
Other accrued and current liabilities 5.8 3.1
Total current liabilities
+Added: Other long-term liabilities 1.4 —
Total liabilities 39.9 95.8
11 unchanged sentences
192.4 million and 156.3 million shares issued and outstanding, respectively, at December 31, 2024
+Added: Undesignated preference shares, $ 0.01 par value;
+Added: 50.0 million shares authorized;
+Added: nil shares issued and outstanding at each period
Treasury shares, at cost;
33 unchanged sentences
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
−Removed: Equity in losses of consolidated subsidiaries, net 621.0 16.5 94.6
+Added: Equity in loss of consolidated subsidiaries, net 550.2 653.4 16.5
Share-based compensation and other Employee Incentive Plan-related expense 1.9 ( 1.7 ) 10.7
8 unchanged sentences
Cash flows from financing activities:
−Removed: Borrowings of related-party debt — — 30.0
Payments of principal amounts of debt and finance lease obligations — ( 219.2 ) ( 173.0 )
2 unchanged sentences
Other financing activities, net 2.9 0.3 ( 1.3 )
−Removed: Net cash used by financing activities ( 316.4 ) ( 292.6 ) ( 139.5 )
+Added: Net cash provided (used) by financing activities 2.9 ( 316.4 ) ( 292.6 )
Net increase (decrease) in cash, cash equivalents and restricted cash 3.3 ( 17.5 ) 4.4
30 unchanged sentences
4.5 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.8 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 19, 2020 (File No.
−Removed: 001-38335) ).
4.6 Indenture dated March 30, 2021, between LCPR Senior Secured Financing Designated Activity Company, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch as Paying Agent, The Bank of New York Mellon, London Branch as Registrar and Transfer Agent, and The Bank of Nova Scotia as Security Trustee relating to LCPR’s 5.125% senior secured notes due 2029 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 5, 2021 (File No.
001-38335) (the May 2021 10-Q )).
−Removed: 4.7 Indenture dated February 11, 2025 and entered into between, among others, C&W Senior Finance Limited and The Bank of New York Mellon, London Branch .
+Added: 4.7 Indenture dated February 11, 2025 and entered into between, among others, C&W Senior Finance Limited and The Bank of New York Mellon, London Branch (incorporated by reference to Exhibit 4.7 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 19, 2025 (File No.
+Added: 001-38335) (the FY 2024 10-K ) ) .#
+Added: 4.8 Indenture dated as of October 25, 2019 and entered into between, LCPR Senior Secured Financing Designated Activity Company, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch as Principal Paying Agent, the Bank of New York Mellon as Transfer Agent and Registrar and the Bank of Nova Scotia as Security Trustee relating to LCPR’s 6.75% Senior Secured Notes due 2027.*
The Registrant undertakes to furnish to the Securities and Exchange Commission, upon request, a copy of all instruments with respect to long-term debt not filed herewith.
−Removed: 10.1 Form of Amended and Restated Credit Agreement, dated as of January 24, 2020 (as amended by the 2021 Extension Amendment dated as of September 23, 2021, the Term B-6 Joinder dated as of September 23, 2021, and the 2023 Amendment dated as of May 22, 2023) and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No.
−Removed: 001-38335)).#
+Added: 10.1 Form of Amended and Restated Credit Agreement, dated as of January 24, 2020 (as amended by the 2021 Extension Amendment dated as of September 23, 2021, the Term B-6 Joinder dated as of September 23, 2021, the 2023 Amendment dated as of May 22, 2023, the 2024 Extension Amendment dated as of September 28, 2024, the Term B-7 Joinder dated as of January 29, 2025 and the Amendment Agreement dated as of January 29, 2025) and entered into between, among others, C&W Senior Secured Parent Limited, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia.*#
10.2 Form of Amended and Restated Credit Agreement, dated as of March 22, 2021 (as amended by the 2023 Amendment dated as of May 22, 2023) and entered into between, among others, Liberty Communications of Puerto Rico LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No.
15 unchanged sentences
10.9 Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 99.2 to the S-8 Registration Statement).+
−Removed: 10.10 Liberty Latin America Transitional Share Conversion Plan (incorporated by reference to Exhibit 99.3 to the S-8 Registration Statement).+
+Added: 10.10 Form of Liberty Latin America Ltd.
+Added: Retention Bonus Agreement, dated August 8, 2025 (with Chief Financial Officer and Chief Legal Officer) (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed on November 5, 2025 (File No.
10.11 Form of Share Appreciation Rights Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.3 to the May 2018 10-Q).+
−Removed: 10.12 Deferred Compensation Plan effective May 1, 2018 (adopted effective March 23, 2018) (incorporated by reference to Exhibit 10.4 to the May 2018 10-Q).+
10.12 Form of Share Appreciation Rights Agreement between Liberty Latin America and its Chief Executive Officer under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.5 to the May 2018 10-Q).+
6 unchanged sentences
10.17 Form of Share Appreciation Rights Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.1 to the August 2022 10-Q).+
−Removed: 10.19 Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.1 to Liberty Latin America's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 6, 2019 (File No.
−Removed: 001-38335)).+
10.18 Form of Employment Agreement, approved as of July 17, 2019, by and among Liberty Latin America, LiLAC Communications Inc.
8 unchanged sentences
001-38335)).+
−Removed: 10.24 Additional Facility Joinder Agreement dated January 24, 2020 and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Current Report on Form 8-K filed on January 30, 2020 (File No.
−Removed: 001-38335) (the January 2020 8-K )).
+Added: 10.22 LiLAC Communications 2, Inc.
+Added: Deferred Compensation Plan (Effective May 1, 2018;
+Added: Restated Effective as of January 1, 2026).*+
10.23 Liberty Latin America Ltd.
2 unchanged sentences
10.24 Additional Facility Joinder Agreement dated March 25, 2021 and entered into between, among others, LCPR Loan Financing LLC, LCPR Senior Secured Financing Designated Activity Company, and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.2 to the May 2021 10-Q) .
−Removed: 10.27 Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 filed on August 4, 2021 (File No.
−Removed: 001-38335) (the August 2021 10-Q)).+
+Added: 10.25 Form of Letter Amendment to 2022 Unrestricted Share Award and Performance Share Unit Award Agreement, dated October 10, 2025, by and between Liberty Latin America Ltd.
+Added: and Balan Nair.*+
10.26 Form of Performance Share Appreciation Rights Agreement (Phoenix) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.3 to the August 2021 10-Q).+
1 unchanged sentence
001-38335) (the 2021 10-K )).
−Removed: 10.30 Extension Amendment, dated as of September 23, 2021, and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.31 to the 2021 10-K).#
10.28 Employment Agreement, effective as of July 16, 2021, between Liberty Latin America Ltd.
10 unchanged sentences
001-38335)).+
−Removed: 10.35 Form of Amended and Restated Credit Agreement, dated as of January 24, 2020 (as amended by the 2021 Extension Amendment dated as of September 23, 2021, the Term B-6 Joinder dated as of September 23, 2021, the 2023 Amendment dated as of May 22, 2023 and the 2024 Extension Amendment dated as of September 28, 2024) and entered into between, among others, C&W Senior Secured Parent Limited, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.1 to the November 2024 10-Q ) .#
−Removed: 10.36 Amendment to Liberty Latin America 2018 Incentive Plan and Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 10.
−Removed: 1 to Liberty Latin America Ltd.
−Removed: ’ s Quarterly Report on F orm 10-Q for the quarter ended June 30, 2024, filed on August 6, 2024 (File No.
+Added: 10.32 Amendment to Liberty Latin America 2018 Incentive Plan and Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 10.1 to Liberty Latin America Ltd.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed on August 6, 2024 (File No.
001-38335)).+
10.33 Form of Letter Amendment to 2022 Unrestricted Share Award and Performance Share Unit Award Agreement, dated March 12, 2024, by and between Liberty Latin America Ltd.
−Removed: and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America Ltd.
−Removed: ’ s Quarterly Report on Form 10- Q for the quarter ended March 31, 2024 , filed on May 7, 2024 (File No.
+Added: and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed on May 7, 2024 (File No.
001-383335) (the May 2024 10-Q )).+
−Removed: 10.38 Summary of Compensation Terms for Senior Vice President, General Manager of Cable & Wireless Panama, effective January 22, 2024 (incorporated by reference to Exhibit 10.2 to the May 2024 10-Q).+
+Added: 10.34 Summary of Compensation Terms for Senior Vice President, General Manager of Cable & Wireless Panama, effective January 22, 2024 (incorporated by reference to Exhibit 10.2 to Liberty Latin America Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed on May 7, 2024 (File No.
+Added: 001-383335) (the May 2024 10-Q )).+
10.36 Form of Restricted Share Units Agreement with CEO under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.3 to the May 2024 10-Q).+
10.37 Form of Restricted Share Units Agreement with executive officers (other than CEO) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.4 to the May 2024 10-Q).+
−Removed: 10.41 Additional Facility Joinder Agreement dated January 29, 2025 and entered into between, among others, Coral-US Co-Borrower LLC and The Bank of Nova Scotia.*#
−Removed: 10.42 Amendment Agreement dated January 29, 2025 and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia*#
+Added: 10.38 Additional Facility Joinder Agreement dated January 29, 2025 and entered into between, among others, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.41 to the FY 2024 10-K).#
+Added: 10.39 Amendment Agreement dated January 29, 2025 and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.42 to the FY 2024 10-K).#
19 Liberty Latin America Ltd.
−Removed: Insider Trading Policy.*
+Added: Insider Trading Policy (incorporated by reference to Exhibit 19 to the FY 2024 10-K ) .
21 List of Subsidiaries.*
3 unchanged sentences
32 Section 1350 Certifications.**
−Removed: 97 Liberty Latin America Policy for the Recovery of Erroneously Awarded Compensation (As Amended and Restated on March 12, 2024) .+*
+Added: 97 Liberty Latin America Policy for the Recovery of Erroneously Awarded Compensation (As Amended and Restated on March 12, 2024) (incorporated by reference to Exhibit 97 to the FY 2024 10-K).+
101.SCH XBRL Inline Taxonomy Extension Schema Document.*
34 unchanged sentences
Daniel Sanchez
−Removed: ZINTERHOFER Director February 19, 2025
/s/ CHRISTOPHER NOYES Senior Vice President and Chief Financial Officer February 18, 2026
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.