
	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Total
	in millions
Year ended December 31, 2025:
Spectrum (a)	$	—	$	—	$	—	$	494.0	$	—	$	494.0
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:
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

Year ended December 31, 2023:

Total impairment charges - property and equipment and other (d)	$	4.1	$	51.9	$	0.8	$	9.4	$	0.8	$	67.0

(a)During 2025, we recorded an impairment of $494 million on spectrum license intangible assets recorded at Liberty Puerto Rico. See further details of our intangible assets not subject to amortization below.

(b)During October 2025, our operations in Jamaica were significantly impacted by Hurricane Melissa resulting in extensive damage to homes, businesses and infrastructure. 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. 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. 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.

(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.

(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.

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.


	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Costa Rica		Total
	in millions
January 1, 2025	$	1,211.6	$	617.1	$	652.2	$	500.1	$	2,981.0


Foreign currency translation adjustments and other	(3.7)		—		17.1		13.1		26.5

December 31, 2025	$	1,207.9	$	617.1	$	669.3	$	513.2	$	3,007.5


	Liberty Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Total
	in millions
January 1, 2024	$	1,218.1	$	617.1	$	655.9	$	501.1	$	491.2	$	3,483.4
Acquisition	—		—		—		14.6		—		14.6

Foreign currency translation adjustments and other	(6.5)		—		(3.7)		—		8.9		(1.3)
Impairment	—		—		—		(515.7)		—		(515.7)
December 31, 2024	$	1,211.6	$	617.1	$	652.2	$	—	$	500.1	$	2,981.0


	Estimated useful life at December 31, 2025	December 31,
		2025		2024
		in millions
Distribution systems	3 to 25 years	$	5,280.3	$	5,181.1
Support equipment and buildings	3 to 40 years	1,403.2		1,292.6
CPE	3 to 5 years	965.4		948.6
		7,648.9		7,422.3
Accumulated depreciation		(4,105.2)		(3,767.4)
Total depreciable assets		3,543.7		3,654.9
CIP and land		304.1		407.5
Total property and equipment, net		$	3,847.8	$	4,062.4

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.


	December 31,
	2025		2024
	in millions
Spectrum licenses (a)	$	777.5	$	1,271.5
Cable television franchise rights and other	541.8		541.8

Total intangible assets not subject to amortization	$	1,319.3	$	1,813.3

(a)The 2024 amount includes $215 million of spectrum licenses attributable to the LPR Acquisition. For additional information regarding the assets acquired as part of the LPR Acquisition, see note 5.

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:


	December 31,
	2025		2024
	in millions
Customer relationships	$	616.4	$	898.9
Licenses and other	299.9		259.3
	916.3		1,158.2
Accumulated amortization	(555.3)		(743.9)
Total intangible assets subject to amortization, net	$	361.0	$	414.3

Amortization expense related to intangible assets with finite useful lives was $96 million, $136 million and $168 million during 2025, 2024 and 2023, respectively.

Based on our amortizable intangible assets balance at December 31, 2025, we expect that amortization expense will be as follows for the next five years and thereafter (in millions):