Exhibit 99.1

Unaudited Attributed Financial Information for Tracking Stock Groups

The following tables present Liberty Media Corporation’s (“Liberty”) assets and liabilities as of December 31, 2020 and December 31, 2019 and revenue, expenses and cash flows for the years ended December 31, 2020, 2019, and 2018. The tables further present our assets, liabilities, revenue, expenses and cash flows that are attributed to the Liberty SiriusXM Group, Braves Group and the Formula One Group, respectively. The financial information should be read in conjunction with our consolidated financial statements for the year ended December 31, 2020 included in this Annual Report on Form 10-K.

Notwithstanding the following attribution of assets, liabilities, revenue, expenses and cash flows to the Liberty SiriusXM Group, Braves Group and the Formula One Group, our tracking stock capital structure does not affect the ownership or the respective legal title to our assets or responsibility for our liabilities. We and our subsidiaries are each responsible for our respective liabilities. Holders of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock are holders of our common stock and are subject to risks associated with an investment in our company and all of our businesses, assets and liabilities. The issuance of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock does not affect the rights of our creditors.

1

SUMMARY ATTRIBUTED FINANCIAL DATA

Liberty SiriusXM Group

Summary Balance Sheet Data:

December 31,

December 31,

2020

2019

amounts in millions

Cash and cash equivalents

$

996

493

Investments in affiliates, accounted for using the equity method

$

886

644

Intangible assets not subject to amortization

$

24,924

25,665

Intangible assets subject to amortization, net

$

1,471

1,603

Total assets

$

32,081

31,421

Deferred revenue

$

1,721

1,930

Long-term debt, including current portion

$

13,000

9,245

Deferred tax liabilities

$

2,116

1,890

Attributed net assets

$

8,250

10,678

Noncontrolling interest

$

4,505

5,628

Summary Statement of Operations Data:

Years ended December 31,

2020

2019

2018

amounts in millions

Revenue

$

8,040

7,794

5,771

Cost of subscriber services (1)

$

(3,579)

(3,427)

(2,308)

Subscriber acquisition costs

$

(362)

(427)

(470)

Other operating expenses (1)

$

(264)

(280)

(123)

Selling, general and administrative expense (1)

$

(1,509)

(1,495)

(878)

Impairment of intangible assets

$

(976)

Operating income (loss)

$

749

1,544

1,620

Interest expense

$

(462)

(435)

(388)

Share of earnings (losses) of affiliates, net

$

(484)

(24)

(11)

Income tax (expense) benefit

$

(106)

(271)

(241)

Net earnings (loss) attributable to noncontrolling interests

$

28

241

328

Earnings (loss) attributable to Liberty stockholders

$

(747)

494

676

(1)Includes stock-based compensation expense as follows:

Years ended December 31,

2020

2019

2018

amounts in millions

Cost of subscriber services

$

44

43

37

Other operating expenses

43

49

17

Selling, general and administrative expense

147

154

102

$

234

246

156

2

Braves Group

Summary Balance Sheet Data:

December 31,

December 31,

2020

2019

amounts in millions

Cash and cash equivalents

$

151

142

Property and equipment, net

$

799

795

Investments in affiliates, accounted for using the equity method

$

94

99

Intangible assets not subject to amortization

$

323

323

Intangible assets subject to amortization, net

$

24

34

Total assets

$

1,571

1,593

Deferred revenue

$

90

70

Long-term debt, including current portion

$

670

554

Deferred tax liabilities

$

52

61

Attributed net assets

$

291

378

Summary Statement of Operations Data:

Years ended December 31,

2020

2019

2018

amounts in millions

Revenue

$

178

476

442

Selling, general and administrative expense (1)

$

(67)

(100)

(97)

Operating income (loss)

$

(128)

(39)

1

Share of earnings (losses) of affiliates, net

$

6

18

12

Income tax (expense) benefit

$

38

15

15

Earnings (loss) attributable to Liberty stockholders

$

(78)

(77)

5

(1)Includes stock-based compensation of $6 million, $17 million, and $11 million for the years ended December 31, 2020, 2019 and 2018, respectively.

3

Formula One Group

Summary Balance Sheet Data:

December 31,

December 31,

2020

2019

amounts in millions

Cash and cash equivalents

$

1,684

587

Investments in affiliates, accounted for using the equity method

$

38

882

Intangible assets not subject to amortization

$

3,956

3,956

Intangible assets subject to amortization, net

$

3,883

4,303

Total assets

$

11,191

11,505

Long-term debt, including current portion

$

3,759

5,677

Attributed net assets

$

6,550

5,239

Summary Statement of Operations Data:

Years ended December 31,

2020

2019

2018

amounts in millions

Revenue

$

1,145

2,022

1,827

Cost of Formula 1 revenue

$

(974)

(1,394)

(1,273)

Selling, general and administrative expense (1)

$

(174)

(210)

(204)

Operating income (loss)

$

(444)

(35)

(110)

Interest expense

$

(146)

(195)

(192)

Share of earnings (losses) of affiliates, net

$

(108)

12

17

Realized and unrealized gains (losses) on financial instruments, net

$

129

(270)

43

Income tax (expense) benefit

$

112

90

50

Earnings (loss) attributable to Liberty stockholders

$

(596)

(311)

(150)

(1)Includes stock-based compensation of $21 million, $28 million, and $25 million for the years ended December 31, 2020, 2019, and 2018, respectively.

4

BALANCE SHEET INFORMATION

December 31, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Inter-Group

Consolidated

    

Group

Group

Group

Eliminations

Liberty

    

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

996

151

1,684

2,831

 

Trade and other receivables, net

 

672

30

121

823

 

Other current assets

 

225

63

459

(371)

376

 

Total current assets

 

1,893

244

2,264

(371)

4,030

 

Intergroup interests (note 1)

257

169

(426)

Investments in affiliates, accounted for using the equity method (note 1)

 

886

94

38

1,018

 

Property and equipment, at cost

 

2,842

977

198

4,017

 

Accumulated depreciation

 

(1,526)

(178)

(74)

(1,778)

 

 

1,316

799

124

2,239

 

Intangible assets not subject to amortization

Goodwill

 

15,082

180

3,956

19,218

 

FCC licenses

 

8,600

8,600

 

Other

 

1,242

143

1,385

 

 

24,924

323

3,956

29,203

 

Intangible assets subject to amortization, net

 

1,471

24

3,883

5,378

 

Other assets

 

1,334

87

757

(42)

2,136

 

Total assets

$

32,081

1,571

11,191

(839)

44,004

 

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

(22)

(35)

57

Accounts payable and accrued liabilities

1,380

 

53

150

1,583

Current portion of debt (note 1)

 

475

 

59

209

743

Deferred revenue

 

1,721

 

90

259

2,070

Other current liabilities

 

442

 

6

17

(371)

94

Total current liabilities

 

3,996

 

173

692

(371)

4,490

Long-term debt (note 1)

 

12,525

 

611

3,550

16,686

Deferred income tax liabilities (note 3)

 

2,116

 

52

(42)

2,126

Redeemable intergroup interests (note 1)

226

200

(426)

Other liabilities

 

689

 

218

194

1,101

Total liabilities

 

19,326

 

1,280

4,636

(839)

24,403

Equity / Attributed net assets

 

8,250

 

291

6,550

15,091

Noncontrolling interests in equity of subsidiaries

 

4,505

 

5

4,510

Total liabilities and equity

$

32,081

 

1,571

11,191

(839)

44,004

5

BALANCE SHEET INFORMATION

December 31, 2019

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Inter-Group

Consolidated

    

Group

Group

Group

Eliminations

Liberty

    

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

493

142

587

1,222

 

Trade and other receivables, net

 

670

28

69

767

 

Other current assets

 

227

97

92

416

 

Total current assets

 

1,390

267

748

2,405

 

Intergroup interests (note 1)

 

292

(292)

 

Investments in affiliates, accounted for using the equity method (note 1)

644

99

882

1,625

 

 

Property and equipment, at cost

 

2,686

923

171

3,780

 

Accumulated depreciation

 

(1,331)

(128)

(59)

(1,518)

 

1,355

795

112

2,262

Intangible assets not subject to amortization

 

 

Goodwill

 

15,803

180

3,956

19,939

 

FCC licenses

 

8,600

8,600

 

Other

 

1,262

143

1,405

 

 

25,665

323

3,956

29,944

 

Intangible assets subject to amortization, net

 

1,603

34

4,303

5,940

 

Other assets

764

75

1,212

(38)

2,013

 

Total assets

$

31,421

1,593

11,505

(330)

44,189

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

(23)

(9)

32

Accounts payable and accrued liabilities

 

1,294

 

63

264

1,621

Current portion of debt (note 1)

 

1

 

59

60

Deferred revenue

 

1,930

 

70

113

2,113

Other current liabilities

 

72

 

5

17

94

Total current liabilities

 

3,274

 

188

426

3,888

Long-term debt (note 1)

 

9,244

 

495

5,677

15,416

Deferred income tax liabilities (note 3)

 

1,890

 

61

(38)

1,913

Redeemable intergroup interests (note 1)

 

24

268

(292)

Other liabilities

 

683

 

203

161

1,047

Total liabilities

 

15,115

 

1,215

6,264

(330)

22,264

Equity / Attributed net assets

10,678

 

378

5,239

16,295

Noncontrolling interests in equity of subsidiaries

5,628

 

2

5,630

Total liabilities and equity

$

31,421

 

1,593

11,505

(330)

44,189

6

STATEMENT OF OPERATIONS INFORMATION

December 31, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

8,040

 

8,040

Formula 1 revenue

1,145

1,145

Other revenue

 

 

178

178

Total revenue

 

8,040

 

178

1,145

9,363

Operating costs and expenses, including stock-based compensation (note 2):

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

2,421

 

2,421

Programming and content

 

481

 

481

Customer service and billing

 

481

 

481

Other

 

196

 

196

Cost of Formula 1 revenue

 

974

974

Subscriber acquisition costs

 

362

 

362

Other operating expenses

 

264

 

170

434

Selling, general and administrative

 

1,509

 

67

174

1,750

Impairment of intangible assets

976

976

Acquisition and restructuring

28

 

28

Depreciation and amortization

 

573

 

69

441

1,083

 

7,291

 

306

1,589

9,186

Operating income (loss)

 

749

 

(128)

(444)

177

Other income (expense):

Interest expense

 

(462)

 

(26)

(146)

(634)

Intergroup interest income (expense)

(7)

 

7

Share of earnings (losses) of affiliates, net

 

(484)

 

6

(108)

(586)

Unrealized gain/(loss) on inter-group interests

125

42

(167)

Realized and unrealized gains (losses) on financial instruments, net

 

(521)

 

(10)

129

(402)

Other, net

 

(13)

 

23

10

 

(1,362)

 

12

(262)

(1,612)

Earnings (loss) before income taxes

 

(613)

 

(116)

(706)

(1,435)

Income tax (expense) benefit (note 3)

 

(106)

 

38

112

44

Net earnings (loss)

 

(719)

 

(78)

(594)

(1,391)

Less net earnings (loss) attributable to the noncontrolling interests

 

28

 

2

30

Net earnings (loss) attributable to Liberty stockholders

$

(747)

 

(78)

(596)

(1,421)

7

STATEMENT OF OPERATIONS INFORMATION

December 31, 2019

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

7,794

 

7,794

Formula 1 revenue

2,022

2,022

Other revenue

 

 

476

476

Total revenue

 

7,794

 

476

2,022

10,292

Operating costs and expenses, including stock-based compensation (note 2):

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

2,291

 

2,291

Programming and content

 

462

 

462

Customer service and billing

 

475

 

475

Other

 

199

 

199

Cost of Formula 1 revenue

 

1,394

1,394

Subscriber acquisition costs

 

427

 

427

Other operating expenses

 

280

 

344

624

Selling, general and administrative

 

1,495

 

100

210

1,805

Acquisition and restructuring

84

 

84

Depreciation and amortization

 

537

 

71

453

1,061

 

6,250

 

515

2,057

8,822

Operating income (loss)

 

1,544

 

(39)

(35)

1,470

Other income (expense):

Interest expense

 

(435)

 

(27)

(195)

(657)

Share of earnings (losses) of affiliates, net

 

(24)

 

18

12

6

Unrealized gain/(loss) on inter-group interests

(42)

42

Realized and unrealized gains (losses) on financial instruments, net

 

(41)

 

(4)

(270)

(315)

Other, net

 

(38)

 

2

45

9

 

(538)

 

(53)

(366)

(957)

Earnings (loss) before income taxes

 

1,006

 

(92)

(401)

513

Income tax (expense) benefit (note 3)

 

(271)

 

15

90

(166)

Net earnings (loss)

 

735

 

(77)

(311)

347

Less net earnings (loss) attributable to the noncontrolling interests

 

241

 

241

Net earnings (loss) attributable to Liberty stockholders

$

494

 

(77)

(311)

106

8

STATEMENT OF OPERATIONS INFORMATION

December 31, 2018

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

5,771

 

5,771

Formula 1 revenue

1,827

1,827

Other revenue

 

 

442

442

Total revenue

 

5,771

 

442

1,827

8,040

Operating costs and expenses, including stock-based compensation (note 2):

Cost of services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

1,394

 

1,394

Programming and content

 

406

 

406

Customer service and billing

 

382

 

382

Other

 

126

 

126

Cost of Formula 1 revenue

 

1,273

1,273

Subscriber acquisition costs

 

470

 

470

Other operating expenses

 

123

 

268

391

Selling, general and administrative

 

878

 

97

204

1,179

Acquisition and restructuring

3

3

Depreciation and amortization

 

369

 

76

460

905

 

4,151

 

441

1,937

6,529

Operating income (loss)

 

1,620

 

1

(110)

1,511

Other income (expense):

Interest expense

 

(388)

 

(26)

(192)

(606)

Share of earnings (losses) of affiliates, net

 

(11)

 

12

17

18

Unrealized gain/(loss) on inter-group interests

(24)

24

Realized and unrealized gains (losses) on financial instruments, net

 

(1)

 

(2)

43

40

Other, net

 

25

 

35

18

78

 

(375)

 

(5)

(90)

(470)

Earnings (loss) before income taxes

 

1,245

 

(4)

(200)

1,041

Income tax (expense) benefit (note 3)

 

(241)

 

15

50

(176)

Net earnings (loss)

 

1,004

 

11

(150)

865

Less net earnings (loss) attributable to the noncontrolling interests

 

328

 

6

334

Net earnings (loss) attributable to Liberty stockholders

$

676

 

5

(150)

531

9

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2020

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

(719)

 

(78)

(594)

(1,391)

Adjustments to reconcile net earnings to net cash provided by operating activities:

.

Depreciation and amortization

 

573

 

69

441

1,083

Stock-based compensation

 

234

 

6

21

261

Impairment of intangible assets

976

976

Share of (earnings) loss of affiliates, net

 

484

 

(6)

108

586

Unrealized (gains) losses on intergroup interests, net

(125)

(42)

167

Realized and unrealized (gains) losses on financial instruments, net

 

521

 

10

(129)

402

Noncash interest expense

12

1

4

17

Losses (gains) on dilution of investment in affiliate

(4)

(4)

Loss on early extinguishment of debt

40

40

Deferred income tax expense (benefit)

 

40

 

(10)

(125)

(95)

Intergroup tax allocation

5

(28)

23

Intergroup tax (payments) receipts

8

2

(10)

Other charges (credits), net

 

26

 

9

35

Changes in operating assets and liabilities

Current and other assets

 

32

 

(29)

(37)

(34)

Payables and other liabilities

 

(179)

 

41

(8)

(146)

Net cash provided (used) by operating activities

 

1,924

 

(55)

(139)

1,730

Cash flows from investing activities:

Cash proceeds from dispositions of investments

13

13

Cash (paid) received for acquisitions, net of cash acquired

(300)

(300)

Investments in equity method affiliates and debt and equity securities

 

(96)

 

(17)

(113)

Return of investments in equity method affiliates

105

105

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

20

20

Capital expended for property and equipment, including internal-use software and website development

 

(350)

 

(81)

(21)

(452)

Other investing activities, net

 

(8)

 

4

(5)

(9)

Net cash provided (used) by investing activities

 

(734)

 

(77)

75

(736)

Cash flows from financing activities:

Borrowings of debt

 

4,149

 

228

521

4,898

Repayments of debt

 

(2,203)

 

(114)

(614)

(2,931)

Intergroup Loan (repayment) borrowing

(750)

750

Liberty SiriusXM stock repurchases

(249)

 

(69)

(318)

Subsidiary shares repurchased by subsidiary

 

(1,555)

 

(1,555)

Reattribution between Liberty SiriusXM Group and Liberty Formula One Group

(608)

608

Proceeds from Liberty SiriusXM common stock rights offering

754

754

Cash dividends paid by subsidiary

(64)

 

(64)

Taxes paid in lieu of shares issued for stock-based compensation

 

(116)

 

(1)

(3)

(120)

Other financing activities, net

(47)

(8)

(35)

(90)

Net cash provided (used) by financing activities

 

(689)

 

105

1,158

574

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

 

3

3

Net increase (decrease) in cash, cash equivalents and restricted cash

 

501

 

(27)

1,097

1,571

Cash, cash equivalents and restricted cash at beginning of period

 

507

 

212

587

1,306

Cash, cash equivalents and restricted cash at end of period

$

1,008

 

185

1,684

2,877

10

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2019

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

735

 

(77)

(311)

347

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

 

537

 

71

453

1,061

Stock-based compensation

 

267

 

17

28

312

Share of (earnings) loss of affiliates, net

 

24

 

(18)

(12)

(6)

Unrealized (gains) losses on intergroup interests, net

42

(42)

Realized and unrealized (gains) losses on financial instruments, net

 

41

 

4

270

315

Noncash interest expense

7

1

1

9

Losses (gains) on dilution of investment in affiliate

(7)

(7)

Loss on early extinguishment of debt

57

57

Deferred income tax expense (benefit)

 

268

 

(7)

(141)

120

Intergroup tax allocation

(21)

(8)

29

Intergroup tax (payments) receipts

(3)

21

(18)

Other charges (credits), net

 

4

 

18

(14)

8

Changes in operating assets and liabilities

Current and other assets

 

(11)

 

(12)

20

(3)

Payables and other liabilities

 

39

 

23

38

100

Net cash provided (used) by operating activities

 

1,944

 

75

294

2,313

Cash flows from investing activities:

Cash proceeds from dispositions of investments

 

373

69

442

Cash (paid) received for acquisitions, net of cash acquired

313

313

Investments in equity method affiliates and debt and equity securities

(19)

 

(4)

(6)

(29)

Return of investments in equity method affiliates

23

23

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

11

11

Capital expended for property and equipment, including internal-use software and website development

 

(363)

 

(103)

(44)

(510)

Other investing activities, net

 

69

 

(5)

64

Net cash provided (used) by investing activities

 

384

 

(107)

37

314

Cash flows from financing activities:

Borrowings of debt

 

5,795

 

96

129

6,020

Repayments of debt

 

(4,833)

 

(31)

(7)

(4,871)

Liberty SiriusXM stock repurchases

(419)

(24)

(443)

Subsidiary shares repurchased by subsidiary

(2,159)

 

(2,159)

Cash dividends paid by subsidiary

(68)

(68)

Taxes paid in lieu of shares issued for stock-based compensation

 

(201)

 

(4)

(6)

(211)

Other financing activities, net

(38)

(7)

4

(41)

Net cash provided (used) by financing activities

 

(1,923)

 

54

96

(1,773)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

405

 

22

427

854

Cash, cash equivalents and restricted cash at beginning of period

 

102

 

190

160

452

Cash, cash equivalents and restricted cash at end of period

$

507

 

212

587

1,306

11

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2018

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

1,004

 

11

(150)

865

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

 

369

 

76

460

905

Stock-based compensation

 

156

 

11

25

192

Share of (earnings) loss of affiliates, net

 

11

 

(12)

(17)

(18)

Unrealized (gains) losses on intergroup interests, net

24

(24)

Realized and unrealized (gains) losses on financial instruments, net

 

1

 

2

(43)

(40)

Noncash interest expense

(8)

5

2

(1)

Losses (gains) on dilution of investment in affiliate

1

1

Loss on early extinguishment of debt

1

1

Deferred income tax expense (benefit)

 

231

 

(1)

(63)

167

Intergroup tax allocation

22

(14)

(8)

Intergroup tax (payments) receipts

(20)

35

(15)

Other charges (credits), net

 

2

 

(20)

1

(17)

Changes in operating assets and liabilities

Current and other assets

 

(4)

 

8

(35)

(31)

Payables and other liabilities

 

21

 

(22)

133

132

Net cash provided (used) by operating activities

 

1,785

 

103

268

2,156

Cash flows from investing activities:

Cash proceeds from dispositions of investments

 

 

155

244

399

Cash (paid) received for acquisitions, net of cash acquired

(2)

(2)

Investments in equity method affiliates and debt and equity securities

(405)

(9)

(414)

Return of investments in equity method affiliates

50

14

64

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

14

14

Capital expended for property and equipment, including internal-use software and website development

 

(356)

 

(33)

(14)

(403)

Other investing activities, net

 

(7)

 

(13)

(8)

(28)

Net cash provided (used) by investing activities

 

(756)

 

159

227

(370)

Cash flows from financing activities:

Borrowings of debt

 

2,795

 

123

699

3,617

Repayments of debt

 

(2,431)

 

(317)

(1,309)

(4,057)

Liberty SiriusXM stock repurchases

(466)

(466)

Subsidiary shares repurchased by subsidiary

 

(1,314)

 

(1,314)

Cash dividends paid by subsidiary

(59)

(59)

Taxes paid in lieu of shares issued for stock-based compensation

 

(127)

 

(3)

(130)

Other financing activities, net

50

(18)

(3)

29

Net cash provided (used) by financing activities

 

(1,552)

 

(212)

(616)

(2,380)

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

(1)

(1)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(523)

 

50

(122)

(595)

Cash, cash equivalents and restricted cash at beginning of period

 

625

 

140

282

1,047

Cash, cash equivalents and restricted cash at end of period

$

102

 

190

160

452

12

Notes to Attributed Financial Information (Continued)

(unaudited)

(1)As discussed in note 2 to the accompanying consolidated financial statements, on April 15, 2016 Liberty completed a reclassification of Liberty Media Corporation’s (“Liberty” or the “Company”) common stock into three new tracking stock groups, one designated as the Liberty Braves common stock, one designated as the Liberty Media common stock and one designated as the Liberty SiriusXM common stock (the “Recapitalization”). In January 2017, the Liberty Media Group was renamed the Liberty Formula One Group (the “Formula One Group”).

A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (“Braves Group”) and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a company, such as Sirius XM Holdings Inc. (“Sirius XM Holdings”), Formula 1 or Live Nation Entertainment, Inc. (“Live Nation”), in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group or the Formula One Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation.

As part of the Recapitalization, the Formula One Group initially held a 20% intergroup interest in the Braves Group. As a result of a rights offering in May 2016 to holders of Liberty Braves common stock to acquire shares of Series C Liberty Braves common stock, the number of notional shares underlying the intergroup interest held by the Formula One Group was adjusted to 9,084,940, representing a 15.1% intergroup interest in the Braves Group as of December 31, 2019.  In addition, during the fourth quarter of 2019, the Formula One Group began purchasing shares of Liberty SiriusXM common stock. As of December 31, 2019, the number of notional shares representing the intergroup interest held by the Formula One Group was 493,278, representing a 0.2% intergroup interest in the Liberty SiriusXM Group.

On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”).

The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of:

Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock;
a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock, to cover exposure under Liberty’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”);
the bond hedge and warrants associated with the Convertible Notes;
the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and
a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock, of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes.

The reattributed liabilities, valued at $1.3 billion, consisted of:

the Convertible Notes;
Liberty’s 2.25% exchangeable senior debentures due 2048; and
Liberty’s margin loan secured by shares of Live Nation (“Live Nation Margin Loan”).  

13

Notes to Attributed Financial Information (Continued)

(unaudited)

Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula One Group, comprised of:

a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and
a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the LSXMK rights offering described below (the “Intergroup Loan”).

The reattribution is reflected in the Company’s financial statements on a prospective basis.

As of December 31, 2020, the Liberty SiriusXM Group is primarily comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.25% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. On February 1, 2019, Sirius XM Holdings acquired Pandora Media, Inc., which continues to operate as Pandora Media, LLC (“Pandora”). See note 5 to the accompanying consolidated financial statements for information related to Sirius XM Holdings’ acquisition of Pandora. Additionally, as discussed below, the Liberty SiriusXM Group retains intergroup interests in the Braves Group and the Formula One Group. As of December 31, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $996 million, which includes $71 million of subsidiary cash.

The Braves Group is primarily comprised of our consolidated subsidiary, Braves Holdings, LLC (“Braves Holdings”), which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”) and corporate cash as of December 31, 2020. As of December 31, 2020, the Braves Group has cash and cash equivalents of approximately $151 million, which includes $73 million of subsidiary cash. Additionally, as discussed below, the Liberty SiriusXM Group and the Formula One Group retain intergroup interests in the Braves Group.

The Formula One Group is primarily comprised of all of the businesses, assets and liabilities of Liberty other than those specifically attributed to the Liberty SiriusXM Group or the Braves Group, including, as of December 31, 2020, Liberty’s interest in Formula 1, cash, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Exchangeable Senior Debentures due 2046. As of December 31, 2020, the Formula One Group has cash and cash equivalents of approximately $1,684 million, which includes $265 million of subsidiary cash.

The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.1% intergroup interest at December 31, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037, representing a 3.7% intergroup interest at December 31, 2020. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at December 31, 2020. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. The changes in fair value are recorded in the Unrealized gain (loss) on intergroup interests line item in the unaudited attributed consolidated statements of operations.

The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are reflected in the Investment in intergroup interests line item, and the Braves Group liabilities for the

14

Notes to Attributed Financial Information (Continued)

(unaudited)

intergroup interests are reflected in the Redeemable intergroup interests line item in the unaudited attributed consolidated balance sheets. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is reflected in the Investment in intergroup interests line item, and the Formula One Group liability for the intergroup interest is reflected in the Redeemable intergroup interests line item in the unaudited attributed consolidated balance sheets. Both accounts are presented as noncurrent, as there are currently no plans for the settlement of the intergroup interests. Appropriate eliminating entries are recorded in the Company’s consolidated financial statements.

As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock and Series A, B or C Liberty Formula One common stock, respectively. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed consolidated statements of operations. Liberty has assumed that the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Formula One Group would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds.  Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Company’s board of directors, through transfer of securities, cash and/or other assets from the Braves Group and Liberty SiriusXM Group, respectively, to the Formula One Group.

The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Company’s Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group or Formula One Group to the respective tracking stock group.

On April 22, 2020, the Company’s board of directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK. In the LSXMK rights offering, Liberty distributed 0.0939 of a Series C Liberty SiriusXM Right for each share of Series A, Series B or Series C Liberty SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C Liberty SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C Liberty SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47, which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C Liberty SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C Liberty SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest.

For information relating to investments in affiliates accounted for using the equity method and debt, see notes 7 and 9, respectively, of the accompanying consolidated financial statements.

(2)Cash compensation expense for our corporate employees is allocated among the Liberty SiriusXM Group, Braves Group and the Formula One Group based on the estimated percentage of time spent providing services for each group. On an annual basis estimated time spent will be determined through an interview process and a review of personnel duties unless transactions significantly change the composition of companies and

15

Notes to Attributed Financial Information (Continued)

(unaudited)

investments in either respective group which would require a timelier reevaluation of estimated time spent. Other general and administrative expenses are charged directly to the groups whenever possible and are otherwise allocated based on estimated usage or some other reasonably determined methodology. Stock compensation related to each tracking stock is calculated based on actual awards outstanding.

While we believe that this allocation method is reasonable and fair to each group, we may elect to change the allocation methodology or percentages used to allocate general and administrative expenses in the future.

(3)We have accounted for income taxes for the Liberty SiriusXM Group, the Braves Group and the Formula One Group in the accompanying attributed financial information in a manner similar to a stand-alone company basis. To the extent this methodology differs from our tax sharing policy, differences have been reflected in the attributed net assets of the respective groups.

Liberty SiriusXM Group

Income tax benefit (expense) consists of:

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Current:

Federal

$

(4)

 

18

 

(22)

State and local

 

(62)

 

(21)

 

12

Foreign

 

 

 

 

(66)

 

(3)

 

(10)

Deferred:

Federal

 

(29)

 

(241)

 

(235)

State and local

 

(11)

 

(27)

 

4

Foreign

 

 

 

 

(40)

 

(268)

 

(231)

Income tax benefit (expense)

$

(106)

 

(271)

 

(241)

Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 as a result of the following:

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Computed expected tax benefit (expense)

$

129

 

(211)

 

(262)

State and local income taxes, net of federal income taxes

 

(49)

 

(45)

 

22

Foreign income taxes, net of federal income taxes

(1)

Taxable dividends, net of dividends received deductions

(13)

(11)

(28)

Federal tax credits

24

26

27

Change in valuation allowance affecting tax expense

 

18

 

(4)

 

(14)

Change in tax rate

(45)

(3)

Deductible stock-based compensation

14

47

37

Non-deductible executive compensation

(12)

(19)

(6)

Impairment of nondeductible goodwill

(194)

Intergroup Interest

(17)

Other, net

 

(6)

 

(9)

 

(13)

Income tax benefit (expense)

$

(106)

 

(271)

 

(241)

16

Notes to Attributed Financial Information (Continued)

(unaudited)

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

December 31,

 

    

2020

    

2019

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

765

 

1,018

Accrued stock compensation

 

94

 

95

Other accrued liabilities

 

160

 

185

Deferred revenue

 

62

 

81

Discount on debt

44

2

Investments

154

Other future deductible amounts

 

4

 

11

Deferred tax assets

 

1,283

 

1,392

Valuation allowance

 

(53)

 

(70)

Net deferred tax assets

 

1,230

 

1,322

Deferred tax liabilities:

Investments

 

 

31

Fixed assets

370

384

Intangible assets

 

2,696

 

2,749

Deferred tax liabilities

 

3,066

 

3,164

Net deferred tax liabilities

$

1,836

 

1,842

Braves Group

Income tax benefit (expense) consists of:

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Current:

Federal

$

28

 

8

 

14

State and local

 

 

 

Foreign

 

 

 

 

28

 

8

 

14

Deferred:

Federal

 

 

 

9

State and local

 

10

 

7

 

(8)

Foreign

 

 

 

 

10

 

7

 

1

Income tax benefit (expense)

$

38

 

15

 

15

17

Notes to Attributed Financial Information (Continued)

(unaudited)

Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 as a result of the following:

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Computed expected tax benefit (expense)

$

24

 

19

 

1

State and local income taxes, net of federal income taxes

 

7

 

6

 

(4)

Federal tax credits

3

Change in valuation allowance affecting tax expense

 

 

3

 

5

Change in tax rate

(3)

2

Deductible stock-based compensation

2

Intergroup interest

9

(9)

(5)

Other, net

 

(2)

 

(3)

 

13

Income tax benefit (expense)

$

38

 

15

 

15

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

December 31,

 

    

2020

    

2019

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

19

6

Accrued stock compensation

2

2

Other accrued liabilities

47

 

46

Other future deductible amounts

 

20

 

20

Deferred tax assets

 

88

 

74

Valuation allowance

 

 

Net deferred tax assets

 

88

 

74

Deferred tax liabilities:

Investments

 

11

 

10

Fixed assets

69

71

Intangible assets

 

46

 

47

Other future taxable amounts

7

7

Deferred tax liabilities

 

133

 

135

Net deferred tax liabilities

$

45

 

61

18

Notes to Attributed Financial Information (Continued)

(unaudited)

Liberty Formula One Group

Income tax benefit (expense) consists of:

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Current:

Federal

$

(11)

 

(27)

 

(6)

State and local

 

 

(3)

 

1

Foreign

 

(2)

 

(21)

 

(8)

 

(13)

 

(51)

 

(13)

Deferred:

Federal

 

41

 

102

 

(2)

State and local

 

 

 

2

Foreign

 

84

 

39

 

63

 

125

 

141

 

63

Income tax benefit (expense)

$

112

 

90

 

50

Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 as a result of the following:

Years ended December 31,

 

    

2020

    

2019

    

2018

 

amounts in millions

 

Computed expected tax benefit (expense)

$

148

 

84

 

42

State and local income taxes, net of federal income taxes

 

 

(2)

 

Foreign income taxes, net of federal income taxes

20

26

23

Taxable dividends, net of dividends received deductions

 

1

 

1

 

1

Change in valuation allowance affecting tax expense

 

(87)

 

(39)

 

(53)

Change in tax rate

30

2

Settlements with tax authorities

43

Deductible stock-based compensation

22

1

Non-deductible executive compensation

(5)

(3)

(1)

Intergroup interest

8

9

5

Other, net

 

(3)

 

(8)

 

(13)

Income tax benefit (expense)

$

112

 

90

 

50

19

Notes to Attributed Financial Information (Continued)

(unaudited)

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:

December 31,

 

    

2020

    

2019

 

amounts in millions

 

Deferred tax assets:

Tax loss and credit carryforwards

$

652

 

486

Accrued stock compensation

 

11

 

9

Other accrued liabilities

 

10

 

9

Discount on debt

43

Deferred tax assets

 

673

 

547

Valuation allowance

 

(240)

 

(146)

Net deferred tax assets

 

433

 

401

Deferred tax liabilities:

Investments

 

36

 

49

Fixed assets

9

3

Intangible Assets

88

116

Discount on debt

19

Deferred tax liabilities

 

152

 

168

Net deferred tax (assets) liabilities

$

(281)

 

(233)

(4)The intergroup balances as December 31, 2020 and December 31, 2019 also include the impact of the timing of certain tax benefits. Per the tracking stock tax sharing policies, consolidated income taxes arising from the Liberty SiriusXM Group in periods prior to the Recapitalization were not subject to tax sharing and were allocated to the Formula One Group. As such, the balance of the Intergroup tax payable between the Liberty SiriusXM Group and the Formula One Group was zero at the effective date of the Recapitalization and is accounted for going forward beginning on such date.
(5)The Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock have voting and conversion rights under our restated charter. Following is a summary of those rights. Holders of Series A common stock of each group will be entitled to one vote per share, and holders of Series B common stock of each group will be entitled to ten votes per share. Holders of Series C common stock of each group will be entitled to 1/100th of a vote per share in certain limited cases and will otherwise not be entitled to vote. In general, holders of Series A and Series B common stock will vote as a single class. In certain limited circumstances, the board may elect to seek the approval of the holders of only Series A and Series B Liberty SiriusXM common stock, Series A and Series B Liberty Braves common stock, or the approval of the holders of only Series A and Series B Liberty Formula One common stock.

At the option of the holder, each share of Series B common stock of each group will be convertible into one share of Series A common stock of the same group. At the discretion of our board, the common stock related to one group may be converted into common stock of the same series that is related to another other group.

20