Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
330
|
|
115
|
|
626
|
|
—
|
|
1,071
|
|
|
Trade and other receivables, net
|
|
|
234
|
|
9
|
|
37
|
|
—
|
|
280
|
|
|
Other current assets
|
|
|
211
|
|
28
|
|
118
|
|
—
|
|
357
|
|
|
Total current assets
|
|
|
775
|
|
152
|
|
781
|
|
—
|
|
1,708
|
|
|
Intergroup interest in the Liberty Braves Group (note 2)
|
|
|
—
|
|
—
|
|
215
|
|
(215)
|
|
—
|
|
|
Investments in available-for-sale securities and other cost investments (note 3)
|
|
|
—
|
|
8
|
|
574
|
|
—
|
|
582
|
|
|
Investments in affiliates, accounted for using the equity method (note 4)
|
|
|
165
|
|
48
|
|
888
|
|
—
|
|
1,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost
|
|
|
2,112
|
|
1,051
|
|
166
|
|
—
|
|
3,329
|
|
|
Accumulated depreciation
|
|
|
(777)
|
|
(14)
|
|
(72)
|
|
—
|
|
(863)
|
|
|
|
|
|
1,335
|
|
1,037
|
|
94
|
|
—
|
|
2,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
14,165
|
|
180
|
|
3,968
|
|
—
|
|
18,313
|
|
|
FCC licenses
|
|
|
8,600
|
|
—
|
|
—
|
|
—
|
|
8,600
|
|
|
Other
|
|
|
930
|
|
143
|
|
—
|
|
—
|
|
1,073
|
|
|
|
|
|
23,695
|
|
323
|
|
3,968
|
|
—
|
|
27,986
|
|
|
Intangible assets subject to amortization, net
|
|
|
981
|
|
72
|
|
5,414
|
|
—
|
|
6,467
|
|
|
Other assets
|
|
|
150
|
|
18
|
|
552
|
|
(28)
|
|
692
|
|
|
Total assets
|
|
$
|
27,101
|
|
1,658
|
|
12,486
|
|
(243)
|
|
41,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
(8)
|
|
(56)
|
|
64
|
|
—
|
|
—
|
|
|
Accounts payable and accrued liabilities
|
|
|
721
|
|
118
|
|
132
|
|
—
|
|
971
|
|
|
Current portion of debt (note 5)
|
|
|
5
|
|
—
|
|
43
|
|
—
|
|
48
|
|
|
Deferred revenue
|
|
|
1,857
|
|
124
|
|
485
|
|
—
|
|
2,466
|
|
|
Other current liabilities
|
|
|
3
|
|
—
|
|
24
|
|
—
|
|
27
|
|
|
Total current liabilities
|
|
|
2,578
|
|
186
|
|
748
|
|
—
|
|
3,512
|
|
|
Long-term debt (note 5)
|
|
|
6,242
|
|
410
|
|
6,654
|
|
—
|
|
13,306
|
|
|
Deferred income tax liabilities
|
|
|
2,073
|
|
77
|
|
524
|
|
(28)
|
|
2,646
|
|
|
Redeemable intergroup interest (note 2)
|
|
|
—
|
|
215
|
|
—
|
|
(215)
|
|
—
|
|
|
Other liabilities
|
|
|
286
|
|
420
|
|
56
|
|
—
|
|
762
|
|
|
Total liabilities
|
|
|
11,179
|
|
1,308
|
|
7,982
|
|
(243)
|
|
20,226
|
|
|
Equity / Attributed net assets
|
|
|
10,141
|
|
335
|
|
4,504
|
|
—
|
|
14,980
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
5,781
|
|
15
|
|
—
|
|
—
|
|
5,796
|
|
|
Total liabilities and equity
|
|
$
|
27,101
|
|
1,658
|
|
12,486
|
|
(243)
|
|
41,002
|
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
1,078
|
|
—
|
|
—
|
|
1,078
|
|
|
Formula 1 revenue
|
|
|
—
|
|
—
|
|
96
|
|
96
|
|
|
Other revenue
|
|
|
216
|
|
5
|
|
—
|
|
221
|
|
|
Total revenue
|
|
|
1,294
|
|
5
|
|
96
|
|
1,395
|
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
277
|
|
—
|
|
—
|
|
277
|
|
|
Programming and content
|
|
|
96
|
|
—
|
|
—
|
|
96
|
|
|
Customer service and billing
|
|
|
97
|
|
—
|
|
—
|
|
97
|
|
|
Other
|
|
|
27
|
|
—
|
|
—
|
|
27
|
|
|
Cost of Formula 1 revenue
|
|
|
—
|
|
—
|
|
68
|
|
68
|
|
|
Subscriber acquisition costs
|
|
|
127
|
|
—
|
|
—
|
|
127
|
|
|
Other operating expenses
|
|
|
24
|
|
17
|
|
—
|
|
41
|
|
|
Selling, general and administrative
|
|
|
184
|
|
19
|
|
36
|
|
239
|
|
|
Depreciation and amortization
|
|
|
90
|
|
2
|
|
72
|
|
164
|
|
|
|
|
|
922
|
|
38
|
|
176
|
|
1,136
|
|
|
Operating income (loss)
|
|
|
372
|
|
(33)
|
|
(80)
|
|
259
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(84)
|
|
—
|
|
(56)
|
|
(140)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
3
|
|
3
|
|
(10)
|
|
(4)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(12)
|
|
(12)
|
|
|
Unrealized gains (losses) on intergroup interest (note 2)
|
|
|
—
|
|
(28)
|
|
28
|
|
—
|
|
|
Other, net
|
|
|
6
|
|
3
|
|
8
|
|
17
|
|
|
|
|
|
(75)
|
|
(22)
|
|
(42)
|
|
(139)
|
|
|
Earnings (loss) before income taxes
|
|
|
297
|
|
(55)
|
|
(122)
|
|
120
|
|
|
Income tax (expense) benefit
|
|
|
(108)
|
|
6
|
|
26
|
|
(76)
|
|
|
Net earnings (loss)
|
|
|
189
|
|
(49)
|
|
(96)
|
|
44
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
65
|
|
—
|
|
—
|
|
65
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
124
|
|
(49)
|
|
(96)
|
|
(21)
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber revenue
|
|
$
|
1,009
|
|
—
|
|
—
|
|
1,009
|
|
|
Other revenue
|
|
|
191
|
|
4
|
|
—
|
|
195
|
|
|
Total revenue
|
|
|
1,200
|
|
4
|
|
—
|
|
1,204
|
|
|
Operating costs and expenses, including stock-based compensation (note 6):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below):
|
|
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties
|
|
|
252
|
|
—
|
|
—
|
|
252
|
|
|
Programming and content
|
|
|
85
|
|
—
|
|
—
|
|
85
|
|
|
Customer service and billing
|
|
|
97
|
|
—
|
|
—
|
|
97
|
|
|
Other
|
|
|
33
|
|
—
|
|
—
|
|
33
|
|
|
Subscriber acquisition costs
|
|
|
132
|
|
—
|
|
—
|
|
132
|
|
|
Other operating expenses
|
|
|
19
|
|
28
|
|
—
|
|
47
|
|
|
Selling, general and administrative
|
|
|
167
|
|
14
|
|
20
|
|
201
|
|
|
Legal settlement, net
|
|
|
—
|
|
—
|
|
(511)
|
|
(511)
|
|
|
Depreciation and amortization
|
|
|
79
|
|
5
|
|
3
|
|
87
|
|
|
|
|
|
864
|
|
47
|
|
(488)
|
|
423
|
|
|
Operating income (loss)
|
|
|
336
|
|
(43)
|
|
488
|
|
781
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(81)
|
|
—
|
|
(3)
|
|
(84)
|
|
|
Share of earnings (losses) of affiliates, net
|
|
|
7
|
|
2
|
|
(21)
|
|
(12)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
—
|
|
—
|
|
(8)
|
|
(8)
|
|
|
Other, net
|
|
|
1
|
|
—
|
|
6
|
|
7
|
|
|
|
|
|
(73)
|
|
2
|
|
(26)
|
|
(97)
|
|
|
Earnings (loss) before income taxes
|
|
|
263
|
|
(41)
|
|
462
|
|
684
|
|
|
Income tax (expense) benefit
|
|
|
(102)
|
|
16
|
|
(171)
|
|
(257)
|
|
|
Net earnings (loss)
|
|
|
161
|
|
(25)
|
|
291
|
|
427
|
|
|
Less net earnings (loss) attributable to the noncontrolling interests
|
|
|
63
|
|
—
|
|
—
|
|
63
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
98
|
|
(25)
|
|
291
|
|
364
|
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
189
|
|
(49)
|
|
(96)
|
|
44
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
90
|
|
2
|
|
72
|
|
164
|
|
|
Stock-based compensation
|
|
|
34
|
|
2
|
|
8
|
|
44
|
|
|
Share of (earnings) loss of affiliates, net
|
|
|
(3)
|
|
(3)
|
|
10
|
|
4
|
|
|
Unrealized (gains) losses on intergroup interest, net
|
|
|
—
|
|
28
|
|
(28)
|
|
—
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
—
|
|
—
|
|
12
|
|
12
|
|
|
Noncash interest expense
|
|
|
2
|
|
—
|
|
—
|
|
2
|
|
|
Losses (gains) on dilution of investment in affiliate
|
|
|
—
|
|
—
|
|
(2)
|
|
(2)
|
|
|
Deferred income tax expense (benefit)
|
|
|
107
|
|
31
|
|
(12)
|
|
126
|
|
|
Intergroup tax allocation
|
|
|
(5)
|
|
(37)
|
|
42
|
|
—
|
|
|
Other charges (credits), net
|
|
|
4
|
|
—
|
|
—
|
|
4
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(14)
|
|
(15)
|
|
37
|
|
8
|
|
|
Payables and other liabilities
|
|
|
(100)
|
|
53
|
|
44
|
|
(3)
|
|
|
Net cash provided (used) by operating activities
|
|
|
304
|
|
12
|
|
87
|
|
403
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(2)
|
|
(3)
|
|
(5)
|
|
|
Net cash paid for the acquisition of Formula 1
|
|
|
—
|
|
—
|
|
(1,647)
|
|
(1,647)
|
|
|
Capital expended for property and equipment
|
|
|
(54)
|
|
(102)
|
|
—
|
|
(156)
|
|
|
Other investing activities, net
|
|
|
(7)
|
|
18
|
|
—
|
|
11
|
|
|
Net cash provided (used) by investing activities
|
|
|
(61)
|
|
(86)
|
|
(1,650)
|
|
(1,797)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
330
|
|
114
|
|
1,400
|
|
1,844
|
|
|
Repayments of debt
|
|
|
(194)
|
|
(32)
|
|
(928)
|
|
(1,154)
|
|
|
Proceeds from issuance of Series C Liberty Formula One common stock
|
|
|
—
|
|
—
|
|
1,550
|
|
1,550
|
|
|
Subsidiary shares repurchased by subsidiary
|
|
|
(306)
|
|
—
|
|
—
|
|
(306)
|
|
|
Cash dividends paid by subsidiary
|
|
|
(15)
|
|
—
|
|
—
|
|
(15)
|
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(20)
|
|
—
|
|
(2)
|
|
(22)
|
|
|
Other financing activities, net
|
|
|
5
|
|
—
|
|
—
|
|
5
|
|
|
Net cash provided (used) by financing activities
|
|
|
(200)
|
|
82
|
|
2,020
|
|
1,902
|
|
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
—
|
|
—
|
|
1
|
|
1
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
43
|
|
8
|
|
458
|
|
509
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
287
|
|
107
|
|
168
|
|
562
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
330
|
|
115
|
|
626
|
|
1,071
|
|
STATEMENT OF CASH FLOWS INFORMATION
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
Liberty
|
|
|
|
|
|
|
|
|
|
|
SiriusXM
|
|
Braves
|
|
Formula One
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
161
|
|
(25)
|
|
291
|
|
427
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
79
|
|
5
|
|
3
|
|
87
|
|
|
Stock-based compensation
|
|
|
24
|
|
2
|
|
8
|
|
34
|
|
|
Share of (earnings) loss of affiliates, net
|
|
|
(7)
|
|
(2)
|
|
21
|
|
12
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
—
|
|
—
|
|
8
|
|
8
|
|
|
Noncash interest expense
|
|
|
2
|
|
—
|
|
—
|
|
2
|
|
|
Losses (gains) on dilution of investment in affiliate
|
|
|
—
|
|
—
|
|
2
|
|
2
|
|
|
Deferred income tax expense (benefit)
|
|
|
97
|
|
(9)
|
|
26
|
|
114
|
|
|
Intergroup tax allocation
|
|
|
(1)
|
|
(6)
|
|
7
|
|
—
|
|
|
Other charges (credits), net
|
|
|
4
|
|
1
|
|
(4)
|
|
1
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(13)
|
|
(12)
|
|
2
|
|
(23)
|
|
|
Payables and other liabilities
|
|
|
10
|
|
76
|
|
137
|
|
223
|
|
|
Net cash provided (used) by operating activities
|
|
|
356
|
|
30
|
|
501
|
|
887
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(8)
|
|
(3)
|
|
(11)
|
|
|
Capital expended for property and equipment
|
|
|
(30)
|
|
(37)
|
|
—
|
|
(67)
|
|
|
Purchases of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
(99)
|
|
(99)
|
|
|
Sales of short term investments and other marketable securities
|
|
|
—
|
|
—
|
|
53
|
|
53
|
|
|
Other investing activities, net
|
|
|
(4)
|
|
—
|
|
3
|
|
(1)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(34)
|
|
(45)
|
|
(46)
|
|
(125)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
330
|
|
5
|
|
—
|
|
335
|
|
|
Repayments of debt
|
|
|
(72)
|
|
(38)
|
|
(1)
|
|
(111)
|
|
|
Intergroup (payments) receipts
|
|
|
6
|
|
70
|
|
(76)
|
|
—
|
|
|
Shares repurchased by subsidiary
|
|
|
(594)
|
|
—
|
|
—
|
|
(594)
|
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
|
|
(2)
|
|
—
|
|
(2)
|
|
(4)
|
|
|
Other financing activities, net
|
|
|
—
|
|
9
|
|
4
|
|
13
|
|
|
Net cash provided (used) by financing activities
|
|
|
(332)
|
|
46
|
|
(75)
|
|
(361)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(10)
|
|
31
|
|
380
|
|
401
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
112
|
|
13
|
|
76
|
|
201
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
102
|
|
44
|
|
456
|
|
602
|
|
|