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(17) Other Comprehensive Earnings (Loss)
Accumulated other comprehensive earnings (loss) included in Liberty’s consolidated balance sheets and consolidated statements of equity reflect the aggregate of foreign currency translation adjustments, unrealized holding gains and losses on debt and equity securities and Liberty’s share of accumulated other comprehensive earnings of affiliates.
The change in the components of accumulated other comprehensive earnings (loss), net of taxes (“AOCI”), is summarized as follows:
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Unrealized |
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Foreign |
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holding |
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currency |
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gains (losses) |
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translation |
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on securities |
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adjustment |
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Other |
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AOCI |
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amounts in millions |
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Balance at January 1, 2019 |
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$ |
(15) |
|
(30) |
|
7 |
|
(38) |
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Other comprehensive earnings (loss) attributable to Liberty stockholders |
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|
3 |
|
13 |
|
(11) |
|
5 |
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Balance at December 31, 2019 |
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|
(12) |
|
(17) |
|
(4) |
|
(33) |
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Other comprehensive earnings (loss) attributable to Liberty stockholders |
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|
(7) |
|
10 |
|
108 |
|
111 |
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Balance at December 31, 2020 |
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|
(19) |
|
(7) |
|
104 |
|
78 |
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Other comprehensive earnings (loss) attributable to Liberty stockholders |
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|
(1) |
|
(4) |
|
(78) |
|
(83) |
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Balance at December 31, 2021 |
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$ |
(20) |
|
(11) |
|
26 |
|
(5) |
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The components of other comprehensive earnings (loss) are reflected in Liberty’s consolidated statements of comprehensive earnings (loss) net of taxes. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss).
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Tax |
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Before-tax |
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(expense) |
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Net-of-tax |
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amount |
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benefit |
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amount |
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amounts in millions |
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Year ended December 31, 2021: |
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|
|
|
|
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Unrealized holding gains (losses) arising during period |
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$ |
(1) |
|
— |
|
(1) |
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Credit risk on fair value debt instruments gains (losses) |
|
|
(106) |
|
23 |
|
(83) |
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Foreign currency translation adjustments |
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|
4 |
|
(1) |
|
3 |
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Recognition of previously unrealized (gains) losses on debt |
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|
(3) |
|
1 |
|
(2) |
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Other comprehensive earnings |
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$ |
(106) |
|
23 |
|
(83) |
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Year ended December 31, 2020: |
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|
|
|
|
|
|
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Unrealized holding gains (losses) arising during period |
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$ |
(9) |
|
2 |
|
(7) |
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Credit risk on fair value debt instruments gains (losses) |
|
|
149 |
|
(32) |
|
117 |
|
Foreign currency translation adjustments |
|
|
4 |
|
(1) |
|
3 |
|
Other comprehensive earnings |
|
$ |
144 |
|
(31) |
|
113 |
|
Year ended December 31, 2019: |
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|
|
|
|
|
|
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Unrealized holding gains (losses) arising during period |
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$ |
4 |
|
(1) |
|
3 |
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Credit risk on fair value debt instruments gains (losses) |
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|
(17) |
|
4 |
|
(13) |
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Foreign currency translation adjustments |
|
|
27 |
|
(6) |
|
21 |
|
Other comprehensive earnings |
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$ |
14 |
|
(3) |
|
11 |
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