Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Property, Plant and Equipment |
|
|
|
|
|
|
|
|
|
|
|
Estimated |
|
December 31, |
|
|
|
Useful Life |
|
2022 |
|
2021 |
|
|
|
|
|
|
amounts in millions |
|
Land |
|
NA |
|
$ |
390 |
|
145 |
|
Buildings and improvements |
|
10 - 40 years |
|
|
972 |
|
959 |
|
Support equipment |
|
3 - 20 years |
|
|
864 |
|
804 |
|
Satellite system |
|
15 years |
|
|
1,944 |
|
1,969 |
|
Construction in progress |
|
NA |
|
|
311 |
|
150 |
|
Total property and equipment |
|
|
|
$ |
4,481 |
|
4,027 |
|
|
| Share-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
amounts in millions |
|
Cost of Sirius XM Holdings services: |
|
|
|
|
|
|
|
|
Programming and content |
|
$ |
34 |
|
33 |
|
32 |
|
Customer service and billing |
|
|
6 |
|
6 |
|
6 |
|
Other |
|
|
6 |
|
6 |
|
6 |
|
Other operating expense |
|
|
39 |
|
36 |
|
43 |
|
Selling, general and administrative |
|
|
152 |
|
175 |
|
174 |
|
|
|
$ |
237 |
|
256 |
|
261 |
|
|
| Liberty SiriusXM Group |
|
| Schedule of revenue disaggregated by source |
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
amounts in millions |
|
Subscriber |
$ |
6,892 |
|
6,614 |
|
6,372 |
|
Advertising |
|
1,772 |
|
1,730 |
|
1,340 |
|
Equipment |
|
189 |
|
201 |
|
173 |
|
Other |
|
150 |
|
151 |
|
155 |
|
Total Sirius XM Holdings revenue |
$ |
9,003 |
|
8,696 |
|
8,040 |
|
|
| Schedule for reconciliation of basic and diluted weighted average shares |
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 (a) |
|
|
|
|
number of shares in millions |
|
Basic WASO |
|
328 |
|
335 |
|
334 |
|
Potentially dilutive shares (b) |
|
17 |
|
2 |
|
2 |
|
Diluted WASO (c) |
|
345 |
|
337 |
|
336 |
|
| (a) |
As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the WASO. |
| (b) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. |
| (c) |
As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period.
|
For periods in which share settlement of the 2.125% Exchangeable Senior Debentures and 2.75% Exchangeable Senior Debentures, which may be settled in shares of Series C Liberty SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
amounts in millions |
|
Basic earnings (loss) attributable to Liberty SiriusXM stockholders |
$ |
1,292 |
|
599 |
|
(747) |
|
Adjustments |
|
(31) |
|
— |
|
(35) |
|
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders |
$ |
1,261 |
|
599 |
|
(782) |
|
|
| Braves Group |
|
| Schedule of revenue disaggregated by source |
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
amounts in millions |
|
Baseball |
$ |
535 |
|
526 |
|
142 |
|
Mixed-Use Development |
|
53 |
|
42 |
|
36 |
|
Total Braves Holdings revenue |
$ |
588 |
|
568 |
|
178 |
|
|
| Schedule for reconciliation of basic and diluted weighted average shares |
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
number of shares in millions |
|
Basic WASO |
|
53 |
|
52 |
|
51 |
|
Potentially dilutive shares (a) |
|
— |
|
10 |
|
9 |
|
Diluted WASO (b) |
|
53 |
|
62 |
|
60 |
|
| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. |
| (b) |
As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 1,811,066 as of December 31, 2022.
|
The intergroup interests are quasi-equity interests that are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. 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. 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 Convertible Notes. 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. The notional shares representing the intergroup interests have no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period.
Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
amounts in millions |
|
Basic earnings (loss) attributable to Liberty Braves stockholders |
$ |
(35) |
|
(11) |
|
(78) |
|
Adjustments |
|
— |
|
31 |
|
(42) |
|
Diluted earnings (loss) attributable to Liberty Braves stockholders |
$ |
(35) |
|
20 |
|
(120) |
|
|
| Formula One Group |
|
| Schedule of revenue disaggregated by source |
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
amounts in millions |
|
Primary |
$ |
2,107 |
|
1,850 |
|
1,029 |
|
Other |
|
466 |
|
286 |
|
116 |
|
Total Formula 1 revenue |
$ |
2,573 |
|
2,136 |
|
1,145 |
|
|
| Schedule for reconciliation of basic and diluted weighted average shares |
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
number of shares in millions |
|
Basic WASO |
|
233 |
|
232 |
|
232 |
|
Potentially dilutive shares (a) |
|
11 |
|
8 |
|
6 |
|
Diluted WASO (b) |
|
244 |
|
240 |
|
238 |
|
| (a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group are reported since the result would be antidilutive. |
| (b) |
As discussed in note 2, the number of notional Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 4,165,288 shares as of December 31, 2022. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock underlie the Convertible Notes. 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 notional shares representing the intergroup interest have no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period.
|
For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the
interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement.
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
amounts in millions |
|
Basic earnings (loss) attributable to Liberty Formula One stockholders |
$ |
558 |
|
(190) |
|
(596) |
|
Adjustments |
|
(34) |
|
112 |
|
75 |
|
Diluted earnings (loss) attributable to Liberty Formula One stockholders |
$ |
524 |
|
(78) |
|
(521) |
|
|