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.

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

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.

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.

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

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

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)

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

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

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

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

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

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”).

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

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

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)

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

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

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

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.