Liberty Media Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Financial Information for Tracking Stock Groups (Tables)

Financial Information for Tracking Stock Groups (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Balance Sheet

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

BALANCE SHEET INFORMATION

December 31, 2018

(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	$	91	107	160	—	358
Trade and other receivables, net		233	21	110	—	364
Other current assets		191	129	40	—	360
Total current assets		515	257	310	—	1,082
Intergroup interests (note 1)		—	—	226	(226)	—
Investments in affiliates, accounted for using the equity method (note 1)		629	92	920	—	1,641

Property and equipment, at cost		2,450	1,137	178	—	3,765
Accumulated depreciation		(1,112)	(96)	(88)	—	(1,296)
		1,338	1,041	90	—	2,469

Intangible assets not subject to amortization
Goodwill		14,250	180	3,956	—	18,386
FCC licenses		8,600	—	—	—	8,600
Other		931	143	—	—	1,074
		23,781	323	3,956	—	28,060
Intangible assets subject to amortization, net		942	37	4,736	—	5,715
Other assets		1,087	55	719	—	1,861
Total assets	$	28,292	1,805	10,957	(226)	40,828

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 4)	$	(4)	(21)	25	—	—
Accounts payable and accrued liabilities		854	29	233	—	1,116
Current portion of debt (note 1)		3	14	—	—	17
Deferred revenue		1,932	54	93	—	2,079
Other current liabilities		15	8	9	—	32
Total current liabilities		2,800	84	360	—	3,244
Long-term debt (note 1)		7,855	477	5,039	—	13,371
Deferred income tax liabilities (note 3)		1,673	69	(91)	—	1,651
Redeemable intergroup interests (note 1)		—	226	—	(226)	—
Other liabilities		257	511	96	—	864
Total liabilities		12,585	1,367	5,404	(226)	19,130
Equity / Attributed net assets		10,599	446	5,550	—	16,595
Noncontrolling interests in equity of subsidiaries		5,108	(8)	3	—	5,103
Total liabilities and equity	$	28,292	1,805	10,957	(226)	40,828

Condensed Statement of Operations

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	340	—	620
Selling, general and administrative		1,495	104	210	1,809
Acquisition and other related costs		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	265	—	388
Selling, general and administrative		878	100	204	1,182
Acquisition and other related costs		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 OPERATIONS INFORMATION

December 31, 2017

(unaudited)


		Attributed (note 1)
	Liberty
	SiriusXM		Braves	Formula One	Consolidated
	Group		Group	Group	Liberty
	amounts in millions
Revenue:
SIRIUS XM Holdings revenue	$	5,425	—	—	5,425
Formula 1 revenue		—	—	1,783	1,783
Other revenue		—	386	—	386
Total revenue		5,425	386	1,783	7,594
Operating costs and expenses, including stock-based compensation (note 2):
Cost of services (exclusive of depreciation shown separately below):
Revenue share and royalties		1,210	—	—	1,210
Programming and content		388	—	—	388
Customer service and billing		385	—	—	385
Other		119	—	—	119
Cost of Formula 1 revenue		—	—	1,219	1,219
Subscriber acquisition costs		499	—	—	499
Other operating expenses		113	296	—	409
Selling, general and administrative		812	136	199	1,147
Depreciation and amortization		352	67	405	824
		3,878	499	1,823	6,200
Operating income (loss)		1,547	(113)	(40)	1,394
Other income (expense):
Interest expense		(356)	(15)	(220)	(591)
Share of earnings (losses) of affiliates, net		29	78	(3)	104
Unrealized gain/(loss) on inter-group interests		—	(15)	15	—
Realized and unrealized gains (losses) on financial instruments, net		(16)	—	(72)	(88)
Other, net		(11)	3	16	8
		(354)	51	(264)	(567)
Earnings (loss) before income taxes		1,193	(62)	(304)	827
Income tax (expense) benefit (note 3)		466	36	561	1,063
Net earnings (loss)		1,659	(26)	257	1,890
Less net earnings (loss) attributable to the noncontrolling interests		535	(1)	2	536
Net earnings (loss) attributable to Liberty stockholders	$	1,124	(25)	255	1,354

Condensed Statement of Cash Flows

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

BALANCE SHEET INFORMATION

December 31, 2018

(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	$	91	107	160	—	358
Trade and other receivables, net		233	21	110	—	364
Other current assets		191	129	40	—	360
Total current assets		515	257	310	—	1,082
Intergroup interests (note 1)		—	—	226	(226)	—
Investments in affiliates, accounted for using the equity method (note 1)		629	92	920	—	1,641

Property and equipment, at cost		2,450	1,137	178	—	3,765
Accumulated depreciation		(1,112)	(96)	(88)	—	(1,296)
		1,338	1,041	90	—	2,469

Intangible assets not subject to amortization
Goodwill		14,250	180	3,956	—	18,386
FCC licenses		8,600	—	—	—	8,600
Other		931	143	—	—	1,074
		23,781	323	3,956	—	28,060
Intangible assets subject to amortization, net		942	37	4,736	—	5,715
Other assets		1,087	55	719	—	1,861
Total assets	$	28,292	1,805	10,957	(226)	40,828

Liabilities and Equity
Current liabilities:
Intergroup payable (receivable) (note 4)	$	(4)	(21)	25	—	—
Accounts payable and accrued liabilities		854	29	233	—	1,116
Current portion of debt (note 1)		3	14	—	—	17
Deferred revenue		1,932	54	93	—	2,079
Other current liabilities		15	8	9	—	32
Total current liabilities		2,800	84	360	—	3,244
Long-term debt (note 1)		7,855	477	5,039	—	13,371
Deferred income tax liabilities (note 3)		1,673	69	(91)	—	1,651
Redeemable intergroup interests (note 1)		—	226	—	(226)	—
Other liabilities		257	511	96	—	864
Total liabilities		12,585	1,367	5,404	(226)	19,130
Equity / Attributed net assets		10,599	446	5,550	—	16,595
Noncontrolling interests in equity of subsidiaries		5,108	(8)	3	—	5,103
Total liabilities and equity	$	28,292	1,805	10,957	(226)	40,828

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	340	—	620
Selling, general and administrative		1,495	104	210	1,809
Acquisition and other related costs		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