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
		(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

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)
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)
Sales of short term investments and other marketable securities		73	—	—	73
Other investing activities, net		(4)	—	18	14
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)
Series C 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)
Effect of foreign exchange rates on cash, cash equivalents and restricted cash		—	—	—	—
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)
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)	37	6	36
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)
Series C 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

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2017

(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)	$	1,659	(26)	257	1,890
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		352	67	405	824
Stock-based compensation		150	48	32	230
Share of (earnings) loss of affiliates, net		(29)	(78)	3	(104)
Unrealized (gains) losses on intergroup interests, net		—	15	(15)	—
Realized and unrealized (gains) losses on financial instruments, net		16	—	72	88
Noncash interest expense		7	3	6	16
Losses (gains) on dilution of investment in affiliate		—	—	(3)	(3)
Loss on early extinguishment of debt		35	5	8	48
Deferred income tax expense (benefit)		(492)	2	(574)	(1,064)
Intergroup tax allocation		(6)	(39)	45	—
Intergroup tax (payments) receipts		4	15	(19)	—
Other charges (credits), net		(4)	18	(10)	4
Changes in operating assets and liabilities
Current and other assets		30	(57)	77	50
Payables and other liabilities		127	(15)	(359)	(247)
Net cash provided (used) by operating activities		1,849	(42)	(75)	1,732
Cash flows from investing activities:
Cash proceeds from dispositions of investments		—	5	16	21
Cash (paid) received for acquisitions, net of cash acquired		(107)	—	(1,647)	(1,754)
Investments in equity method affiliates and debt and equity securities		(851)	(2)	(9)	(862)
Capital expended for property and equipment, including internal-use software and website development		(288)	(219)	(10)	(517)
Other investing activities, net		(8)	(5)	(12)	(25)
Net cash provided (used) by investing activities		(1,254)	(221)	(1,662)	(3,137)
Cash flows from financing activities:
Borrowings of debt		4,553	544	1,600	6,697
Repayments of debt		(3,216)	(218)	(1,673)	(5,107)
Proceeds from issuance of Series C Liberty Formula One common stock		—	—	1,938	1,938
Subsidiary shares repurchased by subsidiary		(1,409)	—	—	(1,409)
Cash dividends paid by subsidiary		(60)	—	—	(60)
Taxes paid in lieu of shares issued for stock-based compensation		(100)	(30)	(5)	(135)
Other financing activities, net		(35)	—	(13)	(48)
Net cash provided (used) by financing activities		(267)	296	1,847	1,876
Effect of foreign exchange rates on cash, cash equivalents and restricted cash		—	—	4	4
Net increase (decrease) in cash, cash equivalents and restricted cash		328	33	114	475
Cash, cash equivalents and restricted cash at beginning of period		297	107	168	572
Cash, cash equivalents and restricted cash at end of period	$	625	140	282	1,047