Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.20.4
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue:      
Total revenue $ 9,363 $ 10,292 $ 8,040
Cost of services (exclusive of depreciation shown separately below):      
Subscriber acquisition costs 362 427 470
Other operating expenses 434 624 391
Selling, general and administrative 1,750 1,805 1,179
Impairment of intangible assets 976    
Acquisitions and restructuring 28 84 3
Depreciation and amortization 1,083 1,061 905
Total operating costs and expenses 9,186 8,822 6,529
Operating income (loss) 177 1,470 1,511
Other income (expense):      
Interest expense (634) (657) (606)
Share of earnings (losses) of affiliates, net (586) 6 18
Realized and unrealized gains (losses) on financial instruments, net (402) (315) 40
Other, net 10 9 78
Total other income (expense) (1,612) (957) (470)
Earnings (loss) before income taxes (1,435) 513 1,041
Income tax (expense) benefit 44 (166) (176)
Net earnings (loss) (1,391) 347 865
Less net earnings (loss) attributable to the noncontrolling interests 30 241 334
Net earnings (loss) attributable to Liberty stockholders (1,421) 106 531
Liberty SiriusXM Group      
Revenue:      
Total revenue 8,040 7,794 5,771
Cost of services (exclusive of depreciation shown separately below):      
Subscriber acquisition costs 362 427 470
Other operating expenses 264 280 123
Selling, general and administrative 1,509 1,495 878
Impairment of intangible assets 976    
Acquisitions and restructuring     3
Depreciation and amortization 573 537 369
Total operating costs and expenses 7,291 6,250 4,151
Operating income (loss) 749 1,544 1,620
Other income (expense):      
Interest expense (462) (435) (388)
Share of earnings (losses) of affiliates, net (484) (24) (11)
Realized and unrealized gains (losses) on financial instruments, net (521) (41) (1)
Other, net (13) (38) 25
Total other income (expense) (1,362) (538) (375)
Earnings (loss) before income taxes (613) 1,006 1,245
Income tax (expense) benefit (106) (271) (241)
Net earnings (loss) (719) 735 1,004
Less net earnings (loss) attributable to the noncontrolling interests 28 241 328
Net earnings (loss) attributable to Liberty stockholders $ (747) $ 494 $ 676
Basic net earnings (loss) attributable to Liberty stockholders per common share      
Series A, B and C common stock, basic earnings loss per share $ (2.24) $ 1.50 $ 1.98
Diluted net earnings (loss) attributable to Liberty stockholders per common share      
Series A, B and C common stock, diluted earnings loss per share $ (2.33) $ 1.48 $ 1.95
Braves Group      
Revenue:      
Total revenue $ 178 $ 476 $ 442
Cost of services (exclusive of depreciation shown separately below):      
Other operating expenses 170 344 268
Selling, general and administrative 67 100 97
Depreciation and amortization 69 71 76
Total operating costs and expenses 306 515 441
Operating income (loss) (128) (39) 1
Other income (expense):      
Interest expense (26) (27) (26)
Share of earnings (losses) of affiliates, net 6 18 12
Realized and unrealized gains (losses) on financial instruments, net (10) (4) (2)
Other, net   2 35
Total other income (expense) 12 (53) (5)
Earnings (loss) before income taxes (116) (92) (4)
Income tax (expense) benefit 38 15 15
Net earnings (loss) (78) (77) 11
Less net earnings (loss) attributable to the noncontrolling interests     6
Net earnings (loss) attributable to Liberty stockholders $ (78) $ (77) $ 5
Basic net earnings (loss) attributable to Liberty stockholders per common share      
Series A, B and C common stock, basic earnings loss per share $ (1.53) $ (1.51) $ 0.10
Diluted net earnings (loss) attributable to Liberty stockholders per common share      
Series A, B and C common stock, diluted earnings loss per share $ (2.00) $ (1.51) $ 0.10
Formula One Group      
Revenue:      
Total revenue $ 1,145 $ 2,022 $ 1,827
Cost of services (exclusive of depreciation shown separately below):      
Selling, general and administrative 174 210 204
Depreciation and amortization 441 453 460
Total operating costs and expenses 1,589 2,057 1,937
Operating income (loss) (444) (35) (110)
Other income (expense):      
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
Other, net 23 45 18
Total other income (expense) (262) (366) (90)
Earnings (loss) before income taxes (706) (401) (200)
Income tax (expense) benefit 112 90 50
Net earnings (loss) (594) (311) (150)
Less net earnings (loss) attributable to the noncontrolling interests 2    
Net earnings (loss) attributable to Liberty stockholders $ (596) $ (311) $ (150)
Basic net earnings (loss) attributable to Liberty stockholders per common share      
Series A, B and C common stock, basic earnings loss per share $ (2.57) $ (1.35) $ (0.65)
Diluted net earnings (loss) attributable to Liberty stockholders per common share      
Series A, B and C common stock, diluted earnings loss per share $ (2.57) $ (1.35) $ (0.65)
Sirius XM Holdings Revenue      
Revenue:      
Total revenue $ 8,040 $ 7,794 $ 5,771
Sirius XM Holdings Revenue | Liberty SiriusXM Group      
Revenue:      
Total revenue 8,040 7,794 5,771
Revenue Share And Royalties      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 2,421 2,291 1,394
Revenue Share And Royalties | Liberty SiriusXM Group      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 2,421 2,291 1,394
Programming and content      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 481 462 406
Programming and content | Liberty SiriusXM Group      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 481 462 406
Customer service and billing      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 481 475 382
Customer service and billing | Liberty SiriusXM Group      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 481 475 382
Other      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 196 199 126
Other | Liberty SiriusXM Group      
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 196 199 126
Primary Formula 1      
Revenue:      
Total revenue 1,145 2,022 1,827
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 974 1,394 1,273
Primary Formula 1 | Formula One Group      
Revenue:      
Total revenue 1,145 2,022 1,827
Cost of services (exclusive of depreciation shown separately below):      
Cost of services 974 1,394 1,273
Other      
Revenue:      
Total revenue 178 476 442
Other | Braves Group      
Revenue:      
Total revenue $ 178 $ 476 $ 442