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, 2020

Condensed Balance Sheet

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

Condensed Statement of Operations

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

Condensed Statement of Cash Flows

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