Annual report pursuant to Section 13 and 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.20.4
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