Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 30, 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 |
|
$ |
137 |
|
213 |
|
1,586 |
|
— |
|
1,936 |
|
Trade and other receivables, net |
|
|
582 |
|
41 |
|
148 |
|
— |
|
771 |
|
Other current assets |
|
|
214 |
|
40 |
|
588 |
|
(276) |
|
566 |
|
Total current assets |
|
|
933 |
|
294 |
|
2,322 |
|
(276) |
|
3,273 |
|
Intergroup interests (note 1) |
|
|
225 |
|
— |
|
142 |
|
(367) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
986 |
|
87 |
|
33 |
|
— |
|
1,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,724 |
|
991 |
|
191 |
|
— |
|
3,906 |
|
Accumulated depreciation |
|
|
(1,435) |
|
(168) |
|
(67) |
|
— |
|
(1,670) |
|
|
|
|
1,289 |
|
823 |
|
124 |
|
— |
|
2,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
15,820 |
|
180 |
|
3,956 |
|
— |
|
19,956 |
|
FCC licenses |
|
|
8,600 |
|
— |
|
— |
|
— |
|
8,600 |
|
Other |
|
|
1,262 |
|
143 |
|
— |
|
— |
|
1,405 |
|
|
|
|
25,682 |
|
323 |
|
3,956 |
|
— |
|
29,961 |
|
Intangible assets subject to amortization, net |
|
|
1,474 |
|
25 |
|
3,990 |
|
— |
|
5,489 |
|
Other assets |
|
|
1,021 |
|
76 |
|
664 |
|
(37) |
|
1,724 |
|
Total assets |
|
$ |
31,610 |
|
1,628 |
|
11,231 |
|
(680) |
|
43,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
(28) |
|
(25) |
|
53 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,156 |
|
63 |
|
184 |
|
— |
|
1,403 |
|
Current portion of debt |
|
|
1 |
|
95 |
|
— |
|
— |
|
96 |
|
Deferred revenue |
|
|
1,792 |
|
88 |
|
362 |
|
— |
|
2,242 |
|
Other current liabilities |
|
|
350 |
|
4 |
|
20 |
|
(276) |
|
98 |
|
Total current liabilities |
|
|
3,271 |
|
225 |
|
619 |
|
(276) |
|
3,839 |
|
Long-term debt (note 1) |
|
|
11,084 |
|
615 |
|
3,715 |
|
— |
|
15,414 |
|
Deferred income tax liabilities |
|
|
2,055 |
|
47 |
|
— |
|
(37) |
|
2,065 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
191 |
|
176 |
|
(367) |
|
— |
|
Other liabilities |
|
|
664 |
|
213 |
|
214 |
|
— |
|
1,091 |
|
Total liabilities |
|
|
17,074 |
|
1,291 |
|
4,724 |
|
(680) |
|
22,409 |
|
Equity / Attributed net assets |
|
|
9,354 |
|
337 |
|
6,501 |
|
— |
|
16,192 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
5,182 |
|
— |
|
6 |
|
— |
|
5,188 |
|
Total liabilities and equity |
|
$ |
31,610 |
|
1,628 |
|
11,231 |
|
(680) |
|
43,789 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2020
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
2,025 |
|
— |
|
— |
|
2,025 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
597 |
|
597 |
|
Other revenue |
|
|
— |
|
110 |
|
— |
|
110 |
|
Total revenue |
|
|
2,025 |
|
110 |
|
597 |
|
2,732 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
602 |
|
— |
|
— |
|
602 |
|
Programming and content |
|
|
123 |
|
— |
|
— |
|
123 |
|
Customer service and billing |
|
|
119 |
|
— |
|
— |
|
119 |
|
Other |
|
|
51 |
|
— |
|
— |
|
51 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
551 |
|
551 |
|
Subscriber acquisition costs |
|
|
110 |
|
— |
|
— |
|
110 |
|
Other operating expenses |
|
|
64 |
|
90 |
|
— |
|
154 |
|
Selling, general and administrative |
|
|
363 |
|
17 |
|
43 |
|
423 |
|
Acquisition and restructuring |
|
|
— |
|
— |
|
— |
|
— |
|
Depreciation and amortization |
|
|
142 |
|
19 |
|
118 |
|
279 |
|
|
|
|
1,574 |
|
126 |
|
712 |
|
2,412 |
|
Operating income (loss) |
|
|
451 |
|
(16) |
|
(115) |
|
320 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(116) |
|
(6) |
|
(31) |
|
(153) |
|
Intergroup interest (expense) income |
|
|
— |
|
— |
|
— |
|
— |
|
Share of earnings (losses) of affiliates, net |
|
|
(183) |
|
(5) |
|
1 |
|
(187) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(39) |
|
— |
|
55 |
|
16 |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
25 |
|
(10) |
|
(15) |
|
— |
|
Other, net |
|
|
(36) |
|
(1) |
|
5 |
|
(32) |
|
|
|
|
(349) |
|
(22) |
|
15 |
|
(356) |
|
Earnings (loss) before income taxes |
|
|
102 |
|
(38) |
|
(100) |
|
(36) |
|
Income tax (expense) benefit |
|
|
(22) |
|
7 |
|
8 |
|
(7) |
|
Net earnings (loss) |
|
|
80 |
|
(31) |
|
(92) |
|
(43) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
68 |
|
— |
|
3 |
|
71 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
12 |
|
(31) |
|
(95) |
|
(114) |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2019
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
2,011 |
|
— |
|
— |
|
2,011 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
633 |
|
633 |
|
Other revenue |
|
|
— |
|
212 |
|
— |
|
212 |
|
Total revenue |
|
|
2,011 |
|
212 |
|
633 |
|
2,856 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
592 |
|
— |
|
— |
|
592 |
|
Programming and content |
|
|
116 |
|
— |
|
— |
|
116 |
|
Customer service and billing |
|
|
120 |
|
— |
|
— |
|
120 |
|
Other |
|
|
52 |
|
— |
|
— |
|
52 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
434 |
|
434 |
|
Subscriber acquisition costs |
|
|
101 |
|
— |
|
— |
|
101 |
|
Other operating expenses |
|
|
78 |
|
145 |
|
— |
|
223 |
|
Selling, general and administrative |
|
|
363 |
|
26 |
|
51 |
|
440 |
|
Acquisition and restructuring |
|
|
— |
|
— |
|
— |
|
— |
|
Depreciation and amortization |
|
|
135 |
|
20 |
|
116 |
|
271 |
|
|
|
|
1,557 |
|
191 |
|
601 |
|
2,349 |
|
Operating income (loss) |
|
|
454 |
|
21 |
|
32 |
|
507 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(115) |
|
(6) |
|
(48) |
|
(169) |
|
Share of earnings (losses) of affiliates, net |
|
|
(7) |
|
4 |
|
58 |
|
55 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(10) |
|
(2) |
|
26 |
|
14 |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
— |
|
2 |
|
(2) |
|
— |
|
Other, net |
|
|
(51) |
|
— |
|
4 |
|
(47) |
|
|
|
|
(183) |
|
(2) |
|
38 |
|
(147) |
|
Earnings (loss) before income taxes |
|
|
271 |
|
19 |
|
70 |
|
360 |
|
Income tax (expense) benefit |
|
|
(63) |
|
(7) |
|
(28) |
|
(98) |
|
Net earnings (loss) |
|
|
208 |
|
12 |
|
42 |
|
262 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
68 |
|
— |
|
1 |
|
69 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
140 |
|
12 |
|
41 |
|
193 |
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2020
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
5,851 |
|
— |
|
— |
|
5,851 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
660 |
|
660 |
|
Other revenue |
|
|
— |
|
143 |
|
— |
|
143 |
|
Total revenue |
|
|
5,851 |
|
143 |
|
660 |
|
6,654 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
1,759 |
|
— |
|
— |
|
1,759 |
|
Programming and content |
|
|
351 |
|
— |
|
— |
|
351 |
|
Customer service and billing |
|
|
359 |
|
— |
|
— |
|
359 |
|
Other |
|
|
142 |
|
— |
|
— |
|
142 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
610 |
|
610 |
|
Subscriber acquisition costs |
|
|
257 |
|
— |
|
— |
|
257 |
|
Other operating expenses |
|
|
196 |
|
143 |
|
— |
|
339 |
|
Selling, general and administrative |
|
|
1,055 |
|
39 |
|
127 |
|
1,221 |
|
Acquisition and restructuring |
|
|
24 |
|
— |
|
— |
|
24 |
|
Depreciation and amortization |
|
|
432 |
|
54 |
|
326 |
|
812 |
|
|
|
|
4,575 |
|
236 |
|
1,063 |
|
5,874 |
|
Operating income (loss) |
|
|
1,276 |
|
(93) |
|
(403) |
|
780 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(347) |
|
(19) |
|
(114) |
|
(480) |
|
Intergroup interest (expense) income |
|
|
(7) |
|
— |
|
7 |
|
— |
|
Share of earnings (losses) of affiliates, net |
|
|
(331) |
|
(2) |
|
(109) |
|
(442) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(228) |
|
(10) |
|
75 |
|
(163) |
|
Unrealized gains (losses) on intergroup interest (note 1) |
|
|
92 |
|
78 |
|
(170) |
|
— |
|
Other, net |
|
|
(19) |
|
(1) |
|
19 |
|
(1) |
|
|
|
|
(840) |
|
46 |
|
(292) |
|
(1,086) |
|
Earnings (loss) before income taxes |
|
|
436 |
|
(47) |
|
(695) |
|
(306) |
|
Income tax (expense) benefit |
|
|
(88) |
|
31 |
|
60 |
|
3 |
|
Net earnings (loss) |
|
|
348 |
|
(16) |
|
(635) |
|
(303) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
210 |
|
— |
|
3 |
|
213 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
138 |
|
(16) |
|
(638) |
|
(516) |
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2019
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
5,732 |
|
— |
|
— |
|
5,732 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
1,499 |
|
1,499 |
|
Other revenue |
|
|
— |
|
442 |
|
— |
|
442 |
|
Total revenue |
|
|
5,732 |
|
442 |
|
1,499 |
|
7,673 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
1,684 |
|
— |
|
— |
|
1,684 |
|
Programming and content |
|
|
338 |
|
— |
|
— |
|
338 |
|
Customer service and billing |
|
|
352 |
|
— |
|
— |
|
352 |
|
Other |
|
|
136 |
|
— |
|
— |
|
136 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
1,023 |
|
1,023 |
|
Subscriber acquisition costs |
|
|
313 |
|
— |
|
— |
|
313 |
|
Other operating expenses |
|
|
206 |
|
305 |
|
— |
|
511 |
|
Selling, general and administrative |
|
|
1,050 |
|
77 |
|
148 |
|
1,275 |
|
Acquisition and restructuring |
|
|
83 |
|
— |
|
— |
|
83 |
|
Depreciation and amortization |
|
|
396 |
|
54 |
|
340 |
|
790 |
|
|
|
|
4,558 |
|
436 |
|
1,511 |
|
6,505 |
|
Operating income (loss) |
|
|
1,174 |
|
6 |
|
(12) |
|
1,168 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(326) |
|
(20) |
|
(149) |
|
(495) |
|
Share of earnings (losses) of affiliates, net |
|
|
(18) |
|
13 |
|
74 |
|
69 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
6 |
|
(6) |
|
(171) |
|
(171) |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
— |
|
(26) |
|
26 |
|
— |
|
Other, net |
|
|
(42) |
|
1 |
|
23 |
|
(18) |
|
|
|
|
(380) |
|
(38) |
|
(197) |
|
(615) |
|
Earnings (loss) before income taxes |
|
|
794 |
|
(32) |
|
(209) |
|
553 |
|
Income tax (expense) benefit |
|
|
(251) |
|
(1) |
|
26 |
|
(226) |
|
Net earnings (loss) |
|
|
543 |
|
(33) |
|
(183) |
|
327 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
175 |
|
— |
|
1 |
|
176 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
368 |
|
(33) |
|
(184) |
|
151 |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 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) |
|
$ |
348 |
|
(16) |
|
(635) |
|
(303) |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
432 |
|
54 |
|
326 |
|
812 |
|
Stock-based compensation |
|
|
173 |
|
(10) |
|
17 |
|
180 |
|
Share of (earnings) loss of affiliates, net |
|
|
331 |
|
2 |
|
109 |
|
442 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(92) |
|
(78) |
|
170 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
228 |
|
10 |
|
(75) |
|
163 |
|
Deferred income tax expense (benefit) |
|
|
33 |
|
(15) |
|
(61) |
|
(43) |
|
Intergroup tax allocation |
|
|
4 |
|
(16) |
|
12 |
|
— |
|
Other charges (credits), net |
|
|
73 |
|
10 |
|
2 |
|
85 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
150 |
|
(16) |
|
(282) |
|
(148) |
|
Payables and other liabilities |
|
|
(301) |
|
19 |
|
150 |
|
(132) |
|
Net cash provided (used) by operating activities |
|
|
1,379 |
|
(56) |
|
(267) |
|
1,056 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(91) |
|
— |
|
(3) |
|
(94) |
|
Return of investment in equity method affiliates |
|
|
— |
|
— |
|
105 |
|
105 |
|
Cash proceeds from sale of investments |
|
|
— |
|
— |
|
13 |
|
13 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
(28) |
|
— |
|
— |
|
(28) |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(230) |
|
(69) |
|
(17) |
|
(316) |
|
Other investing activities, net |
|
|
10 |
|
4 |
|
(3) |
|
11 |
|
Net cash provided (used) by investing activities |
|
|
(339) |
|
(65) |
|
95 |
|
(309) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
2,300 |
|
216 |
|
522 |
|
3,038 |
|
Repayments of debt |
|
|
(1,922) |
|
(62) |
|
(611) |
|
(2,595) |
|
Intergroup Loan (repayment) borrowing |
|
|
(750) |
|
— |
|
750 |
|
— |
|
Liberty SiriusXM stock repurchases |
|
|
(135) |
|
— |
|
(69) |
|
(204) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(870) |
|
— |
|
— |
|
(870) |
|
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 |
|
|
(49) |
|
— |
|
— |
|
(49) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(84) |
|
— |
|
(2) |
|
(86) |
|
Other financing activities, net |
|
|
(35) |
|
(5) |
|
(26) |
|
(66) |
|
Net cash provided (used) by financing activities |
|
|
(1,399) |
|
149 |
|
1,172 |
|
(78) |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(1) |
|
(1) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(359) |
|
28 |
|
999 |
|
668 |
|
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 |
|
$ |
148 |
|
240 |
|
1,586 |
|
1,974 |
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 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) |
|
$ |
543 |
|
(33) |
|
(183) |
|
327 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
396 |
|
54 |
|
340 |
|
790 |
|
Stock-based compensation |
|
|
204 |
|
13 |
|
21 |
|
238 |
|
Share of (earnings) loss of affiliates, net |
|
|
18 |
|
(13) |
|
(74) |
|
(69) |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
— |
|
26 |
|
(26) |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(6) |
|
6 |
|
171 |
|
171 |
|
Deferred income tax expense (benefit) |
|
|
232 |
|
7 |
|
(43) |
|
196 |
|
Intergroup tax allocation |
|
|
1 |
|
(6) |
|
5 |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(2) |
|
22 |
|
(20) |
|
— |
|
Other charges (credits), net |
|
|
63 |
|
9 |
|
(4) |
|
68 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
14 |
|
(37) |
|
(38) |
|
(61) |
|
Payables and other liabilities |
|
|
(26) |
|
9 |
|
127 |
|
110 |
|
Net cash provided (used) by operating activities |
|
|
1,437 |
|
57 |
|
276 |
|
1,770 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(14) |
|
(4) |
|
(7) |
|
(25) |
|
Cash proceeds from sale of investments |
|
|
373 |
|
— |
|
16 |
|
389 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
313 |
|
— |
|
— |
|
313 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(239) |
|
(72) |
|
(27) |
|
(338) |
|
Sales of short term investments and other marketable securities |
|
|
73 |
|
— |
|
— |
|
73 |
|
Other investing activities, net |
|
|
2 |
|
— |
|
(4) |
|
(2) |
|
Net cash provided (used) by investing activities |
|
|
508 |
|
(76) |
|
(22) |
|
410 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
4,943 |
|
75 |
|
— |
|
5,018 |
|
Repayments of debt |
|
|
(4,311) |
|
(29) |
|
(5) |
|
(4,345) |
|
Liberty SiriusXM stock repurchases |
|
|
(374) |
|
— |
|
— |
|
(374) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(1,959) |
|
— |
|
— |
|
(1,959) |
|
Cash dividends paid by subsidiary |
|
|
(52) |
|
— |
|
— |
|
(52) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(109) |
|
(1) |
|
9 |
|
(101) |
|
Other financing activities, net |
|
|
(41) |
|
(6) |
|
6 |
|
(41) |
|
Net cash provided (used) by financing activities |
|
|
(1,903) |
|
39 |
|
10 |
|
(1,854) |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(5) |
|
(5) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
42 |
|
20 |
|
259 |
|
321 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
102 |
|
190 |
|
160 |
|
452 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
144 |
|
210 |
|
419 |
|
773 |
|
|