Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
June 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 |
|
$ |
1,924 |
|
308 |
|
1,767 |
|
— |
|
3,999 |
|
Trade and other receivables, net |
|
|
497 |
|
29 |
|
147 |
|
— |
|
673 |
|
Other current assets |
|
|
227 |
|
29 |
|
663 |
|
(210) |
|
709 |
|
Total current assets |
|
|
2,648 |
|
366 |
|
2,577 |
|
(210) |
|
5,381 |
|
Intergroup interests (note 1) |
|
|
200 |
|
— |
|
134 |
|
(334) |
|
— |
|
Investments in affiliates, accounted for using the equity method (note 1) |
|
|
1,145 |
|
96 |
|
33 |
|
— |
|
1,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
2,689 |
|
972 |
|
188 |
|
— |
|
3,849 |
|
Accumulated depreciation |
|
|
(1,388) |
|
(155) |
|
(61) |
|
— |
|
(1,604) |
|
|
|
|
1,301 |
|
817 |
|
127 |
|
— |
|
2,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,520 |
|
30 |
|
4,103 |
|
— |
|
5,653 |
|
Other assets |
|
|
1,003 |
|
70 |
|
653 |
|
(32) |
|
1,694 |
|
Total assets |
|
$ |
33,499 |
|
1,702 |
|
11,583 |
|
(576) |
|
46,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 3) |
|
$ |
(19) |
|
(19) |
|
38 |
|
— |
|
— |
|
Accounts payable and accrued liabilities |
|
|
1,160 |
|
70 |
|
171 |
|
— |
|
1,401 |
|
Current portion of debt |
|
|
1,492 |
|
382 |
|
— |
|
— |
|
1,874 |
|
Deferred revenue |
|
|
1,833 |
|
121 |
|
684 |
|
— |
|
2,638 |
|
Other current liabilities |
|
|
289 |
|
4 |
|
19 |
|
(210) |
|
102 |
|
Total current liabilities |
|
|
4,755 |
|
558 |
|
912 |
|
(210) |
|
6,015 |
|
Long-term debt (note 1) |
|
|
10,976 |
|
332 |
|
3,672 |
|
— |
|
14,980 |
|
Deferred income tax liabilities |
|
|
1,992 |
|
44 |
|
— |
|
(32) |
|
2,004 |
|
Redeemable intergroup interests (note 1) |
|
|
— |
|
180 |
|
154 |
|
(334) |
|
— |
|
Other liabilities |
|
|
671 |
|
221 |
|
229 |
|
— |
|
1,121 |
|
Total liabilities |
|
|
18,394 |
|
1,335 |
|
4,967 |
|
(576) |
|
24,120 |
|
Equity / Attributed net assets |
|
|
9,630 |
|
367 |
|
6,613 |
|
— |
|
16,610 |
|
Noncontrolling interests in equity of subsidiaries |
|
|
5,475 |
|
— |
|
3 |
|
— |
|
5,478 |
|
Total liabilities and equity |
|
$ |
33,499 |
|
1,702 |
|
11,583 |
|
(576) |
|
46,208 |
|
|
| Condensed Statement of Operations |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2020
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
1,874 |
|
— |
|
— |
|
1,874 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
24 |
|
24 |
|
Other revenue |
|
|
— |
|
11 |
|
— |
|
11 |
|
Total revenue |
|
|
1,874 |
|
11 |
|
24 |
|
1,909 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
587 |
|
— |
|
— |
|
587 |
|
Programming and content |
|
|
110 |
|
— |
|
— |
|
110 |
|
Customer service and billing |
|
|
122 |
|
— |
|
— |
|
122 |
|
Other |
|
|
47 |
|
— |
|
— |
|
47 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
16 |
|
16 |
|
Subscriber acquisition costs |
|
|
48 |
|
— |
|
— |
|
48 |
|
Other operating expenses |
|
|
61 |
|
24 |
|
— |
|
85 |
|
Selling, general and administrative |
|
|
350 |
|
— |
|
40 |
|
390 |
|
Acquisition and restructuring |
|
|
24 |
|
— |
|
— |
|
24 |
|
Depreciation and amortization |
|
|
142 |
|
20 |
|
104 |
|
266 |
|
|
|
|
1,491 |
|
44 |
|
160 |
|
1,695 |
|
Operating income (loss) |
|
|
383 |
|
(33) |
|
(136) |
|
214 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(120) |
|
(6) |
|
(37) |
|
(163) |
|
Intergroup interest (expense) income |
|
|
(7) |
|
— |
|
7 |
|
— |
|
Share of earnings (losses) of affiliates, net |
|
|
(146) |
|
(1) |
|
(46) |
|
(193) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(184) |
|
(1) |
|
5 |
|
(180) |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
36 |
|
(7) |
|
(29) |
|
— |
|
Other, net |
|
|
4 |
|
1 |
|
9 |
|
14 |
|
|
|
|
(417) |
|
(14) |
|
(91) |
|
(522) |
|
Earnings (loss) before income taxes |
|
|
(34) |
|
(47) |
|
(227) |
|
(308) |
|
Income tax (expense) benefit |
|
|
10 |
|
9 |
|
27 |
|
46 |
|
Net earnings (loss) |
|
|
(24) |
|
(38) |
|
(200) |
|
(262) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
64 |
|
— |
|
— |
|
64 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
(88) |
|
(38) |
|
(200) |
|
(326) |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2019
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
1,977 |
|
— |
|
— |
|
1,977 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
620 |
|
620 |
|
Other revenue |
|
|
— |
|
208 |
|
— |
|
208 |
|
Total revenue |
|
|
1,977 |
|
208 |
|
620 |
|
2,805 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
600 |
|
— |
|
— |
|
600 |
|
Programming and content |
|
|
116 |
|
— |
|
— |
|
116 |
|
Customer service and billing |
|
|
119 |
|
— |
|
— |
|
119 |
|
Other |
|
|
47 |
|
— |
|
— |
|
47 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
441 |
|
441 |
|
Subscriber acquisition costs |
|
|
104 |
|
— |
|
— |
|
104 |
|
Other operating expenses |
|
|
74 |
|
129 |
|
— |
|
203 |
|
Selling, general and administrative |
|
|
361 |
|
24 |
|
51 |
|
436 |
|
Acquisition and restructuring |
|
|
7 |
|
— |
|
— |
|
7 |
|
Depreciation and amortization |
|
|
136 |
|
21 |
|
114 |
|
271 |
|
|
|
|
1,564 |
|
174 |
|
606 |
|
2,344 |
|
Operating income (loss) |
|
|
413 |
|
34 |
|
14 |
|
461 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(109) |
|
(7) |
|
(51) |
|
(167) |
|
Share of earnings (losses) of affiliates, net |
|
|
(7) |
|
7 |
|
34 |
|
34 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
15 |
|
(2) |
|
(100) |
|
(87) |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
— |
|
(2) |
|
2 |
|
— |
|
Other, net |
|
|
6 |
|
1 |
|
14 |
|
21 |
|
|
|
|
(95) |
|
(3) |
|
(101) |
|
(199) |
|
Earnings (loss) before income taxes |
|
|
318 |
|
31 |
|
(87) |
|
262 |
|
Income tax (expense) benefit |
|
|
(75) |
|
(5) |
|
10 |
|
(70) |
|
Net earnings (loss) |
|
|
243 |
|
26 |
|
(77) |
|
192 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
76 |
|
— |
|
— |
|
76 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
167 |
|
26 |
|
(77) |
|
116 |
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2020
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
3,826 |
|
— |
|
— |
|
3,826 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
63 |
|
63 |
|
Other revenue |
|
|
— |
|
33 |
|
— |
|
33 |
|
Total revenue |
|
|
3,826 |
|
33 |
|
63 |
|
3,922 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of subscriber services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
1,157 |
|
— |
|
— |
|
1,157 |
|
Programming and content |
|
|
228 |
|
— |
|
— |
|
228 |
|
Customer service and billing |
|
|
240 |
|
— |
|
— |
|
240 |
|
Other |
|
|
91 |
|
— |
|
— |
|
91 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
59 |
|
59 |
|
Subscriber acquisition costs |
|
|
147 |
|
— |
|
— |
|
147 |
|
Other operating expenses |
|
|
132 |
|
53 |
|
— |
|
185 |
|
Selling, general and administrative |
|
|
692 |
|
22 |
|
84 |
|
798 |
|
Acquisition and restructuring |
|
|
24 |
|
— |
|
— |
|
24 |
|
Depreciation and amortization |
|
|
290 |
|
35 |
|
208 |
|
533 |
|
|
|
|
3,001 |
|
110 |
|
351 |
|
3,462 |
|
Operating income (loss) |
|
|
825 |
|
(77) |
|
(288) |
|
460 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(231) |
|
(13) |
|
(83) |
|
(327) |
|
Intergroup interest (expense) income |
|
|
(7) |
|
— |
|
7 |
|
— |
|
Share of earnings (losses) of affiliates, net |
|
|
(148) |
|
3 |
|
(110) |
|
(255) |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(189) |
|
(10) |
|
20 |
|
(179) |
|
Unrealized gains (losses) on intergroup interest (note 1) |
|
|
67 |
|
88 |
|
(155) |
|
— |
|
Other, net |
|
|
17 |
|
— |
|
14 |
|
31 |
|
|
|
|
(491) |
|
68 |
|
(307) |
|
(730) |
|
Earnings (loss) before income taxes |
|
|
334 |
|
(9) |
|
(595) |
|
(270) |
|
Income tax (expense) benefit |
|
|
(66) |
|
24 |
|
52 |
|
10 |
|
Net earnings (loss) |
|
|
268 |
|
15 |
|
(543) |
|
(260) |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
142 |
|
— |
|
— |
|
142 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
126 |
|
15 |
|
(543) |
|
(402) |
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2019
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Liberty |
|
|
|
|
|
|
|
|
|
SiriusXM |
|
Braves |
|
Formula One |
|
Consolidated |
|
|
|
Group |
|
Group |
|
Group |
|
Liberty |
|
|
|
|
amounts in millions |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
Sirius XM Holdings revenue |
|
$ |
3,721 |
|
— |
|
— |
|
3,721 |
|
Formula 1 revenue |
|
|
— |
|
— |
|
866 |
|
866 |
|
Other revenue |
|
|
— |
|
230 |
|
— |
|
230 |
|
Total revenue |
|
|
3,721 |
|
230 |
|
866 |
|
4,817 |
|
Operating costs and expenses, including stock-based compensation (note 2): |
|
|
|
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
1,092 |
|
— |
|
— |
|
1,092 |
|
Programming and content |
|
|
222 |
|
— |
|
— |
|
222 |
|
Customer service and billing |
|
|
232 |
|
— |
|
— |
|
232 |
|
Other |
|
|
84 |
|
— |
|
— |
|
84 |
|
Cost of Formula 1 revenue |
|
|
— |
|
— |
|
589 |
|
589 |
|
Subscriber acquisition costs |
|
|
212 |
|
— |
|
— |
|
212 |
|
Other operating expenses |
|
|
128 |
|
160 |
|
— |
|
288 |
|
Selling, general and administrative |
|
|
687 |
|
51 |
|
97 |
|
835 |
|
Acquisition and restructuring |
|
|
83 |
|
— |
|
— |
|
83 |
|
Depreciation and amortization |
|
|
261 |
|
34 |
|
224 |
|
519 |
|
|
|
|
3,001 |
|
245 |
|
910 |
|
4,156 |
|
Operating income (loss) |
|
|
720 |
|
(15) |
|
(44) |
|
661 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(211) |
|
(14) |
|
(101) |
|
(326) |
|
Share of earnings (losses) of affiliates, net |
|
|
(11) |
|
9 |
|
16 |
|
14 |
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
16 |
|
(4) |
|
(197) |
|
(185) |
|
Unrealized gains (losses) on intergroup interests (note 1) |
|
|
— |
|
(28) |
|
28 |
|
— |
|
Other, net |
|
|
9 |
|
1 |
|
19 |
|
29 |
|
|
|
|
(197) |
|
(36) |
|
(235) |
|
(468) |
|
Earnings (loss) before income taxes |
|
|
523 |
|
(51) |
|
(279) |
|
193 |
|
Income tax (expense) benefit |
|
|
(188) |
|
6 |
|
54 |
|
(128) |
|
Net earnings (loss) |
|
|
335 |
|
(45) |
|
(225) |
|
65 |
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
107 |
|
— |
|
— |
|
107 |
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
228 |
|
(45) |
|
(225) |
|
(42) |
|
|
| Condensed Statement of Cash Flows |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 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) |
|
$ |
268 |
|
15 |
|
(543) |
|
(260) |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
290 |
|
35 |
|
208 |
|
533 |
|
Stock-based compensation |
|
|
112 |
|
(12) |
|
12 |
|
112 |
|
Share of (earnings) loss of affiliates, net |
|
|
148 |
|
(3) |
|
110 |
|
255 |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
(67) |
|
(88) |
|
155 |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
189 |
|
10 |
|
(20) |
|
179 |
|
Deferred income tax expense (benefit) |
|
|
29 |
|
(16) |
|
(47) |
|
(34) |
|
Intergroup tax allocation |
|
|
(1) |
|
(8) |
|
9 |
|
— |
|
Other charges (credits), net |
|
|
31 |
|
3 |
|
— |
|
34 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
204 |
|
6 |
|
(450) |
|
(240) |
|
Payables and other liabilities |
|
|
(236) |
|
59 |
|
467 |
|
290 |
|
Net cash provided (used) by operating activities |
|
|
967 |
|
1 |
|
(99) |
|
869 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(86) |
|
— |
|
(1) |
|
(87) |
|
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 |
|
|
(149) |
|
(43) |
|
(14) |
|
(206) |
|
Other investing activities, net |
|
|
(2) |
|
4 |
|
(2) |
|
— |
|
Net cash provided (used) by investing activities |
|
|
(265) |
|
(39) |
|
101 |
|
(203) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
2,117 |
|
196 |
|
522 |
|
2,835 |
|
Repayments of debt |
|
|
(238) |
|
(37) |
|
(609) |
|
(884) |
|
Intergroup Loan (repayment) borrowing |
|
|
(750) |
|
— |
|
750 |
|
— |
|
Liberty SiriusXM stock repurchases |
|
|
(69) |
|
— |
|
(69) |
|
(138) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(399) |
|
— |
|
— |
|
(399) |
|
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 |
|
|
(33) |
|
— |
|
— |
|
(33) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(44) |
|
— |
|
(2) |
|
(46) |
|
Other financing activities, net |
|
|
(4) |
|
(4) |
|
(12) |
|
(20) |
|
Net cash provided (used) by financing activities |
|
|
726 |
|
155 |
|
1,188 |
|
2,069 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
— |
|
— |
|
(10) |
|
(10) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
1,428 |
|
117 |
|
1,180 |
|
2,725 |
|
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 |
|
$ |
1,935 |
|
329 |
|
1,767 |
|
4,031 |
|
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 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) |
|
$ |
335 |
|
(45) |
|
(225) |
|
65 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
261 |
|
34 |
|
224 |
|
519 |
|
Stock-based compensation |
|
|
138 |
|
9 |
|
15 |
|
162 |
|
Share of (earnings) loss of affiliates, net |
|
|
11 |
|
(9) |
|
(16) |
|
(14) |
|
Unrealized (gains) losses on intergroup interests, net |
|
|
— |
|
28 |
|
(28) |
|
— |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(16) |
|
4 |
|
197 |
|
185 |
|
Deferred income tax expense (benefit) |
|
|
178 |
|
— |
|
(63) |
|
115 |
|
Intergroup tax allocation |
|
|
(1) |
|
(6) |
|
7 |
|
— |
|
Intergroup tax (payments) receipts |
|
|
(2) |
|
22 |
|
(20) |
|
— |
|
Other charges (credits), net |
|
|
4 |
|
5 |
|
(6) |
|
3 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Current and other assets |
|
|
(14) |
|
(34) |
|
(35) |
|
(83) |
|
Payables and other liabilities |
|
|
15 |
|
56 |
|
149 |
|
220 |
|
Net cash provided (used) by operating activities |
|
|
909 |
|
64 |
|
199 |
|
1,172 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(9) |
|
(5) |
|
(6) |
|
(20) |
|
Cash proceeds from sale of investments |
|
|
373 |
|
— |
|
— |
|
373 |
|
Cash (paid) received for acquisitions, net of cash acquired |
|
|
313 |
|
— |
|
— |
|
313 |
|
Capital expended for property and equipment, including internal-use software and website development |
|
|
(160) |
|
(50) |
|
(11) |
|
(221) |
|
Sales of short term investments and other marketable securities |
|
|
72 |
|
— |
|
— |
|
72 |
|
Other investing activities, net |
|
|
(1) |
|
— |
|
(4) |
|
(5) |
|
Net cash provided (used) by investing activities |
|
|
588 |
|
(55) |
|
(21) |
|
512 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
Borrowings of debt |
|
|
2,878 |
|
1 |
|
— |
|
2,879 |
|
Repayments of debt |
|
|
(2,360) |
|
(24) |
|
(3) |
|
(2,387) |
|
Liberty SiriusXM stock repurchases |
|
|
(306) |
|
— |
|
— |
|
(306) |
|
Subsidiary shares repurchased by subsidiary |
|
|
(1,474) |
|
— |
|
— |
|
(1,474) |
|
Cash dividends paid by subsidiary |
|
|
(36) |
|
— |
|
— |
|
(36) |
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(50) |
|
— |
|
(7) |
|
(57) |
|
Other financing activities, net |
|
|
(3) |
|
(7) |
|
6 |
|
(4) |
|
Net cash provided (used) by financing activities |
|
|
(1,351) |
|
(30) |
|
(4) |
|
(1,385) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
146 |
|
(21) |
|
174 |
|
299 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
102 |
|
190 |
|
160 |
|
452 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
248 |
|
169 |
|
334 |
|
751 |
|
|