Annual report pursuant to Section 13 and 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.22.0.1
Financial Information for Tracking Stock Groups (Tables)
12 Months Ended
Dec. 31, 2021
Condensed Balance Sheets

BALANCE SHEET INFORMATION

December 31, 2021

(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

$

598

142

2,074

2,814

 

Trade and other receivables, net

 

722

40

66

828

 

Other current assets

 

793

148

229

1,170

 

Total current assets

 

2,113

330

2,369

4,812

 

Intergroup interests (note 1)

379

191

(570)

Investments in affiliates, accounted for using the equity method (note 1)

 

805

110

30

945

 

Property and equipment, at cost

 

2,811

1,008

208

4,027

 

Accumulated depreciation

 

(1,697)

(231)

(89)

(2,017)

 

 

1,114

777

119

2,010

 

Intangible assets not subject to amortization

Goodwill

 

15,111

180

3,957

19,248

 

FCC licenses

 

8,600

8,600

 

Other

 

1,242

143

1,385

 

 

24,953

323

3,957

29,233

 

Intangible assets subject to amortization, net

 

1,269

21

3,507

4,797

 

Other assets

 

1,041

75

1,491

(53)

2,554

 

Total assets

$

31,674

1,636

11,664

(623)

44,351

 

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

14

(31)

17

Accounts payable and accrued liabilities

1,458

 

66

308

1,832

Current portion of debt (note 1)

 

2,184

 

12

695

2,891

Deferred revenue

 

1,454

 

83

253

1,790

Other current liabilities

 

68

 

6

23

97

Total current liabilities

 

5,178

 

136

1,296

6,610

Long-term debt (note 1)

 

12,078

 

685

2,936

15,699

Deferred income tax liabilities (note 3)

 

2,206

 

65

(53)

2,218

Redeemable intergroup interests (note 1)

257

313

(570)

Other liabilities

 

611

 

197

179

987

Total liabilities

 

20,073

 

1,340

4,724

(623)

25,514

Redeemable noncontrolling interests in equity of subsidiary

575

575

Equity / Attributed net assets

 

8,036

 

296

6,340

14,672

Noncontrolling interests in equity of subsidiaries

 

3,565

 

25

3,590

Total liabilities and equity

$

31,674

 

1,636

11,664

(623)

44,351

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

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

December 31, 2021

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Braves

Formula One

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

8,696

 

8,696

Formula 1 revenue

2,136

2,136

Other revenue

 

 

568

568

Total revenue

 

8,696

 

568

2,136

11,400

Operating costs and expenses, including stock-based compensation (note 2):

Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below):

Revenue share and royalties

 

2,672

 

2,672

Programming and content

 

559

 

559

Customer service and billing

 

501

 

501

Other

 

236

 

236

Cost of Formula 1 revenue

 

1,489

1,489

Subscriber acquisition costs

 

325

 

325

Other operating expenses

 

265

 

377

642

Selling, general and administrative

 

1,598

 

99

210

1,907

Impairment, restructuring and acquisition costs, net of recoveries

20

 

20

Depreciation and amortization

 

603

 

72

397

1,072

 

6,779

 

548

2,096

9,423

Operating income (loss)

 

1,917

 

20

40

1,977

Other income (expense):

Interest expense

 

(495)

 

(24)

(123)

(642)

Share of earnings (losses) of affiliates, net

 

(253)

 

30

23

(200)

Unrealized gain/(loss) on inter-group interests

121

(31)

(90)

Realized and unrealized gains (losses) on financial instruments, net

 

(433)

 

3

(21)

(451)

Gains (losses) on dilution of investment in affiliate

152

 

152

Other, net

 

(60)

 

(1)

14

(47)

 

(968)

 

(23)

(197)

(1,188)

Earnings (loss) before income taxes

 

949

 

(3)

(157)

789

Income tax (expense) benefit (note 3)

 

(74)

 

(8)

37

(45)

Net earnings (loss)

 

875

 

(11)

(120)

744

Less net earnings (loss) attributable to the noncontrolling interests

 

276

 

16

292

Less net earnings (loss) attributable to the redeemable noncontrolling interests

 

54

54

Net earnings (loss) attributable to Liberty stockholders

$

599

 

(11)

(190)

398

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 Sirius XM Holdings 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, restructuring and acquisition costs, net of recoveries

1,004

 

1,004

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)

Gains (losses) on dilution of investment in affiliate

4

4

Other, net

 

(17)

 

23

6

 

(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 Sirius XM Holdings 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

Impairment, restructuring and acquisition costs, net of recoveries

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)

Gains (losses) on dilution of investment in affiliate

7

7

Other, net

 

(38)

 

2

38

2

 

(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

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2021

(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)

$

875

 

(11)

(120)

744

Adjustments to reconcile net earnings to net cash provided by operating activities:

.

Depreciation and amortization

 

603

 

72

397

1,072

Stock-based compensation

 

215

 

12

29

256

Non-cash impairment and restructuring costs

24

24

Share of (earnings) loss of affiliates, net

 

253

 

(30)

(23)

200

Unrealized (gains) losses on intergroup interests, net

(121)

31

90

Realized and unrealized (gains) losses on financial instruments, net

 

433

 

(3)

21

451

Noncash interest expense

15

1

16

Losses (gains) on dilution of investment in affiliate

(152)

(152)

Loss on early extinguishment of debt

83

(3)

80

Deferred income tax expense (benefit)

 

(12)

 

12

(41)

(41)

Intergroup tax allocation

9

(4)

(5)

Intergroup tax (payments) receipts

(2)

7

(5)

Other charges (credits), net

 

(15)

 

20

(3)

2

Changes in operating assets and liabilities

Current and other assets

 

(59)

 

(43)

(2)

(104)

Payables and other liabilities

 

(255)

 

(1)

145

(111)

Net cash provided (used) by operating activities

 

1,894

 

62

481

2,437

Cash flows from investing activities:

Investment of subsidiary initial public offering proceeds into trust account

(575)

(575)

Cash proceeds from dispositions of investments

177

2

204

383

Cash (paid) received for acquisitions, net of cash acquired

(14)

(14)

Investments in equity method affiliates and debt and equity securities

 

(73)

 

(179)

(252)

Return of investment in equity method affiliates

1

39

40

Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities

12

12

Capital expended for property and equipment, including internal-use software and website development

 

(388)

 

(35)

(17)

(440)

Proceeds from insurance recoveries

225

 

225

Other investing activities, net

 

(4)

 

8

(72)

(68)

Net cash provided (used) by investing activities

 

(64)

 

(25)

(600)

(689)

Cash flows from financing activities:

Borrowings of debt

 

6,294

 

117

6,411

Repayments of debt

 

(5,872)

 

(93)

(322)

(6,287)

Liberty stock repurchases

(500)

 

(55)

(555)

Subsidiary shares repurchased by subsidiary

 

(1,523)

 

(1,523)

Proceeds from initial public offering of subsidiary

575

575

Cash dividends paid by subsidiary

(58)

 

(58)

Taxes paid in lieu of shares issued for stock-based compensation

 

(106)

 

(48)

(154)

Settlement of intergroup call spread

(384)

384

Other financing activities, net

(83)

(2)

(22)

(107)

Net cash provided (used) by financing activities

 

(2,232)

 

22

512

(1,698)

Effect of foreign exchange rates on cash, cash equivalents and restricted cash

 

(3)

(3)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(402)

 

59

390

47

Cash, cash equivalents and restricted cash at beginning of period

 

1,008

 

185

1,684

2,877

Cash, cash equivalents and restricted cash at end of period

$

606

 

244

2,074

2,924

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

Non-cash impairment and restructuring costs

1,000

1,000

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

 

2

 

9

11

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 investment 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 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 investment 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 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