Annual report pursuant to Section 13 and 15(d)

Financial Information for Tracking Stock Groups (Tables)

v3.24.0.1
Financial Information for Tracking Stock Groups (Tables)
12 Months Ended
Dec. 31, 2023
Financial Information for Tracking Stock Groups  
Condensed Balance Sheets

BALANCE SHEET INFORMATION

December 31, 2023

(unaudited)

Attributed (note 1)

Liberty

Liberty

SiriusXM

Formula One

Live

Inter-Group

Consolidated

    

Group

Group

Group

Eliminations

Liberty

    

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

306

1,408

305

2,019

 

Trade and other receivables, net

 

709

123

832

 

Other current assets

 

346

180

526

 

Total current assets

 

1,361

1,711

305

3,377

 

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

 

715

41

333

1,089

 

Property and equipment, at cost

 

3,105

973

4,078

 

Accumulated depreciation

 

(1,860)

(135)

(1,995)

 

 

1,245

838

2,083

 

Intangible assets not subject to amortization

Goodwill

 

15,209

3,956

19,165

 

FCC licenses

 

8,600

8,600

 

Other

 

1,242

1,242

 

 

25,051

3,956

29,007

 

Intangible assets subject to amortization, net

 

1,014

2,858

3,872

 

Other assets

 

515

863

524

(162)

1,740

 

Total assets

$

29,901

10,267

1,162

(162)

41,168

 

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

62

(63)

1

Accounts payable and accrued liabilities

1,474

535

 

1

2,010

Current portion of debt (note 1)

 

1,074

36

 

70

1,180

Deferred revenue

 

1,195

247

 

1,442

Other current liabilities

 

71

32

 

8

111

Total current liabilities

 

3,876

787

 

80

4,743

Long-term debt (note 1)

 

10,063

2,870

 

1,247

14,180

Deferred income tax liabilities (note 3)

 

2,245

3

 

(162)

2,086

Other liabilities

 

526

188

 

714

Total liabilities

 

16,710

3,848

 

1,327

(162)

21,723

Equity / Attributed net assets

 

10,165

6,419

 

(188)

16,396

Noncontrolling interests in equity of subsidiaries

 

3,026

 

23

3,049

Total liabilities and equity

$

29,901

10,267

 

1,162

(162)

41,168

BALANCE SHEET INFORMATION

December 31, 2022

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Formula One

Braves

Inter-Group

Consolidated

    

Group

Group

Group

Eliminations

Liberty

    

amounts in millions

Assets

Current assets:

Cash and cash equivalents

$

362

1,733

151

2,246

 

Trade and other receivables, net

 

669

123

45

837

 

Other current assets

 

523

167

78

768

 

Total current assets

 

1,554

2,023

274

3,851

 

Intergroup interests (note 1)

 

282

219

(501)

 

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

823

34

95

952

 

 

Property and equipment, at cost

 

2,957

516

1,008

4,481

 

Accumulated depreciation

 

(1,840)

(108)

(278)

(2,226)

 

1,117

408

730

2,255

Intangible assets not subject to amortization

 

 

Goodwill

 

15,209

3,956

176

19,341

 

FCC licenses

 

8,600

8,600

 

Other

 

1,242

124

1,366

 

 

25,051

3,956

300

29,307

 

Intangible assets subject to amortization, net

 

1,101

3,163

24

4,288

 

Other assets

551

1,213

54

(7)

1,811

 

Total assets

$

30,479

11,016

1,477

(508)

42,464

Liabilities and Equity

Current liabilities:

Intergroup payable (receivable) (note 4)

$

7

(7)

Accounts payable and accrued liabilities

 

1,405

396

 

55

1,856

Current portion of debt (note 1)

 

1,543

61

 

75

1,679

Deferred revenue

 

1,321

347

 

105

1,773

Other current liabilities

 

68

29

 

5

102

Total current liabilities

 

4,344

833

 

233

5,410

Long-term debt (note 1)

 

11,600

2,886

 

467

14,953

Deferred income tax liabilities (note 3)

 

2,054

 

54

(7)

2,101

Redeemable intergroup interests (note 1)

 

223

278

(501)

Other liabilities

 

584

139

 

151

874

Total liabilities

 

18,582

4,081

 

1,183

(508)

23,338

Equity / Attributed net assets

8,759

6,910

 

294

15,963

Noncontrolling interests in equity of subsidiaries

3,138

25

 

3,163

Total liabilities and equity

$

30,479

11,016

 

1,477

(508)

42,464

Condensed Statement of Operations

STATEMENT OF OPERATIONS INFORMATION

December 31, 2023

(unaudited)

Attributed (note 1)

Liberty

Liberty

SiriusXM

Formula One

Live

Braves

Consolidated

Group

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

8,953

 

8,953

Formula 1 revenue

3,222

3,222

Other revenue

 

 

350

350

Total revenue

 

8,953

3,222

 

350

12,525

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

 

2,895

 

2,895

Programming and content

 

618

 

618

Customer service and billing

 

476

 

476

Other

 

220

 

220

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

2,240

 

2,240

Subscriber acquisition costs

 

359

 

359

Other operating expenses

 

322

 

274

596

Selling, general and administrative

 

1,534

316

11

 

69

1,930

Depreciation and amortization

 

624

369

 

37

1,030

Impairment, restructuring and acquisition costs, net of recoveries

66

 

1

67

Litigation settlements, net of recoveries

31

 

31

 

7,145

2,925

11

 

381

10,462

Operating income (loss)

 

1,808

297

(11)

 

(31)

2,063

Other income (expense):

Interest expense

 

(538)

(214)

(10)

 

(20)

(782)

Share of earnings (losses) of affiliates, net

 

108

(4)

22

 

12

138

Unrealized gain/(loss) on intergroup interests

68

15

(83)

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

 

(215)

42

(153)

 

3

(323)

Gains (losses) on dilution of investment in affiliate

(6)

2

 

(4)

Other, net

 

43

75

(30)

 

5

93

 

(540)

(86)

(169)

 

(83)

(878)

Earnings (loss) before income taxes

 

1,268

211

(180)

 

(114)

1,185

Income tax (expense) benefit (note 3)

 

(237)

(27)

38

 

3

(223)

Net earnings (loss)

 

1,031

184

(142)

 

(111)

962

Less net earnings (loss) attributable to the noncontrolling interests

 

202

(1)

 

201

Net earnings (loss) attributable to Liberty stockholders

$

829

185

(142)

 

(111)

761

STATEMENT OF OPERATIONS INFORMATION

December 31, 2022

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Formula One

Braves

Consolidated

Group

Group

Group

Liberty

amounts in millions

Revenue:

Sirius XM Holdings revenue

$

9,003

 

9,003

Formula 1 revenue

2,573

2,573

Other revenue

 

 

588

588

Total revenue

 

9,003

2,573

 

588

12,164

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

 

2,802

 

2,802

Programming and content

 

604

 

604

Customer service and billing

 

497

 

497

Other

 

227

 

227

Cost of Formula 1 revenue (exclusive of depreciation shown separately below)

1,750

 

1,750

Subscriber acquisition costs

 

352

 

352

Other operating expenses

 

285

 

434

719

Selling, general and administrative

 

1,638

288

 

105

2,031

Depreciation and amortization

 

611

362

 

71

1,044

Impairment, restructuring and acquisition costs, net of recoveries

68

 

6

74

 

7,084

2,400

 

616

10,100

Operating income (loss)

 

1,919

173

 

(28)

2,064

Other income (expense):

Interest expense

 

(511)

(149)

 

(29)

(689)

Share of earnings (losses) of affiliates, net

 

67

 

32

99

Unrealized gain/(loss) on intergroup interests

(19)

54

(35)

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

 

471

115

 

13

599

Gains (losses) on dilution of investment in affiliate

10

 

10

Other, net

 

32

58

 

20

110

 

50

78

 

1

129

Earnings (loss) before income taxes

 

1,969

251

 

(27)

2,193

Income tax (expense) benefit (note 3)

 

(467)

311

 

(8)

(164)

Net earnings (loss)

 

1,502

562

 

(35)

2,029

Less net earnings (loss) attributable to the noncontrolling interests

 

210

17

 

227

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

(13)

 

(13)

Net earnings (loss) attributable to Liberty stockholders

$

1,292

558

 

(35)

1,815

STATEMENT OF OPERATIONS INFORMATION

December 31, 2021

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Formula One

Braves

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

2,136

 

568

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 (exclusive of depreciation shown separately below)

1,489

 

1,489

Subscriber acquisition costs

 

325

 

325

Other operating expenses

 

265

 

377

642

Selling, general and administrative

 

1,598

210

 

99

1,907

Depreciation and amortization

 

603

397

 

72

1,072

Impairment, restructuring and acquisition costs, net of recoveries

20

 

20

 

6,779

2,096

 

548

9,423

Operating income (loss)

 

1,917

40

 

20

1,977

Other income (expense):

Interest expense

 

(495)

(123)

 

(24)

(642)

Share of earnings (losses) of affiliates, net

 

(253)

23

 

30

(200)

Unrealized gain/(loss) on inter-group interests

121

(90)

(31)

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

 

(433)

(21)

 

3

(451)

Gains (losses) on dilution of investment in affiliate

152

152

Other, net

 

(60)

14

 

(1)

(47)

 

(968)

(197)

 

(23)

(1,188)

Earnings (loss) before income taxes

 

949

(157)

 

(3)

789

Income tax (expense) benefit (note 3)

 

(74)

37

 

(8)

(45)

Net earnings (loss)

 

875

(120)

 

(11)

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

(190)

 

(11)

398

Condensed Statement of Cash Flows

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2023

(unaudited)

Attributed (note 1)

Liberty

Liberty

SiriusXM

Formula One

Live

Braves

Consolidated

Group

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

1,031

184

(142)

 

(111)

962

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

.

Depreciation and amortization

 

624

369

 

37

1,030

Stock-based compensation

 

203

20

2

 

7

232

Non-cash impairment and restructuring costs

26

26

Share of (earnings) loss of affiliates, net

 

(108)

4

(22)

 

(12)

(138)

Unrealized (gains) losses on intergroup interests, net

(68)

(15)

83

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

 

215

(42)

153

 

(3)

323

Noncash interest expense

14

6

(1)

1

20

Losses (gains) on dilution of investment in affiliate

6

(2)

4

Loss (gain) on early extinguishment of debt

(30)

(1)

35

4

Deferred income tax expense (benefit)

 

36

18

(37)

 

(3)

14

Intergroup tax allocation

177

(176)

(1)

Intergroup tax (payments) receipts

(121)

122

(1)

Other charges (credits), net

 

2

(2)

1

 

3

4

Changes in operating assets and liabilities

Current and other assets

 

(45)

46

(5)

 

(34)

(38)

Payables and other liabilities

 

(136)

86

5

 

66

21

Net cash provided (used) by operating activities

 

1,826

619

(13)

 

32

2,464

Cash flows from investing activities:

Cash proceeds from dispositions of investments

110

1

111

Investments in equity method affiliates and debt and equity securities

 

(50)

(173)

(3)

 

(226)

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

1

1

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

 

(650)

(426)

 

(35)

(1,111)

Other investing activities, net

 

3

(21)

3

 

(15)

Net cash provided (used) by investing activities

 

(696)

(510)

1

 

(35)

(1,240)

Cash flows from financing activities:

Borrowings of debt

 

2,681

1,135

 

30

3,846

Repayments of debt

 

(3,782)

(70)

(918)

 

(20)

(4,790)

Settlement of intergroup interests

273

(273)

 

Subsidiary shares repurchased by subsidiary

 

(274)

 

(274)

Cash dividends paid by subsidiary

(65)

 

(65)

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

 

(64)

(9)

 

(1)

(74)

Atlanta Braves Holdings, Inc. Split-Off

 

(188)

(188)

Reclassification

(100)

100

 

Other financing activities, net

46

17

9

72

Net cash provided (used) by financing activities

 

(1,185)

(435)

317

 

(170)

(1,473)

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

1

 

1

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

 

(55)

(325)

305

 

(173)

(248)

Cash, cash equivalents and restricted cash at beginning of period

 

370

1,733

NA

 

173

2,276

Cash, cash equivalents and restricted cash at end of period

$

315

1,408

305

 

2,028

STATEMENT OF CASH FLOWS INFORMATION

December 31, 2022

(unaudited)

Attributed (note 1)

Liberty

SiriusXM

Formula One

Braves

Consolidated

Group

Group

Group

Liberty

amounts in millions

Cash flows from operating activities:

Net earnings (loss)

$

1,502

562

 

(35)

2,029

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

Depreciation and amortization

 

611

362

 

71

1,044

Stock-based compensation

 

209

16

 

12

237

Non-cash impairment and restructuring costs

65

5

70

Share of (earnings) loss of affiliates, net

 

(67)

 

(32)

(99)

Unrealized (gains) losses on intergroup interests, net

19

(54)

35

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

 

(471)

(115)

 

(13)

(599)

Noncash interest expense

19

5

2

26

Losses (gains) on dilution of investment in affiliate

(10)

(10)

Loss (gain) on early extinguishment of debt

(21)

(14)

(35)

Deferred income tax expense (benefit)

 

329

(306)

 

(10)

13

Intergroup tax allocation

91

(109)

18

Intergroup tax (payments) receipts

(80)

72

8

Other charges (credits), net

 

10

(1)

 

1

10

Changes in operating assets and liabilities

Current and other assets

 

80

(87)

 

(10)

(17)

Payables and other liabilities

 

(327)

203

 

1

(123)

Net cash provided (used) by operating activities

 

1,959

534

 

53

2,546

Cash flows from investing activities:

Subsidiary initial public offering proceeds returned from (invested in) trust account

579

579

Cash proceeds from dispositions of investments

 

66

53

48

167

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

(136)

(136)

Investments in equity method affiliates and debt and equity securities

(1)

(52)

 

(5)

(58)

Return of investment in equity method affiliates

1

9

28

38

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

2

2

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

 

(426)

(291)

 

(18)

(735)

Other investing activities, net

 

1

96

 

97

Net cash provided (used) by investing activities

 

(493)

394

 

53

(46)

Cash flows from financing activities:

Borrowings of debt

 

3,150

2,884

 

155

6,189

Repayments of debt

 

(3,553)

(3,564)

 

(309)

(7,426)

Repayment of initial public offering proceeds to subsidiary shareholders

(579)

(579)

Settlement of intergroup interests

78

(64)

 

(14)

Liberty stock repurchases

(358)

(37)

 

(395)

Subsidiary shares repurchased by subsidiary

(647)