Information About Liberty's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Information About Liberty's Operating Segments |
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| Schedule of performance measures |
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Year ended December 31, 2025 |
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Reportable |
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Corporate and |
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Formula One |
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MotoGP |
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segments total |
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Other |
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Eliminations |
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Total |
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amounts in millions |
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Revenue |
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$ |
3,873 |
|
325 |
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4,198 |
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414 |
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(130) |
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4,482 |
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Operating expenses |
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Team payments, excluding Concorde incentive payments |
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(1,400) |
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— |
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(1,400) |
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— |
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— |
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(1,400) |
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Other cost of revenue |
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(1,181) |
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(162) |
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(1,343) |
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(308) |
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130 |
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(1,521) |
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Selling, general and administrative, excluding stock-based compensation |
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(346) |
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(46) |
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(392) |
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(101) |
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— |
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(493) |
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Adjusted OIBDA |
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$ |
946 |
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117 |
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1,063 |
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5 |
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— |
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1,068 |
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Year ended December 31, 2024 |
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Corporate and |
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Formula One |
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Other |
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Eliminations |
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Total |
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amounts in millions |
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Revenue |
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$ |
3,411 |
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373 |
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(131) |
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3,653 |
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Operating expenses |
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Team payments |
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(1,266) |
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— |
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— |
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(1,266) |
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Other cost of revenue |
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(1,066) |
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(194) |
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38 |
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(1,222) |
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Selling, general and administrative, excluding stock-based compensation |
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(288) |
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(196) |
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93 |
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(391) |
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Adjusted OIBDA |
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$ |
791 |
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(17) |
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— |
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774 |
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Year ended December 31, 2023 |
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Corporate and |
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Formula One |
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Other |
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Eliminations |
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Total |
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amounts in millions |
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Revenue |
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$ |
3,222 |
|
366 |
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(16) |
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3,572 |
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Operating expenses |
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Team payments |
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(1,215) |
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— |
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— |
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(1,215) |
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Other cost of revenue |
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(1,041) |
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— |
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16 |
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(1,025) |
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Selling, general and administrative, excluding stock-based compensation |
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(241) |
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(391) |
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— |
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(632) |
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Adjusted OIBDA |
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$ |
725 |
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(25) |
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— |
|
700 |
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| Schedule of other information by segment |
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December 31, |
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2025 |
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2024 |
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amounts in millions |
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Formula 1 |
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$ |
8,161 |
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9,159 |
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MotoGP |
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|
6,277 |
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— |
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Corporate and other |
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|
1,548 |
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2,833 |
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Elimination |
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(588) |
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18 |
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Assets of discontinued operations |
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— |
|
991 |
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Total assets |
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$ |
15,398 |
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13,001 |
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| Schedule Of reconciliation of adjusted OIBDA to operating income (loss) and earnings (loss) from continuing operations before income taxes |
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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amounts in millions |
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Adjusted OIBDA |
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$ |
1,068 |
|
774 |
|
700 |
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Stock-based compensation |
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(21) |
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(30) |
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(27) |
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Depreciation and amortization |
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(393) |
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(352) |
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(406) |
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Concorde incentive payments |
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(50) |
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— |
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— |
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Impairment and acquisition costs |
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(27) |
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(105) |
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(1) |
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Operating income (loss) |
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577 |
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287 |
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266 |
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Interest expense |
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(249) |
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(208) |
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(234) |
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Realized and unrealized gains (losses) on financial instruments, net |
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288 |
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(139) |
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44 |
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Unrealized gains (losses) on intergroup interests |
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— |
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— |
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(68) |
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Other, net |
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117 |
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60 |
|
89 |
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Earnings (loss) from continuing operations before income taxes |
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$ |
733 |
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— |
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97 |
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| Revenue by Geographic Area |
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Years ended December 31, |
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2025 |
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2024 |
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2023 |
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amounts in millions |
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United Kingdom |
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$ |
3,782 |
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3,318 |
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3,222 |
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United States |
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|
378 |
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335 |
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350 |
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Spain |
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|
310 |
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— |
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— |
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Other |
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12 |
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— |
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— |
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$ |
4,482 |
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3,653 |
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3,572 |
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| Long-lived Assets by Geographic Area |
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December 31, |
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2025 |
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2024 |
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amounts in millions |
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United States |
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$ |
691 |
|
730 |
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United Kingdom |
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161 |
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80 |
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Spain |
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15 |
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— |
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Other |
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1 |
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— |
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$ |
868 |
|
810 |
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