Quarterly report pursuant to Section 13 or 15(d)

Financial Information for Tracking Stock Groups (Tables)

v2.4.0.8
Financial Information for Tracking Stock Groups (Tables)
3 Months Ended
Mar. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheet
BALANCE SHEET INFORMATION
March 31, 2014
(unaudited)
 
Attributed (note 1)
 
 
 
 
 
Interactive
Group
 
Ventures Group
 
Inter-group
eliminations
 
Consolidated
Liberty
 
amounts in millions
Assets
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
682

 
802

 

 
1,484

Trade and other receivables, net
885

 
155

 

 
1,040

Inventory, net
1,213

 

 

 
1,213

Short term marketable securities

 
682

 

 
682

Other current assets
248

 
21

 
(159
)
 
110

Total current assets
3,028

 
1,660

 
(159
)
 
4,529

Investments in available-for-sale securities and other cost investments (note 2)
4

 
1,466

 

 
1,470

Investments in affiliates, accounted for using the equity method (note 3)
362

 
882

 

 
1,244

Property and equipment, net
1,203

 
69

 

 
1,272

Intangible assets not subject to amortization, net
8,393

 
5,290

 

 
13,683

Intangible assets subject to amortization, net
1,498

 
854

 

 
2,352

Other assets, at cost, net of accumulated amortization
92

 
20

 

 
112

Total assets
$
14,580

 
10,241

 
(159
)
 
24,662

Liabilities and Equity
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Intergroup payable (receivable) (note 7)
$
50

 
(50
)
 

 

Accounts payable
650

 
74

 

 
724

Accrued liabilities
651

 
95

 

 
746

Current portion of debt (note 4)
36

 
947

 

 
983

Deferred tax liabilities

 
1,056

 
(159
)
 
897

Other current liabilities
176

 
60

 

 
236

Total current liabilities
1,563

 
2,182

 
(159
)
 
3,586

Long-term debt (note 4)
5,251

 
1,357

 

 
6,608

Deferred income tax liabilities
1,151

 
1,680

 

 
2,831

Other liabilities
197

 
74

 

 
271

Total liabilities
8,162

 
5,293

 
(159
)
 
13,296

Equity/Attributed net assets (liabilities)
6,306

 
527

 

 
6,833

Noncontrolling interests in equity of subsidiaries
112

 
4,421

 

 
4,533

Total liabilities and equity
$
14,580

 
10,241

 
(159
)
 
24,662

Condensed Income Statement
 
Attributed (note 1)
 
 
 
Interactive Group
 
Ventures Group
 
Consolidated Liberty
 
amounts in millions
Revenue:
 
 
 
 
 
Net retail sales
$
2,447

 

 
2,447

Other revenue

 
281

 
281

Total revenue
2,447

 
281

 
2,728

Operating costs and expenses:
 
 
 
 
 
Cost of sales
1,566

 

 
1,566

Operating, including stock-based compensation (note 5)
217

 
48

 
265

Selling, general and administrative, including stock-based compensation (note 5)
257

 
132

 
389

Depreciation and amortization
163

 
69

 
232

 
2,203

 
249

 
2,452

Operating income (loss)
244

 
32

 
276

Other income (expense):
 
 
 
 
 
Interest expense
(77
)
 
(22
)
 
(99
)
Share of earnings (losses) of affiliates, net (note 3)
21

 
(23
)
 
(2
)
Realized and unrealized gains (losses) on financial instruments, net
1

 
(26
)
 
(25
)
Other, net
1

 
7

 
8

 
(54
)
 
(64
)
 
(118
)
Earnings (loss) before income taxes
190

 
(32
)
 
158

Income tax benefit (expense)
(70
)
 
22

 
(48
)
Net earnings (loss)
120

 
(10
)
 
110

Less net earnings (loss) attributable to noncontrolling interests
10

 
18

 
28

Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
$
110

 
(28
)
 
82

STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2013
(unaudited)
 
Attributed (note 1)
 
 
 
Interactive Group
 
Ventures Group
 
Consolidated Liberty
 
amounts in millions
Revenue:
 
 
 
 
 
Net retail sales
$
2,434

 

 
2,434

Other revenue

 
230

 
230

Total revenue
2,434

 
230

 
2,664

Operating costs and expenses:
 
 
 
 
 
Cost of sales
1,553

 

 
1,553

Operating
208

 
36

 
244

Selling, general and administrative, including stock-based compensation (note 5)
260

 
106

 
366

Depreciation and amortization
153

 
77

 
230

 
2,174

 
219

 
2,393

Operating income (loss)
260

 
11

 
271

Other income (expense):
 

 
 

 
 
Interest expense
(84
)
 
(27
)
 
(111
)
Share of earnings (losses) of affiliates, net (note 3)
16

 
(27
)
 
(11
)
Realized and unrealized gains (losses) on financial instruments, net
13

 
(86
)
 
(73
)
Other, net
(40
)
 
2

 
(38
)
 
(95
)
 
(138
)
 
(233
)
Earnings (loss) from continuing operations before income taxes
165

 
(127
)
 
38

Income tax benefit (expense)
(58
)
 
73

 
15

Net earnings (loss)
107

 
(54
)
 
53

Less net earnings (loss) attributable to noncontrolling interests
12

 
14

 
26

Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
$
95

 
(68
)
 
27

Condensed Cash Flow Statement
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2014
(unaudited)
 
Attributed (note 1)
 
 
 
Interactive
Group
 
Ventures Group
 
Consolidated
Liberty
 
amounts in millions
Cash flows from operating activities:
 
 
 
 
 
Net earnings (loss)
$
120

 
(10
)
 
110

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
163

 
69

 
232

Stock-based compensation
24

 
18

 
42

Cash payments for stock based compensation
(3
)
 
(1
)
 
(4
)
Excess tax benefit from stock-based compensation
(8
)
 
(11
)
 
(19
)
Share of losses (earnings) of affiliates, net
(21
)
 
23

 
2

Cash receipts from return on equity investments
5

 
5

 
10

Realized and unrealized gains (losses) on financial instruments, net
(1
)
 
26

 
25

Deferred income tax (benefit) expense
(49
)
 
2

 
(47
)
Other, net
1

 

 
1

Intergroup tax allocation
50

 
(50
)
 

Intergroup tax payment
(225
)
 
225

 

Changes in operating assets and liabilities
 
 
 
 
 
Current and other assets
178

 
(33
)
 
145

Payables and other current liabilities
(59
)
 
88

 
29

Net cash provided (used) by operating activities
175

 
351

 
526

Cash flows from investing activities:
 
 
 
 
 
Cash proceeds from dispositions

 
25

 
25

Investments in and loans to cost and equity investees

 
(18
)
 
(18
)
Capital expended for property and equipment
(41
)
 
(47
)
 
(88
)
Purchases of short-term and other marketable securities

 
(310
)
 
(310
)
Sales of short term and other marketable securities

 
165

 
165

Other investing activities, net
(10
)
 
2

 
(8
)
Net cash provided (used) by investing activities
(51
)
 
(183
)
 
(234
)
Cash flows from financing activities:
 
 
 
 
 
Borrowings of debt
1,551

 
2

 
1,553

Repayments of debt
(1,347
)
 
(15
)
 
(1,362
)
Intergroup receipts (payments), net
2

 
(2
)
 

Repurchases of Liberty common stock
(213
)
 

 
(213
)
Minimum withholding taxes on net settlements of stock-based compensation
(6
)
 
(20
)
 
(26
)
Excess tax benefit from stock-based compensation
8

 
11

 
19

Other financing activities, net
(35
)
 

 
(35
)
Net cash provided (used) by financing activities
(40
)
 
(24
)
 
(64
)
Net increase (decrease) in cash and cash equivalents
84

 
144

 
228

Cash and cash equivalents at beginning of period
598

 
658

 
1,256

Cash and cash equivalents at end period
$
682

 
802

 
1,484

STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2013
(unaudited)
 
Attributed (note 1)
 
 
 
Interactive
Group
 
Ventures Group
 
Consolidated
Liberty
 
amounts in millions
Cash flows from operating activities:
 
 
 
 
 
Net earnings (loss)
$
107

 
(54
)
 
53

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
153

 
77

 
230

Stock-based compensation
24

 
18

 
42

Cash payments for stock based compensation
(2
)
 
(1
)
 
(3
)
Excess tax benefits on stock-based compensation
(3
)
 

 
(3
)
Share of losses (earnings) of affiliates, net
(16
)
 
27

 
11

Cash receipts from return on equity investments
4

 
3

 
7

Realized and unrealized gains (losses) on financial instruments, net
(13
)
 
86

 
73

Deferred income tax (benefit) expense
(27
)
 
(192
)
 
(219
)
Other, net
11

 

 
11

Intergroup tax allocation
41

 
(41
)
 

Changes in operating assets and liabilities
 
 
 
 
 
Current and other assets
259

 
(53
)
 
206

Payables and other current liabilities
(390
)
 
82

 
(308
)
Net cash provided (used) by operating activities
148

 
(48
)
 
100

Cash flows from investing activities:
 
 
 
 
 
Cash proceeds from dispositions

 
37

 
37

Investments in and loans to cost and equity investees

 
(38
)
 
(38
)
Capital expended for property and equipment
(50
)
 
(9
)
 
(59
)
Purchases of short-term and other marketable securities

 
(707
)
 
(707
)
Sales of short term and other marketable securities

 
49

 
49

Other investing activities, net
(30
)
 
(6
)
 
(36
)
Net cash provided (used) by investing activities
(80
)
 
(674
)
 
(754
)
Cash flows from financing activities:
 
 
 
 
 
Borrowings of debt
1,383

 
4

 
1,387

Repayments of debt
(1,251
)
 
(452
)
 
(1,703
)
    Excess tax benefit from stock-based compensation
3

 

 
3

    Minimum withholding taxes on net settlements of stock-based compensation
(5
)
 
(6
)
 
(11
)
Intergroup receipts (payments), net
2

 
(2
)
 

Repurchases of Liberty common stock
(252
)
 

 
(252
)
Other financing activities, net
(37
)
 

 
(37
)
Net cash provided (used) by financing activities
(157
)
 
(456
)
 
(613
)
Effect of foreign currency rates on cash
(23
)
 

 
(23
)
Net increase (decrease) in cash and cash equivalents
(112
)
 
(1,178
)
 
(1,290
)
Cash and cash equivalents at beginning of period
699

 
1,961

 
2,660

Cash and cash equivalents at end period
$
587

 
783

 
1,370