Quarterly report pursuant to Section 13 or 15(d)

Investments In Affiliates Accounted For Using The Equity Method

v2.4.1.9
Investments In Affiliates Accounted For Using The Equity Method
3 Months Ended
Mar. 31, 2015
Investments In Affiliates Accounted For Using The Equity Method  
Investments In Affiliates Accounted For Using The Equity Method

(8)   Investments in Affiliates Accounted for Using the Equity Method

 

Liberty has various investments accounted for using the equity method. The following table includes Liberty's carrying amount, fair value, and percentage ownership of the more significant investments in affiliates at March 31, 2015 and the carrying amount at December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

March 31, 2015

 

2014

 

 

    

Percentage

    

Fair value

    

Carrying

    

Carrying

 

 

 

ownership

 

(Level 1)

 

amount

 

amount

 

 

 

 

 

dollar amounts in millions

 

QVC Group

 

 

 

 

 

 

 

 

 

 

 

HSN, Inc. (1)

 

38 

%  

$

1,366 

 

$

146 

 

328 

 

Other

 

various

 

 

NA

 

 

47 

 

47 

 

Total QVC Group

 

 

 

 

 

 

 

193 

 

375 

 

Ventures Group

 

 

 

 

 

 

 

 

 

 

 

Expedia, Inc.

 

18 

%  

$

2,197 

 

 

496 

 

514 

 

FTD Companies, Inc.

 

35 

%  

 

305 

 

 

350 

 

355 

 

Other

 

various

 

 

NA

 

 

380 

 

389 

 

Total Ventures Group

 

 

 

 

 

 

 

1,226 

 

1,258 

 

Consolidated Liberty

 

 

 

 

 

 

$

1,419 

 

1,633 

 

(1)

As further discussed in note 10, HSN, Inc. (“HSNi”) declared a special dividend during January 2015 of $10 per share from which Liberty received approximately $200 million in cash during February 2015. Accordingly, the carrying amount of Liberty’s investment in HSNi was reduced by this return of our investment during the period.

 

The following table presents Liberty's share of earnings (losses) of affiliates:

 

 

 

 

 

 

 

 

 

Three months ended  March 31,

 

 

    

2015

    

2014

 

 

 

amounts in millions

 

QVC Group

 

 

 

 

 

 

HSN, Inc.

 

$

25 

 

22 

 

Other

 

 

(1)

 

(1)

 

Total QVC Group

 

 

24 

 

21 

 

Ventures Group

 

 

 

 

 

 

Expedia, Inc.

 

 

 

(6)

 

FTD Companies, Inc. (1)

 

 

(2)

 

NA

 

Other

 

 

(23)

 

(17)

 

Total Ventures Group

 

 

(21)

 

(23)

 

Consolidated Liberty

 

$

 

(2)

 

(1)

On December 31, 2014, Liberty announced the closing of the acquisition by FTD Companies, Inc. ("FTD") of Provide, which was one of Liberty’s wholly-owned Digital Commerce businesses (as defined in note 2). Under the terms of the transaction, Liberty received approximately 10.2 million shares of FTD common stock representing approximately 35% of the combined company and approximately $145 million in cash (the “FTD Transaction”). Subsequent to completion of the transaction, Liberty accounts for FTD as an equity-method affiliate based on the ownership level and board representation.