Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Inter-group
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Eliminations
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
512
|
|
2,034
|
|
—
|
|
2,546
|
|
|
Trade and other receivables, net
|
|
|
876
|
|
57
|
|
—
|
|
933
|
|
|
Inventory, net
|
|
|
1,166
|
|
66
|
|
—
|
|
1,232
|
|
|
Short-term marketable securities
|
|
|
15
|
|
893
|
|
—
|
|
908
|
|
|
Other current assets
|
|
|
271
|
|
8
|
|
(206)
|
|
73
|
|
|
Total current assets
|
|
|
2,840
|
|
3,058
|
|
(206)
|
|
5,692
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
1,335
|
|
—
|
|
1,339
|
|
|
Investments in affiliates, accounted for using the equity method
(note 3)
|
|
|
204
|
|
1,302
|
|
—
|
|
1,506
|
|
|
Property and equipment, net
|
|
|
997
|
|
37
|
|
—
|
|
1,034
|
|
|
Intangible assets not subject to amortization
|
|
|
7,594
|
|
126
|
|
—
|
|
7,720
|
|
|
Intangible assets subject to amortization, net
|
|
|
892
|
|
39
|
|
—
|
|
931
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
57
|
|
6
|
|
—
|
|
63
|
|
|
Total assets
|
|
$
|
12,588
|
|
5,903
|
|
(206)
|
|
18,285
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
48
|
|
(48)
|
|
—
|
|
—
|
|
|
Accounts payable
|
|
|
722
|
|
30
|
|
—
|
|
752
|
|
|
Accrued liabilities
|
|
|
564
|
|
37
|
|
—
|
|
601
|
|
|
Current portion of debt (note 4)
|
|
|
9
|
|
885
|
|
—
|
|
894
|
|
|
Current deferred tax liabilities
|
|
|
—
|
|
1,274
|
|
(206)
|
|
1,068
|
|
|
Other current liabilities
|
|
|
171
|
|
90
|
|
—
|
|
261
|
|
|
Total current liabilities
|
|
|
1,514
|
|
2,268
|
|
(206)
|
|
3,576
|
|
|
Long-term debt (note 4)
|
|
|
5,682
|
|
1,279
|
|
—
|
|
6,961
|
|
|
Deferred income tax liabilities
|
|
|
926
|
|
802
|
|
—
|
|
1,728
|
|
|
Other liabilities
|
|
|
205
|
|
13
|
|
—
|
|
218
|
|
|
Total liabilities
|
|
|
8,327
|
|
4,362
|
|
(206)
|
|
12,483
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
4,155
|
|
1,549
|
|
—
|
|
5,704
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
106
|
|
(8)
|
|
—
|
|
98
|
|
|
Total liabilities and equity
|
|
$
|
12,588
|
|
5,903
|
|
(206)
|
|
18,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Condensed Income Statement |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,007
|
|
146
|
|
2,153
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,266
|
|
92
|
|
1,358
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
174
|
|
16
|
|
190
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
162
|
|
46
|
|
208
|
|
|
Depreciation and amortization
|
|
|
141
|
|
9
|
|
150
|
|
|
|
|
|
1,743
|
|
163
|
|
1,906
|
|
|
Operating income (loss)
|
|
|
264
|
|
(17)
|
|
247
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(70)
|
|
(18)
|
|
(88)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
13
|
|
18
|
|
31
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
30
|
|
40
|
|
70
|
|
|
Gains (losses) on dispositions, net (note 1)
|
|
|
—
|
|
(1)
|
|
(1)
|
|
|
Other, net
|
|
|
14
|
|
11
|
|
25
|
|
|
|
|
|
(13)
|
|
50
|
|
37
|
|
|
Earnings (loss) before income taxes
|
|
|
251
|
|
33
|
|
284
|
|
|
Income tax benefit (expense)
|
|
|
(89)
|
|
3
|
|
(86)
|
|
|
Net earnings (loss)
|
|
|
162
|
|
36
|
|
198
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
8
|
|
—
|
|
8
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
154
|
|
36
|
|
190
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,330
|
|
—
|
|
2,330
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,488
|
|
—
|
|
1,488
|
|
|
Operating, including stock-based compensation
|
|
|
203
|
|
—
|
|
203
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
226
|
|
8
|
|
234
|
|
|
Depreciation and amortization
|
|
|
166
|
|
—
|
|
166
|
|
|
|
|
|
2,083
|
|
8
|
|
2,091
|
|
|
Operating income (loss)
|
|
|
247
|
|
(8)
|
|
239
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(80)
|
|
(19)
|
|
(99)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
13
|
|
23
|
|
36
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
2
|
|
16
|
|
18
|
|
|
Other, net
|
|
|
(46)
|
|
8
|
|
(38)
|
|
|
|
|
|
(111)
|
|
28
|
|
(83)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
136
|
|
20
|
|
156
|
|
|
Income tax benefit (expense)
|
|
|
(41)
|
|
14
|
|
(27)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
95
|
|
34
|
|
129
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(4)
|
|
14
|
|
10
|
|
|
Net earnings (loss)
|
|
|
91
|
|
48
|
|
139
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
8
|
|
11
|
|
19
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
83
|
|
37
|
|
120
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
5,943
|
|
676
|
|
6,619
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
3,721
|
|
461
|
|
4,182
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
517
|
|
62
|
|
579
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
478
|
|
149
|
|
627
|
|
|
Depreciation and amortization
|
|
|
442
|
|
37
|
|
479
|
|
|
|
|
|
5,158
|
|
709
|
|
5,867
|
|
|
Operating income (loss)
|
|
|
785
|
|
(33)
|
|
752
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(215)
|
|
(58)
|
|
(273)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
46
|
|
75
|
|
121
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
28
|
|
70
|
|
98
|
|
|
Gains (losses) on dispositions, net (note 1)
|
|
|
—
|
|
110
|
|
110
|
|
|
Other, net
|
|
|
(9)
|
|
20
|
|
11
|
|
|
|
|
|
(150)
|
|
217
|
|
67
|
|
|
Earnings (loss) before income taxes
|
|
|
635
|
|
184
|
|
819
|
|
|
Income tax benefit (expense)
|
|
|
(193)
|
|
(18)
|
|
(211)
|
|
|
Net earnings (loss)
|
|
|
442
|
|
166
|
|
608
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
25
|
|
8
|
|
33
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
417
|
|
158
|
|
575
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
7,247
|
|
—
|
|
7,247
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
4,602
|
|
—
|
|
4,602
|
|
|
Operating, including stock-based compensation
|
|
|
633
|
|
—
|
|
633
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
751
|
|
17
|
|
768
|
|
|
Impairment of intangible assets
|
|
|
7
|
|
—
|
|
7
|
|
|
Depreciation and amortization
|
|
|
493
|
|
—
|
|
493
|
|
|
|
|
|
6,486
|
|
17
|
|
6,503
|
|
|
Operating income (loss)
|
|
|
761
|
|
(17)
|
|
744
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(235)
|
|
(57)
|
|
(292)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
41
|
|
(3)
|
|
38
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
9
|
|
(57)
|
|
(48)
|
|
|
Other, net
|
|
|
(46)
|
|
18
|
|
(28)
|
|
|
|
|
|
(231)
|
|
(99)
|
|
(330)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
530
|
|
(116)
|
|
414
|
|
|
Income tax benefit (expense)
|
|
|
(190)
|
|
83
|
|
(107)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
340
|
|
(33)
|
|
307
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(15)
|
|
63
|
|
48
|
|
|
Net earnings (loss)
|
|
|
325
|
|
30
|
|
355
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
27
|
|
49
|
|
76
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
298
|
|
(19)
|
|
279
|
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
442
|
|
166
|
|
608
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
442
|
|
37
|
|
479
|
|
|
Stock-based compensation
|
|
|
40
|
|
41
|
|
81
|
|
|
Cash payments for stock based compensation
|
|
|
—
|
|
(11)
|
|
(11)
|
|
|
Excess tax benefit from stock based compensation
|
|
|
(17)
|
|
(5)
|
|
(22)
|
|
|
Share of (earnings) losses of affiliates, net
|
|
|
(46)
|
|
(75)
|
|
(121)
|
|
|
Cash receipts from return on equity investments
|
|
|
21
|
|
21
|
|
42
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(28)
|
|
(70)
|
|
(98)
|
|
|
(Gains) losses on dispositions
|
|
|
—
|
|
(110)
|
|
(110)
|
|
|
Loss on extinguishment of debt
|
|
|
21
|
|
—
|
|
21
|
|
|
Deferred income tax (benefit) expense
|
|
|
(103)
|
|
105
|
|
2
|
|
|
Other, net
|
|
|
(5)
|
|
(1)
|
|
(6)
|
|
|
Intergroup tax allocation
|
|
|
90
|
|
(90)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(51)
|
|
51
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(39)
|
|
4
|
|
(35)
|
|
|
Payables and other current liabilities
|
|
|
2
|
|
(51)
|
|
(49)
|
|
|
Net cash provided (used) by operating activities
|
|
|
769
|
|
12
|
|
781
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisitions
|
|
|
—
|
|
(20)
|
|
(20)
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
271
|
|
271
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(4)
|
|
(122)
|
|
(126)
|
|
|
Cash receipts from returns of equity investments
|
|
|
200
|
|
50
|
|
250
|
|
|
Capital expended for property and equipment
|
|
|
(132)
|
|
(32)
|
|
(164)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(154)
|
|
(1,040)
|
|
(1,194)
|
|
|
Sales of short term and other marketable securities
|
|
|
160
|
|
1,020
|
|
1,180
|
|
|
Other investing activities, net
|
|
|
(48)
|
|
—
|
|
(48)
|
|
|
Net cash provided (used) by investing activities
|
|
|
22
|
|
127
|
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,470
|
|
486
|
|
1,956
|
|
|
Repayments of debt
|
|
|
(1,638)
|
|
(462)
|
|
(2,100)
|
|
|
Repurchases of Liberty common stock
|
|
|
(531)
|
|
—
|
|
(531)
|
|
|
Minimum withholding taxes on net settlements of stock-based compensation
|
|
|
(17)
|
|
—
|
|
(17)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
17
|
|
5
|
|
22
|
|
|
Other financing activities, net
|
|
|
2
|
|
(18)
|
|
(16)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(697)
|
|
11
|
|
(686)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(4)
|
|
—
|
|
(4)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
90
|
|
150
|
|
240
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
422
|
|
1,884
|
|
2,306
|
|
|
Cash and cash equivalents at end period
|
|
$
|
512
|
|
2,034
|
|
2,546
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
325
|
|
30
|
|
355
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations
|
|
|
15
|
|
(63)
|
|
(48)
|
|
|
Depreciation and amortization
|
|
|
493
|
|
—
|
|
493
|
|
|
Stock-based compensation
|
|
|
66
|
|
5
|
|
71
|
|
|
Cash payments for stock based compensation
|
|
|
(13)
|
|
(2)
|
|
(15)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(10)
|
|
(1)
|
|
(11)
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(41)
|
|
3
|
|
(38)
|
|
|
Cash receipts from return on equity investments
|
|
|
13
|
|
18
|
|
31
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(9)
|
|
57
|
|
48
|
|
|
Impairment of intangible assets
|
|
|
7
|
|
—
|
|
7
|
|
|
Loss on extinguishment of debt
|
|
|
48
|
|
—
|
|
48
|
|
|
Deferred income tax (benefit) expense
|
|
|
(146)
|
|
79
|
|
(67)
|
|
|
Other, net
|
|
|
2
|
|
1
|
|
3
|
|
|
Intergroup tax allocation
|
|
|
158
|
|
(158)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(330)
|
|
330
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
166
|
|
(1)
|
|
165
|
|
|
Payables and other current liabilities
|
|
|
71
|
|
(5)
|
|
66
|
|
|
Net cash provided (used) by operating activities
|
|
|
815
|
|
293
|
|
1,108
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
40
|
|
40
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(3)
|
|
(48)
|
|
(51)
|
|
|
Capital expended for property and equipment
|
|
|
(142)
|
|
—
|
|
(142)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(59)
|
|
(364)
|
|
(423)
|
|
|
Sales of short term and other marketable securities
|
|
|
43
|
|
315
|
|
358
|
|
|
Other investing activities, net
|
|
|
(28)
|
|
16
|
|
(12)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(189)
|
|
(41)
|
|
(230)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
3,233
|
|
—
|
|
3,233
|
|
|
Repayments of debt
|
|
|
(2,910)
|
|
(10)
|
|
(2,920)
|
|
|
Repurchases of Liberty Interactive common stock
|
|
|
(736)
|
|
—
|
|
(736)
|
|
|
Minimum withholding taxes on net settlements of stock-based compensation
|
|
|
(16)
|
|
—
|
|
(16)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
10
|
|
1
|
|
11
|
|
|
Reattribution of subsidiary
|
|
|
25
|
|
(25)
|
|
—
|
|
|
Other financing activities, net
|
|
|
(49)
|
|
—
|
|
(49)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(443)
|
|
(34)
|
|
(477)
|
|
|
Net cash provided (used) by discontinued operations:
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
(20)
|
|
293
|
|
273
|
|
|
Investing
|
|
|
—
|
|
(194)
|
|
(194)
|
|
|
Financing
|
|
|
3
|
|
368
|
|
371
|
|
|
Change in available cash held by discontinued operations
|
|
|
3
|
|
(119)
|
|
(116)
|
|
|
Net cash provided (used) by discontinued operations
|
|
|
(14)
|
|
348
|
|
334
|
|
|
Effect of foreign currency rates on cash
|
|
|
(31)
|
|
—
|
|
(31)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
138
|
|
566
|
|
704
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
595
|
|
307
|
|
902
|
|
|
Cash and cash equivalents at end period
|
|
$
|
733
|
|
873
|
|
1,606
|
|
|