Financial Information for Tracking Stock Groups (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
December 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
426
|
|
2,023
|
|
2,449
|
|
|
Trade and other receivables, net
|
|
|
1,379
|
|
64
|
|
1,443
|
|
|
Inventory, net
|
|
|
945
|
|
55
|
|
1,000
|
|
|
Short-term marketable securities
|
|
|
12
|
|
898
|
|
910
|
|
|
Other current assets
|
|
|
65
|
|
8
|
|
73
|
|
|
Total current assets
|
|
|
2,827
|
|
3,048
|
|
5,875
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
1,349
|
|
1,353
|
|
|
Investments in affiliates, accounted for using the equity method (note 3)
|
|
|
208
|
|
1,433
|
|
1,641
|
|
|
Property and equipment, net
|
|
|
1,104
|
|
36
|
|
1,140
|
|
|
Intangible assets not subject to amortization, net
|
|
|
9,358
|
|
127
|
|
9,485
|
|
|
Intangible assets subject to amortization, net
|
|
|
1,607
|
|
40
|
|
1,647
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
33
|
|
6
|
|
39
|
|
|
Total assets
|
|
$
|
15,141
|
|
6,039
|
|
21,180
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable)
|
|
$
|
45
|
|
(45)
|
|
—
|
|
|
Accounts payable
|
|
|
736
|
|
26
|
|
762
|
|
|
Accrued liabilities
|
|
|
745
|
|
39
|
|
784
|
|
|
Current portion of debt (note 4)
|
|
|
358
|
|
868
|
|
1,226
|
|
|
Other current liabilities
|
|
|
219
|
|
109
|
|
328
|
|
|
Total current liabilities
|
|
|
2,103
|
|
997
|
|
3,100
|
|
|
Long-term debt (note 4)
|
|
|
6,177
|
|
1,304
|
|
7,481
|
|
|
Deferred income tax liabilities
|
|
|
1,359
|
|
2,143
|
|
3,502
|
|
|
Other liabilities
|
|
|
209
|
|
13
|
|
222
|
|
|
Total liabilities
|
|
|
9,848
|
|
4,457
|
|
14,305
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
5,195
|
|
1,592
|
|
6,787
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
98
|
|
(10)
|
|
88
|
|
|
Total liabilities and equity
|
|
$
|
15,141
|
|
6,039
|
|
21,180
|
|
BALANCE SHEET INFORMATION
December 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
422
|
|
1,884
|
|
2,306
|
|
|
Trade and other receivables, net
|
|
|
1,196
|
|
36
|
|
1,232
|
|
|
Inventory, net
|
|
|
882
|
|
167
|
|
1,049
|
|
|
Short-term marketable securities
|
|
|
21
|
|
868
|
|
889
|
|
|
Other current assets
|
|
|
63
|
|
9
|
|
72
|
|
|
Total current assets
|
|
|
2,584
|
|
2,964
|
|
5,548
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
1,220
|
|
1,224
|
|
|
Investments in affiliates, accounted for using the equity method (note 3)
|
|
|
375
|
|
1,258
|
|
1,633
|
|
|
Property and equipment, net
|
|
|
1,026
|
|
67
|
|
1,093
|
|
|
Intangible assets not subject to amortization, net
|
|
|
7,634
|
|
259
|
|
7,893
|
|
|
Intangible assets subject to amortization, net
|
|
|
1,130
|
|
55
|
|
1,185
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
17
|
|
5
|
|
22
|
|
|
Total assets
|
|
$
|
12,770
|
|
5,828
|
|
18,598
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable)
|
|
$
|
(5)
|
|
5
|
|
—
|
|
|
Accounts payable
|
|
|
629
|
|
106
|
|
735
|
|
|
Accrued liabilities
|
|
|
688
|
|
55
|
|
743
|
|
|
Current portion of debt (note 4)
|
|
|
9
|
|
937
|
|
946
|
|
|
Other current liabilities
|
|
|
269
|
|
74
|
|
343
|
|
|
Total current liabilities
|
|
|
1,590
|
|
1,177
|
|
2,767
|
|
|
Long-term debt (note 4)
|
|
|
5,808
|
|
1,254
|
|
7,062
|
|
|
Deferred income tax liabilities
|
|
|
834
|
|
1,987
|
|
2,821
|
|
|
Other liabilities
|
|
|
157
|
|
11
|
|
168
|
|
|
Total liabilities
|
|
|
8,389
|
|
4,429
|
|
12,818
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
4,280
|
|
1,393
|
|
5,673
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
101
|
|
6
|
|
107
|
|
|
Total liabilities and equity
|
|
$
|
12,770
|
|
5,828
|
|
18,598
|
|
|
| Condensed Income Statement |
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
9,169
|
|
820
|
|
9,989
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
|
|
5,847
|
|
546
|
|
6,393
|
|
|
Operating
|
|
|
620
|
|
79
|
|
699
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
875
|
|
203
|
|
1,078
|
|
|
Depreciation and amortization
|
|
|
657
|
|
46
|
|
703
|
|
|
|
|
|
7,999
|
|
874
|
|
8,873
|
|
|
Operating income (loss)
|
|
|
1,170
|
|
(54)
|
|
1,116
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(283)
|
|
(77)
|
|
(360)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
55
|
|
(115)
|
|
(60)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
42
|
|
72
|
|
114
|
|
|
Gains (losses) on transactions, net
|
|
|
—
|
|
110
|
|
110
|
|
|
Gains (losses) on dilution of investments in affiliates (note 3)
|
|
|
—
|
|
314
|
|
314
|
|
|
Other, net
|
|
|
(6)
|
|
25
|
|
19
|
|
|
|
|
|
(192)
|
|
329
|
|
137
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
978
|
|
275
|
|
1,253
|
|
|
Income tax benefit (expense)
|
|
|
(304)
|
|
(38)
|
|
(342)
|
|
|
Net earnings (loss)
|
|
|
674
|
|
237
|
|
911
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
34
|
|
8
|
|
42
|
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
|
$
|
640
|
|
229
|
|
869
|
|
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
10,028
|
|
471
|
|
10,499
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
|
|
6,378
|
|
306
|
|
6,684
|
|
|
Operating
|
|
|
719
|
|
37
|
|
756
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
1,075
|
|
127
|
|
1,202
|
|
|
Depreciation and amortization
|
|
|
643
|
|
19
|
|
662
|
|
|
Impairment of intangible assets
|
|
|
7
|
|
—
|
|
7
|
|
|
|
|
|
8,822
|
|
489
|
|
9,311
|
|
|
Operating income (loss)
|
|
|
1,206
|
|
(18)
|
|
1,188
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(312)
|
|
(75)
|
|
(387)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
51
|
|
(12)
|
|
39
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(22)
|
|
(35)
|
|
(57)
|
|
|
Gains (losses) on transactions, net
|
|
|
—
|
|
74
|
|
74
|
|
|
Gains (losses) on dilution of investments in affiliates (note 3)
|
|
|
(2)
|
|
—
|
|
(2)
|
|
|
Other, net
|
|
|
(41)
|
|
22
|
|
(19)
|
|
|
|
|
|
(326)
|
|
(26)
|
|
(352)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
880
|
|
(44)
|
|
836
|
|
|
Income tax benefit (expense)
|
|
|
(306)
|
|
48
|
|
(258)
|
|
|
Earnings (loss) from continuing operations, net of taxes
|
|
|
574
|
|
4
|
|
578
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(15)
|
|
63
|
|
48
|
|
|
Net earnings (loss)
|
|
|
559
|
|
67
|
|
626
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
39
|
|
50
|
|
89
|
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
|
$
|
520
|
|
17
|
|
537
|
|
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2013
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
10,219
|
|
—
|
|
10,219
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
|
|
6,533
|
|
—
|
|
6,533
|
|
|
Operating
|
|
|
732
|
|
—
|
|
732
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
1,140
|
|
19
|
|
1,159
|
|
|
Depreciation and amortization
|
|
|
629
|
|
—
|
|
629
|
|
|
Impairment of intangible assets
|
|
|
30
|
|
—
|
|
30
|
|
|
|
|
|
9,064
|
|
19
|
|
9,083
|
|
|
Operating income (loss)
|
|
|
1,155
|
|
(19)
|
|
1,136
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(290)
|
|
(90)
|
|
(380)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
48
|
|
(15)
|
|
33
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(12)
|
|
(10)
|
|
(22)
|
|
|
Gains (losses) on transactions, net
|
|
|
(1)
|
|
—
|
|
(1)
|
|
|
Gains (losses) on dilution of investments in affiliates (note 3)
|
|
|
4
|
|
(3)
|
|
1
|
|
|
Other, net
|
|
|
(58)
|
|
28
|
|
(30)
|
|
|
|
|
|
(309)
|
|
(90)
|
|
(399)
|
|
|
Earnings (loss) before income taxes
|
|
|
846
|
|
(109)
|
|
737
|
|
|
Income tax benefit (expense)
|
|
|
(346)
|
|
163
|
|
(183)
|
|
|
Earnings (loss) from continuing operations
|
|
|
500
|
|
54
|
|
554
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(17)
|
|
43
|
|
26
|
|
|
Net earnings (loss)
|
|
|
483
|
|
97
|
|
580
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
45
|
|
34
|
|
79
|
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
|
$
|
438
|
|
63
|
|
501
|
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Year ended December 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC Group
|
|
Ventures Group
|
|
Consolidated Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
674
|
|
237
|
|
911
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
657
|
|
46
|
|
703
|
|
|
Stock-based compensation
|
|
|
60
|
|
67
|
|
127
|
|
|
Cash payments for stock-based compensation
|
|
|
—
|
|
(16)
|
|
(16)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(24)
|
|
(9)
|
|
(33)
|
|
|
Noncash interest expense
|
|
|
6
|
|
(1)
|
|
5
|
|
|
Share of (earnings) losses of affiliates, net
|
|
|
(55)
|
|
115
|
|
60
|
|
|
Cash receipts from returns on equity investments
|
|
|
22
|
|
30
|
|
52
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
(42)
|
|
(72)
|
|
(114)
|
|
|
(Gains) losses on transactions, net
|
|
|
—
|
|
(110)
|
|
(110)
|
|
|
(Gains) losses on dilution of investments in affiliates
|
|
|
—
|
|
(314)
|
|
(314)
|
|
|
(Gains) losses on extinguishment of debt
|
|
|
21
|
|
—
|
|
21
|
|
|
Deferred income tax expense (benefit)
|
|
|
(122)
|
|
173
|
|
51
|
|
|
Intergroup tax allocation
|
|
|
141
|
|
(141)
|
|
—
|
|
|
Intergroup tax payments
|
|
|
(101)
|
|
101
|
|
—
|
|
|
Other noncash charges (credits), net
|
|
|
(14)
|
|
(2)
|
|
(16)
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(245)
|
|
8
|
|
(237)
|
|
|
Payables and other liabilities
|
|
|
3
|
|
(47)
|
|
(44)
|
|
|
Net cash provided (used) by operating activities
|
|
|
981
|
|
65
|
|
1,046
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
(824)
|
|
(20)
|
|
(844)
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
271
|
|
271
|
|
|
Investment in and loans to cost and equity investees
|
|
|
—
|
|
(143)
|
|
(143)
|
|
|
Cash receipts from returns of equity investments
|
|
|
200
|
|
50
|
|
250
|
|
|
Capital expended for property and equipment
|
|
|
(218)
|
|
(40)
|
|
(258)
|
|
|
Purchases of short term investments and other marketable securities
|
|
|
(184)
|
|
(1,186)
|
|
(1,370)
|
|
|
Sales of short term investments and other marketable securities
|
|
|
193
|
|
1,166
|
|
1,359
|
|
|
Other investing activities, net
|
|
|
(76)
|
|
—
|
|
(76)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(909)
|
|
98
|
|
(811)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
3,969
|
|
589
|
|
4,558
|
|
|
Repayments of debt
|
|
|
(3,244)
|
|
(567)
|
|
(3,811)
|
|
|
Repurchases of QVC Group common stock
|
|
|
(785)
|
|
—
|
|
(785)
|
|
|
Minimum withholding taxes on net share settlements of stock-based compensation
|
|
|
(25)
|
|
(5)
|
|
(30)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
24
|
|
9
|
|
33
|
|
|
Purchase of noncontrolling interest
|
|
|
—
|
|
(33)
|
|
(33)
|
|
|
Other financing activities, net
|
|
|
(4)
|
|
(17)
|
|
(21)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(65)
|
|
(24)
|
|
(89)
|
|
|
Effect of foreign currency exchange rates on cash
|
|
|
(3)
|
|
—
|
|
(3)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
4
|
|
139
|
|
143
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
422
|
|
1,884
|
|
2,306
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
426
|
|
2,023
|
|
2,449
|
|
STATEMENT OF CASH FLOWS INFORMATION
Year ended December 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
QVC Group
|
|
Ventures Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
559
|
|
67
|
|
626
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations
|
|
|
15
|
|
(63)
|
|
(48)
|
|
|
Depreciation and amortization
|
|
|
643
|
|
19
|
|
662
|
|
|
Stock-based compensation
|
|
|
83
|
|
25
|
|
108
|
|
|
Cash payments for stock-based compensation
|
|
|
(13)
|
|
(2)
|
|
(15)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(20)
|
|
(1)
|
|
(21)
|
|
|
Noncash interest expense
|
|
|
6
|
|
—
|
|
6
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(51)
|
|
12
|
|
(39)
|
|
|
Cash receipts from return on equity investments
|
|
|
22
|
|
23
|
|
45
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
22
|
|
35
|
|
57
|
|
|
(Gains) losses on transactions, net
|
|
|
—
|
|
(74)
|
|
(74)
|
|
|
(Gains) losses on dilution of investments in affiliates
|
|
|
2
|
|
—
|
|
2
|
|
|
(Gains) losses on extinguishment of debt
|
|
|
48
|
|
—
|
|
48
|
|
|
Impairment of intangible assets
|
|
|
7
|
|
—
|
|
7
|
|
|
Deferred income tax (benefit) expense
|
|
|
(160)
|
|
119
|
|
(41)
|
|
|
Intergroup tax allocation
|
|
|
169
|
|
(169)
|
|
—
|
|
|
Intergroup tax payments
|
|
|
(388)
|
|
388
|
|
—
|
|
|
Other noncash charges (credits), net
|
|
|
(5)
|
|
1
|
|
(4)
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(80)
|
|
(4)
|
|
(84)
|
|
|
Payables and other current liabilities
|
|
|
345
|
|
60
|
|
405
|
|
|
Net cash provided (used) by operating activities
|
|
|
1,204
|
|
436
|
|
1,640
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
163
|
|
163
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(4)
|
|
(87)
|
|
(91)
|
|
|
Capital expended for property and equipment
|
|
|
(226)
|
|
(15)
|
|
(241)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(73)
|
|
(791)
|
|
(864)
|
|
|
Sales of short term investments and other marketable securities
|
|
|
52
|
|
539
|
|
591
|
|
|
Other investing activities, net
|
|
|
(30)
|
|
14
|
|
(16)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(281)
|
|
(177)
|
|
(458)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
4,360
|
|
146
|
|
4,506
|
|
|
Repayments of debt
|
|
|
(3,563)
|
|
(186)
|
|
(3,749)
|
|
|
Intergroup receipts (payments), net
|
|
|
(1,035)
|
|
1,035
|
|
—
|
|
|
Repurchases of Liberty Interactive common stock
|
|
|
(785)
|
|
—
|
|
(785)
|
|
|
Minimum withholding taxes on net share settlements of stock-based compensation
|
|
|
(25)
|
|
(1)
|
|
(26)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
20
|
|
1
|
|
21
|
|
|
Other financing activities, net
|
|
|
(8)
|
|
(25)
|
|
(33)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(1,036)
|
|
970
|
|
(66)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(46)
|
|
—
|
|
(46)
|
|
|
Net cash provided (used) by discontinued operations:
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities
|
|
|
(20)
|
|
293
|
|
273
|
|
|
Cash provided (used) by investing activities
|
|
|
—
|
|
(194)
|
|
(194)
|
|
|
Cash provided (used) by financing activities
|
|
|
3
|
|
368
|
|
371
|
|
|
Change in available cash held by discontinued operations
|
|
|
3
|
|
(119)
|
|
(116)
|
|
|
Net cash provided (used) by discontinued operations
|
|
|
(14)
|
|
348
|
|
334
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(173)
|
|
1,577
|
|
1,404
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
595
|
|
307
|
|
902
|
|
|
Cash and cash equivalents at end period
|
|
$
|
422
|
|
1,884
|
|
2,306
|
|
STATEMENT OF CASH FLOWS INFORMATION
Year ended December 31, 2013
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
QVC Group
|
|
Ventures Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
483
|
|
97
|
|
580
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations
|
|
|
17
|
|
(43)
|
|
(26)
|
|
|
Depreciation and amortization
|
|
|
629
|
|
—
|
|
629
|
|
|
Stock-based compensation
|
|
|
110
|
|
8
|
|
118
|
|
|
Cash payments for stock-based compensation
|
|
|
(8)
|
|
—
|
|
(8)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(13)
|
|
—
|
|
(13)
|
|
|
Noncash interest expense
|
|
|
12
|
|
1
|
|
13
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(48)
|
|
15
|
|
(33)
|
|
|
Cash receipts from return on equity investments
|
|
|
16
|
|
19
|
|
35
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
12
|
|
10
|
|
22
|
|
|
(Gains) losses on transactions, net
|
|
|
1
|
|
—
|
|
1
|
|
|
(Gains) losses on dilution of investments in affiliates
|
|
|
(4)
|
|
3
|
|
(1)
|
|
|
(Gains) losses on extinguishment of debt
|
|
|
57
|
|
—
|
|
57
|
|
|
Impairment of intangible assets
|
|
|
30
|
|
—
|
|
30
|
|
|
Deferred income tax (benefit) expense
|
|
|
(132)
|
|
110
|
|
(22)
|
|
|
Intergroup tax allocation
|
|
|
272
|
|
(272)
|
|
—
|
|
|
Intergroup tax payments
|
|
|
(52)
|
|
52
|
|
—
|
|
|
Other noncash charges (credits), net
|
|
|
(10)
|
|
8
|
|
(2)
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(81)
|
|
(3)
|
|
(84)
|
|
|
Payables and other current liabilities
|
|
|
(306)
|
|
37
|
|
(269)
|
|
|
Net cash provided (used) by operating activities
|
|
|
985
|
|
42
|
|
1,027
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
1
|
|
1,136
|
|
1,137
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(4)
|
|
(380)
|
|
(384)
|
|
|
Capital expended for property and equipment
|
|
|
(291)
|
|
—
|
|
(291)
|
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
(24)
|
|
—
|
|
(24)
|
|
|
Purchases of short term investments and other marketable securities
|
|
|
—
|
|
(959)
|
|
(959)
|
|
|
Sales of short term investments and other marketable securities
|
|
|
—
|
|
400
|
|
400
|
|
|
Other investing activities, net
|
|
|
(38)
|
|
(3)
|
|
(41)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(356)
|
|
194
|
|
(162)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
3,520
|
|
841
|
|
4,361
|
|
|
Repayments of debt
|
|
|
(3,052)
|
|
(2,363)
|
|
(5,415)
|
|
|
Repurchases of Liberty common stock
|
|
|
(1,089)
|
|
—
|
|
(1,089)
|
|
|
Minimum withholding taxes on net share settlements of stock-based compensation
|
|
|
(21)
|
|
—
|
|
(21)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
13
|
|
—
|
|
13
|
|
|
Other financing activities, net
|
|
|
(57)
|
|
—
|
|
(57)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(686)
|
|
(1,522)
|
|
(2,208)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(24)
|
|
—
|
|
(24)
|
|
|
Net cash provided (used) by discontinued operations:
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities
|
|
|
(13)
|
|
346
|
|
333
|
|
|
Cash provided (used) by investing activities
|
|
|
(6)
|
|
(192)
|
|
(198)
|
|
|
Cash provided (used) by financing activities
|
|
|
(1)
|
|
(171)
|
|
(172)
|
|
|
Change in available cash held by discontinued operations
|
|
|
(2)
|
|
17
|
|
15
|
|
|
Net cash provided (used) by discontinued operations
|
|
|
(22)
|
|
—
|
|
(22)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(103)
|
|
(1,286)
|
|
(1,389)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
698
|
|
1,593
|
|
2,291
|
|
|
Cash and cash equivalents at end period
|
|
$
|
595
|
|
307
|
|
902
|
|
|