Quarterly report pursuant to Section 13 or 15(d)

Investments In Affiliates Accounted For Using The Equity Method (Tables)

v2.4.0.8
Investments In Affiliates Accounted For Using The Equity Method (Tables)
6 Months Ended
Jun. 30, 2013
Investments In Affiliates Accounted For Using The Equity Method  
Schedule Of Equity Ownership And Carrying Amount
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 June 30, 2013 and the carrying amount at December 31, 2012:
 
June 30, 2013
 
December 31, 2012
 
Percentage
ownership
 
Fair value (Level 1)
 
Carrying
amount
 
Carrying
amount
 
 
 
dollars in millions
Interactive Group
 
 
 
 
 
 
 
    HSN, Inc.
37
%
 
$
1,075

 
$
270

 
242

    Other
various

 
NA

 
52

 
62

        Total Interactive Group
 
 
 
 
322

 
304

Ventures Group
 
 
 
 
 
 
 
    Expedia, Inc. (1)
17
%
 
1,388

 
438

 
431

    Other
various

 
NA

 
123

 
116

        Total Ventures Group
 
 
 
 
561

 
547

Consolidated Liberty
 

 
 

 
$
883

 
851

(1)
Liberty's 22% owned consolidated subsidiary TripAdvisor, Inc. earned revenue of approximately $54 million and $115 million for the three and six months ended June 30, 2013, respectively, and $56 million and $107 million for the three and six months ended June 30, 2012, respectively, from Expedia, Inc. (TripAdvisor's former parent).
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates
The following table presents Liberty's share of earnings (losses) of affiliates:
 
Three months ended June 30,
 
Six months ended June 30,
 
2013
 
2012
 
2013
 
2012
 
amounts in millions
Interactive Group
 
 
 
 
 
 
 
    HSN, Inc.
$
11

 
9

 
31

 
24

    Other
(7
)
 
(2
)
 
(11
)
 
(4
)
        Total Interactive Group
4

 
7

 
20

 
20

Ventures Group
 
 
 
 
 
 
 
    Expedia, Inc.
10

 
26

 
(10
)
 
24

    TripAdvisor, Inc. (1)
NA

 
12

 
NA

 
23

    Other
(7
)
 
(10
)
 
(14
)
 
(21
)
        Total Ventures Group
3

 
28

 
(24
)
 
26

Consolidated Liberty
$
7

 
35

 
(4
)
 
46

(1)
On December 11, 2012, we acquired approximately 4.8 million additional shares of common stock of TripAdvisor (an additional 4% equity ownership interest), for $300 million, and obtained voting control of TripAdvisor. Following the date of this transaction, TripAdvisor is accounted for as a consolidated subsidiary. See note 1 for additional details of this transaction.
Expedia Consolidated Balance Sheets
Expedia Consolidated Balance Sheets
 
June 30,
2013
 
December 31, 2012
 
amounts in millions
Current assets
$
3,264

 
2,615

Property and equipment, net
441

 
409

Goodwill
3,643

 
3,016

Intangible assets, net
1,145

 
821

Other assets
251

 
224

Total assets
$
8,744

 
7,085

Current liabilities
$
4,211

 
2,982

Deferred income taxes
461

 
324

Long-term debt
1,249

 
1,249

Other liabilities
127

 
128

Redeemable noncontrolling interests
358

 
13

Noncontrolling interest
110

 
109

Equity
2,228

 
2,280

Total liabilities and equity
$
8,744

 
7,085

Expedia Consolidated Statement Of Operations
Expedia Consolidated Statements of Operations
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2013
 
2012
 
2013
 
2012
 
amounts in millions
Revenue
$
1,205

 
1,040

 
2,217

 
$
1,856

Cost of revenue
(262
)
 
(230
)
 
(513
)
 
(430
)
Gross profit
943

 
810

 
1,704

 
1,426

Selling, general and administrative expenses
(824
)
 
(644
)
 
(1,550
)
 
(1,208
)
Amortization
(18
)
 
(9
)
 
(31
)
 
(12
)
Restructuring charges and other
(6
)
 
(3
)
 
(134
)
 
(3
)
Operating income (loss)
95

 
154

 
(11
)
 
203

Interest expense
(21
)
 
(22
)
 
(43
)
 
(43
)
Other income (expense), net
14

 
3

 
23

 
2

Income tax (expense) benefit
(25
)
 
(29
)
 
(13
)
 
(34
)
Income (loss) from continuing operations
63

 
106

 
(44
)
 
128

Earnings (loss) from discontinued operations

 

 

 
(24
)
Net earnings (loss)
63

 
106

 
(44
)
 
104

Less net earnings (loss) attributable to noncontrolling interests
8

 
(1
)
 
11

 
(2
)
Net earnings (loss) attributable to Expedia, Inc. shareholders
$
71

 
105

 
(33
)
 
$
102