Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Interactive Group | Interactive Group | Ventures Group | Ventures Group | ||
Common Class A | Common Class B | Common Class A | Common Class B | ||
Entity Registrant Name | 'Liberty Interactive Corporation | ' | ' | ' | ' |
Entity Central Index Key | '0001355096 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 461,939,684 | 28,880,870 | 70,799,973 | 2,885,538 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets, Current | ' | ' |
Cash and cash equivalents | $1,484,000,000 | $1,256,000,000 |
Trade and other receivables, net | 1,040,000,000 | 1,274,000,000 |
Inventory, net | 1,213,000,000 | 1,135,000,000 |
Short term marketable securities | 682,000,000 | 543,000,000 |
Other current assets | 110,000,000 | 218,000,000 |
Total current assets | 4,529,000,000 | 4,426,000,000 |
Investments in available-for-sale securities and other cost investments | 1,470,000,000 | 1,501,000,000 |
Investments in affiliates, accounted for using the equity method | 1,244,000,000 | 1,237,000,000 |
Property and equipment, at cost | 2,329,000,000 | 2,256,000,000 |
Accumulated depreciation | -1,057,000,000 | -1,009,000,000 |
Property and equipment, net | 1,272,000,000 | 1,247,000,000 |
Intangible assets not subject to amortization (note 9): | ' | ' |
Goodwill | 9,338,000,000 | 9,332,000,000 |
Trademarks | 4,345,000,000 | 4,343,000,000 |
Indefinite Lived Intangible Assets Total | 13,683,000,000 | 13,675,000,000 |
Intangible assets subject to amortization, net | 2,352,000,000 | 2,492,000,000 |
Other assets, at cost, net of accumulated amortization | 112,000,000 | 98,000,000 |
Total assets | 24,662,000,000 | 24,676,000,000 |
Liabilities and Equity | ' | ' |
Accounts payable | 724,000,000 | 660,000,000 |
Accrued liabilities | 746,000,000 | 998,000,000 |
Current portion of debt | 983,000,000 | 978,000,000 |
Deferred income tax liabilities | 897,000,000 | 925,000,000 |
Other current liabilities | 236,000,000 | 195,000,000 |
Total current liabilities | 3,586,000,000 | 3,756,000,000 |
Long-term debt | 6,608,000,000 | 6,406,000,000 |
Deferred income tax liabilities | 2,831,000,000 | 2,844,000,000 |
Other liabilities | 271,000,000 | 235,000,000 |
Total liabilities | 13,296,000,000 | 13,241,000,000 |
Equity | ' | ' |
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | 0 | 0 |
Additional paid-in capital | 948,000,000 | 1,146,000,000 |
Accumulated other comprehensive earnings, net of taxes | 112,000,000 | 99,000,000 |
Retained earnings | 5,767,000,000 | 5,685,000,000 |
Total stockholders' equity | 6,833,000,000 | 6,936,000,000 |
Noncontrolling interests in equity of subsidiaries | 4,533,000,000 | 4,499,000,000 |
Total equity | 11,366,000,000 | 11,435,000,000 |
Commitments and contingencies | ' | ' |
Total liabilities and equity | 24,662,000,000 | 24,676,000,000 |
Interactive Group | ' | ' |
Assets, Current | ' | ' |
Cash and cash equivalents | 682,000,000 | 598,000,000 |
Trade and other receivables, net | 885,000,000 | ' |
Inventory, net | 1,213,000,000 | ' |
Short term marketable securities | 0 | ' |
Other current assets | 248,000,000 | ' |
Total current assets | 3,028,000,000 | ' |
Investments in available-for-sale securities and other cost investments | 4,000,000 | ' |
Investments in affiliates, accounted for using the equity method | 362,000,000 | 343,000,000 |
Property and equipment, net | 1,203,000,000 | ' |
Intangible assets not subject to amortization (note 9): | ' | ' |
Intangible assets subject to amortization, net | 1,498,000,000 | ' |
Other assets, at cost, net of accumulated amortization | 92,000,000 | ' |
Total assets | 14,580,000,000 | ' |
Liabilities and Equity | ' | ' |
Accounts payable | 650,000,000 | ' |
Accrued liabilities | 651,000,000 | ' |
Current portion of debt | 36,000,000 | ' |
Deferred income tax liabilities | 0 | ' |
Other current liabilities | 176,000,000 | ' |
Total current liabilities | 1,563,000,000 | ' |
Long-term debt | 5,251,000,000 | ' |
Deferred income tax liabilities | 1,151,000,000 | ' |
Other liabilities | 197,000,000 | ' |
Total liabilities | 8,162,000,000 | ' |
Equity | ' | ' |
Total stockholders' equity | 6,306,000,000 | ' |
Noncontrolling interests in equity of subsidiaries | 112,000,000 | ' |
Total liabilities and equity | 14,580,000,000 | ' |
Interactive Group | Common Class A | ' | ' |
Equity | ' | ' |
Common stock value | 5,000,000 | 5,000,000 |
Interactive Group | Common Class B | ' | ' |
Equity | ' | ' |
Common stock value | 0 | 0 |
Ventures Group | ' | ' |
Assets, Current | ' | ' |
Cash and cash equivalents | 802,000,000 | 658,000,000 |
Trade and other receivables, net | 155,000,000 | ' |
Inventory, net | 0 | ' |
Short term marketable securities | 682,000,000 | ' |
Other current assets | 21,000,000 | ' |
Total current assets | 1,660,000,000 | ' |
Investments in available-for-sale securities and other cost investments | 1,466,000,000 | 1,497,000,000 |
Investments in affiliates, accounted for using the equity method | 882,000,000 | 894,000,000 |
Property and equipment, net | 69,000,000 | ' |
Intangible assets not subject to amortization (note 9): | ' | ' |
Intangible assets subject to amortization, net | 854,000,000 | ' |
Other assets, at cost, net of accumulated amortization | 20,000,000 | ' |
Total assets | 10,241,000,000 | ' |
Liabilities and Equity | ' | ' |
Accounts payable | 74,000,000 | ' |
Accrued liabilities | 95,000,000 | ' |
Current portion of debt | 947,000,000 | ' |
Deferred income tax liabilities | 1,056,000,000 | ' |
Other current liabilities | 60,000,000 | ' |
Total current liabilities | 2,182,000,000 | ' |
Long-term debt | 1,357,000,000 | ' |
Deferred income tax liabilities | 1,680,000,000 | ' |
Other liabilities | 74,000,000 | ' |
Total liabilities | 5,293,000,000 | ' |
Equity | ' | ' |
Total stockholders' equity | 527,000,000 | ' |
Noncontrolling interests in equity of subsidiaries | 4,421,000,000 | ' |
Total liabilities and equity | 10,241,000,000 | ' |
Ventures Group | Common Class A | ' | ' |
Equity | ' | ' |
Common stock value | 1,000,000 | 1,000,000 |
Ventures Group | Common Class B | ' | ' |
Equity | ' | ' |
Common stock value | $0 | $0 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $88 | $89 |
Carrying value of debt measured at fair value | $2,365 | $2,355 |
Preferred stock, par or stated value per share | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Interactive Group | Common Class A | ' | ' |
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 464,806,904 | 471,625,030 |
Common stock, shares outstanding | 464,806,904 | 471,625,030 |
Interactive Group | Common Class B | ' | ' |
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 28,884,103 | 28,884,103 |
Common stock, shares outstanding | 28,884,103 | 28,884,103 |
Ventures Group | Common Class A | ' | ' |
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 70,786,768 | 70,761,208 |
Common stock, shares outstanding | 70,786,768 | 70,761,208 |
Ventures Group | Common Class B | ' | ' |
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 7,500,000 | 200,000,000 |
Common stock, shares issued | 2,885,378 | 2,885,378 |
Common stock, shares outstanding | 2,885,378 | 2,885,378 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue: | ' | ' |
Net retail sales | $2,447 | $2,434 |
Other revenue | 281 | 230 |
Total revenue | 2,728 | 2,664 |
Operating costs and expenses: | ' | ' |
Cost of sales (exclusive of depreciation shown separately below) | 1,566 | 1,553 |
Operating, including stock-based compensation | 265 | 244 |
Selling, general and administrative, including stock-based compensation | 389 | 366 |
Depreciation and amortization | 232 | 230 |
Total operating costs and expenses | 2,452 | 2,393 |
Operating income (loss) | 276 | 271 |
Other income (expense): | ' | ' |
Interest expense | -99 | -111 |
Share of earnings of affiliates, net | -2 | -11 |
Realized and unrealized gains (losses) on financial instruments, net | -25 | -73 |
Other, net | 8 | -38 |
Total other income (expense) | -118 | -233 |
Earnings (loss) before income taxes | 158 | 38 |
Income tax expense | -48 | 15 |
Net earnings (loss) | 110 | 53 |
Less net earnings (losses) attributable to the noncontrolling interests | 28 | 26 |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 82 | 27 |
Liberty Ventures [Member] | ' | ' |
Earnings (Loss) Per Common Share | ' | ' |
Earnings Per Share, Basic | ($0.38) | ($0.94) |
Earnings Per Share, Diluted | ($0.38) | ($0.94) |
Liberty Interactive | ' | ' |
Earnings (Loss) Per Common Share | ' | ' |
Earnings Per Share, Basic | $0.22 | $0.18 |
Earnings Per Share, Diluted | $0.22 | $0.18 |
Interactive Group | ' | ' |
Revenue: | ' | ' |
Net retail sales | 2,447 | 2,434 |
Other revenue | 0 | 0 |
Total revenue | 2,447 | 2,434 |
Operating costs and expenses: | ' | ' |
Cost of sales (exclusive of depreciation shown separately below) | 1,566 | 1,553 |
Operating, including stock-based compensation | 217 | 208 |
Selling, general and administrative, including stock-based compensation | 257 | 260 |
Depreciation and amortization | 163 | 153 |
Total operating costs and expenses | 2,203 | 2,174 |
Operating income (loss) | 244 | 260 |
Other income (expense): | ' | ' |
Interest expense | -77 | -84 |
Share of earnings of affiliates, net | 21 | 16 |
Realized and unrealized gains (losses) on financial instruments, net | 1 | 13 |
Other, net | 1 | -40 |
Total other income (expense) | -54 | -95 |
Earnings (loss) before income taxes | 190 | 165 |
Income tax expense | -70 | -58 |
Net earnings (loss) | 120 | 107 |
Less net earnings (losses) attributable to the noncontrolling interests | 10 | 12 |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 110 | 95 |
Ventures Group | ' | ' |
Revenue: | ' | ' |
Net retail sales | 0 | 0 |
Other revenue | 281 | 230 |
Total revenue | 281 | 230 |
Operating costs and expenses: | ' | ' |
Cost of sales (exclusive of depreciation shown separately below) | 0 | 0 |
Operating, including stock-based compensation | 48 | 36 |
Selling, general and administrative, including stock-based compensation | 132 | 106 |
Depreciation and amortization | 69 | 77 |
Total operating costs and expenses | 249 | 219 |
Operating income (loss) | 32 | 11 |
Other income (expense): | ' | ' |
Interest expense | -22 | -27 |
Share of earnings of affiliates, net | -23 | -27 |
Realized and unrealized gains (losses) on financial instruments, net | -26 | -86 |
Other, net | 7 | 2 |
Total other income (expense) | -64 | -138 |
Earnings (loss) before income taxes | -32 | -127 |
Income tax expense | 22 | 73 |
Net earnings (loss) | -10 | -54 |
Less net earnings (losses) attributable to the noncontrolling interests | 18 | 14 |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | ($28) | ($68) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Earnings (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net earnings (loss) | $110 | $53 |
Other comprehensive earnings (loss), net of taxes: | ' | ' |
Foreign currency translation adjustments | 25 | -97 |
Other comprehensive earnings (loss) | 25 | -97 |
Comprehensive earnings (loss) | 135 | -44 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 40 | 11 |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 95 | -55 |
Liberty Interactive | ' | ' |
Other comprehensive earnings (loss), net of taxes: | ' | ' |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 123 | 10 |
Liberty Ventures [Member] | ' | ' |
Other comprehensive earnings (loss), net of taxes: | ' | ' |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | -28 | -65 |
Interactive Group | ' | ' |
Net earnings (loss) | 120 | 107 |
Ventures Group | ' | ' |
Net earnings (loss) | ($10) | ($54) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net earnings (loss) | $110 | $53 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 232 | 230 |
Stock-based compensation | 42 | 42 |
Cash payments for stock-based Compensation | -4 | -3 |
Excess tax benefit from stock-based compensation | -19 | -3 |
Share of earnings of affiliates, net | -2 | -11 |
Cash receipts from return on equity investments | 10 | 7 |
Realized and unrealized gains (losses) on financial instruments, net | -25 | -73 |
Deferred income tax expense | -47 | -219 |
Other, net | 1 | 11 |
Changes in operating assets and liabilities | ' | ' |
Current and other assets | 145 | 206 |
Payables and other current liabilities | 29 | -308 |
Net cash provided (used) by operating activities | 526 | 100 |
Cash flows from investing activities: | ' | ' |
Cash proceeds from dispositions | 25 | 37 |
Investments in and loans to cost and equity investees | -18 | -38 |
Capital expended for property and equipment | -88 | -59 |
Purchases of short-term and other marketable securities | -310 | -707 |
Net sales of short term investments | -165 | -49 |
Other investing activities, net | -8 | -36 |
Net cash used by investing activities | -234 | -754 |
Cash flows from financing activities: | ' | ' |
Borrowings of debt | 1,553 | 1,387 |
Repayments of debt | -1,362 | -1,703 |
Repurchases of Liberty common stock | -213 | -252 |
Minimum withholding taxes on net settlements of stock-based compensation | -26 | -11 |
Excess tax benefit from stock-based compensation | 19 | 3 |
Other financing activities, net | -35 | -37 |
Net cash provided (used) by financing activities | -64 | -613 |
Effect of foreign currency exchange rates on cash | 0 | -23 |
Net increase (decrease) in cash and cash equivalents | 228 | -1,290 |
Cash and cash equivalents at beginning of period | 1,256 | 2,660 |
Cash and cash equivalents at end of period | $1,484 | $1,370 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling interests in equity of subsidiaries | $4,533,000,000 | $4,499,000,000 |
Total stockholders' equity | 6,833,000,000 | 6,936,000,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Balance | 11,366,000,000 | ' |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 82,000,000 | ' |
Less net earnings (losses) attributable to the noncontrolling interests | 28,000,000 | ' |
Net earnings (loss) | 110,000,000 | ' |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 95,000,000 | ' |
Comprehensive earnings (loss) attributable to the noncontrolling interests | 40,000,000 | ' |
Comprehensive earnings (loss) | 25,000,000 | ' |
Stock-based compensation | 39,000,000 | ' |
Issuance of common stock upon exercise of stock options | 2,000,000 | ' |
Series A Liberty Interactive stock repurchases | -213,000,000 | ' |
Minimum withholding taxes on net settlements of stock-based compensation | -26,000,000 | ' |
Excess tax benefit from stock-based compensation | 19,000,000 | ' |
Distribution to noncontrolling interest | -25,000,000 | ' |
Balance | 11,435,000,000 | ' |
Preferred Stock | ' | ' |
Total stockholders' equity | 0 | 0 |
Additional Paid-In Capital | ' | ' |
Total stockholders' equity | 948,000,000 | 1,146,000,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Stock-based compensation | 25,000,000 | ' |
Issuance of common stock upon exercise of stock options | 2,000,000 | ' |
Minimum withholding taxes on net settlements of stock-based compensation | -26,000,000 | ' |
Excess tax benefit from stock-based compensation | 19,000,000 | ' |
Distribution to noncontrolling interest | 0 | ' |
Accumulated Other Comprehensive Earnings | ' | ' |
Total stockholders' equity | 112,000,000 | 99,000,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 13,000,000 | ' |
Retained Earnings | ' | ' |
Total stockholders' equity | 5,767,000,000 | 5,685,000,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 82,000,000 | ' |
Noncontrolling Interest In Equity Of Subsidiaries | ' | ' |
Noncontrolling interests in equity of subsidiaries | 4,533,000,000 | 4,499,000,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Less net earnings (losses) attributable to the noncontrolling interests | 28,000,000 | ' |
Comprehensive earnings (loss) attributable to the noncontrolling interests | 12,000,000 | ' |
Stock-based compensation | 14,000,000 | ' |
Distribution to noncontrolling interest | -25,000,000 | ' |
Interactive Group | ' | ' |
Noncontrolling interests in equity of subsidiaries | 112,000,000 | ' |
Total stockholders' equity | 6,306,000,000 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 110,000,000 | ' |
Less net earnings (losses) attributable to the noncontrolling interests | 10,000,000 | ' |
Net earnings (loss) | 120,000,000 | ' |
Minimum withholding taxes on net settlements of stock-based compensation | -6,000,000 | ' |
Interactive Group | Common Class A | Common Stock | ' | ' |
Total stockholders' equity | 5,000,000 | 5,000,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Series A Liberty Interactive stock repurchases | 0 | ' |
Interactive Group | Common Class B | Common Stock | ' | ' |
Total stockholders' equity | 0 | 0 |
Ventures Group | ' | ' |
Noncontrolling interests in equity of subsidiaries | 4,421,000,000 | ' |
Total stockholders' equity | 527,000,000 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | -28,000,000 | ' |
Less net earnings (losses) attributable to the noncontrolling interests | 18,000,000 | ' |
Net earnings (loss) | -10,000,000 | ' |
Minimum withholding taxes on net settlements of stock-based compensation | -20,000,000 | ' |
Ventures Group | Common Class A | Common Stock | ' | ' |
Total stockholders' equity | 1,000,000 | 1,000,000 |
Ventures Group | Common Class B | Common Stock | ' | ' |
Total stockholders' equity | 0 | 0 |
Liberty Interactive | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 123,000,000 | ' |
Liberty Interactive | Series A | Additional Paid-In Capital | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Series A Liberty Interactive stock repurchases | -213,000,000 | ' |
TripAdvisor, Inc. | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Issuance of common stock upon exercise of stock options | 599,000 | ' |
Shares issued by subsidiary | 0 | ' |
TripAdvisor, Inc. | Additional Paid-In Capital | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Shares issued by subsidiary | -5,000,000 | ' |
TripAdvisor, Inc. | Noncontrolling Interest In Equity Of Subsidiaries | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Shares issued by subsidiary | $5,000,000 | ' |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying condensed consolidated financial statements include the accounts of Liberty Interactive Corporation and its controlled subsidiaries (collectively, "Liberty" or the "Company" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the video and on-line commerce industries in North America, Europe and Asia. | |
The accompanying (a) condensed consolidated balance sheet as of December 31, 2013, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2013. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Liberty considers (i) fair value measurement, (ii) accounting for income taxes, (iii) assessments of other-than-temporary declines in fair value of its investments and (iv) estimates of retail-related adjustments and allowances to be its most significant estimates. | |
Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that Liberty uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. | |
Liberty has entered into certain agreements with Liberty Media Corporation ("LMC"), a separate publicly traded company, neither of which has any stock ownership, beneficial or otherwise, in the other, in order to govern relationships between the companies. These agreements include a Reorganization Agreement, Services Agreement, Facilities Sharing Agreement and Tax Sharing Agreement. | |
The Reorganization Agreement provides for, among other things, provisions governing the relationship between Liberty and LMC, including certain cross-indemnities. Pursuant to the Services Agreement, LMC provides Liberty with certain general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for Liberty's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Liberty. Under the Facilities Sharing Agreement, LMC shares office space and related amenities at its corporate headquarters with Liberty. Under these various agreements, approximately $3 million and $4 million were reimbursable to LMC for the three months ended March 31, 2014 and 2013, respectively. The Tax Sharing Agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Starz and other agreements related to tax matters. | |
On October 10, 2013, Liberty announced that its board has authorized management to pursue a plan to recapitalize its Interactive Group tracking stock into two new tracking stocks, one (currently the Liberty Interactive common stock) to be renamed the QVC Group common stock and the other to be designated as the Liberty Digital Commerce common stock. The Digital Commerce Group would have attributed to it Liberty's subsidiaries Provide Commerce, Inc. ("Provide"), Backcountry.com, Inc. ("Backcountry"), Bodybuilding.com, LLC ("Bodybuilding"), CommerceHub and the Evite.com business, which is currently a part of Liberty's subsidiary Celebrate Interactive Holdings, LLC ("Celebrate"), along with cash and certain liabilities. The QVC Group, which is currently known as the Interactive Group, would have attributed to it Liberty’s subsidiary QVC, Inc. and its approximate 38% interest in HSN, Inc., along with cash and certain liabilities. Management continues to review the proposed recapitalization and no assurance can be given as to when or if the transaction will be completed. | |
Additionally, on October 10, 2013, Liberty announced that its board has also authorized management to pursue a plan to spin-off to holders of its Liberty Ventures common stock shares of a newly formed company called Liberty TripAdvisor Holdings, Inc. (“Trip Holdings”). Trip Holdings would be comprised of, among other things, Liberty’s 22% economic and 57% voting interest in TripAdvisor, as well as Liberty’s Celebrate retail business, which is currently a part of Liberty's subsidiary Celebrate, and an anticipated initial corporate level net debt balance of $350 million. |
Tracking_Stock
Tracking Stock | 3 Months Ended |
Mar. 31, 2014 | |
Tracking Stock [Abstract] | ' |
Tracking Stocks | ' |
Tracking Stocks | |
A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. Liberty has two tracking stocks—Liberty Interactive common stock and Liberty Ventures common stock, which are intended to track and reflect the economic performance of the Interactive Group and Ventures Group, respectively. While the Interactive Group and the Ventures Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking stocks have no direct claim to the group's stock or assets and are not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. | |
The term "Ventures Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities that have been attributed to that group. The Ventures Group is primarily comprised of TripAdvisor, a consolidated subsidiary, and interests in Expedia, Inc., Interval Leisure Group, Inc., Tree.com, Inc., investments in Time Warner Inc. and Time Warner Cable Inc., as well as cash and cash equivalents of approximately $802 million (at March 31, 2014). The Ventures Group also has attributed to it certain liabilities related to our corporate indebtedness (see note 9) and certain deferred tax liabilities. The Ventures Group is primarily focused on the maximization of the value of these investments and investing in new business opportunities. | |
The term "Interactive Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities that have been attributed to that group. The Interactive Group is primarily focused on video and e-commerce operating businesses and has attributed to it the remainder of Liberty's businesses and assets, including operating subsidiaries QVC, Inc. ("QVC"), Provide, Backcountry, Bodybuilding, Celebrate and CommerceHub as well as interests in HSN, Inc., and cash and cash equivalents of approximately $682 million (at March 31, 2014), which includes subsidiary cash. The Interactive Group has attributed to it liabilities that reside with QVC and the other entities listed as well as certain liabilities related to our corporate indebtedness (see note 9) and certain deferred tax liabilities. | |
See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation | |||||||||||
The Company has granted to certain of its directors, employees and employees of its subsidiaries stock appreciation rights ("SARs"), restricted stock grants and options to purchase shares of Liberty common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock grants) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award (such as stock appreciation rights that will be settled in cash) based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. | |||||||||||
Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, a portion of which relates to TripAdvisor as discussed below: | |||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
2014 | 2013 | ||||||||||
(amounts in millions) | |||||||||||
Operating expense | $ | 7 | 8 | ||||||||
Selling, general and administrative expense | 35 | 34 | |||||||||
$ | 42 | 42 | |||||||||
During the three months ended March 31, 2014, Liberty granted, primarily to QVC employees, 1.8 million options to purchase shares of Series A Liberty Interactive common stock. Such options had a weighted average grant-date fair value of $12.06 per share and vest semi-annually over the 4 year vesting period. | |||||||||||
The Company has calculated the grant-date fair value for all of its equity classified Awards and any subsequent remeasurement of its liability classified Awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Liberty's stock and the implied volatility of publicly traded Liberty options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. | |||||||||||
Liberty—Outstanding Awards | |||||||||||
The following tables present the number and weighted average exercise price ("WAEP") of the Awards to purchase Liberty Interactive and Liberty Ventures common stock granted to certain officers, employees and directors of the Company. | |||||||||||
Liberty Interactive | |||||||||||
Series A (000's) | WAEP | Weighted | Aggregate | ||||||||
average | intrinsic | ||||||||||
remaining | value | ||||||||||
life | (millions) | ||||||||||
Outstanding at January 1, 2014 | 30,607 | $ | 17.98 | ||||||||
Granted | 1,810 | $ | 29.21 | ||||||||
Exercised | (1,522 | ) | $ | 14.91 | |||||||
Forfeited/Cancelled | (88 | ) | $ | 20.3 | |||||||
Outstanding at March 31, 2014 | 30,807 | $ | 18.78 | 5.1 years | $312 | ||||||
Exercisable at March 31, 2014 | 13,700 | $ | 16.69 | 4.4 years | $167 | ||||||
Liberty Ventures | |||||||||||
Series A (000's) | WAEP | Weighted | Aggregate | ||||||||
average | intrinsic | ||||||||||
remaining | value | ||||||||||
life | (millions) | ||||||||||
Outstanding at January 1, 2014 | 1,932 | $ | 28.71 | ||||||||
Granted | 1 | $ | 73.05 | ||||||||
Exercised | (80 | ) | $ | 25.94 | |||||||
Forfeited/Cancelled | — | $ | — | ||||||||
Outstanding at March 31, 2014 | 1,853 | $ | 28.84 | 4.9 years | $67 | ||||||
Exercisable at March 31, 2014 | 913 | $ | 27.91 | 4.6 years | $34 | ||||||
There was no activity during the period for the outstanding Series B awards. | |||||||||||
As of March 31, 2014, the total unrecognized compensation cost related to unvested Liberty outstanding equity Awards was approximately $146 million, including compensation associated with the option exchange that occurred in December 2012. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.0 years. | |||||||||||
TripAdvisor - Stock-based Compensation | |||||||||||
TripAdvisor has outstanding options and restricted stock which are exercisable into their common stock. During the three months ended March 31, 2014, TripAdvisor issued approximately 477 thousand of primarily service based stock options under their 2011 Incentive Plan with a weighted average exercise price per option of $96.62 and a weighted average estimated grant-date fair value per option of $47.36. Approximately 599 thousand equity awards were exercised during the period at a weighted average exercise price of $34.63. As of March 31, 2014, TripAdvisor has 9.3 million options outstanding of which 4.2 million are exercisable with weighted average exercise prices of $43.40 and $31.54, respectively. The aggregate intrinsic value of these outstanding and exercisable options was $440 million and $247 million, respectively. TripAdvisor stock-based compensation for the three months ended March 31, 2014 and 2013 was approximately $17 million and $17 million, respectively. As of March 31, 2014, the total unrecognized compensation cost related to unvested TripAdvisor stock options was approximately $110 million and will be recognized over a weighted average period of approximately 3.2 years. | |||||||||||
Additionally, during the three months ended March 31, 2014, TripAdvisor granted approximately 460 thousand service based RSUs under their 2011 Incentive Plan for which the fair value was measured based on the quoted price of TripAdvisor common stock at the date of grant. As of March 31, 2014, the total unrecognized compensation cost related to 1.3 million unvested TripAdvisor RSUs was approximately $62 million and will be recognized over a weighted average period of approximately 3.4 years. | |||||||||||
Other | |||||||||||
Certain of the Company's other subsidiaries have stock based compensation plans under which employees and non-employees are granted options or similar stock based awards. Awards made under these plans vest and become exercisable over various terms. The awards and compensation recorded, if any, under these plans is not significant to Liberty. |
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Earnings (Loss) Per Common Share | ' | |||||
Earnings (Loss) Per Common Share | ||||||
Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. | ||||||
Series A and Series B Liberty Interactive Common Stock | ||||||
Excluded from diluted EPS, for the three months ended March 31, 2014, are 2 million potential common shares because their inclusion would be antidilutive. | ||||||
Liberty Interactive Common Stock | ||||||
Three months ended | Three months ended March 31, 2013 | |||||
31-Mar-14 | ||||||
number of shares in millions | ||||||
Basic EPS | 494 | 535 | ||||
Potentially dilutive shares | 10 | 7 | ||||
Diluted EPS | 504 | 542 | ||||
Series A and Series B Liberty Ventures Common Stock | ||||||
As discussed in note 10, Liberty completed a two for one stock split on April 11, 2014 therefore all prior period outstanding share amounts have been retroactively adjusted for comparability. Excluded from diluted EPS, for the three months ended March 31, 2014, are less than a million potential common shares because their inclusion would be antidilutive. | ||||||
Liberty Ventures Common Stock | ||||||
Three months ended | Three months ended March 31, 2013 | |||||
31-Mar-14 | ||||||
number of shares in millions | ||||||
Basic EPS | 73 | 72 | ||||
Potentially dilutive shares | 1 | — | ||||
Diluted EPS | 74 | 72 | ||||
Assets_And_Liabilities_Measure
Assets And Liabilities Measured At Fair Value | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets And Liabilities Measured At Fair Value | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | |||||||||||||||||||||
For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||||||||||||
The Company's assets and liabilities measured at fair value are as follows: | |||||||||||||||||||||
Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Description | Total | Quoted prices | Significant other | Total | Quoted prices | Significant other | |||||||||||||||
in active markets | observable | in active markets | observable | ||||||||||||||||||
for identical assets | inputs | for identical assets | inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | ||||||||||||||||||
amounts in millions | |||||||||||||||||||||
Cash equivalents | $ | 1,055 | 1,055 | — | 918 | $ | 918 | $ | — | ||||||||||||
Short term marketable securities | $ | 682 | 95 | 587 | 543 | $ | 62 | $ | 481 | ||||||||||||
Available-for-sale securities | $ | 1,466 | 1,037 | 429 | 1,497 | $ | 1,047 | $ | 450 | ||||||||||||
Debt | $ | 2,365 | — | 2,365 | 2,355 | $ | — | $ | 2,355 | ||||||||||||
The majority of the Company's Level 2 financial assets and liabilities are debt instruments with quoted market prices that are not considered to be traded on "active markets," as defined in GAAP. | |||||||||||||||||||||
Realized and Unrealized Gains (Losses) on Financial Instruments | |||||||||||||||||||||
Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following: | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
amounts in millions | |||||||||||||||||||||
Fair Value Option Securities | $ | (10 | ) | 224 | |||||||||||||||||
Exchangeable senior debentures | (15 | ) | (310 | ) | |||||||||||||||||
Other financial instruments | — | 13 | |||||||||||||||||||
$ | (25 | ) | (73 | ) | |||||||||||||||||
Investments_In_AvailableForSal
Investments In Available-For-Sale Securities And Other Cost Investments | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Investments In Available-For-Sale Securities And Other Cost Investments | ' | ||||||
Investments in available-for-sale securities and other cost investments | ' | ||||||
Investments in Available-for-Sale Securities and Other Cost Investments | |||||||
All marketable equity and debt securities held by the Company are classified as available-for-sale ("AFS") and are carried at fair value based on quoted market prices. GAAP permits entities to choose to measure many financial instruments, such as AFS securities, and certain other items at fair value and to recognize the changes in fair value of such instruments in the entity's statement of operations (the "fair value option"). In prior years, Liberty entered into economic hedges for certain of its non-strategic AFS securities (although such instruments were not accounted for as fair value hedges by the Company). Changes in the fair value of these economic hedges were reflected in Liberty's statements of operations as unrealized gains (losses). In order to better match the changes in fair value of the subject AFS securities and the changes in fair value of the corresponding economic hedges in the Company's financial statements, Liberty elected the fair value option for those of its AFS securities which it considered to be non-strategic ("Fair Value Option Securities"). Accordingly, changes in the fair value of Fair Value Option Securities, as determined by quoted market prices, are reported in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. | |||||||
Investments in AFS securities, the majority of which are considered Fair Value Option Securities, and other cost investments are summarized as follows: | |||||||
March 31, | December 31, 2013 | ||||||
2014 | |||||||
amounts in millions | |||||||
Interactive Group | |||||||
Other cost investments | $ | 4 | 4 | ||||
Total attributed Interactive Group | 4 | 4 | |||||
Ventures Group | |||||||
Time Warner Inc. | 287 | 306 | |||||
Time Warner Cable Inc. | 750 | 741 | |||||
TripAdvisor AFS securities | 284 | 188 | |||||
Other AFS investments | 145 | 262 | |||||
Total attributed Ventures Group | 1,466 | 1,497 | |||||
Consolidated Liberty | $ | 1,470 | 1,501 | ||||
Investments_In_Affiliates_Acco
Investments In Affiliates Accounted For Using The Equity Method | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Investments In Affiliates Accounted For Using The Equity Method | ' | |||||||||||||
Investments In Affiliates Accounted For Using The Equity Method | ' | |||||||||||||
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, 2014 and the carrying amount at December 31, 2013: | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Percentage | Fair value (Level 1) | Carrying | Carrying | |||||||||||
ownership | amount | amount | ||||||||||||
dollars in millions | ||||||||||||||
Interactive Group | ||||||||||||||
HSN, Inc. | 38 | % | $ | 1,196 | $ | 311 | 293 | |||||||
Other | various | NA | 51 | 50 | ||||||||||
Total Interactive Group | 362 | 343 | ||||||||||||
Ventures Group | ||||||||||||||
Expedia, Inc. | 18 | % | 1,673 | 467 | 477 | |||||||||
Other | various | NA | 415 | 417 | ||||||||||
Total Ventures Group | 882 | 894 | ||||||||||||
Consolidated Liberty | $ | 1,244 | 1,237 | |||||||||||
The following table presents Liberty's share of earnings (losses) of affiliates: | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
amounts in millions | ||||||||||||||
Interactive Group | ||||||||||||||
HSN, Inc. | $ | 22 | 20 | |||||||||||
Other | (1 | ) | (4 | ) | ||||||||||
Total Interactive Group | 21 | 16 | ||||||||||||
Ventures Group | ||||||||||||||
Expedia, Inc. | (6 | ) | (20 | ) | ||||||||||
Other | (17 | ) | (7 | ) | ||||||||||
Total Ventures Group | (23 | ) | (27 | ) | ||||||||||
Consolidated Liberty | $ | (2 | ) | (11 | ) |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Goodwill | |||||||||||||
Changes in the carrying amount of goodwill are as follows: | |||||||||||||
QVC | E-commerce | TripAdvisor | Total | ||||||||||
amounts in millions | |||||||||||||
Balance at January 1, 2014 | $ | 5,312 | 560 | 3,460 | 9,332 | ||||||||
Foreign currency translation adjustments | 10 | — | — | 10 | |||||||||
Other | — | (4 | ) | — | (4 | ) | |||||||
Balance at March 31, 2014 | $ | 5,322 | 556 | 3,460 | 9,338 | ||||||||
Intangible Assets Subject to Amortization | |||||||||||||
Amortization expense for intangible assets with finite useful lives was $190 million and $192 million for the three months ended March 31, 2014 and 2013, respectively. Based on its amortizable intangible assets as of March 31, 2014, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): | |||||||||||||
Remainder of 2014 | $ | 561 | |||||||||||
2015 | $ | 665 | |||||||||||
2016 | $ | 550 | |||||||||||
2017 | $ | 374 | |||||||||||
2018 | $ | 80 | |||||||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Long-Term Debt | ' | |||||||||||
Long-Term Debt | ||||||||||||
Debt is summarized as follows: | ||||||||||||
Outstanding principal at March 31, 2014 | Carrying value | |||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
amounts in millions | ||||||||||||
Interactive Group | ||||||||||||
Corporate level notes and debentures | ||||||||||||
8.5% Senior Debentures due 2029 | $ | 287 | 285 | 285 | ||||||||
8.25% Senior Debentures due 2030 | 504 | 501 | 501 | |||||||||
1% Exchangeable Senior Debentures due 2043 | 400 | 422 | 423 | |||||||||
Subsidiary level notes and facilities | ||||||||||||
QVC 7.5% Senior Secured Notes due 2019 | 769 | 761 | 761 | |||||||||
QVC 3.125% Senior Secured Notes due 2019 | 400 | 399 | — | |||||||||
QVC 7.375% Senior Secured Notes due 2020 | 500 | 500 | 500 | |||||||||
QVC 5.125% Senior Secured Notes due 2022 | 500 | 500 | 500 | |||||||||
QVC 4.375% Senior Secured Notes due 2023 | 750 | 750 | 750 | |||||||||
QVC 4.850% Senior Secured Notes due 2024 | 600 | 600 | — | |||||||||
QVC 5.95% Senior Secured Notes due 2043 | 300 | 300 | 300 | |||||||||
QVC Bank Credit Facilities | 124 | 124 | 922 | |||||||||
Other subsidiary debt | 145 | 145 | 141 | |||||||||
Total Interactive Group | $ | 5,279 | 5,287 | 5,083 | ||||||||
Ventures Group | ||||||||||||
Corporate level debentures | ||||||||||||
4% Exchangeable Senior Debentures due 2029 | $ | 439 | 284 | 284 | ||||||||
3.75% Exchangeable Senior Debentures due 2030 | 438 | 276 | 270 | |||||||||
3.5% Exchangeable Senior Debentures due 2031 | 359 | 316 | 316 | |||||||||
0.75% Exchangeable Senior Debentures due 2043 | 850 | 1,067 | 1,062 | |||||||||
Subsidiary level facilities | ||||||||||||
TripAdvisor Debt Facilities | 361 | 361 | 369 | |||||||||
Total Ventures Group debt | $ | 2,447 | 2,304 | 2,301 | ||||||||
Total consolidated Liberty debt | $ | 7,726 | 7,591 | 7,384 | ||||||||
Less current classification | (983 | ) | (978 | ) | ||||||||
Total long-term debt | $ | 6,608 | 6,406 | |||||||||
QVC Senior Secured Notes | ||||||||||||
On March 18, 2014, QVC, Inc. ("QVC"), an indirect wholly-owned subsidiary of Liberty Interactive Corporation, issued $400 million principal amount of new 3.125% senior secured notes due 2019 at an issue price of 99.828% and $600 million principal amount of new 4.85% senior secured notes due 2024 at an issue price of 99.927% (collectively, the “Notes”). The Notes are secured by a first-priority lien on the capital stock of QVC, which is the same collateral that secures QVC's existing secured indebtedness. The net proceeds from the offering was used to repay indebtedness under QVC’s senior secured credit facility and for working capital and other general corporate purposes. QVC was in compliance with all of its debt covenants related to its outstanding senior secured notes at March 31, 2014. | ||||||||||||
QVC Bank Credit Facilities | ||||||||||||
The interest rate on borrowings outstanding under the QVC Bank Credit Facilities was 1.9% at March 31, 2014. Availability under the QVC Amended and Restated Credit Agreement at March 31, 2014 was $1,876 million. QVC was in compliance with all debt covenants related to the Amended and Restated Credit Agreement at March 31, 2014. | ||||||||||||
Exchangeable Senior Debentures | ||||||||||||
Liberty has elected to account for the exchangeable senior debentures using the fair value option. Accordingly, changes in the fair value of these instruments are recognized as unrealized gains (losses) in the statements of operations. Liberty will review the terms of the debentures on a quarterly basis to determine whether a triggering event has occurred to require current classification of the exchangeables upon a call event. As of March 31, 2014 the balance of the 4% Exchangeable Senior Debentures due 2029, the 3.75% Exchangeable Senior Debentures due 2030 and the 3.5% Exchangeable Senior Debentures due 2031 have been classified as current. | ||||||||||||
Other Subsidiary Debt | ||||||||||||
Other subsidiary debt at March 31, 2014 is comprised of capitalized satellite transponder lease obligations and bank debt of certain subsidiaries. | ||||||||||||
Fair Value of Debt | ||||||||||||
Liberty estimates the fair value of its debt based on the quoted market prices for the same or similar issues or on the current rate offered to Liberty for debt of the same remaining maturities (Level 2). The fair value of Liberty's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at March 31, 2014 are as follows (amounts in millions): | ||||||||||||
Senior debentures | $ | 869 | ||||||||||
QVC senior secured notes | $ | 3,946 | ||||||||||
Due to the variable rate nature, Liberty believes that the carrying amount of its other debt, not discussed above, approximated fair value at March 31, 2014 |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
As of March 31, 2014, Liberty reserved for issuance upon exercise of outstanding stock options approximately 30.8 million shares of Series A Liberty Interactive common stock, 432 thousand shares of Series B Liberty Interactive common stock, 1.9 million shares of Series A Liberty Ventures common stock and 44 thousand shares of Series B Liberty Ventures common stock. | |
In addition to the Series A and Series B Liberty Interactive and Liberty Ventures common stock there are 4 billion shares of Series C Liberty Interactive and 200 million shares of Series C Liberty Ventures common stock authorized for issuance. As of March 31, 2014, no shares of any Series C Liberty Interactive or Liberty Ventures common stock were issued or outstanding. | |
On February 27, 2014, Liberty's board approved a two for one stock split of Series A and Series B Liberty Ventures common stock, effected by means of a dividend. The stock split was done in order to bring Liberty into compliance with a Nasdaq listing requirement regarding the minimum number of publicly held shares of the Series B Liberty Ventures common stock. In the stock split, a dividend was paid on April 11, 2014 of one share of Series A or Series B Liberty Ventures common stock to holders of each share of Series A or Series B Liberty Ventures common stock, respectively, held by them as of 5:00 pm, New York City time, on April 4, 2014. Due to the Liberty Ventures common stock split being completed prior to the issuance of these financial statements the stock split was recorded retroactively for all periods presented. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
Litigation | |
Liberty has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible Liberty may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements. |
Information_About_Libertys_Ope
Information About Liberty's Operating Segments | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Information About Liberty's Operating Segments | ' | ||||||||||||
Information About Liberty's Operating Segments | ' | ||||||||||||
Information About Liberty's Operating Segments | |||||||||||||
Liberty, through its ownership interests in subsidiaries and other companies, is primarily engaged in the video and on-line commerce industries. Liberty identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of Liberty's annual pre-tax earnings. | |||||||||||||
Liberty evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, Adjusted OIBDA, gross margin, average sales price per unit, number of units shipped and revenue or sales per customer equivalent. In addition, Liberty reviews nonfinancial measures such as unique website visitors, conversion rates and active customers, as appropriate. | |||||||||||||
Liberty defines Adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses excluding all stock-based compensation. Liberty believes this measure is an important indicator of the operational strength and performance of its businesses, including each business's ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Liberty generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. | |||||||||||||
For the three months ended March 31, 2014, Liberty has identified the following consolidated subsidiaries as its reportable segments: | |||||||||||||
• | QVC - consolidated subsidiary that markets and sells a wide variety of consumer products in the United States and several foreign countries, primarily by means of its televised shopping programs and via the Internet through its domestic and international websites and mobile applications. | ||||||||||||
• | TripAdvisor, Inc. - a consolidated subsidiary that is an online travel research company that empowers users to plan and maximize their travel experience. | ||||||||||||
Additionally, for presentation purposes, Liberty is providing financial information of the E-commerce businesses on an aggregated basis. The consolidated E-commerce businesses do not contribute significantly to the overall operations of Liberty on an individual basis; however, Liberty believes that on an aggregated basis they provide relevant information for users of these financial statements. While these businesses may not meet the aggregation criteria under relevant accounting literature Liberty believes the information is relevant and helpful for a more complete understanding of the consolidated results. | |||||||||||||
• | E-commerce - the aggregation of certain consolidated subsidiaries that market and sell a wide variety of consumer products via the Internet. Categories of consumer products include perishable and personal gift offerings (Provide Commerce, Inc.), active lifestyle gear and clothing (Backcountry.com, Inc.), fitness and health goods (Bodybuilding.com, LLC), celebration offerings from invitations to costumes (Celebrate Interactive Holdings LLC) and a drop-ship solutions company (CommerceHub). | ||||||||||||
Liberty's operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments that are also consolidated subsidiaries are the same as those described in the Company's summary of significant accounting policies in the Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||||||
Performance Measures | |||||||||||||
Three months ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Revenue | Adjusted | Revenue | Adjusted | ||||||||||
OIBDA | OIBDA | ||||||||||||
amounts in millions | |||||||||||||
Interactive Group | |||||||||||||
QVC | $ | 1,986 | 412 | 1,974 | 404 | ||||||||
E-commerce | 461 | 23 | 460 | 39 | |||||||||
Corporate and other | — | (4 | ) | — | (6 | ) | |||||||
Total Interactive Group | 2,447 | 431 | 2,434 | 437 | |||||||||
Ventures Group | |||||||||||||
TripAdvisor, Inc. | 281 | 122 | 230 | 109 | |||||||||
Corporate and other | — | (3 | ) | — | (3 | ) | |||||||
Total Ventures Group | 281 | 119 | 230 | 106 | |||||||||
Consolidated Liberty | $ | 2,728 | 550 | 2,664 | 543 | ||||||||
Other Information | |||||||||||||
March 31, 2014 | |||||||||||||
Total | Investments | Capital | |||||||||||
assets | in | expenditures | |||||||||||
affiliates | |||||||||||||
amounts in millions | |||||||||||||
Interactive Group | |||||||||||||
QVC | $ | 12,898 | 51 | 29 | |||||||||
E-commerce | 1,212 | — | 12 | ||||||||||
Corporate and other | 470 | 311 | — | ||||||||||
Total Interactive Group | 14,580 | 362 | 41 | ||||||||||
Ventures Group | |||||||||||||
TripAdvisor | 7,151 | — | 47 | ||||||||||
Corporate and other | 3,090 | 882 | — | ||||||||||
Total Ventures Group | 10,241 | 882 | 47 | ||||||||||
Inter-group eliminations | (159 | ) | — | — | |||||||||
Consolidated Liberty | $ | 24,662 | 1,244 | 88 | |||||||||
The following table provides a reconciliation of segment Adjusted OIBDA to earnings (loss) from continuing operations before income taxes: | |||||||||||||
Three months ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
amounts in millions | |||||||||||||
Consolidated segment Adjusted OIBDA | $ | 550 | 543 | ||||||||||
Stock-based compensation | (42 | ) | (42 | ) | |||||||||
Depreciation and amortization | (232 | ) | (230 | ) | |||||||||
Interest expense | (99 | ) | (111 | ) | |||||||||
Share of earnings (loss) of affiliates, net | (2 | ) | (11 | ) | |||||||||
Realized and unrealized gains (losses) on financial instruments, net | (25 | ) | (73 | ) | |||||||||
Other, net | 8 | (38 | ) | ||||||||||
Earnings (loss) before income taxes | $ | 158 | 38 | ||||||||||
Financial_Information_for_Trac
Financial Information for Tracking Stock Groups | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Financial Information for Tracking Stock Groups | ' | ||||||||||||
BALANCE SHEET INFORMATION | |||||||||||||
March 31, 2014 | |||||||||||||
(unaudited) | |||||||||||||
Attributed (note 1) | |||||||||||||
Interactive | Ventures Group | Inter-group | Consolidated | ||||||||||
Group | eliminations | 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 | |||||||
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 | ||||||||
STATEMENT OF CASH FLOWS INFORMATION | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
(unaudited) | |||||||||||||
Attributed (note 1) | |||||||||||||
Interactive | Ventures Group | Consolidated | |||||||||||
Group | 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 | Ventures Group | Consolidated | |||||||||||
Group | 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 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||
Schedule Of Employee Service Share-Based Compensation, Allocation Of Recognized Period Costs | ' | ||||||||||
Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, a portion of which relates to TripAdvisor as discussed below: | |||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
2014 | 2013 | ||||||||||
(amounts in millions) | |||||||||||
Operating expense | $ | 7 | 8 | ||||||||
Selling, general and administrative expense | 35 | 34 | |||||||||
$ | 42 | 42 | |||||||||
Table Presents The Number And Weighted Average Exercise Price (WAEP) Of Certain Options And SARs To Purchase Common Stock Granted To Certain Officers, Employees And Directors Of The Company | ' | ||||||||||
The following tables present the number and weighted average exercise price ("WAEP") of the Awards to purchase Liberty Interactive and Liberty Ventures common stock granted to certain officers, employees and directors of the Company. | |||||||||||
Liberty Interactive | |||||||||||
Series A (000's) | WAEP | Weighted | Aggregate | ||||||||
average | intrinsic | ||||||||||
remaining | value | ||||||||||
life | (millions) | ||||||||||
Outstanding at January 1, 2014 | 30,607 | $ | 17.98 | ||||||||
Granted | 1,810 | $ | 29.21 | ||||||||
Exercised | (1,522 | ) | $ | 14.91 | |||||||
Forfeited/Cancelled | (88 | ) | $ | 20.3 | |||||||
Outstanding at March 31, 2014 | 30,807 | $ | 18.78 | 5.1 years | $312 | ||||||
Exercisable at March 31, 2014 | 13,700 | $ | 16.69 | 4.4 years | $167 | ||||||
Liberty Ventures | |||||||||||
Series A (000's) | WAEP | Weighted | Aggregate | ||||||||
average | intrinsic | ||||||||||
remaining | value | ||||||||||
life | (millions) | ||||||||||
Outstanding at January 1, 2014 | 1,932 | $ | 28.71 | ||||||||
Granted | 1 | $ | 73.05 | ||||||||
Exercised | (80 | ) | $ | 25.94 | |||||||
Forfeited/Cancelled | — | $ | — | ||||||||
Outstanding at March 31, 2014 | 1,853 | $ | 28.84 | 4.9 years | $67 | ||||||
Exercisable at March 31, 2014 | 913 | $ | 27.91 | 4.6 years | $34 | ||||||
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule of Weighted Average Number of Shares | ' | |||||
Series A and Series B Liberty Interactive Common Stock | ||||||
Excluded from diluted EPS, for the three months ended March 31, 2014, are 2 million potential common shares because their inclusion would be antidilutive. | ||||||
Liberty Interactive Common Stock | ||||||
Three months ended | Three months ended March 31, 2013 | |||||
31-Mar-14 | ||||||
number of shares in millions | ||||||
Basic EPS | 494 | 535 | ||||
Potentially dilutive shares | 10 | 7 | ||||
Diluted EPS | 504 | 542 | ||||
Series A and Series B Liberty Ventures Common Stock | ||||||
As discussed in note 10, Liberty completed a two for one stock split on April 11, 2014 therefore all prior period outstanding share amounts have been retroactively adjusted for comparability. Excluded from diluted EPS, for the three months ended March 31, 2014, are less than a million potential common shares because their inclusion would be antidilutive. | ||||||
Liberty Ventures Common Stock | ||||||
Three months ended | Three months ended March 31, 2013 | |||||
31-Mar-14 | ||||||
number of shares in millions | ||||||
Basic EPS | 73 | 72 | ||||
Potentially dilutive shares | 1 | — | ||||
Diluted EPS | 74 | 72 | ||||
Assets_And_Liabilities_Measure1
Assets And Liabilities Measured At Fair Value (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||||||
The Company's assets and liabilities measured at fair value are as follows: | |||||||||||||||||||||
Fair Value Measurements at | Fair Value Measurements at | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Description | Total | Quoted prices | Significant other | Total | Quoted prices | Significant other | |||||||||||||||
in active markets | observable | in active markets | observable | ||||||||||||||||||
for identical assets | inputs | for identical assets | inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | ||||||||||||||||||
amounts in millions | |||||||||||||||||||||
Cash equivalents | $ | 1,055 | 1,055 | — | 918 | $ | 918 | $ | — | ||||||||||||
Short term marketable securities | $ | 682 | 95 | 587 | 543 | $ | 62 | $ | 481 | ||||||||||||
Available-for-sale securities | $ | 1,466 | 1,037 | 429 | 1,497 | $ | 1,047 | $ | 450 | ||||||||||||
Debt | $ | 2,365 | — | 2,365 | 2,355 | $ | — | $ | 2,355 | ||||||||||||
Unrealized Gain (Loss) on Investments | ' | ||||||||||||||||||||
Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following: | |||||||||||||||||||||
Three months ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
amounts in millions | |||||||||||||||||||||
Fair Value Option Securities | $ | (10 | ) | 224 | |||||||||||||||||
Exchangeable senior debentures | (15 | ) | (310 | ) | |||||||||||||||||
Other financial instruments | — | 13 | |||||||||||||||||||
$ | (25 | ) | (73 | ) |
Investments_In_AvailableForSal1
Investments In Available-For-Sale Securities And Other Cost Investments (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Investments In Available-For-Sale Securities And Other Cost Investments | ' | ||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||
Investments in AFS securities, the majority of which are considered Fair Value Option Securities, and other cost investments are summarized as follows: | |||||||
March 31, | December 31, 2013 | ||||||
2014 | |||||||
amounts in millions | |||||||
Interactive Group | |||||||
Other cost investments | $ | 4 | 4 | ||||
Total attributed Interactive Group | 4 | 4 | |||||
Ventures Group | |||||||
Time Warner Inc. | 287 | 306 | |||||
Time Warner Cable Inc. | 750 | 741 | |||||
TripAdvisor AFS securities | 284 | 188 | |||||
Other AFS investments | 145 | 262 | |||||
Total attributed Ventures Group | 1,466 | 1,497 | |||||
Consolidated Liberty | $ | 1,470 | 1,501 | ||||
Investments_In_Affiliates_Acco1
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 March 31, 2014 and the carrying amount at December 31, 2013: | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Percentage | Fair value (Level 1) | Carrying | Carrying | |||||||||||
ownership | amount | amount | ||||||||||||
dollars in millions | ||||||||||||||
Interactive Group | ||||||||||||||
HSN, Inc. | 38 | % | $ | 1,196 | $ | 311 | 293 | |||||||
Other | various | NA | 51 | 50 | ||||||||||
Total Interactive Group | 362 | 343 | ||||||||||||
Ventures Group | ||||||||||||||
Expedia, Inc. | 18 | % | 1,673 | 467 | 477 | |||||||||
Other | various | NA | 415 | 417 | ||||||||||
Total Ventures Group | 882 | 894 | ||||||||||||
Consolidated Liberty | $ | 1,244 | 1,237 | |||||||||||
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 March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
amounts in millions | ||||||||||||||
Interactive Group | ||||||||||||||
HSN, Inc. | $ | 22 | 20 | |||||||||||
Other | (1 | ) | (4 | ) | ||||||||||
Total Interactive Group | 21 | 16 | ||||||||||||
Ventures Group | ||||||||||||||
Expedia, Inc. | (6 | ) | (20 | ) | ||||||||||
Other | (17 | ) | (7 | ) | ||||||||||
Total Ventures Group | (23 | ) | (27 | ) | ||||||||||
Consolidated Liberty | $ | (2 | ) | (11 | ) |
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Changes In The Carrying Amount Of Goodwill | ' | ||||||||||||
Changes in the carrying amount of goodwill are as follows: | |||||||||||||
QVC | E-commerce | TripAdvisor | Total | ||||||||||
amounts in millions | |||||||||||||
Balance at January 1, 2014 | $ | 5,312 | 560 | 3,460 | 9,332 | ||||||||
Foreign currency translation adjustments | 10 | — | — | 10 | |||||||||
Other | — | (4 | ) | — | (4 | ) | |||||||
Balance at March 31, 2014 | $ | 5,322 | 556 | 3,460 | 9,338 | ||||||||
Amortization Expense For The Next Five Fiscal Years | ' | ||||||||||||
Based on its amortizable intangible assets as of March 31, 2014, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): | |||||||||||||
Remainder of 2014 | $ | 561 | |||||||||||
2015 | $ | 665 | |||||||||||
2016 | $ | 550 | |||||||||||
2017 | $ | 374 | |||||||||||
2018 | $ | 80 | |||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Debt Excluding Intergroup Debt | ' | |||||||||||
Debt is summarized as follows: | ||||||||||||
Outstanding principal at March 31, 2014 | Carrying value | |||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
amounts in millions | ||||||||||||
Interactive Group | ||||||||||||
Corporate level notes and debentures | ||||||||||||
8.5% Senior Debentures due 2029 | $ | 287 | 285 | 285 | ||||||||
8.25% Senior Debentures due 2030 | 504 | 501 | 501 | |||||||||
1% Exchangeable Senior Debentures due 2043 | 400 | 422 | 423 | |||||||||
Subsidiary level notes and facilities | ||||||||||||
QVC 7.5% Senior Secured Notes due 2019 | 769 | 761 | 761 | |||||||||
QVC 3.125% Senior Secured Notes due 2019 | 400 | 399 | — | |||||||||
QVC 7.375% Senior Secured Notes due 2020 | 500 | 500 | 500 | |||||||||
QVC 5.125% Senior Secured Notes due 2022 | 500 | 500 | 500 | |||||||||
QVC 4.375% Senior Secured Notes due 2023 | 750 | 750 | 750 | |||||||||
QVC 4.850% Senior Secured Notes due 2024 | 600 | 600 | — | |||||||||
QVC 5.95% Senior Secured Notes due 2043 | 300 | 300 | 300 | |||||||||
QVC Bank Credit Facilities | 124 | 124 | 922 | |||||||||
Other subsidiary debt | 145 | 145 | 141 | |||||||||
Total Interactive Group | $ | 5,279 | 5,287 | 5,083 | ||||||||
Ventures Group | ||||||||||||
Corporate level debentures | ||||||||||||
4% Exchangeable Senior Debentures due 2029 | $ | 439 | 284 | 284 | ||||||||
3.75% Exchangeable Senior Debentures due 2030 | 438 | 276 | 270 | |||||||||
3.5% Exchangeable Senior Debentures due 2031 | 359 | 316 | 316 | |||||||||
0.75% Exchangeable Senior Debentures due 2043 | 850 | 1,067 | 1,062 | |||||||||
Subsidiary level facilities | ||||||||||||
TripAdvisor Debt Facilities | 361 | 361 | 369 | |||||||||
Total Ventures Group debt | $ | 2,447 | 2,304 | 2,301 | ||||||||
Total consolidated Liberty debt | $ | 7,726 | 7,591 | 7,384 | ||||||||
Less current classification | (983 | ) | (978 | ) | ||||||||
Total long-term debt | $ | 6,608 | 6,406 | |||||||||
Debt Securities That Are Not Reported At Fair Value | ' | |||||||||||
Liberty estimates the fair value of its debt based on the quoted market prices for the same or similar issues or on the current rate offered to Liberty for debt of the same remaining maturities (Level 2). The fair value of Liberty's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at March 31, 2014 are as follows (amounts in millions): | ||||||||||||
Senior debentures | $ | 869 | ||||||||||
QVC senior secured notes | $ | 3,946 | ||||||||||
Information_About_Libertys_Ope1
Information About Liberty's Operating Segments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Information About Liberty's Operating Segments | ' | ||||||||||||
Performance Measures By Segment | ' | ||||||||||||
Performance Measures | |||||||||||||
Three months ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Revenue | Adjusted | Revenue | Adjusted | ||||||||||
OIBDA | OIBDA | ||||||||||||
amounts in millions | |||||||||||||
Interactive Group | |||||||||||||
QVC | $ | 1,986 | 412 | 1,974 | 404 | ||||||||
E-commerce | 461 | 23 | 460 | 39 | |||||||||
Corporate and other | — | (4 | ) | — | (6 | ) | |||||||
Total Interactive Group | 2,447 | 431 | 2,434 | 437 | |||||||||
Ventures Group | |||||||||||||
TripAdvisor, Inc. | 281 | 122 | 230 | 109 | |||||||||
Corporate and other | — | (3 | ) | — | (3 | ) | |||||||
Total Ventures Group | 281 | 119 | 230 | 106 | |||||||||
Consolidated Liberty | $ | 2,728 | 550 | 2,664 | 543 | ||||||||
Other Information By Segment | ' | ||||||||||||
Other Information | |||||||||||||
March 31, 2014 | |||||||||||||
Total | Investments | Capital | |||||||||||
assets | in | expenditures | |||||||||||
affiliates | |||||||||||||
amounts in millions | |||||||||||||
Interactive Group | |||||||||||||
QVC | $ | 12,898 | 51 | 29 | |||||||||
E-commerce | 1,212 | — | 12 | ||||||||||
Corporate and other | 470 | 311 | — | ||||||||||
Total Interactive Group | 14,580 | 362 | 41 | ||||||||||
Ventures Group | |||||||||||||
TripAdvisor | 7,151 | — | 47 | ||||||||||
Corporate and other | 3,090 | 882 | — | ||||||||||
Total Ventures Group | 10,241 | 882 | 47 | ||||||||||
Inter-group eliminations | (159 | ) | — | — | |||||||||
Consolidated Liberty | $ | 24,662 | 1,244 | 88 | |||||||||
Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes | ' | ||||||||||||
The following table provides a reconciliation of segment Adjusted OIBDA to earnings (loss) from continuing operations before income taxes: | |||||||||||||
Three months ended | |||||||||||||
March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
amounts in millions | |||||||||||||
Consolidated segment Adjusted OIBDA | $ | 550 | 543 | ||||||||||
Stock-based compensation | (42 | ) | (42 | ) | |||||||||
Depreciation and amortization | (232 | ) | (230 | ) | |||||||||
Interest expense | (99 | ) | (111 | ) | |||||||||
Share of earnings (loss) of affiliates, net | (2 | ) | (11 | ) | |||||||||
Realized and unrealized gains (losses) on financial instruments, net | (25 | ) | (73 | ) | |||||||||
Other, net | 8 | (38 | ) | ||||||||||
Earnings (loss) before income taxes | $ | 158 | 38 | ||||||||||
Financial_Information_for_Trac1
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 | Ventures Group | Inter-group | Consolidated | ||||||||||
Group | eliminations | 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 | Ventures Group | Consolidated | |||||||||||
Group | 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 | Ventures Group | Consolidated | |||||||||||
Group | 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 | |||||||||
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | $3 | $4 | ' |
Long-term Debt | 7,591 | ' | 7,384 |
TripAdvisor, Inc. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Ownership Interest In Investee | 22.00% | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 57.00% | ' | ' |
Interactive Group | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Long-term Debt | 5,287 | ' | 5,083 |
Interactive Group | HSN, Inc. | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 38.00% | ' | ' |
Corporate and Other | Trip Holdings | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Long-term Debt | $350 | ' | ' |
Tracking_Stock_Details
Tracking Stock (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Targeted or Tracking Stock, Stock [Line Items] | ' | ' | ' | ' |
Number of tracking stocks | 2 | ' | ' | ' |
Cash and cash equivalents | $1,484 | $1,256 | $1,370 | $2,660 |
Ventures Group | ' | ' | ' | ' |
Targeted or Tracking Stock, Stock [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 802 | 658 | 783 | 1,961 |
Interactive Group | ' | ' | ' | ' |
Targeted or Tracking Stock, Stock [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $682 | $598 | $587 | $699 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Allocated To Selling, General And Administrative Expenses) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation allocated to selling, general, and administrative | $42 | $42 |
Operating Expense | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation allocated to selling, general, and administrative | 7 | 8 |
Selling, General and Administrative Expenses | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation allocated to selling, general, and administrative | $35 | $34 |
StockBased_Compensation_Outsta
Stock-Based Compensation (Outstanding Awards) (Details) (Common Class A, USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Liberty Interactive | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding options | 30,607,000 |
Options granted | 1,810,000 |
Options exercised | -1,522,000 |
Options forfeited/cancelled | -88,000 |
Outstanding options | 30,807,000 |
Exercisable options | 13,700,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Outstanding WAEP | $17.98 |
WAEP of grants in the period | $29.21 |
WAEP exercised | $14.91 |
WAEP forfeited/cancelled during period | $20.30 |
Outstanding WAEP | $18.78 |
Exercisable WAEP | $16.69 |
Weighted average remaining life - options outstanding | '5 years 1 month 6 days |
Weighted average remaining life - options exercisable | '4 years 4 months 24 days |
Aggregate intrinsic value of options outstanding | $312 |
Aggregate intrinsic value of options exercisable | 167 |
Liberty Ventures [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding options | 1,932,000 |
Options granted | 1,000 |
Options exercised | -80,000 |
Options forfeited/cancelled | 0 |
Outstanding options | 1,853,000 |
Exercisable options | 913,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Outstanding WAEP | $28.71 |
WAEP of grants in the period | $73.05 |
WAEP exercised | $25.94 |
WAEP forfeited/cancelled during period | $0 |
Outstanding WAEP | $28.84 |
Exercisable WAEP | $27.91 |
Weighted average remaining life - options outstanding | '4 years 10 months 26 days |
Weighted average remaining life - options exercisable | '4 years 7 months 6 days |
Aggregate intrinsic value of options outstanding | 67 |
Aggregate intrinsic value of options exercisable | $34 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Issuance of common stock upon exercise of stock options | $2,000,000 | ' |
Stock-based compensation | 42,000,000 | 42,000,000 |
Total unrecognized compensation cost related to unvested Liberty equity awards | 146,000,000 | ' |
Weighted average period of recognition related to unvested equity awards (in years) | '2 years 0 months 0 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ' |
TripAdvisor, Inc. | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options granted | 477,000 | ' |
WAEP of grants in the period | $96.62 | ' |
Weighted average grant-date fair value of options | $47.36 | ' |
Issuance of common stock upon exercise of stock options | 599,000 | ' |
WAEP exercised | $34.63 | ' |
Outstanding options | 9,300,000 | ' |
Exercisable options | 4,200,000 | ' |
Outstanding WAEP | $43.40 | ' |
Exercisable WAEP | $31.54 | ' |
Aggregate intrinsic value of options outstanding | 440,000,000 | ' |
Aggregate intrinsic value of options exercisable | 247,000,000 | ' |
Stock-based compensation | 17,000,000 | 17,000,000 |
Nonvested awards, Total compensation cost not yet recognized, stock options | 110,000,000 | ' |
Weighted average period of recognition related to unvested equity awards (in years) | '3 years 2 months | ' |
Grants in period | 460,000 | ' |
Nonvested awards, number | 1,300,000 | ' |
Total compensation cost not yet recognized, awards other than options | $62,000,000 | ' |
Restricted Stock Units (RSUs) | TripAdvisor, Inc. | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Weighted average period of recognition related to unvested equity awards (in years) | '3 years 5 months 0 days | ' |
Series A | Liberty Interactive | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' |
Options granted | 1,800,000 | ' |
Weighted average grant-date fair value of options | $12.06 | ' |
Award vesting period | '4 years 0 months 0 days | ' |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share (Earrings Per Share Basic and Diluted) (Details) | 3 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 11, 2014 |
Liberty Interactive | Liberty Interactive | Liberty Ventures [Member] | Liberty Ventures [Member] | Subsequent Event | |
Ventures Group | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | ' | ' | ' | ' |
Basic EPS (in shares) | 494 | 535 | 73 | 72 | ' |
Potentially dilutive shares (in shares) | 10 | 7 | 1 | 0 | ' |
Diluted EPS (in shares) | 504 | 542 | 74 | 72 | ' |
Stock split, conversion ratio | ' | ' | ' | ' | 2 |
Assets_And_Liabilities_Measure2
Assets And Liabilities Measured At Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $1,055 | $918 |
Short term marketable securities | 682 | 543 |
Available-for-sale securities | 1,466 | 1,497 |
Debt | 2,365 | 2,355 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 1,055 | 918 |
Short term marketable securities | 95 | 62 |
Available-for-sale securities | 1,037 | 1,047 |
Debt | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Short term marketable securities | 587 | 481 |
Available-for-sale securities | 429 | 450 |
Debt | $2,365 | $2,355 |
Assets_And_Liabilities_Measure3
Assets And Liabilities Measured At Fair Value Realized Unrealized Gain Loss (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Realized and unrealized gains (losses) on financial instruments, net | ($25) | ($73) |
Fair Value Option Securities | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Realized and unrealized gains (losses) on financial instruments, net | -10 | 224 |
Exchangeable Senior Debentures | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Realized and unrealized gains (losses) on financial instruments, net | -15 | -310 |
Other Financial Instruments | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Realized and unrealized gains (losses) on financial instruments, net | $0 | $13 |
Investments_In_AvailableForSal2
Investments In Available-For-Sale Securities And Other Cost Investments (Investments In Available-For-Sale Securities And Other Cost Investments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Open Option Contracts Written [Line Items] | ' | ' |
Investments in available-for-sale securities and other cost investments | $1,470 | $1,501 |
Interactive Group | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Cost Method Investments | 4 | 4 |
Investments in available-for-sale securities and other cost investments | 4 | ' |
Ventures Group | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Investments in available-for-sale securities and other cost investments | 1,466 | 1,497 |
TripAdvisor AFS Securities | Ventures Group | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Investments in available-for-sale securities and other cost investments | 284 | 188 |
Other Investments | Ventures Group | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Investments in available-for-sale securities and other cost investments | 145 | 262 |
Time Warner Cable Inc | Fair Value Option, Other Eligible Items | Ventures Group | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Investments in available-for-sale securities and other cost investments | 750 | 741 |
Time Warner Inc | Fair Value Option, Other Eligible Items | Ventures Group | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Investments in available-for-sale securities and other cost investments | $287 | $306 |
Investments_In_Affiliates_Acco2
Investments In Affiliates Accounted For Using The Equity Method (Schedule Of Equity Ownership And Carrying Amount) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Investments in affiliates, accounted for using the equity method | $1,244 | $1,237 |
Interactive Group | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Investments in affiliates, accounted for using the equity method | 362 | 343 |
Interactive Group | HSN, Inc. | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Percentage ownership | 38.00% | ' |
Investments in affiliates, accounted for using the equity method | 311 | 293 |
Interactive Group | Equity method investment, other | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Investments in affiliates, accounted for using the equity method | 51 | 50 |
Ventures Group | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Investments in affiliates, accounted for using the equity method | 882 | 894 |
Ventures Group | Expedia | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Percentage ownership | 18.00% | ' |
Investments in affiliates, accounted for using the equity method | 467 | 477 |
Ventures Group | Equity method investment, other | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Investments in affiliates, accounted for using the equity method | 415 | 417 |
Fair Value, Inputs, Level 1 [Member] | Interactive Group | HSN, Inc. | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Equity Method Investment, Quoted Market Value | 1,196 | ' |
Fair Value, Inputs, Level 1 [Member] | Ventures Group | Expedia | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Equity Method Investment, Quoted Market Value | $1,673 | ' |
Investments_In_Affiliates_Acco3
Investments In Affiliates Accounted For Using The Equity Method (Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | ($2) | ($11) |
HSN, Inc. | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | 22 | 20 |
Expedia | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | -6 | -20 |
Interactive Group | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | 21 | 16 |
Interactive Group | Equity method investment, other | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | -1 | -4 |
Ventures Group | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | -23 | -27 |
Ventures Group | Equity method investment, other | ' | ' |
Equity Method Investments and Operating Activities Segment [Line Items] | ' | ' |
Share of earnings of affiliates, net | ($17) | ($7) |
Intangible_Assets_Changes_In_T
Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Balance, beginning of the year | $9,332 |
Foreign currency translation adjustments | 10 |
Other | -4 |
Balance, ending of the year | 9,338 |
QVC | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning of the year | 5,312 |
Foreign currency translation adjustments | 10 |
Other | 0 |
Balance, ending of the year | 5,322 |
E-commerce | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning of the year | 560 |
Foreign currency translation adjustments | 0 |
Other | -4 |
Balance, ending of the year | 556 |
TripAdvisor, Inc. | ' |
Goodwill [Roll Forward] | ' |
Balance, beginning of the year | 3,460 |
Foreign currency translation adjustments | 0 |
Other | 0 |
Balance, ending of the year | $3,460 |
Intangible_Assets_Amortization
Intangible Assets (Amortization Expense For The Next Five Fiscal Years) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2014 | $561 |
2014 amortization expense | 665 |
2015 amortization expense | 550 |
2016 amortization expense | 374 |
2017 amortization expense | $80 |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of Intangible Assets | $190 | $192 |
LongTerm_Debt_Debt_Excluding_I
Long-Term Debt (Debt Excluding Intergroup Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | $7,726 | ' |
Long-term Debt | 7,591 | 7,384 |
Current portion of debt | -983 | -978 |
Long-term debt | 6,608 | 6,406 |
Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 5,279 | ' |
Long-term Debt | 5,287 | 5,083 |
Current portion of debt | -36 | ' |
Long-term debt | 5,251 | ' |
Ventures Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 2,447 | ' |
Long-term Debt | 2,304 | 2,301 |
Current portion of debt | -947 | ' |
Long-term debt | 1,357 | ' |
8.5% Senior Debentures Due 2029 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 287 | ' |
Long-term Debt | 285 | 285 |
Debt instrument interest rate | 8.50% | ' |
8.25% Senior Debentures Due 2030 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 504 | ' |
Long-term Debt | 501 | 501 |
Debt instrument interest rate | 8.25% | ' |
1% Exchangeable Senior Debentures due 2043 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 400 | ' |
Long-term Debt | 422 | 423 |
Debt instrument interest rate | 1.00% | ' |
QVC 7.5% Senior Secured Notes Due 2019 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 769 | ' |
Long-term Debt | 761 | 761 |
Debt instrument interest rate | 7.50% | ' |
QVC 3.125% Senior Secured Notes Due 2019 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 400 | ' |
Long-term Debt | 399 | 0 |
Debt instrument interest rate | 3.13% | ' |
QVC 7.375% Senior Secured Notes Due 2020 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 500 | ' |
Long-term Debt | 500 | 500 |
Debt instrument interest rate | 7.38% | ' |
QVC 5.125% Senior Secured Notes 2022 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 500 | ' |
Long-term Debt | 500 | 500 |
Debt instrument interest rate | 5.13% | ' |
QVC 4.375% Senior Secured Notes due 2023 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 750 | ' |
Long-term Debt | 750 | 750 |
Debt instrument interest rate | 4.38% | ' |
QVC 4.850% Senior Secured Notes due 2024 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 600 | ' |
Long-term Debt | 600 | 0 |
Debt instrument interest rate | 4.85% | ' |
QVC 5.95% Senior Secured Notes due 2043 | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 300 | ' |
Long-term Debt | 300 | 300 |
Debt instrument interest rate | 5.95% | ' |
QVC Bank Credit Facilities | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 124 | ' |
Long-term Debt | 124 | 922 |
Subsidiary Debt | Interactive Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 145 | ' |
Long-term Debt | 145 | 141 |
4% Exchangeable Senior Debentures Due 2029 | Ventures Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 439 | ' |
Long-term Debt | 284 | 284 |
Debt instrument interest rate | 4.00% | ' |
3.75% Exchangeable Senior Debentures Due 2030 | Ventures Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 438 | ' |
Long-term Debt | 276 | 270 |
Debt instrument interest rate | 3.75% | ' |
3.5% Exchangeable Senior Debentures Due 2031 | Ventures Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 359 | ' |
Long-term Debt | 316 | 316 |
Debt instrument interest rate | 3.50% | ' |
0.75% Exchangeable Senior Debentures due 2043 | Ventures Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 850 | ' |
Long-term Debt | 1,067 | 1,062 |
Debt instrument interest rate | 0.75% | ' |
TripAdvisor Debt Facilities | Ventures Group | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Face Amount | 361 | ' |
Long-term Debt | $361 | $369 |
LongTerm_Debt_Debt_Securities_
Long-Term Debt (Debt Securities That Are Not Reported At Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Carrying value of debt measured at fair value | $2,365 | $2,355 |
Senior Debentures | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying value of debt measured at fair value | 869 | ' |
QVC Senior Secured Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying value of debt measured at fair value | $3,946 | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Mar. 31, 2014 | Mar. 18, 2014 | Mar. 18, 2013 |
In Millions, unless otherwise specified | |||
QVC Bank Credit Facilities | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Remaining borrowing capacity | 1,876 | ' | ' |
QVC 3.125% Senior Secured Notes Due 2019 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | ' | 400 |
Debt instrument interest rate | 3.13% | ' | ' |
Debt issuance price as percent of par | ' | 99.83% | ' |
QVC 4.850% Senior Secured Notes due 2024 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | ' | $600 |
Debt instrument interest rate | 4.85% | ' | ' |
Debt issuance price as percent of par | ' | 99.93% | ' |
QVC Bank Credit Facilities | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument interest rate | 1.90% | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||
Feb. 27, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 11, 2014 | Apr. 11, 2014 | Apr. 11, 2014 | |
Series A | Series A | Series B | Series B | Series B | Series C | Series C | Subsequent Event | Subsequent Event | Subsequent Event | |
Interactive Group | Interactive Group | Ventures Group | Interactive Group | Ventures Group | Ventures Group | Series A | Series B | |||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding options | ' | 30,800,000 | ' | 432,000 | 44,000 | 0 | 0 | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | ' | ' | 4,000,000,000 | 200,000,000 | ' | ' | ' |
Stock split, conversion ratio | 2 | ' | 2 | ' | ' | ' | ' | 2 | ' | ' |
Stock split, dividends | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 |
Information_About_Libertys_Ope2
Information About Liberty's Operating Segments (Performance Measures By Segment) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Total revenues | $2,728 | $2,664 |
Adjusted OIBDA | 550 | 543 |
Interactive Group | ' | ' |
Total revenues | 2,447 | 2,434 |
Adjusted OIBDA | 431 | 437 |
Interactive Group | QVC | ' | ' |
Total revenues | 1,986 | 1,974 |
Adjusted OIBDA | 412 | 404 |
Interactive Group | E-commerce | ' | ' |
Total revenues | 461 | 460 |
Adjusted OIBDA | 23 | 39 |
Interactive Group | Corporate and Other | ' | ' |
Total revenues | 0 | 0 |
Adjusted OIBDA | -4 | -6 |
Ventures Group | ' | ' |
Total revenues | 281 | 230 |
Adjusted OIBDA | 119 | 106 |
Ventures Group | TripAdvisor, Inc. | ' | ' |
Total revenues | 281 | 230 |
Adjusted OIBDA | 122 | 109 |
Ventures Group | Corporate and Other | ' | ' |
Total revenues | 0 | 0 |
Adjusted OIBDA | ($3) | ($3) |
Information_About_Libertys_Ope3
Information About Liberty's Operating Segments (Other Information By Segment) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Total assets | $24,662 | ' | $24,676 |
Investments in affiliates, accounted for using the equity method | 1,244 | ' | 1,237 |
Capital expenditures | 88 | 59 | ' |
Inter-group Eliminations | ' | ' | ' |
Investments in affiliates, accounted for using the equity method | 0 | ' | ' |
Capital expenditures | 0 | ' | ' |
Interactive Group | ' | ' | ' |
Total assets | 14,580 | ' | ' |
Investments in affiliates, accounted for using the equity method | 362 | ' | 343 |
Capital expenditures | 41 | 50 | ' |
Interactive Group | QVC | ' | ' | ' |
Total assets | 12,898 | ' | ' |
Investments in affiliates, accounted for using the equity method | 51 | ' | ' |
Capital expenditures | 29 | ' | ' |
Interactive Group | E-commerce | ' | ' | ' |
Total assets | 1,212 | ' | ' |
Investments in affiliates, accounted for using the equity method | 0 | ' | ' |
Capital expenditures | 12 | ' | ' |
Interactive Group | Corporate and Other | ' | ' | ' |
Total assets | 470 | ' | ' |
Investments in affiliates, accounted for using the equity method | 311 | ' | ' |
Capital expenditures | 0 | ' | ' |
Ventures Group | ' | ' | ' |
Total assets | 10,241 | ' | ' |
Investments in affiliates, accounted for using the equity method | 882 | ' | 894 |
Capital expenditures | 47 | 9 | ' |
Ventures Group | TripAdvisor, Inc. | ' | ' | ' |
Total assets | 7,151 | ' | ' |
Investments in affiliates, accounted for using the equity method | 0 | ' | ' |
Capital expenditures | 47 | ' | ' |
Ventures Group | Corporate and Other | ' | ' | ' |
Total assets | 3,090 | ' | ' |
Investments in affiliates, accounted for using the equity method | 882 | ' | ' |
Capital expenditures | 0 | ' | ' |
Inter-group Eliminations | ' | ' | ' |
Total assets | -159 | ' | ' |
Investments in affiliates, accounted for using the equity method | $0 | ' | ' |
Information_About_Libertys_Ope4
Information About Liberty's Operating Segments (Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Information About Liberty's Operating Segments | ' | ' |
Adjusted OIBDA | $550 | $543 |
Stock-based compensation | 42 | 42 |
Depreciation and amortization | 232 | 230 |
Interest expense | 99 | 111 |
Share of earnings of affiliates, net | -2 | -11 |
Realized and unrealized gains (losses) on financial instruments, net | -25 | -73 |
Other, net | 8 | -38 |
Earnings (loss) before income taxes | $158 | $38 |
Financial_Information_for_Trac2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,484,000,000 | $1,256,000,000 | $1,370,000,000 | $2,660,000,000 |
Trade and other receivables, net | 1,040,000,000 | 1,274,000,000 | ' | ' |
Inventory, net | 1,213,000,000 | 1,135,000,000 | ' | ' |
Short term marketable securities | 682,000,000 | 543,000,000 | ' | ' |
Other current assets | 110,000,000 | 218,000,000 | ' | ' |
Total current assets | 4,529,000,000 | 4,426,000,000 | ' | ' |
Investments in available-for-sale securities and other cost investments | 1,470,000,000 | 1,501,000,000 | ' | ' |
Investments in affiliates, accounted for using the equity method | 1,244,000,000 | 1,237,000,000 | ' | ' |
Property and equipment, net | 1,272,000,000 | 1,247,000,000 | ' | ' |
Intangible assets not subject to amortization, net | 13,683,000,000 | ' | ' | ' |
Intangible assets subject to amortization, net | 2,352,000,000 | 2,492,000,000 | ' | ' |
Other assets, at cost, net of accumulated amortization | 112,000,000 | 98,000,000 | ' | ' |
Total assets | 24,662,000,000 | 24,676,000,000 | ' | ' |
Intergroup payable receivable | 0 | ' | ' | ' |
Accounts payable | 724,000,000 | 660,000,000 | ' | ' |
Accrued liabilities | 746,000,000 | 998,000,000 | ' | ' |
Current portion of debt | 983,000,000 | 978,000,000 | ' | ' |
Deferred income tax liabilities | 897,000,000 | 925,000,000 | ' | ' |
Other current liabilities | 236,000,000 | 195,000,000 | ' | ' |
Total current liabilities | 3,586,000,000 | 3,756,000,000 | ' | ' |
Long-term debt | 6,608,000,000 | 6,406,000,000 | ' | ' |
Deferred income tax liabilities | 2,831,000,000 | 2,844,000,000 | ' | ' |
Other liabilities | 271,000,000 | 235,000,000 | ' | ' |
Total liabilities | 13,296,000,000 | 13,241,000,000 | ' | ' |
Equity/Attributed net assets (liabilities) | 6,833,000,000 | 6,936,000,000 | ' | ' |
Noncontrolling interests in equity of subsidiaries | 4,533,000,000 | 4,499,000,000 | ' | ' |
Total liabilities and equity | 24,662,000,000 | 24,676,000,000 | ' | ' |
Interactive Group | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 682,000,000 | 598,000,000 | 587,000,000 | 699,000,000 |
Trade and other receivables, net | 885,000,000 | ' | ' | ' |
Inventory, net | 1,213,000,000 | ' | ' | ' |
Short term marketable securities | 0 | ' | ' | ' |
Other current assets | 248,000,000 | ' | ' | ' |
Total current assets | 3,028,000,000 | ' | ' | ' |
Investments in available-for-sale securities and other cost investments | 4,000,000 | ' | ' | ' |
Investments in affiliates, accounted for using the equity method | 362,000,000 | 343,000,000 | ' | ' |
Property and equipment, net | 1,203,000,000 | ' | ' | ' |
Intangible assets not subject to amortization, net | 8,393,000,000 | ' | ' | ' |
Intangible assets subject to amortization, net | 1,498,000,000 | ' | ' | ' |
Other assets, at cost, net of accumulated amortization | 92,000,000 | ' | ' | ' |
Total assets | 14,580,000,000 | ' | ' | ' |
Intergroup payable receivable | 50,000,000 | ' | ' | ' |
Accounts payable | 650,000,000 | ' | ' | ' |
Accrued liabilities | 651,000,000 | ' | ' | ' |
Current portion of debt | 36,000,000 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | ' | ' |
Other current liabilities | 176,000,000 | ' | ' | ' |
Total current liabilities | 1,563,000,000 | ' | ' | ' |
Long-term debt | 5,251,000,000 | ' | ' | ' |
Deferred income tax liabilities | 1,151,000,000 | ' | ' | ' |
Other liabilities | 197,000,000 | ' | ' | ' |
Total liabilities | 8,162,000,000 | ' | ' | ' |
Equity/Attributed net assets (liabilities) | 6,306,000,000 | ' | ' | ' |
Noncontrolling interests in equity of subsidiaries | 112,000,000 | ' | ' | ' |
Total liabilities and equity | 14,580,000,000 | ' | ' | ' |
Ventures Group | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 802,000,000 | 658,000,000 | 783,000,000 | 1,961,000,000 |
Trade and other receivables, net | 155,000,000 | ' | ' | ' |
Inventory, net | 0 | ' | ' | ' |
Short term marketable securities | 682,000,000 | ' | ' | ' |
Other current assets | 21,000,000 | ' | ' | ' |
Total current assets | 1,660,000,000 | ' | ' | ' |
Investments in available-for-sale securities and other cost investments | 1,466,000,000 | 1,497,000,000 | ' | ' |
Investments in affiliates, accounted for using the equity method | 882,000,000 | 894,000,000 | ' | ' |
Property and equipment, net | 69,000,000 | ' | ' | ' |
Intangible assets not subject to amortization, net | 5,290,000,000 | ' | ' | ' |
Intangible assets subject to amortization, net | 854,000,000 | ' | ' | ' |
Other assets, at cost, net of accumulated amortization | 20,000,000 | ' | ' | ' |
Total assets | 10,241,000,000 | ' | ' | ' |
Intergroup payable receivable | -50,000,000 | ' | ' | ' |
Accounts payable | 74,000,000 | ' | ' | ' |
Accrued liabilities | 95,000,000 | ' | ' | ' |
Current portion of debt | 947,000,000 | ' | ' | ' |
Deferred income tax liabilities | 1,056,000,000 | ' | ' | ' |
Other current liabilities | 60,000,000 | ' | ' | ' |
Total current liabilities | 2,182,000,000 | ' | ' | ' |
Long-term debt | 1,357,000,000 | ' | ' | ' |
Deferred income tax liabilities | 1,680,000,000 | ' | ' | ' |
Other liabilities | 74,000,000 | ' | ' | ' |
Total liabilities | 5,293,000,000 | ' | ' | ' |
Equity/Attributed net assets (liabilities) | 527,000,000 | ' | ' | ' |
Noncontrolling interests in equity of subsidiaries | 4,421,000,000 | ' | ' | ' |
Total liabilities and equity | 10,241,000,000 | ' | ' | ' |
Inter-group Eliminations | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' |
Trade and other receivables, net | 0 | ' | ' | ' |
Inventory, net | 0 | ' | ' | ' |
Short term marketable securities | 0 | ' | ' | ' |
Other current assets | -159,000,000 | ' | ' | ' |
Total current assets | -159,000,000 | ' | ' | ' |
Investments in available-for-sale securities and other cost investments | 0 | ' | ' | ' |
Investments in affiliates, accounted for using the equity method | 0 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Intangible assets not subject to amortization, net | 0 | ' | ' | ' |
Intangible assets subject to amortization, net | 0 | ' | ' | ' |
Other assets, at cost, net of accumulated amortization | 0 | ' | ' | ' |
Total assets | -159,000,000 | ' | ' | ' |
Intergroup payable receivable | 0 | ' | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Accrued liabilities | 0 | ' | ' | ' |
Current portion of debt | 0 | ' | ' | ' |
Deferred income tax liabilities | -159,000,000 | ' | ' | ' |
Other current liabilities | 0 | ' | ' | ' |
Total current liabilities | -159,000,000 | ' | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Deferred income tax liabilities | 0 | ' | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | -159,000,000 | ' | ' | ' |
Equity/Attributed net assets (liabilities) | 0 | ' | ' | ' |
Noncontrolling interests in equity of subsidiaries | 0 | ' | ' | ' |
Total liabilities and equity | ($159,000,000) | ' | ' | ' |
Financial_Information_for_Trac3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net retail sales | $2,447 | $2,434 |
Other revenue | 281 | 230 |
Total revenue | 2,728 | 2,664 |
Cost of sales (exclusive of depreciation shown) | 1,566 | 1,553 |
Operating, including stock-based compensation | 265 | 244 |
Selling, general and administrative, including stock-based compensation | 389 | 366 |
Depreciation and amortization | 232 | 230 |
Total operating costs and expenses | 2,452 | 2,393 |
Operating income (loss) | 276 | 271 |
Interest expense | -99 | -111 |
Share of earnings (loss) of affiliates, net | -2 | -11 |
Realized and unrealized gains (losses) on financial instruments, net | -25 | -73 |
Other, net | 8 | -38 |
Total other income (expense) | -118 | -233 |
Earnings (loss) before income taxes | 158 | 38 |
Income tax benefit (expense) | -48 | 15 |
Net earnings (loss) | 110 | 53 |
Less net earnings (loss) attributable to noncontrolling interests | 28 | 26 |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 82 | 27 |
Interactive Group | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net retail sales | 2,447 | 2,434 |
Other revenue | 0 | 0 |
Total revenue | 2,447 | 2,434 |
Cost of sales (exclusive of depreciation shown) | 1,566 | 1,553 |
Operating, including stock-based compensation | 217 | 208 |
Selling, general and administrative, including stock-based compensation | 257 | 260 |
Depreciation and amortization | 163 | 153 |
Total operating costs and expenses | 2,203 | 2,174 |
Operating income (loss) | 244 | 260 |
Interest expense | -77 | -84 |
Share of earnings (loss) of affiliates, net | 21 | 16 |
Realized and unrealized gains (losses) on financial instruments, net | 1 | 13 |
Other, net | 1 | -40 |
Total other income (expense) | -54 | -95 |
Earnings (loss) before income taxes | 190 | 165 |
Income tax benefit (expense) | -70 | -58 |
Net earnings (loss) | 120 | 107 |
Less net earnings (loss) attributable to noncontrolling interests | 10 | 12 |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | 110 | 95 |
Ventures Group | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' |
Net retail sales | 0 | 0 |
Other revenue | 281 | 230 |
Total revenue | 281 | 230 |
Cost of sales (exclusive of depreciation shown) | 0 | 0 |
Operating, including stock-based compensation | 48 | 36 |
Selling, general and administrative, including stock-based compensation | 132 | 106 |
Depreciation and amortization | 69 | 77 |
Total operating costs and expenses | 249 | 219 |
Operating income (loss) | 32 | 11 |
Interest expense | -22 | -27 |
Share of earnings (loss) of affiliates, net | -23 | -27 |
Realized and unrealized gains (losses) on financial instruments, net | -26 | -86 |
Other, net | 7 | 2 |
Total other income (expense) | -64 | -138 |
Earnings (loss) before income taxes | -32 | -127 |
Income tax benefit (expense) | 22 | 73 |
Net earnings (loss) | -10 | -54 |
Less net earnings (loss) attributable to noncontrolling interests | 18 | 14 |
Net earnings (loss) attributable to Liberty Media Corporation shareholders | ($28) | ($68) |
Financial_Information_for_Trac4
Financial Information for Tracking Stock Groups - Statement of Cash Flow (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net earnings (loss) | $110 | $53 |
Depreciation and amortization | 232 | 230 |
Stock-based compensation | 42 | 42 |
Cash payments for stock based compensation | -4 | -3 |
Excess tax benefit from stock-based compensation | -19 | -3 |
Share of losses (earnings) of affiliates, net | 2 | 11 |
Cash receipts from return on equity investments | 10 | 7 |
Realized and unrealized gains (losses) on financial instruments, net | -25 | -73 |
Deferred income tax (benefit) expense | -47 | -219 |
Other, net | 1 | 11 |
Intergroup tax allocation | 0 | 0 |
Intergroup tax payments | 0 | ' |
Current and other assets | 145 | 206 |
Payables and other current liabilities | 29 | -308 |
Net cash provided (used) by operating activities | 526 | 100 |
Cash proceeds from dispositions | 25 | 37 |
Investments in and loans to cost and equity investees | -18 | -38 |
Capital expended for property and equipment | -88 | -59 |
Purchases of short-term and other marketable securities | -310 | -707 |
Sales of short term and other marketable securities | 165 | 49 |
Other investing activities, net | -8 | -36 |
Net cash used by investing activities | -234 | -754 |
Borrowings of debt | 1,553 | 1,387 |
Repayments of debt | -1,362 | -1,703 |
Intergroup receipts (payments), net | 0 | 0 |
Repurchases of Liberty common stock | -213 | -252 |
Minimum withholding taxes on net settlements of stock-based compensation | -26 | -11 |
Excess tax benefit from stock-based compensation | 19 | 3 |
Other financing activities, net | -35 | -37 |
Net cash provided (used) by financing activities | -64 | -613 |
Effect of foreign currency exchange rates on cash | 0 | -23 |
Net increase (decrease) in cash and cash equivalents | 228 | -1,290 |
Cash and cash equivalents at beginning of period | 1,256 | 2,660 |
Cash and cash equivalents at end of period | 1,484 | 1,370 |
Interactive Group | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net earnings (loss) | 120 | 107 |
Depreciation and amortization | 163 | 153 |
Stock-based compensation | 24 | 24 |
Cash payments for stock based compensation | -3 | -2 |
Excess tax benefit from stock-based compensation | -8 | -3 |
Share of losses (earnings) of affiliates, net | -21 | -16 |
Cash receipts from return on equity investments | 5 | 4 |
Realized and unrealized gains (losses) on financial instruments, net | 1 | 13 |
Deferred income tax (benefit) expense | -49 | -27 |
Other, net | 1 | 11 |
Intergroup tax allocation | 50 | 41 |
Intergroup tax payments | -225 | ' |
Current and other assets | 178 | 259 |
Payables and other current liabilities | -59 | -390 |
Net cash provided (used) by operating activities | 175 | 148 |
Cash proceeds from dispositions | 0 | 0 |
Investments in and loans to cost and equity investees | 0 | 0 |
Capital expended for property and equipment | -41 | -50 |
Purchases of short-term and other marketable securities | 0 | 0 |
Sales of short term and other marketable securities | 0 | 0 |
Other investing activities, net | -10 | -30 |
Net cash used by investing activities | -51 | -80 |
Borrowings of debt | 1,551 | 1,383 |
Repayments of debt | -1,347 | -1,251 |
Intergroup receipts (payments), net | 2 | 2 |
Repurchases of Liberty common stock | -213 | -252 |
Minimum withholding taxes on net settlements of stock-based compensation | -6 | -5 |
Excess tax benefit from stock-based compensation | 8 | 3 |
Other financing activities, net | -35 | -37 |
Net cash provided (used) by financing activities | -40 | -157 |
Effect of foreign currency exchange rates on cash | ' | -23 |
Net increase (decrease) in cash and cash equivalents | 84 | -112 |
Cash and cash equivalents at beginning of period | 598 | 699 |
Cash and cash equivalents at end of period | 682 | 587 |
Ventures Group | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' |
Net earnings (loss) | -10 | -54 |
Depreciation and amortization | 69 | 77 |
Stock-based compensation | 18 | 18 |
Cash payments for stock based compensation | -1 | -1 |
Excess tax benefit from stock-based compensation | -11 | 0 |
Share of losses (earnings) of affiliates, net | 23 | 27 |
Cash receipts from return on equity investments | 5 | 3 |
Realized and unrealized gains (losses) on financial instruments, net | -26 | -86 |
Deferred income tax (benefit) expense | 2 | -192 |
Other, net | 0 | 0 |
Intergroup tax allocation | -50 | -41 |
Intergroup tax payments | 225 | ' |
Current and other assets | -33 | -53 |
Payables and other current liabilities | 88 | 82 |
Net cash provided (used) by operating activities | 351 | -48 |
Cash proceeds from dispositions | 25 | 37 |
Investments in and loans to cost and equity investees | -18 | -38 |
Capital expended for property and equipment | -47 | -9 |
Purchases of short-term and other marketable securities | -310 | -707 |
Sales of short term and other marketable securities | 165 | 49 |
Other investing activities, net | 2 | -6 |
Net cash used by investing activities | -183 | -674 |
Borrowings of debt | 2 | 4 |
Repayments of debt | -15 | -452 |
Intergroup receipts (payments), net | -2 | -2 |
Repurchases of Liberty common stock | 0 | 0 |
Minimum withholding taxes on net settlements of stock-based compensation | -20 | -6 |
Excess tax benefit from stock-based compensation | 11 | 0 |
Other financing activities, net | 0 | 0 |
Net cash provided (used) by financing activities | -24 | -456 |
Effect of foreign currency exchange rates on cash | ' | 0 |
Net increase (decrease) in cash and cash equivalents | 144 | -1,178 |
Cash and cash equivalents at beginning of period | 658 | 1,961 |
Cash and cash equivalents at end of period | $802 | $783 |