Financial Information for Tracking Stock Groups (Tabels) | 12 Months Ended |
Dec. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION |
December 31, 2014 |
(unaudited) |
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Inter-group | | Consolidated | |
| | Group | | Group | | eliminations | | Liberty | |
| | amounts in millions | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 422 | | 1,884 | | — | | 2,306 | |
Trade and other receivables, net | | | 1,196 | | 36 | | — | | 1,232 | |
Inventory, net | | | 882 | | 167 | | — | | 1,049 | |
Short-term marketable securities | | | 21 | | 868 | | — | | 889 | |
Other current assets | | | 262 | | 9 | | -199 | | 72 | |
Total current assets | | | 2,783 | | 2,964 | | -199 | | 5,548 | |
Investments in available-for-sale securities and other cost investments (note 2) | | | 4 | | 1,220 | | — | | 1,224 | |
Investments in affiliates, accounted for using the equity method (note 3) | | | 375 | | 1,258 | | — | | 1,633 | |
Property and equipment, net | | | 1,026 | | 67 | | — | | 1,093 | |
Intangible assets not subject to amortization, net | | | 7,634 | | 259 | | — | | 7,893 | |
Intangible assets subject to amortization, net | | | 1,130 | | 55 | | — | | 1,185 | |
Other assets, at cost, net of accumulated amortization | | | 60 | | 5 | | — | | 65 | |
Total assets | | $ | 13,012 | | 5,828 | | -199 | | 18,641 | |
Liabilities and Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Intergroup payable (receivable) | | $ | -5 | | 5 | | — | | — | |
Accounts payable | | | 629 | | 106 | | — | | 735 | |
Accrued liabilities | | | 688 | | 55 | | — | | 743 | |
Current portion of debt (note 4) | | | 9 | | 937 | | — | | 946 | |
Deferred tax liabilities | | | — | | 1,171 | | -199 | | 972 | |
Other current liabilities | | | 269 | | 74 | | — | | 343 | |
Total current liabilities | | | 1,590 | | 2,348 | | -199 | | 3,739 | |
Long-term debt (note 4) | | | 5,851 | | 1,254 | | — | | 7,105 | |
Deferred income tax liabilities | | | 1,033 | | 816 | | — | | 1,849 | |
Other liabilities | | | 157 | | 11 | | — | | 168 | |
Total liabilities | | | 8,631 | | 4,429 | | -199 | | 12,861 | |
Equity/Attributed net assets (liabilities) | | | 4,280 | | 1,393 | | — | | 5,673 | |
Noncontrolling interests in equity of subsidiaries | | | 101 | | 6 | | — | | 107 | |
Total liabilities and equity | | $ | 13,012 | | 5,828 | | -199 | | 18,641 | |
|
BALANCE SHEET INFORMATION |
December 31, 2013 |
(unaudited) |
|
|
Condensed Income Statement | | | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Inter-group | | Consolidated | |
| | Group | | Group | | eliminations | | Liberty | |
| | amounts in millions | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 595 | | 307 | | — | | 902 | |
Trade and other receivables, net | | | 1,148 | | 4 | | — | | 1,152 | |
Inventory, net | | | 1,123 | | — | | — | | 1,123 | |
Short-term marketable securities | | | — | | 412 | | — | | 412 | |
Other current assets | | | 354 | | — | | -170 | | 184 | |
Current assets of discontinued operations | | | 25 | | 628 | | — | | 653 | |
Total current assets | | | 3,245 | | 1,351 | | -170 | | 4,426 | |
Investments in available-for-sale securities and other cost investments (note 2) | | | 4 | | 1,309 | | — | | 1,313 | |
Investments in affiliates, accounted for using the equity method (note 3) | | | 343 | | 894 | | — | | 1,237 | |
Property and equipment, net | | | 1,208 | | — | | — | | 1,208 | |
Intangible assets not subject to amortization, net | | | 8,383 | | — | | — | | 8,383 | |
Intangible assets subject to amortization, net | | | 1,587 | | — | | — | | 1,587 | |
Other assets, at cost, net of accumulated amortization | | | 80 | | — | | — | | 80 | |
Noncurrent assets of discontinued operations | | | 12 | | 6,430 | | — | | 6,442 | |
Total assets | | $ | 14,862 | | 9,984 | | -170 | | 24,676 | |
Liabilities and Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Intergroup payable (receivable) | | $ | 221 | | -221 | | — | | — | |
Accounts payable | | | 606 | | — | | — | | 606 | |
Accrued liabilities | | | 883 | | 20 | | — | | 903 | |
Current portion of debt (note 4) | | | 39 | | 870 | | — | | 909 | |
Deferred tax liabilities | | | — | | 1,095 | | -170 | | 925 | |
Other current liabilities | | | 145 | | 3 | | — | | 148 | |
Current liabilities of discontinued operations | | | 22 | | 243 | | — | | 265 | |
Total current liabilities | | | 1,916 | | 2,010 | | -170 | | 3,756 | |
Long-term debt (note 4) | | | 5,044 | | 1,062 | | — | | 6,106 | |
Deferred income tax liabilities | | | 1,207 | | 790 | | 4 | | 2,001 | |
Other liabilities | | | 191 | | — | | — | | 191 | |
Noncurrent liabilities of discontinued operations | | | 2 | | 1,189 | | -4 | | 1,187 | |
Total liabilities | | | 8,360 | | 5,051 | | -170 | | 13,241 | |
Equity/Attributed net assets (liabilities) | | | 6,378 | | 558 | | — | | 6,936 | |
Noncontrolling interests in equity of subsidiaries | | | 124 | | 4,375 | | — | | 4,499 | |
Total liabilities and equity | | $ | 14,862 | | 9,984 | | -170 | | 24,676 | |
|
STATEMENT OF OPERATIONS INFORMATION |
Year ended December 31, 2014 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Consolidated | | | |
| | Group | | Group | | Liberty | | | |
| | amounts in millions | | | |
Total revenue, net | | $ | 10,028 | | 471 | | 10,499 | | | |
Operating costs and expenses: | | | | | | | | | | |
Cost of retail sales (exclusive of depreciation shown separately below) | | | 6,378 | | 306 | | 6,684 | | | |
Operating | | | 854 | | 37 | | 891 | | | |
Selling, general and administrative, including stock-based compensation (note 5) | | | 940 | | 127 | | 1,067 | | | |
Depreciation and amortization | | | 643 | | 19 | | 662 | | | |
Impairment of intangible assets | | | 7 | | — | | 7 | | | |
| | | 8,822 | | 489 | | 9,311 | | | |
Operating income (loss) | | | 1,206 | | -18 | | 1,188 | | | |
Other income (expense): | | | | | | | | | | |
Interest expense | | | -312 | | -75 | | -387 | | | |
Share of earnings (losses) of affiliates, net (note 3) | | | 51 | | -12 | | 39 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | -22 | | -35 | | -57 | | | |
Gains (losses) on transactions, net | | | — | | 74 | | 74 | | | |
Other, net | | | -43 | | 22 | | -21 | | | |
| | | -326 | | -26 | | -352 | | | |
Earnings (loss) from continuing operations before income taxes | | | 880 | | -44 | | 836 | | | |
Income tax benefit (expense) | | | -306 | | 48 | | -258 | | | |
Net earnings (loss) from continuing operations | | | 574 | | 4 | | 578 | | | |
Net earnings (loss) from discontinued operations, net of taxes | | | -15 | | 63 | | 48 | | | |
Net earnings (loss) | | | 559 | | 67 | | 626 | | | |
Less net earnings (loss) attributable to noncontrolling interests | | | 39 | | 50 | | 89 | | | |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | | $ | 520 | | 17 | | 537 | | | |
|
|
STATEMENT OF OPERATIONS INFORMATION |
Year ended December 31, 2013 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Consolidated | | | |
| | Group | | Group | | Liberty | | | |
| | | amounts in millions | | | |
Total revenue, net | | $ | 10,219 | | — | | 10,219 | | | |
Operating costs and expenses: | | | | | | | | | | |
Cost of retail sales (exclusive of depreciation shown separately below) | | | 6,533 | | — | | 6,533 | | | |
Operating | | | 862 | | — | | 862 | | | |
Selling, general and administrative, including stock-based compensation (note 5) | | | 1,010 | | 19 | | 1,029 | | | |
Depreciation and amortization | | | 629 | | — | | 629 | | | |
Impairment of intangible assets | | | 30 | | — | | 30 | | | |
| | | 9,064 | | 19 | | 9,083 | | | |
Operating income (loss) | | | 1,155 | | -19 | | 1,136 | | | |
Other income (expense): | | | | | | | | | | |
Interest expense | | | -290 | | -90 | | -380 | | | |
Share of earnings (losses) of affiliates, net (note 3) | | | 48 | | -15 | | 33 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | -12 | | -10 | | -22 | | | |
Gains (losses) on transactions, net | | | -1 | | — | | -1 | | | |
Other, net | | | -54 | | 25 | | -29 | | | |
| | | -309 | | -90 | | -399 | | | |
Earnings (loss) from continuing operations before income taxes | | | 846 | | -109 | | 737 | | | |
Income tax benefit (expense) | | | -346 | | 163 | | -183 | | | |
Earnings (loss) from continuing operations, net of taxes | | | 500 | | 54 | | 554 | | | |
Earnings (loss) from discontinued operations, net of taxes | | | -17 | | 43 | | 26 | | | |
Net earnings (loss) | | | 483 | | 97 | | 580 | | | |
Less net earnings (loss) attributable to noncontrolling interests | | | 45 | | 34 | | 79 | | | |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | | $ | 438 | | 63 | | 501 | | | |
|
|
STATEMENT OF OPERATIONS INFORMATION |
Year ended December 31, 2012 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Consolidated | | | |
| | Group | | Group | | Liberty | | | |
| | amounts in millions | | | |
Total revenue, net | | $ | 9,888 | | — | | 9,888 | | | |
Operating costs and expenses: | | | | | | | | | | |
Cost of retail sales (exclusive of depreciation shown separately below) | | | 6,307 | | — | | 6,307 | | | |
Operating | | | 819 | | — | | 819 | | | |
Selling, general and administrative, including stock-based compensation (note 5) | | | 943 | | 12 | | 955 | | | |
Depreciation and amortization | | | 591 | | — | | 591 | | | |
Impairment of intangible assets | | | 53 | | — | | 53 | | | |
| | | 8,713 | | 12 | | 8,725 | | | |
Operating income (loss) | | | 1,175 | | -12 | | 1,163 | | | |
Other income (expense): | | | | | | | | | | |
Interest expense | | | -322 | | -144 | | -466 | | | |
Share of earnings (losses) of affiliates, net (note 3) | | | 28 | | 19 | | 47 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | 51 | | -402 | | -351 | | | |
Gains (losses) on transactions, net | | | — | | 443 | | 443 | | | |
Other, net | | | — | | 47 | | 47 | | | |
| | | -243 | | -37 | | -280 | | | |
Earnings (loss) before income taxes | | | 932 | | -49 | | 883 | | | |
Income tax benefit (expense) | | | -357 | | 79 | | -278 | | | |
Earnings (loss) from continuing operations | | | 575 | | 30 | | 605 | | | |
Earnings (loss) from discontinued operations, net of taxes | | | -46 | | 1,032 | | 986 | | | |
Net earnings (loss) | | | 529 | | 1,062 | | 1,591 | | | |
Less net earnings (loss) attributable to noncontrolling interests | | | 63 | | -2 | | 61 | | | |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | | $ | 466 | | 1,064 | | 1,530 | | | |
|
|
|
|
Condensed Cash Flow Statement | BALANCE SHEET INFORMATION |
December 31, 2014 |
(unaudited) |
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Inter-group | | Consolidated | |
| | Group | | Group | | eliminations | | Liberty | |
| | amounts in millions | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 422 | | 1,884 | | — | | 2,306 | |
Trade and other receivables, net | | | 1,196 | | 36 | | — | | 1,232 | |
Inventory, net | | | 882 | | 167 | | — | | 1,049 | |
Short-term marketable securities | | | 21 | | 868 | | — | | 889 | |
Other current assets | | | 262 | | 9 | | -199 | | 72 | |
Total current assets | | | 2,783 | | 2,964 | | -199 | | 5,548 | |
Investments in available-for-sale securities and other cost investments (note 2) | | | 4 | | 1,220 | | — | | 1,224 | |
Investments in affiliates, accounted for using the equity method (note 3) | | | 375 | | 1,258 | | — | | 1,633 | |
Property and equipment, net | | | 1,026 | | 67 | | — | | 1,093 | |
Intangible assets not subject to amortization, net | | | 7,634 | | 259 | | — | | 7,893 | |
Intangible assets subject to amortization, net | | | 1,130 | | 55 | | — | | 1,185 | |
Other assets, at cost, net of accumulated amortization | | | 60 | | 5 | | — | | 65 | |
Total assets | | $ | 13,012 | | 5,828 | | -199 | | 18,641 | |
Liabilities and Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Intergroup payable (receivable) | | $ | -5 | | 5 | | — | | — | |
Accounts payable | | | 629 | | 106 | | — | | 735 | |
Accrued liabilities | | | 688 | | 55 | | — | | 743 | |
Current portion of debt (note 4) | | | 9 | | 937 | | — | | 946 | |
Deferred tax liabilities | | | — | | 1,171 | | -199 | | 972 | |
Other current liabilities | | | 269 | | 74 | | — | | 343 | |
Total current liabilities | | | 1,590 | | 2,348 | | -199 | | 3,739 | |
Long-term debt (note 4) | | | 5,851 | | 1,254 | | — | | 7,105 | |
Deferred income tax liabilities | | | 1,033 | | 816 | | — | | 1,849 | |
Other liabilities | | | 157 | | 11 | | — | | 168 | |
Total liabilities | | | 8,631 | | 4,429 | | -199 | | 12,861 | |
Equity/Attributed net assets (liabilities) | | | 4,280 | | 1,393 | | — | | 5,673 | |
Noncontrolling interests in equity of subsidiaries | | | 101 | | 6 | | — | | 107 | |
Total liabilities and equity | | $ | 13,012 | | 5,828 | | -199 | | 18,641 | |
|
BALANCE SHEET INFORMATION |
December 31, 2013 |
(unaudited) |
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Inter-group | | Consolidated | |
| | Group | | Group | | eliminations | | Liberty | |
| | amounts in millions | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 595 | | 307 | | — | | 902 | |
Trade and other receivables, net | | | 1,148 | | 4 | | — | | 1,152 | |
Inventory, net | | | 1,123 | | — | | — | | 1,123 | |
Short-term marketable securities | | | — | | 412 | | — | | 412 | |
Other current assets | | | 354 | | — | | -170 | | 184 | |
Current assets of discontinued operations | | | 25 | | 628 | | — | | 653 | |
Total current assets | | | 3,245 | | 1,351 | | -170 | | 4,426 | |
Investments in available-for-sale securities and other cost investments (note 2) | | | 4 | | 1,309 | | — | | 1,313 | |
Investments in affiliates, accounted for using the equity method (note 3) | | | 343 | | 894 | | — | | 1,237 | |
Property and equipment, net | | | 1,208 | | — | | — | | 1,208 | |
Intangible assets not subject to amortization, net | | | 8,383 | | — | | — | | 8,383 | |
Intangible assets subject to amortization, net | | | 1,587 | | — | | — | | 1,587 | |
Other assets, at cost, net of accumulated amortization | | | 80 | | — | | — | | 80 | |
Noncurrent assets of discontinued operations | | | 12 | | 6,430 | | — | | 6,442 | |
Total assets | | $ | 14,862 | | 9,984 | | -170 | | 24,676 | |
Liabilities and Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Intergroup payable (receivable) | | $ | 221 | | -221 | | — | | — | |
Accounts payable | | | 606 | | — | | — | | 606 | |
Accrued liabilities | | | 883 | | 20 | | — | | 903 | |
Current portion of debt (note 4) | | | 39 | | 870 | | — | | 909 | |
Deferred tax liabilities | | | — | | 1,095 | | -170 | | 925 | |
Other current liabilities | | | 145 | | 3 | | — | | 148 | |
Current liabilities of discontinued operations | | | 22 | | 243 | | — | | 265 | |
Total current liabilities | | | 1,916 | | 2,010 | | -170 | | 3,756 | |
Long-term debt (note 4) | | | 5,044 | | 1,062 | | — | | 6,106 | |
Deferred income tax liabilities | | | 1,207 | | 790 | | 4 | | 2,001 | |
Other liabilities | | | 191 | | — | | — | | 191 | |
Noncurrent liabilities of discontinued operations | | | 2 | | 1,189 | | -4 | | 1,187 | |
Total liabilities | | | 8,360 | | 5,051 | | -170 | | 13,241 | |
Equity/Attributed net assets (liabilities) | | | 6,378 | | 558 | | — | | 6,936 | |
Noncontrolling interests in equity of subsidiaries | | | 124 | | 4,375 | | — | | 4,499 | |
Total liabilities and equity | | $ | 14,862 | | 9,984 | | -170 | | 24,676 | |
|
STATEMENT OF OPERATIONS INFORMATION |
Year ended December 31, 2014 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Consolidated | | | |
| | Group | | Group | | Liberty | | | |
| | amounts in millions | | | |
Total revenue, net | | $ | 10,028 | | 471 | | 10,499 | | | |
Operating costs and expenses: | | | | | | | | | | |
Cost of retail sales (exclusive of depreciation shown separately below) | | | 6,378 | | 306 | | 6,684 | | | |
Operating | | | 854 | | 37 | | 891 | | | |
Selling, general and administrative, including stock-based compensation (note 5) | | | 940 | | 127 | | 1,067 | | | |
Depreciation and amortization | | | 643 | | 19 | | 662 | | | |
Impairment of intangible assets | | | 7 | | — | | 7 | | | |
| | | 8,822 | | 489 | | 9,311 | | | |
Operating income (loss) | | | 1,206 | | -18 | | 1,188 | | | |
Other income (expense): | | | | | | | | | | |
Interest expense | | | -312 | | -75 | | -387 | | | |
Share of earnings (losses) of affiliates, net (note 3) | | | 51 | | -12 | | 39 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | -22 | | -35 | | -57 | | | |
Gains (losses) on transactions, net | | | — | | 74 | | 74 | | | |
Other, net | | | -43 | | 22 | | -21 | | | |
| | | -326 | | -26 | | -352 | | | |
Earnings (loss) from continuing operations before income taxes | | | 880 | | -44 | | 836 | | | |
Income tax benefit (expense) | | | -306 | | 48 | | -258 | | | |
Net earnings (loss) from continuing operations | | | 574 | | 4 | | 578 | | | |
Net earnings (loss) from discontinued operations, net of taxes | | | -15 | | 63 | | 48 | | | |
Net earnings (loss) | | | 559 | | 67 | | 626 | | | |
Less net earnings (loss) attributable to noncontrolling interests | | | 39 | | 50 | | 89 | | | |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | | $ | 520 | | 17 | | 537 | | | |
|
|
STATEMENT OF OPERATIONS INFORMATION |
Year ended December 31, 2013 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Consolidated | | | |
| | Group | | Group | | Liberty | | | |
| | | amounts in millions | | | |
Total revenue, net | | $ | 10,219 | | — | | 10,219 | | | |
Operating costs and expenses: | | | | | | | | | | |
Cost of retail sales (exclusive of depreciation shown separately below) | | | 6,533 | | — | | 6,533 | | | |
Operating | | | 862 | | — | | 862 | | | |
Selling, general and administrative, including stock-based compensation (note 5) | | | 1,010 | | 19 | | 1,029 | | | |
Depreciation and amortization | | | 629 | | — | | 629 | | | |
Impairment of intangible assets | | | 30 | | — | | 30 | | | |
| | | 9,064 | | 19 | | 9,083 | | | |
Operating income (loss) | | | 1,155 | | -19 | | 1,136 | | | |
Other income (expense): | | | | | | | | | | |
Interest expense | | | -290 | | -90 | | -380 | | | |
Share of earnings (losses) of affiliates, net (note 3) | | | 48 | | -15 | | 33 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | -12 | | -10 | | -22 | | | |
Gains (losses) on transactions, net | | | -1 | | — | | -1 | | | |
Other, net | | | -54 | | 25 | | -29 | | | |
| | | -309 | | -90 | | -399 | | | |
Earnings (loss) from continuing operations before income taxes | | | 846 | | -109 | | 737 | | | |
Income tax benefit (expense) | | | -346 | | 163 | | -183 | | | |
Earnings (loss) from continuing operations, net of taxes | | | 500 | | 54 | | 554 | | | |
Earnings (loss) from discontinued operations, net of taxes | | | -17 | | 43 | | 26 | | | |
Net earnings (loss) | | | 483 | | 97 | | 580 | | | |
Less net earnings (loss) attributable to noncontrolling interests | | | 45 | | 34 | | 79 | | | |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | | $ | 438 | | 63 | | 501 | | | |
|
|
STATEMENT OF OPERATIONS INFORMATION |
Year ended December 31, 2012 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC | | Ventures | | Consolidated | | | |
| | Group | | Group | | Liberty | | | |
| | amounts in millions | | | |
Total revenue, net | | $ | 9,888 | | — | | 9,888 | | | |
Operating costs and expenses: | | | | | | | | | | |
Cost of retail sales (exclusive of depreciation shown separately below) | | | 6,307 | | — | | 6,307 | | | |
Operating | | | 819 | | — | | 819 | | | |
Selling, general and administrative, including stock-based compensation (note 5) | | | 943 | | 12 | | 955 | | | |
Depreciation and amortization | | | 591 | | — | | 591 | | | |
Impairment of intangible assets | | | 53 | | — | | 53 | | | |
| | | 8,713 | | 12 | | 8,725 | | | |
Operating income (loss) | | | 1,175 | | -12 | | 1,163 | | | |
Other income (expense): | | | | | | | | | | |
Interest expense | | | -322 | | -144 | | -466 | | | |
Share of earnings (losses) of affiliates, net (note 3) | | | 28 | | 19 | | 47 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | 51 | | -402 | | -351 | | | |
Gains (losses) on transactions, net | | | — | | 443 | | 443 | | | |
Other, net | | | — | | 47 | | 47 | | | |
| | | -243 | | -37 | | -280 | | | |
Earnings (loss) before income taxes | | | 932 | | -49 | | 883 | | | |
Income tax benefit (expense) | | | -357 | | 79 | | -278 | | | |
Earnings (loss) from continuing operations | | | 575 | | 30 | | 605 | | | |
Earnings (loss) from discontinued operations, net of taxes | | | -46 | | 1,032 | | 986 | | | |
Net earnings (loss) | | | 529 | | 1,062 | | 1,591 | | | |
Less net earnings (loss) attributable to noncontrolling interests | | | 63 | | -2 | | 61 | | | |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | | $ | 466 | | 1,064 | | 1,530 | | | |
|
|
|
|
STATEMENT OF CASH FLOWS INFORMATION |
Year ended December 31, 2014 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | QVC Group | | Ventures Group | | Consolidated Liberty | | | |
| | amounts in millions | | | |
Cash flows from operating activities: | | | | | | | | | | |
Net earnings (loss) | | $ | 559 | | 67 | | 626 | | | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | | | | | | |
(Earnings) loss from discontinued operations | | | 15 | | -63 | | -48 | | | |
Depreciation and amortization | | | 643 | | 19 | | 662 | | | |
Stock-based compensation | | | 83 | | 25 | | 108 | | | |
Cash payments for stock-based compensation | | | -13 | | -2 | | -15 | | | |
Excess tax benefit from stock-based compensation | | | -20 | | -1 | | -21 | | | |
Noncash interest expense | | | 6 | | — | | 6 | | | |
Share of (earnings) losses of affiliates, net | | | -51 | | 12 | | -39 | | | |
Cash receipts from returns on equity investments | | | 22 | | 23 | | 45 | | | |
Realized and unrealized (gains) losses on financial instruments, net | | | 22 | | 35 | | 57 | | | |
(Gains) losses on transactions, net | | | — | | -74 | | -74 | | | |
(Gains) losses on extinguishment of debt | | | 48 | | — | | 48 | | | |
Impairment of intangible assets | | | 7 | | — | | 7 | | | |
Deferred income tax expense (benefit) | | | -160 | | 119 | | -41 | | | |
Intergroup tax allocation | | | 169 | | -169 | | — | | | |
Intergroup tax payments | | | -388 | | 388 | | — | | | |
Other noncash charges (credits), net | | | -3 | | 1 | | -2 | | | |
Changes in operating assets and liabilities | | | | | | | | | | |
Current and other assets | | | -80 | | -4 | | -84 | | | |
Payables and other liabilities | | | 345 | | 60 | | 405 | | | |
Net cash provided (used) by operating activities | | | 1,204 | | 436 | | 1,640 | | | |
Cash flows from investing activities: | | | | | | | | | | |
Cash proceeds from dispositions | | | — | | 163 | | 163 | | | |
Investment in and loans to cost and equity investees | | | -4 | | -87 | | -91 | | | |
Capital expended for property and equipment | | | -226 | | -15 | | -241 | | | |
Purchases of short term investments and other marketable securities | | | -73 | | -791 | | -864 | | | |
Sales of short term investments and other marketable securities | | | 52 | | 539 | | 591 | | | |
Other investing activities, net | | | -30 | | 14 | | -16 | | | |
Net cash provided (used) by investing activities | | | -281 | | -177 | | -458 | | | |
Cash flows from financing activities: | | | | | | | | | | |
Borrowings of debt | | | 4,360 | | 146 | | 4,506 | | | |
Repayments of debt | | | -3,563 | | -186 | | -3,749 | | | |
Intergroup receipts (payments), net | | | -1,035 | | 1,035 | | — | | | |
Repurchases of Liberty Interactive common stock | | | -785 | | — | | -785 | | | |
Taxes paid in lieu of shares issued for stock-based compensation | | | -25 | | -1 | | -26 | | | |
Excess tax benefit from stock-based compensation | | | 20 | | 1 | | 21 | | | |
Other financing activities, net | | | -8 | | -25 | | -33 | | | |
Net cash provided (used) by financing activities | | | -1,036 | | 970 | | -66 | | | |
Effect of foreign currency exchange rates on cash | | | -46 | | — | | -46 | | | |
Net cash provided (used) by discontinued operations: | | | | | | | | | | |
Cash provided (used) by operating activities | | | -20 | | 293 | | 273 | | | |
Cash provided (used) by investing activities | | | — | | -194 | | -194 | | | |
Cash provided (used) by financing activities | | | 3 | | 368 | | 371 | | | |
Change in available cash held by discontinued operations | | | 3 | | -119 | | -116 | | | |
Net cash provided (used) by discontinued operations | | | -14 | | 348 | | 334 | | | |
Net increase (decrease) in cash and cash equivalents | | | -173 | | 1,577 | | 1,404 | | | |
Cash and cash equivalents at beginning of period | | | 595 | | 307 | | 902 | | | |
Cash and cash equivalents at end of period | | $ | 422 | | 1,884 | | 2,306 | | | |
|
|
|
STATEMENT OF CASH FLOWS INFORMATION |
Year ended December 31, 2013 |
(unaudited) |
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | | | | | | Consolidated | | | |
| | QVC Group | | Ventures Group | | Liberty | | | |
| | amounts in millions | | | |
Cash flows from operating activities: | | | | | | | | | | |
Net earnings (loss) | | $ | 483 | | 97 | | 580 | | | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | | | | | | |
(Earnings) loss from discontinued operations | | | 17 | | -43 | | -26 | | | |
Depreciation and amortization | | | 629 | | — | | 629 | | | |
Stock-based compensation | | | 110 | | 8 | | 118 | | | |
Cash payments for stock-based compensation | | | -8 | | — | | -8 | | | |
Excess tax benefit from stock-based compensation | | | -13 | | — | | -13 | | | |
Noncash interest expense | | | 12 | | 1 | | 13 | | | |
Share of losses (earnings) of affiliates, net | | | -48 | | 15 | | -33 | | | |
Cash receipts from return on equity investments | | | 16 | | 19 | | 35 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | 12 | | 10 | | 22 | | | |
(Gains) losses on transactions, net | | | 1 | | — | | 1 | | | |
(Gains) losses on extinguishment of debt | | | 57 | | — | | 57 | | | |
Impairment of intangible assets | | | 30 | | — | | 30 | | | |
Deferred income tax (benefit) expense | | | -132 | | 110 | | -22 | | | |
Intergroup tax allocation | | | 272 | | -272 | | — | | | |
Intergroup tax payments | | | -52 | | 52 | | — | | | |
Other noncash charges (credits), net | | | -14 | | 11 | | -3 | | | |
Changes in operating assets and liabilities | | | | | | | | | | |
Current and other assets | | | -81 | | -3 | | -84 | | | |
Payables and other current liabilities | | | -306 | | 37 | | -269 | | | |
Net cash provided (used) by operating activities | | | 985 | | 42 | | 1,027 | | | |
Cash flows from investing activities: | | | | | | | | | | |
Cash proceeds from dispositions | | | 1 | | 1,136 | | 1,137 | | | |
Investments in and loans to cost and equity investees | | | -4 | | -380 | | -384 | | | |
Capital expended for property and equipment | | | -291 | | — | | -291 | | | |
Cash paid for acquisitions, net of cash acquired | | | -24 | | — | | -24 | | | |
Purchases of short term and other marketable securities | | | — | | -959 | | -959 | | | |
Sales of short term investments and other marketable securities | | | — | | 400 | | 400 | | | |
Other investing activities, net | | | -38 | | -3 | | -41 | | | |
Net cash provided (used) by investing activities | | | -356 | | 194 | | -162 | | | |
Cash flows from financing activities: | | | | | | | | | | |
Borrowings of debt | | | 3,520 | | 841 | | 4,361 | | | |
Repayments of debt | | | -3,052 | | -2,363 | | -5,415 | | | |
Repurchases of Liberty Interactive common stock | | | -1,089 | | — | | -1,089 | | | |
Taxes paid in lieu of shares issued for stock-based compensation | | | -21 | | — | | -21 | | | |
Excess tax benefit from stock-based compensation | | | 13 | | — | | 13 | | | |
Other financing activities, net | | | -57 | | — | | -57 | | | |
Net cash provided (used) by financing activities | | | -686 | | -1,522 | | -2,208 | | | |
Effect of foreign currency rates on cash | | | -24 | | — | | -24 | | | |
Net cash provided (used) by discontinued operations: | | | | | | | | | | |
Cash provided (used) by operating activities | | | -13 | | 346 | | 333 | | | |
Cash provided (used) by investing activities | | | -6 | | -192 | | -198 | | | |
Cash provided (used) by financing activities | | | -1 | | -171 | | -172 | | | |
Change in available cash held by discontinued operations | | | -2 | | 17 | | 15 | | | |
Net cash provided (used) by discontinued operations | | | -22 | | — | | -22 | | | |
Net increase (decrease) in cash and cash equivalents | | | -103 | | -1,286 | | -1,389 | | | |
Cash and cash equivalents at beginning of period | | | 698 | | 1,593 | | 2,291 | | | |
Cash and cash equivalents at end period | | $ | 595 | | 307 | | 902 | | | |
|
|
STATEMENT OF CASH FLOWS INFORMATION |
Year ended December 31, 2012 |
(unaudited) |
|
|
| | | | | | | | | | |
| | | | | | | | | | |
| | Attributed (note 1) | | | | | |
| | | | | | | Consolidated | | | |
| | QVC Group | | Ventures Group | | Liberty | | | |
| | amounts in millions | | | |
Cash flows from operating activities: | | | | | | | | | | |
Net earnings (loss) | | $ | 529 | | 1,062 | | 1,591 | | | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | | | | | | | |
(Earnings) loss from discontinued operations | | | 46 | | -1,032 | | -986 | | | |
Depreciation and amortization | | | 591 | | — | | 591 | | | |
Stock-based compensation | | | 84 | | 7 | | 91 | | | |
Cash payments for stock-based compensation | | | -12 | | — | | -12 | | | |
Excess tax benefit from stock-based compensation | | | -56 | | -8 | | -64 | | | |
Noncash interest expense | | | 9 | | — | | 9 | | | |
Share of losses (earnings) of affiliates, net | | | -28 | | -19 | | -47 | | | |
Cash receipts from return on equity investments | | | 11 | | 34 | | 45 | | | |
Realized and unrealized gains (losses) on financial instruments, net | | | -51 | | 402 | | 351 | | | |
(Gains) losses on transactions, net | | | — | | -443 | | -443 | | | |
Impairment of intangible assets | | | 53 | | — | | 53 | | | |
Deferred income tax (benefit) expense | | | -177 | | 123 | | -54 | | | |
Intergroup tax allocation | | | 152 | | -152 | | — | | | |
Intergroup tax payments | | | -33 | | 33 | | — | | | |
Other noncash charges (credits), net | | | 1 | | 1 | | 2 | | | |
Changes in operating assets and liabilities | | | | | | | | | | |
Current and other assets | | | -77 | | -1 | | -78 | | | |
Payables and other current liabilities | | | 430 | | -32 | | 398 | | | |
Net cash provided (used) by operating activities | | | 1,472 | | -25 | | 1,447 | | | |
Cash flows from investing activities: | | | | | | | | | | |
Cash proceeds from dispositions | | | — | | 692 | | 692 | | | |
Proceeds (settlements) of financial instruments, net | | | — | | -258 | | -258 | | | |
Investments in and loans to cost and equity investees | | | -59 | | -177 | | -236 | | | |
Capital expended for property and equipment | | | -333 | | — | | -333 | | | |
Cash paid for acquisitions, net of cash acquired | | | -83 | | — | | -83 | | | |
Purchases of short term investments and other marketable securities | | | — | | -58 | | -58 | | | |
Sales of short term investments and other marketable securities | | | 46 | | — | | 46 | | | |
Other investing activities, net | | | -29 | | -10 | | -39 | | | |
Net cash provided (used) by investing activities | | | -458 | | 189 | | -269 | | | |
Cash flows from financing activities: | | | | | | | | | | |
Borrowings of debt | | | 2,305 | | — | | 2,305 | | | |
Repayments of debt | | | -1,385 | | -115 | | -1,500 | | | |
Intergroup receipts (payments), net | | | 160 | | -160 | | — | | | |
Reattribution of cash between groups | | | -1,346 | | 1,346 | | — | | | |
Repurchases of Liberty common stock | | | -815 | | — | | -815 | | | |
Proceeds from rights offering | | | — | | 328 | | 328 | | | |
Taxes paid in lieu of shares issued for stock-based compensation | | | -112 | | -16 | | -128 | | | |
Excess tax benefit from stock-based compensation | | | 56 | | 8 | | 64 | | | |
Other financing activities, net | | | -5 | | — | | -5 | | | |
Net cash provided (used) by financing activities | | | -1,142 | | 1,391 | | 249 | | | |
Effect of foreign currency rates on cash | | | -20 | | — | | -20 | | | |
Net cash provided (used) by discontinued operations: | | | | | | | | | | |
Cash provided (used) by operating activities | | | -2 | | -13 | | -15 | | | |
Cash provided (used) by investing activities | | | -4 | | 426 | | 422 | | | |
Cash provided (used) by financing activities | | | 6 | | -7 | | -1 | | | |
Change in available cash held by discontinued operations | | | — | | -368 | | -368 | | | |
Net cash provided (used) by discontinued operations | | | — | | 38 | | 38 | | | |
Net increase (decrease) in cash and cash equivalents | | | -148 | | 1,593 | | 1,445 | | | |
Cash and cash equivalents at beginning of period | | | 846 | | — | | 846 | | | |
Cash and cash equivalents at end period | | $ | 698 | | 1,593 | | 2,291 | | | |
|
|