Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Registrant Name | Liberty Interactive Corp | |
Entity Central Index Key | 1,355,096 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
QVC Group Common Stock | Common Class A | ||
Entity Common Stock, Shares Outstanding | 431,719,984 | |
QVC Group Common Stock | Common Class B | ||
Entity Common Stock, Shares Outstanding | 29,252,683 | |
Liberty Ventures common stock | Common Class A | ||
Entity Common Stock, Shares Outstanding | 134,701,104 | |
Liberty Ventures common stock | Common Class B | ||
Entity Common Stock, Shares Outstanding | 7,092,111 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets, Current | ||
Cash and cash equivalents | $ 2,589 | $ 2,306 |
Trade and other receivables, net | 859 | 1,232 |
Inventory, net | 1,029 | 1,049 |
Short term marketable securities | 845 | 889 |
Other current assets | 77 | 72 |
Total current assets | 5,399 | 5,548 |
Investments in available-for-sale securities and other cost investments | 1,405 | 1,224 |
Investments in affiliates, accounted for using the equity method | 1,521 | 1,633 |
Property and equipment, at cost | 1,954 | 2,030 |
Accumulated depreciation | (934) | (937) |
Property and equipment, net | 1,020 | 1,093 |
Intangible assets not subject to amortization: | ||
Goodwill | 5,266 | 5,404 |
Trademarks | 2,453 | 2,489 |
Indefinite Lived Intangible Assets Total | 7,719 | 7,893 |
Intangible assets subject to amortization, net | 1,014 | 1,185 |
Other assets, at cost, net of accumulated amortization | 64 | 65 |
Total assets | 18,142 | 18,641 |
Liabilities and Equity | ||
Accounts payable | 601 | 735 |
Accrued liabilities | 615 | 743 |
Current portion of debt | 916 | 946 |
Deferred income tax liabilities | 1,040 | 972 |
Other current liabilities | 237 | 343 |
Total current liabilities | 3,409 | 3,739 |
Long-term debt | 7,065 | 7,105 |
Deferred income tax liabilities | 1,739 | 1,849 |
Other liabilities | 202 | 168 |
Total liabilities | $ 12,415 | $ 12,861 |
Equity | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | $ 4 | |
Accumulated other comprehensive earnings, net of taxes | $ (188) | (94) |
Retained earnings | 5,821 | 5,757 |
Total stockholders' equity | 5,639 | 5,673 |
Noncontrolling interests in equity of subsidiaries | 88 | 107 |
Total equity | $ 5,727 | $ 5,780 |
Commitments and contingencies | ||
Total liabilities and equity | $ 18,142 | $ 18,641 |
QVC Group Common Stock | ||
Assets, Current | ||
Cash and cash equivalents | 497 | 422 |
Trade and other receivables, net | 800 | |
Inventory, net | 964 | |
Short term marketable securities | 8 | |
Other current assets | 273 | |
Total current assets | 2,542 | |
Investments in available-for-sale securities and other cost investments | 4 | 4 |
Investments in affiliates, accounted for using the equity method | 196 | 375 |
Property and equipment, net | 982 | |
Intangible assets not subject to amortization: | ||
Indefinite Lived Intangible Assets Total | 7,592 | |
Intangible assets subject to amortization, net | 976 | |
Other assets, at cost, net of accumulated amortization | 59 | |
Total assets | 12,351 | |
Liabilities and Equity | ||
Accounts payable | 567 | |
Accrued liabilities | 570 | |
Current portion of debt | 9 | |
Other current liabilities | 155 | |
Total current liabilities | 1,302 | |
Long-term debt | 5,685 | |
Deferred income tax liabilities | 949 | |
Other liabilities | 190 | |
Total liabilities | 8,126 | |
Equity | ||
Total stockholders' equity | 4,130 | |
Noncontrolling interests in equity of subsidiaries | 95 | |
Total liabilities and equity | 12,351 | |
QVC Group Common Stock | Common Class A | ||
Equity | ||
Common stock value | $ 5 | $ 5 |
QVC Group Common Stock | Common Class B | ||
Equity | ||
Common stock value | ||
Liberty Ventures common stock | ||
Assets, Current | ||
Cash and cash equivalents | $ 2,092 | $ 1,884 |
Trade and other receivables, net | 59 | |
Inventory, net | 65 | |
Short term marketable securities | 837 | |
Other current assets | 8 | |
Total current assets | 3,061 | |
Investments in available-for-sale securities and other cost investments | 1,401 | 1,220 |
Investments in affiliates, accounted for using the equity method | 1,325 | 1,258 |
Property and equipment, net | 38 | |
Intangible assets not subject to amortization: | ||
Indefinite Lived Intangible Assets Total | 127 | |
Intangible assets subject to amortization, net | 38 | |
Other assets, at cost, net of accumulated amortization | 5 | |
Total assets | 5,995 | |
Liabilities and Equity | ||
Accounts payable | 34 | |
Accrued liabilities | 45 | |
Current portion of debt | 907 | |
Deferred income tax liabilities | 1,244 | |
Other current liabilities | 82 | |
Total current liabilities | 2,311 | |
Long-term debt | 1,380 | |
Deferred income tax liabilities | 790 | |
Other liabilities | 12 | |
Total liabilities | 4,493 | |
Equity | ||
Total stockholders' equity | 1,509 | |
Noncontrolling interests in equity of subsidiaries | (7) | |
Total liabilities and equity | 5,995 | |
Liberty Ventures common stock | Common Class A | ||
Equity | ||
Common stock value | $ 1 | $ 1 |
Liberty Ventures common stock | Common Class B | ||
Equity | ||
Common stock value |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 86 | $ 92 |
Long-term Debt, Fair Value | $ 2,635 | $ 2,574 |
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 |
QVC Group Common Stock | 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 | 435,767,426 | 447,451,702 |
Common stock, shares outstanding | 435,767,426 | 447,451,702 |
QVC Group Common Stock | 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 | 29,252,683 | 28,877,554 |
Common stock, shares outstanding | 29,252,683 | 28,877,554 |
Liberty Ventures common stock | Common Class A | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 200,000,000 |
Common stock, shares issued | 134,629,854 | 134,525,874 |
Common stock, shares outstanding | 134,629,854 | 134,525,874 |
Liberty Ventures common stock | Common Class B | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 7,500,000 |
Common stock, shares issued | 7,092,111 | 6,991,127 |
Common stock, shares outstanding | 7,092,111 | 6,991,127 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue: | ||||
Total revenue, net | $ 2,252 | $ 2,483 | $ 4,466 | $ 4,917 |
Operating costs and expenses: | ||||
Cost of sales | 1,409 | 1,558 | 2,824 | 3,114 |
Operating expenses | 198 | 217 | 389 | 430 |
Selling, general and administrative, including stock-based compensation | 215 | 278 | 419 | 534 |
Depreciation and amortization | 161 | 164 | 329 | 327 |
Impairment of intangible assets | 7 | 7 | ||
Total operating costs and expenses | 1,983 | 2,224 | 3,961 | 4,412 |
Operating income (loss) | 269 | 259 | 505 | 505 |
Other income (expense): | ||||
Interest expense | (90) | (98) | (185) | (193) |
Share of earnings (losses)ffiliates, net | 87 | 4 | 90 | 2 |
Realized and unrealized gains (losses) on financial instruments, net | 32 | (41) | 28 | (66) |
Gains (losses) on dispositions transactions, net | 111 | 111 | ||
Other, net | (29) | 3 | (14) | 10 |
Total other income (expense) | 111 | (132) | 30 | (247) |
Earnings (loss) from continuing operations before income taxes | 380 | 127 | 535 | 258 |
Income tax (expense) benefit | (122) | (40) | (125) | (80) |
Earnings (loss) from continuing operations | 258 | 87 | 410 | 178 |
Earnings (loss) from discontinued operations, net of taxes | 19 | 38 | ||
Net earnings (loss) | 258 | 106 | 410 | 216 |
Less net earnings (losses) attributable to the noncontrolling interests | 16 | 29 | 25 | 57 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 242 | 77 | 385 | 159 |
QVC Group Common Stock | ||||
Revenue: | ||||
Total revenue, net | 1,998 | 2,483 | 3,936 | 4,917 |
Operating costs and expenses: | ||||
Cost of sales | 1,234 | 1,558 | 2,455 | 3,114 |
Operating expenses | 174 | 217 | 343 | 430 |
Selling, general and administrative, including stock-based compensation | 157 | 272 | 316 | 525 |
Depreciation and amortization | 149 | 165 | 301 | 327 |
Impairment of intangible assets | 7 | 7 | ||
Total operating costs and expenses | 1,714 | 2,219 | 3,415 | 4,403 |
Operating income (loss) | 284 | 264 | 521 | 514 |
Other income (expense): | ||||
Interest expense | (70) | (79) | (145) | (155) |
Share of earnings (losses)ffiliates, net | 9 | 7 | 33 | 28 |
Realized and unrealized gains (losses) on financial instruments, net | 8 | 6 | (2) | 7 |
Other, net | (31) | (1) | (23) | |
Total other income (expense) | (84) | (67) | (137) | (120) |
Earnings (loss) from continuing operations before income taxes | 200 | 197 | 384 | 394 |
Income tax (expense) benefit | (80) | (76) | (104) | (149) |
Earnings (loss) from continuing operations | 121 | 245 | ||
Earnings (loss) from discontinued operations, net of taxes | (7) | (11) | ||
Net earnings (loss) | 120 | 114 | 280 | 234 |
Less net earnings (losses) attributable to the noncontrolling interests | 8 | 9 | 17 | 19 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 112 | $ 105 | $ 263 | $ 215 |
Earnings (Loss) Per Common Share | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.24 | $ 0.23 | $ 0.56 | $ 0.46 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.24 | 0.23 | 0.55 | 0.45 |
Earnings Per Share, Basic | 0.24 | 0.22 | 0.56 | 0.44 |
Earnings Per Share, Diluted | $ 0.24 | $ 0.21 | $ 0.55 | $ 0.43 |
Liberty Ventures common stock | ||||
Revenue: | ||||
Total revenue, net | $ 254 | $ 530 | ||
Operating costs and expenses: | ||||
Cost of sales | 175 | 369 | ||
Operating expenses | 24 | 46 | ||
Selling, general and administrative, including stock-based compensation | 58 | $ 6 | 103 | $ 9 |
Depreciation and amortization | 12 | (1) | 28 | |
Total operating costs and expenses | 269 | 5 | 546 | 9 |
Operating income (loss) | (15) | (5) | (16) | (9) |
Other income (expense): | ||||
Interest expense | (20) | (19) | (40) | (38) |
Share of earnings (losses)ffiliates, net | 78 | (3) | 57 | (26) |
Realized and unrealized gains (losses) on financial instruments, net | 24 | (47) | 30 | (73) |
Gains (losses) on dispositions transactions, net | 111 | 111 | ||
Other, net | 2 | 4 | 9 | 10 |
Total other income (expense) | 195 | (65) | 167 | (127) |
Earnings (loss) from continuing operations before income taxes | 180 | (70) | 151 | (136) |
Income tax (expense) benefit | (42) | 36 | (21) | 69 |
Earnings (loss) from continuing operations | (34) | (67) | ||
Earnings (loss) from discontinued operations, net of taxes | 26 | 49 | ||
Net earnings (loss) | 138 | (8) | 130 | (18) |
Less net earnings (losses) attributable to the noncontrolling interests | 8 | 20 | 8 | 38 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 130 | $ (28) | $ 122 | $ (56) |
Earnings (Loss) Per Common Share | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.92 | $ (0.47) | $ 0.87 | $ (0.92) |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.91 | (0.47) | 0.85 | (0.92) |
Earnings Per Share, Basic | 0.92 | (0.38) | 0.87 | (0.77) |
Earnings Per Share, Diluted | $ 0.91 | $ (0.38) | $ 0.85 | $ (0.77) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net earnings (loss) | $ 258 | $ 106 | $ 410 | $ 216 |
Other comprehensive earnings (loss), net of taxes: | ||||
Foreign currency translation adjustments | 21 | 2 | (81) | 19 |
Share of other comprehensive earnings (losses) of equity affiliates | (1) | 1 | (15) | 1 |
Other comprehensive income (loss), net of tax, from discontinued operations | 11 | 19 | ||
Other comprehensive earnings (loss) | 20 | 14 | (96) | 39 |
Comprehensive earnings (loss) | 278 | 120 | 314 | 255 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 14 | 39 | 23 | 79 |
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 264 | 81 | 291 | 176 |
QVC Group Common Stock | ||||
Net earnings (loss) | 120 | 114 | 280 | 234 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | 149 | 109 | 184 | 232 |
Liberty Ventures common stock | ||||
Net earnings (loss) | 138 | (8) | 130 | (18) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | $ 115 | $ (28) | $ 107 | $ (56) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | |||
Net earnings (loss) | $ 106 | $ 410 | $ 216 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Discontinued operations, net of tax | (19) | (38) | |
Depreciation and amortization | 164 | 329 | 327 |
Stock-based compensation | 26 | 44 | 51 |
Cash payments for stock-based Compensation | (10) | (6) | |
Excess tax benefit from stock-based compensation | (16) | (10) | |
Share of (earnings) of affiliates, net | (4) | (90) | (2) |
Cash receipts from returns on equity investments | 27 | 20 | |
Realized and unrealized gains (losses) on financial instruments, net | 41 | (28) | 66 |
(Gains) losses on transactions, net | (111) | ||
Impairment of intangible assets | 7 | 7 | |
Deferred income tax expense | (30) | (66) | |
Other noncash charges (credits), net | 32 | 7 | |
Changes in operating assets and liabilities | |||
Current and other assets | 287 | 311 | |
Payables and other current liabilities | (246) | (51) | |
Net cash provided (used) by operating activities | 598 | 832 | |
Net Cash Provided by (Used in) Operating Activities | 598 | 832 | |
Cash flows from investing activities: | |||
Proceeds from Sale of Other Assets, Investing Activities | 271 | 25 | |
Investments in and loans to cost and equity investees | (98) | (31) | |
Capital expended for property and equipment | (104) | (85) | |
Cash receipts from returns of equity investments | 200 | ||
Cash (paid) for acquisitions, net of cash acquired | (20) | ||
Purchases of short-term and other marketable securities | (626) | (257) | |
Sales of short term and other marketable securities | 677 | 237 | |
Other investing activities, net | (47) | 5 | |
Net cash used by investing activities | 253 | (106) | |
Cash flows from financing activities: | |||
Borrowings of debt | 1,467 | 1,895 | |
Repayments of debt | (1,628) | (1,744) | |
Repurchases of Liberty Interactive common stock | (377) | (478) | |
Minimum withholding taxes on net settlements of stock-based compensation | (13) | (14) | |
Excess tax benefit from stock-based compensation | 16 | 10 | |
Other financing activities, net | (24) | (36) | |
Net cash provided (used) by financing activities | (559) | (367) | |
Effect of foreign currency exchange rates on cash | (9) | (5) | |
Net increase (decrease) in cash and cash equivalents | 283 | 342 | |
Cash and cash equivalents at beginning of period | 2,306 | 902 | |
Cash and cash equivalents at end of period | $ 1,244 | $ 2,589 | 1,244 |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | |||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 255 | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (11) | ||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (24) | ||
Effect of Exchange Rate on Cash, Discontinued Operations | 3 | ||
Change in available cash held by discontinued operations | (235) | ||
Net Cash Provided by (Used in) Discontinued Operations | $ (12) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Equity - Jun. 30, 2015 - USD ($) $ in Millions | QVC Group Common StockCommon Class ACommon Stock | QVC Group Common Stock | Liberty Ventures common stockCommon Class ACommon Stock | Liberty Ventures common stock | Additional Paid-In Capital | Accumulated Other Comprehensive Earnings | Retained Earnings | Noncontrolling Interest In Equity Of Subsidiaries | Total |
Balance at Dec. 31, 2014 | $ 5 | $ 1 | $ 4 | $ (94) | $ 5,757 | $ 107 | $ 5,780 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) attributable to shareholders | $ 263 | $ 122 | 385 | ||||||
Less net earnings (losses) attributable to the noncontrolling interests | 17 | 8 | 25 | ||||||
Net earnings (loss) | 280 | 130 | 385 | 25 | 410 | ||||
Comprehensive earnings (loss) attributable to Liberty Media Corporation shareholders | $ 184 | $ 107 | 291 | ||||||
Comprehensive earnings (loss) attributable to the noncontrolling interests | 23 | ||||||||
Other comprehensive earnings (loss) | (94) | (2) | (96) | ||||||
Stock-based compensation | 28 | 28 | |||||||
Series A Liberty Interactive stock repurchases | 0 | (377) | (377) | ||||||
Minimum withholding taxes on net share settlements of stock-based compensation | (13) | (13) | |||||||
Excess tax benefit from stock-based compensation | 16 | 16 | |||||||
Stock issued upon exercise of stock options | 21 | 21 | |||||||
Distribution to noncontrolling interest | 0 | (42) | (42) | ||||||
Balance at Jun. 30, 2015 | $ 5 | $ 1 | $ (188) | 5,821 | $ 88 | $ 5,727 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Reclassification | $ 321 | $ (321) |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) 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, 2014 , 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, 2014 . 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. In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a retrospective or cumulative effect transition method. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 , with early application permitted . The Company has not yet selected a transition method and is currently evaluating the effect that the updated standard will have on its revenue recognition but does not believe that the standard will significantly impact its financial statements and related disclosures. In April 2015, the FASB issued new accounting guidance on the presentation of debt issuance costs , which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability. The new guidance intends to simplify the presentation of debt issuance costs. This standard will more closely align the presentation of debt issuance costs under GAAP with the presentation under comparable International Financial Reporting Standards. The amendments in this new accounting standard are effective for financial statements issued for fiscal years beginning after December 15, 2015 and interim periods within those years. Early adoption is permitted for financial statements that have not been previously issued and retrospective application is required for each balance sheet presented. We plan to adopt this new guidance in the fourth quarter of 2015. The Company is evaluating the effect that the new guidance will have on its consolidated financial statements and related disclosures but other than a reclassification of deferred loan costs on the consolidated balance sheets, the Company does not believe that the standard will significantly impact its financial statements and related disclosures. In July 2015, the FASB issued new accounting guidance that changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The new principle is part of the FASB’s simplification initiative and applies to entities that measure inventory using a method other than last-in, first-out (LIFO) or the retail inventory method. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2016. The Company has determined there is no significant effect of the standard on its ongoing financial reporting. As a result of repurchases of Series A QVC Group common stock (formerly the Series A Liberty Interactive common stock) , the Company’s additional paid-in capital balance was in a deficit position as of June 30, 2015 . In order to maintain a zero balance in the additional paid-in capital account, we reclassified the amount of the deficit ( $ 321 million) for the six months ended June 30, 2015 to retained earnings . 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 $2 million and $3 million for the three months ended June 30, 2015 and 2014 , respectively, and $5 million and $6 million for the six months ended June 30, 2015 and 2014 , respectively, were reimbursable to LMC. Additionally, the Tax Sharing Agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and LMC and other agreements related to tax matters. |
Tracking Stocks
Tracking Stocks | 6 Months Ended |
Jun. 30, 2015 | |
Tracking Stock [Abstract] | |
Tracking Stocks | (2) 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— QVC Group common stock and Liberty Ventures common stock, which ar e intended to track and reflect the economic performance of the QVC Group and the Ventures Group, respectively. While the QVC 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 agreem ents. Holders of tracking stock 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 liabili ties of the parent corporation. On October 3, 2014, Liberty announced that its board of directors approved the change in attribution from the QVC Group (referred to as the “ Interactive Group ” prior to the reattribution) to the Ventures Group of certain of its Digital C ommerce companies (defined below) and cash , which was provided by QVC, Inc. (“QVC”) as a result of a draw-down of QVC’s credit facility . In return, holders of Liberty Interactive common stock received a dividend of approximately 67.7 million shares of Liberty Ventures common stock, or 0.14217 of a Liberty Ventures share for each share of Liberty Interactive common stock outstanding on October 13, 2014, the record date of the dividend. The distribution date for the dividend was October 20, 2014, and the Liberty Interactive common stock began trading ex-dividend on October 15, 2014. The reattributed D igital C ommerce companies we re comprised of Liberty’s consolidated subsidiaries Backcountry.com (“Backcountry”) , Bodybuilding.com, LLC, Provide Commerce, Inc. (“Provide”), CommerceHub, Evite, Inc. and LMC Right Start , Inc. (collectively, the “Digital Commerce” companies). The reattribution of the Digital Commerce companies is presented on a prospective basis from the date of the reattribution in Liberty’s condensed consolidated financial statements and attributed financial information, with October 1, 2014 used as a proxy for the date of the reattribution. In connection with the reattribution, the Liberty Interactive tracking stock trading symbol “LINTA” was changed to "QVCA" and the "LINTB" trading symbol was changed to "QVCB," effective October 7, 2014. Other than the issuance of Liberty Ventures shares in the fourth quarter of 2014, the reattribution of tracking stock groups had no consolidated impact on Liberty. Effective June 4, 2015, the name of the “Liberty Interactive common stock” was changed to the “QVC Group common stock.” The term "QVC Group" does not represent a separate legal entity, rather it represents those businesses, assets and liabilities that have been attributed to that group. Following the reattribution, t he QVC Group is primarily comprised of our merchandise-focused televised-shopping programs, Internet and mobile application businesses and has attributed to it our wholly-owned subsidiary QVC and our approximate 38% interest in HSN, Inc., along with cash and certain liabilities that reside with QVC as well as certain liabilities related to our corporate indebtedness (see note 10) and certain deferred tax liabilities. As of June 30, 2015 , the QVC Group has cash and cash equivalents of approximately $497 million , which includes subsidiary cash . 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. Following the reattribution, t he Ventures Group is primarily comprised of our Digital Commerce businesses (see note 3 for discussion of disposed businesses) and interests in Expedia, Inc ., FTD Companies, Inc. (“FTD”), Interval Leisure Group, Inc. and LendingTree , Inc., available-for-sale securities i n Time Warner Inc. and Time Warner Cable Inc., as well as cash and cash equivalents of approximately $2,092 million at June 30, 2015 . The Ventures Group also has attributed to it certain liabilities related to our Exchangeable Debentures (see note 10) 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. In May 2015, Liberty announced its entry into an agreement with Liberty Broadband Corporation ("Liberty Broadband") , a separate publicly traded company, whereby Liberty will invest $2.4 billion in Liberty Broadband in connection with (and contingent upon) the closing of the proposed merger of Charter Communications, Inc. ("Charter") and Time Warner Cable Inc. ("TWC"). The proceeds of this investment will be used by Liberty Broadband to fund, in part, its agreement to acquire $4.3 billion of Charter stock. Liberty Broadband's acquisition will be made in support of (and contingent upon) the closing of the Charter-TWC merger. In connection with these transactions, it is expected that Charter will undergo a corporate reorganization, resulting in New Charter, a current subsidiary of Charter , becoming the publicly traded parent com pany. Liberty 's investment in Liberty Broadband will be funded using cash and short term investments and will be attributed to the Ventures Group. Liberty, along with third party investors, all of whom will invest on the same terms as Liberty, have agreed to purchase newly issued shares of Liberty Broadband Series C common stock (the "Series C Shares") at a per share price of $56.23 , which was determined based upon the fair value of Liberty Broadband's net asset s on a sum-of-the parts basis at the time the investment agreements were executed . In the aggregate, Liberty Broadband has ente red into investment agreements with respect to $4.4 billion of its Series C Shares. Liberty's investment in Liberty Broadband is subject to customary closing conditions and funding will only occur upon the completion of the Charter-TWC merger. Liberty Broadband intends to seek stockholder approval for the issuance of the Series C Shares in accordance with the rules and requirements of the Nasdaq Stock Market. If, for any reason, Liberty Broadband does not receive the requisite stockholder approval for the issuance of the Series C Shares, the purchasers will instead acquire a limited number of Series C Shares, together with shares of a newly issued series of non-convertible preferred stock of Liberty Broadband. Further, Liberty Broadband has the right, and may determine, to incur debt financing (subject to certain conditions) to fund a portion of the purchase price for its investment in New Charter, in which case Liberty Broadband may reduce the aggregate subscription for Series C Shares by up to 25% , with such reduction applied pro rata to all investors, including Liberty. Liberty and Liberty Broadband have also entered into an agreement with Charter which provides that Liberty and Liberty Broadband will exchange, in a tax-free transaction, the shares of TWC common stock held by each company for shares of New Charter Class A common stock (subject to certain limitations). In addition, Liberty has also agreed to grant Liberty Broadband a proxy over the shares of New Charter stock it receives in the exchange, along with a right of first refusal with respect to the underlying New Charter stock. As the outcome of the transaction with Liberty Broadband and the Charter-TWC merger are uncertain due to pending stockholder and regulatory approvals, respectively, Liberty has not reflected any financial impacts in the condensed consolidated financial statements related to the respective agreements as of June 30, 2015. See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups. |
Disposals
Disposals | 6 Months Ended |
Jun. 30, 2015 | |
Disposals [Abstract] | |
Disposals | (3) Disposals On August 27, 2014, Liberty completed the spin-off to holders of its Liberty Ventures common stock shares of its former wholly-owned subsidiary, Liberty TripAdvisor Holdings, Inc. (“TripAdvisor Holdings”) (the “TripAdvisor Holdings Spin-Off”). TripAdvisor Holdings is comprised of Liberty’s former 22% economic and 57% voting interest in TripAdvisor, Inc. as well as BuySeasons, Inc., Liberty’s former wholly-owned subsidiary, and a corporate level net debt balance of $350 million. In connection with the TripAdvisor Holdings Spin-Off during August 2014, TripAdvisor Holdings drew down $400 million in margin loans and distributed approximately $350 million to Liberty. This transaction has been recorded at historical cost due to the pro rata nature of the distribution. Following the completion of the TripAdvisor Holdings Spin-Off, Liberty and TripAdvisor Holdings operate as separate, publicly traded companies, and neither has any stock ownership, beneficial or otherwise, in the other. The condensed consolidated financial statements of Liberty have been prepared to reflect TripAdvisor Holdings as discontinued operations. Accordingly, the revenue, costs and expenses, and cash flows of the businesses, assets and liabilities owned by TripAdvisor Holdings at the time of the TripAdvisor Holdings Spin-Off have been excluded from the respective captions in the accompanying condensed consolidated statements of operations, comprehensive earnings and cash flows in such condensed consolidated financial statements. Additionally, TripAdvisor, Inc. and BuySeasons, Inc. are no longer reflected in the segment financial information for all periods presented. In connection with the TripAdvisor Holdings Spin-off, Liberty and TripAdvisor Holdings entered into a tax sharing agreement (the “Tax Sharing Agreement”). The Tax Sharing Agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and TripAdvisor Holdings and other agreements related to tax matters. Among other things, pursuant to the Tax Sharing Agreement, TripAdvisor Holdings has agreed to indemnify Liberty, subject to certain limited exceptions, for losses and taxes resulting from the TripAdvisor Holdings Spin-Off to the extent such losses or taxes result primarily from, individually or in the aggregate, the breach of certain restrictive covenants made by TripAdvisor Holdings (applicable to actions or failures to act by TripAdvisor Holdings and its subsidiaries following the completion of the TripAdvisor Holdings Spin-Off). In October 2014, the IRS completed its examination of the TripAdvisor Holdings Spin-Off and notified Liberty that it agreed with the nontaxable characterization of the transaction. Liberty expects to execute a closing agreement with the IRS documenti ng this conclusion during 2015. Certain combined financial information for TripAdvisor Holdings, which is included in earnings (loss) from discontinued operations, is as follows (amounts in millions, except per share amounts): Three months ended Six months ended June 30, 2014 June 30, 2014 Revenue $ Earnings (loss) before income taxes $ Earnings (loss) attributable to Liberty Interactive Corporation shareholders $ — Earnings per share of discontinued operations The combined impact from discontinued operations, discussed above, is as follows: Three months ended Six months ended June 30, 2014 June 30, 2014 Basic earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 5): Series A and Series B QVC Group common stock $ Series A and Series B Liberty Ventures common stock $ Diluted earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 5): Series A and Series B QVC Group common stock $ Series A and Series B Liberty Ventures common stock $ The assets and liabilities included in the TripAdvisor Holdings Spin-Off, and their resulting impacts on the attributed statements of operations, were included in discontinued operations based on which group owned the assets at the time of the TripAdvisor Holdings Spin-Off. Provide was included in the Digital Commerce companies prior to the sale of Provide to FTD on December 31, 2014 in exchange for cash and shares of FTD common stock representing approximately 35% of the combined company (see note 8 for additional information related to this transaction). Subsequent to this transaction, the Company’s interest in FTD, accounted for under the equity method, is included in the Digital Commerce companies. Given Liberty’s significant continuing involvement with FTD, Provide is not presented as a discontinued operation in the Company’s condensed consolidated financial statements. On June 30, 2015, Liberty sold Backcountry for aggregate consideration, including assumption of debt, amounts held in escrow , and a noncontrolling interest, of approximately $350 million. The sale resulted in a $105 million gain, which is included in “Gains (losses) on dispositions, net” in the accompanying condensed consolidated statement of operations. Backcountry is included in the Digital Commerce companies through June 30, 2015 and is not presented as a discontinued operation as the sale does not represent a strategic shift that has a major effect on Liberty’s operations and financial results. Included in revenue in the accompanying condensed consolidated statements of operations is $105 million and $99 million for the three months ended June 30, 2015 and 2014, respectively, and $227 million and $211 million for the six months ended June 30, 2015 and 2014, respectively, related to Backcountry. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are losses of $4 million and $3 million for the three months ended June 30, 2015 and 2014, respectively, and losses of $3 million and $4 million for the six months ended June 30, 2015 and 2014, respectively, related to Backcountry. Included in total assets in the accompanying condensed consolidated balance sheets as of December 31, 2014 is $323 million related to Backcountry. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | (4) Stock-Based Compensation The Company has granted to certain of its directors, employees and employees of its subsidiaries, stock appreciation rights ("SARs"), restricted stock, performance-based restricted stock units 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) 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 SARs 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 selling, general and administrative expenses in the accompanying condensed consolidated statements of operations are $29 million and $26 million of stock-based compensation during the three months ended June 30, 2015 and 2014 , respectively, and $ 44 million and $ 51 million during the six months ended June 30, 2015 and 2014 , respectively. Durin g the six months ended June 30, 2015 , Liberty granted 2 .0 million options to QVC employees to purchase shares of Series A QVC Group common stock. Such options had a weighted average grant-date fair value of $11.87 per share and vest semi-annually over 4 years. Also during the six months ended June 30, 2015 , Liberty granted to Liberty employees 2.3 million and 652 thousand options to purchase shares of Series A QVC Group common stock and Series A Liberty Ventures common stock, respectively. Such options had a weighted average grant-date fair value of $11.79 and $18.27 per share , respectively, and each grant contains options that vest over two different periods, annually over three years and 50% on each of December 31, 2019 and 2020 . In connection with our CEO’s employment agreement, Liberty also granted 132 thousand and 135 thousand performance-based options of Series B QVC Group common stock and Series B Liberty Ventures common stock, respectively, and 182 thousand and 13 thousand performance-based restricted stock units of Series B QVC Group common stock and Series B Liberty Ventures common stock, respectively. Such options had a weighted average grant-date fair value of $10.10 per share and $17.16 per share, respectively. The restricted stock units had a weighted average grant-date fair value of $29.41 per share and $42.33 per share, respectively. The options and restricted stock units cliff vest in one year, subject to satisfaction of certain performance objectives. 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 QVC Group and Liberty Ventures common stock granted to certain officers, employees and directors of the Company. QVC Group Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Forfeited/Cancelled $ Outstanding at June 30, 2015 $ years $ Exercisable at June 30, 2015 $ years $ QVC Group Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Outstanding at June 30, 2015 $ years $ — Exercisable at June 30, 2015 — $ — — years $ — Liberty Ventures Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Forfeited/Cancelled $ Outstanding at June 30, 2015 $ years $ Exercisable at June 30, 2015 $ years $ Liberty Ventures Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Outstanding at June 30, 2015 $ years $ Exercisable at June 30, 2015 — $ — — years $ — As of June 30, 2015 , the total unrecognized compensation cost related to unvested Awards was approximately $121 million. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.8 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 Shar
Earnings (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | (5) 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 QVC Group Common Stock Excluded from diluted EPS, for the three months ended June 30, 2015 and 2014 , are 4 million and 2 million potential common shares, respectively, because their inclusion would be antidilutive. Excluded from diluted EPS, for the six months ended June 30, 2015 and 2014 , are 4 million and 2 million potential common shares, respectively, because their inclusion would be antidilutive. QVC Group Common Stock Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS Series A and Series B Liberty Ventures Common Stock As discussed in note 11, Liberty completed a two for one stock split on April 11, 2014 on its Series A and Series B Liberty Ventures common stock. Therefore, all prior period outstanding share amounts have been retroactively adjusted for comparability. Excluded from diluted EPS, for all periods presented, are less than a million potential common shares because their inclusion would be antidilutive. Liberty Ventures Common Stock Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value | (6) 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 June 30, 2015 December 31, 2014 Quoted Quoted prices prices in active Significant in active Significant markets for other markets for other identical observable identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ — — Short term marketable securities $ Available-for-sale securities $ Debt $ — — 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. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs. 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 Six months ended June 30, June 30, 2015 2014 2015 2014 amounts in millions Fair Value Option Securities $ Exchangeable senior debentures $ |
Investments In Available-For-Sa
Investments In Available-For-Sale Securities And Other Cost Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments In Available-For-Sale Securities And Other Cost Investments | |
Investments in available-for-sale securities and other cost investments | (7 ) 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 has historically 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 th e 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 consoli dated 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: June 30, December 31, 2015 2014 amounts in millions QVC Group Other investments $ Total attributed QVC Group Ventures Group Time Warner Inc. Time Warner Cable Inc. Other investments Total attributed Ventures Group Consolidated Liberty $ |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 6 Months Ended |
Jun. 30, 2015 | |
Investments In Affiliates Accounted For Using The Equity Method | |
Investments In Affiliates Accounted For Using The Equity Method | (8) 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 June 30, 2015 and the carrying amount at December 31, 2014 : December 31, June 30, 2015 2014 Percentage Fair value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions QVC Group HSN, Inc. (1) % $ $ Other various NA Total QVC Group Ventures Group Expedia, Inc. % $ FTD Companies, Inc. % Other various NA Total Ventures Group Consolidated Liberty $ (1) As further discussed in note 10, HSN, Inc. (“HSNi”) declared a special dividend during January 2015 of $10 per share from which Liberty received approximately $200 million in cash during February 2015. Accordingly, the carrying amount of Liberty’s investment in HSNi was reduced by this return of our investment during the period. The following table presents Liberty's share of e arnings (losses) of affiliates: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 amounts in millions QVC Group HSN, Inc. $ Other Total QVC Group Ventures Group Expedia, Inc. FTD Companies, Inc. (1) NA NA Other Total Ventures Group Consolidated Liberty $ (1) As discussed in note 3, on December 31 , 2014, Liberty completed a transaction with FTD for Provide, which wa s one of Liberty’s wholly-owned Digital Commerce businesses (as defined in note 2). Under the terms of the transaction, Liberty receive d approximately 10.2 million shares of FTD common stock representing approximately 35% of the combined company and approximately $145 million in cash (the “FTD Transaction”) . Subsequent to completion of the transaction, Liberty account s for FTD as an equity-method affiliate based on the ownership level and board representation . |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | (9 ) Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Digital QVC Commerce Total amounts in millions Balance at January 1, 2015 $ Foreign currency translation adjustments — Disposition — Other — Balance at June 30, 2015 $ Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $123 million and $125 million for the three months ended June 30, 2015 and 2014 , respectively, and $252 million and $249 million for the six months ended June 30, 2015 and 2014 , respectively. Based on its amortizable intangible assets as of June 30, 2015 , Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2015 $ 2016 $ 2017 $ 2018 $ 2019 $ |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | (10) Long-Term Debt Debt is summarized as follows: Outstanding principal at Carrying value June 30, 2015 June 30, 2015 December 31, 2014 amounts in millions QVC Group Corporate level debentures 8.5% Senior Debentures due 2029 $ 8.25% Senior Debentures due 2030 1% Exchangeable Senior Debentures due 2043 Subsidiary level notes and facilities QVC 3.125% Senior Secured Notes due 2019 QVC 7.375% Senior Secured Notes due 2020 — — QVC 5.125% Senior Secured Notes due 2022 QVC 4.375% Senior Secured Notes due 2023 QVC 4.850% Senior Secured Notes due 2024 QVC 4.45% Senior Secured Notes due 2025 QVC 5.45% Senior Secured Notes due 2034 QVC 5.95% Senior Secured Notes due 2043 QVC Bank Credit Facilities Other subsidiary debt Total QVC Group debt $ Ventures Group Corporate level debentures 4% Exchangeable Senior Debentures due 2029 $ 3.75% Exchangeable Senior Debentures due 2030 3.5% Exchangeable Senior Debentures due 2031 0.75% Exchangeable Senior Debentures due 2043 Subsidiary level notes and facilities Total Ventures Group debt $ Total consolidated Liberty debt $ Less current classification Total long-term debt $ QVC Senior Secured Notes On April 15, 2015, QVC completed the redemption of $500 million principal amount of its 7.375% Senior Secured Notes due 2020, whereby holders received consideration of $1,036.88 for each $1,000 of principal tendered. As a result of the redemption, a $21 million extinguishment loss is included in “Other, net” in the accompanying condensed consolidated statement of operations for the three and six month periods ended June 30, 2015 . QVC Bank Credit Facilities On March 9, 2015, QVC entered into a second amended and restated senior secured credit agreement (the “Second Amended and Restated Credit A greement”) which is a multi-currency facility that provides for a $2.25 billion revolving credit facility with a $250 million sub-limit for standby letters of credit and $1.5 billion of uncommitted incremental revolving loan commitments or incremental term lo ans. QVC may elect that the loans extended under the senior secured credit facility bear interest at a rate per annum equal to the ABR or LIBOR , as each is defined in the senior secured credit facility agreement, plus a margin of 0.25% to 1.75% depending on various factors. Each loan may be prepaid in whole or in part without penalty at any time other than customary breakage costs. Any amounts prepaid on the revolving credit facility may be reborrowed. Payment of the loans may be accelerated following certain customary events of default. The senior secured credit facility is secured by the capital stock of QVC . The purpose of the amendment was to, among other things, extend the maturity of QVC’s senior secured credit facility to March 9, 2020 and lower the interest rate on borrowings. The interest rate on borrowings outstanding under the QVC Bank Credit Facilities was 1.6% at June 30, 2015 . Availability under the Second Amended and Restated Credit Agreement at June 30, 2015 was $1.4 billion. The Second Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including certain restrictions on QVC and each of its restricted subsidiaries (subject to certain exceptions) with respect to, among other things: incurring additional indebtedness; creating liens on property or assets; making certain loans or investments; selling or disposing of assets; paying certain dividends and other restricted payments; dissolving, consolidating or merging; entering into certain transactions with affiliates; entering into sale or leaseback transactions; restricting subsidiary distributions; and limiting QVC’s consolidated leverage ratio , which is defined in QVC’s senior secured credit facility as the ratio of consolidated total debt to consolidated OIBDA for the most recent four fiscal quarter period . 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. As of June 30, 2015 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 because Liberty does not own shares to redeem the debentures. For the remaining exchangeables, Liberty reviews 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 discussed in note 8, HSNi declared a special dividend during January 2015 of $10 per share from which Liberty received approximately $200 million in cash during February 2015. Pursuant to the terms of the 1% Exchangeable Senior Debentures due 2043 (the “HSNi Exchangeables”), a portion of the special dividend was passed through to the holders of the notes ($ 54 million) and the outstanding principal balance of the HSNi Exchangeables was reduced during March 2015 . Additionally, HSNi declared cash dividends of $0.35 per share on March 9, 2015 and June 1, 2015. The portion of the quarterly dividend in excess of the regular cash dividend of $ 0.18 per share was passed through to bondholders during the first two quarters of 2015. Debt Covenants Liberty and QVC are in compliance with all debt covenants at June 30, 2015. Other Subsidiary Debt Other subsidiary debt at June 30, 2015 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 June 30, 2015 are as follows (amounts in millions): Senior debentures $ QVC senior secured notes $ Due to the variable rate nature, Liberty believes that the carrying amount of its other debt, not discussed above, approximated fair value at June 30, 2015 . |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | (11) Stockholders' Equity At the Annual Meeting of Stockholders held on June 2, 2015, the Company’s stockholders approved an amendment to the Restated Certificate of Incorporation that increased (i) the total number of shares of the Company’s capital stock which the Company will have the authority to issue to 9,015 million shares, (ii) the number of shares of the Company’s capital stock designated as “Common Stock” to 8,965 million shares and (iii) the number of shares of Common Stock designated as “Series A Liberty Ventures Common Stock,” “Series B Liberty Ventures Common Stock” and “Series C Liberty Ventures Common Stock” to 400 million shares, 15 million shares and 400 million shares, respectively. As of June 30, 2015 , Liberty reserved for issuance upon exercise of outstanding stock options approximately 26.1 million shares of Series A QVC Group common stock, 778 thousand shares of Series B QVC Group common stock, 4.4 million shares of Series A Liberty Ventures common stock and 1.5 million shares of Series B Liberty Ventures common stock. In addition to the Series A and Series B QVC Group and Liberty Ventures common stock , there are 4 billion shares of Series C QVC Group and 400 million shares of Series C Liberty Ventures common stock authorized for issuance. As of June 30, 2015 , no shares of any Series C QVC Group 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. The stock split has been recorded retroactively for all periods presented for comparability purposes. Additionally, as discussed in note 2, on October 3, 2014, Liberty attributed from the QVC Group to the Ventures Group its Digital Commerce companies. Holders of QVC Group common shares received 0.14217 of a Liberty Ventures share for each share of QVC Group common shares held, as of the record date. The shares issued and subsequently distributed to QVC Group common stock shareholders in the form of a dividend did not require retroactive treatment. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (12) 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 Liberty's Ope
Information About Liberty's Operating Segments | 6 Months Ended |
Jun. 30, 2015 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (13) 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 six months ended June 30, 2015 , Liberty has identified the following consolidated subsidiary as its reportable segment: · QVC - a 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. Additionally, for presentation purposes, Liberty is providing financial information of the Digital Commerce businesses on an aggregated basis. The consolidated Digital 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. · Digital 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), active lifestyle gear and clothing (Backcountry), fitness and health goods (Bodybuilding), digital invitations (Evite) and a drop-ship solutions company (CommerceHub). Due to the transactions discussed in note 3, the results of Provide are included in the Company’s results through December 31, 2014 and the results of Backcountry are included through June 30, 2015. 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 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, 2014 . Performance Measures Three months ended June 30, 2015 2014 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ Digital Commerce NA NA Corporate and other — — Total QVC Group Ventures Group Digital Commerce NA NA Corporate and other — — Total Ventures Group — Consolidated Liberty $ Six months ended June 30, 2015 2014 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ Digital Commerce NA NA Corporate and other — — Total QVC Group Ventures Group Digital Commerce NA NA Corporate and other — — Total Ventures Group — Consolidated Liberty $ Other Information June 30, 2015 Total Investments Capital assets In affiliates expenditures amounts in millions QVC Group QVC $ Corporate and other — Total QVC Group Ventures Group Digital Commerce Corporate and other — Total Ventures Group Inter-group eliminations — — Consolidated Liberty $ The following table provides a reconciliation of segment Adjusted OIBDA to earnings (loss) before income taxes: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 amounts in millions Consolidated segment Adjusted OIBDA $ Stock-based compensation Impairment of intangible assets — — Depreciation and amortization Interest expense Share of earnings (loss) of affiliates, net Realized and unrealized gains (losses) on financial instruments, net Gains (losses) on dispositions, net — — Other, net Earnings (loss) before income taxes $ |
Financial Information for Track
Financial Information for Tracking Stock Groups | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information for Tracking Stock Groups | BALANCE SHEET INFORMATION June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Inter-group Consolidated Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ — Trade and other receivables, net — Inventory, net — Short-term marketable securities — Other current assets Total current assets Investments in available-for-sale securities and other cost investments (note 2) — Investments in affiliates, accounted for using the equity method (note 3) — Property and equipment, net — Intangible assets not subject to amortization — Intangible assets subject to amortization, net — Other assets, at cost, net of accumulated amortization — Total assets $ Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 7) $ — — Accounts payable — Accrued liabilities — Current portion of debt (note 4) — Current deferred tax liabilities — Other current liabilities — Total current liabilities Long-term debt (note 4) — Deferred income tax liabilities — Other liabilities — Total liabilities Equity/Attributed net assets (liabilities) — Noncontrolling interests in equity of subsidiaries — Total liabilities and equity $ STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ Operating costs and expenses: Cost of sales Operating, including stock-based compensation (note 5) Selling, general and administrative, including stock-based compensation (note 5) Depreciation and amortization Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Gains (losses) on dispositions, net (note 1) — Other, net Earnings (loss) before income taxes Income tax benefit (expense) Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2014 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ — Operating costs and expenses: Cost of sales — Operating, including stock-based compensation — Selling, general and administrative, including stock-based compensation (note 5) Impairment of Long Lived Assets — Depreciation and amortization Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Other, net Earnings (loss) from continuing operations before income taxes Income tax benefit (expense) Net earnings (loss) from continuing operations Earnings (loss) from discontinued operations, net of taxes Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF OPERATIONS INFORMATION Six months ended June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ Operating costs and expenses: Cost of sales Operating, including stock-based compensation (note 5) Selling, general and administrative, including stock-based compensation (note 5) Depreciation and amortization Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Gains (losses) on dispositions, net (note 1) — Other, net Earnings (loss) before income taxes Income tax benefit (expense) Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF OPERATIONS INFORMATION Six months ended June 30, 2014 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ — Operating costs and expenses: Cost of sales — Operating, including stock-based compensation — Selling, general and administrative, including stock-based compensation (note 5) Impairment of intangible assets — Depreciation and amortization — Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Other, net — Earnings (loss) from continuing operations before income taxes Income tax benefit (expense) Net earnings (loss) from continuing operations Earnings (loss) from discontinued operations, net of taxes Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings (loss) $ Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Stock-based compensation Cash payments for stock based compensation — Excess tax benefit from stock based compensation Share of (earnings) losses of affiliates, net Cash receipts from return on equity investments Realized and unrealized gains (losses) on financial instruments, net (Gains) losses on dispositions — Deferred income tax (benefit) expense Other, net Intergroup tax allocation — Intergroup tax (payments) receipts — Changes in operating assets and liabilities Current and other assets Payables and other current liabilities Net cash provided (used) by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisitions — Cash proceeds from dispositions — Investments in and loans to cost and equity investees Cash receipts from returns of equity investments — Capital expended for property and equipment Purchases of short term and other marketable securities Sales of short term and other marketable securities Other investing activities, net — Net cash provided (used) by investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of debt Repayments of debt Repurchases of Liberty common stock — Minimum withholding taxes on net settlements of stock-based compensation Excess tax benefit from stock-based compensation Other financing activities, net Net cash provided (used) by financing activities Effect of foreign currency rates on cash — Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end period $ STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2014 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings (loss) $ Adjustments to reconcile net earnings to net cash provided by operating activities: (Earnings) loss from discontinued operations Depreciation and amortization — Stock-based compensation Cash payments for stock based compensation Excess tax benefit from stock-based compensation Share of losses (earnings) of affiliates, net Cash receipts from return on equity investments Realized and unrealized gains (losses) on financial instruments, net Impairment of intangible assets Deferred income tax (benefit) expense Other, net Intergroup tax allocation — Intergroup tax (payments) receipts — Changes in operating assets and liabilities Current and other assets Payables and other current liabilities Net cash provided (used) by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Cash proceeds from dispositions — Investments in and loans to cost and equity investees Capital expended for property and equipment Purchases of short term and other marketable securities Sales of short term and other marketable securities Other investing activities, net Net cash provided (used) by investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of debt — Repayments of debt Repurchases of Liberty Interactive common stock — Minimum withholding taxes on net settlements of stock-based compensation — Excess tax benefit from stock-based compensation Intergroup receipts (payments), net — Other financing activities, net — Net cash provided (used) by financing activities Net cash provided (used) by discontinued operations: Operating Investing Financing Effect of foreign currency rates on cash Change in available cash held by discontinued operations Net cash provided (used) by discontinued operations — Effect of foreign currency rates on cash — Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end period $ |
Disposals (Tables)
Disposals (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of earnings per share impact of discontinued operations | Three months ended Six months ended June 30, 2014 June 30, 2014 Basic earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 5): Series A and Series B QVC Group common stock $ Series A and Series B Liberty Ventures common stock $ Diluted earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 5): Series A and Series B QVC Group common stock $ Series A and Series B Liberty Ventures common stock $ |
Liberty TripAdvisor Holdings [Member] | |
Schedule of certain combined fiancial information included in earnings (loss) from discontinued operations | ng this conclusion during 2015. Certain combined financial information for TripAdvisor Holdings, which is included in earnings (loss) from discontinued operations, is as follows (amounts in millions, except per share amounts): Three months ended Six months ended June 30, 2014 June 30, 2014 Revenue $ Earnings (loss) before income taxes $ Earnings (loss) attributable to Liberty Interactive Corporation shareholders $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
QVC Group Common Stock | Common Class A | |
Schedule of Awards to Purchase Common Stock Granted To Certain Officers, Employees And Directors Of The Company | QVC Group Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Forfeited/Cancelled $ Outstanding at June 30, 2015 $ years $ Exercisable at June 30, 2015 $ years $ |
QVC Group Common Stock | Common Class B | |
Schedule of Awards to Purchase Common Stock Granted To Certain Officers, Employees And Directors Of The Company | QVC Group Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Outstanding at June 30, 2015 $ years $ — Exercisable at June 30, 2015 — $ — — years $ — |
Liberty Ventures common stock | Common Class A | |
Schedule of Awards to Purchase Common Stock Granted To Certain Officers, Employees And Directors Of The Company | Liberty Ventures Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Forfeited/Cancelled $ Outstanding at June 30, 2015 $ years $ Exercisable at June 30, 2015 $ years $ |
Liberty Ventures common stock | Common Class B | |
Schedule of Awards to Purchase Common Stock Granted To Certain Officers, Employees And Directors Of The Company | Liberty Ventures Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2015 $ Granted $ Exercised $ Outstanding at June 30, 2015 $ years $ Exercisable at June 30, 2015 — $ — — years $ — |
Earnings (Loss) Per Common Sh24
Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
QVC Group Common Stock | |
Schedule of Weighted Average Number of Shares | QVC Group Common Stock Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS |
Liberty Ventures common stock | |
Schedule of Weighted Average Number of Shares | Liberty Ventures Common Stock Three months ended Six months ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS |
Assets And Liabilities Measur25
Assets And Liabilities Measured At Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Fair Value Measurements at Fair Value Measurements at June 30, 2015 December 31, 2014 Quoted Quoted prices prices in active Significant in active Significant markets for other markets for other identical observable identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ — — Short term marketable securities $ Available-for-sale securities $ Debt $ — — |
Unrealized Gain (Loss) on Investments | Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 amounts in millions Fair Value Option Securities $ Exchangeable senior debentures $ |
Investments In Available-For-26
Investments In Available-For-Sale Securities And Other Cost Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments In Available-For-Sale Securities And Other Cost Investments | |
Schedule of Available-for-sale Securities Reconciliation | June 30, December 31, 2015 2014 amounts in millions QVC Group Other investments $ Total attributed QVC Group Ventures Group Time Warner Inc. Time Warner Cable Inc. Other investments Total attributed Ventures Group Consolidated Liberty $ |
Investments In Affiliates Acc27
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments In Affiliates Accounted For Using The Equity Method | |
Schedule Of Equity Ownership And Carrying Amount | December 31, June 30, 2015 2014 Percentage Fair value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions QVC Group HSN, Inc. (1) % $ $ Other various NA Total QVC Group Ventures Group Expedia, Inc. % $ FTD Companies, Inc. % Other various NA Total Ventures Group Consolidated Liberty $ |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 amounts in millions QVC Group HSN, Inc. $ Other Total QVC Group Ventures Group Expedia, Inc. FTD Companies, Inc. (1) NA NA Other Total Ventures Group Consolidated Liberty $ |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amount Of Goodwill | Digital QVC Commerce Total amounts in millions Balance at January 1, 2015 $ Foreign currency translation adjustments — Disposition — Other — Balance at June 30, 2015 $ |
Amortization Expense For The Next Five Fiscal Years | Remainder of 2015 $ 2016 $ 2017 $ 2018 $ 2019 $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Debt Excluding Intergroup Debt | Outstanding principal at Carrying value June 30, 2015 June 30, 2015 December 31, 2014 amounts in millions QVC Group Corporate level debentures 8.5% Senior Debentures due 2029 $ 8.25% Senior Debentures due 2030 1% Exchangeable Senior Debentures due 2043 Subsidiary level notes and facilities QVC 3.125% Senior Secured Notes due 2019 QVC 7.375% Senior Secured Notes due 2020 — — QVC 5.125% Senior Secured Notes due 2022 QVC 4.375% Senior Secured Notes due 2023 QVC 4.850% Senior Secured Notes due 2024 QVC 4.45% Senior Secured Notes due 2025 QVC 5.45% Senior Secured Notes due 2034 QVC 5.95% Senior Secured Notes due 2043 QVC Bank Credit Facilities Other subsidiary debt Total QVC Group debt $ Ventures Group Corporate level debentures 4% Exchangeable Senior Debentures due 2029 $ 3.75% Exchangeable Senior Debentures due 2030 3.5% Exchangeable Senior Debentures due 2031 0.75% Exchangeable Senior Debentures due 2043 Subsidiary level notes and facilities Total Ventures Group debt $ Total consolidated Liberty debt $ Less current classification Total long-term debt $ |
Debt Securities That Are Not Reported At Fair Value | Senior debentures $ QVC senior secured notes $ |
Information About Liberty's O30
Information About Liberty's Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Information About Liberty's Operating Segments | |
Performance Measures By Segment | Three months ended June 30, 2015 2014 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ Digital Commerce NA NA Corporate and other — — Total QVC Group Ventures Group Digital Commerce NA NA Corporate and other — — Total Ventures Group — Consolidated Liberty $ Six months ended June 30, 2015 2014 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ Digital Commerce NA NA Corporate and other — — Total QVC Group Ventures Group Digital Commerce NA NA Corporate and other — — Total Ventures Group — Consolidated Liberty $ |
Other Information By Segment | June 30, 2015 Total Investments Capital assets In affiliates expenditures amounts in millions QVC Group QVC $ Corporate and other — Total QVC Group Ventures Group Digital Commerce Corporate and other — Total Ventures Group Inter-group eliminations — — Consolidated Liberty $ |
Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes | Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 amounts in millions Consolidated segment Adjusted OIBDA $ Stock-based compensation Impairment of intangible assets — — Depreciation and amortization Interest expense Share of earnings (loss) of affiliates, net Realized and unrealized gains (losses) on financial instruments, net Gains (losses) on dispositions, net — — Other, net Earnings (loss) before income taxes $ |
Financial Information for Tra31
Financial Information for Tracking Stock Groups (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Inter-group Consolidated Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ — Trade and other receivables, net — Inventory, net — Short-term marketable securities — Other current assets Total current assets Investments in available-for-sale securities and other cost investments (note 2) — Investments in affiliates, accounted for using the equity method (note 3) — Property and equipment, net — Intangible assets not subject to amortization — Intangible assets subject to amortization, net — Other assets, at cost, net of accumulated amortization — Total assets $ Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 7) $ — — Accounts payable — Accrued liabilities — Current portion of debt (note 4) — Current deferred tax liabilities — Other current liabilities — Total current liabilities Long-term debt (note 4) — Deferred income tax liabilities — Other liabilities — Total liabilities Equity/Attributed net assets (liabilities) — Noncontrolling interests in equity of subsidiaries — Total liabilities and equity $ |
Condensed Income Statement | STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ Operating costs and expenses: Cost of sales Operating, including stock-based compensation (note 5) Selling, general and administrative, including stock-based compensation (note 5) Depreciation and amortization Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Gains (losses) on dispositions, net (note 1) — Other, net Earnings (loss) before income taxes Income tax benefit (expense) Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2014 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ — Operating costs and expenses: Cost of sales — Operating, including stock-based compensation — Selling, general and administrative, including stock-based compensation (note 5) Impairment of Long Lived Assets — Depreciation and amortization Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Other, net Earnings (loss) from continuing operations before income taxes Income tax benefit (expense) Net earnings (loss) from continuing operations Earnings (loss) from discontinued operations, net of taxes Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF OPERATIONS INFORMATION Six months ended June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ Operating costs and expenses: Cost of sales Operating, including stock-based compensation (note 5) Selling, general and administrative, including stock-based compensation (note 5) Depreciation and amortization Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Gains (losses) on dispositions, net (note 1) — Other, net Earnings (loss) before income taxes Income tax benefit (expense) Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ STATEMENT OF OPERATIONS INFORMATION Six months ended June 30, 2014 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ — Operating costs and expenses: Cost of sales — Operating, including stock-based compensation — Selling, general and administrative, including stock-based compensation (note 5) Impairment of intangible assets — Depreciation and amortization — Operating income (loss) Other income (expense): Interest expense Share of earnings (losses) of affiliates, net (note 3) Realized and unrealized gains (losses) on financial instruments, net Other, net — Earnings (loss) from continuing operations before income taxes Income tax benefit (expense) Net earnings (loss) from continuing operations Earnings (loss) from discontinued operations, net of taxes Net earnings (loss) Less net earnings (loss) attributable to noncontrolling interests Net earnings (loss) attributable to Liberty stockholders $ |
Condensed Cash Flow Statement | STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2015 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings (loss) $ Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Stock-based compensation Cash payments for stock based compensation — Excess tax benefit from stock based compensation Share of (earnings) losses of affiliates, net Cash receipts from return on equity investments Realized and unrealized gains (losses) on financial instruments, net (Gains) losses on dispositions — Deferred income tax (benefit) expense Other, net Intergroup tax allocation — Intergroup tax (payments) receipts — Changes in operating assets and liabilities Current and other assets Payables and other current liabilities Net cash provided (used) by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisitions — Cash proceeds from dispositions — Investments in and loans to cost and equity investees Cash receipts from returns of equity investments — Capital expended for property and equipment Purchases of short term and other marketable securities Sales of short term and other marketable securities Other investing activities, net — Net cash provided (used) by investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of debt Repayments of debt Repurchases of Liberty common stock — Minimum withholding taxes on net settlements of stock-based compensation Excess tax benefit from stock-based compensation Other financing activities, net Net cash provided (used) by financing activities Effect of foreign currency rates on cash — Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end period $ STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2014 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings (loss) $ Adjustments to reconcile net earnings to net cash provided by operating activities: (Earnings) loss from discontinued operations Depreciation and amortization — Stock-based compensation Cash payments for stock based compensation Excess tax benefit from stock-based compensation Share of losses (earnings) of affiliates, net Cash receipts from return on equity investments Realized and unrealized gains (losses) on financial instruments, net Impairment of intangible assets Deferred income tax (benefit) expense Other, net Intergroup tax allocation — Intergroup tax (payments) receipts — Changes in operating assets and liabilities Current and other assets Payables and other current liabilities Net cash provided (used) by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Cash proceeds from dispositions — Investments in and loans to cost and equity investees Capital expended for property and equipment Purchases of short term and other marketable securities Sales of short term and other marketable securities Other investing activities, net Net cash provided (used) by investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of debt — Repayments of debt Repurchases of Liberty Interactive common stock — Minimum withholding taxes on net settlements of stock-based compensation — Excess tax benefit from stock-based compensation Intergroup receipts (payments), net — Other financing activities, net — Net cash provided (used) by financing activities Net cash provided (used) by discontinued operations: Operating Investing Financing Effect of foreign currency rates on cash Change in available cash held by discontinued operations Net cash provided (used) by discontinued operations — Effect of foreign currency rates on cash — Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end period $ |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Related Party Transaction, Amounts of Transaction | $ 2 | $ 3 | $ 5 | $ 6 |
Retained Earnings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
APIC Deficit Reclassified to Retained Earnings | $ (321) | $ (321) |
Tracking Stock (Details)
Tracking Stock (Details) $ / shares in Units, $ in Millions | Oct. 13, 2014 | Apr. 11, 2014 | Jun. 30, 2015USD ($)item$ / sharesshares | Dec. 31, 2014USD ($)shares | Oct. 20, 2014shares | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) |
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Number of tracking stocks | item | 2 | ||||||
Cash and cash equivalents | $ 2,589 | $ 2,306 | $ 1,244 | $ 902 | |||
FTD | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 35.00% | ||||||
QVC Group Common Stock | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Cash and cash equivalents | $ 497 | $ 422 | 690 | 595 | |||
QVC Group Common Stock | HSN, Inc. | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||||
QVC Group Common Stock | Common Class A | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Common Stock, Shares, Issued | shares | 435,767,426 | 447,451,702 | |||||
QVC Group Common Stock | Reattribution Transaction | Liberty Ventures common stock | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Ratio applied to the reattribution | 0.14217 | ||||||
Liberty Ventures common stock | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Cash and cash equivalents | $ 2,092 | $ 1,884 | $ 554 | $ 307 | |||
Expected Investment in Liberty Broadband | $ 2,400 | ||||||
Price per share of Liberty Broadband Series C common stock | $ / shares | $ 56.23 | ||||||
Liberty Broadband subscription agreements | $ 4,400 | ||||||
Limit on investment in Liberty Broadband | 25.00% | ||||||
Liberty Ventures common stock | FTD | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 36.00% | ||||||
Liberty Ventures common stock | Common Class A | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||||
Common Stock, Shares, Issued | shares | 134,629,854 | 134,525,874 | |||||
Liberty Ventures common stock | Reattribution Transaction | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Common Stock, Shares, Issued | shares | 67,700,000 | ||||||
Liberty Broadband | Liberty Ventures common stock | |||||||
Targeted or Tracking Stock, Stock [Line Items] | |||||||
Expected Liberty Broadband investment in Charter stock | $ 4,300 |
Disposals (Details)
Disposals (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2015 | Aug. 27, 2014 | Aug. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Liberty TripAdvisor Holdings [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Ownership interest in investee | 22.00% | ||||||
Voting interest in investee | 57.00% | ||||||
Net debt | $ 350 | ||||||
Proceeds from Issuance of Debt | $ 400 | ||||||
Cash distribution to parent from discontinued operation | $ 350 | ||||||
Revenue | $ 335 | $ 629 | |||||
Earnings (loss) before income taxes | 28 | 55 | |||||
Earnings (loss) attributable to parent | (1) | ||||||
Backcountry | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration from sale of business | $ 350 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 105 | ||||||
Disposal Group Revenue | $ 105 | 99 | $ 227 | 211 | |||
Disposal Group Net Earnings (Loss) | $ 4 | $ 3 | $ 3 | $ 4 | |||
Disposal Group Total Assets | $ 323 | ||||||
QVC Group Common Stock | Liberty TripAdvisor Holdings [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $ (0.01) | $ (0.02) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | (0.01) | (0.02) | |||||
Liberty Ventures common stock | Liberty TripAdvisor Holdings [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.09 | 0.15 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $ 0.09 | $ 0.15 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Allocated To Selling, General And Administrative Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation [Abstract] | ||||
Stock-based compensation allocated to selling, general, and administrative | $ 29 | $ 26 | $ 44 | $ 51 |
Stock-Based Compensation (Outst
Stock-Based Compensation (Outstanding Awards) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Total |
QVC Group Common Stock | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | 24,900 |
Options granted | 4,347 |
Options exercised | (2,633) |
Options forfeited/cancelled | (483) |
Outstanding options | 26,131 |
Exercisable options | 15,497 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ 17.49 |
WAEP of grants in the period | 28.98 |
WAEP exercised | 15.57 |
WAEP forfeited/cancelled during period | 22.69 |
Outstanding WAEP | 19.50 |
Exercisable WAEP | $ 16.71 |
Weighted average remaining life - options outstanding | 4 years 6 months |
Weighted average remaining life - options exercisable | 3 years 8 months 12 days |
Aggregate intrinsic value of options outstanding | $ 221 |
Aggregate intrinsic value of options exercisable | $ 171 |
QVC Group Common Stock | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | 1,044 |
Options granted | 132 |
Options exercised | (398) |
Outstanding options | 778 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ 24.78 |
WAEP of grants in the period | 29.41 |
WAEP exercised | 16.51 |
Outstanding WAEP | $ 29.79 |
Weighted average remaining life - options outstanding | 6 years 6 months |
Liberty Ventures common stock | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | 3,997 |
Options granted | 652 |
Options exercised | (278) |
Options forfeited/cancelled | (3) |
Outstanding options | 4,368 |
Exercisable options | 2,874 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ 19.10 |
WAEP of grants in the period | 41.40 |
WAEP exercised | 19.92 |
WAEP forfeited/cancelled during period | 26.45 |
Outstanding WAEP | 22.37 |
Exercisable WAEP | $ 18.79 |
Weighted average remaining life - options outstanding | 4 years 6 months |
Weighted average remaining life - options exercisable | 3 years 8 months 12 days |
Aggregate intrinsic value of options outstanding | $ 75 |
Aggregate intrinsic value of options exercisable | $ 59 |
Liberty Ventures common stock | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | 1,507 |
Options granted | 135 |
Options exercised | (100) |
Outstanding options | 1,542 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ 36.24 |
WAEP of grants in the period | 42.33 |
WAEP exercised | 16.82 |
Outstanding WAEP | $ 38.04 |
Weighted average remaining life - options outstanding | 6 years 6 months |
Aggregate intrinsic value of options outstanding | $ 5 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock-based compensation | $ 29 | $ 26 | $ 44 | $ 51 |
Total unrecognized compensation cost related to unvested Liberty equity awards | $ 121 | $ 121 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 9 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
QVC Group Common Stock | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock-based compensation | $ 24 | 48 | ||
Liberty Ventures common stock | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock-based compensation | $ 20 | $ 3 | ||
Common Class A | QVC Group Common Stock | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 4,347 | |||
Common Class A | QVC Group Common Stock | QVC | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 2,000 | |||
Weighted average grant-date fair value of options | $ 11.87 | |||
Award vesting period | 4 years | |||
Common Class A | QVC Group Common Stock | Corporate Segment [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 2,300 | |||
Weighted average grant-date fair value of options | $ 11.79 | |||
Award vesting period | 3 years | |||
Award Vesting Period Percentage | 50.00% | |||
Common Class A | Liberty Ventures common stock | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 652 | |||
Common Class A | Liberty Ventures common stock | Corporate Segment [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 652 | |||
Weighted average grant-date fair value of options | $ 18.27 | |||
Award vesting period | 3 years | |||
Award Vesting Period Percentage | 50.00% | |||
Common Class B | QVC Group Common Stock | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 132 | |||
Common Class B | QVC Group Common Stock | Chief Executive Officer | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 132 | |||
Weighted average grant-date fair value of options | $ 10.10 | |||
Award vesting period | 1 year | |||
Common Class B | QVC Group Common Stock | Restricted Stock Units (RSUs) | Chief Executive Officer | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 182 | |||
Weighted average grant-date fair value of options | $ 29.41 | |||
Award vesting period | 1 year | |||
Common Class B | Liberty Ventures common stock | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 135 | |||
Common Class B | Liberty Ventures common stock | Chief Executive Officer | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 135 | |||
Weighted average grant-date fair value of options | $ 17.16 | |||
Award vesting period | 1 year | |||
Common Class B | Liberty Ventures common stock | Restricted Stock Units (RSUs) | Chief Executive Officer | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options granted | 13 | |||
Weighted average grant-date fair value of options | $ 42.33 | |||
Award vesting period | 1 year |
Earnings (Loss) Per Common Sh38
Earnings (Loss) Per Common Share (Earrings Per Share Basic and Diluted) (Details) shares in Millions | Apr. 11, 2014 | Jun. 30, 2015shares | Jun. 30, 2014shares | Jun. 30, 2015shares | Jun. 30, 2014shares |
QVC Group Common Stock | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4 | 2 | 4 | 2 | |
Basic EPS (WA shares outstanding) | 469 | 486 | 471 | 490 | |
Potentially dilutive shares | 7 | 10 | 7 | 10 | |
Diluted EPS (WA shares outstanding) | 476 | 496 | 478 | 500 | |
Liberty Ventures common stock | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Basic EPS (WA shares outstanding) | 141 | 73 | 141 | 73 | |
Potentially dilutive shares | 2 | 1 | 2 | 1 | |
Diluted EPS (WA shares outstanding) | 143 | 74 | 143 | 74 | |
Common Class A | Liberty Ventures common stock | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Stock split, conversion ratio | 2 | ||||
Common Class B | Liberty Ventures common stock | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Stock split, conversion ratio | 2 |
Assets And Liabilities Measur39
Assets And Liabilities Measured At Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 2,420 | $ 2,147 |
Short term marketable securities | 845 | 889 |
Available-for-sale securities | 1,360 | 1,220 |
Available-for-sale Securities, Noncurrent | 1,405 | 1,224 |
Debt | 2,635 | 2,574 |
Fair Value, Inputs (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,420 | 2,147 |
Short term marketable securities | 249 | 277 |
Available-for-sale securities | 1,351 | 1,203 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short term marketable securities | 596 | 612 |
Available-for-sale securities | 9 | 17 |
Debt | $ 2,635 | $ 2,574 |
Assets And Liabilities Measur40
Assets And Liabilities Measured At Fair Value Realized Unrealized Gain Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 32 | $ (41) | $ 28 | $ (66) |
Fair Value Option Securities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Realized and unrealized gains (losses) on financial instruments, net | 165 | 90 | 148 | 80 |
Exchangeable Senior Debentures | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ (133) | $ (131) | $ (120) | $ (146) |
Investments In Available-For-41
Investments In Available-For-Sale Securities And Other Cost Investments (Investments In Available-For-Sale Securities And Other Cost Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | $ 1,405 | $ 1,224 |
QVC Group Common Stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Cost Method Investments | 4 | 4 |
Investments in available-for-sale securities and other cost investments | $ 4 | 4 |
QVC Group Common Stock | QVC 3.125% Senior Secured Notes Due 2019 | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Interest rate (as a percent) | 3.125% | |
Liberty Ventures common stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | $ 1,401 | 1,220 |
Other Investments | Liberty Ventures common stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | 62 | 30 |
Time Warner Inc | Fair Value Option, Other Eligible Items | Liberty Ventures common stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | 384 | 375 |
Time Warner Cable Inc | Fair Value Option, Other Eligible Items | Liberty Ventures common stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | $ 955 | $ 815 |
Investments In Affiliates Acc42
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Investments in affiliates, accounted for using the equity method | $ 1,521 | $ 1,633 |
FTD | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 35.00% | |
QVC Group Common Stock | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Investments in affiliates, accounted for using the equity method | $ 196 | $ 375 |
QVC Group Common Stock | HSN, Inc. | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 38.00% | |
Investments in affiliates, accounted for using the equity method | $ 151 | 328 |
QVC Group Common Stock | Equity method investment, other | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Investments in affiliates, accounted for using the equity method | 45 | 47 |
Liberty Ventures common stock | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Investments in affiliates, accounted for using the equity method | 1,325 | 1,258 |
Liberty Ventures common stock | Equity method investment, other | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Investments in affiliates, accounted for using the equity method | $ 380 | 389 |
Liberty Ventures common stock | Expedia | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 18.00% | |
Investments in affiliates, accounted for using the equity method | $ 587 | 514 |
Liberty Ventures common stock | FTD | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 36.00% | |
Investments in affiliates, accounted for using the equity method | $ 358 | $ 355 |
Fair Value, Inputs (Level 1) | QVC Group Common Stock | HSN, Inc. | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Equity Method Investment, Quoted Market Value | 1,405 | |
Fair Value, Inputs (Level 1) | Liberty Ventures common stock | Expedia | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Equity Method Investment, Quoted Market Value | 2,581 | |
Fair Value, Inputs (Level 1) | Liberty Ventures common stock | FTD | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Equity Method Investment, Quoted Market Value | $ 288 |
Investments In Affiliates Acc43
Investments In Affiliates Accounted For Using The Equity Method (Operating Activities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | $ 87 | $ 4 | $ 90 | $ 2 |
QVC Group Common Stock | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | 9 | 7 | 33 | 28 |
QVC Group Common Stock | HSN, Inc. | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | 12 | 9 | 37 | 31 |
QVC Group Common Stock | Equity method investment, other | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | (3) | (2) | (4) | (3) |
Liberty Ventures common stock | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | 78 | (3) | 57 | (26) |
Liberty Ventures common stock | Expedia | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | 76 | 10 | 80 | 4 |
Liberty Ventures common stock | FTD | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | 7 | 5 | ||
Liberty Ventures common stock | Equity method investment, other | ||||
Equity Method Investments and Operating Activities Segment [Line Items] | ||||
Share of earnings (losses)ffiliates, net | $ (5) | $ (13) | $ (28) | $ (30) |
Investments In Affiliates Acc44
Investments In Affiliates Accounted For Using The Equity Method (Other Activity) (Details) - Long-term Debt, Type [Domain] - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Dec. 31, 2014 | Feb. 28, 2015 | Jan. 31, 2015 | Jun. 30, 2015 |
FTD | ||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 145 | |||
Equity Method Investment, Ownership Percentage | 35.00% | |||
Number of shares of stock received | 10.2 | |||
QVC Group Common Stock | HSN, Inc. | ||||
Equity Method Investment, Dividends or Distributions | $ 200 | |||
Dividend Received Per Share From Equity Method Affiliate | $ 10 | |||
Equity Method Investment, Ownership Percentage | 38.00% | |||
Liberty Ventures common stock | Expedia | ||||
Equity Method Investment, Ownership Percentage | 18.00% | |||
Liberty Ventures common stock | FTD | ||||
Equity Method Investment, Ownership Percentage | 36.00% |
Other Intangible Assets (Change
Other Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Total cash consideration | $ 20 | ||||
Goodwill [Roll Forward] | |||||
Balance, beginning of the year | 5,404 | ||||
Foreign currency translation adjustments | (42) | ||||
Sale of Subsidiary | (105) | ||||
Other | 9 | ||||
Balance, end of the year | $ 5,266 | 5,266 | |||
Intangible assets subject to amortization, net | 1,014 | 1,014 | $ 1,185 | ||
Goodwill and Intangible Asset Impairment | $ (7) | $ (7) | |||
Amortization of Intangible Assets | 123 | $ 125 | 252 | $ 249 | |
QVC | |||||
Goodwill [Roll Forward] | |||||
Balance, beginning of the year | 5,206 | ||||
Foreign currency translation adjustments | (42) | ||||
Balance, end of the year | 5,164 | 5,164 | |||
Digital commerce | |||||
Goodwill [Roll Forward] | |||||
Balance, beginning of the year | 198 | ||||
Sale of Subsidiary | (105) | ||||
Other | 9 | ||||
Balance, end of the year | $ 102 | $ 102 |
Other Intangible Assets (Amorti
Other Intangible Assets (Amortization Expense For The Next Five Fiscal Years) (Details) $ in Millions | Jun. 30, 2015USD ($) |
Intangible Assets Disclosure [Abstract] | |
2,015 | $ 221 |
2,016 | 443 |
2,017 | 290 |
2,018 | 33 |
2,019 | $ 14 |
Other Intangible Assets (Narrat
Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 123 | $ 125 | $ 252 | $ 249 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jun. 01, 2015 | Apr. 15, 2015 | Mar. 09, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 |
Senior secured note [Member] | ||||||||
Debt Instrument, Repurchase Amount | $ 1,036.88 | |||||||
HSN, Inc. | ||||||||
Dividends declared (in dollars per share) | $ 0.35 | $ 0.35 | ||||||
Special dividend received per share from equity method affiliate | $ 10 | |||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 200,000,000 | |||||||
1% Exchangeable Senior Debentures due 2043 | HSN, Inc. | ||||||||
Dividend Received Per Share From Equity Method Affiliate | $ 0.18 | $ 0.18 | ||||||
Portion of Dividend Passed Through To Note Holders | $ 54,000,000 | |||||||
QVC 7.375% Senior Secured Notes Due 2020 | Senior secured note [Member] | ||||||||
Principal amount | 500,000,000 | |||||||
Loss on extinguishment of debt | $ 21,000,000 | |||||||
QVC Bank Credit Facilities | ||||||||
Interest rate (as a percent) | 1.60% | 1.60% | ||||||
Remaining borrowing capacity | $ 1,400,000,000 | $ 1,400,000,000 | ||||||
QVC | QVC Bank Credit Facilities | Segment, Liberty Interactive Corporation | Revolving Credit Facility [Member] | ||||||||
Maximum Borrowing Capacity | $ 2,250,000,000 | |||||||
Standby letters of credit | 250,000,000 | |||||||
Incremental borrowing capacity | $ 1,500,000,000 | |||||||
LIBOR | QVC | QVC Bank Credit Facilities | Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||
Alternate Base Rate [Member] | QVC | QVC Bank Credit Facilities | Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Description of Variable Rate Basis | ABR | |||||||
Minimum | QVC | QVC Bank Credit Facilities | Segment, Liberty Interactive Corporation | Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||
Maximum | QVC | QVC Bank Credit Facilities | Segment, Liberty Interactive Corporation | Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
QVC Group Common Stock | 8.5% Senior Debentures Due 2029 | ||||||||
Interest rate (as a percent) | 8.50% | 8.50% | ||||||
QVC Group Common Stock | 8.25% Senior Debentures Due 2030 | ||||||||
Interest rate (as a percent) | 8.25% | 8.25% | ||||||
QVC Group Common Stock | 1% Exchangeable Senior Debentures due 2043 | ||||||||
Interest rate (as a percent) | 1.00% | 1.00% | ||||||
QVC Group Common Stock | QVC 3.125% Senior Secured Notes Due 2019 | ||||||||
Interest rate (as a percent) | 3.125% | 3.125% | ||||||
QVC Group Common Stock | QVC 7.375% Senior Secured Notes Due 2020 | ||||||||
Interest rate (as a percent) | 7.375% | 7.375% | ||||||
QVC Group Common Stock | QVC 5.125% Senior Secured Notes 2022 | ||||||||
Interest rate (as a percent) | 5.125% | 5.125% | ||||||
QVC Group Common Stock | QVC 4.375% Senior Secured Notes due 2023 | ||||||||
Interest rate (as a percent) | 4.375% | 4.375% | ||||||
QVC Group Common Stock | QVC 4.850% Senior Secured Notes due 2024 | ||||||||
Interest rate (as a percent) | 4.85% | 4.85% | ||||||
QVC Group Common Stock | QVC 4.45% Senior Secured Notes due 2025 [Member] | ||||||||
Interest rate (as a percent) | 4.45% | 4.45% | ||||||
QVC Group Common Stock | QVC 5.45% Senior Secured Notes due 2034 [Member] | ||||||||
Interest rate (as a percent) | 5.45% | 5.45% | ||||||
QVC Group Common Stock | QVC 5.95% Senior Secured Notes due 2043 | ||||||||
Interest rate (as a percent) | 5.95% | 5.95% | ||||||
Liberty Ventures common stock | 4% Exchangeable Senior Debentures Due 2029 | ||||||||
Interest rate (as a percent) | 4.00% | 4.00% | ||||||
Liberty Ventures common stock | 3.75% Exchangeable Senior Debentures Due 2030 | ||||||||
Interest rate (as a percent) | 3.75% | 3.75% | ||||||
Liberty Ventures common stock | 3.5% Exchangeable Senior Debentures Due 2031 | ||||||||
Interest rate (as a percent) | 3.50% | 3.50% | ||||||
Liberty Ventures common stock | 0.75% Exchangeable Senior Debentures due 2043 | ||||||||
Interest rate (as a percent) | 0.75% | 0.75% |
Long-Term Debt (Debt Excluding
Long-Term Debt (Debt Excluding Intergroup Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Outstanding principal | $ 7,776 | |
Long-term Debt | 7,981 | $ 8,051 |
Current portion of debt | (916) | (946) |
Long-term debt | $ 7,065 | 7,105 |
QVC Bank Credit Facilities | ||
Debt instrument interest rate | 1.60% | |
QVC Group Common Stock | ||
Outstanding principal | $ 5,657 | |
Long-term Debt | 5,694 | 5,860 |
Current portion of debt | (9) | |
Long-term debt | 5,685 | |
QVC Group Common Stock | 8.5% Senior Debentures Due 2029 | ||
Outstanding principal | 287 | |
Long-term Debt | $ 285 | 285 |
Debt instrument interest rate | 8.50% | |
QVC Group Common Stock | 8.25% Senior Debentures Due 2030 | ||
Outstanding principal | $ 505 | |
Long-term Debt | $ 501 | 501 |
Debt instrument interest rate | 8.25% | |
QVC Group Common Stock | 1% Exchangeable Senior Debentures due 2043 | ||
Outstanding principal | $ 346 | |
Long-term Debt | $ 392 | 444 |
Debt instrument interest rate | 1.00% | |
QVC Group Common Stock | QVC 3.125% Senior Secured Notes Due 2019 | ||
Outstanding principal | $ 400 | |
Long-term Debt | $ 399 | 399 |
Debt instrument interest rate | 3.125% | |
QVC Group Common Stock | QVC 7.375% Senior Secured Notes Due 2020 | ||
Long-term Debt | 500 | |
Debt instrument interest rate | 7.375% | |
QVC Group Common Stock | QVC 5.125% Senior Secured Notes 2022 | ||
Outstanding principal | $ 500 | |
Long-term Debt | $ 500 | 500 |
Debt instrument interest rate | 5.125% | |
QVC Group Common Stock | QVC 4.375% Senior Secured Notes due 2023 | ||
Outstanding principal | $ 750 | |
Long-term Debt | $ 750 | 750 |
Debt instrument interest rate | 4.375% | |
QVC Group Common Stock | QVC 4.850% Senior Secured Notes due 2024 | ||
Outstanding principal | $ 600 | |
Long-term Debt | $ 600 | 600 |
Debt instrument interest rate | 4.85% | |
QVC Group Common Stock | QVC 4.45% Senior Secured Notes due 2025 [Member] | ||
Outstanding principal | $ 600 | |
Long-term Debt | $ 599 | 599 |
Debt instrument interest rate | 4.45% | |
QVC Group Common Stock | QVC 5.45% Senior Secured Notes due 2034 [Member] | ||
Outstanding principal | $ 400 | |
Long-term Debt | $ 399 | 399 |
Debt instrument interest rate | 5.45% | |
QVC Group Common Stock | QVC 5.95% Senior Secured Notes due 2043 | ||
Outstanding principal | $ 300 | |
Long-term Debt | $ 300 | 300 |
Debt instrument interest rate | 5.95% | |
QVC Group Common Stock | QVC Bank Credit Facilities | ||
Outstanding principal | $ 895 | |
Long-term Debt | 895 | 508 |
QVC Group Common Stock | Subsidiary Debt | ||
Outstanding principal | 74 | |
Long-term Debt | 74 | 75 |
Liberty Ventures common stock | ||
Outstanding principal | 2,119 | |
Long-term Debt | 2,287 | 2,191 |
Current portion of debt | (907) | |
Long-term debt | 1,380 | |
Liberty Ventures common stock | 4% Exchangeable Senior Debentures Due 2029 | ||
Outstanding principal | 436 | |
Long-term Debt | $ 285 | 294 |
Debt instrument interest rate | 4.00% | |
Liberty Ventures common stock | 3.75% Exchangeable Senior Debentures Due 2030 | ||
Outstanding principal | $ 438 | |
Long-term Debt | $ 290 | 291 |
Debt instrument interest rate | 3.75% | |
Liberty Ventures common stock | 3.5% Exchangeable Senior Debentures Due 2031 | ||
Outstanding principal | $ 351 | |
Long-term Debt | $ 307 | 325 |
Debt instrument interest rate | 3.50% | |
Liberty Ventures common stock | 0.75% Exchangeable Senior Debentures due 2043 | ||
Outstanding principal | $ 850 | |
Long-term Debt | $ 1,361 | 1,220 |
Debt instrument interest rate | 0.75% | |
Liberty Ventures common stock | Subsidiary Debt | ||
Outstanding principal | $ 44 | |
Long-term Debt | $ 44 | $ 61 |
Long-Term Debt (Debt Securities
Long-Term Debt (Debt Securities That Are Not Reported At Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Fair value of debt not reported at fair value | $ 2,635 | $ 2,574 |
Senior Debentures | ||
Debt Instrument [Line Items] | ||
Fair value of debt not reported at fair value | 841 | |
QVC Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Fair value of debt not reported at fair value | $ 3,495 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | Oct. 13, 2014 | Apr. 11, 2014shares | Jun. 30, 2015shares | Jun. 02, 2015shares | Dec. 31, 2014shares | Oct. 20, 2014shares |
Class of Stock [Line Items] | ||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Capital stock designated as common stock | 8,965,000,000 | |||||
Capital stock authorized for issuance | 9,015,000,000 | |||||
Common Class A | QVC Group Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 | ||||
Common Stock, Shares, Issued | 435,767,426 | 447,451,702 | ||||
Common Stock, Shares, Outstanding | 435,767,426 | 447,451,702 | ||||
Shares reserved for future issuance upon exercise of stock options | 26,100,000 | |||||
Outstanding options | 26,131,000 | 24,900,000 | ||||
Common Class A | Liberty Ventures common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 400,000,000 | 200,000,000 | ||||
Common Stock, Shares, Issued | 134,629,854 | 134,525,874 | ||||
Common Stock, Shares, Outstanding | 134,629,854 | 134,525,874 | ||||
Shares reserved for future issuance upon exercise of stock options | 4,400,000 | |||||
Stock split, conversion ratio | 2 | |||||
Outstanding options | 4,368,000 | 3,997,000 | ||||
Stock split, dividends | 1 | |||||
Common Class B | QVC Group Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | ||||
Common Stock, Shares, Issued | 29,252,683 | 28,877,554 | ||||
Common Stock, Shares, Outstanding | 29,252,683 | 28,877,554 | ||||
Shares reserved for future issuance upon exercise of stock options | 778,000 | |||||
Outstanding options | 778,000 | 1,044,000 | ||||
Common Class B | Liberty Ventures common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 15,000,000 | 7,500,000 | ||||
Common Stock, Shares, Issued | 7,092,111 | 6,991,127 | ||||
Common Stock, Shares, Outstanding | 7,092,111 | 6,991,127 | ||||
Shares reserved for future issuance upon exercise of stock options | 1,500,000 | |||||
Stock split, conversion ratio | 2 | |||||
Outstanding options | 1,542,000 | 1,507,000 | ||||
Stock split, dividends | 1 | |||||
Common Class C | QVC Group Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 4,000,000,000 | |||||
Common Stock, Shares, Issued | 0 | |||||
Common Class C | Liberty Ventures common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | 400,000,000 | |||||
Common Stock, Shares, Outstanding | 0 | |||||
Reattribution Transaction | Liberty Ventures common stock | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 67,700,000 | |||||
Liberty Ventures common stock | Reattribution Transaction | QVC Group Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Ratio applied to the reattribution | 0.14217 |
Information About Liberty's O52
Information About Liberty's Operating Segments (Performance Measures By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total revenues | $ 2,252 | $ 2,483 | $ 4,466 | $ 4,917 |
Adjusted OIBDA | 459 | 456 | 878 | 890 |
QVC Group Common Stock | ||||
Total revenues | 1,998 | 2,483 | 3,936 | 4,917 |
Adjusted OIBDA | 445 | 460 | 846 | 896 |
QVC Group Common Stock | QVC | ||||
Total revenues | 1,998 | 2,014 | 3,936 | 4,000 |
Adjusted OIBDA | 449 | 439 | 856 | 851 |
QVC Group Common Stock | Digital commerce | ||||
Total revenues | 469 | 917 | ||
Adjusted OIBDA | 27 | 55 | ||
QVC Group Common Stock | Corporate and Other | ||||
Adjusted OIBDA | (4) | (6) | (10) | (10) |
Liberty Ventures common stock | ||||
Total revenues | 254 | 530 | ||
Adjusted OIBDA | 14 | (4) | 32 | (6) |
Liberty Ventures common stock | Digital commerce | ||||
Total revenues | 254 | 530 | ||
Adjusted OIBDA | 19 | 41 | ||
Liberty Ventures common stock | Corporate and Other | ||||
Adjusted OIBDA | $ (5) | $ (4) | $ (9) | $ (6) |
Information About Liberty's O53
Information About Liberty's Operating Segments (Other Information By Segment) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Total assets | $ 18,142 | $ 18,641 | |
Investments in affiliates, accounted for using the equity method | 1,521 | 1,633 | |
Capital expenditures | 104 | $ 85 | |
QVC Group Common Stock | |||
Total assets | 12,351 | ||
Investments in affiliates, accounted for using the equity method | 196 | 375 | |
Capital expenditures | 80 | 88 | |
QVC Group Common Stock | QVC | |||
Total assets | 12,019 | ||
Investments in affiliates, accounted for using the equity method | 45 | ||
Capital expenditures | 80 | ||
QVC Group Common Stock | Corporate and Other | |||
Total assets | 332 | ||
Investments in affiliates, accounted for using the equity method | 151 | ||
Liberty Ventures common stock | |||
Total assets | 5,995 | ||
Investments in affiliates, accounted for using the equity method | 1,325 | $ 1,258 | |
Capital expenditures | 24 | $ (3) | |
Liberty Ventures common stock | Digital commerce | |||
Total assets | 847 | ||
Investments in affiliates, accounted for using the equity method | 358 | ||
Capital expenditures | 24 | ||
Liberty Ventures common stock | Corporate and Other | |||
Total assets | 5,148 | ||
Investments in affiliates, accounted for using the equity method | 967 | ||
Inter-group Eliminations | |||
Total assets | $ (204) |
Information About Liberty's O54
Information About Liberty's Operating Segments (Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | $ 459 | $ 456 | $ 878 | $ 890 |
Stock-based compensation | (29) | (26) | (44) | (51) |
Depreciation and amortization | (161) | (164) | (329) | (327) |
Goodwill and Intangible Asset Impairment | (7) | (7) | ||
Interest expense | (90) | (98) | (185) | (193) |
Share of earnings (losses)ffiliates, net | 87 | 4 | 90 | 2 |
Realized and unrealized gains (losses) on financial instruments, net | 32 | (41) | 28 | (66) |
Gains (losses) on dispositions transactions, net | 111 | 111 | ||
Other, net | (29) | 3 | (14) | 10 |
Earnings (loss) from continuing operations before income taxes | $ 380 | $ 127 | $ 535 | $ 258 |
Financial Information for Tra55
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 2,589 | $ 2,306 | $ 1,244 | $ 902 |
Trade and other receivables, net | 859 | 1,232 | ||
Inventory, net | 1,029 | 1,049 | ||
Short term marketable securities | 845 | 889 | ||
Other current assets | 77 | 72 | ||
Total current assets | 5,399 | 5,548 | ||
Investments in available-for-sale securities and other cost investments | 1,405 | 1,224 | ||
Investments in affiliates, accounted for using the equity method | 1,521 | 1,633 | ||
Property and equipment, net | 1,020 | 1,093 | ||
Intangible assets subject to amortization, net | 1,014 | 1,185 | ||
Indefinite Lived Intangible Assets Total | 7,719 | 7,893 | ||
Other assets, at cost, net of accumulated amortization | 64 | 65 | ||
Total assets | 18,142 | 18,641 | ||
Accounts payable | 601 | 735 | ||
Accrued liabilities | 615 | 743 | ||
Current portion of debt | 916 | 946 | ||
Deferred income tax liabilities | 1,040 | 972 | ||
Other current liabilities | 237 | 343 | ||
Total current liabilities | 3,409 | 3,739 | ||
Long-term debt | 7,065 | 7,105 | ||
Deferred income tax liabilities | 1,739 | 1,849 | ||
Other liabilities | 202 | 168 | ||
Total liabilities | 12,415 | 12,861 | ||
Equity/Attributed net assets (liabilities) | 5,639 | 5,673 | ||
Noncontrolling interests in equity of subsidiaries | 88 | 107 | ||
Total liabilities and equity | 18,142 | 18,641 | ||
QVC Group Common Stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 497 | 422 | 690 | 595 |
Trade and other receivables, net | 800 | |||
Inventory, net | 964 | |||
Short term marketable securities | 8 | |||
Other current assets | 273 | |||
Total current assets | 2,542 | |||
Investments in available-for-sale securities and other cost investments | 4 | 4 | ||
Investments in affiliates, accounted for using the equity method | 196 | 375 | ||
Property and equipment, net | 982 | |||
Intangible assets subject to amortization, net | 976 | |||
Indefinite Lived Intangible Assets Total | 7,592 | |||
Other assets, at cost, net of accumulated amortization | 59 | |||
Total assets | 12,351 | |||
Intergroup payable receivable | 1 | |||
Accounts payable | 567 | |||
Accrued liabilities | 570 | |||
Current portion of debt | 9 | |||
Other current liabilities | 155 | |||
Total current liabilities | 1,302 | |||
Long-term debt | 5,685 | |||
Deferred income tax liabilities | 949 | |||
Other liabilities | 190 | |||
Total liabilities | 8,126 | |||
Equity/Attributed net assets (liabilities) | 4,130 | |||
Noncontrolling interests in equity of subsidiaries | 95 | |||
Total liabilities and equity | 12,351 | |||
Liberty Ventures common stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 2,092 | 1,884 | $ 554 | $ 307 |
Trade and other receivables, net | 59 | |||
Inventory, net | 65 | |||
Short term marketable securities | 837 | |||
Other current assets | 8 | |||
Total current assets | 3,061 | |||
Investments in available-for-sale securities and other cost investments | 1,401 | 1,220 | ||
Investments in affiliates, accounted for using the equity method | 1,325 | $ 1,258 | ||
Property and equipment, net | 38 | |||
Intangible assets subject to amortization, net | 38 | |||
Indefinite Lived Intangible Assets Total | 127 | |||
Other assets, at cost, net of accumulated amortization | 5 | |||
Total assets | 5,995 | |||
Intergroup payable receivable | (1) | |||
Accounts payable | 34 | |||
Accrued liabilities | 45 | |||
Current portion of debt | 907 | |||
Deferred income tax liabilities | 1,244 | |||
Other current liabilities | 82 | |||
Total current liabilities | 2,311 | |||
Long-term debt | 1,380 | |||
Deferred income tax liabilities | 790 | |||
Other liabilities | 12 | |||
Total liabilities | 4,493 | |||
Equity/Attributed net assets (liabilities) | 1,509 | |||
Noncontrolling interests in equity of subsidiaries | (7) | |||
Total liabilities and equity | 5,995 | |||
Inter-group Eliminations | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Other current assets | (204) | |||
Total current assets | (204) | |||
Total assets | (204) | |||
Deferred income tax liabilities | (204) | |||
Total current liabilities | (204) | |||
Total liabilities | (204) | |||
Total liabilities and equity | $ (204) |
Financial Information for Tra56
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||||
Total revenue, net | $ 2,252 | $ 2,483 | $ 4,466 | $ 4,917 |
Cost of sales (exclusive of depreciation shown) | 1,409 | 1,558 | 2,824 | 3,114 |
Operating expenses | 198 | 217 | 389 | 430 |
Selling, general and administrative, including stock-based compensation | 215 | 278 | 419 | 534 |
Depreciation and amortization | 161 | 164 | 329 | 327 |
Impairment of intangible assets | 7 | 7 | ||
Total operating costs and expenses | 1,983 | 2,224 | 3,961 | 4,412 |
Operating income (loss) | 269 | 259 | 505 | 505 |
Interest expense | (90) | (98) | (185) | (193) |
Share of earnings (loss) of affiliates, net | 87 | 4 | 90 | 2 |
Realized and unrealized gains (losses) on financial instruments, net | 32 | (41) | 28 | (66) |
Gains (losses) on dispositions transactions, net | 111 | 111 | ||
Other, net | (29) | 3 | (14) | 10 |
Total other income (expense) | 111 | (132) | 30 | (247) |
Earnings (loss) from continuing operations before income taxes | 380 | 127 | 535 | 258 |
Income tax benefit (expense) | (122) | (40) | (125) | (80) |
Earnings (loss) from continuing operations | 258 | 87 | 410 | 178 |
Earnings (loss) from discontinued operations, net of taxes | 19 | 38 | ||
Net earnings (loss) | 258 | 106 | 410 | 216 |
Less net earnings (loss) attributable to noncontrolling interests | 16 | 29 | 25 | 57 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 242 | 77 | 385 | 159 |
QVC Group Common Stock | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total revenue, net | 1,998 | 2,483 | 3,936 | 4,917 |
Cost of sales (exclusive of depreciation shown) | 1,234 | 1,558 | 2,455 | 3,114 |
Operating expenses | 174 | 217 | 343 | 430 |
Selling, general and administrative, including stock-based compensation | 157 | 272 | 316 | 525 |
Depreciation and amortization | 149 | 165 | 301 | 327 |
Impairment of intangible assets | 7 | 7 | ||
Total operating costs and expenses | 1,714 | 2,219 | 3,415 | 4,403 |
Operating income (loss) | 284 | 264 | 521 | 514 |
Interest expense | (70) | (79) | (145) | (155) |
Share of earnings (loss) of affiliates, net | 9 | 7 | 33 | 28 |
Realized and unrealized gains (losses) on financial instruments, net | 8 | 6 | (2) | 7 |
Other, net | (31) | (1) | (23) | |
Total other income (expense) | (84) | (67) | (137) | (120) |
Earnings (loss) from continuing operations before income taxes | 200 | 197 | 384 | 394 |
Income tax benefit (expense) | (80) | (76) | (104) | (149) |
Earnings (loss) from continuing operations | 121 | 245 | ||
Earnings (loss) from discontinued operations, net of taxes | (7) | (11) | ||
Net earnings (loss) | 120 | 114 | 280 | 234 |
Less net earnings (loss) attributable to noncontrolling interests | 8 | 9 | 17 | 19 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 112 | 105 | 263 | 215 |
Liberty Ventures common stock | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total revenue, net | 254 | 530 | ||
Cost of sales (exclusive of depreciation shown) | 175 | 369 | ||
Operating expenses | 24 | 46 | ||
Selling, general and administrative, including stock-based compensation | 58 | 6 | 103 | 9 |
Depreciation and amortization | 12 | (1) | 28 | |
Total operating costs and expenses | 269 | 5 | 546 | 9 |
Operating income (loss) | (15) | (5) | (16) | (9) |
Interest expense | (20) | (19) | (40) | (38) |
Share of earnings (loss) of affiliates, net | 78 | (3) | 57 | (26) |
Realized and unrealized gains (losses) on financial instruments, net | 24 | (47) | 30 | (73) |
Gains (losses) on dispositions transactions, net | 111 | 111 | ||
Other, net | 2 | 4 | 9 | 10 |
Total other income (expense) | 195 | (65) | 167 | (127) |
Earnings (loss) from continuing operations before income taxes | 180 | (70) | 151 | (136) |
Income tax benefit (expense) | (42) | 36 | (21) | 69 |
Earnings (loss) from continuing operations | (34) | (67) | ||
Earnings (loss) from discontinued operations, net of taxes | 26 | 49 | ||
Net earnings (loss) | 138 | (8) | 130 | (18) |
Less net earnings (loss) attributable to noncontrolling interests | 8 | 20 | 8 | 38 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 130 | $ (28) | $ 122 | $ (56) |
Financial Information for Tra57
Financial Information for Tracking Stock Groups - Statement of Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net earnings (loss) | $ 258 | $ 106 | $ 410 | $ 216 |
Earnings (loss) from discontinued operations | (19) | (38) | ||
Depreciation and amortization | 161 | 164 | 329 | 327 |
Stock-based compensation | 29 | 26 | 44 | 51 |
Cash payments for stock based compensation | (10) | (6) | ||
Excess tax benefit from stock-based compensation | (16) | (10) | ||
Share of losses (earnings) of affiliates, net | (87) | (4) | (90) | (2) |
Cash receipts from returns on equity investments | 27 | 20 | ||
Realized and unrealized gains (losses) on financial instruments, net | (32) | 41 | (28) | 66 |
(Gains) losses on transactions, net | (111) | (111) | ||
Impairment of intangible assets | 7 | 7 | ||
Deferred income tax (benefit) expense | (30) | (66) | ||
Other noncash charges (credits), net | 32 | 7 | ||
Current and other assets | 287 | 311 | ||
Payables and other current liabilities | (246) | (51) | ||
Net cash provided (used) by operating activities | 598 | 832 | ||
Proceeds from Sale of Other Assets, Investing Activities | 271 | 25 | ||
Investments in and loans to cost and equity investees | (98) | (31) | ||
Capital expended for property and equipment | (104) | (85) | ||
Cash receipts from returns of equity investments | 200 | |||
Cash (paid) for acquisitions, net of cash acquired | (20) | |||
Purchases of short-term and other marketable securities | (626) | (257) | ||
Sales of short term and other marketable securities | 677 | 237 | ||
Other investing activities, net | (47) | 5 | ||
Net cash used by investing activities | 253 | (106) | ||
Borrowings of debt | 1,467 | 1,895 | ||
Repayments of debt | (1,628) | (1,744) | ||
Repurchases of Liberty common stock | (377) | (478) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (13) | (14) | ||
Excess tax benefit from stock-based compensation | 16 | 10 | ||
Other financing activities, net | (24) | (36) | ||
Net cash provided (used) by financing activities | (559) | (367) | ||
Effect of foreign currency exchange rates on cash | (9) | (5) | ||
Net cash provided by (used in) operating activities, discontinued operations | 255 | |||
Net cash provided by (used in) investing activities, discontinued operations | (11) | |||
Net cash provided by (used in) financing activities, discontinued operations | (24) | |||
Effect of Exchange Rate on Cash, Discontinued Operations | 3 | |||
Change in available cash held by discontinued operations | (235) | |||
Net Cash Provided by (Used in) Discontinued Operations, Total | (12) | |||
Net increase (decrease) in cash and cash equivalents | 283 | 342 | ||
Cash and cash equivalents at beginning of period | 2,306 | 902 | ||
Cash and cash equivalents at end of period | 2,589 | 1,244 | 2,589 | 1,244 |
QVC Group Common Stock | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net earnings (loss) | 120 | 114 | 280 | 234 |
Earnings (loss) from discontinued operations | 7 | 11 | ||
Depreciation and amortization | 149 | 165 | 301 | 327 |
Stock-based compensation | 24 | 48 | ||
Cash payments for stock based compensation | (5) | |||
Excess tax benefit from stock-based compensation | (14) | (9) | ||
Share of losses (earnings) of affiliates, net | (9) | (7) | (33) | (28) |
Cash receipts from returns on equity investments | 14 | 10 | ||
Realized and unrealized gains (losses) on financial instruments, net | (8) | (6) | 2 | (7) |
Impairment of intangible assets | 7 | 7 | ||
Deferred income tax (benefit) expense | (91) | (101) | ||
Intergroup tax allocation | 43 | 105 | ||
Intergroup tax payments | (55) | (276) | ||
Other noncash charges (credits), net | 25 | 4 | ||
Current and other assets | 283 | 310 | ||
Payables and other current liabilities | (208) | (46) | ||
Net cash provided (used) by operating activities | 571 | 584 | ||
Investments in and loans to cost and equity investees | (2) | (2) | ||
Capital expended for property and equipment | (80) | (88) | ||
Cash receipts from returns of equity investments | 200 | |||
Purchases of short-term and other marketable securities | (80) | (38) | ||
Sales of short term and other marketable securities | 93 | 27 | ||
Other investing activities, net | (47) | (10) | ||
Net cash used by investing activities | 84 | (111) | ||
Borrowings of debt | 1,098 | 1,895 | ||
Repayments of debt | (1,288) | (1,739) | ||
Intergroup receipts (payments), net | 2 | |||
Repurchases of Liberty common stock | (377) | (478) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (14) | (14) | ||
Excess tax benefit from stock-based compensation | 14 | 9 | ||
Other financing activities, net | (4) | (36) | ||
Net cash provided (used) by financing activities | (571) | (361) | ||
Effect of foreign currency exchange rates on cash | (9) | (5) | ||
Net cash provided by (used in) operating activities, discontinued operations | (14) | |||
Net cash provided by (used in) investing activities, discontinued operations | 1 | |||
Net cash provided by (used in) financing activities, discontinued operations | (1) | |||
Change in available cash held by discontinued operations | 2 | |||
Net Cash Provided by (Used in) Discontinued Operations, Total | (12) | |||
Net increase (decrease) in cash and cash equivalents | 75 | 95 | ||
Cash and cash equivalents at beginning of period | 422 | 595 | ||
Cash and cash equivalents at end of period | 497 | 690 | 497 | 690 |
Liberty Ventures common stock | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net earnings (loss) | 138 | (8) | 130 | (18) |
Earnings (loss) from discontinued operations | (26) | (49) | ||
Depreciation and amortization | 12 | (1) | 28 | |
Stock-based compensation | 20 | 3 | ||
Cash payments for stock based compensation | (10) | (1) | ||
Excess tax benefit from stock-based compensation | (2) | (1) | ||
Share of losses (earnings) of affiliates, net | (78) | 3 | (57) | 26 |
Cash receipts from returns on equity investments | 13 | 10 | ||
Realized and unrealized gains (losses) on financial instruments, net | (24) | 47 | (30) | 73 |
(Gains) losses on transactions, net | (111) | (111) | ||
Deferred income tax (benefit) expense | 61 | 35 | ||
Intergroup tax allocation | (43) | (105) | ||
Intergroup tax payments | 55 | 276 | ||
Other noncash charges (credits), net | 7 | 3 | ||
Current and other assets | 4 | 1 | ||
Payables and other current liabilities | (38) | (5) | ||
Net cash provided (used) by operating activities | 27 | 248 | ||
Proceeds from Sale of Other Assets, Investing Activities | 271 | 25 | ||
Investments in and loans to cost and equity investees | (96) | (29) | ||
Capital expended for property and equipment | (24) | 3 | ||
Cash (paid) for acquisitions, net of cash acquired | (20) | |||
Purchases of short-term and other marketable securities | (546) | (219) | ||
Sales of short term and other marketable securities | 584 | 210 | ||
Other investing activities, net | 15 | |||
Net cash used by investing activities | 169 | 5 | ||
Borrowings of debt | 369 | |||
Repayments of debt | (340) | (5) | ||
Intergroup receipts (payments), net | (2) | |||
Taxes paid in lieu of shares issued for stock-based compensation | 1 | |||
Excess tax benefit from stock-based compensation | 2 | 1 | ||
Other financing activities, net | (20) | |||
Net cash provided (used) by financing activities | 12 | (6) | ||
Net cash provided by (used in) operating activities, discontinued operations | 269 | |||
Net cash provided by (used in) investing activities, discontinued operations | (12) | |||
Net cash provided by (used in) financing activities, discontinued operations | (23) | |||
Effect of Exchange Rate on Cash, Discontinued Operations | 3 | |||
Change in available cash held by discontinued operations | (237) | |||
Net increase (decrease) in cash and cash equivalents | 208 | 247 | ||
Cash and cash equivalents at beginning of period | 1,884 | 307 | ||
Cash and cash equivalents at end of period | $ 2,092 | $ 554 | $ 2,092 | $ 554 |