Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
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 | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
QVC Group Common Stock | Common Class A | ||
Entity Common Stock, Shares Outstanding | 451,545,725 | |
QVC Group Common Stock | Common Class B | ||
Entity Common Stock, Shares Outstanding | 29,361,638 | |
Liberty Ventures common stock | Common Class A | ||
Entity Common Stock, Shares Outstanding | 135,061,972 | |
Liberty Ventures common stock | Common Class B | ||
Entity Common Stock, Shares Outstanding | 7,103,609 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Assets, Current | ||
Cash and cash equivalents | $ 2,743 | $ 2,449 |
Trade and other receivables, net | 1,094 | 1,443 |
Inventory, net | 1,084 | 1,000 |
Short term marketable securities | 601 | 910 |
Other current assets | 87 | 73 |
Total current assets | 5,609 | 5,875 |
Investments in available-for-sale securities and other cost investments | 1,482 | 1,353 |
Investments in affiliates, accounted for using the equity method | 1,651 | 1,641 |
Property and equipment, at cost | 2,236 | 2,124 |
Accumulated depreciation | (1,035) | (984) |
Property and equipment, net | 1,201 | 1,140 |
Intangible assets not subject to amortization: | ||
Goodwill | 6,198 | 6,112 |
Trademarks | 3,322 | 3,373 |
Indefinite Lived Intangible Assets Total | 9,520 | 9,485 |
Intangible assets subject to amortization, net | 1,457 | 1,647 |
Other assets, at cost, net of accumulated amortization | 38 | 39 |
Total assets | 20,958 | 21,180 |
Liabilities and Equity | ||
Accounts payable | 667 | 762 |
Accrued liabilities | 623 | 784 |
Current portion of debt | 2,605 | 1,226 |
Other current liabilities | 295 | 328 |
Total current liabilities | 4,190 | 3,100 |
Long-term debt | 6,271 | 7,481 |
Deferred income tax liabilities | 3,454 | 3,502 |
Other liabilities | 295 | 222 |
Total liabilities | $ 14,210 | $ 14,305 |
Equity | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | $ 160 | $ 370 |
Accumulated other comprehensive earnings, net of taxes | (189) | (215) |
Retained earnings | 6,689 | 6,626 |
Total stockholders' equity | 6,666 | 6,787 |
Noncontrolling interests in equity of subsidiaries | 82 | 88 |
Total equity | $ 6,748 | $ 6,875 |
Commitments and contingencies | ||
Total liabilities and equity | $ 20,958 | $ 21,180 |
QVC Group Common Stock | ||
Assets, Current | ||
Cash and cash equivalents | 440 | 426 |
Trade and other receivables, net | 1,040 | |
Inventory, net | 1,032 | |
Other current assets | 79 | |
Total current assets | 2,591 | |
Investments in available-for-sale securities and other cost investments | 4 | 4 |
Investments in affiliates, accounted for using the equity method | 223 | 208 |
Property and equipment, net | 1,164 | |
Intangible assets not subject to amortization: | ||
Indefinite Lived Intangible Assets Total | 9,391 | |
Intangible assets subject to amortization, net | 1,419 | |
Other assets, at cost, net of accumulated amortization | 33 | |
Total assets | 14,825 | |
Liabilities and Equity | ||
Accounts payable | 642 | |
Accrued liabilities | 576 | |
Current portion of debt | 358 | |
Other current liabilities | 184 | |
Total current liabilities | 1,805 | |
Long-term debt | 6,257 | |
Deferred income tax liabilities | 1,290 | |
Other liabilities | 283 | |
Total liabilities | 9,635 | |
Equity | ||
Total stockholders' equity | 5,098 | |
Noncontrolling interests in equity of subsidiaries | 92 | |
Total liabilities and equity | 14,825 | |
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 | $ 2,303 | $ 2,023 |
Trade and other receivables, net | 54 | |
Inventory, net | 52 | |
Short term marketable securities | 601 | |
Other current assets | 8 | |
Total current assets | 3,018 | |
Investments in available-for-sale securities and other cost investments | 1,478 | 1,349 |
Investments in affiliates, accounted for using the equity method | 1,428 | 1,433 |
Property and equipment, net | 37 | |
Intangible assets not subject to amortization: | ||
Indefinite Lived Intangible Assets Total | 129 | |
Intangible assets subject to amortization, net | 38 | |
Other assets, at cost, net of accumulated amortization | 5 | |
Total assets | 6,133 | |
Liabilities and Equity | ||
Accounts payable | 25 | |
Accrued liabilities | 47 | |
Current portion of debt | 2,247 | |
Other current liabilities | 111 | |
Total current liabilities | 2,385 | |
Long-term debt | 14 | |
Deferred income tax liabilities | 2,164 | |
Other liabilities | 12 | |
Total liabilities | 4,575 | |
Equity | ||
Total stockholders' equity | 1,568 | |
Noncontrolling interests in equity of subsidiaries | (10) | |
Total liabilities and equity | 6,133 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for Doubtful Accounts Receivable, Current | $ 89 | $ 87 |
Short-term Debt, Fair Value | 2,577 | 1,193 |
Long-term Debt, Fair Value | $ 0 | $ 1,287 |
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 | 452,916,772 | 461,379,963 |
Common stock, shares outstanding | 452,916,772 | 461,379,963 |
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 | 29,367,060 | 29,218,527 |
Common stock, shares outstanding | 29,367,060 | 29,218,527 |
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 | 400,000,000 |
Common stock, shares issued | 135,039,558 | 134,961,466 |
Common stock, shares outstanding | 135,039,558 | 134,961,466 |
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 | 15,000,000 |
Common stock, shares issued | 7,103,609 | 7,092,111 |
Common stock, shares outstanding | 7,103,609 | 7,092,111 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue: | ||
Total revenue, net | $ 2,510 | $ 2,214 |
Operating costs and expenses: | ||
Cost of sales | 1,626 | 1,415 |
Operating expenses | 170 | 160 |
Selling, general and administrative, including stock-based compensation | 308 | 235 |
Depreciation and amortization | 217 | 168 |
Total operating costs and expenses | 2,321 | 1,978 |
Operating income (loss) | 189 | 236 |
Other income (expense): | ||
Interest expense | (93) | (95) |
Share of earnings (losses) of affiliates, net | (21) | 3 |
Realized and unrealized gains (losses) on financial instruments, net | (7) | (4) |
Other, net | 34 | 15 |
Total other income (expense) | (87) | (81) |
Earnings (loss) before income taxes | 102 | 155 |
Income tax (expense) benefit | (31) | (3) |
Net earnings (loss) | 71 | 152 |
Less net earnings (losses) attributable to the noncontrolling interests | 8 | 9 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 63 | 143 |
QVC Group Common Stock | ||
Revenue: | ||
Total revenue, net | 2,367 | 1,938 |
Operating costs and expenses: | ||
Cost of sales | 1,535 | 1,221 |
Operating expenses | 153 | 138 |
Selling, general and administrative, including stock-based compensation | 264 | 190 |
Depreciation and amortization | 209 | 152 |
Total operating costs and expenses | 2,161 | 1,701 |
Operating income (loss) | 206 | 237 |
Other income (expense): | ||
Interest expense | (76) | (75) |
Share of earnings (losses) of affiliates, net | 21 | 24 |
Realized and unrealized gains (losses) on financial instruments, net | (1) | (10) |
Other, net | 5 | 8 |
Total other income (expense) | (51) | (53) |
Earnings (loss) before income taxes | 155 | 184 |
Income tax (expense) benefit | (57) | (24) |
Net earnings (loss) | 98 | 160 |
Less net earnings (losses) attributable to the noncontrolling interests | 8 | 9 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 90 | $ 151 |
Earnings (Loss) Per Common Share | ||
Earnings Per Share, Basic | $ 0.19 | $ 0.32 |
Earnings Per Share, Diluted | $ 0.18 | $ 0.31 |
Liberty Ventures common stock | ||
Revenue: | ||
Total revenue, net | $ 143 | $ 276 |
Operating costs and expenses: | ||
Cost of sales | 91 | 194 |
Operating expenses | 17 | 22 |
Selling, general and administrative, including stock-based compensation | 44 | 45 |
Depreciation and amortization | 8 | 16 |
Total operating costs and expenses | 160 | 277 |
Operating income (loss) | (17) | (1) |
Other income (expense): | ||
Interest expense | (17) | (20) |
Share of earnings (losses) of affiliates, net | (42) | (21) |
Realized and unrealized gains (losses) on financial instruments, net | (6) | 6 |
Other, net | 29 | 7 |
Total other income (expense) | (36) | (28) |
Earnings (loss) before income taxes | (53) | (29) |
Income tax (expense) benefit | 26 | 21 |
Net earnings (loss) | (27) | (8) |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ (27) | $ (8) |
Earnings (Loss) Per Common Share | ||
Earnings Per Share, Basic | $ (0.19) | $ (0.06) |
Earnings Per Share, Diluted | $ (0.19) | $ (0.06) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net earnings (loss) | $ 71 | $ 152 |
Other comprehensive earnings (loss), net of taxes: | ||
Foreign currency translation adjustments | 34 | (102) |
Share of other comprehensive earnings (losses) of equity affiliates | (1) | (14) |
Other comprehensive earnings (loss), Net-of-tax amount | 33 | (116) |
Comprehensive earnings (loss) | 104 | 36 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 15 | 9 |
Comprehensive earnings (loss) attributable to Liberty Interactive Corporation shareholders | 89 | 27 |
QVC Group Common Stock | ||
Net earnings (loss) | 98 | 160 |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty Interactive Corporation shareholders | 110 | 35 |
Liberty Ventures common stock | ||
Net earnings (loss) | (27) | (8) |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ (21) | $ (8) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net earnings (loss) | $ 71 | $ 152 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 217 | 168 |
Stock-based compensation | 31 | 15 |
Cash payments for stock-based Compensation | (10) | (2) |
Excess tax benefit from stock-based compensation | (5) | (13) |
Share of (earnings) of affiliates, net | 21 | (3) |
Cash receipts from returns on equity investments | 15 | 13 |
Realized and unrealized gains (losses) on financial instruments, net | 7 | 4 |
Deferred income tax expense | (6) | (54) |
Other noncash charges (credits), net | (27) | (8) |
Changes in operating assets and liabilities | ||
Current and other assets | 281 | 258 |
Payables and other current liabilities | (300) | (310) |
Net cash provided (used) by operating activities | 295 | 220 |
Net Cash Provided by (Used in) Operating Activities | 295 | 220 |
Cash flows from investing activities: | ||
Cash (paid) for acquisitions, net of cash acquired | (20) | |
Cash proceeds from dispositions of investments | 9 | |
Investments in and loans to cost and equity investees | (22) | (45) |
Cash receipts from returns of equity investments | 200 | |
Capital expended for property and equipment | (51) | (44) |
Purchases of short-term and other marketable securities | (116) | (287) |
Sales of short term and other marketable securities | 425 | 313 |
Other investing activities, net | (12) | (44) |
Net cash used by investing activities | 233 | 73 |
Cash flows from financing activities: | ||
Borrowings of debt | 623 | 531 |
Repayments of debt | (598) | (642) |
Repurchases of QVC Group common stock | (238) | (123) |
Minimum withholding taxes on net share settlements of stock-based compensation | (8) | (11) |
Excess tax benefit from stock-based compensation | 5 | 13 |
Other financing activities, net | (5) | (7) |
Net cash provided (used) by financing activities | (221) | (239) |
Effect of foreign currency exchange rates on cash | (13) | (10) |
Net increase (decrease) in cash and cash equivalents | 294 | 44 |
Cash and cash equivalents at beginning of period | 2,449 | 2,306 |
Cash and cash equivalents at end of period | $ 2,743 | $ 2,350 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Equity - 3 months ended Mar. 31, 2016 - 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, 2015 | $ 5 | $ 1 | $ 370 | $ (215) | $ 6,626 | $ 88 | $ 6,875 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | $ 98 | $ (27) | 63 | 8 | 71 | ||||
Other comprehensive earnings (loss) | 26 | 7 | 33 | ||||||
Stock-based compensation | 22 | 22 | |||||||
Series A QVC Group stock repurchases | 0 | (238) | (238) | ||||||
Minimum withholding taxes on net share settlements of stock-based compensation | (8) | (8) | |||||||
Excess tax benefit from stock-based compensation | 5 | 5 | |||||||
Stock issued upon exercise of stock options | 10 | 10 | |||||||
Distribution to noncontrolling interest | 0 | (21) | (21) | ||||||
Other | (1) | (1) | |||||||
Balance at Mar. 31, 2016 | $ 5 | $ 1 | $ 160 | $ (189) | $ 6,689 | $ 82 | $ 6,748 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements | |
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, 2015 , 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, 2015 . 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. This new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In March 2016, the FASB issued additional guidance which clarifies principal versus agent considerations, and in April 2016, the FASB issued further guidance which clarifies the identification of performance obligations and the implementation guidance for licensing. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective or modified retrospective transition method. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted only for fiscal years beginning after December 15, 2016. The Company has not yet selected a transition method nor has it determined the effect of the standards on its ongoing financial reporting. In February 2015, the FASB issued new accounting guidance which amends the consolidation guidance in Accounting Standards Codification Topic 810, Consolidation . The new guidance requires an entity to reconsider and re-document the basis for previous consolidation conclusions. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted this guidance during the first quarter of 2016. The adoption of this guidance did not change the conclusions reached for any previous consolidation analyses. 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. In September 2015, the FASB issued new accounting guidance which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts that would have been recorded in previous periods if the accounting had been completed at the acquisition date. The Company adopted this guidance in the first quarter of 2016. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements and related disclosures. In January 2016, the FASB issued new accounting guidance that is intended to improve the recognition and measurement of financial instruments. The new guidance requires equity investments with readily determinable fair values (except those accounted for under the equity method of accounting or those that result in consolidation) to be measured at fair value with changes in fair value recognized in net income and simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted under certain circumstances. The Company has not yet determined the effect of the standard on its ongoing financial reporting. In February 2016 , the FASB issued new guidance which revises the accounting for leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new guidance also simplifies the accounting for sale and leaseback transactions. The new standard, to be applied via a modified retrospective transition approach, is effective for the Company for fiscal years and interim periods beginning after December 15, 2018, with early adoption permitted. The Company has not yet determined the effect of the standard on its ongoing financial reporting. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2016, with early application permitted. The Company has not yet determined the effect of the standard on its ongoing financial reporting. Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that Liberty uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. Liberty has entered into certain agreements with Liberty Media Corporation ("LMC"), a separate publicly traded company, neither of which has any stock ownership, beneficial or otherwise, in the other, in order to govern relationships between the companies. These agreements include a Reorganization Agreement, Services Agreement, Facilities Sharing Agreement and Tax Sharing Agreement. The Reorganization Agreement provides for, among other things, provisions governing the relationship between Liberty and LMC, including certain cross-indemnities. Pursuant to the Services Agreement, LMC provides Liberty with certain general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for Liberty's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Liberty. Under the Facilities Sharing Agreement, LMC shares office space and related amenities at its corporate headquarters with Liberty. Under these various agreements, approximately $ 3 million was reimbursable to LMC for both the three months ended March 31, 2016 and 2015 . 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 are 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 agreements. 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 liabilities of the parent corporation. 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. The 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 subsidiaries, QVC, Inc. (“QVC”) and zulily (defined below) (as of October 1, 2015), and our approximate 38% interest in HSN, Inc., along with cash and certain liabilities that reside with QVC and zulily as well as certain liabilities related to our corporate indebtedness (see note 10) and certain deferred tax liabilities. As of March 31, 2016 , the QVC Group has cash and cash equivalents of approximately $440 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. The Ventures Group is primarily comprised of our subsidiaries Bodybuilding.com, LLC ("Bodybuilding"), Commerce Technologies, Inc. (d/b/a “CommerceHub”), Evite, Inc. ("Evite") and Backcountry.com, Inc. (“Backcountry”) (see note 3 for discussion of a disposed business) (collectively, the “Digital Commerce” businesses) and interests in Expedia, Inc., FTD Companies, Inc. (“FTD”), Interval Leisure Group, Inc. and LendingTree, Inc., available-for-sale securities in Time Warner Inc. and Time Warner Cable Inc., as well as cash and cash equivalents of approximately $2,303 million at March 31, 2016 . 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 up to $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 company. 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 assets on a sum-of-the parts basis at the time the investment agreements were executed. In the aggregate, Liberty Broadband has entered 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 has received stockholder approval for the issuance of the Series C Shares in accordance with the rules and requirements of the Nasdaq Stock Market. 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 regulatory approvals, Liberty has not reflected any financial impacts in the condensed consolidated financial statements related to the respective agreements as of March 31, 2016 . On October 1, 2015, Liberty acquired all of the outstanding shares of zulily, inc. (“zulily”) (now known as zulily, llc) for consideration of approximately $2.3 billion, comprised of $ 9.375 of cash and 0.3098 newly issued shares of Series A QVC Group common stock for each zulily share, with cash paid in lieu of any fractional shares. Funding for the $1.2 billion cash portion of the consideration came from cash on hand at zulily and a distribution from QVC funded by a drawdown under its revolving credit facility (see note 10). zulily is an online retailer offering customers a fun and entertaining shopping experience with a fresh selection of new product styles launched each day. zulily is attributed to the QVC Group and we believe that its business is complementary to QVC’s. Subsequent to December 31, 2015, the preliminary purchase price allocation was adjusted, resulting in decreases of $ 50 million to trademarks, $ 40 million to intangible assets subject to amortization and $ 33 million to deferred tax liabilities and a corresponding increase of $ 57 million to goodwill. If these adjustments had been recorded as of the acquisition date, amortization expense would have been approximately $ 3 million lower for the period ended December 31, 2015. There have been no other significant changes to our purchase price allocation since December 31, 2015. The initial purchase price allocation is subject to change upon receipt of the final valuation analysis for zulily. The primary balances still subject to analysis are certain intangible assets, liabilities and tax balances. On November 12, 2015, Liberty announced that its board of directors authorized management to pursue a plan to spin-off to holders of its Liberty Ventures common stock shares of newly formed companies to be called CommerceHub, Inc. and Liberty Expedia Holdings, Inc. (“Expedia Holdings”). CommerceHub, Inc. is expected to be comprised of Liberty’s Commerce Technologies, Inc. (d/b/a CommerceHub) business. Expedia Holdings is expected to be comprised of, among other things, Liberty’s entire interest in Expedia, Inc., Liberty’s subsidiary Bodybuilding and $ 350 million of debt. The applicable record dates, distribution dates and distribution ratios for the spin-offs will be announced at a later date. Each of the spin-offs is intended to be tax-free to stockholders of Liberty Ventures and will be subject to various conditions including the receipt of an opinion of tax counsel. Subject to the satisfaction of the applicable conditions, the completion of each of the spin-offs is expected to occur in the second quarter of 2016. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Disposals [Abstract] | |
Disposals | (3) Disposals 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. Backcountry is included in the Corporate and other segment through June 30, 2015 and is not presented as a discontinued operation as the sale did 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 $ 122 million for the three months ended March 31, 2015, related to Backcountry. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are earnings of less than one million dollars for the three months ended March 31, 2015, related to Backcountry. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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, restricted stock, 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 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 $31 million and $15 million of stock-based compensation during the three months ended March 31, 2016 and 2015 , respectively. During the three months ended March 31, 2016 , Liberty granted 2 .8 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 $7.89 per share and vest semi-annually over 4 years. During the three months ended March 31, 2016, Liberty granted 347 thousand options to zulily employees to purchase shares of Series A QVC Group common stock. Such options had a weighted average grant-date fair value of $ 7.89 per share and vest between three to five years. Also during the three months ended March 31, 2016 , Liberty granted to Liberty employees 11 thousand and 3 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 $7.79 and $12.11 per share, respectively, and each grant vests semi -annually over four years. In connection with our CEO’s employment agreement, during the three months ended March 31, 2016, Liberty also granted 730 thousand and 209 thousand options of Series B QVC Group common stock and Series B Liberty Ventures common stock, respectively, and 53 thousand and 16 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 grant-date fair value of $ 7.47 per share and $12.48 per share, respectively. The restricted stock units had a fair value of $ 25.11 per share and $38.79 per share, respectively, at the time they were granted. The options vest on December 31, 2016 and the restricted stock units cliff vest in one year, subject to satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is remeasured at each reporting period. The Company has calculated the grant-date fair value for all of its equity classified Awards and any subsequent remeasurement of its liability classified and certain performance-based Awards using the Black-Scholes-Merton 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, 2016 $ Granted $ Exercised $ Forfeited/Cancelled $ Outstanding at March 31, 2016 $ years $ Exercisable at March 31, 2016 $ years $ QVC Group Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised — $ — Forfeited/Cancelled Outstanding at March 31, 2016 $ years $ — Exercisable at March 31, 2016 $ years $ — Liberty Ventures Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised $ Forfeited/Cancelled — $ — Outstanding at March 31, 2016 $ years $ Exercisable at March 31, 2016 $ years $ Liberty Ventures Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised — $ — Forfeited/Cancelled $ Outstanding at March 31, 2016 $ years $ Exercisable at March 31, 2016 $ years $ — As of March 31, 2016 , the total unrecognized compensation cost related to unvested Awards was approximately $135 million. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.4 years. Other Certain of the Company's other subsidiaries have stock based compensation plans under which employees and non-employees are granted options or similar stock based awards. Awards made under these plans vest and become exercisable over various terms. The awards and compensation recorded, if any, under these plans is not significant to Liberty. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
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. Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. Series A and Series B QVC Group Common Stock Excluded from diluted EPS, for the three months ended March 31, 2016 and 2015 , are 12 million and 4 million potential common shares, respectively, because their inclusion would be antidilutive. QVC Group Common Stock Three months ended March 31, 2016 2015 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS Series A and Series B Liberty Ventures Common Stock 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 March 31, 2016 2015 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 December 31, 2015 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 primarily 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 March 31, 2016 2015 amounts in millions Fair Value Option Securities $ Exchangeable senior debentures Other financial instruments — $ |
Investments In Available-For-Sa
Investments In Available-For-Sale Securities And Other Cost Investments | 3 Months Ended |
Mar. 31, 2016 | |
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 the corresponding economic hedges in the Company's financial statements, Liberty elected the fair value option for those of its AFS securities which it considered to be non-strategic ("Fair Value Option Securities"). Accordingly, changes in the fair value of Fair Value Option Securities, as determined by quoted market prices, are reported in realized and unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. Investments in AFS securities, the majority of which are considered Fair Value Option Securities, and other cost investments are summarized as follows: March 31, December 31, 2016 2015 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and the carrying amount at December 31, 2015 : December 31, March 31, 2016 2015 Percentage Fair value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions QVC Group HSN, Inc. % $ $ Other various NA Total QVC Group Ventures Group Expedia, Inc. % $ FTD Companies, Inc. % Other various NA Total Ventures Group Consolidated Liberty $ The following table presents Liberty's share of e arnings (losses) of affiliates: Three months ended March 31, 2016 2015 amounts in millions QVC Group HSN, Inc. $ Other Total QVC Group Ventures Group Expedia, Inc. FTD Companies, Inc. Other Total Ventures Group Consolidated Liberty $ |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | (9) Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Corporate and QVC zulily Other Total amounts in millions Balance at January 1, 2016 $ Acquisition (1) — — Foreign currency translation adjustments — — Other — — Balance at March 31, 2016 $ (1) As discussed in note 2, subsequent to December 31, 2015, the preliminary purchase price allocation for the zulily acquisition was adjusted, resulting in a $57 million increase to goodwill. Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $176 million and $129 million for the three months ended March 31, 2016 and 2015 , respectively. Based on its amortizable intangible assets as of March 31, 2016 , Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | (10) Long-Term Debt Debt is summarized as follows: Outstanding principal at Carrying value March 31, 2016 March 31, 2016 December 31, 2015 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 5.125% Senior Secured Notes due 2022 QVC 4.375% Senior Secured Notes due 2023 QVC 4.85% 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 Deferred loan costs 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 Bank Credit Facilities On March 9, 2015, QVC amended and restated its senior secured credit facility (the “Second Amended and Restated Credit Agreement”) 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 loans. 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 interest rate on borrowings outstanding under the QVC Bank Credit Facilities was 2.2% at March 31, 2016 . Availability under the Second Amended and Restated Credit Agreement at March 31, 2016 was $356 million. 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 March 31, 2016 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. The 1% Exchangeable Senior Debentures due 2043 and 0.75% Exchangeable Senior Debentures are classified as current as of March 31, 2016. Subsequent to March 31, 2016, holders exchanged, under the terms of the debentures, approximately $295 million principal of Liberty’s 0.75% Exchangeable Senior Debentures and Liberty LLC elected to make cash payments to settle the obligations of approximately $500 million. Debt Covenants Liberty and QVC are in compliance with all debt covenants at March 31, 2016 . Other Subsidiary Debt Other subsidiary debt at March 31, 2016 is comprised of capitalized satellite transponder lease obligations and bank debt of certain subsidiaries. Fair Value of Debt Liberty estimates the fair value of its debt based on the quoted market prices for the same or similar issues or on the current rate offered to Liberty for debt of the same remaining maturities (Level 2). The fair value of Liberty's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at March 31, 2016 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 March 31, 2016 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | (11) Stockholders' Equity As of March 31, 2016 , Liberty reserved for issuance upon exercise of outstanding stock options approximately 32.5 million shares of Series A QVC Group common stock, 1.5 million shares of Series B QVC Group common stock, 3.6 million shares of Series A Liberty Ventures common stock and 1.7 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 March 31, 2016 , no shares of any Series C QVC Group or Liberty Ventures common stock were issued or outstanding . |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (12) Commitments and Contingencies Distribution Center Lease On July 2, 2015, QVC entered into a lease (the “Lease”) for a west coast distribution center. Pursuant to the Lease, the landlord is building an approximately one million square foot rental building in Ontario, California (the “Premises”), and thereafter will lease the Premises to QVC as its new west coast distribution center for an initial term of 15 years. Under the Lease, QVC is required to pay an initial base rent of approximately $ 6 million per year, increasing to approximately $ 8 million per year by the final year of the initial term, as well as all real estate taxes and other building operating costs. QVC also has an option to extend the term of the Lease for up to two consecutive terms of 10 years each. QVC has the right to purchase the Premises and related land from the landlord by entering into an amended and restated agreement at any time during the twenty-fifth or twenty-sixth months of the Lease's initial term with a $ 10 million initial payment and annual payments of $12 million over a term of 13 years. QVC has concluded that it is the deemed owner (for accounting purposes only) of the Premises during the construction period under build to suit lease accounting. Building construction began in July of 2015. During the construction period, QVC is recording estimated project construction costs incurred by the landlord as a projects in progress asset and a corresponding long-term liability in “Property and equipment, net” and “Other long-term liabilities,” respectively. In addition, QVC will pay for normal tenant improvements and certain structural improvements and will record these amounts as part of the projects in progress asset. As of March 31, 2016 the projects in progress asset and long-term liability related to the west coast distribution center were approximately $ 74 million. 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 | 3 Months Ended |
Mar. 31, 2016 | |
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, certain purchase accounting adjustments, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Liberty generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. For the three months ended March 31, 2016 , Liberty has identified the following consolidated subsidiaries as its reportable segments: · 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. · zulily – a consolidated subsidiary that markets and sells unique products in the United States and several foreign countries through flash sales events, primarily through its desktop and mobile websites and mobile applications. 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, 2015 . Performance Measures Three months ended March 31, 2016 2015 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ zulily NA NA Corporate and other — — Inter-segment eliminations — NA NA Total QVC Group Ventures Group Corporate and other Total Ventures Group Consolidated Liberty $ Other Information March 31, 2016 Total Investments Capital assets In affiliates expenditures amounts in millions QVC Group QVC $ zulily — Corporate and other — Total QVC Group Ventures Group Corporate and other Total Ventures Group Consolidated Liberty $ The following table provides a reconciliation of segment Adjusted OIBDA to earnings (loss) before income taxes: Three months ended March 31, 2016 2015 amounts in millions Consolidated segment Adjusted OIBDA $ Stock-based compensation Depreciation and amortization Interest expense Share of earnings (loss) of affiliates, net Realized and unrealized gains (losses) on financial instruments, net Other, net Earnings (loss) before income taxes $ |
Financial Information for Track
Financial Information for Tracking Stock Groups | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information for Tracking Stock Groups | BALANCE SHEET INFORMATION March 31, 2016 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group 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) 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 March 31, 2016 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ Operating costs and expenses: Cost of sales Operating 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 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 March 31, 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 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 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 CASH FLOWS INFORMATION Three months ended March 31, 2016 (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 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 QVC Group 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 Three months ended March 31, 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 losses (earnings) of affiliates, net Cash receipts from return on equity investments Realized and unrealized gains (losses) on financial instruments, net 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 — 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 QVC Group 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 $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
QVC Group Common Stock | Common Class A | |
Schedule of Share-based Compensation, Activity | QVC Group Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised $ Forfeited/Cancelled $ Outstanding at March 31, 2016 $ years $ Exercisable at March 31, 2016 $ years $ |
QVC Group Common Stock | Common Class B | |
Schedule of Share-based Compensation, Activity | QVC Group Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised — $ — Forfeited/Cancelled Outstanding at March 31, 2016 $ years $ — Exercisable at March 31, 2016 $ years $ — |
Liberty Ventures common stock | Common Class A | |
Schedule of Share-based Compensation, Activity | Liberty Ventures Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised $ Forfeited/Cancelled — $ — Outstanding at March 31, 2016 $ years $ Exercisable at March 31, 2016 $ years $ |
Liberty Ventures common stock | Common Class B | |
Schedule of Share-based Compensation, Activity | Liberty Ventures Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2016 $ Granted $ Exercised — $ — Forfeited/Cancelled $ Outstanding at March 31, 2016 $ years $ Exercisable at March 31, 2016 $ years $ — |
Earnings (Loss) Per Common Sh23
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
QVC Group Common Stock | |
Schedule of Weighted Average Number of Shares | QVC Group Common Stock Three months ended March 31, 2016 2015 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 March 31, 2016 2015 number of shares in millions Basic EPS Potentially dilutive shares Diluted EPS |
Assets And Liabilities Measur24
Assets And Liabilities Measured At Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Fair Value Measurements at Fair Value Measurements at March 31, 2016 December 31, 2015 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 March 31, 2016 2015 amounts in millions Fair Value Option Securities $ Exchangeable senior debentures Other financial instruments — $ |
Investments In Available-For-25
Investments In Available-For-Sale Securities And Other Cost Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments In Available-For-Sale Securities And Other Cost Investments | |
Schedule of Available-for-sale Securities Reconciliation | March 31, December 31, 2016 2015 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 Acc26
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments In Affiliates Accounted For Using The Equity Method | |
Schedule Of Equity Ownership And Carrying Amount | December 31, March 31, 2016 2015 Percentage Fair value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions QVC Group HSN, Inc. % $ $ 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 March 31, 2016 2015 amounts in millions QVC Group HSN, Inc. $ Other Total QVC Group Ventures Group Expedia, Inc. FTD Companies, Inc. Other Total Ventures Group Consolidated Liberty $ |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amount Of Goodwill | Corporate and QVC zulily Other Total amounts in millions Balance at January 1, 2016 $ Acquisition (1) — — Foreign currency translation adjustments — — Other — — Balance at March 31, 2016 $ (1) As discussed in note 2, subsequent to December 31, 2015, the preliminary purchase price allocation for the zulily acquisition was adjusted, resulting in a $57 million increase to goodwill. |
Amortization Expense For The Next Five Fiscal Years | Based on its amortizable intangible assets as of March 31, 2016 , Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Debt Excluding Intergroup Debt | Outstanding principal at Carrying value March 31, 2016 March 31, 2016 December 31, 2015 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 5.125% Senior Secured Notes due 2022 QVC 4.375% Senior Secured Notes due 2023 QVC 4.85% 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 Deferred loan costs 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 | The fair value of Liberty's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at March 31, 2016 are as follows (amounts in millions): Senior debentures $ QVC senior secured notes $ |
Information About Liberty's O29
Information About Liberty's Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Information About Liberty's Operating Segments | |
Performance Measures By Segment | Three months ended March 31, 2016 2015 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ zulily NA NA Corporate and other — — Inter-segment eliminations — NA NA Total QVC Group Ventures Group Corporate and other Total Ventures Group Consolidated Liberty $ |
Other Information By Segment | March 31, 2016 Total Investments Capital assets In affiliates expenditures amounts in millions QVC Group QVC $ zulily — Corporate and other — Total QVC Group Ventures Group Corporate and other Total Ventures Group Consolidated Liberty $ |
Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes | Three months ended March 31, 2016 2015 amounts in millions Consolidated segment Adjusted OIBDA $ Stock-based compensation Depreciation and amortization Interest expense Share of earnings (loss) of affiliates, net Realized and unrealized gains (losses) on financial instruments, net Other, net Earnings (loss) before income taxes $ |
Financial Information for Tra30
Financial Information for Tracking Stock Groups (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION March 31, 2016 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group 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) 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 March 31, 2016 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ Operating costs and expenses: Cost of sales Operating 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 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 March 31, 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 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 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 $ |
Condensed Cash Flow Statement | STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2016 (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 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 QVC Group 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 Three months ended March 31, 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 losses (earnings) of affiliates, net Cash receipts from return on equity investments Realized and unrealized gains (losses) on financial instruments, net 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 — 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 QVC Group 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 $ |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements | ||
Related Party Transaction, Amounts of Transaction | $ 3 | $ 3 |
Tracking Stocks (Details)
Tracking Stocks (Details) $ / shares in Units, $ in Millions | Oct. 01, 2015USD ($)$ / shares | Mar. 31, 2016USD ($)item$ / shares | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Targeted or Tracking Stock, Stock [Line Items] | |||||
Number of tracking stocks | item | 2 | ||||
Cash and cash equivalents | $ 2,743 | $ 2,449 | $ 2,350 | $ 2,306 | |
Debt To Be Attributed To Expedia Holdings | 350 | ||||
Goodwill, Purchase Accounting Adjustments | 57 | ||||
zulily | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Business Combination, Consideration Transferred | $ 2,300 | ||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 1,200 | ||||
Business Acquisition, Share Price | $ / shares | $ 9.375 | ||||
Goodwill, Purchase Accounting Adjustments | 57 | ||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | (40) | ||||
Indefinite-lived Intangible Assets, Purchase Accounting Adjustments | (50) | ||||
Deferred Tax Liabilities Purchase Accounting Adjustments | 33 | ||||
Business Acquisition, Amortization Adjustment Recognized During Measurement Period | (3) | ||||
QVC Group Common Stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Cash and cash equivalents | $ 440 | 426 | 530 | 422 | |
QVC Group Common Stock | HSN, Inc. | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||
QVC Group Common Stock | zulily | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Business Acquisition Equity Interests Issued or Issuable Number Of Shares Issued Per Shares Acquired | 0.3098 | ||||
Liberty Ventures common stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Cash and cash equivalents | $ 2,303 | $ 2,023 | $ 1,820 | $ 1,884 | |
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 Broadband | Liberty Ventures common stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Expected Liberty Broadband investment in Charter stock | $ 4,300 | ||||
Maximum | Liberty Ventures common stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Expected Investment in Liberty Broadband | $ 2,400 |
Disposals (Details)
Disposals (Details) - Backcountry - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | $ 122,000,000 | |
Consideration from sale of business | $ 350,000,000 | |
Maximum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group Net Earnings (Loss) | $ 1,000,000 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Allocated To Selling, General And Administrative Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation [Abstract] | ||
Stock-based compensation allocated to selling, general, and administrative | $ 31 | $ 15 |
Stock-Based Compensation (Outst
Stock-Based Compensation (Outstanding Awards) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
QVC Group Common Stock | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 31,482 |
Options granted | shares | 3,127 |
Options exercised | shares | (1,994) |
Options forfeited/cancelled | shares | (165) |
Outstanding options | shares | 32,450 |
Exercisable options | shares | 18,422 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 19.57 |
WAEP of grants in the period | $ / shares | 26.27 |
WAEP exercised | $ / shares | 12.85 |
WAEP forfeited/cancelled during period | $ / shares | 38.28 |
Outstanding WAEP | $ / shares | 20.53 |
Exercisable WAEP | $ / shares | $ 17.46 |
Weighted average remaining life - options outstanding | 5 years |
Weighted average remaining life - options exercisable | 3 years 8 months 12 days |
Aggregate intrinsic value of options outstanding | $ | $ 185 |
Aggregate intrinsic value of options exercisable | $ | $ 151 |
QVC Group Common Stock | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 778 |
Options granted | shares | 730 |
Options forfeited/cancelled | shares | (19) |
Outstanding options | shares | 1,489 |
Exercisable options | shares | 112 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 29.79 |
WAEP of grants in the period | $ / shares | 25.11 |
WAEP forfeited/cancelled during period | $ / shares | 29.41 |
Outstanding WAEP | $ / shares | 27.50 |
Exercisable WAEP | $ / shares | $ 29.41 |
Weighted average remaining life - options outstanding | 6 years 4 months 24 days |
Weighted average remaining life - options exercisable | 6 years |
Liberty Ventures common stock | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 3,684 |
Options granted | shares | 3 |
Options exercised | shares | (118) |
Outstanding options | shares | 3,569 |
Exercisable options | shares | 2,833 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 23.29 |
WAEP of grants in the period | $ / shares | 37.53 |
WAEP exercised | $ / shares | 19.53 |
Outstanding WAEP | $ / shares | 23.42 |
Exercisable WAEP | $ / shares | $ 19.44 |
Weighted average remaining life - options outstanding | 3 years 10 months 24 days |
Weighted average remaining life - options exercisable | 3 years 1 month 6 days |
Aggregate intrinsic value of options outstanding | $ | $ 58 |
Aggregate intrinsic value of options exercisable | $ | $ 56 |
Liberty Ventures common stock | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 1,542 |
Options granted | shares | 209 |
Options forfeited/cancelled | shares | (20) |
Outstanding options | shares | 1,731 |
Exercisable options | shares | 116 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 38.04 |
WAEP of grants in the period | $ / shares | 38.79 |
WAEP forfeited/cancelled during period | $ / shares | 42.33 |
Outstanding WAEP | $ / shares | 38.08 |
Exercisable WAEP | $ / shares | $ 42.33 |
Weighted average remaining life - options outstanding | 5 years 10 months 24 days |
Weighted average remaining life - options exercisable | 6 years |
Aggregate intrinsic value of options outstanding | $ | $ 2 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation | $ 31 | $ 15 |
Total unrecognized compensation cost related to unvested Liberty equity awards | $ 135 | |
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 4 months 24 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 | $ 18 | 12 |
Liberty Ventures common stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation | $ 13 | $ 3 |
Common Class A | QVC Group Common Stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 3,127 | |
Common Class A | QVC Group Common Stock | QVC | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 2,800 | |
Weighted average grant-date fair value of options | $ 7.89 | |
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 | 11 | |
Weighted average grant-date fair value of options | $ 7.79 | |
Award vesting period | 4 years | |
Common Class A | QVC Group Common Stock | zulily | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 347 | |
Weighted average grant-date fair value of options | $ 7.89 | |
Common Class A | QVC Group Common Stock | zulily | Minimum | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Award vesting period | 3 years | |
Common Class A | QVC Group Common Stock | zulily | Maximum | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Award vesting period | 5 years | |
Common Class A | Liberty Ventures common stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 3 | |
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 | 3 | |
Weighted average grant-date fair value of options | $ 12.11 | |
Award vesting period | 4 years | |
Common Class B | QVC Group Common Stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 730 | |
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 | 730 | |
Weighted average grant-date fair value of options | $ 7.47 | |
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] | ||
Award vesting period | 1 year | |
Grants in period | 53 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.11 | |
Common Class B | Liberty Ventures common stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 209 | |
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 | 209 | |
Weighted average grant-date fair value of options | $ 12.48 | |
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] | ||
Award vesting period | 1 year | |
Grants in period | 16 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.79 |
Earnings (Loss) Per Common Sh37
Earnings (Loss) Per Common Share (Earrings Per Share Basic and Diluted) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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 | 12 | 4 |
Basic EPS (WA shares outstanding) | 485 | 473 |
Potentially dilutive shares | 6 | 7 |
Diluted EPS (WA shares outstanding) | 491 | 480 |
Liberty Ventures common stock | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Basic EPS (WA shares outstanding) | 142 | 141 |
Potentially dilutive shares | 1 | 2 |
Diluted EPS (WA shares outstanding) | 143 | 143 |
Assets And Liabilities Measur38
Assets And Liabilities Measured At Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 2,531 | $ 2,225 |
Short term marketable securities | 601 | 910 |
Available-for-sale securities | 1,421 | 1,294 |
Debt | 2,577 | 2,480 |
Fair Value, Inputs (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,531 | 2,225 |
Short term marketable securities | 136 | 331 |
Available-for-sale securities | 1,414 | 1,287 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short term marketable securities | 465 | 579 |
Available-for-sale securities | 7 | 7 |
Debt | $ 2,577 | $ 2,480 |
Assets And Liabilities Measur39
Assets And Liabilities Measured At Fair Value Realized Unrealized Gain Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | $ (7) | $ (4) |
Fair Value Option Securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | 136 | (17) |
Exchangeable Senior Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | (142) | $ 13 |
Other Financial Instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | $ (1) |
Investments In Available-For-40
Investments In Available-For-Sale Securities And Other Cost Investments (Investments In Available-For-Sale Securities And Other Cost Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | $ 1,482 | $ 1,353 |
QVC Group Common Stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | 4 | 4 |
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 | 1,478 | 1,349 |
Other Investments | QVC Group Common Stock | ||
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | 4 | 4 |
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 | 73 | 71 |
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 | 309 | 284 |
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 | $ 1,096 | $ 994 |
Investments In Affiliates Acc41
Investments In Affiliates Accounted For Using The Equity Method (Summary of Carrying Amount and Percentage Ownership of Significant Investments in Affiliates) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Carrying amount | $ 1,651 | $ 1,641 |
QVC Group Common Stock | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Carrying amount | $ 223 | 208 |
QVC Group Common Stock | HSN, Inc. | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 38.00% | |
Carrying amount | $ 180 | 165 |
QVC Group Common Stock | Other | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Carrying amount | 43 | 43 |
Liberty Ventures common stock | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Carrying amount | 1,428 | 1,433 |
Liberty Ventures common stock | Other | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Carrying amount | $ 273 | 239 |
Liberty Ventures common stock | Expedia | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 16.00% | |
Carrying amount | $ 894 | 927 |
Liberty Ventures common stock | FTD | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 37.00% | |
Carrying amount | $ 261 | $ 267 |
Fair Value, Inputs (Level 1) | QVC Group Common Stock | HSN, Inc. | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Market value | 1,047 | |
Fair Value, Inputs (Level 1) | Liberty Ventures common stock | Expedia | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Market value | 2,545 | |
Fair Value, Inputs (Level 1) | Liberty Ventures common stock | FTD | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Market value | $ 268 |
Investments In Affiliates Acc42
Investments In Affiliates Accounted For Using The Equity Method (Summary of Share Earnings (Losses) of Affiliates) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Share of earnings (losses) of affiliates, net | $ (21) | $ 3 |
QVC Group Common Stock | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Share of earnings (losses) of affiliates, net | $ 21 | 24 |
QVC Group Common Stock | HSN, Inc. | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 38.00% | |
Share of earnings (losses) of affiliates, net | $ 22 | 25 |
QVC Group Common Stock | Other | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Share of earnings (losses) of affiliates, net | (1) | (1) |
Liberty Ventures common stock | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Share of earnings (losses) of affiliates, net | $ (42) | (21) |
Liberty Ventures common stock | Expedia | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 16.00% | |
Share of earnings (losses) of affiliates, net | $ (24) | 4 |
Liberty Ventures common stock | FTD | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Percentage ownership | 37.00% | |
Share of earnings (losses) of affiliates, net | $ (3) | (2) |
Liberty Ventures common stock | Other | ||
Equity Method Investments and Operating Activities Segment [Line Items] | ||
Share of earnings (losses) of affiliates, net | $ (15) | $ (23) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | $ 6,112 |
Goodwill, Purchase Accounting Adjustments | 57 |
Foreign currency translation adjustments | 27 |
Other | 2 |
Balance, end of the year | 6,198 |
QVC | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | 5,149 |
Foreign currency translation adjustments | 27 |
Balance, end of the year | 5,176 |
zulily | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | 860 |
Goodwill, Purchase Accounting Adjustments | 57 |
Balance, end of the year | 917 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | 103 |
Other | 2 |
Balance, end of the year | $ 105 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Amortization Expense For The Next Five Fiscal Years) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 518 |
2,017 | 502 |
2,018 | 231 |
2,019 | 96 |
2,020 | $ 60 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 176 | $ 129 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Mar. 09, 2015 | Apr. 30, 2016 | Mar. 31, 2016 |
QVC Bank Credit Facilities | |||
Interest rate (as a percent) | 2.20% | ||
Remaining borrowing capacity | $ 356 | ||
0.75% Exchangeable Senior Debentures due 2043 | |||
Debt exchanged | $ 295 | ||
Repayments of Debt | $ 500 | ||
QVC | QVC Bank Credit Facilities | Segment, Liberty Interactive Corporation | Revolving Credit Facility [Member] | |||
Maximum Borrowing Capacity | $ 2,250 | ||
Incremental borrowing capacity | 1,500 | ||
QVC | Standby Letters of Credit | Segment, Liberty Interactive Corporation | Revolving Credit Facility [Member] | |||
Maximum Borrowing Capacity | $ 250 | ||
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% | ||
QVC Group Common Stock | 8.25% Senior Debentures Due 2030 | |||
Interest rate (as a percent) | 8.25% | ||
QVC Group Common Stock | 1% Exchangeable Senior Debentures due 2043 | |||
Interest rate (as a percent) | 1.00% | ||
QVC Group Common Stock | QVC 3.125% Senior Secured Notes Due 2019 | |||
Interest rate (as a percent) | 3.125% | ||
QVC Group Common Stock | QVC 5.125% Senior Secured Notes 2022 | |||
Interest rate (as a percent) | 5.125% | ||
QVC Group Common Stock | QVC 4.375% Senior Secured Notes due 2023 | |||
Interest rate (as a percent) | 4.375% | ||
QVC Group Common Stock | QVC 4.850% Senior Secured Notes due 2024 | |||
Interest rate (as a percent) | 4.85% | ||
QVC Group Common Stock | QVC 4.45% Senior Secured Notes due 2025 [Member] | |||
Interest rate (as a percent) | 4.45% | ||
QVC Group Common Stock | QVC 5.45% Senior Secured Notes due 2034 [Member] | |||
Interest rate (as a percent) | 5.45% | ||
QVC Group Common Stock | QVC 5.95% Senior Secured Notes due 2043 | |||
Interest rate (as a percent) | 5.95% | ||
Liberty Ventures common stock | 4% Exchangeable Senior Debentures Due 2029 | |||
Interest rate (as a percent) | 4.00% | ||
Liberty Ventures common stock | 3.75% Exchangeable Senior Debentures Due 2030 | |||
Interest rate (as a percent) | 3.75% | ||
Liberty Ventures common stock | 3.5% Exchangeable Senior Debentures Due 2031 | |||
Interest rate (as a percent) | 3.50% | ||
Liberty Ventures common stock | 0.75% Exchangeable Senior Debentures due 2043 | |||
Interest rate (as a percent) | 0.75% |
Debt (Debt Excluding Intergroup
Debt (Debt Excluding Intergroup Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Outstanding principal | $ 8,726 | |
Carrying value | 8,876 | $ 8,707 |
Long-term debt | 6,271 | 7,481 |
Deferred loan costs | (33) | (34) |
Less debt classified as current | $ (2,605) | (1,226) |
QVC Bank Credit Facilities | ||
Debt instrument interest rate | 2.20% | |
QVC Group Common Stock | ||
Outstanding principal | $ 6,653 | |
Carrying value | 6,615 | 6,535 |
Long-term debt | 6,257 | |
Less debt classified as current | (358) | |
QVC Group Common Stock | 8.5% Senior Debentures Due 2029 | ||
Outstanding principal | 287 | |
Carrying value | $ 285 | 285 |
Debt instrument interest rate | 8.50% | |
QVC Group Common Stock | 8.25% Senior Debentures Due 2030 | ||
Outstanding principal | $ 504 | |
Carrying value | $ 501 | 501 |
Debt instrument interest rate | 8.25% | |
QVC Group Common Stock | 1% Exchangeable Senior Debentures due 2043 | ||
Outstanding principal | $ 346 | |
Carrying value | $ 349 | 349 |
Debt instrument interest rate | 1.00% | |
QVC Group Common Stock | QVC 3.125% Senior Secured Notes Due 2019 | ||
Outstanding principal | $ 400 | |
Carrying value | $ 399 | 399 |
Debt instrument interest rate | 3.125% | |
QVC Group Common Stock | QVC 5.125% Senior Secured Notes 2022 | ||
Outstanding principal | $ 500 | |
Carrying value | $ 500 | 500 |
Debt instrument interest rate | 5.125% | |
QVC Group Common Stock | QVC 4.375% Senior Secured Notes due 2023 | ||
Outstanding principal | $ 750 | |
Carrying value | $ 750 | 750 |
Debt instrument interest rate | 4.375% | |
QVC Group Common Stock | QVC 4.850% Senior Secured Notes due 2024 | ||
Outstanding principal | $ 600 | |
Carrying value | $ 600 | 600 |
Debt instrument interest rate | 4.85% | |
QVC Group Common Stock | QVC 4.45% Senior Secured Notes due 2025 [Member] | ||
Outstanding principal | $ 600 | |
Carrying value | $ 599 | 599 |
Debt instrument interest rate | 4.45% | |
QVC Group Common Stock | QVC 5.45% Senior Secured Notes due 2034 [Member] | ||
Outstanding principal | $ 400 | |
Carrying value | $ 399 | 399 |
Debt instrument interest rate | 5.45% | |
QVC Group Common Stock | QVC 5.95% Senior Secured Notes due 2043 | ||
Outstanding principal | $ 300 | |
Carrying value | $ 300 | 300 |
Debt instrument interest rate | 5.95% | |
QVC Group Common Stock | QVC Bank Credit Facilities | ||
Outstanding principal | $ 1,894 | |
Carrying value | 1,894 | 1,815 |
QVC Group Common Stock | Subsidiary Debt | ||
Outstanding principal | 72 | |
Carrying value | 72 | 72 |
Liberty Ventures common stock | ||
Outstanding principal | 2,073 | |
Carrying value | 2,261 | 2,172 |
Long-term debt | 14 | |
Less debt classified as current | (2,247) | |
Liberty Ventures common stock | 4% Exchangeable Senior Debentures Due 2029 | ||
Outstanding principal | 437 | |
Carrying value | $ 264 | 257 |
Debt instrument interest rate | 4.00% | |
Liberty Ventures common stock | 3.75% Exchangeable Senior Debentures Due 2030 | ||
Outstanding principal | $ 437 | |
Carrying value | $ 260 | 275 |
Debt instrument interest rate | 3.75% | |
Liberty Ventures common stock | 3.5% Exchangeable Senior Debentures Due 2031 | ||
Outstanding principal | $ 342 | |
Carrying value | $ 331 | 312 |
Debt instrument interest rate | 3.50% | |
Liberty Ventures common stock | 0.75% Exchangeable Senior Debentures due 2043 | ||
Outstanding principal | $ 824 | |
Carrying value | $ 1,373 | 1,287 |
Debt instrument interest rate | 0.75% | |
Liberty Ventures common stock | Subsidiary Debt | ||
Outstanding principal | $ 33 | |
Carrying value | $ 33 | $ 41 |
Debt (Debt Securities That Are
Debt (Debt Securities That Are Not Reported At Fair Value) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Senior Debentures | |
Debt Instrument [Line Items] | |
Fair Value of Debt Securities That Are Not Reported at Fair Value | $ 841 |
QVC Senior Secured Notes | |
Debt Instrument [Line Items] | |
Fair Value of Debt Securities That Are Not Reported at Fair Value | $ 3,496 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 452,916,772 | 461,379,963 |
Common Stock, Shares, Outstanding | 452,916,772 | 461,379,963 |
Shares reserved for future issuance upon exercise of stock options | 32,500,000 | |
Common Class A | Liberty Ventures common stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 135,039,558 | 134,961,466 |
Common Stock, Shares, Outstanding | 135,039,558 | 134,961,466 |
Shares reserved for future issuance upon exercise of stock options | 3,600,000 | |
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 | 29,367,060 | 29,218,527 |
Common Stock, Shares, Outstanding | 29,367,060 | 29,218,527 |
Shares reserved for future issuance upon exercise of stock options | 1,500,000 | |
Common Class B | Liberty Ventures common stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common Stock, Shares, Issued | 7,103,609 | 7,092,111 |
Common Stock, Shares, Outstanding | 7,103,609 | 7,092,111 |
Shares reserved for future issuance upon exercise of stock options | 1,700,000 | |
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 Stock, Shares, Outstanding | 0 | |
Common Class C | Liberty Ventures common stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 400,000,000 | |
Common Stock, Shares, Issued | 0 | |
Common Stock, Shares, Outstanding | 0 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - QVC - West Coast Distribution Center Lease $ in Millions | Mar. 31, 2016USD ($) | Jul. 02, 2015USD ($)ft²item |
Long-term Purchase Commitment [Line Items] | ||
Area of leased building (in square feet) | ft² | 1,000,000 | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 15 years | |
Operating Leases, Rent Expense | $ 6 | |
Operating Lease, Rent Expense In Final Year Of Initial Term | $ 8 | |
Maximum number of terms eligible for extension | item | 2 | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 10 years | |
Initial Payment to Purchase Land | $ 10 | |
Subsequent Annual Payments to Purchase Land | $ 12 | |
Term of Annual Payments for Land Purchase | 13 years | |
Construction in Progress Expenditures Incurred but Not yet Paid | $ 74 |
Information About Liberty's O51
Information About Liberty's Operating Segments (Performance Measures By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Total revenues | $ 2,510 | $ 2,214 |
Adjusted OIBDA | 437 | 419 |
QVC Group Common Stock | ||
Total revenues | 2,367 | 1,938 |
Adjusted OIBDA | 433 | 401 |
QVC Group Common Stock | QVC | ||
Total revenues | 2,013 | 1,938 |
Adjusted OIBDA | 415 | 407 |
QVC Group Common Stock | zulily | ||
Total revenues | 355 | |
Adjusted OIBDA | 23 | |
QVC Group Common Stock | Corporate and Other | ||
Adjusted OIBDA | (5) | (6) |
QVC Group Common Stock | Intersegment Eliminations | ||
Total revenues | (1) | |
Liberty Ventures common stock | ||
Total revenues | 143 | 276 |
Adjusted OIBDA | 4 | 18 |
Liberty Ventures common stock | Corporate and Other | ||
Total revenues | 143 | 276 |
Adjusted OIBDA | $ 4 | $ 18 |
Information About Liberty's O52
Information About Liberty's Operating Segments (Other Information By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Total assets | $ 20,958 | $ 21,180 | |
Investments in affiliates, accounted for using the equity method | 1,651 | 1,641 | |
Capital expenditures | 51 | $ 44 | |
QVC Group Common Stock | |||
Total assets | 14,825 | ||
Investments in affiliates, accounted for using the equity method | 223 | 208 | |
Capital expenditures | 43 | 31 | |
QVC Group Common Stock | QVC | |||
Total assets | 11,833 | ||
Investments in affiliates, accounted for using the equity method | 43 | ||
Capital expenditures | 39 | ||
QVC Group Common Stock | zulily | |||
Total assets | 2,637 | ||
Capital expenditures | 4 | ||
QVC Group Common Stock | Corporate and Other | |||
Total assets | 355 | ||
Investments in affiliates, accounted for using the equity method | 180 | ||
Liberty Ventures common stock | |||
Total assets | 6,133 | ||
Investments in affiliates, accounted for using the equity method | 1,428 | $ 1,433 | |
Capital expenditures | 8 | $ 13 | |
Liberty Ventures common stock | Corporate and Other | |||
Total assets | 6,133 | ||
Investments in affiliates, accounted for using the equity method | 1,428 | ||
Capital expenditures | $ 8 |
Information About Liberty's O53
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Information About Liberty's Operating Segments | ||
Consolidated segment Adjusted OIBDA | $ 437 | $ 419 |
Stock-based compensation | (31) | (15) |
Depreciation and amortization | (217) | (168) |
Interest expense | (93) | (95) |
Share of earnings (losses) of affiliates, net | (21) | 3 |
Realized and unrealized gains (losses) on financial instruments, net | (7) | (4) |
Other, net | 34 | 15 |
Earnings (loss) before income taxes | $ 102 | $ 155 |
Financial Information for Tra54
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 2,743 | $ 2,449 | $ 2,350 | $ 2,306 |
Trade and other receivables, net | 1,094 | 1,443 | ||
Inventory, net | 1,084 | 1,000 | ||
Short term marketable securities | 601 | 910 | ||
Other current assets | 87 | 73 | ||
Total current assets | 5,609 | 5,875 | ||
Investments in available-for-sale securities and other cost investments | 1,482 | 1,353 | ||
Investments in affiliates, accounted for using the equity method | 1,651 | 1,641 | ||
Property and equipment, net | 1,201 | 1,140 | ||
Intangible assets subject to amortization, net | 1,457 | 1,647 | ||
Indefinite Lived Intangible Assets Total | 9,520 | 9,485 | ||
Other assets, at cost, net of accumulated amortization | 38 | 39 | ||
Total assets | 20,958 | 21,180 | ||
Accounts payable | 667 | 762 | ||
Accrued liabilities | 623 | 784 | ||
Current portion of debt | 2,605 | 1,226 | ||
Other current liabilities | 295 | 328 | ||
Total current liabilities | 4,190 | 3,100 | ||
Long-term debt | 6,271 | 7,481 | ||
Deferred income tax liabilities | 3,454 | 3,502 | ||
Other liabilities | 295 | 222 | ||
Total liabilities | 14,210 | 14,305 | ||
Equity/Attributed net assets (liabilities) | 6,666 | 6,787 | ||
Noncontrolling interests in equity of subsidiaries | 82 | 88 | ||
Total liabilities and equity | 20,958 | 21,180 | ||
QVC Group Common Stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 440 | 426 | 530 | 422 |
Trade and other receivables, net | 1,040 | |||
Inventory, net | 1,032 | |||
Other current assets | 79 | |||
Total current assets | 2,591 | |||
Investments in available-for-sale securities and other cost investments | 4 | 4 | ||
Investments in affiliates, accounted for using the equity method | 223 | 208 | ||
Property and equipment, net | 1,164 | |||
Intangible assets subject to amortization, net | 1,419 | |||
Indefinite Lived Intangible Assets Total | 9,391 | |||
Other assets, at cost, net of accumulated amortization | 33 | |||
Total assets | 14,825 | |||
Intergroup payable receivable | 45 | |||
Accounts payable | 642 | |||
Accrued liabilities | 576 | |||
Current portion of debt | 358 | |||
Other current liabilities | 184 | |||
Total current liabilities | 1,805 | |||
Long-term debt | 6,257 | |||
Deferred income tax liabilities | 1,290 | |||
Other liabilities | 283 | |||
Total liabilities | 9,635 | |||
Equity/Attributed net assets (liabilities) | 5,098 | |||
Noncontrolling interests in equity of subsidiaries | 92 | |||
Total liabilities and equity | 14,825 | |||
Liberty Ventures common stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 2,303 | 2,023 | $ 1,820 | $ 1,884 |
Trade and other receivables, net | 54 | |||
Inventory, net | 52 | |||
Short term marketable securities | 601 | |||
Other current assets | 8 | |||
Total current assets | 3,018 | |||
Investments in available-for-sale securities and other cost investments | 1,478 | 1,349 | ||
Investments in affiliates, accounted for using the equity method | 1,428 | $ 1,433 | ||
Property and equipment, net | 37 | |||
Intangible assets subject to amortization, net | 38 | |||
Indefinite Lived Intangible Assets Total | 129 | |||
Other assets, at cost, net of accumulated amortization | 5 | |||
Total assets | 6,133 | |||
Intergroup payable receivable | (45) | |||
Accounts payable | 25 | |||
Accrued liabilities | 47 | |||
Current portion of debt | 2,247 | |||
Other current liabilities | 111 | |||
Total current liabilities | 2,385 | |||
Long-term debt | 14 | |||
Deferred income tax liabilities | 2,164 | |||
Other liabilities | 12 | |||
Total liabilities | 4,575 | |||
Equity/Attributed net assets (liabilities) | 1,568 | |||
Noncontrolling interests in equity of subsidiaries | (10) | |||
Total liabilities and equity | $ 6,133 |
Financial Information for Tra55
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | ||
Total revenue, net | $ 2,510 | $ 2,214 |
Cost of sales (exclusive of depreciation shown) | 1,626 | 1,415 |
Operating expenses | 170 | 160 |
Selling, general and administrative, including stock-based compensation | 308 | 235 |
Depreciation and amortization | 217 | 168 |
Total operating costs and expenses | 2,321 | 1,978 |
Operating income (loss) | 189 | 236 |
Interest expense | (93) | (95) |
Share of earnings (loss) of affiliates, net | (21) | 3 |
Realized and unrealized gains (losses) on financial instruments, net | (7) | (4) |
Other, net | 34 | 15 |
Total other income (expense) | (87) | (81) |
Earnings (loss) before income taxes | 102 | 155 |
Income tax benefit (expense) | (31) | (3) |
Net earnings (loss) | 71 | 152 |
Less net earnings (loss) attributable to noncontrolling interests | 8 | 9 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 63 | 143 |
QVC Group Common Stock | ||
Condensed Income Statements, Captions [Line Items] | ||
Total revenue, net | 2,367 | 1,938 |
Cost of sales (exclusive of depreciation shown) | 1,535 | 1,221 |
Operating expenses | 153 | 138 |
Selling, general and administrative, including stock-based compensation | 264 | 190 |
Depreciation and amortization | 209 | 152 |
Total operating costs and expenses | 2,161 | 1,701 |
Operating income (loss) | 206 | 237 |
Interest expense | (76) | (75) |
Share of earnings (loss) of affiliates, net | 21 | 24 |
Realized and unrealized gains (losses) on financial instruments, net | (1) | (10) |
Other, net | 5 | 8 |
Total other income (expense) | (51) | (53) |
Earnings (loss) before income taxes | 155 | 184 |
Income tax benefit (expense) | (57) | (24) |
Net earnings (loss) | 98 | 160 |
Less net earnings (loss) attributable to noncontrolling interests | 8 | 9 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 90 | 151 |
Liberty Ventures common stock | ||
Condensed Income Statements, Captions [Line Items] | ||
Total revenue, net | 143 | 276 |
Cost of sales (exclusive of depreciation shown) | 91 | 194 |
Operating expenses | 17 | 22 |
Selling, general and administrative, including stock-based compensation | 44 | 45 |
Depreciation and amortization | 8 | 16 |
Total operating costs and expenses | 160 | 277 |
Operating income (loss) | (17) | (1) |
Interest expense | (17) | (20) |
Share of earnings (loss) of affiliates, net | (42) | (21) |
Realized and unrealized gains (losses) on financial instruments, net | (6) | 6 |
Other, net | 29 | 7 |
Total other income (expense) | (36) | (28) |
Earnings (loss) before income taxes | (53) | (29) |
Income tax benefit (expense) | 26 | 21 |
Net earnings (loss) | (27) | (8) |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ (27) | $ (8) |
Financial Information for Tra56
Financial Information for Tracking Stock Groups - Statement of Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net earnings (loss) | $ 71 | $ 152 |
Depreciation and amortization | 217 | 168 |
Stock-based compensation | 31 | 15 |
Cash payments for stock based compensation | (10) | (2) |
Excess tax benefit from stock-based compensation | (5) | (13) |
Share of losses (earnings) of affiliates, net | 21 | (3) |
Cash receipts from returns on equity investments | 15 | 13 |
Realized and unrealized gains (losses) on financial instruments, net | 7 | 4 |
Deferred income tax (benefit) expense | (6) | (54) |
Other noncash charges (credits), net | (27) | (8) |
Current and other assets | 281 | 258 |
Payables and other current liabilities | (300) | (310) |
Net cash provided (used) by operating activities | 295 | 220 |
Proceeds from Sale of Other Assets, Investing Activities | 9 | |
Investments in and loans to cost and equity investees | (22) | (45) |
Capital expended for property and equipment | (51) | (44) |
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 | (116) | (287) |
Sales of short term and other marketable securities | 425 | 313 |
Other investing activities, net | (12) | (44) |
Net cash used by investing activities | 233 | 73 |
Borrowings of debt | 623 | 531 |
Repayments of debt | (598) | (642) |
Repurchases of Liberty common stock | (238) | (123) |
Minimum withholding taxes on net settlement of stock-based compensation | (8) | (11) |
Excess tax benefit from stock-based compensation | 5 | 13 |
Other financing activities, net | (5) | (7) |
Net cash provided (used) by financing activities | (221) | (239) |
Effect of foreign currency exchange rates on cash | (13) | (10) |
Net increase (decrease) in cash and cash equivalents | 294 | 44 |
Cash and cash equivalents at beginning of period | 2,449 | 2,306 |
Cash and cash equivalents at end of period | 2,743 | 2,350 |
QVC Group Common Stock | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net earnings (loss) | 98 | 160 |
Depreciation and amortization | 209 | 152 |
Stock-based compensation | 18 | 12 |
Excess tax benefit from stock-based compensation | (5) | (13) |
Share of losses (earnings) of affiliates, net | (21) | (24) |
Cash receipts from returns on equity investments | 6 | 7 |
Realized and unrealized gains (losses) on financial instruments, net | 1 | 10 |
Deferred income tax (benefit) expense | (30) | (79) |
Intergroup tax allocation | 49 | 47 |
Intergroup tax payments | (54) | (6) |
Other noncash charges (credits), net | (2) | (9) |
Current and other assets | 268 | 238 |
Payables and other current liabilities | (297) | (268) |
Net cash provided (used) by operating activities | 240 | 227 |
Investments in and loans to cost and equity investees | (1) | |
Capital expended for property and equipment | (43) | (31) |
Cash receipts from returns of equity investments | 200 | |
Purchases of short-term and other marketable securities | (54) | |
Sales of short term and other marketable securities | 12 | 66 |
Other investing activities, net | (13) | (44) |
Net cash used by investing activities | (44) | 136 |
Borrowings of debt | 515 | 351 |
Repayments of debt | (438) | (466) |
Repurchases of Liberty common stock | (238) | (123) |
Minimum withholding taxes on net settlement of stock-based compensation | (7) | (12) |
Excess tax benefit from stock-based compensation | 5 | 13 |
Other financing activities, net | (6) | (8) |
Net cash provided (used) by financing activities | (169) | (245) |
Effect of foreign currency exchange rates on cash | (13) | (10) |
Net increase (decrease) in cash and cash equivalents | 14 | 108 |
Cash and cash equivalents at beginning of period | 426 | 422 |
Cash and cash equivalents at end of period | 440 | 530 |
Liberty Ventures common stock | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net earnings (loss) | (27) | (8) |
Depreciation and amortization | 8 | 16 |
Stock-based compensation | 13 | 3 |
Cash payments for stock based compensation | (10) | (2) |
Share of losses (earnings) of affiliates, net | 42 | 21 |
Cash receipts from returns on equity investments | 9 | 6 |
Realized and unrealized gains (losses) on financial instruments, net | 6 | (6) |
Deferred income tax (benefit) expense | 24 | 25 |
Intergroup tax allocation | (49) | (47) |
Intergroup tax payments | 54 | 6 |
Other noncash charges (credits), net | (25) | 1 |
Current and other assets | 13 | 20 |
Payables and other current liabilities | (3) | (42) |
Net cash provided (used) by operating activities | 55 | (7) |
Proceeds from Sale of Other Assets, Investing Activities | 9 | |
Investments in and loans to cost and equity investees | (22) | (44) |
Capital expended for property and equipment | (8) | (13) |
Cash (paid) for acquisitions, net of cash acquired | (20) | |
Purchases of short-term and other marketable securities | (116) | (233) |
Sales of short term and other marketable securities | 413 | 247 |
Other investing activities, net | 1 | |
Net cash used by investing activities | 277 | (63) |
Borrowings of debt | 108 | 180 |
Repayments of debt | (160) | (176) |
Minimum withholding taxes on net settlement of stock-based compensation | (1) | 1 |
Other financing activities, net | 1 | 1 |
Net cash provided (used) by financing activities | (52) | 6 |
Net increase (decrease) in cash and cash equivalents | 280 | (64) |
Cash and cash equivalents at beginning of period | 2,023 | 1,884 |
Cash and cash equivalents at end of period | $ 2,303 | $ 1,820 |