Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
QVC Group Common Class A | ||
Entity Common Stock, Shares Outstanding | 421,506,389 | |
QVC Group Common Class B | ||
Entity Common Stock, Shares Outstanding | 29,411,367 | |
Ventures Group Common Class A | ||
Entity Common Stock, Shares Outstanding | 81,199,016 | |
Ventures Group Common Class B | ||
Entity Common Stock, Shares Outstanding | 4,271,867 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Assets, Current | ||
Cash and cash equivalents | $ 821 | $ 825 |
Trade and other receivables, net | 969 | 1,308 |
Inventory, net | 1,050 | 968 |
Other current assets | 80 | 68 |
Total current assets | 2,920 | 3,169 |
Investments in available-for-sale securities and other cost investments | 2,185 | 1,922 |
Investments in affiliates, accounted for using the equity method | 567 | 581 |
Investments in and Advances to Affiliates, at Fair Value | 3,688 | 3,161 |
Property and equipment, at cost | 2,211 | 2,163 |
Accumulated depreciation | (1,087) | (1,032) |
Property and equipment, net | 1,124 | 1,131 |
Intangible assets not subject to amortization: | ||
Goodwill | 6,075 | 6,052 |
Indefinite-Lived Trademarks | 3,302 | 3,302 |
Indefinite Lived Intangible Assets Total | 9,377 | 9,354 |
Intangible assets subject to amortization, net | 862 | 1,005 |
Other assets | 35 | 32 |
Total assets | 20,758 | 20,355 |
Liabilities and Equity | ||
Accounts payable | 727 | 790 |
Accrued liabilities | 601 | 706 |
Current portion of debt | 917 | 876 |
Other current liabilities | 180 | 162 |
Total current liabilities | 2,425 | 2,534 |
Long-term debt | 7,013 | 7,166 |
Deferred Tax Liabilities, Net, Noncurrent | 3,911 | 3,636 |
Other liabilities | 162 | 158 |
Total liabilities | 13,511 | 13,494 |
Equity | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Accumulated other comprehensive earnings, net of taxes | (243) | (266) |
Retained earnings | 7,399 | 7,032 |
Total stockholders' equity | 7,162 | 6,772 |
Noncontrolling interests in equity of subsidiaries | 85 | 89 |
Total equity | 7,247 | 6,861 |
Commitments and contingencies | ||
Total liabilities and equity | 20,758 | 20,355 |
QVC Group Common Stock | ||
Assets, Current | ||
Cash and cash equivalents | 379 | 338 |
Trade and other receivables, net | 933 | |
Inventory, net | 1,050 | |
Other current assets | 78 | |
Total current assets | 2,440 | |
Investments in available-for-sale securities and other cost investments | 4 | 4 |
Investments in affiliates, accounted for using the equity method | 233 | 224 |
Property and equipment, net | 1,123 | |
Intangible assets not subject to amortization: | ||
Indefinite Lived Intangible Assets Total | 9,347 | |
Intangible assets subject to amortization, net | 858 | |
Other assets | 35 | |
Total assets | 14,040 | |
Liabilities and Equity | ||
Accounts payable | 727 | |
Accrued liabilities | 579 | |
Current portion of debt | 15 | |
Other current liabilities | 178 | |
Total current liabilities | 1,671 | |
Long-term debt | 6,169 | |
Deferred Tax Liabilities, Net, Noncurrent | 1,111 | |
Other liabilities | 165 | |
Total liabilities | 9,116 | |
Equity | ||
Total stockholders' equity | 4,830 | |
Noncontrolling interests in equity of subsidiaries | 94 | |
Total liabilities and equity | 14,040 | |
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 | 442 | 487 |
Trade and other receivables, net | 36 | |
Other current assets | 2 | |
Total current assets | 480 | |
Investments in available-for-sale securities and other cost investments | 2,181 | 1,918 |
Investments in affiliates, accounted for using the equity method | 334 | 357 |
Investments in and Advances to Affiliates, at Fair Value | 3,688 | |
Property and equipment, net | 1 | |
Intangible assets not subject to amortization: | ||
Indefinite Lived Intangible Assets Total | 30 | |
Intangible assets subject to amortization, net | 4 | |
Total assets | 6,718 | |
Liabilities and Equity | ||
Accrued liabilities | 22 | |
Current portion of debt | 902 | |
Other current liabilities | 2 | |
Total current liabilities | 754 | |
Long-term debt | 844 | |
Deferred Tax Liabilities, Net, Noncurrent | 2,800 | |
Other liabilities | (3) | |
Total liabilities | 4,395 | |
Equity | ||
Total stockholders' equity | 2,332 | |
Noncontrolling interests in equity of subsidiaries | (9) | |
Total liabilities and equity | 6,718 | |
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, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 97 | $ 99 |
Short-term Debt, Fair Value | 901 | 862 |
Long-term Debt, Fair Value | $ 845 | $ 805 |
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 | 421,476,652 | 429,005,932 |
Common stock, shares outstanding | 421,476,652 | 429,005,932 |
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 | 29,411,867 | 29,358,638 |
Common stock, shares outstanding | 29,411,867 | 29,358,638 |
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 | 81,177,231 | 81,150,711 |
Common stock, shares outstanding | 81,177,231 | 81,150,711 |
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 | 4,271,866 | 4,271,958 |
Common stock, shares outstanding | 4,271,866 | 4,271,958 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue: | ||
Total revenue, net | $ 2,327 | $ 2,510 |
Operating costs and expenses: | ||
Cost of sales | 1,505 | 1,626 |
Operating expenses | 151 | 170 |
Selling, general and administrative, including stock-based compensation | 250 | 308 |
Depreciation and amortization | 208 | 217 |
Total operating costs and expenses | 2,114 | 2,321 |
Operating income (loss) | 213 | 189 |
Other income (expense): | ||
Interest expense | (90) | (93) |
Share of earnings (losses) of affiliates, net | (27) | 3 |
Realized and unrealized gains (losses) on financial instruments, net | 701 | (7) |
Other, net | 1 | 38 |
Total other income (expense) | 585 | (59) |
Total | 798 | 130 |
Income tax (expense) benefit | (279) | (38) |
Earnings (loss) from continuing operations | 519 | 92 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16) | |
Net earnings (loss) | 519 | 76 |
Less net earnings (losses) attributable to the noncontrolling interests | 12 | 8 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 507 | 68 |
QVC Group Common Stock | ||
Revenue: | ||
Total revenue, net | 2,323 | 2,367 |
Operating costs and expenses: | ||
Cost of sales | 1,505 | 1,535 |
Operating expenses | 148 | 153 |
Selling, general and administrative, including stock-based compensation | 237 | 264 |
Depreciation and amortization | 207 | 209 |
Total operating costs and expenses | 2,097 | 2,161 |
Operating income (loss) | 226 | 206 |
Other income (expense): | ||
Interest expense | (75) | (76) |
Share of earnings (losses) of affiliates, net | 14 | 21 |
Realized and unrealized gains (losses) on financial instruments, net | (1) | (1) |
Other, net | (2) | 5 |
Total other income (expense) | (64) | (51) |
Total | 162 | 155 |
Income tax (expense) benefit | (59) | (53) |
Earnings (loss) from continuing operations | 102 | |
Net earnings (loss) | 103 | 102 |
Less net earnings (losses) attributable to the noncontrolling interests | 12 | 8 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 91 | $ 94 |
Earnings (Loss) Per Common Share | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.20 | $ 0.19 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.20 | 0.19 |
Earnings Per Share, Basic | 0.20 | 0.19 |
Earnings Per Share, Diluted | $ 0.20 | $ 0.19 |
Liberty Ventures common stock | ||
Revenue: | ||
Total revenue, net | $ 4 | $ 143 |
Operating costs and expenses: | ||
Cost of sales | 91 | |
Operating expenses | 3 | 17 |
Selling, general and administrative, including stock-based compensation | 13 | 44 |
Depreciation and amortization | 1 | 8 |
Total operating costs and expenses | 17 | 160 |
Operating income (loss) | (13) | (17) |
Other income (expense): | ||
Interest expense | (15) | (17) |
Share of earnings (losses) of affiliates, net | (41) | (18) |
Realized and unrealized gains (losses) on financial instruments, net | 702 | (6) |
Other, net | 3 | 33 |
Total other income (expense) | 649 | (8) |
Total | 636 | (25) |
Income tax (expense) benefit | (220) | 15 |
Earnings (loss) from continuing operations | (10) | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16) | |
Net earnings (loss) | 416 | (26) |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 416 | $ (26) |
Earnings (Loss) Per Common Share | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.89 | $ (0.07) |
Income (Loss) from Continuing Operations, Per Diluted Share | 4.84 | (0.07) |
Earnings Per Share, Basic | 4.89 | (0.18) |
Earnings Per Share, Diluted | $ 4.84 | $ (0.18) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net earnings (loss) | $ 519 | $ 76 |
Other comprehensive earnings (loss), net of taxes: | ||
Foreign currency translation adjustments | 27 | 34 |
Share of other comprehensive earnings (losses) of equity affiliates | 2 | (1) |
Other comprehensive earnings (loss), Net-of-tax amount | 29 | 33 |
Comprehensive earnings (loss) | 548 | 109 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 18 | 15 |
Comprehensive earnings (loss) attributable to Liberty Interactive Corporation shareholders | 530 | 94 |
QVC Group Common Stock | ||
Net earnings (loss) | 103 | 102 |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty Interactive Corporation shareholders | 112 | 114 |
Liberty Ventures common stock | ||
Net earnings (loss) | 416 | (26) |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 418 | $ (20) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from operating activities: | ||
Net earnings (loss) | $ 519 | $ 76 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Earnings (loss) from discontinued operations | 16 | |
Depreciation and amortization | 208 | 217 |
Stock-based compensation | 16 | 31 |
Cash payments for stock-based Compensation | (10) | |
Share of (earnings) of affiliates, net | 27 | (3) |
Cash receipts from returns on equity investments | 7 | 9 |
Realized and unrealized gains (losses) on financial instruments, net | (701) | 7 |
Deferred income tax expense | 255 | 6 |
Other noncash charges (credits), net | 3 | (36) |
Changes in operating assets and liabilities | ||
Current and other assets | 254 | 281 |
Payables and other current liabilities | (162) | (300) |
Net cash provided (used) by operating activities | 426 | 294 |
Cash flows from investing activities: | ||
Cash proceeds from dispositions of investments | 9 | |
Investments in and loans to cost and equity investees | (21) | (22) |
Capital expended for property and equipment | (30) | (51) |
Purchases of short-term and other marketable securities | (116) | |
Sales of short term and other marketable securities | 425 | |
Other investing activities, net | (1) | (12) |
Net cash used by investing activities | (52) | 233 |
Cash flows from financing activities: | ||
Borrowings of debt | 499 | 623 |
Repayments of debt | (704) | (598) |
Repurchases of QVC Group common stock | (152) | (238) |
Withholding taxes on net share settlements of stock-based compensation | (4) | (8) |
Other financing activities, net | (26) | (5) |
Net cash provided (used) by financing activities | (387) | (226) |
Effect of foreign currency exchange rates on cash | 9 | (13) |
Net increase (decrease) in cash and cash equivalents | (4) | 294 |
Cash and cash equivalents at beginning of period | 825 | 2,449 |
Cash and cash equivalents at end of period | $ 821 | 2,743 |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 6 | |
Net Cash Provided by (Used in) Discontinued Operations | $ 6 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Equity - 3 months ended Mar. 31, 2017 - 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, 2016 | $ 5 | $ 1 | $ (266) | $ 7,032 | $ 89 | $ 6,861 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net earnings (loss) | $ 103 | $ 416 | 507 | 12 | 519 | ||||
Other comprehensive earnings (loss) | 23 | 6 | 29 | ||||||
Cumulative effect of accounting change | $ 16 | 16 | |||||||
Series A QVC Group stock repurchases | 0 | (152) | (152) | ||||||
Minimum withholding taxes on net share settlements of stock-based compensation | (4) | (4) | |||||||
Stock issued upon exercise of stock options | 1 | 1 | |||||||
Distribution to noncontrolling interest | (22) | (22) | |||||||
Reclassification | 140 | (140) | |||||||
Other | $ (1) | (1) | |||||||
Balance at Mar. 31, 2017 | $ 5 | $ 1 | $ (243) | $ 7,399 | $ 85 | $ 7,247 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 online commerce industries in North America, Europe and Asia and the cable industry in North America. The Company’s wholly-owned subsidiary, QVC, Inc.’s (“QVC”) business is seasonal due to a higher volume of sales in the fourth calendar quarter related to year-end holiday shopping. The accompanying (a) condensed consolidated balance sheet as of December 31, 2016, 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, 2016. 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. On May 18, 2016, Liberty completed a $2.4 billion investment in Liberty Broadband Corporation (“Liberty Broadband”) (for accounting purposes a related party of the Company) in connection with the merger of Charter Communications, Inc. ("Charter") and Time Warner Cable Inc. ("TWC"). The proceeds of this investment were used by Liberty Broadband to fund, in part, its acquisition of $5 billion of stock in the new public parent company (“New Charter”) of the combined enterprises. Liberty, along with third party investors, all of whom invested on the same terms as Liberty, purchased newly issued shares of Liberty Broadband Series C common stock 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. Liberty's investment in Liberty Broadband was funded using cash on hand and is attributed to the Ventures Group (as defined in note 2). See note 8 for additional information related to this investment. Liberty also exchanged, in a tax-free transaction, its shares of TWC common stock for shares of New Charter Class A common stock, on a one-for-one basis, and Liberty has granted to Liberty Broadband a proxy and a right of first refusal with respect to the shares of New Charter Class A common stock held by Liberty in the exchange. On July 22, 2016, Liberty completed its previously announced spin-off (the “CommerceHub Spin-Off”) of its former wholly-owned subsidiary CommerceHub, Inc. (“CommerceHub”). The CommerceHub Spin-Off was accomplished by the distribution by Liberty of a dividend of (i) 0.1 of a share of CommerceHub’s Series A common stock for each outstanding share of Liberty’s Series A Liberty Ventures common stock as of 5:00 p.m., New York City time, on July 8, 2016 (such date and time, the “Record Date”), (ii) 0.1 of a share of CommerceHub’s Series B common stock for each outstanding share of Liberty’s Series B Liberty Ventures common stock as of the Record Date and (iii) 0.2 of a share of CommerceHub’s Series C common stock for each outstanding share of Series A and Series B Liberty Ventures common stock as of the Record Date, in each case, with cash paid in lieu of fractional shares. In September 2016, the Internal Revenue Service (“IRS”) completed its review of the CommerceHub Spin-Off and informed Liberty that it agreed with the nontaxable characterization of the transaction. Liberty received an Issue Resolution Agreement from the IRS documenting this conclusion. See the discussion in note 3 regarding discontinued operations treatment for the CommerceHub Spin-Off. On November 4, 2016, Liberty completed its previously announced split-off (the “Expedia Holdings Split-Off”) of its former wholly-owned subsidiary Liberty Expedia Holdings, Inc. (“Expedia Holdings”). At the time of the Expedia Holdings Split-Off, Expedia Holdings was comprised of, among other things, Liberty’s former interest in Expedia, Inc. (“Expedia”) and Liberty’s former wholly-owned subsidiary Bodybuilding.com, LLC (“Bodybuilding”). On November 2, 2016, Expedia Holdings borrowed $350 million under a new margin loan and distributed $299 million, net of certain debt related costs, to Liberty on November 4, 2016. The Expedia Holdings Split-Off was accomplished by the redemption of (i) 0.4 of each outstanding share of Liberty’s Series A Liberty Ventures common stock for 0.4 of a share of Expedia Holdings Series A common stock at 5:00 p.m., New York City time, on November 4, 2016 (such date and time, the “Redemption Date”) and (ii) 0.4 of each outstanding share of Liberty’s Series B Liberty Ventures common stock for 0.4 of a share of Expedia Holdings Series B common stock on the Redemption Date, in each case, with cash paid in lieu of any fractional shares of Liberty Ventures common stock or Expedia Holdings common stock (after taking into account all of the shares owned of record by each holder thereof, as applicable). In February 2017, the IRS completed its review of the Expedia Holdings Split-Off and informed Liberty that it agreed with the nontaxable characterization of the transaction. Liberty received an Issue Resolution Agreement from the IRS documenting this conclusion. See the discussion in note 3 regarding discontinued operations treatment for the Expedia Holdings Split-Off. 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. We have identified the Company’s various revenue streams and are working with our subsidiaries to evaluate the quantitative effects of the new guidance. The Company has not yet selected a transition method. We will continue to provide updates as to the progress of our evaluation in our quarterly reports during 2017. 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 adopted this guidance as of January 1, 2017, and there was no significant effect of the standard on its financial reporting. 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 is currently working with its consolidated subsidiaries to evaluate the impact of the adoption of this new guidance on our consolidated financial statements, including identifying the population of leases, evaluating technology solutions and collecting lease data. 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, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted this guidance in the third quarter of 2016 . In accordance with the new guidance, excess tax benefits and tax deficiencies are recognized as income tax benefit or expense rather than as additional paid-in capital. The Company has elected to recognize forfeitures as they occur rather than continue to estimate expected forfeitures. In addition, pursuant to the new guidance, excess tax benefits are classified as an operating activity on the condensed consolidated statements of cash flows. The recognition of excess tax benefits and deficiencies are applied prospectively from January 1, 2016. For tax benefits that were not previously recognized and for adjustments to compensation cost based on actual forfeitures, the Company has recorded a cumulative-effect adjustment in retained earnings as of January 1, 2016. The presentation changes for excess tax benefits were applied retrospectively in the prior year, resulting in $5 million of excess tax benefits for the three months ended March 31, 2016 being reclassified in the accompanying condensed consolidated statement of cash flows from financing activities to cash flows from operating activities. In October 2016, the FASB issued new accounting guidance which requires an entity to recognize at the transaction date the income tax consequences of intercompany asset transfers. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued new accounting guidance to simplify the measurement of goodwill impairment. Under the new guidance, an entity will no longer perform a Step 2 Test to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for goodwill impairment tests with measurement dates after January 1, 2017. The Company is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures. As a result of repurchases of Series A QVC Group common stock, the Company’s additional paid-in capital balance was in a deficit position as of March 31, 2017. In order to maintain a zero balance in the additional paid-in capital account, we reclassified the amount of the deficit ($140 million) at March 31, 2017 to retained earnings. Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that Liberty uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. Liberty has entered into certain agreements with Liberty Media Corporation ("LMC") (for accounting purposes a related party of the Company), a separate publicly traded company, neither of which has any stock ownership, beneficial or otherwise, in the other, in order to govern relationships between the companies. These agreements include a Reorganization Agreement, Services Agreement, Facilities Sharing Agreement and Tax Sharing Agreement. The Reorganization Agreement provides for, among other things, provisions governing the relationship between Liberty and LMC, including certain cross-indemnities. Pursuant to the Services Agreement, LMC provides Liberty with certain general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for Liberty's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Liberty. Under the Facilities Sharing Agreement, LMC shares office space and related amenities at its corporate headquarters with Liberty. Under these various agreements, approximately $3 million and $3 million was reimbursable to LMC for the three months ended March 31, 2017 and 2016, respectively. 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, 2017 | |
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 Liberty QVC Group and the Ventures Group, respectively (as defined below). 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. As of March 31, 2017, 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 and zulily, llc (“zulily”), our approximate 38% interest in HSN, Inc. (“HSN”), cash and certain liabilities that reside with QVC and zulily, certain liabilities related to our corporate indebtedness (see note 10) and certain deferred tax liabilities. As of March 31, 2017, the QVC Group has cash and cash equivalents of approximately $379 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. As of March 31, 2017, the Ventures Group is comprised primarily of our interests in Evite, Inc. (“Evite”), FTD Companies, Inc. (“FTD”), LendingTree, Inc. (“LendingTree”), Liberty Broadband, investments in Charter, ILG, Inc. (“ILG”), and Time Warner Inc. (“Time Warner”), and cash and cash equivalents of approximately $442 million. 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. On April 4, 2017, Liberty entered into an Agreement and Plan of Reorganization (the “Reorganization Agreement” and the transactions contemplated thereby, the “Transactions”) with General Communication, Inc. (“GCI”), an Alaska corporation, and Liberty Interactive LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Liberty (“LI LLC”), whereby Liberty will acquire GCI through a reorganization in which certain Ventures Group assets and liabilities will be contributed to GCI in exchange for a controlling interest in GCI. Liberty and LI LLC will contribute to GCI Liberty (as defined below) its entire equity interest in Liberty Broadband, Charter and LendingTree, together with the Evite operating business and certain other assets and liabilities (including, subject to certain conditions, Liberty’s equity interest in FTD), in exchange for (a) the issuance to LI LLC of (i) a number of shares of reclassified GCI Class A Common Stock and a number of shares of reclassified GCI Class B Common Stock equal to the number of outstanding shares of Series A Liberty Ventures common stock and Series B Liberty Ventures common stock outstanding on the closing date of the Contribution, respectively, (ii) certain exchangeable debentures and (iii) cash and (b) the assumption of certain liabilities by GCI Liberty (the “Contribution”). Liberty will then effect a tax-free separation of its controlling interest in the combined company (to be named GCI Liberty, Inc. (“GCI Liberty”)) to the holders of Liberty Ventures common stock in full redemption of all outstanding shares of such stock, leaving QVC Group common stock as the only outstanding common stock of Liberty. Holders of GCI Class A Common Stock and GCI Class B Common Stock each will receive (i) 0.63 of a share of reclassified GCI Class A Common Stock and (ii) 0.20 of a share of new GCI Series A preferred stock in exchange for each share of their existing GCI stock. The exchange ratios were determined based on total consideration of $32.50 per share for existing GCI common stock, comprised of $27.50 per share in reclassified GCI Class A Common Stock and $5.00 per share in newly issued GCI Preferred Stock, and a Liberty Ventures reference price of $43.65 (with no premium paid for shares of GCI Class B Common Stock). The Series A preferred shares will accrue dividends at an initial rate of 5% per annum (which would increase to 7% in connection with a future reincorporation of GCI Liberty in Delaware) and will be redeemable upon the 21st anniversary of the closing. At the closing of the Transactions, Liberty will reattribute certain assets and liabilities from the Ventures Group to the QVC Group (the “Reattribution”). The reattributed assets and liabilities, if effected as of the date hereof, would include cash, Liberty’s interest in ILG, certain green energy investments, LI LLC’s exchangeable debentures (other than its outstanding 1.75% Exchangeable Debentures due 2046 that are exchanged for mirror debentures of GCI in an exchange offer to be conducted prior to the closing of the Transactions), and certain tax benefits. Liberty will complete the Reattribution using similar valuation methodologies to those used in connection with its previous reattributions, including taking into account the advice of its financial advisor. The Transactions are expected to be consummated during the first quarter of 2018, subject to the satisfaction of customary closing conditions, including receipt of regulatory approval and the requisite stockholder approvals. 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, 2017 | |
Disposals [Abstract] | |
Disposals | (3) Disposals On July 22, 2016, Liberty completed the CommerceHub Spin-Off. CommerceHub is included in the Corporate and other segment through July 22, 2016 and is not presented as a discontinued operation as the CommerceHub Spin-Off did not represent a strategic shift that had a major effect on Liberty’s operations and financial results. Included in revenue in the accompanying condensed consolidated statements of operations is $22 million for the three months ended March 31, 2016 related to CommerceHub. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are losses of $2 million for the three months ended March 31, 2016 related to CommerceHub. On November 4, 2016, Liberty completed the Expedia Holdings Split-Off. At the time of the Expedia Holdings Split-Off, Expedia Holdings was comprised of, among other things, Liberty’s former interest in Expedia and Liberty’s former wholly-owned subsidiary Bodybuilding. Liberty views Expedia and Bodybuilding as separate components and evaluated them separately for discontinued operations presentation. Based on a quantitative analysis, the Expedia Holdings Split-Off represents a strategic shift that has a major effect on Liberty’s operations, primarily due to prior year one-time gains on transactions recognized by Expedia. Accordingly, the accompanying condensed consolidated financial statements of Liberty have been prepared to reflect Liberty’s interest in Expedia as a discontinued operation. The disposition of Bodybuilding as part of the Expedia Holdings Split-Off does not have a major effect on Liberty’s historical results nor is it expected to have a major effect on Liberty’s future operations. The disposition of Bodybuilding does not represent a strategic shift in Liberty’s operations. Accordingly, Bodybuilding is not presented as a discontinued operation in the accompanying condensed consolidated financial statements of Liberty. Bodybuilding is included in the Corporate and other segment through November 4, 2016. Included in revenue in the accompanying condensed consolidated statements of operations is $116 million for the three months ended March 31, 2016 related to Bodybuilding. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are earnings of $1 million for the three months ended March 31, 2016 related to Bodybuilding. Certain financial information for Liberty’s investment in Expedia, which is included in the discontinued operations line items of the consolidated Liberty balance sheets as of March 31, 2016, is as follows: March 31, 2016 amounts in millions Earnings (loss) before income taxes (28) Income tax (expense) benefit 12 The impact from discontinued operations on basic and diluted earnings (loss) per share is as follows: March 31, 2016 Basic earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 3): Series A and Series B QVC Group common stock NA Series A and Series B Liberty Ventures common stock (0.11) Diluted earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 3): Series A and Series B QVC Group common stock NA Series A and Series B Liberty Ventures common stock (0.11) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
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 (“RSUs”) 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 (“GDFV”) 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 $16 million and $31 million of stock-based compensation during the three months ended March 31, 2017 and 2016, respectively. In connection with our CEO’s employment agreement, during the three months ended March 31, 2017, Liberty granted 115 thousand performance-based RSUs of Series B QVC Group common stock which have a GDFV of $19.90 per share and 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 GDFV for all of its equity classified Awards and any subsequent remeasurement of its liability classified Awards 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, 2017 29,585 $ 20.80 Granted — $ — Exercised (390) $ 12.48 Forfeited/Cancelled (450) $ 27.79 Outstanding at March 31, 2017 28,745 $ 20.80 4.2 years $ 63 Exercisable at March 31, 2017 19,073 $ 18.67 3.3 years $ 55 QVC Group Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2017 1,489 $ 27.50 Granted — $ — Exercised — $ — Forfeited/Cancelled — $ — Outstanding at March 31, 2017 1,489 $ 27.50 5.4 years $ — Exercisable at March 31, 2017 843 $ 25.68 5.9 years $ — Liberty Ventures Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2017 1,974 $ 22.18 Granted — $ — Exercised (43) $ 18.10 Forfeited/Cancelled (10) $ 36.86 Outstanding at March 31, 2017 1,921 $ 22.20 3.0 years $ 43 Exercisable at March 31, 2017 1,538 $ 18.48 2.3 years $ 40 Liberty Ventures Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2017 987 $ 35.02 Granted — $ — Exercised — $ — Forfeited/Cancelled — $ — Outstanding at March 31, 2017 987 $ 35.02 4.9 years $ 10 Exercisable at March 31, 2017 184 $ 36.82 5.7 years $ 1 As of March 31, 2017, the total unrecognized compensation cost related to unvested Awards was approximately $106 million. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.2 years. As of March 31, 2017, Liberty reserved for issuance upon exercise of outstanding stock options approximately 28.7 million shares of Series A QVC Group common stock, 1.5 million shares of Series B QVC Group common stock, 1.9 million shares of Series A Liberty Ventures common stock and 1.0 million shares of Series B Liberty Ventures common stock. 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 other subsidiary compensation plans are not significant to Liberty. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
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 ("WASO") 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, 2017 and 2016, are 14 million and 12 million potential common shares, respectively, because their inclusion would be antidilutive. QVC Group Common Stock Three months ended March 31, 2017 2016 number of shares in millions Basic WASO 453 485 Potentially dilutive shares 2 6 Diluted WASO 455 491 Series A and Series B Liberty Ventures Common Stock Excluded from diluted EPS, for the three months ended March 31, 2017 and 2016 are less than a million potential common shares because their inclusion would be antidilutive. Liberty Ventures Common Stock Three months ended March 31, 2017 2016 number of shares in millions Basic WASO 85 142 Potentially dilutive shares 1 Diluted WASO 86 143 |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 December 31, 2016 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 $ 667 667 — 625 625 — Available-for-sale securities $ 2,104 2,104 — 1,846 1,846 — Investment in Liberty Broadband $ 3,688 3,688 — 3,161 3,161 — Debt $ 1,746 — 1,746 1,667 — 1,667 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, 2017 2016 amounts in millions Fair Value Option Securities - Available-for-sale securities $ 260 136 Fair Value Option Securities - Liberty Broadband 526 NA Exchangeable senior debentures (84) (142) Other financial instruments (1) (1) $ 701 (7) |
Investments In Available-For-Sa
Investments In Available-For-Sale Securities And Other Cost Investments | 3 Months Ended |
Mar. 31, 2017 | |
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"). 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, 2017 2016 amounts in millions QVC Group Other investments $ 4 4 Total attributed QVC Group 4 4 Ventures Group Charter 1,754 1,543 ILG 349 Other investments 78 73 Total attributed Ventures Group 2,181 1,918 Consolidated Liberty $ 2,185 1,922 |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and the carrying amount at December 31, 2016: December 31, March 31, 2017 2016 Percentage Fair value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions QVC Group HSN 38 % $ 743 $ 194 184 Other various NA 39 40 Total QVC Group 233 224 Ventures Group FTD 37 % 205 212 216 Other various NA 122 141 Total Ventures Group 334 357 Consolidated Liberty $ 567 581 The following table presents Liberty's share of earnings (losses) of affiliates: Three months ended March 31, 2017 2016 amounts in millions QVC Group HSN $ 16 22 Other (2) (1) Total QVC Group 14 21 Ventures Group FTD (5) (3) Other (36) (15) Total Ventures Group (41) (18) Consolidated Liberty $ (27) 3 Investment in Liberty Broadband As discussed in note 1, in connection with the merger of Charter and TWC, on May 18, 2016, Liberty invested $2.4 billion in Liberty Broadband Series C nonvoting shares. As of March 31, 2017, Liberty has a 24% economic ownership interest in Liberty Broadband. Due to overlapping boards of directors and management, Liberty has been deemed to have significant influence over Liberty Broadband for accounting purposes even though Liberty does not have any voting rights. Liberty has elected to apply the fair value option for its investment in Liberty Broadband (Level 1) as it is believed that the Company’s investors value this investment based on the trading price of Liberty Broadband. Liberty recognizes changes in the fair value of its investment in Liberty Broadband in realized and unrealized gains (losses) on financial instruments, net in the condensed consolidated statements of operations. Summarized financial information for Liberty Broadband is as follows: March 31, 2017 December 31, 2016 amounts in millions Current assets $ 252 258 Investment in Charter, accounted for using the equity method 9,330 9,315 Other assets 16 18 Total assets 9,598 9,591 Long-term debt, including current portion 599 599 Deferred income taxes 507 505 Other liabilities 13 14 Equity 8,479 8,473 Total liabilities and shareholders’ equity $ 9,598 9,591 Three months ended March 31, 2017 2016 amounts in millions Revenue $ 3 4 Operating expenses, net 9 13 Operating income (loss) (6) (9) Share of earnings (losses) of affiliates 19 (70) Realized and unrealized gains (losses) on financial instruments, net 1 45 Other income (expense), net (36) (2) Income tax benefit (expense) 8 14 Net earnings (loss) $ (14) (22) |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 $ 5,110 917 25 6,052 Foreign currency translation adjustments 23 — — 23 Balance at March 31, 2017 $ 5,133 917 25 6,075 Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $162 million and $176 million for the three months ended March 31, 2017 and 2016, respectively. Based on its amortizable intangible assets as of March 31, 2017, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2017 $ 360 2018 $ 258 2019 $ 126 2020 $ 66 2021 $ 52 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | (10) Long-Term Debt Debt is summarized as follows: Outstanding principal at Carrying value March 31, 2017 March 31, 2017 December 31, 2016 amounts in millions QVC Group Corporate level debentures 8.5% Senior Debentures due 2029 $ 287 285 285 8.25% Senior Debentures due 2030 504 502 501 1% Exchangeable Senior Debentures due 2043 1 — — Subsidiary level notes and facilities QVC 3.125% Senior Secured Notes due 2019 400 399 399 QVC 5.125% Senior Secured Notes due 2022 500 500 500 QVC 4.375% Senior Secured Notes due 2023 750 750 750 QVC 4.85% Senior Secured Notes due 2024 600 600 600 QVC 4.45% Senior Secured Notes due 2025 600 599 599 QVC 5.45% Senior Secured Notes due 2034 400 399 399 QVC 5.95% Senior Secured Notes due 2043 300 300 300 QVC Bank Credit Facilities 1,699 1,699 1,896 Other subsidiary debt 180 180 174 Deferred loan costs (29) (28) Total QVC Group debt $ 6,221 6,184 6,375 Ventures Group Corporate level debentures 4% Exchangeable Senior Debentures due 2029 $ 435 290 276 3.75% Exchangeable Senior Debentures due 2030 436 284 267 3.5% Exchangeable Senior Debentures due 2031 333 324 316 0.75% Exchangeable Senior Debentures due 2043 1 3 3 1.75% Exchangeable Senior Debentures due 2046 750 845 805 Total Ventures Group debt $ 1,955 1,746 1,667 Total consolidated Liberty debt $ 8,176 7,930 8,042 Less current classification (917) (876) Total long-term debt $ 7,013 7,166 QVC Bank Credit Facilities On June 23, 2016, QVC amended and restated its senior secured credit facility (the “Third Amended and Restated Credit Agreement”) with zulily as co-borrower. The Third Amended and Restated Credit Agreement is a multi-currency facility that provides for a $2.65 billion revolving credit facility, with a $300 million total sub-limit for standby letters of credit and $1.5 billion of uncommitted incremental revolving loan commitments or incremental term loans. The Third Amended and Restated Credit Agreement includes a $400 million tranche that may be borrowed by QVC and zulily, as co-borrowers. The remaining $2.25 billion and any incremental loans may be borrowed only by QVC. The borrowers may elect that the loans extended under the Third Amended and Restated Credit Agreement bear interest at a rate per annum equal to the annual base rate or LIBOR, as each is defined in the Third Amended and Restated Credit Agreement. Borrowings that are alternate base rate loans will bear interest at a per annum rate equal to the base rate plus a margin that varies between 0.25% to 0.75% depending on QVC and zulily’s combined ratio of Consolidated Total Debt to Consolidated EBITDA for the most recent four fiscal quarter period (the “Combined Consolidated Leverage Ratio”). Borrowings that are LIBOR loans will bear interest at a per annum rate equal to the applicable LIBOR rate plus a margin that varies between 1.25% and 1.75% depending on QVC and zulily’s Combined Consolidated Leverage Ratio. Because the calculation of the Combined Consolidated Leverage Ratio was revised to include zulily, the effective interest rate margins, on the date that the Third Amended and Restated Credit Agreement was entered into, decreased from the interest rate margins under the previous bank credit facility. Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs. No mandatory prepayments are required other than when borrowings and letter of credit usage exceed availability; provided that, if zulily ceases to be controlled by Liberty, all of its loans must be repaid and its letters of credit cash collateralized. Any amounts prepaid on the revolving facility may be reborrowed. The facility matures on June 23, 2021, except that $140 million of the $2.25 billion commitment available to QVC matures on March 9, 2020. Payment of loans may be accelerated following certain customary events of default. The senior secured credit facility is secured by the capital stock of QVC. The purpose of the amendment was to, among other things, extend the maturity of the QVC's senior secured credit facility, provide zulily the opportunity to borrow on the senior secured credit facility, and lower the interest rate on borrowings. The payment and performance of the borrowers’ obligations (including zulily’s obligations) under the Third Amended and Restated Credit Agreement are guaranteed by each of QVC’s Material Domestic Subsidiaries (as defined in the Third Amended and Restated Credit Agreement). Further, the borrowings under the Third Amended and Restated Credit Agreement are secured, pari passu with QVC’s existing notes, by a pledge of all of QVC’s equity interests. The payment and performance of the borrowers’ obligations with respect to the $400 million tranche available to both QVC and zulily are also guaranteed by each of zulily’s Material Domestic Subsidiaries (as defined in the Third Amended and Restated Credit Agreement), if any, and are secured by a pledge of all of zulily’s equity interests. The Third Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including certain restrictions on QVC and zulily and each of their 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; limiting QVC’s consolidated leverage ratio, which is defined in the Third Amended Restated Credit Agreement as QVC’s consolidated total debt to Adjusted OIBDA ratio for the most recent four fiscal quarter period; and limiting the Combined Consolidated Leverage Ratio. The interest rate on borrowings outstanding under the Third Amended and Restated Credit Agreement was 2.5% at March 31, 2017. Availability under the Third Amended and Restated Credit Agreement at March 31, 2017 was $941 million, including the portion available under the $400 million tranche that zulily may also borrow on. 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, 2017 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 0.75% Exchangeable Senior Debentures due 2043 are classified as current as of March 31, 2017. During the year ended December 31, 2016, holders exchanged, under the terms of the debentures, approximately $523 million principal of Liberty’s 0.75% Exchangeable Senior Debentures due 2043 and Liberty made cash payments of approximately $1,181 million to settle the obligations. In addition, in conjunction with the Liberty Broadband transaction (see note 1), an extraordinary distribution of approximately $325 million was paid to holders of the 0.75% Exchangeable Senior Debentures due 2043. In August 2016, Liberty issued $750 million principal amount of new 1.75% Exchangeable Senior Debentures due 2046. The 1.75% Exchangeable Senior Debentures are senior exchangeable debentures due September 2046 which bear interest at an annual rate of 1.75%. Each $1,000 debenture is exchangeable at the holder’s option for the value of 2.9317 shares of Charter Class A common stock. Liberty may, at its election, pay the exchange value in cash, Charter Class A common stock or a combination thereof. The number of shares of Charter Class A common stock attributable to a debenture represents an initial exchange price of approximately $341.10 per share. Liberty, at its option, may redeem the debentures, in whole or in part, for cash generally equal to the face amount of the debentures plus accrued interest. In July 2016, Liberty delivered a notice to holders of the 1% Exchangeable Senior Debentures due 2043 notifying them of their right to surrender their 1% Exchangeable Senior Debentures due 2043 for purchase by Liberty pursuant to their purchase option under the indenture. The purchase option entitled each holder to require Liberty to purchase on October 5, 2016, all or any part of such holder’s 1% Exchangeable Senior Debentures due 2043 at a purchase price equal to the adjusted principal amount per $1,000 original principal amount of debentures, plus accrued and unpaid interest to, but excluding, October 5, 2016, plus any final period distribution. On October 5, 2016, Liberty paid approximately $345 million to holders that exercised their right to surrender their 1% Exchangeable Senior Debentures due 2043. Liberty funded the purchase with borrowings under the Third Amended and Restated Credit Agreement. The 1% Exchangeable Senior Debentures due 2043 were refinanced on a long-term basis during the year ended December 31, 2016. Debt Covenants Liberty, QVC and zulily are in compliance with all debt covenants at March 31, 2017. Other Subsidiary Debt Other subsidiary debt at March 31, 2017 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, 2017 are as follows (amounts in millions): Senior debentures $ 865 QVC senior secured notes $ 3,532 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, 2017. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | (11) Stockholders' Equity 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, 2017, 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, 2017 | |
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 built an approximately one million square foot rental building in Ontario, California (the “Premises”), and thereafter leased 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, which will occur in June and July of 2018, with a $10 million initial payment and annual payments of $12 million over a term of 13 years. QVC concluded that it was 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 recorded 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, on its consolidated balance sheet. In addition, QVC paid for normal tenant improvements and certain structural improvements and recorded these amounts as part of the projects in progress asset. Upon completion of construction, the long-term liability was reclassified to debt. On August 29, 2016, QVC’s west coast distribution center officially opened. QVC concluded that the Lease does not meet the criteria for “sale-leaseback” treatment under GAAP. Therefore, QVC will treat the Lease as a financing obligation and lease payments will be attributed to: (1) a reduction of the principal financing obligation; (2) imputed interest expense; and (3) land lease expense representing an imputed cost to lease the underlying land of the Premises. In addition, the building asset will be depreciated over its estimated useful life of 20 years. Although QVC did not begin making monthly lease payments pursuant to the Lease until February 2017, the portion of the lease obligations allocated to the land is being treated for accounting purposes as an operating lease that commenced in 2015. If QVC does not exercise its right to purchase the Premises and related land, QVC will derecognize both the net book values of the asset and the financing obligation at the conclusion of the lease term. 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, 2017 | |
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, online commerce and cable 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 and revenue or sales per customer equivalent. In addition, Liberty reviews nonfinancial measures such as unique website visitors, number of units shipped, 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, 2017, 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, 2016. Performance Measures Three months ended March 31, 2017 2016 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ 1,965 434 2,013 415 zulily 355 23 Corporate and other — (4) — (5) Inter-segment eliminations (1) — (1) — Total QVC Group 2,323 445 2,367 433 Ventures Group Corporate and other 4 (8) 143 4 Total Ventures Group 4 (8) 143 4 Consolidated Liberty $ 2,327 437 2,510 437 Other Information March 31, 2017 Total assets Investments in affiliates Investment in Liberty Broadband Capital expenditures amounts in millions QVC Group QVC $ 11,248 39 — 17 zulily 2,434 — — 12 Corporate and other 358 194 — — Total QVC Group 14,040 233 — 29 Ventures Group Corporate and other 6,718 1 Total Ventures Group 6,718 1 Consolidated Liberty $ 20,758 567 3,688 30 The following table provides a reconciliation of segment Adjusted OIBDA to operating income (loss) and earnings (loss) before income taxes: Three months ended March 31, 2017 2016 amounts in millions Consolidated segment Adjusted OIBDA $ 437 437 Stock-based compensation (16) (31) Depreciation and amortization (208) (217) Operating income (loss) 213 189 Interest expense (90) (93) Share of earnings (loss) of affiliates, net (27) 3 Realized and unrealized gains (losses) on financial instruments, net 701 (7) Other, net 1 38 Earnings (loss) before income taxes $ 798 130 |
Financial Information for Track
Financial Information for Tracking Stock Groups | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Financial Information for Tracking Stock Groups | BALANCE SHEET INFORMATION March 31, 2017 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 379 442 821 Trade and other receivables, net 933 36 969 Inventory, net 1,050 — 1,050 Other current assets 78 2 80 Total current assets 2,440 480 2,920 Investments in available-for-sale securities and other cost investments (note 2) 4 2,181 2,185 Investments in affiliates, accounted for using the equity method (note 3) 233 334 567 Investment in Liberty Broadband measured at fair value (note 3) — 3,688 3,688 Property and equipment, net 1,123 1 1,124 Intangible assets not subject to amortization 9,347 30 9,377 Intangible assets subject to amortization, net 858 4 862 Other assets, at cost, net of accumulated amortization 35 — 35 Total assets $ 14,040 6,718 20,758 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 7) $ 172 (172) — Accounts payable 727 — 727 Accrued liabilities 579 22 601 Current portion of debt (note 4) 15 902 917 Other current liabilities 178 2 180 Total current liabilities 1,671 754 2,425 Long-term debt (note 4) 6,169 844 7,013 Deferred income tax liabilities 1,111 2,800 3,911 Other liabilities 165 (3) 162 Total liabilities 9,116 4,395 13,511 Equity/Attributed net assets (liabilities) 4,830 2,332 7,162 Noncontrolling interests in equity of subsidiaries 94 (9) 85 Total liabilities and equity $ 14,040 6,718 20,758 STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2017 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ 2,323 4 2,327 Operating costs and expenses: Cost of sales 1,505 — 1,505 Operating 148 3 151 Selling, general and administrative, including stock-based compensation (note 5) 237 13 250 Depreciation and amortization 207 1 208 2,097 17 2,114 Operating income (loss) 226 (13) 213 Other income (expense): Interest expense (75) (15) (90) Share of earnings (losses) of affiliates, net (note 3) 14 (41) (27) Realized and unrealized gains (losses) on financial instruments, net (1) 702 701 Other, net (2) 3 1 (64) 649 585 Earnings (loss) from continuing operations before income taxes 162 636 798 Income tax benefit (expense) (59) (220) (279) Net earnings (loss) 103 416 519 Less net earnings (loss) attributable to noncontrolling interests 12 — 12 Net earnings (loss) attributable to Liberty Interactive Corporation shareholders $ 91 416 507 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 $ 2,367 143 2,510 Operating costs and expenses: Cost of sales 1,535 91 1,626 Operating 153 17 170 Selling, general and administrative, including stock-based compensation (note 5) 264 44 308 Depreciation and amortization 209 8 217 2,161 160 2,321 Operating income (loss) 206 (17) 189 Other income (expense): Interest expense (76) (17) (93) Share of earnings (losses) of affiliates, net (note 3) 21 (18) 3 Realized and unrealized gains (losses) on financial instruments, net (1) (6) (7) Other, net 5 33 38 (51) (8) (59) Earnings (loss) from continuing operations before income taxes 155 (25) 130 Income tax benefit (expense) (53) 15 (38) Net earnings (loss) from continuing operations 102 (10) 92 Earnings (loss) from discontinued operations — (16) (16) Net earnings (loss) 102 (26) 76 Less net earnings (loss) attributable to noncontrolling interests 8 — 8 Net earnings (loss) attributable to Liberty Interactive Corporation shareholders $ 94 (26) 68 STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2017 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 103 416 519 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 207 1 208 Stock-based compensation 12 4 16 Share of (earnings) losses of affiliates, net (14) 41 27 Cash receipts from return on equity investments 7 — 7 Realized and unrealized (gains) losses on financial instruments, net 1 (702) (701) (Gains) losses on dispositions 2 (2) — Deferred income tax (benefit) expense (25) 280 255 Other, net 2 1 3 Intergroup tax allocation 60 (60) — Changes in operating assets and liabilities Current and other assets 244 10 254 Payables and other current liabilities (154) (8) (162) Net cash provided (used) by operating activities 445 (19) 426 Cash flows from investing activities: Investment in and loans to cost and equity investees — (21) (21) Capital expended for property and equipment (29) (1) (30) Other investing activities, net (1) — (1) Net cash provided (used) by investing activities (30) (22) (52) Cash flows from financing activities: Borrowings of debt 499 — 499 Repayments of debt (699) (5) (704) Repurchases of QVC Group common stock (152) — (152) Withholding taxes on net settlements of stock-based compensation (4) — (4) Other financing activities, net (27) 1 (26) Net cash provided (used) by financing activities (383) (4) (387) Effect of foreign currency rates on cash 9 — 9 Net increase (decrease) in cash and cash equivalents 41 (45) (4) Cash and cash equivalents at beginning of period 338 487 825 Cash and cash equivalents at end period $ 379 442 821 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) $ 102 (26) 76 Adjustments to reconcile net earnings to net cash provided by operating activities: (Earnings) loss from discontinued operations — 16 Depreciation and amortization 209 8 217 Stock-based compensation 18 13 31 Cash payments for stock based compensation — (10) (10) Share of losses (earnings) of affiliates, net (21) 18 (3) Cash receipts from return on equity investments 6 3 9 Realized and unrealized (gains) losses on financial instruments, net 1 6 7 Deferred income tax (benefit) expense (30) 36 6 Other, net (6) (30) (36) Intergroup tax allocation 49 (49) — Intergroup tax (payments) receipts (54) 54 — Changes in operating assets and liabilities Current and other assets 268 13 281 Payables and other current liabilities (297) (3) (300) Net cash provided (used) by operating activities 245 49 294 Cash flows from investing activities: Cash proceeds from dispositions — 9 9 Investments in and loans to cost and equity investees — (22) (22) Capital expended for property and equipment (43) (8) (51) Purchases of short term and other marketable securities — (116) (116) Sales of short term and other marketable securities 12 413 425 Other investing activities, net (13) 1 (12) Net cash provided (used) by investing activities (44) 277 233 Cash flows from financing activities: Borrowings of debt 515 108 623 Repayments of debt (438) (160) (598) Repurchases of QVC Group common stock (238) — (238) Withholding taxes on net settlements of stock-based compensation (7) (1) (8) Other financing activities, net (6) 1 (5) Net cash provided (used) by financing activities (174) (52) (226) Effect of foreign currency rates on cash (13) — (13) Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — 6 6 Cash provided (used) by investing activities — — — Cash provided (used) by financing activities — — — Change in available cash held by discontinued operations — — — Net cash provided (used) by discontinued operations — 6 6 Net increase (decrease) in cash and cash equivalents 14 280 294 Cash and cash equivalents at beginning of period 426 2,023 2,449 Cash and cash equivalents at end period $ 440 2,303 2,743 |
Disposals (Tables)
Disposals (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of earnings per share impact of discontinued operations | March 31, 2016 Basic earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 3): Series A and Series B QVC Group common stock NA Series A and Series B Liberty Ventures common stock (0.11) Diluted earnings (loss) from discontinued operations attributable to Liberty shareholders per common share (note 3): Series A and Series B QVC Group common stock NA Series A and Series B Liberty Ventures common stock (0.11) |
Expedia | |
Schedule Of Disposal Groups Including Discontinued Operations Income Statement [Table Text Block] | March 31, 2016 amounts in millions Earnings (loss) before income taxes (28) Income tax (expense) benefit 12 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 29,585 $ 20.80 Granted — $ — Exercised (390) $ 12.48 Forfeited/Cancelled (450) $ 27.79 Outstanding at March 31, 2017 28,745 $ 20.80 4.2 years $ 63 Exercisable at March 31, 2017 19,073 $ 18.67 3.3 years $ 55 |
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, 2017 1,489 $ 27.50 Granted — $ — Exercised — $ — Forfeited/Cancelled — $ — Outstanding at March 31, 2017 1,489 $ 27.50 5.4 years $ — Exercisable at March 31, 2017 843 $ 25.68 5.9 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, 2017 1,974 $ 22.18 Granted — $ — Exercised (43) $ 18.10 Forfeited/Cancelled (10) $ 36.86 Outstanding at March 31, 2017 1,921 $ 22.20 3.0 years $ 43 Exercisable at March 31, 2017 1,538 $ 18.48 2.3 years $ 40 |
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, 2017 987 $ 35.02 Granted — $ — Exercised — $ — Forfeited/Cancelled — $ — Outstanding at March 31, 2017 987 $ 35.02 4.9 years $ 10 Exercisable at March 31, 2017 184 $ 36.82 5.7 years $ 1 |
Earnings (Loss) Per Common Sh24
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
QVC Group Common Stock | |
Schedule of Weighted Average Number of Shares | QVC Group Common Stock Three months ended March 31, 2017 2016 number of shares in millions Basic WASO 453 485 Potentially dilutive shares 2 6 Diluted WASO 455 491 |
Liberty Ventures common stock | |
Schedule of Weighted Average Number of Shares | Liberty Ventures Common Stock Three months ended March 31, 2017 2016 number of shares in millions Basic WASO 85 142 Potentially dilutive shares 1 Diluted WASO 86 143 |
Assets And Liabilities Measur25
Assets And Liabilities Measured At Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 December 31, 2016 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 $ 667 667 — 625 625 — Available-for-sale securities $ 2,104 2,104 — 1,846 1,846 — Investment in Liberty Broadband $ 3,688 3,688 — 3,161 3,161 — Debt $ 1,746 — 1,746 1,667 — 1,667 |
Unrealized Gain (Loss) on Investments | Three months ended March 31, 2017 2016 amounts in millions Fair Value Option Securities - Available-for-sale securities $ 260 136 Fair Value Option Securities - Liberty Broadband 526 NA Exchangeable senior debentures (84) (142) Other financial instruments (1) (1) $ 701 (7) |
Investments In Available-For-26
Investments In Available-For-Sale Securities And Other Cost Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments In Available-For-Sale Securities And Other Cost Investments | |
Schedule of Available-for-sale Securities Reconciliation | March 31, December 31, 2017 2016 amounts in millions QVC Group Other investments $ 4 4 Total attributed QVC Group 4 4 Ventures Group Charter 1,754 1,543 ILG 349 Other investments 78 73 Total attributed Ventures Group 2,181 1,918 Consolidated Liberty $ 2,185 1,922 |
Investments In Affiliates Acc27
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule Of Equity Ownership And Carrying Amount | December 31, March 31, 2017 2016 Percentage Fair value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions QVC Group HSN 38 % $ 743 $ 194 184 Other various NA 39 40 Total QVC Group 233 224 Ventures Group FTD 37 % 205 212 216 Other various NA 122 141 Total Ventures Group 334 357 Consolidated Liberty $ 567 581 |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended March 31, 2017 2016 amounts in millions QVC Group HSN $ 16 22 Other (2) (1) Total QVC Group 14 21 Ventures Group FTD (5) (3) Other (36) (15) Total Ventures Group (41) (18) Consolidated Liberty $ (27) 3 |
Liberty Broadband | |
Consolidated Balance Sheets | March 31, 2017 December 31, 2016 amounts in millions Current assets $ 252 258 Investment in Charter, accounted for using the equity method 9,330 9,315 Other assets 16 18 Total assets 9,598 9,591 Long-term debt, including current portion 599 599 Deferred income taxes 507 505 Other liabilities 13 14 Equity 8,479 8,473 Total liabilities and shareholders’ equity $ 9,598 9,591 |
Consolidated Statement Of Operations | Three months ended March 31, 2017 2016 amounts in millions Revenue $ 3 4 Operating expenses, net 9 13 Operating income (loss) (6) (9) Share of earnings (losses) of affiliates 19 (70) Realized and unrealized gains (losses) on financial instruments, net 1 45 Other income (expense), net (36) (2) Income tax benefit (expense) 8 14 Net earnings (loss) $ (14) (22) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 $ 5,110 917 25 6,052 Foreign currency translation adjustments 23 — — 23 Balance at March 31, 2017 $ 5,133 917 25 6,075 |
Amortization Expense For The Next Five Fiscal Years | Based on its amortizable intangible assets as of March 31, 2017, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2017 $ 360 2018 $ 258 2019 $ 126 2020 $ 66 2021 $ 52 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Debt Excluding Intergroup Debt | Outstanding principal at Carrying value March 31, 2017 March 31, 2017 December 31, 2016 amounts in millions QVC Group Corporate level debentures 8.5% Senior Debentures due 2029 $ 287 285 285 8.25% Senior Debentures due 2030 504 502 501 1% Exchangeable Senior Debentures due 2043 1 — — Subsidiary level notes and facilities QVC 3.125% Senior Secured Notes due 2019 400 399 399 QVC 5.125% Senior Secured Notes due 2022 500 500 500 QVC 4.375% Senior Secured Notes due 2023 750 750 750 QVC 4.85% Senior Secured Notes due 2024 600 600 600 QVC 4.45% Senior Secured Notes due 2025 600 599 599 QVC 5.45% Senior Secured Notes due 2034 400 399 399 QVC 5.95% Senior Secured Notes due 2043 300 300 300 QVC Bank Credit Facilities 1,699 1,699 1,896 Other subsidiary debt 180 180 174 Deferred loan costs (29) (28) Total QVC Group debt $ 6,221 6,184 6,375 Ventures Group Corporate level debentures 4% Exchangeable Senior Debentures due 2029 $ 435 290 276 3.75% Exchangeable Senior Debentures due 2030 436 284 267 3.5% Exchangeable Senior Debentures due 2031 333 324 316 0.75% Exchangeable Senior Debentures due 2043 1 3 3 1.75% Exchangeable Senior Debentures due 2046 750 845 805 Total Ventures Group debt $ 1,955 1,746 1,667 Total consolidated Liberty debt $ 8,176 7,930 8,042 Less current classification (917) (876) Total long-term debt $ 7,013 7,166 |
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, 2017 are as follows (amounts in millions): Senior debentures $ 865 QVC senior secured notes $ 3,532 |
Information About Liberty's O30
Information About Liberty's Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Information About Liberty's Operating Segments | |
Performance Measures By Segment | Three months ended March 31, 2017 2016 Adjusted Adjusted Revenue OIBDA Revenue OIBDA amounts in millions QVC Group QVC $ 1,965 434 2,013 415 zulily 355 23 Corporate and other — (4) — (5) Inter-segment eliminations (1) — (1) — Total QVC Group 2,323 445 2,367 433 Ventures Group Corporate and other 4 (8) 143 4 Total Ventures Group 4 (8) 143 4 Consolidated Liberty $ 2,327 437 2,510 437 |
Other Information By Segment | March 31, 2017 Total assets Investments in affiliates Investment in Liberty Broadband Capital expenditures amounts in millions QVC Group QVC $ 11,248 39 — 17 zulily 2,434 — — 12 Corporate and other 358 194 — — Total QVC Group 14,040 233 — 29 Ventures Group Corporate and other 6,718 1 Total Ventures Group 6,718 1 Consolidated Liberty $ 20,758 567 3,688 30 |
Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes | Three months ended March 31, 2017 2016 amounts in millions Consolidated segment Adjusted OIBDA $ 437 437 Stock-based compensation (16) (31) Depreciation and amortization (208) (217) Operating income (loss) 213 189 Interest expense (90) (93) Share of earnings (loss) of affiliates, net (27) 3 Realized and unrealized gains (losses) on financial instruments, net 701 (7) Other, net 1 38 Earnings (loss) before income taxes $ 798 130 |
Financial Information for Tra31
Financial Information for Tracking Stock Groups (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION March 31, 2017 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 379 442 821 Trade and other receivables, net 933 36 969 Inventory, net 1,050 — 1,050 Other current assets 78 2 80 Total current assets 2,440 480 2,920 Investments in available-for-sale securities and other cost investments (note 2) 4 2,181 2,185 Investments in affiliates, accounted for using the equity method (note 3) 233 334 567 Investment in Liberty Broadband measured at fair value (note 3) — 3,688 3,688 Property and equipment, net 1,123 1 1,124 Intangible assets not subject to amortization 9,347 30 9,377 Intangible assets subject to amortization, net 858 4 862 Other assets, at cost, net of accumulated amortization 35 — 35 Total assets $ 14,040 6,718 20,758 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 7) $ 172 (172) — Accounts payable 727 — 727 Accrued liabilities 579 22 601 Current portion of debt (note 4) 15 902 917 Other current liabilities 178 2 180 Total current liabilities 1,671 754 2,425 Long-term debt (note 4) 6,169 844 7,013 Deferred income tax liabilities 1,111 2,800 3,911 Other liabilities 165 (3) 162 Total liabilities 9,116 4,395 13,511 Equity/Attributed net assets (liabilities) 4,830 2,332 7,162 Noncontrolling interests in equity of subsidiaries 94 (9) 85 Total liabilities and equity $ 14,040 6,718 20,758 |
Condensed Income Statement | STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2017 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Total revenue, net $ 2,323 4 2,327 Operating costs and expenses: Cost of sales 1,505 — 1,505 Operating 148 3 151 Selling, general and administrative, including stock-based compensation (note 5) 237 13 250 Depreciation and amortization 207 1 208 2,097 17 2,114 Operating income (loss) 226 (13) 213 Other income (expense): Interest expense (75) (15) (90) Share of earnings (losses) of affiliates, net (note 3) 14 (41) (27) Realized and unrealized gains (losses) on financial instruments, net (1) 702 701 Other, net (2) 3 1 (64) 649 585 Earnings (loss) from continuing operations before income taxes 162 636 798 Income tax benefit (expense) (59) (220) (279) Net earnings (loss) 103 416 519 Less net earnings (loss) attributable to noncontrolling interests 12 — 12 Net earnings (loss) attributable to Liberty Interactive Corporation shareholders $ 91 416 507 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 $ 2,367 143 2,510 Operating costs and expenses: Cost of sales 1,535 91 1,626 Operating 153 17 170 Selling, general and administrative, including stock-based compensation (note 5) 264 44 308 Depreciation and amortization 209 8 217 2,161 160 2,321 Operating income (loss) 206 (17) 189 Other income (expense): Interest expense (76) (17) (93) Share of earnings (losses) of affiliates, net (note 3) 21 (18) 3 Realized and unrealized gains (losses) on financial instruments, net (1) (6) (7) Other, net 5 33 38 (51) (8) (59) Earnings (loss) from continuing operations before income taxes 155 (25) 130 Income tax benefit (expense) (53) 15 (38) Net earnings (loss) from continuing operations 102 (10) 92 Earnings (loss) from discontinued operations — (16) (16) Net earnings (loss) 102 (26) 76 Less net earnings (loss) attributable to noncontrolling interests 8 — 8 Net earnings (loss) attributable to Liberty Interactive Corporation shareholders $ 94 (26) 68 |
Condensed Cash Flow Statement | STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2017 (unaudited) Attributed (note 1) QVC Ventures Consolidated Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 103 416 519 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 207 1 208 Stock-based compensation 12 4 16 Share of (earnings) losses of affiliates, net (14) 41 27 Cash receipts from return on equity investments 7 — 7 Realized and unrealized (gains) losses on financial instruments, net 1 (702) (701) (Gains) losses on dispositions 2 (2) — Deferred income tax (benefit) expense (25) 280 255 Other, net 2 1 3 Intergroup tax allocation 60 (60) — Changes in operating assets and liabilities Current and other assets 244 10 254 Payables and other current liabilities (154) (8) (162) Net cash provided (used) by operating activities 445 (19) 426 Cash flows from investing activities: Investment in and loans to cost and equity investees — (21) (21) Capital expended for property and equipment (29) (1) (30) Other investing activities, net (1) — (1) Net cash provided (used) by investing activities (30) (22) (52) Cash flows from financing activities: Borrowings of debt 499 — 499 Repayments of debt (699) (5) (704) Repurchases of QVC Group common stock (152) — (152) Withholding taxes on net settlements of stock-based compensation (4) — (4) Other financing activities, net (27) 1 (26) Net cash provided (used) by financing activities (383) (4) (387) Effect of foreign currency rates on cash 9 — 9 Net increase (decrease) in cash and cash equivalents 41 (45) (4) Cash and cash equivalents at beginning of period 338 487 825 Cash and cash equivalents at end period $ 379 442 821 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) $ 102 (26) 76 Adjustments to reconcile net earnings to net cash provided by operating activities: (Earnings) loss from discontinued operations — 16 Depreciation and amortization 209 8 217 Stock-based compensation 18 13 31 Cash payments for stock based compensation — (10) (10) Share of losses (earnings) of affiliates, net (21) 18 (3) Cash receipts from return on equity investments 6 3 9 Realized and unrealized (gains) losses on financial instruments, net 1 6 7 Deferred income tax (benefit) expense (30) 36 6 Other, net (6) (30) (36) Intergroup tax allocation 49 (49) — Intergroup tax (payments) receipts (54) 54 — Changes in operating assets and liabilities Current and other assets 268 13 281 Payables and other current liabilities (297) (3) (300) Net cash provided (used) by operating activities 245 49 294 Cash flows from investing activities: Cash proceeds from dispositions — 9 9 Investments in and loans to cost and equity investees — (22) (22) Capital expended for property and equipment (43) (8) (51) Purchases of short term and other marketable securities — (116) (116) Sales of short term and other marketable securities 12 413 425 Other investing activities, net (13) 1 (12) Net cash provided (used) by investing activities (44) 277 233 Cash flows from financing activities: Borrowings of debt 515 108 623 Repayments of debt (438) (160) (598) Repurchases of QVC Group common stock (238) — (238) Withholding taxes on net settlements of stock-based compensation (7) (1) (8) Other financing activities, net (6) 1 (5) Net cash provided (used) by financing activities (174) (52) (226) Effect of foreign currency rates on cash (13) — (13) Net cash provided (used) by discontinued operations: Cash provided (used) by operating activities — 6 6 Cash provided (used) by investing activities — — — Cash provided (used) by financing activities — — — Change in available cash held by discontinued operations — — — Net cash provided (used) by discontinued operations — 6 6 Net increase (decrease) in cash and cash equivalents 14 280 294 Cash and cash equivalents at beginning of period 426 2,023 2,449 Cash and cash equivalents at end period $ 440 2,303 2,743 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ / shares in Units, $ in Millions | Jul. 22, 2016shares | May 18, 2016USD ($)$ / shares | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Nov. 04, 2016USD ($) | Nov. 02, 2016USD ($) |
Investments in and Advances to Affiliates, at Fair Value | $ 3,688 | $ 3,161 | |||||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 5 | ||||||
Liberty Expedia Holdings | |||||||
Cash distributed to Liberty from Liberty Expedia Holdings | $ 299 | ||||||
Additional Paid-In Capital | |||||||
Reclassification | $ 140 | ||||||
Liberty Broadband | |||||||
Ownership Interest In Investee | 24.00% | ||||||
Investments in and Advances to Affiliates, at Fair Value | $ 2,400 | ||||||
QVC Group Common Stock | HSN, Inc. | |||||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||||
Liberty Ventures common stock | |||||||
Investments in and Advances to Affiliates, at Fair Value | $ 3,688 | ||||||
Price per share of Liberty Broadband Series C common stock | $ / shares | $ 56.23 | ||||||
Liberty Ventures common stock | Liberty Broadband | |||||||
Liberty Broadband investment in Charter stock | $ 5,000 | ||||||
Liberty Ventures common stock | Common Class A | |||||||
Spilt-Off redemption ratio | 0.4 | ||||||
Liberty Ventures common stock | Common Class B | |||||||
Spilt-Off redemption ratio | 0.4 | ||||||
Liberty Ventures common stock | FTD | |||||||
Equity Method Investment, Ownership Percentage | 37.00% | ||||||
CommerceHub | Common Class A | |||||||
Shares issued as dividend | shares | 0.1 | ||||||
CommerceHub | Common Class B | |||||||
Shares issued as dividend | shares | 0.1 | ||||||
CommerceHub | Common Class C | |||||||
Shares issued as dividend | shares | 0.2 | ||||||
Liberty Expedia Holdings | Common Class A | |||||||
Spilt-Off redemption ratio | 0.4 | ||||||
Liberty Expedia Holdings | Common Class B | |||||||
Spilt-Off redemption ratio | 0.4 | ||||||
Liberty Expedia Holdings | Spinoff | Expedia Holdings Margin Loan | Liberty Expedia Holdings | |||||||
Principal amount | $ 350 | ||||||
Corporate and Other | Liberty Ventures common stock | |||||||
Investments in and Advances to Affiliates, at Fair Value | $ 3,688 | ||||||
LMC | |||||||
Related Party Transaction, Amounts of Transaction | $ 3 | $ 3 |
Tracking Stocks (Details)
Tracking Stocks (Details) | Apr. 04, 2017USD ($) | Mar. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Targeted or Tracking Stock, Stock [Line Items] | |||||
Number of tracking stocks | item | 2 | ||||
Cash and cash equivalents | $ 821,000,000 | $ 825,000,000 | $ 2,743,000,000 | $ 2,449,000,000 | |
Liberty Ventures common stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Reference price | $ 43.65 | ||||
GCI common stock | Common Class B | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Redemption Premium | 0 | ||||
QVC Group Common Stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Cash and cash equivalents | $ 379,000,000 | 338,000,000 | 440,000,000 | 426,000,000 | |
QVC Group Common Stock | HSN, Inc. | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||
Liberty Ventures common stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Cash and cash equivalents | $ 442,000,000 | $ 487,000,000 | $ 2,303,000,000 | $ 2,023,000,000 | |
GCI | Common Class A | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Share exchange ratio | 0.63 | ||||
Total consideration per share of GCI common stock | $ 27.50 | ||||
GCI | Preferred Class A | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Share exchange ratio | 0.20 | ||||
Total consideration per share of GCI common stock | $ 5 | ||||
GCI | GCI common stock | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Total consideration per share of GCI common stock | $ 32.50 | ||||
Minimum | GCI | Preferred Class A | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||
Maximum | GCI | Preferred Class A | |||||
Targeted or Tracking Stock, Stock [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 7.00% |
Disposals (Details)
Disposals (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CommerceHub | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | $ 22 | |
Disposal Group Net Earnings (Loss) | (2) | |
CommerceHub | Spinoff | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | $ 22 | |
Expedia | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Earnings (loss) before income taxes | (28) | |
Income tax (expense) benefit | 12 | |
Bodybuilding | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 116 | |
Disposal Group Net Earnings (Loss) | $ 1 | |
Liberty Ventures common stock | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | $ (0.11) | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $ (0.11) |
Stock-Based Compensation (Outst
Stock-Based Compensation (Outstanding Awards) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
QVC Group Common Stock | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 29,585 |
Options exercised | shares | (390) |
Options forfeited/cancelled | shares | (450) |
Outstanding options | shares | 28,745 |
Exercisable options | shares | 19,073 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 20.80 |
WAEP exercised | $ / shares | 12.48 |
WAEP forfeited/cancelled during period | $ / shares | 27.79 |
Outstanding WAEP | $ / shares | 20.80 |
Exercisable WAEP | $ / shares | $ 18.67 |
Weighted average remaining life - options outstanding | 4 years 2 months 12 days |
Weighted average remaining life - options exercisable | 3 years 3 months 18 days |
Aggregate intrinsic value of options outstanding | $ | $ 63 |
Aggregate intrinsic value of options exercisable | $ | $ 55 |
QVC Group Common Stock | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 1,489 |
Outstanding options | shares | 1,489 |
Exercisable options | shares | 843 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 27.50 |
Outstanding WAEP | $ / shares | 27.50 |
Exercisable WAEP | $ / shares | $ 25.68 |
Weighted average remaining life - options outstanding | 5 years 4 months 24 days |
Weighted average remaining life - options exercisable | 5 years 10 months 24 days |
Liberty Ventures common stock | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 1,974 |
Options exercised | shares | (43) |
Options forfeited/cancelled | shares | (10) |
Outstanding options | shares | 1,921 |
Exercisable options | shares | 1,538 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 22.18 |
WAEP exercised | $ / shares | 18.10 |
WAEP forfeited/cancelled during period | $ / shares | 36.86 |
Outstanding WAEP | $ / shares | 22.20 |
Exercisable WAEP | $ / shares | $ 18.48 |
Weighted average remaining life - options outstanding | 3 years |
Weighted average remaining life - options exercisable | 2 years 3 months 18 days |
Aggregate intrinsic value of options outstanding | $ | $ 43 |
Aggregate intrinsic value of options exercisable | $ | $ 40 |
Liberty Ventures common stock | Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options | shares | 987 |
Outstanding options | shares | 987 |
Exercisable options | shares | 184 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding WAEP, Beginning Balance | $ / shares | $ 35.02 |
Outstanding WAEP | $ / shares | 35.02 |
Exercisable WAEP | $ / shares | $ 36.82 |
Weighted average remaining life - options outstanding | 4 years 10 months 24 days |
Weighted average remaining life - options exercisable | 5 years 8 months 12 days |
Aggregate intrinsic value of options outstanding | $ | $ 10 |
Aggregate intrinsic value of options exercisable | $ | $ 1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation | $ 16 | $ 31 |
Total unrecognized compensation cost related to unvested Liberty equity awards | $ 106 | |
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 2 months 12 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 | $ 12 | 18 |
Liberty Ventures common stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation | $ 4 | $ 13 |
Common Class A | QVC Group Common Stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 28,700 | |
Common Class A | Liberty Ventures common stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,900 | |
Common Class B | QVC Group Common Stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,500 | |
Common Class B | QVC Group Common Stock | Restricted Stock Units (RSUs) | Chief Executive Officer | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options granted | 115 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.90 | |
Common Class B | Liberty Ventures common stock | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,000 |
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, 2017 | Mar. 31, 2016 | |
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 | 14 | 12 |
Basic EPS (WA shares outstanding) | 453 | 485 |
Potentially dilutive shares | 2 | 6 |
Diluted EPS (WA shares outstanding) | 455 | 491 |
Liberty Ventures common stock | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Basic EPS (WA shares outstanding) | 85 | 142 |
Potentially dilutive shares | 1 | 1 |
Diluted EPS (WA shares outstanding) | 86 | 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, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 667 | $ 625 |
Available-for-sale securities | 2,104 | 1,846 |
Investments in and Advances to Affiliates, at Fair Value | 3,688 | 3,161 |
Debt | 1,746 | 1,667 |
Fair Value, Inputs (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 667 | 625 |
Available-for-sale securities | 2,104 | 1,846 |
Investments in and Advances to Affiliates, at Fair Value | 3,688 | 3,161 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,746 | $ 1,667 |
Assets And Liabilities Measur39
Assets And Liabilities Measured At Fair Value Realized Unrealized Gain Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | $ 701 | $ (7) |
Fair Value Option Securities - AFS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gain (losses) AFS | 260 | 136 |
Fair Value Option Securities - Liberty Broadband | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | 526 | |
Exchangeable Senior Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | (84) | (142) |
Other Financial Instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized and unrealized gains (losses) on financial instruments, net | $ (1) | $ (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, 2017 | Dec. 31, 2016 |
Schedule of Investments in available-for-sale securities and other cost investments | ||
Investments in available-for-sale securities and other cost investments | $ 2,185 | $ 1,922 |
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 | 2,181 | 1,918 |
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 | 78 | 73 |
Charter | 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 | 1,754 | 1,543 |
ILG | 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 | $ 349 | $ 302 |
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, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | $ 567 | $ 581 |
QVC Group Common Stock | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | $ 233 | 224 |
QVC Group Common Stock | HSN, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 38.00% | |
Carrying amount | $ 194 | 184 |
QVC Group Common Stock | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | 39 | 40 |
Liberty Ventures common stock | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | 334 | 357 |
Liberty Ventures common stock | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying amount | $ 122 | 141 |
Liberty Ventures common stock | FTD | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 37.00% | |
Carrying amount | $ 212 | $ 216 |
Fair Value, Inputs (Level 1) | QVC Group Common Stock | HSN, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Market value | 743 | |
Fair Value, Inputs (Level 1) | Liberty Ventures common stock | FTD | ||
Schedule of Equity Method Investments [Line Items] | ||
Market value | $ 205 |
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, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | May 18, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | $ (27) | $ 3 | ||
Investment in Affiliate | $ 3,688 | $ 3,161 | ||
Liberty Broadband | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment in Affiliate | $ 2,400 | |||
Ownership Interest In Investee | 24.00% | |||
QVC Group Common Stock | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | $ 14 | 21 | ||
QVC Group Common Stock | HSN, Inc. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | 16 | 22 | ||
QVC Group Common Stock | Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | (2) | (1) | ||
Liberty Ventures common stock | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | (41) | (18) | ||
Investment in Affiliate | 3,688 | |||
Liberty Ventures common stock | FTD | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | (5) | (3) | ||
Liberty Ventures common stock | Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Share of earnings (losses) of affiliates, net | $ (36) | $ (15) |
Investments In Affiliates Acc43
Investments In Affiliates Accounted For Using The Equity Method (Liberty Broadband's Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Investments in affiliates, accounted for using the equity method | $ 567 | $ 581 |
Liberty Broadband | ||
Current assets | 252 | 258 |
Investments in affiliates, accounted for using the equity method | 9,330 | 9,315 |
Other assets | 16 | 18 |
Total assets | 9,598 | 9,591 |
Long-term debt, including current portion | 599 | 599 |
Deferred income taxes | 507 | 505 |
Other liabilities | 13 | 14 |
Equity | 8,479 | 8,473 |
Total liabilities and equity | $ 9,598 | $ 9,591 |
Investments In Affiliates Acc44
Investments In Affiliates Accounted For Using The Equity Method (Liberty Broadband's Consolidated Statement Of Operations) (Details) - Liberty Broadband - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | $ 3 | $ 4 |
Operating expenses, net | 9 | 13 |
Operating income (loss) | (6) | (9) |
Share of earnings (losses) of affiliates | 19 | (70) |
Realized and unrealized gains (losses) on financial instruments, net | 1 | 45 |
Other income (expense), net | (36) | (2) |
Income tax benefit (expense) | 8 | 14 |
Net earnings (loss) | $ (14) | $ (22) |
Intangible Assets (Changes In T
Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | $ 6,052 |
Foreign currency translation adjustments | 23 |
Balance, end of the year | 6,075 |
QVC | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | 5,110 |
Foreign currency translation adjustments | 23 |
Balance, end of the year | 5,133 |
zulily | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | 917 |
Balance, end of the year | 917 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Balance, beginning of the year | 25 |
Balance, end of the year | $ 25 |
Intangible Assets (Amortization
Intangible Assets (Amortization Expense For The Next Five Fiscal Years) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 360 |
2,018 | 258 |
2,019 | 126 |
2,020 | 66 |
2,021 | $ 52 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 162 | $ 176 |
Long-Term Debt (Debt Excluding
Long-Term Debt (Debt Excluding Intergroup Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 |
Outstanding principal | $ 8,176 | ||
Total consolidated debt | 7,930 | $ 8,042 | |
Less debt classified as current | (917) | (876) | |
Long-term debt, including current portion | 7,013 | 7,166 | |
1.75% Exchangeable Senior Debentures due 2046 [Member] | |||
Debt instrument interest rate | 1.75% | ||
QVC Group Common Stock | |||
Outstanding principal | 6,221 | ||
Total consolidated debt | 6,184 | 6,375 | |
Less debt classified as current | (15) | ||
Long-term debt, including current portion | 6,169 | ||
Deferred loan costs | (29) | (28) | |
QVC Group Common Stock | 8.5% Senior Debentures Due 2029 | |||
Outstanding principal | 287 | ||
Total consolidated debt | $ 285 | 285 | |
Debt instrument interest rate | 8.50% | ||
QVC Group Common Stock | 8.25% Senior Debentures Due 2030 | |||
Outstanding principal | $ 504 | ||
Total consolidated debt | $ 502 | 501 | |
Debt instrument interest rate | 8.25% | ||
QVC Group Common Stock | 1% Exchangeable Senior Debentures due 2043 | |||
Outstanding principal | $ 1 | ||
Debt instrument interest rate | 1.00% | ||
QVC Group Common Stock | QVC 3.125% Senior Secured Notes Due 2019 [Member] | |||
Outstanding principal | $ 400 | ||
Total consolidated debt | $ 399 | 399 | |
Debt instrument interest rate | 3.125% | ||
QVC Group Common Stock | QVC 5.125% Senior Secured Notes Due 2022 [Member] | |||
Outstanding principal | $ 500 | ||
Total consolidated debt | $ 500 | 500 | |
Debt instrument interest rate | 5.125% | ||
QVC Group Common Stock | QVC 4.375% Senior Secured Notes due 2023 | |||
Outstanding principal | $ 750 | ||
Total consolidated debt | $ 750 | 750 | |
Debt instrument interest rate | 4.375% | ||
QVC Group Common Stock | QVC 4.85% Senior Secured Notes Due 2024 [Member] | |||
Outstanding principal | $ 600 | ||
Total consolidated debt | $ 600 | 600 | |
Debt instrument interest rate | 4.85% | ||
QVC Group Common Stock | QVC 4.45% Senior Secured Notes Due 2025 [Member] | |||
Outstanding principal | $ 600 | ||
Total consolidated debt | $ 599 | 599 | |
Debt instrument interest rate | 4.45% | ||
QVC Group Common Stock | QVC 5.45% Senior Secured Notes Due 2034 [Member] | |||
Outstanding principal | $ 400 | ||
Total consolidated debt | $ 399 | 399 | |
Debt instrument interest rate | 5.45% | ||
QVC Group Common Stock | QVC 5.95% Senior Secured Notes due 2043 | |||
Outstanding principal | $ 300 | ||
Total consolidated debt | $ 300 | 300 | |
Debt instrument interest rate | 5.95% | ||
QVC Group Common Stock | Amendment No. 3 QVC Bank Credit Facility | |||
Outstanding principal | $ 1,699 | ||
Total consolidated debt | $ 1,699 | 1,896 | |
Debt instrument interest rate | 2.50% | ||
QVC Group Common Stock | Subsidiary Debt | |||
Outstanding principal | $ 180 | ||
Total consolidated debt | 180 | 174 | |
Liberty Ventures common stock | |||
Outstanding principal | 1,955 | ||
Total consolidated debt | 1,746 | 1,667 | |
Less debt classified as current | (902) | ||
Long-term debt, including current portion | 844 | ||
Liberty Ventures common stock | 4% Exchangeable Senior Debentures Due 2029 | |||
Outstanding principal | 435 | ||
Total consolidated debt | $ 290 | 276 | |
Debt instrument interest rate | 4.00% | ||
Liberty Ventures common stock | 3.75% Exchangeable Senior Debentures Due 2030 | |||
Outstanding principal | $ 436 | ||
Total consolidated debt | $ 284 | 267 | |
Debt instrument interest rate | 3.75% | ||
Liberty Ventures common stock | 3.5% Exchangeable Senior Debentures Due 2031 | |||
Outstanding principal | $ 333 | ||
Total consolidated debt | $ 324 | 316 | |
Debt instrument interest rate | 3.50% | ||
Liberty Ventures common stock | 0.75% Exchangeable Senior Debentures due 2043 | |||
Outstanding principal | $ 1 | ||
Total consolidated debt | $ 3 | 3 | |
Debt instrument interest rate | 0.75% | ||
Liberty Ventures common stock | 1.75% Exchangeable Senior Debentures due 2046 [Member] | |||
Outstanding principal | $ 750 | ||
Total consolidated debt | $ 845 | $ 805 | |
Debt instrument interest rate | 1.75% |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Oct. 05, 2016USD ($) | Jun. 23, 2016USD ($) | Aug. 31, 2016USD ($)$ / shares | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Proceeds from Issuance of Long-term Debt | $ 499,000,000 | $ 623,000,000 | ||||
1% Exchangeable Senior Debentures due 2043 | ||||||
Debt Instrument, Face Amount | 1,000 | |||||
Repayments of Debt | $ 345,000,000 | |||||
0.75% Exchangeable Senior Debentures due 2043 | ||||||
Debt exchanged | $ 523,000,000 | |||||
Repayments of Debt | 1,181,000,000 | |||||
Extraordinary Distribution to Bondholder | $ 325,000,000 | |||||
1.75% Exchangeable Senior Debentures due 2046 [Member] | ||||||
Interest rate (as a percent) | 1.75% | |||||
1.75% Exchangeable Senior Debentures due 2046 [Member] | Charter | ||||||
Debt Instrument, Convertible, Conversion Ratio | 2.9317 | |||||
Exchange Price of Shares Attributable to Debentures | $ / shares | $ 341.10 | |||||
1.75% Exchangeable Senior Debentures due 2046 [Member] | Charter | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
QVC Group Common Stock | ||||||
Proceeds from Issuance of Long-term Debt | $ 499,000,000 | 515,000,000 | ||||
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 [Member] | ||||||
Interest rate (as a percent) | 3.125% | |||||
QVC Group Common Stock | QVC 5.125% Senior Secured Notes Due 2022 [Member] | ||||||
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 4.85% Senior Secured Notes Due 2024 [Member] | ||||||
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% | |||||
QVC Group Common Stock | Amendment No. 3 QVC Bank Credit Facility | ||||||
Interest rate (as a percent) | 2.50% | |||||
Maximum Borrowing Capacity | $ 2,650,000,000 | |||||
Remaining borrowing capacity | $ 941,000,000 | |||||
QVC Group Common Stock | Standby Letters of Credit | ||||||
Maximum Borrowing Capacity | 300,000,000 | |||||
QVC Group Common Stock | Uncommitted Incremental Revolving Loan Commitments or Incremental Term Loans | ||||||
Maximum Borrowing Capacity | 1,500,000,000 | |||||
QVC Group Common Stock | Portion of Credit Facility Available Only to QVC | ||||||
Maximum Borrowing Capacity | 2,250,000,000 | |||||
QVC Group Common Stock | Portion of Credit Facility Available to QVC and zulily | ||||||
Maximum Borrowing Capacity | 400,000,000 | |||||
QVC Group Common Stock | Portion of Credit Facility that matures on March 9, 2020 [Member] | ||||||
Maximum Borrowing Capacity | $ 140,000,000 | |||||
QVC Group Common Stock | Minimum | LIBOR | Amendment No. 3 QVC Bank Credit Facility | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
QVC Group Common Stock | Minimum | ABR | Amendment No. 3 QVC Bank Credit Facility | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
QVC Group Common Stock | Maximum | LIBOR | Amendment No. 3 QVC Bank Credit Facility | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
QVC Group Common Stock | Maximum | ABR | Amendment No. 3 QVC Bank Credit Facility | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
Liberty Ventures common stock | ||||||
Proceeds from Issuance of Long-term Debt | $ 108,000,000 | |||||
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% | |||||
Liberty Ventures common stock | 1.75% Exchangeable Senior Debentures due 2046 [Member] | ||||||
Debt Instrument, Face Amount | $ 750,000,000 | |||||
Interest rate (as a percent) | 1.75% |
Long-Term Debt (Debt Securities
Long-Term Debt (Debt Securities That Are Not Reported At Fair Value) (Details) $ in Millions | Mar. 31, 2017USD ($) |
Senior Debentures | |
Debt Instrument [Line Items] | |
Fair Value of Debt Securities That Are Not Reported at Fair Value | $ 865 |
QVC Senior Secured Notes | |
Debt Instrument [Line Items] | |
Fair Value of Debt Securities That Are Not Reported at Fair Value | $ 3,532 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 421,476,652 | 429,005,932 |
Common Stock, Shares, Outstanding | 421,476,652 | 429,005,932 |
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 | 81,177,231 | 81,150,711 |
Common Stock, Shares, Outstanding | 81,177,231 | 81,150,711 |
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 | 29,411,867 | 29,358,638 |
Common Stock, Shares, Outstanding | 29,411,867 | 29,358,638 |
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 | 4,271,866 | 4,271,958 |
Common Stock, Shares, Outstanding | 4,271,866 | 4,271,958 |
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 ft² in Millions, $ in Millions | Jul. 02, 2015USD ($)ft²item |
Long-term Purchase Commitment [Line Items] | |
Area of leased building (in square feet) | ft² | 1 |
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 |
Commitments and Contingencies -
Commitments and Contingencies - Building Useful Life (Details) | Aug. 29, 2016 |
Building | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Information About Liberty's O54
Information About Liberty's Operating Segments (Performance Measures By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Total revenues | $ 2,327 | $ 2,510 |
Adjusted OIBDA | 437 | 437 |
QVC Group Common Stock | ||
Total revenues | 2,323 | 2,367 |
Adjusted OIBDA | 445 | 433 |
QVC Group Common Stock | QVC | ||
Total revenues | 1,965 | 2,013 |
Adjusted OIBDA | 434 | 415 |
QVC Group Common Stock | zulily | ||
Total revenues | 359 | 355 |
Adjusted OIBDA | 15 | 23 |
QVC Group Common Stock | Corporate and Other | ||
Adjusted OIBDA | (4) | (5) |
QVC Group Common Stock | Intersegment Eliminations | ||
Total revenues | (1) | (1) |
Liberty Ventures common stock | ||
Total revenues | 4 | 143 |
Adjusted OIBDA | (8) | 4 |
Liberty Ventures common stock | Corporate and Other | ||
Total revenues | 4 | 143 |
Adjusted OIBDA | $ (8) | $ 4 |
Information About Liberty's O55
Information About Liberty's Operating Segments (Other Information By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Total assets | $ 20,758 | $ 20,355 | |
Investments in affiliates, accounted for using the equity method | 567 | 581 | |
Investments in and Advances to Affiliates, at Fair Value | 3,688 | 3,161 | |
Capital expenditures | 30 | $ 51 | |
QVC Group Common Stock | |||
Total assets | 14,040 | ||
Investments in affiliates, accounted for using the equity method | 233 | 224 | |
Capital expenditures | 29 | 43 | |
QVC Group Common Stock | QVC | |||
Total assets | 11,248 | ||
Investments in affiliates, accounted for using the equity method | 39 | ||
Capital expenditures | 17 | ||
QVC Group Common Stock | zulily | |||
Total assets | 2,434 | ||
Capital expenditures | 12 | ||
QVC Group Common Stock | Corporate and Other | |||
Total assets | 358 | ||
Investments in affiliates, accounted for using the equity method | 194 | ||
Liberty Ventures common stock | |||
Total assets | 6,718 | ||
Investments in affiliates, accounted for using the equity method | 334 | $ 357 | |
Investments in and Advances to Affiliates, at Fair Value | 3,688 | ||
Capital expenditures | 1 | $ 8 | |
Liberty Ventures common stock | Corporate and Other | |||
Total assets | 6,718 | ||
Investments in affiliates, accounted for using the equity method | 334 | ||
Investments in and Advances to Affiliates, at Fair Value | 3,688 | ||
Capital expenditures | $ 1 |
Information About Liberty's O56
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, 2017 | Mar. 31, 2016 | |
Information About Liberty's Operating Segments | ||
Consolidated segment Adjusted OIBDA | $ 437 | $ 437 |
Stock-based compensation | (16) | (31) |
Depreciation and amortization | (208) | (217) |
Operating Income (Loss) | 213 | 189 |
Interest expense | (90) | (93) |
Share of earnings (losses) of affiliates, net | (27) | 3 |
Realized and unrealized gains (losses) on financial instruments, net | 701 | (7) |
Other, net | 1 | 38 |
Total | $ 798 | $ 130 |
Financial Information for Tra57
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 821 | $ 825 | $ 2,743 | $ 2,449 |
Trade and other receivables, net | 969 | 1,308 | ||
Inventory, net | 1,050 | 968 | ||
Other current assets | 80 | 68 | ||
Total current assets | 2,920 | 3,169 | ||
Investments in available-for-sale securities and other cost investments | 2,185 | 1,922 | ||
Investments in affiliates, accounted for using the equity method | 567 | 581 | ||
Investments in and Advances to Affiliates, at Fair Value | 3,688 | 3,161 | ||
Property and equipment, net | 1,124 | 1,131 | ||
Intangible assets not subject to amortization | 9,377 | 9,354 | ||
Intangible assets subject to amortization, net | 862 | 1,005 | ||
Other assets | 35 | 32 | ||
Total assets | 20,758 | 20,355 | ||
Accounts payable | 727 | 790 | ||
Accrued liabilities | 601 | 706 | ||
Current portion of debt | 917 | 876 | ||
Other current liabilities | 180 | 162 | ||
Total current liabilities | 2,425 | 2,534 | ||
Long-term debt | 7,013 | 7,166 | ||
Deferred income tax liabilities | 3,911 | 3,636 | ||
Other liabilities | 162 | 158 | ||
Total liabilities | 13,511 | 13,494 | ||
Equity/Attributed net assets (liabilities) | 7,162 | 6,772 | ||
Noncontrolling interests in equity of subsidiaries | 85 | 89 | ||
Total liabilities and equity | 20,758 | 20,355 | ||
QVC Group Common Stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 379 | 338 | 440 | 426 |
Trade and other receivables, net | 933 | |||
Inventory, net | 1,050 | |||
Other current assets | 78 | |||
Total current assets | 2,440 | |||
Investments in available-for-sale securities and other cost investments | 4 | 4 | ||
Investments in affiliates, accounted for using the equity method | 233 | 224 | ||
Property and equipment, net | 1,123 | |||
Intangible assets not subject to amortization | 9,347 | |||
Intangible assets subject to amortization, net | 858 | |||
Other assets | 35 | |||
Total assets | 14,040 | |||
Intergroup payable receivable | 172 | |||
Accounts payable | 727 | |||
Accrued liabilities | 579 | |||
Current portion of debt | 15 | |||
Other current liabilities | 178 | |||
Total current liabilities | 1,671 | |||
Long-term debt | 6,169 | |||
Deferred income tax liabilities | 1,111 | |||
Other liabilities | 165 | |||
Total liabilities | 9,116 | |||
Equity/Attributed net assets (liabilities) | 4,830 | |||
Noncontrolling interests in equity of subsidiaries | 94 | |||
Total liabilities and equity | 14,040 | |||
Liberty Ventures common stock | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 442 | 487 | $ 2,303 | $ 2,023 |
Trade and other receivables, net | 36 | |||
Other current assets | 2 | |||
Total current assets | 480 | |||
Investments in available-for-sale securities and other cost investments | 2,181 | 1,918 | ||
Investments in affiliates, accounted for using the equity method | 334 | $ 357 | ||
Investments in and Advances to Affiliates, at Fair Value | 3,688 | |||
Property and equipment, net | 1 | |||
Intangible assets not subject to amortization | 30 | |||
Intangible assets subject to amortization, net | 4 | |||
Total assets | 6,718 | |||
Intergroup payable receivable | (172) | |||
Accrued liabilities | 22 | |||
Current portion of debt | 902 | |||
Other current liabilities | 2 | |||
Total current liabilities | 754 | |||
Long-term debt | 844 | |||
Deferred income tax liabilities | 2,800 | |||
Other liabilities | (3) | |||
Total liabilities | 4,395 | |||
Equity/Attributed net assets (liabilities) | 2,332 | |||
Noncontrolling interests in equity of subsidiaries | (9) | |||
Total liabilities and equity | $ 6,718 |
Financial Information for Tra58
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | ||
Total revenue, net | $ 2,327 | $ 2,510 |
Cost of sales (exclusive of depreciation shown) | 1,505 | 1,626 |
Operating expenses | 151 | 170 |
Selling, general and administrative, including stock-based compensation | 250 | 308 |
Depreciation and amortization | 208 | 217 |
Total operating costs and expenses | 2,114 | 2,321 |
Operating income (loss) | 213 | 189 |
Interest expense | (90) | (93) |
Share of earnings (loss) of affiliates, net | (27) | 3 |
Realized and unrealized gains (losses) on financial instruments, net | 701 | (7) |
Other, net | 1 | 38 |
Total other income (expense) | 585 | (59) |
Total | 798 | 130 |
Income tax benefit (expense) | (279) | (38) |
Earnings (loss) from continuing operations | 519 | 92 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16) | |
Net earnings (loss) | 519 | 76 |
Less net earnings (loss) attributable to noncontrolling interests | 12 | 8 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 507 | 68 |
QVC Group Common Stock | ||
Condensed Income Statements, Captions [Line Items] | ||
Total revenue, net | 2,323 | 2,367 |
Cost of sales (exclusive of depreciation shown) | 1,505 | 1,535 |
Operating expenses | 148 | 153 |
Selling, general and administrative, including stock-based compensation | 237 | 264 |
Depreciation and amortization | 207 | 209 |
Total operating costs and expenses | 2,097 | 2,161 |
Operating income (loss) | 226 | 206 |
Interest expense | (75) | (76) |
Share of earnings (loss) of affiliates, net | 14 | 21 |
Realized and unrealized gains (losses) on financial instruments, net | (1) | (1) |
Other, net | (2) | 5 |
Total other income (expense) | (64) | (51) |
Total | 162 | 155 |
Income tax benefit (expense) | (59) | (53) |
Earnings (loss) from continuing operations | 102 | |
Net earnings (loss) | 103 | 102 |
Less net earnings (loss) attributable to noncontrolling interests | 12 | 8 |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | 91 | 94 |
Liberty Ventures common stock | ||
Condensed Income Statements, Captions [Line Items] | ||
Total revenue, net | 4 | 143 |
Cost of sales (exclusive of depreciation shown) | 91 | |
Operating expenses | 3 | 17 |
Selling, general and administrative, including stock-based compensation | 13 | 44 |
Depreciation and amortization | 1 | 8 |
Total operating costs and expenses | 17 | 160 |
Operating income (loss) | (13) | (17) |
Interest expense | (15) | (17) |
Share of earnings (loss) of affiliates, net | (41) | (18) |
Realized and unrealized gains (losses) on financial instruments, net | 702 | (6) |
Other, net | 3 | 33 |
Total other income (expense) | 649 | (8) |
Total | 636 | (25) |
Income tax benefit (expense) | (220) | 15 |
Earnings (loss) from continuing operations | (10) | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (16) | |
Net earnings (loss) | 416 | (26) |
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders | $ 416 | $ (26) |
Financial Information for Tra59
Financial Information for Tracking Stock Groups - Statement of Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net earnings (loss) | $ 519 | $ 76 |
Earnings (loss) from discontinued operations | 16 | |
Depreciation and amortization | 208 | 217 |
Stock-based compensation | 16 | 31 |
Cash payments for stock based compensation | (10) | |
Share of losses (earnings) of affiliates, net | 27 | (3) |
Cash receipts from returns on equity investments | 7 | 9 |
Realized and unrealized gains (losses) on financial instruments, net | (701) | 7 |
Deferred income tax (benefit) expense | 255 | 6 |
Other noncash charges (credits), net | 3 | (36) |
Current and other assets | 254 | 281 |
Payables and other current liabilities | (162) | (300) |
Net cash provided (used) by operating activities | 426 | 294 |
Proceeds From Disposition Of Investments | 9 | |
Investments in and loans to cost and equity investees | (21) | (22) |
Capital expended for property and equipment | (30) | (51) |
Purchases of short-term and other marketable securities | (116) | |
Sales of short term and other marketable securities | 425 | |
Other investing activities, net | (1) | (12) |
Net cash used by investing activities | (52) | 233 |
Borrowings of debt | 499 | 623 |
Repayments of debt | (704) | (598) |
Repurchases of Liberty common stock | (152) | (238) |
Withholding taxes on net share settlements of stock-based compensation | (4) | (8) |
Other financing activities, net | (26) | (5) |
Net cash provided (used) by financing activities | (387) | (226) |
Effect of foreign currency exchange rates on cash | 9 | (13) |
Net cash provided by (used in) operating activities, discontinued operations | 6 | |
Net Cash Provided by (Used in) Discontinued Operations, Total | 6 | |
Net increase (decrease) in cash and cash equivalents | (4) | 294 |
Cash and cash equivalents at beginning of period | 825 | 2,449 |
Cash and cash equivalents at end of period | 821 | 2,743 |
QVC Group Common Stock | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net earnings (loss) | 103 | 102 |
Depreciation and amortization | 207 | 209 |
Stock-based compensation | 12 | 18 |
Share of losses (earnings) of affiliates, net | (14) | (21) |
Cash receipts from returns on equity investments | 7 | 6 |
Realized and unrealized gains (losses) on financial instruments, net | 1 | 1 |
Gain (Loss) on Disposition of Other Assets | 2 | |
Deferred income tax (benefit) expense | (25) | (30) |
Intergroup tax allocation | 60 | 49 |
Intergroup tax payments | (54) | |
Other noncash charges (credits), net | 2 | (6) |
Current and other assets | 244 | 268 |
Payables and other current liabilities | (154) | (297) |
Net cash provided (used) by operating activities | 445 | 245 |
Capital expended for property and equipment | (29) | (43) |
Sales of short term and other marketable securities | 12 | |
Other investing activities, net | (1) | (13) |
Net cash used by investing activities | (30) | (44) |
Borrowings of debt | 499 | 515 |
Repayments of debt | (699) | (438) |
Repurchases of Liberty common stock | (152) | (238) |
Withholding taxes on net share settlements of stock-based compensation | (4) | (7) |
Other financing activities, net | (27) | (6) |
Net cash provided (used) by financing activities | (383) | (174) |
Effect of foreign currency exchange rates on cash | 9 | (13) |
Net increase (decrease) in cash and cash equivalents | 41 | 14 |
Cash and cash equivalents at beginning of period | 338 | 426 |
Cash and cash equivalents at end of period | 379 | 440 |
Liberty Ventures common stock | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net earnings (loss) | 416 | (26) |
Earnings (loss) from discontinued operations | 16 | |
Depreciation and amortization | 1 | 8 |
Stock-based compensation | 4 | 13 |
Cash payments for stock based compensation | (10) | |
Share of losses (earnings) of affiliates, net | 41 | 18 |
Cash receipts from returns on equity investments | 3 | |
Realized and unrealized gains (losses) on financial instruments, net | (702) | 6 |
Gain (Loss) on Disposition of Other Assets | (2) | |
Deferred income tax (benefit) expense | 280 | 36 |
Intergroup tax allocation | (60) | (49) |
Intergroup tax payments | 54 | |
Other noncash charges (credits), net | 1 | (30) |
Current and other assets | 10 | 13 |
Payables and other current liabilities | (8) | (3) |
Net cash provided (used) by operating activities | (19) | 49 |
Proceeds From Disposition Of Investments | 9 | |
Investments in and loans to cost and equity investees | (21) | (22) |
Capital expended for property and equipment | (1) | (8) |
Purchases of short-term and other marketable securities | (116) | |
Sales of short term and other marketable securities | 413 | |
Other investing activities, net | 1 | |
Net cash used by investing activities | (22) | 277 |
Borrowings of debt | 108 | |
Repayments of debt | (5) | (160) |
Withholding taxes on net share settlements of stock-based compensation | (1) | |
Other financing activities, net | 1 | 1 |
Net cash provided (used) by financing activities | (4) | (52) |
Net cash provided by (used in) operating activities, discontinued operations | 6 | |
Net Cash Provided by (Used in) Discontinued Operations, Total | 6 | |
Net increase (decrease) in cash and cash equivalents | (45) | 280 |
Cash and cash equivalents at beginning of period | 487 | 2,023 |
Cash and cash equivalents at end of period | $ 442 | $ 2,303 |