Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2015 |
Entity Registrant Name | Liberty Media Corporation | ||
Entity Central Index Key | 1560385 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Public Float | $13.70 | ||
Common Class A | |||
Entity Common Stock, Shares Outstanding | 104,506,310 | ||
Common Class B | |||
Entity Common Stock, Shares Outstanding | 9,873,972 | ||
Common Class C | |||
Entity Common Stock, Shares Outstanding | 228,295,067 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets, current | ||
Cash and cash equivalents | $681 | $1,088 |
Trade and other receivables, net | 235 | 206 |
Short term marketable securities | 199 | 15 |
Deferred income tax assets | 931 | 916 |
Other current assets | 298 | 269 |
Total current assets | 2,344 | 2,494 |
Investments in available-for-sale securities and other cost investments | 816 | 1,324 |
Investments in affiliates, accounted for using the equity method | 851 | 3,299 |
Property and equipment, at cost | 2,257 | 2,149 |
Accumulated depreciation | -501 | -341 |
Property and equipment, net | 1,756 | 1,808 |
Goodwill | 14,345 | 14,365 |
FCC licenses | 8,600 | 8,600 |
Other | 1,073 | 1,073 |
Intangible assets not subject to amortization | 24,018 | 24,038 |
Intangible assets subject to amortization, net | 1,096 | 1,200 |
Other assets, at cost, net of accumulated amortization | 326 | 379 |
Total assets | 31,207 | 34,542 |
Liabilities, Current [Abstract] | ||
Accounts Payable and accrued liabilities | 712 | 670 |
Current portion of debt | 257 | 777 |
Deferred revenue | 1,641 | 1,575 |
Other current liabilities | 40 | 150 |
Total current liabilities | 2,650 | 3,172 |
Long-term debt | 5,595 | 4,778 |
Deferred income tax liabilities | 2,438 | 2,312 |
Other liabilities | 348 | 398 |
Total liabilities | 11,031 | 10,660 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 2,215 | |
Accumulated other comprehensive earnings, net of taxes | -21 | 4 |
Retained earnings | 11,416 | 11,859 |
Total stockholders' equity | 11,398 | 14,081 |
Noncontrolling interests in equity of subsidiaries | 8,778 | 9,801 |
Total equity | 20,176 | 23,882 |
Commitments and contingencies | ||
Total liabilities and equity | 31,207 | 34,542 |
Common Class A | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | 1 | 1 |
Common Class C | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | $2 | $2 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Long-term Debt, Fair Value | $990 | $1,002 |
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 |
Common Class A | ||
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 104,505,449 | 104,421,488 |
Common stock, shares outstanding | 104,505,449 | 104,421,488 |
Common Class B | ||
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 9,873,972 | 9,876,178 |
Common stock, shares outstanding | 9,873,972 | 9,876,178 |
Common Class C | ||
Common stock, par or stated value per share | $0.01 | $0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 228,781,948 | 228,595,332 |
Common stock, shares outstanding | 228,781,948 | 228,595,332 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Subscriber revenue | $3,514 | $3,131 | |
Other revenue | 936 | 871 | 368 |
Total Revenue | 4,450 | 4,002 | 368 |
Revenue and share royalties | 810 | 679 | |
Programming and content | 262 | 243 | |
Customer service and billing | 373 | 308 | |
Other | 135 | 104 | |
Subscriber acquisition costs | 493 | 491 | |
Other operating expense | 304 | 284 | 230 |
Selling, general and administrative | 873 | 764 | 176 |
Depreciation and amortization | 359 | 315 | 42 |
Total operating costs and expenses | 3,609 | 3,188 | 448 |
Operating income (loss) | 841 | 814 | -80 |
Other income (expense): | |||
Interest expense | -255 | -132 | -7 |
Dividend and interest income | 27 | 48 | 76 |
Share of earnings (losses) of affiliates, net | -113 | -32 | 1,346 |
Realized and unrealized gains (losses) on financial instruments, net | 38 | 295 | 230 |
Gains (losses) on transactions, net | 7,978 | 22 | |
Other, net | -77 | -115 | 42 |
Total other income (expense) | -380 | 8,042 | 1,709 |
Earnings (loss) from continuing operations before income taxes | 461 | 8,856 | 1,629 |
Income tax (expense) benefit | -66 | 135 | -469 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 395 | 8,991 | 1,160 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 252 | ||
Net earnings (loss) | 395 | 8,991 | 1,412 |
Less net earnings (losses) attributable to the noncontrolling interests | 217 | 211 | -2 |
Net earnings (loss) attributable to Liberty stockholders | $178 | $8,780 | $1,414 |
Earnings Per Share [Abstract] | |||
Basic Net earnings (loss) from continuing operations attributable to stockholders per common share | $0.52 | $24.73 | $3.21 |
Diluted Net earnings (loss) from continuing operations attributable to stockholders per common share | $0.52 | $24.46 | $3.12 |
Series A, B and C common stock, basic | $0.52 | $24.73 | $3.92 |
Series A, B and C common stock, diluted | $0.52 | $24.46 | $3.80 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Earnings (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $395 | $8,991 | $1,412 |
Other comprehensive earnings (loss), net of taxes: | |||
Unrealized holding gains (losses) arising during the period | -8 | 10 | -3 |
Recognition of previously unrealized (gains) losses on available-for-sale securities, net | -25 | -13 | |
Share of other comprehensive earnings (loss) of equity affiliates | -9 | 4 | |
Other comprehensive earnings (loss) from discontinued operations | -1 | ||
Other comprehensive earnings (loss) | -17 | -11 | -17 |
Comprehensive earnings (loss) | 378 | 8,980 | 1,395 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 217 | 211 | -2 |
Comprehensive earnings (loss) attributable to Liberty stockholders | $161 | $8,769 | $1,397 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net earnings (loss) | $395 | $8,991 | $1,412 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Earnings (loss) from discontinued operations, net of taxes | -252 | ||
Depreciation and amortization | 359 | 315 | 42 |
Stock-based compensation | 217 | 193 | 46 |
Cash payments for stock-based compensation | -29 | -2 | -19 |
Excess tax benefit from stock-based compensation | -3 | -6 | -142 |
Share of (earnings) loss of affiliates, net | 113 | 32 | -1,346 |
Realized and unrealized (gains) losses on financial instruments, net | -38 | -295 | -230 |
Noncash interest expense | -34 | -62 | -2 |
Losses (gains) on transactions, net | -7,978 | -22 | |
Losses (gains) on dilution of investment in affiliate | 78 | 93 | 9 |
Losses (gains) on early extinguishment of debt | 21 | ||
Deferred income tax expense (benefit) | 91 | -172 | 465 |
Other noncash charges (credits), net | 17 | -3 | -41 |
Changes in operating assets and liabilities | |||
Current and other assets | -74 | 187 | 18 |
Payables and other current liabilities | 33 | -78 | 33 |
Net cash provided (used) by operating activities | 1,125 | 1,236 | -29 |
Cash flows from investing activities: | |||
Cash (paid) for acquisitions, net of cash acquired | -47 | -117 | |
Cash proceeds from dispositions | 247 | 80 | 766 |
Proceeds (payments) from settlement of financial instruments, net | -72 | -59 | -9 |
Investments in and loans to cost and equity investees | -183 | -2,585 | -1,716 |
Repayment of loans by cost and equity investees | 42 | 81 | 110 |
Return on investment in equity method affiliate | 165 | ||
Capital expended for property and equipment | -194 | -207 | -16 |
Purchases of short term investments and other marketable securities | -360 | -178 | -393 |
Sales of short term investments and other marketable securities | 176 | 229 | 625 |
Net (increase) decrease in restricted cash | 700 | ||
Other investing activities, net | -20 | -8 | -8 |
Net cash provided (used) by investing activities | -411 | -2,764 | 224 |
Cash flows from financing activities: | |||
Borrowings of debt | 2,758 | 5,923 | |
Repayments of debt | -1,936 | -2,779 | -750 |
Repurchases of Liberty common stock | -140 | -323 | |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 259 | ||
Cash included in exchange transaction | -429 | ||
Shares issued by subsidiary | 21 | ||
Shares repurchased by subsidiary | -2,157 | -1,602 | |
Proceeds (payments) from issuances and settlements of financial instruments, net | -299 | -54 | |
Issuance of warrants | 170 | ||
Taxes paid in lieu of shares issued for stock-based compensation | -48 | -51 | -181 |
Excess tax benefit from stock-based compensation | 3 | 6 | 142 |
Other financing activities, net | -7 | 4 | |
Net cash provided (used) by financing activities | -1,121 | 813 | -1,162 |
Cash provided (used) by operating activities - Discontinued operations | 265 | ||
Cash provided (used) by investing activities - Discontinued operations | -10 | ||
Cash provided (used) by financing activities - Discontinued operations | 550 | -5 | |
Change in available cash held by discontinued operations | 650 | 350 | |
Net cash provided (used) by discontinued operations | 1,200 | 600 | |
Net increase (decrease) in cash and cash equivalents | -407 | 485 | -367 |
Cash and cash equivalents at beginning of period | 1,088 | 603 | 970 |
Cash and cash equivalents at end of period | $681 | $1,088 | $603 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (USD $) | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained Earnings | Noncontrolling Interest | Noncontrolling Interest | Starz, LLC | Liberty Broadband | Total |
In Millions, unless otherwise specified | Common Class A | Common Class C | Starz, LLC | Liberty Broadband | Starz, LLC | Liberty Broadband | Liberty Broadband | Starz, LLC | |||||||
Balance at Dec. 31, 2011 | $1 | $2 | $3,562 | $29 | $1,665 | ($10) | $5,249 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,414 | -2 | 1,412 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | -17 | -17 | |||||||||||||
Stock compensation | 68 | 68 | |||||||||||||
Minimum withholding taxes on net share settlements of stock-based compensation | -181 | -181 | |||||||||||||
Excess tax benefits on stock-based compensation | 146 | 146 | |||||||||||||
Stock issued upon exercise of stock options | 7 | 7 | |||||||||||||
Series A Liberty stock repurchase | -323 | -323 | |||||||||||||
Non-cash benefit from reversal of contingent liability | 72 | 72 | |||||||||||||
Other | -5 | 4 | -1 | ||||||||||||
Balance at Dec. 31, 2012 | 1 | 2 | 3,346 | 12 | 3,079 | -8 | 6,432 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 8,780 | 211 | 8,991 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | -11 | -11 | |||||||||||||
Stock compensation | 140 | 63 | 203 | ||||||||||||
Minimum withholding taxes on net share settlements of stock-based compensation | -51 | -51 | |||||||||||||
Series A Liberty stock repurchase | -140 | -140 | |||||||||||||
Shares repurchased by subsidiary | -160 | -1,442 | -1,602 | ||||||||||||
Shares issued by subsidiary | -61 | 127 | 66 | ||||||||||||
Shares acquired in disposition of subsidiary | -937 | -937 | |||||||||||||
Issuance of Warrants | 170 | 170 | |||||||||||||
Non-controlling interest recognized with acquisition of a controlling interest in a subsidiary | 10,841 | 10,841 | |||||||||||||
Distribution to stockholders for spin-off | -92 | 3 | 9 | -80 | |||||||||||
Noncontrolling interests in equity of subsidiaries | 9,801 | ||||||||||||||
Balance at Dec. 31, 2013 | 1 | 2 | 2,215 | 4 | 11,859 | 9,801 | 23,882 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 178 | 217 | 395 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | -17 | -17 | |||||||||||||
Stock compensation | 135 | 67 | 202 | ||||||||||||
Minimum withholding taxes on net share settlements of stock-based compensation | -48 | -48 | |||||||||||||
Shares repurchased by subsidiary | -179 | -2,004 | -2,183 | ||||||||||||
Shares issued by subsidiary | -27 | 27 | |||||||||||||
Shares issued by subsidiary on conversion of bonds | -179 | 670 | 491 | ||||||||||||
Distribution to stockholders for spin-off | -1,912 | -8 | -621 | -2,541 | |||||||||||
Other | -5 | -5 | |||||||||||||
Noncontrolling interests in equity of subsidiaries | 8,778 | ||||||||||||||
Balance at Dec. 31, 2014 | $1 | $2 | ($21) | $11,416 | $8,778 | $20,176 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation |
The accompanying consolidated financial statements of Liberty Media Corporation (formerly named Liberty Spinco, Inc.; see discussion below pertaining to the Starz Spin-Off (defined below)) ("Liberty" or the "Company" unless the context otherwise requires) represent a consolidation of certain media, communications and entertainment related assets and businesses. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |
In September 2011, Liberty Interactive Corporation ("Liberty Interactive" and formerly named Liberty Media Corporation) completed the split-off of its former wholly-owned subsidiary (then known as Liberty Media Corporation) from its Liberty Interactive tracking stock group (the "Split-Off"). | |
In January 2013, the entity then known as Liberty Media Corporation (now named Starz) spun-off (the “Starz Spin-Off”) its then-former wholly owned subsidiary, now known as Liberty Media Corporation, which, at the time of the Starz Spin-Off, held all of the businesses, assets and liabilities of Starz not associated with Starz, LLC (with the exception of the Starz, LLC office building). The transaction was effected as a pro-rata dividend of shares of Liberty to the stockholders of Starz. Due to the relative significance of Liberty to Starz (the legal spinnor) and senior management's continued involvement with Liberty following the Starz Spin-Off, Liberty is being treated as the "accounting successor" to Starz for financial reporting purposes, notwithstanding the legal form of the Starz Spin-Off previously described. Therefore, the historical financial statements of the company formerly known as Liberty Media Corporation continue to be the historical financial statements of Liberty, and Starz, LLC is presented as discontinued operations for all periods prior to the completion of the Starz Spin-Off. Therefore, for purposes of these consolidated financial statements, Liberty is treated as the spinnor for purposes of discussion and as a practical matter for describing all the historical information contained herein. | |
During 2014, Liberty’s board approved the issuance of shares of its Series C common stock to holders of its Series A and Series B common stock, effected by means of a dividend. On July 23, 2014, holders of Series A and Series B common stock as of 5:00 p.m., New York City, time on July 7, 2014, the record date for the dividend, received a dividend of two shares of Series C common stock for each share of Series A or Series B common stock held by them as of the record date. The impact of the Series C common issuance has been reflected retroactively in these consolidated financial statements due to the treatment of the dividend as a stock split for accounting purposes. Additionally, in connection with the Series C common stock issuance and the Broadband Spin-Off (defined below), outstanding Series A common stock warrants have been adjusted. See note 10 for further discussion regarding the warrants. There were 21,085,900 warrants with a strike price of $64.46 outstanding at December 31, 2014. | |
On November 4, 2014, Liberty completed the spin-off to its stockholders common stock of a newly formed company called Liberty Broadband Corporation ("Liberty Broadband") (the “Broadband Spin-Off”). Shares of Liberty Broadband were distributed to the shareholders of Liberty as of a record date of 5:00 p.m., New York City time, on October 29, 2014. Liberty Broadband is comprised of, among other things, (i) Liberty’s former interest in Charter Communications, Inc. (“Charter”), (ii) Liberty’s former subsidiary TruePosition, Inc. (“TruePosition”), (iii) Liberty’s former minority equity investment in Time Warner Cable, Inc. ("Time Warner Cable"), (iv) certain deferred tax liabilities, as well as liabilities related to Time Warner Cable call options and (v) initial indebtedness, pursuant to margin loans entered into prior to the completion of the Broadband Spin-Off. Prior to the transaction, Liberty Broadband borrowed funds under margin loans and made a final distribution to Liberty of approximately $300 million in cash. The Broadband Spin-Off is intended to be tax-free to stockholders of Liberty. In the Broadband Spin-Off, record holders of Series A, Series B and Series C common stock received one share of the corresponding series of Liberty Broadband common stock for every four shares of common stock held by them as of the record date for the Broadband Spin-Off, with cash paid in lieu of fractional shares. The Company’s former investments in and results of Charter and Time Warner Cable are no longer included in the results of Liberty from the date of the completion of the Broadband Spin-Off forward. Based on the relative significance of TruePosition to Liberty, the Company concluded that discontinued operations presentation of TruePosition is not necessary. | |
During August 2014, Liberty Interactive completed the distribution of Liberty TripAdvisor Holdings, Inc. (“Liberty TripAdvisor”) (the “TripAdvisor Spin-Off”). Following the Split-Off, Starz Spin-Off, TripAdvisor Spin-Off and Broadband Spin-Off, Liberty, Liberty Interactive, Starz, Liberty TripAdvisor and Liberty Broadband operate as separate publicly traded companies, none of which has any stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Starz Spin-Off, TripAdvisor Spin-Off and Broadband Spin-Off, Liberty entered into certain agreements with Liberty Interactive, Starz, Liberty TripAdvisor and Liberty Broadband, respectively, in order to govern ongoing relationships between the companies and to provide for an orderly transition. These agreements include Reorganization Agreements, Services Agreements, Facilities Sharing Agreements, a Lease Agreement (in the case of the Starz Spin-Off only) and with respect to Starz and Liberty Broadband, Tax Sharing Agreements. The Reorganization, Services and Facilities Sharing Agreements entered into with Liberty Interactive were assigned from Starz to Liberty in connection with the Starz Spin-Off. | |
The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Liberty Interactive, Starz, Liberty TripAdvisor and Liberty Broadband following the Split-Off, Starz Spin-Off, TripAdvisor Spin-Off and Broadband Spin-Off, respectively, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Liberty Interactive, Starz, Liberty TripAdvisor and Liberty Broadband with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty Interactive, Starz, Liberty TripAdvisor and Liberty Broadband reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and for Liberty Interactive's and Starz's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to each respective company. Liberty TripAdvisor and Liberty Broadband reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities with Liberty Interactive, Starz, Liberty TripAdvisor and Liberty Broadband at Liberty's corporate headquarters. Under these various agreements, approximately $15 million, $16 million and $10 million of these allocated expenses were reimbursed to Liberty during the years ended December 31, 2014, 2013 and 2012, respectively. Under the Lease Agreement, Starz leases its corporate headquarters from Liberty. The Lease Agreement with Starz for their corporate headquarters requires a payment of approximately $3 million annually, subject to certain increases based on the Consumer Price Index. The Lease Agreement expires on December 31, 2023 and contains an extension option. | |
The Tax Sharing Agreements provide for the allocation and indemnification of tax liabilities and benefits between Liberty and each of Starz and Liberty Broadband as well as other agreements related to tax matters. Among other things, pursuant to the Tax Sharing Agreements, Liberty has generally agreed to indemnify Starz and Liberty Broadband for taxes and losses resulting from the failure of the Starz Spin-Off and the Broadband Spin-Off, respectively, to qualify for tax-free treatment. However, Starz will be responsible for any such taxes and losses related to the Starz Spin-Off which (i) result primarily from the breach of certain restrictive covenants made by Starz, or (ii) result from Section 355(e) of the Code applying to the Starz Spin-Off as a result of the Starz Spin-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire a 50-percent or greater interest (measured by vote or value) in the stock of Starz, and Liberty Broadband will be responsible for any such taxes and losses related to the Broadband Spin-Off which (i) result primarily from the breach of certain restrictive covenants made by Liberty Broadband, or (ii) result from Section 355(e) of the Code applying to the Broadband Spin-Off as a result of the Broadband Spin-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire a 50-percent or greater interest (measured by vote or value) in the stock of Liberty Broadband. In February 2014, the IRS and Starz entered into a closing agreement which provides that the Starz Spin-Off qualified for tax-free treatment to Starz and Liberty. In December 2014, the IRS completed its review of the Broadband Spin-Off and notified Liberty that it agreed with the nontaxable characterization of the transaction. | |
Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries primarily in North America. Our significant subsidiaries include Sirius XM Holdings Inc. and the Atlanta National League Baseball Club, Inc. (the "Atlanta Braves" or "ANLBC"). Our significant investment accounted for under the equity method of accounting is Live Nation Entertainment, Inc. ("Live Nation"). | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | (2)Summary of Significant Accounting Policies | ||||||||
Cash and Cash Equivalents | |||||||||
Cash equivalents consist of investments which are readily convertible into cash and have maturities of three months or less at the time of acquisition. | |||||||||
Receivables | |||||||||
Receivables are reflected net of an allowance for doubtful accounts and sales returns. Such allowance aggregated $8 million and $4 million at December 31, 2014 and 2013, respectively. Activity in the year ended December 31, 2014 included an increase of $45 million of bad debt charged to expense and $41 million of write-offs. Activity in the year ended December 31, 2013 included an increase of $4 million of bad debt charged to expense and $1 million of write-offs. The amounts charged to bad debt expense and write-offs were less than a million in 2012. | |||||||||
Investments | |||||||||
All marketable equity and debt securities held by the Company are classified as available-for-sale ("AFS") and are carried at fair value generally based on quoted market prices. U.S. generally accepted accounting principles ("GAAP") permit 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"). Under other relevant GAAP, entities were required to recognize changes in fair value of AFS securities in the balance sheet in accumulated other comprehensive earnings. Liberty has entered into economic hedges for certain of its non-strategic AFS securities (although such instruments are not accounted for as fair value hedges by the Company). Changes in the fair value of these economic hedges are reflected in Liberty's statement 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 has elected the fair value option for those of its AFS securities which it considers 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 gain (losses) on financial instruments in the accompanying consolidated statements of operations. The total value of AFS securities for which the Company has elected the fair value option aggregated $745 million and $1,253 million as of December 31, 2014 and 2013, respectively. | |||||||||
Other investments in which the Company's ownership interest is less than 20% and are not considered marketable securities are carried at cost. | |||||||||
For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company's share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company's investment in, advances to and commitments for the investee. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag. | |||||||||
Changes in the Company's proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the other, net line item. To the extent there is a difference between our ownership percentage in the underlying equity of an equity method investee and our carrying value, such difference is accounted for as if the equity method investee were a consolidated subsidiary. | |||||||||
The Company continually reviews its equity investments and its AFS securities which are not Fair Value Securities to determine whether a decline in fair value below the cost basis is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company's carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts' ratings and estimates of 12 month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and the Company's intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the cost basis of the security is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company's assessment of the foregoing factors involves a high degree of judgment and accordingly, actual results may differ materially from the Company's estimates and judgments. Writedowns for AFS securities which are not Fair Value Option Securities are included in the consolidated statements of operations as other than temporary declines in fair values of investments. Writedowns for equity method investments are included in share of earnings (losses) of affiliates. | |||||||||
Derivative Instruments and Hedging Activities | |||||||||
All of the Company's derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. None of the Company's derivatives are currently designated as hedges. | |||||||||
The fair value of certain of the Company's derivative instruments are estimated using the Black-Scholes model. The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company's estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Considerable management judgment was required in estimating the Black-Scholes variables. | |||||||||
Property and Equipment | |||||||||
Property and equipment consisted of the following: | |||||||||
Estimated Useful Life | December 31, 2014 | December 31, 2013 | |||||||
amounts in millions | |||||||||
Land | NA | $ | 124 | 59 | |||||
Buildings and improvements | 10 - 40 years | 162 | 157 | ||||||
Support equipment | 3 - 20 years | 230 | 257 | ||||||
Satellite system | 2 - 15 years | 1,590 | 1,573 | ||||||
Construction in progress | NA | 151 | 103 | ||||||
Total property and equipment | $ | 2,257 | 2,149 | ||||||
Property and equipment, including significant improvements, is stated at cost. Depreciation is computed using the straight-line method using estimated useful lives. Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $209 million, $200 million and $23 million, respectively. During the year ended December 31, 2013, SIRIUS XM capitalized expenditures, including interest, of approximately $87 million related to the construction of one of its satellites, which was launched and placed into operation in the fourth quarter of 2013. | |||||||||
Intangible Assets | |||||||||
Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment upon certain triggering events. Goodwill and other intangible assets with indefinite useful lives (collectively, "indefinite lived intangible assets") are not amortized, but instead are tested for impairment at least annually. Our annual impairment assessment of our indefinite-lived intangible assets is performed during the fourth quarter of each year. | |||||||||
The Company utilizes a qualitative assessment for determining whether step one of the goodwill impairment analysis is necessary. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. In evaluating goodwill on a qualitative basis the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. | |||||||||
If a step one test is considered necessary based on the qualitative factors, the Company compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in Liberty's valuation analysis are based on management's best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. For those reporting units whose carrying value exceeds the fair value, a second test is required to measure the impairment loss (the "Step 2 Test"). In the Step 2 Test, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit with any residual value being allocated to goodwill. The difference between such allocated amount and the carrying value of the goodwill is recorded as an impairment charge. | |||||||||
The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |||||||||
Impairment of Long-lived Assets | |||||||||
The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangibles) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds their fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. | |||||||||
Noncontrolling Interests | |||||||||
The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity. | |||||||||
Revenue Recognition | |||||||||
Revenue is recognized as follows: | |||||||||
· | Revenue from SIRIUS XM subscribers is recognized as it is realized or realizable and earned. Subscription fees are recognized as SIRIUS XM’s services are provided. Prepaid subscription fees received from certain automakers are recorded as deferred revenue and amortized to revenue ratably over the service period which commences upon retail sale and activation. | ||||||||
· | SIRIUS XM recognizes revenue from the sale of advertising as the advertising is broadcast. Agency fees are calculated based on a stated percentage applied to gross billing revenue for advertising inventory and are reported as a reduction of advertising revenue. Advertising revenue is recorded gross of revenue share payments made to certain third parties, which are recorded to Revenue share and royalties during the period in which the advertising is broadcast. | ||||||||
· | Equipment revenue and royalties from the sale of satellite radios, components and accessories are recognized upon shipment, net of discounts and rebates. Shipping and handling costs billed to customers are recorded as revenue. Shipping and handling costs associated with shipping goods to customers are reported as a component of Cost of subscriber services. | ||||||||
· | Certain revenue arrangements contain multiple products, services and right to use assets, such as SIRIUS XM's bundled subscription plans. The applicable accounting guidance requires that such multiple deliverable revenue arrangements be divided into separate units of accounting if the deliverables in the arrangement meet certain criteria. Consideration is allocated at the inception of the arrangement to all deliverables based on their relative selling price, which is determined using vendor specific objective evidence of the selling price of self-pay customers. | ||||||||
· | SIRIUS XM also earns revenue from U.S. Music Royalty Fees, which are recorded as revenue and as a component of Revenue share and royalties expense. Fees received from subscribers for the U.S. Music Royalty Fee are recorded as deferred revenue and amortized to revenue ratably over the service period which coincides with the recognition of the subscriber's subscription revenue. | ||||||||
· | SIRIUS XM revenue is reported net of any taxes assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in the consolidated statements of operations. | ||||||||
· | Revenue for ticket sales, local radio and television rights, signage and suites are recognized on a per game basis during the baseball season based on a pro rata share of total revenue earned during the entire baseball season to the total number of home games during the season. Concession revenue is recognized as commissions are earned from the sale of food and beverage at the stadium in accordance with agreements with the Company's concessions vendors. Major League Baseball (MLB) revenue is earned throughout the year based on an estimate of revenue generated by MLB on behalf of the 30 MLB clubs through the MLB Central Fund and MLB Properties and revenue sharing income or expense. | ||||||||
In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a retrospective or cumulative effect transition method. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the effect that the new standard may have on its revenue recognition and has not yet selected a transition method but does not believe the standard will significantly impact its financial statements and related disclosures. | |||||||||
Cost of Subscriber Services | |||||||||
Revenue Share | |||||||||
SIRIUS XM shares a portion of its subscription revenues earned from subscribers with certain automakers. The terms of the revenue share agreements vary with each automaker, but are typically based upon the earned audio revenue as reported or gross billed audio revenue. Such shared revenue is recorded as an expense and not as a reduction to revenue. | |||||||||
Programming Costs | |||||||||
Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming costs which are for a specified season or period are amortized over the season or period on a straight-line basis. SIRIUS XM allocates a portion of certain programming costs which are related to sponsorship and marketing activities to Selling, general and administrative expense on a straight-line basis over the term of the agreement. | |||||||||
Subscriber Acquisition Costs | |||||||||
Subscriber acquisition costs consist of costs incurred to acquire new subscribers and include hardware subsidies paid to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a prepaid subscription to SIRIUS XM service in the sale or lease price of a new vehicle; subsidies paid for chip sets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for inventory allowance attributable to inventory consumed in SIRIUS XM’s automaker and retail distribution channels. Subscriber acquisition costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to automakers and retailers of radios. | |||||||||
Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or activation and are included in Subscriber acquisition costs because SIRIUS XM is responsible for providing the service to the customers. Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios. Chipsets that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as subscriber acquisition costs when placed into production by radio manufacturers. Costs for chip sets not held on consignment are expensed as subscriber acquisition costs when the automaker confirms receipt. | |||||||||
Advertising Costs | |||||||||
Advertising expense aggregated $226 million, $181 million and $4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Advertising costs are primarily attributable to costs incurred by SIRIUS XM. Media-related advertising costs are expensed when advertisements air, and advertising production costs are expensed as incurred. These costs are reflected in the Selling, general and administrative expenses line in our consolidated statements of operations. | |||||||||
Stock-Based Compensation | |||||||||
As more fully described in note 14, Liberty has granted to its directors, employees and employees of its subsidiaries options, restricted stock and stock appreciation rights ("SARs") to purchase shares of Liberty common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for an Award of liability instruments (such as stock appreciation rights that will be settled in cash) based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. | |||||||||
Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation, a portion of which relates to SIRIUS XM as discussed in note 14: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Cost of subscriber services: | |||||||||
Programming and content | $ | 17 | 15 | — | |||||
Customer service and billing | 5 | 4 | — | ||||||
Other | 8 | 7 | — | ||||||
Other operating expense | 17 | 14 | — | ||||||
Selling, general and administrative | 170 | 153 | 46 | ||||||
$ | 217 | 193 | 46 | ||||||
Income Taxes | |||||||||
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. | |||||||||
Earnings attributable to Liberty Stockholders Per Common Share | |||||||||
Net earnings attributable to Liberty stockholders is comprised of the following: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Earnings (loss) from continuing operations | $ | 178 | 8,780 | 1,160 | |||||
Earnings (loss) from discontinued operations | $ | — | — | 254 | |||||
Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares that were outstanding for the period at the Company. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. | |||||||||
Series A, Series B and Series C Liberty Common Stock | |||||||||
The basic and diluted EPS calculation is based on the following weighted average shares outstanding (WASO) of Liberty's common stock. As discussed in note 1, on July 23, 2014 the Company completed a stock dividend of two shares of Series C common stock for every share of Series A or Series B common stock held as of the record date. Therefore, all prior period outstanding share amounts for purposes of the calculation of EPS have been retroactively adjusted for comparability. Excluded from diluted EPS for the years ended December 31, 2014, 2013 and 2012 are 21 million, 17 million and less than a million potential common shares, respectively, due to warrants issued in connection with the Bond Hedge transaction (see note 10) because their inclusion would be anti-dilutive. | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
number of shares in millions | |||||||||
Basic WASO | 342 | 355 | 361 | ||||||
Potentially dilutive shares | 3 | 4 | 11 | ||||||
Diluted WASO | 345 | 359 | 372 | ||||||
Reclasses and adjustments | |||||||||
Certain prior period amounts have been reclassified for comparability with the current year presentation. | |||||||||
Estimates | |||||||||
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. The Company considers (i) recurring and nonrecurring fair value measurements, (ii) accounting for income taxes, (iii) assessments of other-than-temporary declines in fair value of its investments and (iv) determination of the useful life of SIRIUS XM’s broadcast/transmission system to be its most significant estimates. | |||||||||
The Company holds investments that are accounted for using the equity method. The Company does not control the decision making process or business management practices of these affiliates. Accordingly, the Company relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, the Company 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 the Company's consolidated financial statements. | |||||||||
Sirius_XM_Transactions
Sirius XM Transactions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Sirius XM Transactions [Abstract] | |||||
Sirius XM Radio, Inc. Transactions | (3) Sirius XM Radio, Inc. Transactions | ||||
On January 18, 2013, Liberty settled a block transaction with a financial institution taking possession of an additional 50 million shares of SIRIUS XM as well as converting its remaining SIRIUS XM Convertible Perpetual Preferred Stock, Series B-1, par value $0.001 per share, into 1,293,509,076 shares of SIRIUS XM Common Stock. As a result of these two transactions Liberty holds more than 50% of the capital stock of SIRIUS XM and is entitled to vote on any matter, including the election of directors. Following the transactions, Liberty designated and SIRIUS XM's board of directors appointed certain directors to SIRIUS XM's board of directors and Liberty effectively controls the board as of January 18, 2013. This resulted in the application of purchase accounting and the consolidation of SIRIUS XM in the first quarter of 2013. Liberty recorded a gain of approximately $7.5 billion in the first quarter of 2013 associated with application of purchase accounting based on the difference between fair value and the carrying value of the ownership interest Liberty had in SIRIUS XM prior to the acquisition of the controlling interest. The gain on the transaction was excluded from taxable income. Additionally, the difference between the book basis and tax basis of SIRIUS XM, as previously accounted for under the equity method, was relieved as a result of the transaction. The fair value of our ownership interest previously held ($10,215 million) and the fair value of the initial noncontrolling interest ($10,286 million) was determined based on the trading price (level 1) of SIRIUS XM on the last trading day prior to the acquisition of the controlling interest. Additionally, the noncontrolling interest includes the fair value of SIRIUS XM's fully vested options (level 2), the fair value of warrants outstanding (level 2) and the intrinsic value of a beneficial conversion feature accounted for in purchase accounting. Following the transaction date SIRIUS XM is a consolidated subsidiary with just less than a 50% noncontrolling interest accounted for in equity and the consolidated statements of operations. Effective November 15, 2013, SIRIUS XM completed a corporate reorganization whereby SIRIUS XM Holdings Inc. replaced Sirius XM Radio Inc. as its publicly held corporation, and Sirius XM Radio Inc. became a wholly-owned subsidiary of SIRIUS XM Holdings Inc. and has no operations independent of its subsidiary SIRIUS XM Radio Inc. | |||||
The final purchase price allocation for SIRIUS XM is as follows (amounts in millions): | |||||
Fair value of SIRIUS XM equity interests | $ | 10,372 | |||
Fair value of SIRIUS XM debt securities | 253 | ||||
Noncontrolling interest | 10,841 | ||||
$ | 21,466 | ||||
Cash and cash equivalents | $ | 569 | |||
Receivables | 210 | ||||
Property, plant and equipment | 1,714 | ||||
Goodwill | 13,775 | ||||
FCC Licenses | 8,600 | ||||
Tradenames | 930 | ||||
Intangible assets subject to amortization | 930 | ||||
Other assets | 480 | ||||
Debt | -2,490 | ||||
Deferred revenue | -1,565 | ||||
Deferred income tax liabilities, net | -685 | ||||
Other liabilities assumed | -1,002 | ||||
$ | 21,466 | ||||
Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce and noncontractual relationships. SIRIUS XM applied purchase accounting for the acquisition of XM Satellite Radio Holdings Inc. in 2008 and has entered into many of its operating agreements at market rates in recent years, therefore, the carrying value of the identifiable assets were reflected at amounts near their fair value in SIRIUS XM's financial statements. Accordingly, a large percentage of Liberty's purchase price was allocated to FCC licenses and goodwill. During the year ended December 31, 2013, Liberty adjusted the initial purchase price allocation for SIRIUS XM by recording a decrease to the initial deferred tax liability and an offsetting decrease to goodwill of $227 million. The adjustment was due to the identification of tax attributes not included in SIRIUS XM's deferred tax assets from excess stock-based compensation deductions. Additionally, during the year ended December 31, 2013, Liberty adjusted the carrying value of certain contract fair values that resulted in a change to the initial purchase price allocation to SIRIUS XM goodwill of $18 million. This change resulted in a change to the recognition of the contract value through the statements of operations in prior periods and has been reflected retroactively in the appropriate periods. These adjustments are reflected in Liberty's final SIRIUS XM purchase price allocation table above. | |||||
The Pro Forma summarized combined unaudited statement of operations of Liberty using the historical financial statements for SIRIUS XM, giving effect to any purchase accounting related adjustments made at the time of acquisition and excluding the impact of the gain, as if the transactions discussed above occurred on January 1, 2011, is as follows: | |||||
Year ended | |||||
December 31, 2012 | |||||
amounts in millions | |||||
(unaudited) | |||||
Revenue | $ | 3,730 | |||
Operating income (loss) | $ | 686 | |||
Interest expense | $ | -162 | |||
Share of earnings (loss) of affiliates | $ | -21 | |||
Less earnings (loss) attributable to the noncontrolling interests | $ | 1,736 | |||
Net Earnings (loss) from continuing operations attributable to Liberty stockholders | $ | 2,052 | |||
Pro Forma basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (note 2) | $ | 5.68 | |||
Pro Forma diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (note 2) | $ | 5.52 | |||
This Pro Forma information is not representative of Liberty's future financial position, future results of operations or future cash flows nor does it reflect what Liberty's financial position, results of operations or cash flows would have been as if this transaction happened previously and Liberty controlled this entity during the periods presented. | |||||
On October 9, 2013, Liberty entered into a share repurchase agreement with SIRIUS XM pursuant to which SIRIUS XM agreed to acquire 136,600,826 SIRIUS XM shares for $500 million, in three separate tranches between the fourth quarter of 2013 and second quarter of 2014, at a price of $3.6603 per share (which was based on a 1.5% discount to the average of the daily volume weighted average price (VWAP) per share of SIRIUS XM common stock over a period of ten days beginning on the third trading day following the date of the public release of SIRIUS XM's third quarter 2013 earnings subject to a cap on the average VWAP of $4.18 and a floor on the average VWAP of $3.64). The repurchase of shares approximated 2% of the outstanding shares of SIRIUS XM on an as adjusted basis as the shares were retired at the SIRIUS XM level. The first tranche of shares in the amount of 43,712,265 was repurchased on November 14, 2013. The final two tranches were settled on April 25, 2014 for total proceeds of $340 million. The retirement of SIRIUS XM shares on a consolidated basis did not significantly impact the consolidated results as it only required an adjustment to noncontrolling interest as the shares were repurchased and retired. Liberty continues to maintain a controlling interest in SIRIUS XM following the completion of the share repurchases. | |||||
On November 4, 2013, SIRIUS XM announced the completion of the acquisition of Agero, Inc. ("Agero"), pursuant to a stock purchase agreement in which SIRIUS XM agreed to acquire the connected vehicle business of Agero for an aggregate purchase price of approximately $525 million, net of cash acquired. Agero's connected vehicle business is a leader in implementing the next generation of connected vehicle services. The business offers a portfolio of location-based services through two-way wireless connectivity, including safety, security, convenience, maintenance and data services and remote vehicle diagnostics. The excess purchase price over identifiable net tangible assets of $390 million has been recorded to Goodwill in our consolidated balance sheets as of December 31, 2013. A total of $247 million was allocated to identifiable intangible assets subject to amortization related to the assessed fair value of the acquired OEM relationships and proprietary software and is being amortized over the estimated weighted average useful lives of 15 and 10 years, respectively. Pro forma financial information related to this acquisition has not been provided as it is not material to our consolidated results of operations. | |||||
In May 2014, SIRIUS XM entered into an accelerated share repurchase agreement ("May ASR agreement") with a third-party financial institution to repurchase up to $600 million of its common stock. Under the May ASR agreement SIRIUS XM prepaid $600 million to a financial institution and received an initial delivery of 112,500,000 shares of its common stock and final delivery, during August 2014, of 39,346,125 shares of its common stock. Approximately $94 million of the prepaid May ASR Agreement was returned upon the final settlement. In August 2014, SIRIUS XM entered into another accelerated share repurchase agreement (“August ASR Agreement” and together with the May ASR Agreement, the “ASR Agreements”) to repurchase up to $250 million of its common stock. Under the August ASR Agreement SIRIUS XM prepaid $250 million and received 51,884,795 shares of its common stock prior to September 30, 2014 which were retired upon receipt. The August ASR Agreement settled in October 2014 and SIRIUS XM retired an additional 19,431,708 shares of its common stock. As of December 31, 2014, we owned approximately 56% of the outstanding equity interest in SIRIUS XM. | |||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Discontinued Operations | (4)Discontinued Operations | ||||||||
As discussed in note 1, the Starz Spin-Off was completed on January 11, 2013. At the time of the Starz Spin-Off, Liberty owned all of its assets, businesses and liabilities except for Starz. This transaction has been accounted for at historical cost due to the pro rata nature of the distribution. Additionally, due to the short period between the end of the year and the distribution date Liberty did not record any results for Starz in discontinued operations for the statement of operations due to the insignificance of such amounts for that period except for the distribution of approximately $1.2 billion of cash from Starz prior to the distribution reflected in the consolidated statements of cash flows. | |||||||||
Following the Starz Spin-Off, Liberty and Starz operate as separate, publicly traded companies, and neither has any stock ownership, beneficial or otherwise, in the other. As discussed in note 1, in connection with the Spin-Off, Liberty and Starz entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Spin-Off and to provide for an orderly transition. | |||||||||
The consolidated financial statements and accompanying notes of Liberty have been prepared to reflect Starz as discontinued operations. Accordingly, the relevant financial statement balances and activities of the businesses, assets and liabilities owned by Starz at the time of Starz Spin-Off (for periods prior to the Starz Spin-Off) have been excluded from the respective captions in the accompanying consolidated statements of operations, comprehensive earnings and cash flows in such consolidated financial statements. | |||||||||
Certain combined financial information for Starz, which is included in earnings (loss) from discontinued operations, is as follows: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2012 | |||||||||
amounts in millions | |||||||||
Revenue | $ | 1,631 | |||||||
Earnings (loss) before income taxes | $ | 383 | |||||||
Earnings per share impact of discontinued operations | |||||||||
The earnings per share from discontinued operations, discussed above, is as follows: | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2012 | |||||||||
Basic earnings (losses) from discontinued operations attributable to Liberty shareholders per common share (note 2) | $ | 0.71 | |||||||
Diluted earnings (losses) from discontinued operations attributable to Liberty shareholders per common share (note 2) | $ | 0.68 | |||||||
As discussed in note 1, Liberty completed the Broadband Spin-Off on November 4, 2014. As of the date of the completion of the Broadband Spin-Off, the Company’s former investments in and results of Charter and Time Warner Cable are no longer included in the results of Liberty. Based on the relative significance of TruePosition to Liberty, the Company concluded that discontinued operations presentation of TruePosition is not necessary. However, the tables below include historical financial information of TruePosition to illustrate the historical impact of the Broadband Spin-Off on Liberty’s financial statements. | |||||||||
Financial information for TruePosition, which is included in the consolidated statements of operations, is as follows: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Revenue | $ | 57 | 77 | 83 | |||||
Earnings (loss) before income taxes | $ | -6 | 1 | 6 | |||||
Net earnings (loss) attributable to Liberty Stockholders | $ | -8 | 2 | 3 | |||||
A summary of certain asset and liability amounts for TruePosition, which is included in the consolidated balance sheets, is as follows: | |||||||||
December 31, | |||||||||
2013 | |||||||||
Assets | amounts in millions | ||||||||
Cash and cash equivalents | $ | 9 | |||||||
Other current assets | $ | 7 | |||||||
Deferred tax asset | $ | 33 | |||||||
Goodwill | $ | 11 | |||||||
Other assets | $ | 20 | |||||||
Liabilities | |||||||||
Accounts payable and accrued liabilities | $ | 9 | |||||||
Deferred revenue | $ | 39 | |||||||
Other liabilities | $ | 3 | |||||||
Supplemental_Disclosures_to_Co
Supplemental Disclosures to Consolidated Statements of Cash Flows | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Disclosures to Consolidated Statements of Cash Flows [Abstract] | |||||||||
Supplemental Disclosures to Consolidated Statements of Cash Flows | (5) Supplemental Disclosures to Consolidated Statements of Cash Flows | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Cash paid for acquisitions: | |||||||||
Fair value of assets acquired | $ | 1 | 2,586 | — | |||||
Intangibles not subject to amortization | 24 | 23,694 | — | ||||||
Intangibles subject to amortization | 36 | 1,177 | — | ||||||
Net liabilities assumed | -12 | -5,367 | — | ||||||
Deferred tax liabilities | -2 | -760 | — | ||||||
Fair value of previously held ownership interest | — | -10,372 | — | ||||||
Noncontrolling interest | — | -10,841 | — | ||||||
Cash paid for acquisitions, net of cash acquired | $ | 47 | 117 | — | |||||
Cash paid for exchange transaction: | |||||||||
Fair value of Liberty Series A common stock received | $ | — | 937 | — | |||||
Carrying value of business deconsolidated | — | -19 | — | ||||||
Cash held by business deconsolidated | — | 12 | — | ||||||
Gain on transaction | — | -496 | — | ||||||
Tax impact of transaction | — | -5 | — | ||||||
Net cash paid for exchange transaction | $ | — | 429 | — | |||||
Stock repurchased by subsidiary not yet settled | $ | 26 | — | — | |||||
Cash paid for interest | $ | 232 | 144 | 3 | |||||
Cash paid (received) for income taxes | $ | 20 | -75 | 129 | |||||
Assets_And_Liabilities_Measure
Assets And Liabilities Measured At Fair Value | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
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 does not have any recurring assets or liabilities measured at fair value that would be considered Level 3. | |||||||||||||||
Liberty's assets and liabilities measured at fair value are as follows: | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Quoted prices | Significant other | Quoted prices | Significant other | ||||||||||||
in active markets | observable | in active markets | observable | ||||||||||||
for identical assets | inputs | for identical assets | inputs | ||||||||||||
Description | Total | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | |||||||||
amounts in millions | |||||||||||||||
Cash equivalents | $ | 507 | 507 | — | 859 | 859 | — | ||||||||
Short term marketable securities | $ | 199 | — | 199 | 15 | 15 | — | ||||||||
Available-for-sale securities | $ | 769 | 691 | 78 | 1,293 | 978 | 315 | ||||||||
Financial instrument assets | $ | 305 | 96 | 209 | 397 | — | 397 | ||||||||
Debt | $ | 990 | — | 990 | 1,002 | — | 1,002 | ||||||||
The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. The Company notes that these assets are not always traded publicly or 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. The fair value of debt related instruments are based on quoted market prices but not considered to be traded on "active markets," as defined by GAAP. Accordingly, those available-for-sale securities, financial instruments and debt related instruments are reported in the foregoing table as Level 2 fair value. The financial instrument assets included in the table above are included in the Other assets, net of accumulated amortization line item in the consolidated balance sheets. | |||||||||||||||
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 (amounts in millions): | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Fair Value Option Securities | $ | 80 | 306 | 310 | |||||||||||
Cash convertible notes (a) | 12 | -17 | — | ||||||||||||
Change in fair value of bond hedges (a) | -89 | -1 | — | ||||||||||||
Other derivatives (b)(c) | 35 | 7 | -80 | ||||||||||||
$ | 38 | 295 | 230 | ||||||||||||
(a) | Liberty issued $1 billion of cash convertible notes in October 2013 which are accounted for at fair value (Level 2), as elected by Liberty at the time of issuance. Contemporaneously with the issuance of the convertible notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the convertible notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2). See note 10 for additional discussion of the convertible notes and the bond hedges. | ||||||||||||||
(b) | Derivatives, including Charter warrants (as discussed in note 8), are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2). | ||||||||||||||
(c) | During September 2014, Liberty entered into a forward contract to acquire up to 15.9 million shares of Live Nation common stock. The contract expires during March 2015. The counterparty has acquired 8.6 million shares of Live Nation common stock through December 31, 2014 at a volume weighted average share price of $23.40 per share. Upon expiration of the contract, Liberty has the option to cash settle the contract. | ||||||||||||||
Investments_In_AvailableForSal
Investments In Available-For-Sale Securities And Other Cost Investments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Investments in Available-for-Sale Securities and Other Cost Investments [Abstract] | |||||||||||
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 generally 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 Company previously had 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 those economic hedges were reflected in the Company's statement 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, the Company has elected to account for those of its AFS securities which it considers to be non-strategic ("Fair Value Option Securities") at fair value. 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 consolidated statements of operations. | |||||||||||
Investments in AFS securities, including Fair Value Option Securities separately aggregated, and other cost investments are summarized as follows: | |||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
amounts in millions | |||||||||||
Fair Value Option Securities | |||||||||||
Time Warner Inc. (a) | $ | 363 | 297 | ||||||||
Time Warner Cable (a)(b) | — | 320 | |||||||||
Viacom, Inc. (a) | 273 | 317 | |||||||||
Barnes & Noble, Inc. (c) | 27 | 255 | |||||||||
Other equity securities | 55 | 37 | |||||||||
Other debt securities | 27 | 27 | |||||||||
Total Fair Value Option Securities | 745 | 1,253 | |||||||||
AFS and cost investments | |||||||||||
Live Nation debt securities | 24 | 24 | |||||||||
Other AFS and cost investments | 47 | 47 | |||||||||
Total AFS and cost investments | 71 | 71 | |||||||||
$ | 816 | 1,324 | |||||||||
(a) | See note 10 for details regarding the number and fair value of shares pledged as collateral pursuant to certain margin loan agreements as of December 31, 2014 and 2013. | ||||||||||
(b) | As discussed in note 1, Liberty’s former investment in Time Warner Cable was spun off to stockholders as part of the Broadband Spin-Off, which was completed on November 4, 2014. | ||||||||||
(c) | In April 2014 Liberty reduced its overall ownership interest in Barnes & Noble, Inc. to less than 2% through the sale of approximately 90% of the preferred stock held by Liberty as of such date for $247 million in proceeds. | ||||||||||
Unrealized Holding Gains and Losses | |||||||||||
Unrealized holding gains and losses related to investments in AFS securities are summarized below. | |||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Equity | Debt | Equity | Debt | ||||||||
securities | securities | securities | securities | ||||||||
amounts in millions | |||||||||||
Gross unrealized holding gains | $ | — | — | 6 | 1 | ||||||
Gross unrealized holding losses | $ | — | — | — | — | ||||||
Liberty reclassified approximately $40 million of pre-tax previously unrealized gains in the consolidated statement of operations in gains (losses) on transactions, net during the year ended December 31, 2013 due to the application of purchase accounting and the effective settlement of SIRIUS XM debt securities previously accounted for as available-for-sale securities through other comprehensive earnings (loss). | |||||||||||
Investments_In_Affiliates_Acco
Investments In Affiliates Accounted For Using The Equity Method | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 the Company's carrying amount and percentage ownership and market value (level 1) of the more significant investments in affiliates at December 31, 2014, and the carrying amount at December 31, 2013: | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Percentage | Market | Carrying | Carrying | |||||||||
ownership | Value | amount | amount | |||||||||
dollar amounts in millions | ||||||||||||
Charter (a) | NA | $ | — | — | 2,395 | |||||||
Live Nation (d)(e) | 27% | 1,403 | 396 | 409 | ||||||||
SIRIUS XM Canada (b) | 37% | 247 | 237 | 273 | ||||||||
Other | various | NA | 218 | 222 | ||||||||
$ | 851 | 3,299 | ||||||||||
The following table presents the Company's share of earnings (losses) of affiliates: | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
amounts in millions | ||||||||||||
Charter (a) | $ | -94 | -83 | NA | ||||||||
SIRIUS XM (b)(c) | — | 8 | 1,367 | |||||||||
Live Nation (d) | -30 | -18 | -45 | |||||||||
SIRIUS XM Canada (b) | 5 | 7 | NA | |||||||||
Other | 6 | 54 | 24 | |||||||||
$ | -113 | -32 | 1,346 | |||||||||
(a) | As discussed below, Liberty acquired its interest in Charter during May 2013 for approximately $2.6 billion. Our share of losses related to Charter included $60 million and $51 million of losses due to the amortization of the excess basis of our investment during the years ended December 31, 2014 and 2013, respectively. As discussed in note 1, Liberty’s investment in Charter was spun off to stockholders as part of the Broadband Spin-Off, which was completed on November 4, 2014. | |||||||||||
(b) | On January 18, 2013, as discussed in note 3, Liberty acquired an additional 50 million common shares and acquired a controlling interest in SIRIUS XM and as a result consolidates SIRIUS XM as of such date. SIRIUS XM has an investment in SIRIUS XM Canada that was recorded at fair value in purchase accounting. See discussion below of SIRIUS XM Canada. | |||||||||||
(c) | SIRIUS XM recognized a $3.0 billion tax benefit during the year ended December 31, 2012. SIRIUS XM recorded the tax benefit as the result of significant positive evidence that a valuation allowance was no longer necessary for its recorded deferred tax assets. The Company recognized its portion of this benefit ($1,229 million) based on our ownership percentage at the time of the recognition of the deferred tax benefit by SIRIUS XM. | |||||||||||
(d) | During the year ended December 31, 2014, Liberty acquired an additional 1.7 million shares of Live Nation for approximately $39 million. During the year ended December 31, 2013, Liberty acquired an additional 1.7 million shares of Live Nation for approximately $19 million. During the year ended December 31, 2012, Liberty acquired approximately 11 million shares of Live Nation for $107 million. | |||||||||||
(e) | See note 10 for details regarding the number and fair value of shares pledged as collateral pursuant to certain margin loan agreements as of December 31, 2014. | |||||||||||
SIRIUS XM Canada | ||||||||||||
In the acquisition of SIRIUS XM, Liberty acquired an interest in SIRIUS XM Canada which SIRIUS XM accounts for as an equity method affiliate. Liberty recognized the investment at fair value, based on the market price per share (level 1), on the date of acquisition. | ||||||||||||
In 2005, SIRIUS XM entered into agreements to provide SIRIUS XM Canada with the right to offer SIRIUS XM satellite radio service in Canada. The agreements have an initial ten year term and Sirius XM Canada has the unilateral option to extend the agreements for an additional five year term. SIRIUS XM receives a percentage-based royalty for certain types of subscriber fees earned by SIRIUS XM Canada each month for its basic service and an activation fee for each gross activation of a SIRIUS XM Canada subscriber on the satellite radio system. SIRIUS XM Canada is obligated to pay SIRIUS XM a total of $70 million for the rights to broadcast and market National Hockey League (“NHL”) games for a ten year term. SIRIUS XM recognizes these payments on a gross basis as a principal obligor. The estimated fair value of deferred revenue from SIRIUS XM Canada as of the acquisition date was approximately $21 million, which is amortized on a straight-line basis through 2020, the end of the expected term of the agreements. SIRIUS XM provides programming and chipsets as well other services and SIRIUS XM Canada reimburses SIRIUS XM for such costs. At December 31, 2014, SIRIUS XM has approximately $7 million and $18 million in related party assets and liabilities, respectively, related to these agreements described above with SIRIUS XM Canada which are recorded in other assets and other liabilities, respectively, in the consolidated balance sheet. At December 31, 2013, SIRIUS XM has approximately $10 million and $21 million in related party assets and liabilities, respectively, related to these agreements described above with SIRIUS XM Canada which are recorded in other assets and other liabilities, respectively, in the consolidated balance sheet. Additionally, SIRIUS XM recorded approximately $50 million and $49 million in revenue for the years ended December 31, 2014 and 2013, respectively, associated with these various agreements in the other revenue line in the consolidated statements of operations. SIRIUS XM Canada declared and paid dividends to SIRIUS XM of $43 million and $17 million during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
Charter Communications, Inc. | ||||||||||||
In May 2013, Liberty completed a transaction with investment funds managed by, or affiliated with, Apollo Management, Oaktree Capital Management and Crestview Partners to acquire approximately 26.9 million shares of common stock and approximately 1.1 million warrants in Charter for approximately $2.6 billion, which represented an approximate 27% beneficial ownership (including the warrants on an as if converted basis) in Charter at the time of purchase and a price per share of $95.50. Liberty accounted for the investment in Charter as an equity method affiliate based on the ownership interest obtained and the board seats held by Liberty appointed individuals. Liberty funded the purchase with a combination of cash of approximately $1.2 billion on hand and new margin loan arrangements on approximately 20.3 million Charter common shares, approximately 720 million SIRIUS XM common shares, approximately 8.1 million Live Nation common shares and a portion of Liberty's available for sale securities. Liberty allocated the purchase price between the shares of common stock and the warrants acquired in the transaction by determining the fair value of the publicly traded warrants and allocating the remaining balance to the shares acquired, which resulted in an excess basis in the investment of $2.5 billion. The excess basis was primarily allocated to franchise fees, customer relationships, debt and goodwill based on a valuation of Charter's assets and liabilities. During the years ended December 31, 2014 and 2013, the Company recognized $72 million and $93 million, respectively, in losses in its investment in Charter shares and warrants due to warrant and stock option exercises at Charter below Liberty's book basis per share. Dilution losses are included in the other, net line in the accompanying consolidated statements of operations. As discussed in note 1, Liberty’s investment in Charter was spun off to stockholders as part of the Broadband Spin-Off, which was completed on November 4, 2014. Liberty ceased recording the results of Charter in its financial statements as of the date of the completion of the Broadband Spin-Off. | ||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Goodwill and Other Intangible Assets | (9)Goodwill and Other Intangible Assets | ||||||||||||||
Changes in the carrying amount of goodwill are as follows: | |||||||||||||||
SIRIUS XM | Other | Total | |||||||||||||
Balance at January 1, 2013 | NA | 200 | 200 | ||||||||||||
Acquisitions (a) | $ | 14,165 | — | 14,165 | |||||||||||
Balance at December 31, 2013 | 14,165 | 200 | 14,365 | ||||||||||||
Acquisitions (b) | — | 24 | 24 | ||||||||||||
Broadband Spin-Off | — | -46 | -46 | ||||||||||||
Other | — | 2 | 2 | ||||||||||||
Balance at December 31, 2014 | $ | 14,165 | 180 | 14,345 | |||||||||||
(a) | The increase to SIRIUS XM goodwill was the result of the acquisition of a controlling interest in SIRIUS XM in January 2013 and SIRIUS XM's acquisition of Agero in November 2013, see note 3 for further discussion. | ||||||||||||||
(b) | TruePosition made an acquisition during the year ended December 31, 2014. | ||||||||||||||
Other intangible assets not subject to amortization, not separately disclosed, are tradenames ($930 million) at December 31, 2014 and 2013 and franchise rights owned by ANLBC ($143 million) as of December 31, 2014 and 2013. We identified these assets as indefinite life intangible assets after considering the expected use of the assets, the regulatory and economic environment within which they are used and the effects of obsolescence on their use. SIRIUS XM's FCC licenses are currently scheduled to expire in 2017, 2018, 2021 and 2022. Prior to expiration, SIRIUS XM is required to apply for a renewal of its FCC licenses. The renewal and extension of its licenses is reasonably certain at minimal cost, which is expensed as incurred. Each of the FCC licenses authorizes SIRIUS XM to use the broadcast spectrum, which is a renewable, reusable resource that does not deplete or exhaust over time. | |||||||||||||||
Intangible Assets Subject to Amortization | |||||||||||||||
Intangible assets subject to amortization are comprised of the following: | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Gross | Net | Gross | Net | ||||||||||||
carrying | Accumulated | carrying | carrying | Accumulated | carrying | ||||||||||
amount | amortization | amount | amount | amortization | amount | ||||||||||
amounts in millions | |||||||||||||||
Customer relationships | $ | 838 | -122 | 716 | 838 | -65 | 773 | ||||||||
Licensing agreements | 316 | -52 | 264 | 316 | -22 | 294 | |||||||||
Other | 462 | -346 | 116 | 433 | -300 | 133 | |||||||||
Total | $ | 1,616 | -520 | 1,096 | 1,587 | -387 | 1,200 | ||||||||
Customer relationships are amortized over 10-15 years and licensing agreements are amortized over 15 years. Amortization expense was $150 million, $115 million and $19 million for the years ended December 31, 2014, 2013 and 2012, respectively. Based on its amortizable intangible assets as of December 31, 2014, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): | |||||||||||||||
2015 | $ | 158 | |||||||||||||
2016 | $ | 137 | |||||||||||||
2017 | $ | 105 | |||||||||||||
2018 | $ | 95 | |||||||||||||
2019 | $ | 96 | |||||||||||||
Debt
Debt | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||
Debt | (10) Debt | |||||||||
Debt is summarized as follows: | ||||||||||
Outstanding | Carrying value | |||||||||
Principal | December 31, | December 31, | ||||||||
December 31, 2014 | 2014 | 2013 | ||||||||
amounts in millions | ||||||||||
Corporate level notes and loans: | ||||||||||
Liberty 1.375% Cash Convertible Notes due 2023 | $ | 1,000 | 990 | 1,002 | ||||||
Margin loans | 250 | 250 | 920 | |||||||
Subsidiary notes and loans: | ||||||||||
SIRIUS XM 7% Exchangeable Senior Subordinated Notes due 2014 | — | — | 520 | |||||||
SIRIUS XM 5.875% Senior Notes due 2020 | 650 | 644 | 643 | |||||||
SIRIUS XM 5.75% Senior Notes due 2021 | 600 | 595 | 594 | |||||||
SIRIUS XM 5.25% Senior Secured Notes due 2022 | 400 | 407 | 407 | |||||||
SIRIUS XM 4.25% Senior Notes due 2020 | 500 | 496 | 494 | |||||||
SIRIUS XM 4.625% Senior Notes due 2023 | 500 | 495 | 495 | |||||||
SIRIUS XM 6% Senior Notes due 2024 | 1,500 | 1,484 | — | |||||||
SIRIUS XM Credit Facility | 380 | 380 | 460 | |||||||
Other subsidiary debt | 111 | 111 | 20 | |||||||
Total debt | $ | 5,891 | 5,852 | 5,555 | ||||||
Less debt classified as current | -257 | -777 | ||||||||
Total long-term debt | $ | 5,595 | 4,778 | |||||||
Liberty 1.375% Cash Convertible Notes due 2023 | ||||||||||
On October 17, 2013 Liberty issued $1 billion aggregate principal amount of 1.375% Cash Convertible Senior Notes due 2023 ("Convertible Notes"). The Convertible Notes will mature on October 15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversion of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities. The initial conversion rate for the Convertible Notes was 5.5882 shares of Liberty Series A common stock per $1,000 principal amount of Convertible Notes, which was equivalent to an initial conversion price of $178.95 per share of Liberty Series A common stock. During the year ended December 31, 2014, in connection with the issuance of Liberty Series C common stock and the Broadband Spin-Off, as discussed in note 1, the conversion rate was adjusted to 21.0859 shares of Liberty Series A common stock per $1,000 principal amount of Convertible Notes and an adjusted conversion price of $47.43 per share of Liberty Series A common stock. Holders of the Convertible Notes may convert their notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date of the notes under the following circumstances: (1) during any fiscal quarter after the fiscal quarter ending December 31, 2013, if the last reported sale price of our Series A common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is equal to or more than 130% of the conversion price of the notes on the last day of such preceding fiscal quarter; (2) during the five day period after any five consecutive trading day period, which we refer to as the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of that measurement period was less than 98% of the product of the last reported sale price of our Series A common stock and the applicable conversion rate on each such day; or (3) upon the occurrence of specified corporate transactions. Liberty has elected to account for this instrument using the fair value option. Accordingly, changes in the fair value of this instrument are recognized as unrealized gains (losses) in the statements of operations. As of December 31, 2014, the Convertible Notes are classified as a long term liability in the consolidated balance sheets, as the conversion conditions have not been met as of such date. | ||||||||||
Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges and purchased call options (the “Bond Hedge Transaction”). The Bond Hedge Transaction covered approximately 5,588,200 shares of Liberty Series A common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which was equal to the number of shares of Liberty Series A common stock that initially underlying the Convertible Notes. The Bond Hedge Transaction is expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes in the event that the volume-weighted average price per share of the Liberty Series A common stock, as measured under the cash convertible note hedge transactions on each trading day of the relevant cash settlement averaging period or other relevant valuation period, is greater than the strike price of $178.95 per share of Liberty Series A common stock, which corresponded to the initial conversion price of the Convertible Notes. During the year ended December 31, 2014, in connection with the issuance of Liberty Series C common stock and the Broadband Spin-Off, as discussed in note 1, the number of shares covered by the Bond Hedge Transaction was adjusted to 21,085,900 shares of Liberty Series A common stock and the strike price was adjusted to $47.43 per share of Liberty Series A common stock, which corresponds to the adjusted conversion price of the Convertible Notes. Liberty paid approximately $299 million for the Bond Hedge Transaction. The bond hedge expires on October 15, 2023 and is included in other long-term assets as of December 31, 2014 and 2013 in the accompanying consolidated balance sheets, with changes in the fair value recorded in the Unrealized gains (losses) on financial instruments, net line item of the statements of operations. | ||||||||||
Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same number of shares of common stock as underlie the Bond Hedge Transaction, subject to anti-dilution adjustments. The warrant transactions may have a dilutive effect with respect to the Liberty Series A common stock to the extent that the price of the Liberty Series A common stock exceeds the strike price of the warrant transactions and warrant transactions are settled with shares of Liberty Series A common stock. The first expiration date of the warrants is January 16, 2024 and expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the warrant transactions with cash. Liberty received approximately $170 million in proceeds for the sale of warrants. The issuance of the warrants were recorded as a component of Additional paid-in capital. The strike price of the warrants was initially $255.64 per share of Liberty Series A common stock. In connection with the Series C common stock issuance and the Broadband Spin-Off during the current year, as discussed in note 1, the number of warrants outstanding was adjusted to 21,085,900 with a strike price of $64.46 per share. | ||||||||||
The net proceeds from these transactions of $871 million will be used for general corporate purposes and approximately $200 million was used to pay down a portion of the revolving credit facility under the margin loans. | ||||||||||
Margin Loans | ||||||||||
During the year ended December 31, 2013, in connection with Liberty's acquisition of Charter common stock and warrants, as discussed in note 8, Liberty, through certain of its wholly-owned subsidiaries, entered into three different margin loans with various financial institutions (“lender parties”) in order to fund the purchase. Each agreement contains language that indicates that Liberty, as borrower and transferor of underlying shares as collateral, has the right to exercise all voting, consensual and other powers of ownership pertaining to the transferred shares for all purposes, provided that Liberty agrees that it will not vote the shares in any manner that would reasonably be expected to give rise to transfer or other certain restrictions. Similarly, the loan agreements indicate that no lender party shall have any voting rights with respect to the shares transferred, except to the extent that a lender party buys any shares in a sale or other disposition made pursuant to the terms of the loan agreements. The margin loans consist of the following: | ||||||||||
$1 Billion Margin Loan due 2015 | ||||||||||
On April 30, 2013, Liberty Siri MarginCo, LLC, a wholly owned subsidiary of Liberty, entered into a margin loan agreement whereby Liberty Siri MarginCo, LLC borrowed $250 million pursuant to a term loan and $450 million pursuant to a revolving credit facility with various lender parties. Shares of common stock of certain of the Company’s equity affiliates and cost investments were pledged as collateral pursuant to this agreement. Borrowings under this agreement were due October 31, 2014 and bore interest equal to the three-month LIBOR plus a spread, based on the market value of the non-SIRIUS XM shares pledged as collateral pursuant to the agreement. Given the non-SIRIUS XM market value of the eligible pledged shares as of April 30, 2013, the initial interest rate on the loan was LIBOR plus 2%, which did not change since inception. Interest on the term loan was payable on the first business day of each calendar quarter, and interest was payable on the revolving line of credit on the last day of the interest period applicable to the borrowing of which such loan is a part. Additionally, up to $1 billion in loans may be extended under the loan agreement in the form of incremental loans, subject to the satisfaction of certain conditions. During June 2013, Liberty Siri MarginCo, LLC repaid $250 million outstanding under the revolving credit facility. During October 2013, Liberty Siri MarginCo, LLC repaid an additional $200 million outstanding under the revolving credit facility. | ||||||||||
During October 2014, Liberty refinanced this margin loan arrangement for a similar financial instrument with a term loan of $250 million and a $750 million undrawn line of credit. The term loan and any drawn portion of the revolver will carry an interest rate of LIBOR plus an applicable spread between 1.75% and 2.50% (based on value of collateral) with the undrawn portion carrying a fee of 0.75%. As of December 31, 2014, shares of SIRIUS XM, Live Nation, Time Warner, Inc. and Viacom, Inc. common stock were pledged as collateral pursuant to this agreement. Borrowings outstanding under this margin loan bear interest at a rate of 1.98% per annum at December 31, 2014. The maturity of the new arrangement is October 28, 2015. Other terms of the loan were substantially similar to the previous arrangement. As of December 31, 2014, availability under the revolving line of credit was $750 million. | ||||||||||
$670 Million Margin Loan due 2015 | ||||||||||
At closing on May 1, 2013, LMC Cheetah 2, LLC, a wholly owned subsidiary of Liberty, entered into a margin loan agreement with an availability of $670 million pursuant to a term loan with various lender parties ("$670 Million Margin Loan due 2015"). Shares of Charter common stock were pledged as collateral pursuant to this agreement. The $670 Million Margin Loan was due May 1, 2015 and bore interest equal to the three-month LIBOR plus 3.25%, payable on the first day of each of February, May, August and November throughout the term of the loan. As of December 31, 2013, Liberty had fully drawn the $670 Million Margin Loan due 2015. During the year ended December 31, 2014, Liberty fully repaid the $670 Million Margin Loan due 2015 and the shares previously pledged under the loan are no longer pledged as collateral. | ||||||||||
As of December 31, 2014, the value of shares pledged as collateral pursuant to the $1 billion margin loan due 2015 is as follows: | ||||||||||
Number of Shares Pledged | ||||||||||
as Collateral as of | Share value as of | |||||||||
Investment | December 31, 2014 | December 31, 2014 | ||||||||
amounts in millions | ||||||||||
SIRIUS XM | 150.0 | $ | 525 | |||||||
Live Nation | 12.0 | $ | 313 | |||||||
Time Warner, Inc. | 3.6 | $ | 309 | |||||||
Viacom, Inc. | 3.5 | $ | 266 | |||||||
Time, Inc. | 1.0 | $ | 13 | |||||||
The outstanding margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants. | ||||||||||
SIRIUS XM Outstanding Debt | ||||||||||
SIRIUS XM 7% Exchangeable Senior Subordinated Notes due 2014 | ||||||||||
In August 2008, SIRIUS XM issued $550 million aggregate principal amount of 7% Exchangeable Senior Subordinated Notes due 2014 (the “Exchangeable Notes”). The Exchangeable Notes were exchangeable at anytime at the option of the holder into shares of SIRIUS XM common stock at an exchange rate of 543.1372 shares of common stock per $1,000 principal amount of the notes, which is equivalent to an approximate exchange price of $1.841 per share of common stock. All holders of the Exchangeable Notes converted prior to maturity on December 1, 2014. During the year ended December 31, 2014, $502 million principal amount of the Exchangeable Notes were converted in a non-cash financing transaction, resulting in the issuance of 272,855,859 shares of SIRIUS XM common stock. No loss was recognized as a result of the conversion. In connection with the conversion, Liberty received 5,974,510 shares of SIRIUS XM common stock upon maturity of the Exchangeable Notes. | ||||||||||
SIRIUS XM 5.25% Senior Secured Notes due 2022 | ||||||||||
In August 2012, SIRIUS XM issued $400 million aggregate principal amount of 5.25% Senior Secured Notes due 2022 (the “5.25% Notes”). Interest is payable semi-annually in arrears on February 15 and August 15 of each year at a rate of 5.25% per annum. The 5.25% Notes mature on August 15, 2022. Substantially all of SIRIUS XM's domestic wholly-owned subsidiaries guarantee SIRIUS XM's obligations under the 5.25% Notes. The premium associated with the 5.25% Notes was recorded in purchase accounting as the difference between fair value and the outstanding principal amount at the date of acquisition. This premium is being amortized over the remaining period to maturity through interest expense. | ||||||||||
In April 2014, SIRIUS XM entered into a supplemental indenture to the indenture governing the 5.25% Notes pursuant to which SIRIUS XM granted a first priority lien on substantially all of its assets and the guarantors to the holders of the 5.25% Notes. The liens securing the 5.25% Notes are equal and ratable to the liens granted to secure the Credit Facility (as defined and discussed below). | ||||||||||
SIRIUS XM Senior Secured Revolving Credit Facility | ||||||||||
In December 2012, SIRIUS XM entered into a five-year senior secured revolving credit facility (the "Credit Facility") with a syndicate of financial institutions for $1,250 million. The Credit Facility is secured by substantially all of SIRIUS XM's assets and the assets of its subsidiaries. The proceeds of loans under the Credit Facility will be used for working capital and other general corporate purposes, including financing acquisitions, share repurchases and dividends. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Borrowings outstanding under the Credit Facility as of December 31, 2014 bear interest at a rate of 2.41% per annum. SIRIUS XM is required to pay a variable fee on the average daily unused portion of the Credit Facility which is currently 0.35% per annum and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. | ||||||||||
As of December 31, 2014, availability under the Credit Facility was $870 million. | ||||||||||
SIRIUS XM Senior Notes Due 2020 and 2023 | ||||||||||
In May 2013, SIRIUS XM issued $500 million of Senior Notes due 2020 which bear interest at an annual rate of 4.25% and $500 million of Senior Notes due 2023 which bear interest at an annual rate of 4.625%. SIRIUS XM received net proceeds of $989 million from the sale of the notes after deducting commissions, fees and expenses. Interest on the notes is payable semi-annually in arrears on May 15 and November 15 of each year. Substantially all of SIRIUS XM's domestic wholly-owned subsidiaries guarantee SIRIUS XM's obligations under the notes. | ||||||||||
SIRIUS XM 5.75% Senior Notes Due 2021 | ||||||||||
During August 2013, SIRIUS XM issued $600 million of 5.75% Senior Notes due 2021 ("5.75% Notes"). Interest on the notes is payable semi-annually in arrears on February 1 and August 1 of each year at a rate of 5.75% per annum. Substantially all of SIRIUS XM's domestic wholly-owned subsidiaries guarantee SIRIUS XM's obligations under the notes. The 5.75% Notes were issued for $594 million. | ||||||||||
SIRIUS XM 5.875% Senior Notes Due 2020 | ||||||||||
During September 2013, SIRIUS XM issued $650 million of 5.875% Senior Notes Due 2020 ("5.875% Notes"). Interest on the notes is payable semi-annually in arrears on April 1 and October 1 of each year at a rate of 5.875% per annum. Substantially all of SIRIUS XM's domestic wholly-owned subsidiaries guarantee SIRIUS XM's obligations under the notes. The 5.875% Notes were issued for $643 million. | ||||||||||
SIRIUS XM 6.00% Senior Notes due 2024 | ||||||||||
In May 2014, SIRIUS XM issued $1.5 billion principal amount of new senior secured notes due 2024 at a discount of $17 million which bear interest at an annual rate of 6.00% ("SIRIUS XM 6.00% Senior Notes due 2024") paid semi-annually in January and July. SIRIUS XM intends to use the net proceeds from the offering for general corporate purposes. The notes are recorded net of the remaining unamortized original issue discount. | ||||||||||
Other subsidiary debt | ||||||||||
Other subsidiary debt is comprised of SIRIUS XM capital leases and other borrowings at ANLBC. In 2014, ANLBC, through a wholly-owned subsidiary, purchased 82 acres of land for the purpose of constructing a Major League Baseball facility and development of a mixed-use complex adjacent to the ballpark. The new facility is expected to cost approximately $672 million and ANLBC expects to spend approximately $50 million in other costs and equipment related to the new ballpark. Funding for the ballpark will be split between ANLBC, Cobb County and Cobb-Marietta Coliseum and Exhibit Hall Authority. Cobb-Marietta Coliseum and Exhibit Hall Authority and Cobb County will be responsible for funding $392 million of ballpark related construction and ANLBC will be responsible for remainder of cost, including cost overruns. Cobb-Marietta Coliseum and Exhibit Hall Authority will issue $368 million in bonds that are expected to close and fund in second half of 2015. In order to maintain an April 2017 opening of ballpark, ANLBC agreed to advance funds to cover project related cost until the Cobb-Marietta Coliseum and Exhibit Hall Authority bonds are funded. ANLBC funding for ballpark initiatives has come from cash reserves and utilization of two credit facilities with a capacity of $250 million. As of December 31, 2014, ANLBC has borrowed approximately $100 million under these two facilities. In addition, ANLBC through affiliated entities and outside development partners are in the process of developing land around the ballpark for a mixed-use complex, that is expected to feature retail, residential, office, hotel and entertainment opportunities. The expected cost for mixed-use development will be $452 million of which affiliated entities will be responsible for approximately $363 million of development cost. | ||||||||||
Debt Covenants | ||||||||||
The SIRIUS XM Credit Facility contains certain financial covenants related to SIRIUS XM's leverage ratio. Additionally, SIRIUS XM's Credit Facility and other borrowings contain certain non-financial covenants. As of December 31, 2014, the Company and SIRIUS XM were in compliance with all debt covenants. | ||||||||||
Fair Value of Debt | ||||||||||
The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of SIRIUS XM's publicly traded debt securities is as follows (amounts in millions): | ||||||||||
December 31, | ||||||||||
2014 | ||||||||||
SIRIUS XM 5.875% Senior Notes due 2020 | $ | 672 | ||||||||
SIRIUS XM 5.75% Senior Notes due 2021 | $ | 619 | ||||||||
SIRIUS XM 5.25% Senior Secured Notes due 2022 | $ | 421 | ||||||||
SIRIUS XM 4.25% Senior Notes due 2020 | $ | 494 | ||||||||
SIRIUS XM 4.625% Senior Notes due 2023 | $ | 471 | ||||||||
SIRIUS XM 6% Senior Notes due 2024 | $ | 1,545 | ||||||||
Due to the variable rate nature of the Credit Facility, margin loans and other debt, the Company believes that the carrying amount approximates fair value at December 31, 2014. | ||||||||||
Five Year Maturities | ||||||||||
The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions): | ||||||||||
2015 | $ | 257 | ||||||||
2016 | $ | 4 | ||||||||
2017 | $ | 381 | ||||||||
2018 | $ | 100 | ||||||||
2019 | $ | — | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Income Taxes | |||||||||
(11)Income Taxes | |||||||||
Income tax benefit (expense) consists of: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Current: | |||||||||
Federal | $ | 18 | -45 | -7 | |||||
State and local | 7 | 3 | 4 | ||||||
Foreign | — | 5 | -1 | ||||||
25 | -37 | -4 | |||||||
Deferred: | |||||||||
Federal | -103 | 165 | -407 | ||||||
State and local | 12 | 7 | -58 | ||||||
Foreign | — | — | — | ||||||
-91 | 172 | -465 | |||||||
Income tax benefit (expense) | $ | -66 | 135 | -469 | |||||
Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 35% as a result of the following: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Computed expected tax benefit (expense) | $ | -161 | -3,100 | -570 | |||||
Non-taxable gain on book consolidation of SIRIUS XM | — | 3,054 | — | ||||||
Liquidation of consolidated subsidiaries | 107 | — | 101 | ||||||
Non-taxable exchange of subsidiary | — | 174 | — | ||||||
Dividends received deductions | 99 | 46 | 40 | ||||||
Sale of subsidiary shares to subsidiary treated as a dividend for tax | -123 | -56 | — | ||||||
State and local income taxes, net of federal income taxes | -4 | 11 | -46 | ||||||
Change in valuation allowance affecting tax expense | -2 | 9 | 1 | ||||||
Recognition of tax benefits not previously recognized, net | 11 | — | 5 | ||||||
Other, net | 7 | -3 | — | ||||||
Income tax benefit (expense) | $ | -66 | 135 | -469 | |||||
For the year ended December 31, 2014 the significant reconciling items, as noted in the table above, are the result of taxes attributable to our sale of Sirius XM shares to Sirius XM, which is treated as a taxable distribution, but is not recognized for financial statement purposes. In addition, we recognized a benefit on our liquidation of a consolidated partnership investment and the related reduction in the tax basis of the partnership’s assets, which was not recognized for financial statement purposes and a dividends received deduction, primarily attributable to the taxable SIRIUS XM distribution during the year. | |||||||||
For the year ended December 31, 2013 the significant reconciling items, as noted in the table above, are the result of a $7.5 billion non-taxable gain on the consolidation of SIRIUS XM on January 18, 2013, as discussed in note 3, and the non-taxable exchange of one of Liberty's consolidated subsidiaries on October 4, 2013, in exchange for Liberty shares (see note 12 for further discussion of this transaction). | |||||||||
For the year ended December 31, 2012 the significant reconciling items, as noted in the table above, are the result of a capital loss realized on the taxable liquidation of a consolidated subsidiary. The realized capital loss was approximately $289 million and as a result a $101 million federal tax benefit was recorded that offset federal tax expense from capital gains realized during the year ended December 31, 2012. | |||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
amounts in millions | |||||||||
Deferred tax assets: | |||||||||
Net operating and capital loss carryforwards | $ | 2,119 | 2,487 | ||||||
Accrued stock compensation | 127 | 99 | |||||||
Other accrued liabilities | 88 | 44 | |||||||
Discount on convertible debt | — | 34 | |||||||
Deferred revenue | 678 | 598 | |||||||
Other future deductible amounts | 10 | 24 | |||||||
Deferred tax assets | 3,022 | 3,286 | |||||||
Valuation allowance | -5 | -9 | |||||||
Net deferred tax assets | 3,017 | 3,277 | |||||||
Deferred tax liabilities: | |||||||||
Investments | 229 | 457 | |||||||
Intangible assets | 3,991 | 3,955 | |||||||
Other | 304 | 261 | |||||||
Deferred tax liabilities | 4,524 | 4,673 | |||||||
Net deferred tax liabilities | $ | 1,507 | 1,396 | ||||||
The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
amounts in millions | |||||||||
Current deferred tax liabilities (assets) | $ | -931 | -916 | ||||||
Long-term deferred tax liabilities (assets) | 2,438 | 2,312 | |||||||
Net deferred tax liabilities | $ | 1,507 | 1,396 | ||||||
SIRIUS XM's deferred tax assets and liabilities are included in the amounts above although SIRIUS XM's deferred tax assets and liabilities are not offset with Liberty's deferred tax assets and liabilities as SIRIUS XM is not included in the group tax return of Liberty. Liberty's acquisition of a controlling interest in SIRIUS XM's outstanding common stock during January 2013 did not create a change in control under Section 382 of the Internal Revenue Code. | |||||||||
The Company's net decrease in the valuation allowance was $4 million in 2014. Of the change in valuation allowance, $2 million was an increase to tax expense and $6 million was a decrease as a result of the Broadband Spin-Off. | |||||||||
At December 31, 2014, the Company had federal net operating loss carryforwards for income tax purposes which, if not utilized to reduce taxable income in future periods, will expire between 2017 and 2028, most of which expire between 2024 and 2027. The Company's federal net operating loss carryforwards are primarily attributable to those at the SIRIUS XM level ($5.5 billion). These net operating loss carryforwards are subject to certain limitations and may not be currently utilized. | |||||||||
In addition, Liberty currently has $70 million of excess share-based compensation deductions resulting in an approximate gross operating loss carryforward on its tax return of $70 million. Excess tax compensation benefits are recorded off balance sheet until the excess tax benefit is realized through a reduction of taxes payable. | |||||||||
A reconciliation of unrecognized tax benefits is as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
amounts in millions | |||||||||
Balance at beginning of year | $ | 30 | 29 | ||||||
Reductions for tax positions of prior years | -11 | — | |||||||
Lapse in the statute of limitations | -17 | — | |||||||
Increase in tax positions from acquisition | — | 1 | |||||||
Balance at end of year | $ | 2 | 30 | ||||||
As of December 31, 2014, the Company had recorded tax reserves of $2 million related to unrecognized tax benefits for uncertain tax positions. If such tax benefits were to be recognized for financial statement purposes, less than a million dollars would be reflected in the Company's tax expense and affect its effective tax rate. We do not currently anticipate that our existing reserves related to uncertain tax positions as of December 31, 2014 will significantly increase or decrease during the twelve-month period ending December 31, 2015; however, various events could cause our current expectations to change in the future. The Company's estimate of its unrecognized tax benefits related to uncertain tax positions requires a high degree of judgment. | |||||||||
As of December 31, 2014, the Company's 2002 through 2010 tax years are closed for federal income tax purposes, and the IRS has completed its examination of the Company's 2011 through 2013 tax years. The Company's tax loss carryforwards from its 2011 through 2013 tax years are still subject to adjustment. The Company's 2014 tax year is being examined currently as part of the IRS's Compliance Assurance Process ("CAP") program. Various states are currently examining the Company's prior years state income tax returns. The Company believes its gross unrecognized tax benefits will not decrease within the next twelve months. Sirius XM, which does not consolidate with Liberty for income tax purposes, has federal and certain state income tax audits pending. We do not expect the ultimate disposition of these audits to have a material adverse effect on our financial position or results of operations. | |||||||||
As of December 31, 2014, the Company had no accrued interest and penalties recorded related to uncertain tax positions. | |||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | |
(12)Stockholders' Equity | |
Preferred Stock | |
Liberty's preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by Liberty's board of directors. As of December 31, 2014, no shares of preferred stock were issued. | |
Common Stock | |
As discussed in note 1, on July 23, 2014, holders of Series A and Series B common stock received a dividend of two shares of Series C common stock for each share of Series A or Series B common stock held by them as of July 7, 2014. | |
Liberty's Series A common stock has one vote per share, Liberty's Series B common stock has ten votes per share and Liberty’s Series C common stock has no votes per share. Each share of the Series B common stock is exchangeable at the option of the holder for one share of Series A common stock. All series of our common stock participate on an equal basis with respect to dividends and distributions. | |
As of December 31, 2014, there were 3.2 million shares of Series A and 9.8 million shares of Series C common stock reserved for issuance under exercise privileges of outstanding stock options. | |
Purchases of Common Stock | |
During the year ended December 31, 2012 the Company repurchased 3,591,271 shares of Series A Liberty common stock for aggregate cash consideration of $323 million under the authorized repurchase program. | |
During the year ended December 31, 2013 the Company repurchased 1,264,550 shares of Series A Liberty common stock for the aggregate cash consideration of $140 million under the authorized repurchase program. Additionally, Liberty obtained shares of Liberty Series A common stock on October 3, 2013, pursuant to a transaction in which a subsidiary of Comcast, Inc. exchanged approximately 6.3 million shares of Liberty's Series A common stock for a newly created subsidiary of Liberty which held Liberty's wholly owned subsidiary Leisure Arts, Inc., approximately $417 million in cash and Liberty's rights in and to a revenue sharing agreement relating to the carriage of CNBC ("CNBC Agreement"). Liberty recorded a gain of approximately $496 million determined based on the difference between the fair value of the shares obtained in the exchange transaction and the carrying value assets and businesses delivered. These exchange shares obtained were done so through special approval from the Company's Board of Directors and was not considered a repurchase of shares under the Company's formal share repurchase program. Liberty treated the transaction as a tax-free exchange. In January 2014, the IRS completed its review of the exchange and notified Liberty that it agreed with the non-taxable characterization of the transaction. | |
There were no repurchases of Liberty common stock made pursuant to the Company’s authorized repurchase program during the year ended December 31, 2014. | |
All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. | |
Transactions_with_Officers
Transactions with Officers | 12 Months Ended |
Dec. 31, 2014 | |
Transactions with Officers and Directors [Abstract] | |
Transactions with Officers and Directors | (13)Transactions with Officers and Directors |
Chief Executive Officer Compensation Arrangement | |
In December 2014, the Compensation Committee (the "Committee") of Liberty approved a compensation arrangement, including term options as discussed in note 14, for its President and Chief Executive Officer (the "CEO"). The arrangement provides for a five year employment term which began on January 1, 2015 and ends December 31, 2019, with an annual base salary of $960,750, increasing annually by 5% of the prior year's base salary, and an annual target cash bonus equal to 250% of the applicable year's annual base salary. The arrangement also provides that, in the event the CEO is terminated for "cause,” he will be entitled only to his accrued base salary and any amounts due under applicable law and he will forfeit all rights to his unvested term options. If, however, the CEO is terminated by Liberty without cause or if he terminates his employment for “good reason," he will be entitled to his accrued base salary, his accrued but unpaid bonus and any amounts due under applicable law, a severance payment of 1.5 times his base salary during the year of his termination, a payment equal to $11,750,000 pro rated based upon the elapsed number of days in the calendar year of termination, a payment equal to $17.5 million, and his unvested term options will generally vest pro rata based on the portion of the term elapsed through the termination date plus 18 months and for all vested and accelerated options to remain exercisable until their respective expiration dates. If, however, the CEO terminates his employment without “good reason," he will be entitled to his accrued base salary, his accrued but unpaid bonus and any amounts due under applicable law, a payment equal to $11,750,000 pro rated based upon the elapsed number of days in the calendar year of termination, and for his unvested term options to generally vest pro rata based on the portion of the term elapsed through the termination date and all vested and accelerated options to remain exercisable until their respective expiration dates. Lastly, in the case of the CEO's death or his disability, he is entitled to the his accrued base salary, his accrued but unpaid bonus and any amounts due under applicable law, a payment of 1.5 times his base salary during the year of his termination, a payment equal to $11,750,000 pro rated based upon the elapsed number of days in the calendar year of termination, a payment equal to $17.5 million, and for his unvested term options to fully vest and for his vested and accelerated term options to remain exercisable until their respective expiration dates. | |
Beginning in 2015, the CEO will receive annual performance-based options to purchase shares of LMCK with a term of 7 years (the “Performance Options”) and performance-based restricted stock units with respect to LMCK (the “Performance RSUs” and together with the Performance Options, the “Performance Awards”) during the employment term. Grants of Performance Awards will be allocated between Liberty and Liberty Interactive. The aggregate target amount to be allocated between Liberty and Liberty Interactive will be $16 million with respect to calendar year 2015, $17 million with respect to calendar year 2016, $18 million with respect to calendar year 2017, $19 million with respect to calendar year 2018 and $20 million with respect to calendar year 2019. Vesting of the Performance Awards will be determined based on satisfaction of performance metrics that will be set by Liberty and Liberty Interactive’s respective compensation committees in the first quarter of each applicable year, except that the CEO will forfeit his unvested Performance Awards if his employment is terminated for any reason before the end of the applicable year, except that the CEO will forfeit his unvested Performance Awards if his employment is terminated for any reason before the end of the applicable year. In addition, Liberty and Liberty Interactive’s compensation committees may grant additional Performance Awards, with a value of up to 50% of the target amount allocated to Liberty for the relevant year (the “Above Target Awards”), and the compensation committees may determine to establish additional performance metrics with respect to such Above Target Awards. | |
Salary compensation related to services provided by the CEO is charged from Liberty to Liberty Interactive, Liberty TripAdvisor and Liberty Broadband pursuant to the Services Agreements with each respective company. Any cash bonus attributable to the performance of Liberty or Liberty Interactive is paid directly by each respective company. | |
Chairman's Employment Agreement | |
On December 12, 2008, the Committee determined to modify its employment arrangements with its Chairman of the Board, to permit the Chairman to begin receiving payments in 2009 in satisfaction of Liberty's obligations to him under two deferred compensation plans and a salary continuation plan. Under one of the deferred compensation plans (the "8% Plan"), compensation has been deferred by the Chairman since January 1, 1993 and accrues interest at the rate of 8% per annum compounded annually from the applicable date of deferral. The amount owed to the Chairman under the 8% Plan aggregated approximately $2.4 million at December 31, 2008. Under the second plan (the "13% Plan"), compensation was deferred by the Chairman from 1982 until December 31, 1992 and accrues interest at the rate of 13% per annum compounded annually from the applicable date of deferral. The amount owed to the Chairman under the 13% Plan aggregated approximately $20 million at December 31, 2008. Both deferred compensation plans had provided for payment of the amounts owed to him in 240 monthly installments beginning upon termination of his employment. Under his salary continuation plan, the Chairman would have been entitled to receive $15,000 (increased at the rate of 12% per annum compounded annually from January 1, 1998 to the date of the first payment, (the "Base Amount") per month for 240 months beginning upon termination of his employment. The amount owed to the Chairman under the salary continuation plan aggregated approximately $39 million at December 31, 2008. There is no further accrual of interest under the salary continuation plan once payments have begun. | |
The Committee determined to modify all three plans and began making payments to the Chairman in 2009, while he remains employed by the company. By commencing payments under the salary continuation plan, interest ceased to accrue on the Base Amount. As a result of these modifications, the Chairman will receive 240 equal monthly installments as follows: (1) approximately $20,000 under the 8% Plan; (2) approximately $237,000 under the 13% Plan; and (3) approximately $164,000 under the salary continuation plan. | |
The Committee also approved certain immaterial amendments to the Chairman's employment agreement intended to comply with Section 409A of the Internal Revenue Code. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||
Stock-Based Compensation | (14)Stock-Based Compensation | ||||||||||||||||
Liberty - Incentive Plans | |||||||||||||||||
Pursuant to the Liberty Media Corporation 2013 Incentive Plan (the "2013 Plan"), the Company has granted and may grant to certain of its employees stock options and stock appreciation rights ("SARs") (collectively, "Awards") to purchase shares of Series A, Series B and Series C Liberty common stock. The 2013 Plan provides for Awards to be made in respect of a maximum of 75 million shares of Liberty common stock. Awards generally vest over 4-5 years and have a term of 7-10 years. Liberty issues new shares upon exercise of equity awards. The Company measures the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for an Award of liability instruments (such as SARs that will be settled in cash) based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. | |||||||||||||||||
Pursuant to the Liberty Media Corporation 2013 Nonemployee Director Incentive Plan, as amended from time to time (the "2013 NDIP"), the Liberty Board of Directors has the full power and authority to grant eligible nonemployee directors stock options, SARs, stock options with tandem SARs, and restricted stock. | |||||||||||||||||
On July 23, 2014 a dividend of Series C common stock was distributed and adjustments to the Awards outstanding were required to reflect the changes to the capital structure of the Company. For every Series A Award held, two Series C Awards were issued with an exercise price equal to one third the exercise price of the outstanding Award. Additionally, the exercise price of the outstanding Series A Awards was adjusted to one third the exercise price associated with such Award. The change to outstanding Awards did not change the aggregate intrinsic value associated with the Awards outstanding just prior to the distribution and immediately following the distribution. | |||||||||||||||||
In connection with the Broadband Spin-Off in November 2014, all outstanding Liberty Awards were adjusted pursuant to the anti-dilution provisions of the incentive plans under which the equity awards were granted, such that a holder of a Liberty Award received: | |||||||||||||||||
i. | An adjustment to the exercise price or base price, as applicable, and the number of shares subject to the Liberty Award (as so adjusted, an “Adjusted Liberty Award”) and | ||||||||||||||||
ii. | A corresponding equity award relating to shares of Liberty Broadband common stock (a “Broadband Award”). | ||||||||||||||||
The exercise prices and number of shares subject to the Adjusted Liberty Award and the Broadband Award were determined based on 1) the exercise prices and number of shares subject to the Liberty Award, 2) the distribution ratio, 3) the pre-distribution trading price of Liberty common stock and 4) the post-distribution trading prices of Liberty common stock and Liberty Broadband common stock, such that all of the pre-distribution intrinsic value of the Liberty Award was allocated between the Adjusted Liberty Award and the Broadband Award. | |||||||||||||||||
Following the Broadband Spin-Off, employees of Liberty hold Awards in both Liberty common stock and Liberty Broadband common stock. The compensation expense relating to employees of Liberty is recorded at Liberty. | |||||||||||||||||
Similarly, following the Starz Spin-Off during 2013, employees of Liberty and Starz hold Awards in both Liberty common stock and Starz common stock. The compensation expense relating to the employees of Liberty is recorded at Liberty and the compensation expense relating to employees of Starz is recorded at Starz. | |||||||||||||||||
Liberty - Grants of stock options | |||||||||||||||||
Awards granted in 2014, 2013 and 2012 pursuant to the Incentive Plans discussed above are summarized as follows: | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Options | average | Options | average | Options | average | ||||||||||||
granted | grant-date | granted | grant-date | granted | grant-date | ||||||||||||
(000's) | fair value | (000's) | fair value | (000's) | fair value | ||||||||||||
Series A Liberty common stock | 1 | $ | 38.86 | 23 | $ | 55.16 | 834 | $ | 42.04 | ||||||||
Series C Liberty common stock | 3,359 | 11.09 | NA | NA | NA | NA | |||||||||||
Series A Liberty common stock from Option Exchange | NA | NA | NA | NA | 3,713 | $ | 37.25 | ||||||||||
During the year ended December 31, 2014, Liberty granted 3.3 million options to purchase Liberty Series C common stock to the CEO of Liberty in connection with a new employment agreement (see note 13); of those options, one half vest on December 24, 2018 and the other half vest on December 24, 2019. The remainder of the options granted typically vest quarterly over a 4 year vesting period. | |||||||||||||||||
During the fourth quarter of 2012, the Company entered into a series of transactions with certain officers of Liberty and its subsidiaries, which transactions were associated with stock options, in order to recognize tax deductions in the current year versus future years (the "Option Exchange"). On December 4, 2012 (the "Grant Date"), pursuant to the approval of the Compensation Committee of its Board of Directors, the Company effected the acceleration of each unvested in-the-money option to acquire shares of LMCA held by certain of its and its subsidiaries' officers (collectively, the “Eligible Optionholders”). Following this acceleration, also on the Grant Date, each Eligible Optionholder exercised, on a net settled basis, substantially all of his or her outstanding in-the-money vested and unvested options to acquire LMCA shares (the “Eligible Options”), and: | |||||||||||||||||
· | with respect to each vested Eligible Option, the Company granted the Eligible Optionholder a vested new option with substantially the same terms and conditions as the exercised vested Eligible Option; | ||||||||||||||||
· | and with respect to each unvested Eligible Option: | ||||||||||||||||
· | the Eligible Optionholder sold to the Company, for cash, the shares of LMCA received upon exercise of such unvested Eligible Option and used the proceeds of that sale to purchase from the Company an equal number of restricted LMCA shares which have a vesting schedule identical to that of the exercised unvested Eligible Option; and | ||||||||||||||||
· | the Company granted the Eligible Optionholder an unvested new option, with substantially the same terms and conditions as the exercised unvested Eligible Option, except that (a) the number of shares underlying the new option is equal to the number of shares underlying such exercised unvested Eligible Option less the number of restricted shares purchased from the Company as described above and (b) the exercise price of the new option is the closing price per LMCA share on The Nasdaq Global Select Market on the Grant Date. | ||||||||||||||||
The Option Exchange was considered a modification under ASC 718 - Stock Compensation and resulted in incremental compensation expense in 2012 of $18 million. Incremental compensation expense is also being recognized over the remaining vesting periods of the new unvested options and the restricted shares and is included in unrecognized compensation until recognized over the vesting period. | |||||||||||||||||
The Company has calculated the grant-date fair value for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2014, 2013 and 2012, the range of expected terms was 1.3 to 9.0 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty's stocks 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. | |||||||||||||||||
The following table presents the volatilities used by the Company in the Black-Scholes Model for the 2014, 2013 and 2012 grants. | |||||||||||||||||
Volatility | |||||||||||||||||
2014 grants | |||||||||||||||||
Liberty options | 28.2 | % | - | 31.3 | % | ||||||||||||
2013 grants | |||||||||||||||||
Liberty options | 31.3 | % | - | 41.4 | % | ||||||||||||
2012 grants | |||||||||||||||||
Liberty options | 25.1 | % | - | 54.2 | % | ||||||||||||
Liberty - Outstanding Awards | |||||||||||||||||
The following table presents the number and weighted average exercise price ("WAEP") of Awards to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards. | |||||||||||||||||
Series A | |||||||||||||||||
Weighted | Aggregate | ||||||||||||||||
average | intrinsic | ||||||||||||||||
Liberty | remaining | value | |||||||||||||||
Awards (000's) | WAEP | life | (in millions) | ||||||||||||||
Outstanding at January 1, 2014 | 3,656 | $ | 30.58 | ||||||||||||||
Granted | 1 | $ | 45.10 | ||||||||||||||
Exercised | -397 | $ | 49.49 | ||||||||||||||
Forfeited/Cancelled/Exchanged | -1 | $ | 25.26 | ||||||||||||||
Broadband Spin-Off adjustment | -52 | $ | 23.22 | ||||||||||||||
Outstanding at December 31, 2014 | 3,207 | $ | 23.21 | 4.2 | years | $ | 39 | ||||||||||
Exercisable at December 31, 2014 | 2,698 | $ | 22.99 | 4.1 | years | $ | 33 | ||||||||||
Series C | |||||||||||||||||
Weighted | Aggregate | ||||||||||||||||
average | intrinsic | ||||||||||||||||
Liberty | remaining | value | |||||||||||||||
Awards (000's) | WAEP | life | (in millions) | ||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||||||
Series C Dividend Adjustment | 6,942 | $ | 46.01 | ||||||||||||||
Granted | 3,359 | $ | 34.06 | ||||||||||||||
Exercised | -428 | $ | 22.46 | ||||||||||||||
Forfeited/Cancelled/Exchanged | -1 | $ | 42.32 | ||||||||||||||
Broadband Spin-Off adjustment | -39 | $ | 22.92 | ||||||||||||||
Outstanding at December 31, 2014 | 9,833 | $ | 26.71 | 5.2 | years | $ | 82 | ||||||||||
Exercisable at December 31, 2014 | 5,446 | $ | 22.69 | 4.1 | years | $ | 67 | ||||||||||
There were no outstanding Series B options during 2014. | |||||||||||||||||
As of December 31, 2014, the total unrecognized compensation cost related to unvested Liberty Awards was approximately $58 million, including incremental compensation under the Option Exchange. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.3 years. | |||||||||||||||||
Liberty - Exercises | |||||||||||||||||
The aggregate intrinsic value of all options exercised during the years ended December 31, 2014, 2013 and 2012 was $17 million, $23 million and $494 million, respectively. The aggregate intrinsic value of options exercised for the year ended December 31, 2012 includes approximately $358 million related to the intrinsic value of options exercised as a result of the Option Exchange. | |||||||||||||||||
Liberty - Restricted Stock | |||||||||||||||||
Associated with the Option Exchange the Company issued unvested restricted shares of Liberty common stock, of which 594,000 shares remain unvested as of December 31, 2014. These shares continue to vest over the next year and since the Option Exchange was accounted for as a modification, the compensation expense associated with these restricted shares was treated as incremental compensation, as discussed above, and is included in unrecognized compensation costs under the outstanding Awards section above. The Company had approximately 224,000 unvested restricted shares of Liberty common stock held by certain directors, officers and employees of the Company as of December 31, 2014, not issued under the Option Exchange, with a weighted average grant-date fair value of $16.88 per share. | |||||||||||||||||
The aggregate fair value of all restricted shares of Liberty common stock that vested during the years ended December 31, 2014, 2013 and 2012 was $1 million, $7 million and $10 million, respectively. | |||||||||||||||||
SIRIUS XM - Stock-based Compensation | |||||||||||||||||
During the year ended December 31, 2014, SIRIUS XM granted stock options and restricted stock units to its employees and members of its board of directors. SIRIUS XM also calculates the grant-date fair value for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model. The weighted average volatility applied to the fair value determination of SIRIUS XM’s option grants during 2014 and 2013 was 33% and 47%, respectively. During the year ended December 31, 2014, SIRIUS XM granted approximately 61.9 million stock options with a weighted-average exercise price of $3.39 per share and a grant date fair value of $1.05 per share. As of December 31, 2014, SIRIUS XM has approximately 268 million options outstanding of which approximately 121 million are exercisable, each with a weighted-average exercise price per share of $2.72 and $2.27, respectively. The aggregate intrinsic value of these outstanding and exercisable options was $246 million and $180 million, respectively. During the year ended December 31, 2014, SIRIUS XM granted approximately 6.1 million restricted stock units with a grant date fair value of $3.38 per share. The stock-based compensation related to SIRIUS XM stock options and restricted stock awards was $148 million and $133 million for the years ended December 31, 2014 and 2013, respectively. As of December 31, 2014, the total unrecognized compensation cost related to unvested SIRIUS XM stock options was $236 million. The SIRIUS XM unrecognized compensation cost will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.4 years. | |||||||||||||||||
Other | |||||||||||||||||
Certain of the Company's other subsidiaries have stock based compensation plans under which employees and non-employees are granted options or similar stock based awards. Awards made under these plans vest and become exercisable over various terms. The awards and compensation recorded, if any, under these plans is not significant to the Company. | |||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | (15)Employee Benefit Plans |
Liberty is the sponsor of the Liberty Media 401(k) Savings Plan (the "Liberty 401(k) Plan"), which provides its employees and the employees of certain of its subsidiaries an opportunity for ownership in the Company and creates a retirement fund. The Liberty 401(k) Plan provides for employees to make contributions to a trust for investment in Liberty common stock, as well as several mutual funds. The Company and its subsidiaries make matching contributions to the Liberty 401(k) Plan based on a percentage of the amount contributed by employees. In addition, certain of the Company's subsidiaries have similar employee benefit plans. Employer cash contributions to all plans aggregated $11 million, $12 million and $12 million for each of the years ended December 31, 2014, 2013 and 2012, respectively. | |
Other_Comprehensive_Earnings_l
Other Comprehensive Earnings (loss) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Comprehensive Earnings (Loss) [Abstract] | |||||||||||
Other Comprehensive Earnings (Loss) | (16)Other Comprehensive Earnings (Loss) | ||||||||||
Accumulated other comprehensive earnings (loss) included in Liberty's consolidated balance sheets and consolidated statements of equity reflect the aggregate of foreign currency translation adjustments, unrealized holding gains and losses on AFS securities and Liberty's share of accumulated other comprehensive earnings of affiliates. | |||||||||||
The change in the components of accumulated other comprehensive earnings (loss), net of taxes ("AOCI"), is summarized as follows: | |||||||||||
Unrealized | |||||||||||
holding | AOCI of | ||||||||||
gains (losses) | discontinued | ||||||||||
on securities | Other | operations | AOCI | ||||||||
amounts in millions | |||||||||||
Balance at January 1, 2012 | $ | 36 | -5 | -2 | 29 | ||||||
Other comprehensive earnings (loss) attributable to Liberty Media Corporation stockholders | -16 | — | -1 | -17 | |||||||
Balance at December 31, 2012 | 20 | -5 | -3 | 12 | |||||||
Other comprehensive earnings (loss) attributable to Liberty Media Corporation stockholders | -15 | 4 | — | -11 | |||||||
Distribution to stockholders for Starz Spin-Off | — | — | 3 | 3 | |||||||
Balance at December 31, 2013 | 5 | -1 | — | 4 | |||||||
Other comprehensive earnings (loss) attributable to Liberty Media Corporation stockholders | -8 | -9 | — | -17 | |||||||
Distribution to stockholders for Broadband Spin-Off | -7 | -1 | — | -8 | |||||||
Balance at December 31, 2014 | $ | -10 | -11 | — | -21 | ||||||
The components of other comprehensive earnings (loss) are reflected in Liberty's consolidated statements of comprehensive earnings (loss) net of taxes. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss). | |||||||||||
Tax | |||||||||||
Before-tax | (expense) | Net-of-tax | |||||||||
amount | benefit | amount | |||||||||
amounts in millions | |||||||||||
Year ended December 31, 2014: | |||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -13 | 5 | -8 | |||||||
Foreign currency translation adjustments | -14 | 5 | -9 | ||||||||
Other comprehensive earnings | $ | -27 | 10 | -17 | |||||||
Year ended December 31, 2013: | |||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | 16 | -6 | 10 | |||||||
Reclassification adjustment for holding (gains) losses realized in net earnings (loss) | -40 | 15 | -25 | ||||||||
Foreign currency translation adjustments | 6 | -2 | 4 | ||||||||
Other comprehensive earnings | $ | -18 | 7 | -11 | |||||||
Year ended December 31, 2012: | |||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -5 | 2 | -3 | |||||||
Reclassification adjustment for holding losses realized in net earnings | -21 | 8 | -13 | ||||||||
Other comprehensive earnings from discontinued operations | -2 | 1 | -1 | ||||||||
Other comprehensive earnings | $ | -28 | 11 | -17 | |||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments And Contingencies | (17)Commitments and Contingencies | ||||
Guarantees | |||||
In prior periods the Company guaranteed Starz's obligations under certain of its studio output agreements. At December 31, 2014, the Company's guarantee of the studio output agreements have been fully satisfied as Starz has made all applicable payments under the studio output agreements. | |||||
In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. | |||||
Employment Contracts | |||||
The Atlanta Braves and certain of their players and coaches have entered into long-term employment contracts whereby such individuals' compensation is guaranteed. Amounts due under guaranteed contracts as of December 31, 2014 aggregated $398 million, which is payable as follows: $80 million in 2015, $72 million in 2016, $88 million in 2017, $54 million in 2018, and $104 million thereafter. In addition to the foregoing amounts, certain players and coaches may earn incentive compensation under the terms of their employment contracts. | |||||
Operating Leases | |||||
The Company leases business offices, has entered into satellite transponder lease agreements and uses certain equipment under lease arrangements. These leases provide for minimum lease payments, additional operating expense charges, leasehold improvements and rent escalations, and certain leases have options to renew. The effect of the rent holidays and rent concessions are recognized on a straight-line basis over the lease term, including reasonably assured renewal periods. | |||||
Rental expense under such arrangements amounted to $52 million, $48 million and $9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
A summary of future minimum lease payments under cancelable and noncancelable operating leases as of December 31, 2014 follows (amounts in millions): | |||||
Years ending December 31: | |||||
2015 | $ | 53 | |||
2016 | $ | 47 | |||
2017 | $ | 44 | |||
2018 | $ | 41 | |||
2019 | $ | 36 | |||
Thereafter | $ | 380 | |||
It is expected that in the normal course of business, leases that expire generally will be renewed or replaced by leases on other properties; thus, it is anticipated that future lease commitments will not be less than the amount shown for 2014. | |||||
Programming and content | |||||
SIRIUS XM has entered into various programming agreements under which SIRIUS XM's obligations include fixed payments, advertising commitments and revenue sharing arrangements. Amounts due under such agreements are payable as follows: $231 million in 2015, $110 million in 2016, $75 million in 2017, $60 million in 2018 and $48 million in 2019. Future revenue sharing costs are dependent upon many factors and are difficult to estimate; therefore, they are not included in the amounts above. | |||||
Litigation | |||||
The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. 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 consolidated financial statements. | |||||
In connection with a commercial transaction that closed during 2002 among Liberty, Vivendi Universal S.A. (“Vivendi”) and the former USA Holdings, Inc., Liberty brought suit against Vivendi and Universal Studios, Inc. in the United States District Court for the Southern District of New York, alleging, among other things, breach of contract and fraud by Vivendi. On June 25, 2012, a jury awarded Liberty damages in the amount of €765 million, plus prejudgment interest, in connection with a finding of breach of contract and fraud by the defendants. On January 17, 2013, the court entered judgment in favor of Liberty in the amount of approximately €945 million, including prejudgment interest. The parties negotiated a stay of the execution of the judgment during the pendency of the appeal. Vivendi has filed notice of its appeal of the judgment to the United States Court of Appeals for the Second Circuit, and, in that court, Liberty intends to seek a higher rate of pre-judgment interest than what the district court awarded. As a result, the amount that Liberty may ultimately recover in connection with the final resolution of the action, if any, is uncertain. Any recovery by Liberty will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached. | |||||
SIRIUS XM is a defendant in three class action suits and one additional suit, which were commenced in August and September 2013 and challenge the use and public performance via satellite radio and the Internet of sound recordings fixed prior to February 15, 1972 under California, New York and/or Florida law. The plaintiffs in each of these suits purport to seek in excess of $100 million in compensatory damages along with unspecified punitive damages and injunctive relief. Accordingly, at this point SIRIUS XM cannot estimate the reasonably possible loss, or range of loss, which could be incurred if the plaintiffs were to prevail in the allegations, but SIRIUS XM believes they have substantial defenses to the claims asserted and intend to defend these actions vigorously. | |||||
In September 2014, the United States District Court for the Central District of California ruled that the grant of “exclusive ownership” to the owner of a sound recording under California’s copyright statute included the exclusive right to control public performances of the sound recording. The court further found that the unauthorized public performance of sound recordings violated California laws on unfair competition, misappropriation and conversion. In October 2014, the Superior Court of the State of California for the County of Los Angeles adopted the Central District Court's interpretation of "exclusive ownership" under California's copyright statute. That Court did not find that the unauthorized public performance of sound recordings violated California laws on unfair competition, misappropriation and conversion. In November 2014, the United States District Court for the Southern District of New York ruled that sound recordings fixed before February 15, 1972 were entitled under various theories of New York common law to the benefits of a public performances right and intend to appeal these decisions. | |||||
In addition, in August 2013, SoundExchange, Inc. filed a complaint in the United States District Court for the District of Columbia alleging that SIRIUS XM underpaid royalties for statutory licenses during the 2007-2012 rate period in violation of the regulations established by the Copyright Royalty Board for that period. SoundExchange principally alleges that SIRIUS XM improperly reduced its calculation of gross revenues, on which the royalty payments are based, by deducting non-recognized revenue attributable to pre-1972 recordings and Premier package revenue that is not “separately charged” as required by the regulations. SoundExchange is seeking compensatory damages of not less than $50 million and up to $100 million or more, payment of late fees and interest, and attorneys’ fees and costs. | |||||
In August 2014, the United States District Court for the District of Columbia granted our motion to dismiss the complaint without prejudice on the grounds that the case properly should be pursued before the Copyright Royalty Board rather than the district court. In December 2014, SoundExchange filed a petition with the Copyright Royalty Board requesting an order interpreting the applicable regulations. The Copyright Royalty Board has requested that the parties submit briefs regarding whether the agency properly has jurisdiction to interpret the regulations and adjudicate this matter under the applicable statute. At this point SIRIUS XM cannot estimate the reasonably possible loss, or range of loss, which could be incurred if the plaintiffs were to prevail in the allegations, but SIRIUS XM believes they have substantial defenses to the claims asserted and intend to defend these actions vigorously. | |||||
SIRIUS XM is also a defendant in three purported class action suits, which were commenced in February 2012, January 2013 and January 2015, in the United States District Court for the Eastern District of Virginia, Newport News Division, and the United States District Court for the Southern District of California that allege that SIRIUS XM, or certain call center vendors acting on its behalf, made numerous calls which violate provisions of the Telephone Consumer Protection Act of 1991 (the “TCPA”). The plaintiffs in these actions allege, among other things, that SIRIUS XM called mobile phones using an automatic telephone dialing system without the consumer’s prior consent or, alternatively, after the consumer revoked their prior consent and, in one of the actions, that SIRIUS XM violated the TCPA’s call time restrictions. The plaintiffs in these suits are seeking various forms of relief, including statutory damages of $500 for each violation of the TCPA or, in the alternative, treble damages of up to $1,500 for each knowing and willful violation of the TCPA, as well as payment of interest, attorneys’ fees and costs, and certain injunctive relief prohibiting violations of the TCPA in the future. SIRIUS XM believes it has substantial defenses to the claims asserted in these actions and intends to defend them vigorously. | |||||
SIRIUS XM has notified certain of its call center vendors of these actions and requested that they defend and indemnify it against these claims pursuant to the provisions of their existing or former agreements with SIRIUS XM. SIRIUS XM believes it has valid contractual claims against certain call center vendors in connection with these claims and intends to preserve and pursue its rights to recover from these entities. | |||||
With respect to the SIRIUS XM matters described above, it was determined, based on current knowledge, that the amount of loss or range of loss that is reasonably possible is not reasonably estimable. However, these matters are inherently unpredictable and subject to significant uncertainties, many of which are beyond SIRIUS XM’s control. As such, there can be no assurance that the final outcome of these matters will not materially and adversely affect the business, financial condition, results of operations, or cash flows. | |||||
Other | |||||
During the period from March 9, 1999 to August 10, 2001, Liberty Interactive (Liberty's former parent) was included in the consolidated federal income tax return of AT&T and was party to a tax sharing agreement with AT&T (the "AT&T Tax Sharing Agreement"). While Liberty Interactive was a subsidiary of AT&T, Liberty Interactive recorded its stand-alone tax provision on a separate return basis. Under the AT&T Tax Sharing Agreement, Liberty Interactive received a cash payment from AT&T in periods when Liberty Interactive generated taxable losses and such taxable losses were utilized by AT&T to reduce its consolidated income tax liability. To the extent such losses were not utilized by AT&T, such amounts were available to reduce federal taxable income generated by Liberty Interactive in future periods, similar to a net operating loss carryforward, and were accounted for as a deferred federal income tax benefit. Subsequent to Liberty Interactive's split off from AT&T, if adjustments were made to amounts previously paid under the AT&T Tax Sharing Agreement, such adjustments are reflected as adjustments to additional paid-in capital. During the period from March 10, 1999 to December 31, 2002, Liberty Interactive received cash payments from AT&T aggregating $670 million as payment for Liberty Interactive's taxable losses that AT&T utilized to reduce its income tax liability. AT&T requested a refund from Liberty of $70 million, plus accrued interest, relating to losses that it generated in 2002 and 2003 and was able to carry back to offset taxable income previously offset by Liberty Interactive's losses. AT&T had previously asserted that Liberty Interactive's losses caused AT&T to pay $70 million in alternative minimum tax ("AMT") that it would not have been otherwise required to pay had Liberty Interactive's losses not been included in its return. | |||||
Liberty indemnified Liberty Interactive for the contingent liability and therefore the liability remained with Liberty after the Split-Off. In prior years, a $72 million contingent liability was recorded through additional paid in capital as these liabilities were considered to have been equity transactions with Liberty Interactive's former parent. Additionally, interest was accrued on the liabilities and recorded through interest expense, until the amounts reached an amount the Company considered to be the maximum exposure under the contingent liability. The total liability recorded, including accrued interest was $128 million. During the year ended December 31, 2012, the Company determined that a requisite amount of time had passed under the applicable state statutes and that the liability should be released. As $72 million was originally set up through additional paid in capital that amount of the liability was relieved against additional paid in capital and the remainder was recorded through the Other, net line item in the Other income (expense) section of the accompanying consolidated Statement of Operations. | |||||
Information_About_Libertys_Ope
Information About Liberty's Operating Segments | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Information About Liberty's Operating Segments | |||||||||||||||
Information About Liberty's Operating Segments | (18)Information About Liberty's Operating Segments | ||||||||||||||
The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company 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 the Company's annual pre-tax earnings. The segment presentation for prior periods has been conformed to the current period segment presentation, as discussed below. | |||||||||||||||
The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA. In addition, the Company reviews nonfinancial measures such as subscriber growth and penetration. | |||||||||||||||
The Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). The Company 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, 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. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. | |||||||||||||||
The Company has identified SIRIUS XM as its reportable segment. SIRIUS XM is a consolidated subsidiary that provides a subscription based satellite radio service. SIRIUS XM broadcasts music, sports, entertainment, comedy, talk, news, traffic and weather channels, as well as infotainment services, in the United States on a subscription fee basis through its two proprietary satellite radio systems - the Sirius system and the XM system. Subscribers can also receive music and other channels, plus features such as SiriusXM On Demand and MySXM, over the Internet, including through applications for mobile devices. | |||||||||||||||
The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments that are also consolidated subsidiaries are the same as those described in the Company's summary of significant policies. | |||||||||||||||
Performance Measures | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Adjusted | Adjusted | Adjusted | |||||||||||||
Revenue | OIBDA | Revenue | OIBDA | Revenue | OIBDA | ||||||||||
amounts in millions | |||||||||||||||
SIRIUS XM | $ | 4,141 | 1,466 | 3,625 | 1,289 | NA | NA | ||||||||
Corporate and other | 309 | -49 | 377 | 33 | 368 | 8 | |||||||||
Total | $ | 4,450 | 1,417 | 4,002 | 1,322 | 368 | 8 | ||||||||
Other Information | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Total | Investments | Capital | Total | Investments | Capital | ||||||||||
assets | in affiliates | expenditures | assets | in affiliates | expenditures | ||||||||||
amounts in millions | |||||||||||||||
SIRIUS XM | $ | 28,009 | 237 | 126 | 28,203 | 273 | 200 | ||||||||
Corporate and other | 3,198 | 614 | 68 | 6,339 | 3,026 | 7 | |||||||||
Total | $ | 31,207 | 851 | 194 | 34,542 | 3,299 | 207 | ||||||||
The following table provides a reconciliation of segment Adjusted OIBDA to earnings (loss) from continuing operations before income taxes: | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Consolidated segment Adjusted OIBDA | $ | 1,417 | 1,322 | 8 | |||||||||||
Stock-based compensation | -217 | -193 | -46 | ||||||||||||
Depreciation and amortization | -359 | -315 | -42 | ||||||||||||
Interest expense | -255 | -132 | -7 | ||||||||||||
Dividend and interest income | 27 | 48 | 76 | ||||||||||||
Share of earnings (losses) of affiliates, net | -113 | -32 | 1,346 | ||||||||||||
Realized and unrealized gains (losses) on financial instruments, net | 38 | 295 | 230 | ||||||||||||
Gains (losses) on transactions, net | — | 7,978 | 22 | ||||||||||||
Other, net | -77 | -115 | 42 | ||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 461 | 8,856 | 1,629 | |||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Quarterly Financial Information (Unaudited) | (19)Quarterly Financial Information (Unaudited) | ||||||||||
1st | 2nd | 3rd | 4th | ||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||
amounts in millions, | |||||||||||
except per share amounts | |||||||||||
2014:00:00 | |||||||||||
Revenue | $ | 1,011 | 1,160 | 1,184 | 1,095 | ||||||
Operating income (loss) | $ | 155 | 231 | 249 | 206 | ||||||
Net earnings (loss) | $ | 72 | 106 | 87 | 130 | ||||||
Net earnings (loss) attributable to Liberty stockholders | $ | 22 | 50 | 33 | 73 | ||||||
Basic net earnings (loss) attributable to Liberty Media Corporation stockholders per common share | $ | 0.06 | 0.15 | 0.10 | 0.21 | ||||||
Diluted net earnings (loss) attributable to Liberty Media Corporation stockholders per common share | $ | 0.06 | 0.14 | 0.10 | 0.21 | ||||||
1st | 2nd | 3rd | 4th | ||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||
amounts in millions, | |||||||||||
except per share amounts | |||||||||||
2013:00:00 | |||||||||||
Revenue | $ | 789 | 1,078 | 1,110 | 1,025 | ||||||
Operating income | $ | 151 | 226 | 248 | 189 | ||||||
Net earnings (loss) | $ | 8,104 | 152 | 116 | 619 | ||||||
Net earnings (loss) attributable to Liberty stockholders | $ | 8,059 | 93 | 76 | 552 | ||||||
Basic net earnings (loss) attributable to Liberty stockholders per common share | $ | 22.57 | 0.26 | 0.21 | 1.62 | ||||||
Diluted net earnings (loss) attributable to Liberty stockholders per common share | $ | 22.20 | 0.26 | 0.21 | 1.60 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Cash and Cash Equivalents | |||||||||
Cash and Cash Equivalents | |||||||||
Cash equivalents consist of investments which are readily convertible into cash and have maturities of three months or less at the time of acquisition. | |||||||||
Receivables | Receivables | ||||||||
Receivables are reflected net of an allowance for doubtful accounts and sales returns. Such allowance aggregated $8 million and $4 million at December 31, 2014 and 2013, respectively. Activity in the year ended December 31, 2014 included an increase of $45 million of bad debt charged to expense and $41 million of write-offs. Activity in the year ended December 31, 2013 included an increase of $4 million of bad debt charged to expense and $1 million of write-offs. The amounts charged to bad debt expense and write-offs were less than a million in 2012. | |||||||||
Investments | |||||||||
Investments | |||||||||
All marketable equity and debt securities held by the Company are classified as available-for-sale ("AFS") and are carried at fair value generally based on quoted market prices. U.S. generally accepted accounting principles ("GAAP") permit 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"). Under other relevant GAAP, entities were required to recognize changes in fair value of AFS securities in the balance sheet in accumulated other comprehensive earnings. Liberty has entered into economic hedges for certain of its non-strategic AFS securities (although such instruments are not accounted for as fair value hedges by the Company). Changes in the fair value of these economic hedges are reflected in Liberty's statement 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 has elected the fair value option for those of its AFS securities which it considers 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 gain (losses) on financial instruments in the accompanying consolidated statements of operations. The total value of AFS securities for which the Company has elected the fair value option aggregated $745 million and $1,253 million as of December 31, 2014 and 2013, respectively. | |||||||||
Other investments in which the Company's ownership interest is less than 20% and are not considered marketable securities are carried at cost. | |||||||||
For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company's share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company's investment in, advances to and commitments for the investee. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag. | |||||||||
Changes in the Company's proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the other, net line item. To the extent there is a difference between our ownership percentage in the underlying equity of an equity method investee and our carrying value, such difference is accounted for as if the equity method investee were a consolidated subsidiary. | |||||||||
The Company continually reviews its equity investments and its AFS securities which are not Fair Value Securities to determine whether a decline in fair value below the cost basis is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company's carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts' ratings and estimates of 12 month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and the Company's intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the cost basis of the security is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company's assessment of the foregoing factors involves a high degree of judgment and accordingly, actual results may differ materially from the Company's estimates and judgments. Writedowns for AFS securities which are not Fair Value Option Securities are included in the consolidated statements of operations as other than temporary declines in fair values of investments. Writedowns for equity method investments are included in share of earnings (losses) of affiliates. | |||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||||||
All of the Company's derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. None of the Company's derivatives are currently designated as hedges. | |||||||||
The fair value of certain of the Company's derivative instruments are estimated using the Black-Scholes model. The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company's estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Considerable management judgment was required in estimating the Black-Scholes variables. | |||||||||
Property and Equipment | |||||||||
Property and Equipment | |||||||||
Property and equipment consisted of the following: | |||||||||
Estimated Useful Life | December 31, 2014 | December 31, 2013 | |||||||
amounts in millions | |||||||||
Land | NA | $ | 124 | 59 | |||||
Buildings and improvements | 10 - 40 years | 162 | 157 | ||||||
Support equipment | 3 - 20 years | 230 | 257 | ||||||
Satellite system | 2 - 15 years | 1,590 | 1,573 | ||||||
Construction in progress | NA | 151 | 103 | ||||||
Total property and equipment | $ | 2,257 | 2,149 | ||||||
Property and equipment, including significant improvements, is stated at cost. Depreciation is computed using the straight-line method using estimated useful lives. Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $209 million, $200 million and $23 million, respectively. During the year ended December 31, 2013, SIRIUS XM capitalized expenditures, including interest, of approximately $87 million related to the construction of one of its satellites, which was launched and placed into operation in the fourth quarter of 2013. | |||||||||
Intangible Assets | Intangible Assets | ||||||||
Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment upon certain triggering events. Goodwill and other intangible assets with indefinite useful lives (collectively, "indefinite lived intangible assets") are not amortized, but instead are tested for impairment at least annually. Our annual impairment assessment of our indefinite-lived intangible assets is performed during the fourth quarter of each year. | |||||||||
The Company utilizes a qualitative assessment for determining whether step one of the goodwill impairment analysis is necessary. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. In evaluating goodwill on a qualitative basis the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. | |||||||||
If a step one test is considered necessary based on the qualitative factors, the Company compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in Liberty's valuation analysis are based on management's best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. For those reporting units whose carrying value exceeds the fair value, a second test is required to measure the impairment loss (the "Step 2 Test"). In the Step 2 Test, the fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit with any residual value being allocated to goodwill. The difference between such allocated amount and the carrying value of the goodwill is recorded as an impairment charge. | |||||||||
The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. | |||||||||
Impairment of Long-lived Assets | Impairment of Long-lived Assets | ||||||||
The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangibles) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds their fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. | |||||||||
Noncontrolling Interests | Noncontrolling Interests | ||||||||
The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity. | |||||||||
Revenue Recognition | Revenue Recognition | ||||||||
Revenue is recognized as follows: | |||||||||
· | Revenue from SIRIUS XM subscribers is recognized as it is realized or realizable and earned. Subscription fees are recognized as SIRIUS XM’s services are provided. Prepaid subscription fees received from certain automakers are recorded as deferred revenue and amortized to revenue ratably over the service period which commences upon retail sale and activation. | ||||||||
· | SIRIUS XM recognizes revenue from the sale of advertising as the advertising is broadcast. Agency fees are calculated based on a stated percentage applied to gross billing revenue for advertising inventory and are reported as a reduction of advertising revenue. Advertising revenue is recorded gross of revenue share payments made to certain third parties, which are recorded to Revenue share and royalties during the period in which the advertising is broadcast. | ||||||||
· | Equipment revenue and royalties from the sale of satellite radios, components and accessories are recognized upon shipment, net of discounts and rebates. Shipping and handling costs billed to customers are recorded as revenue. Shipping and handling costs associated with shipping goods to customers are reported as a component of Cost of subscriber services. | ||||||||
· | Certain revenue arrangements contain multiple products, services and right to use assets, such as SIRIUS XM's bundled subscription plans. The applicable accounting guidance requires that such multiple deliverable revenue arrangements be divided into separate units of accounting if the deliverables in the arrangement meet certain criteria. Consideration is allocated at the inception of the arrangement to all deliverables based on their relative selling price, which is determined using vendor specific objective evidence of the selling price of self-pay customers. | ||||||||
· | SIRIUS XM also earns revenue from U.S. Music Royalty Fees, which are recorded as revenue and as a component of Revenue share and royalties expense. Fees received from subscribers for the U.S. Music Royalty Fee are recorded as deferred revenue and amortized to revenue ratably over the service period which coincides with the recognition of the subscriber's subscription revenue. | ||||||||
· | SIRIUS XM revenue is reported net of any taxes assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in the consolidated statements of operations. | ||||||||
· | Revenue for ticket sales, local radio and television rights, signage and suites are recognized on a per game basis during the baseball season based on a pro rata share of total revenue earned during the entire baseball season to the total number of home games during the season. Concession revenue is recognized as commissions are earned from the sale of food and beverage at the stadium in accordance with agreements with the Company's concessions vendors. Major League Baseball (MLB) revenue is earned throughout the year based on an estimate of revenue generated by MLB on behalf of the 30 MLB clubs through the MLB Central Fund and MLB Properties and revenue sharing income or expense. | ||||||||
In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a retrospective or cumulative effect transition method. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the effect that the new standard may have on its revenue recognition and has not yet selected a transition method but does not believe the standard will significantly impact its financial statements and related disclosures. | |||||||||
Cost of Subscriber Services | Cost of Subscriber Services | ||||||||
Revenue Share | |||||||||
SIRIUS XM shares a portion of its subscription revenues earned from subscribers with certain automakers. The terms of the revenue share agreements vary with each automaker, but are typically based upon the earned audio revenue as reported or gross billed audio revenue. Such shared revenue is recorded as an expense and not as a reduction to revenue. | |||||||||
Programming Costs | |||||||||
Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming costs which are for a specified season or period are amortized over the season or period on a straight-line basis. SIRIUS XM allocates a portion of certain programming costs which are related to sponsorship and marketing activities to Selling, general and administrative expense on a straight-line basis over the term of the agreement. | |||||||||
Subscriber Acquisition Costs | Subscriber Acquisition Costs | ||||||||
Subscriber acquisition costs consist of costs incurred to acquire new subscribers and include hardware subsidies paid to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a prepaid subscription to SIRIUS XM service in the sale or lease price of a new vehicle; subsidies paid for chip sets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for inventory allowance attributable to inventory consumed in SIRIUS XM’s automaker and retail distribution channels. Subscriber acquisition costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to automakers and retailers of radios. | |||||||||
Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or activation and are included in Subscriber acquisition costs because SIRIUS XM is responsible for providing the service to the customers. Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios. Chipsets that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as subscriber acquisition costs when placed into production by radio manufacturers. Costs for chip sets not held on consignment are expensed as subscriber acquisition costs when the automaker confirms receipt. | |||||||||
Advertising Costs | Advertising Costs | ||||||||
Advertising expense aggregated $226 million, $181 million and $4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Advertising costs are primarily attributable to costs incurred by SIRIUS XM. Media-related advertising costs are expensed when advertisements air, and advertising production costs are expensed as incurred. These costs are reflected in the Selling, general and administrative expenses line in our consolidated statements of operations. | |||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||
As more fully described in note 14, Liberty has granted to its directors, employees and employees of its subsidiaries options, restricted stock and stock appreciation rights ("SARs") to purchase shares of Liberty common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for an Award of liability instruments (such as stock appreciation rights that will be settled in cash) based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. | |||||||||
Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation, a portion of which relates to SIRIUS XM as discussed in note 14: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Cost of subscriber services: | |||||||||
Programming and content | $ | 17 | 15 | — | |||||
Customer service and billing | 5 | 4 | — | ||||||
Other | 8 | 7 | — | ||||||
Other operating expense | 17 | 14 | — | ||||||
Selling, general and administrative | 170 | 153 | 46 | ||||||
$ | 217 | 193 | 46 | ||||||
Income Taxes | Income Taxes | ||||||||
The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||
When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. | |||||||||
Earnings attributable to Liberty Stockholders Per Common Share | Earnings attributable to Liberty Stockholders Per Common Share | ||||||||
Net earnings attributable to Liberty stockholders is comprised of the following: | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Earnings (loss) from continuing operations | $ | 178 | 8,780 | 1,160 | |||||
Earnings (loss) from discontinued operations | $ | — | — | 254 | |||||
Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares that were outstanding for the period at the Company. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. | |||||||||
Series A, Series B and Series C Liberty Common Stock | |||||||||
The basic and diluted EPS calculation is based on the following weighted average shares outstanding (WASO) of Liberty's common stock. As discussed in note 1, on July 23, 2014 the Company completed a stock dividend of two shares of Series C common stock for every share of Series A or Series B common stock held as of the record date. Therefore, all prior period outstanding share amounts for purposes of the calculation of EPS have been retroactively adjusted for comparability. Excluded from diluted EPS for the years ended December 31, 2014, 2013 and 2012 are 21 million, 17 million and less than a million potential common shares, respectively, due to warrants issued in connection with the Bond Hedge transaction (see note 10) because their inclusion would be anti-dilutive. | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
number of shares in millions | |||||||||
Basic WASO | 342 | 355 | 361 | ||||||
Potentially dilutive shares | 3 | 4 | 11 | ||||||
Diluted WASO | 345 | 359 | 372 | ||||||
Reclasses and adjustments | Reclasses and adjustments | ||||||||
Certain prior period amounts have been reclassified for comparability with the current year presentation. | |||||||||
Estimates | Estimates | ||||||||
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. The Company considers (i) recurring and nonrecurring fair value measurements, (ii) accounting for income taxes, (iii) assessments of other-than-temporary declines in fair value of its investments and (iv) determination of the useful life of SIRIUS XM’s broadcast/transmission system to be its most significant estimates. | |||||||||
The Company holds investments that are accounted for using the equity method. The Company does not control the decision making process or business management practices of these affiliates. Accordingly, the Company relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, the Company 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 the Company's consolidated financial statements | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment | |||||||||
Estimated Useful Life | December 31, 2014 | December 31, 2013 | |||||||
amounts in millions | |||||||||
Land | NA | $ | 124 | 59 | |||||
Buildings and improvements | 10 - 40 years | 162 | 157 | ||||||
Support equipment | 3 - 20 years | 230 | 257 | ||||||
Satellite system | 2 - 15 years | 1,590 | 1,573 | ||||||
Construction in progress | NA | 151 | 103 | ||||||
Total property and equipment | $ | 2,257 | 2,149 | ||||||
Share-based compensation expense | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Cost of subscriber services: | |||||||||
Programming and content | $ | 17 | 15 | — | |||||
Customer service and billing | 5 | 4 | — | ||||||
Other | 8 | 7 | — | ||||||
Other operating expense | 17 | 14 | — | ||||||
Selling, general and administrative | 170 | 153 | 46 | ||||||
$ | 217 | 193 | 46 | ||||||
Net earnings attributable to stockholders [Table Text Block] | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Earnings (loss) from continuing operations | $ | 178 | 8,780 | 1,160 | |||||
Earnings (loss) from discontinued operations | $ | — | — | 254 | |||||
Segment, Liberty Capital [Member] | |||||||||
Schedule of Weighted Average Number of Shares | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
number of shares in millions | |||||||||
Basic WASO | 342 | 355 | 361 | ||||||
Potentially dilutive shares | 3 | 4 | 11 | ||||||
Diluted WASO | 345 | 359 | 372 | ||||||
Sirius_XM_Transactions_Tables
Sirius XM Transactions (Tables) (SIRIUS XM) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
SIRIUS XM | |||||
Business Acquisition [Line Items] | |||||
Schedule of Purchase Price Allocation | The final purchase price allocation for SIRIUS XM is as follows (amounts in millions): | ||||
Fair value of SIRIUS XM equity interests | $ | 10,372 | |||
Fair value of SIRIUS XM debt securities | 253 | ||||
Noncontrolling interest | 10,841 | ||||
$ | 21,466 | ||||
Cash and cash equivalents | $ | 569 | |||
Receivables | 210 | ||||
Property, plant and equipment | 1,714 | ||||
Goodwill | 13,775 | ||||
FCC Licenses | 8,600 | ||||
Tradenames | 930 | ||||
Intangible assets subject to amortization | 930 | ||||
Other assets | 480 | ||||
Debt | -2,490 | ||||
Deferred revenue | -1,565 | ||||
Deferred income tax liabilities, net | -685 | ||||
Other liabilities assumed | -1,002 | ||||
$ | 21,466 | ||||
Business Acquisition, Pro Forma Information | |||||
Year ended | |||||
December 31, 2012 | |||||
amounts in millions | |||||
(unaudited) | |||||
Revenue | $ | 3,730 | |||
Operating income (loss) | $ | 686 | |||
Interest expense | $ | -162 | |||
Share of earnings (loss) of affiliates | $ | -21 | |||
Less earnings (loss) attributable to the noncontrolling interests | $ | 1,736 | |||
Net Earnings (loss) from continuing operations attributable to Liberty stockholders | $ | 2,052 | |||
Pro Forma basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (note 2) | $ | 5.68 | |||
Pro Forma diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (note 2) | $ | 5.52 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Starz, LLC | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2012 | |||||||||
amounts in millions | |||||||||
Revenue | $ | 1,631 | |||||||
Earnings (loss) before income taxes | $ | 383 | |||||||
Discontinued Operations Earnings Per Share | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2012 | |||||||||
Basic earnings (losses) from discontinued operations attributable to Liberty shareholders per common share (note 2) | $ | 0.71 | |||||||
Diluted earnings (losses) from discontinued operations attributable to Liberty shareholders per common share (note 2) | $ | 0.68 | |||||||
TruePosition | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Financial information for TruePosition, which is included in the consolidated statements of operations, is as follows: | ||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Revenue | $ | 57 | 77 | 83 | |||||
Earnings (loss) before income taxes | $ | -6 | 1 | 6 | |||||
Net earnings (loss) attributable to Liberty Stockholders | $ | -8 | 2 | 3 | |||||
A summary of certain asset and liability amounts for TruePosition, which is included in the consolidated balance sheets, is as follows: | |||||||||
December 31, | |||||||||
2013 | |||||||||
Assets | amounts in millions | ||||||||
Cash and cash equivalents | $ | 9 | |||||||
Other current assets | $ | 7 | |||||||
Deferred tax asset | $ | 33 | |||||||
Goodwill | $ | 11 | |||||||
Other assets | $ | 20 | |||||||
Liabilities | |||||||||
Accounts payable and accrued liabilities | $ | 9 | |||||||
Deferred revenue | $ | 39 | |||||||
Other liabilities | $ | 3 | |||||||
Supplemental_Disclosures_to_Co1
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Supplemental Disclosures to Consolidated Statements of Cash Flows [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Cash paid for acquisitions: | |||||||||
Fair value of assets acquired | $ | 1 | 2,586 | — | |||||
Intangibles not subject to amortization | 24 | 23,694 | — | ||||||
Intangibles subject to amortization | 36 | 1,177 | — | ||||||
Net liabilities assumed | -12 | -5,367 | — | ||||||
Deferred tax liabilities | -2 | -760 | — | ||||||
Fair value of previously held ownership interest | — | -10,372 | — | ||||||
Noncontrolling interest | — | -10,841 | — | ||||||
Cash paid for acquisitions, net of cash acquired | $ | 47 | 117 | — | |||||
Cash paid for exchange transaction: | |||||||||
Fair value of Liberty Series A common stock received | $ | — | 937 | — | |||||
Carrying value of business deconsolidated | — | -19 | — | ||||||
Cash held by business deconsolidated | — | 12 | — | ||||||
Gain on transaction | — | -496 | — | ||||||
Tax impact of transaction | — | -5 | — | ||||||
Net cash paid for exchange transaction | $ | — | 429 | — | |||||
Stock repurchased by subsidiary not yet settled | $ | 26 | — | — | |||||
Cash paid for interest | $ | 232 | 144 | 3 | |||||
Cash paid (received) for income taxes | $ | 20 | -75 | 129 | |||||
Assets_And_Liabilities_Measure1
Assets And Liabilities Measured At Fair Value (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||
Assets and Liabilities Measured at Fair Value | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Quoted prices | Significant other | Quoted prices | Significant other | ||||||||||||
in active markets | observable | in active markets | observable | ||||||||||||
for identical assets | inputs | for identical assets | inputs | ||||||||||||
Description | Total | (Level 1) | (Level 2) | Total | (Level 1) | (Level 2) | |||||||||
amounts in millions | |||||||||||||||
Cash equivalents | $ | 507 | 507 | — | 859 | 859 | — | ||||||||
Short term marketable securities | $ | 199 | — | 199 | 15 | 15 | — | ||||||||
Available-for-sale securities | $ | 769 | 691 | 78 | 1,293 | 978 | 315 | ||||||||
Financial instrument assets | $ | 305 | 96 | 209 | 397 | — | 397 | ||||||||
Debt | $ | 990 | — | 990 | 1,002 | — | 1,002 | ||||||||
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 (amounts in millions): | ||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Fair Value Option Securities | $ | 80 | 306 | 310 | |||||||||||
Cash convertible notes (a) | 12 | -17 | — | ||||||||||||
Change in fair value of bond hedges (a) | -89 | -1 | — | ||||||||||||
Other derivatives (b)(c) | 35 | 7 | -80 | ||||||||||||
$ | 38 | 295 | 230 | ||||||||||||
(a) | Liberty issued $1 billion of cash convertible notes in October 2013 which are accounted for at fair value (Level 2), as elected by Liberty at the time of issuance. Contemporaneously with the issuance of the convertible notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the convertible notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2). See note 10 for additional discussion of the convertible notes and the bond hedges. | ||||||||||||||
(b) | Derivatives, including Charter warrants (as discussed in note 8), are marked to market based on the trading price of underlying securities and other observable market data as the significant inputs (Level 2). | ||||||||||||||
(c) | During September 2014, Liberty entered into a forward contract to acquire up to 15.9 million shares of Live Nation common stock. The contract expires during March 2015. The counterparty has acquired 8.6 million shares of Live Nation common stock through December 31, 2014 at a volume weighted average share price of $23.40 per share. Upon expiration of the contract, Liberty has the option to cash settle the contract. | ||||||||||||||
Investments_In_AvailableForSal1
Investments In Available-For-Sale Securities And Other Cost Investments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Investments In Available-For-Sale Securities And Other Cost Investments | |||||||||||
Available-for-sale Securities, Including Fair Value Option Securities Separately Aggregated, and Other Cost Investments | |||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
amounts in millions | |||||||||||
Fair Value Option Securities | |||||||||||
Time Warner Inc. (a) | $ | 363 | 297 | ||||||||
Time Warner Cable (a)(b) | — | 320 | |||||||||
Viacom, Inc. (a) | 273 | 317 | |||||||||
Barnes & Noble, Inc. (c) | 27 | 255 | |||||||||
Other equity securities | 55 | 37 | |||||||||
Other debt securities | 27 | 27 | |||||||||
Total Fair Value Option Securities | 745 | 1,253 | |||||||||
AFS and cost investments | |||||||||||
Live Nation debt securities | 24 | 24 | |||||||||
Other AFS and cost investments | 47 | 47 | |||||||||
Total AFS and cost investments | 71 | 71 | |||||||||
$ | 816 | 1,324 | |||||||||
(a) | See note 10 for details regarding the number and fair value of shares pledged as collateral pursuant to certain margin loan agreements as of December 31, 2014 and 2013. | ||||||||||
(b) | As discussed in note 1, Liberty’s former investment in Time Warner Cable was spun off to stockholders as part of the Broadband Spin-Off, which was completed on November 4, 2014. | ||||||||||
(c) | In April 2014 Liberty reduced its overall ownership interest in Barnes & Noble, Inc. to less than 2% through the sale of approximately 90% of the preferred stock held by Liberty as of such date for $247 million in proceeds. | ||||||||||
Unrealized Holdings Gains And Losses | |||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Equity | Debt | Equity | Debt | ||||||||
securities | securities | securities | securities | ||||||||
amounts in millions | |||||||||||
Gross unrealized holding gains | $ | — | — | 6 | 1 | ||||||
Gross unrealized holding losses | $ | — | — | — | — | ||||||
Investments_In_Affiliates_Acco1
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||||||||
Schedule Of Equity Ownership And Carrying Amount | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Percentage | Market | Carrying | Carrying | |||||||||
ownership | Value | amount | amount | |||||||||
dollar amounts in millions | ||||||||||||
Charter (a) | NA | $ | — | — | 2,395 | |||||||
Live Nation (d)(e) | 27% | 1,403 | 396 | 409 | ||||||||
SIRIUS XM Canada (b) | 37% | 247 | 237 | 273 | ||||||||
Other | various | NA | 218 | 222 | ||||||||
$ | 851 | 3,299 | ||||||||||
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | ||||||||||||
Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
amounts in millions | ||||||||||||
Charter (a) | $ | -94 | -83 | NA | ||||||||
SIRIUS XM (b)(c) | — | 8 | 1,367 | |||||||||
Live Nation (d) | -30 | -18 | -45 | |||||||||
SIRIUS XM Canada (b) | 5 | 7 | NA | |||||||||
Other | 6 | 54 | 24 | |||||||||
$ | -113 | -32 | 1,346 | |||||||||
(a) | As discussed below, Liberty acquired its interest in Charter during May 2013 for approximately $2.6 billion. Our share of losses related to Charter included $60 million and $51 million of losses due to the amortization of the excess basis of our investment during the years ended December 31, 2014 and 2013, respectively. As discussed in note 1, Liberty’s investment in Charter was spun off to stockholders as part of the Broadband Spin-Off, which was completed on November 4, 2014. | |||||||||||
(b) | On January 18, 2013, as discussed in note 3, Liberty acquired an additional 50 million common shares and acquired a controlling interest in SIRIUS XM and as a result consolidates SIRIUS XM as of such date. SIRIUS XM has an investment in SIRIUS XM Canada that was recorded at fair value in purchase accounting. See discussion below of SIRIUS XM Canada. | |||||||||||
(c) | SIRIUS XM recognized a $3.0 billion tax benefit during the year ended December 31, 2012. SIRIUS XM recorded the tax benefit as the result of significant positive evidence that a valuation allowance was no longer necessary for its recorded deferred tax assets. The Company recognized its portion of this benefit ($1,229 million) based on our ownership percentage at the time of the recognition of the deferred tax benefit by SIRIUS XM. | |||||||||||
(d) | During the year ended December 31, 2014, Liberty acquired an additional 1.7 million shares of Live Nation for approximately $39 million. During the year ended December 31, 2013, Liberty acquired an additional 1.7 million shares of Live Nation for approximately $19 million. During the year ended December 31, 2012, Liberty acquired approximately 11 million shares of Live Nation for $107 million. | |||||||||||
(e) | See note 10 for details regarding the number and fair value of shares pledged as collateral pursuant to certain margin loan agreements as of December 31, 2014. | |||||||||||
Intangible_Assets_Intangible_A
Intangible Assets Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Goodwill | |||||||||||||||
SIRIUS XM | Other | Total | |||||||||||||
Balance at January 1, 2013 | NA | 200 | 200 | ||||||||||||
Acquisitions (a) | $ | 14,165 | — | 14,165 | |||||||||||
Balance at December 31, 2013 | 14,165 | 200 | 14,365 | ||||||||||||
Acquisitions (b) | — | 24 | 24 | ||||||||||||
Broadband Spin-Off | — | -46 | -46 | ||||||||||||
Other | — | 2 | 2 | ||||||||||||
Balance at December 31, 2014 | $ | 14,165 | 180 | 14,345 | |||||||||||
(a) | The increase to SIRIUS XM goodwill was the result of the acquisition of a controlling interest in SIRIUS XM in January 2013 and SIRIUS XM's acquisition of Agero in November 2013, see note 3 for further discussion. | ||||||||||||||
TruePosition made an acquisition during the year ended December 31, 2014. | |||||||||||||||
Schedule of intangible assets subject to amortization | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Gross | Net | Gross | Net | ||||||||||||
carrying | Accumulated | carrying | carrying | Accumulated | carrying | ||||||||||
amount | amortization | amount | amount | amortization | amount | ||||||||||
amounts in millions | |||||||||||||||
Customer relationships | $ | 838 | -122 | 716 | 838 | -65 | 773 | ||||||||
Licensing agreements | 316 | -52 | 264 | 316 | -22 | 294 | |||||||||
Other | 462 | -346 | 116 | 433 | -300 | 133 | |||||||||
Total | $ | 1,616 | -520 | 1,096 | 1,587 | -387 | 1,200 | ||||||||
Schedule of future amortization expense | Based on its amortizable intangible assets as of December 31, 2014, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): | ||||||||||||||
2015 | $ | 158 | |||||||||||||
2016 | $ | 137 | |||||||||||||
2017 | $ | 105 | |||||||||||||
2018 | $ | 95 | |||||||||||||
2019 | $ | 96 | |||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||
Schedule of Long-term Debt Instruments | ||||||||||
Outstanding | Carrying value | |||||||||
Principal | December 31, | December 31, | ||||||||
December 31, 2014 | 2014 | 2013 | ||||||||
amounts in millions | ||||||||||
Corporate level notes and loans: | ||||||||||
Liberty 1.375% Cash Convertible Notes due 2023 | $ | 1,000 | 990 | 1,002 | ||||||
Margin loans | 250 | 250 | 920 | |||||||
Subsidiary notes and loans: | ||||||||||
SIRIUS XM 7% Exchangeable Senior Subordinated Notes due 2014 | — | — | 520 | |||||||
SIRIUS XM 5.875% Senior Notes due 2020 | 650 | 644 | 643 | |||||||
SIRIUS XM 5.75% Senior Notes due 2021 | 600 | 595 | 594 | |||||||
SIRIUS XM 5.25% Senior Secured Notes due 2022 | 400 | 407 | 407 | |||||||
SIRIUS XM 4.25% Senior Notes due 2020 | 500 | 496 | 494 | |||||||
SIRIUS XM 4.625% Senior Notes due 2023 | 500 | 495 | 495 | |||||||
SIRIUS XM 6% Senior Notes due 2024 | 1,500 | 1,484 | — | |||||||
SIRIUS XM Credit Facility | 380 | 380 | 460 | |||||||
Other subsidiary debt | 111 | 111 | 20 | |||||||
Total debt | $ | 5,891 | 5,852 | 5,555 | ||||||
Less debt classified as current | -257 | -777 | ||||||||
Total long-term debt | $ | 5,595 | 4,778 | |||||||
Value of shares pledged as collateral pursuant to the margin loan agreements | ||||||||||
Number of Shares Pledged | ||||||||||
as Collateral as of | Share value as of | |||||||||
Investment | December 31, 2014 | December 31, 2014 | ||||||||
amounts in millions | ||||||||||
SIRIUS XM | 150.0 | $ | 525 | |||||||
Live Nation | 12.0 | $ | 313 | |||||||
Time Warner, Inc. | 3.6 | $ | 309 | |||||||
Viacom, Inc. | 3.5 | $ | 266 | |||||||
Time, Inc. | 1.0 | $ | 13 | |||||||
Fair Value of Debt | The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of SIRIUS XM's publicly traded debt securities is as follows (amounts in millions): | |||||||||
December 31, | ||||||||||
2014 | ||||||||||
SIRIUS XM 5.875% Senior Notes due 2020 | $ | 672 | ||||||||
SIRIUS XM 5.75% Senior Notes due 2021 | $ | 619 | ||||||||
SIRIUS XM 5.25% Senior Secured Notes due 2022 | $ | 421 | ||||||||
SIRIUS XM 4.25% Senior Notes due 2020 | $ | 494 | ||||||||
SIRIUS XM 4.625% Senior Notes due 2023 | $ | 471 | ||||||||
SIRIUS XM 6% Senior Notes due 2024 | $ | 1,545 | ||||||||
Schedule of Maturities of Long-term Debt | The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions): | |||||||||
2015 | $ | 257 | ||||||||
2016 | $ | 4 | ||||||||
2017 | $ | 381 | ||||||||
2018 | $ | 100 | ||||||||
2019 | $ | — | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Current: | |||||||||
Federal | $ | 18 | -45 | -7 | |||||
State and local | 7 | 3 | 4 | ||||||
Foreign | — | 5 | -1 | ||||||
25 | -37 | -4 | |||||||
Deferred: | |||||||||
Federal | -103 | 165 | -407 | ||||||
State and local | 12 | 7 | -58 | ||||||
Foreign | — | — | — | ||||||
-91 | 172 | -465 | |||||||
Income tax benefit (expense) | $ | -66 | 135 | -469 | |||||
Schedule of Effective Income Tax Rate Reconciliation | |||||||||
Years ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
amounts in millions | |||||||||
Computed expected tax benefit (expense) | $ | -161 | -3,100 | -570 | |||||
Non-taxable gain on book consolidation of SIRIUS XM | — | 3,054 | — | ||||||
Liquidation of consolidated subsidiaries | 107 | — | 101 | ||||||
Non-taxable exchange of subsidiary | — | 174 | — | ||||||
Dividends received deductions | 99 | 46 | 40 | ||||||
Sale of subsidiary shares to subsidiary treated as a dividend for tax | -123 | -56 | — | ||||||
State and local income taxes, net of federal income taxes | -4 | 11 | -46 | ||||||
Change in valuation allowance affecting tax expense | -2 | 9 | 1 | ||||||
Recognition of tax benefits not previously recognized, net | 11 | — | 5 | ||||||
Other, net | 7 | -3 | — | ||||||
Income tax benefit (expense) | $ | -66 | 135 | -469 | |||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
amounts in millions | |||||||||
Deferred tax assets: | |||||||||
Net operating and capital loss carryforwards | $ | 2,119 | 2,487 | ||||||
Accrued stock compensation | 127 | 99 | |||||||
Other accrued liabilities | 88 | 44 | |||||||
Discount on convertible debt | — | 34 | |||||||
Deferred revenue | 678 | 598 | |||||||
Other future deductible amounts | 10 | 24 | |||||||
Deferred tax assets | 3,022 | 3,286 | |||||||
Valuation allowance | -5 | -9 | |||||||
Net deferred tax assets | 3,017 | 3,277 | |||||||
Deferred tax liabilities: | |||||||||
Investments | 229 | 457 | |||||||
Intangible assets | 3,991 | 3,955 | |||||||
Other | 304 | 261 | |||||||
Deferred tax liabilities | 4,524 | 4,673 | |||||||
Net deferred tax liabilities | $ | 1,507 | 1,396 | ||||||
The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
amounts in millions | |||||||||
Current deferred tax liabilities (assets) | $ | -931 | -916 | ||||||
Long-term deferred tax liabilities (assets) | 2,438 | 2,312 | |||||||
Net deferred tax liabilities | $ | 1,507 | 1,396 | ||||||
Summary of Income Tax Contingencies | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
amounts in millions | |||||||||
Balance at beginning of year | $ | 30 | 29 | ||||||
Reductions for tax positions of prior years | -11 | — | |||||||
Lapse in the statute of limitations | -17 | — | |||||||
Increase in tax positions from acquisition | — | 1 | |||||||
Balance at end of year | $ | 2 | 30 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Options | average | Options | average | Options | average | ||||||||||||
granted | grant-date | granted | grant-date | granted | grant-date | ||||||||||||
(000's) | fair value | (000's) | fair value | (000's) | fair value | ||||||||||||
Series A Liberty common stock | 1 | $ | 38.86 | 23 | $ | 55.16 | 834 | $ | 42.04 | ||||||||
Series C Liberty common stock | 3,359 | 11.09 | NA | NA | NA | NA | |||||||||||
Series A Liberty common stock from Option Exchange | NA | NA | NA | NA | 3,713 | $ | 37.25 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | |||||||||||||||||
Volatility | |||||||||||||||||
2014 grants | |||||||||||||||||
Liberty options | 28.2 | % | - | 31.3 | % | ||||||||||||
2013 grants | |||||||||||||||||
Liberty options | 31.3 | % | - | 41.4 | % | ||||||||||||
2012 grants | |||||||||||||||||
Liberty options | 25.1 | % | - | 54.2 | % | ||||||||||||
Schedule Of Outstanding Options To Purchase Liberty Common Stock | |||||||||||||||||
Series A | |||||||||||||||||
Weighted | Aggregate | ||||||||||||||||
average | intrinsic | ||||||||||||||||
Liberty | remaining | value | |||||||||||||||
Awards (000's) | WAEP | life | (in millions) | ||||||||||||||
Outstanding at January 1, 2014 | 3,656 | $ | 30.58 | ||||||||||||||
Granted | 1 | $ | 45.10 | ||||||||||||||
Exercised | -397 | $ | 49.49 | ||||||||||||||
Forfeited/Cancelled/Exchanged | -1 | $ | 25.26 | ||||||||||||||
Broadband Spin-Off adjustment | -52 | $ | 23.22 | ||||||||||||||
Outstanding at December 31, 2014 | 3,207 | $ | 23.21 | 4.2 | years | $ | 39 | ||||||||||
Exercisable at December 31, 2014 | 2,698 | $ | 22.99 | 4.1 | years | $ | 33 | ||||||||||
Series C | |||||||||||||||||
Weighted | Aggregate | ||||||||||||||||
average | intrinsic | ||||||||||||||||
Liberty | remaining | value | |||||||||||||||
Awards (000's) | WAEP | life | (in millions) | ||||||||||||||
Outstanding at January 1, 2014 | — | $ | — | ||||||||||||||
Series C Dividend Adjustment | 6,942 | $ | 46.01 | ||||||||||||||
Granted | 3,359 | $ | 34.06 | ||||||||||||||
Exercised | -428 | $ | 22.46 | ||||||||||||||
Forfeited/Cancelled/Exchanged | -1 | $ | 42.32 | ||||||||||||||
Broadband Spin-Off adjustment | -39 | $ | 22.92 | ||||||||||||||
Outstanding at December 31, 2014 | 9,833 | $ | 26.71 | 5.2 | years | $ | 82 | ||||||||||
Exercisable at December 31, 2014 | 5,446 | $ | 22.69 | 4.1 | years | $ | 67 | ||||||||||
Other_Comprehensive_Earnings_l1
Other Comprehensive Earnings (loss) (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Comprehensive Earnings (Loss) [Abstract] | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||||
Unrealized | |||||||||||
holding | AOCI of | ||||||||||
gains (losses) | discontinued | ||||||||||
on securities | Other | operations | AOCI | ||||||||
amounts in millions | |||||||||||
Balance at January 1, 2012 | $ | 36 | -5 | -2 | 29 | ||||||
Other comprehensive earnings (loss) attributable to Liberty Media Corporation stockholders | -16 | — | -1 | -17 | |||||||
Balance at December 31, 2012 | 20 | -5 | -3 | 12 | |||||||
Other comprehensive earnings (loss) attributable to Liberty Media Corporation stockholders | -15 | 4 | — | -11 | |||||||
Distribution to stockholders for Starz Spin-Off | — | — | 3 | 3 | |||||||
Balance at December 31, 2013 | 5 | -1 | — | 4 | |||||||
Other comprehensive earnings (loss) attributable to Liberty Media Corporation stockholders | -8 | -9 | — | -17 | |||||||
Distribution to stockholders for Broadband Spin-Off | -7 | -1 | — | -8 | |||||||
Balance at December 31, 2014 | $ | -10 | -11 | — | -21 | ||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | |||||||||||
Tax | |||||||||||
Before-tax | (expense) | Net-of-tax | |||||||||
amount | benefit | amount | |||||||||
amounts in millions | |||||||||||
Year ended December 31, 2014: | |||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -13 | 5 | -8 | |||||||
Foreign currency translation adjustments | -14 | 5 | -9 | ||||||||
Other comprehensive earnings | $ | -27 | 10 | -17 | |||||||
Year ended December 31, 2013: | |||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | 16 | -6 | 10 | |||||||
Reclassification adjustment for holding (gains) losses realized in net earnings (loss) | -40 | 15 | -25 | ||||||||
Foreign currency translation adjustments | 6 | -2 | 4 | ||||||||
Other comprehensive earnings | $ | -18 | 7 | -11 | |||||||
Year ended December 31, 2012: | |||||||||||
Unrealized holding gains (losses) on securities arising during period | $ | -5 | 2 | -3 | |||||||
Reclassification adjustment for holding losses realized in net earnings | -21 | 8 | -13 | ||||||||
Other comprehensive earnings from discontinued operations | -2 | 1 | -1 | ||||||||
Other comprehensive earnings | $ | -28 | 11 | -17 | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies Minimum payments under noncancelable operating leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | A summary of future minimum lease payments under cancelable and noncancelable operating leases as of December 31, 2014 follows (amounts in millions): | ||||
Years ending December 31: | |||||
2015 | $ | 53 | |||
2016 | $ | 47 | |||
2017 | $ | 44 | |||
2018 | $ | 41 | |||
2019 | $ | 36 | |||
Thereafter | $ | 380 | |||
Information_About_Libertys_Ope1
Information About Liberty's Operating Segments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Information About Liberty's Operating Segments | |||||||||||||||
Performance Measures By Segment | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Adjusted | Adjusted | Adjusted | |||||||||||||
Revenue | OIBDA | Revenue | OIBDA | Revenue | OIBDA | ||||||||||
amounts in millions | |||||||||||||||
SIRIUS XM | $ | 4,141 | 1,466 | 3,625 | 1,289 | NA | NA | ||||||||
Corporate and other | 309 | -49 | 377 | 33 | 368 | 8 | |||||||||
Total | $ | 4,450 | 1,417 | 4,002 | 1,322 | 368 | 8 | ||||||||
Other Information By Segment | |||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Total | Investments | Capital | Total | Investments | Capital | ||||||||||
assets | in affiliates | expenditures | assets | in affiliates | expenditures | ||||||||||
amounts in millions | |||||||||||||||
SIRIUS XM | $ | 28,009 | 237 | 126 | 28,203 | 273 | 200 | ||||||||
Corporate and other | 3,198 | 614 | 68 | 6,339 | 3,026 | 7 | |||||||||
Total | $ | 31,207 | 851 | 194 | 34,542 | 3,299 | 207 | ||||||||
Reconciliation of segment Adjusted OIBDA to earnings (loss) from continuing operations before income tax | |||||||||||||||
Years ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Consolidated segment Adjusted OIBDA | $ | 1,417 | 1,322 | 8 | |||||||||||
Stock-based compensation | -217 | -193 | -46 | ||||||||||||
Depreciation and amortization | -359 | -315 | -42 | ||||||||||||
Interest expense | -255 | -132 | -7 | ||||||||||||
Dividend and interest income | 27 | 48 | 76 | ||||||||||||
Share of earnings (losses) of affiliates, net | -113 | -32 | 1,346 | ||||||||||||
Realized and unrealized gains (losses) on financial instruments, net | 38 | 295 | 230 | ||||||||||||
Gains (losses) on transactions, net | — | 7,978 | 22 | ||||||||||||
Other, net | -77 | -115 | 42 | ||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 461 | 8,856 | 1,629 | |||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Schedule of Quarterly Financial Information | |||||||||||
1st | 2nd | 3rd | 4th | ||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||
amounts in millions, | |||||||||||
except per share amounts | |||||||||||
2014:00:00 | |||||||||||
Revenue | $ | 1,011 | 1,160 | 1,184 | 1,095 | ||||||
Operating income (loss) | $ | 155 | 231 | 249 | 206 | ||||||
Net earnings (loss) | $ | 72 | 106 | 87 | 130 | ||||||
Net earnings (loss) attributable to Liberty stockholders | $ | 22 | 50 | 33 | 73 | ||||||
Basic net earnings (loss) attributable to Liberty Media Corporation stockholders per common share | $ | 0.06 | 0.15 | 0.10 | 0.21 | ||||||
Diluted net earnings (loss) attributable to Liberty Media Corporation stockholders per common share | $ | 0.06 | 0.14 | 0.10 | 0.21 | ||||||
1st | 2nd | 3rd | 4th | ||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||
amounts in millions, | |||||||||||
except per share amounts | |||||||||||
2013:00:00 | |||||||||||
Revenue | $ | 789 | 1,078 | 1,110 | 1,025 | ||||||
Operating income | $ | 151 | 226 | 248 | 189 | ||||||
Net earnings (loss) | $ | 8,104 | 152 | 116 | 619 | ||||||
Net earnings (loss) attributable to Liberty stockholders | $ | 8,059 | 93 | 76 | 552 | ||||||
Basic net earnings (loss) attributable to Liberty stockholders per common share | $ | 22.57 | 0.26 | 0.21 | 1.62 | ||||||
Diluted net earnings (loss) attributable to Liberty stockholders per common share | $ | 22.20 | 0.26 | 0.21 | 1.60 | ||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2014 | Oct. 17, 2013 |
Entity Information [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $255.64 | |||||
Cash received from consolidated subsidiary | $300 | |||||
Related Party Transaction, Amounts of Transaction | 15 | 16 | 10 | |||
Starz, LLC | ||||||
Entity Information [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $3 | |||||
Common Class C | ||||||
Entity Information [Line Items] | ||||||
Number of shares issued during the period for each share of Series A and Series B stock held by shareholders prior to the distribution | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable, Current | $8 | $4 | |
Provision for Doubtful Accounts | 45 | 4 | |
Allowance for Doubtful Accounts Receivable, Write-offs | 41 | 1 | |
Total Value Of Non Strategic Securities | 745 | 1,253 | |
Property, Plant and Equipment, Gross | 2,257 | 2,149 | |
Depreciation | 209 | 200 | 23 |
Advertising Expense | 226 | 181 | 4 |
Weighted Average Number of Shares Outstanding, Basic | 342 | 355 | 361 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 3 | 4 | 11 |
Share-based Compensation | 217 | 193 | 46 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 58 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||
Weighted Average Number of Shares Outstanding, Diluted | 345 | 359 | 372 |
Land [Member] | |||
Property, Plant and Equipment, Gross | 124 | 59 | |
Building and Improvements [Member] | |||
Property, Plant and Equipment, Gross | 162 | 157 | |
Equipment [Member] | |||
Property, Plant and Equipment, Gross | 230 | 257 | |
Satellite system [Member] | |||
Property, Plant and Equipment, Gross | 1,590 | 1,573 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Gross | 151 | 103 | |
SIRIUS XM | |||
Share-based Compensation | 148 | 133 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | ||
SIRIUS XM | Satellite system [Member] | |||
Property, Plant and Equipment, Gross | 87 | ||
Minimum | Building and Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum | Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum | Satellite system [Member] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Maximum | Building and Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum | Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Maximum | Satellite system [Member] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Programming and content expense | |||
Allocated Share-based Compensation Expense | 17 | 15 | |
Customer service and billing | |||
Allocated Share-based Compensation Expense | 5 | 4 | |
Other cost of subscriber services | |||
Allocated Share-based Compensation Expense | 8 | 7 | |
Other Operating Income Expense [Member] | |||
Allocated Share-based Compensation Expense | 17 | 14 | |
Selling, General and Administrative Expenses | |||
Allocated Share-based Compensation Expense | $170 | $153 | $46 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2014 |
Income (Loss) from Continuing Operations Attributable to Parent | $178 | $8,780 | $1,160 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $254 | |||
Weighted Average Number of Shares Outstanding, Basic | 342,000,000 | 355,000,000 | 361,000,000 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 3,000,000 | 4,000,000 | 11,000,000 | |
Weighted Average Number of Shares Outstanding, Diluted | 345,000,000 | 359,000,000 | 372,000,000 | |
Warrant [Member] | ||||
Anti-dilutive shares excluded from EPS | 21,000,000 | 17,000,000 | ||
Common Class C | ||||
Shares received in exchange | 2 |
Sirius_XM_Transactions_Details
Sirius XM Transactions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 15 Months Ended | 1 Months Ended | ||||||
Oct. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Nov. 04, 2013 | Apr. 25, 2014 | Nov. 14, 2013 | Dec. 31, 2014 | Aug. 31, 2014 | 31-May-14 | Oct. 31, 2014 | |
tranche | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ($10,372,000,000) | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | $0.01 | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 7,500,000,000 | ||||||||||||
Goodwill | 14,345,000,000 | 14,365,000,000 | 200,000,000 | 14,345,000,000 | |||||||||
Goodwill, Acquired During Period | 14,165,000,000 | ||||||||||||
Stock Repurchased and Retired During Period, Shares | 0 | ||||||||||||
Payments for Repurchase of Common Stock | 140,000,000 | 323,000,000 | |||||||||||
Shares retired | 6,300,000 | ||||||||||||
SIRIUS XM | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 10,372,000,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 253,000,000 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 7,500,000,000 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 10,215,000,000 | ||||||||||||
Initial noncontrolling interest | 10,286,000,000 | ||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 10,841,000,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 21,466,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Current Assets, Cash and Cash Equivalents | 569,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Current Assets, Receivables | 210,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | 1,714,000,000 | ||||||||||||
Goodwill | 13,775,000,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangibles | 930,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Current Assets, Prepaid Expense and Other Assets | 480,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt | -2,490,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Current Liabilities, Deferred Revenue | -1,565,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Deferred Taxes Asset (Liability), Net, Noncurrent | -685,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation, Other Liabilities | -1,002,000,000 | ||||||||||||
SIRIUS XM | Maximum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||||||||||||
SIRIUS XM | Pro Forma [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Revenue | 3,730,000,000 | ||||||||||||
Operating income (loss) | 686,000,000 | ||||||||||||
Interest expense | -162,000,000 | ||||||||||||
Share of earnings (loss) of affiliates | -21,000,000 | ||||||||||||
Less earnings (loss) attributable to the noncontrolling interest | 1,736,000,000 | ||||||||||||
Net Earnings (loss) from continuing operatins attributable to Liberty stockholders | 2,052,000,000 | ||||||||||||
Pro Forma basic net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (note 2) | $5.68 | ||||||||||||
Pro Forma diluted net earnings (loss) from continuing operations attributable to Liberty stockholders per common share (note 2) | $5.52 | ||||||||||||
SIRIUS XM | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Purchase of shares in equity method investee | 50,000,000 | 50,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $0.00 | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,293,509,076 | ||||||||||||
Ownership percentage | 56.00% | ||||||||||||
SIRIUS XM | Minimum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership percentage | 50.00% | ||||||||||||
FCC licences [Member] | SIRIUS XM | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 8,600,000,000 | ||||||||||||
Trade Names [Member] | SIRIUS XM | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets Not Amortizable | 930,000,000 | ||||||||||||
Deferred tax liability [Member] | SIRIUS XM | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill, Allocation Adjustment | 227,000,000 | ||||||||||||
Contract fair value [Member] | SIRIUS XM | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill, Allocation Adjustment | 18,000,000 | ||||||||||||
SIRIUS XM | Agero [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Acquisition, Cost of Acquired Entity, Purchase Price | 525,000,000 | ||||||||||||
Goodwill, Acquired During Period | 390,000,000 | ||||||||||||
SIRIUS XM | Sirius XM Liberty Repurchase Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 43,712,265 | 136,600,826 | |||||||||||
Payments for Repurchase of Common Stock | 340,000,000 | 500,000,000 | |||||||||||
Number of tranches for stock repurchase | 3 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $3.66 | ||||||||||||
Share repurchases, discount from market price | 1.50% | ||||||||||||
Shares Repurchased Discount From Market Measurement Period | 10 days | ||||||||||||
Volume weighted average share price, cap | $4.18 | $4.18 | |||||||||||
Volume weighted average share price, floor | $3.64 | $3.64 | |||||||||||
Stock repurchased as a percentage of shares outstanding | 2.00% | ||||||||||||
SIRIUS XM | May Accelerated Share Repurchase Agreement [member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 39,346,125 | 112,500,000 | |||||||||||
Payments for Repurchase of Common Stock | 600,000,000 | ||||||||||||
Stock Repurchase Program, Authorized Amount | 600,000,000 | ||||||||||||
Share Repurchase Payment Adjustment | 94,000,000 | ||||||||||||
SIRIUS XM | August Accelerated Share Repurchase Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Stock Repurchased and Retired During Period, Shares | 51,884,795 | 19,431,708 | |||||||||||
Payments for Repurchase of Common Stock | 250,000,000 | ||||||||||||
Stock Repurchase Program, Authorized Amount | 250,000,000 | ||||||||||||
OEM Relationship and Computer Software [Member] | SIRIUS XM | Agero [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangibles | $247,000,000 | ||||||||||||
OEM relationship [Member] | SIRIUS XM | Agero [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||
Computer Software, Intangible Asset [Member] | SIRIUS XM | Agero [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Jan. 10, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $254,000,000 | |||
Net earnings (loss) from discontinued operations | 252,000,000 | |||
Starz, LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 1,200,000,000 | |||
Disposal Group, Including Discontinued Operation, Revenue | 1,631,000,000 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 383,000,000 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.71 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.68 | |||
TruePosition | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 83,000,000 | 57,000,000 | 77,000,000 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 6,000,000 | -6,000,000 | 1,000,000 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3,000,000 | -8,000,000 | 2,000,000 | |
Cash and cash equivalents | 9,000,000 | |||
Other current assets | 7,000,000 | |||
Deferred tax assets | 33,000,000 | |||
Goodwill | 11,000,000 | |||
Other assets | 20,000,000 | |||
Accounts payable and accrued liabilities | 9,000,000 | |||
Deferred revenue | 39,000,000 | |||
Other liabilities | $3,000,000 |
Supplemental_Disclosures_to_Co2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Fair Value of Assets Acquired | $1 | $2,586 | |
Indefinite-lived Intangible Assets, Acquired During Period | 24 | 23,694 | |
Finite-lived Intangible Assets Acquired | 36 | 1,177 | |
LiabilitiesAssumed | -12 | -5,367 | |
Deferred tax liabilities assumed in business combination | -2 | -760 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | -10,372 | ||
Noncontrolling Interest, Increase from Business Combination | -10,841 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 47 | 117 | |
Shares acquired in disposition of subsidiary | -937 | ||
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | -496 | ||
Tax expense (benefit) on exchange transaction | -5 | ||
Cash paid in exchange transaction | 429 | ||
Stock repuchased by subsidiary not settled at end of period | 26 | ||
Cash paid for interest | 232 | 144 | 3 |
Cash paid (received) for income taxes | 20 | -75 | 129 |
Leisure Arts [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Increase (Decrease) in Carrying Value of Assets Received as Consideration in Disposal of Business | -19 | ||
Cash held by business deconsolidated | $12 |
Assets_And_Liabilities_Measure2
Assets And Liabilities Measured At Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short term marketable securities | $199 | $15 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 507 | 859 |
Short term marketable securities | 199 | 15 |
Available-for-sale securities | 769 | 1,293 |
Financial instrument assets | 305 | 397 |
Debt | 990 | 1,002 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 507 | 859 |
Short term marketable securities | 15 | |
Available-for-sale securities | 691 | 978 |
Financial instrument assets | 96 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short term marketable securities | 199 | |
Available-for-sale securities | 78 | 315 |
Financial instrument assets | 209 | 397 |
Debt | $990 | $1,002 |
Assets_And_Liabilities_Measure3
Assets And Liabilities Measured At Fair Value (Details 1) (USD $) | 12 Months Ended | 1 Months Ended | 4 Months Ended | ||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 17, 2013 | Oct. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Realized and unrealized gains (losses) on financial instruments, net | $38,000,000 | $295,000,000 | $230,000,000 | ||||
1.375% Cash Convertible Senior Notes due 2023 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt face amount | 1,000,000,000 | ||||||
1.375% Cash Convertible Senior Notes due 2023 | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt face amount | 1,000,000,000 | ||||||
Fair Value Option Securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Realized and unrealized gains (losses) on financial instruments, net | 80,000,000 | 306,000,000 | 310,000,000 | ||||
Convertible Notes Payable | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Realized and unrealized gains (losses) on financial instruments, net | 12,000,000 | -17,000,000 | |||||
Bond Hedge Change in Fair Value | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Realized and unrealized gains (losses) on financial instruments, net | -89,000,000 | -1,000,000 | |||||
Other Financial Instruments | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Realized and unrealized gains (losses) on financial instruments, net | $35,000,000 | $7,000,000 | ($80,000,000) | ||||
Forward Contracts | Live Nation | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Maximum shares to be purchased | 15.9 | ||||||
Counterparty shares acquired | 8.6 | ||||||
Weighted average stock price shares purchased by counterparty | $23.40 |
Investments_In_AvailableForSal2
Investments In Available-For-Sale Securities And Other Cost Investments (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | $816 | $1,324 | |
Other Investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 47 | 47 | |
AFS and cost method investments | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 71 | 71 | |
Barnes & Noble, Inc. | |||
Schedule of Investments [Line Items] | |||
Sale of stock, ownership percentage of cost investment after transaction | 2.00% | ||
Percentage of shares sold | 90.00% | ||
Proceeds from Sale of Available-for-sale Securities | 247 | ||
Live Nation | Debt Securities | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 24 | 24 | |
Fair Value Option Securities | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 745 | 1,253 | |
Fair Value Option Securities | Time Warner Inc | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 363 | 297 | |
Fair Value Option Securities | Time Warner Cable Inc | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 320 | ||
Fair Value Option Securities | Viacom, Inc. | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 273 | 317 | |
Fair Value Option Securities | Barnes & Noble, Inc. | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 27 | 255 | |
Fair Value Option Securities | Other AFS Equity Securities | Equity Securities | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | 55 | 37 | |
Fair Value Option Securities | Other AFS Debt Securities | Debt Securities | |||
Schedule of Investments [Line Items] | |||
Investments in available-for-sale securities and other cost investments | $27 | $27 |
Investments_In_AvailableForSal3
Investments In Available-For-Sale Securities And Other Cost Investments (Details 1) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity Securities | ||
Gross unrealized holding gains | $6 | |
Debt Securities | ||
Gross unrealized holding gains | 1 | |
SIRIUS XM [Member] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $40 |
Investments_In_Affiliates_Acco2
Investments In Affiliates Accounted For Using The Equity Method (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Jan. 18, 2013 | Mar. 31, 2013 | 1-May-13 |
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in affiliates, accounted for using the equity method | $851,000,000 | $3,299,000,000 | |||||
Share of earnings (losses) of affiliates, net | -113,000,000 | -32,000,000 | 1,346,000,000 | ||||
Income Tax Expense (Benefit) | 66,000,000 | -135,000,000 | 469,000,000 | ||||
Charter Communications | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Aggregate Cost | 2,600,000,000 | ||||||
excess amortization in share of earnings (loss) | 60,000,000 | 51,000,000 | |||||
Percentage ownership | 27.00% | ||||||
Investments in affiliates, accounted for using the equity method | 2,395,000,000 | ||||||
Purchase of shares in equity method investee | 26.9 | ||||||
Share of earnings (losses) of affiliates, net | -94,000,000 | -83,000,000 | |||||
SIRIUS XM | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase of shares in equity method investee | 50 | 50 | |||||
Share of earnings (losses) of affiliates, net | 8,000,000 | 1,367,000,000 | |||||
Share of tax benefit of affiliates | 1,229,000,000 | ||||||
Live Nation | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage ownership | 27.00% | ||||||
Investments in affiliates, accounted for using the equity method | 396,000,000 | 409,000,000 | |||||
Equity Method Investment, Quoted Market Value | 1,403,000,000 | ||||||
Purchase of shares in equity method investee | 1.7 | 1.7 | 11 | ||||
Payments to Acquire Equity Method Investments | 39,000,000 | 19,000,000 | 107,000,000 | ||||
Share of earnings (losses) of affiliates, net | -30,000,000 | -18,000,000 | -45,000,000 | ||||
Sirius XM Canada | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage ownership | 37.00% | ||||||
Investments in affiliates, accounted for using the equity method | 237,000,000 | 273,000,000 | |||||
Equity Method Investment, Quoted Market Value | 247,000,000 | ||||||
Share of earnings (losses) of affiliates, net | 5,000,000 | 7,000,000 | |||||
Equity method investment, other | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in affiliates, accounted for using the equity method | 218,000,000 | 222,000,000 | |||||
Share of earnings (losses) of affiliates, net | 6,000,000 | 54,000,000 | 24,000,000 | ||||
SIRIUS XM | SIRIUS XM | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Income Tax Expense (Benefit) | $3,000,000,000 |
Investments_In_Affiliates_Acco3
Investments In Affiliates Accounted For Using The Equity Method (Details 1) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 18, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | 31-May-13 | 1-May-13 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Income Tax Expense (Benefit) | $66,000,000 | ($135,000,000) | $469,000,000 | |||||
Proceeds from Equity Method Investment, Dividends or Distributions | 165,000,000 | |||||||
Live Nation | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase of shares in equity method investee | 1.7 | 1.7 | 11 | |||||
Payments to Acquire Equity Method Investments | 39,000,000 | 19,000,000 | 107,000,000 | |||||
Equity Method Investment, Quoted Market Value | 1,403,000,000 | |||||||
Equity Method Investment, Ownership Percentage | 27.00% | |||||||
shares underlying borrowed share position, unwound | 8.1 | |||||||
SIRIUS XM | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase of shares in equity method investee | 50 | 50 | ||||||
shares underlying borrowed share position, unwound | 720 | |||||||
SIRIUS XM | Sirius XM Canada | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contract Term | 10 years | |||||||
Sirius XM Canada | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Quoted Market Value | 247,000,000 | |||||||
Equity Method Investment, Ownership Percentage | 37.00% | |||||||
Charter Communications | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity Method Investment, Aggregate Cost | 2,600,000,000 | |||||||
excess amortization in share of earnings (loss) | 60,000,000 | 51,000,000 | ||||||
Purchase of shares in equity method investee | 26.9 | |||||||
Warrants acquired | 1.1 | |||||||
Equity Method Investment, Ownership Percentage | 27.00% | |||||||
Price-per-share | $95.50 | |||||||
Equity method investment, cash paid for acquisition | 1,200,000,000 | |||||||
shares underlying borrowed share position, unwound | 20.3 | |||||||
Difference between carrying amount and underlying equity | 2,500,000,000 | |||||||
Loss recognized on equity method investments | 72,000,000 | 93,000,000 | ||||||
SIRIUS XM | Sirius XM Canada | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
SIRIUS XM total assets | 7,000,000 | 10,000,000 | ||||||
SIRIUS XM total liabilities | 18,000,000 | 21,000,000 | ||||||
Revenue from Related Parties | 50,000,000 | 49,000,000 | ||||||
SIRIUS XM | SIRIUS XM | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Income Tax Expense (Benefit) | 3,000,000,000 | |||||||
Broadcast rights | 70,000,000 | |||||||
SIRIUS XM | Sirius XM Canada | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 43,000,000 | 17,000,000 | ||||||
Deferred revenue | SIRIUS XM | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investments, at fair value | 21,000,000 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 18, 2013 |
Goodwill [Line Items] | ||||
Indefinite-Lived License Agreements | $8,600 | $8,600 | ||
Amortization of Intangible Assets | 150 | 115 | 19 | |
Finite-Lived Intangible Assets, Gross | 1,616 | 1,587 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | -520 | -387 | ||
Finite-Lived Intangible Assets, Net | 1,096 | 1,200 | ||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 14,365 | 200 | ||
Goodwill, Acquired During Period | 14,165 | |||
Goodwill, Other Changes | 2 | |||
Goodwill, Ending Balance | 14,345 | 14,365 | 200 | |
SIRIUS XM | ||||
Goodwill [Line Items] | ||||
Indefinite-Lived Trade Names | 930 | 930 | ||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 14,165 | |||
Goodwill, Ending Balance | 14,165 | 14,165 | ||
ANLBC | ||||
Goodwill [Line Items] | ||||
Indefinite-Lived Franchise Rights | 143 | 143 | ||
Licensing Agreements [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Finite-Lived Intangible Assets, Gross | 316 | 316 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | -52 | -22 | ||
Finite-Lived Intangible Assets, Net | 264 | 294 | ||
Customer Relationships [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 838 | 838 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | -122 | -65 | ||
Finite-Lived Intangible Assets, Net | 716 | 773 | ||
Other Intangible Assets [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 462 | 433 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | -346 | -300 | ||
Finite-Lived Intangible Assets, Net | 116 | 133 | ||
Other Intangible Assets [Member] | Corporate And Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 200 | |||
Goodwill, Other Changes | 2 | |||
Goodwill, Ending Balance | 180 | 200 | ||
Minimum | Customer Relationships [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Maximum | Customer Relationships [Member] | ||||
Goodwill [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||
Liberty Broadband | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | -46 | |||
Liberty Broadband | Other Intangible Assets [Member] | Corporate And Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | -46 | |||
SIRIUS XM | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning Balance | 13,775 | |||
Goodwill, Ending Balance | 13,775 | |||
TruePosition | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 24 | |||
TruePosition | Other Intangible Assets [Member] | Corporate And Other | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $24 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $150 | $115 | $19 |
2015 | 158 | ||
2016 | 137 | ||
2017 | 105 | ||
2018 | 95 | ||
2019 | $96 | ||
Customer Relationships [Member] | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Relationships [Member] | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Licensing Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Outstanding principal | $5,891 | |
Total debt | 5,852 | 5,555 |
Less debt classified as current | -257 | -777 |
Total long-term debt | 5,595 | 4,778 |
1.375% Cash Convertible Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 1,000 | |
Total debt | 990 | 1,002 |
Debt instrument interest rate | 1.38% | |
Margin loan | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 250 | |
Total debt | 250 | 920 |
Sirius XM 7% Exchangeable Senior Subordinated Notes due 2014 | ||
Debt Instrument [Line Items] | ||
Total debt | 520 | |
Debt instrument interest rate | 7.00% | |
Sirius XM 5.875% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 650 | |
Total debt | 644 | 643 |
Debt instrument interest rate | 5.88% | |
Sirius XM 5.75% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 600 | |
Total debt | 595 | 594 |
Debt instrument interest rate | 5.75% | |
Sirius XM 5.25% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 400 | |
Total debt | 407 | 407 |
Debt instrument interest rate | 5.25% | |
Sirius XM 4.25% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 500 | |
Total debt | 496 | 494 |
Debt instrument interest rate | 4.25% | |
Sirius XM 4.625% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 500 | |
Total debt | 495 | 495 |
Debt instrument interest rate | 4.63% | |
Sirius XM 6.00% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 1,500 | |
Total debt | 1,484 | |
Debt instrument interest rate | 6.00% | |
Sirius XM credit facility | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 380 | |
Total debt | 380 | 460 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Outstanding principal | 111 | |
Total debt | $111 | $20 |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
SIRIUS XM | |
Debt Instrument [Line Items] | |
Shares pledged as collateral under loan | 150 |
Share value | $525 |
Live Nation | |
Debt Instrument [Line Items] | |
Shares pledged as collateral under loan | 12 |
Share value | 313 |
Time Warner Inc | |
Debt Instrument [Line Items] | |
Shares pledged as collateral under loan | 3.6 |
Share value | 309 |
Viacom, Inc. | |
Debt Instrument [Line Items] | |
Shares pledged as collateral under loan | 3.5 |
Share value | 266 |
Time, Inc. [Member] | |
Debt Instrument [Line Items] | |
Shares pledged as collateral under loan | 1 |
Share value | $13 |
Debt_Details_3
Debt (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Jun. 30, 2013 | Aug. 31, 2008 | Jun. 30, 2013 | Oct. 17, 2013 | 1-May-13 | Aug. 31, 2013 | Sep. 30, 2013 | 31-May-14 | |
item | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | $5,555,000,000 | $5,852,000,000 | $5,555,000,000 | ||||||||||||
Warrant expiration period | 81 days | ||||||||||||||
Borrowings of debt | 2,758,000,000 | 5,923,000,000 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $255.64 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $255.64 | ||||||||||||||
Proceeds from Issuance of Warrants | 170,000,000 | 170,000,000 | |||||||||||||
Repayments of Long-term Debt | 1,936,000,000 | 2,779,000,000 | 750,000,000 | ||||||||||||
Number of margin loans | 3 | ||||||||||||||
Debt Conversion of a Consolidated Subsidiary, Shares received upon maturity of exchangeable note | 5,974,510 | ||||||||||||||
Sirius XM credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | 460,000,000 | 380,000,000 | 460,000,000 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 870,000,000 | ||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,250,000,000 | ||||||||||||||
1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 1,000,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.38% | ||||||||||||||
Debt instrument, face amount per debenture | 1,000 | ||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | ||||||||||||||
Debt instrument, convertible, threshold percentage of conversion price to stock price trigger | 130.00% | ||||||||||||||
Number of business days in measurement period | 5 | ||||||||||||||
Number of consecutive trading days in measurement period. | 5 days | ||||||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 98.00% | ||||||||||||||
Proceeds from (Payments for) Other Financing Activities | 871,000,000 | ||||||||||||||
$1 billion margin loan due 2014 | Term loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings of debt | 250,000,000 | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||||
$1 billion margin loan due 2014 | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings of debt | 450,000,000 | ||||||||||||||
Repayments of Long-term Debt | 200,000,000 | 200,000,000 | 250,000,000 | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 750,000,000 | ||||||||||||||
Incremental borrowing capacity | 1,000,000,000 | ||||||||||||||
$1 billion margin loan due 2015 Member | Term loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 250,000,000 | ||||||||||||||
$1 billion margin loan due 2015 Member | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 750,000,000 | ||||||||||||||
Interest rate at year end | 1.98% | ||||||||||||||
Debt instrument, basis spread on variable rate, floor | 1.75% | ||||||||||||||
Debt instrument, basis spread on variable rate, cap | 2.50% | ||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||
$670 million margin loan due 2015 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 670,000,000 | ||||||||||||||
Repayments of Long-term Debt | 670,000,000 | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||||||
Sirius XM 7% Exchangeable Senior Subordinated Notes due 2014 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 550,000,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 543.1372 | ||||||||||||||
Debt instrument, face amount per debenture | 1,000 | ||||||||||||||
conversion price for exchangeable debt | $1.84 | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7.00% | ||||||||||||||
Debt Conversion, Converted Instrument, Amount | 502,000,000 | ||||||||||||||
Sirius XM 5.25% Senior Notes due 2022 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | ||||||||||||||
Senior Notes, principal amount | 400,000,000 | ||||||||||||||
Sirius XM credit facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at year end | 2.41% | ||||||||||||||
Sirius XM Senior Notes due 2020 and 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowings of debt | 989,000,000 | ||||||||||||||
Sirius XM Senior Notes due 2020 and 2023 | Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.35% | ||||||||||||||
Sirius XM 4.25% Senior Notes due 2020 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||||||
Sirius XM 4.25% Senior Notes due 2020 | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 500,000,000 | ||||||||||||||
Sirius XM 4.625% Senior Notes due 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 500,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.63% | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.63% | ||||||||||||||
Sirius XM 5.75% Senior Notes due 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 600,000,000 | ||||||||||||||
Long-term Debt | 594,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||||||
Sirius XM 5.875% Senior Notes due 2020 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 650,000,000 | ||||||||||||||
Long-term Debt | 643,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | ||||||||||||||
Sirius XM 6.00% Senior Notes Due 2024 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt face amount | 1,500,000,000 | ||||||||||||||
Debt discount | 17,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||||||
Common Class A | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Investment Warrants, Exercise Price | $255.64 | ||||||||||||||
Common Class A | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 5.5882 | ||||||||||||||
conversion price for exchangeable debt | $178.95 | ||||||||||||||
SIRIUS XM | Sirius XM 7% Exchangeable Senior Subordinated Notes due 2014 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 272,855,859 | ||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
conversion price for exchangeable debt | $178.95 | ||||||||||||||
Payments for Derivative Instrument, Financing Activities | 299,000,000 | ||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Forward contract, number of underlying shares | 5,588,200 | ||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | Adjustments Due To Issuance Of Series C Common Stock and Liberty Broadband Spin Off [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
conversion price for exchangeable debt | $47.43 | ||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | Adjustments Due To Issuance Of Series C Common Stock and Liberty Broadband Spin Off [Member] | Common Class A | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 21.0859 | ||||||||||||||
Debt instrument, face amount per debenture | $1,000 | ||||||||||||||
conversion price for exchangeable debt | $47.43 | ||||||||||||||
Forward contract, number of underlying shares | 21,085,900 | ||||||||||||||
Common Class A | Adjustments Due To Issuance Of Series C Common Stock and Liberty Broadband Spin Off [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $64.46 | ||||||||||||||
Class of Warrant or Right, Outstanding | 21,085,900 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $64.46 |
Debt_Details_4
Debt (Details 4) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Forecast | Cobb County Major League Baseball Ballpark | |
Debt Instrument [Line Items] | |
Other costs and equipment | $50,000,000 |
Cobb Marietta Coliseum And Exhibit Hall Authority | Forecast | Cobb County Major League Baseball Ballpark | |
Debt Instrument [Line Items] | |
Due from affiliate | 392,000,000 |
Affiliated Entities | Forecast | Cobb County Ballpark Mixed Use Development | |
Debt Instrument [Line Items] | |
Due from affiliate | 363,000,000 |
ANLBC | |
Debt Instrument [Line Items] | |
Area of land acquired (in acres) | 82 |
Number of credit facilities | 2 |
ANLBC | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 |
Long-term Line of Credit | 100,000,000 |
ANLBC | Forecast | Cobb County Major League Baseball Ballpark | |
Debt Instrument [Line Items] | |
Construction and Development Costs | 672,000,000 |
ANLBC | Forecast | Cobb County Ballpark Mixed Use Development | |
Debt Instrument [Line Items] | |
Construction and Development Costs | 452,000,000 |
Cobb Marietta Coliseum And Exhibit Hall Authority | Forecast | Cobb County Major League Baseball Ballpark | Bonds Payable | |
Debt Instrument [Line Items] | |
Debt issuance amount | $368,000,000 |
Debt_Details_5
Debt (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $990 | $1,002 |
Sirius XM 5.875% Senior Notes due 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 672 | |
Sirius XM 5.75% Senior Notes due 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 619 | |
Sirius XM 5.25% Senior Notes due 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 421 | |
Sirius XM 4.25% Senior Notes due 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 494 | |
Sirius XM 4.625% Senior Notes due 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 471 | |
Sirius XM 6.00% Senior Notes Due 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $1,545 |
Debt_Details_6
Debt (Details 6) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Long-term Debt, Unclassified [Abstract] | |
2015 | $257 |
2016 | 4 |
2017 | 381 |
2018 | $100 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Expense (Benefit) [Abstract] | |||
Federal | $18 | ($45) | ($7) |
State and local | 7 | 3 | 4 |
Foreign | 5 | -1 | |
Current Income Tax Expense (Benefit) | 25 | -37 | -4 |
Federal | -103 | 165 | -407 |
State and local | 12 | 7 | -58 |
Deferred Income Tax Expense (Benefit), Total | -91 | 172 | -465 |
Income tax benefit (expense) | ($66) | $135 | ($469) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Computed expected tax benefit (expense) | ($161) | ($3,100) | ($570) |
Gain on consolidation of equity method affiliate not taxable | 3,054 | ||
Taxable liquidation of a consolidated subsidiary | 107 | 101 | |
Income tax reconciliation, non-taxable gain on exchange of consolidated subsidiary | 174 | ||
Dividends received deductions | 99 | 46 | 40 |
Income tax reconciliation, sale of subsidiary shares to subsidiary treated as dividend for tax | -123 | -56 | |
State and local income taxes, net of federal income taxes | -4 | 11 | -46 |
Change in valuation allowance affecting tax expense | -2 | 9 | 1 |
Recognition of tax benefits not previously recognized, net | 11 | 5 | |
Other, net | 7 | -3 | |
Income tax benefit (expense) | ($66) | $135 | ($469) |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $7,500,000,000 | |||
capital loss from taxable liquidation of consolidated subsidiary, gross | 289,000,000 | |||
capital loss deferred tax asset | 101,000,000 | |||
Net operating and capital loss carryforwards | 2,119,000,000 | 2,487,000,000 | ||
Accrued stock compensation | 127,000,000 | 99,000,000 | ||
Other accrued liabilities | 88,000,000 | 44,000,000 | ||
Discount on convertible debt | 34,000,000 | |||
Deferred revenue | 678,000,000 | 598,000,000 | ||
Other future deductible amounts | 10,000,000 | 24,000,000 | ||
Deferred tax assets | 3,022,000,000 | 3,286,000,000 | ||
Valuation allowance | -5,000,000 | -9,000,000 | ||
Net deferred tax assets | 3,017,000,000 | 3,277,000,000 | ||
Investments | 229,000,000 | 457,000,000 | ||
Intangible assets | 3,991,000,000 | 3,955,000,000 | ||
Other | 304,000,000 | 261,000,000 | ||
Deferred Tax Liabilities | 4,524,000,000 | 4,673,000,000 | ||
Deferred Tax Liabilities, Net, Total | 1,507,000,000 | 1,396,000,000 | ||
Deferred Tax Assets, Net, Current | -931,000,000 | -916,000,000 | ||
Deferred Tax Liabilities, Noncurrent | 2,438,000,000 | 2,312,000,000 | ||
Deferred tax liabilities | 1,507,000,000 | 1,396,000,000 | ||
Deferred Federal Income Tax Expense (Benefit) | 103,000,000 | -165,000,000 | 407,000,000 | |
Valuation Allowances and Reserves, Period Increase (Decrease) | 4,000,000 | |||
Valuation Allowance Increase Tax Expense | 2,000,000 | |||
Valuation Allowance Decrease Spinoff | 6,000,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 2,119,000,000 | 2,487,000,000 | ||
Excess Tax Benefits From Share Based Compensation Deductions | 70,000,000 | |||
Deferred Tax Assets Operating Loss Carryforwards Excess Share Based Compensation Deductions | 70,000,000 | |||
Income Tax Uncertainties [Abstract] | ||||
Unrecognized Tax Benefits, Beginning Balance | 29,000,000 | 30,000,000 | 29,000,000 | |
Reduction for tax positions of prior years | -11,000,000 | |||
Lapse in the statute of limitations | -17,000,000 | |||
Increase in tax positions from acquisition | 1,000,000 | |||
Unrecognized Tax Benefits, Ending Balance | 2,000,000 | 30,000,000 | 29,000,000 | |
Unrecognized Tax Benefits Allowance | 2,000,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | |||
SIRIUS XM | ||||
Income Tax Contingency [Line Items] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 7,500,000,000 | |||
SIRIUS XM | ||||
Income Tax Contingency [Line Items] | ||||
Net operating and capital loss carryforwards | 5,500,000,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $5,500,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 03, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2014 |
Preferred stock, shares issued | 0 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $17 | $23 | $494 | ||||
Stock Repurchased and Retired During Period, Shares | 0 | ||||||
Payments for Repurchase of Common Stock | 140 | 323 | |||||
Shares retired | 6,300,000 | ||||||
Cash paid in exchange transaction | 417 | 429 | |||||
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | 496 | -496 | |||||
Common Class A | |||||||
Votes per share | 1 | ||||||
Number of shares received in exchange for a share of Series B | 1 | ||||||
Stock reserved for future issuance | 3,200,000 | ||||||
Stock Repurchased and Retired During Period, Shares | 1,264,550 | 3,591,271 | |||||
Payments for Repurchase of Common Stock | $140 | $323 | |||||
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||
Common Class B | |||||||
Votes per share | 10 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | ||||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | 75,000,000 | ||||
Common Class C | |||||||
Shares received in exchange | 2 | ||||||
Votes per share | 0 | ||||||
Stock reserved for future issuance | 9,800,000 | ||||||
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 |
Transactions_with_Officers_and
Transactions with Officers and Directors (Details) (USD $) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Annual base salary increase | 5.00% | |
Annual target cash bonus | 250.00% | |
CEO | ||
Employment agreement term | 5 years | |
Officers' Compensation | $960,750 | |
Target Allocation [Abstract] | ||
2015 | 16,000,000 | |
Termination Benefits Scenario Without Cause Or Good Reason [Member] | CEO | ||
Severance payment multiple | 1.5 | |
Pro rated severance payment | 11,750,000 | |
Fixed severance payments | 17,500,000 | |
Additional vesting added upon termination | 18 months | |
Termination Benefits Scenario With No Good Reason [Member] | CEO | ||
Pro rated severance payment | 11,750,000 | |
Termination Benefits Scenario For Death Or Disability [Member] | CEO | ||
Severance payment multiple | 1.5 | |
Pro rated severance payment | 11,750,000 | |
Fixed severance payments | 17,500,000 | |
Performance Options And Performance Based Restricted Stock Units [Member] | CEO | ||
Term of option | 7 years | |
Target Allocation [Abstract] | ||
2016 | 17,000,000 | |
2017 | 18,000,000 | |
2018 | 19,000,000 | |
2019 | $20,000,000 | |
Maximum percentage of target awards issued for performace options and RSUs | 50.00% |
Transactions_with_Officers_Det
Transactions with Officers (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2008 | Dec. 31, 2009 | |
item | |||
Annual base salary increase | 5.00% | ||
Annual target cash bonus | 250.00% | ||
Chairman | |||
deferred compensation installments | 240 | ||
Chairman | 8% Plan [Member] | |||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 8.00% | ||
Deferred Compensation Liability, Current and Noncurrent | 2,400,000 | ||
Deferred Compensation Arrangement with Individual, Distributions Paid | 20,000 | ||
Chairman | 13% plan [Member] | |||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 13.00% | ||
Deferred Compensation Liability, Current and Noncurrent | 20,000,000 | ||
Deferred Compensation Arrangement with Individual, Distributions Paid | 237,000 | ||
Chairman | Salary Continuation Plan [Member] | |||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 12.00% | ||
Deferred Compensation Liability, Current and Noncurrent | 39,000,000 | ||
Base amount per month under salary continuation plan | 15,000 | ||
Deferred Compensation Arrangement with Individual, Distributions Paid | 164,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $17 | $23 | $494 | |
Common Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | |||
Common Class C | ||||
Shares received in exchange | 2 | |||
CEO | Common Class C | ||||
Options granted | 3,300,000 | |||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 75,000,000 | |||
Minimum | 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Maximum | 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Employee Stock Option [Member] | 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Employee Stock Option [Member] | 2013 Plan | Common Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,207,000 | 3,656,000 | ||
Options granted | 1,000 | 23,000 | 834,000 | |
Weighted average grant-date fair value | $38.86 | $55.16 | $42.04 | |
Granted, WAEP | $45.10 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,698,000 | |||
Outstanding WAEP | $23.21 | $30.58 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $22.99 | |||
Employee Stock Option [Member] | 2013 Plan | Common Class C | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,833,000 | |||
Options granted | 3,359,000 | |||
Weighted average grant-date fair value | $11.09 | |||
Granted, WAEP | $34.06 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,446,000 | |||
Outstanding WAEP | $26.71 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $22.69 | |||
Option Exchange [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 358 | |||
Option Exchange [Member] | 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $18 | |||
Option Exchange [Member] | Employee Stock Option [Member] | 2013 Plan | Common Class A | ||||
Options granted | 3,713,000 | |||
Weighted average grant-date fair value | $37.25 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock-based compensation | $217,000,000 | $193,000,000 | $46,000,000 |
Total unrecognized compensation cost related to unvested Liberty equity awards | 58,000,000 | ||
Weighted average period of recognition related to unvested Liberty equity awards (in years) | 2 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 594,000 | ||
Common Class B | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding options, Ending Balance | 0 | ||
SIRIUS XM | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock-based compensation | 148,000,000 | 133,000,000 | |
Weighted average period of recognition related to unvested Liberty equity awards (in years) | 2 years 4 months 24 days | ||
Employee Stock Option [Member] | SIRIUS XM | |||
Outstanding, aggregate intrinsic value | 246,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options granted | 61,900,000 | ||
Outstanding options, Ending Balance | 268,000,000 | ||
Exercisable options | 121,000,000 | ||
WAEP granted | $3.39 | ||
Outstanding WAEP, End of period | $2.72 | ||
Exercisable WAEP | $2.27 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.05 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 180,000,000 | ||
Total unrecognized compensation cost related to unvested Liberty equity awards | 236,000,000 | ||
Employee Stock Option [Member] | 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 28.20% | 31.30% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 31.30% | 41.40% | |
Employee Stock Option [Member] | 2013 Plan | Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding options, Beginning Balance | 3,656,000 | ||
Options granted | 1,000 | 23,000 | 834,000 |
Options exercised | -397,000 | ||
Options forfeited/cancelled | -1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | -52,000 | ||
Outstanding options, Ending Balance | 3,207,000 | 3,656,000 | |
Exercisable options | 2,698,000 | ||
Outstanding WAEP, Beginning of period | $30.58 | ||
WAEP granted | $45.10 | ||
WAEP exercised | $49.49 | ||
WAEP forfeited/cancelled | $25.26 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $23.22 | ||
Outstanding WAEP, End of period | $23.21 | $30.58 | |
Exercisable WAEP | $22.99 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 39,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 33,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $38.86 | $55.16 | $42.04 |
Employee Stock Option [Member] | 2013 Plan | Common Class C | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Dividend adjustment | 6,942,000 | ||
Options granted | 3,359,000 | ||
Options exercised | -428,000 | ||
Options forfeited/cancelled | -1,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | -39,000 | ||
Outstanding options, Ending Balance | 9,833,000 | ||
Exercisable options | 5,446,000 | ||
WAEP dividend adjustment | $46.01 | ||
WAEP granted | $34.06 | ||
WAEP exercised | $22.46 | ||
WAEP forfeited/cancelled | $42.32 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $22.92 | ||
Outstanding WAEP, End of period | $26.71 | ||
Exercisable WAEP | $22.69 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 5 years 2 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 82,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | 67,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $11.09 | ||
Employee Stock Option [Member] | 2013 Plan | Segment, Liberty Capital [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 25.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 54.20% | ||
Employee Stock Option [Member] | 2013 Plan | Option Exchange [Member] | Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options granted | 3,713,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $37.25 | ||
Restricted Stock [Member] | 2013 Plan | Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 224,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $16.88 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $1,000,000 | $7,000,000 | $10,000,000 |
Restricted Stock [Member] | 2013 Plan | Option Exchange [Member] | Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 594,000 | ||
Minimum | 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 3 months 18 days | ||
Maximum | 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 9 years |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $17 | $23 | $494 |
Common Class B | |||
Outstanding options | 0 | ||
Employee Stock Option [Member] | SIRIUS XM | |||
Volatility (as a percent) | 33.00% | 47.00% | |
Options granted | 61,900,000 | ||
WAEP granted | $3.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $1.05 | ||
Outstanding options | 268,000,000 | ||
Exercisable options | 121,000,000 | ||
Outstanding WAEP | $2.72 | ||
Exercisable WAEP | $2.27 | ||
Aggregate intrinsic value | 246 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $180 | ||
Restricted Stock [Member] | SIRIUS XM | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,100,000 | ||
Other than options granted WAEP | $3.38 | ||
2013 Plan | Employee Stock Option [Member] | Common Class A | |||
Options granted | 1,000 | 23,000 | 834,000 |
WAEP granted | $45.10 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $38.86 | $55.16 | $42.04 |
Outstanding options | 3,207,000 | 3,656,000 | |
Exercisable options | 2,698,000 | ||
Outstanding WAEP | $23.21 | $30.58 | |
Exercisable WAEP | $22.99 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | |||
Defined Benefit Plan, Contributions by Employer | $11 | $12 | $12 |
Other_Comprehensive_Earnings_l2
Other Comprehensive Earnings (loss) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | ($13) | $16 | ($5) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 5 | -6 | 2 | |
Unrealized holding gains (losses) arising during the period | -8 | 10 | -3 | |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax | -40 | -21 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 15 | 8 | ||
Share Of Other Comprehensive Earnings Loss Of Equity Affiliates | -9 | 4 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | 25 | 13 | ||
other comprehensive income (loss), other before tax | -14 | 6 | ||
other comprehensive income (loss), other tax | 5 | -2 | ||
other comprehensive income (loss), other net of tax | -9 | 4 | ||
Other comprehensive Income (loss) from discontinued operations Before Tax | -2 | |||
Other comprehensive Income (loss) from discontinued operations Tax | 1 | |||
Other comprehensive Income (loss) from discontinued operations Net of Tax | -1 | |||
Other Comprehensive Income (Loss), before Tax | -27 | -18 | -28 | |
Other Comprehensive Income (Loss), Tax | 10 | 7 | 11 | |
Accumulated other comprehensive earnings, net of taxes | -21 | 4 | 12 | 29 |
Other Comprehensive Income (Loss), Net of Tax | -17 | -11 | -17 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Other Comprehensive Income (Loss), Net of Tax | -17 | -11 | -17 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated other comprehensive earnings, net of taxes | -10 | 5 | 20 | 36 |
Other Comprehensive Income (Loss), Net of Tax | -8 | -15 | -16 | |
Accumulated other comprehensive income, other [Member] | ||||
Accumulated other comprehensive earnings, net of taxes | -11 | -1 | -5 | -5 |
Other Comprehensive Income (Loss), Net of Tax | -9 | 4 | ||
Segment, Discontinued Operations [Member] | ||||
Accumulated other comprehensive earnings, net of taxes | -3 | -2 | ||
Other Comprehensive Income (Loss), Net of Tax | -1 | |||
Starz, LLC | Accumulated Other Comprehensive Income (Loss) | ||||
Equity impact from pro rata distribution to shareholders of a subsidiary | 3 | |||
Starz, LLC | Segment, Discontinued Operations [Member] | ||||
Equity impact from pro rata distribution to shareholders of a subsidiary | 3 | |||
Liberty Broadband | ||||
Equity impact from pro rata distribution to shareholders of a subsidiary | -8 | |||
Liberty Broadband | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Equity impact from pro rata distribution to shareholders of a subsidiary | -7 | |||
Liberty Broadband | Accumulated other comprehensive income, other [Member] | ||||
Equity impact from pro rata distribution to shareholders of a subsidiary | ($1) |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) | 3 Months Ended | 12 Months Ended | 46 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2002 | Sep. 30, 2012 | Dec. 31, 2005 | Dec. 31, 2014 | Jun. 25, 2012 | Sep. 30, 2013 | Dec. 31, 2014 | Jan. 17, 2013 | Dec. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | SIRIUS XM | Pending Litigation | Pending Litigation | Pending Litigation | Including prejudgement interest [Member] | ANLBC | Minimum | Maximum | Maximum | |
USD ($) | Vivendi Universal SA Suit [Member] | Use And Pulic Performance Of Sounds Recorded Prior to February 15, 1972 Lawsuit | Telephone Consumer Protection Act Of 1991 Lawsuit [Member] | Pending Litigation | USD ($) | Pending Litigation | Pending Litigation | Pending Litigation | ||||||||
EUR (€) | SIRIUS XM | USD ($) | Vivendi Universal SA Suit [Member] | SoundExchange Inc lawsuit | SoundExchange Inc lawsuit | Telephone Consumer Protection Act Of 1991 Lawsuit [Member] | ||||||||||
USD ($) | lawsuit | EUR (€) | SIRIUS XM | SIRIUS XM | USD ($) | |||||||||||
lawsuit | USD ($) | USD ($) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Gain Contingency, Unrecorded Amount | € 765,000,000 | € 945,000,000 | ||||||||||||||
Loss Contingency, Estimate of Possible Loss | 128,000,000 | 70,000,000 | ||||||||||||||
Number of class action suits | 3 | 3 | ||||||||||||||
Number of suits filed | 1 | |||||||||||||||
Damages sought | 100,000,000 | 50,000,000 | 100,000,000 | |||||||||||||
Saturtory damages per violation sought | 500 | |||||||||||||||
Treble damages sought per knowing violation | 1,500 | |||||||||||||||
Estimate of amounts payable for rights to future programming | 231,000,000 | |||||||||||||||
Estimate of amounts payable for rights to future programming, 2013 | 110,000,000 | |||||||||||||||
Estimate of amounts payable for rights to future programming, 2014 | 75,000,000 | |||||||||||||||
Estimate of amounts payable for rights to future programming, 2015 | 60,000,000 | |||||||||||||||
Estimated Amounts Payable for Future Programming Five Years After Balance Sheet Date | 48,000,000 | |||||||||||||||
Compensation guarantee aggregate total | 398,000,000 | |||||||||||||||
Amounts payable under guarantee in 2015 | 80,000,000 | |||||||||||||||
Amounts payable under guarantee in 2016 | 72,000,000 | |||||||||||||||
Amounts payable under guarantee in 2017 | 88,000,000 | |||||||||||||||
Amounts payable under guarantee in 2018 | 54,000,000 | |||||||||||||||
Amount payable under guarantee, thereafter | 104,000,000 | |||||||||||||||
Operating Leases, Future Minimum Payments Due [Abstract] | ||||||||||||||||
Operating Leases, Rent Expense | 52,000,000 | 48,000,000 | 9,000,000 | |||||||||||||
Operating Leases, Future Minimum Payments Due, Current | 53,000,000 | |||||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 47,000,000 | |||||||||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 44,000,000 | |||||||||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 41,000,000 | |||||||||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 36,000,000 | |||||||||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 380,000,000 | |||||||||||||||
Proceeds from Contributions from Parent | 670,000,000 | |||||||||||||||
Adjustments to Additional Paid in Capital, Tax Benefit From Transactions with former Parent | $72,000,000 | $72,000,000 |
Information_About_Libertys_Ope2
Information About Liberty's Operating Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue, Net | $1,095 | $1,184 | $1,160 | $1,011 | $1,025 | $1,110 | $1,078 | $789 | $4,450 | $4,002 | $368 |
Adjusted OIBDA | 1,417 | 1,322 | 8 | ||||||||
SIRIUS XM | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue, Net | 4,141 | 3,625 | |||||||||
Adjusted OIBDA | 1,466 | 1,289 | |||||||||
Corporate And Other | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue, Net | 309 | 377 | 368 | ||||||||
Adjusted OIBDA | ($49) | $33 | $8 |
Information_About_Libertys_Ope3
Information About Liberty's Operating Segments (Details 1) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Activities And Reporting Information By Segment [Line Items] | ||
Assets | $31,207 | $34,542 |
Investments in affiliates, accounted for using the equity method | 851 | 3,299 |
Payments to Acquire Productive Assets | 194 | 207 |
SIRIUS XM | ||
Operating Activities And Reporting Information By Segment [Line Items] | ||
Assets | 28,009 | 28,203 |
Investments in affiliates, accounted for using the equity method | 237 | 273 |
Payments to Acquire Productive Assets | 126 | 200 |
Corporate And Other | ||
Operating Activities And Reporting Information By Segment [Line Items] | ||
Assets | 3,198 | 6,339 |
Investments in affiliates, accounted for using the equity method | 614 | 3,026 |
Payments to Acquire Productive Assets | $68 | $7 |
Information_About_Libertys_Ope4
Information About Liberty's Operating Segments (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Information About Liberty's Operating Segments | |||
Consolidated segment Adjusted OIBDA | $1,417 | $1,322 | $8 |
Stock-based compensation | -217 | -193 | -46 |
Depreciation and amortization | -359 | -315 | -42 |
Interest expense | -255 | -132 | -7 |
Dividend and interest income | 27 | 48 | 76 |
Share of earnings (losses) of affiliates, net | -113 | -32 | 1,346 |
Realized and unrealized gains (losses) on financial instruments, net | 38 | 295 | 230 |
Gains (losses) on transactions, net | 7,978 | 22 | |
Other, net | -77 | -115 | 42 |
Earnings (loss) from continuing operations before income taxes | $461 | $8,856 | $1,629 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information (Unaudited) [Abstract] | |||||||||||
Revenue, Net | $1,095 | $1,184 | $1,160 | $1,011 | $1,025 | $1,110 | $1,078 | $789 | $4,450 | $4,002 | $368 |
Operating income | 206 | 249 | 231 | 155 | 189 | 248 | 226 | 151 | 841 | 814 | -80 |
Earnings from continuing operations | 130 | 87 | 106 | 72 | 619 | 116 | 152 | 8,104 | 395 | 8,991 | 1,160 |
Net Income (Loss) Attributable to Parent | $73 | $33 | $50 | $22 | $552 | $76 | $93 | $8,059 | $178 | $8,780 | $1,414 |
Series A and Series B Liberty Capital common stock | $0.21 | $0.10 | $0.15 | $0.06 | $1.62 | $0.21 | $0.26 | $22.57 | $0.52 | $24.73 | $3.92 |
Series A and Series B Liberty Capital common stock | $0.21 | $0.10 | $0.14 | $0.06 | $1.60 | $0.21 | $0.26 | $22.20 | $0.52 | $24.46 | $3.80 |