Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 29, 2018 | |
Entity Registrant Name | Liberty Media Corp | ||
Entity Central Index Key | 1,560,385 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 22.8 | ||
Liberty Sirius XM Group Common Class A | |||
Entity Common Stock, Shares Outstanding | 102,809,736 | ||
Liberty Sirius XM Group Common Class B | |||
Entity Common Stock, Shares Outstanding | 9,821,531 | ||
Liberty Sirus XM Group Common Class C | |||
Entity Common Stock, Shares Outstanding | 210,823,353 | ||
Liberty Braves Group Common Class A | |||
Entity Common Stock, Shares Outstanding | 10,244,591 | ||
Liberty Braves Group Common Class B | |||
Entity Common Stock, Shares Outstanding | 981,860 | ||
Liberty Braves Group Common Class C | |||
Entity Common Stock, Shares Outstanding | 39,740,215 | ||
Liberty Formula One Group Common Class A | |||
Entity Common Stock, Shares Outstanding | 25,675,346 | ||
Liberty Formula One Group Common Class B | |||
Entity Common Stock, Shares Outstanding | 2,453,485 | ||
Liberty Formula One Group Common Class C | |||
Entity Common Stock, Shares Outstanding | 202,887,872 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 358 | $ 1,029 |
Trade and other receivables, net | 364 | 358 |
Other current assets | 360 | 356 |
Total current assets | 1,082 | 1,743 |
Investments in debt and equity securities | 1,278 | 1,114 |
Investments in affiliates, accounted for using the equity method | 1,641 | 1,750 |
Property and equipment, at cost | 3,765 | 3,596 |
Accumulated depreciation | (1,296) | (1,055) |
Property and equipment, net | 2,469 | 2,541 |
Intangible assets not subject to amortization: | ||
Goodwill | 18,386 | 18,383 |
FCC licenses | 8,600 | 8,600 |
Other | 1,074 | 1,074 |
Intangible assets not subject to amortization | 28,060 | 28,057 |
Intangible assets subject to amortization, net | 5,715 | 6,192 |
Other assets | 583 | 599 |
Total assets | 40,828 | 41,996 |
Current liabilities: | ||
Accounts Payable and accrued liabilities | 1,116 | 1,250 |
Current portion of debt | 17 | 768 |
Deferred revenue | 2,079 | 1,941 |
Other current liabilities | 32 | 20 |
Total current liabilities | 3,244 | 3,979 |
Long-term debt | 13,371 | 13,186 |
Deferred income tax liabilities | 1,651 | 1,478 |
Other liabilities | 864 | 779 |
Total liabilities | 19,130 | 19,422 |
Stockholders' equity: | ||
Preferred stock | ||
Additional paid-in capital | 2,984 | 3,892 |
Accumulated other comprehensive earnings (loss), net of taxes | (38) | (35) |
Retained earnings | 13,644 | 13,081 |
Total stockholders' equity | 16,595 | 16,943 |
Noncontrolling interests in equity of subsidiaries | 5,103 | 5,631 |
Total equity | 21,698 | 22,574 |
Commitments and contingencies | ||
Total liabilities and equity | 40,828 | 41,996 |
Elimination | ||
Intangible assets not subject to amortization: | ||
Total assets | (226) | (202) |
Current liabilities: | ||
Total liabilities | (226) | (202) |
Stockholders' equity: | ||
Total liabilities and equity | (226) | (202) |
Liberty Sirius XM Group | ||
Current assets: | ||
Cash and cash equivalents | 91 | 615 |
Trade and other receivables, net | 233 | 242 |
Other current assets | 191 | 207 |
Total current assets | 515 | 1,064 |
Investments in debt and equity securities | 967 | 580 |
Investments in affiliates, accounted for using the equity method | 629 | 672 |
Property and equipment, at cost | 2,450 | 2,274 |
Accumulated depreciation | (1,112) | (927) |
Property and equipment, net | 1,338 | 1,347 |
Intangible assets not subject to amortization: | ||
Goodwill | 14,250 | 14,247 |
FCC licenses | 8,600 | 8,600 |
Other | 931 | 931 |
Intangible assets not subject to amortization | 23,781 | 23,778 |
Intangible assets subject to amortization, net | 942 | 972 |
Other assets | 120 | 117 |
Total assets | 28,292 | 28,530 |
Current liabilities: | ||
Accounts Payable and accrued liabilities | 854 | 934 |
Current portion of debt | 3 | 755 |
Deferred revenue | 1,932 | 1,882 |
Other current liabilities | 15 | 3 |
Total current liabilities | 2,800 | 3,583 |
Long-term debt | 7,855 | 6,741 |
Deferred income tax liabilities | 1,673 | 1,447 |
Other liabilities | 257 | 283 |
Total liabilities | 12,585 | 12,054 |
Stockholders' equity: | ||
Total stockholders' equity | 10,599 | 10,861 |
Noncontrolling interests in equity of subsidiaries | 5,108 | 5,615 |
Total liabilities and equity | 28,292 | 28,530 |
Liberty Sirius XM Group | Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 1 | 1 |
Liberty Sirius XM Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 2 | 2 |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 107 | 132 |
Trade and other receivables, net | 21 | 32 |
Other current assets | 129 | 56 |
Total current assets | 257 | 220 |
Investments in debt and equity securities | 8 | 8 |
Investments in affiliates, accounted for using the equity method | 92 | 145 |
Property and equipment, at cost | 1,137 | 1,150 |
Accumulated depreciation | (96) | (51) |
Property and equipment, net | 1,041 | 1,099 |
Intangible assets not subject to amortization: | ||
Goodwill | 180 | 180 |
Other | 143 | 143 |
Intangible assets not subject to amortization | 323 | 323 |
Intangible assets subject to amortization, net | 37 | 49 |
Other assets | 47 | 22 |
Total assets | 1,805 | 1,866 |
Current liabilities: | ||
Accounts Payable and accrued liabilities | 29 | 58 |
Current portion of debt | 14 | 13 |
Deferred revenue | 54 | 51 |
Other current liabilities | 8 | 8 |
Total current liabilities | 84 | 91 |
Long-term debt | 477 | 649 |
Deferred income tax liabilities | 69 | 62 |
Other liabilities | 511 | 435 |
Total liabilities | 1,367 | 1,439 |
Stockholders' equity: | ||
Total stockholders' equity | 446 | 413 |
Noncontrolling interests in equity of subsidiaries | (8) | 14 |
Total liabilities and equity | 1,805 | 1,866 |
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 160 | 282 |
Trade and other receivables, net | 110 | 84 |
Other current assets | 40 | 93 |
Total current assets | 310 | 459 |
Investments in debt and equity securities | 303 | 526 |
Investments in affiliates, accounted for using the equity method | 920 | 933 |
Property and equipment, at cost | 178 | 172 |
Accumulated depreciation | (88) | (77) |
Property and equipment, net | 90 | 95 |
Intangible assets not subject to amortization: | ||
Goodwill | 3,956 | 3,956 |
Intangible assets not subject to amortization | 3,956 | 3,956 |
Intangible assets subject to amortization, net | 4,736 | 5,171 |
Other assets | 416 | 460 |
Total assets | 10,957 | 11,802 |
Current liabilities: | ||
Accounts Payable and accrued liabilities | 233 | 258 |
Deferred revenue | 93 | 8 |
Other current liabilities | 9 | 9 |
Total current liabilities | 360 | 305 |
Long-term debt | 5,039 | 5,796 |
Deferred income tax liabilities | (91) | (31) |
Other liabilities | 96 | 61 |
Total liabilities | 5,404 | 6,131 |
Stockholders' equity: | ||
Total stockholders' equity | 5,550 | 5,669 |
Noncontrolling interests in equity of subsidiaries | 3 | 2 |
Total liabilities and equity | 10,957 | 11,802 |
Formula One Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt, measured at fair value | $ 2,487 | $ 2,115 |
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 |
Liberty Sirius XM Group | 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 | 102,809,736 | 102,701,972 |
Common stock, shares outstanding | 102,809,736 | 102,701,972 |
Liberty Sirius XM Group | 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 | 9,821,531 | 9,821,531 |
Common stock, shares outstanding | 9,821,531 | 9,821,531 |
Liberty Sirius XM Group | 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 | 213,130,922 | 223,588,953 |
Common stock, shares outstanding | 213,130,922 | 223,588,953 |
Braves Group | Common Class A | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 10,244,591 | 10,243,259 |
Common stock, shares outstanding | 10,244,591 | 10,243,259 |
Braves Group | Common Class B | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares issued | 981,860 | 981,860 |
Common stock, shares outstanding | 981,860 | 981,860 |
Braves Group | Common Class C | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 39,740,215 | 39,723,440 |
Common stock, shares outstanding | 39,740,215 | 39,723,440 |
Formula One Group | Common Class A | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 25,675,346 | 25,649,611 |
Common stock, shares outstanding | 25,675,346 | 25,649,611 |
Formula One Group | Common Class B | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 18,750,000 | 18,750,000 |
Common stock, shares issued | 2,453,485 | 2,454,448 |
Common stock, shares outstanding | 2,453,485 | 2,454,448 |
Formula One Group | Common Class C | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 202,887,872 | 202,720,588 |
Common stock, shares outstanding | 202,887,872 | 202,720,588 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue: | |||||||||||
Total revenue | $ 2,009 | $ 2,315 | $ 2,199 | $ 1,517 | $ 1,994 | $ 2,065 | $ 2,140 | $ 1,395 | $ 8,040 | $ 7,594 | $ 5,276 |
Subscriber acquisition costs | 470 | 499 | 513 | ||||||||
Other operating expense | 370 | 394 | 306 | ||||||||
Selling, general and administrative | 1,203 | 1,162 | 886 | ||||||||
Legal settlement, net | (511) | ||||||||||
Depreciation and amortization | 905 | 824 | 354 | ||||||||
Total operating costs and expenses | 6,529 | 6,200 | 3,542 | ||||||||
Operating income (loss) | 379 | 531 | 374 | 227 | 331 | 382 | 422 | 259 | 1,511 | 1,394 | 1,734 |
Other income (expense): | |||||||||||
Interest expense | (606) | (591) | (362) | ||||||||
Share of earnings (losses) of affiliates, net | 18 | 104 | 14 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | 40 | (88) | 37 | ||||||||
Other, net | 78 | 8 | (4) | ||||||||
Total other income (expense) | (470) | (567) | (315) | ||||||||
Earnings (loss) before income taxes | 1,041 | 827 | 1,419 | ||||||||
Income tax (expense) benefit | (176) | 1,063 | (495) | ||||||||
Net earnings (loss) | 31 | 366 | 255 | 213 | 1,429 | 261 | 156 | 44 | 865 | 1,890 | 924 |
Less net earnings (losses) attributable to the noncontrolling interests | 334 | 536 | 244 | ||||||||
Net earnings (loss) attributable to Liberty stockholders | 531 | 1,354 | 680 | ||||||||
Liberty Media Corporation | |||||||||||
Other income (expense): | |||||||||||
Net earnings (loss) attributable to Liberty stockholders | $ 377 | ||||||||||
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, basic earnings loss per share | $ 1.13 | ||||||||||
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, diluted earnings loss per share | $ 1.12 | ||||||||||
Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 5,771 | 5,425 | $ 5,014 | ||||||||
Subscriber acquisition costs | 470 | 499 | 513 | ||||||||
Other operating expense | 123 | 113 | 82 | ||||||||
Selling, general and administrative | 881 | 812 | 761 | ||||||||
Depreciation and amortization | 369 | 352 | 312 | ||||||||
Total operating costs and expenses | 4,151 | 3,878 | 3,662 | ||||||||
Operating income (loss) | 1,620 | 1,547 | 1,352 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (388) | (356) | (342) | ||||||||
Share of earnings (losses) of affiliates, net | (11) | 29 | 13 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | (1) | (16) | |||||||||
Other, net | 25 | (11) | (25) | ||||||||
Total other income (expense) | (375) | (354) | (354) | ||||||||
Earnings (loss) before income taxes | 1,245 | 1,193 | 998 | ||||||||
Income tax (expense) benefit | (241) | 466 | (341) | ||||||||
Net earnings (loss) | 1,004 | 1,659 | 657 | ||||||||
Less net earnings (losses) attributable to the noncontrolling interests | 328 | 535 | 244 | ||||||||
Net earnings (loss) attributable to Liberty stockholders | $ 126 | $ 185 | $ 165 | $ 200 | $ 694 | $ 183 | $ 123 | $ 124 | $ 676 | $ 1,124 | $ 297 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, basic earnings loss per share | $ 0.39 | $ 0.56 | $ 0.50 | $ 0.60 | $ 2.07 | $ 0.54 | $ 0.37 | $ 0.37 | $ 2.04 | $ 3.35 | $ 0.89 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.38 | $ 0.55 | $ 0.49 | $ 0.59 | $ 2.04 | $ 0.54 | $ 0.36 | $ 0.37 | $ 2.01 | $ 3.31 | $ 0.88 |
Braves Group | |||||||||||
Revenue: | |||||||||||
Total revenue | $ 442 | $ 386 | $ 262 | ||||||||
Other operating expense | 247 | 281 | 224 | ||||||||
Selling, general and administrative | 118 | 151 | 67 | ||||||||
Depreciation and amortization | 76 | 67 | 32 | ||||||||
Total operating costs and expenses | 441 | 499 | 323 | ||||||||
Operating income (loss) | 1 | (113) | (61) | ||||||||
Other income (expense): | |||||||||||
Interest expense | (26) | (15) | (1) | ||||||||
Share of earnings (losses) of affiliates, net | 12 | 78 | 9 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | (2) | 1 | |||||||||
Other, net | 35 | 3 | |||||||||
Total other income (expense) | (5) | 51 | (18) | ||||||||
Earnings (loss) before income taxes | (4) | (62) | (79) | ||||||||
Income tax (expense) benefit | 15 | 36 | 17 | ||||||||
Net earnings (loss) | 11 | (26) | (62) | ||||||||
Less net earnings (losses) attributable to the noncontrolling interests | 6 | (1) | |||||||||
Net earnings (loss) attributable to Liberty stockholders | $ 18 | $ 41 | $ (2) | $ (52) | $ 4 | $ 22 | $ (2) | $ (49) | $ 5 | $ (25) | $ (30) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, basic earnings loss per share | $ 0.35 | $ 0.80 | $ (0.04) | $ (1.02) | $ 0.08 | $ 0.45 | $ (0.04) | $ (1) | $ 0.10 | $ (0.51) | $ (0.65) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.07) | $ 0.80 | $ (0.04) | $ (1.02) | $ 0.07 | $ 0.45 | $ (0.04) | $ (1) | $ 0.10 | $ (0.51) | $ (0.65) |
Formula One Group | |||||||||||
Revenue: | |||||||||||
Total revenue | $ 1,827 | $ 1,783 | |||||||||
Selling, general and administrative | 204 | 199 | $ 58 | ||||||||
Legal settlement, net | (511) | ||||||||||
Depreciation and amortization | 460 | 405 | 10 | ||||||||
Total operating costs and expenses | 1,937 | 1,823 | (443) | ||||||||
Operating income (loss) | (110) | (40) | 443 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (192) | (220) | (19) | ||||||||
Share of earnings (losses) of affiliates, net | 17 | (3) | (8) | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | 43 | (72) | 36 | ||||||||
Other, net | 18 | 16 | 21 | ||||||||
Total other income (expense) | (90) | (264) | 57 | ||||||||
Earnings (loss) before income taxes | (200) | (304) | 500 | ||||||||
Income tax (expense) benefit | 50 | 561 | (171) | ||||||||
Net earnings (loss) | (150) | 257 | 329 | ||||||||
Less net earnings (losses) attributable to the noncontrolling interests | 2 | ||||||||||
Net earnings (loss) attributable to Liberty stockholders | $ (184) | $ 42 | $ 9 | $ (17) | $ 415 | $ (37) | $ (27) | $ (96) | $ (150) | $ 255 | $ 36 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, basic earnings loss per share | $ (0.80) | $ 0.18 | $ 0.04 | $ (0.07) | $ 1.80 | $ (0.17) | $ (0.13) | $ (0.55) | $ (0.65) | $ 1.23 | $ 0.43 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||||||||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.80) | $ 0.18 | $ 0.04 | $ (0.07) | $ 1.79 | $ (0.17) | $ (0.13) | $ (0.55) | $ (0.65) | $ 1.21 | $ 0.42 |
Subscriber | |||||||||||
Revenue: | |||||||||||
Total revenue | $ 4,594 | $ 4,473 | $ 4,194 | ||||||||
Subscriber | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 4,594 | 4,473 | 4,194 | ||||||||
Revenue Share And Royalties | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 1,394 | 1,210 | 1,109 | ||||||||
Revenue Share And Royalties | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 1,394 | 1,210 | 1,109 | ||||||||
Programming and content | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 406 | 388 | 354 | ||||||||
Programming and content | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 406 | 388 | 354 | ||||||||
Customer service and billing | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 382 | 385 | 387 | ||||||||
Customer service and billing | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 382 | 385 | 387 | ||||||||
Other cost of subscriber services | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 126 | 119 | 144 | ||||||||
Other cost of subscriber services | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 126 | 119 | 144 | ||||||||
Formula 1 | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,827 | 1,783 | |||||||||
Cost of subscriber services and Formula 1 revenue | 1,273 | 1,219 | |||||||||
Formula 1 | Formula One Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,827 | 1,783 | |||||||||
Cost of subscriber services and Formula 1 revenue | 1,273 | 1,219 | |||||||||
Other | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,619 | 1,338 | 1,082 | ||||||||
Other | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,177 | 952 | 820 | ||||||||
Other | Braves Group | |||||||||||
Revenue: | |||||||||||
Total revenue | $ 442 | $ 386 | $ 262 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net earnings (loss) | $ 865 | $ 1,890 | $ 924 |
Other comprehensive earnings (loss), net of taxes: | |||
Foreign currency translation adjustments | (34) | 24 | 4 |
Unrealized holding gains (losses) arising during the period | (3) | (3) | |
Credit risk on fair value debt instruments gains (losses) | 32 | ||
Share of other comprehensive earnings (loss) of equity affiliates | (10) | 14 | (14) |
Other Comprehensive earnings (loss) | (15) | 35 | (10) |
Comprehensive earnings (loss) | 850 | 1,925 | 914 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 324 | 544 | 245 |
Comprehensive earnings (loss) attributable to Liberty stockholders | 526 | 1,381 | 669 |
Liberty Media Corporation | |||
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | 382 | ||
Liberty Sirius XM Group | |||
Net earnings (loss) | 1,004 | 1,659 | 657 |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | 663 | 1,142 | 295 |
Braves Group | |||
Net earnings (loss) | 11 | (26) | (62) |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | 2 | (28) | (30) |
Formula One Group | |||
Net earnings (loss) | (150) | 257 | 329 |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ (139) | $ 267 | $ 22 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 865 | $ 1,890 | $ 924 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 905 | 824 | 354 |
Stock-based compensation | 192 | 230 | 150 |
Share of (earnings) loss of affiliates, net | (18) | (104) | (14) |
Realized and unrealized (gains) losses on financial instruments, net | (40) | 88 | (37) |
Noncash interest expense | (1) | 16 | 11 |
Losses (gains) on dilution of investment in affiliate | 1 | (3) | |
Loss on early extinguishment of debt | 1 | 48 | 24 |
Deferred income tax expense (benefit) | 167 | (1,064) | 427 |
Other charges (credits), net | (17) | 4 | 30 |
Changes in operating assets and liabilities | |||
Current and other assets | (31) | 50 | 25 |
Payables and other current liabilities | 132 | (247) | 277 |
Net cash provided (used) by operating activities | 2,156 | 1,732 | 2,171 |
Cash flows from investing activities: | |||
Cash proceeds from sale of investments | 399 | 21 | 62 |
Net cash paid for the acquisition of Formula 1 | (1,647) | ||
Investments in equity method affiliates and debt and equity securities | (414) | (862) | (784) |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 14 | 48 | |
Capital expended for property and equipment | (403) | (517) | (568) |
Purchases of short term investments and other marketable securities | (258) | ||
Sales of short term investments and other marketable securities | 273 | ||
Other investing activities, net | 34 | (132) | (37) |
Net cash provided (used) by investing activities | (370) | (3,137) | (1,264) |
Cash flows from financing activities: | |||
Borrowings of debt | 3,617 | 6,697 | 2,745 |
Repayments of debt | (4,057) | (5,107) | (1,749) |
Proceeds from Issuance of Series C Liberty Formula One Common Stock | 1,938 | ||
Series C Liberty SiriusXM common stock repurchases | (466) | ||
Subsidiary shares repurchased by subsidiary | (1,314) | (1,409) | (1,674) |
Proceeds from Liberty Braves common stock rights offering | 203 | ||
Cash dividends paid by subsidiary | (59) | (60) | (16) |
Taxes paid in lieu of shares issued for stock-based compensation | (130) | (135) | (58) |
Other financing activities, net | 29 | (48) | 3 |
Net cash provided (used) by financing activities | (2,380) | 1,876 | (546) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | 4 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (595) | 475 | 361 |
Cash, cash equivalents and restricted cash at beginning of period | 1,047 | 572 | 211 |
Cash, cash equivalents and restricted cash at end of period | 452 | 1,047 | 572 |
Liberty Sirius XM Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | 1,004 | 1,659 | 657 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 369 | 352 | 312 |
Stock-based compensation | 156 | 150 | 128 |
Share of (earnings) loss of affiliates, net | 11 | (29) | (13) |
Realized and unrealized (gains) losses on financial instruments, net | 1 | 16 | |
Noncash interest expense | (8) | 7 | 6 |
Loss on early extinguishment of debt | 35 | 24 | |
Deferred income tax expense (benefit) | 231 | (492) | 332 |
Other charges (credits), net | 2 | (4) | 21 |
Changes in operating assets and liabilities | |||
Current and other assets | (4) | 30 | 59 |
Payables and other current liabilities | 21 | 127 | 184 |
Net cash provided (used) by operating activities | 1,785 | 1,849 | 1,704 |
Cash flows from investing activities: | |||
Investments in equity method affiliates and debt and equity securities | (405) | (851) | |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 14 | ||
Capital expended for property and equipment | (356) | (288) | (206) |
Other investing activities, net | (9) | (115) | (4) |
Net cash provided (used) by investing activities | (756) | (1,254) | (210) |
Cash flows from financing activities: | |||
Borrowings of debt | 2,795 | 4,553 | 1,847 |
Repayments of debt | (2,431) | (3,216) | (1,471) |
Series C Liberty SiriusXM common stock repurchases | (466) | ||
Subsidiary shares repurchased by subsidiary | (1,314) | (1,409) | (1,674) |
Cash dividends paid by subsidiary | (59) | (60) | (16) |
Taxes paid in lieu of shares issued for stock-based compensation | (127) | (100) | (47) |
Other financing activities, net | 50 | (35) | (16) |
Net cash provided (used) by financing activities | (1,552) | (267) | (1,319) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (523) | 328 | 175 |
Cash, cash equivalents and restricted cash at beginning of period | 625 | 297 | 122 |
Cash, cash equivalents and restricted cash at end of period | 102 | 625 | 297 |
Braves Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | 11 | (26) | (62) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 76 | 67 | 32 |
Stock-based compensation | 11 | 48 | 9 |
Share of (earnings) loss of affiliates, net | (12) | (78) | (9) |
Realized and unrealized (gains) losses on financial instruments, net | 2 | (1) | |
Noncash interest expense | 5 | 3 | 5 |
Loss on early extinguishment of debt | 5 | ||
Deferred income tax expense (benefit) | (1) | 2 | 1 |
Other charges (credits), net | (20) | 18 | 11 |
Changes in operating assets and liabilities | |||
Current and other assets | 8 | (57) | (17) |
Payables and other current liabilities | (22) | (15) | 105 |
Net cash provided (used) by operating activities | 103 | (42) | 89 |
Cash flows from investing activities: | |||
Cash proceeds from sale of investments | 155 | 5 | |
Investments in equity method affiliates and debt and equity securities | (2) | (20) | |
Capital expended for property and equipment | (33) | (219) | (360) |
Other investing activities, net | 37 | (5) | (33) |
Net cash provided (used) by investing activities | 159 | (221) | (413) |
Cash flows from financing activities: | |||
Borrowings of debt | 123 | 544 | 460 |
Repayments of debt | (317) | (218) | (276) |
Proceeds from Liberty Braves common stock rights offering | 203 | ||
Taxes paid in lieu of shares issued for stock-based compensation | (30) | ||
Other financing activities, net | (18) | 15 | |
Net cash provided (used) by financing activities | (212) | 296 | 418 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 50 | 33 | 94 |
Cash, cash equivalents and restricted cash at beginning of period | 140 | 107 | 13 |
Cash, cash equivalents and restricted cash at end of period | 190 | 140 | 107 |
Formula One Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (150) | 257 | 329 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 460 | 405 | 10 |
Stock-based compensation | 25 | 32 | 13 |
Share of (earnings) loss of affiliates, net | (17) | 3 | 8 |
Realized and unrealized (gains) losses on financial instruments, net | (43) | 72 | (36) |
Noncash interest expense | 2 | 6 | |
Losses (gains) on dilution of investment in affiliate | 1 | (3) | |
Loss on early extinguishment of debt | 1 | 8 | |
Deferred income tax expense (benefit) | (63) | (574) | 94 |
Other charges (credits), net | 1 | (10) | (2) |
Changes in operating assets and liabilities | |||
Current and other assets | (35) | 77 | (17) |
Payables and other current liabilities | 133 | (359) | (12) |
Net cash provided (used) by operating activities | 268 | (75) | 378 |
Cash flows from investing activities: | |||
Cash proceeds from sale of investments | 244 | 16 | 62 |
Net cash paid for the acquisition of Formula 1 | (1,647) | ||
Investments in equity method affiliates and debt and equity securities | (9) | (9) | (764) |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 48 | ||
Capital expended for property and equipment | (14) | (10) | (2) |
Purchases of short term investments and other marketable securities | (258) | ||
Sales of short term investments and other marketable securities | 273 | ||
Other investing activities, net | 6 | (12) | |
Net cash provided (used) by investing activities | 227 | (1,662) | (641) |
Cash flows from financing activities: | |||
Borrowings of debt | 699 | 1,600 | 438 |
Repayments of debt | (1,309) | (1,673) | (2) |
Proceeds from Issuance of Series C Liberty Formula One Common Stock | 1,938 | ||
Taxes paid in lieu of shares issued for stock-based compensation | (3) | (5) | (11) |
Other financing activities, net | (3) | (13) | 4 |
Net cash provided (used) by financing activities | (616) | 1,847 | 355 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | 4 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (122) | 114 | 92 |
Cash, cash equivalents and restricted cash at beginning of period | 282 | 168 | 76 |
Cash, cash equivalents and restricted cash at end of period | $ 160 | $ 282 | $ 168 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Liberty Media CorporationCommon StockCommon Class A | Liberty Media CorporationCommon StockCommon Class C | Liberty Sirius XM GroupCommon StockCommon Class A | Liberty Sirius XM GroupCommon StockCommon Class C | Liberty Sirius XM Group | Braves Group | Formula One Group | Common StockCommon Class C | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest | Total |
Balance at Dec. 31, 2015 | $ 1 | $ 2 | $ (51) | $ 10,981 | $ 7,198 | $ 18,131 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings | $ 657 | $ (62) | $ 329 | 680 | 244 | 924 | |||||||
Other Comprehensive loss | (11) | 1 | (10) | ||||||||||
Cumulative adjustment for change in accounting principle | 66 | (1) | 65 | ||||||||||
Recapitalization of tracking stock groups | $ (1) | $ (2) | $ 1 | $ 2 | $ 1 | 1 | |||||||
Stock-based compensation | $ 96 | 35 | 131 | ||||||||||
Withholding taxes on net share settlements of stock-based compensation | (58) | (58) | |||||||||||
Issuance of common stock upon exercise of stock options | 7 | 7 | |||||||||||
Shares issued as consideration | 203 | 203 | |||||||||||
Shares repurchased by subsidiary | (130) | (1,544) | (1,674) | ||||||||||
Shares issued by subsidiary | (28) | 28 | |||||||||||
Contribution by noncontrolling interest | 15 | 15 | |||||||||||
Dividends paid by subsidiary | (16) | (16) | |||||||||||
Other | (3) | (3) | |||||||||||
Balance at Dec. 31, 2016 | 1 | 2 | 1 | 87 | (62) | 11,727 | 5,960 | 17,716 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings | 1,659 | (26) | 257 | 1,354 | 536 | 1,890 | |||||||
Other Comprehensive loss | 27 | 8 | 35 | ||||||||||
Stock-based compensation | 129 | 35 | 164 | ||||||||||
Withholding taxes on net share settlements of stock-based compensation | (135) | (135) | |||||||||||
Issuance of common stock upon exercise of stock options | 13 | 13 | |||||||||||
Shares issued in private placement transaction | 1,938 | 1,938 | |||||||||||
Shares issued as consideration | 1 | 1,616 | 1,617 | ||||||||||
Initial Recognition of conversion option on Delta Topco Exchangeable Notes | 173 | 173 | |||||||||||
Shares issued in exchange for Delta Topco Exchangeable Notes | 352 | 352 | |||||||||||
Shares repurchased by subsidiary | (369) | (1,034) | (1,403) | ||||||||||
Shares issued by subsidiary | (7) | 186 | 179 | ||||||||||
Dividends paid by subsidiary | (60) | (60) | |||||||||||
Noncontrolling interest activity of equity affiliates | 31 | 31 | |||||||||||
Shares Issued for Subsidiary Incentive Plan | 64 | 64 | |||||||||||
Balance at Dec. 31, 2017 | 1 | 2 | 2 | 3,892 | (35) | 13,081 | 5,631 | 22,574 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net earnings | $ 1,004 | $ 11 | $ (150) | 531 | 334 | 865 | |||||||
Other Comprehensive loss | (5) | (10) | (15) | ||||||||||
Cumulative adjustment for change in accounting principle | 22 | 2 | 36 | 12 | 72 | ||||||||
Stock-based compensation | 153 | 39 | 192 | ||||||||||
Withholding taxes on net share settlements of stock-based compensation | (130) | (130) | |||||||||||
Issuance of common stock upon exercise of stock options | 5 | 5 | |||||||||||
Series C Liberty SiriusXM stock repurchases | (466) | (466) | |||||||||||
Shares repurchased by subsidiary | (416) | (881) | (1,297) | ||||||||||
Shares issued by subsidiary | (65) | 65 | |||||||||||
Dividends paid by subsidiary | (59) | (59) | |||||||||||
Distribution to noncontrolling interest | 19 | 19 | |||||||||||
Noncontrolling interest activity of equity affiliates | (2) | (2) | |||||||||||
Purchase of noncontrolling interest | (9) | (9) | (18) | ||||||||||
Other | (4) | (4) | |||||||||||
Balance at Dec. 31, 2018 | $ 1 | $ 2 | $ 2 | $ 2,984 | $ (38) | $ 13,644 | $ 5,103 | $ 21,698 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation | |
Basis of Presentation | (1) Basis of Presentatio 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,” “we,” “our,” “us” or the “Company” unless the context otherwise requires) represent a consolidation of certain media and entertainment related assets and businesses. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Our significant subsidiaries include Sirius XM Holdings Inc. (“SIRIUS XM”), Formula 1 and Braves Holdings, LLC (“Braves Holdings”). Our significant investment accounted for under the equity method of accounting is Live Nation Entertainment, Inc. (“Live Nation”). As discussed in notes 2 and 7, Liberty obtained a nearly 20% interest in Delta Topco Limited (“Delta Topco”), the parent company of Formula 1, a global motorsports business, during 2016 and acquired the remaining interests, other than a nominal number of shares held by certain Formula 1 teams, during January 2017. 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, Starz (which was renamed Starz Acquisition, LLC in connection with its acquisition by Lions Gate Entertainment Corp. and was formerly known as Liberty Media Corporation) spun-off (the “Starz Spin-Off”) its then-former wholly-owned subsidiary, 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. Also in January 2013, Liberty obtained a controlling interest and began consolidating SIRIUS XM. SIRIUS XM, since the date of our investment, has repurchased approximately 2.5 billion SIRIUS XM shares for approximately $9.4 billion. Liberty continues to maintain a controlling interest in SIRIUS XM following the completion of the share repurchases. As of December 31, 2018, we owned approximately 73% of the outstanding equity interest in SIRIUS XM. On February 1, 2019, SIRIUS XM issued shares of SIRIUS XM Common Stock in conjunction with its acquisition of Pandora Media, Inc. (“Pandora”), which reduced our economic ownership in SIRIUS XM to approximately 67% as of such date. See note 7 for more information regarding the acquisition of Pandora. During 2014, Liberty’s board of directors approved the issuance of shares of its Series C Liberty Media Corporation common stock to holders of its Series A and Series B Liberty Media Corporation common stock, effected by means of a dividend. On July 23, 2014, holders of Series A and Series B Liberty Media Corporation common stock received a dividend of two shares of Series C Liberty Media Corporation common stock for each share of Series A or Series B Liberty Media Corporation common stock held by them as of July 7, 2014. Additionally, in connection with the Series C Liberty Media Corporation common stock issuance and the Broadband Spin-Off (defined below), outstanding Series A Liberty Media Corporation common stock warrants have been adjusted, as well as the number of shares covered by outstanding cash convertible note hedges and purchased call options (the “Bond Hedge Transaction”). See note 10 for further discussion regarding the warrants and Bond Hedge Transaction. 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”). In the Broadband Spin-Off, record holders of Series A, Series B and Series C Liberty Media Corporation 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. During August 2014, Liberty Interactive completed the distribution of Liberty TripAdvisor Holdings, Inc. (“Liberty TripAdvisor”) (the “TripAdvisor Spin-Off”). During July 2016, Liberty Interactive completed the spin-off of CommerceHub, Inc. (“CommerceHub”) (the “CommerceHub Spin-Off”). During November 2016, Liberty Interactive completed the split-off of Liberty Expedia Holdings, Inc. (“Expedia Holdings”) (the “Expedia Holdings Split-Off”). During March 2018, Liberty Interactive completed the split-off of GCI Liberty, Inc. (“GCI Liberty”) (the “GCI Liberty Split-Off”) and Liberty Interactive was subsequently renamed Qurate Retail, Inc. (“Qurate Retail”). Following these transactions, each of these companies operates (or in the case of Starz and CommerceHub, prior to their respective acquisitions, operated) as separate publicly traded companies, none of which has (or, in the case of Starz and CommerceHub, had) any stock ownership, beneficial or otherwise, in the other (except that GCI Liberty owns shares of Liberty Broadband’s Series C non-voting common stock). In connection with the Split-Off, Starz Spin-Off, TripAdvisor Spin-Off, Broadband Spin-Off, CommerceHub Spin-Off, Expedia Holdings Split-Off and GCI Liberty Split-Off, Liberty entered into certain agreements with Qurate Retail, Starz, Liberty TripAdvisor, Liberty Broadband, CommerceHub, Expedia Holdings and GCI Liberty, respectively, in order to govern ongoing relationships between the companies and to provide for an orderly transition. As a result, these entities are considered related parties of the Company for accounting purposes through the dates of the respective transactions. These agreements include Reorganization Agreements (in the case of Qurate Retail, Starz and Liberty Broadband only), Services Agreements (which, in Starz’s case terminated in April 2017, and in CommerceHub’s case, terminated in August 2018), Facilities Sharing Agreements (excluding Starz and CommerceHub), 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 Qurate Retail, Starz and Liberty Broadband, respectively, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, Liberty TripAdvisor, Liberty Broadband, CommerceHub (prior to termination), Expedia Holdings and GCI Liberty with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, Liberty TripAdvisor, Liberty Broadband, CommerceHub (prior to termination), Expedia Holdings and GCI Liberty reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and in the case of Qurate Retail, Qurate Retail’s allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. Liberty TripAdvisor, Liberty Broadband, CommerceHub (prior to termination), Expedia Holdings and GCI Liberty 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 Qurate Retail, Liberty TripAdvisor, Liberty Broadband, Expedia Holdings and GCI Liberty at Liberty’s corporate headquarters. Under these various agreements, approximately $30 million, $24 million and $21 million of these allocated expenses were reimbursed to Liberty during the years ended December 31, 2018, 2017 and 2016, 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 $4 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 Internal Revenue Code of 1986 (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 provided that the Starz Spin-Off qualified for tax-free treatment to Starz and Liberty. In September 2015, Liberty entered into a closing agreement with the IRS which provided that the Broadband Spin-Off qualified for tax-free treatment. |
Tracking Stocks
Tracking Stocks | 12 Months Ended |
Dec. 31, 2018 | |
Tracking Stocks | |
Tracking Stocks | (2) Tracking Stocks During November 2015, Liberty’s board of directors authorized management to pursue a recapitalization of the Company’s common stock into three new tracking stock groups, one to be designated as the Liberty Braves common stock, one to be designated as the Liberty Media common stock and one to be designated as the Liberty SiriusXM common stock (the “Recapitalization”), and to cause to be distributed subscription rights related to the Liberty Braves common stock following the creation of the new tracking stocks. The Recapitalization was completed on April 15, 2016 and the newly issued shares commenced trading or quotation in the regular way on the Nasdaq Global Select Market or the OTC Markets, as applicable, on Monday, April 18, 2016. In the Recapitalization, each issued and outstanding share of Liberty Media Corporation common stock was reclassified and exchanged for (a) 1 share of the corresponding series of Liberty SiriusXM common stock, (b) 0.1 of a share of the corresponding series of Liberty Braves common stock and (c) 0.25 of a share of the corresponding series of Liberty Formula One common stock on April 15, 2016. Cash was paid in lieu of the issuance of any fractional shares. In May 2016, the IRS completed its review of the Recapitalization and notified Liberty that it agreed with the nontaxable characterization of the transaction. The operating results prior to the Recapitalization are attributed to Liberty stockholders in the aggregate. However, the information in the following footnotes has been presented by tracking stock groups for all periods presented in order to enhance the information provided to users of these financial statements. Following the creation of the tracking stocks, Series A, Series B and Series C Liberty SiriusXM common stock trade under the symbols LSXMA/B/K, respectively; Series A, Series B and Series C Liberty Braves common stock trade or are quoted under the symbols BATRA/B/K respectively; and Series A, Series B and Series C Liberty Media common stock traded or were quoted under the symbols LMCA/B/K, respectively. Shortly following the Second Closing (as defined below) of the acquisition of Formula 1, the Liberty Media Group and Liberty Media common stock were renamed the Liberty Formula One Group (the “Formula One Group”) and the Liberty Formula One common stock, respectively, and the corresponding ticker symbols for the Series A, Series B and Series C Liberty Media common stock were changed to FWONA/B/K, respectively. Each series (Series A, Series B and Series C) of the Liberty SiriusXM common stock trades on the Nasdaq Global Select Market. Series A and Series C Liberty Braves common stock trade on the Nasdaq Global Select Stock Market and Series B Liberty Braves common stock is quoted on the OTC Markets. Series A and Series C Liberty Formula One common stock continue to trade on the Nasdaq Global Select Market and the Series B Liberty Formula One common stock continues to be quoted on the OTC Markets. Although the Second Closing, and the corresponding tracking stock name and the ticker symbol change, were not completed until January 23 and 24, 2017, respectively, historical information of the Liberty Media Group and Liberty Media common stock is referred to herein as the Formula One Group and Liberty Formula One common stock, respectively. In addition, following the creation of the new tracking stocks, Liberty distributed to holders of its Liberty Braves common stock subscription rights to acquire shares of Series C Liberty Braves common stock in order to raise capital to repay an intergroup note and for working capital purposes. In the rights distribution, Liberty distributed 0.47 of a Series C Liberty Braves subscription right for each share of Series A, Series B or Series C Liberty Braves common stock held as of 5:00 p.m., New York City time, on May 16, 2016. Fractional Series C Liberty Braves subscription rights were rounded up to the nearest whole right. Each whole Series C Liberty Braves subscription right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of Liberty’s Series C Liberty Braves common stock at a subscription price of $12.80, which was equal to an approximate 20% discount to the trading day volume weighted average trading price of Series C Liberty Braves common stock for the 18-day trading period ending on May 11, 2016. Each Series C Liberty Braves subscription right also entitled the holder to subscribe for additional shares of Series C Liberty Braves common stock that were unsubscribed for in the rights offering pursuant to an oversubscription privilege. The rights offering commenced on May 18, 2016, which was also the ex-dividend date for the distribution of the Series C Liberty Braves subscription rights. The rights offering expired at 5:00 p.m. New York City time, on June 16, 2016 and was fully subscribed with 15,833,634 shares of Series C Liberty Braves common stock issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. Approximately $150 million of the proceeds from the rights offering were used to repay the outstanding balance on an intergroup note and accrued interest to Liberty. The remaining proceeds were used for development costs attributed to the Braves Group. In September 2016, the IRS completed its review of the distribution of the Series C Liberty Braves subscription rights and notified Liberty that it agreed with the nontaxable characterization of the distribution. Additionally, as a result of the Recapitalization, Liberty’s 1.375% Cash Convertible Senior Notes due 2023 are now convertible into cash based on the product of the conversion rate specified in the indenture and the basket of tracking stocks into which each outstanding share of Series A Liberty Media Corporation common stock was reclassified (the “Securities Basket”). The Series A Liberty Braves common stock component of the Securities Basket was subsequently adjusted pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. Furthermore, the Company entered into amended agreements with the counterparties with regard the Recapitalization-related adjustments to the outstanding Series A Liberty Media Corporation common stock warrants as well as the outstanding cash convertible note hedges and purchased call options. See note 10 for a more detailed discussion of the amendments made to these financial instruments as a result of the Recapitalization. As discussed in more detail in note 5, on September 7, 2016 Liberty, through its indirect wholly owned subsidiary Liberty GR Cayman Acquisition Company, entered into two definitive stock purchase agreements relating to the acquisition of Delta Topco. The transactions contemplated by the first purchase agreement were completed on September 7, 2016, resulting in the acquisition of slightly less than a 20% minority stake in Formula 1 on an undiluted basis. On October 27, 2016 under the terms of the first purchase agreement, Liberty acquired an additional incremental equity interest of Delta Topco, maintaining Liberty’s investment in Delta Topco on an undiluted basis and increasing slightly to 19.1% on a fully diluted basis. Liberty’s interest in Delta Topco and by extension Formula 1 is attributed to the Liberty Formula One Group (the “Formula One Group”). Liberty acquired 100% of the fully diluted equity interests of Delta Topco, other than a nominal number of shares held by certain Formula 1 teams, in a closing under the second purchase agreement (following the unwind of the first purchase agreement) on January 23, 2017 (the “Second Closing”). Liberty’s acquired interest in Formula 1, along with existing Formula 1 cash and debt (which is non-recourse to Liberty), is attributed to the Formula One Group. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group’s stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as SIRIUS XM or Live Nation, in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group or the Formula One Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. Liberty attributed to the Liberty SiriusXM Group its subsidiary SIRIUS XM, corporate cash, investments in debt securities, Liberty’s 2.125% Exchangeable Senior Debentures due 2048 and a margin loan obligation incurred by a wholly-owned special purpose subsidiary of Liberty. On February 1, 2019, SIRIUS XM acquired Pandora. See note 7 for more information regarding the acquisition of Pandora. As of December 31, 2018, the Liberty SiriusXM Group has cash and cash equivalents of approximately $91 million, which includes $54 million of subsidiary cash. The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group. Liberty attributed to the Braves Group its subsidiary, Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Atlanta Braves”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”) and corporate cash. The Formula One Group holds an intergroup interest in the Braves Group. As of December 31, 2018, the Braves Group has cash and cash equivalents of approximately $107 million, which includes $40 million of subsidiary cash. The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group. Liberty attributed to the Formula One Group all of the businesses, assets and liabilities of Liberty other than those specifically attributed to the Braves Group or the Liberty SiriusXM Group, including Liberty’s interests in Formula 1 and Live Nation, an intergroup interest in the Braves Group, Liberty’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, Liberty’s 1% Cash Convertible Notes due 2023, Liberty’s 2.25% Exchangeable Senior Debentures due 2046 and Liberty’s 2.25% Exchangeable Senior Debentures due 2048. As of December 31, 2018, the Formula One Group has cash and cash equivalents of approximately $160 million, which includes $30 million of subsidiary cash. As part of the Recapitalization, the Formula One Group initially held a 20% intergroup interest in the Braves Group. As a result of the rights offering, the number of notional shares representing the intergroup interest held by the Formula One Group was adjusted to 9,084,940, representing a 15.1% intergroup interest in the Braves Group at December 31, 2018. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of Series C Liberty Braves common stock issuable to the Formula One Group with respect to its interest in the Braves Group. The intergroup interest may be settled, at the discretion of the Company’s board of directors, through the transfer of newly issued shares of Liberty Braves common stock, cash and/or other assets to the Formula One Group. Accordingly, the intergroup interest attributable to the Formula One Group is presented as an asset and the intergroup interest attributable to the Braves Group is presented as a liability in the attributed financial statements and the offsetting amounts between tracking stock groups are eliminated in consolidation. The intergroup interest will remain outstanding until the cancellation of the outstanding interest, at the discretion of the Company’s board of directors, through transfer of securities, cash and/or other assets from the Braves Group to the Formula One Group. See Exhibit 99.1 to this Annual Report on Form 10‑K for unaudited attributed financial information for Liberty’s tracking stock groups. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | (3) 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 $20 million and $12 million at December 31, 2018 and 2017, respectively. Activity in the year ended December 31, 2018 included an increase of $68 million of bad debt charged to expense and $60 million of write-offs. Activity in the year ended December 31, 2017 included an increase of $57 million of bad debt charged to expense and $55 million of write-offs. Activity in the year ended December 31, 2016 included an increase of $56 million of bad debt charged to expense and $53 million of write-offs. Investments All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. The total value of marketable debt and equity securities aggregated $1,195 million and $1,047 million as of December 31, 2018 and 2017, respectively. 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 to determine whether a decline in fair value below the carrying value 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 carrying value of the equity method investment 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 equity method investments are included in share of earnings (losses) of affiliates. The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security’s fair value is less than its carrying value, an impairment is recorded in the consolidated statements of operations. 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, 2018 December 31, 2017 amounts in millions Land NA $ 183 217 Buildings and improvements 10 - 40 years 905 974 Support equipment 3 - 20 years 553 514 Satellite system 15 years 1,679 1,676 Construction in progress NA 445 215 Total property and equipment $ 3,765 3,596 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, 2018, 2017 and 2016 was $251 million, $230 million and $186 million, respectively. A portion of the interest on funds borrowed to finance the construction of the Braves ballpark and mixed-use development as well as the launch of SIRIUS XM’s satellites and launch vehicles is capitalized. Capitalized interest is recorded as part of the asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs for the years ended December 31, 2018 and 2017 was approximately $12 million and $10 million, respectively, which related to the construction of SIRIUS XM’s satellites during the year ended December 31, 2018 and construction of the Braves ballpark and mixed-use development and SIRIUS XM’s satellites during the year ended December 31, 2017. 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. In January 2017, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance to simplify the measurement of goodwill impairment. Under the new guidance, an entity no longer performs a hypothetical purchase price allocation to measure goodwill impairment. Instead, a goodwill impairment is measured using the difference between the carrying value and the fair value of the reporting unit. The Company early adopted this guidance during the fourth quarter of 2017. 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 quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. 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 based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test 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. 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. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. 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 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. This new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In March 2016, the FASB issued additional guidance which clarifies principal versus agent considerations, and in April 2016, the FASB issued further guidance which clarifies the identification of performance obligations and the implementation guidance for licensing. The updated guidance replaced most existing revenue recognition guidance in U.S. generally accepted accounting principles (“GAAP”). The Company adopted the new guidance, which established Accounting Standards Codification Topic 606 (“ASC 606” or the “new revenue standard”), effective January 1, 2018 under the modified retrospective transition method. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605. As part of adopting the new revenue standard under the modified retrospective transition method, the Company elected to utilize certain practical expedients as permitted under ASC 606. The Company elected to apply the guidance from ASC 606 only to contracts that were not completed as of January 1, 2018. Completed contracts are those contracts for which substantially all of the revenue had been recognized under ASC 605. The Company also elected to utilize the practical expedient for contract modifications. For modified contracts, the Company did not separately evaluate the effects of each contract modification that occurred prior to January 1, 2018. Instead, the Company reflected the aggregate effect of all contract modifications (on a contract-by-contract basis) that occurred prior to January 1, 2018 by identifying the satisfied and unsatisfied performance obligations and allocating the transaction price to such performance obligations. Sales, value add, and other taxes when collected concurrently with revenue producing activities are excluded from revenue. Incremental costs of obtaining a contract are expensed when the amortization period of the asset is one year or less. To the extent the incremental costs of obtaining a contract relate to a period greater than one year, the Company amortizes such incremental costs in a manner that is consistent with the transfer to the customer of the goods or services to which the asset relates. If, at contract inception, we determine the time period between when we transfer a promised good or service to a customer and when the customer pays us for that good or service is one year or less, we do not adjust the promised amount of consideration for the effects of a significant financing component. The cumulative effect of the changes made to the consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 are as follows: Balance at Balance at December 31, Adoption of January 1, 2017 ASC 606 2018 in millions Assets Other current assets $ Other assets $ Liabilities and Equity Accounts payable and accrued liabilities $ Deferred revenue $ Other current liabilities $ Other liabilities $ Deferred income tax liabilities $ Retained earnings $ Noncontrolling interests in equity of subsidiaries $ In accordance with the new revenue standard requirements, the following table illustrates the impact on our reported results in the consolidated statements of operations assuming we did not adopt the new revenue standard on January 1, 2018. Other than previously discussed, upon the adoption of the revenue standard on January 1, 2018, there were no additional material adjustments to our consolidated balance sheet as of December 31, 2018. Year ended December 31, 2018 Balances without Impact of adoption of As reported ASC 606 ASC 606 in millions Revenue: Subscriber revenue $ Other revenue $ Costs of subscriber services: Revenue share and royalties $ Subscriber acquisition costs $ Selling, general and administrative $ Income tax (expense) benefit $ Net earnings (loss) $ Our customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our consolidated statement of operations as the services are provided. Changes in the contract liability balance for SIRIUS XM during the year ended December 31, 2018 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings was approximately $59 million and $154 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. As the majority of SIRIUS XM contracts are one year or less, SIRIUS XM utilized the optional exemption under ASC 606 and has not disclosed information about the remaining performance obligations for contracts which have original expected durations of one year or less. As of December 31, 2018, less than ten percent of the SIRIUS XM total deferred revenue balance related to contracts that extended beyond one year. These contracts primarily include prepaid data trials which are typically provided for three to five years as well as for self-pay customers who prepay for their audio subscriptions for up to three years in advance. These amounts will be recognized on a straight-line basis as SIRIUS XM’s services are provided. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $1,905 million in 2019, $1,779 million in 2020, $4,603 million in 2021 through 2026, and $449 million thereafter, primarily recognized through 2035. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. Below is a summary of the impacts of the new revenue standard on SIRIUS XM, Formula 1 and Braves Holdings. SIRIUS XM The following table disaggregates SIRIUS XM’s revenue by source: Year ended December 31, 2018 in millions Subscriber $ 4,594 Advertising 188 Equipment 155 Music Royalty and Other 834 Total SIRIUS XM revenue $ 5,771 The new revenue standard primarily impacts how SIRIUS XM accounts for revenue share payments as well as other immaterial impacts. SIRIUS XM previously recorded revenue share related to paid-trials as Revenue share and royalties expense. Under the new guidance, SIRUS XM has recorded these revenue share payments as a reduction to revenue as the payments do not transfer a distinct good or service to SIRIUS XM. Prior to the adoption, a portion of deferred revenue was for the revenue share related to paid trials. Under the new revenue standard, SIRIUS XM reclassified the revenue share related to paid-trials existing as of the date of adoption from current portion of deferred revenue to accounts payable and accrued liabilities. For new paid-trials, the net amount of the paid trial will be recorded as deferred revenue and the portion of revenue share will be recorded to accounts payable and accrued liabilities. Activation fees were previously recognized over the expected subscriber life using the straight-line method. Under the new guidance, activation fees have been recognized over a one month period from activation as the activation fees are non-refundable and they do not convey a material right. Loyalty payments to major automakers (“OEMs”) were previously expensed when incurred as subscriber acquisition costs. Under the new guidance, these costs have been capitalized in other current assets as costs to obtain a contract and these costs will be amortized to subscriber acquisition costs over an average self-pay subscriber life of that OEM. These changes do not have a material impact to the consolidated financial statements. The following is a description of the principal activities from which SIRIUS XM generates its revenue - including from self-pay and paid promotional subscribers, advertising, and sales of equipment. Subscriber revenue. Subscriber revenue consists primarily of subscription fees and other ancillary subscription based revenues. Revenue is recognized on a straight line basis when the performance obligations to provide each service for the period are satisfied, which is over time as SIRIUS XM’s subscription services are continuously transmitted and can be consumed by customers at any time. Consumers purchasing or leasing a vehicle with a factory-installed satellite radio typically receive between a three and twelve month subscription to SIRIUS XM’s service. In certain cases, the subscription fees for these consumers are prepaid by the applicable automaker. Prepaid subscription fees received from automakers or directly from consumers are recorded as deferred revenue and amortized to revenue ratably over the service period which commences upon sale. Activation fees are recognized over one month as the activation fees are non-refundable and do not provide for a material right to the customer. There is no revenue recognized for unpaid trial subscriptions. In some cases, SIRIUS XM pays a loyalty fee to the OEM when it receives a certain amount of payments from self-pay customers acquired from that OEM. These fees are considered incremental costs to obtain a contract and are therefore recognized as an asset and amortized to Subscriber acquisition costs over an average subscriber life. Revenue share and loyalty fees paid to an OEM offering a paid trial are accounted for as a reduction of revenue as the payment does not provide a distinct good or service. Advertising revenue. SIRIUS XM recognizes revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency fees are calculated based on a stated percentage applied to gross billing revenue for SIRIUS XM’s advertising inventory and are reported as a reduction of advertising revenue. Additionally, SIRIUS XM pays certain third parties a percentage of advertising revenue. Advertising revenue is recorded gross of such revenue share payments as SIRIUS XM controls the advertising service including the ability to establish pricing and SIRIUS XM is primarily responsible for providing the service. Advertising revenue share payments are recorded to revenue share and royalties during the period in which the advertising is transmitted. Equipment revenue. Equipment revenue and royalties from the sale of satellite radios, components and accessories are recognized when the performance obligation is satisfied and control is transferred, which is generally upon shipment. Revenue is recognized 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. Music Royalty and Other revenue. Music royalty and other revenue primarily consists of U.S. music royalty fees ("MRF") collected from subscribers. The related costs SIRIUS XM incurs for the right to broadcast music and other programming are recorded as revenue share and royalties expense. Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to revenue ratably over the service period as the royalties relate to the subscription services which are continuously delivered to SIRIUS XM’s customers. 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. Formula 1 The following table disaggregates Formula 1’s revenue by source: Year ended December 31, 2018 in millions Primary $ 1,487 Other 340 Total Formula 1 revenue $ 1,827 Upon entering into a new arrangement, Formula 1 occasionally incurs certain incremental costs of obtaining a contract. These incremental costs relate to commission amounts that will be paid over the life of the contract for which the recipient does not have any substantive future performance requirement to earn such commission. Accordingly, the commission costs will be capitalized and amortized over the life of the contract. Upon adoption of the new revenue standard, Formula 1 recorded a contract cost asset and a corresponding commission payable. The following is a description of principal activities from which Formula 1 generates its revenue. Primary revenue. Formula 1 holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors’ Championship and drivers compete for the Drivers’ Championship. Formula 1 derives its primary revenue from the commercial exploitation and development of the World Championship through a combination of entering into race promotion, broadcasting and advertising and sponsorship arrangements. Primary revenue derived from the commercial exploitation of the World Championship is (i) recognized on an event by event basis for those performance obligations associated with a specific event based on the fees within the underlying contractual arrangement and (ii) recognized over time for those performance obligations associated with a period of time that is greater than a single specific event (for example, over the entire race season or calendar year) based on the fees within the underlying contractual arrangement. Other revenue. Formula 1 earns other revenue from miscellaneous and ancillary sources, primarily related to administering the shipment of cars and equipment to and from the events outside of Europe and revenue from the sale of tickets to the Formula One Paddock Club event-based hospitality at certain of the motor races. To the extent such revenue relates to services provided or rights associated with a specific event, the revenue is recognized upon occurrence of the related event and to the extent such revenue relates to services provided or rights over a longer period of time, the revenue is recognized over time. Braves Holdings The following table disaggregates Braves Holdings’ revenue by source: Year ended December 31, 2018 in millions Baseball $ 404 Development 38 Total Braves Holdings revenue $ 442 The new revenue standard primarily impacted Braves Holdings revenue recognition related to broadcast rights revenue. Under the old revenue standard, Braves Holdings recognized revenue from its broadcast rights arrangements limited to the amounts that were not contingent on the provision of future goods or services, which resulted in revenue recognition approximating the cash received. Upon adoption of the new revenue standard, Braves Holdings is required to estimate the entire transaction price of the contractual arrangements and recognize revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. Such performance obligations are typically satisfied over time and result in differences between revenue recognized and cash received, dependent on how far into a contractual arrangement Braves Holdings is at any given reporting period. The new revenue standard resulted in an immaterial change in revenue recognized during the year ended December 31, 2018 and an immaterial effect to the consolidated balance sheet as compared to the old revenue standard. The following is a description of principal activities from which Braves Holdings generates its revenue. Baseball revenue. Revenue for Braves Holdings ticket sales, 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. Broadcasting rights are recognized on a per game basis during the baseball season based on the pro rata number of games played to date to the total number of games during the season. Concession and parking revenue are recognized on a per game basis during the baseball season. 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. Sources of MLB revenue include distributions from the MLB Central Fund, distributions from MLB Properties and revenue sharing income, if applicable. Development revenue. Revenue from Braves Holdings’ minimum rents are recognized on a straight-line basis over the terms of their respective lease agreements. Some retail tenants are required to pay overage rents based on sales over a stated base amount during the lease term. Overage rents are only recognized when each tenant’s sales exceed the applicable sales threshold. Tenants reimburse Braves Holdings for a substantial portion of Braves Holdings operating expenses, including common area maintenance, real estate taxes and property insurance. Braves Holdings accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. Braves Holdings recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Sponsorship revenue is recognized on a straight-line basis over each annual period. Parking revenue is recognized daily based on actual usage. Cost of Subscriber Services Revenue Share SIRIUS XM shares a portion of its subscription revenue earned from self-pay subscribers and paid promotional 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 include programming through a dedicated channel 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 administra |
Supplemental Disclosures to Con
Supplemental Disclosures to Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Disclosures to Consolidated Statements of Cash Flows | |
Supplemental Disclosures to Consolidated Statements of Cash Flows | (4) Supplemental Disclosures to Consolidated Statements of Cash Flows Years ended December 31, 2018 2017 2016 amounts in millions Cash paid for acquisitions: Fair value of assets acquired $ — (484) — Intangibles not subject to amortization 3 4,039 — Intangibles subject to amortization 2 5,499 — Net liabilities assumed (3) (5,035) — Deferred tax liabilities — (475) — Fair value of equity consideration — (1,790) — Cash paid for acquisitions, net of cash acquired $ 2 1,754 — Stock repurchased by subsidiary not yet settled $ — 17 23 Cash paid for interest, net of amounts capitalized $ 586 561 327 Cash paid (received) for income taxes $ (26) 56 69 In November 2016, the FASB issued a new accounting standard which requires that the statement of cash flows include restricted cash and cash equivalents when reconciling beginning and ending cash. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this new guidance effective January 1, 2018. Upon adoption, the Company added restricted cash to the reconciliation of beginning and ending cash and cash equivalents and included a reconciliation of total cash and cash equivalents and restricted cash to the balance sheet for each period presented in the consolidated statements of cash flows. The following table reconciles cash and cash equivalents and restricted cash reported in our consolidated balance sheets to the total amount presented in our consolidated statements of cash flows: Years ended December 31, 2018 2017 2016 amounts in millions Cash and cash equivalents $ 358 1,029 Restricted cash included in other current assets 70 8 — Restricted cash included in other assets 24 10 Total cash, cash equivalents and restricted cash at end of period $ 452 1,047 572 In August 2016, the FASB issued new accounting guidance which addresses eight specific cash flow issues to reduce the diversity in practice for appropriate classification on the statement of cash flows. The Company adopted this guidance during the first quarter of 2018, and there was no significant effect of the standard on its consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions | |
Acquisitions | (5) Acquisitions Formula 1 On September 7, 2016, Liberty, through its indirect wholly owned subsidiary Liberty GR Cayman Acquisition Company, entered into two definitive stock purchase agreements relating to the acquisition of Delta Topco, the parent company of Formula 1, a global motorsports business, from a consortium of sellers led by CVC Capital Partners (“CVC”). The transactions contemplated by the first purchase agreement were completed on September 7, 2016 and provided for Liberty’s acquisition of slightly less than a 20% minority stake in Formula 1 on an undiluted basis for $746 million, funded entirely in cash (which is equal to $821 million in consideration less a $75 million holdback that was repaid by Liberty to selling stockholders upon completion of the Second Closing). On October 27, 2016, under the terms of the first purchase agreement, Liberty acquired an additional incremental equity interest of Delta Topco, maintaining Liberty’s investment in Delta Topco on an undiluted basis and increasing slightly to 19.1% on a fully diluted basis. On January 23, 2017, Liberty acquired 100% of the fully diluted equity interests of Delta Topco, other than a nominal number of shares held by certain Formula 1 teams, in a second closing under the second purchase agreement (and following the unwind of the first purchase agreement). Prior to the Second Closing, CVC continued to be the controlling shareholder of Formula 1, and Liberty did not have any voting interests or board representation in Formula 1. As a result, Liberty concluded that it did not have significant influence over Formula 1, and therefore our initial investment in Formula 1 was accounted for as a cost investment until the completion of the Second Closing, at which time we began consolidating Formula 1. The transaction price for the acquisition represents an enterprise value for Formula 1 of approximately $8.0 billion and an equity value of approximately $4.4 billion, calculated at the time of the first closing. The total consideration at the time of closing was $4.7 billion, comprised of $3.05 billion of cash (including the investments made under the first purchase agreement during 2016) and approximately $1.6 billion of non-cash consideration represented by approximately 56 million newly issued shares of Series C Liberty Formula One common stock. In connection with the transaction, Liberty entered into a $500 million margin loan on November 8, 2016, secured by shares of Live Nation and other public equity securities held by Liberty (the ‘‘Live Nation Margin Loan’’). No amounts were drawn on the Live Nation Margin Loan at December 31, 2016. Liberty drew approximately $350 million to use for the purchase of Formula 1, on January 23, 2017. See note 10 for additional discussion regarding the Live Nation Margin Loan. At the Second Closing, the Company issued 62 million new shares of Series C Liberty Formula One common stock, which were subject to market co-ordination and lock-up agreements, to certain third party investors at a price per share of $25.00. As a result, the stock component of the consideration payable to the selling shareholders in the Formula 1 acquisition was decreased by 62 million shares, and the cash component of the consideration payable to the selling shareholders in the Formula 1 acquisition was increased by $1.55 billion. Also concurrently with the Second Closing, the Company used a portion of the net proceeds of its $450 million cash offering of 1% Cash convertible Notes due 2023, as discussed in note 10, to increase the cash consideration payable to the selling shareholders by approximately $400 million. The additional 19 million shares of Series C Liberty Formula One common stock that would otherwise have been issued to the selling shareholders based on the per share purchase price of $21.26 were held in reserve by the Company for possible sale to the Formula 1 teams, until such opportunity expired in July of 2017. In connection with the Second Closing, Delta Topco issued $351 million subordinated exchangeable notes, upon the conversion of certain outstanding Delta Topco loan notes, that bear interest at 2% per annum and mature in July 2019, exchangeable into cash or newly issued shares of Series C Liberty Formula One common stock (“Exchangeable Notes”). See note 10 for additional discussion of this debt instrument. The final acquisition price allocation for Formula 1 is as follows: Ownership interest held prior to the Second Closing $ 759 Controlling interest acquired 3,939 Total acquisition price $ 4,698 Cash and cash equivalents $ 644 Receivables 136 Goodwill 3,956 Intangible assets subject to amortization 5,484 Other assets 153 Deferred revenue (141) Debt (4,528) Other liabilities assumed (516) Deferred tax liabilities (490) $ 4,698 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, value associated with future customers, continued innovation and noncontractual relationships. Formula 1 amortizable intangible assets were comprised of an agreement with the Fédération Internationale de l’Automobile (the “FIA,” and the agreement, the “FIA Agreement”) ($3.6 billion with a remaining useful life of approximately 35 years) and customer relationships of $1.9 billion with a weighted average remaining life of approximately 11.5 years. The FIA owns the World Championship and has granted Formula 1 the exclusive commercial rights to the World Championship until the end of 2110. During the fourth quarter of 2017, the preliminary purchase price allocation was adjusted, resulting in increases of $22 million to other assets and $11 million to other liabilities assumed and decreases of $12 million to goodwill and $1 million to deferred tax liabilities. None of the acquired goodwill is expected to be deductible for tax purposes. Included in net earnings (loss) for the year ended December 31, 2017 is $261 million related to Formula 1’s operations since the date of acquisition. The unaudited pro forma revenue and net earnings of Liberty, prepared utilizing the historical financial statements of Formula 1, giving effect to acquisition accounting related adjustments made at the time of acquisition, as if the acquisition of Formula 1 discussed above occurred on January 1, 2016, are as follows: Years ended December 31, 2017 2016 amounts in millions Revenue $ 7,595 7,072 Net earnings (loss) $ 1,874 743 Net earnings (loss) attributable to Liberty stockholders $ 1,338 499 The pro forma results include adjustments primarily related to the amortization of acquired intangible assets. The pro forma information is not representative of the Company’s future results of operations nor does it reflect what the Company’s results of operations would have been if the acquisition of Formula 1 had occurred previously and the Company consolidated Formula 1 during the periods presented. |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Assets and Liabilities Measured at Fair Value | |
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, 2018 December 31, 2017 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 $ 231 231 — 804 804 — Debt and equity securities $ 1,195 228 967 1,047 467 580 Financial instrument assets $ 280 21 259 369 19 350 Debt $ 2,487 — 2,487 2,115 — 2,115 The majority of Liberty’s Level 2 financial instruments are debt related instruments and derivative instruments. In addition, SIRIUS XM’s investment in Pandora is classified as Level 2. See note 7 for information related to the investment in Pandora. 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 or a trading price of a similar asset or liability is utilized. 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 debt and equity securities, financial instruments and debt or 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 line item in the consolidated balance sheets. In January 2016, the FASB issued new accounting guidance that is intended to improve the recognition and measurement of financial instruments. Pursuant to the new guidance, for financial liabilities for which the fair value option has been elected, entities are required to present separately in other comprehensive income the portion of the total changes in the fair value of the liability resulting from a change in the instrument-specific credit risk. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2017. The Company adopted this guidance effective January 1, 2018. The Company has elected the fair value option for its exchangeable debt. Prior to the adoption of this new guidance, the Company recognized all changes in the fair value of its exchangeable debt in realized and unrealized gains (losses) on financial instruments in the consolidated statements of operations. Upon adoption, the Company recorded an immaterial adjustment to beginning retained earnings to reflect the amount of comprehensive earnings related to the changes in the instrument-specific credit risk related to the Company’s exchangeable debt. 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, 2018 2017 2016 Debt and equity securities $ 2 (36) 112 Debt measured at fair value (a) 130 (126) (113) Change in fair value of bond hedges (b) (94) 72 37 Other derivatives 2 2 1 $ 40 (88) 37 (a) Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. (b) Contemporaneously with the issuance of the 1.375% Cash Convertible Notes due 2023, 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 Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One 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. |
Investments in Debt and Equity
Investments in Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments in Debt and Equity Securities | |
Investments in Debt and Equity Securities | (7) Investments in Debt and Equity Securities All investments in marketable debt and equity securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gains (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the costs of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. Investments in debt and equity securities are summarized as follows: December 31, 2018 December 31, 2017 amounts in millions Liberty SiriusXM Group Debt securities Pandora $ 523 480 iHeart (a) 444 100 Total attributed Liberty SiriusXM Group 967 580 Braves Group Other equity securities 8 8 Total attributed Braves Group 8 8 Formula One Group Equity Securities AT&T (b) 174 389 Other 129 137 Total attributed Formula One Group 303 526 Consolidated Liberty $ 1,278 1,114 (a) During the year ended December 31, 2018, the Company purchased $522 million in principal of iHeart Media, Inc. (“iHeart”) bonds for $389 million, resulting in the Company owning an aggregate amount of $660 million in principal of iHeart bonds as of December 31, 2018. (b) See note 10 for details regarding the acquisition of Time Warner, Inc. (“Time Warner”) by AT&T Inc. (“AT&T). Pandora On September 22, 2017, a subsidiary of SIRIUS XM completed a $480 million investment in newly issued Series A convertible preferred stock of Pandora (the “Series A Preferred Stock”). Pandora operates an internet-based music discovery platform, offering a personalized experience for listeners. The Series A preferred stock, including accrued but unpaid dividends, represents an approximate 19% interest in Pandora’s currently outstanding common stock and an approximate 16% interest on an as-converted basis. The Series A Preferred Stock is convertible at the option of the holders at any time into shares of common stock of Pandora (“Pandora Common Stock”) at an initial conversion price of $10.50 per share of Pandora Common Stock and an initial conversion rate of 95.2381 shares of Pandora Common Stock per share of Series A Preferred Stock, subject to certain customary anti-dilution adjustments. Holders of the Series A Preferred Stock are entitled to a cumulative dividend at the rate of 6.0% per annum, payable quarterly in arrears, if and when declared. Any conversion of Series A Preferred Stock may be settled by Pandora, at its option, in shares of Pandora Common Stock, cash or any combination thereof. However, unless and until Pandora’s stockholders have approved the issuance of greater than 19.99% of the outstanding Pandora Common Stock, the Series A Preferred Stock may not be converted into more than 19.99% of Pandora’s outstanding Pandora Common Stock as of June 9, 2017. The investment includes a mandatory redemption feature on any date from and after September 22, 2022 and therefore the financial instrument has been treated as a debt security. As the investment includes a conversion option, SIRIUS XM has elected to account for this investment under the fair value option. Any gains (losses) associated with the change in fair value will be recognized in realized and unrealized gains (losses) on financial instruments, net in the consolidated statements of operations. During the years ended December 31, 2018 and 2017, the Company recognized a $28 million unrealized gain and a $17 million unrealized loss, including transaction costs, respectively, on the investment in Pandora. Pursuant to an Investment Agreement with Pandora, SIRIUS XM has appointed three of its senior executives or members of its Board of Directors to Pandora’s Board of Directors, one of whom serves as the Chairman of Pandora’s Board of Directors. On February 1, 2019, SIRIUS XM acquired Pandora in an all-stock transaction valued at $2.9 billion. In connection with the acquisition, each outstanding share of Pandora common stock, par value $0.0001 per share, was converted into the right to receive 1.44 shares of SIRIUS XM common stock, par value $0.001 per share. Pandora’s Series A Preferred Stock was cancelled upon completion of the acquisition. This issuance of SIRIUS XM Common Stock in conjunction with the acquisition reduced our economic ownership in SIRIUS XM to approximately 67% as of February 1, 2019. The financial statements of Pandora for the year ended December 31, 2018 are not available and the initial accounting for the acquisition of Pandora has not been completed. Unrealized Holding Gains and Losses recorded in Accumulated other comprehensive earnings (loss) There were no unrealized holding gains or losses related to investments in debt and equity securities at December 31, 2018 or 2017. |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, and the carrying amount at December 31, 2017: December 31, 2018 December 31, 2017 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group SIRIUS XM Canada $ NA $ 613 672 Other 16 — Total Liberty SiriusXM Group 629 672 Braves Group Other NA NA 92 145 Total Braves Group 92 145 Formula One Group Live Nation (a) $ 3,430 743 756 Other various NA 177 177 Total Formula One Group 920 933 Consolidated Liberty $ 1,641 1,750 (a) See note 10 for details regarding the number and value of shares pledged as collateral pursuant to the Live Nation Margin Loan as of December 31, 2018. The following table presents the Company’s share of earnings (losses) of affiliates: Years ended December 31, 2018 2017 2016 amounts in millions Liberty SiriusXM Group SIRIUS XM Canada $ (1) 29 13 Other (10) — — Total Liberty SiriusXM Group (11) 29 13 Braves Group Other (a) 12 78 9 Total Braves Group 12 78 9 Formula One Group Live Nation 3 (18) (12) Other 14 15 4 Total Formula One Group 17 (3) (8) Consolidated Liberty $ 18 104 14 (a) During the year ended December 31, 2017, an equity method affiliate of Braves Holdings sold a controlling interest in a subsidiary, resulting in Braves Holdings recording its portion of the gain of $69 million. SIRIUS XM Canada On May 25, 2017, SIRIUS XM completed a recapitalization of Sirius XM Canada Holdings, Inc. (“SIRIUS XM Canada”), which is now a privately held corporation. As of December 31, 2018, SIRIUS XM held a 70% equity interest and 33% voting interest in SIRIUS XM Canada, with the remainder of SIRIUS XM Canada’s voting and equity interests held by two shareholders. SIRIUS XM Canada is accounted for as an equity method investment as SIRIUS XM does not have the ability to direct the most significant activities that impact SIRIUS XM Canada’s economic performance. The total consideration from SIRIUS XM to SIRIUS XM Canada, excluding transaction costs, during the year ended December 31, 2017 was $309 million, which included $130 million in cash and SIRIUS XM issued 35 million shares of its common stock with an aggregate value of $179 million to the holders of the shares of SIRIUS XM Canada acquired in the transaction. SIRIUS XM also made a contribution in the form of a loan to SIRIUS XM Canada in the aggregate amount of $131 million on May 25, 2017. The loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported within Accumulated other comprehensive (loss) income. Such loan has a term of fifteen years, bears interest at a rate of 7.62% per annum and includes customary covenants and events of default, including an event of default relating to SIRIUS XM Canada’s failure to maintain specified leverage ratios. In addition, the terms of the loan require SIRIUS XM Canada to prepay a portion of the outstanding principal amount of the loan within sixty days of the end of each fiscal year in an amount equal to any cash on hand in excess of C$10 million at the last day of the financial year if all target dividends have been paid in full. SIRIUS XM also entered into a Services Agreement and an Advisory Services Agreement with SIRIUS XM Canada. Each agreement has a thirty year term. Pursuant to the Services Agreement, SIRIUS XM Canada will pay SIRIUS XM 25% of its gross revenue on a monthly basis through December 31, 2021 and 30% of its gross revenue on a monthly basis thereafter. Pursuant to the Advisory Services Agreement, SIRIUS XM Canada will pay SIRIUS XM 5% of its gross revenue on a monthly basis. These agreements supersede and replace the existing agreements between SIRIUS XM Canada and its predecessors and SIRIUS XM. SIRIUS XM has approximately $11 million and $10 million in related party current assets as of December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the related party current asset balance included amounts due under the Service Agreement and Advisory Services Agreement and certain amounts due related to transactions outside of the scope of the new services arrangements. At December 31, 2018 and 2017, SIRIUS XM has approximately $9 million and $10 million in related party liabilities, respectively, related to the legacy agreements with SIRIUS XM Canada which are recorded in current and noncurrent other liabilities in the Company’s consolidated balance sheets. SIRIUS XM recorded approximately $97 million, $87 million and $46 million in revenue for the years ended December 31, 2018, 2017 and 2016, 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 $2 million, $4 million and $8 million during the years ended December 31, 2018, 2017 and 2016, respectively. These dividends were first recorded as a reduction to SIRIUS XM’s investment balance in Sirius XM Canada to the extent a balance existed and then as Other income for the remaining portion. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Other Intangible Assets | |
Goodwill and Other Intangible Assets | (9) Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: SIRIUS XM Formula 1 Other Total amounts in millions Balance at January 1, 2017 $ 14,165 — 180 14,345 Acquisitions (a) (b) 82 3,956 — 4,038 Balance at December 31, 2017 14,247 3,956 180 18,383 Acquisitions 3 — — 3 Balance at December 31, 2018 $ 14,250 3,956 180 18,386 (a) On April 18, 2017, SIRIUS XM acquired Automatic Labs Inc., a connected vehicle device and mobile application company, for an aggregate purchase price of approximately $108 million, net of cash and restricted cash acquired. The excess purchase price over identifiable net assets of $82 million was recorded to goodwill. (b) See note 5 for details regarding the Formula 1 acquisition. Other Intangible Assets Not Subject to Amortization Other intangible assets not subject to amortization, not separately disclosed, are tradenames ($931 million) at December 31, 2018 and 2017 and franchise rights owned by Braves Holdings ($143 million) as of December 31, 2018 and 2017. 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 Federal Communications Commission (“FCC”) licenses are currently scheduled to expire in 2021, 2022 and 2028. 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, 2018 December 31, 2017 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (346) 3,284 3,630 (157) 3,473 Customer relationships 2,684 (795) 1,889 2,684 (501) 2,183 Licensing agreements 351 (182) 169 330 (138) 192 Other 1,012 (639) 373 879 (535) 344 Total $ 7,677 (1,962) 5,715 7,523 (1,331) 6,192 The FIA Agreement is amortized over 35 years, customer relationships are amortized over 10-15 years and licensing agreements are amortized over 15 years. Amortization expense was $654 million, $594 million and $168 million for the years ended December 31, 2018, 2017 and 2016, respectively. Based on its amortizable intangible assets as of December 31, 2018, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): 2019 $ 669 2020 $ 640 2021 $ 477 2022 $ 416 2023 $ 388 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt | |
Debt | (10) Debt Debt is summarized as follows: Outstanding Carrying value Principal December 31, December 31, December 31, 2018 2018 2017 Liberty SiriusXM Group Corporate level notes and loans: 2.125% Exchangeable Senior Debentures due 2048 (1) $ 400 372 — Margin loans 600 600 750 Subsidiary notes and loans: SIRIUS XM 3.875% Senior Notes due 2022 1,000 994 992 SIRIUS XM 4.625% Senior Notes due 2023 500 497 497 SIRIUS XM 6% Senior Notes due 2024 1,500 1,490 1,488 SIRIUS XM 5.375% Senior Notes due 2025 1,000 992 991 SIRIUS XM 5.375% Senior Notes due 2026 1,000 991 990 SIRIUS XM 5.0% Senior Notes due 2027 1,500 1,487 1,486 SIRIUS XM Senior Secured Revolving Credit Facility 439 439 300 SIRIUS XM leases 5 5 11 Deferred financing costs (9) (9) Total Liberty SiriusXM Group 7,944 7,858 7,496 Braves Group Subsidiary notes and loans: Notes and loans 494 494 667 Deferred financing costs (3) (5) Total Braves Group 494 491 662 Formula One Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) 1,000 1,062 1,146 1% Cash Convertible Notes due 2023 (1) 450 463 505 2.25% Exchangeable Senior Debentures due 2046 (1) 213 209 464 2.25% Exchangeable Senior Debentures due 2048 (1) 385 381 — Live Nation Margin Loan — — 350 Other 33 33 35 Subsidiary notes and loans: Senior Loan Facility 2,902 2,910 3,314 Deferred financing costs (19) (18) Total Formula One Group 4,983 5,039 5,796 Total debt $ 13,421 13,388 13,954 Less debt classified as current (17) (768) Total long-term debt $ 13,371 13,186 (1) Measured at fair value 1.375% Cash Convertible Senior 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. Prior to the Recapitalization, the conversion rate for the Convertible Notes was 21.0859 shares of Series A Liberty Media Corporation common stock per $1,000 principal amount of Convertible Notes and an adjusted conversion price of $47.43 per share of Series A Liberty Media Corporation common stock. As a result of the Recapitalization, as discussed in note 2, the Convertible Notes are convertible into cash based on the Securities Basket. The supplemental indenture entered into on April 15, 2016 in connection with the Recapitalization amends the conversion, adjustment and other provisions of the indenture to give effect to the Recapitalization and provides that the conversion consideration due upon conversion of any Convertible Note shall be determined as if references in the indenture to one share of Series A Liberty Media Corporation common stock were instead a reference to the Securities Basket, initially consisting of 0.10 of a share of Series A Liberty Braves common stock, 1.0 share of Series A Liberty SiriusXM common stock and 0.25 of a share of Series A Liberty Formula One common stock. The Series A Liberty Braves common stock component of the Securities Basket was adjusted to 0.1087 pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves 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 certain circumstances. 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, 2018, 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 the Bond Hedge Transaction. 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 Series A Liberty Media Corporation 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, was greater than the strike price of Series A Liberty Media Corporation common stock, which corresponded to the conversion price of the Convertible Notes. In connection with the Recapitalization and the entry into the supplemental indenture on April 15, 2016, Liberty entered into amendments to the Bond Hedge Transaction with each of the counterparties to reflect the adjustments resulting from the Recapitalization. As of the effective date of the Recapitalization, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,085,900 shares of Series A Liberty SiriusXM common stock and 2,108,590 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which was equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes at that time. The aggregate number of shares of Series A Liberty Braves common stock relating to the Bond Hedge Transaction was increased to 2,292,037, pursuant to anti-dilution adjustments arising out of the rights distribution (note 2). As of December 31, 2018, the basket price of the securities underlying the Bond Hedge Transaction was $46.94 per share. The bond hedge expires on October 15, 2023 and is included in other assets as of December 31, 2018 and 2017 in the accompanying consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments, in the accompanying consolidated 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 (“Warrant Transactions”). 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. In connection with the Recapitalization, Liberty entered into amendments to the Warrant Transactions with each of the option counterparties to reflect the adjustments to the Warrant Transactions resulting from the Recapitalization (“Amended Warrant Transactions”). As of the effective date of the Recapitalization, the Amended Warrant Transactions covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,085,900 shares of Series A Liberty SiriusXM common stock and 2,108,590 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments. The aggregate number of shares of Series A Liberty Braves common stock relating to the Amended Warrant Transactions was increased to 2,292,037 pursuant to anti-dilution adjustments arising out of the rights distribution. The strike price of the warrants was adjusted, as a result of the Recapitalization and the rights offering, to $61.16 per share. As of December 31, 2018, the basket price of the securities underlying the Amended Warrant Transactions was $46.94 per share. The Amended Warrant Transactions may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. 1% Cash Convertible Notes due 2023 In connection with the Second Closing on January 23, 2017, Liberty issued $450 million convertible cash notes at an interest rate of 1% per annum, which are convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series C Liberty Formula One common stock and mature on January 30, 2023 (the ‘‘1% Convertible Notes’’). The initial conversion rate for the notes will be 27.1091 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89 per share of Series C Liberty Formula One common stock. The conversion of the 1% Convertible Notes will be settled solely in cash, and not through the delivery of any securities. As discussed in note 5, Liberty used a portion of the net proceeds of the 1% Convertible Notes to fund an increase to the cash consideration payable to the selling shareholders of Formula 1 by approximately $400 million. 2.25% Exchangeable Senior Debentures due 2046 On August 17, 2016, Liberty closed a private offering of approximately $445 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2046 (the “2.25% Exchangeable Senior Debentures due 2046”), and shares of the Company’s Time Warner common stock were the reference shares attributable to the debentures. On June 14, 2018, AT&T acquired Time Warner in a stock-and-cash transaction. In accordance with the terms of the indenture governing the 2.25% Exchangeable Senior Debentures due 2046, the cash portion of the acquisition consideration was paid on June 22, 2018 as an extraordinary additional distribution to holders of debentures, and the stock portion of the acquisition consideration became reference shares attributable to the debentures. Also pursuant to the indenture, the original principal amount of the 2.25% Exchangeable Senior Debentures due 2046 was reduced by an amount equal to the extraordinary additional distribution of $229 million, calculated as $514.1295 per $1,000 original principal amount of debentures. Additionally, any amount of excess regular quarterly cash dividends paid on the AT&T reference shares will be distributed by the Company to holders of the debentures as an additional distribution. Upon an exchange of debentures, Liberty, at its option, may deliver AT&T common stock, cash or a combination of AT&T common stock and cash. The number of shares of AT&T common stock attributable to a debenture represents an initial exchange price of approximately $35.35 per share. A total of approximately 6.11 million shares of AT&T common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing December 31, 2016. The debentures may be redeemed by Liberty, in whole or in part, on or after October 5, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on October 5, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. Liberty used the net proceeds of the offering for the acquisition of an investment in Formula 1 during September 2016, as further described in note 5. Liberty has elected to account for the debentures using the fair value option. Accordingly, changes in the fair value of these instruments are recognized as unrealized gains (losses) in the accompanying consolidated statements of operations. 2.125% Exchangeable Senior Debentures due 2048 On March 6, 2018, Liberty closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, Liberty, at its option, may deliver SIRIUS XM common stock, Series C Liberty SiriusXM common stock, cash or a combination of SIRIUS XM common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of SIRIUS XM common stock attributable to a debenture represents an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of SIRIUS XM common stock are attributable to the debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2018. The debentures may be redeemed by Liberty, in whole or in part, on or after April 7, 2023. Holders of the debentures also have the right to require Liberty to purchase their debentures on April 7, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. Accordingly, changes in the fair value of these instruments are recognized as unrealized gains (losses) in the accompanying consolidated statements of operations. 2.25% Exchangeable Senior Debentures due 2048 In December 2018, Liberty closed a private offering of approximately $385 million aggregate principal amount of its 2.25% exchangeable senior debentures due 2048 (the “2.25% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $66.28 per share. A total of approximately 5.8 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2019. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2021. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2021. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. Liberty used a portion of the net proceeds of the 2.25% Exchangeable Senior Debentures due 2048 to repay all amounts outstanding under the Live Nation Margin Loan. Liberty has elected to account for the debentures using the fair value option. Accordingly, changes in the fair value of these instruments are recognized as unrealized gains (losses) in the accompanying consolidated statements of operations. Margin Loans $1.35 Billion Margin Loan due 2020 On April 30, 2013, Liberty Siri MarginCo, LLC, a wholly-owned subsidiary of Liberty, entered into a margin loan agreement. Shares of common stock of certain of the Company’s equity affiliates and investments in debt and equity securities were pledged as collateral pursuant to this agreement. During October 2014, Liberty refinanced this margin loan arrangement for a similar financial instrument with a $250 million term loan and a $750 million undrawn line of credit. 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. During October 2015, Liberty amended this margin loan arrangement for a similar financial instrument with a $250 million term loan and a $1 billion undrawn line of credit. As of December 31, 2015, shares of SIRIUS XM and Live Nation were pledged as collateral pursuant to this agreement. The term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus an applicable spread between 1.75% and 2.25% (based on the value of collateral) with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement. During October 2016, Liberty amended this margin loan arrangement for a similar financial instrument with a $250 million term loan and a $500 million undrawn line of credit, which was scheduled to mature during October 2018. The term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 1.75% with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement, except shares of Live Nation common stock were no longer pledged as collateral. Borrowings outstanding under this margin loan bore interest at a rate of 3.24% per annum at December 31, 2017. As of December 31, 2017, the Company had fully drawn against the revolving line of credit and this margin loan was classified as current in the accompanying consolidated balance sheet. During March 2018, Liberty amended this margin loan agreement for a similar financial instrument with a $250 million term loan, $500 million revolving line of credit and a $600 million delayed draw term loan, which is scheduled to mature during March 2020. The new term loan and any drawn portion of the revolver carries an interest rate of LIBOR plus 2.05% with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement. Borrowings outstanding under this margin loan bore interest at a rate of 4.83% per annum at December 31, 2018. As of December 31, 2018, availability under the $1.35 billion margin loan due 2020 was $750 million. 1,000 million shares of SIRIUS XM common stock held by Liberty with a value of $5,710 million were pledged as collateral to the $1.35 billion margin loan due 2020 as of December 31, 2018. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The margin loan does not include any financial covenants. Live Nation Margin Loan On November 8, 2016, LMC LYV, LLC, a wholly-owned subsidiary of Liberty, entered into a margin loan agreement with an available borrowing capacity of $500 million with various financial institutions. This margin loan had a two year term, bore interest at a rate of LIBOR plus 2.25% and contained an undrawn commitment fee of 0.75% per annum. On January 20, 2017, LMC LYV, LLC drew $350 million under the margin loan, and the proceeds were used for the Second Closing, as discussed in notes 2 and 5. On December 12, 2017, the margin loan agreement was amended, extending the maturity date to December 12, 2019, and decreasing the interest rate to LIBOR plus 1.90% and the undrawn commitment fee to 0.60% per annum. On December 10, 2018, the margin loan agreement was amended, increasing the borrowing capacity to $600 million, extending the maturity date to December 10, 2020, decreasing the interest rate to LIBOR plus 1.80% and increasing the undrawn commitment fee to either 0.75% or 0.85% per annum (based on the undrawn amount). Interest on the margin loan is payable on the last business day of each calendar quarter. During December 2018, Liberty paid all amounts outstanding under the Live Nation Margin Loan. As of December 31, 2018, availability under the Live Nation Margin Loan was $600 million. 53.7 million shares of the Company’s Live Nation common stock with a value of $2,647 million were pledged as collateral to the loan as of December 31, 2018. The 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 Senior Notes and Senior Secured Revolving Credit Facility SIRIUS XM 4.625% Senior Notes Due 2023 In May 2013, SIRIUS XM issued $500 million of Senior Notes due 2023 which bear interest at an annual rate of 4.625%. 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 3.875% Senior Notes Due 2022 and 5.00% Senior Notes Due 2027 In July 2017, SIRIUS XM issued $1.0 billion aggregate principal amount of 3.875% Senior Notes due 2022 (the “3.875% Notes”) and $1.5 billion aggregate principal amount of 5.00% Senior Notes due 2027 (the “5.00% Notes”). For both series of notes, interest is payable semi-annually in arrears on February 1 and August 1, commencing on February 1, 2018. The 3.875% Notes will mature on August 1, 2022 and the 5.00% Notes will mature on August 1, 2027. Substantially all of SIRIUS XM’s domestic wholly-owned subsidiaries guarantee SIRIUS XM’s obligations under the notes. SIRIUS XM 6% Senior Notes due 2024 In May 2014, SIRIUS XM issued $1.5 billion aggregate principal amount of 6% Senior Notes due 2024 (the “6% Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year at a rate of 6% per annum. The 6% Notes will mature on July 15, 2024. Substantially all of SIRIUS XM’s domestic wholly-owned subsidiaries guarantee SIRIUS XM’s obligations under the notes. SIRIUS XM 5.375% Senior Notes due 2025 In March 2015, SIRIUS XM issued $1.0 billion principal amount of new senior notes due 2025 which bear interest at an annual rate 5.375% (“SIRIUS XM 5.375% Senior Notes due 2025”). The SIRIUS XM 5.375% Senior Notes due 2025 are recorded net of the remaining unamortized discount. Substantially all of SIRIUS XM’s domestic wholly-owned subsidiaries guarantee SIRIUS XM’s obligations under the notes. SIRIUS XM 5.375% Senior Notes due 2026 In May 2016, SIRIUS XM issued $1.0 billion principal amount of new senior notes due July 2026 which bear interest at an annual rate 5.375% (“SIRIUS XM 5.375% Senior Notes due 2026”). The SIRIUS XM 5.375% Senior Notes due 2026 are recorded net of the remaining unamortized discount. Substantially all of SIRIUS XM’s domestic wholly-owned subsidiaries guarantee SIRIUS XM’s obligations under the notes. SIRIUS XM Senior Secured Revolving Credit Facility SIRIUS XM entered into a Senior Secured Revolving Credit Facility (the “Credit Facility”) with a syndicate of financial institutions with a total borrowing capacity of $1,750 million which matures in June 2023. The Credit Facility is guaranteed by certain of SIRIUS XM’s material domestic subsidiaries and is secured by a lien on substantially all of SIRIUS XM’s assets and the assets of its material domestic subsidiaries. The proceeds of loans under the Credit Facility are 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, 2018 bore interest at a rate of 4.67% per annum. SIRIUS XM is required to pay a variable fee on the average daily unused portion of the Credit Facility which was 0.25% as of December 31, 2018 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. As of December 31, 2018, availability under the Credit Facility was $1,311 million. Braves Holdings Notes and Loans Braves Holdings’ debt is summarized as follows: Carrying value As of December 31, 2018 December 31, December 31, Borrowing Weighted avg Maturity 2018 2017 Capacity interest rate Date amounts in millions Operating credit facilities $ 17 various Ballpark funding Term loan 52 55 NA August 2021 Senior secured note 195 200 NA September 2041 Floating rate notes 70 75 NA September 2029 Mixed-use credit facilities and loans 160 200 176 various Spring training credit facility — 39 40 NA December 2022 Total Braves Holdings $ 494 667 In 2014, Braves Holdings, 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 total cost of the ballpark was approximately $722 million, of which approximately $392 million was funded by a combination of Cobb County, the Cumberland Improvement District and Cobb-Marietta Coliseum and Exhibit Hall Authority (the “Authority”) and approximately $330 million was funded by Braves Holdings. Funding for ballpark initiatives by Braves Holdings came from cash on hand and various debt instruments, as detailed above. Bank Loans Formula 1 had a first lien term loan denominated in Euros totaling $42 million, which was repaid on June 30, 2017. On August 3, 2017, Formula 1 increased the amount outstanding under a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”) from $3.1 billion to $3.3 billion and extended its maturity to February 2024. In addition, on August 3, 2017, the revolving credit facility under the Senior Loan Facility was increased from $75 million to $500 million. As part of a refinancing of the Senior Loan Facility in March 2017, $628 million of the Senior Loan Facility was considered repaid and then borrowed due to a change in the mix of counterparties in the Senior Loan Facility. As part of the refinancing in March 2017, the interest rate on the Senior Loan Facility was reduced from LIBOR plus 3.75% per annum to LIBOR plus 3.25% per annum, with a LIBOR floor on the U.S. Dollar denominated debt of 1%. In September 2017, the interest rate on the Senior Loan Facility was reduced to LIBOR plus 3.0% per annum. On January 31, 2018, Formula 1 refinanced the Senior Loan Facility. As part of the refinancing, Formula 1 repaid $400 million of the Senior Loan Facility, reducing the amount outstanding to $2.9 billion. The repayment was funded through borrowings of $250 million under the revolving credit facility and $150 million of cash on hand. The interest rate on the Senior Loan Facility was reduced to LIBOR plus 2.5% per annum. Formula 1 repaid all outstanding borrowings under the revolving credit facility during the year ended December 31, 2018. The interest rate on the Senior Loan Facility was approximately 4.74% as of December 31, 2018. The Senior Loan Facility is secured by share pledges, bank accounts and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of December 31, 2018, Formula 1 has interest rate swaps on $2.5 billion of the $2.9 billion Senior Loan Facility in order to manage its interest rate risk. Formula 1 also had a second lien facility, which had $1 billion outstanding at the time of the acquisition of Formula 1 by Liberty. In May 2017, Liberty issued 12.9 million shares of Series C Liberty Formula One common stock and used the net proceeds of approximately $388 million to repay a portion of the second lien facility. Formula 1 fully repaid the second lien facility during the year ended December 31, 2017. Delta Topco Limited Exchangeable Redeemable Loan Notes As discussed in note 5, in connection with the Second Closing on January 23, 2017, Delta Topco issued the Exchangeable Notes upon the conversion of certain outstanding Delta Topco loan notes. The Exchangeable Notes bore interest at 2% per annum and were exchangeable into cash or newly issued shares of Series C Liberty Formula One common stock. Interest was payable by either, at the discretion of Delta Topco, (i) issuing payment-in-kind notes or (ii) cash. In September 2017, $323 million aggregate principal amount of Exchangeable Notes were exchanged for 14.5 million shares of Series C Liberty Formula One common stock. In November 2017, the remaining $27 million aggregate principal amount of Exchangeable Notes were exchanged for 1.2 million shares of Series C Liberty Formula One common stock. The Exchangeable Notes were attributed to the Formula One Group. The debt host component of the Exchangeable Notes was recorded as debt, at fair value (level 2), with the related discount amortized using the effective interest rate method, while the embedded conversion option was recorded in additional paid-in capital. Upon settlement, the Company recorded a true-up to additional paid-in capital for the amount and type (shares of Series C Liberty Formula One common stock) of settlement. Debt Covenants The SIRIUS XM Credit Facility contains certain financial covenants related to SIRIUS XM’s leverage ratio. Braves Holdings’ term loan contains certain financial covenants related to Braves Holdings’ debt service coverage ratio, fixed charge ratio and capital expenditures. Additionally, SIRIUS XM’s Credit Facility, the Braves Holdings term loan, Formula 1 debt and other borrowings contain certain non-financial covenants. As of December 31, 2018, the Company, SIRIUS XM, Formula 1 and Braves Holdings 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, 2018 SIRIUS XM 3.875% Senior Notes due 2022 $ 948 SIRIUS XM 4.625% Senior Notes due 2023 $ 476 SIRIUS XM 6% Senior Notes due 2024 $ 1,504 SIRIUS XM 5.375% Senior Notes due 2025 $ 956 SIRIUS XM 5.375% Senior Notes due 2026 $ 941 SIRIUS XM 5.0% Senior Notes due 2027 $ 1,363 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, 2018. Five Year Maturities The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions): 2019 $ 24 2020 $ 703 2021 $ 65 2022 $ 1,018 2023 $ 2,407 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes | |
Income Taxes | (11) Income Taxes On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act made broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) bonus depreciation that allows for full expensing of qualified property; (3) creating a new limitation on deductible interest expense; (4) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (5) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; (6) limitations on the deductibility of certain executive compensation; and (7) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years. The SEC issued guidance on accounting for the tax effects of the Tax Act. The Company reflected the income tax effects of those aspects of the Tax Act for which the accounting was known as of December 31, 2017 and made immaterial revisions to such amounts during the allowed one year measurement period. As of December 31, 2018, the Company has completed its analysis of the tax effects of the Tax Act. Income tax benefit (expense) consists of: Years ended December 31, 2018 2017 2016 amounts in millions Current: Federal $ (14) 38 (39) State and local 13 (30) (29) Foreign (8) (9) — (9) (1) (68) Deferred: Federal (228) 578 (388) State and local (2) (21) (39) Foreign 63 507 — (167) 1,064 (427) Income tax benefit (expense) $ (176) 1,063 (495) Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the year ended December 31, 2018 and 35% for both of the years ended December 31, 2017 and 2016 as a result of the following: Years ended December 31, 2018 2017 2016 amounts in millions Computed expected tax benefit (expense) $ (219) (289) (497) State and local income taxes, net of federal income taxes 18 (37) (46) Foreign income taxes, net of federal income taxes 22 88 — Dividends received deductions (2) 38 11 Taxable dividends not recognized for book purposes (25) (45) (11) Federal tax credits 30 22 67 Change in valuation allowance affecting tax expense (62) 212 (1) Change in tax rate due to Tax Act (8) 929 — Settlements with tax authorities 43 253 — Deductible stock-based compensation 38 40 1 Income tax reserves — (22) — Non-deductible / Non-taxable interest — (60) — Write-off of tax attributes — (42) — Other, net (11) (24) (19) Income tax benefit (expense) $ (176) 1,063 (495) For the year ended December 31, 2018, the significant reconciling items, as noted in the table above, are deductible stock-based compensation, benefits related to federal tax credits and the resolution of historical matters with various tax authorities, partially offset by changes in the valuation allowance and taxable dividends not recognized for book purposes. For the year ended December 31, 2017, the significant reconciling items, as noted in the table above, are a net tax benefit for the effect of the changes in the U.S. federal corporate tax rate from 35% to 21% on deferred taxes, a net tax benefit for the resolution of historical matters with various tax authorities and a net tax benefit for the effects of a new U.K. tax law that changed the Company’s judgment with respect to the future realization of U.K. tax losses. For the year ended December 31, 2016 the significant reconciling item, as noted in the table above, is state income taxes offset with federal income tax credits claimed by SIRIUS XM related to research and development activities. 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, 2018 2017 amounts in millions Deferred tax assets: Tax loss and credit carryforwards $ 1,355 1,017 Accrued stock compensation 97 88 Other accrued liabilities — 175 Deferred revenue 514 502 Discount on debt — 26 Other future deductible amounts 22 22 Deferred tax assets 1,988 1,830 Valuation allowance (174) (112) Net deferred tax assets 1,814 1,718 Deferred tax liabilities: Investments 26 110 Fixed assets 359 326 Intangible assets 2,690 2,760 Discount on debt 76 — Other future taxable amounts 314 — Deferred tax liabilities 3,465 3,196 Net deferred tax liabilities $ 1,651 1,478 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 consolidated group tax return of Liberty. Liberty’s acquisition of a controlling interest in SIRIUS XM’s outstanding common stock during January 2013 did not cause a change in control under Section 382 of the Code. During the year ended December 31, 2018, there was a $62 million increase in the Company’s valuation allowance that affected tax expense. At December 31, 2018, the Company had a deferred tax asset of $1,355 million for federal, state and foreign net operating losses (“NOLs”), interest expense carryforwards and tax credit carryforwards. Of this amount, $952 million is recorded at the SIRIUS XM level. If not utilized to reduce income tax liabilities at SIRIUS XM in future periods, these loss carryforwards and tax credits will expire on various dates through 2038. The Company has $243 million of foreign NOLS that may be carried forward indefinitely and $4 million of foreign NOLs that will expire on various dates starting in 2035. In addition, the Company has $153 million of loss and credit carryforwards with no expiration. The remaining $3 million of carryforwards expire at certain future dates. These carryforwards are expected to be utilized in future periods, except for $174 million of tax loss and credit carryforwards which, based on current projections, may expire unused in the future and are subject to a valuation allowance. A reconciliation of unrecognized tax benefits is as follows: December 31, 2018 2017 2016 amounts in millions Balance at beginning of year $ 365 304 254 Reductions for tax positions of prior years (27) (1) (1) Increase in tax positions for current year 15 16 51 Increase in tax positions from prior years 65 37 — Settlements with tax authorities (31) (423) — Increase in tax positions from acquisition — 432 — Balance at end of year $ 387 365 304 As of December 31, 2018, the Company had recorded tax reserves of $387 million related to unrecognized tax benefits for uncertain tax positions. If such tax benefits were to be recognized for financial statement purposes, approximately $257 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, 2018 will significantly increase or decrease during the twelve-month period ending December 31, 2019; 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, 2018, the Company’s tax years prior to 2015 are closed for federal income tax purposes, and the IRS has completed its examination of the Company’s 2015 and 2016 tax years. The Company’s tax loss carryforwards from its 2014 tax year are still subject to adjustment. The Company’s 2017 and 2018 tax years are being examined currently as part of the IRS’s Compliance Assurance Process program. Various states are currently examining the Company’s prior years state income tax returns. SIRIUS XM, which does not consolidate with Liberty for income tax purposes, has 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, 2018, the Company had less than $1 million dollars in accrued interest and penalties recorded related to uncertain tax positions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity | |
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, 2018, no shares of preferred stock were issued. Common Stock As discussed in note 2, on April 15, 2016, the Company completed the Recapitalization of its common stock into three new tracking stock groups, one designated as the Liberty SiriusXM common stock, one designated as the Liberty Braves common stock and one designated as the Liberty Media common stock. As further discussed in note 2, the Liberty Media common stock was renamed Liberty Formula One common stock on January 24, 2017 shortly after the Second Closing. The operating results prior to the Recapitalization are attributed to Liberty stockholders in the aggregate, and the operating results subsequent to the Recapitalization are attributed to the respective tracking stock groups. As discussed in note 1, on July 23, 2014, holders of Series A and Series B Liberty Media Corporation common stock received a dividend of two shares of Series C Liberty Media Corporation common stock for each share of Series A or Series B Liberty Media Corporation common stock held by them as of July 7, 2014. Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have one vote per share, Series B Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have ten votes per share and Series C Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have no votes per share except as otherwise required by Delaware law. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock of the same group. All series of our common stock participate on an equal basis with respect to dividends and distributions. Purchases of Common Stock There were no repurchases of Liberty common stock made pursuant to the Company’s authorized repurchase program during the years ended December 31, 2016 and 2017. During the year ended December 31, 2018, the Company repurchased 10.8 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $466 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty SiriusXM common stock, Liberty Braves common stock or Liberty Formula One common stock and no repurchases of Series C Liberty Braves common stock or Liberty Formula One common stock during the year ended December 31, 2018. Dividends Declared by Subsidiary On October 26, 2016, SIRIUS XM’S board of directors declared the first quarterly dividend on SIRIUS XM common stock in the amount of $0.01 per share of common stock to stockholders of record on November 9, 2016. The dividend was paid in cash on November 30, 2016 in the amount of $48 million, of which Liberty received $32 million. During the year ended December 31, 2017, SIRIUS XM declared a cash dividend each quarter, and paid in cash an aggregate amount of $190 million, of which Liberty received $130 million. During the year ended December 31, 2018, SIRIUS XM declared a cash dividend each quarter, and paid in cash an aggregate amount of $201 million, of which Liberty received $143 million. SIRIUS XM’s board of directors expects to declare regular quarterly dividends, in an aggregate annual amount of $0.0484 per share of common stock. On January 29, 2019, SIRIUS XM’s board of directors declared a quarterly dividend on its common stock in the amount of $0.0121 per share of common stock, payable on February 28, 2019 to stockholders of record at the close of business on February 11, 2019. |
Related Party Transactions with
Related Party Transactions with Officers and Directors | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions with Officers and Directors | |
Related Party Transactions with Officers and Directors | (13) Related Party 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 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 receives annual grants of options to purchase shares of Series C Liberty SiriusXM common stock , Series C Liberty Braves common stock and Series C Liberty Formula One common stock with a term of seven years (the “Annual Options”) and RSUs with respect to Series C Liberty SiriusXM common stock , Series C Liberty Braves common stock and Series C Liberty Formula One common stock (the “Annual RSUs” and together with the Annual Options, the “Annual Awards”). The CEO may elect the portions of his Annual Awards that he desires to be issued in the form of Annual RSUs and Annual Options. Grants of Annual Awards will be allocated between Liberty and Qurate Retail. The aggregate target amount to be allocated between Liberty and Qurate Retail 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. In addition, Liberty and Qurate Retail’s compensation committees may grant additional awards each year up to a maximum of 50% of the target award for the relevant year. Salary compensation related to services provided by the CEO is charged from Liberty to Liberty TripAdvisor, Liberty Broadband and GCI Liberty pursuant to the Services Agreements with each respective company. Any cash bonus attributable to the performance of Liberty or Qurate Retail 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation | |
Stock-Based Compensation | (14) Stock-Based Compensation Liberty—Incentive Plans Pursuant to the Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), the company may grant Awards to purchase shares of Series A, Series B and Series C Liberty Media Corporation common stock. The 2017 Plan provides for Awards to be made in respect of a maximum of 50.0 million shares of Liberty Media Corporation common stock. Awards generally vest over 1-5 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 equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). In connection with the Recapitalization during 2016, all outstanding Awards with respect to Liberty Media Corporation common stock (“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 new corresponding equity awards relating to shares of one or more series of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock (collectively, the “Adjusted Liberty Awards”). All of the pre-Recapitalization value of the Liberty Awards was allocated among the Adjusted Liberty Awards. Liberty—Grants of stock options Awards granted in 2018, 2017 and 2016 are summarized as follows: Years ended December 31, 2018 2017 2016 Options Weighted Options Weighted Options Weighted granted average granted average granted average (000's) GDFV (000's) GDFV (000's) GDFV Series C Liberty Media Corporation common stock, Liberty employees and directors (1) NA NA NA NA 10 $ 8.33 Series C Liberty Media Corporation common stock, Liberty CEO (2) NA NA NA NA 775 $ 8.91 Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 33 $ 11.09 263 $ 10.39 415 $ 7.50 Series C Liberty SiriusXM common stock, Liberty CEO (3) 633 $ 11.56 920 $ 8.50 NA NA Series C Liberty Formula One common stock, Liberty employees and directors (1) 21 $ 8.99 153 $ 9.42 101 $ 4.89 Series C Liberty Formula One common stock, Liberty CEO (3) 139 $ 8.80 171 $ 8.96 NA NA Series C Liberty Formula One common stock, Formula 1 employees (4) 1,888 $ 8.64 2,015 $ 8.16 NA NA Series C Liberty Braves common stock, Liberty employees and directors (1) 5 $ 7.14 35 $ 6.14 41 $ 3.79 Series C Liberty Braves common stock, Liberty CEO (3) 46 $ 6.44 149 $ 6.02 NA NA (1) Mainly vests between three and five years for employees and in one year for directors. (2) Grant mainly cliff vested in December 2016 and was made in connection with the CEO’s employment agreement. (3) Grants in 2017 mainly cliff vested in December 2017. Grants in 2018 cliff vested in December 2018 and were made in connection with the CEO’s employment agreement. (4) Vest monthly over one year. In addition to the stock option grants to the Liberty CEO, and in connection with his employment agreement, Liberty granted performance-based restricted stock units (“RSUs”). During the years ended December 31, 2018 and 2017, Liberty granted 86 thousand and 50 thousand RSUs, respectively, of Series C Liberty Formula One common stock. Such RSUs had a GDFV of $31.99 per share and $33.92 per share, respectively. During the year ended December 31, 2018, Liberty granted 12 thousand RSUs of Series C Liberty Braves common stock with a GDFV of $23.34 per share. During the year ended December 31, 2016, Liberty granted 39 thousand RSUs of Series C Liberty Media Corporation common stock. Such RSUs had a GDFV of $37.76 per share. The 2018, 2017 and 2016 performance-based RSUs cliff vested in one year, subject to the satisfaction of certain performance objectives and based on an amount determined by the compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is remeasured at each reporting period. The Company did not grant any options to purchase Series A or Series B of Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock during the year ended December 31, 2018. The Company has calculated the GDFV for all of its equity 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 2018, 2017 and 2016, the range of expected terms was 3.5 to 6.3 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 2018, 2017 and 2016 grants. Volatility 2018 grants Liberty options % - % 2017 grants Liberty options % - % 2016 grants Liberty options % - % Liberty—Outstanding Awards The following tables present 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. Liberty SiriusXM Series A Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 1,626 $ 19.78 Granted — $ — Exercised (223) $ 19.43 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 1,403 $ 19.84 1.0 year $ 24 Exercisable at December 31, 2018 1,399 $ 19.81 1.0 year $ 24 Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 11,328 $ 27.66 Granted 666 $ 42.34 Exercised (497) $ 19.81 Forfeited/Cancelled (2) $ 38.77 Outstanding at December 31, 2018 11,495 $ 28.85 3.3 years $ 98 Exercisable at December 31, 2018 8,039 $ 28.25 3.1 years $ 74 Liberty Formula One Series A Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 400 $ 11.69 Granted — $ — Exercised (40) $ 11.50 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 360 $ 11.71 1.0 year $ 6 Exercisable at December 31, 2018 360 $ 11.70 1.0 year $ 6 Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 4,760 $ 24.59 Granted 2,048 $ 31.55 Exercised (123) $ 13.83 Forfeited/Cancelled (1) $ 34.84 Outstanding at December 31, 2018 6,684 $ 26.92 4.7 years $ 35 Exercisable at December 31, 2018 4,911 $ 27.58 4.6 years $ 24 Liberty Braves Series A Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 179 $ 11.43 Granted — $ — Exercised (2) $ 11.00 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 177 $ 11.44 1.0 year $ 2 Exercisable at December 31, 2018 177 $ 11.42 1.0 year $ 2 Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 1,231 $ 16.27 Granted 51 $ 23.54 Exercised (6) $ 11.97 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 1,276 $ 16.58 3.2 years $ 11 Exercisable at December 31, 2018 926 $ 16.33 3.0 years $ 8 There were no outstanding Series B options to purchase shares of Series B Liberty SiriusXM common stock, Liberty Formula One common stock or Liberty Braves common stock during 2018. As of December 31, 2018, the total unrecognized compensation cost related to unvested Liberty Awards was approximately $22 million. Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 1.3 years. As of December 31, 2018, 12.9 million, 7.0 million and 1.5 million shares of Series A and Series C Liberty SiriusXM, Liberty Formula One and Liberty Braves common stock, respectively, were reserved for issuance under exercise privileges of outstanding stock Awards. Liberty—Exercises The aggregate intrinsic value of all options exercised during the years ended December 31, 2018, 2017 and 2016 was $22 million, $31 million and $24 million, respectively. Liberty—Restricted Stock The Company had approximately 218 thousand, 211 thousand and 46 thousand unvested restricted shares of Liberty SiriusXM, Liberty Formula One, and Liberty Braves common stock, respectively, held by certain directors, officers and employees of the Company as of December 31, 2018. These Series A and Series C unvested restricted shares of Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Braves common stock had a weighted average GDFV of $26.74, $28.79, and $20.16 per share, respectively. The aggregate fair value of all restricted shares of Liberty common stock that vested during the years ended December 31, 2018, 2017 and 2016 was $9 million, $85 million and $7 million, respectively. SIRIUS XM—Stock-based Compensation During the years ended December 31, 2018, 2017 and 2016, SIRIUS XM granted various types of stock awards to its employees and members of its board of directors. Stock-based awards are generally subject to a graded vesting requirement, which is generally three to four years from the grant date. Stock options generally expire ten years from the date of grant. Restricted stock units include performance-based restricted stock units (“PRSUs”), the vesting of which are subject to the achievement of performance goals and the employee's continued employment and generally cliff vest on the third anniversary of the grant date. SIRIUS XM 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 2018, 2017 and 2016 was 23%, 24% and 22%, respectively. During the year ended December 31, 2018, SIRIUS XM granted approximately 31.7 million stock options with a weighted-average exercise price of $6.59 per share and a grant date fair value of $1.45 per share. As of December 31, 2018, SIRIUS XM has approximately 243.4 million options outstanding of which approximately 143.8 million are exercisable, each with a weighted-average exercise price per share of $4.22 and $3.60, respectively. The aggregate intrinsic value of these outstanding and exercisable options was $392 million and $303 million, respectively. During the year ended December 31, 2018, SIRIUS XM granted approximately 17.5 million RSUs and PRSUs with a grant date fair value of $6.40 per share. The stock-based compensation related to SIRIUS XM stock options and restricted stock awards was $133 million, $124 million and $109 million for the years ended December 31, 2018, 2017, and 2016, respectively. As of December 31, 2018, the total unrecognized compensation cost related to unvested SIRIUS XM stock options was $254 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 1.8 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plans | |
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 $20 million, $17 million and $13 million for each of the years ended December 31, 2018, 2017 and 2016, respectively. |
Other Comprehensive Earnings (l
Other Comprehensive Earnings (loss) | 12 Months Ended |
Dec. 31, 2018 | |
Other Comprehensive Earnings (Loss) | |
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 debt and equity 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 Foreign holding currency gains (losses) translation on securities adjustment Other AOCI amounts in millions Balance at January 1, 2016 $ (10) (23) (18) (51) Other comprehensive earnings (loss) attributable to Liberty stockholders 1 1 (13) (11) Balance at December 31, 2016 (9) (22) (31) (62) Other comprehensive earnings (loss) attributable to Liberty stockholders (3) 16 14 27 Balance at December 31, 2017 (12) (6) (17) (35) Other comprehensive earnings (loss) attributable to Liberty stockholders (3) (24) 22 (5) Cumulative adjustment for change in accounting principle — — 2 2 Balance at December 31, 2018 $ (15) (30) 7 (38) 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, 2018: Unrealized holding gains (losses) arising during period $ (4) 1 (3) Credit risk on fair value debt instruments gains (losses) 41 (9) 32 Foreign currency translation adjustments (56) 12 (44) Other comprehensive earnings $ (19) 4 (15) Year ended December 31, 2017: Unrealized holding gains (losses) arising during period $ (5) 2 (3) Foreign currency translation adjustments 60 (22) 38 Other comprehensive earnings $ 55 (20) 35 Year ended December 31, 2016: Foreign currency translation adjustments $ (16) 6 (10) Other comprehensive earnings $ (16) 6 (10) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies | |
Commitments and Contingencies | (17) Commitments and Contingencies Guarantees 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, 2018 aggregated $165 million, which is payable as follows: $93 million in 2019, $36 million in 2020, $34 million in 2021, $2 million in 2022, less than one million in 2023 and none thereafter. In addition to the foregoing amounts, certain players and coaches may earn incentive compensation under the terms of their employment contracts. 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 agreements amounted to $64 million, $58 million and $52 million for the years ended December 31, 2018, 2017 and 2016, respectively. A summary of future minimum lease payments under cancelable and noncancelable operating leases, as of December 31, 2018 follows (amounts in millions): Years ending December 31: 2019 $ 54 2020 $ 59 2021 $ 53 2022 $ 48 2023 $ 40 Thereafter $ 179 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 2018. Braves Holdings provided funding for the new stadium and the land during the initial construction period, until the initial reimbursement by the Authority in September 2015, at which time the land was conveyed to the Authority. Braves Holdings was deemed the owner (for accounting purposes) of the stadium during the construction period and costs were classified as construction in progress (“CIP”), within the Property and equipment, net line item. Costs of the project were captured in CIP along with a corresponding financing obligation, reported in other liabilities, for amounts funded by the Authority. At the end of the construction period in March 2017, the Company performed an analysis and determined that due to Braves Holdings’ continuing involvement with the property as a result of the purchase option at the end of the lease term, the stadium did not qualify for sale-leaseback accounting treatment. Accordingly, Braves Holdings applied the financing method of accounting whereby Braves Holdings began making license payments and amortizing the financing obligation to the Authority using the effective interest rate method over a 30 year term. The stadium was reclassified from CIP and placed into service on March 31, 2017. Also at this time, Braves Holdings began depreciating the stadium over a 45 year estimated useful life. Programming, music royalties and other contractual arrangements SIRIUS XM has entered into various programming agreements under which SIRIUS XM’s obligations include fixed payments, advertising commitments and revenue sharing arrangements. In addition, SIRIUS XM has entered into certain music royalty arrangements that include fixed payments. Amounts due under programming and music royalty agreements are payable as follows: $430 million in 2019, $335 million in 2020, $218 million in 2021, $79 million in 2022 and $38 million in 2023. Future revenue sharing costs are dependent upon many factors and are difficult to estimate; therefore, they are not included in the amounts above. In addition, SIRIUS XM has entered into agreements related to certain satellite and transmission costs, sales and marketing costs and in-orbit performance payments to the manufacturer of its satellites. Amounts due under these agreements are payable as follows: $146 million in 2019, $69 million in 2020, $20 million in 2021, $13 million in 2022 and $10 million in 2023. 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 filed notice of its appeal of the judgment to the United States Court of Appeals for the Second Circuit. During the first quarter of 2016, Liberty entered into a settlement with Vivendi which resulted in a $775 million payment to settle all claims related to the dispute described above. Following the payment of a contingency fee to our legal counsel, as well as amounts payable to Liberty Global plc, an additional plaintiff in the action, Liberty recognized a net pre-tax gain on the legal settlement of approximately $511 million. The recovery received in connection with the settlement is attributed to the Formula One Group. This settlement resulted in a dismissal of all appeals and mutual releases of the parties. During the fourth quarters of 2017 and 2016, SIRIUS XM recorded $45 million and $46 million, respectively, related to music royalty legal settlements and reserves. The expenses are included in the Revenue share and royalties line item in the accompanying consolidated financial statements for the years ended December 31, 2017 and 2016, respectively, but have been excluded from Adjusted OIBDA for the corresponding periods as these expense were not incurred as a part of SIRIUS XM’s normal operations for the periods and do not relate to the on-going performance of the business. On March 13, 2017, Thomas Buchanan, individually and on behalf of all others similarly situated, filed a class action complaint against SIRIUS XM in the United States District Court for the Northern District of Texas, Dallas Division. The plaintiff in this action alleges that SIRIUS XM violated the Telephone Consumer Protection Act of 1991 (the “TCPA”) by, among other things, making telephone solicitations to persons on the National Do-Not-Call registry, a database established to allow consumers to exclude themselves from telemarketing calls unless they consent to receive the calls in a signed, written agreement, and making calls to consumers in violation of SIRIUS XM’s internal Do-Not-Call registry. The plaintiff is 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 and a permanent injunction prohibiting SIRIUS XM from making, or having made, any calls to land lines that are listed on the National Do-Not-Call registry or SIRIUS XM’s internal Do-Not-Call registry. The plaintiff has filed a motion seeking class certification, and that motion is pending. SIRIUS XM believes it has substantial defenses to the claims asserted in this action, and intends to defend this action vigorously. On June 7, 2018, SIRIUS XM entered into an agreement with SoundExchange, Inc. (“Sound Exchange”), the organization that collects and distributes sound recording royalties pursuant to SIRIUS XM’s statutory license, to settle the cases titled SoundExchange, Inc. v. Sirius XM Radio, Inc., No.13-cv-1290-RJL (D.D.C.), and SoundExchange, Inc. v. Sirius XM Radio, Inc., No.17-cv-02666-RJL (D.D.C.). A description of these actions is contained in our prior public filings. In connection with the settlement, SIRIUS XM made a one-time lump sum payment of $150 million to SoundExchange on July 6, 2018. SIRIUS XM accrued for a portion of this liability in prior years and recorded a $69 million charge for the remaining liability during the second quarter of 2018. This expense is included in the Revenue share and royalties line item in the accompanying consolidated financial statements for the year ended December 31, 2018, but has been excluded from Adjusted OIBDA for the corresponding periods as this expense was not incurred as a part of SIRIUS XM’s normal operations and does not relate to the on-going performance of the business. The settlement resolved all outstanding claims, including ongoing audits, under SIRIUS XM’s statutory license for sound recordings for the period January 1, 2007 through December 31, 2017. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 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 the following subsidiaries as its reportable segments: · SIRIUS XM is a consolidated subsidiary that provides a subscription based satellite radio service. SIRIUS XM transmits 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. SIRIUS XM also transmits a larger set of music and other channels and video programming through its streaming service. SIRIUS XM’s streaming service is available online and through applications for mobile devices, home devices and other consumer electronic equipment. SIRIUS XM also provides connected vehicle services. SIRIUS XM’s connected vehicle services are designed to enhance the safety, security and driving experience for vehicle operators while providing marketing and operational benefits to automakers and their dealers. · Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors’ Championship and drivers compete for the Drivers’ Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship. The Company acquired a controlling interest in Formula 1 on January 23, 2017, at which time it began consolidating the results of the Formula 1 business. 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, 2018 2017 2016 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in millions Liberty SiriusXM Group SIRIUS XM $ 5,771 2,230 5,425 2,109 5,014 1,853 Corporate and other — (16) — (15) — (15) Total Liberty SiriusXM Group 5,771 2,214 5,425 2,094 5,014 1,838 Braves Group Corporate and other 442 88 386 2 262 (20) Total Braves Group 442 88 386 2 262 (20) Formula One Group Formula 1 1,827 400 1,783 438 — — Corporate and other — (25) — (41) — (45) Total Formula One Group 1,827 375 1,783 397 — (45) Total $ 8,040 2,677 7,594 2,493 5,276 1,773 Other Information December 31, 2018 December 31, 2017 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in millions Liberty SiriusXM Group SIRIUS XM $ 27,812 629 356 27,837 672 288 Corporate and other 480 — — 693 — — Total Liberty SiriusXM Group 28,292 629 356 28,530 672 288 Braves Group Corporate and other 1,805 92 33 1,866 145 219 Total Braves Group 1,805 92 33 1,866 145 219 Formula One Group Formula 1 8,958 — 12 9,461 — 8 Corporate and other 1,999 920 2 2,341 933 2 Total Formula One Group 10,957 920 14 11,802 933 10 Elimination (1) (226) — — (202) — — Consolidated Liberty $ 40,828 1,641 403 41,996 1,750 517 (1) This is primarily the intergroup interest in the Braves Group held by the Formula One Group, as discussed in note 2. The intergroup interest attributable to the Formula One Group is presented as an asset and the intergroup interest attributable to the Braves Group is presented as a liability in the attributed financial statements and the offsetting amounts between tracking stock groups are eliminated in consolidation. The following table provides a reconciliation of consolidated segment Adjusted OIBDA to earnings (loss) from continuing operations before income taxes: Years ended December 31, 2018 2017 2016 amounts in millions Consolidated segment Adjusted OIBDA $ 2,677 2,493 1,773 Legal settlement (note 17) (69) (45) 465 Stock-based compensation (192) (230) (150) Depreciation and amortization (905) (824) (354) Operating income (loss) 1,511 1,394 1,734 Interest expense (606) (591) (362) Share of earnings (losses) of affiliates, net 18 104 14 Realized and unrealized gains (losses) on financial instruments, net 40 (88) 37 Other, net 78 8 (4) Earnings (loss) from continuing operations before income taxes $ 1,041 827 1,419 Revenue by Geographic Area Revenue by geographic area based on the country of domicile is as follows: Years ended December 31, 2018 2017 2016 amounts in millions United States $ 6,209 5,724 5,230 United Kingdom 1,831 1,783 — Other — 87 46 $ 8,040 7,594 5,276 Long-lived Assets by Geographic Area December 31, 2018 2017 amounts in millions United States $ 2,457 2,529 United Kingdom 12 12 $ 2,469 2,541 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information (Unaudited) | |
Quarterly Financial Information (Unaudited) | (19) Quarterly Financial Information (Unaudited) 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter amounts in millions, except per share amounts 2018: Revenue $ 1,517 2,199 2,315 2,009 Operating income (loss) $ 227 374 531 379 Net earnings (loss) $ 213 255 366 31 Net earnings (loss) attributable to Liberty stockholders: Liberty SiriusXM common stock $ 200 165 185 126 Liberty Braves common stock $ (52) (2) 41 18 Liberty Formula One common stock $ (17) 9 42 (184) Basic net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.60 0.50 0.56 0.39 Liberty Braves common stock $ (1.02) (0.04) 0.80 0.35 Liberty Formula One common stock $ (0.07) 0.04 0.18 (0.80) Diluted net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.59 0.49 0.55 0.38 Liberty Braves common stock $ (1.02) (0.04) 0.80 (0.07) Liberty Formula One common stock $ (0.07) 0.04 0.18 (0.80) 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter amounts in millions, except per share amounts 2017: Revenue $ 1,395 2,140 2,065 1,994 Operating income (loss) $ 259 422 382 331 Net earnings (loss) $ 44 156 261 1,429 Net earnings (loss) attributable to Liberty stockholders: Liberty SiriusXM common stock $ 124 123 183 694 Liberty Braves common stock $ (49) (2) 22 4 Liberty Formula One common stock $ (96) (27) (37) 415 Basic net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.37 0.37 0.54 2.07 Liberty Braves common stock $ (1.00) (0.04) 0.45 0.08 Liberty Formula One common stock $ (0.55) (0.13) (0.17) 1.80 Diluted net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.37 0.36 0.54 2.04 Liberty Braves common stock $ (1.00) (0.04) 0.45 0.07 Liberty Formula One common stock $ (0.55) (0.13) (0.17) 1.79 |
Financial Information for Track
Financial Information for Tracking Stock Groups | 12 Months Ended |
Dec. 31, 2018 | |
Financial Information for Tracking Stock Groups | |
Financial Information for Tracking Stock Groups | BALANCE SHEET INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Inter-Group Consolidated Group Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 91 107 160 — 358 Trade and other receivables, net 233 21 110 — 364 Other current assets 191 129 40 — 360 Total current assets 515 257 310 — 1,082 Intergroup interest in the Braves Group (note 1) — — 226 (226) — Investments in debt and equity securities (note 1) 967 8 303 — 1,278 Investments in affiliates, accounted for using the equity method (note 1) 629 92 920 — 1,641 Property and equipment, at cost 2,450 1,137 178 — 3,765 Accumulated depreciation (1,112) (96) (88) — (1,296) 1,338 1,041 90 — 2,469 Intangible assets not subject to amortization Goodwill 14,250 180 3,956 — 18,386 FCC licenses 8,600 — — — 8,600 Other 931 143 — — 1,074 23,781 323 3,956 — 28,060 Intangible assets subject to amortization, net 942 37 4,736 — 5,715 Other assets 120 47 416 — 583 Total assets $ 28,292 1,805 10,957 (226) 40,828 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 4) $ (4) (21) 25 — — Accounts payable and accrued liabilities 854 29 233 — 1,116 Current portion of debt (note 1) 3 14 — — 17 Deferred revenue 1,932 54 93 — 2,079 Other current liabilities 15 8 9 — 32 Total current liabilities 2,800 84 360 — 3,244 Long-term debt (note 1) 7,855 477 5,039 — 13,371 Deferred income tax liabilities (note 3) 1,673 69 (91) — 1,651 Redeemable intergroup interest (note 1) — 226 — (226) — Other liabilities 257 511 96 — 864 Total liabilities 12,585 1,367 5,404 (226) 19,130 Equity / Attributed net assets 10,599 446 5,550 — 16,595 Noncontrolling interests in equity of subsidiaries 5,108 (8) 3 — 5,103 Total liabilities and equity $ 28,292 1,805 10,957 (226) 40,828 BALANCE SHEET INFORMATION December 31, 2017 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Inter-Group Consolidated Group Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 615 132 282 — 1,029 Trade and other receivables, net 242 32 84 — 358 Other current assets 207 56 93 — 356 Total current assets 1,064 220 459 — 1,743 Intergroup interest in the Braves Group (note 1) — — 202 (202) — Investments in debt and equity securities (note 1) 580 8 526 — 1,114 Investments in affiliates, accounted for using the equity method (note 1) 672 145 933 — 1,750 Property and equipment, at cost 2,274 1,150 172 — 3,596 Accumulated depreciation (927) (51) (77) — (1,055) 1,347 1,099 95 — 2,541 Intangible assets not subject to amortization Goodwill 14,247 180 3,956 — 18,383 FCC licenses 8,600 — — — 8,600 Other 931 143 — — 1,074 23,778 323 3,956 — 28,057 Intangible assets subject to amortization, net 972 49 5,171 — 6,192 Other assets 117 22 460 — 599 Total assets $ 28,530 1,866 11,802 (202) 41,996 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 4) $ 9 (39) 30 — — Accounts payable and accrued liabilities 934 58 258 — 1,250 Current portion of debt (note 1) 755 13 — — 768 Deferred revenue 1,882 51 8 — 1,941 Other current liabilities 3 8 9 — 20 Total current liabilities 3,583 91 305 — 3,979 Long-term debt (note 1) 6,741 649 5,796 — 13,186 Deferred income tax liabilities (note 3) 1,447 62 (31) — 1,478 Redeemable intergroup interest (note 1) — 202 — (202) — Other liabilities 283 435 61 — 779 Total liabilities 12,054 1,439 6,131 (202) 19,422 Equity / Attributed net assets 10,861 413 5,669 — 16,943 Noncontrolling interests in equity of subsidiaries 5,615 14 2 — 5,631 Total liabilities and equity $ 28,530 1,866 11,802 (202) 41,996 STATEMENT OF OPERATIONS INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Subscriber revenue $ 4,594 — — 4,594 Formula 1 revenue — — 1,827 1,827 Other revenue 1,177 442 — 1,619 Total revenue 5,771 442 1,827 8,040 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,394 — — 1,394 Programming and content 406 — — 406 Customer service and billing 382 — — 382 Other 126 — — 126 Cost of Formula 1 revenue — — 1,273 1,273 Subscriber acquisition costs 470 — — 470 Other operating expenses 123 247 — 370 Selling, general and administrative 881 118 204 1,203 Depreciation and amortization 369 76 460 905 4,151 441 1,937 6,529 Operating income (loss) 1,620 1 (110) 1,511 Other income (expense): Interest expense (388) (26) (192) (606) Share of earnings (losses) of affiliates, net (11) 12 17 18 Unrealized gain/(loss) on inter-group interest — (24) 24 — Realized and unrealized gains (losses) on financial instruments, net (1) (2) 43 40 Other, net 25 35 18 78 (375) (5) (90) (470) Earnings (loss) before income taxes 1,245 (4) (200) 1,041 Income tax (expense) benefit (note 3) (241) 15 50 (176) Net earnings (loss) 1,004 11 (150) 865 Less net earnings (loss) attributable to the noncontrolling interests 328 6 — 334 Net earnings (loss) attributable to Liberty stockholders $ 676 5 (150) 531 STATEMENT OF OPERATIONS INFORMATION December 31, 2017 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Subscriber revenue $ 4,473 — — 4,473 Formula 1 revenue — — 1,783 1,783 Other revenue 952 386 — 1,338 Total revenue 5,425 386 1,783 7,594 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,210 — — 1,210 Programming and content 388 — — 388 Customer service and billing 385 — — 385 Other 119 — — 119 Cost of Formula 1 revenue — — 1,219 1,219 Subscriber acquisition costs 499 — — 499 Other operating expenses 113 281 — 394 Selling, general and administrative 812 151 199 1,162 Depreciation and amortization 352 67 405 824 3,878 499 1,823 6,200 Operating income (loss) 1,547 (113) (40) 1,394 Other income (expense): Interest expense (356) (15) (220) (591) Share of earnings (losses) of affiliates, net 29 78 (3) 104 Unrealized gain/(loss) on inter-group interest — (15) 15 — Realized and unrealized gains (losses) on financial instruments, net (16) — (72) (88) Other, net (11) 3 16 8 (354) 51 (264) (567) Earnings (loss) before income taxes 1,193 (62) (304) 827 Income tax (expense) benefit (note 3) 466 36 561 1,063 Net earnings (loss) 1,659 (26) 257 1,890 Less net earnings (loss) attributable to the noncontrolling interests 535 (1) 2 536 Net earnings (loss) attributable to Liberty stockholders $ 1,124 (25) 255 1,354 STATEMENT OF OPERATIONS INFORMATION December 31, 2016 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Subscriber revenue $ 4,194 — — 4,194 Other revenue 820 262 — 1,082 Total revenue 5,014 262 — 5,276 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,109 — — 1,109 Programming and content 354 — — 354 Customer service and billing 387 — — 387 Other 144 — — 144 Subscriber acquisition costs 513 — — 513 Other operating expenses 82 224 — 306 Selling, general and administrative 761 67 58 886 Legal settlement, net — — (511) (511) Depreciation and amortization 312 32 10 354 3,662 323 (443) 3,542 Operating income (loss) 1,352 (61) 443 1,734 Other income (expense): Interest expense (342) (1) (19) (362) Share of earnings (losses) of affiliates, net 13 9 (8) 14 Unrealized gain/(loss) on inter-group interest — (27) 27 — Realized and unrealized gains (losses) on financial instruments, net — 1 36 37 Other, net (25) — 21 (4) (354) (18) 57 (315) Earnings (loss) before income taxes 998 (79) 500 1,419 Income tax (expense) benefit (note 3) (341) 17 (171) (495) Net earnings (loss) 657 (62) 329 924 Less net earnings (loss) attributable to the noncontrolling interests 244 — — 244 Net earnings (loss) attributable to Liberty stockholders $ 413 (62) 329 680 STATEMENT OF CASH FLOWS INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 1,004 11 (150) 865 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 369 76 460 905 Stock-based compensation 156 11 25 192 Share of (earnings) loss of affiliates, net 11 (12) (17) (18) Unrealized (gains) losses on intergroup interest, net — 24 (24) — Realized and unrealized (gains) losses on financial instruments, net 1 2 (43) (40) Noncash interest expense (8) 5 2 (1) Losses (gains) on dilution of investment in affiliate — — 1 1 Loss on early extinguishment of debt — — 1 1 Deferred income tax expense (benefit) 231 (1) (63) 167 Intergroup tax allocation 22 (14) (8) — Intergroup tax (payments) receipts (20) 35 (15) — Other charges (credits), net 2 (20) 1 (17) Changes in operating assets and liabilities Current and other assets (4) 8 (35) (31) Payables and other liabilities 21 (22) 133 132 Net cash provided (used) by operating activities 1,785 103 268 2,156 Cash flows from investing activities: Cash proceeds from dispositions of investments — 155 244 399 Investments in equity method affiliates and debt and equity securities (405) — (9) (414) Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 14 — — 14 Capital expended for property and equipment (356) (33) (14) (403) Other investing activities, net (9) 37 6 34 Net cash provided (used) by investing activities (756) 159 227 (370) Cash flows from financing activities: Borrowings of debt 2,795 123 699 3,617 Repayments of debt (2,431) (317) (1,309) (4,057) Series C Liberty SiriusXM stock repurchases (466) — — (466) Subsidiary shares repurchased by subsidiary (1,314) — — (1,314) Cash dividends paid by subsidiary (59) — — (59) Taxes paid in lieu of shares issued for stock-based compensation (127) — (3) (130) Other financing activities, net 50 (18) (3) 29 Net cash provided (used) by financing activities (1,552) (212) (616) (2,380) Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — (1) (1) Net increase (decrease) in cash, cash equivalents and restricted cash (523) 50 (122) (595) Cash, cash equivalents and restricted cash at beginning of period 625 140 282 1,047 Cash, cash equivalents and restricted cash at end of period $ 102 190 160 452 STATEMENT OF CASH FLOWS INFORMATION December 31, 2017 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 1,659 (26) 257 1,890 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 352 67 405 824 Stock-based compensation 150 48 32 230 Share of (earnings) loss of affiliates, net (29) (78) 3 (104) Unrealized (gains) losses on intergroup interest, net — 15 (15) — Realized and unrealized (gains) losses on financial instruments, net 16 — 72 88 Noncash interest expense 7 3 6 16 Losses (gains) on dilution of investment in affiliate — — (3) (3) Loss on early extinguishment of debt 35 5 8 48 Deferred income tax expense (benefit) (492) 2 (574) (1,064) Intergroup tax allocation (6) (39) 45 — Intergroup tax (payments) receipts 4 15 (19) — Other charges (credits), net (4) 18 (10) 4 Changes in operating assets and liabilities Current and other assets 30 (57) 77 50 Payables and other liabilities 127 (15) (359) (247) Net cash provided (used) by operating activities 1,849 (42) (75) 1,732 Cash flows from investing activities: Cash proceeds from dispositions of investments — 5 16 21 Net cash paid for the acquisition of Formula 1 — — (1,647) (1,647) Investments in equity method affiliates and debt and equity securities (851) (2) (9) (862) Capital expended for property and equipment (288) (219) (10) (517) Other investing activities, net (115) (5) (12) (132) Net cash provided (used) by investing activities (1,254) (221) (1,662) (3,137) Cash flows from financing activities: Borrowings of debt 4,553 544 1,600 6,697 Repayments of debt (3,216) (218) (1,673) (5,107) Proceeds from issuance of Series C Liberty Formula One common stock — — 1,938 1,938 Subsidiary shares repurchased by subsidiary (1,409) — — (1,409) Cash dividends paid by subsidiary (60) — — (60) Taxes paid in lieu of shares issued for stock-based compensation (100) (30) (5) (135) Other financing activities, net (35) — (13) (48) Net cash provided (used) by financing activities (267) 296 1,847 1,876 Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — 4 4 Net increase (decrease) in cash, cash equivalents and restricted cash 328 33 114 475 Cash, cash equivalents and restricted cash at beginning of period 297 107 168 572 Cash, cash equivalents and restricted cash at end of period $ 625 140 282 1,047 STATEMENT OF CASH FLOWS INFORMATION December 31, 2016 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 657 (62) 329 924 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 312 32 10 354 Stock-based compensation 128 9 13 150 Share of (earnings) loss of affiliates, net (13) (9) 8 (14) Unrealized (gains) losses on intergroup interest, net — 27 (27) — Realized and unrealized (gains) losses on financial instruments, net — (1) (36) (37) Noncash interest expense 6 5 — 11 Loss on early extinguishment of debt 24 — — 24 Deferred income tax expense (benefit) 332 1 94 427 Intergroup tax allocation (13) (19) 32 — Intergroup tax (payments) receipts 7 7 (14) — Other charges (credits), net 21 11 (2) 30 Changes in operating assets and liabilities Current and other assets 59 (17) (17) 25 Payables and other liabilities 184 105 (12) 277 Net cash provided (used) by operating activities 1,704 89 378 2,171 Cash flows from investing activities: Cash proceeds from dispositions of investments — — 62 62 Investments in equity method affiliates and debt and equity securities — (20) (764) (784) Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities — — 48 48 Capital expended for property and equipment (206) (360) (2) (568) Purchases of short term investments and other marketable securities — — (258) (258) Sales of short term investments and other marketable securities — — 273 273 Other investing activities, net (4) (33) — (37) Net cash provided (used) by investing activities (210) (413) (641) (1,264) Cash flows from financing activities: Borrowings of debt 1,847 460 438 2,745 Repayments of debt (1,471) (276) (2) (1,749) Intergroup (payments) receipts 58 16 (74) — Subsidiary shares repurchased by subsidiary (1,674) — — (1,674) Braves Rights Offering — 203 — 203 Cash dividends paid by subsidiary (16) — — (16) Taxes paid in lieu of shares issued for stock-based compensation (47) — (11) (58) Other financing activities, net (16) 15 4 3 Net cash provided (used) by financing activities (1,319) 418 355 (546) Net increase (decrease) in cash, cash equivalents and restricted cash 175 94 92 361 Cash, cash equivalents and restricted cash at beginning of period 122 13 76 211 Cash, cash equivalents and restricted cash at end of period $ 297 107 168 572 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies | |
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 $20 million and $12 million at December 31, 2018 and 2017, respectively. Activity in the year ended December 31, 2018 included an increase of $68 million of bad debt charged to expense and $60 million of write-offs. Activity in the year ended December 31, 2017 included an increase of $57 million of bad debt charged to expense and $55 million of write-offs. Activity in the year ended December 31, 2016 included an increase of $56 million of bad debt charged to expense and $53 million of write-offs. |
Investments | Investments All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. The total value of marketable debt and equity securities aggregated $1,195 million and $1,047 million as of December 31, 2018 and 2017, respectively. 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 to determine whether a decline in fair value below the carrying value 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 carrying value of the equity method investment 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 equity method investments are included in share of earnings (losses) of affiliates. The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security’s fair value is less than its carrying value, an impairment is recorded in the consolidated statements of operations. |
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, 2018 December 31, 2017 amounts in millions Land NA $ 183 217 Buildings and improvements 10 - 40 years 905 974 Support equipment 3 - 20 years 553 514 Satellite system 15 years 1,679 1,676 Construction in progress NA 445 215 Total property and equipment $ 3,765 3,596 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, 2018, 2017 and 2016 was $251 million, $230 million and $186 million, respectively. A portion of the interest on funds borrowed to finance the construction of the Braves ballpark and mixed-use development as well as the launch of SIRIUS XM’s satellites and launch vehicles is capitalized. Capitalized interest is recorded as part of the asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs for the years ended December 31, 2018 and 2017 was approximately $12 million and $10 million, respectively, which related to the construction of SIRIUS XM’s satellites during the year ended December 31, 2018 and construction of the Braves ballpark and mixed-use development and SIRIUS XM’s satellites during the year ended December 31, 2017. |
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. In January 2017, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance to simplify the measurement of goodwill impairment. Under the new guidance, an entity no longer performs a hypothetical purchase price allocation to measure goodwill impairment. Instead, a goodwill impairment is measured using the difference between the carrying value and the fair value of the reporting unit. The Company early adopted this guidance during the fourth quarter of 2017. 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 quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. 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 based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test 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. 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. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. 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 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. This new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In March 2016, the FASB issued additional guidance which clarifies principal versus agent considerations, and in April 2016, the FASB issued further guidance which clarifies the identification of performance obligations and the implementation guidance for licensing. The updated guidance replaced most existing revenue recognition guidance in U.S. generally accepted accounting principles (“GAAP”). The Company adopted the new guidance, which established Accounting Standards Codification Topic 606 (“ASC 606” or the “new revenue standard”), effective January 1, 2018 under the modified retrospective transition method. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605. As part of adopting the new revenue standard under the modified retrospective transition method, the Company elected to utilize certain practical expedients as permitted under ASC 606. The Company elected to apply the guidance from ASC 606 only to contracts that were not completed as of January 1, 2018. Completed contracts are those contracts for which substantially all of the revenue had been recognized under ASC 605. The Company also elected to utilize the practical expedient for contract modifications. For modified contracts, the Company did not separately evaluate the effects of each contract modification that occurred prior to January 1, 2018. Instead, the Company reflected the aggregate effect of all contract modifications (on a contract-by-contract basis) that occurred prior to January 1, 2018 by identifying the satisfied and unsatisfied performance obligations and allocating the transaction price to such performance obligations. Sales, value add, and other taxes when collected concurrently with revenue producing activities are excluded from revenue. Incremental costs of obtaining a contract are expensed when the amortization period of the asset is one year or less. To the extent the incremental costs of obtaining a contract relate to a period greater than one year, the Company amortizes such incremental costs in a manner that is consistent with the transfer to the customer of the goods or services to which the asset relates. If, at contract inception, we determine the time period between when we transfer a promised good or service to a customer and when the customer pays us for that good or service is one year or less, we do not adjust the promised amount of consideration for the effects of a significant financing component. The cumulative effect of the changes made to the consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 are as follows: Balance at Balance at December 31, Adoption of January 1, 2017 ASC 606 2018 in millions Assets Other current assets $ Other assets $ Liabilities and Equity Accounts payable and accrued liabilities $ Deferred revenue $ Other current liabilities $ Other liabilities $ Deferred income tax liabilities $ Retained earnings $ Noncontrolling interests in equity of subsidiaries $ In accordance with the new revenue standard requirements, the following table illustrates the impact on our reported results in the consolidated statements of operations assuming we did not adopt the new revenue standard on January 1, 2018. Other than previously discussed, upon the adoption of the revenue standard on January 1, 2018, there were no additional material adjustments to our consolidated balance sheet as of December 31, 2018. Year ended December 31, 2018 Balances without Impact of adoption of As reported ASC 606 ASC 606 in millions Revenue: Subscriber revenue $ Other revenue $ Costs of subscriber services: Revenue share and royalties $ Subscriber acquisition costs $ Selling, general and administrative $ Income tax (expense) benefit $ Net earnings (loss) $ Our customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our consolidated statement of operations as the services are provided. Changes in the contract liability balance for SIRIUS XM during the year ended December 31, 2018 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings was approximately $59 million and $154 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. As the majority of SIRIUS XM contracts are one year or less, SIRIUS XM utilized the optional exemption under ASC 606 and has not disclosed information about the remaining performance obligations for contracts which have original expected durations of one year or less. As of December 31, 2018, less than ten percent of the SIRIUS XM total deferred revenue balance related to contracts that extended beyond one year. These contracts primarily include prepaid data trials which are typically provided for three to five years as well as for self-pay customers who prepay for their audio subscriptions for up to three years in advance. These amounts will be recognized on a straight-line basis as SIRIUS XM’s services are provided. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $1,905 million in 2019, $1,779 million in 2020, $4,603 million in 2021 through 2026, and $449 million thereafter, primarily recognized through 2035. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. Below is a summary of the impacts of the new revenue standard on SIRIUS XM, Formula 1 and Braves Holdings. SIRIUS XM The following table disaggregates SIRIUS XM’s revenue by source: Year ended December 31, 2018 in millions Subscriber $ 4,594 Advertising 188 Equipment 155 Music Royalty and Other 834 Total SIRIUS XM revenue $ 5,771 The new revenue standard primarily impacts how SIRIUS XM accounts for revenue share payments as well as other immaterial impacts. SIRIUS XM previously recorded revenue share related to paid-trials as Revenue share and royalties expense. Under the new guidance, SIRUS XM has recorded these revenue share payments as a reduction to revenue as the payments do not transfer a distinct good or service to SIRIUS XM. Prior to the adoption, a portion of deferred revenue was for the revenue share related to paid trials. Under the new revenue standard, SIRIUS XM reclassified the revenue share related to paid-trials existing as of the date of adoption from current portion of deferred revenue to accounts payable and accrued liabilities. For new paid-trials, the net amount of the paid trial will be recorded as deferred revenue and the portion of revenue share will be recorded to accounts payable and accrued liabilities. Activation fees were previously recognized over the expected subscriber life using the straight-line method. Under the new guidance, activation fees have been recognized over a one month period from activation as the activation fees are non-refundable and they do not convey a material right. Loyalty payments to major automakers (“OEMs”) were previously expensed when incurred as subscriber acquisition costs. Under the new guidance, these costs have been capitalized in other current assets as costs to obtain a contract and these costs will be amortized to subscriber acquisition costs over an average self-pay subscriber life of that OEM. These changes do not have a material impact to the consolidated financial statements. The following is a description of the principal activities from which SIRIUS XM generates its revenue - including from self-pay and paid promotional subscribers, advertising, and sales of equipment. Subscriber revenue. Subscriber revenue consists primarily of subscription fees and other ancillary subscription based revenues. Revenue is recognized on a straight line basis when the performance obligations to provide each service for the period are satisfied, which is over time as SIRIUS XM’s subscription services are continuously transmitted and can be consumed by customers at any time. Consumers purchasing or leasing a vehicle with a factory-installed satellite radio typically receive between a three and twelve month subscription to SIRIUS XM’s service. In certain cases, the subscription fees for these consumers are prepaid by the applicable automaker. Prepaid subscription fees received from automakers or directly from consumers are recorded as deferred revenue and amortized to revenue ratably over the service period which commences upon sale. Activation fees are recognized over one month as the activation fees are non-refundable and do not provide for a material right to the customer. There is no revenue recognized for unpaid trial subscriptions. In some cases, SIRIUS XM pays a loyalty fee to the OEM when it receives a certain amount of payments from self-pay customers acquired from that OEM. These fees are considered incremental costs to obtain a contract and are therefore recognized as an asset and amortized to Subscriber acquisition costs over an average subscriber life. Revenue share and loyalty fees paid to an OEM offering a paid trial are accounted for as a reduction of revenue as the payment does not provide a distinct good or service. Advertising revenue. SIRIUS XM recognizes revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency fees are calculated based on a stated percentage applied to gross billing revenue for SIRIUS XM’s advertising inventory and are reported as a reduction of advertising revenue. Additionally, SIRIUS XM pays certain third parties a percentage of advertising revenue. Advertising revenue is recorded gross of such revenue share payments as SIRIUS XM controls the advertising service including the ability to establish pricing and SIRIUS XM is primarily responsible for providing the service. Advertising revenue share payments are recorded to revenue share and royalties during the period in which the advertising is transmitted. Equipment revenue. Equipment revenue and royalties from the sale of satellite radios, components and accessories are recognized when the performance obligation is satisfied and control is transferred, which is generally upon shipment. Revenue is recognized 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. Music Royalty and Other revenue. Music royalty and other revenue primarily consists of U.S. music royalty fees ("MRF") collected from subscribers. The related costs SIRIUS XM incurs for the right to broadcast music and other programming are recorded as revenue share and royalties expense. Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to revenue ratably over the service period as the royalties relate to the subscription services which are continuously delivered to SIRIUS XM’s customers. 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. Formula 1 The following table disaggregates Formula 1’s revenue by source: Year ended December 31, 2018 in millions Primary $ 1,487 Other 340 Total Formula 1 revenue $ 1,827 Upon entering into a new arrangement, Formula 1 occasionally incurs certain incremental costs of obtaining a contract. These incremental costs relate to commission amounts that will be paid over the life of the contract for which the recipient does not have any substantive future performance requirement to earn such commission. Accordingly, the commission costs will be capitalized and amortized over the life of the contract. Upon adoption of the new revenue standard, Formula 1 recorded a contract cost asset and a corresponding commission payable. The following is a description of principal activities from which Formula 1 generates its revenue. Primary revenue. Formula 1 holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors’ Championship and drivers compete for the Drivers’ Championship. Formula 1 derives its primary revenue from the commercial exploitation and development of the World Championship through a combination of entering into race promotion, broadcasting and advertising and sponsorship arrangements. Primary revenue derived from the commercial exploitation of the World Championship is (i) recognized on an event by event basis for those performance obligations associated with a specific event based on the fees within the underlying contractual arrangement and (ii) recognized over time for those performance obligations associated with a period of time that is greater than a single specific event (for example, over the entire race season or calendar year) based on the fees within the underlying contractual arrangement. Other revenue. Formula 1 earns other revenue from miscellaneous and ancillary sources, primarily related to administering the shipment of cars and equipment to and from the events outside of Europe and revenue from the sale of tickets to the Formula One Paddock Club event-based hospitality at certain of the motor races. To the extent such revenue relates to services provided or rights associated with a specific event, the revenue is recognized upon occurrence of the related event and to the extent such revenue relates to services provided or rights over a longer period of time, the revenue is recognized over time. Braves Holdings The following table disaggregates Braves Holdings’ revenue by source: Year ended December 31, 2018 in millions Baseball $ 404 Development 38 Total Braves Holdings revenue $ 442 The new revenue standard primarily impacted Braves Holdings revenue recognition related to broadcast rights revenue. Under the old revenue standard, Braves Holdings recognized revenue from its broadcast rights arrangements limited to the amounts that were not contingent on the provision of future goods or services, which resulted in revenue recognition approximating the cash received. Upon adoption of the new revenue standard, Braves Holdings is required to estimate the entire transaction price of the contractual arrangements and recognize revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. Such performance obligations are typically satisfied over time and result in differences between revenue recognized and cash received, dependent on how far into a contractual arrangement Braves Holdings is at any given reporting period. The new revenue standard resulted in an immaterial change in revenue recognized during the year ended December 31, 2018 and an immaterial effect to the consolidated balance sheet as compared to the old revenue standard. The following is a description of principal activities from which Braves Holdings generates its revenue. Baseball revenue. Revenue for Braves Holdings ticket sales, 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. Broadcasting rights are recognized on a per game basis during the baseball season based on the pro rata number of games played to date to the total number of games during the season. Concession and parking revenue are recognized on a per game basis during the baseball season. 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. Sources of MLB revenue include distributions from the MLB Central Fund, distributions from MLB Properties and revenue sharing income, if applicable. Development revenue. Revenue from Braves Holdings’ minimum rents are recognized on a straight-line basis over the terms of their respective lease agreements. Some retail tenants are required to pay overage rents based on sales over a stated base amount during the lease term. Overage rents are only recognized when each tenant’s sales exceed the applicable sales threshold. Tenants reimburse Braves Holdings for a substantial portion of Braves Holdings operating expenses, including common area maintenance, real estate taxes and property insurance. Braves Holdings accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. Braves Holdings recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Sponsorship revenue is recognized on a straight-line basis over each annual period. Parking revenue is recognized daily based on actual usage. |
Cost of Subscriber Services | Cost of Subscriber Services Revenue Share SIRIUS XM shares a portion of its subscription revenue earned from self-pay subscribers and paid promotional 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 include programming through a dedicated channel 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. |
Cost of Formula 1 Revenue | Cost of Formula 1 Revenue Cost of Formula 1 revenue consists of team payments and hospitality costs, which are principally related to catering and other aspects of the production and delivery of the Paddock Club, and circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Events, including the right to sell advertising, hospitality and support race opportunities. Other costs include annual Federation Internationale de l’Automobile regulatory fees, advertising and sponsorship commissions and those incurred in the provision and sale of freight, travel and logistical services, F2 and GP3 cars, parts and maintenance services, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and relate directly to revenue opportunities. |
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 chipsets 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 chipsets not held on consignment are expensed as subscriber acquisition costs when the automaker confirms receipt. |
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 and restricted stock to purchase shares of Liberty common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an Award 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). Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation: Years ended December 31, 2018 2017 2016 amounts in millions Cost of subscriber services: Programming and content $ 28 27 21 Customer service and billing 4 4 4 Other 5 5 5 Other operating expense 17 16 13 Selling, general and administrative 138 178 107 $ 192 230 150 In March 2016, the FASB issued new accounting guidance on share-based payment accounting. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeiture calculations, and classification on the statement of cash flows. We early adopted this new guidance in the third quarter of 2016. The Company applied the new guidance prospectively from January 1, 2016. In accordance with the new guidance, excess tax benefits and tax deficiencies are recognized as income tax benefit or expense rather than as additional paid-in capital. The Company has elected to recognize forfeitures as they occur rather than continue to estimate expected forfeitures. In addition, pursuant to the new guidance, excess tax benefits are classified as an operating activity on the consolidated statements of cash flows. The recognition of excess tax benefits and deficiencies are applied prospectively. For tax benefits that were not previously recognized and for adjustments to compensation cost based on actual forfeitures, the Company recorded a cumulative-effect adjustment in retained earnings as of January 1, 2016 in the amount of $66 million. In June 2018, the FASB issued new accounting guidance which expands the scope of existing accounting guidance for stock-based compensation to include share-based payments made to nonemployees. The new guidance substantially aligns the accounting for payments made to nonemployees and employees. Upon adoption, equity classified share-based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present and awards will continue to be classified according to existing accounting guidance upon vesting, which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. SIRIUS XM, the Company’s only subsidiary with nonemployee share-based payment arrangements, elected to early adopt this guidance effective July 1, 2018. Upon adoption, the previously liability-classified awards were reclassified to equity. The impact of the adoption of this guidance was a $22 million increase to additional paid-in capital, $3 million decrease in opening retained earnings, $7 million increase in noncontrolling interest in equity of subsidiaries and a decrease of $26 million in accounts payable and accrued liabilities. |
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. In October 2016, the FASB issued new accounting guidance on income tax accounting associated with intra-entity transfers of assets other than inventory. This accounting update, which is part of the FASB’s simplification initiative, is intended to reduce diversity in practice and the complexity of tax accounting, particularly for those transfers involving intellectual property. This new guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Upon adoption, an entity may apply the new guidance only on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted this guidance effective January 1, 2018. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued new accounting guidance on comprehensive income to provide an option for an entity to reclassify the stranded tax effects of the Tax Cuts and Jobs Act (the “Tax Act”) enacted in December 2017, as discussed in note 11, from accumulated other comprehensive income directly to retained earnings. The stranded tax effects result from the remeasurement of deferred tax assets and liabilities which were originally recorded in comprehensive income but whose remeasurement is reflected in the income statement. The guidance is effective for interim and fiscal years beginning after December 15, 2018, with early adoption permitted. The Company does not expect this new guidance will have a material impact to its consolidated financial statements or related disclosures. |
Earnings attributable to Liberty Stockholders Per Common Share | Earnings Attributable to Liberty Stockholders Per Common Share Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares 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. As discussed in note 2, on April 15, 2016, the Company completed a recapitalization of its common stock into three new tracking stock groups, one designated as the Liberty SiriusXM common stock, one designated as the Liberty Braves common stock and one designated as the Liberty Media common stock. As further discussed in note 2, the Liberty Media common stock was renamed Liberty Formula One common stock on January 24, 2017 shortly after the Second Closing. The operating results prior to the Recapitalization are attributed to Liberty Media Corporation stockholders in the aggregate, and the operating results subsequent to the Recapitalization are attributed to the respective tracking stock groups. Excluded from diluted EPS for the period subsequent to the Recapitalization through December 31, 2016 are approximately 21 million potentially dilutive shares of Series A Liberty SiriusXM common stock, 2 million potentially dilutive shares of Series A Liberty Braves common stock and 5 million potentially dilutive shares of Series A Liberty Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (note 10), because their inclusion would be antidilutive. The Amended Warrant Transactions (as defined and discussed in note 10) may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement have been attributed to the Formula One Group. Series A, Series B and Series C Liberty Media Corporation Common Stock The basic and diluted EPS calculation is based on the following weighted average shares outstanding (“WASO”) of Liberty’s common stock. Excluded from diluted EPS for the periods from January 1, 2016 through the Recapitalization are 23 million potential common shares, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined and discussed in note 10) because their inclusion would be anti-dilutive. January 1, 2016 through April 15, 2016 number of shares in millions Basic WASO 335 Potentially dilutive shares 2 Diluted WASO 337 Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Excluded from diluted EPS for the years ended December 31, 2018 and 2017 are 22 million and 22 million potentially dilutive shares of Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive. Year ended Year ended April 18, 2016 number of shares in millions Basic WASO 332 336 335 Potentially dilutive shares 4 4 2 Diluted WASO 336 340 337 Series A, Series B and Series C Liberty Braves Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Excluded from diluted EPS for the years ended December 31, 2018 and 2017 are 2 million and 2 million potentially dilutive shares of Liberty Braves common stock, respectively, because their inclusion would be antidilutive. Year ended December 31, 2018 Year ended April 18, 2016 number of shares in millions Basic WASO 51 49 46 Potentially dilutive shares 10 10 9 Diluted WASO 61 59 55 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) As discussed in note 2, subsequent to the Recapitalization, Liberty distributed subscription rights to holders of Liberty Braves common stock, which were priced at a discount to the market value, to acquire additional shares of Liberty Braves common stock. The rights offering, because of the discount, is considered a stock dividend which requires retroactive treatment for prior periods for the weighted average shares outstanding. (c) As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations . The notional shares representing the intergroup interest have no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Braves Group has net earnings, the notional shares representing the intergroup interest are included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. In periods where the Braves Group has net earnings, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: Year ended Year ended April 18, 2016 amounts in millions Basic earnings (loss) attributable to Liberty Braves shareholders $ 5 (25) (30) Unrealized (gain) loss on the intergroup interest 24 15 27 Diluted earnings (loss) attributable to Liberty Braves shareholders $ 29 (10) (3) (a) Unrealized gains on the intergroup interest are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the gain would be antidilutive. Series A, Series B and Series C Liberty Formula One Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Excluded from diluted EPS for the years ended December 31, 2018 and 2017 are 8 million and 5 million potentially dilutive shares of Liberty Formula One common stock, respectively, because their inclusion would be antidilutive. Year ended Year ended April 18, 2016 number of shares in millions Basic WASO 231 207 84 Potentially dilutive shares 1 4 1 Diluted WASO 232 211 85 (a) Unrealized gains on the intergroup interest are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group are reported since the gain would be antidilutive. |
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) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the 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 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued new accounting guidance on lease accounting. This guidance requires a company to recognize lease assets and lease liabilities arising from operating leases in the statement of financial position. Additionally, the criteria for classifying a lease as a finance lease versus an operating lease are substantially the same as the previous guidance. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. We plan to adopt this guidance on January 1, 2019 and expect to elect certain practical expedients under the transition guidance. Additionally, the Company plans elect the optional transition method that allows for a cumulative-effect adjustment in the period of adoption and does not plan to restate prior periods. The Company is currently working with its consolidated subsidiaries to evaluate the impact of the adoption of this new guidance on our consolidated financial statements, including identifying the population of leases, evaluating technology solutions and collecting lease data. SIRIUS XM’s leases consist of repeater leases, facility leases and equipment leases. SIRIUS XM expects the adoption of the new guidance will result in the recognition of right-of-use assets of approximately $360 million and lease liabilities of approximately $370 million in its consolidated balance sheets for operating leases and will not impact its consolidated statements of operations or debt. Braves Holdings is evaluating the impact of the new guidance with respect to its baseball stadium, which is accounted for as a financing obligation under the current build-to-suit lease guidance. The transition guidance for a build-to-suit lease arrangement requires the lessee to derecognize the assets and liabilities that were recognized solely as a result of a transaction’s build-to-suit designation under the current guidance, with any difference recorded as an adjustment to equity as of the adoption date. Braves Holdings will then apply the general lessee guidance under the new standard to the baseball stadium lease, including classifying it as either a finance or operating lease, and record a right-of-use asset and lease liability on the balance sheet, which will be initially measured at the present value of the remaining lease payments over the lease term. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment | Estimated Useful Life December 31, 2018 December 31, 2017 amounts in millions Land NA $ 183 217 Buildings and improvements 10 - 40 years 905 974 Support equipment 3 - 20 years 553 514 Satellite system 15 years 1,679 1,676 Construction in progress NA 445 215 Total property and equipment $ 3,765 3,596 |
Share-based compensation expense | Years ended December 31, 2018 2017 2016 amounts in millions Cost of subscriber services: Programming and content $ 28 27 21 Customer service and billing 4 4 4 Other 5 5 5 Other operating expense 17 16 13 Selling, general and administrative 138 178 107 $ 192 230 150 |
Liberty Media Corporation | |
Reconciliation of Basic and Diluted Weighted Average Shares | January 1, 2016 through April 15, 2016 number of shares in millions Basic WASO 335 Potentially dilutive shares 2 Diluted WASO 337 |
Liberty Sirius XM Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Year ended Year ended April 18, 2016 number of shares in millions Basic WASO 332 336 335 Potentially dilutive shares 4 4 2 Diluted WASO 336 340 337 |
Braves Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Year ended December 31, 2018 Year ended April 18, 2016 number of shares in millions Basic WASO 51 49 46 Potentially dilutive shares 10 10 9 Diluted WASO 61 59 55 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) As discussed in note 2, subsequent to the Recapitalization, Liberty distributed subscription rights to holders of Liberty Braves common stock, which were priced at a discount to the market value, to acquire additional shares of Liberty Braves common stock. The rights offering, because of the discount, is considered a stock dividend which requires retroactive treatment for prior periods for the weighted average shares outstanding. (c) As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations . The notional shares representing the intergroup interest have no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Braves Group has net earnings, the notional shares representing the intergroup interest are included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. In periods where the Braves Group has net earnings, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: Year ended Year ended April 18, 2016 amounts in millions Basic earnings (loss) attributable to Liberty Braves shareholders $ 5 (25) (30) Unrealized (gain) loss on the intergroup interest 24 15 27 Diluted earnings (loss) attributable to Liberty Braves shareholders $ 29 (10) (3) (a) Unrealized gains on the intergroup interest are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the gain would be antidilutive. |
Formula One Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Year ended Year ended April 18, 2016 number of shares in millions Basic WASO 231 207 84 Potentially dilutive shares 1 4 1 Diluted WASO 232 211 85 (a) Unrealized gains on the intergroup interest are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group are reported since the gain would be antidilutive. |
Accounting Standards Update 2014-09 | Liberty Sirius XM Group | |
Schedule of revenue disaggregated by source | Year ended December 31, 2018 in millions Subscriber $ 4,594 Advertising 188 Equipment 155 Music Royalty and Other 834 Total SIRIUS XM revenue $ 5,771 |
Accounting Standards Update 2014-09 | Braves Group | |
Schedule of revenue disaggregated by source | Year ended December 31, 2018 in millions Baseball $ 404 Development 38 Total Braves Holdings revenue $ 442 |
Accounting Standards Update 2014-09 | Formula One Group | |
Schedule of revenue disaggregated by source | Year ended December 31, 2018 in millions Primary $ 1,487 Other 340 Total Formula 1 revenue $ 1,827 |
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |
Schedule of cumulative effect of changes in consolidated financial statements | The cumulative effect of the changes made to the consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 are as follows: Balance at Balance at December 31, Adoption of January 1, 2017 ASC 606 2018 in millions Assets Other current assets $ Other assets $ Liabilities and Equity Accounts payable and accrued liabilities $ Deferred revenue $ Other current liabilities $ Other liabilities $ Deferred income tax liabilities $ Retained earnings $ Noncontrolling interests in equity of subsidiaries $ In accordance with the new revenue standard requirements, the following table illustrates the impact on our reported results in the consolidated statements of operations assuming we did not adopt the new revenue standard on January 1, 2018. Other than previously discussed, upon the adoption of the revenue standard on January 1, 2018, there were no additional material adjustments to our consolidated balance sheet as of December 31, 2018. Year ended December 31, 2018 Balances without Impact of adoption of As reported ASC 606 ASC 606 in millions Revenue: Subscriber revenue $ Other revenue $ Costs of subscriber services: Revenue share and royalties $ Subscriber acquisition costs $ Selling, general and administrative $ Income tax (expense) benefit $ Net earnings (loss) $ |
Supplemental Disclosures to C_2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Cash Flow, Supplemental Disclosures | Years ended December 31, 2018 2017 2016 amounts in millions Cash paid for acquisitions: Fair value of assets acquired $ — (484) — Intangibles not subject to amortization 3 4,039 — Intangibles subject to amortization 2 5,499 — Net liabilities assumed (3) (5,035) — Deferred tax liabilities — (475) — Fair value of equity consideration — (1,790) — Cash paid for acquisitions, net of cash acquired $ 2 1,754 — Stock repurchased by subsidiary not yet settled $ — 17 23 Cash paid for interest, net of amounts capitalized $ 586 561 327 Cash paid (received) for income taxes $ (26) 56 69 |
ASU No. 2016-18 - Restricted Cash | |
Schedule of cash, cash equivalents, restricted cash and restricted cash equivalents | Years ended December 31, 2018 2017 2016 amounts in millions Cash and cash equivalents $ 358 1,029 Restricted cash included in other current assets 70 8 — Restricted cash included in other assets 24 10 Total cash, cash equivalents and restricted cash at end of period $ 452 1,047 572 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions | |
Schedule of Purchase Price Allocation | Ownership interest held prior to the Second Closing $ 759 Controlling interest acquired 3,939 Total acquisition price $ 4,698 Cash and cash equivalents $ 644 Receivables 136 Goodwill 3,956 Intangible assets subject to amortization 5,484 Other assets 153 Deferred revenue (141) Debt (4,528) Other liabilities assumed (516) Deferred tax liabilities (490) $ 4,698 |
Business Acquisition, Pro Forma Information | Years ended December 31, 2017 2016 amounts in millions Revenue $ 7,595 7,072 Net earnings (loss) $ 1,874 743 Net earnings (loss) attributable to Liberty stockholders $ 1,338 499 |
Assets And Liabilities Measur_2
Assets And Liabilities Measured At Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets and Liabilities Measured at Fair Value | |
Assets and Liabilities Measured at Fair Value | December 31, 2018 December 31, 2017 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 $ 231 231 — 804 804 — Debt and equity securities $ 1,195 228 967 1,047 467 580 Financial instrument assets $ 280 21 259 369 19 350 Debt $ 2,487 — 2,487 2,115 — 2,115 |
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, 2018 2017 2016 Debt and equity securities $ 2 (36) 112 Debt measured at fair value (a) 130 (126) (113) Change in fair value of bond hedges (b) (94) 72 37 Other derivatives 2 2 1 $ 40 (88) 37 (a) Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. Contemporaneously with the issuance of the 1.375% Cash Convertible Notes due 2023, 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 Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One 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 |
Investments in Debt and Equit_2
Investments in Debt and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments in Debt and Equity Securities | |
Schedule of investments in debt and equity securities | December 31, 2018 December 31, 2017 amounts in millions Liberty SiriusXM Group Debt securities Pandora $ 523 480 iHeart (a) 444 100 Total attributed Liberty SiriusXM Group 967 580 Braves Group Other equity securities 8 8 Total attributed Braves Group 8 8 Formula One Group Equity Securities AT&T (b) 174 389 Other 129 137 Total attributed Formula One Group 303 526 Consolidated Liberty $ 1,278 1,114 (a) During the year ended December 31, 2018, the Company purchased $522 million in principal of iHeart Media, Inc. (“iHeart”) bonds for $389 million, resulting in the Company owning an aggregate amount of $660 million in principal of iHeart bonds as of December 31, 2018. (b) See note 10 for details regarding the acquisition of Time Warner, Inc. (“Time Warner”) by AT&T Inc. (“AT&T). |
Investments In Affiliates Acc_2
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments in Affiliates Accounted for Using the Equity Method | |
Schedule Of Equity Ownership And Carrying Amount | December 31, 2018 December 31, 2017 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group SIRIUS XM Canada $ NA $ 613 672 Other 16 — Total Liberty SiriusXM Group 629 672 Braves Group Other NA NA 92 145 Total Braves Group 92 145 Formula One Group Live Nation (a) $ 3,430 743 756 Other various NA 177 177 Total Formula One Group 920 933 Consolidated Liberty $ 1,641 1,750 (a) See note 10 for details regarding the number and value of shares pledged as collateral pursuant to the Live Nation Margin Loan as of December 31, 2018. |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Years ended December 31, 2018 2017 2016 amounts in millions Liberty SiriusXM Group SIRIUS XM Canada $ (1) 29 13 Other (10) — — Total Liberty SiriusXM Group (11) 29 13 Braves Group Other (a) 12 78 9 Total Braves Group 12 78 9 Formula One Group Live Nation 3 (18) (12) Other 14 15 4 Total Formula One Group 17 (3) (8) Consolidated Liberty $ 18 104 14 (a) During the year ended December 31, 2017, an equity method affiliate of Braves Holdings sold a controlling interest in a subsidiary, resulting in Braves Holdings recording its portion of the gain of $69 million. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Other Intangible Assets | |
Goodwill | SIRIUS XM Formula 1 Other Total amounts in millions Balance at January 1, 2017 $ 14,165 — 180 14,345 Acquisitions (a) (b) 82 3,956 — 4,038 Balance at December 31, 2017 14,247 3,956 180 18,383 Acquisitions 3 — — 3 Balance at December 31, 2018 $ 14,250 3,956 180 18,386 (a) On April 18, 2017, SIRIUS XM acquired Automatic Labs Inc., a connected vehicle device and mobile application company, for an aggregate purchase price of approximately $108 million, net of cash and restricted cash acquired. The excess purchase price over identifiable net assets of $82 million was recorded to goodwill. (b) See note 5 for details regarding the Formula 1 acquisition. |
Schedule of intangible assets subject to amortization | December 31, 2018 December 31, 2017 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (346) 3,284 3,630 (157) 3,473 Customer relationships 2,684 (795) 1,889 2,684 (501) 2,183 Licensing agreements 351 (182) 169 330 (138) 192 Other 1,012 (639) 373 879 (535) 344 Total $ 7,677 (1,962) 5,715 7,523 (1,331) 6,192 |
Schedule of future amortization expense | Based on its amortizable intangible assets as of December 31, 2018, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): 2019 $ 669 2020 $ 640 2021 $ 477 2022 $ 416 2023 $ 388 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal December 31, December 31, December 31, 2018 2018 2017 Liberty SiriusXM Group Corporate level notes and loans: 2.125% Exchangeable Senior Debentures due 2048 (1) $ 400 372 — Margin loans 600 600 750 Subsidiary notes and loans: SIRIUS XM 3.875% Senior Notes due 2022 1,000 994 992 SIRIUS XM 4.625% Senior Notes due 2023 500 497 497 SIRIUS XM 6% Senior Notes due 2024 1,500 1,490 1,488 SIRIUS XM 5.375% Senior Notes due 2025 1,000 992 991 SIRIUS XM 5.375% Senior Notes due 2026 1,000 991 990 SIRIUS XM 5.0% Senior Notes due 2027 1,500 1,487 1,486 SIRIUS XM Senior Secured Revolving Credit Facility 439 439 300 SIRIUS XM leases 5 5 11 Deferred financing costs (9) (9) Total Liberty SiriusXM Group 7,944 7,858 7,496 Braves Group Subsidiary notes and loans: Notes and loans 494 494 667 Deferred financing costs (3) (5) Total Braves Group 494 491 662 Formula One Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) 1,000 1,062 1,146 1% Cash Convertible Notes due 2023 (1) 450 463 505 2.25% Exchangeable Senior Debentures due 2046 (1) 213 209 464 2.25% Exchangeable Senior Debentures due 2048 (1) 385 381 — Live Nation Margin Loan — — 350 Other 33 33 35 Subsidiary notes and loans: Senior Loan Facility 2,902 2,910 3,314 Deferred financing costs (19) (18) Total Formula One Group 4,983 5,039 5,796 Total debt $ 13,421 13,388 13,954 Less debt classified as current (17) (768) Total long-term debt $ 13,371 13,186 (1) Measured at fair value |
Schedule of Braves Holdings Debt | Carrying value As of December 31, 2018 December 31, December 31, Borrowing Weighted avg Maturity 2018 2017 Capacity interest rate Date amounts in millions Operating credit facilities $ 17 various Ballpark funding Term loan 52 55 NA August 2021 Senior secured note 195 200 NA September 2041 Floating rate notes 70 75 NA September 2029 Mixed-use credit facilities and loans 160 200 176 various Spring training credit facility — 39 40 NA December 2022 Total Braves Holdings $ 494 667 |
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, 2018 SIRIUS XM 3.875% Senior Notes due 2022 $ 948 SIRIUS XM 4.625% Senior Notes due 2023 $ 476 SIRIUS XM 6% Senior Notes due 2024 $ 1,504 SIRIUS XM 5.375% Senior Notes due 2025 $ 956 SIRIUS XM 5.375% Senior Notes due 2026 $ 941 SIRIUS XM 5.0% Senior Notes due 2027 $ 1,363 |
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): 2019 $ 24 2020 $ 703 2021 $ 65 2022 $ 1,018 2023 $ 2,407 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes | |
Schedule of Components of Income Tax Expense (Benefit) | Years ended December 31, 2018 2017 2016 amounts in millions Current: Federal $ (14) 38 (39) State and local 13 (30) (29) Foreign (8) (9) — (9) (1) (68) Deferred: Federal (228) 578 (388) State and local (2) (21) (39) Foreign 63 507 — (167) 1,064 (427) Income tax benefit (expense) $ (176) 1,063 (495) |
Schedule of Effective Income Tax Rate Reconciliation | Years ended December 31, 2018 2017 2016 amounts in millions Computed expected tax benefit (expense) $ (219) (289) (497) State and local income taxes, net of federal income taxes 18 (37) (46) Foreign income taxes, net of federal income taxes 22 88 — Dividends received deductions (2) 38 11 Taxable dividends not recognized for book purposes (25) (45) (11) Federal tax credits 30 22 67 Change in valuation allowance affecting tax expense (62) 212 (1) Change in tax rate due to Tax Act (8) 929 — Settlements with tax authorities 43 253 — Deductible stock-based compensation 38 40 1 Income tax reserves — (22) — Non-deductible / Non-taxable interest — (60) — Write-off of tax attributes — (42) — Other, net (11) (24) (19) Income tax benefit (expense) $ (176) 1,063 (495) |
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, 2018 2017 amounts in millions Deferred tax assets: Tax loss and credit carryforwards $ 1,355 1,017 Accrued stock compensation 97 88 Other accrued liabilities — 175 Deferred revenue 514 502 Discount on debt — 26 Other future deductible amounts 22 22 Deferred tax assets 1,988 1,830 Valuation allowance (174) (112) Net deferred tax assets 1,814 1,718 Deferred tax liabilities: Investments 26 110 Fixed assets 359 326 Intangible assets 2,690 2,760 Discount on debt 76 — Other future taxable amounts 314 — Deferred tax liabilities 3,465 3,196 Net deferred tax liabilities $ 1,651 1,478 |
Summary of Income Tax Contingencies | December 31, 2018 2017 2016 amounts in millions Balance at beginning of year $ 365 304 254 Reductions for tax positions of prior years (27) (1) (1) Increase in tax positions for current year 15 16 51 Increase in tax positions from prior years 65 37 — Settlements with tax authorities (31) (423) — Increase in tax positions from acquisition — 432 — Balance at end of year $ 387 365 304 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | Years ended December 31, 2018 2017 2016 Options Weighted Options Weighted Options Weighted granted average granted average granted average (000's) GDFV (000's) GDFV (000's) GDFV Series C Liberty Media Corporation common stock, Liberty employees and directors (1) NA NA NA NA 10 $ 8.33 Series C Liberty Media Corporation common stock, Liberty CEO (2) NA NA NA NA 775 $ 8.91 Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 33 $ 11.09 263 $ 10.39 415 $ 7.50 Series C Liberty SiriusXM common stock, Liberty CEO (3) 633 $ 11.56 920 $ 8.50 NA NA Series C Liberty Formula One common stock, Liberty employees and directors (1) 21 $ 8.99 153 $ 9.42 101 $ 4.89 Series C Liberty Formula One common stock, Liberty CEO (3) 139 $ 8.80 171 $ 8.96 NA NA Series C Liberty Formula One common stock, Formula 1 employees (4) 1,888 $ 8.64 2,015 $ 8.16 NA NA Series C Liberty Braves common stock, Liberty employees and directors (1) 5 $ 7.14 35 $ 6.14 41 $ 3.79 Series C Liberty Braves common stock, Liberty CEO (3) 46 $ 6.44 149 $ 6.02 NA NA (1) Mainly vests between three and five years for employees and in one year for directors. (2) Grant mainly cliff vested in December 2016 and was made in connection with the CEO’s employment agreement. (3) Grants in 2017 mainly cliff vested in December 2017. Grants in 2018 cliff vested in December 2018 and were made in connection with the CEO’s employment agreement. (4) Vest monthly over one year. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Volatility 2018 grants Liberty options % - % 2017 grants Liberty options % - % 2016 grants Liberty options % - % |
Liberty Sirius XM Group | Common Class A | |
Schedule of Stock-Based Compensation Activity | Series A Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 1,626 $ 19.78 Granted — $ — Exercised (223) $ 19.43 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 1,403 $ 19.84 1.0 year $ 24 Exercisable at December 31, 2018 1,399 $ 19.81 1.0 year $ 24 |
Liberty Sirius XM Group | Common Class C | |
Schedule of Stock-Based Compensation Activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 11,328 $ 27.66 Granted 666 $ 42.34 Exercised (497) $ 19.81 Forfeited/Cancelled (2) $ 38.77 Outstanding at December 31, 2018 11,495 $ 28.85 3.3 years $ 98 Exercisable at December 31, 2018 8,039 $ 28.25 3.1 years $ 74 |
Braves Group | Common Class A | |
Schedule of Stock-Based Compensation Activity | Series A Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 179 $ 11.43 Granted — $ — Exercised (2) $ 11.00 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 177 $ 11.44 1.0 year $ 2 Exercisable at December 31, 2018 177 $ 11.42 1.0 year $ 2 |
Braves Group | Common Class C | |
Schedule of Stock-Based Compensation Activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 1,231 $ 16.27 Granted 51 $ 23.54 Exercised (6) $ 11.97 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 1,276 $ 16.58 3.2 years $ 11 Exercisable at December 31, 2018 926 $ 16.33 3.0 years $ 8 |
Formula One Group | Common Class A | |
Schedule of Stock-Based Compensation Activity | Series A Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 400 $ 11.69 Granted — $ — Exercised (40) $ 11.50 Forfeited/Cancelled — $ — Outstanding at December 31, 2018 360 $ 11.71 1.0 year $ 6 Exercisable at December 31, 2018 360 $ 11.70 1.0 year $ 6 |
Formula One Group | Common Class C | |
Schedule of Stock-Based Compensation Activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2018 4,760 $ 24.59 Granted 2,048 $ 31.55 Exercised (123) $ 13.83 Forfeited/Cancelled (1) $ 34.84 Outstanding at December 31, 2018 6,684 $ 26.92 4.7 years $ 35 Exercisable at December 31, 2018 4,911 $ 27.58 4.6 years $ 24 |
Other Comprehensive Earnings _2
Other Comprehensive Earnings (loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Comprehensive Earnings (Loss) | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Unrealized Foreign holding currency gains (losses) translation on securities adjustment Other AOCI amounts in millions Balance at January 1, 2016 $ (10) (23) (18) (51) Other comprehensive earnings (loss) attributable to Liberty stockholders 1 1 (13) (11) Balance at December 31, 2016 (9) (22) (31) (62) Other comprehensive earnings (loss) attributable to Liberty stockholders (3) 16 14 27 Balance at December 31, 2017 (12) (6) (17) (35) Other comprehensive earnings (loss) attributable to Liberty stockholders (3) (24) 22 (5) Cumulative adjustment for change in accounting principle — — 2 2 Balance at December 31, 2018 $ (15) (30) 7 (38) |
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, 2018: Unrealized holding gains (losses) arising during period $ (4) 1 (3) Credit risk on fair value debt instruments gains (losses) 41 (9) 32 Foreign currency translation adjustments (56) 12 (44) Other comprehensive earnings $ (19) 4 (15) Year ended December 31, 2017: Unrealized holding gains (losses) arising during period $ (5) 2 (3) Foreign currency translation adjustments 60 (22) 38 Other comprehensive earnings $ 55 (20) 35 Year ended December 31, 2016: Foreign currency translation adjustments $ (16) 6 (10) Other comprehensive earnings $ (16) 6 (10) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 follows (amounts in millions): Years ending December 31: 2019 $ 54 2020 $ 59 2021 $ 53 2022 $ 48 2023 $ 40 Thereafter $ 179 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Information About Liberty's Operating Segments | |
Performance Measures By Segment | Years ended December 31, 2018 2017 2016 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in millions Liberty SiriusXM Group SIRIUS XM $ 5,771 2,230 5,425 2,109 5,014 1,853 Corporate and other — (16) — (15) — (15) Total Liberty SiriusXM Group 5,771 2,214 5,425 2,094 5,014 1,838 Braves Group Corporate and other 442 88 386 2 262 (20) Total Braves Group 442 88 386 2 262 (20) Formula One Group Formula 1 1,827 400 1,783 438 — — Corporate and other — (25) — (41) — (45) Total Formula One Group 1,827 375 1,783 397 — (45) Total $ 8,040 2,677 7,594 2,493 5,276 1,773 |
Other Information By Segment | December 31, 2018 December 31, 2017 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in millions Liberty SiriusXM Group SIRIUS XM $ 27,812 629 356 27,837 672 288 Corporate and other 480 — — 693 — — Total Liberty SiriusXM Group 28,292 629 356 28,530 672 288 Braves Group Corporate and other 1,805 92 33 1,866 145 219 Total Braves Group 1,805 92 33 1,866 145 219 Formula One Group Formula 1 8,958 — 12 9,461 — 8 Corporate and other 1,999 920 2 2,341 933 2 Total Formula One Group 10,957 920 14 11,802 933 10 Elimination (1) (226) — — (202) — — Consolidated Liberty $ 40,828 1,641 403 41,996 1,750 517 (1) This is primarily the intergroup interest in the Braves Group held by the Formula One Group, as discussed in note 2. The intergroup interest attributable to the Formula One Group is presented as an asset and the intergroup interest attributable to the Braves Group is presented as a liability in the attributed financial statements and the offsetting amounts between tracking stock groups are eliminated in consolidation. |
Reconciliation of segment Adjusted OIBDA to earnings (loss) from continuing operations before income tax | Years ended December 31, 2018 2017 2016 amounts in millions Consolidated segment Adjusted OIBDA $ 2,677 2,493 1,773 Legal settlement (note 17) (69) (45) 465 Stock-based compensation (192) (230) (150) Depreciation and amortization (905) (824) (354) Operating income (loss) 1,511 1,394 1,734 Interest expense (606) (591) (362) Share of earnings (losses) of affiliates, net 18 104 14 Realized and unrealized gains (losses) on financial instruments, net 40 (88) 37 Other, net 78 8 (4) Earnings (loss) from continuing operations before income taxes $ 1,041 827 1,419 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years ended December 31, 2018 2017 2016 amounts in millions United States $ 6,209 5,724 5,230 United Kingdom 1,831 1,783 — Other — 87 46 $ 8,040 7,594 5,276 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2018 2017 amounts in millions United States $ 2,457 2,529 United Kingdom 12 12 $ 2,469 2,541 |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information (Unaudited) | |
Schedule of Quarterly Financial Information | 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter amounts in millions, except per share amounts 2018: Revenue $ 1,517 2,199 2,315 2,009 Operating income (loss) $ 227 374 531 379 Net earnings (loss) $ 213 255 366 31 Net earnings (loss) attributable to Liberty stockholders: Liberty SiriusXM common stock $ 200 165 185 126 Liberty Braves common stock $ (52) (2) 41 18 Liberty Formula One common stock $ (17) 9 42 (184) Basic net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.60 0.50 0.56 0.39 Liberty Braves common stock $ (1.02) (0.04) 0.80 0.35 Liberty Formula One common stock $ (0.07) 0.04 0.18 (0.80) Diluted net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.59 0.49 0.55 0.38 Liberty Braves common stock $ (1.02) (0.04) 0.80 (0.07) Liberty Formula One common stock $ (0.07) 0.04 0.18 (0.80) 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter amounts in millions, except per share amounts 2017: Revenue $ 1,395 2,140 2,065 1,994 Operating income (loss) $ 259 422 382 331 Net earnings (loss) $ 44 156 261 1,429 Net earnings (loss) attributable to Liberty stockholders: Liberty SiriusXM common stock $ 124 123 183 694 Liberty Braves common stock $ (49) (2) 22 4 Liberty Formula One common stock $ (96) (27) (37) 415 Basic net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.37 0.37 0.54 2.07 Liberty Braves common stock $ (1.00) (0.04) 0.45 0.08 Liberty Formula One common stock $ (0.55) (0.13) (0.17) 1.80 Diluted net earnings (loss) attributable to Liberty stockholders per common share: Liberty SiriusXM common stock $ 0.37 0.36 0.54 2.04 Liberty Braves common stock $ (1.00) (0.04) 0.45 0.07 Liberty Formula One common stock $ (0.55) (0.13) (0.17) 1.79 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Information for Tracking Stock Groups | |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Subscriber revenue $ 4,594 — — 4,594 Formula 1 revenue — — 1,827 1,827 Other revenue 1,177 442 — 1,619 Total revenue 5,771 442 1,827 8,040 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,394 — — 1,394 Programming and content 406 — — 406 Customer service and billing 382 — — 382 Other 126 — — 126 Cost of Formula 1 revenue — — 1,273 1,273 Subscriber acquisition costs 470 — — 470 Other operating expenses 123 247 — 370 Selling, general and administrative 881 118 204 1,203 Depreciation and amortization 369 76 460 905 4,151 441 1,937 6,529 Operating income (loss) 1,620 1 (110) 1,511 Other income (expense): Interest expense (388) (26) (192) (606) Share of earnings (losses) of affiliates, net (11) 12 17 18 Unrealized gain/(loss) on inter-group interest — (24) 24 — Realized and unrealized gains (losses) on financial instruments, net (1) (2) 43 40 Other, net 25 35 18 78 (375) (5) (90) (470) Earnings (loss) before income taxes 1,245 (4) (200) 1,041 Income tax (expense) benefit (note 3) (241) 15 50 (176) Net earnings (loss) 1,004 11 (150) 865 Less net earnings (loss) attributable to the noncontrolling interests 328 6 — 334 Net earnings (loss) attributable to Liberty stockholders $ 676 5 (150) 531 STATEMENT OF OPERATIONS INFORMATION December 31, 2017 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Subscriber revenue $ 4,473 — — 4,473 Formula 1 revenue — — 1,783 1,783 Other revenue 952 386 — 1,338 Total revenue 5,425 386 1,783 7,594 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,210 — — 1,210 Programming and content 388 — — 388 Customer service and billing 385 — — 385 Other 119 — — 119 Cost of Formula 1 revenue — — 1,219 1,219 Subscriber acquisition costs 499 — — 499 Other operating expenses 113 281 — 394 Selling, general and administrative 812 151 199 1,162 Depreciation and amortization 352 67 405 824 3,878 499 1,823 6,200 Operating income (loss) 1,547 (113) (40) 1,394 Other income (expense): Interest expense (356) (15) (220) (591) Share of earnings (losses) of affiliates, net 29 78 (3) 104 Unrealized gain/(loss) on inter-group interest — (15) 15 — Realized and unrealized gains (losses) on financial instruments, net (16) — (72) (88) Other, net (11) 3 16 8 (354) 51 (264) (567) Earnings (loss) before income taxes 1,193 (62) (304) 827 Income tax (expense) benefit (note 3) 466 36 561 1,063 Net earnings (loss) 1,659 (26) 257 1,890 Less net earnings (loss) attributable to the noncontrolling interests 535 (1) 2 536 Net earnings (loss) attributable to Liberty stockholders $ 1,124 (25) 255 1,354 STATEMENT OF OPERATIONS INFORMATION December 31, 2016 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Subscriber revenue $ 4,194 — — 4,194 Other revenue 820 262 — 1,082 Total revenue 5,014 262 — 5,276 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,109 — — 1,109 Programming and content 354 — — 354 Customer service and billing 387 — — 387 Other 144 — — 144 Subscriber acquisition costs 513 — — 513 Other operating expenses 82 224 — 306 Selling, general and administrative 761 67 58 886 Legal settlement, net — — (511) (511) Depreciation and amortization 312 32 10 354 3,662 323 (443) 3,542 Operating income (loss) 1,352 (61) 443 1,734 Other income (expense): Interest expense (342) (1) (19) (362) Share of earnings (losses) of affiliates, net 13 9 (8) 14 Unrealized gain/(loss) on inter-group interest — (27) 27 — Realized and unrealized gains (losses) on financial instruments, net — 1 36 37 Other, net (25) — 21 (4) (354) (18) 57 (315) Earnings (loss) before income taxes 998 (79) 500 1,419 Income tax (expense) benefit (note 3) (341) 17 (171) (495) Net earnings (loss) 657 (62) 329 924 Less net earnings (loss) attributable to the noncontrolling interests 244 — — 244 Net earnings (loss) attributable to Liberty stockholders $ 413 (62) 329 680 |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 1,004 11 (150) 865 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 369 76 460 905 Stock-based compensation 156 11 25 192 Share of (earnings) loss of affiliates, net 11 (12) (17) (18) Unrealized (gains) losses on intergroup interest, net — 24 (24) — Realized and unrealized (gains) losses on financial instruments, net 1 2 (43) (40) Noncash interest expense (8) 5 2 (1) Losses (gains) on dilution of investment in affiliate — — 1 1 Loss on early extinguishment of debt — — 1 1 Deferred income tax expense (benefit) 231 (1) (63) 167 Intergroup tax allocation 22 (14) (8) — Intergroup tax (payments) receipts (20) 35 (15) — Other charges (credits), net 2 (20) 1 (17) Changes in operating assets and liabilities Current and other assets (4) 8 (35) (31) Payables and other liabilities 21 (22) 133 132 Net cash provided (used) by operating activities 1,785 103 268 2,156 Cash flows from investing activities: Cash proceeds from dispositions of investments — 155 244 399 Investments in equity method affiliates and debt and equity securities (405) — (9) (414) Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 14 — — 14 Capital expended for property and equipment (356) (33) (14) (403) Other investing activities, net (9) 37 6 34 Net cash provided (used) by investing activities (756) 159 227 (370) Cash flows from financing activities: Borrowings of debt 2,795 123 699 3,617 Repayments of debt (2,431) (317) (1,309) (4,057) Series C Liberty SiriusXM stock repurchases (466) — — (466) Subsidiary shares repurchased by subsidiary (1,314) — — (1,314) Cash dividends paid by subsidiary (59) — — (59) Taxes paid in lieu of shares issued for stock-based compensation (127) — (3) (130) Other financing activities, net 50 (18) (3) 29 Net cash provided (used) by financing activities (1,552) (212) (616) (2,380) Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — (1) (1) Net increase (decrease) in cash, cash equivalents and restricted cash (523) 50 (122) (595) Cash, cash equivalents and restricted cash at beginning of period 625 140 282 1,047 Cash, cash equivalents and restricted cash at end of period $ 102 190 160 452 STATEMENT OF CASH FLOWS INFORMATION December 31, 2017 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 1,659 (26) 257 1,890 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 352 67 405 824 Stock-based compensation 150 48 32 230 Share of (earnings) loss of affiliates, net (29) (78) 3 (104) Unrealized (gains) losses on intergroup interest, net — 15 (15) — Realized and unrealized (gains) losses on financial instruments, net 16 — 72 88 Noncash interest expense 7 3 6 16 Losses (gains) on dilution of investment in affiliate — — (3) (3) Loss on early extinguishment of debt 35 5 8 48 Deferred income tax expense (benefit) (492) 2 (574) (1,064) Intergroup tax allocation (6) (39) 45 — Intergroup tax (payments) receipts 4 15 (19) — Other charges (credits), net (4) 18 (10) 4 Changes in operating assets and liabilities Current and other assets 30 (57) 77 50 Payables and other liabilities 127 (15) (359) (247) Net cash provided (used) by operating activities 1,849 (42) (75) 1,732 Cash flows from investing activities: Cash proceeds from dispositions of investments — 5 16 21 Net cash paid for the acquisition of Formula 1 — — (1,647) (1,647) Investments in equity method affiliates and debt and equity securities (851) (2) (9) (862) Capital expended for property and equipment (288) (219) (10) (517) Other investing activities, net (115) (5) (12) (132) Net cash provided (used) by investing activities (1,254) (221) (1,662) (3,137) Cash flows from financing activities: Borrowings of debt 4,553 544 1,600 6,697 Repayments of debt (3,216) (218) (1,673) (5,107) Proceeds from issuance of Series C Liberty Formula One common stock — — 1,938 1,938 Subsidiary shares repurchased by subsidiary (1,409) — — (1,409) Cash dividends paid by subsidiary (60) — — (60) Taxes paid in lieu of shares issued for stock-based compensation (100) (30) (5) (135) Other financing activities, net (35) — (13) (48) Net cash provided (used) by financing activities (267) 296 1,847 1,876 Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — 4 4 Net increase (decrease) in cash, cash equivalents and restricted cash 328 33 114 475 Cash, cash equivalents and restricted cash at beginning of period 297 107 168 572 Cash, cash equivalents and restricted cash at end of period $ 625 140 282 1,047 STATEMENT OF CASH FLOWS INFORMATION December 31, 2016 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 657 (62) 329 924 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 312 32 10 354 Stock-based compensation 128 9 13 150 Share of (earnings) loss of affiliates, net (13) (9) 8 (14) Unrealized (gains) losses on intergroup interest, net — 27 (27) — Realized and unrealized (gains) losses on financial instruments, net — (1) (36) (37) Noncash interest expense 6 5 — 11 Loss on early extinguishment of debt 24 — — 24 Deferred income tax expense (benefit) 332 1 94 427 Intergroup tax allocation (13) (19) 32 — Intergroup tax (payments) receipts 7 7 (14) — Other charges (credits), net 21 11 (2) 30 Changes in operating assets and liabilities Current and other assets 59 (17) (17) 25 Payables and other liabilities 184 105 (12) 277 Net cash provided (used) by operating activities 1,704 89 378 2,171 Cash flows from investing activities: Cash proceeds from dispositions of investments — — 62 62 Investments in equity method affiliates and debt and equity securities — (20) (764) (784) Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities — — 48 48 Capital expended for property and equipment (206) (360) (2) (568) Purchases of short term investments and other marketable securities — — (258) (258) Sales of short term investments and other marketable securities — — 273 273 Other investing activities, net (4) (33) — (37) Net cash provided (used) by investing activities (210) (413) (641) (1,264) Cash flows from financing activities: Borrowings of debt 1,847 460 438 2,745 Repayments of debt (1,471) (276) (2) (1,749) Intergroup (payments) receipts 58 16 (74) — Subsidiary shares repurchased by subsidiary (1,674) — — (1,674) Braves Rights Offering — 203 — 203 Cash dividends paid by subsidiary (16) — — (16) Taxes paid in lieu of shares issued for stock-based compensation (47) — (11) (58) Other financing activities, net (16) 15 4 3 Net cash provided (used) by financing activities (1,319) 418 355 (546) Net increase (decrease) in cash, cash equivalents and restricted cash 175 94 92 361 Cash, cash equivalents and restricted cash at beginning of period 122 13 76 211 Cash, cash equivalents and restricted cash at end of period $ 297 107 168 572 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | Jul. 23, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Feb. 01, 2019 | Jan. 23, 2017 | Sep. 07, 2016 | Nov. 04, 2014 |
Basis of Presentation | |||||||||
Number of shares received in spin-off | 0.25 | ||||||||
Related Party Transaction, Amounts of Transaction | $ 30 | $ 24 | $ 21 | ||||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | |||||||
Repurchases of Liberty common stock | 466 | ||||||||
Starz | |||||||||
Basis of Presentation | |||||||||
Related Party Transaction, Amounts of Transaction | $ 4 | ||||||||
Common Class C | Liberty Media Corporation | |||||||||
Basis of Presentation | |||||||||
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 | ||||||||
SIRIUS XM | |||||||||
Basis of Presentation | |||||||||
Stock Repurchased and Retired During Period, Shares | 2,500,000,000 | ||||||||
Repurchases of Liberty common stock | $ 9,400 | ||||||||
Ownership Interest In Investee | 73.00% | 73.00% | 67.00% | ||||||
Delta Topco | |||||||||
Basis of Presentation | |||||||||
Interest acquired (as a percent) | 100.00% | 20.00% | |||||||
Maximum | Delta Topco | |||||||||
Basis of Presentation | |||||||||
Interest acquired (as a percent) | 20.00% |
Tracking Stocks (Details)
Tracking Stocks (Details) $ / shares in Units, $ in Millions | Sep. 07, 2016agreement | Sep. 07, 2016item | May 16, 2016shares | Jun. 30, 2016USD ($) | Jun. 16, 2016$ / sharesshares | May 11, 2016 | Dec. 31, 2018USD ($)shares | Dec. 03, 2018 | Mar. 06, 2018 | Dec. 31, 2017USD ($) | Jan. 23, 2017 | Oct. 27, 2016 | Apr. 15, 2016shares |
Tracking Stocks | |||||||||||||
Number of tracking stock groups | 3 | ||||||||||||
Cash and cash equivalents | $ 358 | $ 1,029 | |||||||||||
Liberty Sirius XM Group | |||||||||||||
Tracking Stocks | |||||||||||||
Number of tracking stock shares received in the Recapitalization for one share of Liberty Media common stock | shares | 1 | ||||||||||||
Cash and cash equivalents | 91 | 615 | |||||||||||
Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Number of tracking stock shares received in the Recapitalization for one share of Liberty Media common stock | shares | 0.1 | ||||||||||||
Cash and cash equivalents | 107 | 132 | |||||||||||
Braves Group | Common Class C | |||||||||||||
Tracking Stocks | |||||||||||||
Number of subscription rights received for each share of common stock held | shares | 0.47 | ||||||||||||
Share Price | $ / shares | $ 12.80 | ||||||||||||
Percentage discount on stock subscriptions | 20 | ||||||||||||
Pre rights offering trading period | 18 days | ||||||||||||
Stock issued (in shares) | shares | 15,833,634 | ||||||||||||
Formula One Group | |||||||||||||
Tracking Stocks | |||||||||||||
Number of tracking stock shares received in the Recapitalization for one share of Liberty Media common stock | shares | 0.25 | ||||||||||||
Cash and cash equivalents | 160 | $ 282 | |||||||||||
SIRIUS XM | Liberty Sirius XM Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 54 | ||||||||||||
Formula 1 | Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Percentage ownership | 15.10% | 20.00% | |||||||||||
Investment Owned, Balance, Shares | shares | 9,084,940 | ||||||||||||
Formula 1 | Formula One Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 30 | ||||||||||||
Braves Holdings | Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 40 | ||||||||||||
Intergroup Note | Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Repayments of Lines of Credit | $ 150 | ||||||||||||
2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate | 2.125% | ||||||||||||
2.125% Exchangeable Senior Debentures Due 2048 | SIRIUS XM | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate | 2.125% | ||||||||||||
1.375% Cash Convertible Notes due 2023 | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate | 1.375% | ||||||||||||
1% Cash Convertible Notes Due 2023 | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate | 1.00% | 1.00% | |||||||||||
2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate | 2.25% | ||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate | 2.25% | 2.25% | |||||||||||
Delta Topco | |||||||||||||
Tracking Stocks | |||||||||||||
Investment ownership percentage | 20.00% | 20.00% | |||||||||||
Number of stock purchase agreements | 2 | 2 | |||||||||||
Percentage of diluted investment | 19.10% | ||||||||||||
Interest acquired (as a percent) | 20.00% | 20.00% | 100.00% | ||||||||||
Delta Topco | Maximum | |||||||||||||
Tracking Stocks | |||||||||||||
Interest acquired (as a percent) | 20.00% | 20.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Jan. 01, 2016 | Jul. 23, 2014 | Apr. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 20 | $ 12 | |||||
Provision for Doubtful Accounts | 68 | 57 | $ 56 | ||||
Allowance for Doubtful Accounts Receivable, Write-offs | 60 | 55 | 53 | ||||
Debt and equity securities | 1,195 | 1,047 | |||||
Property, Plant and Equipment, Gross | 3,765 | 3,596 | |||||
Depreciation | 251 | 230 | 186 | ||||
Interest Costs Capitalized | 12 | 10 | |||||
Stock-based compensation | 192 | 230 | 150 | ||||
Liberty Sirius XM Group | |||||||
Property, Plant and Equipment, Gross | 2,450 | 2,274 | |||||
Stock-based compensation | $ 156 | $ 150 | 128 | ||||
Anti-dilutive shares excluded from EPS | 22,000,000 | 22,000,000 | |||||
Braves Group | |||||||
Property, Plant and Equipment, Gross | $ 1,137 | $ 1,150 | |||||
Stock-based compensation | 11 | 48 | 9 | ||||
Basic earnings (loss) | $ (30) | 5 | (25) | ||||
Unrealized gain loss on the intergroup interest | 27 | 24 | 15 | ||||
Diluted earnings (loss) | $ (3) | $ 29 | $ (10) | ||||
Anti-dilutive shares excluded from EPS | 2,000,000 | 2,000,000 | |||||
Formula One Group | |||||||
Property, Plant and Equipment, Gross | $ 178 | $ 172 | |||||
Stock-based compensation | $ 25 | $ 32 | 13 | ||||
Anti-dilutive shares excluded from EPS | 8,000,000 | 5,000,000 | |||||
Land [Member] | |||||||
Property, Plant and Equipment, Gross | $ 183 | $ 217 | |||||
Building and Improvements [Member] | |||||||
Property, Plant and Equipment, Gross | 905 | 974 | |||||
Equipment [Member] | |||||||
Property, Plant and Equipment, Gross | $ 553 | 514 | |||||
Satellite system [Member] | |||||||
Property, Plant and Equipment, Useful Life | 15 years | ||||||
Property, Plant and Equipment, Gross | $ 1,679 | 1,676 | |||||
Construction in Progress [Member] | |||||||
Property, Plant and Equipment, Gross | 445 | 215 | |||||
Programming and content | |||||||
Stock-based compensation allocated | 28 | 27 | 21 | ||||
Customer service and billing | |||||||
Stock-based compensation allocated | 4 | 4 | 4 | ||||
Other cost of subscriber services | |||||||
Stock-based compensation allocated | 5 | 5 | 5 | ||||
Other Operating Income Expense [Member] | |||||||
Stock-based compensation allocated | 17 | 16 | 13 | ||||
Selling, General and Administrative Expenses | |||||||
Stock-based compensation allocated | $ 138 | $ 178 | $ 107 | ||||
Common Class A | Liberty Sirius XM Group | |||||||
Anti-dilutive shares excluded from EPS | 21,000,000 | ||||||
Common Class A | Braves Group | |||||||
Anti-dilutive shares excluded from EPS | 2,000,000 | ||||||
Common Class A | Formula One Group | |||||||
Anti-dilutive shares excluded from EPS | 5,000,000 | ||||||
Common Class C | Liberty Media Corporation | |||||||
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 | ||||||
Common Class SeriesA, SeriesB, SeriesC | Liberty Sirius XM Group | |||||||
Weighted Average Number of Shares Outstanding, Basic | 335,000,000 | 332,000,000 | 336,000,000 | ||||
Potentially dilutive shares | 2,000,000 | 4,000,000 | 4,000,000 | ||||
Diluted, Weighted average number of shares outstanding | 337,000,000 | 336,000,000 | 340,000,000 | ||||
Common Class SeriesA, SeriesB, SeriesC | Braves Group | |||||||
Investment Owned, Balance, Shares | 9,084,940 | ||||||
Weighted Average Number of Shares Outstanding, Basic | 46,000,000 | 51,000,000 | 49,000,000 | ||||
Potentially dilutive shares | 9,000,000 | 10,000,000 | 10,000,000 | ||||
Diluted, Weighted average number of shares outstanding | 55,000,000 | 61,000,000 | 59,000,000 | ||||
Common Class SeriesA, SeriesB, SeriesC | Formula One Group | |||||||
Weighted Average Number of Shares Outstanding, Basic | 84,000,000 | 231,000,000 | 207,000,000 | ||||
Potentially dilutive shares | 1,000,000 | 1,000,000 | 4,000,000 | ||||
Diluted, Weighted average number of shares outstanding | 85,000,000 | 232,000,000 | 211,000,000 | ||||
Common Class SeriesA, SeriesB, SeriesC | Liberty Media Corporation | |||||||
Weighted Average Number of Shares Outstanding, Basic | 335,000,000 | ||||||
Potentially dilutive shares | 2,000,000 | ||||||
Diluted, Weighted average number of shares outstanding | 337,000,000 | ||||||
Anti-dilutive shares excluded from EPS | 23,000,000 | ||||||
Accounting Standards Update 2016-09 | Retained Earnings | |||||||
Cumulative adjustment for change in accounting principle | $ 66 | ||||||
Minimum | Building and Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||
Minimum | Equipment [Member] | |||||||
Property, Plant and Equipment, Useful Life | 3 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 | ||||||
SIRIUS XM | |||||||
Stock-based compensation | $ 133 | $ 124 | $ 109 | ||||
Formula 1 | Braves Group | |||||||
Investment Owned, Balance, Shares | 9,084,940 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue recognition - Balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets | |||
Other current assets | $ 360 | $ 411 | $ 356 |
Other assets | 583 | 636 | 599 |
Liabilities and Equity | |||
Accounts Payable and accrued liabilities | 1,116 | 1,283 | 1,250 |
Deferred revenue | 2,079 | 1,899 | 1,941 |
Other current liabilities | 32 | 31 | 20 |
Other liabilities | 864 | 809 | 779 |
Deferred income tax liabilities | 1,651 | 1,493 | 1,478 |
Retained earnings | 13,644 | 13,122 | 13,081 |
Noncontrolling interests in equity of subsidiaries | $ 5,103 | 5,635 | $ 5,631 |
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||
Assets | |||
Other current assets | 55 | ||
Other assets | 37 | ||
Liabilities and Equity | |||
Accounts Payable and accrued liabilities | 33 | ||
Deferred revenue | (42) | ||
Other current liabilities | 11 | ||
Other liabilities | 30 | ||
Deferred income tax liabilities | 15 | ||
Retained earnings | 41 | ||
Noncontrolling interests in equity of subsidiaries | $ 4 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue recognition - Statement of operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue: | |||||||||||
Subscriber acquisition costs | $ 470 | $ 499 | $ 513 | ||||||||
Selling, general and administrative | 1,203 | 1,162 | 886 | ||||||||
Income tax benefit (expense) | (176) | 1,063 | (495) | ||||||||
Net earnings (loss) | $ 31 | $ 366 | $ 255 | $ 213 | $ 1,429 | $ 261 | $ 156 | $ 44 | 865 | 1,890 | 924 |
Subscriber | |||||||||||
Revenue: | |||||||||||
Revenue | 4,594 | ||||||||||
Revenue Share And Royalties | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 1,394 | $ 1,210 | $ 1,109 | ||||||||
Other | |||||||||||
Revenue: | |||||||||||
Revenue | 1,619 | ||||||||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||||||||
Revenue: | |||||||||||
Subscriber acquisition costs | 4 | ||||||||||
Selling, general and administrative | (1) | ||||||||||
Income tax benefit (expense) | (1) | ||||||||||
Net earnings (loss) | 1 | ||||||||||
Accounting Standards Update 2014-09 | Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||
Revenue: | |||||||||||
Subscriber acquisition costs | 474 | ||||||||||
Selling, general and administrative | 1,202 | ||||||||||
Income tax benefit (expense) | (177) | ||||||||||
Net earnings (loss) | 866 | ||||||||||
Accounting Standards Update 2014-09 | Subscriber | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||||||||
Revenue: | |||||||||||
Revenue | 95 | ||||||||||
Accounting Standards Update 2014-09 | Subscriber | Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||
Revenue: | |||||||||||
Revenue | 4,689 | ||||||||||
Accounting Standards Update 2014-09 | Revenue Share And Royalties | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 88 | ||||||||||
Accounting Standards Update 2014-09 | Revenue Share And Royalties | Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 1,482 | ||||||||||
Accounting Standards Update 2014-09 | Other | Difference between Revenue Guidance in Effect before and after Topic 606 | |||||||||||
Revenue: | |||||||||||
Revenue | (2) | ||||||||||
Accounting Standards Update 2014-09 | Other | Calculated under Revenue Guidance in Effect before Topic 606 | |||||||||||
Revenue: | |||||||||||
Revenue | $ 1,617 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue recognition - Deferred revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Deferred revenue | |||
Deferred revenue | $ 2,079 | $ 1,899 | $ 1,941 |
Formula One Group | |||
Deferred revenue | |||
Deferred revenue | 93 | 8 | |
Liberty Sirius XM Group | |||
Deferred revenue | |||
Deferred revenue | 1,932 | 1,882 | |
Braves Group | |||
Deferred revenue | |||
Deferred revenue | $ 54 | 51 | |
SIRIUS XM | Accounting Standards Update 2014-09 | Maximum | |||
Optional exemption | |||
Percent of total deferred revenue balance related to contracts that extend beyond one year | 10.00% | ||
SIRIUS XM | Liberty Sirius XM Group | Maximum | |||
Optional exemption | |||
Self-pay customers, audio subscriptions prepayment period | 3 years | ||
SIRIUS XM | Liberty Sirius XM Group | Accounting Standards Update 2014-09 | |||
Optional exemption | |||
Optional exemption utilized | true | ||
SIRIUS XM | Liberty Sirius XM Group | Accounting Standards Update 2014-09 | Minimum | |||
Optional exemption | |||
Prepaid data trials, contract period | 3 years | ||
SIRIUS XM | Liberty Sirius XM Group | Accounting Standards Update 2014-09 | Maximum | |||
Optional exemption | |||
Prepaid data trials, contract period | 5 years | ||
Formula One and Braves Holdings | |||
Deferred revenue | |||
Deferred revenue | $ 154 | $ 59 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue recognition - Performance obligations (Details) - Formula One and Braves Holdings $ in Millions | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Remaining performance obligations | |
Remaining performance obligation, revenue expected to be recognized | $ 1,905 |
Expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Remaining performance obligations | |
Remaining performance obligation, revenue expected to be recognized | $ 1,779 |
Expected timing of satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Remaining performance obligations | |
Remaining performance obligation, revenue expected to be recognized | $ 4,603 |
Expected timing of satisfaction period | 60 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Remaining performance obligations | |
Remaining performance obligation, revenue expected to be recognized | $ 449 |
Expected timing of satisfaction period | 108 months |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - SIRIUS XM (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Subscriber | |
Revenue disaggregated by source | |
Revenue | $ 4,594 |
SIRIUS XM | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Revenue | $ 5,771 |
Activation fees, recognition period | 1 month |
SIRIUS XM | Subscriber | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Revenue | $ 4,594 |
SIRIUS XM | Advertising | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Revenue | 188 |
SIRIUS XM | Equipment | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Revenue | 155 |
SIRIUS XM | Music Royalty and Other | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Revenue | $ 834 |
Minimum | SIRIUS XM | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Subscription period | 3 months |
Maximum | SIRIUS XM | Liberty Sirius XM Group | |
Revenue disaggregated by source | |
Subscription period | 12 months |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - Formula 1 (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Formula 1 | Formula One Group | |
Revenue disaggregated by source | |
Revenue | $ 1,827 |
Formula 1 | Formula 1 | Formula One Group | |
Revenue disaggregated by source | |
Revenue | 1,487 |
Other | |
Revenue disaggregated by source | |
Revenue | 1,619 |
Other | Formula 1 | Formula One Group | |
Revenue disaggregated by source | |
Revenue | $ 340 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - Braves Holdings (Details) - Braves Group $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)item | |
Revenue disaggregated by source | |
Number of MLB clubs | item | 30 |
Corporate And Other | |
Revenue disaggregated by source | |
Revenue | $ 442 |
Corporate And Other | Baseball | |
Revenue disaggregated by source | |
Revenue | 404 |
Corporate And Other | Development | |
Revenue disaggregated by source | |
Revenue | $ 38 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jul. 01, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Additional paid-in capital | $ 2,984 | $ 3,892 | ||
Retained earnings | 13,644 | $ 13,122 | 13,081 | |
Noncontrolling interests in equity of subsidiaries | 5,103 | 5,635 | 5,631 | |
Accounts Payable and accrued liabilities | $ 1,116 | $ 1,283 | $ 1,250 | |
SIRIUS XM | ASU 2018-07 | Early Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Additional paid-in capital | $ 22 | |||
Retained earnings | (3) | |||
Noncontrolling interests in equity of subsidiaries | 7 | |||
Accounts Payable and accrued liabilities | $ (26) |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - SIRIUS XM - ASU 2016-02 - Forecast $ in Millions | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease right of use assets | $ 360 |
Operating lease liability | $ 370 |
Supplemental Disclosures to C_3
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value of assets acquired | $ (484) | ||
Intangibles not subject to amortization | $ 3 | 4,039 | |
Intangibles subject to amortization | 2 | 5,499 | |
Net liabilities assumed | (3) | (5,035) | |
Deferred tax liabilities | (475) | ||
Fair value of equity consideration | (1,790) | ||
Cash paid for acquisitions, net of cash acquired | 1,647 | ||
Stock repurchased by subsidiary not yet settled | 17 | $ 23 | |
Cash paid for interest, net of amount capitalized | 586 | 561 | 327 |
Cash paid (received) for income taxes | (26) | 56 | $ 69 |
Delta Topco | |||
Cash paid for acquisitions, net of cash acquired | $ 2 | $ 1,754 |
Supplemental Disclosures to C_4
Supplemental Disclosures to Consolidated Statements of Cash Flows - Cash flow changes, reconciliation of components of cash (Details) $ in Millions | 1 Months Ended | ||||
Aug. 31, 2016item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 358 | $ 1,029 | |||
Total cash and cash equivalents and restricted cash at end of period | 452 | 1,047 | $ 572 | $ 211 | |
Number of cash flow issues the FASB guidance addresses | item | 8 | ||||
ASU No. 2016-18 - Restricted Cash | |||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | 358 | 1,029 | $ 562 | ||
Restricted cash included in other current assets | $ 70 | $ 8 | |||
Restricted cash, current - location | us-gaap:OtherCurrentAssetsMember | us-gaap:OtherCurrentAssetsMember | us-gaap:OtherCurrentAssetsMember | ||
Restricted cash included in other assets | $ 24 | $ 10 | $ 10 | ||
Restricted cash, noncurrent - location | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | us-gaap:OtherAssetsMember | ||
Total cash and cash equivalents and restricted cash at end of period | $ 452 | $ 1,047 | $ 572 |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, shares in Millions, $ in Millions | Jan. 23, 2017USD ($)$ / sharesshares | Sep. 07, 2016agreement | Sep. 07, 2016item | Sep. 07, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 08, 2016USD ($) | Oct. 27, 2016 |
Acquisitions | |||||||||
Investments in and loans to cost and equity investees | $ 414 | $ 862 | $ 784 | ||||||
Borrowings of debt | 3,617 | 6,697 | 2,745 | ||||||
Long-term debt | 13,371 | 13,186 | |||||||
Outstanding principal | 13,421 | ||||||||
Delta Topco | |||||||||
Acquisitions | |||||||||
Number Of Stock Purchase Agreements | 2 | 2 | |||||||
Investment ownership percentage | 20.00% | 20.00% | 20.00% | ||||||
Investments in and loans to cost and equity investees | $ 746 | ||||||||
Payments to Acquire Investments, gross | 821 | ||||||||
Investment Discount | $ 75 | ||||||||
Diluted investment ownership percentage | 19.10% | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 20.00% | 20.00% | 20.00% | |||||
Enterprise Value | $ 8,000 | ||||||||
Equity Value of Acquired Business | 4,400 | ||||||||
Consideration Amount | 4,700 | ||||||||
Payments to Acquire Businesses, Gross | 3,050 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 1,600 | ||||||||
Consideration payable | $ 400 | ||||||||
Delta Topco | Maximum | |||||||||
Acquisitions | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | 20.00% | 20.00% | ||||||
Formula One Group | |||||||||
Acquisitions | |||||||||
Investments in and loans to cost and equity investees | 9 | 9 | 764 | ||||||
Borrowings of debt | 699 | 1,600 | $ 438 | ||||||
Long-term debt | 5,039 | $ 5,796 | |||||||
Outstanding principal | $ 4,983 | ||||||||
Common Class C | Delta Topco | |||||||||
Acquisitions | |||||||||
Newly issued shares | shares | 56 | ||||||||
Treasury stock shares | shares | 19 | ||||||||
Per share price sold if not retained in treasury | $ / shares | $ 21.26 | ||||||||
Common Class C | Formula One Group | |||||||||
Acquisitions | |||||||||
Newly issued shares | shares | 62 | ||||||||
Value of shares issued to third parties | $ 1,550 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 25 | ||||||||
Decrease in the amount of acquisition | shares | 62 | ||||||||
Live Nation Margin Loan | Delta Topco | |||||||||
Acquisitions | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | ||||||||
Borrowings of debt | $ 350 | ||||||||
1% Cash Convertible Notes Due 2023 | |||||||||
Acquisitions | |||||||||
Debt Instrument, Face Amount | $ 450 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | |||||||
1% Cash Convertible Notes Due 2023 | Delta Topco | |||||||||
Acquisitions | |||||||||
Consideration payable | $ 400 | ||||||||
Net proceeds | 450 | ||||||||
Delta Topco Exchangeable Notes | Delta Topco | |||||||||
Acquisitions | |||||||||
Debt Instrument, Face Amount | $ 351 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% |
Acquisitions PPA (Details)
Acquisitions PPA (Details) - USD ($) | Jan. 23, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Acquisitions | ||||||||||||
Goodwill | $ 18,386,000,000 | $ 18,383,000,000 | $ 18,386,000,000 | $ 18,383,000,000 | $ 14,345,000,000 | |||||||
Intangible assets subject to amortization, net | 5,715,000,000 | 6,192,000,000 | 5,715,000,000 | 6,192,000,000 | ||||||||
Net earnings (loss) | 31,000,000 | $ 366,000,000 | $ 255,000,000 | $ 213,000,000 | 1,429,000,000 | $ 261,000,000 | $ 156,000,000 | $ 44,000,000 | 865,000,000 | 1,890,000,000 | $ 924,000,000 | |
Formula 1 | ||||||||||||
Acquisitions | ||||||||||||
Ownership interest held prior to the Second Closing | $ 759,000,000 | |||||||||||
Controlling interest acquired | 3,939,000,000 | |||||||||||
total acquisition price | 4,698,000,000 | |||||||||||
Cash and cash equivalents | 644,000,000 | |||||||||||
Receivables | 136,000,000 | |||||||||||
Goodwill | 3,956,000,000 | |||||||||||
Intangibles subject to amortization | 5,484,000,000 | |||||||||||
Other assets | 153,000,000 | |||||||||||
Deferred revenue | (141,000,000) | |||||||||||
Debt | (4,528,000,000) | |||||||||||
Other liabilities assumed | (516,000,000) | |||||||||||
Deferred tax liabilities | (490,000,000) | |||||||||||
Total Assets Acquired and Liabilities Assumed, Net | 4,698,000,000 | |||||||||||
Acquired goodwill expected tax deductible amount | 0 | 0 | ||||||||||
Other Assets Purchase Accounting Adjustment | 22,000,000 | 22,000,000 | ||||||||||
Other Liabilities Purchase Accounting Adjustment | 11,000,000 | 11,000,000 | ||||||||||
Goodwill, Allocation Adjustment | (12,000,000) | |||||||||||
Deferred Tax Liabilities Purchase Accounting Adjustments | (1,000,000) | (1,000,000) | ||||||||||
Net earnings (loss) | 261,000,000 | |||||||||||
FIA Agreement | ||||||||||||
Acquisitions | ||||||||||||
Intangible assets subject to amortization, net | 3,284,000,000 | 3,473,000,000 | $ 3,284,000,000 | 3,473,000,000 | ||||||||
Weighted average remaining life (in years) | 35 years | |||||||||||
FIA Agreement | Formula 1 | ||||||||||||
Acquisitions | ||||||||||||
Intangible assets subject to amortization, net | $ 3,600,000,000 | |||||||||||
Weighted average remaining life (in years) | 35 years | |||||||||||
Customer Relationships | ||||||||||||
Acquisitions | ||||||||||||
Intangible assets subject to amortization, net | $ 1,889,000,000 | $ 2,183,000,000 | $ 1,889,000,000 | $ 2,183,000,000 | ||||||||
Customer Relationships | Formula 1 | ||||||||||||
Acquisitions | ||||||||||||
Intangible assets subject to amortization, net | $ 1,900,000,000 | |||||||||||
Weighted average remaining life (in years) | 11 years 6 months |
Acquisitions Pro Forma (Details
Acquisitions Pro Forma (Details) - Formula 1 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquisitions | ||
Revenue | $ 7,595 | $ 7,072 |
Net earnings (loss) | 1,874 | 743 |
Net earnings (loss) attributable to Liberty stockholders | $ 1,338 | $ 499 |
Assets And Liabilities Measur_3
Assets And Liabilities Measured At Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets and Liabilities Measured at Fair Value | ||
Debt and equity securities | $ 1,195 | $ 1,047 |
Estimate of Fair Value Measurement [Member] | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 231 | 804 |
Debt and equity securities | 1,195 | 1,047 |
Financial instrument assets | 280 | 369 |
Debt | 2,487 | 2,115 |
Level 1 | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 231 | 804 |
Debt and equity securities | 228 | 467 |
Financial instrument assets | 21 | 19 |
Level 2 | ||
Assets and Liabilities Measured at Fair Value | ||
Debt and equity securities | 967 | 580 |
Financial instrument assets | 259 | 350 |
Debt | $ 2,487 | $ 2,115 |
Assets And Liabilities Measur_4
Assets And Liabilities Measured At Fair Value - Realized and Unrealized Gains (Losses) on Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 17, 2013 | |
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 40 | $ (88) | $ 37 | |
1.375% Cash Convertible Senior Notes Due 2023 | ||||
Assets and Liabilities Measured at Fair Value | ||||
Debt instrument interest rate | 1.375% | 1.375% | ||
Debt and equity securities | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 2 | (36) | 112 | |
Debt measured at fair value | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 130 | (126) | (113) | |
Bond Hedge Change in Fair Value | Level 2 | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | (94) | 72 | 37 | |
Other derivatives | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 2 | $ 2 | $ 1 |
Investments in Debt and Equit_3
Investments in Debt and Equity Securities - Summary (Details) $ / shares in Units, $ in Millions | Feb. 01, 2019USD ($)$ / shares | Sep. 22, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) |
Investments in Debt and Equity Securities | |||||
Consolidated Liberty | $ 1,278 | $ 1,114 | |||
Payments to Acquire Investments | $ 414 | 862 | $ 784 | ||
SIRIUS XM | |||||
Investments in Debt and Equity Securities | |||||
Ownership Interest In Investee | 67.00% | 73.00% | |||
Business acquisition | |||||
Common stock, par or stated value per share | $ / shares | $ 0.001 | ||||
Pandora | SIRIUS XM | |||||
Investments in Debt and Equity Securities | |||||
Unrealized gain (loss) on securities | $ 28 | $ (17) | |||
Payments to Acquire Investments | $ 480 | ||||
Ownership Interest In Investee | 19.00% | ||||
Ownership percentage on an as-converted basis | 16.00% | ||||
Convertible Preferred Stock, Price Per Share | $ / shares | $ 10.50 | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 95.2381 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
Cost Method Investment Minimum Threshold Percentage Approved Issuance | 19.99 | ||||
Cost Method Investment Maximum Percentage Threshold For Conversion Of Preferred Shares | 19.99% | ||||
Cost Method Investment, Number of Directors Designated | item | 3 | ||||
Cost Method Investment, Number of Directors Designated, Chairman | item | 1 | ||||
Business acquisition | |||||
Initial value of all-stock transaction | $ 2,900 | ||||
Common stock, par or stated value per share | $ / shares | $ 0.0001 | ||||
Number of shares of common stock issued for each share of acquired entity's stock | 1.44 | ||||
SIRIUS XM | |||||
Investments in Debt and Equity Securities | |||||
Ownership Interest In Investee | 67.00% | ||||
Liberty Sirius XM Group | |||||
Investments in Debt and Equity Securities | |||||
Consolidated Liberty | 967 | $ 580 | |||
Payments to Acquire Investments | 405 | 851 | |||
Liberty Sirius XM Group | Debt Securities | |||||
Investments in Debt and Equity Securities | |||||
Debt securities | 967 | 580 | |||
Liberty Sirius XM Group | Pandora | Debt Securities | |||||
Investments in Debt and Equity Securities | |||||
Debt securities | 523 | 480 | |||
Liberty Sirius XM Group | iHeart | |||||
Investments in Debt and Equity Securities | |||||
Principal amount of debt securities acquired during period | 522 | ||||
Payments to acquire debt securities | 389 | ||||
Debt security, principal balance | 660 | ||||
Liberty Sirius XM Group | iHeart | Debt Securities | |||||
Investments in Debt and Equity Securities | |||||
Debt securities | 444 | 100 | |||
Braves Group | |||||
Investments in Debt and Equity Securities | |||||
Other equity securities | 8 | 8 | |||
Consolidated Liberty | 8 | 8 | |||
Payments to Acquire Investments | 2 | 20 | |||
Braves Group | Other Equity Securities | |||||
Investments in Debt and Equity Securities | |||||
Other equity securities | 8 | 8 | |||
Formula One Group | |||||
Investments in Debt and Equity Securities | |||||
Consolidated Liberty | 303 | 526 | |||
Payments to Acquire Investments | 9 | 9 | $ 764 | ||
Formula One Group | Equity Securities | |||||
Investments in Debt and Equity Securities | |||||
Equity securities | 303 | 526 | |||
Formula One Group | AT&T | Equity Securities | |||||
Investments in Debt and Equity Securities | |||||
Equity securities | 174 | 389 | |||
Formula One Group | Other Equity Securities | Equity Securities | |||||
Investments in Debt and Equity Securities | |||||
Equity securities | $ 129 | $ 137 |
Investments In Available-For-Sa
Investments In Available-For-Sale Securities And Other Cost Investments - Unrealized Holding Gains and Losses (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in Debt and Equity Securities | ||
Gross unrealized holding gains | $ 0 | $ 0 |
Gross unrealized holding losses | $ 0 | $ 0 |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | $ 1,641 | $ 1,750 |
Liberty Sirius XM Group | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | $ 629 | 672 |
Liberty Sirius XM Group | Sirius XM Canada | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 70.00% | |
Investments in affiliates, accounted for using the equity method | $ 613 | 672 |
Liberty Sirius XM Group | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | 16 | |
Braves Group | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | 92 | 145 |
Braves Group | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | 92 | 145 |
Formula One Group | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | 920 | 933 |
Formula One Group | Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in affiliates, accounted for using the equity method | $ 177 | 177 |
Formula One Group | Live Nation | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 33.00% | |
Equity Method Investment, Quoted Market Value | $ 3,430 | |
Investments in affiliates, accounted for using the equity method | $ 743 | $ 756 |
SIRIUS XM | Sirius XM Canada | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage ownership | 70.00% |
Investments In Affiliates Acc_4
Investments In Affiliates Accounted For Using The Equity Method - Share Of Earnings (Losses) Of Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | $ 18 | $ 104 | $ 14 |
Liberty Sirius XM Group | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | (11) | 29 | 13 |
Liberty Sirius XM Group | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | (10) | ||
Liberty Sirius XM Group | Sirius XM Canada | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | (1) | 29 | 13 |
Braves Group | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | 12 | 78 | 9 |
Braves Group | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | 12 | 78 | 9 |
Braves Group | Braves Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | 69 | ||
Formula One Group | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | 17 | (3) | (8) |
Formula One Group | Live Nation | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | 3 | (18) | (12) |
Formula One Group | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Share of earnings (losses) of affiliates, net | $ 14 | $ 15 | $ 4 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) shares in Millions, $ in Millions, $ in Millions | May 25, 2017CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | May 25, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (Loss) On Dilution Of Investment In Affiliate | $ (1) | $ 3 | ||||
Deferred revenue | 2,079 | 1,941 | $ 1,899 | |||
Repayments of debt | 4,057 | 5,107 | $ 1,749 | |||
SIRIUS XM | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | 130 | |||||
SIRIUS XM | Sirius XM Canada | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Due to Related Parties | 9 | 10 | ||||
Due from Related Parties, Current | 11 | 10 | ||||
Revenue from Related Parties | 97 | 87 | 46 | |||
SIRIUS XM | Sirius XM Canada | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions | $ 2 | 4 | $ 8 | |||
Percentage ownership | 70.00% | |||||
Equity Method Investment Voting Interest | 33.00% | |||||
Payments to Acquire Equity Method Investments | 130 | |||||
Equity method investment consideration transferred | $ 309 | |||||
Issuance of common stock related to investment in Sirius XM Canada (in shares) | shares | 35 | |||||
Equity method investment, consideration transferred, equity interests issued and issuable | $ 179 | |||||
SIRIUS XM | Sirius XM Canada | Services Agreement | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Related Party Transaction, Period Of Agreement | 30 years | |||||
SIRIUS XM | Sirius XM Canada | Services Agreement, Years 1 through 5 | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Related Party Transaction, Payments Receivable, Percent of Gross Revenue | 25.00% | |||||
SIRIUS XM | Sirius XM Canada | Services Agreement, Years 6 through 30 | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Related Party Transaction, Payments Receivable, Percent of Gross Revenue | 30.00% | |||||
SIRIUS XM | Sirius XM Canada | Advisory Services Agreement | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Related Party Transaction, Payments Receivable, Percent of Gross Revenue | 5.00% | |||||
SIRIUS XM | Sirius XM Canada | Related Party 7.62% Loan | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Notes Receivable, Related Parties, Noncurrent | $ 131 | |||||
Notes receivable, related parties, maturity period | 15 years | |||||
Related Party Transaction, Rate | 7.62% | |||||
Notes Receivable, Related Parties, Annual Principal Repayment Period | 60 days | |||||
Notes Receivable, Related Parties, Annual Prepayment Excess Cash Threshold | $ 10 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) - USD ($) $ in Millions | Apr. 18, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 18,383 | $ 14,345 | |
Acquisitions | 3 | 4,038 | |
Goodwill, Ending Balance | 18,386 | 18,383 | |
Business acquisition | |||
Purchase Price | 1,647 | ||
SIRIUS XM | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 14,247 | 14,165 | |
Acquisitions | 3 | 82 | |
Goodwill, Ending Balance | 14,250 | 14,247 | |
SIRIUS XM | Automatic Labs Inc. | |||
Goodwill [Roll Forward] | |||
Acquisitions | $ 82 | ||
Business acquisition | |||
Purchase Price | $ 108 | ||
Formula 1 | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 3,956 | ||
Acquisitions | 3,956 | ||
Goodwill, Ending Balance | 3,956 | 3,956 | |
Corporate And Other | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 180 | 180 | |
Goodwill, Ending Balance | $ 180 | $ 180 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangibles Not Subject to Amortization) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
SIRIUS XM | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Trade Names | $ 931 | |
Braves Holdings | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-Lived Franchise Rights | $ 143 | $ 143 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Amortizable Intangibles) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 18,386 | $ 18,383 | $ 14,345 |
Finite-Lived Intangible Assets, Gross | 7,677 | 7,523 | |
Accumulated amortization | (1,962) | (1,331) | |
Finite-Lived Intangible Assets, Net, Total | 5,715 | 6,192 | |
Amortization of Intangible Assets | 654 | 594 | 168 |
2,019 | 669 | ||
2,020 | 640 | ||
2,021 | 477 | ||
2,022 | 416 | ||
2,023 | 388 | ||
SIRIUS XM | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 14,250 | 14,247 | 14,165 |
Formula 1 | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 3,956 | 3,956 | |
Corporate And Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 180 | 180 | $ 180 |
FIA Agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 3,630 | 3,630 | |
Accumulated amortization | (346) | (157) | |
Finite-Lived Intangible Assets, Net, Total | $ 3,284 | 3,473 | |
Finite-Lived Intangible Asset, Useful Life | 35 years | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 2,684 | 2,684 | |
Accumulated amortization | (795) | (501) | |
Finite-Lived Intangible Assets, Net, Total | $ 1,889 | 2,183 | |
Customer Relationships | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Relationships | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Licensing Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 351 | 330 | |
Accumulated amortization | (182) | (138) | |
Finite-Lived Intangible Assets, Net, Total | $ 169 | 192 | |
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Other Intangible Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 1,012 | 879 | |
Accumulated amortization | (639) | (535) | |
Finite-Lived Intangible Assets, Net, Total | $ 373 | $ 344 |
Debt (Details)
Debt (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 17, 2013 |
Debt Instrument [Line Items] | |||
Outstanding principal | $ 13,421,000,000 | ||
Total debt | 13,388,000,000 | $ 13,954,000,000 | |
Debt classified as current | (17,000,000) | (768,000,000) | |
Total long-term debt | $ 13,371,000,000 | 13,186,000,000 | |
1.375% Cash Convertible Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Debt face amount | $ 1,000,000,000 | ||
Debt instrument interest rate | 1.375% | 1.375% | |
2.25% Exchangeable Senior Debentures due 2046 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.25% | ||
2.125% Exchangeable Senior Debentures Due 2048 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.125% | ||
Sirius XM 3.875% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.875% | ||
Sirius XM 4.625% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.625% | ||
Sirius XM 6.00% Senior Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 6.00% | ||
Sirius XM 5.375% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.375% | ||
Sirius XM 5.375% Senior Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.375% | ||
Sirius XM 5.0% Senior Notes due 2027 Member | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.00% | ||
2.25% Exchangeable Senior Debentures due 2048 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.25% | ||
1.375% Cash Convertible Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 1.375% | ||
2.25% Exchangeable Senior Debentures due 2046 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.25% | ||
Liberty Sirius XM Group | |||
Debt Instrument [Line Items] | |||
Outstanding principal | $ 7,944,000,000 | ||
Deferred financing costs | (9,000,000) | (9,000,000) | |
Total debt | 7,858,000,000 | 7,496,000,000 | |
Debt classified as current | (3,000,000) | (755,000,000) | |
Total long-term debt | 7,855,000,000 | 6,741,000,000 | |
Liberty Sirius XM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 400,000,000 | ||
Total debt | 372,000,000 | ||
Liberty Sirius XM Group | Margin loan | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 600,000,000 | ||
Total debt | 600,000,000 | 750,000,000 | |
Liberty Sirius XM Group | Sirius XM 3.875% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 1,000,000,000 | ||
Total debt | 994,000,000 | 992,000,000 | |
Liberty Sirius XM Group | Sirius XM 4.625% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 500,000,000 | ||
Total debt | 497,000,000 | 497,000,000 | |
Liberty Sirius XM Group | Sirius XM 6.00% Senior Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 1,500,000,000 | ||
Total debt | 1,490,000,000 | 1,488,000,000 | |
Liberty Sirius XM Group | Sirius XM 5.375% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 1,000,000,000 | ||
Total debt | 992,000,000 | 991,000,000 | |
Liberty Sirius XM Group | Sirius XM 5.375% Senior Notes due 2026 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 1,000,000,000 | ||
Total debt | 991,000,000 | 990,000,000 | |
Liberty Sirius XM Group | Sirius XM 5.0% Senior Notes due 2027 Member | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 1,500,000,000 | ||
Total debt | 1,487,000,000 | 1,486,000,000 | |
Liberty Sirius XM Group | Sirius XM Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 439,000,000 | ||
Total debt | 439,000,000 | 300,000,000 | |
Liberty Sirius XM Group | Sirius XM leases | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 5,000,000 | ||
Total debt | 5,000,000 | 11,000,000 | |
Braves Group | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 494,000,000 | ||
Deferred financing costs | (3,000,000) | (5,000,000) | |
Total debt | 491,000,000 | 662,000,000 | |
Debt classified as current | (14,000,000) | (13,000,000) | |
Total long-term debt | 477,000,000 | 649,000,000 | |
Braves Group | Notes and loans | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 494,000,000 | ||
Total debt | 494,000,000 | 667,000,000 | |
Formula One Group | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 4,983,000,000 | ||
Deferred financing costs | (19,000,000) | (18,000,000) | |
Total debt | 5,039,000,000 | 5,796,000,000 | |
Total long-term debt | 5,039,000,000 | 5,796,000,000 | |
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 450,000,000 | ||
Total debt | 463,000,000 | $ 505,000,000 | |
Debt instrument interest rate | 1.00% | ||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 385,000,000 | ||
Total debt | 381,000,000 | ||
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 1,000,000,000 | ||
Total debt | 1,062,000,000 | $ 1,146,000,000 | |
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 213,000,000 | ||
Total debt | 209,000,000 | 464,000,000 | |
Formula One Group | Live Nation Margin Loan | |||
Debt Instrument [Line Items] | |||
Total debt | 350,000,000 | ||
Formula One Group | Other Debt Obligations | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 33,000,000 | ||
Total debt | 33,000,000 | 35,000,000 | |
Formula One Group | Senior Loan Facility | |||
Debt Instrument [Line Items] | |||
Outstanding principal | 2,902,000,000 | ||
Total debt | $ 2,910,000,000 | $ 3,314,000,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Dec. 10, 2018USD ($) | Dec. 03, 2018USD ($)$ / sharesshares | Jun. 22, 2018USD ($)$ / sharesshares | Mar. 06, 2018USD ($)$ / sharesshares | Dec. 12, 2017 | Jan. 23, 2017USD ($)$ / shares | Jan. 20, 2017USD ($) | Nov. 08, 2016USD ($) | May 16, 2016shares | Apr. 15, 2016shares | Apr. 14, 2016USD ($)$ / shares | May 31, 2013USD ($) | Mar. 31, 2018USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2017USD ($) | Aug. 17, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2015USD ($) | Oct. 31, 2014USD ($) | May 31, 2014USD ($) | Oct. 17, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt | $ 13,388,000,000 | $ 13,954,000,000 | |||||||||||||||||||||||
Debt, Current | $ 17,000,000 | 768,000,000 | |||||||||||||||||||||||
Warrant expiration period | 81 days | ||||||||||||||||||||||||
Borrowings of debt | $ 3,617,000,000 | 6,697,000,000 | $ 2,745,000,000 | ||||||||||||||||||||||
Repayments of Long-term Debt | 4,057,000,000 | 5,107,000,000 | 1,749,000,000 | ||||||||||||||||||||||
Loss on extinguishment of debt | $ (1,000,000) | $ (48,000,000) | (24,000,000) | ||||||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument interest rate | 2.25% | ||||||||||||||||||||||||
1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 1,000,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 1.375% | 1.375% | |||||||||||||||||||||||
1.35 Billion Margin Loan Due 2020 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | ||||||||||||||||||||||||
Effective interest rate | 4.83% | 3.24% | |||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | 0.75% | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,350,000,000 | ||||||||||||||||||||||||
1.35 Billion Margin Loan Due 2020 | LIBOR | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||||||
1.35 Billion Margin Loan Due 2020 | Term Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||||||||||
1.35 Billion Margin Loan Due 2020 | Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | 500,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 750,000,000 | |||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 750,000,000 | ||||||||||||||||||||||||
1.35 Billion Margin Loan Due 2020 | Delayed Draw Term Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 600,000,000 | ||||||||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument interest rate | 2.25% | ||||||||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2046 | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 445,000,000 | ||||||||||||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||||||||||||
Extraordinary additional distribution | 229,000,000 | ||||||||||||||||||||||||
Extraordinary additional distribution amount per debenture | $ 514.1295 | ||||||||||||||||||||||||
Debt instrument interest rate | 2.25% | ||||||||||||||||||||||||
1% Cash Convertible Notes Due 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 450,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 1.00% | 1.00% | |||||||||||||||||||||||
Conversion amount | $ 1,000 | ||||||||||||||||||||||||
2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 400,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 2.125% | ||||||||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 385,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 2.25% | 2.25% | |||||||||||||||||||||||
Minimum | 1.35 Billion Margin Loan Due 2020 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||||||
Maximum | 1.35 Billion Margin Loan Due 2020 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||||||||
SIRIUS XM | 1.35 Billion Margin Loan Due 2020 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Shares Pledged As Collateral Under Loan | shares | 1,000,000,000 | ||||||||||||||||||||||||
Share value | $ 5,710,000,000 | ||||||||||||||||||||||||
SIRIUS XM | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Shares underlying the debentures | shares | 49,900,000 | ||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 8.02 | ||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||
Live Nation | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Shares underlying the debentures | shares | 5,800,000 | ||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 66.28 | ||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||
LMC LYV, LLC | Live Nation Margin Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 600,000,000 | $ 500,000,000 | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | 1.90% | |||||||||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 350,000,000 | ||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.60% | 0.75% | |||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 600,000,000 | ||||||||||||||||||||||||
Debt Instrument, Term | 2 years | ||||||||||||||||||||||||
LMC LYV, LLC | Live Nation Margin Loan | LIBOR | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||||||||
LMC LYV, LLC | Minimum | Live Nation Margin Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||||||||||||
LMC LYV, LLC | Maximum | Live Nation Margin Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.85% | ||||||||||||||||||||||||
LMC LYV, LLC | Live Nation | Live Nation Margin Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Margin loan | shares | 53,700,000 | ||||||||||||||||||||||||
Debt Instrument, Collateral Amount | $ 2,647,000,000 | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM Senior Secured Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Effective interest rate | 4.67% | ||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.25% | ||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,311,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750,000,000 | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM 4.625% Senior Notes Due 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 500,000,000 | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.625% | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM 6.00% Senior Notes Due 2024 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 1,500,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 6.00% | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM 5.375% Senior Notes Due 2025 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 1,000,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 5.375% | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM 5.375% Senior Notes due 2026 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 1,000,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 5.375% | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM 3.875% Senior Notes due 2022 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 1,000,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 3.875% | ||||||||||||||||||||||||
SIRIUS XM | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt face amount | $ 1,500,000,000 | ||||||||||||||||||||||||
Debt instrument interest rate | 5.00% | ||||||||||||||||||||||||
SIRIUS XM | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument interest rate | 2.125% | ||||||||||||||||||||||||
Delta Topco | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Consideration payable | 400,000,000 | ||||||||||||||||||||||||
Delta Topco | 1% Cash Convertible Notes Due 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Consideration payable | 400,000,000 | ||||||||||||||||||||||||
Delta Topco | Live Nation Margin Loan | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Borrowings of debt | $ 350,000,000 | ||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | ||||||||||||||||||||||||
Delta Topco | Delta Topco Limited Exchangeable Redeemable Loan Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument interest rate | 2.00% | ||||||||||||||||||||||||
Common Class A | 1.375% Convertible Notes Bond Hedge Transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Securities Basket price per share | $ / shares | $ 46.94 | ||||||||||||||||||||||||
Common Class A | Warrant transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Securities Basket price per share | $ / shares | 46.94 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 61.16 | ||||||||||||||||||||||||
Liberty Sirius XM Group | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt | $ 7,858,000,000 | $ 7,496,000,000 | |||||||||||||||||||||||
Debt, Current | 3,000,000 | 755,000,000 | |||||||||||||||||||||||
Number of tracking stock shares received in the Recapitalization for one share of Liberty Media common stock | shares | 1 | ||||||||||||||||||||||||
Borrowings of debt | 2,795,000,000 | 4,553,000,000 | 1,847,000,000 | ||||||||||||||||||||||
Repayments of Long-term Debt | 2,431,000,000 | 3,216,000,000 | 1,471,000,000 | ||||||||||||||||||||||
Loss on extinguishment of debt | (35,000,000) | (24,000,000) | |||||||||||||||||||||||
Liberty Sirius XM Group | Sirius XM Senior Secured Revolving Credit Facility | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt | 439,000,000 | 300,000,000 | |||||||||||||||||||||||
Liberty Sirius XM Group | Common Class A | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1 | ||||||||||||||||||||||||
Liberty Sirius XM Group | Common Class A | 1.375% Convertible Notes Bond Hedge Transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Forward contract, number of underlying shares | shares | 21,085,900 | ||||||||||||||||||||||||
Liberty Sirius XM Group | Common Class A | Warrant transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 21,085,900 | ||||||||||||||||||||||||
Braves Group | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt | 491,000,000 | 662,000,000 | |||||||||||||||||||||||
Debt, Current | 14,000,000 | 13,000,000 | |||||||||||||||||||||||
Number of tracking stock shares received in the Recapitalization for one share of Liberty Media common stock | shares | 0.1 | ||||||||||||||||||||||||
Borrowings of debt | 123,000,000 | 544,000,000 | 460,000,000 | ||||||||||||||||||||||
Repayments of Long-term Debt | $ 317,000,000 | 218,000,000 | 276,000,000 | ||||||||||||||||||||||
Loss on extinguishment of debt | (5,000,000) | ||||||||||||||||||||||||
Braves Group | Common Class A | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.10 | 0.1087 | |||||||||||||||||||||||
Braves Group | Common Class A | 1.375% Convertible Notes Bond Hedge Transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Forward contract, number of underlying shares | shares | 2,292,037 | 2,108,590 | |||||||||||||||||||||||
Braves Group | Common Class A | Warrant transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 2,292,037 | 2,108,590 | |||||||||||||||||||||||
Formula One Group | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt | $ 5,039,000,000 | 5,796,000,000 | |||||||||||||||||||||||
Number of tracking stock shares received in the Recapitalization for one share of Liberty Media common stock | shares | 0.25 | ||||||||||||||||||||||||
Borrowings of debt | 699,000,000 | 1,600,000,000 | 438,000,000 | ||||||||||||||||||||||
Repayments of Long-term Debt | 1,309,000,000 | 1,673,000,000 | $ 2,000,000 | ||||||||||||||||||||||
Loss on extinguishment of debt | (1,000,000) | (8,000,000) | |||||||||||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term Debt | $ 209,000,000 | $ 464,000,000 | |||||||||||||||||||||||
Formula One Group | AT&T | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Shares underlying the debentures | shares | 6,110,000 | ||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||
Formula One Group | AT&T | 2.25% Exchangeable Senior Debentures due 2046 | Senior Notes | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Exchange Price of Shares Attributable to Debentures | $ / shares | $ 35.35 | ||||||||||||||||||||||||
Formula One Group | Common Class A | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.25 | ||||||||||||||||||||||||
Formula One Group | Common Class A | 1.375% Convertible Notes Bond Hedge Transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Forward contract, number of underlying shares | shares | 5,271,475 | ||||||||||||||||||||||||
Formula One Group | Common Class A | Warrant transaction | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 5,271,475 | ||||||||||||||||||||||||
Formula One Group | Common Class C | 1% Cash Convertible Notes Due 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 27.1091 | ||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 36.89 | ||||||||||||||||||||||||
Liberty Media Corporation | Common Class A | 1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 21.0859 | ||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 47.43 |
Debt - Braves Holdings Notes (D
Debt - Braves Holdings Notes (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2014a | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,388 | $ 13,954 | |
Ballpark | |||
Debt Instrument [Line Items] | |||
Cost of new facility | 722 | ||
Braves Holdings | |||
Debt Instrument [Line Items] | |||
Area of land acquired (in acres) | a | 82 | ||
Long-term Debt | $ 494 | 667 | |
Braves Holdings | Operating Credit Facilities | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.39% | ||
Long-term Debt | $ 17 | 98 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 185 | ||
Braves Holdings | Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.77% | ||
Long-term Debt | $ 195 | 200 | |
Braves Holdings | Floating Rate Notes | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 4.10% | ||
Long-term Debt | $ 70 | 75 | |
Braves Holdings | Mixed Use Credit Facilities and Loans | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 4.43% | ||
Long-term Debt | $ 160 | 200 | |
Line of Credit Facility, Maximum Borrowing Capacity | 176 | ||
Braves Holdings | Spring Training Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 39 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | ||
Braves Holdings | Term Loan | Term Loan | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.97% | ||
Long-term Debt | $ 52 | $ 55 | |
Braves Holdings | Ballpark | |||
Debt Instrument [Line Items] | |||
Cost of new facility | 330 | ||
Cobb Marietta Coliseum And Exhibit Hall Authority | Ballpark | |||
Debt Instrument [Line Items] | |||
Cost of new facility | $ 392 |
Formula 1 Debt (Details)
Formula 1 Debt (Details) - USD ($) $ in Millions | Jan. 31, 2018 | Jun. 30, 2017 | Jan. 23, 2017 | Nov. 30, 2017 | Sep. 30, 2017 | May 31, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 03, 2017 | Aug. 02, 2017 |
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 13,388 | $ 13,954 | ||||||||||
Borrowings of debt | 3,617 | 6,697 | $ 2,745 | |||||||||
Repayments of Long-term Debt | 4,057 | 5,107 | 1,749 | |||||||||
Cash and cash equivalents | $ 358 | 1,029 | ||||||||||
Proceeds from Liberty Braves common stock rights offering | 203 | |||||||||||
Formula 1 | Senior Loan Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 75 | ||||||||||
Formula 1 | First lien loan USD Tranche | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 2,900 | $ 3,300 | $ 3,100 | |||||||||
Repayments of Long-term Debt | 400 | $ 628 | ||||||||||
Line of Credit | 250 | |||||||||||
Cash and cash equivalents | $ 150 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 3.75% | 3.00% | 3.25% | ||||||||
Effective interest rate | 4.74% | |||||||||||
Formula 1 | First lien term loan Euro Tranche | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Long-term Debt | $ 42 | |||||||||||
Formula 1 | Second Lien Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 1,000 | |||||||||||
Formula 1 | Delta Topco Limited Exchangeable Redeemable Loan Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Long-term Debt | $ 27 | $ 323 | ||||||||||
Formula 1 | Interest Rate Swap | First lien loan USD Tranche | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 2,500 | |||||||||||
Formula 1 | Minimum | First lien loan USD Tranche | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1% | |||||||||||
Common Class C | Formula 1 | Delta Topco Limited Exchangeable Redeemable Loan Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,200,000 | 14,500,000 | ||||||||||
Formula One Group | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 5,039 | 5,796 | ||||||||||
Borrowings of debt | 699 | 1,600 | 438 | |||||||||
Repayments of Long-term Debt | 1,309 | 1,673 | $ 2 | |||||||||
Cash and cash equivalents | 160 | $ 282 | ||||||||||
Formula One Group | Formula 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash and cash equivalents | $ 30 | |||||||||||
Formula One Group | Common Class C | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Common Stock, Shares, Issued | 12,900,000 | 202,887,872 | 202,720,588 | |||||||||
Proceeds from Liberty Braves common stock rights offering | $ 388 |
Long-Term Debt - Fair Value of
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | $ 2,487 | $ 2,115 |
Sirius XM 3.875% Senior Notes due 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | 948 | |
Sirius XM 4.625% Senior Notes Due 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | 476 | |
Sirius XM 6.00% Senior Notes Due 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | 1,504 | |
Sirius XM 5.375% Senior Notes Due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | 956 | |
Sirius XM 5.375% Senior Notes due 2026 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | 941 | |
Sirius XM 5.0% Senior Notes due 2027 Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, measured at fair value | $ 1,363 |
Debt - Five Year Maturities (De
Debt - Five Year Maturities (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt | |
2,019 | $ 24 |
2,020 | 703 |
2,021 | 65 |
2,022 | 1,018 |
2,023 | $ 2,407 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) [Abstract] | |||
Federal | $ (14) | $ 38 | $ (39) |
State and local | 13 | (30) | (29) |
Foreign | (8) | (9) | |
Current Income Tax Expense (Benefit) | (9) | (1) | (68) |
Federal | (228) | 578 | (388) |
State and local | (2) | (21) | (39) |
Foreign | 63 | 507 | |
Deferred Income Tax Expense (Benefit), Total | (167) | 1,064 | (427) |
Income tax benefit (expense) | $ (176) | $ 1,063 | $ (495) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate, Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Tax cuts and jobs act of 2017 transition tax period | 8 years | ||
Computed expected tax benefit (expense) | $ (219) | $ (289) | $ (497) |
State and local income taxes, net of federal income taxes | 18 | (37) | (46) |
Foreign income taxes, net of federal income taxes | 22 | 88 | |
Dividends received deductions | (2) | 38 | 11 |
Taxable dividends not recognized for book purposes | (25) | (45) | (11) |
Federal tax credits | 30 | 22 | 67 |
Change in valuation allowance affecting tax expense | (62) | 212 | (1) |
Change in tax rate due to Tax Act | (8) | 929 | |
Settlements with tax authorities | 43 | 253 | |
Deductible stock-based compensation | 38 | 40 | 1 |
Income Tax Reserves | (22) | ||
Non-Deductible Non-Taxable Interest | (60) | ||
Write-off of Tax attributes | (42) | ||
Other, net | (11) | (24) | (19) |
Income tax (expense) benefit | $ (176) | $ 1,063 | $ (495) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Income Taxes - Tax Effects And
Income Taxes - Tax Effects And Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Income Taxes and Tax Credits [Abstract] | |||
Tax loss and credit carryforwards | $ 1,355 | $ 1,017 | |
Accrued stock compensation | 97 | 88 | |
Other accrued liabilities | 175 | ||
Deferred revenue | 514 | 502 | |
Deferred Tax Asset Discount on debt | 26 | ||
Other future deductible amounts | 22 | 22 | |
Deferred tax assets | 1,988 | 1,830 | |
Valuation allowance | (174) | (112) | |
Net deferred tax assets | 1,814 | 1,718 | |
Investments | 26 | 110 | |
Fixed assets | 359 | 326 | |
Intangible assets | 2,690 | 2,760 | |
Discount on debt | 76 | ||
Other future taxable amounts | 314 | ||
Deferred tax liabilities | 3,465 | 3,196 | |
Net deferred tax liabilities | 1,651 | 1,478 | |
Valuation Allowances and Reserves, Period Increase (Decrease) | 62 | ||
Foreign operating loss carryforwards with no expiration | 243 | ||
Foreign operating loss carryforwards that expire | 4 | ||
Tax loss and credit carryforwards with no expiration | 153 | ||
Tax losses and tax credit carryforwards that expire | 3 | ||
Tax loss and credit carryforward valuation allowance | 174 | ||
Income Tax Uncertainties [Abstract] | |||
Unrecognized Tax Benefits, Beginning Balance | 365 | 304 | $ 254 |
Reduction for tax positions of prior years | (27) | (1) | (1) |
Increase in tax positions for current year | 15 | 16 | 51 |
Increase in tax positions from prior years | 65 | 37 | |
Decrease due to Settlements With Taxing Authorities | (31) | (423) | |
Increase in tax positions from acquisition | 432 | ||
Unrecognized Tax Benefits, Ending Balance | 387 | $ 365 | $ 304 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 257 | ||
Maximum | |||
Income Tax Uncertainties [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1 | ||
SIRIUS XM | |||
Deferred Income Taxes and Tax Credits [Abstract] | |||
Tax loss and credit carryforwards | $ 952 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Jan. 29, 2019$ / shares | Nov. 30, 2016USD ($) | Oct. 26, 2016$ / shares | Jul. 23, 2014shares | Dec. 31, 2018USD ($)Vote / shares$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2018USD ($)shares |
Preferred stock, shares issued | 0 | 0 | 0 | |||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ | $ 22,000,000 | $ 31,000,000 | $ 24,000,000 | |||||
Payments for Repurchase of Common Stock | $ | $ 466,000,000 | |||||||
Formula One Group | ||||||||
Stock reserved for future issuance | 7,000,000 | 7,000,000 | ||||||
Braves Group | ||||||||
Stock reserved for future issuance | 1,500,000 | 1,500,000 | ||||||
Liberty Sirius XM Group | ||||||||
Payments for Repurchase of Common Stock | $ | $ 466,000,000 | |||||||
Stock reserved for future issuance | 12,900,000 | 12,900,000 | ||||||
Common Class A | ||||||||
Votes per share | Vote / shares | 1 | |||||||
Number of shares received in exchange for a share of Series B | 1 | |||||||
Common Class A | Formula One Group | ||||||||
Stock repurchased during period | $ | $ 0 | |||||||
Common Class A | Braves Group | ||||||||
Stock repurchased during period (Shares) | 0 | |||||||
Common Class B | ||||||||
Votes per share | Vote / shares | 10 | |||||||
Common Class C | ||||||||
Votes per share | Vote / shares | 0 | |||||||
Common Class C | Formula One Group | ||||||||
Stock repurchased during period (Shares) | 0 | |||||||
Common Class C | Liberty Media Corporation | ||||||||
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 | |||||||
Common Class C | Braves Group | ||||||||
Stock repurchased during period (Shares) | 0 | |||||||
SIRIUS XM | ||||||||
Payments of Dividends | $ | $ 201,000,000 | |||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ | $ 143,000,000 | |||||||
SIRIUS XM | Common Class C | ||||||||
Stock repurchased during period (Shares) | 10,800,000 | |||||||
SIRIUS XM | ||||||||
Stock Repurchased and Retired During Period, Shares | 2,500,000,000 | |||||||
Payments for Repurchase of Common Stock | $ | $ 9,400,000,000 | |||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.0121 | $ 0.0484 | ||||||
Payments of Dividends | $ | 190,000,000 | |||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ | $ 130,000,000 | |||||||
SIRIUS XM | Quarterly | ||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.01 | |||||||
Payments of Dividends | $ | $ 48,000,000 | |||||||
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees | $ | $ 32,000,000 | |||||||
SIRIUS XM | Common Class A | ||||||||
Stock repurchased during period (Shares) | 0 | |||||||
SIRIUS XM | Common Class C | ||||||||
Stock repurchased during period | $ | $ 466,000,000 |
Related Party Transactions wi_2
Related Party Transactions with Officers and Directors (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
CEO | |||||
Employment agreement term | 5 years | ||||
Officers' Compensation | $ 960,750 | ||||
Annual base salary increase | 5.00% | ||||
Annual target cash bonus | 250.00% | ||||
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 | ||||
Common Class C | Formula One Group | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 2,048 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Performance Options And Performance Based Restricted Stock Units [Member] | CEO | |||||
Target Allocation [Abstract] | |||||
2,015 | $ 16,000,000 | ||||
2,016 | 17,000,000 | ||||
2,017 | 18,000,000 | ||||
2,018 | 19,000,000 | ||||
2,019 | $ 20,000,000 | ||||
Maximum percentage of target awards issued for performance options and RSUs | 50.00% | ||||
Performance Options And Performance Based Restricted Stock Units [Member] | Common Class C | Formula One Group | |||||
Term of option | 7 years |
Related Party Transactions wi_3
Related Party Transactions with Officers and Directors - Chairman's Employment Agreement (Details) - Chairman - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2008 | Dec. 31, 2016 | Dec. 31, 2009 | |
Deferred compensation installments | 240 months | 240 months | |
8% Plan | |||
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 | ||
13% plan | |||
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 | ||
Salary Continuation Plan | |||
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 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 23, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 |
Total unrecognized compensation cost related to unvested equity awards | $ 22 | $ 22 | |||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 3 months 18 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 22 | $ 31 | $ 24 | ||
2017 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 50,000,000 | 50,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||
Minimum | 2017 Plan | |||||
Vesting period | 1 year | ||||
Term of option | 7 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 6 months | ||||
Maximum | 2017 Plan | |||||
Vesting period | 5 years | ||||
Term of option | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 3 months 18 days | ||||
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 23.50% | 22.60% | 22.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 26.00% | 29.80% | 26.80% | ||
Employee Stock Option | Formula 1 employees [member] | |||||
Vesting period | 1 year | ||||
Employee Stock Option | Liberty employees | |||||
Vesting period | 3 years | ||||
Term of option | 5 years | ||||
Employee Stock Option | Liberty Director | |||||
Term of option | 1 year | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 9 | $ 85 | $ 7 | ||
Performance based RSUs | CEO | Common Class C | |||||
Vesting period | 1 year | 1 year | 1 year | ||
Liberty Sirius XM Group | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 12,900,000 | 12,900,000 | |||
Liberty Sirius XM Group | Common Class C | |||||
Options granted | 666,000 | ||||
Liberty Sirius XM Group | CEO | Common Class C | |||||
Options granted | 139,000 | 171,000 | |||
Weighted average grant-date fair value | $ 8.80 | $ 8.96 | |||
Liberty Sirius XM Group | Employee Stock Option | Liberty employees and directors [member] | Common Class C | |||||
Options granted | 21,000 | 153,000 | 101,000 | ||
Weighted average grant-date fair value | $ 8.99 | $ 9.42 | $ 4.89 | ||
Liberty Sirius XM Group | Restricted Stock | |||||
Restricted stock weighted average grant-date fair value | $ 26.74 | $ 26.74 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 218,000 | 218,000 | |||
Braves Group | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,500,000 | 1,500,000 | |||
Braves Group | Common Class C | |||||
Options granted | 51,000 | ||||
Braves Group | CEO | Common Class C | |||||
Options granted | 46,000 | 149,000 | |||
Weighted average grant-date fair value | $ 6.44 | $ 6.02 | |||
Performance based restricted stock granted shares | 12,000 | ||||
Performance based restricted stock unit grant date fair value | $ 23.34 | ||||
Braves Group | Employee Stock Option | Liberty employees and directors [member] | Common Class C | |||||
Options granted | 5,000 | 35,000 | 41,000 | ||
Weighted average grant-date fair value | $ 7.14 | $ 6.14 | $ 3.79 | ||
Braves Group | Restricted Stock | |||||
Restricted stock weighted average grant-date fair value | $ 20.16 | $ 20.16 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 46,000 | 46,000 | |||
Liberty Media Corporation | Common Class C | |||||
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 | ||||
Liberty Media Corporation | CEO | Common Class C | |||||
Options granted | 775,000 | ||||
Weighted average grant-date fair value | $ 8.91 | ||||
Performance based restricted stock granted shares | 39,000 | ||||
Performance based restricted stock unit grant date fair value | $ 37.76 | ||||
Liberty Media Corporation | Employee Stock Option | Liberty employees and directors [member] | Common Class C | |||||
Options granted | 10,000 | ||||
Weighted average grant-date fair value | $ 8.33 | ||||
Formula One Group | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,000,000 | 7,000,000 | |||
Formula One Group | Common Class C | |||||
Options granted | 2,048,000 | ||||
Formula One Group | CEO | Common Class C | |||||
Performance based restricted stock granted shares | 86,000 | 50,000 | |||
Performance based restricted stock unit grant date fair value | $ 31.99 | $ 33.92 | |||
Formula One Group | Formula 1 employees [member] | Common Class C | |||||
Options granted | 633,000 | 920,000 | |||
Weighted average grant-date fair value | $ 11.56 | $ 8.50 | |||
Formula One Group | Liberty employees and directors [member] | Common Class C | |||||
Options granted | 1,888,000 | 2,015,000 | |||
Weighted average grant-date fair value | $ 8.64 | $ 8.16 | |||
Formula One Group | Employee Stock Option | CEO | Common Class C | |||||
Options granted | 33,000 | 263,000 | 415,000 | ||
Weighted average grant-date fair value | $ 11.09 | $ 10.39 | $ 7.50 | ||
Formula One Group | Restricted Stock | |||||
Restricted stock weighted average grant-date fair value | $ 28.79 | $ 28.79 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 211,000 | 211,000 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Common Class B | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Ending Balance | 0 |
Liberty Sirius XM Group | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Beginning Balance | 1,626,000 |
Options exercised | (223,000) |
Outstanding options, Ending Balance | 1,403,000 |
Exercisable options | 1,399,000 |
Outstanding WAEP, Beginning of period | $ / shares | $ 19.78 |
WAEP exercised | $ / shares | 19.43 |
Outstanding WAEP, End of period | $ / shares | 19.84 |
Exercisable WAEP | $ / shares | $ 19.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 24 |
Liberty Sirius XM Group | Common Class C | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Beginning Balance | 11,328,000 |
Options granted | 666,000 |
Options exercised | (497,000) |
Options forfeited/cancelled | (2,000) |
Outstanding options, Ending Balance | 11,495,000 |
Exercisable options | 8,039,000 |
Outstanding WAEP, Beginning of period | $ / shares | $ 27.66 |
WAEP granted | $ / shares | 42.34 |
WAEP exercised | $ / shares | 19.81 |
Forfeited/Cancelled, WAEP | $ / shares | 38.77 |
Outstanding WAEP, End of period | $ / shares | 28.85 |
Exercisable WAEP | $ / shares | $ 28.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 98 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 74 |
Braves Group | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Beginning Balance | 179,000 |
Options exercised | (2,000) |
Outstanding options, Ending Balance | 177,000 |
Exercisable options | 177,000 |
Outstanding WAEP, Beginning of period | $ / shares | $ 11.43 |
WAEP exercised | $ / shares | 11 |
Outstanding WAEP, End of period | $ / shares | 11.44 |
Exercisable WAEP | $ / shares | $ 11.42 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 2 |
Braves Group | Common Class C | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Beginning Balance | 1,231,000 |
Options granted | 51,000 |
Options exercised | (6,000) |
Outstanding options, Ending Balance | 1,276,000 |
Exercisable options | 926,000 |
Outstanding WAEP, Beginning of period | $ / shares | $ 16.27 |
WAEP granted | $ / shares | 23.54 |
WAEP exercised | $ / shares | 11.97 |
Outstanding WAEP, End of period | $ / shares | 16.58 |
Exercisable WAEP | $ / shares | $ 16.33 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 2 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 11 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 8 |
Formula One Group | Common Class A | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Beginning Balance | 400,000 |
Options exercised | (40,000) |
Outstanding options, Ending Balance | 360,000 |
Exercisable options | 360,000 |
Outstanding WAEP, Beginning of period | $ / shares | $ 11.69 |
WAEP exercised | $ / shares | 11.50 |
Outstanding WAEP, End of period | $ / shares | 11.71 |
Exercisable WAEP | $ / shares | $ 11.70 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 6 |
Formula One Group | Common Class C | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding options, Beginning Balance | 4,760,000 |
Options granted | 2,048,000 |
Options exercised | (123,000) |
Options forfeited/cancelled | (1,000) |
Outstanding options, Ending Balance | 6,684,000 |
Exercisable options | 4,911,000 |
Outstanding WAEP, Beginning of period | $ / shares | $ 24.59 |
WAEP granted | $ / shares | 31.55 |
WAEP exercised | $ / shares | 13.83 |
Forfeited/Cancelled, WAEP | $ / shares | 34.84 |
Outstanding WAEP, End of period | $ / shares | 26.92 |
Exercisable WAEP | $ / shares | $ 27.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 8 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 7 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ | $ 35 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | $ 24 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 3 months 18 days | ||
Stock-based compensation | $ 192 | $ 230 | $ 150 |
Total unrecognized compensation cost related to unvested equity awards | $ 22 | ||
SIRIUS XM | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 9 months 18 days | ||
Stock-based compensation | $ 133 | $ 124 | $ 109 |
SIRIUS XM | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Term of option | 10 years | ||
Options granted | 31.7 | ||
WAEP granted | $ 6.59 | ||
Outstanding options | 243.4 | ||
Exercisable options | 143.8 | ||
Outstanding WAEP | $ 4.22 | ||
Exercisable WAEP | $ 3.60 | ||
Outstanding options, aggregate intrinsic value | $ 392 | ||
Exercisable Options, Aggregate Intrinsic Value | $ 303 | ||
Weighted average grant-date fair value | $ 1.45 | ||
Weighted average volatility rate | 23.00% | 24.00% | 22.00% |
Total unrecognized compensation cost related to unvested equity awards | $ 254 | ||
SIRIUS XM | Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Vesting period | 3 years | ||
SIRIUS XM | Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Vesting period | 4 years | ||
SIRIUS XM | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Restricted stock granted | 17.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.40 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefit Plans | |||
Defined Benefit Plan, Contributions by Employer | $ 20 | $ 17 | $ 13 |
Other Comprehensive Earnings _3
Other Comprehensive Earnings (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | $ 22,574 | $ 17,716 | $ 18,131 |
Balance | 21,698 | 22,574 | 17,716 |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (35) | (62) | (51) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | (5) | 27 | (11) |
Cumulative adjustment for change in accounting principle | 2 | ||
Balance | (38) | (35) | (62) |
Other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (17) | (31) | (18) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | 22 | 14 | (13) |
Cumulative adjustment for change in accounting principle | 2 | ||
Balance | 7 | (17) | (31) |
Foreign currency translation adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (6) | (22) | (23) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | (24) | 16 | 1 |
Balance | (30) | (6) | (22) |
Unrealized holding gains (losses) arising during period | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (12) | (9) | (10) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | (3) | (3) | 1 |
Balance | $ (15) | $ (12) | $ (9) |
Other Comprehensive Earnings _4
Other Comprehensive Earnings (Loss) - Tax Effects of Components of OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), before Tax | $ (19) | $ 55 | $ (16) |
Other Comprehensive Income (Loss), Tax | 4 | (20) | 6 |
Other Comprehensive Income (Loss), Net of Tax | (15) | 35 | (10) |
Unrealized holding gains (losses) arising during period | |||
Other Comprehensive Income (Loss), before Tax | (4) | (5) | |
Other Comprehensive Income (Loss), Tax | 1 | 2 | |
Other Comprehensive Income (Loss), Net of Tax | (3) | (3) | |
Accumulated Credit risk on fair value debt instruments gains (losses) | |||
Other Comprehensive Income (Loss), before Tax | 41 | ||
Other Comprehensive Income (Loss), Tax | (9) | ||
Other Comprehensive Income (Loss), Net of Tax | 32 | ||
Foreign currency translation adjustment | |||
Other Comprehensive Income (Loss), before Tax | (56) | 60 | (16) |
Other Comprehensive Income (Loss), Tax | 12 | (22) | 6 |
Other Comprehensive Income (Loss), Net of Tax | $ (44) | $ 38 | $ (10) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) € in Millions | Jul. 06, 2018USD ($) | Mar. 13, 2017USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Jan. 17, 2013EUR (€) | Jun. 25, 2012EUR (€) |
Loss Contingencies [Line Items] | |||||||||||
Gain (Loss) Related to Litigation Settlement | $ 511,000,000 | ||||||||||
Litigation Settlement, Expense | $ 69,000,000 | $ 45,000,000 | (465,000,000) | ||||||||
Sirius XM other contractual arrangements amounts payable in 2019 | 146,000,000 | ||||||||||
Sirius XM other contractual arrangements amounts payable in 2020 | 69,000,000 | ||||||||||
Sirius XM other contractual arrangements amounts payable in 2021 | 20,000,000 | ||||||||||
Sirius XM other contractual arrangements amounts payable in 2022 | 13,000,000 | ||||||||||
Sirius XM other contractual arrangements amounts payable in 2023 | 10,000,000 | ||||||||||
Operating Leases, Future Minimum Payments Due [Abstract] | |||||||||||
Operating Leases, Rent Expense | 64,000,000 | $ 58,000,000 | $ 52,000,000 | ||||||||
2,019 | 54,000,000 | ||||||||||
2,020 | 59,000,000 | ||||||||||
2,021 | 53,000,000 | ||||||||||
2,022 | 48,000,000 | ||||||||||
2,023 | 40,000,000 | ||||||||||
Thereafter | 179,000,000 | ||||||||||
SIRIUS XM | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Revenue share and royalties | $ 45,000,000 | $ 46,000,000 | |||||||||
Estimate of amounts payable for programming and music royalties in 2019 | 430,000,000 | ||||||||||
Estimate of amounts payable for programming and music royalties in 2020 | 335,000,000 | ||||||||||
Estimate of amounts payable for programming and music royalties in 2021 | 218,000,000 | ||||||||||
Estimate of amounts payable for programming and music royalties in 2022 | 79,000,000 | ||||||||||
Estimate of amounts payable for programming and music royalties in 2023 | 38,000,000 | ||||||||||
Vivendi Universal SA Suit | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Gain Contingency, Unrecorded Amount | € | € 765 | ||||||||||
Litigation settlement from other party | $ 775,000,000 | ||||||||||
Gain (Loss) Related to Litigation Settlement | $ 511,000,000 | ||||||||||
Telephone Consumer Protection Act Of 1991 Lawsuit | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss Contingency Damages Sought Value Per Willful Violation | $ 1,500 | ||||||||||
Loss Contingency Damages Sought Per Violation | $ 500 | ||||||||||
Settled Litigation | Sound exchange Lawsuit | SIRIUS XM | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Payments for Legal Settlements | $ 150,000,000 | ||||||||||
Remaining liability accrued | $ 69,000,000 | ||||||||||
Including prejudgment interest | Vivendi Universal SA Suit | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Gain Contingency, Unrecorded Amount | € | € 945 | ||||||||||
Braves Holdings | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Compensation guarantee aggregate total | 165,000,000 | ||||||||||
Amounts payable under guarantee in 2019 | 93,000,000 | ||||||||||
Amounts payable under guarantee in 2020 | 36,000,000 | ||||||||||
Amounts payable under guarantee in 2021 | 34,000,000 | ||||||||||
Amounts payable under guarantee in 2022 | 2,000,000 | ||||||||||
Amount payable under guarantee, thereafter | $ 0 | ||||||||||
Lease Term | 30 years | ||||||||||
Property, Plant and Equipment, Useful Life | 45 years | ||||||||||
Maximum | Braves Holdings | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amounts payable under guarantee in 2023 | $ 1,000,000 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | $ 2,009 | $ 2,315 | $ 2,199 | $ 1,517 | $ 1,994 | $ 2,065 | $ 2,140 | $ 1,395 | $ 8,040 | $ 7,594 | $ 5,276 |
Adjusted OIBDA | $ 2,677 | 2,493 | 1,773 | ||||||||
SIRIUS XM | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Number of satellite systems | item | 2 | ||||||||||
Formula 1 | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Duration of World Championship | 9 months | ||||||||||
Liberty Sirius XM Group | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | $ 5,771 | 5,425 | 5,014 | ||||||||
Adjusted OIBDA | 2,214 | 2,094 | 1,838 | ||||||||
Liberty Sirius XM Group | SIRIUS XM | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | 5,771 | 5,425 | 5,014 | ||||||||
Adjusted OIBDA | 2,230 | 2,109 | 1,853 | ||||||||
Liberty Sirius XM Group | Corporate And Other | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Adjusted OIBDA | (16) | (15) | (15) | ||||||||
Braves Group | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | 442 | 386 | 262 | ||||||||
Adjusted OIBDA | 88 | 2 | (20) | ||||||||
Braves Group | Corporate And Other | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | 442 | 386 | 262 | ||||||||
Adjusted OIBDA | 88 | 2 | (20) | ||||||||
Formula One Group | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | 1,827 | 1,783 | |||||||||
Adjusted OIBDA | 375 | 397 | (45) | ||||||||
Formula One Group | Formula 1 | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Revenue | 1,827 | 1,783 | |||||||||
Adjusted OIBDA | 400 | 438 | |||||||||
Formula One Group | Corporate And Other | |||||||||||
Operating Activities And Reporting Information By Segment [Line Items] | |||||||||||
Adjusted OIBDA | $ (25) | $ (41) | $ (45) |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | $ 40,828 | $ 41,996 | |
Investments in affiliates, accounted for using the equity method | 1,641 | 1,750 | |
Capital expenditures | 403 | 517 | $ 568 |
Elimination | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | (226) | (202) | |
Liberty Sirius XM Group | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 28,292 | 28,530 | |
Investments in affiliates, accounted for using the equity method | 629 | 672 | |
Capital expenditures | 356 | 288 | 206 |
Liberty Sirius XM Group | SIRIUS XM | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 27,812 | 27,837 | |
Investments in affiliates, accounted for using the equity method | 629 | 672 | |
Capital expenditures | 356 | 288 | |
Liberty Sirius XM Group | Corporate And Other | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 480 | 693 | |
Braves Group | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 1,805 | 1,866 | |
Investments in affiliates, accounted for using the equity method | 92 | 145 | |
Capital expenditures | 33 | 219 | 360 |
Braves Group | Corporate And Other | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 1,805 | 1,866 | |
Investments in affiliates, accounted for using the equity method | 92 | 145 | |
Capital expenditures | 33 | 219 | |
Formula One Group | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 10,957 | 11,802 | |
Investments in affiliates, accounted for using the equity method | 920 | 933 | |
Capital expenditures | 14 | 10 | $ 2 |
Formula One Group | Formula 1 | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 8,958 | 9,461 | |
Capital expenditures | 12 | 8 | |
Formula One Group | Corporate And Other | |||
Operating Activities And Reporting Information By Segment [Line Items] | |||
Assets | 1,999 | 2,341 | |
Investments in affiliates, accounted for using the equity method | 920 | 933 | |
Capital expenditures | $ 2 | $ 2 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Information About Liberty's Operating Segments | |||||||||||
Consolidated segment Adjusted OIBDA | $ 2,677 | $ 2,493 | $ 1,773 | ||||||||
Litigation Settlement, Expense | (69) | (45) | 465 | ||||||||
Stock-based compensation | (192) | (230) | (150) | ||||||||
Depreciation and amortization | (905) | (824) | (354) | ||||||||
Operating income (loss) | $ 379 | $ 531 | $ 374 | $ 227 | $ 331 | $ 382 | $ 422 | $ 259 | 1,511 | 1,394 | 1,734 |
Interest expense | (606) | (591) | (362) | ||||||||
Share of earnings (losses) of affiliates, net | 18 | 104 | 14 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | 40 | (88) | 37 | ||||||||
Other, net | 78 | 8 | (4) | ||||||||
Earnings (loss) from continuing operations before income taxes | $ 1,041 | $ 827 | $ 1,419 |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | $ 2,009 | $ 2,315 | $ 2,199 | $ 1,517 | $ 1,994 | $ 2,065 | $ 2,140 | $ 1,395 | $ 8,040 | $ 7,594 | $ 5,276 |
Long-Lived Assets | 2,469 | 2,541 | 2,469 | 2,541 | |||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 6,209 | 5,724 | 5,230 | ||||||||
Long-Lived Assets | 2,457 | 2,529 | 2,457 | 2,529 | |||||||
UNITED KINGDOM | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 1,831 | 1,783 | |||||||||
Long-Lived Assets | $ 12 | $ 12 | $ 12 | 12 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | $ 87 | $ 46 |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 2,009 | $ 2,315 | $ 2,199 | $ 1,517 | $ 1,994 | $ 2,065 | $ 2,140 | $ 1,395 | $ 8,040 | $ 7,594 | $ 5,276 |
Operating income | 379 | 531 | 374 | 227 | 331 | 382 | 422 | 259 | 1,511 | 1,394 | 1,734 |
Net earnings (loss) | 31 | 366 | 255 | 213 | 1,429 | 261 | 156 | 44 | 865 | 1,890 | 924 |
Net earnings (loss) attributable to Liberty Stockholders | 531 | 1,354 | 680 | ||||||||
Liberty Sirius XM Group | |||||||||||
Revenue | 5,771 | 5,425 | 5,014 | ||||||||
Operating income | 1,620 | 1,547 | 1,352 | ||||||||
Net earnings (loss) | 1,004 | 1,659 | 657 | ||||||||
Net earnings (loss) attributable to Liberty Stockholders | $ 126 | $ 185 | $ 165 | $ 200 | $ 694 | $ 183 | $ 123 | $ 124 | $ 676 | $ 1,124 | $ 297 |
Series A and Series B Liberty Capital common stock | $ 0.39 | $ 0.56 | $ 0.50 | $ 0.60 | $ 2.07 | $ 0.54 | $ 0.37 | $ 0.37 | $ 2.04 | $ 3.35 | $ 0.89 |
Series A and Series B Liberty Capital common stock | $ 0.38 | $ 0.55 | $ 0.49 | $ 0.59 | $ 2.04 | $ 0.54 | $ 0.36 | $ 0.37 | $ 2.01 | $ 3.31 | $ 0.88 |
Braves Group | |||||||||||
Revenue | $ 442 | $ 386 | $ 262 | ||||||||
Operating income | 1 | (113) | (61) | ||||||||
Net earnings (loss) | 11 | (26) | (62) | ||||||||
Net earnings (loss) attributable to Liberty Stockholders | $ 18 | $ 41 | $ (2) | $ (52) | $ 4 | $ 22 | $ (2) | $ (49) | $ 5 | $ (25) | $ (30) |
Series A and Series B Liberty Capital common stock | $ 0.35 | $ 0.80 | $ (0.04) | $ (1.02) | $ 0.08 | $ 0.45 | $ (0.04) | $ (1) | $ 0.10 | $ (0.51) | $ (0.65) |
Series A and Series B Liberty Capital common stock | $ (0.07) | $ 0.80 | $ (0.04) | $ (1.02) | $ 0.07 | $ 0.45 | $ (0.04) | $ (1) | $ 0.10 | $ (0.51) | $ (0.65) |
Formula One Group | |||||||||||
Revenue | $ 1,827 | $ 1,783 | |||||||||
Operating income | (110) | (40) | $ 443 | ||||||||
Net earnings (loss) | (150) | 257 | 329 | ||||||||
Net earnings (loss) attributable to Liberty Stockholders | $ (184) | $ 42 | $ 9 | $ (17) | $ 415 | $ (37) | $ (27) | $ (96) | $ (150) | $ 255 | $ 36 |
Series A and Series B Liberty Capital common stock | $ (0.80) | $ 0.18 | $ 0.04 | $ (0.07) | $ 1.80 | $ (0.17) | $ (0.13) | $ (0.55) | $ (0.65) | $ 1.23 | $ 0.43 |
Series A and Series B Liberty Capital common stock | $ (0.80) | $ 0.18 | $ 0.04 | $ (0.07) | $ 1.79 | $ (0.17) | $ (0.13) | $ (0.55) | $ (0.65) | $ 1.21 | $ 0.42 |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 358 | $ 1,029 | ||
Trade and other receivables, net | 364 | 358 | ||
Other current assets | 360 | $ 411 | 356 | |
Total current assets | 1,082 | 1,743 | ||
Investments in debt and equity securities | 1,278 | 1,114 | ||
Investments in affiliates, accounted for using the equity method | 1,641 | 1,750 | ||
Property and equipment, at cost | 3,765 | 3,596 | ||
Accumulated depreciation | (1,296) | (1,055) | ||
Property and equipment, net | 2,469 | 2,541 | ||
Goodwill | 18,386 | 18,383 | $ 14,345 | |
FCC licenses | 8,600 | 8,600 | ||
Other | 1,074 | 1,074 | ||
Intangible assets not subject to amortization | 28,060 | 28,057 | ||
Intangible assets subject to amortization, net | 5,715 | 6,192 | ||
Other assets | 583 | 636 | 599 | |
Total assets | 40,828 | 41,996 | ||
Current liabilities: | ||||
Accounts Payable and accrued liabilities | 1,116 | 1,283 | 1,250 | |
Current portion of debt | 17 | 768 | ||
Deferred revenue | 2,079 | 1,899 | 1,941 | |
Other current liabilities | 32 | 31 | 20 | |
Total current liabilities | 3,244 | 3,979 | ||
Total long-term debt | 13,371 | 13,186 | ||
Deferred income tax liabilities | 1,651 | 1,493 | 1,478 | |
Other liabilities | 864 | 809 | 779 | |
Total liabilities | 19,130 | 19,422 | ||
Stockholders' equity: | ||||
Total stockholders' equity | 16,595 | 16,943 | ||
Noncontrolling interests in equity of subsidiaries | 5,103 | $ 5,635 | 5,631 | |
Total liabilities and equity | 40,828 | 41,996 | ||
Liberty Sirius XM Group | ||||
Current assets: | ||||
Cash and cash equivalents | 91 | 615 | ||
Trade and other receivables, net | 233 | 242 | ||
Other current assets | 191 | 207 | ||
Total current assets | 515 | 1,064 | ||
Investments in debt and equity securities | 967 | 580 | ||
Investments in affiliates, accounted for using the equity method | 629 | 672 | ||
Property and equipment, at cost | 2,450 | 2,274 | ||
Accumulated depreciation | (1,112) | (927) | ||
Property and equipment, net | 1,338 | 1,347 | ||
Goodwill | 14,250 | 14,247 | ||
FCC licenses | 8,600 | 8,600 | ||
Other | 931 | 931 | ||
Intangible assets not subject to amortization | 23,781 | 23,778 | ||
Intangible assets subject to amortization, net | 942 | 972 | ||
Other assets | 120 | 117 | ||
Total assets | 28,292 | 28,530 | ||
Current liabilities: | ||||
Intergroup payable (receivable) | (4) | 9 | ||
Accounts Payable and accrued liabilities | 854 | 934 | ||
Current portion of debt | 3 | 755 | ||
Deferred revenue | 1,932 | 1,882 | ||
Other current liabilities | 15 | 3 | ||
Total current liabilities | 2,800 | 3,583 | ||
Total long-term debt | 7,855 | 6,741 | ||
Deferred income tax liabilities | 1,673 | 1,447 | ||
Other liabilities | 257 | 283 | ||
Total liabilities | 12,585 | 12,054 | ||
Stockholders' equity: | ||||
Total stockholders' equity | 10,599 | 10,861 | ||
Noncontrolling interests in equity of subsidiaries | 5,108 | 5,615 | ||
Total liabilities and equity | 28,292 | 28,530 | ||
Braves Group | ||||
Current assets: | ||||
Cash and cash equivalents | 107 | 132 | ||
Trade and other receivables, net | 21 | 32 | ||
Other current assets | 129 | 56 | ||
Total current assets | 257 | 220 | ||
Investments in debt and equity securities | 8 | 8 | ||
Investments in affiliates, accounted for using the equity method | 92 | 145 | ||
Property and equipment, at cost | 1,137 | 1,150 | ||
Accumulated depreciation | (96) | (51) | ||
Property and equipment, net | 1,041 | 1,099 | ||
Goodwill | 180 | 180 | ||
Other | 143 | 143 | ||
Intangible assets not subject to amortization | 323 | 323 | ||
Intangible assets subject to amortization, net | 37 | 49 | ||
Other assets | 47 | 22 | ||
Total assets | 1,805 | 1,866 | ||
Current liabilities: | ||||
Intergroup payable (receivable) | (21) | (39) | ||
Accounts Payable and accrued liabilities | 29 | 58 | ||
Current portion of debt | 14 | 13 | ||
Deferred revenue | 54 | 51 | ||
Other current liabilities | 8 | 8 | ||
Total current liabilities | 84 | 91 | ||
Total long-term debt | 477 | 649 | ||
Deferred income tax liabilities | 69 | 62 | ||
Redeemable intergroup interest | 226 | 202 | ||
Other liabilities | 511 | 435 | ||
Total liabilities | 1,367 | 1,439 | ||
Stockholders' equity: | ||||
Total stockholders' equity | 446 | 413 | ||
Noncontrolling interests in equity of subsidiaries | (8) | 14 | ||
Total liabilities and equity | 1,805 | 1,866 | ||
Formula One Group | ||||
Current assets: | ||||
Cash and cash equivalents | 160 | 282 | ||
Trade and other receivables, net | 110 | 84 | ||
Other current assets | 40 | 93 | ||
Total current assets | 310 | 459 | ||
Intergroup interest in the Liberty Braves Group | 226 | 202 | ||
Investments in debt and equity securities | 303 | 526 | ||
Investments in affiliates, accounted for using the equity method | 920 | 933 | ||
Property and equipment, at cost | 178 | 172 | ||
Accumulated depreciation | (88) | (77) | ||
Property and equipment, net | 90 | 95 | ||
Goodwill | 3,956 | 3,956 | ||
Intangible assets not subject to amortization | 3,956 | 3,956 | ||
Intangible assets subject to amortization, net | 4,736 | 5,171 | ||
Other assets | 416 | 460 | ||
Total assets | 10,957 | 11,802 | ||
Current liabilities: | ||||
Intergroup payable (receivable) | 25 | 30 | ||
Accounts Payable and accrued liabilities | 233 | 258 | ||
Deferred revenue | 93 | 8 | ||
Other current liabilities | 9 | 9 | ||
Total current liabilities | 360 | 305 | ||
Total long-term debt | 5,039 | 5,796 | ||
Deferred income tax liabilities | (91) | (31) | ||
Other liabilities | 96 | 61 | ||
Total liabilities | 5,404 | 6,131 | ||
Stockholders' equity: | ||||
Total stockholders' equity | 5,550 | 5,669 | ||
Noncontrolling interests in equity of subsidiaries | 3 | 2 | ||
Total liabilities and equity | 10,957 | 11,802 | ||
Elimination | ||||
Current assets: | ||||
Intergroup interest in the Liberty Braves Group | (226) | (202) | ||
Total assets | (226) | (202) | ||
Current liabilities: | ||||
Redeemable intergroup interest | (226) | (202) | ||
Total liabilities | (226) | (202) | ||
Stockholders' equity: | ||||
Total liabilities and equity | $ (226) | $ (202) |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue: | |||||||||||
Total revenue | $ 2,009 | $ 2,315 | $ 2,199 | $ 1,517 | $ 1,994 | $ 2,065 | $ 2,140 | $ 1,395 | $ 8,040 | $ 7,594 | $ 5,276 |
Subscriber acquisition costs | 470 | 499 | 513 | ||||||||
Other operating expense | 370 | 394 | 306 | ||||||||
Selling, general and administrative | 1,203 | 1,162 | 886 | ||||||||
Legal settlement, net | 511 | ||||||||||
Depreciation and amortization | 905 | 824 | 354 | ||||||||
Total operating costs and expenses | 6,529 | 6,200 | 3,542 | ||||||||
Operating income (loss) | 379 | 531 | 374 | 227 | 331 | 382 | 422 | 259 | 1,511 | 1,394 | 1,734 |
Other income (expense): | |||||||||||
Interest expense | (606) | (591) | (362) | ||||||||
Share of earnings (losses) of affiliates, net | 18 | 104 | 14 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | 40 | (88) | 37 | ||||||||
Other, net | 78 | 8 | (4) | ||||||||
Total other income (expense) | (470) | (567) | (315) | ||||||||
Earnings (loss) before income taxes | 1,041 | 827 | 1,419 | ||||||||
Income tax (expense) benefit | (176) | 1,063 | (495) | ||||||||
Net earnings (loss) | 31 | 366 | 255 | 213 | 1,429 | 261 | 156 | 44 | 865 | 1,890 | 924 |
Less net earnings (losses) attributable to the noncontrolling interests | 334 | 536 | 244 | ||||||||
Net earnings (loss) attributable to Liberty stockholders | 531 | 1,354 | 680 | ||||||||
Net earnings (loss) attributable to Liberty stockholders | 531 | 1,354 | 680 | ||||||||
Liberty Media Corporation | |||||||||||
Other income (expense): | |||||||||||
Net earnings (loss) attributable to Liberty stockholders | 377 | ||||||||||
Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 5,771 | 5,425 | 5,014 | ||||||||
Subscriber acquisition costs | 470 | 499 | 513 | ||||||||
Other operating expense | 123 | 113 | 82 | ||||||||
Selling, general and administrative | 881 | 812 | 761 | ||||||||
Depreciation and amortization | 369 | 352 | 312 | ||||||||
Total operating costs and expenses | 4,151 | 3,878 | 3,662 | ||||||||
Operating income (loss) | 1,620 | 1,547 | 1,352 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (388) | (356) | (342) | ||||||||
Share of earnings (losses) of affiliates, net | (11) | 29 | 13 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | (1) | (16) | |||||||||
Other, net | 25 | (11) | (25) | ||||||||
Total other income (expense) | (375) | (354) | (354) | ||||||||
Earnings (loss) before income taxes | 1,245 | 1,193 | 998 | ||||||||
Income tax (expense) benefit | (241) | 466 | (341) | ||||||||
Net earnings (loss) | 1,004 | 1,659 | 657 | ||||||||
Less net earnings (losses) attributable to the noncontrolling interests | 328 | 535 | 244 | ||||||||
Net earnings (loss) attributable to Liberty stockholders | 126 | 185 | 165 | 200 | 694 | 183 | 123 | 124 | 676 | 1,124 | 297 |
Net earnings (loss) attributable to Liberty stockholders | 676 | 1,124 | 413 | ||||||||
Braves Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 442 | 386 | 262 | ||||||||
Other operating expense | 247 | 281 | 224 | ||||||||
Selling, general and administrative | 118 | 151 | 67 | ||||||||
Depreciation and amortization | 76 | 67 | 32 | ||||||||
Total operating costs and expenses | 441 | 499 | 323 | ||||||||
Operating income (loss) | 1 | (113) | (61) | ||||||||
Other income (expense): | |||||||||||
Interest expense | (26) | (15) | (1) | ||||||||
Share of earnings (losses) of affiliates, net | 12 | 78 | 9 | ||||||||
Unrealized gains losses on intergroup interest | (24) | (15) | (27) | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | (2) | 1 | |||||||||
Other, net | 35 | 3 | |||||||||
Total other income (expense) | (5) | 51 | (18) | ||||||||
Earnings (loss) before income taxes | (4) | (62) | (79) | ||||||||
Income tax (expense) benefit | 15 | 36 | 17 | ||||||||
Net earnings (loss) | 11 | (26) | (62) | ||||||||
Less net earnings (losses) attributable to the noncontrolling interests | 6 | (1) | |||||||||
Net earnings (loss) attributable to Liberty stockholders | 18 | 41 | (2) | (52) | 4 | 22 | (2) | (49) | 5 | (25) | (30) |
Net earnings (loss) attributable to Liberty stockholders | 5 | (25) | (62) | ||||||||
Formula One Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,827 | 1,783 | |||||||||
Selling, general and administrative | 204 | 199 | 58 | ||||||||
Legal settlement, net | 511 | ||||||||||
Depreciation and amortization | 460 | 405 | 10 | ||||||||
Total operating costs and expenses | 1,937 | 1,823 | (443) | ||||||||
Operating income (loss) | (110) | (40) | 443 | ||||||||
Other income (expense): | |||||||||||
Interest expense | (192) | (220) | (19) | ||||||||
Share of earnings (losses) of affiliates, net | 17 | (3) | (8) | ||||||||
Unrealized gains losses on intergroup interest | 24 | 15 | 27 | ||||||||
Realized and unrealized gains (losses) on financial instruments, net | 43 | (72) | 36 | ||||||||
Other, net | 18 | 16 | 21 | ||||||||
Total other income (expense) | (90) | (264) | 57 | ||||||||
Earnings (loss) before income taxes | (200) | (304) | 500 | ||||||||
Income tax (expense) benefit | 50 | 561 | (171) | ||||||||
Net earnings (loss) | (150) | 257 | 329 | ||||||||
Less net earnings (losses) attributable to the noncontrolling interests | 2 | ||||||||||
Net earnings (loss) attributable to Liberty stockholders | $ (184) | $ 42 | $ 9 | $ (17) | $ 415 | $ (37) | $ (27) | $ (96) | (150) | 255 | 36 |
Net earnings (loss) attributable to Liberty stockholders | (150) | 255 | 329 | ||||||||
Subscriber | |||||||||||
Revenue: | |||||||||||
Total revenue | 4,594 | 4,473 | 4,194 | ||||||||
Subscriber | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 4,594 | 4,473 | 4,194 | ||||||||
Revenue Share And Royalties | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 1,394 | 1,210 | 1,109 | ||||||||
Revenue Share And Royalties | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 1,394 | 1,210 | 1,109 | ||||||||
Programming and content | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 406 | 388 | 354 | ||||||||
Programming and content | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 406 | 388 | 354 | ||||||||
Customer service and billing | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 382 | 385 | 387 | ||||||||
Customer service and billing | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 382 | 385 | 387 | ||||||||
Other cost of subscriber services | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 126 | 119 | 144 | ||||||||
Other cost of subscriber services | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Cost of subscriber services and Formula 1 revenue | 126 | 119 | 144 | ||||||||
Formula 1 | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,827 | 1,783 | |||||||||
Cost of subscriber services and Formula 1 revenue | 1,273 | 1,219 | |||||||||
Formula 1 | Formula One Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,827 | 1,783 | |||||||||
Cost of subscriber services and Formula 1 revenue | 1,273 | 1,219 | |||||||||
Other | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,619 | 1,338 | 1,082 | ||||||||
Other | Liberty Sirius XM Group | |||||||||||
Revenue: | |||||||||||
Total revenue | 1,177 | 952 | 820 | ||||||||
Other | Braves Group | |||||||||||
Revenue: | |||||||||||
Total revenue | $ 442 | $ 386 | $ 262 |
Financial Information for Tra_5
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | $ 31 | $ 366 | $ 255 | $ 213 | $ 1,429 | $ 261 | $ 156 | $ 44 | $ 865 | $ 1,890 | $ 924 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Depreciation and amortization | 905 | 824 | 354 | ||||||||
Stock-based compensation | 192 | 230 | 150 | ||||||||
Share of (earnings) loss of affiliates, net | (18) | (104) | (14) | ||||||||
Realized and unrealized (gains) losses on financial instruments, net | (40) | 88 | (37) | ||||||||
Noncash interest expense (benefit) | (1) | 16 | 11 | ||||||||
Losses (gains) on dilution of investment in affiliate | 1 | (3) | |||||||||
Gains (Losses) on Extinguishment of Debt | 1 | 48 | 24 | ||||||||
Deferred income tax expense (benefit) | 167 | (1,064) | 427 | ||||||||
Other charges (credits), net | (17) | 4 | 30 | ||||||||
Changes in operating assets and liabilities | |||||||||||
Current and other assets | (31) | 50 | 25 | ||||||||
Payables and other current liabilities | 132 | (247) | 277 | ||||||||
Net cash provided (used) by operating activities | 2,156 | 1,732 | 2,171 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash proceeds from sale of investments | 399 | 21 | 62 | ||||||||
Investments in equity method affiliates and debt and equity securities | (414) | (862) | (784) | ||||||||
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 14 | 48 | |||||||||
Capital expended for property and equipment | (403) | (517) | (568) | ||||||||
Net cash paid for the acquisition of Formula 1 | (1,647) | ||||||||||
Purchases of short term investments and other marketable securities | (258) | ||||||||||
Sales of short term investments and other marketable securities | 273 | ||||||||||
Other investing activities, net | 34 | (132) | (37) | ||||||||
Net cash provided (used) by investing activities | (370) | (3,137) | (1,264) | ||||||||
Cash flows from financing activities: | |||||||||||
Borrowings of debt | 3,617 | 6,697 | 2,745 | ||||||||
Repayments of debt | (4,057) | (5,107) | (1,749) | ||||||||
Series C Liberty SiriusXM common stock repurchases | (466) | ||||||||||
Proceeds from Issuance of Series C Liberty Formula One Common Stock | 1,938 | ||||||||||
Subsidiary shares repurchased by subsidiary | (1,314) | (1,409) | (1,674) | ||||||||
Braves Rights Offering | 203 | ||||||||||
Cash dividends paid by subsidiary | (59) | (60) | (16) | ||||||||
Taxes paid in lieu of shares issued for stock-based compensation | (130) | (135) | (58) | ||||||||
Other financing activities, net | 29 | (48) | 3 | ||||||||
Net cash provided (used) by financing activities | (2,380) | 1,876 | (546) | ||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | 4 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (595) | 475 | 361 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,047 | 572 | 1,047 | 572 | 211 | ||||||
Cash, cash equivalents and restricted cash at end of period | 452 | 1,047 | 452 | 1,047 | 572 | ||||||
Liberty Sirius XM Group | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | 1,004 | 1,659 | 657 | ||||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Depreciation and amortization | 369 | 352 | 312 | ||||||||
Stock-based compensation | 156 | 150 | 128 | ||||||||
Share of (earnings) loss of affiliates, net | 11 | (29) | (13) | ||||||||
Realized and unrealized (gains) losses on financial instruments, net | 1 | 16 | |||||||||
Noncash interest expense (benefit) | (8) | 7 | 6 | ||||||||
Gains (Losses) on Extinguishment of Debt | 35 | 24 | |||||||||
Deferred income tax expense (benefit) | 231 | (492) | 332 | ||||||||
Intergroup tax allocation | 22 | (6) | (13) | ||||||||
Intergroup tax (payments) receipts | (20) | 4 | 7 | ||||||||
Other charges (credits), net | 2 | (4) | 21 | ||||||||
Changes in operating assets and liabilities | |||||||||||
Current and other assets | (4) | 30 | 59 | ||||||||
Payables and other current liabilities | 21 | 127 | 184 | ||||||||
Net cash provided (used) by operating activities | 1,785 | 1,849 | 1,704 | ||||||||
Cash flows from investing activities: | |||||||||||
Investments in equity method affiliates and debt and equity securities | (405) | (851) | |||||||||
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 14 | ||||||||||
Capital expended for property and equipment | (356) | (288) | (206) | ||||||||
Other investing activities, net | (9) | (115) | (4) | ||||||||
Net cash provided (used) by investing activities | (756) | (1,254) | (210) | ||||||||
Cash flows from financing activities: | |||||||||||
Borrowings of debt | 2,795 | 4,553 | 1,847 | ||||||||
Repayments of debt | (2,431) | (3,216) | (1,471) | ||||||||
Series C Liberty SiriusXM common stock repurchases | (466) | ||||||||||
Subsidiary shares repurchased by subsidiary | (1,314) | (1,409) | (1,674) | ||||||||
Cash dividends paid by subsidiary | (59) | (60) | (16) | ||||||||
Taxes paid in lieu of shares issued for stock-based compensation | (127) | (100) | (47) | ||||||||
Intergroup (payments) receipts | 58 | ||||||||||
Other financing activities, net | 50 | (35) | (16) | ||||||||
Net cash provided (used) by financing activities | (1,552) | (267) | (1,319) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (523) | 328 | 175 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 625 | 297 | 625 | 297 | 122 | ||||||
Cash, cash equivalents and restricted cash at end of period | 102 | 625 | 102 | 625 | 297 | ||||||
Braves Group | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | 11 | (26) | (62) | ||||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Depreciation and amortization | 76 | 67 | 32 | ||||||||
Stock-based compensation | 11 | 48 | 9 | ||||||||
Share of (earnings) loss of affiliates, net | (12) | (78) | (9) | ||||||||
Unrealized gains losses on intergroup interest | 24 | 15 | 27 | ||||||||
Realized and unrealized (gains) losses on financial instruments, net | 2 | (1) | |||||||||
Noncash interest expense (benefit) | 5 | 3 | 5 | ||||||||
Gains (Losses) on Extinguishment of Debt | 5 | ||||||||||
Deferred income tax expense (benefit) | (1) | 2 | 1 | ||||||||
Intergroup tax allocation | (14) | (39) | (19) | ||||||||
Intergroup tax (payments) receipts | 35 | 15 | 7 | ||||||||
Other charges (credits), net | (20) | 18 | 11 | ||||||||
Changes in operating assets and liabilities | |||||||||||
Current and other assets | 8 | (57) | (17) | ||||||||
Payables and other current liabilities | (22) | (15) | 105 | ||||||||
Net cash provided (used) by operating activities | 103 | (42) | 89 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash proceeds from sale of investments | 155 | 5 | |||||||||
Investments in equity method affiliates and debt and equity securities | (2) | (20) | |||||||||
Capital expended for property and equipment | (33) | (219) | (360) | ||||||||
Other investing activities, net | 37 | (5) | (33) | ||||||||
Net cash provided (used) by investing activities | 159 | (221) | (413) | ||||||||
Cash flows from financing activities: | |||||||||||
Borrowings of debt | 123 | 544 | 460 | ||||||||
Repayments of debt | (317) | (218) | (276) | ||||||||
Braves Rights Offering | 203 | ||||||||||
Taxes paid in lieu of shares issued for stock-based compensation | (30) | ||||||||||
Intergroup (payments) receipts | 16 | ||||||||||
Other financing activities, net | (18) | 15 | |||||||||
Net cash provided (used) by financing activities | (212) | 296 | 418 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 50 | 33 | 94 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 140 | 107 | 140 | 107 | 13 | ||||||
Cash, cash equivalents and restricted cash at end of period | 190 | 140 | 190 | 140 | 107 | ||||||
Formula One Group | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings (loss) | (150) | 257 | 329 | ||||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Depreciation and amortization | 460 | 405 | 10 | ||||||||
Stock-based compensation | 25 | 32 | 13 | ||||||||
Share of (earnings) loss of affiliates, net | (17) | 3 | 8 | ||||||||
Unrealized gains losses on intergroup interest | (24) | (15) | (27) | ||||||||
Realized and unrealized (gains) losses on financial instruments, net | (43) | 72 | (36) | ||||||||
Noncash interest expense (benefit) | 2 | 6 | |||||||||
Losses (gains) on dilution of investment in affiliate | 1 | (3) | |||||||||
Gains (Losses) on Extinguishment of Debt | 1 | 8 | |||||||||
Deferred income tax expense (benefit) | (63) | (574) | 94 | ||||||||
Intergroup tax allocation | (8) | 45 | 32 | ||||||||
Intergroup tax (payments) receipts | (15) | (19) | (14) | ||||||||
Other charges (credits), net | 1 | (10) | (2) | ||||||||
Changes in operating assets and liabilities | |||||||||||
Current and other assets | (35) | 77 | (17) | ||||||||
Payables and other current liabilities | 133 | (359) | (12) | ||||||||
Net cash provided (used) by operating activities | 268 | (75) | 378 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash proceeds from sale of investments | 244 | 16 | 62 | ||||||||
Investments in equity method affiliates and debt and equity securities | (9) | (9) | (764) | ||||||||
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 48 | ||||||||||
Capital expended for property and equipment | (14) | (10) | (2) | ||||||||
Net cash paid for the acquisition of Formula 1 | (1,647) | ||||||||||
Purchases of short term investments and other marketable securities | (258) | ||||||||||
Sales of short term investments and other marketable securities | 273 | ||||||||||
Other investing activities, net | 6 | (12) | |||||||||
Net cash provided (used) by investing activities | 227 | (1,662) | (641) | ||||||||
Cash flows from financing activities: | |||||||||||
Borrowings of debt | 699 | 1,600 | 438 | ||||||||
Repayments of debt | (1,309) | (1,673) | (2) | ||||||||
Proceeds from Issuance of Series C Liberty Formula One Common Stock | 1,938 | ||||||||||
Taxes paid in lieu of shares issued for stock-based compensation | (3) | (5) | (11) | ||||||||
Intergroup (payments) receipts | (74) | ||||||||||
Other financing activities, net | (3) | (13) | 4 | ||||||||
Net cash provided (used) by financing activities | (616) | 1,847 | 355 | ||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | 4 | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (122) | 114 | 92 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 282 | $ 168 | 282 | 168 | 76 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ 160 | $ 282 | $ 160 | $ 282 | $ 168 |