Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-35707 | |
Entity Registrant Name | LIBERTY MEDIA CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1699499 | |
Entity Address, Address Line One | 12300 Liberty Boulevard | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 720 | |
Local Phone Number | 875-5400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001560385 | |
Amendment Flag | false | |
Liberty Sirius XM Group Common Class A | ||
Title of 12(b) Security | Series A Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 102,906,749 | |
Liberty Sirius XM Group Common Class B | ||
Title of 12(b) Security | Series B Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 9,814,777 | |
Liberty Sirus XM Group Common Class C | ||
Title of 12(b) Security | Series C Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 204,817,616 | |
Liberty Braves Group Common Class A | ||
Title of 12(b) Security | Series A Liberty Braves Common Stock | |
Trading Symbol | BATRA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 10,255,678 | |
Liberty Braves Group Common Class B | ||
Entity Common Stock, Shares Outstanding | 981,860 | |
Liberty Braves Group Common Class C | ||
Title of 12(b) Security | Series C Liberty Braves Common Stock | |
Trading Symbol | BATRK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 39,784,180 | |
Liberty Formula One Group Common Class A | ||
Title of 12(b) Security | Series A Liberty Formula One Common Stock | |
Trading Symbol | FWONA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 25,697,139 | |
Liberty Formula One Group Common Class B | ||
Entity Common Stock, Shares Outstanding | 2,449,185 | |
Liberty Formula One Group Common Class C | ||
Title of 12(b) Security | Series C Liberty Formula One Common Stock | |
Trading Symbol | FWONK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 203,004,559 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 697 | $ 358 |
Trade and other receivables, net | 849 | 364 |
Other current assets | 385 | 360 |
Total current assets | 1,931 | 1,082 |
Investments in affiliates, accounted for using the equity method | 1,694 | 1,641 |
Property and equipment, at cost | 3,630 | 3,765 |
Accumulated depreciation | (1,419) | (1,296) |
Property and equipment, net | 2,211 | 2,469 |
Intangible assets not subject to amortization (note 8): | ||
Goodwill | 19,948 | 18,386 |
FCC licenses | 8,600 | 8,600 |
Other | 1,405 | 1,074 |
Intangible assets not subject to amortization | 29,953 | 28,060 |
Intangible assets subject to amortization, net | 6,222 | 5,715 |
Other assets | 1,689 | 1,861 |
Total assets | 43,700 | 40,828 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,507 | 1,116 |
Current portion of debt | 13 | 17 |
Deferred revenue | 2,356 | 2,079 |
Other current liabilities | 97 | 32 |
Total current liabilities | 3,973 | 3,244 |
Long-term debt, including $2,723 million and $2,487 million measured at fair value at June 30, 2019 and December 31, 2018, respectively (note 9) | 14,411 | 13,371 |
Deferred income tax liabilities | 1,824 | 1,651 |
Other liabilities | 1,011 | 864 |
Total liabilities | 21,219 | 19,130 |
Stockholders' equity: | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 3,016 | 2,984 |
Accumulated other comprehensive earnings (loss), net of taxes | (25) | (38) |
Retained earnings | 13,600 | 13,644 |
Total stockholders' equity | 16,596 | 16,595 |
Noncontrolling interests in equity of subsidiaries | 5,885 | 5,103 |
Total equity | 22,481 | 21,698 |
Commitments and contingencies (note 11) | ||
Total liabilities and equity | 43,700 | 40,828 |
Liberty Sirius XM Group | ||
Current assets: | ||
Cash and cash equivalents | 236 | |
Trade and other receivables, net | 628 | |
Other current assets | 239 | |
Total current assets | 1,103 | |
Investments in affiliates, accounted for using the equity method | 649 | 629 |
Property and equipment, at cost | 2,592 | |
Accumulated depreciation | (1,223) | |
Property and equipment, net | 1,369 | |
Intangible assets not subject to amortization (note 8): | ||
Goodwill | 15,812 | |
FCC licenses | 8,600 | |
Other | 1,262 | |
Intangible assets not subject to amortization | 25,674 | |
Intangible assets subject to amortization, net | 1,656 | |
Other assets | 711 | |
Total assets | 31,162 | |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,220 | |
Deferred revenue | 1,974 | |
Other current liabilities | 71 | |
Total current liabilities | 3,265 | |
Long-term debt, including $2,723 million and $2,487 million measured at fair value at June 30, 2019 and December 31, 2018, respectively (note 9) | 8,703 | |
Deferred income tax liabilities | 1,809 | |
Other liabilities | 653 | |
Total liabilities | 14,430 | |
Stockholders' equity: | ||
Total stockholders' equity | 10,842 | |
Noncontrolling interests in equity of subsidiaries | 5,890 | |
Total liabilities and equity | 31,162 | |
Liberty Sirius XM Group | Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 1 | 1 |
Liberty Sirius XM Group | Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Sirius XM Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 2 | 2 |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 127 | |
Trade and other receivables, net | 83 | |
Other current assets | 44 | |
Total current assets | 254 | |
Investments in affiliates, accounted for using the equity method | 103 | 92 |
Property and equipment, at cost | 857 | |
Accumulated depreciation | (105) | |
Property and equipment, net | 752 | |
Intangible assets not subject to amortization (note 8): | ||
Goodwill | 180 | |
Other | 143 | |
Intangible assets not subject to amortization | 323 | |
Intangible assets subject to amortization, net | 44 | |
Other assets | 73 | |
Total assets | 1,549 | |
Current liabilities: | ||
Accounts payable and accrued liabilities | 62 | |
Current portion of debt | 13 | |
Deferred revenue | 95 | |
Other current liabilities | 8 | |
Total current liabilities | 170 | |
Long-term debt, including $2,723 million and $2,487 million measured at fair value at June 30, 2019 and December 31, 2018, respectively (note 9) | 452 | |
Deferred income tax liabilities | 70 | |
Other liabilities | 200 | |
Total liabilities | 1,146 | |
Stockholders' equity: | ||
Total stockholders' equity | 411 | |
Noncontrolling interests in equity of subsidiaries | (8) | |
Total liabilities and equity | 1,549 | |
Braves Group | Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Braves Group | Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Braves Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 334 | |
Trade and other receivables, net | 138 | |
Other current assets | 102 | |
Total current assets | 574 | |
Investments in affiliates, accounted for using the equity method | 942 | 920 |
Property and equipment, at cost | 181 | |
Accumulated depreciation | (91) | |
Property and equipment, net | 90 | |
Intangible assets not subject to amortization (note 8): | ||
Goodwill | 3,956 | |
Intangible assets not subject to amortization | 3,956 | |
Intangible assets subject to amortization, net | 4,522 | |
Other assets | 960 | |
Total assets | 11,298 | |
Current liabilities: | ||
Accounts payable and accrued liabilities | 225 | |
Deferred revenue | 287 | |
Other current liabilities | 18 | |
Total current liabilities | 538 | |
Long-term debt, including $2,723 million and $2,487 million measured at fair value at June 30, 2019 and December 31, 2018, respectively (note 9) | 5,256 | |
Other liabilities | 158 | |
Total liabilities | 5,952 | |
Stockholders' equity: | ||
Total stockholders' equity | 5,343 | |
Noncontrolling interests in equity of subsidiaries | 3 | |
Total liabilities and equity | 11,298 | |
Formula One Group | Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Formula One Group | Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Formula One Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Long-term debt, measured at fair value | $ 2,723 | $ 2,487 |
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 | 102,887,744 | 102,809,736 |
Common stock, shares outstanding | 102,887,744 | 102,809,736 |
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 | 9,814,777 | 9,821,531 |
Common stock, shares outstanding | 9,814,777 | 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 | 205,466,815 | 213,130,922 |
Common stock, shares outstanding | 205,466,815 | 213,130,922 |
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 | 10,255,678 | 10,244,591 |
Common stock, shares outstanding | 10,255,678 | 10,244,591 |
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 | 39,784,180 | 39,740,215 |
Common stock, shares outstanding | 39,784,180 | 39,740,215 |
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 | 25,691,922 | 25,675,346 |
Common stock, shares outstanding | 25,691,922 | 25,675,346 |
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 | 2,449,185 | 2,449,185 |
Common stock, shares outstanding | 2,449,185 | 2,449,185 |
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 | 202,995,970 | 202,887,872 |
Common stock, shares outstanding | 202,995,970 | 202,887,872 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Total revenue | $ 2,805 | $ 2,199 | $ 4,817 | $ 3,716 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 104 | 119 | 212 | 242 |
Other operating expense | 203 | 124 | 288 | 199 |
Selling, general and administrative | 436 | 300 | 835 | 561 |
Acquisition and other related costs (note 3) | 7 | 83 | ||
Depreciation and amortization | 271 | 231 | 519 | 447 |
Total operating costs and expenses | 2,344 | 1,825 | 4,156 | 3,115 |
Operating income (loss) | 461 | 374 | 661 | 601 |
Other income (expense): | ||||
Interest expense | (167) | (153) | (326) | (303) |
Share of earnings (losses) of affiliates, net | 34 | 22 | 14 | 14 |
Realized and unrealized gains (losses) on financial instruments, net | (87) | 58 | (185) | 211 |
Other, net | 21 | 21 | 29 | 27 |
Total other income (expense) | (199) | (52) | (468) | (51) |
Earnings (loss) before income taxes | 262 | 322 | 193 | 550 |
Income tax (expense) benefit | (70) | (67) | (128) | (82) |
Net earnings (loss) | 192 | 255 | 65 | 468 |
Less net earnings (loss) attributable to the noncontrolling interests | 76 | 83 | 107 | 165 |
Net earnings (loss) attributable to Liberty stockholders | 116 | 172 | (42) | 303 |
Liberty Sirius XM Group | ||||
Revenue: | ||||
Total revenue | 1,977 | 1,432 | 3,721 | 2,807 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 104 | 119 | 212 | 242 |
Other operating expense | 74 | 27 | 128 | 58 |
Selling, general and administrative | 361 | 224 | 687 | 426 |
Acquisition and other related costs (note 3) | 7 | 83 | ||
Depreciation and amortization | 136 | 92 | 261 | 181 |
Total operating costs and expenses | 1,564 | 1,099 | 3,001 | 2,078 |
Operating income (loss) | 413 | 333 | 720 | 729 |
Other income (expense): | ||||
Interest expense | (109) | (99) | (211) | (196) |
Share of earnings (losses) of affiliates, net | (7) | (1) | (11) | |
Realized and unrealized gains (losses) on financial instruments, net | 15 | 62 | 16 | 120 |
Other, net | 6 | 12 | 9 | 17 |
Total other income (expense) | (95) | (26) | (197) | (59) |
Earnings (loss) before income taxes | 318 | 307 | 523 | 670 |
Income tax (expense) benefit | (75) | (59) | (188) | (140) |
Net earnings (loss) | 243 | 248 | 335 | 530 |
Less net earnings (loss) attributable to the noncontrolling interests | 76 | 83 | 107 | 165 |
Net earnings (loss) attributable to Liberty stockholders | $ 167 | $ 165 | $ 228 | $ 365 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 0.52 | $ 0.50 | $ 0.71 | $ 1.09 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.52 | $ 0.49 | $ 0.70 | $ 1.08 |
Braves Group | ||||
Revenue: | ||||
Total revenue | $ 208 | $ 182 | $ 230 | $ 210 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Other operating expense | 129 | 97 | 160 | 141 |
Selling, general and administrative | 24 | 27 | 51 | 46 |
Depreciation and amortization | 21 | 23 | 34 | 39 |
Total operating costs and expenses | 174 | 147 | 245 | 226 |
Operating income (loss) | 34 | 35 | (15) | (16) |
Other income (expense): | ||||
Interest expense | (7) | (7) | (14) | (13) |
Share of earnings (losses) of affiliates, net | 7 | 3 | 9 | 6 |
Realized and unrealized gains (losses) on financial instruments, net | (2) | (4) | ||
Other, net | 1 | 1 | 1 | 2 |
Total other income (expense) | (3) | (31) | (36) | (38) |
Earnings (loss) before income taxes | 31 | 4 | (51) | (54) |
Income tax (expense) benefit | (5) | (7) | 6 | (1) |
Net earnings (loss) | 26 | (3) | (45) | (55) |
Less net earnings (loss) attributable to the noncontrolling interests | (1) | (1) | ||
Net earnings (loss) attributable to Liberty stockholders | $ 26 | $ (2) | $ (45) | $ (54) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 0.51 | $ (0.04) | $ (0.88) | $ (1.06) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.46 | $ (0.04) | $ (0.88) | $ (1.06) |
Formula One Group | ||||
Revenue: | ||||
Total revenue | $ 620 | $ 585 | $ 866 | $ 699 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Selling, general and administrative | 51 | 49 | 97 | 89 |
Depreciation and amortization | 114 | 116 | 224 | 227 |
Total operating costs and expenses | 606 | 579 | 910 | 811 |
Operating income (loss) | 14 | 6 | (44) | (112) |
Other income (expense): | ||||
Interest expense | (51) | (47) | (101) | (94) |
Share of earnings (losses) of affiliates, net | 34 | 20 | 16 | 8 |
Realized and unrealized gains (losses) on financial instruments, net | (100) | (4) | (197) | 91 |
Other, net | 14 | 8 | 19 | 8 |
Total other income (expense) | (101) | 5 | (235) | 46 |
Earnings (loss) before income taxes | (87) | 11 | (279) | (66) |
Income tax (expense) benefit | 10 | (1) | 54 | 59 |
Net earnings (loss) | (77) | 10 | (225) | (7) |
Less net earnings (loss) attributable to the noncontrolling interests | 1 | 1 | ||
Net earnings (loss) attributable to Liberty stockholders | $ (77) | $ 9 | $ (225) | $ (8) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ (0.33) | $ 0.04 | $ (0.97) | $ (0.03) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.33) | $ 0.04 | $ (0.97) | $ (0.03) |
SIRIUS XM Holdings revenue | ||||
Revenue: | ||||
Total revenue | $ 1,977 | $ 1,432 | $ 3,721 | $ 2,807 |
SIRIUS XM Holdings revenue | Liberty Sirius XM Group | ||||
Revenue: | ||||
Total revenue | 1,977 | 1,432 | 3,721 | 2,807 |
Revenue Share And Royalties | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 600 | 404 | 1,092 | 714 |
Revenue Share And Royalties | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 600 | 404 | 1,092 | 714 |
Programming and content | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 116 | 105 | 222 | 206 |
Programming and content | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 116 | 105 | 222 | 206 |
Customer service and billing | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 95 | 232 | 189 |
Customer service and billing | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 95 | 232 | 189 |
Other | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 47 | 33 | 84 | 62 |
Other | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 47 | 33 | 84 | 62 |
Formula 1 | ||||
Revenue: | ||||
Total revenue | 620 | 585 | 866 | 699 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 441 | 414 | 589 | 495 |
Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 620 | 585 | 866 | 699 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 441 | 414 | 589 | 495 |
Other | ||||
Revenue: | ||||
Total revenue | 208 | 182 | 230 | 210 |
Other | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 208 | $ 182 | $ 230 | $ 210 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net earnings (loss) | $ 192 | $ 255 | $ 65 | $ 468 |
Other comprehensive earnings (loss), net of taxes: | ||||
Foreign currency translation adjustments | 10 | (2) | 19 | 2 |
Credit risk on fair value debt instruments gains (losses) | 10 | (12) | (3) | (14) |
Unrealized holding gains (losses) arising during the period | 1 | (1) | 3 | (3) |
Share of other comprehensive earnings (loss) of equity affiliates | (18) | (27) | ||
Comprehensive earnings (loss) | 213 | 222 | 84 | 426 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 79 | 80 | 113 | 159 |
Comprehensive earnings (loss) attributable to Liberty stockholders | 134 | 142 | (29) | 267 |
Liberty Sirius XM Group | ||||
Net earnings (loss) | 243 | 248 | 335 | 530 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | 175 | 157 | 242 | 355 |
Braves Group | ||||
Net earnings (loss) | 26 | (3) | (45) | (55) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | 27 | (1) | (42) | (56) |
Formula One Group | ||||
Net earnings (loss) | (77) | 10 | (225) | (7) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ (68) | $ (14) | $ (229) | $ (32) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 65 | $ 468 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 519 | 447 |
Stock-based compensation | 162 | 99 |
Share of (earnings) loss of affiliates, net | (14) | (14) |
Realized and unrealized (gains) losses on financial instruments, net | 185 | (211) |
Noncash interest expense (benefit) | 3 | (6) |
Deferred income tax expense (benefit) | 115 | 72 |
Other, net | 16 | |
Changes in operating assets and liabilities | ||
Current and other assets | (83) | (99) |
Payables and other liabilities | 220 | 496 |
Net cash provided (used) by operating activities | 1,172 | 1,268 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (20) | (399) |
Cash proceeds from sale of investments | 373 | 243 |
Cash received from Pandora acquisition | 313 | |
Capital expended for property and equipment | (221) | (191) |
Sales of short term investments and other marketable securities | 72 | |
Other investing activities, net | (5) | 47 |
Net cash provided (used) by investing activities | 512 | (300) |
Cash flows from financing activities: | ||
Borrowings of debt | 2,879 | 1,583 |
Repayments of debt | (2,387) | (2,418) |
Series C Liberty SiriusXM stock repurchases | (306) | (218) |
Subsidiary shares repurchased by subsidiary | (1,474) | (334) |
Cash dividends paid by subsidiary | (36) | (29) |
Taxes paid in lieu of shares issued for stock-based compensation | (57) | (81) |
Other financing activities, net | (4) | 46 |
Net cash provided (used) by financing activities | (1,385) | (1,451) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 299 | (484) |
Cash, cash equivalents and restricted cash at beginning of period | 452 | 1,047 |
Cash, cash equivalents and restricted cash at end of period | $ 751 | $ 563 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Condensed Consolidated Statements of Cash Flows | ||
Cash and cash equivalents | $ 697 | $ 358 |
Restricted cash included in other current assets | $ 29 | $ 70 |
Restricted cash, current - location | us-gaap:OtherCurrentAssetsMember | us-gaap:OtherCurrentAssetsMember |
Restricted cash included in other assets | $ 25 | $ 24 |
Restricted cash, noncurrent - location | us-gaap:OtherNoncurrentAssetsMember | us-gaap:OtherNoncurrentAssetsMember |
Total cash and cash equivalents and restricted cash at end of period | $ 751 | $ 452 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Liberty Sirius XM GroupCommon StockCommon Class A | Liberty Sirius XM GroupCommon StockCommon Class C | Liberty Sirius XM Group | Braves Group | Formula One GroupCommon StockCommon Class C | Formula One Group | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings (Loss) | Retained Earnings | Noncontrolling Interest in Equity of Subsidiaries | Total |
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 | $ 530 | $ (55) | $ (7) | 303 | 165 | 468 | |||||
Other Comprehensive earnings (loss) | (36) | (6) | (42) | ||||||||
Stock-based compensation | 66 | 17 | 83 | ||||||||
Series C Liberty SiriusXM stock repurchases | (218) | (218) | |||||||||
Shares repurchased by subsidiary | (87) | (230) | (317) | ||||||||
Shares issued by subsidiary | (34) | 34 | |||||||||
Other, net | (86) | (4) | (38) | (128) | |||||||
Balance at Jun. 30, 2018 | 1 | 2 | 2 | 3,533 | (69) | 13,419 | 5,577 | 22,465 | |||
Balance at Mar. 31, 2018 | 1 | 2 | 2 | 3,764 | (39) | 13,247 | 5,498 | 22,475 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net earnings | 248 | (3) | 10 | 172 | 83 | 255 | |||||
Other Comprehensive earnings (loss) | (30) | (3) | (33) | ||||||||
Stock-based compensation | 34 | 8 | 42 | ||||||||
Series C Liberty SiriusXM stock repurchases | (187) | (187) | |||||||||
Shares repurchased by subsidiary | (7) | (15) | (22) | ||||||||
Shares issued by subsidiary | (21) | 21 | |||||||||
Other, net | (50) | (15) | (65) | ||||||||
Balance at Jun. 30, 2018 | 1 | 2 | 2 | 3,533 | (69) | 13,419 | 5,577 | 22,465 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect of accounting change | 2 | 39 | 4 | 45 | |||||||
Balance at Dec. 31, 2018 | 1 | 2 | 2 | 2,984 | (38) | 13,644 | 5,103 | 21,698 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net earnings | 335 | (45) | (225) | (42) | 107 | 65 | |||||
Other Comprehensive earnings (loss) | 13 | 6 | 19 | ||||||||
Stock-based compensation | 126 | 42 | 168 | ||||||||
Series C Liberty SiriusXM stock repurchases | (306) | (306) | |||||||||
Subsidiary shares issued as consideration in subsidiary acquisition | 657 | 1,698 | 2,355 | ||||||||
Shares repurchased by subsidiary | (372) | (1,130) | (1,502) | ||||||||
Shares issued by subsidiary | (34) | 34 | |||||||||
Other, net | (39) | 25 | (14) | ||||||||
Balance at Jun. 30, 2019 | 1 | 2 | 2 | 3,016 | (25) | 13,600 | 5,885 | 22,481 | |||
Balance at Mar. 31, 2019 | 1 | 2 | 2 | 3,261 | (43) | 13,484 | 6,488 | 23,195 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net earnings | $ 243 | $ 26 | $ (77) | 116 | 76 | 192 | |||||
Other Comprehensive earnings (loss) | 18 | 3 | 21 | ||||||||
Stock-based compensation | 60 | 19 | 79 | ||||||||
Series C Liberty SiriusXM stock repurchases | (84) | (84) | |||||||||
Shares repurchased by subsidiary | (208) | (690) | (898) | ||||||||
Shares issued by subsidiary | (13) | 13 | |||||||||
Other, net | (24) | (24) | |||||||||
Balance at Jun. 30, 2019 | $ 1 | $ 2 | $ 2 | $ 3,016 | $ (25) | 13,600 | $ 5,885 | 22,481 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect of accounting change | $ (2) | $ (2) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation | (1) Basis of Presentation The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries globally. Liberty’s significant subsidiaries include SIRIUS XM Holdings Inc. ("SIRIUS XM Holdings"), Delta Topco Limited (the parent company of Formula 1) (“Delta Topco”) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation"). The accompanying (a) condensed consolidated balance sheet as of December 31, 2018, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2018. 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 Holdings’ broadcast/transmission system to be its most significant estimates . Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc., Liberty Broadband Corporation (“Liberty Broadband”), Liberty Expedia Holdings (prior to July 2019) and GCI Liberty, Inc. (“GCI Liberty”), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others (except that GCI Liberty owns shares of Liberty Broadband’s Series C non-voting common stock). These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and the applicable counterparty, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides the applicable counterparty with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty is reimbursed by each counterparty 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. The remaining Services Agreements provide for the payment to Liberty of an annual fee for the provision of these services. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with the other companies. Under these various agreements, approximately $8 million and $5 million of these allocated expenses were reimbursed to Liberty during the three months ended June 30, 2019 and 2018, respectively, and $16 million and $13 million were reimbursed during the six months ended June 30, 2019 and 2018, respectively. Seasonality Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events generally take place between March and November each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year. Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season. |
Tracking Stocks
Tracking Stocks | 6 Months Ended |
Jun. 30, 2019 | |
Tracking Stocks | (2) Tracking Stocks A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, 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 Holdings 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. As of June 30, 2019, the Liberty SiriusXM Group is comprised of SIRIUS XM Holdings, corporate cash, Liberty’s 2.125% Exchangeable Senior Debentures due 2048 and a margin loan obligation incurred by a wholly-owned special purpose subsidiary of Liberty. As of June 30, 2019, the Liberty SiriusXM Group has cash and cash equivalents of approximately $236 million, which includes $215 million of subsidiary cash. During the six months ended June 30 2019, SIRIUS XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $113 million, of which Liberty received $77 million. On July 16, 2019, SIRIUS XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.0121 per share of common stock payable on August 30, 2019 to stockholders of record as of the close of business on August 9, 2019. 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. As of June 30, 2019, the Braves Group is comprised primarily of Braves Holdings, LLC (“Braves Holdings”), which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”) and corporate cash. As of June 30, 2019, the Braves Group has cash and cash equivalents of approximately $127 million, which includes $41 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. As of June 30, 2019, the Formula One Group is comprised of 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 June 30, 2019, the Formula One Group has cash and cash equivalents of approximately $334 million, which includes $276 million of subsidiary cash. The number of notional shares representing the intergroup interest held by the Formula One Group is 9,084,940, representing a 15.1% intergroup interest in the Braves Group at June 30, 2019. 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 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 redemption of the outstanding interest, at the discretion of the Company’s Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group to the Formula One Group. See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Acquisitions | (3) Acquisitions SIRIUS XM Holdings acquisition of Pandora On February 1, 2019, SIRIUS XM Holdings purchased all of the outstanding shares of Pandora for $2.4 billion, by converting each outstanding share of Pandora common stock into 1.44 shares of SIRIUS XM Holdings common stock and by cancelling SIRIUS XM Holdings’ investment in Pandora’s preferred stock with a fair value of $524 million, for total consideration of approximately $2.9 billion. Net cash acquired by SIRIUS XM Holdings was $313 million. Pandora operates an internet-based music discovery platform, offering a personalized experience for listeners. The table below shows the value of the consideration paid in connection with the acquisition (in millions, except for exchange ratio and price per share of SIRIUS XM Holdings common stock): Pandora common stock outstanding at January 31, 2019 272 Exchange ratio 1.44 Sirius XM Holdings common stock issued 392 Price per share of Sirius XM Holdings common stock as of January 31, 2019 $ 5.83 Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions 2,285 Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service 70 Sirius XM Holdings' Pandora preferred stock investment cancelled 524 Total consideration $ 2,879 The preliminary acquisition price allocation for Pandora is as follows (in millions): Cash and cash equivalents $ 313 Trade and other receivables, net 353 Other current assets 109 Property and equipment 41 Goodwill 1,562 Intangible assets not subject to amortization 331 Intangible assets subject to amortization, net 800 Other assets 178 Accounts payable and accrued liabilities (306) Current portion of debt (151) Deferred revenue (37) Other current liabilities (27) Long-term debt (a) (218) Other liabilities (69) $ 2,879 (a) In order to present the assets acquired and liabilities assumed, the conversion feature associated with Pandora’s convertible notes for $62 million has been included within long-term debt in the table above and included within noncontrolling interest in equity of subsidiaries within the condensed consolidated statement of equity. See note 9 for details regarding Pandora’s convertible notes. Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired and represents synergies and economies of scale expected from the combination of services. None of the acquired goodwill is expected to be deductible for tax purposes. Pandora’s amortizable intangible assets are comprised of customer relationships and software and technology, with estimated weighted average useful lives of 8 years and 5 years, respectively. The fair value assessed for the majority of the remaining assets acquired and liabilities assumed equaled their carrying value. Additionally, in connection with the acquisition, SIRIUS XM Holdings acquired gross net operating loss carryforwards of approximately $1,199 million for federal income tax purposes available to offset future taxable income. The acquired net operating losses are limited by Section 382 of the Internal Revenue Code. Those limitations are not expected to impact our ability to fully utilize those net operating losses within the carryforward period. As of June 30, 2019, the valuation related to the acquisition of Pandora is not final, and the acquisition price allocation is preliminary and subject to revision. The primary areas of the acquisition price allocation that are not yet finalized are related to certain current assets, contingencies and tax balances. SIRIUS XM Holdings recognized $7 million and $83 million of costs related to the acquisition of Pandora during the three and six months ended June 30, 2019, respectively. The amounts of revenue and net loss of Pandora included in Liberty’s condensed consolidated statement of operations since the date of acquisition were $441 million and $56 million, respectively, for the three months ended June 30, 2019 and $692 million and $178 million, respectively, for the six months ended June 30, 2019. The unaudited pro forma revenue and net earnings of Liberty, prepared utilizing the historical financial statements of Pandora, giving effect to acquisition accounting related adjustments made at the time of acquisition, as if the acquisition of Pandora discussed above occurred on January 1, 2018, are as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Revenue $ 2,807 2,586 4,935 4,425 Net earnings (loss) $ 194 81 86 177 Net earnings (loss) attributable to Liberty stockholders $ 118 48 (27) 99 The pro forma results primarily include adjustments related to the amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs and associated tax impacts. 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 Pandora had occurred previously and the Company consolidated Pandora during the entirety of the periods presented. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Stock-Based Compensation | (4) Stock-Based Compensation Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, as discussed below: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 (amounts in millions) Cost of services: Programming and content $ 7 10 14 18 Customer service and billing 1 1 2 2 Other 2 2 3 3 Other operating expense 13 4 22 8 Selling, general and administrative 53 36 100 68 $ 76 53 141 99 Liberty—Grants of stock options Awards granted during the six months ended June 30, 2019 are summarized as follows: Six Months Ended June 30, 2019 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty CEO (1) 491 $ 11.21 Series C Liberty Braves common stock, Liberty CEO (1) 7 $ 7.62 Series C Liberty Formula One common stock, Liberty CEO (1) 226 $ 9.79 Series C Liberty Formula One common stock, Formula 1 employees (2) 2,005 $ 9.79 (1) Grants mainly cliff vest on December 31, 2019. Grants were made in connection with the CEO’s employment agreement. (2) Grants vest monthly over one year . In addition to the stock option grants to the Liberty CEO and in connection with his employment agreement, during the six months ended June 30, 2019, Liberty granted 40 thousand and 72 thousand RSUs of Series C Liberty Braves common stock and Series C Liberty Formula One common stock, respectively, of which 38 thousand and 60 thousand, respectively, were performance-based. Such RSUs had a GDFV of $27.73 per share and $33.94 per share, respectively, at the time they were granted. The time-based RSUs cliff vested on March 11, 2019 and the performance-based RSUs cliff vest in one year, subject to satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The probability of satisfying the performance objectives is assessed at the end of each reporting period. The Company did not grant any options to purchase Series A or Series B Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock during the six months ended June 30, 2019. Liberty calculates the GDFV for all of its equity classified awards and the subsequent remeasurement of its liability classified and certain performance-based awards using the Black-Scholes Model. Liberty estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Liberty common stock and the implied volatility of publicly traded Liberty options. Liberty uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject Awards. 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 and certain Awards of employees of Lions Gate Entertainment Corp. (formerly employees of Starz). Liberty SiriusXM Series A Series C Weighted Aggregate Weighted Aggregate average intrinsic average intrinsic Liberty remaining value Liberty remaining value Awards (000's) WAEP life (millions) Awards (000's) WAEP life (millions) Outstanding at January 1, 2019 1,403 $ 19.84 11,495 $ 28.85 Granted — $ — 491 $ 40.53 Exercised (93) $ 19.98 (143) $ 21.89 Forfeited/Cancelled — $ — (6) $ 33.29 Outstanding at June 30, 2019 1,310 $ 19.83 0.5 years $ 24 11,837 $ 29.42 3.0 years $ 106 Exercisable at June 30, 2019 1,310 $ 19.83 0.5 years $ 24 8,048 $ 28.55 2.7 years $ 79 Liberty Braves Series A Series C Weighted Aggregate Weighted Aggregate average intrinsic average intrinsic Liberty remaining value Liberty remaining value Awards (000's) WAEP life (millions) Awards (000's) WAEP life (millions) Outstanding at January 1, 2019 177 $ 11.44 1,276 $ 16.58 Granted — $ — 7 $ 27.73 Exercised (21) $ 11.52 (54) $ 11.67 Forfeited/Cancelled — $ — (1) $ 19.55 Outstanding at June 30, 2019 156 $ 11.43 0.5 years $ 3 1,228 $ 16.86 2.9 years $ 14 Exercisable at June 30, 2019 156 $ 11.43 0.5 years $ 3 884 $ 16.73 2.7 years $ 10 Liberty Formula One Series A Series C Weighted Aggregate Weighted Aggregate average intrinsic average intrinsic Liberty remaining value Liberty remaining value Awards (000's) WAEP life (millions) Awards (000's) WAEP life (millions) Outstanding at January 1, 2019 360 $ 11.71 6,684 $ 26.92 Granted — $ — 2,231 $ 33.94 Exercised (29) $ 12.05 (22) $ 17.06 Forfeited/Cancelled — $ — (2) $ 26.01 Outstanding at June 30, 2019 331 $ 11.68 0.5 years $ 8 8,891 $ 28.70 4.8 years $ 77 Exercisable at June 30, 2019 331 $ 11.68 0.5 years $ 8 5,884 $ 28.40 4.4 years $ 53 As of June 30, 2019, the total unrecognized compensation cost related to unvested Awards was approximately $28 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.4 years. As of June 30, 2019, Liberty reserved 13.1 million, 1.4 million and 9.2 million shares of Series A and Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, for issuance under exercise privileges of outstanding stock Awards. SIRIUS XM Holdings — Stock-based Compensation SIRIUS XM Holdings granted various types of stock awards to its employees during the six months ended June 30, 2019. As of June 30, 2019, SIRIUS XM Holdings has approximately 252 million options outstanding of which approximately 151 million are exercisable, each with a WAEP per share of $4.32 and $3.72, respectively. The aggregate intrinsic value of SIRIUS XM Holdings options outstanding and exercisable as of June 30, 2019 is $354 million and $284 million, respectively. During the six months ended June 30, 2019, SIRIUS XM Holdings granted approximately 12 million nonvested RSUs with a GDFV per share of $5.84. In addition, 48 million nonvested RSUs with a GDFV per share of $5.83 were granted during the six months ended June 30, 2019 in connection with the Pandora acquisition. The stock-based compensation expense related to SIRIUS XM Holdings was $57 million and $36 million for the three months ended June 30, 2019 and 2018, respectively, and $106 million and $70 million for the six months ended June 30, 2019 and 2018, respectively. In addition, the acquisition and other related costs recognized by SIRIUS XM Holdings during the six months ended June 30, 2019 includes $21 million of stock-based compensation. As of June 30, 2019, the total unrecognized compensation cost related to unvested SIRIUS XM Holdings stock options and RSUs was $406 million. The SIRIUS XM Holdings unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.9 years. |
Earnings Attributable to Libert
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | (5) Earnings Attributable to Liberty Media Corporation 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 outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders. Excluded from diluted EPS for the three and six months ended June 30, 2019 are approximately 22 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 (as defined in note 9), because their inclusion would be antidilutive. The Amended Warrant Transactions (as defined in note 9) may have a dilutive effect with respect to the shares comprising the basket of Liberty’s tracking stocks as specified in the indenture, as amended, related to Liberty’s 1.375% Cash Convertible Notes due 2023 (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 SiriusXM Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Liberty SiriusXM Common Stock Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 numbers of shares in millions Basic WASO 319 333 321 335 Potentially dilutive shares 4 4 4 4 Diluted WASO 323 337 325 339 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. Liberty Braves Common Stock Three months ended Six months ended June 30, 2019 (b) June 30, 2018 (a)(b) June 30, 2019 (a)(b) June 30, 2018 (a)(b) numbers of shares in millions Basic WASO 51 51 51 51 Potentially dilutive shares 10 9 10 9 Diluted WASO 61 60 61 60 (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, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group is 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 condensed consolidated statements of operations . The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. 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: Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ 26 (2) (45) (54) Unrealized (gain) loss on the intergroup interest 2 28 28 33 Diluted earnings (loss) attributable to Liberty Braves stockholders $ 28 26 (17) (21) 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. Liberty Formula One Common Stock Three months ended Six months ended June 30, 2019 (a) June 30, 2018 June 30, 2019 (a) June 30, 2018 (a) numbers of shares in millions Basic WASO 231 231 231 231 Potentially dilutive shares 2 1 2 1 Diluted WASO 233 232 233 232 (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. |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 6 Months Ended |
Jun. 30, 2019 | |
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. Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3. Liberty's assets and liabilities measured at fair value are as follows: Fair Value Measurements at Fair Value Measurements at June 30, 2019 December 31, 2018 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 354 354 — 231 231 — Debt and equity securities $ 361 263 98 1,195 228 967 Financial instrument assets $ 320 28 292 280 21 259 Debt $ 2,723 — 2,723 2,487 — 2,487 The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. The Company notes that these assets and liabilities 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. Accordingly, those debt securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Debt and equity securities and financial instrument assets classified as Level 1 and Level 2 in the table above are included in the Other assets line item in the condensed consolidated balance sheets. Realized and Unrealized Gains (Losses) on Financial Instruments, net Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Debt and equity securities $ 40 84 71 158 Debt measured at fair value (a) (71) (133) (233) (103) Change in fair value of bond hedges (b) (12) 97 39 117 Other derivatives (44) 10 (62) 39 $ (87) 58 (185) 211 (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 Liberty’s 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 Liberty’s 1.375% Cash Convertible Notes due 2023, 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 9 for additional discussion of the bond hedges. |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 6 Months Ended |
Jun. 30, 2019 | |
Investments In Affiliates Accounted For Using The Equity Method | (7) 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 of the more significant investments in affiliates at June 30, 2019 and the carrying amount at December 31, 2018: June 30, 2019 December 31, 2018 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group SIRIUS XM Canada 70 % $ NA $ 639 613 Other NA 10 16 Total Liberty SiriusXM Group 649 629 Braves Group Other various NA 103 92 Total Braves Group 103 92 Formula One Group Live Nation (a) 33 % $ 4,614 756 743 Other various NA 186 177 Total Formula One Group 942 920 Consolidated Liberty $ 1,694 1,641 (a) See note 9 for details regarding the number and fair value of shares pledged as collateral pursuant to the Live Nation Margin Loan as of June 30, 2019. The following table presents the Company's share of earnings (losses) of affiliates: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Canada $ (1) (1) 2 — Other (6) — (13) — Total Liberty SiriusXM Group (7) (1) (11) — Braves Group Other 7 3 9 6 Total Braves Group 7 3 9 6 Formula One Group Live Nation 30 19 7 3 Other 4 1 9 5 Total Formula One Group 34 20 16 8 Consolidated Liberty $ 34 22 14 14 SIRIUS XM Canada As of June 30, 2019, SIRIUS XM Holdings holds a 70% equity interest and 33% voting interest in SIRIUS XM Canada Holdings Inc. (“SIRIUS XM Canada”), with the remainder of SIRIUS XM Holdings’ voting and equity interests held by two shareholders. SIRIUS XM Holdings owns approximately 591 million shares of preferred stock of SIRIUS XM Canada, which has a liquidation preference of one Canadian dollar per share. SIRIUS XM Canada is accounted for as an equity method investment as SIRIUS XM Holdings does not have the ability to direct the most significant activities that impact SIRIUS XM Canada's economic performance. SIRIUS XM Holdings has a loan to SIRIUS XM Canada in the aggregate amount of $131 million as of June 30, 2019. 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. SIRIUS XM Holdings 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 Holdings 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 Holdings 5% of its gross revenue on a monthly basis. These agreements superseded and replace the former agreements between SIRIUS XM Canada and its predecessors and SIRIUS XM Holdings. SIRIUS XM Holdings has approximately $11 million in related party current assets as of June 30, 2019 which includes amounts due under the Service Agreement and Advisory Services Agreement and certain amounts related to transactions outside the scope of the new services arrangements. At June 30, 2019, SIRIUS XM Holdings has approximately $4 million |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Intangible Assets | (8) Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: SIRIUS XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2019 $ 14,250 3,956 180 18,386 Acquisition (a) 1,562 — — 1,562 Balance at June 30, 2019 $ 15,812 3,956 180 19,948 (a) See note 3 for details regarding SIRIUS XM Holdings’ acquisition of Pandora. Intangible Assets Not Subject to Amortization On February 1, 2019, SIRIUS XM Holdings recorded $331 million of tradenames related to the Pandora acquisition. See note 3 for details regarding the acquisition of Pandora. Intangible Assets Subject to Amortization June 30, 2019 December 31, 2018 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (445) 3,185 3,630 (346) 3,284 Customer relationships 3,086 (957) 2,129 2,684 (795) 1,889 Licensing agreements 316 (173) 143 316 (162) 154 Other 1,531 (766) 765 1,047 (659) 388 Total $ 8,563 (2,341) 6,222 7,677 (1,962) 5,715 Amortization expense for intangible assets with finite useful lives was $207 million and $168 million for the three months ended June 30, 2019 and 2018, respectively, and $389 million and $322 million for the six months ended June 30, 2019 and 2018, respectively. Based on its amortizable intangible assets as of June 30, 2019, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2019 $ 432 2020 $ 805 2021 $ 614 2022 $ 577 2023 $ 539 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Long-Term Debt | (9) Long-Term Debt Debt is summarized as follows: Outstanding Carrying value Principal June 30, December 31, June 30, 2019 2019 2018 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 2.125% Exchangeable Senior Debentures due 2048 (1) $ 400 390 372 SIRIUS XM Holdings Margin Loan 475 475 600 Subsidiary notes and loans: SIRIUS XM 3.875% Senior Notes due 2022 1,000 994 994 SIRIUS XM 4.625% Senior Notes due 2023 500 497 497 SIRIUS XM 6% Senior Notes due 2024 1,500 1,490 1,490 SIRIUS XM 5.375% Senior Notes due 2025 1,000 993 992 SIRIUS XM 5.375% Senior Notes due 2026 1,000 991 991 SIRIUS XM 5.0% Senior Notes due 2027 1,500 1,488 1,487 SIRIUS XM 5.50% Senior Notes due 2029 1,250 1,236 — Pandora 1.75% Convertible Senior Notes due 2020 1 1 — Pandora 1.75% Convertible Senior Notes due 2023 193 160 — SIRIUS XM Senior Secured Revolving Credit Facility — — 439 SIRIUS XM Holdings leases — — 5 Deferred financing costs (12) (9) Total Liberty SiriusXM Group 8,819 8,703 7,858 Braves Group Subsidiary notes and loans: Notes and loans 470 470 494 Deferred financing costs (5) (3) Total Braves Group 470 465 491 Formula One Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) 1,000 1,122 1,062 1% Cash Convertible Notes due 2023 (1) 450 522 463 2.25% Exchangeable Senior Debentures due 2046 (1) 211 248 209 2.25% Exchangeable Senior Debentures due 2048 (1) 385 441 381 Live Nation Margin Loan — — — Other 32 32 33 Subsidiary notes and loans: Senior Loan Facility 2,902 2,908 2,910 Deferred financing costs (17) (19) Total Formula One Group 4,980 5,256 5,039 Total debt $ 14,269 14,424 13,388 Debt classified as current (13) (17) Total long-term debt $ 14,411 13,371 (1) Measured at fair value 1.375% Cash Convertible Notes due 2023 On October 17, 2013, Liberty issued $1 billion aggregate principal amount of 1.375% Cash Convertible Senior Notes due 2023 ("Convertible Notes"). The Convertible Notes will mature on October 15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities. The Convertible Notes are convertible into cash based on the product of the conversion rate specified in the related indenture and the Securities Basket. A supplemental indenture entered into on April 15, 2016 amends the conversion, adjustment and other provisions of the indenture 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 condensed consolidated statements of operations. As of June 30, 2019, the Convertible Notes are classified as a long term liability in the condensed consolidated balance sheet, as the conversion conditions have not been met as of such date. Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges and purchased call options (the “Bond Hedge Transaction”). The Bond Hedge Transaction 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. On April 15, 2016, Liberty entered into amendments to the Bond Hedge Transaction. As of such date, 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. As of June 30, 2019, the basket price of the securities underlying the Bond Hedge Transaction was $49.80 per share. The expiration of these instruments is October 15, 2023. The fair value of these instruments is included in Other assets as of June 30, 2019 and December 31, 2018 in the accompanying condensed consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying condensed 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 the remainder expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the Warrant Transactions with cash. Liberty entered into amendments to the Warrant Transactions with each of the option counterparties (“Amended Warrant Transactions”). As of April 15, 2016, 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 to $61.16 per share. As of June 30, 2019, the basket price of the securities underlying the Amended Warrant Transactions was $49.80 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. The Convertible Notes, Bond Hedge Transaction and Warrant Transactions are attributed to the Formula One Group. 1% Cash Convertible Notes due 2023 In connection with the acquisition of Delta Topco on January 23, 2017, Liberty issued $450 million aggregate principal amount of 1% Cash Convertible Senior Notes due 2023 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% Cash Convertible Notes due 2023’’). 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% Cash Convertible Notes due 2023 will be settled solely in cash, and not through the delivery of any securities. Liberty used a portion of the net proceeds of the 1% Cash Convertible Notes due 2023 to increase 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 Inc. (“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 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 condensed 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 Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of SIRIUS XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of SIRIUS XM Holdings 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 Holdings 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 Sirius XM 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 condensed 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 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 SIRIUS XM Holdings Margin Loan In March 2019, Liberty extended its margin loan agreement comprised of a $250 million term loan and a $500 million revolving line of credit, which mature during March 2021, and a $600 million delayed draw term loan, which matures during March 2020. The 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 4.38% per annum at June 30, 2019. As of June 30, 2019, availability under the SIRIUS XM Holdings Margin Loan was $875 million. 1,000 million shares of SIRIUS XM Holdings common stock held by Liberty with a value of $5,580 million were pledged as collateral to the SIRIUS XM Holdings Margin Loan as of June 30, 2019. 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 December 10, 2018, the Live Nation 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. As of June 30, 2019, availability under the Live Nation Margin Loan was $600 million. As discussed in note 7, 53.7 million shares of the Company’s Live Nation common stock with a value of $3,561 million were pledged as collateral to the loan as of June 30, 2019. 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 5.50% Senior Notes due 2029 In June 2019, SIRIUS XM issued $1.25 billion aggregate principal amount of 5.50% Senior Notes due 2029 (the “5.50% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at a rate of 5.50% per annum. The 5.50% Notes will mature on July 1, 2029. Substantially all of SIRIUS XM Holdings’ domestic wholly-owned subsidiaries guarantee SIRIUS XM Holdings’ obligations under the notes. SIRIUS XM 4.625% Senior Notes due 2024 In July 2019, SIRIUS XM issued $1.5 billion aggregate principal amount of 4.625% Senior Notes due 2024 (the “4.625% Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year at a rate of 4.625% per annum. The 4.625% Notes will mature on July 15, 2024. Substantially all of SIRIUS XM Holdings’ domestic wholly-owned subsidiaries guarantee SIRIUS XM Holdings’ obligations under the notes. SIRIUS XM Holdings used the net proceeds from the offering, together with cash on hand, to redeem all of its 6% Senior Notes due 2024. Pandora 1.75% Convertible Senior Notes due 2020 SIRIUS XM Holdings acquired $152 million principal amount of the 1.75% Convertible Senior Notes due 2020 as part of the Pandora acquisition. On February 14, 2019, Pandora announced a tender offer to repurchase for cash any and all of its outstanding 1.75% Convertible Senior Notes due 2020 at a price equal to 100% of the aggregate principal amount thereof plus accrued and unpaid interest thereon to, but not including, the repurchase date. On March 18, 2019, SIRIUS XM Holdings purchased $151 million principal amount of the 1.75% Convertible Senior Notes due 2020. Pandora 1.75% Convertible Senior Notes due 2023 SIRIUS XM Holdings acquired $193 million principal amount of the 1.75% Convertible Senior Notes due 2023 as part of the Pandora acquisition. SIRIUS XM Holdings allocates the principal amount of the 1.75% Convertible Senior Notes due 2023 between the liability and equity components. The value assigned to the debt components of the 1.75% Convertible Senior Notes due 2023 is the estimated fair value as of the issuance date of similar debt without the conversion feature. The difference between the fair value of the debt and this estimated fair value represents the value which has been assigned to the equity component. The equity component is recorded to noncontrolling interest in equity of subsidiaries and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the 1.75% Convertible Senior Notes due 2023 over the carrying amount of the liability component is recorded as a debt discount, and is being amortized to interest expense using the effective interest method through the December 1, 2023 maturity date. SIRIUS XM Holdings Senior Secured Revolving Credit Facility SIRIUS XM Holdings 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 Holdings’ material domestic subsidiaries and is secured by a lien on substantially all of SIRIUS XM Holdings' 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. SIRIUS XM Holdings is also required to pay a variable fee on the average daily unused portion of the Credit Facility which as of June 30, 2019 was 0.25% per annum and is payable on a quarterly basis. As the amount available for future borrowings is reduced by $1 million related to Pandora letters of credit, availability under the Credit Facility was $1,749 million as of June 30, 2019. Braves Holdings Notes and Loans In 2014, Braves Holdings, through a wholly-owned subsidiary, purchased 82 acres of land for the purpose of constructing a MLB facility and development of a mixed-use complex adjacent to the ballpark. Braves Holdings’ debt, primarily related to the stadium and mixed-use complex, is summarized as follows: Carrying value As of June 30, 2019 June 30, December 31, Borrowing Weighted avg Maturity 2019 2018 Capacity interest rate Date amounts in millions Operating credit facilities $ — 17 185 NA various Ballpark funding Term loan 51 52 NA 3.78% August 2021 Senior secured note 192 195 NA 3.77% September 2041 Floating rate notes 68 70 NA 4.02% September 2029 Mixed-use credit facilities and loans 159 160 298 4.49% various Spring training credit facility — — 39 NA December 2022 Total Braves Holdings $ 470 494 Formula 1 Loans 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. 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. On May 23, 2019, Formula 1 refinanced the revolving credit facility, reducing the pricing grid by 25 basis points, and in combination with leverage reduction, the applicable interest rate is LIBOR plus 2.0% per annum. The revolving credit facility matures on May 31, 2024, unless the Senior Loan Facility is outstanding, in which case the revolving credit facility matures on November 3, 2023. As of June 30, 2019, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 4.81% as of June 30, 2019. 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 June 30, 2019, 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. Debt Covenants The SIRIUS XM Credit Facility contains certain financial covenants related to SIRIUS XM Holdings’ leverage ratio. The Braves 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 Term Loan, Formula 1 debt and other borrowings contain certain non-financial covenants. The Company, SIRIUS XM Holdings, Formula 1 and Braves Holdings are in compliance with all debt covenants as of June 30, 2019. 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 Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions): June 30, 2019 SIRIUS XM 3.875% Senior Notes due 2022 $ 1,005 SIRIUS XM 4.625% Senior Notes due 2023 $ 506 SIRIUS XM 6% Senior Notes due 2024 $ 1,546 SIRIUS XM 5.375% Senior Notes due 2025 $ 1,031 SIRIUS XM 5.375% Senior Notes due 2026 $ 1,038 SIRIUS XM 5.0% Senior Notes due 2027 $ 1,521 SIRIUS XM 5.50% Senior Notes due 2029 $ 1,280 Pandora 1.75% Senior Notes due 2020 $ 1 Pandora 1.75% Senior Notes due 2023 $ 214 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 June 30, 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases | |
Leases | (10) Leases 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. The Company adopted the new guidance, which established Accounting Standards Codification Topic 842 (“ASC 842”), effective January 1, 2019, and elected the optional transition method that allows for a cumulative-effect adjustment in the period of adoption. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for those periods. We elected certain of the available transition practical expedients, including those that permit us to not reassess (1) whether any expired or existing contracts are leases or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases as of the effective date. We elected the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. The most significant impact of the new guidance was the recognition of right-of-use assets and lease liabilities for operating leases. In addition, the Company elected the practical expedient to account for the lease and non-lease components as a single component and will not recognize right-of-use assets or lease liabilities for short-term leases, which are those leases with a term of twelve months or less at the lease commencement date. The effect of the adoption on our consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 is as follows: Balance at December 31, 2018 Adjustments due to ASC 842 Balance at January 1, 2019 in millions Assets Other current assets $ 360 (2) 358 Property and equipment, at cost $ 3,765 (371) 3,394 Accumulated depreciation $ (1,296) 15 (1,281) Other assets $ 1,861 396 2,257 Liabilities and Equity Current portion of debt $ 17 (4) 13 Other current liabilities $ 32 36 68 Long-term debt $ 13,371 (1) 13,370 Other long-term liabilities $ 864 9 873 Retained earnings $ 13,644 (2) 13,642 The Company and its subsidiaries lease a baseball stadium and facilities, business offices, satellite transponders and equipment. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate at the commencement date of the lease. Braves Holdings’ baseball stadium was historically accounted for as a financing obligation under the 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 previous accounting guidance, with any difference recorded as an adjustment to equity as of the adoption date. Braves Holdings then applied the general lessee guidance under the new standard to the baseball stadium lease, including classifying it as a finance lease, and recorded a right-of-use asset and lease liability on the balance sheet, which has been initially measured at the present value of the remaining lease payments over the lease term. The components of lease expense during the three and six months ended June 30, 2019 were as follows: Three months ended Six months ended June 30, 2019 June 30, 2019 in millions Finance lease cost Depreciation of leased assets $ 16 18 Interest on lease liabilities 2 3 Total finance lease cost 18 21 Operating lease cost 25 44 Sublease income (1) (2) Total lease cost $ 42 63 The remaining weighted-average lease term and the weighted average discount rate were as follows: June 30, 2019 Weighted-average remaining lease term (years): Finance leases 29.6 Operating leases 10.1 Weighted-average discount rate: Finance leases 4.6% Operating leases 5.2% Supplemental balance sheet information related to leases was as follows: June 30, 2019 in millions Operating leases: Operating lease right-of-use assets (1) $ 487 Current operating lease liabilities (2) $ 54 Operating lease liabilities (3) 457 Total operating lease liabilities $ 511 Finance Leases: Property and equipment, at cost $ 494 Accumulated depreciation (85) Property and equipment, net $ 409 Current finance lease liabilities (2) $ 9 Finance lease liabilities (3) 119 Total finance lease liabilities $ 128 (1) Included in Other assets in the condensed consolidated balance sheet (2) Included in Other current liabilities in the condensed consolidated balance sheet (3) Included in Other liabilities in the condensed consolidated balance sheet Supplemental cash flow information related to leases was as follows: Six Months Ended June 30, 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 42 Financing cash flows from finance leases $ 8 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36 Future minimum payments under noncancelable operating leases and finance leases with initial terms of one year or more at June 30, 2019 consisted of the following: Finance leases Operating leases in millions Remainder of 2019 $ 5 33 2020 11 81 2021 10 69 2022 9 65 2023 9 62 Thereafter 173 351 Total lease payments 217 661 Less: implied interest 89 150 Present value of lease liabilities $ 128 511 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies | (11) 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 condensed 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 June 30, 2019 aggregated $361 million, which is payable as follows: $155 million in 2019, $40 million in 2020, $43 million in 2021, $20 million in 2022 and $103 million thereafter. In addition to the foregoing amounts, certain players and coaches may earn incentive compensation under the terms of their employment contracts. Litigation The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements. Telephone Consumer Protection Act Suit . On March 13, 2017, Thomas Buchanan, individually and on behalf of all others similarly situated, filed a class action complaint against SIRIUS XM Holdings in the United States District Court for the Northern District of Texas, Dallas Division. The plaintiff in this action alleges that SIRIUS XM Holdings 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 Holdings’ 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 Holdings from making, or having made, any calls to land lines that are listed on the National Do-Not-Call registry or its internal Do-Not-Call registry. The plaintiff has filed a motion seeking class certification, and that motion is pending. Following a mediation, in April 2019, SIRIUS XM Holdings entered into a n agreement to settle this purported class action suit. The settlement resolve s the claims of consumers for the period October 2013 through January 2019. As part of the settlement, SIRIUS XM Holdings paid $25 million into a non-reversionary settlement fund from which cash to class members, notice, administrative costs, and attorney's fees and costs will be paid. The settlement also contemplates that SIRIUS XM Holdings will provide three months of service to its All Access subscription package for those members of the class that elect to receive it, in lieu of cash, at no cost to those class members and who are not active subscribers at the time of the distribution. The availability of this three-month service option will not diminish the $25 million common fund. As part of the settlement, SIRIUS XM Holdings will also implement certain changes relating to its “Do-Not-Call” practices and telemarketing programs. Settlement of this matter is subject to, among other things, final approval by the Court. Pre-1972 Sound Recording Litigation. violation of California Civil Code Section 980, unfair competition, The California Supreme Court accepted certification. In May 2019, the California Supreme Court issued an order dismissing consideration of the certified questions on the basis that, following the enactment of the Orrin G. Hatch-Bob Goodlatte Music Modernization Act, Pub. L. No. 115-264, 132 Stat. 3676 (2018) (the “MMA”), resolution of the questions posed by the Ninth Circuit Court of Appeals was no longer “necessary to . . . settle an important question of law.” In September and October 2015, Arthur and Barbara Sheridan filed separate class action suits against Pandora in the federal district courts for the Northern District of California and the District of New Jersey. The complaints allege a variety of violations of common law and state copyright statutes, common law misappropriation, unfair competition, conversion, unjust enrichment and violation of rights of publicity arising from allegations that Pandora owes royalties for the public performance of pre-1972 recordings. The Sheridan Flo & Eddie, Inc. v. Pandora Media, Inc In September 2016, Ponderosa Twins Plus One and others filed a class action suit against Pandora alleging claims similar to those asserted in Flo & Eddie, Inc. v. Pandora Media Inc Flo & Eddie, Inc. v. Pandora Media, Inc The MMA grants a newly available federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora made the required payments and reporting under the MMA for certain of its uses of pre-1972 recordings to avail itself of this federal preemption defense. Based on the federal preemption contained in the MMA (along with other considerations), Pandora has asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. Sheridan v. Pandora Media Ponderosa Twins Plus One et al. v. Pandora Media SIRIUS XM Holdings believes it has substantial defenses to the claims asserted in these actions, and intends to defend these actions vigorously. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 6 Months Ended |
Jun. 30, 2019 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (12) Information About Liberty's Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) 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 Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration. For the six months ended June 30, 2019, the Company has identified the following subsidiaries as its reportable segments: ● SIRIUS XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, SIRIUS XM and Pandora. SIRIUS XM features 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 and through the internet via applications for mobile devices, home devices and other consumer electronic equipment. SIRIUS XM also provides connected vehicle services and a suite of in-vehicle data services. The Pandora business operates a music, comedy and podcast streaming discovery platform. Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand subscription service, called Pandora Premium. SIRIUS XM Holdings acquired Pandora on February 1, 2019, at which time it began consolidating the results of the Pandora business. ● 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 as well as various aspects of its management and administration. The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K. Performance Measures The following table disaggregates revenue by segment and by source: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings: Subscriber $ 1,537 1,304 2,995 2,562 Advertising 358 47 567 89 Equipment 41 37 82 72 Other 41 44 77 84 Total Liberty SiriusXM Group 1,977 1,432 3,721 2,807 Braves Group Corporate and other: Baseball 198 172 212 192 Development 10 10 18 18 Total Braves Group 208 182 230 210 Formula One Group Formula 1: Primary 531 491 729 576 Other 89 94 137 123 Total Formula One Group 620 585 866 699 Consolidated Liberty $ 2,805 2,199 4,817 3,716 Our subsidiaries’ 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 unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for SIRIUS XM Holdings during the three months ended June 30, 2019 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the six months ended June 30, 2019 were approximately $154 million and $382 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. 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 $1,130 million for the remainder of 2019, $1,892 million in 2020, $1,425 million in 2021, $3,726 million in 2022 through 2027, and $273 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. The Company defines Adjusted OIBDA, a non-GAAP measure, as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. 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. Adjusted OIBDA is summarized as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings $ 622 542 1,212 1,072 Corporate and other (4) (6) (6) (11) Total Liberty SiriusXM Group 618 536 1,206 1,061 Braves Group Corporate and other 61 63 28 28 Total Braves Group 61 63 28 28 Formula One Group Formula 1 145 134 210 137 Corporate and other (9) (6) (15) (10) Total Formula One Group 136 128 195 127 Consolidated Liberty $ 815 727 1,429 1,216 Other Information June 30, 2019 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings $ 31,003 649 160 Corporate and other 159 — — Total Liberty SiriusXM Group 31,162 649 160 Braves Group Corporate and other 1,549 103 50 Total Braves Group 1,549 103 50 Formula One Group Formula 1 9,170 — 11 Corporate and other 2,128 942 — Total Formula One Group 11,298 942 11 Elimination (1) (309) — — Consolidated Liberty $ 43,700 1,694 221 (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 Operating income (loss) and Earnings (loss) before income taxes: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Consolidated segment Adjusted OIBDA $ 815 727 1,429 1,216 Legal settlement (note 11) — (69) (25) (69) Stock-based compensation (76) (53) (141) (99) Acquisition and other related costs (note 3) (7) — (83) — Depreciation and amortization (271) (231) (519) (447) Operating income (loss) 461 374 661 601 Interest expense (167) (153) (326) (303) Share of earnings (losses) of affiliates, net 34 22 14 14 Realized and unrealized gains (losses) on financial instruments, net (87) 58 (185) 211 Other, net 21 21 29 27 Earnings (loss) before income taxes $ 262 322 193 550 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of consideration paid with the acquisition | Pandora common stock outstanding at January 31, 2019 272 Exchange ratio 1.44 Sirius XM Holdings common stock issued 392 Price per share of Sirius XM Holdings common stock as of January 31, 2019 $ 5.83 Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions 2,285 Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service 70 Sirius XM Holdings' Pandora preferred stock investment cancelled 524 Total consideration $ 2,879 |
Schedule of Purchase Price Allocation | The preliminary acquisition price allocation for Pandora is as follows (in millions): Cash and cash equivalents $ 313 Trade and other receivables, net 353 Other current assets 109 Property and equipment 41 Goodwill 1,562 Intangible assets not subject to amortization 331 Intangible assets subject to amortization, net 800 Other assets 178 Accounts payable and accrued liabilities (306) Current portion of debt (151) Deferred revenue (37) Other current liabilities (27) Long-term debt (a) (218) Other liabilities (69) $ 2,879 (a) In order to present the assets acquired and liabilities assumed, the conversion feature associated with Pandora’s convertible notes for $62 million has been included within long-term debt in the table above and included within noncontrolling interest in equity of subsidiaries within the condensed consolidated statement of equity. See note 9 for details regarding Pandora’s convertible notes. |
Business Acquisition, Pro Forma Information | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Revenue $ 2,807 2,586 4,935 4,425 Net earnings (loss) $ 194 81 86 177 Net earnings (loss) attributable to Liberty stockholders $ 118 48 (27) 99 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Stock-Based Compensation Allocation of Expense | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 (amounts in millions) Cost of services: Programming and content $ 7 10 14 18 Customer service and billing 1 1 2 2 Other 2 2 3 3 Other operating expense 13 4 22 8 Selling, general and administrative 53 36 100 68 $ 76 53 141 99 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | Six Months Ended June 30, 2019 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty CEO (1) 491 $ 11.21 Series C Liberty Braves common stock, Liberty CEO (1) 7 $ 7.62 Series C Liberty Formula One common stock, Liberty CEO (1) 226 $ 9.79 Series C Liberty Formula One common stock, Formula 1 employees (2) 2,005 $ 9.79 (1) Grants mainly cliff vest on December 31, 2019. Grants were made in connection with the CEO’s employment agreement. (2) Grants vest monthly over one year . |
Liberty Sirius XM Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series A Series C Weighted Aggregate Weighted Aggregate average intrinsic average intrinsic Liberty remaining value Liberty remaining value Awards (000's) WAEP life (millions) Awards (000's) WAEP life (millions) Outstanding at January 1, 2019 1,403 $ 19.84 11,495 $ 28.85 Granted — $ — 491 $ 40.53 Exercised (93) $ 19.98 (143) $ 21.89 Forfeited/Cancelled — $ — (6) $ 33.29 Outstanding at June 30, 2019 1,310 $ 19.83 0.5 years $ 24 11,837 $ 29.42 3.0 years $ 106 Exercisable at June 30, 2019 1,310 $ 19.83 0.5 years $ 24 8,048 $ 28.55 2.7 years $ 79 |
Braves Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series A Series C Weighted Aggregate Weighted Aggregate average intrinsic average intrinsic Liberty remaining value Liberty remaining value Awards (000's) WAEP life (millions) Awards (000's) WAEP life (millions) Outstanding at January 1, 2019 177 $ 11.44 1,276 $ 16.58 Granted — $ — 7 $ 27.73 Exercised (21) $ 11.52 (54) $ 11.67 Forfeited/Cancelled — $ — (1) $ 19.55 Outstanding at June 30, 2019 156 $ 11.43 0.5 years $ 3 1,228 $ 16.86 2.9 years $ 14 Exercisable at June 30, 2019 156 $ 11.43 0.5 years $ 3 884 $ 16.73 2.7 years $ 10 |
Formula One Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series A Series C Weighted Aggregate Weighted Aggregate average intrinsic average intrinsic Liberty remaining value Liberty remaining value Awards (000's) WAEP life (millions) Awards (000's) WAEP life (millions) Outstanding at January 1, 2019 360 $ 11.71 6,684 $ 26.92 Granted — $ — 2,231 $ 33.94 Exercised (29) $ 12.05 (22) $ 17.06 Forfeited/Cancelled — $ — (2) $ 26.01 Outstanding at June 30, 2019 331 $ 11.68 0.5 years $ 8 8,891 $ 28.70 4.8 years $ 77 Exercisable at June 30, 2019 331 $ 11.68 0.5 years $ 8 5,884 $ 28.40 4.4 years $ 53 |
Earnings Attributable to Libe_2
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Liberty Sirius XM Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Liberty SiriusXM Common Stock Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 numbers of shares in millions Basic WASO 319 333 321 335 Potentially dilutive shares 4 4 4 4 Diluted WASO 323 337 325 339 |
Braves Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Liberty Braves Common Stock Three months ended Six months ended June 30, 2019 (b) June 30, 2018 (a)(b) June 30, 2019 (a)(b) June 30, 2018 (a)(b) numbers of shares in millions Basic WASO 51 51 51 51 Potentially dilutive shares 10 9 10 9 Diluted WASO 61 60 61 60 (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, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group is 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 condensed consolidated statements of operations . The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. 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: Three months ended Six months ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ 26 (2) (45) (54) Unrealized (gain) loss on the intergroup interest 2 28 28 33 Diluted earnings (loss) attributable to Liberty Braves stockholders $ 28 26 (17) (21) |
Formula One Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Liberty Formula One Common Stock Three months ended Six months ended June 30, 2019 (a) June 30, 2018 June 30, 2019 (a) June 30, 2018 (a) numbers of shares in millions Basic WASO 231 231 231 231 Potentially dilutive shares 2 1 2 1 Diluted WASO 233 232 233 232 (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. |
Assets And Liabilities Measur_2
Assets And Liabilities Measured At Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Assets and Liabilities Measured at Fair Value | Fair Value Measurements at Fair Value Measurements at June 30, 2019 December 31, 2018 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 354 354 — 231 231 — Debt and equity securities $ 361 263 98 1,195 228 967 Financial instrument assets $ 320 28 292 280 21 259 Debt $ 2,723 — 2,723 2,487 — 2,487 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Debt and equity securities $ 40 84 71 158 Debt measured at fair value (a) (71) (133) (233) (103) Change in fair value of bond hedges (b) (12) 97 39 117 Other derivatives (44) 10 (62) 39 $ (87) 58 (185) 211 (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 Liberty’s 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 Liberty’s 1.375% Cash Convertible Notes due 2023, 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 9 for additional discussion of the bond hedges. |
Investments In Affiliates Acc_2
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule Of Equity Ownership And Carrying Amount | June 30, 2019 December 31, 2018 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group SIRIUS XM Canada 70 % $ NA $ 639 613 Other NA 10 16 Total Liberty SiriusXM Group 649 629 Braves Group Other various NA 103 92 Total Braves Group 103 92 Formula One Group Live Nation (a) 33 % $ 4,614 756 743 Other various NA 186 177 Total Formula One Group 942 920 Consolidated Liberty $ 1,694 1,641 (a) See note 9 for details regarding the number and fair value of shares pledged as collateral pursuant to the Live Nation Margin Loan as of June 30, 2019. |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Canada $ (1) (1) 2 — Other (6) — (13) — Total Liberty SiriusXM Group (7) (1) (11) — Braves Group Other 7 3 9 6 Total Braves Group 7 3 9 6 Formula One Group Live Nation 30 19 7 3 Other 4 1 9 5 Total Formula One Group 34 20 16 8 Consolidated Liberty $ 34 22 14 14 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | SIRIUS XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2019 $ 14,250 3,956 180 18,386 Acquisition (a) 1,562 — — 1,562 Balance at June 30, 2019 $ 15,812 3,956 180 19,948 (a) See note 3 for details regarding SIRIUS XM Holdings’ acquisition of Pandora. |
Schedule of intangible assets subject to amortization | June 30, 2019 December 31, 2018 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (445) 3,185 3,630 (346) 3,284 Customer relationships 3,086 (957) 2,129 2,684 (795) 1,889 Licensing agreements 316 (173) 143 316 (162) 154 Other 1,531 (766) 765 1,047 (659) 388 Total $ 8,563 (2,341) 6,222 7,677 (1,962) 5,715 |
Schedule of future amortization expense | Based on its amortizable intangible assets as of June 30, 2019, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2019 $ 432 2020 $ 805 2021 $ 614 2022 $ 577 2023 $ 539 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal June 30, December 31, June 30, 2019 2019 2018 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 2.125% Exchangeable Senior Debentures due 2048 (1) $ 400 390 372 SIRIUS XM Holdings Margin Loan 475 475 600 Subsidiary notes and loans: SIRIUS XM 3.875% Senior Notes due 2022 1,000 994 994 SIRIUS XM 4.625% Senior Notes due 2023 500 497 497 SIRIUS XM 6% Senior Notes due 2024 1,500 1,490 1,490 SIRIUS XM 5.375% Senior Notes due 2025 1,000 993 992 SIRIUS XM 5.375% Senior Notes due 2026 1,000 991 991 SIRIUS XM 5.0% Senior Notes due 2027 1,500 1,488 1,487 SIRIUS XM 5.50% Senior Notes due 2029 1,250 1,236 — Pandora 1.75% Convertible Senior Notes due 2020 1 1 — Pandora 1.75% Convertible Senior Notes due 2023 193 160 — SIRIUS XM Senior Secured Revolving Credit Facility — — 439 SIRIUS XM Holdings leases — — 5 Deferred financing costs (12) (9) Total Liberty SiriusXM Group 8,819 8,703 7,858 Braves Group Subsidiary notes and loans: Notes and loans 470 470 494 Deferred financing costs (5) (3) Total Braves Group 470 465 491 Formula One Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) 1,000 1,122 1,062 1% Cash Convertible Notes due 2023 (1) 450 522 463 2.25% Exchangeable Senior Debentures due 2046 (1) 211 248 209 2.25% Exchangeable Senior Debentures due 2048 (1) 385 441 381 Live Nation Margin Loan — — — Other 32 32 33 Subsidiary notes and loans: Senior Loan Facility 2,902 2,908 2,910 Deferred financing costs (17) (19) Total Formula One Group 4,980 5,256 5,039 Total debt $ 14,269 14,424 13,388 Debt classified as current (13) (17) Total long-term debt $ 14,411 13,371 (1) Measured at fair value |
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 Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions): June 30, 2019 SIRIUS XM 3.875% Senior Notes due 2022 $ 1,005 SIRIUS XM 4.625% Senior Notes due 2023 $ 506 SIRIUS XM 6% Senior Notes due 2024 $ 1,546 SIRIUS XM 5.375% Senior Notes due 2025 $ 1,031 SIRIUS XM 5.375% Senior Notes due 2026 $ 1,038 SIRIUS XM 5.0% Senior Notes due 2027 $ 1,521 SIRIUS XM 5.50% Senior Notes due 2029 $ 1,280 Pandora 1.75% Senior Notes due 2020 $ 1 Pandora 1.75% Senior Notes due 2023 $ 214 |
Braves Holdings | |
Schedule of Braves Holdings Debt | Carrying value As of June 30, 2019 June 30, December 31, Borrowing Weighted avg Maturity 2019 2018 Capacity interest rate Date amounts in millions Operating credit facilities $ — 17 185 NA various Ballpark funding Term loan 51 52 NA 3.78% August 2021 Senior secured note 192 195 NA 3.77% September 2041 Floating rate notes 68 70 NA 4.02% September 2029 Mixed-use credit facilities and loans 159 160 298 4.49% various Spring training credit facility — — 39 NA December 2022 Total Braves Holdings $ 470 494 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Schedule of cumulative effect of changes in consolidated financial statements | Balance at December 31, 2018 Adjustments due to ASC 842 Balance at January 1, 2019 in millions Assets Other current assets $ 360 (2) 358 Property and equipment, at cost $ 3,765 (371) 3,394 Accumulated depreciation $ (1,296) 15 (1,281) Other assets $ 1,861 396 2,257 Liabilities and Equity Current portion of debt $ 17 (4) 13 Other current liabilities $ 32 36 68 Long-term debt $ 13,371 (1) 13,370 Other long-term liabilities $ 864 9 873 Retained earnings $ 13,644 (2) 13,642 |
Summary of components of lease expense | Three months ended Six months ended June 30, 2019 June 30, 2019 in millions Finance lease cost Depreciation of leased assets $ 16 18 Interest on lease liabilities 2 3 Total finance lease cost 18 21 Operating lease cost 25 44 Sublease income (1) (2) Total lease cost $ 42 63 |
Schedule of remaining weighted-average lease term and weighted-average discount rate | June 30, 2019 Weighted-average remaining lease term (years): Finance leases 29.6 Operating leases 10.1 Weighted-average discount rate: Finance leases 4.6% Operating leases 5.2% |
Schedule of balance sheet and other information of our leases | June 30, 2019 in millions Operating leases: Operating lease right-of-use assets (1) $ 487 Current operating lease liabilities (2) $ 54 Operating lease liabilities (3) 457 Total operating lease liabilities $ 511 Finance Leases: Property and equipment, at cost $ 494 Accumulated depreciation (85) Property and equipment, net $ 409 Current finance lease liabilities (2) $ 9 Finance lease liabilities (3) 119 Total finance lease liabilities $ 128 (1) Included in Other assets in the condensed consolidated balance sheet (2) Included in Other current liabilities in the condensed consolidated balance sheet (3) Included in Other liabilities in the condensed consolidated balance sheet |
Schedule of cash flow information related to our leases | Six Months Ended June 30, 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 42 Financing cash flows from finance leases $ 8 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 36 |
Summary of maturities of our operating leases | Finance leases Operating leases in millions Remainder of 2019 $ 5 33 2020 11 81 2021 10 69 2022 9 65 2023 9 62 Thereafter 173 351 Total lease payments 217 661 Less: implied interest 89 150 Present value of lease liabilities $ 128 511 |
Summary of maturities of our finance leases | Finance leases Operating leases in millions Remainder of 2019 $ 5 33 2020 11 81 2021 10 69 2022 9 65 2023 9 62 Thereafter 173 351 Total lease payments 217 661 Less: implied interest 89 150 Present value of lease liabilities $ 128 511 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Information About Liberty's Operating Segments | |
Schedule of revenue disaggregated by source | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings: Subscriber $ 1,537 1,304 2,995 2,562 Advertising 358 47 567 89 Equipment 41 37 82 72 Other 41 44 77 84 Total Liberty SiriusXM Group 1,977 1,432 3,721 2,807 Braves Group Corporate and other: Baseball 198 172 212 192 Development 10 10 18 18 Total Braves Group 208 182 230 210 Formula One Group Formula 1: Primary 531 491 729 576 Other 89 94 137 123 Total Formula One Group 620 585 866 699 Consolidated Liberty $ 2,805 2,199 4,817 3,716 |
Adjusted OIBDA by segment | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings $ 622 542 1,212 1,072 Corporate and other (4) (6) (6) (11) Total Liberty SiriusXM Group 618 536 1,206 1,061 Braves Group Corporate and other 61 63 28 28 Total Braves Group 61 63 28 28 Formula One Group Formula 1 145 134 210 137 Corporate and other (9) (6) (15) (10) Total Formula One Group 136 128 195 127 Consolidated Liberty $ 815 727 1,429 1,216 |
Other Information By Segment | June 30, 2019 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings $ 31,003 649 160 Corporate and other 159 — — Total Liberty SiriusXM Group 31,162 649 160 Braves Group Corporate and other 1,549 103 50 Total Braves Group 1,549 103 50 Formula One Group Formula 1 9,170 — 11 Corporate and other 2,128 942 — Total Formula One Group 11,298 942 11 Elimination (1) (309) — — Consolidated Liberty $ 43,700 1,694 221 (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 | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 amounts in millions Consolidated segment Adjusted OIBDA $ 815 727 1,429 1,216 Legal settlement (note 11) — (69) (25) (69) Stock-based compensation (76) (53) (141) (99) Acquisition and other related costs (note 3) (7) — (83) — Depreciation and amortization (271) (231) (519) (447) Operating income (loss) 461 374 661 601 Interest expense (167) (153) (326) (303) Share of earnings (losses) of affiliates, net 34 22 14 14 Realized and unrealized gains (losses) on financial instruments, net (87) 58 (185) 211 Other, net 21 21 29 27 Earnings (loss) before income taxes $ 262 322 193 550 |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION June 30, 2019 (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 $ 236 127 334 — 697 Trade and other receivables, net 628 83 138 — 849 Other current assets 239 44 102 — 385 Total current assets 1,103 254 574 — 1,931 Intergroup interest in the Liberty Braves Group (note 1) — — 254 (254) — Investments in affiliates, accounted for using the equity method (note 1) 649 103 942 — 1,694 Property and equipment, at cost 2,592 857 181 — 3,630 Accumulated depreciation (1,223) (105) (91) — (1,419) 1,369 752 90 — 2,211 Intangible assets not subject to amortization Goodwill 15,812 180 3,956 — 19,948 FCC licenses 8,600 — — — 8,600 Other 1,262 143 — — 1,405 25,674 323 3,956 — 29,953 Intangible assets subject to amortization, net 1,656 44 4,522 — 6,222 Other assets 711 73 960 (55) 1,689 Total assets $ 31,162 1,549 11,298 (309) 43,700 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 3) $ — (8) 8 — — Accounts payable and accrued liabilities 1,220 62 225 — 1,507 Current portion of debt (note 1) — 13 — — 13 Deferred revenue 1,974 95 287 — 2,356 Other current liabilities 71 8 18 — 97 Total current liabilities 3,265 170 538 — 3,973 Long-term debt (note 1) 8,703 452 5,256 — 14,411 Deferred income tax liabilities 1,809 70 — (55) 1,824 Redeemable intergroup interest (note 1) — 254 — (254) — Other liabilities 653 200 158 — 1,011 Total liabilities 14,430 1,146 5,952 (309) 21,219 Equity / Attributed net assets 10,842 411 5,343 — 16,596 Noncontrolling interests in equity of subsidiaries 5,890 (8) 3 — 5,885 Total liabilities and equity $ 31,162 1,549 11,298 (309) 43,700 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2019 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: SIRIUS XM Holdings revenue $ 1,977 — — 1,977 Formula 1 revenue — — 620 620 Other revenue — 208 — 208 Total revenue 1,977 208 620 2,805 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 600 — — 600 Programming and content 116 — — 116 Customer service and billing 119 — — 119 Other 47 — — 47 Cost of Formula 1 revenue — — 441 441 Subscriber acquisition costs 104 — — 104 Other operating expenses 74 129 — 203 Selling, general and administrative 361 24 51 436 Acquisition and other related costs 7 — — 7 Depreciation and amortization 136 21 114 271 1,564 174 606 2,344 Operating income (loss) 413 34 14 461 Other income (expense): Interest expense (109) (7) (51) (167) Share of earnings (losses) of affiliates, net (7) 7 34 34 Realized and unrealized gains (losses) on financial instruments, net 15 (2) (100) (87) Unrealized gains (losses) on intergroup interest (note 1) — (2) 2 — Other, net 6 1 14 21 (95) (3) (101) (199) Earnings (loss) before income taxes 318 31 (87) 262 Income tax (expense) benefit (75) (5) 10 (70) Net earnings (loss) 243 26 (77) 192 Less net earnings (loss) attributable to the noncontrolling interests 76 — — 76 Net earnings (loss) attributable to Liberty stockholders $ 167 26 (77) 116 STATEMENT OF OPERATIONS INFORMATION Three months ended June 30, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: SIRIUS XM Holdings revenue $ 1,432 — — 1,432 Formula 1 revenue — — 585 585 Other revenue — 182 — 182 Total revenue 1,432 182 585 2,199 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 404 — — 404 Programming and content 105 — — 105 Customer service and billing 95 — — 95 Other 33 — — 33 Cost of Formula 1 revenue — — 414 414 Subscriber acquisition costs 119 — — 119 Other operating expenses 27 97 — 124 Selling, general and administrative 224 27 49 300 Depreciation and amortization 92 23 116 231 1,099 147 579 1,825 Operating income (loss) 333 35 6 374 Other income (expense): Interest expense (99) (7) (47) (153) Share of earnings (losses) of affiliates, net (1) 3 20 22 Realized and unrealized gains (losses) on financial instruments, net 62 — (4) 58 Unrealized gains (losses) on intergroup interest (note 1) — (28) 28 — Other, net 12 1 8 21 (26) (31) 5 (52) Earnings (loss) before income taxes 307 4 11 322 Income tax (expense) benefit (59) (7) (1) (67) Net earnings (loss) 248 (3) 10 255 Less net earnings (loss) attributable to the noncontrolling interests 83 (1) 1 83 Net earnings (loss) attributable to Liberty stockholders $ 165 (2) 9 172 STATEMENT OF OPERATIONS INFORMATION Six months ended June 30, 2019 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: SIRIUS XM Holdings revenue $ 3,721 — — 3,721 Formula 1 revenue — — 866 866 Other revenue — 230 — 230 Total revenue 3,721 230 866 4,817 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,092 — — 1,092 Programming and content 222 — — 222 Customer service and billing 232 — — 232 Other 84 — — 84 Cost of Formula 1 revenue — — 589 589 Subscriber acquisition costs 212 — — 212 Other operating expenses 128 160 — 288 Selling, general and administrative 687 51 97 835 Acquisition and other related costs 83 — — 83 Depreciation and amortization 261 34 224 519 3,001 245 910 4,156 Operating income (loss) 720 (15) (44) 661 Other income (expense): Interest expense (211) (14) (101) (326) Share of earnings (losses) of affiliates, net (11) 9 16 14 Realized and unrealized gains (losses) on financial instruments, net 16 (4) (197) (185) Unrealized gains (losses) on intergroup interest (note 1) — (28) 28 — Other, net 9 1 19 29 (197) (36) (235) (468) Earnings (loss) before income taxes 523 (51) (279) 193 Income tax (expense) benefit (188) 6 54 (128) Net earnings (loss) 335 (45) (225) 65 Less net earnings (loss) attributable to the noncontrolling interests 107 — — 107 Net earnings (loss) attributable to Liberty stockholders $ 228 (45) (225) (42) STATEMENT OF OPERATIONS INFORMATION Six months ended June 30, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: SIRIUS XM Holdings revenue $ 2,807 — — 2,807 Formula 1 revenue — — 699 699 Other revenue — 210 — 210 Total revenue 2,807 210 699 3,716 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 714 — — 714 Programming and content 206 — — 206 Customer service and billing 189 — — 189 Other 62 — — 62 Cost of Formula 1 revenue — — 495 495 Subscriber acquisition costs 242 — — 242 Other operating expenses 58 141 — 199 Selling, general and administrative 426 46 89 561 Depreciation and amortization 181 39 227 447 2,078 226 811 3,115 Operating income (loss) 729 (16) (112) 601 Other income (expense): Interest expense (196) (13) (94) (303) Share of earnings (losses) of affiliates, net — 6 8 14 Realized and unrealized gains (losses) on financial instruments, net 120 — 91 211 Unrealized gains (losses) on intergroup interest (note 1) — (33) 33 — Other, net 17 2 8 27 (59) (38) 46 (51) Earnings (loss) before income taxes 670 (54) (66) 550 Income tax (expense) benefit (140) (1) 59 (82) Net earnings (loss) 530 (55) (7) 468 Less net earnings (loss) attributable to the noncontrolling interests 165 (1) 1 165 Net earnings (loss) attributable to Liberty stockholders $ 365 (54) (8) 303 |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 2019 (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) $ 335 (45) (225) 65 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 261 34 224 519 Stock-based compensation 138 9 15 162 Share of (earnings) loss of affiliates, net 11 (9) (16) (14) Unrealized (gains) losses on intergroup interest, net — 28 (28) — Realized and unrealized (gains) losses on financial instruments, net (16) 4 197 185 Noncash interest expense (benefit) 2 — 1 3 Deferred income tax expense (benefit) 178 — (63) 115 Intergroup tax allocation (1) (6) 7 — Intergroup tax (payments) receipts (2) 22 (20) — Other charges (credits), net 2 5 (7) — Changes in operating assets and liabilities Current and other assets (14) (34) (35) (83) Payables and other liabilities 15 56 149 220 Net cash provided (used) by operating activities 909 64 199 1,172 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (9) (5) (6) (20) Cash proceeds from sale of investments 373 — — 373 Cash received from Pandora acquisition 313 — — 313 Capital expended for property and equipment (160) (50) (11) (221) Sales of short term investments and other marketable securities 72 — — 72 Other investing activities, net (1) — (4) (5) Net cash provided (used) by investing activities 588 (55) (21) 512 Cash flows from financing activities: Borrowings of debt 2,878 1 — 2,879 Repayments of debt (2,360) (24) (3) (2,387) Series C Liberty SiriusXM stock repurchases (306) — — (306) Subsidiary shares repurchased by subsidiary (1,474) — — (1,474) Cash dividends paid by subsidiary (36) — — (36) Taxes paid in lieu of shares issued for stock-based compensation (50) — (7) (57) Other financing activities, net (3) (7) 6 (4) Net cash provided (used) by financing activities (1,351) (30) (4) (1,385) Net increase (decrease) in cash, cash equivalents and restricted cash 146 (21) 174 299 Cash, cash equivalents and restricted cash at beginning of period 102 190 160 452 Cash, cash equivalents and restricted cash at end of period $ 248 169 334 751 STATEMENT OF CASH FLOWS INFORMATION Six months ended June 30, 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) $ 530 (55) (7) 468 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 181 39 227 447 Stock-based compensation 82 5 12 99 Share of (earnings) loss of affiliates, net — (6) (8) (14) Unrealized (gains) losses on intergroup interest, net — 33 (33) — Realized and unrealized (gains) losses on financial instruments, net (120) — (91) (211) Noncash interest expense (benefit) (8) 2 — (6) Deferred income tax expense (benefit) 123 (2) (49) 72 Intergroup tax allocation 1 3 (4) — Other charges (credits), net — 14 2 16 Changes in operating assets and liabilities Current and other assets 1 (3) (97) (99) Payables and other liabilities 163 37 296 496 Net cash provided (used) by operating activities 953 67 248 1,268 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (395) — (4) (399) Cash proceeds from sale of investments — — 243 243 Capital expended for property and equipment (174) (14) (3) (191) Other investing activities, net 3 36 8 47 Net cash provided (used) by investing activities (566) 22 244 (300) Cash flows from financing activities: Borrowings of debt 1,171 123 289 1,583 Repayments of debt (1,388) (180) (850) (2,418) Series C Liberty SiriusXM stock repurchases (218) — — (218) Subsidiary shares repurchased by subsidiary (334) — — (334) Cash dividends paid by subsidiary (29) — — (29) Taxes paid in lieu of shares issued for stock-based compensation (79) — (2) (81) Other financing activities, net 50 — (4) 46 Net cash provided (used) by financing activities (827) (57) (567) (1,451) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — (1) (1) Net increase (decrease) in cash, cash equivalents and restricted cash (440) 32 (76) (484) 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 $ 185 172 206 563 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Qurate Retail, TripCo, Liberty Broadband, Expedia Holdings and GCI Liberty | ||||
Basis of Presentation | ||||
Related Party Transaction, Amounts of Transaction | $ 8 | $ 5 | $ 16 | $ 13 |
Tracking Stocks (Details)
Tracking Stocks (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 16, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Oct. 17, 2013 |
Tracking Stocks | |||||||
Cash and cash equivalents | $ 697 | $ 358 | |||||
Liberty Sirius XM Group | |||||||
Tracking Stocks | |||||||
Cash and cash equivalents | 236 | ||||||
Braves Group | |||||||
Tracking Stocks | |||||||
Cash and cash equivalents | 127 | ||||||
Formula One Group | |||||||
Tracking Stocks | |||||||
Cash and cash equivalents | 334 | ||||||
SIRIUS XM Holdings | |||||||
Tracking Stocks | |||||||
Payments of Dividends | 113 | ||||||
Dividend paid to parent company | 77 | ||||||
Common stock, dividends declared | $ 0.0121 | ||||||
SIRIUS XM Holdings | Liberty Sirius XM Group | |||||||
Tracking Stocks | |||||||
Cash and cash equivalents | $ 215 | ||||||
Formula 1 | Braves Group | Common Class C | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 9,084,940 | ||||||
Percentage ownership | 15.10% | ||||||
Formula 1 | Formula One Group | |||||||
Tracking Stocks | |||||||
Cash and cash equivalents | $ 276 | ||||||
Braves Holdings | Braves Group | |||||||
Tracking Stocks | |||||||
Cash and cash equivalents | $ 41 | ||||||
2.125% Exchangeable Senior Debentures Due 2048 | Liberty Sirius XM Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | |||||
1.375% Cash Convertible Senior Notes Due 2023 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||
1% Cash Convertible Notes Due 2023 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | |||||
2.25% Exchangeable Senior Debentures due 2046 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||
2.25% Exchangeable Senior Debentures due 2048 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, shares in Millions, $ in Millions | Feb. 01, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($) |
Acquisition | ||
Cash Acquired from Acquisition | $ 313 | |
SIRIUS XM Holdings | Pandora | ||
Acquisition | ||
Total consideration | $ 2,400 | |
Number of shares of common stock issued for each share of acquired entity's stock | 1.44 | |
Cash Acquired from Acquisition | $ 313 | |
Common stock issued | shares | 392 | |
Price per share of Sirius XM Holdings common stock | $ / shares | $ 5.83 | |
Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions | $ 2,285 | |
Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service | 70 | |
Sirius XM Holdings's Pandora preferred stock investment cancelled | 524 | |
Total consideration | $ 2,879 | |
Pandora | Pandora | ||
Acquisition | ||
Shares outstanding | shares | 272 |
Acquisitions - PPA (Details)
Acquisitions - PPA (Details) - USD ($) $ in Millions | Feb. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Acquisitions | ||||
Goodwill | $ 19,948 | $ 19,948 | $ 18,386 | |
Acquisition and other related costs | 7 | 83 | ||
SIRIUS XM Holdings | Pandora | ||||
Acquisitions | ||||
Cash and cash equivalents | $ 313 | |||
Trade and other receivables, net | 353 | |||
Other current assets | 109 | |||
Property and equipment | 41 | |||
Goodwill | 1,562 | |||
Intangible assets not subject to amortization | 331 | |||
Intangibles subject to amortization, net | 800 | |||
Other assets | 178 | |||
Accounts payable and accrued liabilities | (306) | |||
Current portion of debt | (151) | |||
Deferred revenue | (37) | |||
Other current liabilities | (27) | |||
Long-term debt (a) | (218) | |||
Other liabilities | (69) | |||
Acquisition price allocation | 2,879 | |||
Convertible notes | 62 | |||
Acquired goodwill expected tax deductible amount | 0 | |||
Operating loss carryforwards | $ 1,199 | |||
Acquisition and other related costs | 7 | 83 | ||
Amounts of revenue since the acquisition date | 441 | 692 | ||
Net loss since the acquisition date | $ (56) | $ (178) | ||
SIRIUS XM Holdings | Pandora | Customer relationships | ||||
Acquisitions | ||||
Estimated weighted average useful lives | 8 years | |||
SIRIUS XM Holdings | Pandora | Software And Technology | ||||
Acquisitions | ||||
Estimated weighted average useful lives | 5 years |
Acquisitions Pro Forma (Details
Acquisitions Pro Forma (Details) - Pandora - SIRIUS XM Holdings - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Acquisitions | ||||
Revenue | $ 2,807 | $ 2,586 | $ 4,935 | $ 4,425 |
Net earnings (loss) | 194 | 81 | 86 | 177 |
Net earnings (loss) attributable to Liberty stockholders | $ 118 | $ 48 | $ (27) | $ 99 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock-Based Compensation | ||||
Stock-based compensation | $ 76 | $ 53 | $ 141 | $ 99 |
Programming and content | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 7 | 10 | 14 | 18 |
Customer service and billing | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 1 | 1 | 2 | 2 |
Other | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 2 | 2 | 3 | 3 |
Other operating expense | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 13 | 4 | 22 | 8 |
Selling, general and administrative | ||||
Stock-Based Compensation | ||||
Stock-based compensation | $ 53 | $ 36 | $ 100 | $ 68 |
Stock-Based Compensation - Gran
Stock-Based Compensation - Grants of stock options (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Stock-Based Compensation | |
Dividend rate | 0.00% |
Performance based RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
Vesting period | 1 year |
Liberty Sirius XM Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Liberty Sirius XM Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Liberty Sirius XM Group | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 491,000 |
Liberty Sirius XM Group | CEO | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 491,000 |
Weighted average GDFV | $ / shares | $ 11.21 |
Braves Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Braves Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Braves Group | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 7,000 |
Braves Group | CEO | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 7,000 |
Weighted average GDFV | $ / shares | $ 7.62 |
Braves Group | RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 40,000 |
Performance based restricted stock unit grant date fair value | $ / shares | $ 27.73 |
Braves Group | Performance based RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 38,000 |
Formula One Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Formula One Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Formula One Group | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 2,231,000 |
Formula One Group | CEO | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 226,000 |
Weighted average GDFV | $ / shares | $ 9.79 |
Formula One Group | Formula 1 employees | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 2,005,000 |
Weighted average GDFV | $ / shares | $ 9.79 |
Vesting period | 1 year |
Formula One Group | RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 72,000 |
Performance based restricted stock unit grant date fair value | $ / shares | $ 33.94 |
Formula One Group | Performance based RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 60,000 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Additional disclosures | |
Total unrecognized compensation cost related to unvested equity awards | $ | $ 28 |
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 4 months 24 days |
Liberty Sirius XM Group | |
Additional disclosures | |
Common stock reserved for issuance | 13,100,000 |
Liberty Sirius XM Group | Common Class A | |
Number of options | |
Outstanding at beginning of period | 1,403,000 |
Granted | 0 |
Exercised | (93,000) |
Outstanding at end of period | 1,310,000 |
Exercisable at end of period | 1,310,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 19.84 |
Exercised | $ / shares | 19.98 |
Outstanding at end of period | $ / shares | 19.83 |
Exercisable at end of period | $ / shares | $ 19.83 |
Additional disclosures | |
Weighted average remaining life, outstanding | 6 months |
Weighted average remaining life, exercisable | 6 months |
Aggregate intrinsic value, outstanding | $ | $ 24 |
Aggregate intrinsic value, exercisable | $ | $ 24 |
Liberty Sirius XM Group | Common Class C | |
Number of options | |
Outstanding at beginning of period | 11,495,000 |
Granted | 491,000 |
Exercised | (143,000) |
Forfeited/Cancelled | (6,000) |
Outstanding at end of period | 11,837,000 |
Exercisable at end of period | 8,048,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 28.85 |
Granted | $ / shares | 40.53 |
Exercised | $ / shares | 21.89 |
Forfeited/Cancelled | $ / shares | 33.29 |
Outstanding at end of period | $ / shares | 29.42 |
Exercisable at end of period | $ / shares | $ 28.55 |
Additional disclosures | |
Weighted average remaining life, outstanding | 3 years |
Weighted average remaining life, exercisable | 2 years 8 months 12 days |
Aggregate intrinsic value, outstanding | $ | $ 106 |
Aggregate intrinsic value, exercisable | $ | $ 79 |
Braves Group | |
Additional disclosures | |
Common stock reserved for issuance | 1,400,000 |
Braves Group | Common Class A | |
Number of options | |
Outstanding at beginning of period | 177,000 |
Granted | 0 |
Exercised | (21,000) |
Outstanding at end of period | 156,000 |
Exercisable at end of period | 156,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 11.44 |
Exercised | $ / shares | 11.52 |
Outstanding at end of period | $ / shares | 11.43 |
Exercisable at end of period | $ / shares | $ 11.43 |
Additional disclosures | |
Weighted average remaining life, outstanding | 6 months |
Weighted average remaining life, exercisable | 6 months |
Aggregate intrinsic value, outstanding | $ | $ 3 |
Aggregate intrinsic value, exercisable | $ | $ 3 |
Braves Group | Common Class C | |
Number of options | |
Outstanding at beginning of period | 1,276,000 |
Granted | 7,000 |
Exercised | (54,000) |
Forfeited/Cancelled | (1,000) |
Outstanding at end of period | 1,228,000 |
Exercisable at end of period | 884,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 16.58 |
Granted | $ / shares | 27.73 |
Exercised | $ / shares | 11.67 |
Forfeited/Cancelled | $ / shares | 19.55 |
Outstanding at end of period | $ / shares | 16.86 |
Exercisable at end of period | $ / shares | $ 16.73 |
Additional disclosures | |
Weighted average remaining life, outstanding | 2 years 10 months 24 days |
Weighted average remaining life, exercisable | 2 years 8 months 12 days |
Aggregate intrinsic value, outstanding | $ | $ 14 |
Aggregate intrinsic value, exercisable | $ | $ 10 |
Formula One Group | |
Additional disclosures | |
Common stock reserved for issuance | 9,200,000 |
Formula One Group | Common Class A | |
Number of options | |
Outstanding at beginning of period | 360,000 |
Granted | 0 |
Exercised | (29,000) |
Outstanding at end of period | 331,000 |
Exercisable at end of period | 331,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 11.71 |
Exercised | $ / shares | 12.05 |
Outstanding at end of period | $ / shares | 11.68 |
Exercisable at end of period | $ / shares | $ 11.68 |
Additional disclosures | |
Weighted average remaining life, outstanding | 6 months |
Weighted average remaining life, exercisable | 6 months |
Aggregate intrinsic value, outstanding | $ | $ 8 |
Aggregate intrinsic value, exercisable | $ | $ 8 |
Formula One Group | Common Class C | |
Number of options | |
Outstanding at beginning of period | 6,684,000 |
Granted | 2,231,000 |
Exercised | (22,000) |
Forfeited/Cancelled | (2,000) |
Outstanding at end of period | 8,891,000 |
Exercisable at end of period | 5,884,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 26.92 |
Granted | $ / shares | 33.94 |
Exercised | $ / shares | 17.06 |
Forfeited/Cancelled | $ / shares | 26.01 |
Outstanding at end of period | $ / shares | 28.70 |
Exercisable at end of period | $ / shares | $ 28.40 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years 9 months 18 days |
Weighted average remaining life, exercisable | 4 years 4 months 24 days |
Aggregate intrinsic value, outstanding | $ | $ 77 |
Aggregate intrinsic value, exercisable | $ | $ 53 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 162 | $ 99 | ||
Total unrecognized compensation cost related to unvested equity awards | $ 28 | $ 28 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 4 months 24 days | |||
SIRIUS XM Holdings | ||||
Stock-Based Compensation | ||||
Outstanding options | 252 | 252 | ||
Exercisable options | 151 | 151 | ||
Outstanding WAEP | $ 4.32 | $ 4.32 | ||
Exercisable WAEP | $ 3.72 | $ 3.72 | ||
Aggregate intrinsic value, outstanding | $ 354 | $ 354 | ||
Aggregate intrinsic value, exercisable | 284 | 284 | ||
Stock-based compensation expense | 57 | $ 36 | 106 | $ 70 |
Total unrecognized compensation cost related to unvested equity awards | $ 406 | $ 406 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 10 months 24 days | |||
SIRIUS XM Holdings | Pandora | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 21 | |||
SIRIUS XM Holdings | RSUs | ||||
Stock-Based Compensation | ||||
RSUs granted | 12 | |||
RSUs GDFV | $ 5.84 | |||
SIRIUS XM Holdings | RSUs | Pandora | ||||
Stock-Based Compensation | ||||
RSUs granted | 48 | |||
RSUs GDFV | $ 5.83 |
Earnings Attributable to Libe_3
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Oct. 17, 2013 | |
Liberty Sirius XM Group | |||||
Weighted average outstanding shares of common stock | |||||
Basic WASO | 319,000,000 | 333,000,000 | 321,000,000 | 335,000,000 | |
Potentially dilutive shares | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |
Diluted WASO | 323,000,000 | 337,000,000 | 325,000,000 | 339,000,000 | |
Liberty Sirius XM Group | Common Class A | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,000,000 | 22,000,000 | |||
Braves Group | |||||
Weighted average outstanding shares of common stock | |||||
Basic WASO | 51,000,000 | 51,000,000 | 51,000,000 | 51,000,000 | |
Potentially dilutive shares | 10,000,000 | 9,000,000 | 10,000,000 | 9,000,000 | |
Diluted WASO | 61,000,000 | 60,000,000 | 61,000,000 | 60,000,000 | |
Diluted earnings per share calculation for the unrealized gain or loss | |||||
Basic earnings (loss) attributable to Liberty Braves stockholders | $ 26 | $ (2) | $ (45) | $ (54) | |
Unrealized gain loss on the intergroup interest | 2 | 28 | 28 | 33 | |
Diluted earnings (loss) attributable to Liberty Braves stockholders | $ 28 | $ 26 | $ (17) | $ (21) | |
Braves Group | Common Class A | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,000,000 | 2,000,000 | |||
Formula One Group | |||||
Weighted average outstanding shares of common stock | |||||
Basic WASO | 231,000,000 | 231,000,000 | 231,000,000 | 231,000,000 | |
Potentially dilutive shares | 2,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | |
Diluted WASO | 233,000,000 | 232,000,000 | 233,000,000 | 232,000,000 | |
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | 1.375% | ||
Formula One Group | Common Class A | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000,000 | 5,000,000 | |||
Formula 1 | Braves Group | Common Class C | |||||
Investment owned shares | |||||
Investment Owned, Balance, Shares | 9,084,940 | 9,084,940 |
Assets And Liabilities Measur_3
Assets And Liabilities Measured At Fair Value (Details) - Recurring - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | $ 354 | $ 231 |
Debt and equity securities | 361 | 1,195 |
Financial instrument assets | 320 | 280 |
Debt | 2,723 | 2,487 |
Level 1 | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 354 | 231 |
Debt and equity securities | 263 | 228 |
Financial instrument assets | 28 | 21 |
Level 2 | ||
Assets and Liabilities Measured at Fair Value | ||
Debt and equity securities | 98 | 967 |
Financial instrument assets | 292 | 259 |
Debt | $ 2,723 | $ 2,487 |
Assets And Liabilities Measur_4
Assets And Liabilities Measured At Fair Value - Realized and Unrealized Gains (Losses) on Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Oct. 17, 2013 | |
Assets and Liabilities Measured at Fair Value | |||||
Realized and unrealized gains (losses) on financial instruments, net | $ (87) | $ 58 | $ (185) | $ 211 | |
Formula One Group | |||||
Assets and Liabilities Measured at Fair Value | |||||
Realized and unrealized gains (losses) on financial instruments, net | $ (100) | (4) | $ (197) | 91 | |
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||
Assets and Liabilities Measured at Fair Value | |||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | 1.375% | ||
Debt and equity securities | |||||
Assets and Liabilities Measured at Fair Value | |||||
Realized and unrealized gains (losses) on financial instruments, net | $ 40 | 84 | $ 71 | 158 | |
Debt measured at fair value | |||||
Assets and Liabilities Measured at Fair Value | |||||
Realized and unrealized gains (losses) on financial instruments, net | (71) | (133) | (233) | (103) | |
Change in Fair Value of Bond Hedges | |||||
Assets and Liabilities Measured at Fair Value | |||||
Realized and unrealized gains (losses) on financial instruments, net | (12) | 97 | 39 | 117 | |
Other derivatives | |||||
Assets and Liabilities Measured at Fair Value | |||||
Realized and unrealized gains (losses) on financial instruments, net | $ (44) | $ 10 | $ (62) | $ 39 |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 1,694 | $ 1,641 |
Liberty Sirius XM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 649 | 629 |
Liberty Sirius XM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 70.00% | |
Investments in affiliates | $ 639 | 613 |
Liberty Sirius XM Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 10 | 16 |
Braves Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 103 | 92 |
Braves Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 103 | 92 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 942 | 920 |
Formula One Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 33.00% | |
Fair value | $ 4,614 | |
Investments in affiliates | 756 | 743 |
Formula One Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 186 | $ 177 |
Investments In Affiliates Acc_4
Investments In Affiliates Accounted For Using The Equity Method - Share Of Earnings (Losses) Of Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | $ 34 | $ 22 | $ 14 | $ 14 |
Liberty Sirius XM Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (7) | (1) | (11) | |
Liberty Sirius XM Group | Sirius XM Canada | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (1) | (1) | 2 | |
Liberty Sirius XM Group | Other | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (6) | (13) | ||
Braves Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 7 | 3 | 9 | 6 |
Braves Group | Other | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 7 | 3 | 9 | 6 |
Formula One Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 34 | 20 | 16 | 8 |
Formula One Group | Live Nation | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 30 | 19 | 7 | 3 |
Formula One Group | Other | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | $ 4 | $ 1 | $ 9 | $ 5 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) shares in Millions, $ in Millions | May 25, 2017 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)itemshares | Jun. 30, 2018USD ($) | Jun. 30, 2019$ / shares |
SIRIUS XM Holdings | Sirius XM Canada | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Due from related parties current assets | $ 11 | $ 11 | ||||
Due to related parties current | 4 | 4 | ||||
Due to related parties non current | 2 | 2 | ||||
Revenue from related parties | $ 24 | $ 23 | $ 48 | $ 47 | ||
SIRIUS XM Holdings | Sirius XM Canada | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Percentage ownership | 70.00% | 70.00% | ||||
Equity Method Investment Voting Interest | 33.00% | |||||
Equity method investment, number of preferred shares owned | shares | 591 | |||||
Preferred stock, liquidation preference per share | $ / shares | $ 1 | |||||
Gross Dividends | $ 1 | |||||
SIRIUS XM Holdings | Sirius XM Canada | Services Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Related party transaction agreement term | 30 years | |||||
SIRIUS XM Holdings | Sirius XM Canada | Services Agreement, Years 1 through 5 | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Gross revenue percentage | 25.00% | |||||
SIRIUS XM Holdings | Sirius XM Canada | Services Agreement Due Thereafter | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Gross revenue percentage | 30.00% | |||||
SIRIUS XM Holdings | Sirius XM Canada | Advisory Services Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Related party transaction agreement term | 30 years | |||||
Gross revenue percentage | 5.00% | |||||
SIRIUS XM Holdings | Sirius XM Canada | Related Party 7.62% Loan | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Notes receivable, related parties, non current | $ 131 | $ 131 | ||||
SIRIUS XM Holdings | Sirius XM Canada | Maximum | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Gross Dividends | $ 1 | $ 1 | $ 1 | |||
Sirius XM Canada | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Number of previous shareholders who hold remainder of voting power | item | 2 |
Intangible Assets - Goodwill Ro
Intangible Assets - Goodwill Rollforward (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill | |
Goodwill, Beginning Balance | $ 18,386 |
Acquisitions | 1,562 |
Goodwill, Ending Balance | 19,948 |
SIRIUS XM Holdings | |
Goodwill | |
Goodwill, Beginning Balance | 14,250 |
Acquisitions | 1,562 |
Goodwill, Ending Balance | 15,812 |
Formula 1 | |
Goodwill | |
Goodwill, Beginning Balance | 3,956 |
Goodwill, Ending Balance | 3,956 |
Other | |
Goodwill | |
Goodwill, Beginning Balance | 180 |
Goodwill, Ending Balance | $ 180 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Not Subject to Amortization (Details) $ in Millions | Feb. 01, 2019USD ($) |
SIRIUS XM Holdings | Pandora | Trade Names | |
Intangible Assets | |
Intangibles not subject to amortization | $ 331 |
Intangible Assets - Intangibl_2
Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Intangible Assets | ||
Gross carrying amount | $ 8,563 | $ 7,677 |
Accumulated amortization | (2,341) | (1,962) |
Net carrying amount | 6,222 | 5,715 |
FIA Agreement | ||
Intangible Assets | ||
Gross carrying amount | 3,630 | 3,630 |
Accumulated amortization | (445) | (346) |
Net carrying amount | 3,185 | 3,284 |
Customer relationships | ||
Intangible Assets | ||
Gross carrying amount | 3,086 | 2,684 |
Accumulated amortization | (957) | (795) |
Net carrying amount | 2,129 | 1,889 |
Licensing agreements | ||
Intangible Assets | ||
Gross carrying amount | 316 | 316 |
Accumulated amortization | (173) | (162) |
Net carrying amount | 143 | 154 |
Other | ||
Intangible Assets | ||
Gross carrying amount | 1,531 | 1,047 |
Accumulated amortization | (766) | (659) |
Net carrying amount | $ 765 | $ 388 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Intangible Assets | ||||
Amortization of Intangible Assets | $ 207 | $ 168 | $ 389 | $ 322 |
Remainder of 2019 | 432 | 432 | ||
2020 | 805 | 805 | ||
2021 | 614 | 614 | ||
2022 | 577 | 577 | ||
2023 | $ 539 | $ 539 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Feb. 01, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Oct. 17, 2013 |
Debt Instrument | ||||||||
Outstanding principal | $ 14,269 | |||||||
Total debt | 14,424 | $ 13,388 | ||||||
Debt classified as current | (13) | $ (13) | (17) | |||||
Total long-term debt | 14,411 | $ 13,370 | 13,371 | |||||
Liberty Sirius XM Group | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 8,819 | |||||||
Deferred financing costs | (12) | (9) | ||||||
Total debt | 8,703 | 7,858 | ||||||
Total long-term debt | 8,703 | |||||||
Liberty Sirius XM Group | 2.125% Exchangeable Senior Debentures Due 2048 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 400 | |||||||
Total debt | $ 390 | 372 | ||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | ||||||
Liberty Sirius XM Group | Sirius XM Holdings Margin Loan | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 475 | |||||||
Total debt | 475 | 600 | ||||||
Liberty Sirius XM Group | Sirius XM 3.875% Senior Notes due 2022 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 1,000 | |||||||
Total debt | $ 994 | 994 | ||||||
Debt instrument interest rate (as a percent) | 3.875% | |||||||
Liberty Sirius XM Group | Sirius XM 4.625% Senior Notes Due 2023 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 500 | |||||||
Total debt | $ 497 | 497 | ||||||
Debt instrument interest rate (as a percent) | 4.625% | |||||||
Liberty Sirius XM Group | Sirius XM 6% Senior Notes Due 2024 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 1,500 | |||||||
Total debt | $ 1,490 | 1,490 | ||||||
Debt instrument interest rate (as a percent) | 6.00% | |||||||
Liberty Sirius XM Group | Sirius XM 5.375% Senior Notes Due 2025 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 1,000 | |||||||
Total debt | $ 993 | 992 | ||||||
Debt instrument interest rate (as a percent) | 5.375% | |||||||
Liberty Sirius XM Group | Sirius XM 5.375% Senior Notes due 2026 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 1,000 | |||||||
Total debt | $ 991 | 991 | ||||||
Debt instrument interest rate (as a percent) | 5.375% | |||||||
Liberty Sirius XM Group | Sirius XM 5.00% Senior Notes due 2027 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 1,500 | |||||||
Total debt | $ 1,488 | 1,487 | ||||||
Debt instrument interest rate (as a percent) | 5.00% | |||||||
Liberty Sirius XM Group | Sirius Xm 5.50 Senior Notes Due 2029 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 1,250 | |||||||
Total debt | $ 1,236 | |||||||
Debt instrument interest rate (as a percent) | 5.50% | |||||||
Liberty Sirius XM Group | Pandora 1.75% Convertible Senior Notes due 2020 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 1 | |||||||
Total debt | $ 1 | |||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | ||||||
Liberty Sirius XM Group | Pandora 1.75% Convertible Senior Notes due 2023 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 193 | |||||||
Total debt | $ 160 | |||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | ||||||
Liberty Sirius XM Group | Sirius XM Senior Secured Revolving Credit Facility | ||||||||
Debt Instrument | ||||||||
Total debt | 439 | |||||||
Liberty Sirius XM Group | Sirius XM Holdings leases | ||||||||
Debt Instrument | ||||||||
Total debt | 5 | |||||||
Braves Group | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 470 | |||||||
Deferred financing costs | (5) | (3) | ||||||
Total debt | 465 | 491 | ||||||
Debt classified as current | (13) | |||||||
Total long-term debt | 452 | |||||||
Braves Group | Notes and loans | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 470 | |||||||
Total debt | 470 | 494 | ||||||
Formula One Group | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 4,980 | |||||||
Deferred financing costs | (17) | (19) | ||||||
Total debt | 5,256 | 5,039 | ||||||
Total long-term debt | 5,256 | |||||||
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 1,000 | |||||||
Total debt | $ 1,122 | 1,062 | ||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 450 | |||||||
Total debt | $ 522 | 463 | ||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | ||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 211 | |||||||
Total debt | $ 248 | 209 | ||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | ||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048 | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 385 | |||||||
Total debt | $ 441 | $ 381 | ||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | ||||||
Formula One Group | Other Debt Obligations | ||||||||
Debt Instrument | ||||||||
Outstanding principal | $ 32 | |||||||
Total debt | 32 | $ 33 | ||||||
Formula One Group | Senior Loan Facility | ||||||||
Debt Instrument | ||||||||
Outstanding principal | 2,902 | |||||||
Total debt | $ 2,908 | $ 2,910 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Jun. 30, 2019USD ($)$ / sharesshares | Feb. 14, 2019 | Dec. 10, 2018USD ($) | Jun. 22, 2018USD ($)$ / sharesshares | Mar. 06, 2018USD ($)$ / sharesshares | Jan. 23, 2017USD ($)$ / shares | Apr. 15, 2016$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jul. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 18, 2019USD ($) | Feb. 01, 2019USD ($) | Aug. 17, 2016USD ($) | Oct. 17, 2013USD ($) |
1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities Basket price per share | $ / shares | $ 49.80 | $ 49.80 | |||||||||||||
Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities Basket price per share | $ / shares | $ 49.80 | $ 49.80 | |||||||||||||
Warrant expiration period | 81 days | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 61.16 | ||||||||||||||
Formula One Group | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.25 | ||||||||||||||
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | 1.375% | ||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | 1.00% | ||||||||||||
Principal amount | $ 450,000,000 | ||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | Common Class C | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 27.1091 | ||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 36.89 | ||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | ||||||||||||
Principal 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 | ||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | ||||||||||||
Principal amount | $ 385,000,000 | ||||||||||||||
Formula One Group | Live Nation Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 600,000,000 | $ 600,000,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | ||||||||||||||
Formula One Group | Live Nation Margin Loan | LIBOR | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||||||||||||||
Formula One Group | Minimum | Live Nation Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Increase in undrawn commitment fee (as percentage) | 0.75% | ||||||||||||||
Formula One Group | Maximum | Live Nation Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Increase in undrawn commitment fee (as percentage) | 0.85% | ||||||||||||||
Formula One Group | Live Nation | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Shares underlying the debentures | shares | 5,800,000 | ||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 66.28 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||
Formula One Group | Live Nation | Live Nation Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Shares Pledged As Collateral Under Loan | shares | 53,700,000 | 53,700,000 | |||||||||||||
Share value | $ 3,561,000,000 | $ 3,561,000,000 | |||||||||||||
Formula One Group | AT&T | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||
Debt Instrument | |||||||||||||||
Exchange Price of Shares Attributable to Debentures | $ / shares | $ 35.35 | ||||||||||||||
Shares underlying the debentures | shares | 6,110,000 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||
Formula One Group | Delta Topco | 1% Cash Convertible Notes Due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Consideration payable | $ 400,000,000 | ||||||||||||||
Formula One Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Forward contract, number of underlying shares | shares | 5,271,475 | ||||||||||||||
Formula One Group | Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Class of Warrant or Right, Outstanding | shares | 5,271,475 | ||||||||||||||
Liberty Sirius XM Group | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1 | ||||||||||||||
Liberty Sirius XM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | 2.125% | ||||||||||||
Principal amount | $ 400,000,000 | ||||||||||||||
Liberty Sirius XM Group | Sirius XM Holdings Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Effective interest rate | 4.38% | 4.38% | |||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 875,000,000 | $ 875,000,000 | |||||||||||||
Liberty Sirius XM Group | Sirius XM Holdings Margin Loan | LIBOR | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | ||||||||||||||
Liberty Sirius XM Group | Sirius XM Holdings Margin Loan | Term Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Principal amount | $ 250,000,000 | ||||||||||||||
Liberty Sirius XM Group | Sirius XM Holdings Margin Loan | Revolving Credit Facility | |||||||||||||||
Debt Instrument | |||||||||||||||
Principal amount | 500,000,000 | ||||||||||||||
Liberty Sirius XM Group | Sirius XM Holdings Margin Loan | Delayed Draw Term Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Principal amount | $ 600,000,000 | ||||||||||||||
Liberty Sirius XM Group | Sirius Xm 5.50 Senior Notes Due 2029 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | |||||||||||||
Liberty Sirius XM Group | Sirius XM 6% Senior Notes Due 2024 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 6.00% | 6.00% | |||||||||||||
Liberty Sirius XM Group | Pandora 1.75% Convertible Senior Notes due 2020 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | 1.75% | ||||||||||||
Liberty Sirius XM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | 1.75% | ||||||||||||
Liberty Sirius XM Group | Sirius XM Senior Secured Revolving Credit Facility | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.25% | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,749,000,000 | $ 1,749,000,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,750,000,000 | $ 1,750,000,000 | |||||||||||||
Liberty Sirius XM Group | SIRIUS XM Holdings | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Shares underlying the debentures | shares | 49,900,000 | ||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 8.02 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||
Liberty Sirius XM Group | SIRIUS XM Holdings | Sirius XM Holdings Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Shares Pledged As Collateral Under Loan | shares | 1,000,000,000 | 1,000,000,000 | |||||||||||||
Share value | $ 5,580,000,000 | $ 5,580,000,000 | |||||||||||||
Liberty Sirius XM Group | Pandora | Pandora 1.75% Convertible Senior Notes due 2020 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | ||||||||||||||
Principal amount | $ 152,000,000 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||
Repurchase amount | $ 151,000,000 | ||||||||||||||
Liberty Sirius XM Group | Pandora | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | ||||||||||||||
Principal amount | $ 193,000,000 | ||||||||||||||
Liberty Sirius XM Group | Pandora | Sirius XM Senior Secured Revolving Credit Facility | Letter of Credit | |||||||||||||||
Debt Instrument | |||||||||||||||
Reduction in future borrowing capacity | $ 1,000,000 | ||||||||||||||
Liberty Sirius XM Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Forward contract, number of underlying shares | shares | 21,085,900 | ||||||||||||||
Liberty Sirius XM Group | Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Class of Warrant or Right, Outstanding | shares | 21,085,900 | ||||||||||||||
Braves Group | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.1087 | 0.10 | 0.1087 | ||||||||||||
Braves Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Forward contract, number of underlying shares | shares | 2,292,037 | 2,108,590 | |||||||||||||
Braves Group | Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Class of Warrant or Right, Outstanding | shares | 2,292,037 | 2,108,590 | 2,292,037 | ||||||||||||
SIRIUS XM | Sirius Xm 5.50 Senior Notes Due 2029 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | |||||||||||||
Principal amount | $ 1,250,000,000 | $ 1,250,000,000 | |||||||||||||
SIRIUS XM | Sirius Xm 4.625 Senior Notes Due 2024 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 4.625% | ||||||||||||||
Principal amount | $ 1,500,000,000 | ||||||||||||||
SIRIUS XM Holdings | Sirius XM 6% Senior Notes Due 2024 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 6.00% |
Long-Term Debt - Braves Holding
Long-Term Debt - Braves Holdings Notes (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014a | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument | |||
Long term Debt | $ 14,424 | $ 13,388 | |
Braves Holdings | |||
Debt Instrument | |||
Area of land acquired (in acres) | a | 82 | ||
Long term Debt | $ 470 | 494 | |
Braves Holdings | Term Loan | |||
Debt Instrument | |||
Weighted average interest rate | 3.78% | ||
Long term Debt | $ 51 | 52 | |
Braves Holdings | Senior Secured Notes | |||
Debt Instrument | |||
Weighted average interest rate | 3.77% | ||
Long term Debt | $ 192 | 195 | |
Braves Holdings | Floating Rate Notes | |||
Debt Instrument | |||
Weighted average interest rate | 4.02% | ||
Long term Debt | $ 68 | 70 | |
Braves Holdings | Revolving Credit Facility | Operating Credit Facilities | |||
Debt Instrument | |||
Long term Debt | 17 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 185 | ||
Braves Holdings | Revolving Credit Facility | Mixed Use Credit Facilities and Loans | |||
Debt Instrument | |||
Weighted average interest rate | 4.49% | ||
Long term Debt | $ 159 | $ 160 | |
Line of Credit Facility, Maximum Borrowing Capacity | 298 | ||
Braves Holdings | Revolving Credit Facility | Spring Training Credit Facility | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 39 |
Long-Term Debt - Formula 1 (Det
Long-Term Debt - Formula 1 (Details) - USD ($) $ in Millions | May 23, 2019 | Jan. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Aug. 03, 2017 | Aug. 02, 2017 |
Debt Instrument | |||||||
Long term Debt | $ 14,424 | $ 13,388 | |||||
Repayments of Long-term Debt | 2,387 | $ 2,418 | |||||
Cash and Cash Equivalents, at Carrying Value | 697 | $ 358 | |||||
Formula 1 | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Debt Instrument Description Of Variable Rate Basis Reduction | 0.25% | ||||||
Formula 1 | LIBOR | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Formula 1 | Senior Loan Facility | |||||||
Debt Instrument | |||||||
Long term Debt | $ 2,900 | $ 2,900 | $ 3,300 | $ 3,100 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | $ 75 | |||||
Repayments of Long-term Debt | 400 | ||||||
Cash and Cash Equivalents, at Carrying Value | 150 | ||||||
Effective interest rate | 4.81% | ||||||
Formula 1 | Senior Loan Facility | Revolving Credit Facility | |||||||
Debt Instrument | |||||||
Line of Credit | $ 250 | $ 0 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500 | ||||||
Formula 1 | Senior Loan Facility | LIBOR | |||||||
Debt Instrument | |||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Formula 1 | Interest Rate Swap | Senior Loan Facility | |||||||
Debt Instrument | |||||||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 2,500 |
Long-Term Debt - Fair Value of
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Feb. 01, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt, measured at fair value | $ 2,723 | $ 2,487 | |
Liberty Sirius XM Group | Sirius XM 3.875% Senior Notes due 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 3.875% | ||
Long-term debt, measured at fair value | $ 1,005 | ||
Liberty Sirius XM Group | Sirius XM 4.625% Senior Notes Due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 4.625% | ||
Long-term debt, measured at fair value | $ 506 | ||
Liberty Sirius XM Group | Sirius XM 6% Senior Notes Due 2024 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 6.00% | ||
Long-term debt, measured at fair value | $ 1,546 | ||
Liberty Sirius XM Group | Sirius XM 5.375% Senior Notes Due 2025 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 5.375% | ||
Long-term debt, measured at fair value | $ 1,031 | ||
Liberty Sirius XM Group | Sirius XM 5.375% Senior Notes due 2026 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 5.375% | ||
Long-term debt, measured at fair value | $ 1,038 | ||
Liberty Sirius XM Group | Sirius XM 5.0% Senior Notes due 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 5.00% | ||
Long-term debt, measured at fair value | $ 1,521 | ||
Liberty Sirius XM Group | Sirius Xm 5.50 Senior Notes Due 2029 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 5.50% | ||
Long-term debt, measured at fair value | $ 1,280 | ||
Liberty Sirius XM Group | Pandora 1.75% Convertible Senior Notes due 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | |
Long-term debt, measured at fair value | $ 1 | ||
Liberty Sirius XM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | |
Long-term debt, measured at fair value | $ 214 |
Leases - Effect of adoption (De
Leases - Effect of adoption (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Assets | |||
Other current assets | $ 385 | $ 358 | $ 360 |
Property and equipment, at cost | 3,630 | 3,394 | 3,765 |
Accumulated depreciation | (1,419) | (1,281) | (1,296) |
Other assets | 1,689 | 2,257 | 1,861 |
Liabilities | |||
Current portion of debt | 13 | 13 | 17 |
Other current liabilities | 97 | 68 | 32 |
Long-term debt | 14,411 | 13,370 | 13,371 |
Other long-term liabilities | 1,011 | 873 | 864 |
Retained earnings | $ 13,600 | 13,642 | $ 13,644 |
Practical expedients to not reassess | true | ||
Practical expedient entities to use hindsight | true | ||
Practical expedient single component | true | ||
Operating lease, existence of option to extend | true | ||
Finance lease, existence of option to extend | true | ||
Operating lease, existence of option to terminate | true | ||
Finance lease, existence of option to terminate | true | ||
Minimum | |||
Liabilities | |||
Operating lease, remaining lease term | 1 year | ||
Finance lease, remaining lease term | 1 year | ||
Maximum | |||
Liabilities | |||
Operating lease, remaining lease term | 40 years | ||
Finance lease, remaining lease term | 40 years | ||
Option to extend period - Operating | 10 years | ||
Option to extend period - Finance | 10 years | ||
Operating lease, terminate term | 1 year | ||
Finance lease, terminate term | 1 year | ||
ASU 2016-02 | Adjustment | |||
Assets | |||
Other current assets | (2) | ||
Property and equipment, at cost | (371) | ||
Accumulated depreciation | 15 | ||
Other assets | 396 | ||
Liabilities | |||
Current portion of debt | (4) | ||
Other current liabilities | 36 | ||
Long-term debt | (1) | ||
Other long-term liabilities | 9 | ||
Retained earnings | $ (2) |
Leases - Components of lease ex
Leases - Components of lease expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Finance lease cost | ||
Depreciation of leased assets | $ 16 | $ 18 |
Interest on lease liabilities | 2 | 3 |
Total finance lease cost | 18 | 21 |
Operating lease cost | 25 | 44 |
Sublease income | (1) | (2) |
Total lease cost | $ 42 | $ 63 |
Leases - Weighted average lease
Leases - Weighted average lease term and discount rate (Details) | Jun. 30, 2019 |
Leases | |
Weighted-average remaining lease term - finance leases (years) | 29 years 7 months 6 days |
Weighted-average remaining lease term - operating leases (years) | 10 years 1 month 6 days |
Weighted-average discount rate - finance leases | 4.60% |
Weighted-average discount rate - operating leases | 5.20% |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information related to leases (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases | |||
Operating lease right-of-use assets | $ 487 | ||
Operating lease right-of-use assets location | us-gaap:OtherAssetsNoncurrent | ||
Current operating lease liabilities | $ 54 | ||
Current operating lease liabilities location | us-gaap:OtherLiabilitiesCurrent | ||
Operating lease liabilities | $ 457 | ||
Operating lease liabilities location | us-gaap:OtherLiabilitiesNoncurrent | ||
Total operating lease liabilities | $ 511 | ||
Property and equipment, at cost | 3,630 | $ 3,394 | $ 3,765 |
Accumulated depreciation | (1,419) | $ (1,281) | (1,296) |
Property and equipment, net | 2,211 | $ 2,469 | |
Current finance lease liabilities | $ 9 | ||
Current finance lease liabilities location | us-gaap:OtherLiabilitiesCurrent | ||
Finance lease noncurrent liabilities | $ 119 | ||
Finance lease liabilities location | us-gaap:OtherLiabilitiesNoncurrent | ||
Total finance lease liabilities | $ 128 | ||
Finance Leases | |||
Leases | |||
Property and equipment, at cost | 494 | ||
Accumulated depreciation | (85) | ||
Property and equipment, net | $ 409 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating lease | $ 42 |
Financing cash flows from finance leases | 8 |
Right-of-use assets obtained in exchange for lease obligations- operating leases | $ 36 |
Leases - Finance leases and Ope
Leases - Finance leases and Operating leases (Details) $ in Millions | Jun. 30, 2019USD ($) |
Finance leases | |
Remainder of 2019 | $ 5 |
2020 | 11 |
2021 | 10 |
2022 | 9 |
2023 | 9 |
Thereafter | 173 |
Total lease payments | 217 |
Less: imputed interest | 89 |
Total finance lease liabilities | 128 |
Operating leases | |
Remainder of 2019 | 33 |
2020 | 81 |
2021 | 69 |
2022 | 65 |
2023 | 62 |
Thereafter | 351 |
Total lease payments | 661 |
Less: implied interest | 150 |
Total operating lease liabilities | $ 511 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Mar. 13, 2017 | Jun. 30, 2019 |
Commitments and Contingencies | ||
Compensation guarantee aggregate total | $ 361,000,000 | |
Amounts payable under guarantee in 2019 | 155,000,000 | |
Amounts payable under guarantee in 2020 | 40,000,000 | |
Amounts payable under guarantee in 2021 | 43,000,000 | |
Amounts payable under guarantee in 2022 | 20,000,000 | |
Amounts payable under guarantee thereafter | 103,000,000 | |
Pending Litigation | Telephone Consumer Protection Act Of 1991 Lawsuit | SIRIUS XM Holdings | ||
Commitments and Contingencies | ||
Loss Contingency Damages Sought Per Violation | $ 500 | |
Settled Litigation | Telephone Consumer Protection Act Of 1991 Lawsuit | SIRIUS XM Holdings | ||
Commitments and Contingencies | ||
Litigation settlement to other party | $ 25,000,000 | |
Period of no cost service to class members and not active subscribers | 3 months | |
Maximum | Pending Litigation | Telephone Consumer Protection Act Of 1991 Lawsuit | SIRIUS XM Holdings | ||
Commitments and Contingencies | ||
Loss Contingency Damages Sought Value Per Willful Violation | $ 1,500 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) | 6 Months Ended |
Jun. 30, 2019item | |
SIRIUS XM | |
Information About Liberty's Operating Segments | |
Number of satellite systems | 2 |
Formula 1 | |
Information About Liberty's Operating Segments | |
Duration of World Championship | 9 months |
SIRIUS XM Holdings | |
Information About Liberty's Operating Segments | |
Number of complementary audio entertainment business | 2 |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Information About Liberty's Operating Segments | ||||
Revenue | $ 2,805 | $ 2,199 | $ 4,817 | $ 3,716 |
Liberty Sirius XM Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,977 | 1,432 | 3,721 | 2,807 |
Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 208 | 182 | 230 | 210 |
Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 620 | 585 | 866 | 699 |
SIRIUS XM Holdings revenue | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,977 | 1,432 | 3,721 | 2,807 |
SIRIUS XM Holdings revenue | Liberty Sirius XM Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,977 | 1,432 | 3,721 | 2,807 |
SIRIUS XM Holdings revenue | Liberty Sirius XM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,537 | 1,304 | 2,995 | 2,562 |
Advertising | Liberty Sirius XM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 358 | 47 | 567 | 89 |
Equipment | Liberty Sirius XM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 41 | 37 | 82 | 72 |
Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 620 | 585 | 866 | 699 |
Formula 1 | Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 620 | 585 | 866 | 699 |
Formula 1 | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 531 | 491 | 729 | 576 |
Other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 208 | 182 | 230 | 210 |
Other | Liberty Sirius XM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 41 | 44 | 77 | 84 |
Other | Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 208 | 182 | 230 | 210 |
Other | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 89 | 94 | 137 | 123 |
Baseball | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 198 | 172 | 212 | 192 |
Development | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | $ 10 | $ 10 | $ 18 | $ 18 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Information About Liberty's Operating Segments | ||
Deferred revenue | $ 2,356 | $ 2,079 |
Liberty Sirius XM Group | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 1,974 | |
Formula One and Braves Holdings | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 382 | $ 154 |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 1,130 | |
Expected timing of satisfaction period | 6 months | |
Formula One and Braves Holdings | 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 | $ 1,892 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | 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 | $ 1,425 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 3,726 | |
Expected timing of satisfaction period | 72 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 273 | |
Expected timing of satisfaction period | 96 months |
Information About Liberty's O_6
Information About Liberty's Operating Segments - OBIDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | $ 815 | $ 727 | $ 1,429 | $ 1,216 |
Liberty Sirius XM Group | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 618 | 536 | 1,206 | 1,061 |
Liberty Sirius XM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 622 | 542 | 1,212 | 1,072 |
Liberty Sirius XM Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (4) | (6) | (6) | (11) |
Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 61 | 63 | 28 | 28 |
Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 61 | 63 | 28 | 28 |
Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 136 | 128 | 195 | 127 |
Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 145 | 134 | 210 | 137 |
Formula One Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | $ (9) | $ (6) | $ (15) | $ (10) |
Information About Liberty's O_7
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 43,700 | $ 40,828 | |
Investments in affiliates | 1,694 | 1,641 | |
Capital expenditures | 221 | $ 191 | |
Elimination | |||
Segment Reporting Information [Line Items] | |||
Total assets | (309) | ||
Liberty Sirius XM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 31,162 | ||
Investments in affiliates | 649 | 629 | |
Capital expenditures | 160 | 174 | |
Liberty Sirius XM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 159 | ||
Liberty Sirius XM Group | SIRIUS XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 31,003 | ||
Investments in affiliates | 649 | ||
Capital expenditures | 160 | ||
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,549 | ||
Investments in affiliates | 103 | 92 | |
Capital expenditures | 50 | 14 | |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,549 | ||
Investments in affiliates | 103 | ||
Capital expenditures | 50 | ||
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,298 | ||
Investments in affiliates | 942 | $ 920 | |
Capital expenditures | 11 | $ 3 | |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,128 | ||
Investments in affiliates | 942 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 9,170 | ||
Capital expenditures | $ 11 |
Information About Liberty's O_8
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Information About Liberty's Operating Segments | ||||
Consolidated segment Adjusted OIBDA | $ 815 | $ 727 | $ 1,429 | $ 1,216 |
Legal settlement (note 11) | (69) | (25) | (69) | |
Stock-based compensation | (76) | (53) | (141) | (99) |
Acquisition and other related costs (note 3) | (7) | (83) | ||
Depreciation and amortization | (271) | (231) | (519) | (447) |
Operating income (loss) | 461 | 374 | 661 | 601 |
Interest expense | (167) | (153) | (326) | (303) |
Share of earnings (losses) of affiliates, net | 34 | 22 | 14 | 14 |
Realized and unrealized gains (losses) on financial instruments, net | (87) | 58 | (185) | 211 |
Other, net | 21 | 21 | 29 | 27 |
Earnings (loss) before income taxes | $ 262 | $ 322 | $ 193 | $ 550 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 697 | $ 358 | |
Trade and other receivables, net | 849 | 364 | |
Other current assets | 385 | $ 358 | 360 |
Total current assets | 1,931 | 1,082 | |
Investments in affiliates, accounted for using the equity method | 1,694 | 1,641 | |
Property and equipment, at cost | 3,630 | 3,394 | 3,765 |
Accumulated depreciation | (1,419) | (1,281) | (1,296) |
Property and equipment, net | 2,211 | 2,469 | |
Goodwill | 19,948 | 18,386 | |
FCC licenses | 8,600 | 8,600 | |
Other | 1,405 | 1,074 | |
Intangible assets not subject to amortization | 29,953 | 28,060 | |
Intangible assets subject to amortization, net | 6,222 | 5,715 | |
Other assets | 1,689 | 2,257 | 1,861 |
Total assets | 43,700 | 40,828 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 1,507 | 1,116 | |
Current portion of debt | 13 | 13 | 17 |
Deferred revenue | 2,356 | 2,079 | |
Other current liabilities | 97 | 68 | 32 |
Total current liabilities | 3,973 | 3,244 | |
Total long-term debt | 14,411 | 13,370 | 13,371 |
Deferred income tax liabilities | 1,824 | 1,651 | |
Other liabilities | 1,011 | $ 873 | 864 |
Total liabilities | 21,219 | 19,130 | |
Stockholders' equity: | |||
Total stockholders' equity | 16,596 | 16,595 | |
Noncontrolling interests in equity of subsidiaries | 5,885 | 5,103 | |
Total liabilities and equity | 43,700 | 40,828 | |
Liberty Sirius XM Group | |||
Current assets: | |||
Cash and cash equivalents | 236 | ||
Trade and other receivables, net | 628 | ||
Other current assets | 239 | ||
Total current assets | 1,103 | ||
Investments in affiliates, accounted for using the equity method | 649 | 629 | |
Property and equipment, at cost | 2,592 | ||
Accumulated depreciation | (1,223) | ||
Property and equipment, net | 1,369 | ||
Goodwill | 15,812 | ||
FCC licenses | 8,600 | ||
Other | 1,262 | ||
Intangible assets not subject to amortization | 25,674 | ||
Intangible assets subject to amortization, net | 1,656 | ||
Other assets | 711 | ||
Total assets | 31,162 | ||
Current liabilities: | |||
Accounts payable and accrued liabilities | 1,220 | ||
Deferred revenue | 1,974 | ||
Other current liabilities | 71 | ||
Total current liabilities | 3,265 | ||
Total long-term debt | 8,703 | ||
Deferred income tax liabilities | 1,809 | ||
Other liabilities | 653 | ||
Total liabilities | 14,430 | ||
Stockholders' equity: | |||
Total stockholders' equity | 10,842 | ||
Noncontrolling interests in equity of subsidiaries | 5,890 | ||
Total liabilities and equity | 31,162 | ||
Braves Group | |||
Current assets: | |||
Cash and cash equivalents | 127 | ||
Trade and other receivables, net | 83 | ||
Other current assets | 44 | ||
Total current assets | 254 | ||
Investments in affiliates, accounted for using the equity method | 103 | 92 | |
Property and equipment, at cost | 857 | ||
Accumulated depreciation | (105) | ||
Property and equipment, net | 752 | ||
Goodwill | 180 | ||
Other | 143 | ||
Intangible assets not subject to amortization | 323 | ||
Intangible assets subject to amortization, net | 44 | ||
Other assets | 73 | ||
Total assets | 1,549 | ||
Current liabilities: | |||
Intergroup payable (receivable) | (8) | ||
Accounts payable and accrued liabilities | 62 | ||
Current portion of debt | 13 | ||
Deferred revenue | 95 | ||
Other current liabilities | 8 | ||
Total current liabilities | 170 | ||
Total long-term debt | 452 | ||
Deferred income tax liabilities | 70 | ||
Redeemable intergroup interest | 254 | ||
Other liabilities | 200 | ||
Total liabilities | 1,146 | ||
Stockholders' equity: | |||
Total stockholders' equity | 411 | ||
Noncontrolling interests in equity of subsidiaries | (8) | ||
Total liabilities and equity | 1,549 | ||
Formula One Group | |||
Current assets: | |||
Cash and cash equivalents | 334 | ||
Trade and other receivables, net | 138 | ||
Other current assets | 102 | ||
Total current assets | 574 | ||
Intergroup interest in the Liberty Braves Group | 254 | ||
Investments in affiliates, accounted for using the equity method | 942 | $ 920 | |
Property and equipment, at cost | 181 | ||
Accumulated depreciation | (91) | ||
Property and equipment, net | 90 | ||
Goodwill | 3,956 | ||
Intangible assets not subject to amortization | 3,956 | ||
Intangible assets subject to amortization, net | 4,522 | ||
Other assets | 960 | ||
Total assets | 11,298 | ||
Current liabilities: | |||
Intergroup payable (receivable) | 8 | ||
Accounts payable and accrued liabilities | 225 | ||
Deferred revenue | 287 | ||
Other current liabilities | 18 | ||
Total current liabilities | 538 | ||
Total long-term debt | 5,256 | ||
Other liabilities | 158 | ||
Total liabilities | 5,952 | ||
Stockholders' equity: | |||
Total stockholders' equity | 5,343 | ||
Noncontrolling interests in equity of subsidiaries | 3 | ||
Total liabilities and equity | 11,298 | ||
Elimination | |||
Current assets: | |||
Intergroup interest in the Liberty Braves Group | (254) | ||
Other assets | (55) | ||
Total assets | (309) | ||
Current liabilities: | |||
Deferred income tax liabilities | (55) | ||
Redeemable intergroup interest | (254) | ||
Total liabilities | (309) | ||
Stockholders' equity: | |||
Total liabilities and equity | $ (309) |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Total revenue | $ 2,805 | $ 2,199 | $ 4,817 | $ 3,716 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 104 | 119 | 212 | 242 |
Other operating expense | 203 | 124 | 288 | 199 |
Selling, general and administrative | 436 | 300 | 835 | 561 |
Acquisition and other related costs | 7 | 83 | ||
Depreciation and amortization | 271 | 231 | 519 | 447 |
Total operating costs and expenses | 2,344 | 1,825 | 4,156 | 3,115 |
Operating income (loss) | 461 | 374 | 661 | 601 |
Other income (expense): | ||||
Interest expense | (167) | (153) | (326) | (303) |
Share of earnings (losses) of affiliates, net | 34 | 22 | 14 | 14 |
Realized and unrealized gains (losses) on financial instruments, net | (87) | 58 | (185) | 211 |
Other, net | 21 | 21 | 29 | 27 |
Total other income (expense) | (199) | (52) | (468) | (51) |
Earnings (loss) before income taxes | 262 | 322 | 193 | 550 |
Income tax (expense) benefit | (70) | (67) | (128) | (82) |
Net earnings (loss) | 192 | 255 | 65 | 468 |
Less net earnings (loss) attributable to the noncontrolling interests | 76 | 83 | 107 | 165 |
Net earnings (loss) attributable to Liberty stockholders | 116 | 172 | (42) | 303 |
Liberty Sirius XM Group | ||||
Revenue: | ||||
Total revenue | 1,977 | 1,432 | 3,721 | 2,807 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 104 | 119 | 212 | 242 |
Other operating expense | 74 | 27 | 128 | 58 |
Selling, general and administrative | 361 | 224 | 687 | 426 |
Acquisition and other related costs | 7 | 83 | ||
Depreciation and amortization | 136 | 92 | 261 | 181 |
Total operating costs and expenses | 1,564 | 1,099 | 3,001 | 2,078 |
Operating income (loss) | 413 | 333 | 720 | 729 |
Other income (expense): | ||||
Interest expense | (109) | (99) | (211) | (196) |
Share of earnings (losses) of affiliates, net | (7) | (1) | (11) | |
Realized and unrealized gains (losses) on financial instruments, net | 15 | 62 | 16 | 120 |
Other, net | 6 | 12 | 9 | 17 |
Total other income (expense) | (95) | (26) | (197) | (59) |
Earnings (loss) before income taxes | 318 | 307 | 523 | 670 |
Income tax (expense) benefit | (75) | (59) | (188) | (140) |
Net earnings (loss) | 243 | 248 | 335 | 530 |
Less net earnings (loss) attributable to the noncontrolling interests | 76 | 83 | 107 | 165 |
Net earnings (loss) attributable to Liberty stockholders | 167 | 165 | 228 | 365 |
Braves Group | ||||
Revenue: | ||||
Total revenue | 208 | 182 | 230 | 210 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Other operating expense | 129 | 97 | 160 | 141 |
Selling, general and administrative | 24 | 27 | 51 | 46 |
Depreciation and amortization | 21 | 23 | 34 | 39 |
Total operating costs and expenses | 174 | 147 | 245 | 226 |
Operating income (loss) | 34 | 35 | (15) | (16) |
Other income (expense): | ||||
Interest expense | (7) | (7) | (14) | (13) |
Share of earnings (losses) of affiliates, net | 7 | 3 | 9 | 6 |
Realized and unrealized gains (losses) on financial instruments, net | (2) | (4) | ||
Unrealized gains losses on intergroup interest | (2) | (28) | (28) | (33) |
Other, net | 1 | 1 | 1 | 2 |
Total other income (expense) | (3) | (31) | (36) | (38) |
Earnings (loss) before income taxes | 31 | 4 | (51) | (54) |
Income tax (expense) benefit | (5) | (7) | 6 | (1) |
Net earnings (loss) | 26 | (3) | (45) | (55) |
Less net earnings (loss) attributable to the noncontrolling interests | (1) | (1) | ||
Net earnings (loss) attributable to Liberty stockholders | 26 | (2) | (45) | (54) |
Formula One Group | ||||
Revenue: | ||||
Total revenue | 620 | 585 | 866 | 699 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Selling, general and administrative | 51 | 49 | 97 | 89 |
Depreciation and amortization | 114 | 116 | 224 | 227 |
Total operating costs and expenses | 606 | 579 | 910 | 811 |
Operating income (loss) | 14 | 6 | (44) | (112) |
Other income (expense): | ||||
Interest expense | (51) | (47) | (101) | (94) |
Share of earnings (losses) of affiliates, net | 34 | 20 | 16 | 8 |
Realized and unrealized gains (losses) on financial instruments, net | (100) | (4) | (197) | 91 |
Unrealized gains losses on intergroup interest | 2 | 28 | 28 | 33 |
Other, net | 14 | 8 | 19 | 8 |
Total other income (expense) | (101) | 5 | (235) | 46 |
Earnings (loss) before income taxes | (87) | 11 | (279) | (66) |
Income tax (expense) benefit | 10 | (1) | 54 | 59 |
Net earnings (loss) | (77) | 10 | (225) | (7) |
Less net earnings (loss) attributable to the noncontrolling interests | 1 | 1 | ||
Net earnings (loss) attributable to Liberty stockholders | (77) | 9 | (225) | (8) |
SIRIUS XM Holdings revenue | ||||
Revenue: | ||||
Total revenue | 1,977 | 1,432 | 3,721 | 2,807 |
SIRIUS XM Holdings revenue | Liberty Sirius XM Group | ||||
Revenue: | ||||
Total revenue | 1,977 | 1,432 | 3,721 | 2,807 |
Revenue Share And Royalties | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 600 | 404 | 1,092 | 714 |
Revenue Share And Royalties | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 600 | 404 | 1,092 | 714 |
Programming and content | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 116 | 105 | 222 | 206 |
Programming and content | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 116 | 105 | 222 | 206 |
Customer service and billing | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 95 | 232 | 189 |
Customer service and billing | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 95 | 232 | 189 |
Other | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 47 | 33 | 84 | 62 |
Other | Liberty Sirius XM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 47 | 33 | 84 | 62 |
Formula 1 | ||||
Revenue: | ||||
Total revenue | 620 | 585 | 866 | 699 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 441 | 414 | 589 | 495 |
Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 620 | 585 | 866 | 699 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 441 | 414 | 589 | 495 |
Other | ||||
Revenue: | ||||
Total revenue | 208 | 182 | 230 | 210 |
Other | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 208 | $ 182 | $ 230 | $ 210 |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||||
Net earnings (loss) | $ 192 | $ 255 | $ 65 | $ 468 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 271 | 231 | 519 | 447 |
Stock-based compensation | 162 | 99 | ||
Share of (earnings) loss of affiliates, net | (34) | (22) | (14) | (14) |
Realized and unrealized (gains) losses on financial instruments, net | 87 | (58) | 185 | (211) |
Noncash interest expense (benefit) | 3 | (6) | ||
Deferred income tax expense (benefit) | 115 | 72 | ||
Other charges (credits), net | 16 | |||
Changes in operating assets and liabilities | ||||
Current and other assets | (83) | (99) | ||
Payables and other liabilities | 220 | 496 | ||
Net cash provided (used) by operating activities | 1,172 | 1,268 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (20) | (399) | ||
Cash proceeds from sale of investments | 373 | 243 | ||
Cash received from Pandora acquisition | 313 | |||
Capital expended for property and equipment | (221) | (191) | ||
Sales of short term investments and other marketable securities | 72 | |||
Other investing activities, net | (5) | 47 | ||
Net cash provided (used) by investing activities | 512 | (300) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 2,879 | 1,583 | ||
Repayments of debt | (2,387) | (2,418) | ||
Series C Liberty SiriusXM stock repurchases | (306) | (218) | ||
Subsidiary shares repurchased by subsidiary | (1,474) | (334) | ||
Cash dividends paid by subsidiary | (36) | (29) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (57) | (81) | ||
Other financing activities, net | (4) | 46 | ||
Net cash provided (used) by financing activities | (1,385) | (1,451) | ||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 299 | (484) | ||
Cash, cash equivalents and restricted cash at beginning of period | 452 | 1,047 | ||
Cash, cash equivalents and restricted cash at end of period | 751 | 563 | 751 | 563 |
Liberty Sirius XM Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | 243 | 248 | 335 | 530 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 136 | 92 | 261 | 181 |
Stock-based compensation | 138 | 82 | ||
Share of (earnings) loss of affiliates, net | 7 | 1 | 11 | |
Realized and unrealized (gains) losses on financial instruments, net | (15) | (62) | (16) | (120) |
Noncash interest expense (benefit) | 2 | (8) | ||
Deferred income tax expense (benefit) | 178 | 123 | ||
Intergroup tax allocation | (1) | 1 | ||
Intergroup tax (payments) receipts | (2) | |||
Other charges (credits), net | 2 | |||
Changes in operating assets and liabilities | ||||
Current and other assets | (14) | 1 | ||
Payables and other liabilities | 15 | 163 | ||
Net cash provided (used) by operating activities | 909 | 953 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (9) | (395) | ||
Cash proceeds from sale of investments | 373 | |||
Cash received from Pandora acquisition | 313 | |||
Capital expended for property and equipment | (160) | (174) | ||
Sales of short term investments and other marketable securities | 72 | |||
Other investing activities, net | (1) | 3 | ||
Net cash provided (used) by investing activities | 588 | (566) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 2,878 | 1,171 | ||
Repayments of debt | (2,360) | (1,388) | ||
Series C Liberty SiriusXM stock repurchases | (306) | (218) | ||
Subsidiary shares repurchased by subsidiary | (1,474) | (334) | ||
Cash dividends paid by subsidiary | (36) | (29) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (50) | (79) | ||
Other financing activities, net | (3) | 50 | ||
Net cash provided (used) by financing activities | (1,351) | (827) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 146 | (440) | ||
Cash, cash equivalents and restricted cash at beginning of period | 102 | 625 | ||
Cash, cash equivalents and restricted cash at end of period | 248 | 185 | 248 | 185 |
Braves Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | 26 | (3) | (45) | (55) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 21 | 23 | 34 | 39 |
Stock-based compensation | 9 | 5 | ||
Share of (earnings) loss of affiliates, net | (7) | (3) | (9) | (6) |
Unrealized gains losses on intergroup interest | 2 | 28 | 28 | 33 |
Realized and unrealized (gains) losses on financial instruments, net | 2 | 4 | ||
Noncash interest expense (benefit) | 2 | |||
Deferred income tax expense (benefit) | (2) | |||
Intergroup tax allocation | (6) | 3 | ||
Intergroup tax (payments) receipts | 22 | |||
Other charges (credits), net | 5 | 14 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (34) | (3) | ||
Payables and other liabilities | 56 | 37 | ||
Net cash provided (used) by operating activities | 64 | 67 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (5) | |||
Capital expended for property and equipment | (50) | (14) | ||
Other investing activities, net | 36 | |||
Net cash provided (used) by investing activities | (55) | 22 | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 1 | 123 | ||
Repayments of debt | (24) | (180) | ||
Other financing activities, net | (7) | |||
Net cash provided (used) by financing activities | (30) | (57) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (21) | 32 | ||
Cash, cash equivalents and restricted cash at beginning of period | 190 | 140 | ||
Cash, cash equivalents and restricted cash at end of period | 169 | 172 | 169 | 172 |
Formula One Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | (77) | 10 | (225) | (7) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 114 | 116 | 224 | 227 |
Stock-based compensation | 15 | 12 | ||
Share of (earnings) loss of affiliates, net | (34) | (20) | (16) | (8) |
Unrealized gains losses on intergroup interest | (2) | (28) | (28) | (33) |
Realized and unrealized (gains) losses on financial instruments, net | 100 | 4 | 197 | (91) |
Noncash interest expense (benefit) | 1 | |||
Deferred income tax expense (benefit) | (63) | (49) | ||
Intergroup tax allocation | 7 | (4) | ||
Intergroup tax (payments) receipts | (20) | |||
Other charges (credits), net | (7) | 2 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (35) | (97) | ||
Payables and other liabilities | 149 | 296 | ||
Net cash provided (used) by operating activities | 199 | 248 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (6) | (4) | ||
Cash proceeds from sale of investments | 243 | |||
Capital expended for property and equipment | (11) | (3) | ||
Other investing activities, net | (4) | 8 | ||
Net cash provided (used) by investing activities | (21) | 244 | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 289 | |||
Repayments of debt | (3) | (850) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (7) | (2) | ||
Other financing activities, net | 6 | (4) | ||
Net cash provided (used) by financing activities | (4) | (567) | ||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 174 | (76) | ||
Cash, cash equivalents and restricted cash at beginning of period | 160 | 282 | ||
Cash, cash equivalents and restricted cash at end of period | $ 334 | $ 206 | $ 334 | $ 206 |