Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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 | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001560385 | |
Amendment Flag | false | |
Liberty Sirius XM Group Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 100,671,324 | |
Liberty Sirius XM Group Common Class B | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series B Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 9,803,202 | |
Liberty Sirius Xm Group Common Class C | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 229,890,516 | |
Liberty Braves Group Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Liberty Braves Common Stock | |
Trading Symbol | BATRA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 10,312,721 | |
Liberty Braves Group Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 981,778 | |
Liberty Braves Group Common Class C | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Liberty Braves Common Stock | |
Trading Symbol | BATRK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 39,929,761 | |
Liberty Formula One Group Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Liberty Formula One Common Stock | |
Trading Symbol | FWONA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 25,835,710 | |
Liberty Formula One Group Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,446,857 | |
Liberty Formula One Group Common Class C | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series C Liberty Formula One Common Stock | |
Trading Symbol | FWONK | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 203,497,807 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,936 | $ 1,222 |
Trade and other receivables, net | 771 | 767 |
Other current assets | 566 | 416 |
Total current assets | 3,273 | 2,405 |
Investments in affiliates, accounted for using the equity method (note 7) | 1,106 | 1,625 |
Property and equipment, at cost | 3,906 | 3,780 |
Accumulated depreciation | (1,670) | (1,518) |
Property and equipment, net | 2,236 | 2,262 |
Intangible assets not subject to amortization (note 8): | ||
Goodwill | 19,956 | 19,939 |
FCC licenses | 8,600 | 8,600 |
Other | 1,405 | 1,405 |
Intangible assets not subject to amortization | 29,961 | 29,944 |
Intangible assets subject to amortization, net (note 8) | 5,489 | 5,940 |
Other assets | 1,724 | 2,013 |
Total assets | 43,789 | 44,189 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,403 | 1,621 |
Current portion of debt (note 9) | 96 | 60 |
Deferred revenue | 2,242 | 2,113 |
Other current liabilities | 98 | 94 |
Total current liabilities | 3,839 | 3,888 |
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9) | 15,414 | 15,416 |
Deferred income tax liabilities | 2,065 | 1,913 |
Other liabilities | 1,091 | 1,047 |
Total liabilities | 22,409 | 22,264 |
Stockholders' equity: | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 2,943 | 2,575 |
Accumulated other comprehensive earnings (loss), net of taxes | 19 | (33) |
Retained earnings | 13,225 | 13,748 |
Total stockholders' equity | 16,192 | 16,295 |
Noncontrolling interests in equity of subsidiaries | 5,188 | 5,630 |
Total equity | 21,380 | 21,925 |
Commitments and contingencies (note 10) | ||
Total liabilities and equity | 43,789 | 44,189 |
Liberty SiriusXM Group | ||
Current assets: | ||
Cash and cash equivalents | 137 | |
Trade and other receivables, net | 582 | |
Other current assets | 214 | |
Total current assets | 933 | |
Investments in affiliates, accounted for using the equity method (note 7) | 986 | 644 |
Property and equipment, at cost | 2,724 | |
Accumulated depreciation | (1,435) | |
Property and equipment, net | 1,289 | |
Intangible assets not subject to amortization (note 8): | ||
Goodwill | 15,820 | |
FCC licenses | 8,600 | |
Other | 1,262 | |
Intangible assets not subject to amortization | 25,682 | |
Intangible assets subject to amortization, net (note 8) | 1,474 | |
Other assets | 1,021 | |
Total assets | 31,610 | |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,156 | |
Current portion of debt (note 9) | 1 | |
Deferred revenue | 1,792 | |
Other current liabilities | 350 | |
Total current liabilities | 3,271 | |
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9) | 11,084 | |
Deferred income tax liabilities | 2,055 | |
Other liabilities | 664 | |
Total liabilities | 17,074 | |
Stockholders' equity: | ||
Total stockholders' equity | 9,354 | |
Noncontrolling interests in equity of subsidiaries | 5,182 | |
Total liabilities and equity | 31,610 | |
Liberty SiriusXM Group | Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 1 | 1 |
Liberty SiriusXM Group | Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty SiriusXM Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 2 | 2 |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 213 | |
Trade and other receivables, net | 41 | |
Other current assets | 40 | |
Total current assets | 294 | |
Investments in affiliates, accounted for using the equity method (note 7) | 87 | 99 |
Property and equipment, at cost | 991 | |
Accumulated depreciation | (168) | |
Property and equipment, net | 823 | |
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 (note 8) | 25 | |
Other assets | 76 | |
Total assets | 1,628 | |
Current liabilities: | ||
Accounts payable and accrued liabilities | 63 | |
Current portion of debt (note 9) | 95 | |
Deferred revenue | 88 | |
Other current liabilities | 4 | |
Total current liabilities | 225 | |
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9) | 615 | |
Deferred income tax liabilities | 47 | |
Other liabilities | 213 | |
Total liabilities | 1,291 | |
Stockholders' equity: | ||
Total stockholders' equity | 337 | |
Total liabilities and equity | 1,628 | |
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 | 1,586 | |
Trade and other receivables, net | 148 | |
Other current assets | 588 | |
Total current assets | 2,322 | |
Investments in affiliates, accounted for using the equity method (note 7) | 33 | 882 |
Property and equipment, at cost | 191 | |
Accumulated depreciation | (67) | |
Property and equipment, net | 124 | |
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 (note 8) | 3,990 | |
Other assets | 664 | |
Total assets | 11,231 | |
Current liabilities: | ||
Accounts payable and accrued liabilities | 184 | |
Deferred revenue | 362 | |
Other current liabilities | 20 | |
Total current liabilities | 619 | |
Long-term debt, including $3,237 million and $3,678 million measured at fair value at June 30, 2020 and December 31, 2019, respectively (note 9) | 3,715 | |
Other liabilities | 214 | |
Total liabilities | 4,724 | |
Stockholders' equity: | ||
Total stockholders' equity | 6,501 | |
Noncontrolling interests in equity of subsidiaries | 6 | |
Total liabilities and equity | 11,231 | |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Long-term debt, measured at fair value | $ 3,237 | $ 3,678 |
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 SiriusXM 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 | 101,026,159 | 103,339,016 |
Common stock, shares outstanding | 101,026,159 | 103,339,016 |
Liberty SiriusXM 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 | 9,803,444 | 9,808,601 |
Common stock, shares outstanding | 9,803,444 | 9,808,601 |
Liberty SiriusXM 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 | 230,795,109 | 203,324,574 |
Common stock, shares outstanding | 230,795,109 | 203,324,574 |
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 | 10,312,685 | 10,312,639 |
Common stock, shares outstanding | 10,312,685 | 10,312,639 |
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 | 981,814 | 981,860 |
Common stock, shares outstanding | 981,814 | 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 | 39,929,761 | 39,894,784 |
Common stock, shares outstanding | 39,929,761 | 39,894,784 |
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 | 25,835,650 | 25,834,334 |
Common stock, shares outstanding | 25,835,650 | 25,834,334 |
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 | 2,446,917 | 2,448,233 |
Common stock, shares outstanding | 2,446,917 | 2,448,233 |
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 | 203,497,807 | 203,366,419 |
Common stock, shares outstanding | 203,497,807 | 203,366,419 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Total revenue | $ 2,732 | $ 2,856 | $ 6,654 | $ 7,673 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 110 | 101 | 257 | 313 |
Other operating expenses | 154 | 223 | 339 | 511 |
Selling, general and administrative | 423 | 440 | 1,221 | 1,275 |
Acquisitions and restructuring (note 3) | 24 | 83 | ||
Depreciation and amortization | 279 | 271 | 812 | 790 |
Total operating costs and expenses | 2,412 | 2,349 | 5,874 | 6,505 |
Operating income (loss) | 320 | 507 | 780 | 1,168 |
Other income (expense): | ||||
Interest expense | (153) | (169) | (480) | (495) |
Share of earnings (losses) of affiliates, net (note 7) | (187) | 55 | (442) | 69 |
Realized and unrealized gains (losses) on financial instruments, net (note 6) | 16 | 14 | (163) | (171) |
Other, net | (32) | (47) | (1) | (18) |
Total other income (expense) | (356) | (147) | (1,086) | (615) |
Earnings (loss) before income taxes | (36) | 360 | (306) | 553 |
Income tax (expense) benefit | (7) | (98) | 3 | (226) |
Net earnings (loss) | (43) | 262 | (303) | 327 |
Less net earnings (loss) attributable to the noncontrolling interests | 71 | 69 | 213 | 176 |
Net earnings (loss) attributable to Liberty stockholders | (114) | 193 | (516) | 151 |
Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,025 | 2,011 | 5,851 | 5,732 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 110 | 101 | 257 | 313 |
Other operating expenses | 64 | 78 | 196 | 206 |
Selling, general and administrative | 363 | 363 | 1,055 | 1,050 |
Acquisitions and restructuring (note 3) | 24 | 83 | ||
Depreciation and amortization | 142 | 135 | 432 | 396 |
Total operating costs and expenses | 1,574 | 1,557 | 4,575 | 4,558 |
Operating income (loss) | 451 | 454 | 1,276 | 1,174 |
Other income (expense): | ||||
Interest expense | (116) | (115) | (347) | (326) |
Share of earnings (losses) of affiliates, net (note 7) | (183) | (7) | (331) | (18) |
Realized and unrealized gains (losses) on financial instruments, net (note 6) | (39) | (10) | (228) | 6 |
Other, net | (36) | (51) | (19) | (42) |
Total other income (expense) | (349) | (183) | (840) | (380) |
Earnings (loss) before income taxes | 102 | 271 | 436 | 794 |
Income tax (expense) benefit | (22) | (63) | (88) | (251) |
Net earnings (loss) | 80 | 208 | 348 | 543 |
Less net earnings (loss) attributable to the noncontrolling interests | 68 | 68 | 210 | 175 |
Net earnings (loss) attributable to Liberty stockholders | $ 12 | $ 140 | $ 138 | $ 368 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 0.03 | $ 0.43 | $ 0.42 | $ 1.12 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.03 | $ 0.42 | $ 0.31 | $ 1.11 |
Braves Group | ||||
Revenue: | ||||
Total revenue | $ 110 | $ 212 | $ 143 | $ 442 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Other operating expenses | 90 | 145 | 143 | 305 |
Selling, general and administrative | 17 | 26 | 39 | 77 |
Depreciation and amortization | 19 | 20 | 54 | 54 |
Total operating costs and expenses | 126 | 191 | 236 | 436 |
Operating income (loss) | (16) | 21 | (93) | 6 |
Other income (expense): | ||||
Interest expense | (6) | (6) | (19) | (20) |
Share of earnings (losses) of affiliates, net (note 7) | (5) | 4 | (2) | 13 |
Realized and unrealized gains (losses) on financial instruments, net (note 6) | (2) | (10) | (6) | |
Other, net | (1) | (1) | 1 | |
Total other income (expense) | (22) | (2) | 46 | (38) |
Earnings (loss) before income taxes | (38) | 19 | (47) | (32) |
Income tax (expense) benefit | 7 | (7) | 31 | (1) |
Net earnings (loss) | (31) | 12 | (16) | (33) |
Net earnings (loss) attributable to Liberty stockholders | $ (31) | $ 12 | $ (16) | $ (33) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ (0.61) | $ 0.24 | $ (0.31) | $ (0.65) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.61) | $ 0.16 | $ (1.57) | $ (0.65) |
Formula One Group | ||||
Revenue: | ||||
Total revenue | $ 597 | $ 633 | $ 660 | $ 1,499 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Selling, general and administrative | 43 | 51 | 127 | 148 |
Depreciation and amortization | 118 | 116 | 326 | 340 |
Total operating costs and expenses | 712 | 601 | 1,063 | 1,511 |
Operating income (loss) | (115) | 32 | (403) | (12) |
Other income (expense): | ||||
Interest expense | (31) | (48) | (114) | (149) |
Share of earnings (losses) of affiliates, net (note 7) | 1 | 58 | (109) | 74 |
Realized and unrealized gains (losses) on financial instruments, net (note 6) | 55 | 26 | 75 | (171) |
Other, net | 5 | 4 | 19 | 23 |
Total other income (expense) | 15 | 38 | (292) | (197) |
Earnings (loss) before income taxes | (100) | 70 | (695) | (209) |
Income tax (expense) benefit | 8 | (28) | 60 | 26 |
Net earnings (loss) | (92) | 42 | (635) | (183) |
Less net earnings (loss) attributable to the noncontrolling interests | 3 | 1 | 3 | 1 |
Net earnings (loss) attributable to Liberty stockholders | $ (95) | $ 41 | $ (638) | $ (184) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ (0.41) | $ 0.18 | $ (2.75) | $ (0.80) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.41) | $ 0.18 | $ (2.75) | $ (0.80) |
Sirius XM Holdings Revenue | ||||
Revenue: | ||||
Total revenue | $ 2,025 | $ 2,011 | $ 5,851 | $ 5,732 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,025 | 2,011 | 5,851 | 5,732 |
Revenue Share And Royalties | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 602 | 592 | 1,759 | 1,684 |
Revenue Share And Royalties | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 602 | 592 | 1,759 | 1,684 |
Programming and content | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 123 | 116 | 351 | 338 |
Programming and content | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 123 | 116 | 351 | 338 |
Customer service and billing | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 120 | 359 | 352 |
Customer service and billing | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 120 | 359 | 352 |
Other | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 51 | 52 | 142 | 136 |
Other | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 51 | 52 | 142 | 136 |
Primary Formula 1 | ||||
Revenue: | ||||
Total revenue | 597 | 633 | 660 | 1,499 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 551 | 434 | 610 | 1,023 |
Primary Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 597 | 633 | 660 | 1,499 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 551 | 434 | 610 | 1,023 |
Other | ||||
Revenue: | ||||
Total revenue | 110 | 212 | 143 | 442 |
Other | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 110 | $ 212 | $ 143 | $ 442 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net earnings (loss) | $ (43) | $ 262 | $ (303) | $ 327 |
Other comprehensive earnings (loss), net of taxes: | ||||
Foreign currency translation adjustments | 12 | (8) | (10) | 11 |
Credit risk on fair value debt instruments gains (losses) | (151) | (23) | 86 | (26) |
Unrealized holding gains (losses) arising during the period | (1) | 1 | (7) | 4 |
Share of other comprehensive earnings (loss) of equity affiliates | 6 | (8) | (20) | (8) |
Comprehensive earnings (loss) | (177) | 224 | (254) | 308 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 74 | 67 | 210 | 180 |
Comprehensive earnings (loss) attributable to Liberty stockholders | (251) | 157 | (464) | 128 |
Liberty SiriusXM Group | ||||
Net earnings (loss) | 80 | 208 | 348 | 543 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | (102) | 132 | 119 | 374 |
Braves Group | ||||
Net earnings (loss) | (31) | 12 | (16) | (33) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | (32) | 13 | (24) | (29) |
Formula One Group | ||||
Net earnings (loss) | (92) | 42 | (635) | (183) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ (117) | $ 12 | $ (559) | $ (217) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net earnings | $ (303) | $ 327 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 812 | 790 |
Stock-based compensation | 180 | 238 |
Share of (earnings) loss of affiliates, net | 442 | (69) |
Realized and unrealized (gains) losses on financial instruments, net | 163 | 171 |
Deferred income tax expense (benefit) | (43) | 196 |
Other, net | 85 | 68 |
Changes in operating assets and liabilities | ||
Current and other assets | (148) | (61) |
Payables and other liabilities | (132) | 110 |
Net cash provided (used) by operating activities | 1,056 | 1,770 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (94) | (25) |
Return of investment in equity method affiliates | 105 | |
Cash proceeds from sale of investments | 13 | 389 |
Cash (paid) received for acquisitions, net of cash acquired | (28) | 313 |
Capital expended for property and equipment, including internal-use software and website development | (316) | (338) |
Sales of short term investments and other marketable securities | 73 | |
Other investing activities, net | 11 | (2) |
Net cash provided (used) by investing activities | (309) | 410 |
Cash flows from financing activities: | ||
Borrowings of debt | 3,038 | 5,018 |
Repayments of debt | (2,595) | (4,345) |
Liberty SiriusXM common stock repurchases | (204) | (374) |
Subsidiary shares repurchased by subsidiary | (870) | (1,959) |
Proceeds from Liberty SiriusXM common stock rights offering | 754 | |
Cash dividends paid by subsidiary | (49) | (52) |
Taxes paid in lieu of shares issued for stock-based compensation | (86) | (101) |
Other financing activities, net | (66) | (41) |
Net cash provided (used) by financing activities | (78) | (1,854) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | (5) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 668 | 321 |
Cash, cash equivalents and restricted cash at beginning of period | 1,306 | 452 |
Cash, cash equivalents and restricted cash at end of period | $ 1,974 | $ 773 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Condensed Consolidated Statements of Cash Flows | ||
Cash and cash equivalents | $ 1,936 | $ 1,222 |
Restricted cash included in other current assets | $ 10 | $ 57 |
Restricted cash, current - location | us-gaap:OtherCurrentAssetsMember | us-gaap:OtherCurrentAssetsMember |
Restricted cash included in other assets | $ 28 | $ 27 |
Restricted cash, noncurrent - location | us-gaap:OtherNoncurrentAssetsMember | us-gaap:OtherNoncurrentAssetsMember |
Total cash and cash equivalents and restricted cash at end of period | $ 1,974 | $ 1,306 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Liberty SiriusXM GroupCommon StockCommon Class A | Liberty SiriusXM GroupCommon StockCommon Class C | Liberty SiriusXM Group | Braves Group | Formula One GroupCommon StockCommon Class C | Formula One Group | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Noncontrolling Interest in Equity of Subsidiaries | Cumulative Effect, Period of Adoption, Adjustment | Total |
Balance at Dec. 31, 2018 | $ 1 | $ 2 | $ 2 | $ 2,984 | $ (38) | $ (2) | $ 13,644 | $ 5,103 | $ (2) | $ 21,698 | |||
Stockholders' equity rollforward | |||||||||||||
Net earnings | $ 543 | $ (33) | $ (183) | 151 | 176 | 327 | |||||||
Other Comprehensive earnings (Loss) | (23) | 4 | (19) | ||||||||||
Stock-based compensation | 186 | 61 | 247 | ||||||||||
Liberty SiriusXM stock repurchases | (374) | (374) | |||||||||||
Subsidiary shares issued as consideration in subsidiary acquisition | 657 | 1,698 | 2,355 | ||||||||||
Shares repurchased by subsidiary | (499) | (1,467) | (1,966) | ||||||||||
Shares issued by subsidiary | (69) | 77 | 8 | ||||||||||
Other, net | (105) | 9 | (96) | ||||||||||
Balance at Sep. 30, 2019 | 1 | 2 | 2 | 2,780 | (61) | 13,793 | 5,661 | 22,178 | |||||
Balance at Jun. 30, 2019 | 1 | 2 | 2 | 3,016 | (25) | 13,600 | 5,885 | 22,481 | |||||
Stockholders' equity rollforward | |||||||||||||
Net earnings | 208 | 12 | 42 | 193 | 69 | 262 | |||||||
Other Comprehensive earnings (Loss) | (36) | (2) | (38) | ||||||||||
Stock-based compensation | 60 | 19 | 79 | ||||||||||
Liberty SiriusXM stock repurchases | (68) | (68) | |||||||||||
Shares repurchased by subsidiary | (127) | (337) | (464) | ||||||||||
Shares issued by subsidiary | (35) | 43 | 8 | ||||||||||
Other, net | (66) | (16) | (82) | ||||||||||
Balance at Sep. 30, 2019 | 1 | 2 | 2 | 2,780 | (61) | 13,793 | 5,661 | 22,178 | |||||
Balance at Dec. 31, 2019 | 1 | 2 | 2 | 2,575 | (33) | 13,748 | 5,630 | 21,925 | |||||
Stockholders' equity rollforward | |||||||||||||
Net earnings | 348 | (16) | (635) | (516) | 213 | (303) | |||||||
Other Comprehensive earnings (Loss) | 52 | (3) | 49 | ||||||||||
Stock-based compensation | 144 | 49 | 193 | ||||||||||
Withholding taxes on net share settlements of stock-based compensation | (86) | (86) | |||||||||||
Liberty SiriusXM stock repurchases | (204) | (204) | |||||||||||
Shares repurchased by subsidiary | (184) | (710) | (894) | ||||||||||
Shares issued by subsidiary | (58) | 58 | |||||||||||
Common stock issued pursuant to the Series C Liberty SiriusXM common stock rights offering | 754 | 754 | |||||||||||
Other, net | 2 | (7) | (49) | (54) | |||||||||
Balance at Sep. 30, 2020 | 1 | 2 | 2 | 2,943 | 19 | 13,225 | 5,188 | 21,380 | |||||
Balance at Jun. 30, 2020 | 1 | 2 | 2 | 3,110 | 156 | 13,339 | 5,478 | 22,088 | |||||
Stockholders' equity rollforward | |||||||||||||
Net earnings | $ 80 | $ (31) | $ (92) | (114) | 71 | (43) | |||||||
Other Comprehensive earnings (Loss) | (137) | 3 | (134) | ||||||||||
Stock-based compensation | 56 | 17 | 73 | ||||||||||
Withholding taxes on net share settlements of stock-based compensation | (40) | (40) | |||||||||||
Liberty SiriusXM stock repurchases | (66) | (66) | |||||||||||
Shares repurchased by subsidiary | (92) | (394) | (486) | ||||||||||
Shares issued by subsidiary | (30) | 30 | |||||||||||
Other, net | 5 | (17) | (12) | ||||||||||
Balance at Sep. 30, 2020 | $ 1 | $ 2 | $ 2 | $ 2,943 | $ 19 | $ 13,225 | $ 5,188 | $ 21,380 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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, 2019, 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, 2019. 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 . In December 2019, Chinese officials reported a novel coronavirus outbreak (“COVID-19”). COVID-19 has since spread internationally. On March 11, 2020, the World Health Organization (“WHO”) assessed COVID-19 as a global pandemic, causing many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. As a result, the start of the 2020 Formula 1 race calendar and the Major League Baseball season were delayed until the beginning of July 2020 and end of July 2020, respectively. In addition, in mid-March 2020, Live Nation suspended all large-scale live entertainment events due to COVID-19. We are not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require us to update our estimates or judgments or revise the carrying value of our assets or liabilities. Our estimates may change, however, as new events occur and additional information is obtained, any such changes will be recognized in the financial statements. Actual results could differ from estimates, and any such differences may be material to our financial statements. 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. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty Expedia Holdings, Inc. (prior to July 2019) and GCI Liberty, Inc. (“GCI Liberty”), all of which are, or were (in the case of Liberty Expedia Holdings, Inc.), 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). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters. 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 $6 million and $23 million of these allocated expenses were reimbursed to Liberty during the three months ended September 30, 2020 and 2019, respectively, and $22 million and $39 million were reimbursed during the nine months ended September 30, 2020 and 2019, respectively. In December 2019, each of TripCo, Liberty Broadband, GCI Liberty and Qurate Retail (collectively, the “Service Companies”) entered into an amendment to its respective services agreement with Liberty in connection with Liberty's entry into a new employment arrangement with Gregory B. Maffei, Liberty's President and Chief Executive Officer. Under the amended services agreements, components of Mr. Maffei's compensation will either be paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement. 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 in the past have generally taken 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. Due to the delays of their respective 2020 seasons as a result of COVID-19, the majority of Braves Holdings revenue was recognized during the third quarter and the majority of Formula 1 revenue has been and will be recognized in the third and fourth quarters, respectively. |
Tracking Stocks
Tracking Stocks | 9 Months Ended |
Sep. 30, 2020 | |
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. 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. On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”). The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of: ● Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock; ● a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock (see note 5), to cover exposure under Liberty’s 1.375% cash convertible senior notes due 2023 (the “Convertible Notes”); ● the bond hedge and warrants associated with the Convertible Notes; ● the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and ● a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock (see note 5), of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes. The reattributed liabilities, valued at $1.3 billion, consisted of: ● the Convertible Notes; ● Liberty’s 2.25% exchangeable senior debentures due 2048; and ● Liberty’s margin loan secured by shares of Live Nation (“Live Nation Margin Loan”). Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula One Group, comprised of: ● a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and ● a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, resulting in an aggregate outstanding balance of $750 million, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the LSXMK rights offering described below (the “Intergroup Loan”). The reattribution is reflected in the Company’s financial statements on a prospective basis. 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 September 30, 2020, the Liberty SiriusXM Group is comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash Convertible Notes due 2023 and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.25% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group holds intergroup interests in the Formula One Group and the Braves Group as of September 30, 2020. As of September 30, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $137 million, which includes $33 million of subsidiary cash. During the nine months ended September 30, 2020, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $175 million, of which Liberty received $126 million. On October 6, 2020, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.014641 per share of common stock payable on November 30, 2020 to stockholders of record as of the close of business on November 6, 2020. 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 September 30, 2020, the Braves Group is comprised primarily of 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 and corporate cash. The Formula One Group and the Liberty SiriusXM Group retain intergroup interests in the Braves Group. As of September 30, 2020, the Braves Group has cash and cash equivalents of approximately $213 million, which includes $136 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 September 30, 2020, 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 interest in Formula 1, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Exchangeable Senior Debentures due 2046. As of September 30, 2020, the Formula One Group has cash and cash equivalents of approximately $1,586 million, which includes $139 million of subsidiary cash. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903, representing an 11.3% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037, representing a 3.8% intergroup interest at September 30, 2020. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at September 30, 2020. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. The intergroup interests may be settled, at the discretion of the board of directors of the Company (the “Board of Directors”), through the transfer of newly issued shares of Liberty Braves common stock and Liberty Formula One common stock, respectively, cash and/or other assets to the respective tracking stock group. Accordingly, the Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group. The offsetting amounts between tracking stock groups are eliminated in consolidation. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group or Formula One Group to the respective tracking stock group. On April 22, 2020, the Company’s board of directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK . In the LSXMK rights offering, Liberty distributed 0.0939 of a Series C Liberty SiriusXM Right for each share of Series A, Series B or Series C Liberty SiriusXM common stock held as of 5:00 p.m., New York City time, on May 13, 2020. Fractional Series C Liberty SiriusXM Rights were rounded up to the nearest whole right. Each whole Series C Liberty SiriusXM Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LSXMK at a subscription price of $25.47 , which was equal to an approximate 20% discount to the volume weighted average trading price of LSXMK for the 3-day trading period ending on and including May 8, 2020. Each Series C Liberty SiriusXM Right also entitled the holder to subscribe for additional shares of LSXMK that were unsubscribed for in the LSXMK rights offering pursuant to an oversubscription privilege. The LSXMK rights offering commenced on May 18, 2020, which was also the ex-dividend date for the distribution of the Series C Liberty SiriusXM Rights. The LSXMK rights offering expired at 5:00 p.m. New York City time, on June 5, 2020 and was fully subscribed with 29,594,089 shares of LSXMK issued to those rightsholders exercising basic and, if applicable, oversubscription privileges. The proceeds from the LSXMK rights offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest. See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups. |
Acquisitions and Restructurings
Acquisitions and Restructurings | 9 Months Ended |
Sep. 30, 2020 | |
Acquisitions | (3) Acquisitions and Restructurings Sirius XM Holdings acquisition of Pandora On February 1, 2019, Sirius XM Holdings purchased all of the outstanding shares of Pandora Media, Inc. (“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 Sirius XM Holdings recognized $83 million of costs related to the acquisition of Pandora during the nine months ended September 30, 2019. The amounts of revenue and net loss of Pandora included in Liberty’s condensed consolidated statement of operations since the date of acquisition were $447 million and $47 million, respectively, for the three months ended September 30, 2019 and $1,139 million and $225 million, respectively, for the nine months ended September 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, 2019, are as follows: Three months ended Nine months ended September 30, 2019 September 30, 2019 amounts in millions Revenue $ 2,858 7,793 Net earnings (loss) $ 260 346 Net earnings (loss) attributable to Liberty stockholders $ 191 164 The pro forma results primarily include adjustments related to the amortization of acquired intangible assets, depreciation of property and equipment, acquisition costs, fair value gain or loss on the Pandora investment 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 period presented. Sirius XM Holdings acquisition of Simplecast On June 16, 2020, Sirius XM Holdings acquired Simplecast for $28 million in cash. Simplecast is a podcast management and analytics platform. In connection with the acquisition, Sirius XM Holdings recognized goodwill of $17 million, intangible assets subject to amortization of $12 million, other assets of less than $1 million and deferred income tax liabilities of $1 million. Sirius XM Holdings restructuring of Automatic Labs In May 2020, Sirius XM Holdings terminated the Automatic Labs Inc. ("Automatic") service, which was part of its connected services business. During the nine months ended September 30, 2020, Sirius XM Holdings recorded $24 million of restructuring expenses related to the termination of the service. The termination of the Automatic service does not meet the requirements to be reported as a discontinued operation because the termination of the service does not represent a strategic shift that will have a major effect on our operations and financial results. Sirius XM Holdings acquisition of Stitcher On October 16, 2020, Sirius XM Holdings acquired the assets of Stitcher, a pioneer in podcast production, distribution, and ad sales, from The E.W. Scripps Company (“Scripps”) and certain of its subsidiaries. Under the terms of the asset purchase agreement, Sirius XM Holdings paid $272 million in cash, which includes a working capital adjustment. The agreement provides that Sirius XM Holdings will potentially make up to $60 million in additional contingent payments to Scripps based on Stitcher achieving certain financial metrics in 2020 and 2021. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
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 Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Cost of services: Programming and content $ 9 8 24 22 Customer service and billing 1 1 4 3 Other 1 1 4 4 Other operating expense 11 15 31 37 Selling, general and administrative 46 51 117 151 $ 68 76 180 217 Liberty—Grants of Awards Awards granted during the nine months ended September 30, 2020 are summarized as follows: Nine Months Ended September 30, 2020 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees (1) 51 $ 10.52 Series C Liberty SiriusXM common stock, Liberty CEO (2) 388 $ 8.72 Series C Liberty Formula One common stock, Liberty employees (1) 45 $ 12.38 Series C Liberty Formula One common stock, Liberty CEO (2) 246 $ 7.55 Series C Liberty Formula One common stock, Formula 1 employees (3) 1,435 $ 7.55 Series C Liberty Braves common stock, Liberty employees (1) 27 $ 5.71 Series C Liberty Braves common stock, Liberty CEO (2) 137 $ 4.67 (1) Grants vest between three and four years . (2) Grants cliff vest on December 31, 2020. Grants were made in connection with the CEO’s employment agreement. (3) Grants vest monthly over one year . The Company did not grant any options Series A Series B Also during the nine months ended September 30, 2020, the Company granted 9 thousand, 3 thousand and 7 thousand time-based RSUs of Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, to our CEO. The RSUs had a GDFV of $33.11, $18.17 and $24.68 per share, respectively, and cliff vest on December 10, 2020. These RSU grants were issued in lieu of our CEO receiving 50% of his remaining base salary for the last three quarters of calendar year 2020, and he has waived his right to receive the other 50%, in each case, in light of the ongoing financial impact of COVID-19. Liberty calculates the GDFV for all of its equity classified Awards and the subsequent remeasurement of its liability classified 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, as well as the weighted average remaining life and aggregate intrinsic value of the Awards. 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, 2020 22 $ 22.62 9,817 $ 33.90 Granted — $ — 439 $ 39.29 Exercised (17) $ 20.33 (121) $ 28.50 Forfeited/Cancelled — $ — — $ — Outstanding at September 30, 2020 5 $ 31.00 0.2 years $ — 10,135 $ 34.20 3.0 years $ 22 Exercisable at September 30, 2020 5 $ 31.00 0.2 years $ — 7,985 $ 32.24 2.4 years $ 21 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, 2020 2 $ 11.89 1,267 $ 21.82 Granted — $ — 164 $ 20.06 Exercised — $ — (11) $ 16.24 Forfeited/Cancelled — $ — — $ — Outstanding at September 30, 2020 2 $ 11.89 1.7 years $ — 1,420 $ 21.66 3.9 years $ 3 Exercisable at September 30, 2020 2 $ 11.89 1.7 years $ — 817 $ 18.84 2.3 years $ 2 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, 2020 1 $ 12.63 8,284 $ 31.16 Granted — $ — 1,726 $ 28.85 Exercised — $ — (360) $ 30.38 Forfeited/Cancelled — $ — — $ — Outstanding at September 30, 2020 1 $ 12.63 2.2 years $ — 9,650 $ 30.78 4.5 years $ 59 Exercisable at September 30, 2020 1 $ 12.63 2.2 years $ — 7,405 $ 30.03 4.1 years $ 46 As of September 30, 2020, 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 2.4 years. As of September 30, 2020, Liberty reserved 10.1 million, 1.4 million and 9.7 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 nine months ended September 30, 2020. As of September 30, 2020, Sirius XM Holdings has approximately 196 million options outstanding of which approximately 154 million are exercisable, each with a WAEP per share of $4.61 and $4.25, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of September 30, 2020 is $206 million and $195 million, respectively. During the nine months ended September 30, 2020, Sirius XM Holdings granted approximately 33 million nonvested RSUs with a GDFV per share of $6.14. The stock-based compensation expense related to Sirius XM Holdings was $58 million and $65 million for the three months ended September 30, 2020 and 2019, respectively, and $165 million and $171 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, the acquisition and restructuring costs recognized by Sirius XM Holdings during the nine months ended September 30, 2019 includes $21 million of stock-based compensation. As of September 30, 2020, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and RSUs was $418 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 2.7 years. |
Earnings Attributable to Libert
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
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 nine months ended September 30, 2020 are approximately 25 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, 3 million potentially dilutive shares of Series A and Series C Liberty Braves common stock and 6 million potentially dilutive shares of Series A and Series C 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 the Convertible Notes (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 were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. 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. Three months ended September 30, Nine months ended September 30, 2020 2019 (a) 2020 2019 (a) numbers of shares in millions Basic WASO 343 327 332 329 Potentially dilutive shares 1 4 2 4 Diluted WASO (b) 344 331 334 333 (a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding. (b) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 12 140 138 368 Unrealized (gain) loss on the intergroup interest NA NA (35) NA Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 12 140 103 368 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. Three months ended September 30, Nine months ended September 30, 2020 (a) 2019 2020 (a) 2019 (a) numbers of shares in millions Basic WASO 51 51 51 51 Potentially dilutive shares 9 10 9 10 Diluted WASO (b) 60 61 60 61 (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) Prior to the reattribution, as discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2020. The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests 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) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (31) 12 (16) (33) Unrealized (gain) loss on the intergroup interests 10 (2) (78) 26 Diluted earnings (loss) attributable to Liberty Braves stockholders $ (21) 10 (94) (7) 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. Three months ended September 30, Nine months ended September 30, 2020 (a) 2019 2020 (a) 2019 (a) numbers of shares in millions Basic WASO 232 231 232 231 Potentially dilutive shares 6 2 6 2 Diluted WASO (b) 238 233 238 233 (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 Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One 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 Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds. Therefore, the market price of Series A Liberty Formula One 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 was 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 amounts in millions Basic earnings (loss) attributable to Formula One stockholders $ (95) 41 (638) (184) Unrealized (gain) loss on the intergroup interest 23 NA 51 NA Diluted earnings (loss) attributable to Formula One stockholders $ (72) 41 (587) (184) |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 December 31, 2019 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 $ 1,668 1,668 — 992 992 — Debt and equity securities $ 231 178 53 353 242 111 Financial instrument assets $ 214 31 183 498 29 469 Debt $ 3,237 — 3,237 3,678 — 3,678 Financial instrument liabilities $ 121 — 121 53 — 53 The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. 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 Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Debt and equity securities $ 4 18 (109) 89 Debt measured at fair value (a) 44 (62) 326 (295) Change in fair value of bond hedges (b) (32) 68 (282) 107 Other derivatives — (10) (98) (72) $ 16 14 (163) (171) (a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $193 million and a loss of $29 million for the three months ended September 30, 2020 and 2019, respectively, and a gain of $109 million and a loss of $33 million for the nine months ended September 30, 2020 and 2019, respectively, and the cumulative change was a gain of $136 million as of September 30, 2020. (b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying 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 | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and the carrying amount at December 31, 2019: September 30, 2020 December 31, 2019 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a) 33 % $ 3,752 $ 289 NA Sirius XM Canada 70 % $ NA 617 636 Other NA 80 8 Total Liberty SiriusXM Group 986 644 Braves Group Other various NA 87 99 Total Braves Group 87 99 Formula One Group Live Nation (a) NA 746 Other various NA 33 136 Total Formula One Group 33 882 Consolidated Liberty $ 1,106 1,625 (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. See note 9 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2020 pursuant to the Live Nation Margin Loan. The following table presents the Company's share of earnings (losses) of affiliates: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Liberty SiriusXM Group Live Nation (a) $ (177) NA (321) NA Sirius XM Canada — — 8 2 Other (6) (7) (18) (20) Total Liberty SiriusXM Group (183) (7) (331) (18) Braves Group Other (5) 4 (2) 13 Total Braves Group (5) 4 (2) 13 Formula One Group Live Nation (a) NA 54 (112) 61 Other 1 4 3 13 Total Formula One Group 1 58 (109) 74 Consolidated Liberty $ (187) 55 (442) 69 (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Sirius XM Canada As of September 30, 2020, Sirius XM Holdings holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (“Sirius XM Canada”). 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 $117 million as of September 30, 2020. 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 Sirius XM Holdings has approximately $10 million in related party current assets as of September 30, 2020. At September 30, 2020, Sirius XM Holdings has approximately $1 million SoundCloud In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The investment in SoundCloud 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 SoundCloud's economic performance. In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive U.S. ad sales representative. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud listening platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $13 million during both the three months ended September 30, 2020 and 2019, and $36 million and $24 million during the nine months ended September 30, 2020 and 2019, respectively. Sirius XM Holdings also had related party liabilities of $18 million as of September 30, 2020 related to this agreement. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 $ 15,803 3,956 180 19,939 Acquisition (a) 17 — — 17 Balance at September 30, 2020 $ 15,820 3,956 180 19,956 (a) See note 3 for additional information regarding Sirius XM Holdings’ acquisition of Simplecast. Intangible Assets Subject to Amortization September 30, 2020 December 31, 2019 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (692) 2,938 3,630 (543) 3,087 Customer relationships 3,086 (1,355) 1,731 3,086 (1,123) 1,963 Licensing agreements 315 (200) 115 316 (185) 131 Other 1,767 (1,062) 705 1,636 (877) 759 Total $ 8,798 (3,309) 5,489 8,668 (2,728) 5,940 Amortization expense for intangible assets with finite useful lives was $214 million and $204 million for the three months ended September 30, 2020 and 2019, respectively, and $609 million and $593 million for the nine months ended September 30, 2020 and 2019, respectively. Based on its amortizable intangible assets as of September 30, 2020, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2020 $ 201 2021 $ 752 2022 $ 658 2023 $ 526 2024 $ 407 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Long-Term Debt | (9) Long-Term Debt Debt is summarized as follows: Outstanding Carrying value Principal September 30, December 31, September 30, 2020 2020 2019 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) $ 1,000 1,090 NA 2.125% Exchangeable Senior Debentures due 2048 (1) 400 395 423 2.25% Exchangeable Senior Debentures due 2048 (1) 385 415 NA 2.75% Exchangeable Senior Debentures due 2049 (1) 604 591 632 Sirius XM Holdings Margin Loan 750 750 350 Live Nation Margin Loan — — NA Subsidiary notes and loans: Sirius XM 3.875% Senior Notes due 2022 1,000 997 995 Sirius XM 4.625% Senior Notes due 2023 — — 498 Sirius XM 4.625% Senior Notes due 2024 1,500 1,487 1,485 Sirius XM 5.375% Senior Notes due 2025 — — 993 Sirius XM 5.375% Senior Notes due 2026 1,000 993 992 Sirius XM 5.0% Senior Notes due 2027 1,500 1,489 1,488 Sirius XM 5.50% Senior Notes due 2029 1,250 1,237 1,236 Sirius XM 4.125% Senior Notes due 2030 1,500 1,484 — Pandora 1.75% Convertible Senior Notes due 2020 1 1 1 Pandora 1.75% Convertible Senior Notes due 2023 193 168 163 Sirius XM Senior Secured Revolving Credit Facility — — — Deferred financing costs (12) (11) Total Liberty SiriusXM Group 11,083 11,085 9,245 Braves Group Subsidiary notes and loans: Notes and loans 714 714 559 Deferred financing costs (4) (5) Total Braves Group 714 710 554 Formula One Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) NA NA 1,322 1% Cash Convertible Notes due 2023 (1) 450 536 585 2.25% Exchangeable Senior Debentures due 2046 (1) 204 210 257 2.25% Exchangeable Senior Debentures due 2048 (1) NA NA 459 Live Nation Margin Loan NA NA 130 Other 76 76 32 Subsidiary notes and loans: Senior Loan Facility 2,902 2,905 2,907 Deferred financing costs (12) (15) Total Formula One Group 3,632 3,715 5,677 Total debt $ 15,429 15,510 15,476 Debt classified as current (96) (60) Total long-term debt $ 15,414 15,416 (1) Measured at fair value 1.375% Cash Convertible Notes due 2023 On October 17, 2013, Liberty issued $1 billion aggregate principal amount of the 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 of a share 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. In May 2020, the Series A Liberty SiriusXM common stock component of the Securities Basket was adjusted to 1.0163 shares pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty SiriusXM common stock made to all holders of Liberty SiriusXM 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. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. As of September 30, 2020, 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 pursuant to anti-dilution adjustments arising out of the 2016 distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. The aggregate number of shares of Series A Liberty Sirius XM common stock relating to the Bond Hedge Transaction was increased to 21,429,600 pursuant to anti-dilution adjustments arising out of the LSXMK rights offering. As of September 30, 2020, the basket price of the securities underlying the Bond Hedge Transaction was $44.36 per share. The expiration of these instruments is October 15, 2023. The fair value of these instruments is included in Other assets as of September 30, 2020 and December 31, 2019 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 2016 distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. The strike price of the warrants was adjusted to $61.16 per share. The aggregate number of shares of Series A Liberty Sirius XM common stock relating to the Amended Warrant Transactions was increased to 21,429,600 pursuant to anti-dilution adjustments arising out of the LSXMK rights offering. As of September 30, 2020, the basket price of the securities underlying the Amended Warrant Transactions was $44.36 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 were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. 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 approximately 27.11 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. 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, Inc. (“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. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. 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. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. 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 were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. 2.75% Exchangeable Senior Debentures due 2049 On November 26, 2019, Liberty closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the “2.75% Exchangeable Senior Debentures due 2049”). 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 $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures, as well as the associated cash proceeds, were attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. Margin Loans Sirius XM Holdings Margin Loan In March 2020, Liberty extended its margin loan agreement comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan, which mature during March 2022. The term loan, delayed draw 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 2.27% per annum at September 30, 2020. As of September 30, 2020, availability under the Sirius XM Holdings Margin Loan was $600 million.1,000.0 million shares of Sirius XM Holdings common stock held by Liberty with a value of $5,360 million were pledged as collateral to the Sirius XM Holdings Margin Loan as of September 30, 2020. 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). On December 10, 2019, the margin loan agreement was amended, extending the maturity date to December 10, 2021. On March 19, 2020, the Company repaid all amounts outstanding on the margin loan. On March 27, 2020, the margin loan agreement was amended, reducing the borrowing capacity to $270 million. Interest on the margin loan is payable on the last business day of each calendar quarter. As of September 30, 2020, availability under the Live Nation Margin Loan was $270 million. As discussed in note 7, 53.7 million shares of the Company’s Live Nation common stock with a value of $2,896 million were pledged as collateral to the loan as of September 30, 2020. 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. The margin loan was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Sirius XM 4.125% Senior Notes Due 2030 In June 2020, Sirius XM issued $1.5 billion aggregate principal amount of 4.125% Senior Notes due 2030 (the “ 4.125% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at a rate of 4.125% per annum. The 4.125% Notes will mature on July 1, 2030. 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 to redeem all of its 4.625% Senior Notes due 2023 and 5.375% Senior Notes Due 2025 in July 2020. Sirius XM Holdings 4.625% Senior Notes Due 2023 and 5.375% Senior Notes Due 2025 On July 9, 2020, Sirius XM Holdings redeemed all of the $500 million aggregate principal amount of outstanding 4.625% Senior Notes due 2023 for $507 million and all of the $1.0 billion aggregate principal amount of outstanding 5.375% Senior Notes due 2025 for $1,039 million. These redemptions resulted in a loss on extinguishment of debt of approximately $40 million in the third quarter of 2020. 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 September 30, 2020 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 September 30, 2020. 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 Major League Baseball 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 September 30, 2020 September 30, December 31, Borrowing Weighted avg Maturity 2020 2019 Capacity interest rate Date amounts in millions Operating credit facilities $ 165 45 185 1.48% various Ballpark funding Term loan 47 49 NA 1.77% August 2021 Senior secured note 184 190 NA 3.77% September 2041 Floating rate notes 61 65 NA 2.01% September 2029 Mixed-use credit facilities and loans 227 180 307 3.45% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 714 559 In August 2020, Braves Holdings amended the terms of its $100 million operating credit facility, extending the maturity to December 2022. Approximately $38 million outstanding under one of the mixed-use loans is classified as current debt in the condensed consolidated balance sheet based on expected covenant violations. Braves Holdings is in ongoing discussions with the counterparty to obtain waivers and covenant modifications. See below for additional information related to temporary changes to Braves Holdings’ debt covenants. 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, which in combination with leverage reduction, resulted in an applicable interest rate of LIBOR plus 2.0% per annum prior to June 30, 2020. The subsequent increase in leverage as a result of the impact of COVID-19 on Formula 1 resulted in an increase to the maximum level on the pricing grid, LIBOR plus 2.5% per annum, as of September 30, 2020. 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 September 30, 2020, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 3.50% as of September 30, 2020. The Senior Loan Facility is secured by share pledges, accounts and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of September 30, 2020, Formula 1 has interest rate swaps on $2.1 billion of the $2.9 billion Senior Loan Facility in order to manage its interest rate risk. Debt Covenants The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings’ leverage ratio. Braves Holdings’ debt contains certain financial covenants related to Braves Holdings’ debt service coverage ratio, fixed charge coverage ratio, debt yield ratio, capital expenditures and liquidity. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings’ Credit Facility, Braves Holdings’ debt, 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 September 30, 2020. Pursuant to an amendment to the Senior Loan Facility on June 26, 2020, subject to compliance by Formula 1 with certain financial conditions, the net leverage financial covenant does not apply until the quarter ended March 31, 2022. The relevant conditions applicable to Formula 1 include the maintenance of minimum liquidity (comprised of unrestricted cash and cash equivalent investments and available revolving credit facility commitments) of $200 million and certain restrictions on dividends, other payments and the incurrence of additional debt. Formula 1 has the ability to recommence the requirement to comply with the net leverage financial covenant prior to the quarter ended March 31, 2022, in which case the relevant additional conditions will cease to apply. As previously disclosed, Braves Holdings is expected to be out of compliance with certain debt covenants related to one of its mixed-use loans as of December 31, 2020. Braves Holdings is in ongoing discussions with the counterparty to obtain waivers and covenant modifications. Pursuant to an amendment to Braves Holdings’ $85 million credit facility on August 20, 2020, the fixed charge coverage ratio does not apply until the quarter ending March 31, 2022, subject to certain conditions, including the maintenance of minimum liquidity thresholds throughout the waiver period and certain other restrictions. Braves Holdings could recommence the requirement to comply with the fixed charge coverage ratio beginning with the quarter ending December 31, 2021, in which case the relevant additional conditions will cease to apply. 30, 2021, subject to certain conditions, including the maintenance of a minimum liquidity threshold, the increase in debt service reserves and certain other conditions. 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): September 30, 2020 Sirius XM 3.875% Senior Notes due 2022 $ 1,007 Sirius XM 4.625% Senior Notes due 2024 $ 1,551 Sirius XM 5.375% Senior Notes due 2026 $ 1,044 Sirius XM 5.0% Senior Notes due 2027 $ 1,569 Sirius XM 5.50% Senior Notes due 2029 $ 1,342 Sirius XM 4.125% Senior Notes due 2030 $ 1,528 Pandora 1.75% Senior Notes due 2020 $ 1 Pandora 1.75% Senior Notes due 2023 $ 212 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 September 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies | (10) 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 (current and former), coaches and executives have entered into long-term employment contracts whereby such individuals' compensation is guaranteed. Amounts due under guaranteed contracts as of September 30, 2020 aggregated $332 million, which is payable as follows: $72 million in 2020, $97 million in 2021, $42 million in 2022, $33 million in 2023 and $88 million thereafter. The guaranteed amounts in 2020 have been reduced to reflect a shortened 2020 season due to the COVID-19 pandemic. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts. Potential Impact of COVID-19 The business operations of Formula 1, the Atlanta Braves and Live Nation initially were largely, if not completely, suspended at the outset of COVID-19, and continue to be impacted. These businesses may be required to hold a smaller number of events than originally planned or may not be able to reschedule previously canceled or postponed events. The current year regular baseball season was comprised of 60 games. Formula 1 has scheduled 17 Events in 2020. In addition, these businesses have been and may continue to be precluded from holding events with fans in attendance for an undetermined period of time, thereby reducing revenue associated with fan attendance. It is also unclear whether and to what extent COVID-19 concerns will impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets, even after the restrictions are lifted. In many cases, the impact of cancelled events, closed venues and reduced attendance will substantially decrease our revenue. Due to these revenue reductions, these businesses have looked to reduce expenses, but may not be able to reduce expenses to the same degree as our decline in revenue, which is expected to adversely affect our results of operations and cash flow. 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. Pre-1972 Sound Recording Litigation. The MMA grants a potential federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora took steps to avail itself of this preemption defense, including making the required payments under the MMA for certain of its uses of pre-1972 recordings. Based on the federal preemption contained in the MMA (along with other considerations), Pandora asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. Sirius XM Holdings believes it has substantial defenses to the claims asserted in this action, and intends to defend this action vigorously. Copyright Royalty Board Proceeding to Determine the Rate for Statutory Webcasting ephemeral reproductions of those recordings during the 2021-2025 rate period under the authority of statutory licenses provided under Sections 112 and 114 of the Copyright Act. Sirius XM Holdings filed a petition to participate in the proceeding on behalf of its Sirius XM and Pandora businesses, as did other webcasters including Google Inc. and the National Association of Broadcasters. SoundExchange, a collective organization that collects and distributes digital performance royalties to artists and copyright holders, represents the various copyright owner participants in the proceeding, including Sony Music Entertainment, Universal Music Group, and Warner Music Group. Because the proceeding focuses on setting statutory rates for non-interactive online music streaming (commonly identified as “webcasting”), the proceeding will set the rates that Pandora pays for music streaming on its free, ad-supported tier and that Sirius XM pays for streaming on its subscription internet radio service. This proceeding will not set the rates that Sirius XM Holdings pays for its other music offerings (satellite radio, business establishment services) or that it pays for interactive streaming on the Pandora Plus and Pandora Premium services. In September 2019, the participants filed written direct statements, including proposed rates and terms for the 2021-2025 period. Sirius XM Holdings and other webcaster participants proposed rates below the existing statutory rates, which for commercial webcasters are currently set at $0.0018 per performance for non-subscription transmissions (such as offered by our Pandora ad-supported business) and $0.0024 per performance for subscription transmissions (such as offered by our Sirius XM internet radio service). SoundExchange has proposed increasing the commercial webcasting rates to $0.0028 per performance for non-subscription transmissions and $0.0031 per performance for subscription transmissions. During the summer, the CRB held a multi-week hearing which concluded in September 2020. An initial determination by the CRB is expected to be issued during the first half of 2021. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 9 Months Ended |
Sep. 30, 2020 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (11) 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 nine months ended September 30, 2020, 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 Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,594 1,556 4,757 4,551 Advertising 345 366 866 933 Equipment 47 45 113 127 Other 39 44 115 121 Total Liberty SiriusXM Group 2,025 2,011 5,851 5,732 Braves Group Corporate and other: Baseball 102 203 119 415 Development 8 9 24 27 Total Braves Group 110 212 143 442 Formula One Group Formula 1: Primary 524 553 549 1,282 Other 73 80 111 217 Total Formula One Group 597 633 660 1,499 Consolidated Liberty $ 2,732 2,856 6,654 7,673 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 nine months ended September 30, 2020 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 nine months ended September 30, 2020 were approximately $184 million and $449 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 $454 million for the remainder of 2020 2021 2022 2023 2035 For segment reporting purposes, the Company defines Adjusted OIBDA 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 Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 661 659 1,915 1,871 Corporate and other (7) (4) (26) (10) Total Liberty SiriusXM Group 654 655 1,889 1,861 Braves Group Corporate and other 5 45 (49) 73 Total Braves Group 5 45 (49) 73 Formula One Group Formula 1 14 162 (34) 372 Corporate and other (6) (8) (26) (23) Total Formula One Group 8 154 (60) 349 Consolidated Liberty $ 667 854 1,780 2,283 Other Information September 30, 2020 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 30,517 697 230 Corporate and other 1,093 289 — Total Liberty SiriusXM Group 31,610 986 230 Braves Group Corporate and other 1,628 87 69 Total Braves Group 1,628 87 69 Formula One Group Formula 1 8,807 — 7 Corporate and other 2,424 33 10 Total Formula One Group 11,231 33 17 Elimination (1) (680) — — Consolidated Liberty $ 43,789 1,106 316 (1) This amount is primarily comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group and the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Adjusted OIBDA $ 667 854 1,780 2,283 Legal settlements and reserves — — 16 (25) Stock-based compensation (68) (76) (180) (217) Acquisition and restructuring (note 3) — — (24) (83) Depreciation and amortization (279) (271) (812) (790) Operating income (loss) 320 507 780 1,168 Interest expense (153) (169) (480) (495) Share of earnings (losses) of affiliates, net (187) 55 (442) 69 Realized and unrealized gains (losses) on financial instruments, net 16 14 (163) (171) Other, net (32) (47) (1) (18) Earnings (loss) before income taxes $ (36) 360 (306) 553 |
Acquisitions and Restructurin_2
Acquisitions and Restructurings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 |
Business Acquisition, Pro Forma Information | Three months ended Nine months ended September 30, 2019 September 30, 2019 amounts in millions Revenue $ 2,858 7,793 Net earnings (loss) $ 260 346 Net earnings (loss) attributable to Liberty stockholders $ 191 164 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Stock-Based Compensation Allocation of Expense | Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Cost of services: Programming and content $ 9 8 24 22 Customer service and billing 1 1 4 3 Other 1 1 4 4 Other operating expense 11 15 31 37 Selling, general and administrative 46 51 117 151 $ 68 76 180 217 |
Schedule of options granted and weighted average grant date fair value | Nine Months Ended September 30, 2020 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees (1) 51 $ 10.52 Series C Liberty SiriusXM common stock, Liberty CEO (2) 388 $ 8.72 Series C Liberty Formula One common stock, Liberty employees (1) 45 $ 12.38 Series C Liberty Formula One common stock, Liberty CEO (2) 246 $ 7.55 Series C Liberty Formula One common stock, Formula 1 employees (3) 1,435 $ 7.55 Series C Liberty Braves common stock, Liberty employees (1) 27 $ 5.71 Series C Liberty Braves common stock, Liberty CEO (2) 137 $ 4.67 (1) Grants vest between three and four years . (2) Grants cliff vest on December 31, 2020. Grants were made in connection with the CEO’s employment agreement. (3) Grants vest monthly over one year . |
Liberty SiriusXM 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, 2020 22 $ 22.62 9,817 $ 33.90 Granted — $ — 439 $ 39.29 Exercised (17) $ 20.33 (121) $ 28.50 Forfeited/Cancelled — $ — — $ — Outstanding at September 30, 2020 5 $ 31.00 0.2 years $ — 10,135 $ 34.20 3.0 years $ 22 Exercisable at September 30, 2020 5 $ 31.00 0.2 years $ — 7,985 $ 32.24 2.4 years $ 21 |
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, 2020 2 $ 11.89 1,267 $ 21.82 Granted — $ — 164 $ 20.06 Exercised — $ — (11) $ 16.24 Forfeited/Cancelled — $ — — $ — Outstanding at September 30, 2020 2 $ 11.89 1.7 years $ — 1,420 $ 21.66 3.9 years $ 3 Exercisable at September 30, 2020 2 $ 11.89 1.7 years $ — 817 $ 18.84 2.3 years $ 2 |
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, 2020 1 $ 12.63 8,284 $ 31.16 Granted — $ — 1,726 $ 28.85 Exercised — $ — (360) $ 30.38 Forfeited/Cancelled — $ — — $ — Outstanding at September 30, 2020 1 $ 12.63 2.2 years $ — 9,650 $ 30.78 4.5 years $ 59 Exercisable at September 30, 2020 1 $ 12.63 2.2 years $ — 7,405 $ 30.03 4.1 years $ 46 |
Earnings Attributable to Libe_2
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Liberty SiriusXM Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Three months ended September 30, Nine months ended September 30, 2020 2019 (a) 2020 2019 (a) numbers of shares in millions Basic WASO 343 327 332 329 Potentially dilutive shares 1 4 2 4 Diluted WASO (b) 344 331 334 333 (a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding. (b) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 12 140 138 368 Unrealized (gain) loss on the intergroup interest NA NA (35) NA Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 12 140 103 368 |
Braves Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Three months ended September 30, Nine months ended September 30, 2020 (a) 2019 2020 (a) 2019 (a) numbers of shares in millions Basic WASO 51 51 51 51 Potentially dilutive shares 9 10 9 10 Diluted WASO (b) 60 61 60 61 (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) Prior to the reattribution, as discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2020. The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests 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) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (31) 12 (16) (33) Unrealized (gain) loss on the intergroup interests 10 (2) (78) 26 Diluted earnings (loss) attributable to Liberty Braves stockholders $ (21) 10 (94) (7) |
Formula One Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Three months ended September 30, Nine months ended September 30, 2020 (a) 2019 2020 (a) 2019 (a) numbers of shares in millions Basic WASO 232 231 232 231 Potentially dilutive shares 6 2 6 2 Diluted WASO (b) 238 233 238 233 (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 Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One 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 Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underlie the 1.375% convertible bonds. Therefore, the market price of Series A Liberty Formula One 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 was 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 amounts in millions Basic earnings (loss) attributable to Formula One stockholders $ (95) 41 (638) (184) Unrealized (gain) loss on the intergroup interest 23 NA 51 NA Diluted earnings (loss) attributable to Formula One stockholders $ (72) 41 (587) (184) |
Assets And Liabilities Measur_2
Assets And Liabilities Measured At Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Assets and Liabilities Measured at Fair Value | Fair Value Measurements at Fair Value Measurements at September 30, 2020 December 31, 2019 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 $ 1,668 1,668 — 992 992 — Debt and equity securities $ 231 178 53 353 242 111 Financial instrument assets $ 214 31 183 498 29 469 Debt $ 3,237 — 3,237 3,678 — 3,678 Financial instrument liabilities $ 121 — 121 53 — 53 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Debt and equity securities $ 4 18 (109) 89 Debt measured at fair value (a) 44 (62) 326 (295) Change in fair value of bond hedges (b) (32) 68 (282) 107 Other derivatives — (10) (98) (72) $ 16 14 (163) (171) (a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $193 million and a loss of $29 million for the three months ended September 30, 2020 and 2019, respectively, and a gain of $109 million and a loss of $33 million for the nine months ended September 30, 2020 and 2019, respectively, and the cumulative change was a gain of $136 million as of September 30, 2020. (b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying 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) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule Of Equity Ownership And Carrying Amount | September 30, 2020 December 31, 2019 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a) 33 % $ 3,752 $ 289 NA Sirius XM Canada 70 % $ NA 617 636 Other NA 80 8 Total Liberty SiriusXM Group 986 644 Braves Group Other various NA 87 99 Total Braves Group 87 99 Formula One Group Live Nation (a) NA 746 Other various NA 33 136 Total Formula One Group 33 882 Consolidated Liberty $ 1,106 1,625 (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. See note 9 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2020 pursuant to the Live Nation Margin Loan. |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Liberty SiriusXM Group Live Nation (a) $ (177) NA (321) NA Sirius XM Canada — — 8 2 Other (6) (7) (18) (20) Total Liberty SiriusXM Group (183) (7) (331) (18) Braves Group Other (5) 4 (2) 13 Total Braves Group (5) 4 (2) 13 Formula One Group Live Nation (a) NA 54 (112) 61 Other 1 4 3 13 Total Formula One Group 1 58 (109) 74 Consolidated Liberty $ (187) 55 (442) 69 (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2020 $ 15,803 3,956 180 19,939 Acquisition (a) 17 — — 17 Balance at September 30, 2020 $ 15,820 3,956 180 19,956 (a) See note 3 for additional information regarding Sirius XM Holdings’ acquisition of Simplecast. |
Schedule of intangible assets subject to amortization | September 30, 2020 December 31, 2019 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (692) 2,938 3,630 (543) 3,087 Customer relationships 3,086 (1,355) 1,731 3,086 (1,123) 1,963 Licensing agreements 315 (200) 115 316 (185) 131 Other 1,767 (1,062) 705 1,636 (877) 759 Total $ 8,798 (3,309) 5,489 8,668 (2,728) 5,940 |
Schedule of future amortization expense | Based on its amortizable intangible assets as of September 30, 2020, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2020 $ 201 2021 $ 752 2022 $ 658 2023 $ 526 2024 $ 407 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal September 30, December 31, September 30, 2020 2020 2019 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) $ 1,000 1,090 NA 2.125% Exchangeable Senior Debentures due 2048 (1) 400 395 423 2.25% Exchangeable Senior Debentures due 2048 (1) 385 415 NA 2.75% Exchangeable Senior Debentures due 2049 (1) 604 591 632 Sirius XM Holdings Margin Loan 750 750 350 Live Nation Margin Loan — — NA Subsidiary notes and loans: Sirius XM 3.875% Senior Notes due 2022 1,000 997 995 Sirius XM 4.625% Senior Notes due 2023 — — 498 Sirius XM 4.625% Senior Notes due 2024 1,500 1,487 1,485 Sirius XM 5.375% Senior Notes due 2025 — — 993 Sirius XM 5.375% Senior Notes due 2026 1,000 993 992 Sirius XM 5.0% Senior Notes due 2027 1,500 1,489 1,488 Sirius XM 5.50% Senior Notes due 2029 1,250 1,237 1,236 Sirius XM 4.125% Senior Notes due 2030 1,500 1,484 — Pandora 1.75% Convertible Senior Notes due 2020 1 1 1 Pandora 1.75% Convertible Senior Notes due 2023 193 168 163 Sirius XM Senior Secured Revolving Credit Facility — — — Deferred financing costs (12) (11) Total Liberty SiriusXM Group 11,083 11,085 9,245 Braves Group Subsidiary notes and loans: Notes and loans 714 714 559 Deferred financing costs (4) (5) Total Braves Group 714 710 554 Formula One Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) NA NA 1,322 1% Cash Convertible Notes due 2023 (1) 450 536 585 2.25% Exchangeable Senior Debentures due 2046 (1) 204 210 257 2.25% Exchangeable Senior Debentures due 2048 (1) NA NA 459 Live Nation Margin Loan NA NA 130 Other 76 76 32 Subsidiary notes and loans: Senior Loan Facility 2,902 2,905 2,907 Deferred financing costs (12) (15) Total Formula One Group 3,632 3,715 5,677 Total debt $ 15,429 15,510 15,476 Debt classified as current (96) (60) Total long-term debt $ 15,414 15,416 (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): September 30, 2020 Sirius XM 3.875% Senior Notes due 2022 $ 1,007 Sirius XM 4.625% Senior Notes due 2024 $ 1,551 Sirius XM 5.375% Senior Notes due 2026 $ 1,044 Sirius XM 5.0% Senior Notes due 2027 $ 1,569 Sirius XM 5.50% Senior Notes due 2029 $ 1,342 Sirius XM 4.125% Senior Notes due 2030 $ 1,528 Pandora 1.75% Senior Notes due 2020 $ 1 Pandora 1.75% Senior Notes due 2023 $ 212 |
Braves Holdings | |
Schedule of Braves Holdings Debt | Carrying value As of September 30, 2020 September 30, December 31, Borrowing Weighted avg Maturity 2020 2019 Capacity interest rate Date amounts in millions Operating credit facilities $ 165 45 185 1.48% various Ballpark funding Term loan 47 49 NA 1.77% August 2021 Senior secured note 184 190 NA 3.77% September 2041 Floating rate notes 61 65 NA 2.01% September 2029 Mixed-use credit facilities and loans 227 180 307 3.45% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 714 559 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Information About Liberty's Operating Segments | |
Schedule of revenue disaggregated by source | Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,594 1,556 4,757 4,551 Advertising 345 366 866 933 Equipment 47 45 113 127 Other 39 44 115 121 Total Liberty SiriusXM Group 2,025 2,011 5,851 5,732 Braves Group Corporate and other: Baseball 102 203 119 415 Development 8 9 24 27 Total Braves Group 110 212 143 442 Formula One Group Formula 1: Primary 524 553 549 1,282 Other 73 80 111 217 Total Formula One Group 597 633 660 1,499 Consolidated Liberty $ 2,732 2,856 6,654 7,673 |
Adjusted OIBDA by segment | Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 661 659 1,915 1,871 Corporate and other (7) (4) (26) (10) Total Liberty SiriusXM Group 654 655 1,889 1,861 Braves Group Corporate and other 5 45 (49) 73 Total Braves Group 5 45 (49) 73 Formula One Group Formula 1 14 162 (34) 372 Corporate and other (6) (8) (26) (23) Total Formula One Group 8 154 (60) 349 Consolidated Liberty $ 667 854 1,780 2,283 |
Other Information By Segment | September 30, 2020 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 30,517 697 230 Corporate and other 1,093 289 — Total Liberty SiriusXM Group 31,610 986 230 Braves Group Corporate and other 1,628 87 69 Total Braves Group 1,628 87 69 Formula One Group Formula 1 8,807 — 7 Corporate and other 2,424 33 10 Total Formula One Group 11,231 33 17 Elimination (1) (680) — — Consolidated Liberty $ 43,789 1,106 316 (1) This amount is primarily comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group and the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. |
Reconciliation of Adjusted OIBDA to operating income (loss) and earnings (loss) | Three months ended Nine months ended September 30, September 30, 2020 2019 2020 2019 amounts in millions Adjusted OIBDA $ 667 854 1,780 2,283 Legal settlements and reserves — — 16 (25) Stock-based compensation (68) (76) (180) (217) Acquisition and restructuring (note 3) — — (24) (83) Depreciation and amortization (279) (271) (812) (790) Operating income (loss) 320 507 780 1,168 Interest expense (153) (169) (480) (495) Share of earnings (losses) of affiliates, net (187) 55 (442) 69 Realized and unrealized gains (losses) on financial instruments, net 16 14 (163) (171) Other, net (32) (47) (1) (18) Earnings (loss) before income taxes $ (36) 360 (306) 553 |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION September 30, 2020 (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 $ 137 213 1,586 — 1,936 Trade and other receivables, net 582 41 148 — 771 Other current assets 214 40 588 (276) 566 Total current assets 933 294 2,322 (276) 3,273 Intergroup interests (note 1) 225 — 142 (367) — Investments in affiliates, accounted for using the equity method (note 1) 986 87 33 — 1,106 Property and equipment, at cost 2,724 991 191 — 3,906 Accumulated depreciation (1,435) (168) (67) — (1,670) 1,289 823 124 — 2,236 Intangible assets not subject to amortization Goodwill 15,820 180 3,956 — 19,956 FCC licenses 8,600 — — — 8,600 Other 1,262 143 — — 1,405 25,682 323 3,956 — 29,961 Intangible assets subject to amortization, net 1,474 25 3,990 — 5,489 Other assets 1,021 76 664 (37) 1,724 Total assets $ 31,610 1,628 11,231 (680) 43,789 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 3) $ (28) (25) 53 — — Accounts payable and accrued liabilities 1,156 63 184 — 1,403 Current portion of debt 1 95 — — 96 Deferred revenue 1,792 88 362 — 2,242 Other current liabilities 350 4 20 (276) 98 Total current liabilities 3,271 225 619 (276) 3,839 Long-term debt (note 1) 11,084 615 3,715 — 15,414 Deferred income tax liabilities 2,055 47 — (37) 2,065 Redeemable intergroup interests (note 1) — 191 176 (367) — Other liabilities 664 213 214 — 1,091 Total liabilities 17,074 1,291 4,724 (680) 22,409 Equity / Attributed net assets 9,354 337 6,501 — 16,192 Noncontrolling interests in equity of subsidiaries 5,182 — 6 — 5,188 Total liabilities and equity $ 31,610 1,628 11,231 (680) 43,789 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,025 — — 2,025 Formula 1 revenue — — 597 597 Other revenue — 110 — 110 Total revenue 2,025 110 597 2,732 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 602 — — 602 Programming and content 123 — — 123 Customer service and billing 119 — — 119 Other 51 — — 51 Cost of Formula 1 revenue — — 551 551 Subscriber acquisition costs 110 — — 110 Other operating expenses 64 90 — 154 Selling, general and administrative 363 17 43 423 Acquisition and restructuring — — — — Depreciation and amortization 142 19 118 279 1,574 126 712 2,412 Operating income (loss) 451 (16) (115) 320 Other income (expense): Interest expense (116) (6) (31) (153) Intergroup interest (expense) income — — — — Share of earnings (losses) of affiliates, net (183) (5) 1 (187) Realized and unrealized gains (losses) on financial instruments, net (39) — 55 16 Unrealized gains (losses) on intergroup interests (note 1) 25 (10) (15) — Other, net (36) (1) 5 (32) (349) (22) 15 (356) Earnings (loss) before income taxes 102 (38) (100) (36) Income tax (expense) benefit (22) 7 8 (7) Net earnings (loss) 80 (31) (92) (43) Less net earnings (loss) attributable to the noncontrolling interests 68 — 3 71 Net earnings (loss) attributable to Liberty stockholders $ 12 (31) (95) (114) STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2019 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,011 — — 2,011 Formula 1 revenue — — 633 633 Other revenue — 212 — 212 Total revenue 2,011 212 633 2,856 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 592 — — 592 Programming and content 116 — — 116 Customer service and billing 120 — — 120 Other 52 — — 52 Cost of Formula 1 revenue — — 434 434 Subscriber acquisition costs 101 — — 101 Other operating expenses 78 145 — 223 Selling, general and administrative 363 26 51 440 Acquisition and restructuring — — — — Depreciation and amortization 135 20 116 271 1,557 191 601 2,349 Operating income (loss) 454 21 32 507 Other income (expense): Interest expense (115) (6) (48) (169) Share of earnings (losses) of affiliates, net (7) 4 58 55 Realized and unrealized gains (losses) on financial instruments, net (10) (2) 26 14 Unrealized gains (losses) on intergroup interests (note 1) — 2 (2) — Other, net (51) — 4 (47) (183) (2) 38 (147) Earnings (loss) before income taxes 271 19 70 360 Income tax (expense) benefit (63) (7) (28) (98) Net earnings (loss) 208 12 42 262 Less net earnings (loss) attributable to the noncontrolling interests 68 — 1 69 Net earnings (loss) attributable to Liberty stockholders $ 140 12 41 193 STATEMENT OF OPERATIONS INFORMATION Nine months ended September 30, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 5,851 — — 5,851 Formula 1 revenue — — 660 660 Other revenue — 143 — 143 Total revenue 5,851 143 660 6,654 Operating costs and expenses, including stock-based compensation (note 2): Cost of subscriber services (exclusive of depreciation shown separately below): Revenue share and royalties 1,759 — — 1,759 Programming and content 351 — — 351 Customer service and billing 359 — — 359 Other 142 — — 142 Cost of Formula 1 revenue — — 610 610 Subscriber acquisition costs 257 — — 257 Other operating expenses 196 143 — 339 Selling, general and administrative 1,055 39 127 1,221 Acquisition and restructuring 24 — — 24 Depreciation and amortization 432 54 326 812 4,575 236 1,063 5,874 Operating income (loss) 1,276 (93) (403) 780 Other income (expense): Interest expense (347) (19) (114) (480) Intergroup interest (expense) income (7) — 7 — Share of earnings (losses) of affiliates, net (331) (2) (109) (442) Realized and unrealized gains (losses) on financial instruments, net (228) (10) 75 (163) Unrealized gains (losses) on intergroup interest (note 1) 92 78 (170) — Other, net (19) (1) 19 (1) (840) 46 (292) (1,086) Earnings (loss) before income taxes 436 (47) (695) (306) Income tax (expense) benefit (88) 31 60 3 Net earnings (loss) 348 (16) (635) (303) Less net earnings (loss) attributable to the noncontrolling interests 210 — 3 213 Net earnings (loss) attributable to Liberty stockholders $ 138 (16) (638) (516) STATEMENT OF OPERATIONS INFORMATION Nine months ended September 30, 2019 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 5,732 — — 5,732 Formula 1 revenue — — 1,499 1,499 Other revenue — 442 — 442 Total revenue 5,732 442 1,499 7,673 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 1,684 — — 1,684 Programming and content 338 — — 338 Customer service and billing 352 — — 352 Other 136 — — 136 Cost of Formula 1 revenue — — 1,023 1,023 Subscriber acquisition costs 313 — — 313 Other operating expenses 206 305 — 511 Selling, general and administrative 1,050 77 148 1,275 Acquisition and restructuring 83 — — 83 Depreciation and amortization 396 54 340 790 4,558 436 1,511 6,505 Operating income (loss) 1,174 6 (12) 1,168 Other income (expense): Interest expense (326) (20) (149) (495) Share of earnings (losses) of affiliates, net (18) 13 74 69 Realized and unrealized gains (losses) on financial instruments, net 6 (6) (171) (171) Unrealized gains (losses) on intergroup interests (note 1) — (26) 26 — Other, net (42) 1 23 (18) (380) (38) (197) (615) Earnings (loss) before income taxes 794 (32) (209) 553 Income tax (expense) benefit (251) (1) 26 (226) Net earnings (loss) 543 (33) (183) 327 Less net earnings (loss) attributable to the noncontrolling interests 175 — 1 176 Net earnings (loss) attributable to Liberty stockholders $ 368 (33) (184) 151 |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2020 (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) $ 348 (16) (635) (303) Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 432 54 326 812 Stock-based compensation 173 (10) 17 180 Share of (earnings) loss of affiliates, net 331 2 109 442 Unrealized (gains) losses on intergroup interests, net (92) (78) 170 — Realized and unrealized (gains) losses on financial instruments, net 228 10 (75) 163 Deferred income tax expense (benefit) 33 (15) (61) (43) Intergroup tax allocation 4 (16) 12 — Other charges (credits), net 73 10 2 85 Changes in operating assets and liabilities Current and other assets 150 (16) (282) (148) Payables and other liabilities (301) 19 150 (132) Net cash provided (used) by operating activities 1,379 (56) (267) 1,056 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (91) — (3) (94) Return of investment in equity method affiliates — — 105 105 Cash proceeds from sale of investments — — 13 13 Cash (paid) received for acquisitions, net of cash acquired (28) — — (28) Capital expended for property and equipment, including internal-use software and website development (230) (69) (17) (316) Other investing activities, net 10 4 (3) 11 Net cash provided (used) by investing activities (339) (65) 95 (309) Cash flows from financing activities: Borrowings of debt 2,300 216 522 3,038 Repayments of debt (1,922) (62) (611) (2,595) Intergroup Loan (repayment) borrowing (750) — 750 — Liberty SiriusXM stock repurchases (135) — (69) (204) Subsidiary shares repurchased by subsidiary (870) — — (870) Reattribution between Liberty SiriusXM Group and Liberty Formula One Group (608) — 608 — Proceeds from Liberty SiriusXM common stock rights offering 754 — — 754 Cash dividends paid by subsidiary (49) — — (49) Taxes paid in lieu of shares issued for stock-based compensation (84) — (2) (86) Other financing activities, net (35) (5) (26) (66) Net cash provided (used) by financing activities (1,399) 149 1,172 (78) 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 (359) 28 999 668 Cash, cash equivalents and restricted cash at beginning of period 507 212 587 1,306 Cash, cash equivalents and restricted cash at end of period $ 148 240 1,586 1,974 STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 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) $ 543 (33) (183) 327 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 396 54 340 790 Stock-based compensation 204 13 21 238 Share of (earnings) loss of affiliates, net 18 (13) (74) (69) Unrealized (gains) losses on intergroup interests, net — 26 (26) — Realized and unrealized (gains) losses on financial instruments, net (6) 6 171 171 Deferred income tax expense (benefit) 232 7 (43) 196 Intergroup tax allocation 1 (6) 5 — Intergroup tax (payments) receipts (2) 22 (20) — Other charges (credits), net 63 9 (4) 68 Changes in operating assets and liabilities Current and other assets 14 (37) (38) (61) Payables and other liabilities (26) 9 127 110 Net cash provided (used) by operating activities 1,437 57 276 1,770 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (14) (4) (7) (25) Cash proceeds from sale of investments 373 — 16 389 Cash (paid) received for acquisitions, net of cash acquired 313 — — 313 Capital expended for property and equipment, including internal-use software and website development (239) (72) (27) (338) Sales of short term investments and other marketable securities 73 — — 73 Other investing activities, net 2 — (4) (2) Net cash provided (used) by investing activities 508 (76) (22) 410 Cash flows from financing activities: Borrowings of debt 4,943 75 — 5,018 Repayments of debt (4,311) (29) (5) (4,345) Liberty SiriusXM stock repurchases (374) — — (374) Subsidiary shares repurchased by subsidiary (1,959) — — (1,959) Cash dividends paid by subsidiary (52) — — (52) Taxes paid in lieu of shares issued for stock-based compensation (109) (1) 9 (101) Other financing activities, net (41) (6) 6 (41) Net cash provided (used) by financing activities (1,903) 39 10 (1,854) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — (5) (5) Net increase (decrease) in cash, cash equivalents and restricted cash 42 20 259 321 Cash, cash equivalents and restricted cash at beginning of period 102 190 160 452 Cash, cash equivalents and restricted cash at end of period $ 144 210 419 773 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, Expedia Holdings and GCI Liberty | ||||
Basis of Presentation | ||||
Related Party Transaction, Amounts of Transaction | $ 6 | $ 23 | $ 22 | $ 39 |
Tracking Stocks - Reattribution
Tracking Stocks - Reattribution (Details) - USD ($) $ in Millions | Apr. 22, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 21, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 17, 2013 |
Tracking Stocks | |||||||
Borrowings of debt | $ 3,038 | $ 5,018 | |||||
Long term Debt | 15,510 | $ 15,476 | |||||
Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Reattribution assets | $ 2,800 | ||||||
Reattribution liabilities | $ 1,300 | ||||||
Borrowings of debt | 2,300 | $ 4,943 | |||||
Long term Debt | $ 11,085 | 9,245 | |||||
Liberty SiriusXM Group | Live Nation | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 69,600,000 | ||||||
Liberty SiriusXM Group | Formula One Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 5,300,000 | ||||||
Liberty SiriusXM Group | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 1,900,000 | ||||||
Liberty SiriusXM Group | Braves Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 2,300,000 | 2,292,037 | |||||
Formula One Group | |||||||
Tracking Stocks | |||||||
Reattributed net asset value | $ 1,500 | ||||||
payment for reattribution | $ 1,400 | ||||||
Borrowings of debt | $ 522 | ||||||
Long term Debt | $ 3,715 | $ 5,677 | |||||
Formula One Group | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 1,945,491 | ||||||
Formula One Group | Braves Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 6,792,903 | 9,084,940 | |||||
Call Option | Formula One Group | Live Nation | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 34,800,000 | ||||||
Intergroup Note | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Long term Debt | $ 750 | ||||||
1.375% Cash Convertible Senior Notes Due 2023 | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 1.375% | ||||||
1.375% Cash Convertible Senior Notes Due 2023 | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||
Long term Debt | $ 1,090 | ||||||
1.375% Cash Convertible Senior Notes Due 2023 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||
Long term Debt | $ 1,322 | ||||||
2.25% Exchangeable Senior Debentures due 2048 | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||
2.25% Exchangeable Senior Debentures due 2048 | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||
Long term Debt | $ 415 | ||||||
2.25% Exchangeable Senior Debentures due 2048 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||
Long term Debt | $ 459 | ||||||
Sirius XM Holdings Margin Loan | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Borrowings of debt | $ 400 | ||||||
Long term Debt | $ 750 | $ 750 | $ 350 |
Tracking Stocks - Additional In
Tracking Stocks - Additional Information (Details) $ / shares in Units, $ in Millions | Oct. 06, 2020$ / shares | Jun. 05, 2020USD ($)shares | May 18, 2020$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Apr. 22, 2020$ / sharesshares | Apr. 21, 2020shares | Dec. 31, 2019USD ($)$ / shares | Nov. 26, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Oct. 17, 2013 |
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | $ 1,936 | $ 1,222 | ||||||||||||
Proceeds from issuance of stock | $ | $ 754 | 754 | ||||||||||||
Liberty SiriusXM Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | 137 | |||||||||||||
Proceeds from issuance of stock | $ | $ 754 | |||||||||||||
Liberty SiriusXM Group | Braves Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Investment Owned, Balance, Shares | shares | 2,292,037 | 2,300,000 | ||||||||||||
Percentage ownership | 3.80% | |||||||||||||
Liberty SiriusXM Group | Formula One Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Investment Owned, Balance, Shares | shares | 5,300,000 | |||||||||||||
Liberty SiriusXM Group | Common Class A | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Liberty SiriusXM Group | Common Class B | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | 0.01 | 0.01 | 0.01 | |||||||||||
Liberty SiriusXM Group | Common Class C | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | $ 0.01 | 0.01 | |||||||||||
Rights offering shares distributed per share held | shares | 0.0939 | |||||||||||||
Stock subscription price | $ / shares | $ 25.47 | |||||||||||||
Percentage discount on stock subscriptions | 20 | |||||||||||||
Rights offering trading period | 3 days | |||||||||||||
Rights offering shares issued | shares | 29,594,089 | |||||||||||||
Braves Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | $ 213 | |||||||||||||
Braves Group | Common Class A | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | 0.01 | ||||||||||||
Braves Group | Common Class B | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | 0.01 | 0.01 | ||||||||||||
Braves Group | Common Class C | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | 0.01 | ||||||||||||
Formula One Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | $ 1,586 | |||||||||||||
Formula One Group | Braves Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Investment Owned, Balance, Shares | shares | 6,792,903 | 9,084,940 | ||||||||||||
Percentage ownership | 11.30% | |||||||||||||
Formula One Group | Common Class A | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | 0.01 | ||||||||||||
Formula One Group | Common Class B | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | 0.01 | 0.01 | ||||||||||||
Formula One Group | Common Class C | ||||||||||||||
Tracking Stocks | ||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||
2.125% Exchangeable Senior Debentures Due 2048 | Liberty SiriusXM Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | ||||||||||||
2.75% Exchangeable Senior Debentures Due 2049 | Liberty SiriusXM Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | ||||||||||||
1.375% Cash Convertible Senior Notes Due 2023 | ||||||||||||||
Tracking Stocks | ||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||
1.375% Cash Convertible Senior Notes Due 2023 | Liberty SiriusXM Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||||||||||
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% | 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 | ||||||||||||||
Tracking Stocks | ||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | Liberty SiriusXM 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% | ||||||||||||
Sirius XM Holdings | ||||||||||||||
Tracking Stocks | ||||||||||||||
Payments of Dividends | $ | $ 175 | |||||||||||||
Dividend paid to parent company | $ | $ 126 | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.014641 | |||||||||||||
Sirius XM Holdings | Formula One Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Investment Owned, Balance, Shares | shares | 5,271,475 | |||||||||||||
Percentage ownership | 2.20% | |||||||||||||
Sirius XM Holdings | Liberty SiriusXM Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | $ 33 | |||||||||||||
Formula 1 | Formula One Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | 139 | |||||||||||||
Braves Holdings | Braves Group | ||||||||||||||
Tracking Stocks | ||||||||||||||
Cash and cash equivalents | $ | $ 136 |
Acquisitions and Restructurin_3
Acquisitions and Restructurings - Pandora (Details) - Sirius XM Holdings - Pandora $ / shares in Units, shares in Millions, $ in Millions | Feb. 01, 2019USD ($)$ / sharesshares |
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 |
Shares outstanding | shares | 272 |
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 |
Acquisitions and Restructurin_4
Acquisitions and Restructurings - Pandora Acquisition Price Allocation (Details) - Sirius XM Holdings - Pandora - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Acquisitions | ||
Acquisition and other related costs | $ 83 | |
Amounts of revenue since the acquisition date | $ 447 | 1,139 |
Net loss since the acquisition date | (47) | (225) |
Pro forma Revenue | 2,858 | 7,793 |
Pro forma Net earnings (loss) | 260 | 346 |
Pro forma Net earnings (loss) attributable to Liberty stockholders | $ 191 | $ 164 |
Acquisitions and Restructurin_5
Acquisitions and Restructurings - Additional acquisitions and restructurings (Details) - USD ($) $ in Millions | Oct. 16, 2020 | Jun. 16, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 19,956 | $ 19,939 | ||
Sirius XM Holdings | ||||
Business Acquisition [Line Items] | ||||
Restructuring expenses | $ 24 | |||
Sirius XM Holdings | Simplecast | ||||
Business Acquisition [Line Items] | ||||
Cash paid for acquisitions | $ 28 | |||
Goodwill | 17 | |||
Intangibles subject to amortization, net | 12 | |||
Deferred tax liabilities | 1 | |||
Sirius XM Holdings | Simplecast | Maximum | ||||
Business Acquisition [Line Items] | ||||
Other assets | $ 1 | |||
Sirius XM Holdings | Stitcher | ||||
Business Acquisition [Line Items] | ||||
Cash paid for acquisitions | $ 272 | |||
Sirius XM Holdings | Stitcher | Maximum | ||||
Business Acquisition [Line Items] | ||||
Contingent liability | $ 60 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stock-Based Compensation | ||||
Stock-based compensation | $ 68 | $ 76 | $ 180 | $ 217 |
Programming and content | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 9 | 8 | 24 | 22 |
Customer service and billing | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 1 | 1 | 4 | 3 |
Other | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 1 | 1 | 4 | 4 |
Other operating expense | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 11 | 15 | 31 | 37 |
Selling, general and administrative | ||||
Stock-Based Compensation | ||||
Stock-based compensation | $ 46 | $ 51 | $ 117 | $ 151 |
Stock-Based Compensation - Gran
Stock-Based Compensation - Grants of stock options (Details) | 9 Months Ended |
Sep. 30, 2020item$ / sharesshares | |
Stock-Based Compensation | |
Dividend rate | 0.00% |
Minimum | Liberty employees | Common Class C | |
Stock-Based Compensation | |
Term of option | 3 years |
Maximum | Liberty employees | Common Class C | |
Stock-Based Compensation | |
Term of option | 4 years |
Time-based RSUs | CEO | |
Stock-Based Compensation | |
Percentage of base salary of three quarters | 50.00% |
Number of quarters of fifty percent base salary | item | 3 |
Percentage of base salary agreed to be waived | 50.00% |
Liberty SiriusXM Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Liberty SiriusXM Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Liberty SiriusXM Group | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 439,000 |
Liberty SiriusXM Group | Liberty employees | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 51,000 |
Weighted average GDFV | $ / shares | $ 10.52 |
Liberty SiriusXM Group | CEO | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 388,000 |
Weighted average GDFV | $ / shares | $ 8.72 |
Liberty SiriusXM Group | Time-based RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 9,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 33.11 |
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 | 1,726,000 |
Formula One Group | Liberty employees | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 45,000 |
Weighted average GDFV | $ / shares | $ 12.38 |
Formula One Group | CEO | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 246,000 |
Weighted average GDFV | $ / shares | $ 7.55 |
Formula One Group | Formula 1 employees | Common Class C | |
Stock-Based Compensation | |
Vesting period | 1 year |
Grants of stock options | 1,435,000 |
Weighted average GDFV | $ / shares | $ 7.55 |
Formula One Group | Time-based RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 7,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 24.68 |
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 | 164,000 |
Braves Group | Liberty employees | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 27,000 |
Weighted average GDFV | $ / shares | $ 5.71 |
Braves Group | CEO | Common Class C | |
Stock-Based Compensation | |
Grants of stock options | 137,000 |
Weighted average GDFV | $ / shares | $ 4.67 |
Braves Group | Time-based RSUs | CEO | Common Class C | |
Stock-Based Compensation | |
RSUs granted | 3,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 18.17 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)$ / 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) | 2 years 4 months 24 days |
Liberty SiriusXM Group | |
Additional disclosures | |
Common stock reserved for issuance | 10,100,000 |
Liberty SiriusXM Group | Common Class A | |
Number of options | |
Outstanding at beginning of period | 22,000 |
Granted | 0 |
Exercised | (17,000) |
Outstanding at end of period | 5,000 |
Exercisable at end of period | 5,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 22.62 |
Exercised | $ / shares | 20.33 |
Outstanding at end of period | $ / shares | 31 |
Exercisable at end of period | $ / shares | $ 31 |
Additional disclosures | |
Weighted average remaining life, outstanding | 2 months 12 days |
Weighted average remaining life, exercisable | 2 months 12 days |
Liberty SiriusXM Group | Common Class B | |
Number of options | |
Granted | 0 |
Liberty SiriusXM Group | Common Class C | |
Number of options | |
Outstanding at beginning of period | 9,817,000 |
Granted | 439,000 |
Exercised | (121,000) |
Outstanding at end of period | 10,135,000 |
Exercisable at end of period | 7,985,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 33.90 |
Granted | $ / shares | 39.29 |
Exercised | $ / shares | 28.50 |
Outstanding at end of period | $ / shares | 34.20 |
Exercisable at end of period | $ / shares | $ 32.24 |
Additional disclosures | |
Weighted average remaining life, outstanding | 3 years |
Weighted average remaining life, exercisable | 2 years 4 months 24 days |
Aggregate intrinsic value, outstanding | $ | $ 22 |
Aggregate intrinsic value, exercisable | $ | $ 21 |
Formula One Group | |
Additional disclosures | |
Common stock reserved for issuance | 9,700,000 |
Formula One Group | Common Class A | |
Number of options | |
Outstanding at beginning of period | 1,000 |
Granted | 0 |
Outstanding at end of period | 1,000 |
Exercisable at end of period | 1,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 12.63 |
Outstanding at end of period | $ / shares | 12.63 |
Exercisable at end of period | $ / shares | $ 12.63 |
Additional disclosures | |
Weighted average remaining life, outstanding | 2 years 2 months 12 days |
Weighted average remaining life, exercisable | 2 years 2 months 12 days |
Formula One Group | Common Class B | |
Number of options | |
Granted | 0 |
Formula One Group | Common Class C | |
Number of options | |
Outstanding at beginning of period | 8,284,000 |
Granted | 1,726,000 |
Exercised | (360,000) |
Outstanding at end of period | 9,650,000 |
Exercisable at end of period | 7,405,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 31.16 |
Granted | $ / shares | 28.85 |
Exercised | $ / shares | 30.38 |
Outstanding at end of period | $ / shares | 30.78 |
Exercisable at end of period | $ / shares | $ 30.03 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years 6 months |
Weighted average remaining life, exercisable | 4 years 1 month 6 days |
Aggregate intrinsic value, outstanding | $ | $ 59 |
Aggregate intrinsic value, exercisable | $ | $ 46 |
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 | 2,000 |
Granted | 0 |
Outstanding at end of period | 2,000 |
Exercisable at end of period | 2,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 11.89 |
Outstanding at end of period | $ / shares | 11.89 |
Exercisable at end of period | $ / shares | $ 11.89 |
Additional disclosures | |
Weighted average remaining life, outstanding | 1 year 8 months 12 days |
Weighted average remaining life, exercisable | 1 year 8 months 12 days |
Braves Group | Common Class B | |
Number of options | |
Granted | 0 |
Braves Group | Common Class C | |
Number of options | |
Outstanding at beginning of period | 1,267,000 |
Granted | 164,000 |
Exercised | (11,000) |
Outstanding at end of period | 1,420,000 |
Exercisable at end of period | 817,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 21.82 |
Granted | $ / shares | 20.06 |
Exercised | $ / shares | 16.24 |
Outstanding at end of period | $ / shares | 21.66 |
Exercisable at end of period | $ / shares | $ 18.84 |
Additional disclosures | |
Weighted average remaining life, outstanding | 3 years 10 months 24 days |
Weighted average remaining life, exercisable | 2 years 3 months 18 days |
Aggregate intrinsic value, outstanding | $ | $ 3 |
Aggregate intrinsic value, exercisable | $ | $ 2 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 180 | $ 238 | ||
Total unrecognized compensation cost related to unvested equity awards | $ 28 | $ 28 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 4 months 24 days | |||
Sirius XM Holdings | ||||
Stock-Based Compensation | ||||
Outstanding options | 196 | 196 | ||
Exercisable options | 154 | 154 | ||
Outstanding WAEP | $ 4.61 | $ 4.61 | ||
Exercisable WAEP | $ 4.25 | $ 4.25 | ||
Aggregate intrinsic value, outstanding | $ 206 | $ 206 | ||
Aggregate intrinsic value, exercisable | 195 | 195 | ||
Stock-based compensation expense | 58 | $ 65 | 165 | 171 |
Total unrecognized compensation cost related to unvested equity awards | $ 418 | $ 418 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 8 months 12 days | |||
Sirius XM Holdings | Pandora | ||||
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 21 | |||
Sirius XM Holdings | RSUs | ||||
Stock-Based Compensation | ||||
RSUs granted | 33 | |||
RSUs GDFV | $ 6.14 |
Earnings Attributable to Libe_3
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 22, 2020 | Apr. 21, 2020 | |
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ (114) | $ 193 | $ (516) | $ 151 | ||
Sirius XM Holdings | Formula One Group | ||||||
Investment owned shares | ||||||
Investment Owned, Balance, Shares | 5,271,475 | 5,271,475 | ||||
Liberty SiriusXM Group | ||||||
Weighted average outstanding shares of common stock | ||||||
Basic WASO | 343,000,000 | 327,000,000 | 332,000,000 | 329,000,000 | ||
Potentially dilutive shares | 1,000,000 | 4,000,000 | 2,000,000 | 4,000,000 | ||
Diluted WASO | 344,000,000 | 331,000,000 | 334,000,000 | 333,000,000 | ||
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ 12 | $ 140 | $ 138 | $ 368 | ||
Unrealized (gain) loss on the intergroup interest | (35) | |||||
Diluted earnings (loss) attributable to Liberty stockholders | $ 12 | $ 140 | $ 103 | $ 368 | ||
Liberty SiriusXM Group | Liberty SiriusXM Group | ||||||
Investment owned shares | ||||||
Investment Owned, Balance, Shares | 1,900,000 | |||||
Liberty SiriusXM Group | Braves Group | ||||||
Investment owned shares | ||||||
Investment Owned, Balance, Shares | 2,292,037 | 2,292,037 | 2,300,000 | |||
Liberty SiriusXM Group | Formula One Group | ||||||
Investment owned shares | ||||||
Investment Owned, Balance, Shares | 5,300,000 | |||||
Liberty SiriusXM Group | Common Class A and C | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,000,000 | 25,000,000 | ||||
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 | 9,000,000 | 10,000,000 | 9,000,000 | 10,000,000 | ||
Diluted WASO | 60,000,000 | 61,000,000 | 60,000,000 | 61,000,000 | ||
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ (31) | $ 12 | $ (16) | $ (33) | ||
Unrealized (gain) loss on the intergroup interest | 10 | (2) | (78) | 26 | ||
Diluted earnings (loss) attributable to Liberty stockholders | $ (21) | $ 10 | $ (94) | $ (7) | ||
Braves Group | 1.375% Convertible Bonds | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||
Braves Group | Common Class A and C | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,000,000 | 3,000,000 | ||||
Formula One Group | ||||||
Weighted average outstanding shares of common stock | ||||||
Basic WASO | 232,000,000 | 231,000,000 | 232,000,000 | 231,000,000 | ||
Potentially dilutive shares | 6,000,000 | 2,000,000 | 6,000,000 | 2,000,000 | ||
Diluted WASO | 238,000,000 | 233,000,000 | 238,000,000 | 233,000,000 | ||
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ (95) | $ 41 | $ (638) | $ (184) | ||
Unrealized (gain) loss on the intergroup interest | 23 | 51 | ||||
Diluted earnings (loss) attributable to Liberty stockholders | $ (72) | $ 41 | $ (587) | $ (184) | ||
Formula One Group | Liberty SiriusXM Group | ||||||
Investment owned shares | ||||||
Investment Owned, Balance, Shares | 1,945,491 | |||||
Formula One Group | Braves Group | ||||||
Investment owned shares | ||||||
Investment Owned, Balance, Shares | 6,792,903 | 6,792,903 | 9,084,940 | |||
Formula One Group | 1.375% Convertible Bonds | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||
Formula One Group | Common Class A and C | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,000,000 | 6,000,000 |
Assets And Liabilities Measur_3
Assets And Liabilities Measured At Fair Value (Details) - Recurring - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | $ 1,668 | $ 992 |
Debt and equity securities | 231 | 353 |
Financial instrument assets | 214 | 498 |
Debt | 3,237 | 3,678 |
Financial instruments liabilities | 121 | 53 |
Level 1 | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 1,668 | 992 |
Debt and equity securities | 178 | 242 |
Financial instrument assets | 31 | 29 |
Level 2 | ||
Assets and Liabilities Measured at Fair Value | ||
Debt and equity securities | 53 | 111 |
Financial instrument assets | 183 | 469 |
Debt | 3,237 | 3,678 |
Financial instruments liabilities | $ 121 | $ 53 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 16 | $ 14 | $ (163) | $ (171) |
Formula One Group | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 55 | 26 | 75 | (171) |
Debt and equity securities | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 4 | 18 | (109) | 89 |
Debt measured at fair value | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 44 | (62) | 326 | (295) |
Gain (loss) on changes in fair value | (193) | (29) | 109 | (33) |
Cumulative amount of gain (loss) in changes in fair value | 136 | 136 | ||
Change in Fair Value of Bond Hedges | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ (32) | 68 | (282) | 107 |
Other derivatives | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ (10) | $ (98) | $ (72) |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 1,106 | $ 1,625 |
Liberty SiriusXM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 986 | 644 |
Liberty SiriusXM Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 33.00% | |
Fair value | $ 3,752 | |
Investments in affiliates | $ 289 | |
Liberty SiriusXM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 70.00% | |
Investments in affiliates | $ 617 | 636 |
Liberty SiriusXM Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 80 | 8 |
Braves Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 87 | 99 |
Braves Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 87 | 99 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 33 | 882 |
Formula One Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 746 | |
Formula One Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 33 | $ 136 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | $ (187) | $ 55 | $ (442) | $ 69 |
Liberty SiriusXM Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (183) | (7) | (331) | (18) |
Liberty SiriusXM Group | Sirius XM Canada | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 8 | 2 | ||
Liberty SiriusXM Group | Live Nation | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (177) | (321) | ||
Liberty SiriusXM Group | Other | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (6) | (7) | (18) | (20) |
Braves Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (5) | 4 | (2) | 13 |
Braves Group | Other | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | (5) | 4 | (2) | 13 |
Formula One Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 1 | 58 | (109) | 74 |
Formula One Group | Live Nation | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | 54 | (112) | 61 | |
Formula One Group | Other | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | $ 1 | $ 4 | $ 3 | $ 13 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - USD ($) $ in Millions | May 25, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2020 | Sep. 30, 2019 |
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Share of earnings (losses) of affiliates, net | $ (187) | $ 55 | $ (442) | $ 69 | ||
Sirius XM Holdings | Sirius XM Canada | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Due from related parties current assets | 10 | 10 | ||||
Due to related parties current | 1 | 1 | ||||
Revenue from related parties | $ 25 | 25 | 73 | 73 | ||
Gross Dividends | $ 1 | $ 1 | ||||
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% | |||||
Sirius XM Holdings | Sirius XM Canada | Services Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Related party transaction agreement term | 30 years | |||||
Gross revenue percentage | 25.00% | |||||
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 | $ 117 | $ 117 | ||||
Sirius XM Holdings | Sirius XM Canada | Maximum | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Gross Dividends | $ 1 | $ 1 |
Investments In Affiliates Acc_6
Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) - Sirius XM Holdings - USD ($) $ in Millions | Feb. 10, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
SoundCloud | Pandora SoundCloud Advertising Agreement | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Revenue Share Expense | $ 13 | $ 13 | $ 36 | $ 24 | |
Due to related parties non current | $ 18 | $ 18 | |||
SoundCloud | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Payments to acquire equity method investments | $ 75 |
Intangible Assets - Goodwill Ro
Intangible Assets - Goodwill Rollforward (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Goodwill | |
Goodwill, Beginning Balance | $ 19,939 |
Acquisitions | 17 |
Goodwill, Ending Balance | 19,956 |
Sirius XM Holdings | |
Goodwill | |
Goodwill, Beginning Balance | 15,803 |
Acquisitions | 17 |
Goodwill, Ending Balance | 15,820 |
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 Subject to Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Intangible Assets | ||
Gross carrying amount | $ 8,798 | $ 8,668 |
Accumulated amortization | (3,309) | (2,728) |
Net carrying amount | 5,489 | 5,940 |
FIA Agreement | ||
Intangible Assets | ||
Gross carrying amount | 3,630 | 3,630 |
Accumulated amortization | (692) | (543) |
Net carrying amount | 2,938 | 3,087 |
Customer relationships | ||
Intangible Assets | ||
Gross carrying amount | 3,086 | 3,086 |
Accumulated amortization | (1,355) | (1,123) |
Net carrying amount | 1,731 | 1,963 |
Licensing agreements | ||
Intangible Assets | ||
Gross carrying amount | 315 | 316 |
Accumulated amortization | (200) | (185) |
Net carrying amount | 115 | 131 |
Other | ||
Intangible Assets | ||
Gross carrying amount | 1,767 | 1,636 |
Accumulated amortization | (1,062) | (877) |
Net carrying amount | $ 705 | $ 759 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Intangible Assets | ||||
Amortization of Intangible Assets | $ 214 | $ 204 | $ 609 | $ 593 |
Remainder of 2020 | 201 | 201 | ||
2021 | 752 | 752 | ||
2022 | 658 | 658 | ||
2023 | 526 | 526 | ||
2024 | $ 407 | $ 407 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Apr. 22, 2020 | Dec. 31, 2019 | Nov. 26, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Oct. 17, 2013 |
Debt Instrument | |||||||||||
Outstanding principal | $ 15,429 | ||||||||||
Total debt | 15,510 | $ 15,476 | |||||||||
Debt classified as current | (96) | (60) | |||||||||
Total long-term debt | 15,414 | 15,416 | |||||||||
1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.375% | ||||||||||
2.25% Exchangeable Senior Debentures due 2048 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||||
Liberty SiriusXM Group | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 11,083 | ||||||||||
Deferred financing costs | (12) | (11) | |||||||||
Total debt | 11,085 | 9,245 | |||||||||
Debt classified as current | (1) | ||||||||||
Total long-term debt | $ 11,084 | ||||||||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | |||||||||
Outstanding principal | $ 400 | ||||||||||
Total debt | $ 395 | 423 | |||||||||
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | |||||||||
Outstanding principal | $ 604 | ||||||||||
Total debt | 591 | 632 | |||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 750 | ||||||||||
Total debt | $ 750 | $ 750 | 350 | ||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 3.875% | 3.875% | |||||||||
Outstanding principal | $ 1,000 | ||||||||||
Total debt | $ 997 | 995 | |||||||||
Liberty SiriusXM Group | Sirius XM 4.625% Senior Notes Due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 4.625% | ||||||||||
Total debt | 498 | ||||||||||
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 4.625% | ||||||||||
Outstanding principal | $ 1,500 | ||||||||||
Total debt | $ 1,487 | 1,485 | |||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5.375% | ||||||||||
Total debt | 993 | ||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5.375% | ||||||||||
Outstanding principal | $ 1,000 | ||||||||||
Total debt | $ 993 | 992 | |||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5.00% | ||||||||||
Outstanding principal | $ 1,500 | ||||||||||
Total debt | $ 1,489 | 1,488 | |||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5.50% | ||||||||||
Outstanding principal | $ 1,250 | ||||||||||
Total debt | $ 1,237 | 1,236 | |||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | |||||||||
Outstanding principal | $ 1,500 | ||||||||||
Total debt | $ 1,484 | ||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2020 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.75% | ||||||||||
Outstanding principal | $ 1 | ||||||||||
Total debt | $ 1 | 1 | |||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.75% | ||||||||||
Outstanding principal | $ 193 | ||||||||||
Total debt | $ 168 | 163 | |||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||
Outstanding principal | $ 1,000 | ||||||||||
Total debt | $ 1,090 | ||||||||||
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||||
Outstanding principal | $ 385 | ||||||||||
Total debt | 415 | ||||||||||
Braves Group | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 714 | ||||||||||
Deferred financing costs | (4) | (5) | |||||||||
Total debt | 710 | 554 | |||||||||
Debt classified as current | (95) | ||||||||||
Total long-term debt | 615 | ||||||||||
Braves Group | Notes and loans | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 714 | ||||||||||
Total debt | 714 | 559 | |||||||||
Formula One Group | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 3,632 | ||||||||||
Deferred financing costs | (12) | (15) | |||||||||
Total debt | 3,715 | $ 5,677 | |||||||||
Total long-term debt | $ 3,715 | ||||||||||
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||
Total debt | $ 1,322 | ||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | 1.00% | ||||||||
Outstanding principal | $ 450 | ||||||||||
Total debt | $ 536 | 585 | |||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||||
Outstanding principal | $ 204 | ||||||||||
Total debt | 210 | $ 257 | |||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||||
Total debt | $ 459 | ||||||||||
Formula One Group | Live Nation Margin Loan | |||||||||||
Debt Instrument | |||||||||||
Total debt | 130 | ||||||||||
Formula One Group | Other Debt Obligations | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 76 | ||||||||||
Total debt | 76 | 32 | |||||||||
Formula One Group | Senior Loan Facility | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 2,902 | ||||||||||
Total debt | $ 2,905 | $ 2,907 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Jun. 05, 2020shares | Nov. 26, 2019USD ($)$ / sharesshares | Dec. 10, 2018USD ($) | Jun. 22, 2018USD ($)$ / sharesshares | Mar. 06, 2018USD ($)$ / sharesshares | Jan. 23, 2017USD ($)$ / shares | Jun. 16, 2016shares | Apr. 15, 2016$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Jul. 09, 2020USD ($) | Jun. 30, 2020USD ($) | Apr. 22, 2020 | Mar. 27, 2020USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Aug. 17, 2016USD ($) | Oct. 17, 2013USD ($) |
1.375% Cash Convertible Senior Notes Due 2023 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||||||||||
Principal amount | $ 385,000,000 | |||||||||||||||||||
Live Nation Margin Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 270,000,000 | $ 270,000,000 | ||||||||||||||||||
Maximum borrowing capacity | $ 600,000,000 | $ 270,000,000 | ||||||||||||||||||
Live Nation Margin Loan | LIBOR | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||||||||||||||||
Minimum | Live Nation Margin Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Undrawn commitment fee | 0.75% | |||||||||||||||||||
Maximum | Live Nation Margin Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Undrawn commitment fee | 0.85% | |||||||||||||||||||
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% | |||||||||||||||||||
Live Nation | Live Nation Margin Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Shares Pledged As Collateral Under Loan | shares | 53,700,000 | 53,700,000 | ||||||||||||||||||
Share value | $ 2,896,000,000 | $ 2,896,000,000 | ||||||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | Common Class A | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Securities Basket price per share | $ / shares | $ 44.36 | $ 44.36 | ||||||||||||||||||
Warrant transaction | Common Class A | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Securities Basket price per share | $ / shares | $ 44.36 | $ 44.36 | ||||||||||||||||||
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% | ||||||||||||||||||
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% | 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 | 27.11 | |||||||||||||||||||
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% | ||||||||||||||||||
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 | 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 SiriusXM Group | Common Class A | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1 | 1.0163 | ||||||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes Due 2023 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | 1.375% | |||||||||||||||||
Liberty SiriusXM 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 | |||||||||||||||||||
Shares underlying the debentures | shares | 49,900,000 | |||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 8.02 | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | |||||||||||||||||
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | 2.75% | |||||||||||||||||
Principal amount | $ 604,000,000 | |||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Effective interest rate | 2.27% | 2.27% | ||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | |||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 600,000,000 | $ 600,000,000 | ||||||||||||||||||
Shares Pledged As Collateral Under Loan | shares | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Share value | $ 5,360,000,000 | $ 5,360,000,000 | ||||||||||||||||||
Liberty SiriusXM 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 SiriusXM Group | Sirius XM Holdings Margin Loan | Term Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Principal amount | $ 250,000,000 | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Senior Loan Facility | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Principal amount | 500,000,000 | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Delayed Draw Term Loan | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Principal amount | $ 600,000,000 | |||||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.625% | 4.625% | ||||||||||||||||||
Principal amount | $ 500,000,000 | |||||||||||||||||||
Redemption price | 507,000,000 | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | |||||||||||||||||||
Principal amount | 1,000,000,000 | |||||||||||||||||||
Redemption price | $ 1,039,000,000 | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | 5.375% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.625% Senior Notes Due 2023 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.625% | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | 3.875% | 3.875% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.00% | 5.00% | ||||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2020 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | ||||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | ||||||||||||||||||
Liberty SiriusXM 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 | ||||||||||||||||||
Maximum borrowing capacity | $ 1,750,000,000 | $ 1,750,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | 4.125% | |||||||||||||||||
Principal amount | $ 1,500,000 | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings 4.625% Senior Notes Due 2023 and 5.375% Senior Notes Due 2025 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Loss on extinguishment of debt | $ (40,000,000) | |||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings 4.625% Senior Notes Due 2023 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.625% | 4.625% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings 5.375% Senior Notes Due 2025 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | 5.375% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | 2.75% Exchangeable Senior Debentures Due 2049 | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Shares underlying the debentures | shares | 70,000,000 | |||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 8.62 | |||||||||||||||||||
Liberty SiriusXM Group | Pandora | Sirius XM Senior Secured Revolving Credit Facility | Letter of Credit | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Reduction in future borrowing capacity | $ 1,000,000 | |||||||||||||||||||
Liberty SiriusXM Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Forward contract, number of underlying shares | shares | 21,429,600 | 21,085,900 | ||||||||||||||||||
Liberty SiriusXM Group | Warrant transaction | Common Class A | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 21,429,600 | 21,085,900 | ||||||||||||||||||
Braves Group | Common Class A | ||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.10 | 0.1087 | 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 |
Long-Term Debt - Braves Holding
Long-Term Debt - Braves Holdings Notes (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2014a | Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Aug. 20, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument | |||||
Long term Debt | $ 15,510 | $ 15,476 | |||
Debt, Current | 96 | 60 | |||
Braves Holdings | |||||
Debt Instrument | |||||
Area of land acquired (in acres) | a | 82 | ||||
Long term Debt | $ 714 | 559 | |||
Braves Holdings | Operating Credit Facility Truist Member | |||||
Debt Instrument | |||||
Maximum borrowing capacity | $ 85 | ||||
Braves Holdings | Operating Credit Facility MLB | |||||
Debt Instrument | |||||
Maximum borrowing capacity | $ 100 | ||||
Braves Holdings | Term Loan | |||||
Debt Instrument | |||||
Weighted average interest rate | 1.77% | ||||
Long term Debt | $ 47 | 49 | |||
Braves Holdings | Senior Secured Notes | |||||
Debt Instrument | |||||
Weighted average interest rate | 3.77% | ||||
Long term Debt | $ 184 | 190 | |||
Braves Holdings | Floating Rate Notes | |||||
Debt Instrument | |||||
Weighted average interest rate | 2.01% | ||||
Long term Debt | $ 61 | 65 | |||
Braves Holdings | Senior Loan Facility | Operating Credit Facilities | |||||
Debt Instrument | |||||
Weighted average interest rate | 1.48% | ||||
Long term Debt | $ 165 | 45 | |||
Maximum borrowing capacity | $ 185 | ||||
Braves Holdings | Senior Loan Facility | Mixed Use Credit Facilities and Loans | |||||
Debt Instrument | |||||
Weighted average interest rate | 3.45% | ||||
Long term Debt | $ 227 | 180 | |||
Debt, Current | 38 | ||||
Maximum borrowing capacity | $ 307 | ||||
Braves Holdings | Senior Loan Facility | Spring Training Credit Facility | |||||
Debt Instrument | |||||
Weighted average interest rate | 3.65% | ||||
Long term Debt | $ 30 | $ 30 |
Long-Term Debt - Formula 1 (Det
Long-Term Debt - Formula 1 (Details) - USD ($) $ in Millions | Sep. 30, 2020 | May 23, 2019 | Jan. 31, 2018 | Jan. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Aug. 03, 2017 | Aug. 02, 2017 |
Debt Instrument | |||||||||
Long term Debt | $ 15,510 | $ 15,510 | $ 15,476 | ||||||
Repayments of Long-term Debt | 2,595 | $ 4,345 | |||||||
Cash and Cash Equivalents, at Carrying Value | $ 1,936 | $ 1,936 | 1,222 | ||||||
Formula 1 | Senior Loan Facility | |||||||||
Debt Instrument | |||||||||
Debt Instrument Description Of Variable Rate Basis Reduction | 0.25% | ||||||||
Formula 1 | LIBOR | Senior Loan Facility | |||||||||
Debt Instrument | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.00% | |||||||
Formula 1 | Senior Loan Facility | |||||||||
Debt Instrument | |||||||||
Long term Debt | $ 2,900 | $ 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 | 150 | |||||||
Effective interest rate | 3.50% | 3.50% | |||||||
Minimum liquidity | $ 200 | $ 200 | |||||||
Formula 1 | Senior Loan Facility | Senior Loan Facility | |||||||||
Debt Instrument | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | 500 | |||||||
Line of Credit | $ 250 | $ 250 | |||||||
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 | 2,100 | ||||||||
Formula One Group | |||||||||
Debt Instrument | |||||||||
Long term Debt | 3,715 | 3,715 | $ 5,677 | ||||||
Repayments of Long-term Debt | 611 | $ 5 | |||||||
Cash and Cash Equivalents, at Carrying Value | 1,586 | 1,586 | |||||||
Formula One Group | Formula 1 | |||||||||
Debt Instrument | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 139 | $ 139 |
Long-Term Debt - Fair Value of
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||
Long-term debt, measured at fair value | $ 3,237 | $ 3,678 | ||
Liberty SiriusXM 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% | 3.875% | ||
Long-term debt, measured at fair value | $ 1,007 | |||
Liberty SiriusXM 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% | |||
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024 | ||||
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 | $ 1,551 | |||
Liberty SiriusXM 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% | |||
Liberty SiriusXM 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 | $ 1,044 | |||
Liberty SiriusXM 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 | $ 1,569 | |||
Liberty SiriusXM 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 | $ 1,342 | |||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | ||
Long-term debt, measured at fair value | $ 1,528 | |||
Liberty SiriusXM 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% | |||
Long-term debt, measured at fair value | $ 1 | |||
Liberty SiriusXM 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% | |||
Long-term debt, measured at fair value | $ 212 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)item$ / item | |
Commitments and Contingencies | |
Number of scheduled baseball games | item | 60 |
Number of scheduled Formula One events | item | 17 |
Braves Holdings | |
Commitments and Contingencies | |
Compensation guarantee aggregate total | $ 332 |
Amounts payable under guarantee in 2020 | 72 |
Amounts payable under guarantee in 2021 | 97 |
Amounts payable under guarantee in 2022 | 42 |
Amounts payable under guarantee in 2023 | 33 |
Amounts payable under guarantee thereafter | $ 88 |
Settled Litigation | Sound exchange Lawsuit | Sirius XM Holdings | |
Commitments and Contingencies | |
Performance for non subscription transmissions | $ / item | 0.0018 |
Performance for subscription transmissions | $ / item | 0.0024 |
Commercial webcasters per performance for non subscription transmissions | $ / item | 0.0028 |
Commercial webcasters per performance for subscription transmissions | $ / item | 0.0031 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) | 9 Months Ended |
Sep. 30, 2020item | |
Sirius XM Holdings | |
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 and Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Information About Liberty's Operating Segments | ||||
Revenue | $ 2,732 | $ 2,856 | $ 6,654 | $ 7,673 |
Adjusted OIBDA | 667 | 854 | 1,780 | 2,283 |
Liberty SiriusXM Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 2,025 | 2,011 | 5,851 | 5,732 |
Adjusted OIBDA | 654 | 655 | 1,889 | 1,861 |
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 661 | 659 | 1,915 | 1,871 |
Liberty SiriusXM Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (7) | (4) | (26) | (10) |
Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 110 | 212 | 143 | 442 |
Adjusted OIBDA | 5 | 45 | (49) | 73 |
Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 5 | 45 | (49) | 73 |
Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 597 | 633 | 660 | 1,499 |
Adjusted OIBDA | 8 | 154 | (60) | 349 |
Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 14 | 162 | (34) | 372 |
Formula One Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (6) | (8) | (26) | (23) |
Subscriber | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,594 | 1,556 | 4,757 | 4,551 |
Advertising | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 345 | 366 | 866 | 933 |
Equipment | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 47 | 45 | 113 | 127 |
Primary Revenue | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 524 | 553 | 549 | 1,282 |
Other | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 39 | 44 | 115 | 121 |
Other | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 73 | 80 | 111 | 217 |
Baseball | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 102 | 203 | 119 | 415 |
Development | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | $ 8 | $ 9 | $ 24 | $ 27 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Information About Liberty's Operating Segments | |||
Deferred revenue | $ 2,242 | $ 2,113 | |
Liberty SiriusXM Group | |||
Information About Liberty's Operating Segments | |||
Deferred revenue | 1,792 | ||
Formula One and Braves Holdings | |||
Information About Liberty's Operating Segments | |||
Deferred revenue | $ 184 | $ 449 | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |||
Remaining performance obligations | |||
Remaining performance obligation, revenue expected to be recognized | $ 454 | ||
Expected timing of satisfaction period | 3 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 | $ 1,981 | ||
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 | $ 1,720 | ||
Expected timing of satisfaction period | 12 months | ||
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Remaining performance obligations | |||
Remaining performance obligation, revenue expected to be recognized | $ 3,419 | ||
Expected timing of satisfaction period | 72 months | ||
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |||
Remaining performance obligations | |||
Remaining performance obligation, revenue expected to be recognized | $ 217 | ||
Expected timing of satisfaction period | 84 months |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 43,789 | $ 44,189 | |
Investments in affiliates | 1,106 | 1,625 | |
Capital expenditures | 316 | $ 338 | |
Elimination | |||
Segment Reporting Information [Line Items] | |||
Total assets | (680) | ||
Liberty SiriusXM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 31,610 | ||
Investments in affiliates | 986 | 644 | |
Capital expenditures | 230 | 239 | |
Liberty SiriusXM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,093 | ||
Investments in affiliates | 289 | ||
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 30,517 | ||
Investments in affiliates | 697 | ||
Capital expenditures | 230 | ||
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,628 | ||
Investments in affiliates | 87 | 99 | |
Capital expenditures | 69 | 72 | |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,628 | ||
Investments in affiliates | 87 | ||
Capital expenditures | 69 | ||
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,231 | ||
Investments in affiliates | 33 | $ 882 | |
Capital expenditures | 17 | $ 27 | |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,424 | ||
Investments in affiliates | 33 | ||
Capital expenditures | 10 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 8,807 | ||
Capital expenditures | $ 7 |
Information About Liberty's O_7
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | $ 667 | $ 854 | $ 1,780 | $ 2,283 |
Legal settlements and reserves | 16 | (25) | ||
Stock-based compensation | (68) | (76) | (180) | (217) |
Acquisition and other related costs (note 3) | (24) | (83) | ||
Depreciation and amortization | (279) | (271) | (812) | (790) |
Operating income (loss) | 320 | 507 | 780 | 1,168 |
Interest expense | (153) | (169) | (480) | (495) |
Share of earnings (losses) of affiliates, net | (187) | 55 | (442) | 69 |
Realized and unrealized gains (losses) on financial instruments, net | 16 | 14 | (163) | (171) |
Other, net | (32) | (47) | (1) | (18) |
Earnings (loss) before income taxes | $ (36) | $ 360 | $ (306) | $ 553 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,936 | $ 1,222 |
Trade and other receivables, net | 771 | 767 |
Other current assets | 566 | 416 |
Total current assets | 3,273 | 2,405 |
Investments in affiliates, accounted for using the equity method | 1,106 | 1,625 |
Property and equipment, at cost | 3,906 | 3,780 |
Accumulated depreciation | (1,670) | (1,518) |
Property and equipment, net | 2,236 | 2,262 |
Goodwill | 19,956 | 19,939 |
FCC licenses | 8,600 | 8,600 |
Other | 1,405 | 1,405 |
Intangible assets not subject to amortization | 29,961 | 29,944 |
Intangible assets subject to amortization, net | 5,489 | 5,940 |
Other assets | 1,724 | 2,013 |
Total assets | 43,789 | 44,189 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,403 | 1,621 |
Current portion of debt | 96 | 60 |
Deferred revenue | 2,242 | 2,113 |
Other current liabilities | 98 | 94 |
Total current liabilities | 3,839 | 3,888 |
Long-term debt | 15,414 | 15,416 |
Deferred income tax liabilities | 2,065 | 1,913 |
Other liabilities | 1,091 | 1,047 |
Total liabilities | 22,409 | 22,264 |
Stockholders' equity: | ||
Total stockholders' equity | 16,192 | 16,295 |
Noncontrolling interests in equity of subsidiaries | 5,188 | 5,630 |
Total liabilities and equity | 43,789 | 44,189 |
Liberty SiriusXM Group | ||
Current assets: | ||
Cash and cash equivalents | 137 | |
Trade and other receivables, net | 582 | |
Other current assets | 214 | |
Total current assets | 933 | |
Intergroup interests | 225 | |
Investments in affiliates, accounted for using the equity method | 986 | 644 |
Property and equipment, at cost | 2,724 | |
Accumulated depreciation | (1,435) | |
Property and equipment, net | 1,289 | |
Goodwill | 15,820 | |
FCC licenses | 8,600 | |
Other | 1,262 | |
Intangible assets not subject to amortization | 25,682 | |
Intangible assets subject to amortization, net | 1,474 | |
Other assets | 1,021 | |
Total assets | 31,610 | |
Current liabilities: | ||
Intergroup payable (receivable) | (28) | |
Accounts payable and accrued liabilities | 1,156 | |
Current portion of debt | 1 | |
Deferred revenue | 1,792 | |
Other current liabilities | 350 | |
Total current liabilities | 3,271 | |
Long-term debt | 11,084 | |
Deferred income tax liabilities | 2,055 | |
Other liabilities | 664 | |
Total liabilities | 17,074 | |
Stockholders' equity: | ||
Total stockholders' equity | 9,354 | |
Noncontrolling interests in equity of subsidiaries | 5,182 | |
Total liabilities and equity | 31,610 | |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 213 | |
Trade and other receivables, net | 41 | |
Other current assets | 40 | |
Total current assets | 294 | |
Investments in affiliates, accounted for using the equity method | 87 | 99 |
Property and equipment, at cost | 991 | |
Accumulated depreciation | (168) | |
Property and equipment, net | 823 | |
Goodwill | 180 | |
Other | 143 | |
Intangible assets not subject to amortization | 323 | |
Intangible assets subject to amortization, net | 25 | |
Other assets | 76 | |
Total assets | 1,628 | |
Current liabilities: | ||
Intergroup payable (receivable) | (25) | |
Accounts payable and accrued liabilities | 63 | |
Current portion of debt | 95 | |
Deferred revenue | 88 | |
Other current liabilities | 4 | |
Total current liabilities | 225 | |
Long-term debt | 615 | |
Deferred income tax liabilities | 47 | |
Redeemable intergroup interests | 191 | |
Other liabilities | 213 | |
Total liabilities | 1,291 | |
Stockholders' equity: | ||
Total stockholders' equity | 337 | |
Total liabilities and equity | 1,628 | |
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 1,586 | |
Trade and other receivables, net | 148 | |
Other current assets | 588 | |
Total current assets | 2,322 | |
Intergroup interests | 142 | |
Investments in affiliates, accounted for using the equity method | 33 | $ 882 |
Property and equipment, at cost | 191 | |
Accumulated depreciation | (67) | |
Property and equipment, net | 124 | |
Goodwill | 3,956 | |
Intangible assets not subject to amortization | 3,956 | |
Intangible assets subject to amortization, net | 3,990 | |
Other assets | 664 | |
Total assets | 11,231 | |
Current liabilities: | ||
Intergroup payable (receivable) | 53 | |
Accounts payable and accrued liabilities | 184 | |
Deferred revenue | 362 | |
Other current liabilities | 20 | |
Total current liabilities | 619 | |
Long-term debt | 3,715 | |
Redeemable intergroup interests | 176 | |
Other liabilities | 214 | |
Total liabilities | 4,724 | |
Stockholders' equity: | ||
Total stockholders' equity | 6,501 | |
Noncontrolling interests in equity of subsidiaries | 6 | |
Total liabilities and equity | 11,231 | |
Elimination | ||
Current assets: | ||
Other current assets | (276) | |
Total current assets | (276) | |
Intergroup interests | (367) | |
Other assets | (37) | |
Total assets | (680) | |
Current liabilities: | ||
Other current liabilities | (276) | |
Total current liabilities | (276) | |
Deferred income tax liabilities | (37) | |
Redeemable intergroup interests | (367) | |
Total liabilities | (680) | |
Stockholders' equity: | ||
Total liabilities and equity | $ (680) |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue: | ||||
Total revenue | $ 2,732 | $ 2,856 | $ 6,654 | $ 7,673 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 110 | 101 | 257 | 313 |
Other operating expenses | 154 | 223 | 339 | 511 |
Selling, general and administrative | 423 | 440 | 1,221 | 1,275 |
Acquisition and restructuring | 24 | 83 | ||
Depreciation and amortization | 279 | 271 | 812 | 790 |
Total operating costs and expenses | 2,412 | 2,349 | 5,874 | 6,505 |
Operating income (loss) | 320 | 507 | 780 | 1,168 |
Other income (expense): | ||||
Interest expense | (153) | (169) | (480) | (495) |
Share of earnings (losses) of affiliates, net | (187) | 55 | (442) | 69 |
Realized and unrealized gains (losses) on financial instruments, net | 16 | 14 | (163) | (171) |
Other, net | (32) | (47) | (1) | (18) |
Total other income (expense) | (356) | (147) | (1,086) | (615) |
Earnings (loss) before income taxes | (36) | 360 | (306) | 553 |
Income tax benefit (expense) | (7) | (98) | 3 | (226) |
Net earnings (loss) | (43) | 262 | (303) | 327 |
Less net earnings (loss) attributable to the noncontrolling interests | 71 | 69 | 213 | 176 |
Net earnings (loss) attributable to Liberty stockholders | (114) | 193 | (516) | 151 |
Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,025 | 2,011 | 5,851 | 5,732 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Subscriber acquisition costs | 110 | 101 | 257 | 313 |
Other operating expenses | 64 | 78 | 196 | 206 |
Selling, general and administrative | 363 | 363 | 1,055 | 1,050 |
Acquisition and restructuring | 24 | 83 | ||
Depreciation and amortization | 142 | 135 | 432 | 396 |
Total operating costs and expenses | 1,574 | 1,557 | 4,575 | 4,558 |
Operating income (loss) | 451 | 454 | 1,276 | 1,174 |
Other income (expense): | ||||
Interest expense | (116) | (115) | (347) | (326) |
Intergroup interest (expense) income | (7) | |||
Share of earnings (losses) of affiliates, net | (183) | (7) | (331) | (18) |
Realized and unrealized gains (losses) on financial instruments, net | (39) | (10) | (228) | 6 |
Unrealized gains/( loss) on inter-group interests | 25 | 92 | ||
Other, net | (36) | (51) | (19) | (42) |
Total other income (expense) | (349) | (183) | (840) | (380) |
Earnings (loss) before income taxes | 102 | 271 | 436 | 794 |
Income tax benefit (expense) | (22) | (63) | (88) | (251) |
Net earnings (loss) | 80 | 208 | 348 | 543 |
Less net earnings (loss) attributable to the noncontrolling interests | 68 | 68 | 210 | 175 |
Net earnings (loss) attributable to Liberty stockholders | 12 | 140 | 138 | 368 |
Braves Group | ||||
Revenue: | ||||
Total revenue | 110 | 212 | 143 | 442 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Other operating expenses | 90 | 145 | 143 | 305 |
Selling, general and administrative | 17 | 26 | 39 | 77 |
Depreciation and amortization | 19 | 20 | 54 | 54 |
Total operating costs and expenses | 126 | 191 | 236 | 436 |
Operating income (loss) | (16) | 21 | (93) | 6 |
Other income (expense): | ||||
Interest expense | (6) | (6) | (19) | (20) |
Share of earnings (losses) of affiliates, net | (5) | 4 | (2) | 13 |
Realized and unrealized gains (losses) on financial instruments, net | (2) | (10) | (6) | |
Unrealized gains/( loss) on inter-group interests | (10) | 2 | 78 | (26) |
Other, net | (1) | (1) | 1 | |
Total other income (expense) | (22) | (2) | 46 | (38) |
Earnings (loss) before income taxes | (38) | 19 | (47) | (32) |
Income tax benefit (expense) | 7 | (7) | 31 | (1) |
Net earnings (loss) | (31) | 12 | (16) | (33) |
Net earnings (loss) attributable to Liberty stockholders | (31) | 12 | (16) | (33) |
Formula One Group | ||||
Revenue: | ||||
Total revenue | 597 | 633 | 660 | 1,499 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Selling, general and administrative | 43 | 51 | 127 | 148 |
Depreciation and amortization | 118 | 116 | 326 | 340 |
Total operating costs and expenses | 712 | 601 | 1,063 | 1,511 |
Operating income (loss) | (115) | 32 | (403) | (12) |
Other income (expense): | ||||
Interest expense | (31) | (48) | (114) | (149) |
Intergroup interest (expense) income | 7 | |||
Share of earnings (losses) of affiliates, net | 1 | 58 | (109) | 74 |
Realized and unrealized gains (losses) on financial instruments, net | 55 | 26 | 75 | (171) |
Unrealized gains/( loss) on inter-group interests | (15) | (2) | (170) | 26 |
Other, net | 5 | 4 | 19 | 23 |
Total other income (expense) | 15 | 38 | (292) | (197) |
Earnings (loss) before income taxes | (100) | 70 | (695) | (209) |
Income tax benefit (expense) | 8 | (28) | 60 | 26 |
Net earnings (loss) | (92) | 42 | (635) | (183) |
Less net earnings (loss) attributable to the noncontrolling interests | 3 | 1 | 3 | 1 |
Net earnings (loss) attributable to Liberty stockholders | (95) | 41 | (638) | (184) |
Sirius XM Holdings Revenue | ||||
Revenue: | ||||
Total revenue | 2,025 | 2,011 | 5,851 | 5,732 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,025 | 2,011 | 5,851 | 5,732 |
Revenue Share And Royalties | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 602 | 592 | 1,759 | 1,684 |
Revenue Share And Royalties | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 602 | 592 | 1,759 | 1,684 |
Programming and content | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 123 | 116 | 351 | 338 |
Programming and content | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 123 | 116 | 351 | 338 |
Customer service and billing | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 120 | 359 | 352 |
Customer service and billing | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 119 | 120 | 359 | 352 |
Other | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 51 | 52 | 142 | 136 |
Other | Liberty SiriusXM Group | ||||
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 51 | 52 | 142 | 136 |
Primary Formula 1 | ||||
Revenue: | ||||
Total revenue | 597 | 633 | 660 | 1,499 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 551 | 434 | 610 | 1,023 |
Primary Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 597 | 633 | 660 | 1,499 |
Cost of services (exclusive of depreciation shown separately below): | ||||
Cost of services | 551 | 434 | 610 | 1,023 |
Other | ||||
Revenue: | ||||
Total revenue | 110 | 212 | 143 | 442 |
Other | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 110 | $ 212 | $ 143 | $ 442 |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | Jun. 05, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Cash flows from operating activities: | |||||
Net earnings (loss) | $ (43) | $ 262 | $ (303) | $ 327 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Depreciation and amortization | 279 | 271 | 812 | 790 | |
Stock-based compensation | 180 | 238 | |||
Share of (earnings) loss of affiliates, net | 187 | (55) | 442 | (69) | |
Realized and unrealized (gains) losses on financial instruments, net | (16) | (14) | 163 | 171 | |
Deferred income tax expense (benefit) | (43) | 196 | |||
Other charges (credits), net | 85 | 68 | |||
Changes in operating assets and liabilities | |||||
Current and other assets | (148) | (61) | |||
Payables and other liabilities | (132) | 110 | |||
Net cash provided (used) by operating activities | 1,056 | 1,770 | |||
Cash flows from investing activities: | |||||
Investments in equity method affiliates and debt and equity securities | (94) | (25) | |||
Return of investment in equity method affiliates | 105 | ||||
Cash proceeds from sale of investments | 13 | 389 | |||
Cash (paid) received for acquisitions, net of cash acquired | (28) | 313 | |||
Capital expended for property and equipment, including internal-use software and website development | (316) | (338) | |||
Sales of short term investments and other marketable securities | 73 | ||||
Other investing activities, net | 11 | (2) | |||
Net cash provided (used) by investing activities | (309) | 410 | |||
Cash flows from financing activities: | |||||
Borrowings of debt | 3,038 | 5,018 | |||
Repayments of debt | (2,595) | (4,345) | |||
Liberty SiriusXM common stock repurchases | (204) | (374) | |||
Subsidiary shares repurchased by subsidiary | (870) | (1,959) | |||
Proceeds from Liberty SiriusXM common stock rights offering | $ 754 | 754 | |||
Cash dividends paid by subsidiary | (49) | (52) | |||
Taxes paid in lieu of shares issued for stock-based compensation | (86) | (101) | |||
Other financing activities, net | (66) | (41) | |||
Net cash provided (used) by financing activities | (78) | (1,854) | |||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | (5) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 668 | 321 | |||
Cash, cash equivalents and restricted cash at beginning of period | 1,306 | 452 | |||
Cash, cash equivalents and restricted cash at end of period | 1,974 | 773 | 1,974 | 773 | |
Liberty SiriusXM Group | |||||
Cash flows from operating activities: | |||||
Net earnings (loss) | 80 | 208 | 348 | 543 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Depreciation and amortization | 142 | 135 | 432 | 396 | |
Stock-based compensation | 173 | 204 | |||
Share of (earnings) loss of affiliates, net | 183 | 7 | 331 | 18 | |
Unrealized (gains) losses on intergroup interests, net | (25) | (92) | |||
Realized and unrealized (gains) losses on financial instruments, net | 39 | 10 | 228 | (6) | |
Deferred income tax expense (benefit) | 33 | 232 | |||
Intergroup tax allocation | 4 | 1 | |||
Intergroup tax (payments) receipts | (2) | ||||
Other charges (credits), net | 73 | 63 | |||
Changes in operating assets and liabilities | |||||
Current and other assets | 150 | 14 | |||
Payables and other liabilities | (301) | (26) | |||
Net cash provided (used) by operating activities | 1,379 | 1,437 | |||
Cash flows from investing activities: | |||||
Investments in equity method affiliates and debt and equity securities | (91) | (14) | |||
Cash proceeds from sale of investments | 373 | ||||
Cash (paid) received for acquisitions, net of cash acquired | (28) | 313 | |||
Capital expended for property and equipment, including internal-use software and website development | (230) | (239) | |||
Sales of short term investments and other marketable securities | 73 | ||||
Other investing activities, net | 10 | 2 | |||
Net cash provided (used) by investing activities | (339) | 508 | |||
Cash flows from financing activities: | |||||
Borrowings of debt | 2,300 | 4,943 | |||
Repayments of debt | (1,922) | (4,311) | |||
Intergroup Loan (repayments) borrowing | (750) | ||||
Liberty SiriusXM common stock repurchases | (135) | (374) | |||
Subsidiary shares repurchased by subsidiary | (870) | (1,959) | |||
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group | (608) | ||||
Proceeds from Liberty SiriusXM common stock rights offering | 754 | ||||
Cash dividends paid by subsidiary | (49) | (52) | |||
Taxes paid in lieu of shares issued for stock-based compensation | (84) | (109) | |||
Other financing activities, net | (35) | (41) | |||
Net cash provided (used) by financing activities | (1,399) | (1,903) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | (359) | 42 | |||
Cash, cash equivalents and restricted cash at beginning of period | 507 | 102 | |||
Cash, cash equivalents and restricted cash at end of period | 148 | 144 | 148 | 144 | |
Braves Group | |||||
Cash flows from operating activities: | |||||
Net earnings (loss) | (31) | 12 | (16) | (33) | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Depreciation and amortization | 19 | 20 | 54 | 54 | |
Stock-based compensation | (10) | 13 | |||
Share of (earnings) loss of affiliates, net | 5 | (4) | 2 | (13) | |
Unrealized (gains) losses on intergroup interests, net | 10 | (2) | (78) | 26 | |
Realized and unrealized (gains) losses on financial instruments, net | 2 | 10 | 6 | ||
Deferred income tax expense (benefit) | (15) | 7 | |||
Intergroup tax allocation | (16) | (6) | |||
Intergroup tax (payments) receipts | 22 | ||||
Other charges (credits), net | 10 | 9 | |||
Changes in operating assets and liabilities | |||||
Current and other assets | (16) | (37) | |||
Payables and other liabilities | 19 | 9 | |||
Net cash provided (used) by operating activities | (56) | 57 | |||
Cash flows from investing activities: | |||||
Investments in equity method affiliates and debt and equity securities | (4) | ||||
Capital expended for property and equipment, including internal-use software and website development | (69) | (72) | |||
Other investing activities, net | 4 | ||||
Net cash provided (used) by investing activities | (65) | (76) | |||
Cash flows from financing activities: | |||||
Borrowings of debt | 216 | 75 | |||
Repayments of debt | (62) | (29) | |||
Taxes paid in lieu of shares issued for stock-based compensation | (1) | ||||
Other financing activities, net | (5) | (6) | |||
Net cash provided (used) by financing activities | 149 | 39 | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 28 | 20 | |||
Cash, cash equivalents and restricted cash at beginning of period | 212 | 190 | |||
Cash, cash equivalents and restricted cash at end of period | 240 | 210 | 240 | 210 | |
Formula One Group | |||||
Cash flows from operating activities: | |||||
Net earnings (loss) | (92) | 42 | (635) | (183) | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||
Depreciation and amortization | 118 | 116 | 326 | 340 | |
Stock-based compensation | 17 | 21 | |||
Share of (earnings) loss of affiliates, net | (1) | (58) | 109 | (74) | |
Unrealized (gains) losses on intergroup interests, net | 15 | 2 | 170 | (26) | |
Realized and unrealized (gains) losses on financial instruments, net | (55) | (26) | (75) | 171 | |
Deferred income tax expense (benefit) | (61) | (43) | |||
Intergroup tax allocation | 12 | 5 | |||
Intergroup tax (payments) receipts | (20) | ||||
Other charges (credits), net | 2 | (4) | |||
Changes in operating assets and liabilities | |||||
Current and other assets | (282) | (38) | |||
Payables and other liabilities | 150 | 127 | |||
Net cash provided (used) by operating activities | (267) | 276 | |||
Cash flows from investing activities: | |||||
Investments in equity method affiliates and debt and equity securities | (3) | (7) | |||
Return of investment in equity method affiliates | 105 | ||||
Cash proceeds from sale of investments | 13 | 16 | |||
Capital expended for property and equipment, including internal-use software and website development | (17) | (27) | |||
Other investing activities, net | (3) | (4) | |||
Net cash provided (used) by investing activities | 95 | (22) | |||
Cash flows from financing activities: | |||||
Borrowings of debt | 522 | ||||
Repayments of debt | (611) | (5) | |||
Intergroup Loan (repayments) borrowing | 750 | ||||
Liberty SiriusXM common stock repurchases | (69) | ||||
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group | 608 | ||||
Taxes paid in lieu of shares issued for stock-based compensation | (2) | 9 | |||
Other financing activities, net | (26) | 6 | |||
Net cash provided (used) by financing activities | 1,172 | 10 | |||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (1) | (5) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 999 | 259 | |||
Cash, cash equivalents and restricted cash at beginning of period | 587 | 160 | |||
Cash, cash equivalents and restricted cash at end of period | $ 1,586 | $ 419 | $ 1,586 | $ 419 |