Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 18.5 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
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 | 99,190,965 | ||
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 | 9,802,232 | ||
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 | 229,056,782 | ||
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 | 10,312,670 | ||
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 | 40,958,175 | ||
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 | 25,835,838 | ||
Liberty Formula One Group Common Class B | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,446,606 | ||
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 | 203,538,477 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 2,831 | $ 1,222 |
Trade and other receivables, net | 823 | 767 |
Other current assets | 376 | 416 |
Total current assets | 4,030 | 2,405 |
Investments in affiliates, accounted for using the equity method | 1,018 | 1,625 |
Property and equipment, at cost | 4,017 | 3,780 |
Accumulated depreciation | (1,778) | (1,518) |
Property and equipment, net | 2,239 | 2,262 |
Intangible assets not subject to amortization: | ||
Goodwill | 19,218 | 19,939 |
FCC licenses | 8,600 | 8,600 |
Other | 1,385 | 1,405 |
Intangible assets not subject to amortization | 29,203 | 29,944 |
Intangible assets subject to amortization, net | 5,378 | 5,940 |
Other assets | 2,136 | 2,013 |
Total assets | 44,004 | 44,189 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,583 | 1,621 |
Current portion of debt | 743 | 60 |
Deferred revenue | 2,070 | 2,113 |
Other current liabilities | 94 | 94 |
Total current liabilities | 4,490 | 3,888 |
Long-term debt | 16,686 | 15,416 |
Deferred income tax liabilities | 2,126 | 1,913 |
Other liabilities | 1,101 | 1,047 |
Total liabilities | 24,403 | 22,264 |
Stockholders' equity: | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 2,688 | 2,575 |
Accumulated other comprehensive earnings (loss), net of taxes | 78 | (33) |
Retained earnings | 12,320 | 13,748 |
Total stockholders' equity | 15,091 | 16,295 |
Noncontrolling interests in equity of subsidiaries | 4,510 | 5,630 |
Total equity | 19,601 | 21,925 |
Commitments and contingencies | ||
Total liabilities and equity | 44,004 | 44,189 |
Liberty SiriusXM Group | ||
Current assets: | ||
Cash and cash equivalents | 996 | 493 |
Trade and other receivables, net | 672 | 670 |
Other current assets | 225 | 227 |
Total current assets | 1,893 | 1,390 |
Investments in affiliates, accounted for using the equity method | 886 | 644 |
Property and equipment, at cost | 2,842 | 2,686 |
Accumulated depreciation | (1,526) | (1,331) |
Property and equipment, net | 1,316 | 1,355 |
Intangible assets not subject to amortization: | ||
Goodwill | 15,082 | 15,803 |
FCC licenses | 8,600 | 8,600 |
Other | 1,242 | 1,262 |
Intangible assets not subject to amortization | 24,924 | 25,665 |
Intangible assets subject to amortization, net | 1,471 | 1,603 |
Other assets | 1,334 | 764 |
Total assets | 32,081 | 31,421 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,380 | 1,294 |
Current portion of debt | 475 | 1 |
Deferred revenue | 1,721 | 1,930 |
Other current liabilities | 442 | 72 |
Total current liabilities | 3,996 | 3,274 |
Long-term debt | 12,525 | 9,244 |
Deferred income tax liabilities | 2,116 | 1,890 |
Other liabilities | 689 | 683 |
Total liabilities | 19,326 | 15,115 |
Stockholders' equity: | ||
Total stockholders' equity | 8,250 | 10,678 |
Noncontrolling interests in equity of subsidiaries | 4,505 | 5,628 |
Total liabilities and equity | 32,081 | 31,421 |
Liberty SiriusXM Group | Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 1 | 1 |
Liberty SiriusXM Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 2 | 2 |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 151 | 142 |
Trade and other receivables, net | 30 | 28 |
Other current assets | 63 | 97 |
Total current assets | 244 | 267 |
Investments in affiliates, accounted for using the equity method | 94 | 99 |
Property and equipment, at cost | 977 | 923 |
Accumulated depreciation | (178) | (128) |
Property and equipment, net | 799 | 795 |
Intangible assets not subject to amortization: | ||
Goodwill | 180 | 180 |
Other | 143 | 143 |
Intangible assets not subject to amortization | 323 | 323 |
Intangible assets subject to amortization, net | 24 | 34 |
Other assets | 87 | 75 |
Total assets | 1,571 | 1,593 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 53 | 63 |
Current portion of debt | 59 | 59 |
Deferred revenue | 90 | 70 |
Other current liabilities | 6 | 5 |
Total current liabilities | 173 | 188 |
Long-term debt | 611 | 495 |
Deferred income tax liabilities | 52 | 61 |
Other liabilities | 218 | 203 |
Total liabilities | 1,280 | 1,215 |
Stockholders' equity: | ||
Total stockholders' equity | 291 | 378 |
Total liabilities and equity | 1,571 | 1,593 |
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 1,684 | 587 |
Trade and other receivables, net | 121 | 69 |
Other current assets | 459 | 92 |
Total current assets | 2,264 | 748 |
Investments in affiliates, accounted for using the equity method | 38 | 882 |
Property and equipment, at cost | 198 | 171 |
Accumulated depreciation | (74) | (59) |
Property and equipment, net | 124 | 112 |
Intangible assets not subject to amortization: | ||
Goodwill | 3,956 | 3,956 |
Intangible assets not subject to amortization | 3,956 | 3,956 |
Intangible assets subject to amortization, net | 3,883 | 4,303 |
Other assets | 757 | 1,212 |
Total assets | 11,191 | 11,505 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 150 | 264 |
Current portion of debt | 209 | |
Deferred revenue | 259 | 113 |
Other current liabilities | 17 | 17 |
Total current liabilities | 692 | 426 |
Long-term debt | 3,550 | 5,677 |
Other liabilities | 194 | 161 |
Total liabilities | 4,636 | 6,264 |
Stockholders' equity: | ||
Total stockholders' equity | 6,550 | 5,239 |
Noncontrolling interests in equity of subsidiaries | 5 | 2 |
Total liabilities and equity | 11,191 | 11,505 |
Formula One Group | Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current portion of debt, measured at fair value | $ 684 | $ 0 |
Long-term debt, measured at fair value | $ 3,861 | $ 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 | 99,383,666 | 103,339,016 |
Common stock, shares outstanding | 99,383,666 | 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 | 9,802,237 | 9,808,601 |
Common stock, shares outstanding | 9,802,237 | 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 | 229,575,090 | 203,324,574 |
Common stock, shares outstanding | 229,575,090 | 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 | 10,312,670 | 10,312,639 |
Common stock, shares outstanding | 10,312,670 | 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 | 981,778 | 981,860 |
Common stock, shares outstanding | 981,778 | 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 | 40,958,175 | 39,894,784 |
Common stock, shares outstanding | 40,958,175 | 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 | 25,835,838 | 25,834,334 |
Common stock, shares outstanding | 25,835,838 | 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 | 2,446,606 | 2,448,233 |
Common stock, shares outstanding | 2,446,606 | 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 | 203,538,477 | 203,366,419 |
Common stock, shares outstanding | 203,538,477 | 203,366,419 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Total revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Cost of services (exclusive of depreciation shown separately below): | |||
Subscriber acquisition costs | 362 | 427 | 470 |
Other operating expenses | 434 | 624 | 391 |
Selling, general and administrative | 1,750 | 1,805 | 1,179 |
Impairment of intangible assets | 976 | ||
Acquisitions and restructuring | 28 | 84 | 3 |
Depreciation and amortization | 1,083 | 1,061 | 905 |
Total operating costs and expenses | 9,186 | 8,822 | 6,529 |
Operating income (loss) | 177 | 1,470 | 1,511 |
Other income (expense): | |||
Interest expense | (634) | (657) | (606) |
Share of earnings (losses) of affiliates, net | (586) | 6 | 18 |
Realized and unrealized gains (losses) on financial instruments, net | (402) | (315) | 40 |
Other, net | 10 | 9 | 78 |
Total other income (expense) | (1,612) | (957) | (470) |
Earnings (loss) before income taxes | (1,435) | 513 | 1,041 |
Income tax (expense) benefit | 44 | (166) | (176) |
Net earnings (loss) | (1,391) | 347 | 865 |
Less net earnings (loss) attributable to the noncontrolling interests | 30 | 241 | 334 |
Net earnings (loss) attributable to Liberty stockholders | (1,421) | 106 | 531 |
Liberty SiriusXM Group | |||
Revenue: | |||
Total revenue | 8,040 | 7,794 | 5,771 |
Cost of services (exclusive of depreciation shown separately below): | |||
Subscriber acquisition costs | 362 | 427 | 470 |
Other operating expenses | 264 | 280 | 123 |
Selling, general and administrative | 1,509 | 1,495 | 878 |
Impairment of intangible assets | 976 | ||
Acquisitions and restructuring | 3 | ||
Depreciation and amortization | 573 | 537 | 369 |
Total operating costs and expenses | 7,291 | 6,250 | 4,151 |
Operating income (loss) | 749 | 1,544 | 1,620 |
Other income (expense): | |||
Interest expense | (462) | (435) | (388) |
Share of earnings (losses) of affiliates, net | (484) | (24) | (11) |
Realized and unrealized gains (losses) on financial instruments, net | (521) | (41) | (1) |
Other, net | (13) | (38) | 25 |
Total other income (expense) | (1,362) | (538) | (375) |
Earnings (loss) before income taxes | (613) | 1,006 | 1,245 |
Income tax (expense) benefit | (106) | (271) | (241) |
Net earnings (loss) | (719) | 735 | 1,004 |
Less net earnings (loss) attributable to the noncontrolling interests | 28 | 241 | 328 |
Net earnings (loss) attributable to Liberty stockholders | $ (747) | $ 494 | $ 676 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, basic earnings loss per share | $ (2.24) | $ 1.50 | $ 1.98 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, diluted earnings loss per share | $ (2.33) | $ 1.48 | $ 1.95 |
Braves Group | |||
Revenue: | |||
Total revenue | $ 178 | $ 476 | $ 442 |
Cost of services (exclusive of depreciation shown separately below): | |||
Other operating expenses | 170 | 344 | 268 |
Selling, general and administrative | 67 | 100 | 97 |
Depreciation and amortization | 69 | 71 | 76 |
Total operating costs and expenses | 306 | 515 | 441 |
Operating income (loss) | (128) | (39) | 1 |
Other income (expense): | |||
Interest expense | (26) | (27) | (26) |
Share of earnings (losses) of affiliates, net | 6 | 18 | 12 |
Realized and unrealized gains (losses) on financial instruments, net | (10) | (4) | (2) |
Other, net | 2 | 35 | |
Total other income (expense) | 12 | (53) | (5) |
Earnings (loss) before income taxes | (116) | (92) | (4) |
Income tax (expense) benefit | 38 | 15 | 15 |
Net earnings (loss) | (78) | (77) | 11 |
Less net earnings (loss) attributable to the noncontrolling interests | 6 | ||
Net earnings (loss) attributable to Liberty stockholders | $ (78) | $ (77) | $ 5 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, basic earnings loss per share | $ (1.53) | $ (1.51) | $ 0.10 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, diluted earnings loss per share | $ (2) | $ (1.51) | $ 0.10 |
Formula One Group | |||
Revenue: | |||
Total revenue | $ 1,145 | $ 2,022 | $ 1,827 |
Cost of services (exclusive of depreciation shown separately below): | |||
Selling, general and administrative | 174 | 210 | 204 |
Depreciation and amortization | 441 | 453 | 460 |
Total operating costs and expenses | 1,589 | 2,057 | 1,937 |
Operating income (loss) | (444) | (35) | (110) |
Other income (expense): | |||
Interest expense | (146) | (195) | (192) |
Share of earnings (losses) of affiliates, net | (108) | 12 | 17 |
Realized and unrealized gains (losses) on financial instruments, net | 129 | (270) | 43 |
Other, net | 23 | 45 | 18 |
Total other income (expense) | (262) | (366) | (90) |
Earnings (loss) before income taxes | (706) | (401) | (200) |
Income tax (expense) benefit | 112 | 90 | 50 |
Net earnings (loss) | (594) | (311) | (150) |
Less net earnings (loss) attributable to the noncontrolling interests | 2 | ||
Net earnings (loss) attributable to Liberty stockholders | $ (596) | $ (311) | $ (150) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, basic earnings loss per share | $ (2.57) | $ (1.35) | $ (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 | $ (2.57) | $ (1.35) | $ (0.65) |
Sirius XM Holdings Revenue | |||
Revenue: | |||
Total revenue | $ 8,040 | $ 7,794 | $ 5,771 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | |||
Revenue: | |||
Total revenue | 8,040 | 7,794 | 5,771 |
Revenue Share And Royalties | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 2,421 | 2,291 | 1,394 |
Revenue Share And Royalties | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 2,421 | 2,291 | 1,394 |
Programming and content | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 462 | 406 |
Programming and content | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 462 | 406 |
Customer service and billing | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 475 | 382 |
Customer service and billing | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 475 | 382 |
Other | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 196 | 199 | 126 |
Other | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 196 | 199 | 126 |
Primary Formula 1 | |||
Revenue: | |||
Total revenue | 1,145 | 2,022 | 1,827 |
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 974 | 1,394 | 1,273 |
Primary Formula 1 | Formula One Group | |||
Revenue: | |||
Total revenue | 1,145 | 2,022 | 1,827 |
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 974 | 1,394 | 1,273 |
Other | |||
Revenue: | |||
Total revenue | 178 | 476 | 442 |
Other | Braves Group | |||
Revenue: | |||
Total revenue | $ 178 | $ 476 | $ 442 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net earnings (loss) | $ (1,391) | $ 347 | $ 865 |
Other comprehensive earnings (loss), net of taxes: | |||
Foreign currency translation adjustments | 12 | 20 | (34) |
Unrealized holding gains (losses) arising during the period | (7) | 3 | (3) |
Credit risk on fair value debt instruments gains (losses) | 117 | (13) | 32 |
Share of other comprehensive earnings (loss) of equity affiliates | (9) | 1 | (10) |
Other comprehensive earnings (loss) | 113 | 11 | (15) |
Comprehensive earnings (loss) | (1,278) | 358 | 850 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 32 | 247 | 324 |
Comprehensive earnings (loss) attributable to Liberty stockholders | (1,310) | 111 | 526 |
Liberty SiriusXM Group | |||
Net earnings (loss) | (719) | 735 | 1,004 |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | (712) | 512 | 663 |
Braves Group | |||
Net earnings (loss) | (78) | (77) | 11 |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | (86) | (74) | 2 |
Formula One Group | |||
Net earnings (loss) | (594) | (311) | (150) |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ (512) | $ (327) | $ (139) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (1,391) | $ 347 | $ 865 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,083 | 1,061 | 905 |
Stock-based compensation | 261 | 312 | 192 |
Impairment of intangible assets | 976 | ||
Share of (earnings) loss of affiliates, net | 586 | (6) | (18) |
Realized and unrealized (gains) losses on financial instruments, net | 402 | 315 | (40) |
Noncash interest expense | 17 | 9 | (1) |
Losses (gains) on dilution of investment in affiliate | (4) | (7) | 1 |
Loss on early extinguishment of debt | 40 | 57 | 1 |
Deferred income tax expense (benefit) | (95) | 120 | 167 |
Other, net | 35 | 8 | (17) |
Changes in operating assets and liabilities | |||
Current and other assets | (34) | (3) | (31) |
Payables and other liabilities | (146) | 100 | 132 |
Net cash provided (used) by operating activities | 1,730 | 2,313 | 2,156 |
Cash flows from investing activities: | |||
Cash proceeds from sale of investments | 13 | 442 | 399 |
Cash (paid) received for acquisitions, net of cash acquired | (300) | 313 | (2) |
Investments in equity method affiliates and debt and equity securities | (113) | (29) | (414) |
Return of investment in equity method affiliates | 105 | 23 | 64 |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 20 | 11 | 14 |
Capital expended for property and equipment, including internal-use software and website development | (452) | (510) | (403) |
Other investing activities, net | (9) | 64 | (28) |
Net cash provided (used) by investing activities | (736) | 314 | (370) |
Cash flows from financing activities: | |||
Borrowings of debt | 4,898 | 6,020 | 3,617 |
Repayments of debt | (2,931) | (4,871) | (4,057) |
Liberty SiriusXM common stock repurchases | (318) | (443) | (466) |
Subsidiary shares repurchased by subsidiary | (1,555) | (2,159) | (1,314) |
Proceeds from Liberty SiriusXM common stock rights offering | 754 | ||
Cash dividends paid by subsidiary | (64) | (68) | (59) |
Taxes paid in lieu of shares issued for stock-based compensation | (120) | (211) | (130) |
Other financing activities, net | (90) | (41) | 29 |
Net cash provided (used) by financing activities | 574 | (1,773) | (2,380) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 3 | (1) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,571 | 854 | (595) |
Cash, cash equivalents and restricted cash at beginning of period | 1,306 | 452 | 1,047 |
Cash, cash equivalents and restricted cash at end of period | $ 2,877 | $ 1,306 | $ 452 |
Consolidated Statements of Equi
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 CapitalCumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital | Accumulated Other Comprehensive EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Noncontrolling Interest in Equity of SubsidiariesCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest in Equity of Subsidiaries | Cumulative Effect, Period of Adoption, Adjustment | Total |
Balance at Dec. 31, 2017 | $ 1 | $ 2 | $ 2 | $ 3,892 | $ (35) | $ 13,081 | $ 5,631 | $ 22,574 | ||||||||
Stockholders' equity rollforward | ||||||||||||||||
Net earnings | $ 1,004 | $ 11 | $ (150) | 531 | 334 | 865 | ||||||||||
Other Comprehensive loss | (5) | (10) | (15) | |||||||||||||
Stock-based compensation | 153 | 39 | 192 | |||||||||||||
Withholding taxes on net share settlements of stock-based compensation | (130) | (130) | ||||||||||||||
Liberty SiriusXM stock repurchases | (466) | (466) | ||||||||||||||
Shares repurchased by subsidiary | (416) | (881) | (1,297) | |||||||||||||
Shares issued by subsidiary | (65) | 65 | ||||||||||||||
Other, net | (6) | (4) | (87) | (97) | ||||||||||||
Balance at Dec. 31, 2018 | 1 | 2 | 2 | $ 22 | 2,984 | $ 2 | (38) | $ 36 | 13,644 | $ 12 | 5,103 | $ 72 | 21,698 | |||
Stockholders' equity rollforward | ||||||||||||||||
Net earnings | 735 | (77) | (311) | 106 | 241 | 347 | ||||||||||
Other Comprehensive loss | 5 | 6 | 11 | |||||||||||||
Stock-based compensation | 246 | 79 | 325 | |||||||||||||
Withholding taxes on net share settlements of stock-based compensation | (211) | (211) | ||||||||||||||
Issuance of stock upon exercise of stock options | 10 | 10 | ||||||||||||||
Liberty SiriusXM stock repurchases | (443) | (443) | ||||||||||||||
Subsidiary shares issued as consideration in subsidiary acquisition | 657 | 1,698 | 2,355 | |||||||||||||
Equity component of convertible note | 62 | 62 | ||||||||||||||
Shares repurchased by subsidiary | (562) | (1,597) | (2,159) | |||||||||||||
Shares issued by subsidiary | (92) | 100 | 8 | |||||||||||||
Dividends paid by subsidiary | (68) | (68) | ||||||||||||||
Noncontrolling interest activity of equity affiliates | (6) | (6) | ||||||||||||||
Other, net | (8) | 6 | (2) | |||||||||||||
Balance at Dec. 31, 2019 | 1 | 2 | 2 | 2,575 | (33) | $ (2) | 13,748 | 5,630 | $ (2) | 21,925 | ||||||
Stockholders' equity rollforward | ||||||||||||||||
Net earnings | $ (719) | $ (78) | $ (594) | (1,421) | 30 | (1,391) | ||||||||||
Other Comprehensive loss | 111 | 2 | 113 | |||||||||||||
Stock-based compensation | 213 | 64 | 277 | |||||||||||||
Withholding taxes on net share settlements of stock-based compensation | (120) | (120) | ||||||||||||||
Liberty SiriusXM stock repurchases | (318) | (318) | ||||||||||||||
Shares repurchased by subsidiary | (346) | (1,228) | (1,574) | |||||||||||||
Shares issued by subsidiary | (75) | 75 | ||||||||||||||
Dividends paid by subsidiary | (64) | (64) | ||||||||||||||
Common stock issued pursuant to the Series C Liberty SiriusXM common stock rights offering | 754 | 754 | ||||||||||||||
Other, net | 5 | (7) | 1 | (1) | ||||||||||||
Balance at Dec. 31, 2020 | $ 1 | $ 2 | $ 2 | $ 2,688 | $ 78 | $ 12,320 | $ 4,510 | $ 19,601 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Basis of Presentation | (1) Basis of Presentatio n The accompanying consolidated financial statements of Liberty Media Corporation (“Liberty,” “we,” “our,” “us” or the “Company” unless the context otherwise requires) represent a consolidation of certain media and entertainment related assets and businesses. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Our significant subsidiaries include Sirius XM Holdings Inc. (“Sirius XM Holdings”), Formula 1 and Braves Holdings, LLC (“Braves Holdings”). Our significant investment accounted for under the equity method of accounting is Live Nation Entertainment, Inc. (“Live Nation”). On February 1, 2019, Sirius XM Holdings issued shares in conjunction with its acquisition of Pandora Media, Inc., which continues to operate as Pandora Media, LLC (“Pandora”). See note 5 for more information regarding the acquisition of Pandora. Liberty continues to maintain a controlling interest in Sirius XM Holdings following the share repurchases and issuances. As of December 31, 2020, we owned approximately 76% of the outstanding equity interest in Sirius XM Holdings. In 2011, Qurate Retail, Inc. (“Qurate Retail”) completed its split-off from Liberty, and in 2014, Liberty Broadband Corporation (“Liberty Broadband”) completed its spin-off from Liberty. In addition, in 2014, Liberty TripAdvisor Holdings, Inc. (“Liberty TripAdvisor”) completed its spin-off from Qurate Retail, and in 2018, GCI Liberty, Inc. (“GCI Liberty”) completed its split-off from Qurate Retail. These transactions resulted in the separate corporate existence of Liberty, Qurate Retail, Liberty Broadband, Liberty TripAdvisor and GCI Liberty. Following these transactions, each of these companies operates (or in the case of GCI Liberty, prior to its acquisition, operated) as separate publicly traded companies, none of which has any stock ownership, beneficial or otherwise, in the other (except that GCI Liberty owned shares of Liberty Broadband’s Series C non-voting common stock prior to the merger of GCI Liberty and Liberty Broadband in December 2020). In connection with the foregoing transactions, Liberty entered into certain agreements with Qurate Retail, Liberty TripAdvisor, Liberty Broadband, and GCI Liberty, respectively, in order to govern ongoing relationships between the companies and to provide for an orderly transition. As a result, these entities are considered related parties of the Company for accounting purposes through the dates of the respective transactions. These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements and Facilities Sharing Agreements. The Reorganization, Services and Facilities Sharing Agreements entered into with Qurate Retail were assigned from Liberty’s predecessor to Liberty in 2013 in connection with a prior transaction. The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Qurate Retail and Liberty Broadband, respectively, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and in the case of Qurate Retail, Qurate Retail’s allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities with Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) at Liberty’s corporate headquarters. Under these various agreements, approximately $28 million, $46 million and $30 million of these allocated expenses were reimbursed to Liberty during the years ended December 31, 2020, 2019 and 2018, respectively. In December 2019, Liberty entered into amendments to the Services Agreements with each of Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty in connection with Liberty’s entry into a new employment arrangement with Gregory B. Maffei, its President and Chief Executive Officer. Under the amended Services Agreements, components of his compensation would either be paid directly to him by each of Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (collectively, the “Service Companies”) or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended Services Agreements. Following the merger between GCI Liberty and Liberty Broadband in December 2020, GCI Liberty no longer participates in the Services Agreement arrangement due to the termination of its Services Agreement with Liberty. In December 2020, in conjunction with the merger, GCI Liberty made an executive termination payment to Liberty of approximately $6 million. See note 13 for additional information related to termination payments. On January 26, 2021, Liberty Media Acquisition Corporation (“LMAC”) consummated its initial public offering (the “IPO”) of 57.5 million units (the “Units”), including 7.5 million Units sold pursuant to the full exercise of the underwriters’ overallotment option. Each Unit consists of one share of Series A common stock of LMAC and one-fifth of one redeemable warrant of LMAC. Each whole warrant entitles the holder thereof to purchase one share of Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC's initial business combination and 12 months from the closing of the IPO. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to LMAC of $575 . Concurrently with the IPO, LMAC completed the private placement of 10 million warrants to its sponsor, Liberty Media Acquisition Sponsor LLC (the “Sponsor”), a wholly-owned subsidiary of the Company, generating gross proceeds of $15 million. A total of $575 million was placed in a U.S.-based trust account. Under the terms of the offering, the Company, through the Sponsor, owns 20% of LMAC’s issued and outstanding common stock and the Sponsor has committed to acquire $250 million of forward purchase units (each consisting of one share of LMAC’s Series B common stock and one-fifth of one redeemable warrant to purchase one share of LMAC’s Series A common stock) pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination. In addition, the Company, through the Sponsor’s ownership of LMAC founder shares, has certain governance rights which allow us to control LMAC’s affairs, policies and operations through the initial business combination. The Company’s ownership interest in LMAC will consist primarily of Series B common stock following the consummation of LMAC’s initial business combination, and is initially being attributed to the Formula One Group tracking stock. |
Tracking Stocks
Tracking Stocks | 12 Months Ended |
Dec. 31, 2020 | |
Tracking Stocks | (2) Tracking Stocks During November 2015, Liberty’s board of directors authorized management to pursue a reclassification of the Company’s common stock into three new tracking stock groups, one to be designated as the Liberty Braves common stock, one to be designated as the Liberty Formula One common stock (formerly known as Liberty Media common stock) and one to be designated as the Liberty SiriusXM common stock (the “Recapitalization”), and to cause to be distributed subscription rights related to the Liberty Braves common stock following the creation of the new tracking stocks. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “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 that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group or the Formula One Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. Additionally, as a result of the Recapitalization, Liberty’s 1.375% Cash Convertible Senior Notes due 2023 (the “Convertible Notes”) are now convertible into cash based on the product of the conversion rate specified in the indenture and the basket of tracking stocks into which each outstanding share of Series A Liberty Media Corporation common stock was reclassified (the “Securities Basket”). The Series A Liberty Braves common stock component of the Securities Basket was subsequently adjusted pursuant to anti-dilution adjustments arising out of the distribution of subscription rights to purchase shares of Series C Liberty Braves common stock made to all holders of Liberty Braves common stock. Furthermore, the Company entered into amended agreements with the counterparties with regard the Recapitalization-related adjustments to the outstanding Series A Liberty Media Corporation common stock warrants as well as the outstanding cash convertible note hedges and purchased call options. As part of the Recapitalization, the Formula One Group initially held a 20% intergroup interest in the Braves Group. As a result of a rights offering in May 2016 to holders of Liberty Braves common stock to acquire shares of Series C Liberty Braves common stock, the number of notional shares representing the intergroup interest held by the Formula One Group was adjusted to 9,084,940, representing a 15.1% intergroup interest in the Braves Group at December 31, 2019. In addition, during the fourth quarter of 2019, the Formula One Group began purchasing shares of Liberty SiriusXM common stock. As of December 31, 2019, the number of notional shares representing the intergroup interest held by the Formula One Group was 493,278, representing a 0.2% intergroup interest in the Liberty SiriusXM Group. 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, to cover exposure under 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, 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: ● ● ● 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, which, as of December 31, 2020, include its 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, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group retains intergroup interests in the Braves Group and the Formula One Group as of December 31, 2020. As of December 31, 2020, the Liberty SiriusXM Group has cash and cash equivalents of approximately $996 million, which includes $71 million of subsidiary cash. The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group, which, as of December 31, 2020, include its subsidiary, Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Atlanta Braves”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project (the “Development Project”) and cash. The Liberty SiriusXM Group and the Formula One Group retain intergroup interests in the Braves Group as of December 31, 2020. As of December 31, 2020, the Braves Group has cash and cash equivalents of approximately $151 million, which includes $73 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, which, as of December 31, 2020, include 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, cash, 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 December 31, 2020, the Formula One Group has cash and cash equivalents of approximately $1,684 million, which includes $265 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 11.1% intergroup interest at December 31, 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 3.7% intergroup interest at December 31, 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 December 31, 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 See Exhibit 99.1 to this Annual Report on Form 10-K for unaudited attributed financial information for Liberty’s tracking stock groups. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | (3) Summary of Significant Accounting Policies Cash and Cash Equivalents Cash equivalents consist of investments which are readily convertible into cash and have maturities of three months or less at the time of acquisition. Receivables Receivables are reflected net of an allowance for doubtful accounts and sales returns. Such allowance aggregated $17 million and $18 million at December 31, 2020 and 2019, respectively. Activity in the year ended December 31, 2020 included an increase of $61 million of bad debt charged to expense and $62 million of write-offs. Activity in the year ended December 31, 2019 included an increase of $56 million of bad debt charged to expense and $59 million of write-offs. Activity in the year ended December 31, 2018 included an increase of $68 million of bad debt charged to expense and $60 million of write-offs. Investments All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. The total value of marketable equity securities aggregated $266 million and $353 million as of December 31, 2020 and 2019, respectively. For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag. Changes in the Company’s proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the other, net line item. To the extent there is a difference between our ownership percentage in the underlying equity of an equity method investee and our carrying value, such difference is accounted for as if the equity method investee were a consolidated subsidiary. The Company continually reviews its equity investments to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts’ ratings and estimates of 12-month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company’s assessment of the foregoing factors involves a high degree of judgment and accordingly, actual results may differ materially from the Company’s estimates and judgments. Writedowns for equity method investments are included in share of earnings (losses) of affiliates. The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security’s fair value is less than its carrying value, an impairment is recorded in the consolidated statements of operations. Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. None of the Company’s derivatives are currently designated as hedges. The fair value of certain of the Company’s derivative instruments are estimated using the Black-Scholes model. The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company’s estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Considerable management judgment was required in estimating the Black-Scholes variables. Property and Equipment Property and equipment consisted of the following: Estimated Useful Life December 31, 2020 December 31, 2019 amounts in millions Land NA $ 139 138 Buildings and improvements 10 836 783 Support equipment 3 748 630 Satellite system 15 years 1,709 1,694 Construction in progress NA 585 535 Total property and equipment $ 4,017 3,780 Property and equipment, including significant improvements, is stated at cost. Depreciation is computed using the straight-line method using estimated useful lives. Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $268 million, $271 million and $251 million, respectively. Sirius XM Holdings capitalizes a portion of the interest on funds borrowed to finance the construction and launch of its satellites. Capitalized interest is recorded as part of the asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs for the years ended December 31, 2020 and 2019 were approximately $19 million and $17 million, respectively. Intangible Assets Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment upon certain triggering events. Goodwill and other intangible assets with indefinite useful lives (collectively, “indefinite lived intangible assets”) are not amortized, but instead are tested for impairment at least annually. Our annual impairment assessment of our indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in Liberty’s valuation analysis are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Impairment of Long-lived Assets The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangibles) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds their fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. Noncontrolling Interests The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity. Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company elected to utilize certain practical expedients as permitted under ASC 606. The Company elected to apply the guidance from ASC 606 only to contracts that were not completed as of January 1, 2018. Completed contracts are those contracts for which substantially all of the revenue had been recognized under ASC 605. The Company also elected to utilize the practical expedient for contract modifications. For modified contracts, the Company did not separately evaluate the effects of each contract modification that occurred prior to January 1, 2018. Instead, the Company reflected the aggregate effect of all contract modifications (on a contract-by-contract basis) that occurred prior to January 1, 2018 by identifying the satisfied and unsatisfied performance obligations and allocating the transaction price to such performance obligations. Our customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the year ended December 31, 2020 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings was approximately $184 million and $349 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. As the majority of Sirius XM Holdings contracts are one year or less, Sirius XM Holdings utilized the optional exemption under ASC 606 and has not disclosed information about the remaining performance obligations for contracts which have original expected durations of one year or less. As of December 31, 2020, less than ten percent of the Sirius XM Holdings total deferred revenue balance related to contracts that extended beyond one year. These contracts primarily include prepaid data trials which are typically provided for three to five years as well as for self-pay customers who prepay for their audio subscriptions for up to three years in advance. These amounts will be recognized on a straight-line basis as Sirius XM Holdings’ services are provided. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $2,121 million in 2021 , $1,853 million in 2022 , $4,039 million in 2023 through 2028, and $384 million thereafter , primarily recognized through 2035. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. Sirius XM Holdings The following table disaggregates Sirius XM Holdings’ revenue by source: Years ended December 31, 2020 2019 2018 in millions Subscriber $ 6,372 6,120 5,264 Advertising 1,340 1,336 188 Equipment 173 173 155 Other 155 165 164 Total Sirius XM Holdings revenue $ 8,040 7,794 5,771 Subscriber revenue. three Music royalty fee primarily consists of U.S. music royalty fees (“MRF”) collected from subscribers. The related costs Sirius XM Holdings incurs for the right to broadcast music and other programming are recorded as revenue share and royalties expense in the consolidated statements of operations. Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to revenue ratably over the service period. Advertising revenue. Equipment revenue. are recorded as revenue. Shipping and handling costs associated with shipping goods to customers are reported as a component of cost of services. Other revenue. Sirius XM Holdings revenue is reported net of any taxes assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in the consolidated statements of operations. Formula 1 The following table disaggregates Formula 1’s revenue by source: Years ended December 31, 2020 2019 2018 in millions Primary $ 964 1,664 1,487 Other 181 358 340 Total Formula 1 revenue $ 1,145 2,022 1,827 Upon entering into a new arrangement, Formula 1 occasionally incurs certain incremental costs of obtaining a contract. These incremental costs relate to commission amounts that will be paid over the life of the contract for which the recipient does not have any substantive future performance requirement to earn such commission. Accordingly, the commission costs are capitalized and amortized over the life of the contract. The following is a description of principal activities from which Formula 1 generates its revenue. Primary revenue. Other revenue. Braves Holdings The following table disaggregates Braves Holdings’ revenue by source: Years ended December 31, 2020 2019 2018 in millions Baseball $ 142 438 404 Development 36 38 38 Total Braves Holdings revenue $ 178 476 442 Braves Holdings is required to estimate the entire transaction price of its contractual arrangements and recognize revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. Such performance obligations are typically satisfied over time and result in differences between revenue recognized and cash received, dependent on how far into a contractual arrangement Braves Holdings is at any given reporting period. The following is a description of principal activities from which Braves Holdings generates its revenue. Baseball revenue. Development revenue. Cost of Services Revenue Share Sirius XM Holdings shares a portion of its subscription revenue earned from self-pay subscribers with certain automakers. The terms of the revenue share agreements vary with each automaker, but are typically based upon the earned audio revenue as reported or gross billed audio revenue. Revenue share on self-pay revenue is recognized as an expense and recorded in revenue share and royalties in our consolidated statements of operations. Sirius XM Holdings also pays revenue share to certain talent on non-music stations on its satellite radio service and to podcast talent based on advertising revenue for the related channel or podcast. Revenue share on non-music channels and podcasts is recognized in Revenue share and royalties when it is earned. In some cases, Sirius XM Holdings prepays minimum guarantees for revenue share to podcast talent which is recorded in other current assets in the consolidated balance sheets. The minimum guarantee is recognized in revenue share and royalties primarily on a straight line basis over the contractual term. The prepaid balance is regularly reviewed for recoverability and any amount not deemed to be recoverable is recognized as an expense in the period. Royalties In connection with its businesses, Sirius XM Holdings must enter into royalty arrangements with two sets of rights holders: holders of musical compositions copyrights (that is, the music and lyrics) and holders of sound recordings copyrights (that is, the actual recording of a work). The Sirius XM and Pandora businesses use both statutory and direct music licenses as part of their businesses. Sirius XM Holdings licenses varying rights - such as performance and mechanical rights - for use in its Sirius XM and Pandora businesses based on the various radio and interactive services they offer. The music rights licensing arrangements for the Sirius XM and Pandora businesses are complex. Sirius XM Holdings pays performance royalties for its Sirius XM and Pandora businesses to holders and rights administrators of musical compositions copyrights, including performing rights organizations and other copyright owners. These performance royalties are based on agreements with performing rights organizations which represent the holders of these performance rights. The Sirius XM and Pandora businesses have arrangements with these performance rights organizations. Arrangements with Sirius XM generally include fixed payments during the term of the agreement and arrangements with Pandora for its ad-supported radio service have variable payments based on usage and ownership of a royalty pool. Pandora must also license reproduction rights, which are also referred to as mechanical rights, to offer the interactive features of the Pandora services. For Pandora subscription services, copyright holders receive payments for these rights at the rates determined in accordance with the statutory license set forth in Section 115 of the United States Copyright Act (the “Copyright Act”). For Sirius XM Holdings’ non-interactive satellite radio or streaming services, it may license sound recordings under direct licenses with the owners of sound recordings or based on the royalty rate established by the CRB. For Sirius XM, the royalty rate for sound recordings has been set by the CRB. The revenue subject to royalty includes subscription revenue from Sirius XM Holdings’ U.S. satellite digital audio radio subscribers, and advertising revenue from channels other than those channels that make only incidental performances of sound recordings. The rates and terms permit Sirius XM to reduce the payment due each month for those sound recording directly licensed from copyright owners and exclude from its revenue certain other items, such as royalties paid to Sirius XM for intellectual property, sales and use taxes, bad debt expense and generally revenue attributable to areas of Sirius XM’s business that do not involve the use of copyrighted sound recordings. Pandora has entered into direct license agreements with major and independent music labels and distributors for a significant majority of the sound recordings that stream on the Pandora ad-supported service, Pandora Plus and Pandora Premium. For sound recordings that Pandora streams and for which it has not entered into a direct license agreement with the sound recording rights holders, the sound recordings are streamed pursuant to the statutory royalty rates set by the CRB. Programming Costs Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming costs which are for a specified season or include programming through a dedicated channel are amortized over the season or period on a straight-line basis. Sirius XM Holdings allocates a portion of certain programming costs which are related to sponsorship and marketing activities to selling, general and administrative expense on a straight-line basis over the term of the agreement. Cost of Formula 1 Revenue Cost of Formula 1 revenue consists of team payments and hospitality costs, which are principally related to catering and other aspects of the production and delivery of the Paddock Club, and circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Events, including the right to sell advertising, hospitality and support race opportunities. Other costs include annual Federation Internationale de l’Automobile regulatory fees, advertising and sponsorship commissions and those incurred in the provision and sale of freight, travel and logistical services, F2 and F3 cars, parts and maintenance services, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and relate directly to revenue opportunities. Subscriber Acquisition Costs Subscriber acquisition costs consist of costs incurred to acquire new subscribers which include hardware subsidies paid to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a prepaid subscription to Sirius XM service in the sale or lease price of a new vehicle; subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for inventory allowance attributable to inventory consumed in Sirius XM Holdings’ automotive and retail distribution channels. Subscriber acquisition costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to automakers and retailers of radios. Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or activation and are included in subscriber acquisition costs because Sirius XM Holdings is responsible for providing the service to the customers. Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios. Chipsets that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as subscriber acquisition costs when placed into production by radio manufacturers. Costs for chipsets are expensed as subscriber acquisition costs when the automaker confirms receipt. Stock-Based Compensation As more fully described in note 14, Liberty has granted to its directors, employees and employees of its subsidiaries options and restricted stock to purchase shares of Liberty common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an Award based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation: Years ended December 31, 2020 2019 2018 amounts in millions Cost of services: Programming and content $ 32 30 28 Customer service and billing 6 4 4 Other 6 9 5 Other operating expense 43 49 17 Selling, general and administrative 174 199 138 $ 261 291 192 In June 2018, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which expands the scope of existing accounting guidance for stock-based compensation to include share-based payments made to nonemployees. The new guidance substantially aligns the accounting for payments made to nonemployees and employees. Upon adoption, equity classified share-based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present and awards will continue to be classified according to existing accounting guidance upon vesting, which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. Sirius XM Holdings, the Company’s only subsidiary with nonemployee share-based payment arrangements, elected to early adopt this guidance effective July 1, 2018. Upon adoption, the previously liability-classified awards were reclassified to equity. The impact of the adoption of this guidance was a $22 million increase to additional paid-in capital, $3 million decrease in opening retained earnings, $7 million increase in noncontrolling interest in equity of subsidiaries and a decrease of $26 million in accounts payable and accrued liabilities. Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. Earnings Attributable to Liberty Stockholders Per Common Share Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares that were outstanding for the period. 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. 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 (“WASO”) shares of common stock. Excluded from diluted EPS for the years ended December 31, 2020, 2019 and 2018 are 25 million, 22 million and 22 million potentially dilutive shares of Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2020 (a)(b) 2019 (b) 2018 (b) number of shares in millions Basic WASO 334 329 342 Potentially dilutive shares 2 4 4 Diluted WASO (c) 336 333 346 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. (b) 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. (c) 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 t |
Supplemental Disclosures to Con
Supplemental Disclosures to Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Disclosures to Consolidated Statements of Cash Flows | (4) Supplemental Disclosures to Consolidated Statements of Cash Flows Years ended December 31, 2020 2019 2018 amounts in millions Cash paid for acquisitions: Fair value of assets acquired $ 62 90 — Intangibles not subject to amortization 235 1,884 3 Intangibles subject to amortization 50 800 2 Net liabilities assumed (46) (772) (3) Deferred tax liabilities (1) 102 — Fair value of equity consideration — (2,417) — Cash paid (received) for acquisitions, net of cash acquired $ 300 (313) 2 Stock repurchased by subsidiary not yet settled $ (19) — — Cash paid for interest, net of amounts capitalized $ 576 585 586 Cash paid (received) for income taxes $ 48 40 (26) The following table reconciles cash and cash equivalents and restricted cash reported in our consolidated balance sheets to the total amount presented in our consolidated statements of cash flows: Years ended December 31, 2020 2019 2018 amounts in millions Cash and cash equivalents $ 2,831 1,222 358 Restricted cash included in other current assets 16 57 70 Restricted cash included in other assets 30 27 24 Total cash, cash equivalents and restricted cash at end of period $ 2,877 1,306 452 |
Acquisitions and Restructurings
Acquisitions and Restructurings | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Acquisitions and Restructurings | (5) Acquisitions and Restructurings Sirius XM Holdings acquisition of Stitcher On October 16, 2020, Sirius XM Holdings acquired certain assets and liabilities of Stitcher, a leader in podcast production, distribution, and ad sales, from The E.W. Scripps Company and certain of its subsidiaries (“Scripps”) for $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. The total purchase consideration of $296 million includes $30 million related to the acquisition date fair value of the contingent consideration, partially offset by working capital adjustments of $6 million. The fair value of the contingent consideration was determined using a probability-weighted cash flow model and will be remeasured to fair value at each subsequent reporting period. Stitcher is included in the Pandora reporting unit. In connection with the acquisition, Sirius XM Holdings recognized goodwill of $218 million and intangible assets subject to amortization of $38 million. The goodwill of Stitcher is deductible for tax purposes as it was an asset acquisition. Sirius XM Holdings recognized $4 million of costs related to the acquisition of Stitcher during the year ended December 31, 2020. The acquisition of Stitcher was financed through borrowings under Sirius XM Holdings’ Senior Secured Revolving Credit Facility. 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. Simplecast complements AdsWizz’s advertising technology platform, allowing Sirius XM Holdings to offer podcasters a simple solution for management, hosting, analytics and advertising sales, and is included in the Pandora reporting unit. 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. The goodwill of Simplecast is not deductible for tax purposes. Sirius XM Holdings recognized less than $1 million of costs related to the acquisition of Simplecast during the year ended December 31, 2020. 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 year ended December 31, 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 Pandora On February 1, 2019, Sirius XM Holdings purchased all of the outstanding shares of Pandora for $2.4 billion, by converting each outstanding share of Pandora common stock into 1.44 shares of Sirius XM Holdings common stock and by cancelling Sirius XM Holdings’ investment in Pandora’s preferred stock with a fair value of $524 million, for total consideration of approximately $2.9 billion. Net cash acquired by Sirius XM Holdings was $313 million. Pandora operates an internet-based music discovery platform, offering a personalized experience for listeners. The table below shows the value of the consideration paid in connection with the acquisition (in millions, except for exchange ratio and price per share of Sirius XM Holdings common stock): Pandora common stock outstanding at January 31, 2019 272 Exchange ratio 1.44 Sirius XM Holdings common stock issued 392 Price per share of Sirius XM Holdings common stock as of January 31, 2019 $ 5.83 Value of Sirius XM Holdings common stock issued to Pandora stockholders pursuant to the transactions 2,285 Value of Sirius XM Holdings replacement equity awards attributable to pre-combination service 70 Sirius XM Holdings' Pandora preferred stock investment cancelled 524 Total consideration $ 2,879 The final acquisition price allocation for Pandora is as follows (in millions): Cash and cash equivalents $ 313 Trade and other receivables, net 353 Other current assets 109 Property and equipment 41 Goodwill 1,553 Intangible assets not subject to amortization 331 Intangible assets subject to amortization, net 800 Other assets 213 Accounts payable and accrued liabilities (324) Current portion of debt (151) Deferred revenue (37) Other current liabilities (28) Long-term debt (a) (218) Other liabilities (76) $ 2,879 (a) In order to present the assets acquired and liabilities assumed, the conversion feature associated with Pandora’s convertible notes for $62 million has been included within long-term debt in the table above and included within noncontrolling interest in equity of subsidiaries within the consolidated statement of equity. See note 9 for details regarding Pandora’s convertible notes. Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired and represents synergies and economies of scale expected from the combination of services. None of the acquired goodwill is expected to be deductible for tax purposes. See note 8 for disclosures regarding the impairment of a portion of Pandora’s goodwill during the year ended December 31, 2020. Pandora’s amortizable intangible assets are comprised of customer relationships and software and technology, with estimated weighted average useful lives of 8 years and 5 years, respectively. The fair value assessed for the majority of the remaining assets acquired and liabilities assumed equaled their carrying value. Additionally, in connection with the acquisition, Sirius XM Holdings acquired gross net operating loss carryforwards of approximately $1,287 million for federal income tax purposes available to offset future taxable income. The acquired net operating losses are limited by Section 382 of the Internal Revenue Code. Those limitations are not expected to impact our ability to fully utilize those net operating losses within the carryforward period. Sirius XM Holdings recognized $84 million of costs related to the acquisition of Pandora during the year ended December 31, 2019. The amounts of revenue and net loss of Pandora included in Liberty’s consolidated statement of operations since the date of acquisition were $1,607 million and $303 million, respectively, for the year ended December 31, 2019. The unaudited pro forma revenue and net earnings of Liberty, prepared utilizing the historical financial statements of Pandora, giving effect to acquisition accounting related adjustments made at the time of acquisition, as if the acquisition of Pandora discussed above occurred on January 1, 2018, are as follows: Years ended December 31, 2019 2018 amounts in millions Revenue $ 10,419 9,617 Net earnings (loss) $ 371 533 Net earnings (loss) attributable to Liberty stockholders $ 123 294 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 periods presented. |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 12 Months Ended |
Dec. 31, 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. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3. Liberty’s assets and liabilities measured at fair value are as follows: December 31, 2020 December 31, 2019 Quoted prices Significant other Quoted prices Significant other in active markets observable in active markets observable for identical assets inputs for identical assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,586 2,586 — 992 992 — Debt and equity securities $ 266 181 85 353 242 111 Financial instrument assets $ 424 84 340 532 63 469 Debt $ 4,545 — 4,545 3,678 — 3,678 Financial instrument liabilities $ 106 — 106 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. The fair value of debt related instruments are based on quoted market prices but not considered to be traded on “active markets,” as defined by GAAP. Accordingly, those debt and equity securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Debt and equity securities and financial instrument assets included in the table above are included in the Other assets line item in the consolidated balance sheets. Realized and Unrealized Gains (Losses) on Financial Instruments Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following (amounts in millions): Years ended December 31, 2020 2019 2018 Debt and equity securities $ (74) 110 2 Debt measured at fair value (a) (114) (584) 130 Change in fair value of bond hedges (b) (127) 215 (94) Other derivatives (87) (56) 2 $ (402) (315) 40 (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 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 gain of $148 million, loss of $16 million and gain of $41 million for the years ended December 31, 2020, 2019 and 2018, respectively, and the cumulative change was a gain of $175 million as of December 31, 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 convertible notes and the bond hedges . |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 12 Months Ended |
Dec. 31, 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 and market value (Level 1) of the more significant investments in affiliates at December 31, 2020, and the carrying amount at December 31, 2019: December 31, 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% $ 5,118 $ 163 NA Sirius XM Canada 70% $ NA 643 636 Other 80 8 Total Liberty SiriusXM Group 886 644 Braves Group Other NA NA 94 99 Total Braves Group 94 99 Formula One Group Live Nation (a) NA 746 Other various NA 38 136 Total Formula One Group 38 882 Consolidated Liberty $ 1,018 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 pursuant to the Live Nation Margin Loan as of December 31, 2020. The following table presents the Company’s share of earnings (losses) of affiliates: Years ended December 31, 2020 2019 2018 amounts in millions Liberty SiriusXM Group Live Nation (a) $ (465) NA NA Sirius XM Canada 5 (3) (1) Other (24) (21) (10) Total Liberty SiriusXM Group (484) (24) (11) Braves Group Other 6 18 12 Total Braves Group 6 18 12 Formula One Group Live Nation (a) (112) 4 3 Other 4 8 14 Total Formula One Group (108) 12 17 Consolidated Liberty $ (586) 6 18 (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 December 31, 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 $123 million as of December 31, 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. Such loan has a term of fifteen years, bears interest at a rate of 7.62% per annum and includes customary covenants and events of default, including an event of default relating to Sirius XM Canada’s failure to maintain specified leverage ratios. Sirius XM Holdings also entered into a Services Agreement and an Advisory Services Agreement with Sirius XM Canada. Each agreement has a thirty year term. Pursuant to the Services Agreement, Sirius XM Canada currently pays Sirius XM Holdings 25% of its gross revenue on a monthly basis and pursuant to the Advisory Services Agreement, Sirius XM Canada pays Sirius XM Holdings 5% of its gross revenue on a monthly basis. Sirius XM Holdings had approximately $20 million and $22 million in related party current assets as of December 31, 2020 and 2019, respectively. At December 31, 2019, Sirius XM Holdings had approximately $4 million in related party liabilities, which are recorded in other current liabilities in the consolidated balance sheet. Sirius XM Holdings recorded approximately $97 million, $98 million and $97 million in revenue for the years ended December 31, 2020, 2019 and 2018, respectively, associated with these various agreements. Sirius XM Canada paid dividends to Sirius XM Holdings of $2 million during each of the years ended December 31, 2020, 2019 and 2018. SoundCloud In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The Series G Units are convertible at the option of the holders at any time into shares of ordinary membership units of SoundCloud at a ratio of one ordinary membership unit for each Series G Unit. 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 $55 million and $40 million during years ended December 31, 2020, and 2019, respectively. Sirius XM Holdings also had related party liabilities of $24 million as of December 31, 2020 related to this agreement. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets | (8) Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2019 $ 14,250 3,956 180 18,386 Acquisitions (a) 1,553 — — 1,553 Balance at December 31, 2019 15,803 3,956 180 19,939 Acquisitions (b) 235 — — 235 Impairments (956) — — (956) Balance at December 31, 2020 $ 15,082 3,956 180 19,218 (a) See note 5 for details regarding Sirius XM Holdings’ acquisition of Pandora. (b) See note 5 for details regarding SiriusXM Holdings’ acquisitions of Simplecast and Stitcher . Other Intangible Assets Not Subject to Amortization Other intangible assets not subject to amortization, not separately disclosed, are trademarks ($1,242 million and $1,262 million) at December 31, 2020 and 2019 and franchise rights owned by Braves Holdings ($143 million) as of December 31, 2020 and 2019. We identified these assets as indefinite life intangible assets after considering the expected use of the assets, the regulatory and economic environment within which they are used and the effects of obsolescence on their use. Sirius XM Holdings’ Federal Communications Commission (“FCC”) licenses for its Sirius satellites expire in 2022 and 2025 and the FCC licenses for its XM satellites expire in 2021, 2022 and 2026. Prior to expiration, Sirius XM Holdings is required to apply for a renewal of its FCC licenses. The renewal and extension of its licenses is reasonably certain at minimal cost, which is expensed as incurred. Each of the FCC licenses authorizes Sirius XM Holdings to use the broadcast spectrum, which is a renewable, reusable resource that does not deplete or exhaust over time. Intangible Assets Subject to Amortization Intangible assets subject to amortization are comprised of the following: December 31, 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 (742) 2,888 3,630 (543) 3,087 Customer relationships 3,053 (1,389) 1,664 3,086 (1,123) 1,963 Licensing agreements 355 (221) 134 316 (185) 131 Other 1,748 (1,056) 692 1,636 (877) 759 Total $ 8,786 (3,408) 5,378 8,668 (2,728) 5,940 The FIA Agreement is amortized over 35 years, customer relationships are amortized over 10 2021 $ 767 2022 $ 726 2023 $ 581 2024 $ 398 2025 $ 345 Impairments Due to an increase in projected costs related to royalty rates from streaming, increasing uncertainty surrounding the projected demand for advertising and a decrease in listening hours, impairment losses of $956 million and $20 million were recorded during the year ended December 31, 2020 related to Pandora’s goodwill and trademark, respectively. The fair value of the Pandora reporting unit was determined using a combination of market multiples (market approach) and discounted cash flow (income approach) calculations (Level 3). The discounted cash flow model relies on making assumptions, such as the extent of the economic downturn related to the COVID-19 pandemic, the expected timing of recovery, expected growth in profitability and discount rate. Additionally, assumptions related to guideline company financial multiples used in the market approach decreased based on current market observations. As of December 31, 2020, accumulated goodwill impairment losses for Liberty totaled $956 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt | (9) Debt Debt is summarized as follows: Outstanding Carrying value Principal December 31, December 31, December 31, 2020 2020 2019 Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) $ 1,000 1,251 NA 2.125% Exchangeable Senior Debentures due 2048 (1) 400 418 423 2.25% Exchangeable Senior Debentures due 2048 (1) 385 475 NA 2.75% Exchangeable Senior Debentures due 2049 (1) 604 628 632 0.5% Exchangeable Senior Debentures due 2050 (1) 920 982 NA 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 1,488 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 1,490 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 Pandora 1.75% Convertible Senior Notes due 2023 193 170 163 Sirius XM Senior Secured Revolving Credit Facility 649 649 — Deferred financing costs (12) (11) Total Liberty SiriusXM Group 12,651 13,000 9,245 Braves Group Subsidiary notes and loans: Notes and loans 674 674 559 Deferred financing costs (4) (5) Total Braves Group 674 670 554 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) 450 582 585 2.25% Exchangeable Senior Debentures due 2046 (1) 203 209 257 2.25% Exchangeable Senior Debentures due 2048 (1) NA NA 459 Live Nation Margin Loan NA NA 130 Other 74 74 32 Subsidiary notes and loans: Senior Loan Facility 2,902 2,904 2,907 Deferred financing costs (10) (15) Total Formula One Group 3,629 3,759 5,677 Total debt $ 16,954 17,429 15,476 Less debt classified as current (743) (60) Total long-term debt $ 16,686 15,416 (1) Measured at fair value 1.375% Cash Convertible Senior Notes due 2023 On October 17, 2013 Liberty issued $1 billion aggregate principal amount of 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. Since the date of issuance, the conversion adjustment and other provisions of the indenture have been amended to give effect to certain transactions. The consideration due upon conversion of any Convertible Note shall be determined based on the Securities Basket, consisting of 0.1087 of a share of Series A Liberty Braves common stock, 1.0163 shares of Series A Liberty SiriusXM common stock and 0.25 of a share of Series A Liberty Formula One common stock as of December 31, 2020. 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 December 31, 2020, the Convertible Notes are classified as a long term liability in the consolidated balance sheets, as the conversion conditions have not been met as of such date. Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into a bond hedge transaction (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 components of the Securities Basket, 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 the components of the Securities Basket. As of December 31, 2020, the Bond Hedge Transaction covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,429,600 shares of Series A Liberty SiriusXM common stock and 2,292,037 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments pertaining to the Convertible Notes, which is equal to the aggregate number of shares comprising the Securities Basket underlying the Convertible Notes. As of December 31, 2020, the basket price of the securities underlying the Bond Hedge Transaction was $56.09 per share. The bond hedge expires on October 15, 2023 and is included in other assets as of December 31, 2020 and 2019 in the accompanying consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments, in the accompanying consolidated statements of operations. Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same underlying shares of Convertible Notes and Bond Hedge Transaction, subject to anti-dilution adjustments. The first expiration date of the warrants is January 16, 2024 and expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the warrant transactions with cash. As of December 31, 2020, the warrants covered, in the aggregate, 5,271,475 shares of Series A Liberty Formula One common stock, 21,429,600 shares of Series A Liberty SiriusXM common stock and 2,292,037 shares of Series A Liberty Braves common stock, subject to anti-dilution adjustments. The strike price of the warrants, based on the basket of shares, was $61.16 per share as of December 31, 2020. As of December 31, 2020, the basket price of the securities underlying the warrants was $56.09 per share. The warrants 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 warrants were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. 1% Cash Convertible Notes due 2023 On January 23, 2017, Liberty issued $450 million convertible cash notes at an interest rate of 1% per annum, which are convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series C Liberty Formula One common stock and mature on January 30, 2023 (the “1% Convertible Notes’’). The initial conversion rate for the notes will be 27.1091 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89 per share of Series C Liberty Formula One common stock. The conversion of the 1% Convertible Notes will be settled solely in cash, and not through the delivery of any securities. 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. Accordingly, the debentures are classified as a current liability in the consolidated balance sheet as of December 31, 2020. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. Liberty used the net proceeds of the offering for the acquisition of an investment in Formula 1 during September 2016. 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 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. 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. Accordingly, the debentures are classified as a current liability in the consolidated balance sheets as of December 31, 2020. 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. 0.5% Exchangeable Senior Debentures due 2050 In November 2020, Liberty closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the “ 0.5% Exchangeable Senior Debentures due 2050”). 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/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $90.10 per share. A total of approximately 10 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, 2021. The debentures may be redeemed by Liberty, in whole or in part, on or after September 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on September 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 On April 30, 2013, Liberty Siri MarginCo, LLC (“Siri MarginCo”), a wholly-owned subsidiary of Liberty, entered into a margin loan agreement. Shares of common stock of certain of the Company’s equity affiliates and investments in equity securities were pledged as collateral pursuant to this agreement. During October 2014, Siri MarginCo refinanced this margin loan arrangement for a similar financial instrument with a $250 million term loan and a $750 million undrawn line of credit. Interest on the term loan was payable on the first business day of each calendar quarter, and interest was payable on the amounts outstanding under the revolving line of credit on the last day of the interest period applicable to the borrowing of which such loan was a part. During October 2015, Siri MarginCo amended this margin loan arrangement for a similar financial instrument with a $250 million term loan and a $1 billion undrawn line of credit. As of December 31, 2015, shares of Sirius XM Holdings and Live Nation were pledged as collateral pursuant to this agreement. The term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus and applicable spread between 1.75% and 2.25% (based on the value of collateral) with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement. During October 2016, Siri MarginCo amended this margin loan arrangement for a similar financial instrument with a $250 million term loan and a $500 million undrawn line of credit, which was scheduled to mature during October 2018. The term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 1.75% with the undrawn portion carrying a fee of 0.75%. Other terms of the agreement were substantially similar to the previous arrangement, except shares of Live Nation common stock were no longer pledged as collateral. During March 2018, Siri MarginCo amended this margin loan agreement for a similar financial instrument with a $250 million term loan, $500 million revolving line of credit and a $600 million delayed draw term loan, which was scheduled to mature during March 2020. The term loan and any drawn portion of the revolver carried 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. Borrowing outstanding under this margin loan bore interest at a rate of 4.83% per annum at December 31, 2018. During March 2019, Siri MarginCo amended this margin loan agreement, extending the maturity to March 2021. The $600 million delayed draw term loan was available until March 2020. Other terms of the agreement were substantially similar to the previous arrangement. Borrowings outstanding under this margin loan bore interest at a rate of 3.99% per annum at December 31, 2019. As of December 31, 2019, availability under the margin loan was $1,000 million. In March 2020, Siri MarginCo amended this margin loan agreement, extending the maturity to March 2022. Other terms of the agreement were substantially similar to the previous arrangement. Borrowings outstanding under this margin loan bore interest at a rate of 2.30% per annum at December 31, 2020. As of December 31, 2020, availability under the Sirius XM Holdings Margin Loan was $600 million. As of December 31, 2020, 1,000 million shares of the Company’s Sirius XM Holdings common stock with a value of $6,370 million were pledged as collateral to the margin loan. 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. On February 24, 2021, Siri MarginCo borrowed $125 million pursuant to an amendment to this margin loan agreement which includes an $875 million term loan and an $875 million revolving line of credit. Also pursuant to the amendment, the maturity was extended to March 2024. The term loan and any drawn portion of the revolver will carry an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. Other terms of the agreement were substantially similar to the previous arrangement. Live Nation Margin Loan On November 8, 2016, LMC LYV, LLC, a wholly-owned subsidiary of Liberty, entered into a margin loan agreement with an available borrowing capacity of $500 million with various financial institutions. This margin loan bore interest at a rate of LIBOR plus 2.25% and contained an undrawn commitment fee of 0.75% per annum. On January 20, 2017, LMC LYV, LLC drew $350 million under the margin loan. On December 12, 2017, the margin loan agreement was amended, decreasing the interest rate to LIBOR plus 1.90% and the undrawn commitment fee to 0.60% per annum. On December 10, 2018, the margin loan agreement was amended, increasing the borrowing capacity to $600 million, 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 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. On November 9, 2020, the margin loan was amended, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0%, decreasing the undrawn commitment fee to 0.5% per annum and extending the maturity date to December 9, 2022. Interest on the margin loan is payable on the last business day of each calendar quarter. As of December 31, 2020, availability under the margin loan was $200 million. As of December 31, 2020, 9.0 million shares of the Company’s Live Nation common stock with a value of $659 million were pledged as collateral to the loan. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants. Sirius XM Holdings Senior Notes and Senior Secured Revolving Credit Facility Sirius XM 4.625% Senior Notes due 2023 In May 2013, Sirius XM Holdings issued $500 million of Senior Notes due 2023 (the “4.625% Senior Notes due 2023”). Interest on the notes was payable semi-annually in arrears on May 15 and November 15 of each year at an annual rate of 4.625%. In July 2020, Sirius XM Holdings redeemed the $500 million aggregate principal amount of the 4.625% Senior Notes due 2023 for $507 million. Sirius XM 3.875% Senior Notes due 2022 and 5.00% Senior Notes due 2027 In July 2017, Sirius XM Holdings issued $1.0 billion aggregate principal amount of 3.875% Senior Notes due 2022 (the “3.875% Notes”) and $1.5 billion aggregate principal amount of 5.00% Senior Notes due 2027 (the “5.00% Notes”). For both series of notes, interest is payable semi-annually in arrears on February 1 and August 1, commencing on February 1, 2018. The 3.875% Notes will mature on August 1, 2022 and the 5.00% Notes will mature on August 1, 2027. The 3.875% Notes and the 5.00% notes are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 4.625% Senior Notes due 2024 In July 2019, Sirius XM Holdings issued $1.5 billion aggregate principal amount of 4.625% Senior Notes due 2024 (the “4.625% Senior Notes due 2024”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year at an annual rate of 4.625%. The 4.625% Senior Notes due 2024 will mature on July 15, 2024 and are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 5.375% Senior Notes due 2025 In March 2015, Sirius XM Holdings issued $1.0 billion aggregate principal amount of 5.375% Senior Notes due 2025 (the “5.375% Senior Notes due 2025”). Interest was payable semi-annually in arrears on April 15 and October 15 at an annual rate of 5.375%. In July 2020, Sirius XM Holdings redeemed the $1.0 billion aggregate principal amount of the 5.375% Senior Notes due 2025 for $1,039 million. Sirius XM 5.375% Senior Notes due 2026 In May 2016, Sirius XM Holdings issued $1.0 billion aggregate principal amount of 5.375% Senior Notes due July 2026 (the “5.375% Senior Notes due 2026”). Interest is payable semi-annually in arrears on January 15 and July 15 at an annual rate 5.375%. The 5.375% Senior Notes due 2026 will mature on July 15, 2026 and are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 5.50% Senior Notes due 2029 In June 2019, Sirius XM Holdings issued $1.25 billion aggregate principal amount of 5.50% Senior Notes due 2029 (the “5.50% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at an annual rate of 5.50%. The 5.50% Notes will mature on July 1, 2029 and are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 4.125% Senior Notes due 2030 In June 2020, Sirius XM Holdings 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 an annual rate of 4.125% . 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. Pandora 1.75% Convertible Senior Notes due 2020 Sirius XM Holdings acquired $152 million principal amount of the 1.75% Convertible Senior Notes due 2020 as part of the Pandora acquisition. On February 14, 2019, Pandora announced a tender offer to repurchase for cash any and all of its outstanding 1.75% Convertible Senior Notes due 2020 at a price equal to 100% of the aggregate principal amount thereof plus accrued and unpaid interest thereon to, but not including, the repurchase date. On March 18, 2019, Sirius XM Holdings purchased $151 million principal amount of the 1.75% Convertible Senior Notes due 2020. On December 1, 2020, the 1.75% Convertible Senior Notes due 2020 were redeemed at their stated maturity. Pandora 1.75% Convertible Senior Notes due 2023 Sirius XM Holdings acquired $193 million principal amount of the 1.75% Convertible Senior Notes due 2023 (the “Pandora Notes due 2023”) as part of the Pandora acquisition. Sirius XM Holdings allocates the principal amount of the Pandora Notes due 2023 between the liability and equity components. The value assigned to the debt components of the Pandora Notes due 2023 is the estimated fair value as of the issuance date of similar debt without the conversion feature. The difference between the fair value of the debt and this estimated fair value represents the value which has been assigned to the equity component. The equity component is recorded to noncontrolling interest in equity of subsidiaries and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the Pandora Notes due 2023 over the carrying amount of the liability component is recorded as a debt discount, and is being amortized to interest expense using the effective interest method through the December 1, 2023 maturity date. As of December 31, 2020, the conversion rate applicable to the Pandora Notes due 2023 was 151.9533 shares of Sirius XM Holdings’ common stock per one thousand principal amount of the Pandora Notes due 2023 plus carryforward adjustments not yet effected pursuant to the terms of the indenture governing the Pandora Notes due 2023. 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. Interest on borrowings is payable on a monthly basis and accrues at a rate based on LIBOR plus an applicable rate. Borrowings outstanding under the Credit Facility as of December 31, 2020 bore interest at a rate of 1.89% per annum. Sirius XM Holdings is required to pay a variable fee on the average daily unused portion of the Credit Facility which was 0.25% as of December 31, 2020 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. As the amount available for future borrowings is reduced by $1 million related to Pandora letters of credit, availability under the Credit Facility was $1,100 million as of December 31, 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 December 31, 2020 December 31, December 31, Borrowing Weighted avg Maturity 2020 2019 Capacity interest rate Date amounts in millions Operating credit facilities $ 115 45 185 1.51% various Ballpark funding Term loan 46 49 NA 1.77% August 2021 Senior secured note 184 190 NA 3.77% September 2041 Floating rate notes 60 65 NA 1.92% September 2029 Mixed-use credit facilities and loans 239 180 307 3.38% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 674 559 In August 2020, Braves Holdings amended the terms of its $100 million operating credit facility, extending the maturity to December 2022. Formula 1 Loans Formula 1 had a first lien term loan denominated in Euros totaling $42 million, which was repaid on June 30, 2017. On August 3, 2017, Formula 1 increased the amount outstanding under a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”) from $3.1 billion to $3.3 billion and extended its maturity to February 2024. In addition, on August 3, 2017, the revolving credit facility under the Senior Loan Facility was increased from $75 million to $500 million. As part of a refinancing of the Senior Loan Facility in March 2017, $628 million of the Senior Loan Facility was considered repaid and then borrowed due to a change in the mix of counterparties in the Senior Loan Facility. As part of the refinancing in March 2017, the interest rate on the Senior Loan Facility was reduced from LIBOR plus 3.75% per annum to LIBOR plus 3.25% per annum, with a LIBOR floor on the U.S. Dollar denominated debt of 1%. In September 2017, the interest rate on the Senior Loan Facility was reduced to LIBOR plus 3.0% per annum. On January 31, 2018, Formula 1 refinanced the Senior Loan Facility. As part of the refinancing, Formula 1 repaid $400 million of the Senior Loan Facility, reducing the amount outstanding to $2.9 billion. The repayment was funded through borrowings of $250 milli |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Leases | (10) Leases Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (“ASC 842”) and elected the transition method that allows for a cumulative-effect adjustment in the period of adoption. ASC 842 requires a company to recognize lease assets and lease liabilities arising from operating leases in the statement of financial position. Additionally, the criteria for classifying a lease as a finance lease versus an operating lease are substantially the same as the previous guidance. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for those periods. We elected certain of the available transition practical expedients, including those that permit us to not reassess (1) whether any expired or existing contracts are leases or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases as of the effective date. We elected the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. The most significant impact of ASC 842 was the recognition of right-of-use assets and lease liabilities for operating leases. In addition, the Company elected the practical expedient to account for the lease and non-lease components as a single component and will not recognize right-of-use assets or lease liabilities for short-term leases, which are those leases with a term of twelve months or less at the lease commencement date. The Company and its subsidiaries lease a baseball stadium and facilities, business offices, satellite transponders and equipment. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate at the commencement date of the lease. Our leases have remaining lease terms some within Braves Holdings’ baseball stadium was historically accounted for as a financing obligation under the build-to-suit lease guidance. The transition guidance for a build-to-suit lease arrangement requires the lessee to derecognize the assets and liabilities that were recognized solely as a result of a transaction’s build-to-suit designation under the previous accounting guidance, with any difference recorded as an adjustment to equity as of the adoption date. Braves Holdings then applied the general lessee guidance under ASC 842 to the baseball stadium lease, including classifying it as a finance lease, and recorded a right-of-use asset and lease liability on the balance sheet, which has been initially measured at the present value of the remaining lease payments over the lease term. The components of lease expense during the years ended December 31, 2020 and 2019 were as follows: Years ended December 31, 2020 2019 in millions Finance lease cost Depreciation of leased assets $ 35 37 Interest on lease liabilities 6 6 Total finance lease cost 41 43 Operating lease cost 93 89 Sublease income (2) (3) Total lease cost $ 132 129 Prior to the adoption of ASC 842, rental expense under lease agreements amounted to $64 million for the year ended December 31, 2018. The remaining weighted-average lease term and the weighted average discount rate were as follows: 2020 2019 Weighted-average remaining lease term (years): Finance leases 28.3 29.7 Operating leases 9.2 9.2 Weighted-average discount rate: Finance leases 4.6% 4.6% Operating leases 5.2% 5.2% Supplemental balance sheet information related to leases was as follows: December 31, 2020 2019 in millions Operating leases: Operating lease right-of-use assets (1) $ 465 510 Current operating lease liabilities (2) $ 54 53 Operating lease liabilities (3) 453 495 Total operating lease liabilities $ 507 548 Finance Leases: Property and equipment, at cost $ 477 473 Accumulated depreciation (118) (89) Property and equipment, net $ 359 384 Current finance lease liabilities (2) $ 6 4 Finance lease liabilities (3) 116 119 Total finance lease liabilities $ 122 123 (1) Included in Other assets in the consolidated balance sheet (2) Included in Other current liabilities in the consolidated balance sheet (3) Included in Other liabilities in the consolidated balance sheet Supplemental cash flow information related to leases was as follows: Years ended December 31, 2020 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 87 79 Financing cash flows from finance leases $ 6 8 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 8 83 Future minimum payments under noncancelable operating leases and finance leases with initial terms of one year or more at December 31, 2020 consisted of the following: Finance leases Operating leases in millions 2021 $ 11 78 2022 11 80 2023 9 75 2024 9 66 2025 9 66 Thereafter 153 272 Total lease payments 202 637 Less: implied interest 80 130 Present value of lease liabilities $ 122 507 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | (11) Income Taxes Income tax benefit (expense) consists of: Years ended December 31, 2020 2019 2018 amounts in millions Current: Federal $ 13 (1) (14) State and local (62) (24) 13 Foreign (2) (21) (8) (51) (46) (9) Deferred: Federal 12 (139) (228) State and local (1) (20) (2) Foreign 84 39 63 95 (120) (167) Income tax benefit (expense) $ 44 (166) (176) The following table presents a summary of our domestic and foreign earnings (loss) before income taxes: Years ended December 31, 2020 2019 2018 amounts in millions Domestic $ (969) 583 1,140 Foreign (466) (70) (99) Total $ (1,435) 513 1,041 Expected income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 as a result of the following: Years ended December 31, 2020 2019 2018 amounts in millions Computed expected tax benefit (expense) $ 301 (108) (219) State and local income taxes, net of federal income taxes (42) (41) 18 Foreign income taxes, net of federal income taxes 20 26 22 Taxable dividends, net of dividends received deductions (12) (10) (27) Federal tax credits 24 26 30 Change in valuation allowance affecting tax expense (69) (40) (62) Change in tax rate 30 (48) 1 Settlements with tax authorities — — 43 Deductible stock-based compensation 14 71 38 Non-deductible executive compensation (17) (22) (7) Impairment of nondeductible goodwill (194) — — Other, net (11) (20) (13) Income tax benefit (expense) $ 44 (166) (176) For the year ended December 31, 2020, the significant reconciling items, as noted in the table above, are additional tax expense related to an impairment loss on goodwill that is not deductible for tax purposes and an increase in the Company’s valuation allowance, partially offset by tax benefits related to changes in the Company’s effective tax rate and federal tax credits. For the year ended December 31, 2019, the significant reconciling items, as noted in the table above, are additional tax expense related to increases in the Company’s valuation allowance, changes in the Company’s effective state tax rate and the effect of state income taxes, partially offset by tax benefits related to deductible stock based compensation, earnings in foreign jurisdictions taxed at rates lower than the 21% U.S. federal tax rate and federal income tax credits. For the year ended December 31, 2018, the significant reconciling items, as noted in the table above, are deductible stock-based compensation, benefits related to federal tax credits and the resolution of historical matters with various tax authorities, partially offset by changes in the valuation allowance and taxable dividends not recognized for book purposes. The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: December 31, 2020 2019 amounts in millions Deferred tax assets: Tax loss and credit carryforwards $ 1,436 1,510 Accrued stock compensation 107 106 Other accrued liabilities 217 240 Deferred revenue 55 74 Discount on debt 25 45 Investments 107 — Other future deductible amounts 24 31 Deferred tax assets 1,971 2,006 Valuation allowance (293) (216) Net deferred tax assets 1,678 1,790 Deferred tax liabilities: Investments — 90 Fixed assets 448 458 Intangible assets 2,830 2,912 Deferred tax liabilities 3,278 3,460 Net deferred tax liabilities $ 1,600 1,670 Sirius XM Holdings’ deferred tax assets and liabilities are included in the amounts above although Sirius XM Holdings’ deferred tax assets and liabilities are not offset with Liberty’s deferred tax assets and liabilities as Sirius XM Holdings is not included in the consolidated group tax return of Liberty. Liberty’s acquisition of a controlling interest in Sirius XM Holdings’ outstanding common stock during January 2013 did not cause a change in control under Section 382 of the Code. During the year ended December 31, 2020, there was a $69 million increase in the Company’s valuation allowance that affected tax expense and an $8 million increase that affected equity. At December 31, 2020, the Company had a deferred tax asset of $1,436 million for federal, state and foreign net operating losses (“NOLs”), interest expense carryforwards and tax credit carryforwards. Of this amount, $745 million is recorded at the Sirius XM Holdings level. If not utilized to reduce income tax liabilities at Sirius XM Holdings in future periods, these loss carryforwards and tax credits will expire on various dates through 2040. The Company has $61 million of federal NOLs, $97 million of federal interest expense carryforwards, $300 million of foreign NOLs and $214 million of foreign interest expense carryforwards that may be carried forward indefinitely. The remaining $19 million of carryforwards expire at certain future dates. These carryforwards are expected to be utilized in future periods, except for $293 million of NOLs, interest expense carryforwards and tax credit carryforwards which, based on current projections, will not be utilized in the future and are subject to a valuation allowance. A reconciliation of unrecognized tax benefits is as follows: December 31, 2020 2019 2018 amounts in millions Balance at beginning of year $ 405 387 365 Reductions for tax positions of prior years (7) (13) (27) Increase in tax positions for current year 20 12 15 Increase in tax positions from prior years 14 1 65 Settlements with tax authorities — — (31) Increase in tax positions from acquisition — 18 — Balance at end of year $ 432 405 387 As of December 31, 2020, the Company had unrecognized tax benefits and uncertain tax positions of $432 million. If such tax benefits were to be recognized for financial statement purposes, approximately $310 million dollars would be reflected in the Company’s tax expense and affect its effective tax rate. We do not currently anticipate that our existing reserves related to uncertain tax positions as of December 31, 2020 will significantly increase or decrease during the twelve-month period ending December 31, 2020; however, various events could cause our current expectations to change in the future. The Company’s estimate of its unrecognized tax benefits related to uncertain tax positions requires a high degree of judgment. As of December 31, 2020, the Company’s tax years prior to 2017 are closed for federal income tax purposes, and the IRS has completed its examination of the Company’s 2017 and 2018 tax years. The Company’s 2019 and 2020 tax years are being examined currently as part of the IRS’s Compliance Assurance Process program. Various states are currently examining the Company’s prior years’ state income tax returns. Sirius XM Holdings, which does not consolidate with Liberty for income tax purposes, has certain state income tax audits pending. We do not expect the ultimate disposition of these audits to have a material adverse effect on our financial position or results of operations. As of December 31, 2020, the Company had less than $1 million dollars in accrued interest and penalties recorded related to uncertain tax positions. On February 1, 2021, the Company entered into a tax sharing agreement with Sirius XM Holdings governing the allocation of consolidated U.S. income tax liabilities and setting forth agreements with respect to other tax matters. The tax sharing agreement was negotiated by the Company with a special committee of SiriusXM Holdings’ board of directors, all of whom are independent of the Company, and approved by the executive committee of the Company’s board of directors. Under the Internal Revenue Code, two corporations may form a consolidated tax group, and file a consolidated federal income tax return, if one corporation owns stock representing at least 80% of the voting power and value of the outstanding capital stock of the other corporation. As of December 31, 2020, the Company beneficially owned, directly and indirectly, approximately 76% of the outstanding shares of Sirius XM Holdings’ common stock. The Company expects that it could beneficially own, directly and indirectly, over 80% of the outstanding shares of Sirius XM Holdings’ common stock at some time in 2021, and the Company and Sirius XM Holdings would then become members of the same consolidated tax group. Should that happen, the tax sharing agreement would govern certain matters related to the resulting consolidated federal income tax returns, as well as state and local returns filed on a consolidated or combined basis. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity | (12) Stockholders’ Equity Preferred Stock Liberty’s preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by Liberty’s board of directors. As of December 31, 2020, no shares of preferred stock were issued. Common Stock As discussed in note 2, on April 15, 2016, the Company completed the Recapitalization of its common stock into three new tracking stock groups, one designated as the Liberty SiriusXM common stock, one designated as the Liberty Braves common stock and one designated as the Liberty Media common stock. The Liberty Media common stock was renamed the Liberty Formula One common stock on January 24, 2017. As discussed in note 1, on July 23, 2014, holders of Series A and Series B Liberty Media Corporation common stock received a dividend of two shares of Series C Liberty Media Corporation common stock for each share of Series A or Series B Liberty Media Corporation common stock held by them as of July 7, 2014. Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have one vote per share, Series B Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have ten votes per share and Series C Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have no votes per share except as otherwise required by Delaware law. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock of the same group. All series of our common stock participate on an equal basis with respect to dividends and distributions. Purchases of Common Stock During the year ended December 31, 2018, the Company repurchased 10.8 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $466 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty SiriusXM common stock, Liberty Braves common common common During the year ended December 31, 2019, the Company repurchased 11.0 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $443 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty SiriusXM common stock, Liberty Braves common common common During the year ended December 31, 2020, the Company repurchased 4.0 million shares of Series A Liberty SiriusXM common stock for aggregate cash consideration of $174 million and 3.8 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $144 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty Braves common stock or Liberty Formula One common common Dividends Declared by Subsidiary During the year ended December 31, 2018, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $201 million, of which Liberty received $143 million. During the year ended December 31, 2019, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $226 million, of which Liberty received $157 million. During the year ended December 31, 2020, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $237 million, of which Liberty received $173 million. Sirius XM Holdings’ board of directors expects to declare regular quarterly dividends, in an aggregate annual amount of $0.058564 per share of common stock. On January 28, 2021, 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 February 26, 2021 to stockholders of record at the close of business on February 10, 2021. |
Related Party Transactions with
Related Party Transactions with Officers and Directors | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions with Officers and Directors | (13) Related Party Transactions with Officers and Directors Chief Executive Officer Compensation Arrangement In December 2019, the Compensation Committee (the “Committee”) of Liberty approved a compensation arrangement (the “CEO Arrangement”) for its President and Chief Executive Officer (the “CEO”). Also in December 2019, each of the Service Companies executed an amendment to each Service Company’s services agreement with Liberty, pursuant to which components of the CEO’s compensation described below will either be paid directly to the CEO by each Service Company or reimbursed to Liberty, in each case based on allocations among Liberty and each of the Service Companies set forth in the service agreement amendments. For 2020, the allocation percentage for Liberty is 44%. Beginning with his 2021 compensation, this percentage will be determined based on a combination of (1) relative market capitalizations, weighted 50% , and (2) a blended average of historical time allocation on a Liberty-wide and CEO basis, weighted 50% , in each case, absent agreement to the contrary by Liberty and the Service Companies in consultation with the CEO. The percentage will then be adjusted annually and following certain events. The CEO Arrangement provides for a five year employment term which began on January 1, 2020 and ends December 31, 2024, with an annual base salary of $3 million (with no contracted increase), a one-time cash commitment bonus of $5 million (paid in December 2019) and an annual target cash performance bonus of $17 million (with payment subject to the achievement of one or more performance metrics as determined by the applicable company’s Compensation Committee), upfront equity awards and annual equity awards (as described below). The CEO was entitled to receive term equity awards with an aggregate grant date fair value of $90 million (the “Upfront Awards”) which were granted in two equal tranches. The first tranche consisted of time-vested stock options from each of Liberty, Qurate Retail, Liberty Broadband and GCI Liberty and time-vested restricted stock units from Liberty TripAdvisor (collectively, the “2019 term awards”) that vest, in each case, on December 31, 2023 (except Liberty TripAdvisor’s award of time-vested restricted stock units, which vests on December 15, 2023), subject to the CEO’s continued employment, except under certain circumstances. Liberty’s portion of the 2019 term awards, granted in December 2019, had an aggregate grant date fair value of $19,800,000 and consisted of stock options to purchase 927,334 Series C Liberty SiriusXM common stock (“LSXMK”) shares, 313,342 Series C Liberty Braves (“BATRK”) shares and 588,954 Series C Formula One common stock (“FWONK”) shares, with exercise prices of $47.11 , $29.10 and $43.85 , respectively. The second tranche of the Upfront Awards consisted of time-vested stock options from each of Liberty, Qurate Retail, Liberty Broadband and GCI Liberty and time-vested restricted stock units from Liberty TripAdvisor (collectively, the “2020 term awards”) that vest, in each case, on December 31, 2024 (except Liberty TripAdvisor’s award of time-vested restricted stock units, which vests on December 7, 2024), subject to the CEO’s continued employment, except under certain circumstances. Liberty’s portion of the 2020 term awards, granted in December 2020, had an aggregate grant date fair value of $19,107,000 and consisted of stock options to purchase 665,140 LSXMK shares, 352,224 BATRK shares and 544,508 FWONK shares, with exercise prices of $42.13 , $26.36 and $43.01 , respectively. Beginning in 2020, the CEO received annual equity award grants with an annual aggregate grant date fair value of $17.5 million, consisting of time-vested options and/or performance-based restricted stock units. Vesting of any of these annual performance-based RSUs will be subject to the achievement of one or more performance metrics to be approved by the Compensation Committee of the applicable company with respect to its respective allocable portion of the annual performance-based RSUs. At Liberty, the CEO’s annual equity awards were issued with respect to LSXMK, BATRK and FWONK. The CEO will be entitled to payments and benefits if his employment is terminated, subject to the execution of releases. Such payments and benefits generally will take the form of cash payments, issuance of fully vested shares and the acceleration of unvested equity awards, depending on the type of termination. In the event that the CEO’s services to a Service Company are discontinued and he remains employed by Liberty following such discontinuation (unless such discontinuation is for cause (as defined in his employment agreement)), the Service Company will be required to make a termination payment to Liberty, as well as provide the CEO with certain payments and benefits upon termination under certain circumstances. Chairman’s Employment Agreement On December 12, 2008, the Committee determined to modify its employment arrangements with its Chairman of the Board, to permit the Chairman to begin receiving payments in 2009 while he remains employed by the Company (instead of following his termination) in satisfaction of Liberty’s obligations to him under two deferred compensation plans and a salary continuation plan. Under one of the deferred compensation plans (the “8% Plan”), compensation has been deferred by the Chairman since January 1, 1993 and accrues interest at the rate of 8% per annum compounded annually from the applicable date of deferral. Under the second plan (the “13% Plan”), compensation was deferred by the Chairman from 1982 until December 31, 1992 and accrues interest at the rate of 13% per annum compounded annually from the applicable date of deferral. The amounts owed to the Chairman under the 8% Plan and 13% Plan aggregated approximately $2.4 million and $20 million, respectively, at December 31, 2008. The amount owed to the Chairman under his salary continuation plan aggregated approximately $39 million at December 31, 2008. The Chairman will receive 240 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Stock-Based Compensation | (14) Stock-Based Compensation Liberty—Incentive Plans Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), 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. Pursuant to the Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), the company may grant Awards to purchase shares of Series A, Series B and Series C Liberty Media Corporation common stock. The 2017 Plan provides for Awards to be made in respect of a maximum of 50.0 million shares of Liberty Media Corporation common stock. Awards generally vest over 1 Liberty—Grants of Stock Options Awards granted in 2020, 2019 and 2018 are summarized as follows: Years ended December 31, 2020 2019 2018 Options Weighted Options Weighted Options Weighted granted average granted average granted average (000's) GDFV (000's) GDFV (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 372 $ 12.12 179 $ 11.62 33 $ 11.09 Series C Liberty SiriusXM common stock, Liberty CEO (2) 1,053 $ 11.03 1,419 $ 11.23 633 $ 11.56 Series C Liberty Formula One common stock, Liberty employees and directors (1) 305 $ 14.29 139 $ 12.70 21 $ 8.99 Series C Liberty Formula One common stock, Liberty CEO (2) 791 $ 12.42 815 $ 11.67 139 $ 8.80 Series C Liberty Formula One common stock, Formula 1 employees (3) 1,435 $ 7.55 2,005 $ 9.79 1,888 $ 8.64 Series C Liberty Braves common stock, Liberty employees and directors (1) 146 $ 7.79 62 $ 7.33 5 $ 7.14 Series C Liberty Braves common stock, Liberty CEO (2) 489 $ 7.26 320 $ 7.36 46 $ 6.44 Series C Liberty Braves common stock, Braves employees (4) 1,585 $ 8.52 — $ — — $ — (1) Mainly vests between two and five years for employees and in one year for directors. (2) Grants made in March 2020 cliff vested in December 2020, and grants made in December 2020 in connection with the CEO’s new employment agreement cliff vest in December 2024. Grants made in March 2019 mainly cliff vested in December 2019, and grants made in December 2019 in connection with the CEO’s new employment agreement cliff vest in December 2023. See discussion in note 13 regarding the new compensation agreement with the Company’s CEO. Grants in 2018 vested in December 2018. (3) Vest monthly over one year . (4) Vest 50% in each of December 2022 and December 2023. In addition to the stock option grants to the Liberty CEO, and in connection with his employment agreement, the Company granted time-based and performance-based RSUs. During the year ended December 31, 2020, the Company granted 9 thousand, 7 thousand and 3 thousand time-based RSUs of Series C common stock of Liberty SiriusXM, Liberty Formula One and Liberty Braves, respectively, to our CEO. The RSUs had a GDFV of $33.11, $24.68 and $18.17 per share, respectively, and cliff vested 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 waived his right to receive the other 50%, in each case, in light of the ongoing financial impact of COVID-19. During the year ended December 31, 2019, the Company granted 12 thousand and 2 thousand time-based RSUs of Series C Liberty Formula One common stock and Series C Liberty Braves common stock, respectively. Such RSUs had a GDFV of $33.94 per share and $27.73 per share, respectively, at the time they were granted and cliff vested on March 11, 2019. During the years ended December 31, 2019 and 2018, the Company granted 60 thousand and 86 thousand performance-based RSUs, respectively, of Series C Liberty Formula One common stock. Such RSUs had a GDFV of $33.94 per share and $31.99 per share, respectively. During the years ended December 31, 2019 and 2018, the Company granted 38 thousand and 12 thousand performance-based RSUs, respectively, of Series C Liberty Braves common stock. Such RSUs had a GDFV of $27.73 per share and $23.34 per share, respectively. The 2019 and 2018 performance-based RSUs cliff vested one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is re-measured at each reporting period. The Company did not grant any options to purchase shares of Series A or Series B Liberty SiriusXM, Liberty Formula One or Liberty Braves common stock during the year ended December 31, 2020. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2020, 2019 and 2018, the range of expected terms was 5.3 to 6.3 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty’s stocks and the implied volatility of publicly traded Liberty options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. The following table presents the volatilities used by the Company in the Black-Scholes Model for the 2020, 2019 and 2018 grants. Volatility 2020 grants Liberty options 21.8 % - 37.2 % 2019 grants Liberty options 21.8 % - 27.5 % 2018 grants Liberty options 23.5 % - 26.0 % 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 C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2020 9,817 $ 33.90 Granted 1,425 $ 41.26 Exercised (372) $ 31.10 Forfeited/Cancelled — $ — Outstanding at December 31, 2020 10,870 $ 34.96 3.2 years $ 97 Exercisable at December 31, 2020 8,705 $ 32.62 2.4 years $ 95 Liberty Formula One Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2020 8,284 $ 31.16 Granted 2,531 $ 33.35 Exercised (424) $ 29.06 Forfeited/Cancelled — $ — Outstanding at December 31, 2020 10,391 $ 31.78 4.5 years $ 114 Exercisable at December 31, 2020 8,113 $ 29.84 4.0 years $ 104 Liberty Braves Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2020 1,267 $ 21.82 Granted 2,220 $ 26.48 Exercised (12) $ 17.10 Forfeited/Cancelled — $ — Outstanding at December 31, 2020 3,475 $ 24.81 5.6 years $ 6 Exercisable at December 31, 2020 1,012 $ 19.02 2.7 years $ 6 Activity related to options to purchase Series A Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Braves common stock was not material during 2020. There were no outstanding Series B options to purchase shares of Series B Liberty SiriusXM common stock, Liberty Formula One common stock or Liberty Braves common stock during 2020. As of December 31, 2020, the total unrecognized compensation cost related to unvested Liberty Awards was approximately $56 million. Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 2.0 years. As of December 31, 2020, 10.9 million, 10.4 million and 3.5 million shares of Series A and Series C Liberty SiriusXM, Liberty Formula One and Liberty Braves common stock, respectively, were reserved for issuance under exercise privileges of outstanding stock Awards. Liberty—Exercises The aggregate intrinsic value of all options exercised during the years ended December 31, 2020, 2019 and 2018 was $8 million, $163 million and $22 million, respectively. Liberty—Restricted Stock and Restricted Stock Units The Company had approximately 77 thousand, 76 thousand and 204 thousand unvested RSAs and RSUs of Liberty SiriusXM, Liberty Formula One and Liberty Braves common stock, respectively, held by certain directors, officers and employees of the Company as of December 31, 2020. These Series A and Series C unvested RSAs and RSUs of Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Braves common stock had a weighted average GDFV of $35.81, $32.81 and $25.75 per share, respectively. The aggregate fair value of all RSAs and RSUs of Liberty common stock that vested during the years ended December 31, 2020, 2019 and 2018 was $45 million, $17 million and $9 million, respectively. Sirius XM Holdings—Stock-based Compensation During the years ended December 31, 2020, 2019 and 2018, Sirius XM Holdings granted various types of stock awards to its employees and members of its board of directors. Stock-based awards are generally subject to a graded vesting requirement, which is generally three XM Holdings stock options and restricted stock awards was $223 million, $229 million and $133 million for the years ended December 31, 2020, 2019, and 2018, respectively. In addition, the acquisition costs recognized by Sirius XM Holdings during the year ended December 31, 2019 includes $21 million of stock-based compensation. As of December 31, 2020, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options was $385 million. The Sirius XM Holdings unrecognized compensation cost will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 2.6 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans | (15) Employee Benefit Plans Liberty is the sponsor of the Liberty Media 401(k) Savings Plan (the “Liberty 401(k) Plan”), which provides its employees and the employees of certain of its subsidiaries an opportunity for ownership in the Company and creates a retirement fund. The Liberty 401(k) Plan provides for employees to make contributions to a trust for investment in Liberty common stock, as well as several mutual funds. The Company and its subsidiaries make matching contributions to the Liberty 401(k) Plan based on a percentage of the amount contributed by employees. In addition, certain of the Company’s subsidiaries have similar employee benefit plans. Employer cash contributions to all plans aggregated $30 million, $19 million and $20 million for each of the years ended December 31, 2020, 2019 and 2018, respectively. |
Other Comprehensive Earnings (l
Other Comprehensive Earnings (loss) | 12 Months Ended |
Dec. 31, 2020 | |
Other Comprehensive Earnings (Loss) | (16) Other Comprehensive Earnings (Loss) Accumulated other comprehensive earnings (loss) included in Liberty’s consolidated balance sheets and consolidated statements of equity reflect the aggregate of foreign currency translation adjustments, unrealized holding gains and losses on debt and equity securities and Liberty’s share of accumulated other comprehensive earnings of affiliates. The change in the components of accumulated other comprehensive earnings (loss), net of taxes (“AOCI”), is summarized as follows: Unrealized Foreign holding currency gains (losses) translation on securities adjustment Other AOCI amounts in millions Balance at January 1, 2018 $ (12) (6) (17) (35) Other comprehensive earnings (loss) attributable to Liberty stockholders (3) (24) 22 (5) Cumulative adjustment for change in accounting principle — — 2 2 Balance at December 31, 2018 (15) (30) 7 (38) Other comprehensive earnings (loss) attributable to Liberty stockholders 3 13 (11) 5 Balance at December 31, 2019 (12) (17) (4) (33) Other comprehensive earnings (loss) attributable to Liberty stockholders (7) 10 108 111 Balance at December 31, 2020 $ (19) (7) 104 78 The components of other comprehensive earnings (loss) are reflected in Liberty’s consolidated statements of comprehensive earnings (loss) net of taxes. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss). Tax Before-tax (expense) Net-of-tax amount benefit amount amounts in millions Year ended December 31, 2020: Unrealized holding gains (losses) arising during period $ (9) 2 (7) Credit risk on fair value debt instruments gains (losses) 149 (32) 117 Foreign currency translation adjustments 4 (1) 3 Other comprehensive earnings $ 144 (31) 113 Year ended December 31, 2019: Unrealized holding gains (losses) arising during period $ 4 (1) 3 Credit risk on fair value debt instruments gains (losses) (17) 4 (13) Foreign currency translation adjustments 27 (6) 21 Other comprehensive earnings $ 14 (3) 11 Year ended December 31, 2018: Unrealized holding gains (losses) arising during period $ (4) 1 (3) Credit risk on fair value debt instruments gains (losses) 41 (9) 32 Foreign currency translation adjustments (56) 12 (44) Other comprehensive earnings $ (19) 4 (15) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | (17) Commitments and Contingencies Guarantees In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. Employment Contracts The Atlanta Braves and certain of their players (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 December 31, 2020 aggregated $287 million, which is payable as follows: $128 million in 2021, $43 million in 2022, $33 million in 2023, $28 million in 2024, $28 million in 2025 and $27 million thereafter. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts. Programming, music royalties and other contractual arrangements Sirius XM Holdings has entered into various programming agreements under which Sirius XM Holdings’ obligations include fixed payments, advertising commitments and revenue sharing arrangements. In addition, Sirius XM Holdings has entered into certain music royalty arrangements that include fixed payments. Amounts due under programming and music royalty agreements are payable as follows: $709 million in 2021, $496 million in 2022, $234 million in 2023, $163 million in 2024 and $121 million in 2025. Future revenue sharing costs are dependent upon many factors and are difficult to estimate; therefore, they are not included in the amounts above. In addition, Sirius XM Holdings has entered into agreements related to certain satellite and transmission costs, sales and marketing costs and in-orbit performance payments to the manufacturer of its satellites. Amounts due under these agreements are payable as follows: $127 million in 2021, $31 million in 2022, $23 million in 2023, $15 million in 2024 and $14 million in 2025. SXM-7 Satellite Sirius XM Holdings has entered into agreements for the design, construction and launch of two additional satellites, SXM-7 and SXM-8. On December 13, 2020, SXM-7 was successfully launched. In-orbit testing of SXM-7 began on January 4, 2021. During in-orbit testing of SXM-7, events occurred which have caused failures of certain SXM-7 payload units. An evaluation of SXM-7 is underway. The full extent of the damage to SXM-7 is not yet known. Sirius XM Holdings does not expect its satellite radio service to be impacted by these adverse SXM-7 events. Sirius XM Holdings’ XM-3 and XM-4 satellites continue to operate and are expected to support its satellite radio service for several years. In addition, the XM-5 satellite remains available as an in-orbit spare. Construction of the SXM-8 satellite is underway and that satellite is expected to be launched into a geostationary orbit in 2021. Sirius XM Holdings has procured insurance for SXM-7 and SXM-8 to cover the risks associated with each satellite's launch and first year of in-orbit operation. The aggregate coverage under those insurance policies with respect to SXM-7 is $225 million. Sirius XM Holdings has notified the underwriters of these policies of a potential claim with respect to SXM-7. As of December 31, 2020, Sirius XM Holdings has $220 million capitalized in construction in progress related to SXM-7. 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. In 2020, the regular baseball season was comprised of 60 games and Formula 1 had 17 Events. 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. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying consolidated financial statements. Telephone Consumer Protection Act Suits Following a mediation, in April 2019, Sirius XM Holdings entered into an agreement to settle this purported class action suit. The settlement resolves the claims of consumers for the period October 2013 through January 2019. As part of the settlement, Sirius XM Holdings paid $25 million into a non-reversionary settlement fund from which cash to class members, notice, administrative costs, and attorney's fees and costs will be paid. The settlement also contemplates that Sirius XM Holdings will provide three months of service to its All Access subscription package for those members of the class that elect to receive it, in lieu of cash, at no cost to those class members and who are not active subscribers at the time of the distribution. The availability of this three-month service option will not diminish the $25 million common fund. As part of the settlement, Sirius XM Holdings will also implement certain changes relating to its “Do-Not-Call” practices and telemarketing programs. On January 28, 2020, the Court issued an order and final judgment approving the settlement. This charge is included in the selling, general and administrative expense line item in the consolidated financial statements for the year ended December 31, 2019, but has been excluded from Adjusted OIBDA (as defined in note 18) for the corresponding period as this charge does not relate to the on-going performance of the business. SoundExchange Royalty Claims. 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. In October 2020, the District Court denied Pandora’s renewed motion to dismiss the case under California’s anti-SLAPP statute, finding the case no longer qualified for anti-SLAPP due to intervening changes in the law, and denied Pandora’s renewed attempt to end the case. Alternatively, the District Court ruled that the preemption defense likely did not apply to Flo & Eddie’s claims, in part because the District Court believed that the Music Modernization Act did not apply retroactively. Pandora promptly appealed the District Court’s decision to the Ninth Circuit, and moved to stay appellate briefing pending the appeal of a related case against Sirius XM. On January 13, 2021, the Ninth Circuit issued an order granting the stay of appellate proceedings pending the resolution of a related case against Sirius XM. Sirius XM Holdings believes it has substantial defenses to the claims asserted in these actions, and it intends to defend these actions vigorously. Copyright Royalty Board Proceeding to Determine the Rate for Statutory Webcasting In light of the COVID-19 pandemic, the multi-week hearing before the Copyright Royalty Judges originally scheduled to begin in Washington, DC in March 2020, was postponed and conducted virtually via videoconference between August 4 and September 9, 2020. Subsequent to the hearing, the parties submitted post-trial briefing and reply briefing. Closing arguments were held in November 2020. The final rates proposed for the 2021-2025 period by Sirius XM, Pandora, and the other webcaster participants are below the existing statutory rates. Specifically, Sirius XM and Pandora proposed rates of $0.0011 per performance for nonsubscription commercial webcasters and $0.0016 per performance for subscription commercial webcasters. SoundExchange proposed increasing the existing statutory rates to $0.0028 per performance for nonsubscription commercial webcasters and $0.0031 per performance for commercial subscription webcasters. Given the delay in the proceeding, the deadline for the CRB to deliver its initial rate determination has been extended to April 15, 2021. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 12 Months Ended |
Dec. 31, 2020 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (18) Information About Liberty’s Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings (losses) represent 10% or more of the Company’s annual pre-tax earnings (loss). The segment presentation for prior periods has been conformed to the current period segment presentation. 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 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, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. The Company has identified the following subsidiaries as its reportable segments: ● Sirius XM 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 and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM’s premier content bundles include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed 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 reportable 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 that are also consolidated subsidiaries are the same as those described in the Company’s summary of significant policies. As of December 31, 2020, Live Nation met the Company’s reportable segment threshold for equity method affiliates due to significant losses driven by COVID-19. Although the Company owns less than 100% of the outstanding shares of Live Nation, 100% of the Live Nation amount are included in the tables below and are subsequently eliminated in order to reconcile the account totals to the Company’s consolidated financial statements. As disclosed in note 2, the Company’s investment in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Live Nation’s revenue and Adjusted OIBDA are reflected with the Formula One Group prior to the reattribution and with the Liberty SiriusXM Group following the reattribution. Performance Measures Years ended December 31, 2020 2019 2018 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 8,040 2,575 7,794 2,453 5,771 2,233 Live Nation 477 (891) — — — — Corporate and other — (31) — (17) — (16) 8,517 1,653 7,794 2,436 5,771 2,217 Eliminate equity method affiliate (477) 891 — — — — Total Liberty SiriusXM Group 8,040 2,544 7,794 2,436 5,771 2,217 Braves Group Corporate and other 178 (53) 476 49 442 88 Total Braves Group 178 (53) 476 49 442 88 Formula One Group Formula 1 1,145 56 2,022 482 1,827 400 Live Nation 1,384 (125) 11,548 943 10,788 829 Corporate and other — (38) — (36) — (25) 2,529 (107) 13,570 1,389 12,615 1,204 Eliminate equity method affiliate (1,384) 125 (11,548) (943) (10,788) (829) Total Formula One Group 1,145 18 2,022 446 1,827 375 Total $ 9,363 2,509 10,292 2,931 8,040 2,680 Other Information December 31, 2020 December 31, 2019 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 30,030 723 350 30,868 644 363 Live Nation 10,589 170 223 — — — Corporate and other 2,051 163 — 553 — — 42,670 1,056 573 31,421 644 363 Eliminate equity method affiliate (10,589) (170) (223) — — — Total Liberty SiriusXM Group 32,081 886 350 31,421 644 363 Braves Group Corporate and other 1,571 94 81 1,593 99 103 Total Braves Group 1,571 94 81 1,593 99 103 Formula One Group Formula 1 8,610 — 11 9,031 — 16 Live Nation — — — 10,976 168 366 Corporate and other 2,581 38 10 2,474 882 28 11,191 38 21 22,481 1,050 410 Eliminate equity method affiliate — — — (10,976) (168) (366) Total Formula One Group 11,191 38 21 11,505 882 44 Elimination (1) (839) — — (330) — — Consolidated Liberty $ 44,004 1,018 452 44,189 1,625 510 (1) As of December 31, 2020, 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. As of December 31, 2019, this amount is primarily the intergroup interests in the Liberty SiriusXM Group and the Braves Group held by the Formula One Group, as discussed in note 2. The intergroup interests attributable to the Formula One Group are presented as an asset and the intergroup interests attributable to the Liberty SiriusXM Group and the Braves Group are presented as liabilities in the attributed financial statements and 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) from continuing operations before income taxes: Years ended December 31, 2020 2019 2018 amounts in millions Adjusted OIBDA $ 2,509 2,931 2,680 Litigation settlements and reserves (note 17) 16 (25) (69) Stock-based compensation (261) (291) (192) Impairment of intangible assets (note 8) (976) — — Acquisition and restructuring (note 5) (28) (84) (3) Depreciation and amortization (1,083) (1,061) (905) Operating income (loss) 177 1,470 1,511 Interest expense (634) (657) (606) Share of earnings (losses) of affiliates, net (586) 6 18 Realized and unrealized gains (losses) on financial instruments, net (402) (315) 40 Other, net 10 9 78 Earnings (loss) from continuing operations before income taxes $ (1,435) 513 1,041 Revenue by Geographic Area Revenue by geographic area based on the country of domicile is as follows: Years ended December 31, 2020 2019 2018 amounts in millions United States $ 8,121 8,172 6,112 United Kingdom 1,145 2,022 1,831 Other 97 98 97 $ 9,363 10,292 8,040 Long-lived Assets by Geographic Area December 31, 2020 2019 amounts in millions United States $ 2,221 2,246 United Kingdom 18 16 $ 2,239 2,262 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of investments which are readily convertible into cash and have maturities of three months or less at the time of acquisition. |
Receivables | Receivables Receivables are reflected net of an allowance for doubtful accounts and sales returns. Such allowance aggregated $17 million and $18 million at December 31, 2020 and 2019, respectively. Activity in the year ended December 31, 2020 included an increase of $61 million of bad debt charged to expense and $62 million of write-offs. Activity in the year ended December 31, 2019 included an increase of $56 million of bad debt charged to expense and $59 million of write-offs. Activity in the year ended December 31, 2018 included an increase of $68 million of bad debt charged to expense and $60 million of write-offs. |
Investments | Investments All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. The total value of marketable equity securities aggregated $266 million and $353 million as of December 31, 2020 and 2019, respectively. For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag. Changes in the Company’s proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the other, net line item. To the extent there is a difference between our ownership percentage in the underlying equity of an equity method investee and our carrying value, such difference is accounted for as if the equity method investee were a consolidated subsidiary. The Company continually reviews its equity investments to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts’ ratings and estimates of 12-month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company’s assessment of the foregoing factors involves a high degree of judgment and accordingly, actual results may differ materially from the Company’s estimates and judgments. Writedowns for equity method investments are included in share of earnings (losses) of affiliates. The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security’s fair value is less than its carrying value, an impairment is recorded in the consolidated statements of operations. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. None of the Company’s derivatives are currently designated as hedges. The fair value of certain of the Company’s derivative instruments are estimated using the Black-Scholes model. The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company’s estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Considerable management judgment was required in estimating the Black-Scholes variables. |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: Estimated Useful Life December 31, 2020 December 31, 2019 amounts in millions Land NA $ 139 138 Buildings and improvements 10 836 783 Support equipment 3 748 630 Satellite system 15 years 1,709 1,694 Construction in progress NA 585 535 Total property and equipment $ 4,017 3,780 Property and equipment, including significant improvements, is stated at cost. Depreciation is computed using the straight-line method using estimated useful lives. Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $268 million, $271 million and $251 million, respectively. Sirius XM Holdings capitalizes a portion of the interest on funds borrowed to finance the construction and launch of its satellites. Capitalized interest is recorded as part of the asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs for the years ended December 31, 2020 and 2019 were approximately $19 million and $17 million, respectively. |
Intangible Assets | Intangible Assets Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment upon certain triggering events. Goodwill and other intangible assets with indefinite useful lives (collectively, “indefinite lived intangible assets”) are not amortized, but instead are tested for impairment at least annually. Our annual impairment assessment of our indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in Liberty’s valuation analysis are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangibles) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds their fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. |
Noncontrolling Interests | Noncontrolling Interests The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company elected to utilize certain practical expedients as permitted under ASC 606. The Company elected to apply the guidance from ASC 606 only to contracts that were not completed as of January 1, 2018. Completed contracts are those contracts for which substantially all of the revenue had been recognized under ASC 605. The Company also elected to utilize the practical expedient for contract modifications. For modified contracts, the Company did not separately evaluate the effects of each contract modification that occurred prior to January 1, 2018. Instead, the Company reflected the aggregate effect of all contract modifications (on a contract-by-contract basis) that occurred prior to January 1, 2018 by identifying the satisfied and unsatisfied performance obligations and allocating the transaction price to such performance obligations. Our customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the year ended December 31, 2020 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings was approximately $184 million and $349 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. As the majority of Sirius XM Holdings contracts are one year or less, Sirius XM Holdings utilized the optional exemption under ASC 606 and has not disclosed information about the remaining performance obligations for contracts which have original expected durations of one year or less. As of December 31, 2020, less than ten percent of the Sirius XM Holdings total deferred revenue balance related to contracts that extended beyond one year. These contracts primarily include prepaid data trials which are typically provided for three to five years as well as for self-pay customers who prepay for their audio subscriptions for up to three years in advance. These amounts will be recognized on a straight-line basis as Sirius XM Holdings’ services are provided. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $2,121 million in 2021 , $1,853 million in 2022 , $4,039 million in 2023 through 2028, and $384 million thereafter , primarily recognized through 2035. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. Sirius XM Holdings The following table disaggregates Sirius XM Holdings’ revenue by source: Years ended December 31, 2020 2019 2018 in millions Subscriber $ 6,372 6,120 5,264 Advertising 1,340 1,336 188 Equipment 173 173 155 Other 155 165 164 Total Sirius XM Holdings revenue $ 8,040 7,794 5,771 Subscriber revenue. three Music royalty fee primarily consists of U.S. music royalty fees (“MRF”) collected from subscribers. The related costs Sirius XM Holdings incurs for the right to broadcast music and other programming are recorded as revenue share and royalties expense in the consolidated statements of operations. Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to revenue ratably over the service period. Advertising revenue. Equipment revenue. are recorded as revenue. Shipping and handling costs associated with shipping goods to customers are reported as a component of cost of services. Other revenue. Sirius XM Holdings revenue is reported net of any taxes assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in the consolidated statements of operations. Formula 1 The following table disaggregates Formula 1’s revenue by source: Years ended December 31, 2020 2019 2018 in millions Primary $ 964 1,664 1,487 Other 181 358 340 Total Formula 1 revenue $ 1,145 2,022 1,827 Upon entering into a new arrangement, Formula 1 occasionally incurs certain incremental costs of obtaining a contract. These incremental costs relate to commission amounts that will be paid over the life of the contract for which the recipient does not have any substantive future performance requirement to earn such commission. Accordingly, the commission costs are capitalized and amortized over the life of the contract. The following is a description of principal activities from which Formula 1 generates its revenue. Primary revenue. Other revenue. Braves Holdings The following table disaggregates Braves Holdings’ revenue by source: Years ended December 31, 2020 2019 2018 in millions Baseball $ 142 438 404 Development 36 38 38 Total Braves Holdings revenue $ 178 476 442 Braves Holdings is required to estimate the entire transaction price of its contractual arrangements and recognize revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. Such performance obligations are typically satisfied over time and result in differences between revenue recognized and cash received, dependent on how far into a contractual arrangement Braves Holdings is at any given reporting period. The following is a description of principal activities from which Braves Holdings generates its revenue. Baseball revenue. Development revenue. |
Cost of Services | Cost of Services Revenue Share Sirius XM Holdings shares a portion of its subscription revenue earned from self-pay subscribers with certain automakers. The terms of the revenue share agreements vary with each automaker, but are typically based upon the earned audio revenue as reported or gross billed audio revenue. Revenue share on self-pay revenue is recognized as an expense and recorded in revenue share and royalties in our consolidated statements of operations. Sirius XM Holdings also pays revenue share to certain talent on non-music stations on its satellite radio service and to podcast talent based on advertising revenue for the related channel or podcast. Revenue share on non-music channels and podcasts is recognized in Revenue share and royalties when it is earned. In some cases, Sirius XM Holdings prepays minimum guarantees for revenue share to podcast talent which is recorded in other current assets in the consolidated balance sheets. The minimum guarantee is recognized in revenue share and royalties primarily on a straight line basis over the contractual term. The prepaid balance is regularly reviewed for recoverability and any amount not deemed to be recoverable is recognized as an expense in the period. Royalties In connection with its businesses, Sirius XM Holdings must enter into royalty arrangements with two sets of rights holders: holders of musical compositions copyrights (that is, the music and lyrics) and holders of sound recordings copyrights (that is, the actual recording of a work). The Sirius XM and Pandora businesses use both statutory and direct music licenses as part of their businesses. Sirius XM Holdings licenses varying rights - such as performance and mechanical rights - for use in its Sirius XM and Pandora businesses based on the various radio and interactive services they offer. The music rights licensing arrangements for the Sirius XM and Pandora businesses are complex. Sirius XM Holdings pays performance royalties for its Sirius XM and Pandora businesses to holders and rights administrators of musical compositions copyrights, including performing rights organizations and other copyright owners. These performance royalties are based on agreements with performing rights organizations which represent the holders of these performance rights. The Sirius XM and Pandora businesses have arrangements with these performance rights organizations. Arrangements with Sirius XM generally include fixed payments during the term of the agreement and arrangements with Pandora for its ad-supported radio service have variable payments based on usage and ownership of a royalty pool. Pandora must also license reproduction rights, which are also referred to as mechanical rights, to offer the interactive features of the Pandora services. For Pandora subscription services, copyright holders receive payments for these rights at the rates determined in accordance with the statutory license set forth in Section 115 of the United States Copyright Act (the “Copyright Act”). For Sirius XM Holdings’ non-interactive satellite radio or streaming services, it may license sound recordings under direct licenses with the owners of sound recordings or based on the royalty rate established by the CRB. For Sirius XM, the royalty rate for sound recordings has been set by the CRB. The revenue subject to royalty includes subscription revenue from Sirius XM Holdings’ U.S. satellite digital audio radio subscribers, and advertising revenue from channels other than those channels that make only incidental performances of sound recordings. The rates and terms permit Sirius XM to reduce the payment due each month for those sound recording directly licensed from copyright owners and exclude from its revenue certain other items, such as royalties paid to Sirius XM for intellectual property, sales and use taxes, bad debt expense and generally revenue attributable to areas of Sirius XM’s business that do not involve the use of copyrighted sound recordings. Pandora has entered into direct license agreements with major and independent music labels and distributors for a significant majority of the sound recordings that stream on the Pandora ad-supported service, Pandora Plus and Pandora Premium. For sound recordings that Pandora streams and for which it has not entered into a direct license agreement with the sound recording rights holders, the sound recordings are streamed pursuant to the statutory royalty rates set by the CRB. Programming Costs Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming costs which are for a specified season or include programming through a dedicated channel are amortized over the season or period on a straight-line basis. Sirius XM Holdings allocates a portion of certain programming costs which are related to sponsorship and marketing activities to selling, general and administrative expense on a straight-line basis over the term of the agreement. |
Cost of Formula 1 Revenue | Cost of Formula 1 Revenue Cost of Formula 1 revenue consists of team payments and hospitality costs, which are principally related to catering and other aspects of the production and delivery of the Paddock Club, and circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Events, including the right to sell advertising, hospitality and support race opportunities. Other costs include annual Federation Internationale de l’Automobile regulatory fees, advertising and sponsorship commissions and those incurred in the provision and sale of freight, travel and logistical services, F2 and F3 cars, parts and maintenance services, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and relate directly to revenue opportunities. |
Subscriber Acquisition Costs | Subscriber Acquisition Costs Subscriber acquisition costs consist of costs incurred to acquire new subscribers which include hardware subsidies paid to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a prepaid subscription to Sirius XM service in the sale or lease price of a new vehicle; subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for inventory allowance attributable to inventory consumed in Sirius XM Holdings’ automotive and retail distribution channels. Subscriber acquisition costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to automakers and retailers of radios. Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or activation and are included in subscriber acquisition costs because Sirius XM Holdings is responsible for providing the service to the customers. Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios. Chipsets that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as subscriber acquisition costs when placed into production by radio manufacturers. Costs for chipsets are expensed as subscriber acquisition costs when the automaker confirms receipt. |
Stock-Based Compensation | Stock-Based Compensation As more fully described in note 14, Liberty has granted to its directors, employees and employees of its subsidiaries options and restricted stock to purchase shares of Liberty common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an Award based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation: Years ended December 31, 2020 2019 2018 amounts in millions Cost of services: Programming and content $ 32 30 28 Customer service and billing 6 4 4 Other 6 9 5 Other operating expense 43 49 17 Selling, general and administrative 174 199 138 $ 261 291 192 In June 2018, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which expands the scope of existing accounting guidance for stock-based compensation to include share-based payments made to nonemployees. The new guidance substantially aligns the accounting for payments made to nonemployees and employees. Upon adoption, equity classified share-based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present and awards will continue to be classified according to existing accounting guidance upon vesting, which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. Sirius XM Holdings, the Company’s only subsidiary with nonemployee share-based payment arrangements, elected to early adopt this guidance effective July 1, 2018. Upon adoption, the previously liability-classified awards were reclassified to equity. The impact of the adoption of this guidance was a $22 million increase to additional paid-in capital, $3 million decrease in opening retained earnings, $7 million increase in noncontrolling interest in equity of subsidiaries and a decrease of $26 million in accounts payable and accrued liabilities. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. |
Earnings attributable to Liberty Stockholders Per Common Share | Earnings Attributable to Liberty Stockholders Per Common Share Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares that were outstanding for the period. 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. 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 (“WASO”) shares of common stock. Excluded from diluted EPS for the years ended December 31, 2020, 2019 and 2018 are 25 million, 22 million and 22 million potentially dilutive shares of Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2020 (a)(b) 2019 (b) 2018 (b) number of shares in millions Basic WASO 334 329 342 Potentially dilutive shares 2 4 4 Diluted WASO (c) 336 333 346 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. (b) 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. (c) 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 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: Years ended December 31, 2020 2019 2018 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM shareholders $ (747) 494 676 Unrealized (gain) loss on the intergroup interest (35) — NA Diluted earnings (loss) attributable to Liberty SiriusXM shareholders $ (782) 494 676 Series A, Series B and Series C Liberty Braves Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Excluded from diluted EPS for the years ended December 31, 2020, 2019 and 2018 are 5 million, 3 million and 2 million potentially dilutive shares of Liberty Braves common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2020 (a) 2019 (a) 2018 number of shares in millions Basic WASO 51 51 51 Potentially dilutive shares 9 10 10 Diluted WASO (b) 60 61 61 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. (b) As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. 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 December 31, 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 Convertible Notes. 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 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: Years ended December 31, 2020 2019 2018 amounts in millions Basic earnings (loss) attributable to Liberty Braves shareholders $ (78) (77) 5 Unrealized (gain) loss on the intergroup interest (42) 42 24 Diluted earnings (loss) attributable to Liberty Braves shareholders $ (120) (35) 29 Series A, Series B and Series C Liberty Formula One Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Excluded from diluted EPS for the years ended December 31, 2020, 2019 and 2018 are 7 million, 6 million and 8 million potentially dilutive shares of Liberty Formula One common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2020 (a) 2019 (a) 2018 (a) number of shares in millions Basic WASO 232 231 231 Potentially dilutive shares 6 2 1 Diluted WASO (b) 238 233 232 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group 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 December 31, 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 Convertible Notes. 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 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: Years ended December 31, 2020 2019 2018 amounts in millions Basic earnings (loss) attributable to Liberty Formula One shareholders $ (596) (311) (150) Unrealized (gain) loss on the intergroup interest 75 NA NA Diluted earnings (loss) attributable to Liberty Formula One shareholders $ (521) (311) (150) |
Reclasses and adjustments | Reclasses and Adjustments Certain prior period amounts have been reclassified for comparability with the current year presentation. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the determination of the useful life of Sirius XM 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 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 or classification 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. The Company holds investments that are accounted for using the equity method. The Company does not control the decision making process or business management practices of these affiliates. Accordingly, the Company relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, the Company relies on audit reports that are provided by the affiliates’ independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment | Estimated Useful Life December 31, 2020 December 31, 2019 amounts in millions Land NA $ 139 138 Buildings and improvements 10 836 783 Support equipment 3 748 630 Satellite system 15 years 1,709 1,694 Construction in progress NA 585 535 Total property and equipment $ 4,017 3,780 |
Share-based compensation expense | Years ended December 31, 2020 2019 2018 amounts in millions Cost of services: Programming and content $ 32 30 28 Customer service and billing 6 4 4 Other 6 9 5 Other operating expense 43 49 17 Selling, general and administrative 174 199 138 $ 261 291 192 |
Liberty SiriusXM Group | |
Schedule of revenue disaggregated by source | Years ended December 31, 2020 2019 2018 in millions Subscriber $ 6,372 6,120 5,264 Advertising 1,340 1,336 188 Equipment 173 173 155 Other 155 165 164 Total Sirius XM Holdings revenue $ 8,040 7,794 5,771 |
Reconciliation of Basic and Diluted Weighted Average Shares | Years ended December 31, 2020 (a)(b) 2019 (b) 2018 (b) number of shares in millions Basic WASO 334 329 342 Potentially dilutive shares 2 4 4 Diluted WASO (c) 336 333 346 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. (b) 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. (c) 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 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: Years ended December 31, 2020 2019 2018 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM shareholders $ (747) 494 676 Unrealized (gain) loss on the intergroup interest (35) — NA Diluted earnings (loss) attributable to Liberty SiriusXM shareholders $ (782) 494 676 |
Braves Group | |
Schedule of revenue disaggregated by source | Years ended December 31, 2020 2019 2018 in millions Baseball $ 142 438 404 Development 36 38 38 Total Braves Holdings revenue $ 178 476 442 |
Reconciliation of Basic and Diluted Weighted Average Shares | Years ended December 31, 2020 (a) 2019 (a) 2018 number of shares in millions Basic WASO 51 51 51 Potentially dilutive shares 9 10 10 Diluted WASO (b) 60 61 61 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. (b) As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. 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 December 31, 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 Convertible Notes. 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 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: Years ended December 31, 2020 2019 2018 amounts in millions Basic earnings (loss) attributable to Liberty Braves shareholders $ (78) (77) 5 Unrealized (gain) loss on the intergroup interest (42) 42 24 Diluted earnings (loss) attributable to Liberty Braves shareholders $ (120) (35) 29 |
Formula One Group | |
Schedule of revenue disaggregated by source | Years ended December 31, 2020 2019 2018 in millions Primary $ 964 1,664 1,487 Other 181 358 340 Total Formula 1 revenue $ 1,145 2,022 1,827 |
Reconciliation of Basic and Diluted Weighted Average Shares | Years ended December 31, 2020 (a) 2019 (a) 2018 (a) number of shares in millions Basic WASO 232 231 231 Potentially dilutive shares 6 2 1 Diluted WASO (b) 238 233 232 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group 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 December 31, 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 Convertible Notes. 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 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: Years ended December 31, 2020 2019 2018 amounts in millions Basic earnings (loss) attributable to Liberty Formula One shareholders $ (596) (311) (150) Unrealized (gain) loss on the intergroup interest 75 NA NA Diluted earnings (loss) attributable to Liberty Formula One shareholders $ (521) (311) (150) |
Supplemental Disclosures to C_2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Cash Flow, Supplemental Disclosures | Years ended December 31, 2020 2019 2018 amounts in millions Cash paid for acquisitions: Fair value of assets acquired $ 62 90 — Intangibles not subject to amortization 235 1,884 3 Intangibles subject to amortization 50 800 2 Net liabilities assumed (46) (772) (3) Deferred tax liabilities (1) 102 — Fair value of equity consideration — (2,417) — Cash paid (received) for acquisitions, net of cash acquired $ 300 (313) 2 Stock repurchased by subsidiary not yet settled $ (19) — — Cash paid for interest, net of amounts capitalized $ 576 585 586 Cash paid (received) for income taxes $ 48 40 (26) |
Schedule of cash, cash equivalents, restricted cash and restricted cash equivalents | Years ended December 31, 2020 2019 2018 amounts in millions Cash and cash equivalents $ 2,831 1,222 358 Restricted cash included in other current assets 16 57 70 Restricted cash included in other assets 30 27 24 Total cash, cash equivalents and restricted cash at end of period $ 2,877 1,306 452 |
Acquisitions and Restructurin_2
Acquisitions and Restructurings (Tables) - Pandora | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Schedule of consideration paid with the acquisition | 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 |
Schedule of Purchase Price Allocation | The final acquisition price allocation for Pandora is as follows (in millions): Cash and cash equivalents $ 313 Trade and other receivables, net 353 Other current assets 109 Property and equipment 41 Goodwill 1,553 Intangible assets not subject to amortization 331 Intangible assets subject to amortization, net 800 Other assets 213 Accounts payable and accrued liabilities (324) Current portion of debt (151) Deferred revenue (37) Other current liabilities (28) Long-term debt (a) (218) Other liabilities (76) $ 2,879 (a) In order to present the assets acquired and liabilities assumed, the conversion feature associated with Pandora’s convertible notes for $62 million has been included within long-term debt in the table above and included within noncontrolling interest in equity of subsidiaries within the consolidated statement of equity. See note 9 for details regarding Pandora’s convertible notes. |
Business Acquisition, Pro Forma Information | Years ended December 31, 2019 2018 amounts in millions Revenue $ 10,419 9,617 Net earnings (loss) $ 371 533 Net earnings (loss) attributable to Liberty stockholders $ 123 294 |
Assets And Liabilities Measur_2
Assets And Liabilities Measured At Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Assets and Liabilities Measured at Fair Value | December 31, 2020 December 31, 2019 Quoted prices Significant other Quoted prices Significant other in active markets observable in active markets observable for identical assets inputs for identical assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,586 2,586 — 992 992 — Debt and equity securities $ 266 181 85 353 242 111 Financial instrument assets $ 424 84 340 532 63 469 Debt $ 4,545 — 4,545 3,678 — 3,678 Financial instrument liabilities $ 106 — 106 53 — 53 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following (amounts in millions): Years ended December 31, 2020 2019 2018 Debt and equity securities $ (74) 110 2 Debt measured at fair value (a) (114) (584) 130 Change in fair value of bond hedges (b) (127) 215 (94) Other derivatives (87) (56) 2 $ (402) (315) 40 (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 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 gain of $148 million, loss of $16 million and gain of $41 million for the years ended December 31, 2020, 2019 and 2018, respectively, and the cumulative change was a gain of $175 million as of December 31, 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 convertible notes and the bond hedges . |
Investments In Affiliates Acc_2
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule Of Equity Ownership And Carrying Amount | December 31, 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% $ 5,118 $ 163 NA Sirius XM Canada 70% $ NA 643 636 Other 80 8 Total Liberty SiriusXM Group 886 644 Braves Group Other NA NA 94 99 Total Braves Group 94 99 Formula One Group Live Nation (a) NA 746 Other various NA 38 136 Total Formula One Group 38 882 Consolidated Liberty $ 1,018 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 pursuant to the Live Nation Margin Loan as of December 31, 2020. |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Years ended December 31, 2020 2019 2018 amounts in millions Liberty SiriusXM Group Live Nation (a) $ (465) NA NA Sirius XM Canada 5 (3) (1) Other (24) (21) (10) Total Liberty SiriusXM Group (484) (24) (11) Braves Group Other 6 18 12 Total Braves Group 6 18 12 Formula One Group Live Nation (a) (112) 4 3 Other 4 8 14 Total Formula One Group (108) 12 17 Consolidated Liberty $ (586) 6 18 (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2019 $ 14,250 3,956 180 18,386 Acquisitions (a) 1,553 — — 1,553 Balance at December 31, 2019 15,803 3,956 180 19,939 Acquisitions (b) 235 — — 235 Impairments (956) — — (956) Balance at December 31, 2020 $ 15,082 3,956 180 19,218 (a) See note 5 for details regarding Sirius XM Holdings’ acquisition of Pandora. (b) See note 5 for details regarding SiriusXM Holdings’ acquisitions of Simplecast and Stitcher . |
Schedule of intangible assets subject to amortization | December 31, 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 (742) 2,888 3,630 (543) 3,087 Customer relationships 3,053 (1,389) 1,664 3,086 (1,123) 1,963 Licensing agreements 355 (221) 134 316 (185) 131 Other 1,748 (1,056) 692 1,636 (877) 759 Total $ 8,786 (3,408) 5,378 8,668 (2,728) 5,940 |
Schedule of future amortization expense | 2021 $ 767 2022 $ 726 2023 $ 581 2024 $ 398 2025 $ 345 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal December 31, December 31, December 31, 2020 2020 2019 Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) $ 1,000 1,251 NA 2.125% Exchangeable Senior Debentures due 2048 (1) 400 418 423 2.25% Exchangeable Senior Debentures due 2048 (1) 385 475 NA 2.75% Exchangeable Senior Debentures due 2049 (1) 604 628 632 0.5% Exchangeable Senior Debentures due 2050 (1) 920 982 NA 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 1,488 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 1,490 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 Pandora 1.75% Convertible Senior Notes due 2023 193 170 163 Sirius XM Senior Secured Revolving Credit Facility 649 649 — Deferred financing costs (12) (11) Total Liberty SiriusXM Group 12,651 13,000 9,245 Braves Group Subsidiary notes and loans: Notes and loans 674 674 559 Deferred financing costs (4) (5) Total Braves Group 674 670 554 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) 450 582 585 2.25% Exchangeable Senior Debentures due 2046 (1) 203 209 257 2.25% Exchangeable Senior Debentures due 2048 (1) NA NA 459 Live Nation Margin Loan NA NA 130 Other 74 74 32 Subsidiary notes and loans: Senior Loan Facility 2,902 2,904 2,907 Deferred financing costs (10) (15) Total Formula One Group 3,629 3,759 5,677 Total debt $ 16,954 17,429 15,476 Less debt classified as current (743) (60) Total long-term debt $ 16,686 15,416 (1) Measured at fair value |
Schedule of Braves Holdings Debt | Carrying value As of December 31, 2020 December 31, December 31, Borrowing Weighted avg Maturity 2020 2019 Capacity interest rate Date amounts in millions Operating credit facilities $ 115 45 185 1.51% various Ballpark funding Term loan 46 49 NA 1.77% August 2021 Senior secured note 184 190 NA 3.77% September 2041 Floating rate notes 60 65 NA 1.92% September 2029 Mixed-use credit facilities and loans 239 180 307 3.38% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 674 559 |
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 is as follows (amounts in millions): December 31, 2020 Sirius XM 3.875% Senior Notes due 2022 $ 1,011 Sirius XM 4.625% Senior Notes due 2024 $ 1,553 Sirius XM 5.375% Senior Notes due 2026 $ 1,043 Sirius XM 5.0% Senior Notes due 2027 $ 1,584 Sirius XM 5.50% Senior Notes due 2029 $ 1,370 Sirius XM 4.125% Senior Notes due 2030 $ 1,584 Pandora 1.75% Senior Notes due 2023 $ 216 |
Schedule of Maturities of Long-term Debt | The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions): 2021 $ 69 2022 $ 1,872 2023 $ 2,461 2024 $ 4,460 2025 $ 117 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Summary of components of lease expense | Years ended December 31, 2020 2019 in millions Finance lease cost Depreciation of leased assets $ 35 37 Interest on lease liabilities 6 6 Total finance lease cost 41 43 Operating lease cost 93 89 Sublease income (2) (3) Total lease cost $ 132 129 |
Schedule of remaining weighted-average lease term and weighted-average discount rate | 2020 2019 Weighted-average remaining lease term (years): Finance leases 28.3 29.7 Operating leases 9.2 9.2 Weighted-average discount rate: Finance leases 4.6% 4.6% Operating leases 5.2% 5.2% |
Schedule of balance sheet and other information of our leases | December 31, 2020 2019 in millions Operating leases: Operating lease right-of-use assets (1) $ 465 510 Current operating lease liabilities (2) $ 54 53 Operating lease liabilities (3) 453 495 Total operating lease liabilities $ 507 548 Finance Leases: Property and equipment, at cost $ 477 473 Accumulated depreciation (118) (89) Property and equipment, net $ 359 384 Current finance lease liabilities (2) $ 6 4 Finance lease liabilities (3) 116 119 Total finance lease liabilities $ 122 123 (1) Included in Other assets in the consolidated balance sheet (2) Included in Other current liabilities in the consolidated balance sheet (3) Included in Other liabilities in the consolidated balance sheet |
Schedule of cash flow information related to our leases | Years ended December 31, 2020 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 87 79 Financing cash flows from finance leases $ 6 8 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 8 83 |
Summary of maturities of our operating leases | Finance leases Operating leases in millions 2021 $ 11 78 2022 11 80 2023 9 75 2024 9 66 2025 9 66 Thereafter 153 272 Total lease payments 202 637 Less: implied interest 80 130 Present value of lease liabilities $ 122 507 |
Summary of maturities of our finance leases | Finance leases Operating leases in millions 2021 $ 11 78 2022 11 80 2023 9 75 2024 9 66 2025 9 66 Thereafter 153 272 Total lease payments 202 637 Less: implied interest 80 130 Present value of lease liabilities $ 122 507 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Components of Income Tax Expense (Benefit) | Years ended December 31, 2020 2019 2018 amounts in millions Current: Federal $ 13 (1) (14) State and local (62) (24) 13 Foreign (2) (21) (8) (51) (46) (9) Deferred: Federal 12 (139) (228) State and local (1) (20) (2) Foreign 84 39 63 95 (120) (167) Income tax benefit (expense) $ 44 (166) (176) |
Summary of domestic and foreign earnings | Years ended December 31, 2020 2019 2018 amounts in millions Domestic $ (969) 583 1,140 Foreign (466) (70) (99) Total $ (1,435) 513 1,041 |
Schedule of Effective Income Tax Rate Reconciliation | Years ended December 31, 2020 2019 2018 amounts in millions Computed expected tax benefit (expense) $ 301 (108) (219) State and local income taxes, net of federal income taxes (42) (41) 18 Foreign income taxes, net of federal income taxes 20 26 22 Taxable dividends, net of dividends received deductions (12) (10) (27) Federal tax credits 24 26 30 Change in valuation allowance affecting tax expense (69) (40) (62) Change in tax rate 30 (48) 1 Settlements with tax authorities — — 43 Deductible stock-based compensation 14 71 38 Non-deductible executive compensation (17) (22) (7) Impairment of nondeductible goodwill (194) — — Other, net (11) (20) (13) Income tax benefit (expense) $ 44 (166) (176) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: December 31, 2020 2019 amounts in millions Deferred tax assets: Tax loss and credit carryforwards $ 1,436 1,510 Accrued stock compensation 107 106 Other accrued liabilities 217 240 Deferred revenue 55 74 Discount on debt 25 45 Investments 107 — Other future deductible amounts 24 31 Deferred tax assets 1,971 2,006 Valuation allowance (293) (216) Net deferred tax assets 1,678 1,790 Deferred tax liabilities: Investments — 90 Fixed assets 448 458 Intangible assets 2,830 2,912 Deferred tax liabilities 3,278 3,460 Net deferred tax liabilities $ 1,600 1,670 |
Summary of Income Tax Contingencies | December 31, 2020 2019 2018 amounts in millions Balance at beginning of year $ 405 387 365 Reductions for tax positions of prior years (7) (13) (27) Increase in tax positions for current year 20 12 15 Increase in tax positions from prior years 14 1 65 Settlements with tax authorities — — (31) Increase in tax positions from acquisition — 18 — Balance at end of year $ 432 405 387 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of options granted and weighted average grant date fair value | Years ended December 31, 2020 2019 2018 Options Weighted Options Weighted Options Weighted granted average granted average granted average (000's) GDFV (000's) GDFV (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 372 $ 12.12 179 $ 11.62 33 $ 11.09 Series C Liberty SiriusXM common stock, Liberty CEO (2) 1,053 $ 11.03 1,419 $ 11.23 633 $ 11.56 Series C Liberty Formula One common stock, Liberty employees and directors (1) 305 $ 14.29 139 $ 12.70 21 $ 8.99 Series C Liberty Formula One common stock, Liberty CEO (2) 791 $ 12.42 815 $ 11.67 139 $ 8.80 Series C Liberty Formula One common stock, Formula 1 employees (3) 1,435 $ 7.55 2,005 $ 9.79 1,888 $ 8.64 Series C Liberty Braves common stock, Liberty employees and directors (1) 146 $ 7.79 62 $ 7.33 5 $ 7.14 Series C Liberty Braves common stock, Liberty CEO (2) 489 $ 7.26 320 $ 7.36 46 $ 6.44 Series C Liberty Braves common stock, Braves employees (4) 1,585 $ 8.52 — $ — — $ — (1) Mainly vests between two and five years for employees and in one year for directors. (2) Grants made in March 2020 cliff vested in December 2020, and grants made in December 2020 in connection with the CEO’s new employment agreement cliff vest in December 2024. Grants made in March 2019 mainly cliff vested in December 2019, and grants made in December 2019 in connection with the CEO’s new employment agreement cliff vest in December 2023. See discussion in note 13 regarding the new compensation agreement with the Company’s CEO. Grants in 2018 vested in December 2018. (3) Vest monthly over one year . (4) Vest 50% in each of December 2022 and December 2023. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Volatility 2020 grants Liberty options 21.8 % - 37.2 % 2019 grants Liberty options 21.8 % - 27.5 % 2018 grants Liberty options 23.5 % - 26.0 % |
Liberty SiriusXM Group | Common Class C | |
Schedule of stock awards activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2020 9,817 $ 33.90 Granted 1,425 $ 41.26 Exercised (372) $ 31.10 Forfeited/Cancelled — $ — Outstanding at December 31, 2020 10,870 $ 34.96 3.2 years $ 97 Exercisable at December 31, 2020 8,705 $ 32.62 2.4 years $ 95 |
Braves Group | Common Class C | |
Schedule of stock awards activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2020 1,267 $ 21.82 Granted 2,220 $ 26.48 Exercised (12) $ 17.10 Forfeited/Cancelled — $ — Outstanding at December 31, 2020 3,475 $ 24.81 5.6 years $ 6 Exercisable at December 31, 2020 1,012 $ 19.02 2.7 years $ 6 |
Formula One Group | Common Class C | |
Schedule of stock awards activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (in millions) Outstanding at January 1, 2020 8,284 $ 31.16 Granted 2,531 $ 33.35 Exercised (424) $ 29.06 Forfeited/Cancelled — $ — Outstanding at December 31, 2020 10,391 $ 31.78 4.5 years $ 114 Exercisable at December 31, 2020 8,113 $ 29.84 4.0 years $ 104 |
Other Comprehensive Earnings _2
Other Comprehensive Earnings (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Unrealized Foreign holding currency gains (losses) translation on securities adjustment Other AOCI amounts in millions Balance at January 1, 2018 $ (12) (6) (17) (35) Other comprehensive earnings (loss) attributable to Liberty stockholders (3) (24) 22 (5) Cumulative adjustment for change in accounting principle — — 2 2 Balance at December 31, 2018 (15) (30) 7 (38) Other comprehensive earnings (loss) attributable to Liberty stockholders 3 13 (11) 5 Balance at December 31, 2019 (12) (17) (4) (33) Other comprehensive earnings (loss) attributable to Liberty stockholders (7) 10 108 111 Balance at December 31, 2020 $ (19) (7) 104 78 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Tax Before-tax (expense) Net-of-tax amount benefit amount amounts in millions Year ended December 31, 2020: Unrealized holding gains (losses) arising during period $ (9) 2 (7) Credit risk on fair value debt instruments gains (losses) 149 (32) 117 Foreign currency translation adjustments 4 (1) 3 Other comprehensive earnings $ 144 (31) 113 Year ended December 31, 2019: Unrealized holding gains (losses) arising during period $ 4 (1) 3 Credit risk on fair value debt instruments gains (losses) (17) 4 (13) Foreign currency translation adjustments 27 (6) 21 Other comprehensive earnings $ 14 (3) 11 Year ended December 31, 2018: Unrealized holding gains (losses) arising during period $ (4) 1 (3) Credit risk on fair value debt instruments gains (losses) 41 (9) 32 Foreign currency translation adjustments (56) 12 (44) Other comprehensive earnings $ (19) 4 (15) |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Information About Liberty's Operating Segments | |
Performance Measures | Years ended December 31, 2020 2019 2018 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 8,040 2,575 7,794 2,453 5,771 2,233 Live Nation 477 (891) — — — — Corporate and other — (31) — (17) — (16) 8,517 1,653 7,794 2,436 5,771 2,217 Eliminate equity method affiliate (477) 891 — — — — Total Liberty SiriusXM Group 8,040 2,544 7,794 2,436 5,771 2,217 Braves Group Corporate and other 178 (53) 476 49 442 88 Total Braves Group 178 (53) 476 49 442 88 Formula One Group Formula 1 1,145 56 2,022 482 1,827 400 Live Nation 1,384 (125) 11,548 943 10,788 829 Corporate and other — (38) — (36) — (25) 2,529 (107) 13,570 1,389 12,615 1,204 Eliminate equity method affiliate (1,384) 125 (11,548) (943) (10,788) (829) Total Formula One Group 1,145 18 2,022 446 1,827 375 Total $ 9,363 2,509 10,292 2,931 8,040 2,680 |
Other Information By Segment | December 31, 2020 December 31, 2019 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 30,030 723 350 30,868 644 363 Live Nation 10,589 170 223 — — — Corporate and other 2,051 163 — 553 — — 42,670 1,056 573 31,421 644 363 Eliminate equity method affiliate (10,589) (170) (223) — — — Total Liberty SiriusXM Group 32,081 886 350 31,421 644 363 Braves Group Corporate and other 1,571 94 81 1,593 99 103 Total Braves Group 1,571 94 81 1,593 99 103 Formula One Group Formula 1 8,610 — 11 9,031 — 16 Live Nation — — — 10,976 168 366 Corporate and other 2,581 38 10 2,474 882 28 11,191 38 21 22,481 1,050 410 Eliminate equity method affiliate — — — (10,976) (168) (366) Total Formula One Group 11,191 38 21 11,505 882 44 Elimination (1) (839) — — (330) — — Consolidated Liberty $ 44,004 1,018 452 44,189 1,625 510 (1) As of December 31, 2020, 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. As of December 31, 2019, this amount is primarily the intergroup interests in the Liberty SiriusXM Group and the Braves Group held by the Formula One Group, as discussed in note 2. The intergroup interests attributable to the Formula One Group are presented as an asset and the intergroup interests attributable to the Liberty SiriusXM Group and the Braves Group are presented as liabilities in the attributed financial statements and the offsetting amounts between tracking stock groups are eliminated in consolidation. |
Reconciliation of Adjusted OIBDA to operating income (loss) and earnings (loss) | Years ended December 31, 2020 2019 2018 amounts in millions Adjusted OIBDA $ 2,509 2,931 2,680 Litigation settlements and reserves (note 17) 16 (25) (69) Stock-based compensation (261) (291) (192) Impairment of intangible assets (note 8) (976) — — Acquisition and restructuring (note 5) (28) (84) (3) Depreciation and amortization (1,083) (1,061) (905) Operating income (loss) 177 1,470 1,511 Interest expense (634) (657) (606) Share of earnings (losses) of affiliates, net (586) 6 18 Realized and unrealized gains (losses) on financial instruments, net (402) (315) 40 Other, net 10 9 78 Earnings (loss) from continuing operations before income taxes $ (1,435) 513 1,041 |
Revenue by Geographic Area | Years ended December 31, 2020 2019 2018 amounts in millions United States $ 8,121 8,172 6,112 United Kingdom 1,145 2,022 1,831 Other 97 98 97 $ 9,363 10,292 8,040 |
Long-lived Assets by Geographic Area | December 31, 2020 2019 amounts in millions United States $ 2,221 2,246 United Kingdom 18 16 $ 2,239 2,262 |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION December 31, 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 $ 996 151 1,684 — 2,831 Trade and other receivables, net 672 30 121 — 823 Other current assets 225 63 459 (371) 376 Total current assets 1,893 244 2,264 (371) 4,030 Intergroup interests (note 1) 257 — 169 (426) — Investments in affiliates, accounted for using the equity method (note 1) 886 94 38 — 1,018 Property and equipment, at cost 2,842 977 198 — 4,017 Accumulated depreciation (1,526) (178) (74) — (1,778) 1,316 799 124 — 2,239 Intangible assets not subject to amortization Goodwill 15,082 180 3,956 — 19,218 FCC licenses 8,600 — — — 8,600 Other 1,242 143 — — 1,385 24,924 323 3,956 — 29,203 Intangible assets subject to amortization, net 1,471 24 3,883 — 5,378 Other assets 1,334 87 757 (42) 2,136 Total assets $ 32,081 1,571 11,191 (839) 44,004 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 4) $ (22) (35) 57 — — Accounts payable and accrued liabilities 1,380 53 150 — 1,583 Current portion of debt (note 1) 475 59 209 — 743 Deferred revenue 1,721 90 259 — 2,070 Other current liabilities 442 6 17 (371) 94 Total current liabilities 3,996 173 692 (371) 4,490 Long-term debt (note 1) 12,525 611 3,550 — 16,686 Deferred income tax liabilities (note 3) 2,116 52 — (42) 2,126 Redeemable intergroup interests (note 1) — 226 200 (426) — Other liabilities 689 218 194 — 1,101 Total liabilities 19,326 1,280 4,636 (839) 24,403 Equity / Attributed net assets 8,250 291 6,550 — 15,091 Noncontrolling interests in equity of subsidiaries 4,505 — 5 — 4,510 Total liabilities and equity $ 32,081 1,571 11,191 (839) 44,004 BALANCE SHEET INFORMATION December 31, 2019 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Inter-Group Consolidated Group Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 493 142 587 — 1,222 Trade and other receivables, net 670 28 69 — 767 Other current assets 227 97 92 — 416 Total current assets 1,390 267 748 — 2,405 Intergroup interests (note 1) — — 292 (292) — Investments in affiliates, accounted for using the equity method (note 1) 644 99 882 — 1,625 Property and equipment, at cost 2,686 923 171 — 3,780 Accumulated depreciation (1,331) (128) (59) — (1,518) 1,355 795 112 — 2,262 Intangible assets not subject to amortization Goodwill 15,803 180 3,956 — 19,939 FCC licenses 8,600 — — — 8,600 Other 1,262 143 — — 1,405 25,665 323 3,956 — 29,944 Intangible assets subject to amortization, net 1,603 34 4,303 — 5,940 Other assets 764 75 1,212 (38) 2,013 Total assets $ 31,421 1,593 11,505 (330) 44,189 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 4) $ (23) (9) 32 — — Accounts payable and accrued liabilities 1,294 63 264 — 1,621 Current portion of debt (note 1) 1 59 — — 60 Deferred revenue 1,930 70 113 — 2,113 Other current liabilities 72 5 17 — 94 Total current liabilities 3,274 188 426 — 3,888 Long-term debt (note 1) 9,244 495 5,677 — 15,416 Deferred income tax liabilities (note 3) 1,890 61 — (38) 1,913 Redeemable intergroup interests (note 1) 24 268 — (292) — Other liabilities 683 203 161 — 1,047 Total liabilities 15,115 1,215 6,264 (330) 22,264 Equity / Attributed net assets 10,678 378 5,239 — 16,295 Noncontrolling interests in equity of subsidiaries 5,628 — 2 — 5,630 Total liabilities and equity $ 31,421 1,593 11,505 (330) 44,189 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION December 31, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 8,040 — — 8,040 Formula 1 revenue — — 1,145 1,145 Other revenue — 178 — 178 Total revenue 8,040 178 1,145 9,363 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 2,421 — — 2,421 Programming and content 481 — — 481 Customer service and billing 481 — — 481 Other 196 — — 196 Cost of Formula 1 revenue — — 974 974 Subscriber acquisition costs 362 — — 362 Other operating expenses 264 170 — 434 Selling, general and administrative 1,509 67 174 1,750 Impairment of intangible assets 976 — — 976 Acquisition and restructuring 28 — — 28 Depreciation and amortization 573 69 441 1,083 7,291 306 1,589 9,186 Operating income (loss) 749 (128) (444) 177 Other income (expense): Interest expense (462) (26) (146) (634) Intergroup interest income (expense) (7) — 7 — Share of earnings (losses) of affiliates, net (484) 6 (108) (586) Unrealized gain/(loss) on inter-group interests 125 42 (167) — Realized and unrealized gains (losses) on financial instruments, net (521) (10) 129 (402) Other, net (13) — 23 10 (1,362) 12 (262) (1,612) Earnings (loss) before income taxes (613) (116) (706) (1,435) Income tax (expense) benefit (note 3) (106) 38 112 44 Net earnings (loss) (719) (78) (594) (1,391) Less net earnings (loss) attributable to the noncontrolling interests 28 — 2 30 Net earnings (loss) attributable to Liberty stockholders $ (747) (78) (596) (1,421) STATEMENT OF OPERATIONS INFORMATION December 31, 2019 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 7,794 — — 7,794 Formula 1 revenue — — 2,022 2,022 Other revenue — 476 — 476 Total revenue 7,794 476 2,022 10,292 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 2,291 — — 2,291 Programming and content 462 — — 462 Customer service and billing 475 — — 475 Other 199 — — 199 Cost of Formula 1 revenue — — 1,394 1,394 Subscriber acquisition costs 427 — — 427 Other operating expenses 280 344 — 624 Selling, general and administrative 1,495 100 210 1,805 Acquisition and restructuring 84 — — 84 Depreciation and amortization 537 71 453 1,061 6,250 515 2,057 8,822 Operating income (loss) 1,544 (39) (35) 1,470 Other income (expense): Interest expense (435) (27) (195) (657) Share of earnings (losses) of affiliates, net (24) 18 12 6 Unrealized gain/(loss) on inter-group interests — (42) 42 — Realized and unrealized gains (losses) on financial instruments, net (41) (4) (270) (315) Other, net (38) 2 45 9 (538) (53) (366) (957) Earnings (loss) before income taxes 1,006 (92) (401) 513 Income tax (expense) benefit (note 3) (271) 15 90 (166) Net earnings (loss) 735 (77) (311) 347 Less net earnings (loss) attributable to the noncontrolling interests 241 — — 241 Net earnings (loss) attributable to Liberty stockholders $ 494 (77) (311) 106 STATEMENT OF OPERATIONS INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 5,771 — — 5,771 Formula 1 revenue — — 1,827 1,827 Other revenue — 442 — 442 Total revenue 5,771 442 1,827 8,040 Operating costs and expenses, including stock-based compensation (note 2): Cost of services (exclusive of depreciation shown separately below): Revenue share and royalties 1,394 — — 1,394 Programming and content 406 — — 406 Customer service and billing 382 — — 382 Other 126 — — 126 Cost of Formula 1 revenue — — 1,273 1,273 Subscriber acquisition costs 470 — — 470 Other operating expenses 123 268 — 391 Selling, general and administrative 878 97 204 1,179 Acquisition and restructuring 3 — — 3 Depreciation and amortization 369 76 460 905 4,151 441 1,937 6,529 Operating income (loss) 1,620 1 (110) 1,511 Other income (expense): Interest expense (388) (26) (192) (606) Share of earnings (losses) of affiliates, net (11) 12 17 18 Unrealized gain/(loss) on inter-group interests — (24) 24 — Realized and unrealized gains (losses) on financial instruments, net (1) (2) 43 40 Other, net 25 35 18 78 (375) (5) (90) (470) Earnings (loss) before income taxes 1,245 (4) (200) 1,041 Income tax (expense) benefit (note 3) (241) 15 50 (176) Net earnings (loss) 1,004 11 (150) 865 Less net earnings (loss) attributable to the noncontrolling interests 328 6 — 334 Net earnings (loss) attributable to Liberty stockholders $ 676 5 (150) 531 |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION December 31, 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) $ (719) (78) (594) (1,391) Adjustments to reconcile net earnings to net cash provided by operating activities: . Depreciation and amortization 573 69 441 1,083 Stock-based compensation 234 6 21 261 Impairment of intangible assets 976 — — 976 Share of (earnings) loss of affiliates, net 484 (6) 108 586 Unrealized (gains) losses on intergroup interests, net (125) (42) 167 — Realized and unrealized (gains) losses on financial instruments, net 521 10 (129) 402 Noncash interest expense 12 1 4 17 Losses (gains) on dilution of investment in affiliate (4) — — (4) Loss on early extinguishment of debt 40 — — 40 Deferred income tax expense (benefit) 40 (10) (125) (95) Intergroup tax allocation 5 (28) 23 — Intergroup tax (payments) receipts 8 2 (10) — Other charges (credits), net 26 9 — 35 Changes in operating assets and liabilities Current and other assets 32 (29) (37) (34) Payables and other liabilities (179) 41 (8) (146) Net cash provided (used) by operating activities 1,924 (55) (139) 1,730 Cash flows from investing activities: Cash proceeds from dispositions of investments — — 13 13 Cash (paid) received for acquisitions, net of cash acquired (300) — — (300) Investments in equity method affiliates and debt and equity securities (96) — (17) (113) Return of investments in equity method affiliates — — 105 105 Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 20 — — 20 Capital expended for property and equipment, including internal-use software and website development (350) (81) (21) (452) Other investing activities, net (8) 4 (5) (9) Net cash provided (used) by investing activities (734) (77) 75 (736) Cash flows from financing activities: Borrowings of debt 4,149 228 521 4,898 Repayments of debt (2,203) (114) (614) (2,931) Intergroup Loan (repayment) borrowing (750) — 750 — Liberty SiriusXM stock repurchases (249) — (69) (318) Subsidiary shares repurchased by subsidiary (1,555) — — (1,555) 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 (64) — — (64) Taxes paid in lieu of shares issued for stock-based compensation (116) (1) (3) (120) Other financing activities, net (47) (8) (35) (90) Net cash provided (used) by financing activities (689) 105 1,158 574 Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — 3 3 Net increase (decrease) in cash, cash equivalents and restricted cash 501 (27) 1,097 1,571 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 $ 1,008 185 1,684 2,877 STATEMENT OF CASH FLOWS INFORMATION December 31, 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) $ 735 (77) (311) 347 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 537 71 453 1,061 Stock-based compensation 267 17 28 312 Share of (earnings) loss of affiliates, net 24 (18) (12) (6) Unrealized (gains) losses on intergroup interests, net — 42 (42) — Realized and unrealized (gains) losses on financial instruments, net 41 4 270 315 Noncash interest expense 7 1 1 9 Losses (gains) on dilution of investment in affiliate — — (7) (7) Loss on early extinguishment of debt 57 — — 57 Deferred income tax expense (benefit) 268 (7) (141) 120 Intergroup tax allocation (21) (8) 29 — Intergroup tax (payments) receipts (3) 21 (18) — Other charges (credits), net 4 18 (14) 8 Changes in operating assets and liabilities Current and other assets (11) (12) 20 (3) Payables and other liabilities 39 23 38 100 Net cash provided (used) by operating activities 1,944 75 294 2,313 Cash flows from investing activities: Cash proceeds from dispositions of investments 373 — 69 442 Cash (paid) received for acquisitions, net of cash acquired 313 — — 313 Investments in equity method affiliates and debt and equity securities (19) (4) (6) (29) Return of investments in equity method affiliates — — 23 23 Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 11 — — 11 Capital expended for property and equipment, including internal-use software and website development (363) (103) (44) (510) Other investing activities, net 69 — (5) 64 Net cash provided (used) by investing activities 384 (107) 37 314 Cash flows from financing activities: Borrowings of debt 5,795 96 129 6,020 Repayments of debt (4,833) (31) (7) (4,871) Liberty SiriusXM stock repurchases (419) — (24) (443) Subsidiary shares repurchased by subsidiary (2,159) — — (2,159) Cash dividends paid by subsidiary (68) — — (68) Taxes paid in lieu of shares issued for stock-based compensation (201) (4) (6) (211) Other financing activities, net (38) (7) 4 (41) Net cash provided (used) by financing activities (1,923) 54 96 (1,773) Net increase (decrease) in cash, cash equivalents and restricted cash 405 22 427 854 Cash, cash equivalents and restricted cash at beginning of period 102 190 160 452 Cash, cash equivalents and restricted cash at end of period $ 507 212 587 1,306 STATEMENT OF CASH FLOWS INFORMATION December 31, 2018 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 1,004 11 (150) 865 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 369 76 460 905 Stock-based compensation 156 11 25 192 Share of (earnings) loss of affiliates, net 11 (12) (17) (18) Unrealized (gains) losses on intergroup interests, net — 24 (24) — Realized and unrealized (gains) losses on financial instruments, net 1 2 (43) (40) Noncash interest expense (8) 5 2 (1) Losses (gains) on dilution of investment in affiliate — — 1 1 Loss on early extinguishment of debt — — 1 1 Deferred income tax expense (benefit) 231 (1) (63) 167 Intergroup tax allocation 22 (14) (8) — Intergroup tax (payments) receipts (20) 35 (15) — Other charges (credits), net 2 (20) 1 (17) Changes in operating assets and liabilities Current and other assets (4) 8 (35) (31) Payables and other liabilities 21 (22) 133 132 Net cash provided (used) by operating activities 1,785 103 268 2,156 Cash flows from investing activities: Cash proceeds from dispositions of investments — 155 244 399 Cash (paid) received for acquisitions, net of cash acquired (2) — — (2) Investments in equity method affiliates and debt and equity securities (405) — (9) (414) Return of investments in equity method affiliates — 50 14 64 Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 14 — — 14 Capital expended for property and equipment, including internal-use software and website development (356) (33) (14) (403) Other investing activities, net (7) (13) (8) (28) Net cash provided (used) by investing activities (756) 159 227 (370) Cash flows from financing activities: Borrowings of debt 2,795 123 699 3,617 Repayments of debt (2,431) (317) (1,309) (4,057) Liberty SiriusXM stock repurchases (466) — — (466) Subsidiary shares repurchased by subsidiary (1,314) — — (1,314) Cash dividends paid by subsidiary (59) — — (59) Taxes paid in lieu of shares issued for stock-based compensation (127) — (3) (130) Other financing activities, net 50 (18) (3) 29 Net cash provided (used) by financing activities (1,552) (212) (616) (2,380) Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — (1) (1) Net increase (decrease) in cash, cash equivalents and restricted cash (523) 50 (122) (595) Cash, cash equivalents and restricted cash at beginning of period 625 140 282 1,047 Cash, cash equivalents and restricted cash at end of period $ 102 190 160 452 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basis of Presentation | ||||
Termination payments | $ 6 | |||
Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) | ||||
Basis of Presentation | ||||
Related Party Transaction, Amounts of Transaction | $ 28 | $ 46 | $ 30 | |
Sirius XM | ||||
Basis of Presentation | ||||
Ownership percentage | 76.00% | 76.00% |
Basis of Presentation - Liberty
Basis of Presentation - Liberty Media Acquisition Corporation (Details) $ / shares in Units, item in Millions | Jan. 27, 2021shares | Jan. 26, 2021USD ($)item$ / sharesshares |
Liberty Media Acquisition Corporation | Common Class B | Forward Purchase Agreement | ||
Entity Information [Line Items] | ||
Number of shares issued per unit | 1 | |
Liberty Media Acquisition Corporation | Warrant | Common Class A | Forward Purchase Agreement | Subsequent Event | ||
Entity Information [Line Items] | ||
Number of warrants issued per unit | 0.2 | |
Liberty Media Acquisition Corporation | IPO | ||
Entity Information [Line Items] | ||
Escrow deposit | $ | $ 575,000,000 | |
Liberty Media Acquisition Corporation | IPO | Subsequent Event | ||
Entity Information [Line Items] | ||
Units issued | item | 57.5 | |
Issue price per share | $ / shares | $ 10 | |
Proceeds from issuance IPO | $ | $ 575,000,000 | |
Liberty Media Acquisition Corporation | IPO | Common Class A | Subsequent Event | ||
Entity Information [Line Items] | ||
Number of shares issued per unit | 1 | |
Liberty Media Acquisition Corporation | IPO | Warrant | Subsequent Event | ||
Entity Information [Line Items] | ||
Number of warrants issued per unit | 0.2 | |
Liberty Media Acquisition Corporation | IPO | Warrant | Common Class A | Subsequent Event | ||
Entity Information [Line Items] | ||
Issue price per share | $ / shares | $ 11.50 | |
Adjustment period after the completion of LMAC's initial business combination | 30 days | |
Adjustment period after the closing of the IPO | 12 months | |
Liberty Media Acquisition Corporation | Over-Allotment Option | Subsequent Event | ||
Entity Information [Line Items] | ||
Units issued | item | 7.5 | |
Liberty Media Acquisition Corporation | Private Placement | Liberty Media Acquisition Sponsor LLC | Warrant | ||
Entity Information [Line Items] | ||
Adjustment period after the completion of LMAC's initial business combination | 30 days | |
Adjustment period after the closing of the IPO | 12 months | |
Liberty Media Acquisition Corporation | Private Placement | Liberty Media Acquisition Sponsor LLC | Warrant | Subsequent Event | ||
Entity Information [Line Items] | ||
Warrants issued | 10,000,000 | |
Number of shares issued per unit | 1 | |
Issue price per share | $ / shares | $ 11.50 | |
Proceeds from Issuance of Warrants | $ | $ 15,000,000 | |
Liberty Media Acquisition Sponsor LLC | Forward Purchase Agreement | ||
Entity Information [Line Items] | ||
Other Commitment | $ | $ 250,000,000 | |
Liberty Media Acquisition Sponsor LLC | Liberty Media Acquisition Corporation | ||
Entity Information [Line Items] | ||
Ownership percentage | 20.00% |
Tracking Stocks - Reattribution
Tracking Stocks - Reattribution (Details) - USD ($) $ in Millions | Apr. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 21, 2020 | Dec. 03, 2018 | Oct. 17, 2013 |
Tracking Stocks | |||||||
Borrowings of debt | $ 4,898 | $ 6,020 | $ 3,617 | ||||
Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Reattribution assets | $ 2,800 | ||||||
Reattribution liabilities | $ 1,300 | ||||||
Borrowings of debt | $ 4,149 | 5,795 | 2,795 | ||||
Liberty SiriusXM Group | Live Nation | |||||||
Tracking Stocks | |||||||
Percentage ownership | 33.00% | ||||||
Investment Owned, Balance, Shares | 69,600,000 | ||||||
Liberty SiriusXM Group | Formula One Group | |||||||
Tracking Stocks | |||||||
Percentage ownership | 2.20% | ||||||
Investment Owned, Balance, Shares | 5,300,000 | 5,271,475 | |||||
Liberty SiriusXM Group | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 1,900,000 | ||||||
Liberty SiriusXM Group | Braves Group | |||||||
Tracking Stocks | |||||||
Percentage ownership | 3.70% | ||||||
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 | $ 521 | 129 | $ 699 | ||||
Formula One Group | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Investment Owned, Balance, Shares | 1,945,491 | ||||||
Formula One Group | Braves Group | |||||||
Tracking Stocks | |||||||
Percentage ownership | 11.10% | ||||||
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% | ||||||
Long term debt | $ 1,251 | ||||||
1.375% Cash Convertible Senior Notes Due 2023 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 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 | $ 475 | ||||||
2.25% Exchangeable Senior Debentures due 2048 | Formula One Group | |||||||
Tracking Stocks | |||||||
Debt instrument interest rate (as a percent) | 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 | ||||
Formula 1 | Liberty SiriusXM Group | |||||||
Tracking Stocks | |||||||
Percentage ownership | 0.20% | ||||||
Investment Owned, Balance, Shares | 493,278 |
Tracking Stocks - Additional In
Tracking Stocks - Additional Information (Details) $ / shares in Units, $ in Millions | Jun. 05, 2020USD ($)shares | May 18, 2020$ / sharesshares | Apr. 16, 2016item | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Nov. 30, 2020 | Apr. 22, 2020$ / sharesshares | Apr. 21, 2020shares | Nov. 26, 2019 | Dec. 03, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Apr. 15, 2016 | Oct. 17, 2013 |
Tracking Stocks | ||||||||||||||||
Number of tracking stock groups | item | 3 | |||||||||||||||
Cash and cash equivalents | $ 2,831 | $ 1,222 | $ 358 | |||||||||||||
Proceeds from issuance of stock | 754 | |||||||||||||||
Liberty SiriusXM Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Cash and cash equivalents | 996 | $ 493 | ||||||||||||||
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 | 3.70% | |||||||||||||||
Liberty SiriusXM Group | Formula One Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Investment Owned, Balance, Shares | shares | 5,271,475 | 5,300,000 | ||||||||||||||
Percentage ownership | 2.20% | |||||||||||||||
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 | |||||||||||||||
Proceeds from issuance of stock | $ 754 | |||||||||||||||
Braves Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Cash and cash equivalents | $ 151 | $ 142 | ||||||||||||||
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 | $ 1,684 | $ 587 | ||||||||||||||
Formula One Group | Braves Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Investment Owned, Balance, Shares | shares | 6,792,903 | 9,084,940 | ||||||||||||||
Percentage ownership | 11.10% | |||||||||||||||
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% Cash Convertible Senior Notes Due 2023 | Formula One Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||||
1% Cash Convertible Notes Due 2023 | Formula One Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | ||||||||||||||
2.25% Exchangeable Senior Debentures due 2046 | Formula One Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | ||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||
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% | |||||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | Liberty SiriusXM Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||
Sirius XM Holdings | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Payments of Dividends | $ 237 | $ 226 | 201 | |||||||||||||
Dividend paid to parent company | $ 173 | $ 157 | $ 143 | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.058564 | |||||||||||||||
Sirius XM Holdings | Liberty SiriusXM Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Cash and cash equivalents | $ 71 | |||||||||||||||
Formula 1 | Liberty SiriusXM Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Investment Owned, Balance, Shares | shares | 493,278 | |||||||||||||||
Percentage ownership | 0.20% | |||||||||||||||
Formula 1 | Braves Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Investment Owned, Balance, Shares | shares | 9,084,940 | |||||||||||||||
Percentage ownership | 15.10% | 20.00% | ||||||||||||||
Formula 1 | Formula One Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Cash and cash equivalents | 265 | |||||||||||||||
Braves Holdings | Braves Group | ||||||||||||||||
Tracking Stocks | ||||||||||||||||
Cash and cash equivalents | $ 73 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts Receivable, Current | $ 17 | $ 18 | |
Provision for Doubtful Accounts | 61 | 56 | $ 68 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 62 | 59 | 60 |
Marketable equity securities | 266 | 353 | |
Property, Plant and Equipment, Gross | 4,017 | 3,780 | |
Depreciation | 268 | 271 | $ 251 |
Interest Costs Capitalized | 19 | 17 | |
Liberty SiriusXM Group | |||
Property, Plant and Equipment, Gross | 2,842 | 2,686 | |
Braves Group | |||
Property, Plant and Equipment, Gross | 977 | 923 | |
Formula One Group | |||
Property, Plant and Equipment, Gross | 198 | 171 | |
Land | |||
Property, Plant and Equipment, Gross | 139 | 138 | |
Building and Improvements | |||
Property, Plant and Equipment, Gross | 836 | 783 | |
Support Equipment | |||
Property, Plant and Equipment, Gross | $ 748 | 630 | |
Satellite system | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Property, Plant and Equipment, Gross | $ 1,709 | 1,694 | |
Construction in Progress | |||
Property, Plant and Equipment, Gross | $ 585 | $ 535 | |
Minimum | Building and Improvements | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum | Support Equipment | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | Building and Improvements | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum | Support Equipment | |||
Property, Plant and Equipment, Useful Life | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue recognition - Deferred revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred revenue | ||
Deferred revenue | $ 2,070 | $ 2,113 |
Formula One Group | ||
Deferred revenue | ||
Deferred revenue | 259 | 113 |
Liberty SiriusXM Group | ||
Deferred revenue | ||
Deferred revenue | 1,721 | 1,930 |
Braves Group | ||
Deferred revenue | ||
Deferred revenue | $ 90 | $ 70 |
Sirius XM Holdings | ASC 606 | ||
Optional exemption | ||
Optional exemption utilized | true | |
Sirius XM Holdings | ASC 606 | Minimum | ||
Optional exemption | ||
Prepaid data trials, contract period | 3 years | |
Sirius XM Holdings | ASC 606 | Maximum | ||
Optional exemption | ||
Percent of total deferred revenue balance related to contracts that extend beyond one year | 10.00% | |
Prepaid data trials, contract period | 5 years | |
Self-pay customers, audio subscriptions prepayment period | 3 years | |
Formula One and Braves Holdings | ||
Deferred revenue | ||
Deferred revenue | $ 349 | $ 184 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue recognition - Performance obligations (Details) - Formula One and Braves Holdings $ in Millions | Dec. 31, 2020USD ($) |
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 | $ 2,121 |
Expected timing of satisfaction period | 12 months |
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 | $ 1,853 |
Expected timing of satisfaction period | 12 months |
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 | $ 4,039 |
Expected timing of satisfaction period | 72 months |
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 | $ 384 |
Expected timing of satisfaction period | 84 months |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - SIRIUS XM (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue disaggregated by source | |||
Revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Sirius XM Holdings | |||
Revenue disaggregated by source | |||
Revenue | $ 8,040 | 7,794 | 5,771 |
Activation fees, recognition period | 1 month | ||
Sirius XM Holdings | Minimum | |||
Revenue disaggregated by source | |||
Subscription period | 3 months | ||
Sirius XM Holdings | Maximum | |||
Revenue disaggregated by source | |||
Subscription period | 12 months | ||
Sirius XM Holdings | Subscriber | |||
Revenue disaggregated by source | |||
Revenue | $ 6,372 | 6,120 | 5,264 |
Sirius XM Holdings | Advertising | |||
Revenue disaggregated by source | |||
Revenue | 1,340 | 1,336 | 188 |
Sirius XM Holdings | Equipment | |||
Revenue disaggregated by source | |||
Revenue | 173 | 173 | 155 |
Sirius XM Holdings | Other | |||
Revenue disaggregated by source | |||
Revenue | $ 155 | $ 165 | $ 164 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - Formula 1 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue disaggregated by source | |||
Revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Primary Formula 1 | |||
Revenue disaggregated by source | |||
Revenue | 1,145 | 2,022 | 1,827 |
Other | |||
Revenue disaggregated by source | |||
Revenue | 178 | 476 | 442 |
Formula 1 | |||
Revenue disaggregated by source | |||
Revenue | 1,145 | 2,022 | 1,827 |
Formula 1 | Primary Formula 1 | |||
Revenue disaggregated by source | |||
Revenue | 964 | 1,664 | 1,487 |
Formula 1 | Other | |||
Revenue disaggregated by source | |||
Revenue | $ 181 | $ 358 | $ 340 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - Braves Holdings (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenue disaggregated by source | |||
Revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Number of MLB clubs | item | 30 | ||
Braves Holdings | |||
Revenue disaggregated by source | |||
Revenue | $ 178 | 476 | 442 |
Braves Holdings | Baseball | |||
Revenue disaggregated by source | |||
Revenue | 142 | 438 | 404 |
Braves Holdings | Development | |||
Revenue disaggregated by source | |||
Revenue | $ 36 | $ 38 | $ 38 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stock-based compensation | $ 261 | $ 291 | $ 192 | |
Additional paid-in capital | 2,688 | 2,575 | ||
Retained earnings | 12,320 | 13,748 | ||
Noncontrolling interests in equity of subsidiaries | 4,510 | 5,630 | ||
Accounts payable and accrued liabilities | 1,583 | 1,621 | ||
Sirius XM Holdings | ASU 2018-07 | Early Adoption | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Additional paid-in capital | $ 22 | |||
Retained earnings | (3) | |||
Noncontrolling interests in equity of subsidiaries | 7 | |||
Accounts payable and accrued liabilities | $ (26) | |||
Programming and content | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stock-based compensation | 32 | 30 | 28 | |
Customer service and billing | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stock-based compensation | 6 | 4 | 4 | |
Other | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stock-based compensation | 6 | 9 | 5 | |
Other Operating Expense | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stock-based compensation | 43 | 49 | 17 | |
Selling, general and administrative | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stock-based compensation | $ 174 | $ 199 | $ 138 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 22, 2020 | Apr. 21, 2020 | |
Liberty SiriusXM Group | |||||
Anti-dilutive shares excluded from EPS | 25,000,000 | 22,000,000 | 22,000,000 | ||
Basic earnings (loss) attributable to shareholders | $ (747) | $ 494 | $ 676 | ||
Unrealized (gain) loss on the intergroup interest | (35) | ||||
Diluted earnings (loss) attributable to stockholders | $ (782) | $ 494 | $ 676 | ||
Liberty SiriusXM Group | Live Nation | |||||
Investment Owned, Balance, Shares | 69,600,000 | ||||
Liberty SiriusXM Group | Formula One Group | |||||
Investment Owned, Balance, Shares | 5,271,475 | 5,300,000 | |||
Liberty SiriusXM Group | Liberty SiriusXM Group | |||||
Investment Owned, Balance, Shares | 1,900,000 | ||||
Liberty SiriusXM Group | Braves Group | |||||
Investment Owned, Balance, Shares | 2,292,037 | 2,300,000 | |||
Braves Group | |||||
Anti-dilutive shares excluded from EPS | 5,000,000 | 3,000,000 | 2,000,000 | ||
Basic earnings (loss) attributable to shareholders | $ (78) | $ (77) | $ 5 | ||
Unrealized (gain) loss on the intergroup interest | (42) | 42 | 24 | ||
Diluted earnings (loss) attributable to stockholders | $ (120) | $ (35) | $ 29 | ||
Formula One Group | |||||
Anti-dilutive shares excluded from EPS | 7,000,000 | 6,000,000 | 8,000,000 | ||
Basic earnings (loss) attributable to shareholders | $ (596) | $ (311) | $ (150) | ||
Unrealized (gain) loss on the intergroup interest | 75 | ||||
Diluted earnings (loss) attributable to stockholders | $ (521) | $ (311) | $ (150) | ||
Formula One Group | Liberty SiriusXM Group | |||||
Investment Owned, Balance, Shares | 1,945,491 | ||||
Formula One Group | Braves Group | |||||
Investment Owned, Balance, Shares | 6,792,903 | 9,084,940 | |||
Common Class Series A, Series B, Series C | Liberty SiriusXM Group | |||||
Basic WASO | 334,000,000 | 329,000,000 | 342,000,000 | ||
Potentially dilutive shares | 2,000,000 | 4,000,000 | 4,000,000 | ||
Diluted WASO | 336,000,000 | 333,000,000 | 346,000,000 | ||
Common Class Series A, Series B, Series C | Braves Group | |||||
Basic WASO | 51,000,000 | 51,000,000 | 51,000,000 | ||
Potentially dilutive shares | 9,000,000 | 10,000,000 | 10,000,000 | ||
Diluted WASO | 60,000,000 | 61,000,000 | 61,000,000 | ||
Common Class Series A, Series B, Series C | Formula One Group | |||||
Basic WASO | 232,000,000 | 231,000,000 | 231,000,000 | ||
Potentially dilutive shares | 6,000,000 | 2,000,000 | 1,000,000 | ||
Diluted WASO | 238,000,000 | 233,000,000 | 232,000,000 |
Supplemental Disclosures to C_3
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of assets acquired | $ 62 | $ 90 | |
Intangibles not subject to amortization | 235 | 1,884 | $ 3 |
Intangibles subject to amortization | 50 | 800 | 2 |
Net liabilities assumed | (46) | (772) | (3) |
Deferred tax liabilities | (1) | 102 | |
Fair value of equity consideration | (2,417) | ||
Cash paid (received) for acquisitions, net of cash acquired | 300 | (313) | 2 |
Stock repurchased by subsidiary not yet settled | (19) | ||
Cash paid for interest, net of amount capitalized | 576 | 585 | 586 |
Cash paid (received) for income taxes | $ 48 | $ 40 | $ (26) |
Supplemental Disclosures to C_4
Supplemental Disclosures to Consolidated Statements of Cash Flows - Cash flow changes, reconciliation of components of cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Disclosures to Consolidated Statements of Cash Flows | ||||
Cash and cash equivalents | $ 2,831 | $ 1,222 | $ 358 | |
Restricted cash included in other current assets | 16 | 57 | 70 | |
Restricted cash included in other assets | 30 | 27 | 24 | |
Total cash and cash equivalents and restricted cash at end of period | $ 2,877 | $ 1,306 | $ 452 | $ 1,047 |
Acquisitions and Restructurin_3
Acquisitions and Restructurings - Stitcher (Details) - USD ($) $ in Millions | Oct. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 19,218 | $ 19,939 | $ 18,386 | |
Intangible assets subject to amortization, net | 5,378 | $ 5,940 | ||
Sirius XM Holdings | Stitcher | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 272 | |||
Contingent consideration, liability | 30 | |||
Consideration for acquisition | 296 | |||
Amount of working capital adjustments | 6 | |||
Goodwill | 218 | |||
Amortizable intangible assets acquired | 38 | |||
Acquisition and other related costs | $ 4 | |||
Sirius XM Holdings | Stitcher | Maximum | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration, liability | $ 60 |
Acquisition and Restructurings
Acquisition and Restructurings - Simplecast (Details) - USD ($) $ in Millions | Jun. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 19,218 | $ 19,939 | $ 18,386 | |
Sirius XM Holdings | Simplecast | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 28 | |||
Goodwill | 17 | |||
Amortizable intangible assets acquired | 12 | |||
Deferred tax liabilities | 1 | |||
Sirius XM Holdings | Simplecast | Maximum | ||||
Business Acquisition [Line Items] | ||||
Acquisition and other related costs | $ 1 | |||
Other assets | $ 1 |
Acquisitions and Restructurin_4
Acquisitions and Restructurings - Automatic Labs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Sirius XM Holdings | Automatic Labs Inc. | Disposal Group, Not Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Restructuring expenses | $ 24 |
Acquisitions and Restructurin_5
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_6
Acquisitions and Restructurings - Pandora Acquisition Price Allocation (Details) - USD ($) $ in Millions | Feb. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Acquisitions | |||||
Goodwill | $ 19,939 | $ 19,939 | $ 18,386 | $ 19,218 | |
Liberty SiriusXM Group | |||||
Acquisitions | |||||
Goodwill | 15,803 | 15,803 | $ 15,082 | ||
Sirius XM Holdings | Pandora | |||||
Acquisitions | |||||
Cash and cash equivalents | $ 313 | ||||
Trade and other receivables, net | 353 | ||||
Other current assets | 109 | ||||
Property and equipment | 41 | ||||
Goodwill | 1,553 | ||||
Intangible assets not subject to amortization | 331 | ||||
Intangibles subject to amortization, net | 800 | ||||
Other assets | 213 | ||||
Accounts payable and accrued liabilities | (324) | ||||
Current portion of debt | (151) | ||||
Deferred revenue | (37) | ||||
Other current liabilities | (28) | ||||
Long-term debt (a) | (218) | ||||
Other liabilities | (76) | ||||
Acquisition price allocation | 2,879 | ||||
Convertible notes | 62 | ||||
Acquired goodwill expected tax deductible amount | 0 | ||||
Operating loss carryforwards | $ 1,287 | ||||
Acquisition and other related costs | 84 | ||||
Amounts of revenue since the acquisition date | 1,607 | ||||
Net loss since the acquisition date | $ (303) | ||||
Pro forma Revenue | 10,419 | 9,617 | |||
Pro forma Net earnings (loss) | 371 | 533 | |||
Pro forma Net earnings (loss) attributable to Liberty stockholders | $ 123 | $ 294 | |||
Sirius XM Holdings | Pandora | Customer relationships | |||||
Acquisitions | |||||
Estimated weighted average useful lives | 8 years | ||||
Sirius XM Holdings | Pandora | Software And Technology | |||||
Acquisitions | |||||
Estimated weighted average useful lives | 5 years |
Assets And Liabilities Measur_3
Assets And Liabilities Measured At Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets and Liabilities Measured at Fair Value | ||
Marketable equity securities | $ 266 | $ 353 |
Estimate of Fair Value Measurement [Member] | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,586 | 992 |
Marketable equity securities | 266 | 353 |
Financial instrument assets | 424 | 532 |
Debt | 4,545 | 3,678 |
Financial instrument liabilities | 106 | 53 |
Level 1 | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,586 | 992 |
Marketable equity securities | 181 | 242 |
Financial instrument assets | 84 | 63 |
Level 2 | ||
Assets and Liabilities Measured at Fair Value | ||
Marketable equity securities | 85 | 111 |
Financial instrument assets | 340 | 469 |
Debt | 4,545 | 3,678 |
Financial instrument liabilities | $ 106 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | $ (402) | $ (315) | $ 40 |
Formula One Group | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | 129 | (270) | 43 |
Debt and equity securities | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | (74) | 110 | 2 |
Debt measured at fair value | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | (114) | (584) | 130 |
Gain (loss) on changes in fair value | 148 | (16) | 41 |
Cumulative amount of gain (loss) in changes in fair value | 175 | ||
Change in Fair Value of Bond Hedges | Level 2 | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | (127) | 215 | (94) |
Other derivatives | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | $ (87) | $ (56) | $ 2 |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 1,018 | $ 1,625 |
Liberty SiriusXM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 886 | 644 |
Liberty SiriusXM Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 33.00% | |
Fair value | $ 5,118 | |
Investments in affiliates | $ 163 | |
Liberty SiriusXM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 70.00% | |
Investments in affiliates | $ 643 | 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 | 94 | 99 |
Braves Group | Other | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 94 | 99 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 38 | 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 | $ 38 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | $ (586) | $ 6 | $ 18 |
Liberty SiriusXM Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | (484) | (24) | (11) |
Liberty SiriusXM Group | Sirius XM Canada | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | 5 | (3) | (1) |
Liberty SiriusXM Group | Live Nation | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | (465) | ||
Liberty SiriusXM Group | Other | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | (24) | (21) | (10) |
Braves Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | 6 | 18 | 12 |
Braves Group | Other | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | 6 | 18 | 12 |
Formula One Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | (108) | 12 | 17 |
Formula One Group | Live Nation | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | (112) | 4 | 3 |
Formula One Group | Other | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Share of earnings (losses) of affiliates, net | $ 4 | $ 8 | $ 14 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - USD ($) $ in Millions | May 25, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Share of earnings (losses) of affiliates, net | $ (586) | $ 6 | $ 18 | |
Live Nation | Maximum | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Percentage ownership | 100.00% | |||
Sirius XM Holdings | Sirius XM Canada | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Due to Related Parties | 4 | |||
Due from related parties current assets | $ 20 | 22 | ||
Revenue from related parties | $ 97 | 98 | 97 | |
Sirius XM Holdings | Sirius XM Canada | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Percentage ownership | 70.00% | |||
Equity Method Investment Voting Interest | 33.00% | |||
Gross Dividends | $ 2 | $ 2 | $ 2 | |
Sirius XM Holdings | Sirius XM Canada | Services Agreement | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Related party transaction agreement term | 30 years | |||
Sirius XM Holdings | Sirius XM Canada | Services Agreement, Years 1 through 5 | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Gross revenue percentage | 25.00% | |||
Sirius XM Holdings | Sirius XM Canada | Advisory Services Agreement | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
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 | $ 123 | |||
Notes receivable, related parties, maturity period | 15 years | |||
Related party transaction rate | 7.62% |
Investments In Affiliates Acc_6
Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Investments in Affiliates Accounted for Using the Equity Method | |||
Equity Method Investments | $ 1,018 | $ 1,625 | |
SoundCloud Holdings, LLC | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Due to related parties non current | 24 | ||
Sirius XM Holdings | SoundCloud Holdings, LLC | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Revenue Share Expense | $ 55 | $ 40 | |
Sirius XM Holdings | SoundCloud Holdings, LLC | Equity Method Investee | Series G Membership Units | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Equity Method Investments | $ 75 | ||
Series G membership unit conversion ratio (ordinary membership unit per series G membership unit) | 1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | ||
Goodwill, Beginning Balance | $ 19,939 | $ 18,386 |
Acquisitions | 235 | 1,553 |
Impairments | (956) | |
Goodwill, Ending Balance | 19,218 | 19,939 |
Pandora | ||
Goodwill | ||
Impairments | (956) | |
Sirius XM Holdings | ||
Goodwill | ||
Goodwill, Beginning Balance | 15,803 | 14,250 |
Acquisitions | 235 | 1,553 |
Impairments | (956) | |
Goodwill, Ending Balance | 15,082 | 15,803 |
Formula 1 | ||
Goodwill | ||
Goodwill, Beginning Balance | 3,956 | 3,956 |
Goodwill, Ending Balance | 3,956 | 3,956 |
Other | ||
Goodwill | ||
Goodwill, Beginning Balance | 180 | 180 |
Goodwill, Ending Balance | $ 180 | $ 180 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets | |||
Intangibles not subject to amortization | $ 235 | $ 1,884 | $ 3 |
Sirius XM Holdings | Trademarks | |||
Intangible Assets | |||
Intangibles not subject to amortization | 1,242 | 1,262 | |
Braves Holdings | Franchise Rights | |||
Intangible Assets | |||
Intangibles not subject to amortization | $ 143 | $ 143 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets | ||
Gross carrying amount | $ 8,786 | $ 8,668 |
Accumulated amortization | (3,408) | (2,728) |
Net carrying amount | 5,378 | 5,940 |
FIA Agreement | ||
Intangible Assets | ||
Gross carrying amount | 3,630 | 3,630 |
Accumulated amortization | (742) | (543) |
Net carrying amount | $ 2,888 | 3,087 |
Weighted average remaining life (in years) | 35 years | |
Customer relationships | ||
Intangible Assets | ||
Gross carrying amount | $ 3,053 | 3,086 |
Accumulated amortization | (1,389) | (1,123) |
Net carrying amount | $ 1,664 | 1,963 |
Customer relationships | Minimum | ||
Intangible Assets | ||
Weighted average remaining life (in years) | 10 years | |
Customer relationships | Maximum | ||
Intangible Assets | ||
Weighted average remaining life (in years) | 15 years | |
Licensing agreements | ||
Intangible Assets | ||
Gross carrying amount | $ 355 | 316 |
Accumulated amortization | (221) | (185) |
Net carrying amount | $ 134 | 131 |
Weighted average remaining life (in years) | 15 years | |
Other | ||
Intangible Assets | ||
Gross carrying amount | $ 1,748 | 1,636 |
Accumulated amortization | (1,056) | (877) |
Net carrying amount | $ 692 | $ 759 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible Assets | |||
Amortization of Intangible Assets | $ 815 | $ 790 | $ 654 |
2021 | 767 | ||
2022 | 726 | ||
2023 | 581 | ||
2024 | 398 | ||
2025 | $ 345 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Impairments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairments of goodwill | $ 956 |
Goodwill, Impaired, Accumulated Impairment Loss | 956 |
Pandora | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairments of goodwill | 956 |
Pandora | Trademarks | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 20 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Nov. 30, 2020 | Jun. 30, 2020 | Apr. 22, 2020 | Dec. 31, 2019 | Nov. 26, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Mar. 18, 2019 | Feb. 14, 2019 | Feb. 01, 2019 | Dec. 03, 2018 | Mar. 06, 2018 | Jul. 31, 2017 | Jan. 23, 2017 | Aug. 17, 2016 | May 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 17, 2013 | May 31, 2013 | May 13, 2013 |
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | $ 16,954 | |||||||||||||||||||||
Total debt | 17,429 | $ 15,476 | ||||||||||||||||||||
Debt classified as current | (743) | (60) | ||||||||||||||||||||
Total long-term debt | 16,686 | 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% | |||||||||||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||||||||
Liberty SiriusXM Group | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 12,651 | |||||||||||||||||||||
Deferred financing costs | (12) | (11) | ||||||||||||||||||||
Total debt | 13,000 | 9,245 | ||||||||||||||||||||
Debt classified as current | (475) | (1) | ||||||||||||||||||||
Total long-term debt | $ 12,525 | 9,244 | ||||||||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes Due 2023 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||||||||||
Outstanding principal | $ 1,000 | |||||||||||||||||||||
Long term debt | $ 1,251 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Long term debt | $ 418 | 423 | ||||||||||||||||||||
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 | |||||||||||||||||||||
Long term debt | $ 475 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Long term debt | $ 628 | 632 | ||||||||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||||||||
Outstanding principal | $ 920 | |||||||||||||||||||||
Long term debt | 982 | |||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 750 | |||||||||||||||||||||
Long term 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 | |||||||||||||||||||||
Long term 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% | 4.625% | 4.625% | |||||||||||||||||||
Long term debt | 498 | |||||||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 4.625% Senior Notes Due 2024 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.625% | 4.625% | 4.625% | |||||||||||||||||||
Outstanding principal | $ 1,500 | |||||||||||||||||||||
Long term debt | $ 1,488 | 1,485 | ||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | 5.375% | 5.375% | |||||||||||||||||||
Long term debt | 993 | |||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | 5.375% | 5.375% | |||||||||||||||||||
Outstanding principal | $ 1,000 | |||||||||||||||||||||
Long term 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% | 5.00% | ||||||||||||||||||||
Outstanding principal | $ 1,500 | |||||||||||||||||||||
Long term debt | $ 1,490 | 1,488 | ||||||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | ||||||||||||||||||||
Outstanding principal | $ 1,250 | |||||||||||||||||||||
Long term 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 | |||||||||||||||||||||
Long term 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% | 1.75% | 1.75% | 1.75% | ||||||||||||||||||
Long term debt | 1 | |||||||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | ||||||||||||||||||||
Outstanding principal | $ 193 | |||||||||||||||||||||
Long term debt | 170 | 163 | ||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Senior Secured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 649 | |||||||||||||||||||||
Long term debt | 649 | |||||||||||||||||||||
Braves Group | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 674 | |||||||||||||||||||||
Deferred financing costs | (4) | (5) | ||||||||||||||||||||
Total debt | 670 | 554 | ||||||||||||||||||||
Debt classified as current | (59) | (59) | ||||||||||||||||||||
Total long-term debt | 611 | 495 | ||||||||||||||||||||
Braves Group | Notes and loans | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 674 | |||||||||||||||||||||
Long term debt | 674 | 559 | ||||||||||||||||||||
Formula One Group | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 3,629 | |||||||||||||||||||||
Deferred financing costs | (10) | (15) | ||||||||||||||||||||
Total debt | 3,759 | 5,677 | ||||||||||||||||||||
Debt classified as current | (209) | |||||||||||||||||||||
Total long-term debt | $ 3,550 | 5,677 | ||||||||||||||||||||
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||||||||||
Long term debt | 1,322 | |||||||||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||||||||||||
Long term debt | 459 | |||||||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | ||||||||||||||||||||
Outstanding principal | $ 450 | |||||||||||||||||||||
Long term debt | $ 582 | 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 | $ 203 | |||||||||||||||||||||
Long term debt | 209 | 257 | ||||||||||||||||||||
Formula One Group | Live Nation Margin Loan | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Long term debt | 130 | |||||||||||||||||||||
Formula One Group | Other Debt Obligations | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 74 | |||||||||||||||||||||
Long term debt | 74 | 32 | ||||||||||||||||||||
Formula One Group | Senior Loan Facility | ||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||
Outstanding principal | 2,902 | |||||||||||||||||||||
Long term debt | $ 2,904 | $ 2,907 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Feb. 24, 2021USD ($) | Nov. 09, 2020USD ($) | Nov. 26, 2019USD ($)$ / sharesshares | Feb. 14, 2019 | Dec. 10, 2018USD ($) | Dec. 03, 2018USD ($)$ / sharesshares | Jun. 22, 2018USD ($)$ / sharesshares | Mar. 06, 2018USD ($)$ / sharesshares | Dec. 12, 2017 | Jan. 23, 2017USD ($)$ / shares | Jan. 20, 2017USD ($) | Nov. 08, 2016USD ($) | Nov. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2018USD ($) | Oct. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Apr. 22, 2020 | Mar. 27, 2020USD ($) | Jul. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 18, 2019USD ($) | Feb. 01, 2019USD ($) | Jul. 31, 2017USD ($) | Aug. 17, 2016USD ($) | May 31, 2016USD ($) | Mar. 31, 2016 | Mar. 31, 2015USD ($) | Oct. 31, 2014USD ($) | Oct. 17, 2013USD ($) | May 31, 2013USD ($) | May 13, 2013 |
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ (40,000,000) | $ (57,000,000) | $ (1,000,000) | ||||||||||||||||||||||||||||||||||
Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.25 | ||||||||||||||||||||||||||||||||||||
1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | ||||||||||||||||||||||||||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||||||||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||||||||||||||||||||||||||||||
Principal amount | $ 385,000,000 | ||||||||||||||||||||||||||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | ||||||||||||||||||||||||||||||||||||
Principal amount | $ 920,000,000 | ||||||||||||||||||||||||||||||||||||
Live Nation Margin Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Principal amount | $ 600,000,000 | $ 500,000,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 350,000,000 | ||||||||||||||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.60% | 0.75% | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 200,000,000 | ||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 200,000,000 | $ 270,000,000 | |||||||||||||||||||||||||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||||||||||||||||||||||||
Live Nation Margin Loan | LIBOR | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 1.80% | 1.90% | 2.25% | |||||||||||||||||||||||||||||||||
Minimum | Live Nation Margin Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||||||||||||||||||||||||
Maximum | Live Nation Margin Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 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 | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Shares underlying the debentures | shares | 10,000,000 | ||||||||||||||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 90.10 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||||||||||
Live Nation | Live Nation Margin Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral Amount | $ 659,000,000 | ||||||||||||||||||||||||||||||||||||
Shares | shares | 9,000,000 | ||||||||||||||||||||||||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Forward contract, number of underlying shares | shares | 5,271,475 | ||||||||||||||||||||||||||||||||||||
Securities Basket price per share | $ / shares | $ 56.09 | ||||||||||||||||||||||||||||||||||||
Warrant expiration period | 81 days | ||||||||||||||||||||||||||||||||||||
Warrant transaction | Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Securities Basket price per share | $ / shares | $ 56.09 | ||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 5,271,475 | ||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 61.16 | ||||||||||||||||||||||||||||||||||||
Formula One Group | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ (1,000,000) | ||||||||||||||||||||||||||||||||||||
Formula One Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | ||||||||||||||||||||||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 450,000,000 | ||||||||||||||||||||||||||||||||||||
Conversion amount | $ 1,000 | ||||||||||||||||||||||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | Common Class C | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 27.1091 | ||||||||||||||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 36.89 | ||||||||||||||||||||||||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ (40,000,000) | $ (57,000,000) | |||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1.0163 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes Due 2023 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 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% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 400,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 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% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 604,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Effective interest rate | 2.30% | 3.99% | 4.83% | ||||||||||||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | 0.75% | |||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000,000 | ||||||||||||||||||||||||||||||||||||
Shares | shares | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Subsequent Event | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Principal amount | $ 125,000,000 | ||||||||||||||||||||||||||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | LIBOR | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | 1.75% | |||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | LIBOR | Subsequent Event | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Principal amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term Loan | Subsequent Event | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Principal amount | $ 875,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Senior Loan Facility | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Principal amount | 500,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 750,000,000 | |||||||||||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 600,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Senior Loan Facility | Subsequent Event | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 875,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Delayed Draw Term Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Principal amount | $ 600,000,000 | $ 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% | 4.625% | ||||||||||||||||||||||||||||||||||
Principal amount | $ 1,500,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes Due 2025 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | 5.375% | 5.375% | ||||||||||||||||||||||||||||||||||
Principal amount | $ 1,000,000,000 | $ 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% | 5.375% | ||||||||||||||||||||||||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 1,250,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.625% Senior Notes Due 2023 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.625% | 4.625% | 4.625% | ||||||||||||||||||||||||||||||||||
Principal amount | 500,000,000 | $ 500,000,000 | |||||||||||||||||||||||||||||||||||
Redemption price | $ 507,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | 3.875% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 1,500,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2020 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | 1.75% | 1.75% | |||||||||||||||||||||||||||||||||
Principal amount | $ 151,000,000 | $ 152,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 193,000,000 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 151.9533 | ||||||||||||||||||||||||||||||||||||
Conversion amount | $ 1,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Senior Secured Revolving Credit Facility | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Effective interest rate | 1.89% | ||||||||||||||||||||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.25% | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,100,000,000 | ||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 1,750,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Senior Secured Revolving Credit Facility | LIBOR | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | |||||||||||||||||||||||||||||||||||
Principal amount | $ 1,500,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Minimum | Sirius XM Holdings Margin Loan | LIBOR | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Shares underlying the debentures | shares | 49,900,000 | ||||||||||||||||||||||||||||||||||||
conversion price for exchangeable debt | $ / shares | $ 8.02 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||||||||||
Liberty 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 | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | Sirius XM Holdings Margin Loan | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Share value | $ 6,370,000,000 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | Maximum | Sirius XM Holdings Margin Loan | LIBOR | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Liberty SiriusXM Group | Warrant transaction | Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 21,429,600 | ||||||||||||||||||||||||||||||||||||
Braves Group | Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 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 | ||||||||||||||||||||||||||||||||||||
Braves Group | Warrant transaction | Common Class A | |||||||||||||||||||||||||||||||||||||
Debt Instrument | |||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 2,292,037 |
Debt - Braves Holdings Notes (D
Debt - Braves Holdings Notes (Details) - Braves Holdings $ in Millions | 12 Months Ended | |||
Dec. 31, 2014a | Dec. 31, 2020USD ($) | Aug. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument | ||||
Area of land acquired (in acres) | a | 82 | |||
Long term debt | $ 674 | $ 559 | ||
Operating Credit Facilities | ||||
Debt Instrument | ||||
Weighted average interest rate | 1.51% | |||
Long term debt | $ 115 | 45 | ||
Maximum borrowing capacity | 185 | |||
Operating Credit Facility Trust Member | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 85 | |||
Operating Credit Facility MLB | ||||
Debt Instrument | ||||
Maximum borrowing capacity | $ 100 | |||
Term Loan | ||||
Debt Instrument | ||||
Weighted average interest rate | 1.77% | |||
Long term debt | $ 46 | 49 | ||
Senior Secured Notes | ||||
Debt Instrument | ||||
Weighted average interest rate | 3.77% | |||
Long term debt | $ 184 | 190 | ||
Floating Rate Notes | ||||
Debt Instrument | ||||
Weighted average interest rate | 1.92% | |||
Long term debt | $ 60 | 65 | ||
Mixed Use Credit Facilities and Loans | ||||
Debt Instrument | ||||
Weighted average interest rate | 3.38% | |||
Long term debt | $ 239 | 180 | ||
Maximum borrowing capacity | $ 307 | |||
Spring Training Credit Facility | ||||
Debt Instrument | ||||
Weighted average interest rate | 3.65% | |||
Long term debt | $ 30 | $ 30 |
Debt - Formula 1 (Details)
Debt - Formula 1 (Details) - USD ($) $ in Millions | May 23, 2019 | Jan. 31, 2018 | Jun. 30, 2017 | Jan. 23, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 03, 2017 | Aug. 02, 2017 |
Debt Instrument | ||||||||||||
Proceeds from issuance of stock | $ 754 | |||||||||||
Repayments of Long-term Debt | 2,931 | $ 4,871 | $ 4,057 | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 2,831 | 2,831 | 1,222 | 358 | ||||||||
Braves Holdings | ||||||||||||
Debt Instrument | ||||||||||||
Long term debt | 674 | 674 | 559 | |||||||||
Formula One Group | ||||||||||||
Debt Instrument | ||||||||||||
Repayments of Long-term Debt | 614 | 7 | $ 1,309 | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 1,684 | $ 1,684 | $ 587 | |||||||||
Formula One Group | Common Class C | ||||||||||||
Debt Instrument | ||||||||||||
Common stock, shares issued | 203,538,477 | 203,538,477 | 203,366,419 | |||||||||
Formula One Group | Senior Loan Facility | ||||||||||||
Debt Instrument | ||||||||||||
Long term debt | $ 2,900 | $ 2,900 | $ 2,900 | |||||||||
Repayments of Long-term Debt | 400 | $ 628 | ||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 150 | |||||||||||
Effective interest rate | 3.50% | 3.50% | 4.74% | |||||||||
Minimum liquidity | $ 200 | $ 200 | ||||||||||
Formula One Group | Senior Loan Facility | LIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.50% | 3.75% | 3.00% | 3.25% | 2.50% | ||||||
Formula One Group | First lien loan USD Tranche | ||||||||||||
Debt Instrument | ||||||||||||
Long term debt | $ 3,300 | $ 3,100 | ||||||||||
Formula One Group | First lien loan USD Tranche | LIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
Formula One Group | First lien term loan Euro Tranche | ||||||||||||
Debt Instrument | ||||||||||||
Repayments of Long-term Debt | $ 42 | |||||||||||
Formula One Group | Revolving Credit Facility | ||||||||||||
Debt Instrument | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | 500 | $ 500 | $ 75 | ||||||||
Line of Credit | $ 250 | 0 | 0 | |||||||||
Debt Instrument Description Of Variable Rate Basis Reduction | 0.25% | |||||||||||
Formula One Group | Interest Rate Swap | Senior Loan Facility | ||||||||||||
Debt Instrument | ||||||||||||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 2,100 | 2,100 | ||||||||||
Formula One Group | Minimum | Senior Loan Facility | LIBOR | ||||||||||||
Debt Instrument | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1% | |||||||||||
Formula One Group | Formula 1 | ||||||||||||
Debt Instrument | ||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 265 | $ 265 |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Jul. 31, 2017 | May 31, 2016 | Mar. 31, 2016 | May 13, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||||||||
Long-term debt, measured at fair value | $ 3,861 | $ 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 | $ 1,011 | ||||||||
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% | 4.625% | 4.625% | ||||||
Long-term debt, measured at fair value | $ 1,553 | ||||||||
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% | 5.375% | 5.375% | ||||||
Long-term debt, measured at fair value | $ 1,043 | ||||||||
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 | $ 1,584 | ||||||||
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% | 5.50% | |||||||
Long-term debt, measured at fair value | $ 1,370 | ||||||||
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 | $ 1,584 | ||||||||
Liberty SiriusXM Group | Pandora 1.75% 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 | $ 216 |
Debt - Five Year Maturities (De
Debt - Five Year Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Instrument | |
2021 | $ 69 |
2022 | 1,872 |
2023 | 2,461 |
2024 | 4,460 |
2025 | $ 117 |
Leases - Effect of adoption (De
Leases - Effect of adoption (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Leases | |
Practical expedients to not reassess | true |
Practical expedient entities to use hindsight | true |
Operating lease, existence of option to extend | true |
Finance lease, existence of option to extend | true |
Operating lease, existence of option to terminate | true |
Finance lease, existence of option to terminate | true |
Minimum | |
Leases | |
Operating lease, remaining lease term | 1 year |
Finance lease, remaining lease term | 1 year |
Maximum | |
Leases | |
Operating lease, remaining lease term | 39 years |
Finance lease, remaining lease term | 39 years |
Option to extend period - Operating | 10 years |
Option to extend period - Finance | 10 years |
Operating lease, terminate term | 1 year |
Finance lease, terminate term | 1 year |
Leases - Components of lease ex
Leases - Components of lease expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finance lease cost | |||
Depreciation of leased assets | $ 35 | $ 37 | |
Interest on lease liabilities | 6 | 6 | |
Total finance lease cost | 41 | 43 | |
Operating lease cost | 93 | 89 | |
Sublease income | (2) | (3) | |
Total lease cost | $ 132 | $ 129 | |
Rent expense | $ 64 |
Leases - Weighted average lease
Leases - Weighted average lease term and discount rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases | ||
Weighted-average remaining lease term - finance leases (years) | 28 years 3 months 18 days | 29 years 8 months 12 days |
Weighted-average remaining lease term - operating leases (years) | 9 years 2 months 12 days | 9 years 2 months 12 days |
Weighted-average discount rate - finance leases | 4.60% | 4.60% |
Weighted-average discount rate - operating leases | 5.20% | 5.20% |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information related to leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases | ||
Operating lease right-of-use assets | $ 465 | $ 510 |
Operating lease right-of-use assets location | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Current operating lease liabilities | $ 54 | $ 53 |
Current operating lease liabilities location | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities | $ 453 | $ 495 |
Operating lease liabilities location | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Total operating lease liabilities | $ 507 | $ 548 |
Property and equipment, at cost | 4,017 | 3,780 |
Accumulated depreciation | (1,778) | (1,518) |
Property and equipment, net | 2,239 | 2,262 |
Current finance lease liabilities | $ 6 | $ 4 |
Current finance lease liabilities location | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Finance lease noncurrent liabilities | $ 116 | $ 119 |
Finance lease liabilities location | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Total finance lease liabilities | $ 122 | $ 123 |
Finance Leases | ||
Leases | ||
Property and equipment, at cost | 477 | 473 |
Accumulated depreciation | (118) | (89) |
Property and equipment, net | $ 359 | $ 384 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating lease | $ 87 | $ 79 |
Financing cash flows from finance leases | 6 | 8 |
Right-of-use assets obtained in exchange for lease obligations- operating leases | $ 8 | $ 83 |
Leases - Finance leases and Ope
Leases - Finance leases and Operating leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finance leases | ||
2021 | $ 11 | |
2022 | 11 | |
2023 | 9 | |
2024 | 9 | |
2025 | 9 | |
Thereafter | 153 | |
Total lease payments | 202 | |
Less: imputed interest | 80 | |
Total finance lease liabilities | 122 | $ 123 |
Operating leases | ||
2021 | 78 | |
2022 | 80 | |
2023 | 75 | |
2024 | 66 | |
2025 | 66 | |
Thereafter | 272 | |
Total lease payments | 637 | |
Less: implied interest | 130 | |
Total operating lease liabilities | $ 507 | $ 548 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit) | |||
Federal | $ 13 | $ (1) | $ (14) |
State and local | (62) | (24) | 13 |
Foreign | (2) | (21) | (8) |
Current Income Tax Expense (Benefit) | (51) | (46) | (9) |
Federal | 12 | (139) | (228) |
State and local | (1) | (20) | (2) |
Foreign | 84 | 39 | 63 |
Deferred Income Tax Expense (Benefit), Total | 95 | (120) | (167) |
Income tax benefit (expense) | 44 | (166) | (176) |
Earnings (loss) from continuing operations before income taxes | (1,435) | 513 | 1,041 |
Domestic | |||
Income Tax Expense (Benefit) | |||
Earnings (loss) from continuing operations before income taxes | (969) | 583 | 1,140 |
Foreign | |||
Income Tax Expense (Benefit) | |||
Earnings (loss) from continuing operations before income taxes | $ (466) | $ (70) | $ (99) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate, Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective income tax rate reconciliation | |||
Computed expected tax benefit (expense) | $ 301 | $ (108) | $ (219) |
State and local income taxes, net of federal income taxes | (42) | (41) | 18 |
Foreign income taxes, net of federal income taxes | 20 | 26 | 22 |
Taxable dividends, net of dividends received deductions | (12) | (10) | (27) |
Federal tax credits | 24 | 26 | 30 |
Change in valuation allowance affecting tax expense | (69) | (40) | (62) |
Change in tax rate | 30 | (48) | 1 |
Settlements with tax authorities | 43 | ||
Deductible stock-based compensation | 14 | 71 | 38 |
Non-deductible executive compensation | (17) | (22) | (7) |
Impairment of nondeductible goodwill | (194) | ||
Other, net | (11) | (20) | (13) |
Income tax (expense) benefit | $ 44 | $ (166) | $ (176) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Income Taxes - Tax Effects And
Income Taxes - Tax Effects And Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | |
Deferred income assets and liabilities | ||||
Tax loss and credit carryforwards | $ 1,436 | $ 1,510 | ||
Accrued stock compensation | 107 | 106 | ||
Other accrued liabilities | 217 | 240 | ||
Deferred revenue | 55 | 74 | ||
Discount on debt | 25 | 45 | ||
Investments | 107 | |||
Other future deductible amounts | 24 | 31 | ||
Deferred tax assets | 1,971 | 2,006 | ||
Valuation allowance | (293) | (216) | ||
Net deferred tax assets | 1,678 | 1,790 | ||
Investments | 90 | |||
Fixed assets | 448 | 458 | ||
Intangible assets | 2,830 | 2,912 | ||
Deferred tax liabilities | 3,278 | 3,460 | ||
Net deferred tax liabilities | 1,600 | 1,670 | ||
Valuation allowance increase that affected tax expense | 69 | |||
Valuation allowance increase that affect equity | 8 | |||
Tax losses and tax credit carryforwards that expire | 19 | |||
Tax loss and credit carryforward valuation allowance | 293 | |||
Income tax uncertainties | ||||
Unrecognized Tax Benefits, Beginning Balance | 405 | 387 | $ 365 | |
Reduction for tax positions of prior years | (7) | (13) | (27) | |
Increase in tax positions for current year | 20 | 12 | 15 | |
Increase in tax positions from prior years | 14 | 1 | 65 | |
Settlements with taxing authorities | (31) | |||
Increase in tax positions from acquisition | 18 | |||
Unrecognized Tax Benefits, Ending Balance | 432 | $ 405 | $ 387 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 310 | |||
Sirius XM | ||||
Income tax uncertainties | ||||
Ownership percentage | 76.00% | |||
Domestic | ||||
Deferred income assets and liabilities | ||||
Deferred tax assets, operating loss carryforwards | $ 61 | |||
Interest expense carryforwards | 97 | |||
Foreign | ||||
Deferred income assets and liabilities | ||||
Deferred tax assets, operating loss carryforwards | 300 | |||
Interest expense carryforwards | 214 | |||
Maximum | ||||
Income tax uncertainties | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1 | |||
Sirius XM Holdings | ||||
Deferred income assets and liabilities | ||||
Tax loss and credit carryforwards | $ 745 | |||
Forecast | Minimum | Sirius XM | ||||
Income tax uncertainties | ||||
Ownership percentage | 80.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Millions | Jan. 28, 2021$ / shares | Jul. 23, 2014shares | Dec. 31, 2020USD ($)Vote / shares$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Preferred stock, shares issued | 0 | 0 | |||
Payments for Repurchase of Common Stock | $ | $ 318 | $ 443 | $ 466 | ||
Formula One Group | |||||
Payments for Repurchase of Common Stock | $ | 69 | 24 | |||
Liberty SiriusXM Group | |||||
Payments for Repurchase of Common Stock | $ | $ 249 | $ 419 | $ 466 | ||
Common Class A | |||||
Votes per share | Vote / shares | 1 | ||||
Number of shares received in exchange for a share of Series B | 1 | ||||
Common Class A | Formula One Group | |||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | ||
Common Class A | Braves Group | |||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | ||
Common Class A | Liberty SiriusXM Group | |||||
Stock repurchased during period (Shares) | 4,000,000 | 0 | 0 | ||
Stock repurchased during period | $ | $ 174 | ||||
Common Class B | |||||
Votes per share | Vote / shares | 10 | ||||
Common Class C | |||||
Number of Shares Issued During The Period For Each Share of Series A and Series B Stock Held By Shareholders Prior To The Distribution | 2 | ||||
Votes per share | Vote / shares | 0 | ||||
Common Class C | Formula One Group | |||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | ||
Common Class C | Braves Group | |||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | ||
Common Class C | Liberty SiriusXM Group | |||||
Stock repurchased during period (Shares) | 3,800,000 | 11,000,000 | 10,800,000 | ||
Stock repurchased during period | $ | $ 144 | $ 443 | $ 466 | ||
Sirius XM Holdings | |||||
Common stock, dividends declared | $ / shares | $ 0.058564 | ||||
Payments of Dividends | $ | $ 237 | 226 | 201 | ||
Dividend paid to parent company | $ | $ 173 | $ 157 | $ 143 | ||
Sirius XM Holdings | Subsequent Event | |||||
Common stock, dividends declared | $ / shares | $ 0.014641 |
Related Party Transactions wi_2
Related Party Transactions with Officers and Directors (Details) - CEO | Jan. 01, 2020 | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)tranche$ / sharesshares | Dec. 31, 2021 | Dec. 31, 2020USD ($) |
Allocation percentage | 44.00% | ||||
Officer compensation percentage | 50.00% | ||||
Time allocation weightage | 50.00% | ||||
Employment agreement term | 5 years | ||||
Annual base salary | $ 3,000,000 | ||||
One-time cash commitment bonus | $ 5,000,000 | ||||
Annual target cash performance bonus | 17,000,000 | ||||
Upfront awards | $ 90,000,000 | ||||
Number Of equal tranches | tranche | 2 | ||||
Grant date fair value | $ 19,107,000 | $ 19,800,000 | |||
Annual equity awards | $ 17,500,000 | ||||
Liberty Sirius Xm Group Common Class C | |||||
Options granted | shares | 665,140 | 927,334 | |||
Weighted average GDFV | $ / shares | $ 42.13 | $ 47.11 | |||
Liberty Braves Group Common Class C | |||||
Options granted | shares | 352,224 | 313,342 | |||
Weighted average GDFV | $ / shares | $ 26.36 | $ 29.10 | |||
Liberty Formula One Group Common Class C | |||||
Options granted | shares | 544,508 | 588,954 | |||
Weighted average GDFV | $ / shares | $ 43.01 | $ 43.85 |
Related Party Transactions wi_3
Related Party Transactions with Officers and Directors - Chairman's Employment Agreement (Details) - Chairman - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2008 | Dec. 31, 2009 | |
Deferred compensation installments | 240 months | |
8% Plan | ||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 8.00% | 8.00% |
Deferred Compensation Liability, Current and Noncurrent | $ 2,400,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $ 20,000 | |
13% plan | ||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 13.00% | 13.00% |
Deferred Compensation Liability, Current and Noncurrent | $ 20,000,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $ 237,000 | |
Salary Continuation Plan | ||
Deferred Compensation Liability, Current and Noncurrent | $ 39,000,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $ 164,000 |
Stock-Based Compensation - Gran
Stock-Based Compensation - Grants of stock options (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020item$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
2017 Plan | |||
Stock-Based Compensation | |||
Shares authorized | 50,000 | ||
Dividend rate | 0.00% | 0.00% | 0.00% |
Minimum | 2017 Plan | |||
Stock-Based Compensation | |||
Vesting period | 1 year | ||
Term of option | 7 years | ||
Expected term | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 3 months 18 days |
Maximum | 2017 Plan | |||
Stock-Based Compensation | |||
Vesting period | 5 years | ||
Term of option | 10 years | ||
Expected term | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Employee Stock Option | Liberty Director | |||
Stock-Based Compensation | |||
Vesting period | 1 year | ||
Employee Stock Option | 2017 Plan | |||
Stock-Based Compensation | |||
Expected volatility rate, minimum | 21.80% | 21.80% | 23.50% |
Expected volatility rate, maximum | 37.20% | 27.50% | 26.00% |
Employee Stock Option | Minimum | Liberty employees | |||
Stock-Based Compensation | |||
Vesting period | 2 years | ||
Employee Stock Option | Maximum | Liberty employees | |||
Stock-Based Compensation | |||
Vesting period | 5 years | ||
Performance based RSUs | CEO | Common Class C | |||
Stock-Based Compensation | |||
Vesting period | 1 year | 1 year | |
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 C | |||
Stock-Based Compensation | |||
Grants of stock options | 1,425 | ||
Liberty SiriusXM Group | Employee Stock Option | Liberty employees and directors | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 372 | 179 | 33 |
Weighted average GDFV | $ / shares | $ 12.12 | $ 11.62 | $ 11.09 |
Liberty SiriusXM Group | Employee Stock Option | CEO | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 1,053 | 1,419 | 633 |
Weighted average GDFV | $ / shares | $ 11.03 | $ 11.23 | $ 11.56 |
Liberty SiriusXM Group | Time-based RSUs | CEO | Common Class C | |||
Stock-Based Compensation | |||
RSUs granted | 9 | ||
Restricted stock weighted average grant-date fair value | $ / shares | $ 33.11 | ||
Formula One Group | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 2,531 | ||
Formula One Group | Employee Stock Option | Liberty employees and directors | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 305 | 139 | 21 |
Weighted average GDFV | $ / shares | $ 14.29 | $ 12.70 | $ 8.99 |
Formula One Group | Employee Stock Option | CEO | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 791 | 815 | 139 |
Weighted average GDFV | $ / shares | $ 12.42 | $ 11.67 | $ 8.80 |
Formula One Group | Employee Stock Option | Formula 1 employees | Common Class C | |||
Stock-Based Compensation | |||
Vesting period | 1 year | ||
Grants of stock options | 1,435 | 2,005 | 1,888 |
Weighted average GDFV | $ / shares | $ 7.55 | $ 9.79 | $ 8.64 |
Formula One Group | Performance based RSUs | CEO | Common Class C | |||
Stock-Based Compensation | |||
RSUs granted | 60 | 86 | |
Restricted stock weighted average grant-date fair value | $ / shares | $ 33.94 | $ 31.99 | |
Formula One Group | Time-based RSUs | CEO | Common Class C | |||
Stock-Based Compensation | |||
RSUs granted | 7 | 12 | |
Restricted stock weighted average grant-date fair value | $ / shares | $ 24.68 | $ 33.94 | |
Braves Group | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 2,220 | ||
Braves Group | Employee Stock Option | Liberty employees and directors | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 146 | 62 | 5 |
Weighted average GDFV | $ / shares | $ 7.79 | $ 7.33 | $ 7.14 |
Braves Group | Employee Stock Option | Braves employees | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 1,585 | ||
Weighted average GDFV | $ / shares | $ 8.52 | ||
Vesting percentage | 50.00% | ||
Braves Group | Employee Stock Option | CEO | Common Class C | |||
Stock-Based Compensation | |||
Grants of stock options | 489 | 320 | 46 |
Weighted average GDFV | $ / shares | $ 7.26 | $ 7.36 | $ 6.44 |
Braves Group | Performance based RSUs | CEO | Common Class C | |||
Stock-Based Compensation | |||
RSUs granted | 38 | 12 | |
Restricted stock weighted average grant-date fair value | $ / shares | $ 27.73 | $ 23.34 | |
Braves Group | Time-based RSUs | CEO | Common Class C | |||
Stock-Based Compensation | |||
RSUs granted | 3 | 2 | |
Restricted stock weighted average grant-date fair value | $ / shares | $ 18.17 | $ 27.73 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Additional disclosures | |||
Total unrecognized compensation cost related to unvested equity awards | $ 56 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years | ||
Options, exercises in period, total intrinsic value | $ 8 | $ 163 | $ 22 |
Common Class B | |||
Number of options | |||
Outstanding at end of period | 0 | ||
Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, vested in period, fair value | $ 45 | $ 17 | $ 9 |
Liberty SiriusXM Group | |||
Additional disclosures | |||
Common stock reserved for issuance | 10,900,000 | ||
Liberty SiriusXM Group | Common Class C | |||
Number of options | |||
Outstanding at beginning of period | 9,817,000 | ||
Granted | 1,425,000 | ||
Exercised | (372,000) | ||
Outstanding at end of period | 10,870,000 | 9,817,000 | |
Exercisable at end of period | 8,705,000 | ||
WAEP | |||
Outstanding at beginning of period | $ 33.90 | ||
Granted | 41.26 | ||
Exercised | 31.10 | ||
Outstanding at end of period | 34.96 | $ 33.90 | |
Exercisable at end of period | $ 32.62 | ||
Additional disclosures | |||
Weighted average remaining life, outstanding | 3 years 2 months 12 days | ||
Weighted average remaining life, exercisable | 2 years 4 months 24 days | ||
Aggregate intrinsic value, outstanding | $ 97 | ||
Aggregate intrinsic value, exercisable | $ 95 | ||
Liberty SiriusXM Group | Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, nonvested, number | 77,000 | ||
Restricted stock weighted average grant-date fair value | $ 35.81 | ||
Formula One Group | |||
Additional disclosures | |||
Common stock reserved for issuance | 10,400,000 | ||
Formula One Group | Common Class C | |||
Number of options | |||
Outstanding at beginning of period | 8,284,000 | ||
Granted | 2,531,000 | ||
Exercised | (424,000) | ||
Outstanding at end of period | 10,391,000 | 8,284,000 | |
Exercisable at end of period | 8,113,000 | ||
WAEP | |||
Outstanding at beginning of period | $ 31.16 | ||
Granted | 33.35 | ||
Exercised | 29.06 | ||
Outstanding at end of period | 31.78 | $ 31.16 | |
Exercisable at end of period | $ 29.84 | ||
Additional disclosures | |||
Weighted average remaining life, outstanding | 4 years 6 months | ||
Weighted average remaining life, exercisable | 4 years | ||
Aggregate intrinsic value, outstanding | $ 114 | ||
Aggregate intrinsic value, exercisable | $ 104 | ||
Formula One Group | Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, nonvested, number | 76,000 | ||
Restricted stock weighted average grant-date fair value | $ 32.81 | ||
Braves Group | |||
Additional disclosures | |||
Common stock reserved for issuance | 3,500,000 | ||
Braves Group | Common Class C | |||
Number of options | |||
Outstanding at beginning of period | 1,267,000 | ||
Granted | 2,220,000 | ||
Exercised | (12,000) | ||
Outstanding at end of period | 3,475,000 | 1,267,000 | |
Exercisable at end of period | 1,012,000 | ||
WAEP | |||
Outstanding at beginning of period | $ 21.82 | ||
Granted | 26.48 | ||
Exercised | 17.10 | ||
Outstanding at end of period | 24.81 | $ 21.82 | |
Exercisable at end of period | $ 19.02 | ||
Additional disclosures | |||
Weighted average remaining life, outstanding | 5 years 7 months 6 days | ||
Weighted average remaining life, exercisable | 2 years 8 months 12 days | ||
Aggregate intrinsic value, outstanding | $ 6 | ||
Aggregate intrinsic value, exercisable | $ 6 | ||
Braves Group | Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, nonvested, number | 204,000 | ||
Restricted stock weighted average grant-date fair value | $ 25.75 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-Based Compensation | |||
Stock-based compensation expense | $ 261 | $ 312 | $ 192 |
Total unrecognized compensation cost related to unvested equity awards | $ 56 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years | ||
Sirius XM Holdings | |||
Stock-Based Compensation | |||
Stock-based compensation expense | $ 223 | 229 | $ 133 |
Sirius XM Holdings | Pandora | |||
Stock-Based Compensation | |||
Stock-based compensation expense | $ 21 | ||
Sirius XM Holdings | Employee Stock Option | |||
Stock-Based Compensation | |||
Term of option | 10 years | ||
Weighted average volatility rate | 28.00% | 26.00% | 23.00% |
Granted | 11 | ||
Granted, WAEP | $ 6.87 | ||
Weighted average GDFV | $ 1.46 | ||
Outstanding options | 184 | ||
Exercisable options | 147 | ||
Outstanding WAEP | $ 4.73 | ||
Exercisable WAEP | $ 4.31 | ||
Aggregate intrinsic value, outstanding | $ 318 | ||
Aggregate intrinsic value, exercisable | 309 | ||
Total unrecognized compensation cost related to unvested equity awards | $ 385 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 7 months 6 days | ||
Sirius XM Holdings | Employee Stock Option | Minimum | |||
Stock-Based Compensation | |||
Vesting period | 3 years | ||
Sirius XM Holdings | Employee Stock Option | Maximum | |||
Stock-Based Compensation | |||
Vesting period | 4 years | ||
Sirius XM Holdings | Restricted Stock | |||
Stock-Based Compensation | |||
RSUs granted | 37 | ||
RSUs GDFV | $ 6.14 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer cash contributions | $ 30 | $ 19 | $ 20 |
Other Comprehensive Earnings _3
Other Comprehensive Earnings (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | $ 21,925 | $ 21,698 | $ 22,574 |
Balance | 19,601 | 21,925 | 21,698 |
Unrealized holding gains (losses) arising during period | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (12) | (15) | (12) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | (7) | 3 | (3) |
Balance | (19) | (12) | (15) |
Foreign currency translation adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (17) | (30) | (6) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | 10 | 13 | (24) |
Balance | (7) | (17) | (30) |
Other | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (4) | 7 | (17) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | 108 | (11) | 22 |
Balance | 104 | (4) | 7 |
Other | Revision of Prior Period, Change in Accounting Principle, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive earnings (loss) attributable to Liberty stockholders | 2 | ||
Accumulated Other Comprehensive Earnings | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (33) | (38) | (35) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | 111 | 5 | (5) |
Balance | $ 78 | $ (33) | (38) |
Accumulated Other Comprehensive Earnings | Revision of Prior Period, Change in Accounting Principle, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive earnings (loss) attributable to Liberty stockholders | $ 2 |
Other Comprehensive Earnings _4
Other Comprehensive Earnings (Loss) - Tax Effects of Components of OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), before Tax | $ 144 | $ 14 | $ (19) |
Other Comprehensive Income (Loss), Tax | (31) | (3) | 4 |
Other Comprehensive earnings (Loss) | 113 | 11 | (15) |
Unrealized holding gains (losses) arising during period | |||
Other Comprehensive Income (Loss), before Tax | (9) | 4 | (4) |
Other Comprehensive Income (Loss), Tax | 2 | (1) | 1 |
Other Comprehensive earnings (Loss) | (7) | 3 | (3) |
Accumulated Credit risk on fair value debt instruments gains (losses) | |||
Other Comprehensive Income (Loss), before Tax | 149 | (17) | 41 |
Other Comprehensive Income (Loss), Tax | (32) | 4 | (9) |
Other Comprehensive earnings (Loss) | 117 | (13) | 32 |
Foreign currency translation adjustment | |||
Other Comprehensive Income (Loss), before Tax | 4 | 27 | (56) |
Other Comprehensive Income (Loss), Tax | (1) | (6) | 12 |
Other Comprehensive earnings (Loss) | $ 3 | $ 21 | $ (44) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Dec. 31, 2020USD ($)item | Jul. 06, 2018USD ($) | Mar. 13, 2017USD ($) | Nov. 30, 2020$ / item | Apr. 30, 2019USD ($) | Dec. 31, 2020USD ($)item | Jun. 30, 2018USD ($) |
Commitments and Contingencies | |||||||
Number of scheduled baseball games | item | 60 | ||||||
Number of scheduled Formula One events | item | 17 | ||||||
Sirius XM Holdings | |||||||
Commitments and Contingencies | |||||||
Estimate of amounts payable for programming and music royalties in 2021 | $ 709,000,000 | $ 709,000,000 | |||||
Estimate of amounts payable for programming and music royalties in 2022 | 496,000,000 | 496,000,000 | |||||
Estimate of amounts payable for programming and music royalties in 2023 | 234,000,000 | 234,000,000 | |||||
Estimate of amounts payable for programming and music royalties in 2024 | 163,000,000 | 163,000,000 | |||||
Estimate of amounts payable for programming and music royalties in 2025 | 121,000,000 | 121,000,000 | |||||
Sirius XM other contractual arrangements amounts payable in 2021 | 127,000,000 | 127,000,000 | |||||
Sirius XM other contractual arrangements amounts payable in 2022 | 31,000,000 | 31,000,000 | |||||
Sirius XM other contractual arrangements amounts payable in 2023 | 23,000,000 | 23,000,000 | |||||
Sirius XM other contractual arrangements amounts payable in 2024 | 15,000,000 | 15,000,000 | |||||
Sirius XM other contractual arrangements amounts payable in 2025 | $ 14,000,000 | 14,000,000 | |||||
Number of additional satellites | item | 2 | ||||||
Aggregate amount covered under insurance policy | $ 225,000,000 | 225,000,000 | |||||
Amount capitalized in construction in progress | 220,000,000 | ||||||
Telephone Consumer Protection Act Of 1991 Lawsuit | Sirius XM Holdings | |||||||
Commitments and Contingencies | |||||||
Loss Contingency Damages Sought Per Violation | $ 500 | ||||||
Loss Contingency Damages Sought Value Per Willful Violation | $ 1,500 | ||||||
Payments for Legal Settlements | $ 25,000,000 | ||||||
Pending Litigation | Copyright Royalty Board Proceeds To Determine Rate For Statutory Webcasting | Sirius XM Holdings | |||||||
Commitments and Contingencies | |||||||
Performance for non subscription transmissions | $ / item | 0.0011 | ||||||
Performance for subscription transmissions | $ / item | 0.0016 | ||||||
Commercial webcasters per performance for non subscription transmissions | $ / item | 0.0028 | ||||||
Commercial webcasters per performance for subscription transmissions | $ / item | 0.0031 | ||||||
Settled Litigation | Sound exchange Lawsuit | Sirius XM Holdings | |||||||
Commitments and Contingencies | |||||||
Payments for Legal Settlements | $ 150,000,000 | ||||||
Remaining liability accrued | $ 69,000,000 | ||||||
Braves Holdings | |||||||
Commitments and Contingencies | |||||||
Compensation guarantee aggregate total | 287,000,000 | 287,000,000 | |||||
Amounts payable under guarantee in 2021 | 128,000,000 | 128,000,000 | |||||
Amounts payable under guarantee in 2022 | 43,000,000 | 43,000,000 | |||||
Amounts payable under guarantee in 2023 | 33,000,000 | 33,000,000 | |||||
Amounts payable under guarantee in 2024 | 28,000,000 | 28,000,000 | |||||
Amounts payable under guarantee in 2025 | 28,000,000 | 28,000,000 | |||||
Amounts payable under guarantee thereafter | $ 27,000,000 | $ 27,000,000 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) | 12 Months Ended |
Dec. 31, 2020item | |
Live Nation | |
Information About Liberty's Operating Segments | |
Percentage included in segment reporting | 100.00% |
Live Nation | Maximum | |
Information About Liberty's Operating Segments | |
Percentage ownership | 100.00% |
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 |
Number of satellite systems | 2 |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Information About Liberty's Operating Segments | |||
Revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Adjusted OIBDA | 2,509 | 2,931 | 2,680 |
Liberty SiriusXM Group | |||
Information About Liberty's Operating Segments | |||
Revenue | 8,040 | 7,794 | 5,771 |
Adjusted OIBDA | 2,544 | 2,436 | 2,217 |
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | |||
Information About Liberty's Operating Segments | |||
Revenue | 8,040 | 7,794 | 5,771 |
Adjusted OIBDA | 2,575 | 2,453 | 2,233 |
Liberty SiriusXM Group | Operating Segments | Live Nation | |||
Information About Liberty's Operating Segments | |||
Revenue | 477 | ||
Adjusted OIBDA | (891) | ||
Liberty SiriusXM Group | Corporate and other | |||
Information About Liberty's Operating Segments | |||
Adjusted OIBDA | (31) | (17) | (16) |
Liberty SiriusXM Group | Operating Segments and Corporate and Other | |||
Information About Liberty's Operating Segments | |||
Revenue | 8,517 | 7,794 | 5,771 |
Adjusted OIBDA | 1,653 | 2,436 | 2,217 |
Liberty SiriusXM Group | Consolidation Eliminations | |||
Information About Liberty's Operating Segments | |||
Revenue | (477) | ||
Adjusted OIBDA | 891 | ||
Braves Group | |||
Information About Liberty's Operating Segments | |||
Revenue | 178 | 476 | 442 |
Adjusted OIBDA | (53) | 49 | 88 |
Braves Group | Corporate and other | |||
Information About Liberty's Operating Segments | |||
Revenue | 178 | 476 | 442 |
Adjusted OIBDA | (53) | 49 | 88 |
Formula One Group | |||
Information About Liberty's Operating Segments | |||
Revenue | 1,145 | 2,022 | 1,827 |
Adjusted OIBDA | 18 | 446 | 375 |
Formula One Group | Operating Segments | Live Nation | |||
Information About Liberty's Operating Segments | |||
Revenue | 1,384 | 11,548 | 10,788 |
Adjusted OIBDA | (125) | 943 | 829 |
Formula One Group | Operating Segments | Formula 1 | |||
Information About Liberty's Operating Segments | |||
Revenue | 1,145 | 2,022 | 1,827 |
Adjusted OIBDA | 56 | 482 | 400 |
Formula One Group | Corporate and other | |||
Information About Liberty's Operating Segments | |||
Adjusted OIBDA | (38) | (36) | (25) |
Formula One Group | Operating Segments and Corporate and Other | |||
Information About Liberty's Operating Segments | |||
Revenue | 2,529 | 13,570 | 12,615 |
Adjusted OIBDA | (107) | 1,389 | 1,204 |
Formula One Group | Consolidation Eliminations | |||
Information About Liberty's Operating Segments | |||
Revenue | (1,384) | (11,548) | (10,788) |
Adjusted OIBDA | $ 125 | $ (943) | $ (829) |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 44,004 | $ 44,189 | |
Investments in affiliates | 1,018 | 1,625 | |
Capital expenditures | 452 | 510 | $ 403 |
Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (839) | (330) | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (839) | (330) | |
Liberty SiriusXM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 32,081 | 31,421 | |
Investments in affiliates | 886 | 644 | |
Capital expenditures | 350 | 363 | 356 |
Liberty SiriusXM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,051 | 553 | |
Investments in affiliates | 163 | ||
Liberty SiriusXM Group | Operating Segments and Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 42,670 | 31,421 | |
Investments in affiliates | 1,056 | 644 | |
Capital expenditures | 573 | 363 | |
Liberty SiriusXM Group | Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (10,589) | ||
Investments in affiliates | (170) | ||
Capital expenditures | (223) | ||
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 30,030 | 30,868 | |
Investments in affiliates | 723 | 644 | |
Capital expenditures | 350 | 363 | |
Liberty SiriusXM Group | Live Nation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 10,589 | ||
Investments in affiliates | 170 | ||
Capital expenditures | 223 | ||
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,571 | 1,593 | |
Investments in affiliates | 94 | 99 | |
Capital expenditures | 81 | 103 | 33 |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,571 | 1,593 | |
Investments in affiliates | 94 | 99 | |
Capital expenditures | 81 | 103 | |
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,191 | 11,505 | |
Investments in affiliates | 38 | 882 | |
Capital expenditures | 21 | 44 | $ 14 |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,581 | 2,474 | |
Investments in affiliates | 38 | 882 | |
Capital expenditures | 10 | 28 | |
Formula One Group | Operating Segments and Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,191 | 22,481 | |
Investments in affiliates | 38 | 1,050 | |
Capital expenditures | 21 | 410 | |
Formula One Group | Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (10,976) | ||
Investments in affiliates | (168) | ||
Capital expenditures | (366) | ||
Formula One Group | Live Nation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 10,976 | ||
Investments in affiliates | 168 | ||
Capital expenditures | 366 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 8,610 | 9,031 | |
Capital expenditures | $ 11 | $ 16 |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Information About Liberty's Operating Segments | |||
Adjusted OIBDA | $ 2,509 | $ 2,931 | $ 2,680 |
Litigation settlements and reserves | 16 | (25) | (69) |
Stock-based compensation | (261) | (291) | (192) |
Impairment of intangible assets | (976) | ||
Acquisition and restructuring | (28) | (84) | (3) |
Depreciation and amortization | (1,083) | (1,061) | (905) |
Operating income (loss) | 177 | 1,470 | 1,511 |
Interest expense | (634) | (657) | (606) |
Share of earnings (losses) of affiliates, net | (586) | 6 | 18 |
Realized and unrealized gains (losses) on financial instruments, net | (402) | (315) | 40 |
Other, net | 10 | 9 | 78 |
Earnings (loss) from continuing operations before income taxes | $ (1,435) | $ 513 | $ 1,041 |
Information About Liberty's O_7
Information About Liberty's Operating Segments - Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Long-Lived Assets | 2,239 | 2,262 | |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 8,121 | 8,172 | 6,112 |
Long-Lived Assets | 2,221 | 2,246 | |
UNITED KINGDOM | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 1,145 | 2,022 | 1,831 |
Long-Lived Assets | 18 | 16 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 97 | $ 98 | $ 97 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 2,831 | $ 1,222 | $ 358 |
Trade and other receivables, net | 823 | 767 | |
Other current assets | 376 | 416 | |
Total current assets | 4,030 | 2,405 | |
Investments in affiliates, accounted for using the equity method | 1,018 | 1,625 | |
Property and equipment, at cost | 4,017 | 3,780 | |
Accumulated depreciation | (1,778) | (1,518) | |
Property and equipment, net | 2,239 | 2,262 | |
Goodwill | 19,218 | 19,939 | $ 18,386 |
FCC licenses | 8,600 | 8,600 | |
Other | 1,385 | 1,405 | |
Intangible assets not subject to amortization | 29,203 | 29,944 | |
Intangible assets subject to amortization, net | 5,378 | 5,940 | |
Other assets | 2,136 | 2,013 | |
Total assets | 44,004 | 44,189 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 1,583 | 1,621 | |
Current portion of debt | 743 | 60 | |
Deferred revenue | 2,070 | 2,113 | |
Other current liabilities | 94 | 94 | |
Total current liabilities | 4,490 | 3,888 | |
Long-term debt | 16,686 | 15,416 | |
Deferred income tax liabilities | 2,126 | 1,913 | |
Other liabilities | 1,101 | 1,047 | |
Total liabilities | 24,403 | 22,264 | |
Stockholders' equity: | |||
Total stockholders' equity | 15,091 | 16,295 | |
Noncontrolling interests in equity of subsidiaries | 4,510 | 5,630 | |
Total liabilities and equity | 44,004 | 44,189 | |
Consolidation Eliminations | |||
Current assets: | |||
Other current assets | (371) | ||
Total current assets | (371) | ||
Other assets | (42) | (38) | |
Total assets | (839) | (330) | |
Current liabilities: | |||
Other current liabilities | (371) | ||
Total current liabilities | (371) | ||
Deferred income tax liabilities | (42) | (38) | |
Redeemable intergroup interests | (426) | (292) | |
Total liabilities | (839) | (330) | |
Stockholders' equity: | |||
Total liabilities and equity | (839) | (330) | |
Liberty SiriusXM Group | |||
Current assets: | |||
Cash and cash equivalents | 996 | 493 | |
Trade and other receivables, net | 672 | 670 | |
Other current assets | 225 | 227 | |
Total current assets | 1,893 | 1,390 | |
Investments in affiliates, accounted for using the equity method | 886 | 644 | |
Property and equipment, at cost | 2,842 | 2,686 | |
Accumulated depreciation | (1,526) | (1,331) | |
Property and equipment, net | 1,316 | 1,355 | |
Goodwill | 15,082 | 15,803 | |
FCC licenses | 8,600 | 8,600 | |
Other | 1,242 | 1,262 | |
Intangible assets not subject to amortization | 24,924 | 25,665 | |
Intangible assets subject to amortization, net | 1,471 | 1,603 | |
Other assets | 1,334 | 764 | |
Total assets | 32,081 | 31,421 | |
Current liabilities: | |||
Intergroup payable (receivable) | (22) | (23) | |
Accounts payable and accrued liabilities | 1,380 | 1,294 | |
Current portion of debt | 475 | 1 | |
Deferred revenue | 1,721 | 1,930 | |
Other current liabilities | 442 | 72 | |
Total current liabilities | 3,996 | 3,274 | |
Long-term debt | 12,525 | 9,244 | |
Deferred income tax liabilities | 2,116 | 1,890 | |
Redeemable intergroup interests | 24 | ||
Other liabilities | 689 | 683 | |
Total liabilities | 19,326 | 15,115 | |
Stockholders' equity: | |||
Total stockholders' equity | 8,250 | 10,678 | |
Noncontrolling interests in equity of subsidiaries | 4,505 | 5,628 | |
Total liabilities and equity | 32,081 | 31,421 | |
Liberty SiriusXM Group | Consolidation Eliminations | |||
Current assets: | |||
Investments in affiliates, accounted for using the equity method | (170) | ||
Total assets | (10,589) | ||
Braves Group | |||
Current assets: | |||
Cash and cash equivalents | 151 | 142 | |
Trade and other receivables, net | 30 | 28 | |
Other current assets | 63 | 97 | |
Total current assets | 244 | 267 | |
Investments in affiliates, accounted for using the equity method | 94 | 99 | |
Property and equipment, at cost | 977 | 923 | |
Accumulated depreciation | (178) | (128) | |
Property and equipment, net | 799 | 795 | |
Goodwill | 180 | 180 | |
Other | 143 | 143 | |
Intangible assets not subject to amortization | 323 | 323 | |
Intangible assets subject to amortization, net | 24 | 34 | |
Other assets | 87 | 75 | |
Total assets | 1,571 | 1,593 | |
Current liabilities: | |||
Intergroup payable (receivable) | (35) | (9) | |
Accounts payable and accrued liabilities | 53 | 63 | |
Current portion of debt | 59 | 59 | |
Deferred revenue | 90 | 70 | |
Other current liabilities | 6 | 5 | |
Total current liabilities | 173 | 188 | |
Long-term debt | 611 | 495 | |
Deferred income tax liabilities | 52 | 61 | |
Redeemable intergroup interests | 226 | 268 | |
Other liabilities | 218 | 203 | |
Total liabilities | 1,280 | 1,215 | |
Stockholders' equity: | |||
Total stockholders' equity | 291 | 378 | |
Total liabilities and equity | 1,571 | 1,593 | |
Formula One Group | |||
Current assets: | |||
Cash and cash equivalents | 1,684 | 587 | |
Trade and other receivables, net | 121 | 69 | |
Other current assets | 459 | 92 | |
Total current assets | 2,264 | 748 | |
Investments in affiliates, accounted for using the equity method | 38 | 882 | |
Property and equipment, at cost | 198 | 171 | |
Accumulated depreciation | (74) | (59) | |
Property and equipment, net | 124 | 112 | |
Goodwill | 3,956 | 3,956 | |
Intangible assets not subject to amortization | 3,956 | 3,956 | |
Intangible assets subject to amortization, net | 3,883 | 4,303 | |
Other assets | 757 | 1,212 | |
Total assets | 11,191 | 11,505 | |
Current liabilities: | |||
Intergroup payable (receivable) | 57 | 32 | |
Accounts payable and accrued liabilities | 150 | 264 | |
Current portion of debt | 209 | ||
Deferred revenue | 259 | 113 | |
Other current liabilities | 17 | 17 | |
Total current liabilities | 692 | 426 | |
Long-term debt | 3,550 | 5,677 | |
Redeemable intergroup interests | 200 | ||
Other liabilities | 194 | 161 | |
Total liabilities | 4,636 | 6,264 | |
Stockholders' equity: | |||
Total stockholders' equity | 6,550 | 5,239 | |
Noncontrolling interests in equity of subsidiaries | 5 | 2 | |
Total liabilities and equity | $ 11,191 | 11,505 | |
Formula One Group | Consolidation Eliminations | |||
Current assets: | |||
Investments in affiliates, accounted for using the equity method | (168) | ||
Total assets | $ (10,976) |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Total revenue | $ 9,363 | $ 10,292 | $ 8,040 |
Cost of services (exclusive of depreciation shown separately below): | |||
Subscriber acquisition costs | 362 | 427 | 470 |
Other operating expenses | 434 | 624 | 391 |
Selling, general and administrative | 1,750 | 1,805 | 1,179 |
Impairment of intangible assets | 976 | ||
Acquisition and restructuring | 28 | 84 | 3 |
Depreciation and amortization | 1,083 | 1,061 | 905 |
Total operating costs and expenses | 9,186 | 8,822 | 6,529 |
Operating income (loss) | 177 | 1,470 | 1,511 |
Other income (expense): | |||
Interest expense | (634) | (657) | (606) |
Share of earnings (losses) of affiliates, net | (586) | 6 | 18 |
Realized and unrealized gains (losses) on financial instruments, net | (402) | (315) | 40 |
Other, net | 10 | 9 | 78 |
Total other income (expense) | (1,612) | (957) | (470) |
Earnings (loss) before income taxes | (1,435) | 513 | 1,041 |
Income tax benefit (expense) | 44 | (166) | (176) |
Net earnings (loss) | (1,391) | 347 | 865 |
Less net earnings (loss) attributable to the noncontrolling interests | 30 | 241 | 334 |
Net earnings (loss) attributable to Liberty stockholders | (1,421) | 106 | 531 |
Liberty SiriusXM Group | |||
Revenue: | |||
Total revenue | 8,040 | 7,794 | 5,771 |
Cost of services (exclusive of depreciation shown separately below): | |||
Subscriber acquisition costs | 362 | 427 | 470 |
Other operating expenses | 264 | 280 | 123 |
Selling, general and administrative | 1,509 | 1,495 | 878 |
Impairment of intangible assets | 976 | ||
Acquisition and restructuring | 3 | ||
Depreciation and amortization | 573 | 537 | 369 |
Total operating costs and expenses | 7,291 | 6,250 | 4,151 |
Operating income (loss) | 749 | 1,544 | 1,620 |
Other income (expense): | |||
Interest expense | (462) | (435) | (388) |
Intergroup interest income (expense) | (7) | ||
Share of earnings (losses) of affiliates, net | (484) | (24) | (11) |
Realized and unrealized gains (losses) on financial instruments, net | (521) | (41) | (1) |
Unrealized gains/( loss) on inter-group interests | 125 | ||
Other, net | (13) | (38) | 25 |
Total other income (expense) | (1,362) | (538) | (375) |
Earnings (loss) before income taxes | (613) | 1,006 | 1,245 |
Income tax benefit (expense) | (106) | (271) | (241) |
Net earnings (loss) | (719) | 735 | 1,004 |
Less net earnings (loss) attributable to the noncontrolling interests | 28 | 241 | 328 |
Net earnings (loss) attributable to Liberty stockholders | (747) | 494 | 676 |
Braves Group | |||
Revenue: | |||
Total revenue | 178 | 476 | 442 |
Cost of services (exclusive of depreciation shown separately below): | |||
Other operating expenses | 170 | 344 | 268 |
Selling, general and administrative | 67 | 100 | 97 |
Depreciation and amortization | 69 | 71 | 76 |
Total operating costs and expenses | 306 | 515 | 441 |
Operating income (loss) | (128) | (39) | 1 |
Other income (expense): | |||
Interest expense | (26) | (27) | (26) |
Share of earnings (losses) of affiliates, net | 6 | 18 | 12 |
Realized and unrealized gains (losses) on financial instruments, net | (10) | (4) | (2) |
Unrealized gains/( loss) on inter-group interests | 42 | (42) | (24) |
Other, net | 2 | 35 | |
Total other income (expense) | 12 | (53) | (5) |
Earnings (loss) before income taxes | (116) | (92) | (4) |
Income tax benefit (expense) | 38 | 15 | 15 |
Net earnings (loss) | (78) | (77) | 11 |
Less net earnings (loss) attributable to the noncontrolling interests | 6 | ||
Net earnings (loss) attributable to Liberty stockholders | (78) | (77) | 5 |
Formula One Group | |||
Revenue: | |||
Total revenue | 1,145 | 2,022 | 1,827 |
Cost of services (exclusive of depreciation shown separately below): | |||
Selling, general and administrative | 174 | 210 | 204 |
Depreciation and amortization | 441 | 453 | 460 |
Total operating costs and expenses | 1,589 | 2,057 | 1,937 |
Operating income (loss) | (444) | (35) | (110) |
Other income (expense): | |||
Interest expense | (146) | (195) | (192) |
Intergroup interest income (expense) | 7 | ||
Share of earnings (losses) of affiliates, net | (108) | 12 | 17 |
Realized and unrealized gains (losses) on financial instruments, net | 129 | (270) | 43 |
Unrealized gains/( loss) on inter-group interests | (167) | 42 | 24 |
Other, net | 23 | 45 | 18 |
Total other income (expense) | (262) | (366) | (90) |
Earnings (loss) before income taxes | (706) | (401) | (200) |
Income tax benefit (expense) | 112 | 90 | 50 |
Net earnings (loss) | (594) | (311) | (150) |
Less net earnings (loss) attributable to the noncontrolling interests | 2 | ||
Net earnings (loss) attributable to Liberty stockholders | (596) | (311) | (150) |
Sirius XM Holdings Revenue | |||
Revenue: | |||
Total revenue | 8,040 | 7,794 | 5,771 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | |||
Revenue: | |||
Total revenue | 8,040 | 7,794 | 5,771 |
Revenue Share And Royalties | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 2,421 | 2,291 | 1,394 |
Revenue Share And Royalties | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 2,421 | 2,291 | 1,394 |
Programming and content | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 462 | 406 |
Programming and content | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 462 | 406 |
Customer service and billing | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 475 | 382 |
Customer service and billing | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 481 | 475 | 382 |
Other | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 196 | 199 | 126 |
Other | Liberty SiriusXM Group | |||
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 196 | 199 | 126 |
Primary Formula 1 | |||
Revenue: | |||
Total revenue | 1,145 | 2,022 | 1,827 |
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 974 | 1,394 | 1,273 |
Primary Formula 1 | Formula One Group | |||
Revenue: | |||
Total revenue | 1,145 | 2,022 | 1,827 |
Cost of services (exclusive of depreciation shown separately below): | |||
Cost of services | 974 | 1,394 | 1,273 |
Other | |||
Revenue: | |||
Total revenue | 178 | 476 | 442 |
Other | Braves Group | |||
Revenue: | |||
Total revenue | $ 178 | $ 476 | $ 442 |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (1,391) | $ 347 | $ 865 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,083 | 1,061 | 905 |
Stock-based compensation | 261 | 312 | 192 |
Impairment of intangible assets | 976 | ||
Share of (earnings) loss of affiliates, net | 586 | (6) | (18) |
Realized and unrealized (gains) losses on financial instruments, net | 402 | 315 | (40) |
Noncash interest expense | 17 | 9 | (1) |
Losses (gains) on dilution of investment in affiliate | (4) | (7) | 1 |
Loss on early extinguishment of debt | 40 | 57 | 1 |
Deferred income tax expense (benefit) | (95) | 120 | 167 |
Other charges (credits), net | 35 | 8 | (17) |
Changes in operating assets and liabilities | |||
Current and other assets | (34) | (3) | (31) |
Payables and other liabilities | (146) | 100 | 132 |
Net cash provided (used) by operating activities | 1,730 | 2,313 | 2,156 |
Cash flows from investing activities: | |||
Investments in equity method affiliates and debt and equity securities | (113) | (29) | (414) |
Return of investment in equity method affiliates | 105 | 23 | 64 |
Cash proceeds from sale of investments | 13 | 442 | 399 |
Cash (paid) received for acquisitions, net of cash acquired | (300) | 313 | (2) |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 20 | 11 | 14 |
Capital expended for property and equipment, including internal-use software and website development | (452) | (510) | (403) |
Other investing activities, net | (9) | 64 | (28) |
Net cash provided (used) by investing activities | (736) | 314 | (370) |
Cash flows from financing activities: | |||
Borrowings of debt | 4,898 | 6,020 | 3,617 |
Repayments of debt | (2,931) | (4,871) | (4,057) |
Liberty SiriusXM common stock repurchases | (318) | (443) | (466) |
Subsidiary shares repurchased by subsidiary | (1,555) | (2,159) | (1,314) |
Proceeds from Liberty SiriusXM common stock rights offering | 754 | ||
Cash dividends paid by subsidiary | (64) | (68) | (59) |
Taxes paid in lieu of shares issued for stock-based compensation | (120) | (211) | (130) |
Other financing activities, net | (90) | (41) | 29 |
Net cash provided (used) by financing activities | 574 | (1,773) | (2,380) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 3 | (1) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,571 | 854 | (595) |
Cash, cash equivalents and restricted cash at beginning of period | 1,306 | 452 | 1,047 |
Cash, cash equivalents and restricted cash at end of period | 2,877 | 1,306 | 452 |
Liberty SiriusXM Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (719) | 735 | 1,004 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 573 | 537 | 369 |
Stock-based compensation | 234 | 267 | 156 |
Impairment of intangible assets | 976 | ||
Share of (earnings) loss of affiliates, net | 484 | 24 | 11 |
Unrealized (gains) losses on intergroup interests, net | (125) | ||
Realized and unrealized (gains) losses on financial instruments, net | 521 | 41 | 1 |
Noncash interest expense | 12 | 7 | (8) |
Losses (gains) on dilution of investment in affiliate | (4) | ||
Loss on early extinguishment of debt | 40 | 57 | |
Deferred income tax expense (benefit) | 40 | 268 | 231 |
Intergroup tax allocation | 5 | (21) | 22 |
Intergroup tax (payments) receipts | 8 | (3) | (20) |
Other charges (credits), net | 26 | 4 | 2 |
Changes in operating assets and liabilities | |||
Current and other assets | 32 | (11) | (4) |
Payables and other liabilities | (179) | 39 | 21 |
Net cash provided (used) by operating activities | 1,924 | 1,944 | 1,785 |
Cash flows from investing activities: | |||
Investments in equity method affiliates and debt and equity securities | (96) | (19) | (405) |
Cash proceeds from sale of investments | 373 | ||
Cash (paid) received for acquisitions, net of cash acquired | (300) | 313 | (2) |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 20 | 11 | 14 |
Capital expended for property and equipment, including internal-use software and website development | (350) | (363) | (356) |
Other investing activities, net | (8) | 69 | (7) |
Net cash provided (used) by investing activities | (734) | 384 | (756) |
Cash flows from financing activities: | |||
Borrowings of debt | 4,149 | 5,795 | 2,795 |
Repayments of debt | (2,203) | (4,833) | (2,431) |
Intergroup Loan (repayment) borrowing | (750) | ||
Liberty SiriusXM common stock repurchases | (249) | (419) | (466) |
Subsidiary shares repurchased by subsidiary | (1,555) | (2,159) | (1,314) |
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 | (64) | (68) | (59) |
Taxes paid in lieu of shares issued for stock-based compensation | (116) | (201) | (127) |
Other financing activities, net | (47) | (38) | 50 |
Net cash provided (used) by financing activities | (689) | (1,923) | (1,552) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 501 | 405 | (523) |
Cash, cash equivalents and restricted cash at beginning of period | 507 | 102 | 625 |
Cash, cash equivalents and restricted cash at end of period | 1,008 | 507 | 102 |
Braves Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (78) | (77) | 11 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 69 | 71 | 76 |
Stock-based compensation | 6 | 17 | 11 |
Share of (earnings) loss of affiliates, net | (6) | (18) | (12) |
Unrealized (gains) losses on intergroup interests, net | (42) | 42 | 24 |
Realized and unrealized (gains) losses on financial instruments, net | 10 | 4 | 2 |
Noncash interest expense | 1 | 1 | 5 |
Deferred income tax expense (benefit) | (10) | (7) | (1) |
Intergroup tax allocation | (28) | (8) | (14) |
Intergroup tax (payments) receipts | 2 | 21 | 35 |
Other charges (credits), net | 9 | 18 | (20) |
Changes in operating assets and liabilities | |||
Current and other assets | (29) | (12) | 8 |
Payables and other liabilities | 41 | 23 | (22) |
Net cash provided (used) by operating activities | (55) | 75 | 103 |
Cash flows from investing activities: | |||
Investments in equity method affiliates and debt and equity securities | (4) | ||
Return of investment in equity method affiliates | 50 | ||
Cash proceeds from sale of investments | 155 | ||
Capital expended for property and equipment, including internal-use software and website development | (81) | (103) | (33) |
Other investing activities, net | 4 | (13) | |
Net cash provided (used) by investing activities | (77) | (107) | 159 |
Cash flows from financing activities: | |||
Borrowings of debt | 228 | 96 | 123 |
Repayments of debt | (114) | (31) | (317) |
Taxes paid in lieu of shares issued for stock-based compensation | (1) | (4) | |
Other financing activities, net | (8) | (7) | (18) |
Net cash provided (used) by financing activities | 105 | 54 | (212) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (27) | 22 | 50 |
Cash, cash equivalents and restricted cash at beginning of period | 212 | 190 | 140 |
Cash, cash equivalents and restricted cash at end of period | 185 | 212 | 190 |
Formula One Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (594) | (311) | (150) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 441 | 453 | 460 |
Stock-based compensation | 21 | 28 | 25 |
Share of (earnings) loss of affiliates, net | 108 | (12) | (17) |
Unrealized (gains) losses on intergroup interests, net | 167 | (42) | (24) |
Realized and unrealized (gains) losses on financial instruments, net | (129) | 270 | (43) |
Noncash interest expense | 4 | 1 | 2 |
Losses (gains) on dilution of investment in affiliate | (7) | 1 | |
Loss on early extinguishment of debt | 1 | ||
Deferred income tax expense (benefit) | (125) | (141) | (63) |
Intergroup tax allocation | 23 | 29 | (8) |
Intergroup tax (payments) receipts | (10) | (18) | (15) |
Other charges (credits), net | (14) | 1 | |
Changes in operating assets and liabilities | |||
Current and other assets | (37) | 20 | (35) |
Payables and other liabilities | (8) | 38 | 133 |
Net cash provided (used) by operating activities | (139) | 294 | 268 |
Cash flows from investing activities: | |||
Investments in equity method affiliates and debt and equity securities | (17) | (6) | (9) |
Return of investment in equity method affiliates | 105 | 23 | 14 |
Cash proceeds from sale of investments | 13 | 69 | 244 |
Capital expended for property and equipment, including internal-use software and website development | (21) | (44) | (14) |
Other investing activities, net | (5) | (5) | (8) |
Net cash provided (used) by investing activities | 75 | 37 | 227 |
Cash flows from financing activities: | |||
Borrowings of debt | 521 | 129 | 699 |
Repayments of debt | (614) | (7) | (1,309) |
Intergroup Loan (repayment) borrowing | 750 | ||
Liberty SiriusXM common stock repurchases | (69) | (24) | |
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group | 608 | ||
Taxes paid in lieu of shares issued for stock-based compensation | (3) | (6) | (3) |
Other financing activities, net | (35) | 4 | (3) |
Net cash provided (used) by financing activities | 1,158 | 96 | (616) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 3 | (1) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,097 | 427 | (122) |
Cash, cash equivalents and restricted cash at beginning of period | 587 | 160 | 282 |
Cash, cash equivalents and restricted cash at end of period | $ 1,684 | $ 587 | $ 160 |