Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35707 | |
Entity Registrant Name | LIBERTY MEDIA CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1699499 | |
Entity Address, Address Line One | 12300 Liberty Boulevard | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 720 | |
Local Phone Number | 875-5400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001560385 | |
Amendment Flag | false | |
Liberty Sirius XM Group Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series A Liberty SiriusXM Common Stock | |
Trading Symbol | LSXMA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 96,555,203 | |
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 | 224,108,617 | |
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 | 10,313,772 | |
Liberty Braves Group Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 981,494 | |
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 | 40,987,860 | |
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 | 24,792,549 | |
Liberty Formula One Group Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,445,895 | |
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 | 203,864,999 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,858 | $ 2,831 |
Trade and other receivables, net | 812 | 823 |
Other current assets | 920 | 376 |
Total current assets | 4,590 | 4,030 |
Investments in affiliates, accounted for using the equity method (note 6) | 1,016 | 1,018 |
Property and equipment, at cost | 3,981 | 4,017 |
Accumulated depreciation | (1,950) | (1,778) |
Property and equipment, net | 2,031 | 2,239 |
Intangible assets not subject to amortization | ||
Goodwill | 19,247 | 19,218 |
FCC licenses | 8,600 | 8,600 |
Other | 1,385 | 1,385 |
Intangible assets not subject to amortization | 29,232 | 29,203 |
Intangible assets subject to amortization, net | 4,933 | 5,378 |
Other assets | 2,617 | 2,136 |
Total assets | 44,419 | 44,004 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,518 | 1,583 |
Current portion of debt | 2,573 | 743 |
Deferred revenue | 1,994 | 2,070 |
Other current liabilities | 103 | 94 |
Total current liabilities | 6,188 | 4,490 |
Long-term debt | 15,525 | 16,686 |
Deferred income tax liabilities | 2,220 | 2,126 |
Other liabilities | 1,017 | 1,101 |
Total liabilities | 24,950 | 24,403 |
Redeemable noncontrolling interests in equity of subsidiary | 575 | |
Stockholders' equity: | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 1,971 | 2,688 |
Accumulated other comprehensive earnings (loss), net of taxes | (14) | 78 |
Retained earnings | 12,949 | 12,320 |
Total stockholders' equity | 14,911 | 15,091 |
Noncontrolling interests in equity of subsidiaries | 3,983 | 4,510 |
Total equity | 18,894 | 19,601 |
Commitments and contingencies | ||
Total liabilities and equity | 44,419 | 44,004 |
Liberty Sirius XM Group Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 1 | 1 |
Liberty Braves Group Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Formula One Group Common Class A | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Sirius XM Group Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Braves Group Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Formula One Group Common Class B | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Sirius Xm Group Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 2 | 2 |
Liberty Braves Group Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | ||
Liberty Formula One Group Common Class C | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current portion of debt, measured at fair value | $ 2,561 | $ 684 |
Long-term debt, measured at fair value | $ 2,152 | $ 3,861 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Liberty Sirius XM Group Common Class A | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 96,988,226 | 99,383,666 |
Common stock, shares outstanding | 96,988,226 | 99,383,666 |
Liberty 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 | 10,313,772 | 10,312,670 |
Common stock, shares outstanding | 10,313,772 | 10,312,670 |
Liberty 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 | 24,792,549 | 25,835,838 |
Common stock, shares outstanding | 24,792,549 | 25,835,838 |
Liberty Sirius XM Group Common Class B | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 9,802,232 | 9,802,237 |
Common stock, shares outstanding | 9,802,232 | 9,802,237 |
Liberty 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 | 981,494 | 981,778 |
Common stock, shares outstanding | 981,494 | 981,778 |
Liberty 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 | 2,445,895 | 2,446,606 |
Common stock, shares outstanding | 2,445,895 | 2,446,606 |
Liberty Sirius Xm Group Common Class C | ||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 224,323,239 | 229,575,090 |
Common stock, shares outstanding | 224,323,239 | 229,575,090 |
Liberty 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 | 40,987,548 | 40,958,175 |
Common stock, shares outstanding | 40,987,548 | 40,958,175 |
Liberty 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 | 203,864,395 | 203,538,477 |
Common stock, shares outstanding | 203,864,395 | 203,538,477 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 3,100 | $ 2,732 | $ 8,230 | $ 6,654 |
Operating costs and expenses, including stock-based compensation: | ||||
Subscriber acquisition costs | 70 | 110 | 245 | 257 |
Other operating expenses | 221 | 154 | 513 | 339 |
Selling, general and administrative | 481 | 423 | 1,336 | 1,221 |
Impairment, restructuring and acquisition costs, net of recoveries | (95) | 13 | 24 | |
Depreciation and amortization | 274 | 279 | 806 | 812 |
Total operating costs and expenses | 2,398 | 2,412 | 6,764 | 5,874 |
Operating income (loss) | 702 | 320 | 1,466 | 780 |
Other income (expense): | ||||
Interest expense | (168) | (153) | (484) | (480) |
Share of earnings (losses) of affiliates, net | 9 | (187) | (134) | (442) |
Realized and unrealized gains (losses) on financial instruments, net | (40) | 16 | 66 | (163) |
Gains (losses) on dilution of investment in affiliate (note 6) | 142 | 152 | 1 | |
Other, net | (72) | (32) | (54) | (2) |
Total other income (expense) | (129) | (356) | (454) | (1,086) |
Earnings (loss) before income taxes | 573 | (36) | 1,012 | (306) |
Income tax (expense) benefit | (173) | (7) | (98) | 3 |
Net earnings (loss) | 400 | (43) | 914 | (303) |
Less net earnings (loss) attributable to the noncontrolling interests | 74 | 71 | 234 | 213 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (2) | 51 | ||
Net earnings (loss) attributable to Liberty stockholders | 328 | (114) | 629 | (516) |
Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,198 | 2,025 | 6,415 | 5,851 |
Operating costs and expenses, including stock-based compensation: | ||||
Subscriber acquisition costs | 70 | 110 | 245 | 257 |
Other operating expenses | 67 | 64 | 197 | 196 |
Selling, general and administrative | 402 | 363 | 1,122 | 1,055 |
Impairment, restructuring and acquisition costs, net of recoveries | (95) | 13 | 24 | |
Depreciation and amortization | 152 | 142 | 451 | 432 |
Total operating costs and expenses | 1,594 | 1,574 | 4,948 | 4,575 |
Operating income (loss) | 604 | 451 | 1,467 | 1,276 |
Other income (expense): | ||||
Interest expense | (130) | (116) | (373) | (347) |
Share of earnings (losses) of affiliates, net | 2 | (183) | (181) | (331) |
Realized and unrealized gains (losses) on financial instruments, net | (42) | (39) | (42) | (228) |
Gains (losses) on dilution of investment in affiliate (note 6) | 142 | 152 | 1 | |
Other, net | (75) | (36) | (66) | (20) |
Total other income (expense) | (83) | (349) | (458) | (840) |
Earnings (loss) before income taxes | 521 | 102 | 1,009 | 436 |
Income tax (expense) benefit | (108) | (22) | (126) | (88) |
Net earnings (loss) | 413 | 80 | 883 | 348 |
Less net earnings (loss) attributable to the noncontrolling interests | 71 | 68 | 215 | 210 |
Net earnings (loss) attributable to Liberty stockholders | $ 342 | $ 12 | $ 668 | $ 138 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 1.03 | $ 0.03 | $ 1.99 | $ 0.42 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 1.02 | $ 0.03 | $ 1.98 | $ 0.31 |
Braves Group | ||||
Revenue: | ||||
Total revenue | $ 234 | $ 110 | $ 466 | $ 143 |
Operating costs and expenses, including stock-based compensation: | ||||
Other operating expenses | 154 | 90 | 316 | 143 |
Selling, general and administrative | 28 | 17 | 73 | 39 |
Depreciation and amortization | 22 | 19 | 56 | 54 |
Total operating costs and expenses | 204 | 126 | 445 | 236 |
Operating income (loss) | 30 | (16) | 21 | (93) |
Other income (expense): | ||||
Interest expense | (6) | (6) | (18) | (19) |
Share of earnings (losses) of affiliates, net | 9 | (5) | 20 | (2) |
Realized and unrealized gains (losses) on financial instruments, net | 1 | (10) | ||
Other, net | 1 | (1) | 1 | (1) |
Total other income (expense) | 16 | (22) | (11) | 46 |
Earnings (loss) before income taxes | 46 | (38) | 10 | (47) |
Income tax (expense) benefit | (10) | 7 | (8) | 31 |
Net earnings (loss) | 36 | (31) | 2 | (16) |
Net earnings (loss) attributable to Liberty stockholders | $ 36 | $ (31) | $ 2 | $ (16) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 0.69 | $ (0.61) | $ 0.04 | $ (0.31) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.39 | $ (0.61) | $ 0.04 | $ (1.57) |
Formula One Group | ||||
Revenue: | ||||
Total revenue | $ 668 | $ 597 | $ 1,349 | $ 660 |
Operating costs and expenses, including stock-based compensation: | ||||
Selling, general and administrative | 51 | 43 | 141 | 127 |
Depreciation and amortization | 100 | 118 | 299 | 326 |
Total operating costs and expenses | 600 | 712 | 1,371 | 1,063 |
Operating income (loss) | 68 | (115) | (22) | (403) |
Other income (expense): | ||||
Interest expense | (32) | (31) | (93) | (114) |
Share of earnings (losses) of affiliates, net | (2) | 1 | 27 | (109) |
Realized and unrealized gains (losses) on financial instruments, net | 2 | 55 | 107 | 75 |
Other, net | 2 | 5 | 11 | 19 |
Total other income (expense) | (62) | 15 | 15 | (292) |
Earnings (loss) before income taxes | 6 | (100) | (7) | (695) |
Income tax (expense) benefit | (55) | 8 | 36 | 60 |
Net earnings (loss) | (49) | (92) | 29 | (635) |
Less net earnings (loss) attributable to the noncontrolling interests | 3 | 3 | 19 | 3 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (2) | 51 | ||
Net earnings (loss) attributable to Liberty stockholders | $ (50) | $ (95) | $ (41) | $ (638) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ (0.22) | $ (0.41) | $ (0.18) | $ (2.75) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.22) | $ (0.41) | $ (0.18) | $ (2.75) |
Sirius XM Holdings Revenue | ||||
Revenue: | ||||
Total revenue | $ 2,198 | $ 2,025 | $ 6,415 | $ 5,851 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,198 | 2,025 | 6,415 | 5,851 |
Revenue Share And Royalties | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 671 | 602 | 1,974 | 1,759 |
Revenue Share And Royalties | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 671 | 602 | 1,974 | 1,759 |
Programming and content expense | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 142 | 123 | 407 | 351 |
Programming and content expense | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 142 | 123 | 407 | 351 |
Customer service and billing | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 128 | 119 | 372 | 359 |
Customer service and billing | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 128 | 119 | 372 | 359 |
Other cost of subscriber services | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 57 | 51 | 167 | 142 |
Other cost of subscriber services | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 57 | 51 | 167 | 142 |
Primary Formula 1 | ||||
Revenue: | ||||
Total revenue | 668 | 597 | 1,349 | 660 |
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 449 | 551 | 931 | 610 |
Primary Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 668 | 597 | 1,349 | 660 |
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 449 | 551 | 931 | 610 |
Other | ||||
Revenue: | ||||
Total revenue | 234 | 110 | 466 | 143 |
Other | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 234 | $ 110 | $ 466 | $ 143 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net earnings (loss) | $ 400 | $ (43) | $ 914 | $ (303) |
Other comprehensive earnings (loss), net of taxes: | ||||
Foreign currency translation adjustments | (16) | 12 | (2) | (10) |
Credit risk on fair value debt instruments gains (losses) | (35) | (151) | (88) | 86 |
Unrealized holding gains (losses) arising during the period | (1) | (1) | (7) | |
Share of other comprehensive earnings (loss) of equity affiliates | (2) | 6 | 1 | (20) |
Recognition of previously unrealized (gains) losses on debt | (1) | |||
Comprehensive earnings (loss) | 347 | (177) | 823 | (254) |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 72 | 74 | 235 | 210 |
Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest | (2) | 51 | ||
Comprehensive earnings (loss) attributable to Liberty stockholders | 277 | (251) | 537 | (464) |
Liberty SiriusXM Group | ||||
Net earnings (loss) | 413 | 80 | 883 | 348 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | 296 | (102) | 589 | 119 |
Braves Group | ||||
Net earnings (loss) | 36 | (31) | 2 | (16) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | 36 | (32) | 1 | (24) |
Formula One Group | ||||
Net earnings (loss) | (49) | (92) | 29 | (635) |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ (55) | $ (117) | $ (53) | $ (559) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 914 | $ (303) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 806 | 812 |
Stock-based compensation | 188 | 180 |
Non-cash impairment and restructuring costs | 24 | 24 |
Changes in fair value of contingent consideration | (17) | |
Share of (earnings) loss of affiliates, net | 134 | 442 |
Realized and unrealized (gains) losses on financial instruments, net | (66) | 163 |
Losses (gains) on dilution of investment in affiliate | (152) | (1) |
Deferred income tax expense (benefit) | 33 | (43) |
Other, net | 104 | 62 |
Changes in operating assets and liabilities | ||
Current and other assets | (45) | (148) |
Payables and other liabilities | (250) | (132) |
Net cash provided (used) by operating activities | 1,673 | 1,056 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (218) | (94) |
Investment of subsidiary initial public offering proceeds into trust account | (575) | |
Return of investment in equity method affiliates | 38 | 105 |
Cash proceeds from sale of investments | 196 | 13 |
Cash (paid) received for acquisitions, net of cash acquired | (14) | (28) |
Capital expended for property and equipment, including internal-use software and website development | (280) | (316) |
Proceeds from insurance recoveries | 225 | |
Other investing activities, net | 13 | 11 |
Net cash provided (used) by investing activities | (615) | (309) |
Cash flows from financing activities: | ||
Borrowings of debt | 6,407 | 3,038 |
Repayments of debt | (6,129) | (2,595) |
Liberty stock repurchases | (398) | (204) |
Subsidiary shares repurchased by subsidiary | (1,174) | (870) |
Proceeds from Liberty SiriusXM common stock rights offering | 754 | |
Cash dividends paid by subsidiary | (41) | (49) |
Taxes paid in lieu of shares issued for stock-based compensation | (93) | (86) |
Proceeds from initial public offering of subsidiary | 575 | |
Other financing activities, net | (128) | (66) |
Net cash provided (used) by financing activities | (981) | (78) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (5) | (1) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 72 | 668 |
Cash, cash equivalents and restricted cash at beginning of period | 2,877 | 1,306 |
Cash, cash equivalents and restricted cash at end of period | $ 2,949 | $ 1,974 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Condensed Consolidated Statements of Cash Flows | ||
Cash and cash equivalents | $ 2,858 | $ 2,831 |
Restricted cash included in other current assets | $ 64 | $ 16 |
Restricted cash, current - location | Other current assets | Other current assets |
Restricted cash included in other assets | $ 27 | $ 30 |
Restricted cash, noncurrent - location | Other assets | Other assets |
Total cash and cash equivalents and restricted cash at end of period | $ 2,949 | $ 2,877 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity - USD ($) $ in Millions | Liberty SiriusXM GroupCommon StockCommon Class A | Liberty SiriusXM GroupCommon StockSeries C | Formula One GroupCommon StockSeries C | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest | Total |
Balance at Dec. 31, 2019 | $ 1 | $ 2 | $ 2 | $ 2,575 | $ (33) | $ 13,748 | $ 5,630 | $ 21,925 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | (516) | 213 | (303) | |||||
Other comprehensive earnings (loss) | 52 | (3) | 49 | |||||
Stock-based compensation | 144 | 49 | 193 | |||||
Withholding taxes on net share settlements of stock-based compensation | (86) | (86) | ||||||
Liberty stock repurchases | (204) | (204) | ||||||
Shares repurchased by subsidiary | (184) | (710) | (894) | |||||
Shares issued by subsidiary | (58) | 58 | ||||||
Common stock issued pursuant to the Series C Liberty SiriusXM common stock rights offering | 754 | 754 | ||||||
Other, net | 2 | (7) | (49) | (54) | ||||
Balance at Sep. 30, 2020 | 1 | 2 | 2 | 2,943 | 19 | 13,225 | 5,188 | 21,380 |
Balance at Jun. 30, 2020 | 1 | 2 | 2 | 3,110 | 156 | 13,339 | 5,478 | 22,088 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | (114) | 71 | (43) | |||||
Other comprehensive earnings (loss) | (137) | 3 | (134) | |||||
Stock-based compensation | 56 | 17 | 73 | |||||
Withholding taxes on net share settlements of stock-based compensation | (40) | (40) | ||||||
Liberty stock repurchases | (66) | (66) | ||||||
Shares repurchased by subsidiary | (92) | (394) | (486) | |||||
Shares issued by subsidiary | (30) | 30 | ||||||
Other, net | 5 | (17) | (12) | |||||
Balance at Sep. 30, 2020 | 1 | 2 | 2 | 2,943 | 19 | 13,225 | 5,188 | 21,380 |
Balance at Dec. 31, 2020 | 1 | 2 | 2 | 2,688 | 78 | 12,320 | 4,510 | 19,601 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | 629 | 234 | 863 | |||||
Other comprehensive earnings (loss) | (92) | 1 | (91) | |||||
Stock-based compensation | 163 | 36 | 199 | |||||
Withholding taxes on net share settlements of stock-based compensation | (93) | (93) | ||||||
Liberty stock repurchases | (398) | (398) | ||||||
Shares repurchased by subsidiary | (316) | (852) | (1,168) | |||||
Shares issued by subsidiary | (89) | 95 | 6 | |||||
Dividends paid by subsidiary | (41) | (41) | ||||||
Other, net | 16 | 16 | ||||||
Balance at Sep. 30, 2021 | 1 | 2 | 2 | 1,971 | (14) | 12,949 | 3,983 | 18,894 |
Balance at Jun. 30, 2021 | 1 | 2 | 2 | 2,225 | 37 | 12,621 | 4,120 | 19,008 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | 328 | 74 | 402 | |||||
Other comprehensive earnings (loss) | (51) | (2) | (53) | |||||
Stock-based compensation | 57 | 12 | 69 | |||||
Withholding taxes on net share settlements of stock-based compensation | (48) | (48) | ||||||
Liberty stock repurchases | (155) | (155) | ||||||
Shares repurchased by subsidiary | (86) | (238) | (324) | |||||
Shares issued by subsidiary | (31) | 31 | ||||||
Dividends paid by subsidiary | (13) | (13) | ||||||
Other, net | 9 | (1) | 8 | |||||
Balance at Sep. 30, 2021 | $ 1 | $ 2 | $ 2 | $ 1,971 | $ (14) | $ 12,949 | $ 3,983 | $ 18,894 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation | (1) Basis of Presentation The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Liberty’s significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings"), Delta Topco Limited (the parent company of Formula 1) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation"). The accompanying (a) condensed consolidated balance sheet as of December 31, 2020, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2020. 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 of our assets or liabilities. Our estimates may change, however, as new events occur and additional information is obtained, any such changes will be recognized in the financial statements. Actual results could differ from estimates, and any such differences may be material to our financial statements. Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty Media Acquisition Corporation (“LMAC”) and GCI Liberty, Inc. (“GCI Liberty”), all of which are, or were (in the case of GCI Liberty), separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others (except that GCI Liberty 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). These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters. The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Qurate Retail and Liberty Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC 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, LMAC 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 at its corporate headquarters with Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC and GCI Liberty (prior to termination) at Liberty’s corporate headquarters. Under these various agreements, approximately $7 million and $6 million of these allocated expenses were reimbursed to Liberty during the three months ended September 30, 2021 and 2020, respectively, and $20 million and $22 million were reimbursed to Liberty during the nine months ended September 30, 2021 and 2020, respectively. In December 2019, each of TripCo, Liberty Broadband, GCI Liberty and Qurate Retail (collectively, the “Service Companies”) entered into an amendment to its respective services agreement with Liberty in connection with Liberty's entry into a new employment arrangement with Gregory B. Maffei, Liberty's President and Chief Executive Officer. Under the amended services agreements, components of Mr. Maffei's compensation will either be paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement. 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. Seasonality Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events in the past have generally taken place between March and December each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year. Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season. Due to the delays of their respective 2020 seasons as a result of COVID-19, the majority of Braves Holdings’ 2020 revenue was recognized during the third quarter and the majority of Formula 1’s 2020 revenue was recognized in the third and fourth quarters. In 2021, the timing of baseball season and the number of regular season games played returned to normal, and limitations on fan attendance were lifted as the season progressed. Formula 1 is expected to hold a record number of Events in 2021, with a slightly longer 22 Event season planned. Restrictions on fan attendance have been reduced as 2021 has progressed, with all Events during the second half of the year operating either at full capacity or with more limited restrictions than had been applied at Events in the first half of the year. Accordingly, the seasonality of Braves Holdings’ and Formula 1’s results is returning to normal. |
Tracking Stocks
Tracking Stocks | 9 Months Ended |
Sep. 30, 2021 | |
Tracking Stocks | (2) Tracking Stocks A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Braves Group and Formula One Group have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest and that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. On April 22, 2020, the Company’s board of directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”). The reattribution is reflected in the Company’s financial statements on a prospective basis. The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. As of September 30, 2021, the Liberty SiriusXM Group is comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash Convertible Notes due 2023 (the “Convertible Notes”) 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 holds intergroup interests in the Formula One Group and the Braves Group as of September 30, 2021. In April 2021, the Liberty SiriusXM Group paid approximately $384 million to the Formula One Group to settle its obligation under the call spread with respect to the shares of Live Nation attributed to the Liberty SiriusXM Group. As of September 30, 2021, the Liberty SiriusXM Group has cash and cash equivalents of approximately $529 million, which includes $164 million of subsidiary cash. During the nine months ended September 30, 2021, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $180 million, of which Liberty received $139 million. On October 25, 2021, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.0219615 per share of common stock payable on November 29, 2021 to stockholders of record as of the close of business on November 5, 2021. The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group. As of September 30, 2021, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project and corporate cash. The Formula One Group and the Liberty SiriusXM Group retain intergroup interests in the Braves Group. As of September 30, 2021, the Braves Group has cash and cash equivalents of approximately $134 million, which includes $61 million of subsidiary cash. The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group. As of September 30, 2021, the Formula One Group is comprised of all of the businesses, assets and liabilities of Liberty, other than those specifically attributed to the Braves Group or the Liberty SiriusXM Group, including Liberty’s interests in Formula 1 and LMAC, 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. The Liberty SiriusXM Group retains an intergroup interest in the Formula One Group. In April 2021, the Formula One Group received approximately $384 million from the Liberty SiriusXM Group to settle the call spread with respect to the shares of Live Nation attributed to the Liberty SiriusXM Group. As of September 30, 2021, the Formula One Group has cash and cash equivalents of approximately $2,195 million, which includes $585 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 September 30, 2021. 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 September 30, 2021. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 5,271,475, representing a 2.2% intergroup interest at September 30, 2021. 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. See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation | (3) Stock-Based Compensation Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, as discussed below: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 8 9 24 24 Customer service and billing 2 1 5 4 Other 1 1 4 4 Other operating expense 9 11 26 31 Selling, general and administrative 45 46 129 117 $ 65 68 188 180 Liberty—Grants of Awards Options granted during the nine months ended September 30, 2021 are summarized as follows: Nine Months Ended September 30, 2021 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 33 $ 13.73 Series C Liberty SiriusXM common stock, Liberty CEO (2) 257 $ 13.73 Series C Liberty Formula One common stock, Liberty employees and directors (1) 30 $ 15.96 Series C Liberty Formula One common stock, Formula 1 employees (3) 718 $ 15.96 Series C Liberty Braves common stock, Liberty employees and directors (1) 16 $ 10.07 (1) Grants mainly vest between two and three years . (2) Grant cliff vests on December 31, 2021. Grant was made in connection with the CEO’s employment agreement. (3) Grants vest in equal quarterly installments over 2021. The Company did not grant any options Series A Series B Also during the nine months ended September 30, 2021, the Company granted 31 thousand and 65 thousand performance-based RSUs of Series C common stock of Liberty Braves and Liberty Formula One Liberty calculates the GDFV for all of its equity classified Awards and the subsequent remeasurement of its liability classified Awards using the Black-Scholes Model. Liberty estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Liberty common stock and the implied volatility of publicly traded Liberty options. Liberty uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject Awards. Liberty—Outstanding Awards The following tables present the number and weighted average exercise price ("WAEP") of Awards to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards. Liberty SiriusXM Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2021 10,870 $ 34.96 Granted 290 $ 45.34 Exercised (427) $ 31.77 Forfeited/Cancelled (1) $ 42.62 Outstanding at September 30, 2021 10,732 $ 35.36 2.6 years $ 130 Exercisable at September 30, 2021 8,298 $ 32.67 1.6 years $ 123 Liberty Braves Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2021 3,475 $ 24.81 Granted 16 $ 31.24 Exercised (36) $ 18.30 Forfeited/Cancelled — $ — Outstanding at September 30, 2021 3,455 $ 24.91 4.9 years $ 7 Exercisable at September 30, 2021 980 $ 19.05 1.9 years $ 7 Liberty Formula One Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2021 10,391 $ 31.78 Granted 748 $ 45.88 Exercised (338) $ 30.54 Forfeited/Cancelled — $ — Outstanding at September 30, 2021 10,801 $ 32.80 4.0 years $ 201 Exercisable at September 30, 2021 9,008 $ 30.68 3.6 years $ 187 As of September 30, 2021, there were no outstanding outstanding As of September 30, 2021, Liberty Braves and Liberty Formula One each each As of September 30, 2021, the total unrecognized compensation cost related to unvested Awards was approximately $53 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.3 years. As of September 30, 2021, Liberty reserved 10.7 million, 3.5 million and 10.8 million shares of Series A and Series C common stock, as applicable, of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, for issuance under exercise privileges of outstanding stock Awards. Sirius XM Holdings — Stock-based Compensation Sirius XM Holdings granted various types of stock awards to its employees during the nine months ended September 30, 2021. As of September 30, 2021, Sirius XM Holdings has approximately 170 million options outstanding of which approximately 99 million are exercisable, each with a WAEP per share of $5.40 and $4.80, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of September 30, 2021 is $144 million and $142 million, respectively. During the nine months ended September 30, 2021, Sirius XM Holdings granted approximately 39 million nonvested RSUs with a GDFV per share of $6.35. Stock-based compensation expense related to Sirius XM Holdings was $51 million and $58 million for the three months ended September 30, 2021 and 2020, respectively, and $149 million and $165 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and RSUs was $513 million. The Sirius XM Holdings unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.6 years. |
Earnings Attributable to Libert
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | (4) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders. Excluded from diluted EPS for the three and nine months ended September 30, 2021 are approximately 21 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, 5 million potentially dilutive shares of Series A and Series C Liberty Braves common stock and 5 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 8), because their inclusion would be antidilutive. The warrant transactions (as described in note 8) may have a dilutive effect with respect to the shares comprising the basket of Liberty’s tracking stocks as specified in the indenture, as amended, related to the Convertible Notes (the “Securities Basket”) underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement were reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 numbers of shares in millions Basic WASO 332 343 335 332 Potentially dilutive shares 3 1 2 2 Diluted WASO (a) 335 344 337 334 (a) 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 SiriusXM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 342 12 668 138 Unrealized (gain) loss on the intergroup interest NA NA NA (35) Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 342 12 668 103 Series A, Series B and Series C Liberty Braves Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended September 30, Nine months ended September 30, 2021 2020 (a) 2021 2020 (a) numbers of shares in millions Basic WASO 52 51 52 51 Potentially dilutive shares 10 9 9 9 Diluted WASO (b) 62 60 61 60 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) Prior to the reattribution, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2021. 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 condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ 36 (31) 2 (16) Unrealized (gain) loss on the intergroup interests (12) 10 15 (78) Diluted earnings (loss) attributable to Liberty Braves stockholders $ 24 (21) 17 (94) Series A, Series B and Series C Liberty Formula One Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended September 30, Nine months ended September 30, 2021 (a) 2020 (a) 2021 (a) 2020 (a) numbers of shares in millions Basic WASO 232 232 232 232 Potentially dilutive shares 8 6 8 6 Diluted WASO (b) 240 238 240 238 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) As discussed in note 2, the number of notional Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2021. 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 Liberty 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 condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 amounts in millions Basic earnings (loss) attributable to Formula One stockholders $ (50) (95) (41) (638) Unrealized (gain) loss on the intergroup interest 23 23 48 51 Diluted earnings (loss) attributable to Formula One stockholders $ (27) (72) 7 (587) |
Assets And Liabilities Measured
Assets And Liabilities Measured At Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
Assets and Liabilities Measured at Fair Value | (5) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3. Liberty's assets and liabilities measured at fair value are as follows: Fair Value Measurements at Fair Value Measurements at September 30, 2021 December 31, 2020 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,508 2,508 — 2,586 2,586 — Debt and equity securities $ 393 393 — 266 181 85 Financial instrument assets $ 511 94 417 424 84 340 Debt $ 4,713 — 4,713 4,545 — 4,545 Financial instrument liabilities $ 79 17 62 106 — 106 The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. These assets and liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized. Accordingly, those debt securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Debt and equity securities and financial instrument assets classified as Level 1 and Level 2 in the table above are included in the Other assets line item in the condensed consolidated balance sheets. Realized and Unrealized Gains (Losses) on Financial Instruments, net Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Debt and equity securities $ (6) 4 210 (109) Debt measured at fair value (a) (57) 44 (241) 326 Change in fair value of bond hedges (b) 18 (32) 77 (282) Other derivatives 5 — 20 (98) $ (40) 16 66 (163) (a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $46 million and a loss of $193 million for the three months ended September 30, 2021 and 2020, respectively, and a loss of $114 million and a gain of $109 million for the nine months ended September 30, 2021 and 2020, respectively, and the cumulative change since issuance was a gain of $61 million as of September 30, 2021. (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 8 for additional discussion of the bond hedges. |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Affiliates Accounted For Using The Equity Method | (6) Investments in Affiliates Accounted for Using the Equity Method Liberty has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at September 30, 2021 and the carrying amount at December 31, 2020: September 30, 2021 December 31, 2020 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a)(b) 31 % $ 6,347 $ 149 163 Sirius XM Canada 70 % $ NA 648 643 Other NA 77 80 Total Liberty SiriusXM Group 874 886 Braves Group Other various NA 108 94 Total Braves Group 108 94 Formula One Group Other various NA 34 38 Total Formula One Group 34 38 Consolidated Liberty $ 1,016 1,018 (a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2021 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”). (b) Due to Live Nation’s significant losses driven by COVID-19, Liberty’s basis in Live Nation was approximately zero as of June 30, 2021. In September 2021, Live Nation completed an offering of approximately 5.2 million shares of its common stock, resulting in a gain on dilution of our investment in Live Nation. The following table presents the Company's share of earnings (losses) of affiliates: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Liberty SiriusXM Group Live Nation (a) $ 9 (177) (169) (321) Sirius XM Canada (1) — 6 8 Other (6) (6) (18) (18) Total Liberty SiriusXM Group 2 (183) (181) (331) Braves Group Other 9 (5) 20 (2) Total Braves Group 9 (5) 20 (2) Formula One Group Live Nation (a) NA NA NA (112) Other (2) 1 27 3 Total Formula One Group (2) 1 27 (109) Consolidated Liberty $ 9 (187) (134) (442) (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Sirius XM Canada As of September 30, 2021, 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 $121 million as of September 30, 2021. The loan is denominated in Canadian dollars and is considered a long-term investment with any unrealized gains or losses reported within Accumulated other comprehensive (loss) income. Sirius XM Holdings also entered into a Services Agreement and an Advisory Services Agreement with Sirius XM Canada. Each agreement has a thirty year term Sirius XM Holdings has approximately $10 million in related party current assets as of September 30, 2021. Sirius XM Holdings recorded approximately $26 million and $25 million in revenue for the three months ended September 30, 2021 and 2020, respectively, and $76 million and $73 million in revenue for the nine months ended September 30, 2021 and 2020, respectively, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during both of the three months ended September 30, 2021 and 2020, and $1 million during both of the nine months ended September 30, 2021 and 2020. SoundCloud In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance. In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive U.S. ad sales representative. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud listening platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $15 million and $13 million during the three months ended September 30, 2021 and 2020, respectively, and $42 million and $36 million during the nine months ended September 30, 2021 and 2020, respectively. Sirius XM Holdings also had related party liabilities of $19 million as of September 30, 2021 related to this agreement. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Intangible Assets | (7) 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, 2021 $ 15,082 3,956 180 19,218 Acquisitions (a) 29 — — 29 Balance at September 30, 2021 $ 15,111 3,956 180 19,247 (a) Sirius XM Holdings recorded goodwill related to an acquisition in April 2021 and recorded adjustments to contingent consideration for the prior year acquisition of Stitcher. Intangible Assets Subject to Amortization September 30, 2021 December 31, 2020 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (888) 2,742 3,630 (742) 2,888 Customer relationships 3,053 (1,606) 1,447 3,053 (1,389) 1,664 Licensing agreements 355 (237) 118 355 (221) 134 Other 1,883 (1,257) 626 1,748 (1,056) 692 Total $ 8,921 (3,988) 4,933 8,786 (3,408) 5,378 Amortization expense for intangible assets with finite useful lives was $205 million and $214 million for the three months ended September 30, 2021 and 2020, respectively, and $606 million and $609 million for the nine months ended September 30, 2021 and 2020, respectively. Based on its amortizable intangible assets as of September 30, 2021, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2021 $ 196 2022 $ 778 2023 $ 574 2024 $ 417 2025 $ 363 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Long-Term Debt | (8) Long-Term Debt Debt is summarized as follows: Outstanding Carrying value Principal September 30, December 31, September 30, 2021 2021 2020 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) $ 1,000 1,369 1,251 2.125% Exchangeable Senior Debentures due 2048 (1) 400 414 418 2.25% Exchangeable Senior Debentures due 2048 (1) 385 532 475 2.75% Exchangeable Senior Debentures due 2049 (1) 604 627 628 0.5% Exchangeable Senior Debentures due 2050 (1) 920 1,111 982 Sirius XM Holdings Margin Loan 875 875 750 Live Nation Margin Loan — — — Subsidiary notes and loans: Sirius XM 3.875% Senior Notes due 2022 — — 997 Sirius XM 4.625% Senior Notes due 2024 — — 1,488 Sirius XM 5.375% Senior Notes due 2026 — — 993 Sirius XM 3.125% Senior Notes due 2026 1,000 989 — Sirius XM 5.0% Senior Notes due 2027 1,500 1,491 1,490 Sirius XM 4.0% Senior Notes due 2028 2,000 1,978 — Sirius XM 5.50% Senior Notes due 2029 1,250 1,239 1,237 Sirius XM 4.125% Senior Notes due 2030 1,500 1,485 1,484 Sirius XM 3.875% Senior Notes due 2031 1,500 1,483 — Pandora 1.75% Convertible Senior Notes due 2023 193 175 170 Sirius XM Senior Secured Revolving Credit Facility — — 649 Deferred financing costs (14) (12) Total Liberty SiriusXM Group 13,127 13,754 13,000 Braves Group Subsidiary notes and loans: Notes and loans 721 721 674 Deferred financing costs (3) (4) Total Braves Group 721 718 670 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) 450 635 582 2.25% Exchangeable Senior Debentures due 2046 (1) 25 25 209 Other 71 71 74 Subsidiary notes and loans: Senior Loan Facility 2,902 2,902 2,904 Deferred financing costs (7) (10) Total Formula One Group 3,448 3,626 3,759 Total debt $ 17,296 18,098 17,429 Debt classified as current (2,573) (743) Total long-term debt $ 15,525 16,686 (1) Measured at fair value 1.375% Cash Convertible Notes due 2023 On October 17, 2013, Liberty issued $1 billion aggregate principal amount of the Convertible Notes. The Convertible Notes will mature on October 15, 2023 unless earlier repurchased by us or converted. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities. 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 September 30, 2021. 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 5 for information related to unrealized gains (losses) on debt measured at fair value. As of September 30, 2021, the Convertible Notes are classified as a current liability in the condensed consolidated balance sheet, as the conversion conditions have 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 September 30, 2021, 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 September 30, 2021, the basket price of the securities underlying the Bond Hedge Transaction was $62.63 per share. The bond hedge expires on October 15, 2023 and is included in Other current assets as of September 30, 2021 and Other assets as of December 31, 2020 in the accompanying condensed consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same 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 the remainder expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the warrant transactions with cash. As of September 30, 2021, 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 September 30, 2021. As of September 30, 2021, the basket price of the securities underlying the warrants was $62.63 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 cash convertible 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 approximately 27.11 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $36.89 per share of Series C Liberty Formula One common stock. The conversion of the 1% Convertible Notes will be settled solely in cash, and not through the delivery of any securities. As of September 30, 2021, the 1% Convertible Notes are classified as a current liability in the condensed consolidated balance sheet, as the conversion conditions have been met as of such date. 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 were distributed by the Company to holders of the debentures as an additional distribution. During the nine months ended September 30, 2021, the Company sold approximately 5.33 million shares of AT&T common stock attributable to the debentures to fund individually negotiated private repurchases of $178 million principal amount of debentures. Holders of the debentures had the right to require Liberty to purchase their debentures on October 5, 2021. Accordingly, the debentures were classified as a current liability in the condensed consolidated balance sheet as of September 30, 2021. During October 2021, the Company sold the remaining shares of AT&T common stock attributable to the debentures to fund the repurchase and redemption of the remaining $25 million principal amount of debentures. The debentures, as well as the associated cash proceeds, were attributed to the Formula One Group. Liberty elected to account for the debentures using the fair value option. See note 5 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 5 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, pursuant to a supplemental indenture entered into in September 2021, Liberty will deliver solely 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. Holders of the debentures 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 condensed consolidated balance sheets as of September 30, 2021. In October 2021, Liberty issued a redemption notice for all of the 2.25% Exchangeable Debentures due 2048. Settlement of any debentures properly surrendered for exchange is expected to be completed in January 2022. On December 1, 2021, any 2.25% Exchangeable Senior Debentures due 2028 outstanding and not so purchased or surrendered prior thereto for exchange will be redeemed in full. 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 5 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 5 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 5 for information related to unrealized gains (losses) on debt measured at fair value. Margin Loans Sirius XM Holdings Margin Loan In March 2020, Liberty Siri MarginCo, LLC (“Siri MarginCo”), a wholly-owned subsidiary of Liberty, extended its margin loan agreement secured by shares of Sirius XM Holdings common stock (the “Sirius XM Holdings Margin Loan”) that was comprised of a $250 million term loan, a $500 million revolving line of credit and a $600 million delayed draw term loan, and was scheduled to mature during March 2022. The term loan, delayed draw 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%. 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 carry an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. Borrowings outstanding under this margin loan bore interest at a rate of 2.13% per annum at September 30, 2021. As of September 30, 2021, availability under the Sirius XM Holdings Margin Loan was $875 million. As of September 30, 2021, 1.0 billion shares of Sirius XM Holdings common stock held by Liberty with a value of $6,100 million were pledged as collateral to the Sirius XM Holdings 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. Live Nation Margin Loan On December 10, 2018, the Live Nation 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 September 30, 2021, availability under the Live Nation Margin Loan was $200 million. As of September 30, 2021, 9.0 million shares of the Company’s Live Nation common stock with a value of $817 million were pledged as collateral to the loan. The Live Nation Margin Loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants. The Live Nation Margin Loan was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Sirius XM Holdings Senior Notes and Secured Revolving Credit Facility Sirius XM 3.875% Senior Notes Due 2022, Sirius XM 4.625% Senior Notes due 2024 and Sirius XM 5.375% Senior Notes due 2026 In August 2021, Sirius XM redeemed the $1.0 billion aggregate principal amount of the 3.875% Senior Notes due 2022 for $1,019 million and $1.5 billion aggregate principal amount of the 4.625% Senior Notes due 2024 for $1,541 million. In September 2021, Sirius XM redeemed the $1.0 billion aggregate principal amount of the 5.375% Senior Notes due 2026 for $1,034 million. Sirius XM recognized $83 million of losses on extinguishment of debt during the three and nine months ended September 30, 2021 as a result of these redemptions. Sirius XM 4.0% Senior Notes Due 2028 In June 2021, Sirius XM issued $2.0 billion aggregate principal amount of 4.0% Senior Notes due 2028 (the “4.0% Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year at a rate of 4.0% per annum. The 4.0% Notes will mature on July 15, 2028. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM Holdings used a portion of the net proceeds from the offering to repay borrowings outstanding under its Credit Facility, as defined below, and redeemed all of its 3.875% Senior Notes due 2022. Sirius XM 3.125% Senior Notes Due 2026 and Sirius XM 3.875% Senior Notes Due 2031 In August 2021, Sirius XM issued $1.0 billion aggregate principal amount of 3.125% Senior Notes due 2026 (the “3.125% Notes”) and $1.5 billion aggregate principal amount of 3.875% Senior Notes due 2031 (the “3.875% Notes”). Interest on the 3.125% Notes and 3.875% Notes is payable semi-annually on March 1 and September 1. The 3.125% Notes mature on September 1, 2026 and the 3.875% Notes mature on September 1, 2031. 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 to redeem all of its 4.625% Senior Notes due 2024 and all of its 5.375% Senior Notes due 2026. 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 August 2026. 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. Sirius XM Holdings is required to pay a variable fee on the average daily unused portion of the Credit Facility which was 0.25% per annum as of September 30, 2021 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 $1,749 million as of September 30, 2021. Braves Holdings Notes and Loans Braves Holdings’ debt, primarily related to the stadium and mixed-use complex, is summarized as follows: Carrying value As of September 30, 2021 September 30, December 31, Borrowing Weighted avg Maturity 2021 2020 Capacity interest rate Date amounts in millions Operating credit facilities $ 145 115 185 1.30% various Ballpark funding Senior secured note 178 184 NA 3.77% September 2041 Floating rate notes 56 60 NA 1.85% September 2029 Stadium credit facility 46 — 46 1.36% July 2026 Term loan — 46 NA NA August 2021 Mixed-use credit facilities and loans 266 239 307 3.66% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 721 674 Formula 1 Loans Formula 1 has a first lien term loan denominated in U.S. Dollars (the “Senior Loan Facility”), which includes a $500 million revolving credit facility. The revolving credit facility matures on May 31, 2024, unless the Senior Loan Facility is outstanding, in which case the revolving credit facility matures on November 3, 2023. As of September 30, 2021, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 3.50% as of September 30, 2021. The Senior Loan Facility is secured by share pledges, bank accounts and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of September 30, 2021, Formula 1 has interest rate swaps on $2.1 billion of the $2.9 billion Senior Loan Facility in order to manage its interest rate risk. Debt Covenants The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings’ leverage ratio. Braves Holdings’ debt contains certain financial covenants related to Braves Holdings’ debt service coverage ratio, fixed charge coverage ratio, debt yield ratio, capital expenditures and liquidity. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings’ Credit Facility, Braves Holdings’ debt, Formula 1 debt and other borrowings contain certain non-financial covenants. Recent amendments to Formula 1’s Senior Loan Facility and certain Braves Holdings debt provide for covenant relief, subject to certain conditions, for a specified period of time. The Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with their debt covenants as of September 30, 2021. Fair Value of Debt The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions): September 30, 2021 Sirius XM 3.125% Senior Notes due 2026 $ 1,011 Sirius XM 5.0% Senior Notes due 2027 $ 1,560 Sirius XM 4.0% Senior Notes due 2028 $ 2,030 Sirius XM 5.50% Senior Notes due 2029 $ 1,345 Sirius XM 4.125% Senior Notes due 2030 $ 1,506 Sirius XM 3.875% Senior Notes due 2031 $ 1,461 Pandora 1.75% Convertible Senior Notes due 2023 $ 219 Due to the variable rate nature of the Credit Facility, margin loans and other debt, the Company believes that the carrying amount approximates fair value at September 30, 2021. |
Liberty Media Acquisition Corpo
Liberty Media Acquisition Corporation | 9 Months Ended |
Sep. 30, 2021 | |
Investment in Liberty Media Acquisition Corporation | |
Investment in Liberty Media Acquisition Corporation | (9) Liberty Media Acquisition Corporation In November 2020, the Company, through its wholly owned subsidiary, Liberty Media Acquisition Sponsor, LLC (the “Sponsor”), formed LMAC and ultimately purchased approximately 14.4 million shares of LMAC Series F common stock (“Founder Shares”) for $25,000. On January 26, 2021, LMAC consummated its initial public offering (“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 (“Public Warrants”). The Units were sold at a price of $10.00 per Unit, generating gross proceeds to LMAC of $575 million, which were placed in a U.S.-based trust account (Level 1) which is included in other assets in the condensed consolidated balance sheet. Substantially concurrent with the IPO, LMAC completed the private placement of 10 million warrants to the Sponsor, generating gross proceeds of $15 million (“Private Placement Warrants”). Each Private Placement Warrant entitles the holder thereof to purchase one share of LMAC’s 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 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), at a price of $10.00 per unit, pursuant to a forward purchase agreement that will close substantially concurrently with the consummation of LMAC’s initial business combination. LMAC intends to search for a target in the media, digital media, music, entertainment, communications, telecommunications and technology industries, but may seek to complete a business combination with an operating company in any industry, sector or geographic region. The Company, through the Sponsor’s ownership of the Founder Shares, owns 20% of LMAC’s issued and outstanding common stock. The Founder Shares have certain governance rights which allow the Company to control LMAC’s affairs, policies and operations through the initial business combination and therefore the Company continues to consolidate LMAC post IPO. LMAC also entered into services and facilities sharing agreements with the Company for shared office space, services and personnel based on a flat fee. The Company’s interest in LMAC is attributed to the Formula One Group. Transactions and ownership interests with the Sponsor eliminate upon consolidation. LMAC’s Series A common stock, issued as part of the Units in the IPO, has certain provisions which allow the holder to put back the stock to LMAC upon an initial business combination at their election. This conditional redemption feature requires the Company to account for those shares that are subject to potential redemption as redeemable noncontrolling interests which requires temporary equity classification (outside of permanent equity). The changes in the components of redeemable noncontrolling interests were as follows (in millions): Balance at January 1, 2021 $ — Initial recognition of redeemable noncontrolling interests 524 Net earnings (loss) attributable to the noncontrolling interests (1) Change in redemption value of redeemable noncontrolling interests 52 Balance at September 30, 2021 $ 575 The Public Warrants, issued as part of the Units in the IPO, have certain provisions which require LMAC to account for these instruments at fair value as a liability. Therefore, the proceeds from the IPO were bifurcated between the warrants and the Series A common stock. At the IPO date, approximately $20 million was recorded as a warrant liability within Other Liabilities, net of IPO costs. At September 30, 2021 the value of the liability was $17 million based on the fair market value of the Public Warrants. On April 15, 2021, the Sponsor entered into an agreement to provide up to $2.5 million to LMAC for working capital purposes. As of September 30, 2021, LMAC had borrowed $1 million under the loan. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies | (10) Commitments and Contingencies Guarantees In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification guarantees. Employment Contracts The Atlanta Braves and certain of their players (current and former), coaches and executives have entered into long-term employment contracts whereby such individuals' compensation is guaranteed. Amounts due under guaranteed contracts as of September 30, 2021 aggregated $446 million, which is payable as follows: $189 million in 2021, $92 million in 2022, $62 million in 2023, $48 million in 2024 and $55 million thereafter. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts. SXM-7 Satellite On December 13, 2020, Sirius XM Holdings launched its SXM-7 satellite and in-orbit testing of SXM-7 began on January 4, 2021. During in-orbit testing of SXM-7, events occurred which caused failures of certain SXM-7 payload units. The evaluation of SXM-7 concluded that the satellite will not function as intended, which Sirius XM Holdings considered to be a triggering event prompting the assessment as to whether the asset's carrying value of $220 million was recoverable. In determining recoverability of SXM-7, Sirius XM Holdings compared the asset's carrying value to the undiscounted cash flows derived from the satellite. SXM-7 was determined to be a total loss and therefore, the carrying value of the satellite is not recoverable and an impairment charge of $220 million was recorded to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations during the nine months ended September 30, 2021. SXM-7 remains in-orbit at its assigned orbital location, but is not being used to provide satellite radio service. Sirius XM Holdings procured insurance for SXM-7 to cover the risks associated with the satellite's launch and first year of in-orbit operation. The aggregate coverage under the insurance policies with respect to SXM-7 is $225 million. During the nine months ended September 30, 2021, Sirius XM Holdings collected $225 million of insurance recoveries. Of this amount, $80 million and $220 million have been recorded as a reduction to impairment, restructuring and acquisition costs, net of recoveries during the three and nine months ended September 30, 2021, respectively. The remaining $5 million has been recorded in other, net in the condensed consolidated statements of operations during the three and nine months ended September 30, 2021. The SXM-8 satellite was successfully launched into a geostationary orbit on June 6, 2021 and was placed into service on September 8, 2021 following the completion of in-orbit testing. The SXM-8 satellite replaced the XM-3 satellite, which remains available as an in-orbit spare, along with XM-5. Potential Impact of COVID-19 The business operations of Formula 1, the Atlanta Braves and Live Nation initially were largely, if not completely, suspended at the outset of COVID-19, and continue to be impacted. These businesses may be required to hold a smaller number of events than originally planned or may not be able to reschedule previously canceled or postponed events. The 2021 regular baseball season was comprised of approximately 160 games. Formula 1 originally scheduled 23 Events in 2021, although after a number of Events were cancelled and/or replaced, 22 Events are expected to take place. Braves Holdings and Formula 1 have had limitations on the number of fans in attendance at certain games and Events in 2021, thereby reducing revenue associated with fan attendance. Starting in the third quarter of 2021, Live Nation saw a meaningful restart of its operations, with growth in ticket sales, new sponsor partners and the resumption of shows, primarily in the United States and United Kingdom. It is unclear, as restrictions are lifted in many jurisdictions, whether and to what extent COVID-19 concerns will continue to impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets. If these businesses continue to face cancelled events, closed venues and reduced attendance, the impact may substantially decrease our revenue. Due to the revenue reductions caused by COVID-19 to date, these businesses have looked to reduce expenses, but should such impacts continue, the businesses may not be able to reduce expenses to the same degree as any decline in revenue, which may adversely affect our results of operations and cash flow. Restructuring of Sirius XM Holdings’ leases During the nine months ended September 30, 2021, Sirius XM Holdings evaluated its office space needs and, as a result of such analysis, surrendered certain office leases, primarily in New York, New York and Oakland, California. Sirius XM Holdings assessed the recoverability of the carrying value of the operating lease right of use assets related to these locations. Based on that assessment, Sirius XM Holdings recorded impairments aggregating $18 million to reduce the carrying value of the assets to their fair values. Additionally, Sirius XM Holdings accrued expenses of $6 million for which it will not recognize any future economic benefits and wrote off leasehold improvements of $1 million. The fair values of the assets were determined using a discounted cash flow model based on Sirius XM Holdings management's assumptions regarding the ability to sublease the locations and the remaining term of the leases. The total charge of $25 million was recorded to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations for the nine months ended September 30, 2021. Litigation The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements. Pre-1972 Sound Recording Litigation. The MMA grants a potential federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora took steps to avail itself of this preemption defense, including making the required payments under the MMA for certain of its uses of pre-1972 recordings. Based on the federal preemption contained in the MMA (along with other considerations), Pandora asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. 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 MMA 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. On August 23, 2021, the United States Court of Appeals for the Ninth Circuit issued an Opinion in a related case, Flo & Eddie Inc. v. Sirius XM Radio Inc. The related case also concerned a class action suit brought by Flo & Eddie Inc. regarding the public performance of pre-1972 recordings under California law. Relying on California’s copyright statute, Flo & Eddie argued that California law gave it the “exclusive ownership” of its pre-1972 songs, including the right of public performance. The Ninth Circuit reversed the District Court’s grant of partial summary judgment to Flo & Eddie Inc. The Ninth Circuit held that the District Court in this related case erred in concluding that “exclusive ownership” under California’s copyright statute included the right of public performance. The Ninth Circuit remanded the case for entry of judgment consistent with the terms of the parties’ contingent settlement agreement, and on October 6, 2021, the parties to the related case stipulated to its dismissal with prejudice. Following issuance of the Flo & Eddie Inc. v. Sirius XM Radio Inc. opinion, on September 3, 2021, the Ninth Circuit lifted the stay of appellate proceedings in Flo & Eddie, Inc. v. Pandora Media, LLC. The Flo & Eddie Inc. v. Sirius XM Radio Inc. decision is precedential in the Ninth Circuit, and therefore Sirius XM Holdings believes substantially narrows the claims that Flo & Eddie may continue to assert against Pandora. Sirius XM Holdings believes it has substantial defenses to the claims asserted in this action, and intends to defend this action vigorously. Exchange Agreement with Chairman On July 28, 2021, the Company entered into an exchange agreement, among the Company, John C. Malone (the Chairman of the Board of the Company), and a revocable trust of which Mr. Malone is the sole trustee and beneficiary (the “JM Trust”) (the “Exchange Agreement”), whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in the Company would not exceed 49% (the “Target Voting Power”) plus 0.5% (under certain circumstances). The Exchange Agreement provides for exchanges by the Company and Mr. Malone or the JM Trust of shares of Series B Liberty SiriusXM common stock, Series B Liberty Braves common stock or Series B Liberty Formula One common stock for shares of Series C Liberty SiriusXM common stock, Series C Liberty Braves common stock or Series C Liberty Formula One common stock, respectively, in connection with certain events, including (i) any event that would result in a reduction in the outstanding votes of any of the Company’s tracking stock groups (each, a “Group”) or an increase of Mr. Malone’s beneficially-owned voting power in any Group (other than a Voting Power Exchange (as defined below)) (an “Accretive Event”), in each case, such that Mr. Malone’s voting power with respect to such Group would exceed the Target Voting Power plus 0.5%, (ii) from and after the occurrence of any Accretive Event, any event that would result in an increase in the outstanding votes of any Group or a decrease of Mr. Malone’s beneficially-owned voting power in any Group (a “Dilutive Event”), in each case, such that Mr. Malone’s voting power with respect to such Group falls below the Target Voting Power less 0.5%, or (iii) on a quarterly basis or in connection with any annual or special meeting of stockholders, upon request by Mr. Malone or the JM Trust, if Mr. Malone’s aggregate voting power in the Company is less than the Target Voting Power and would continue to be less than the Target Voting Power upon completion of such exchange (a "Voting Power Exchange"). Additionally, the Exchange Agreement contains certain provisions with respect to fundamental events at the Company, meaning any combination, consolidation, merger, exchange offer, split-off, spin-off, rights offering or dividend, in each case, as a result of which holders of Series B common stock of one or more Groups are entitled to receive securities of the Company, securities of another person, property or cash, or a combination thereof. In connection with an Accretive Event with respect to a Group, Mr. Malone or the JM Trust will be required to exchange with the Company shares of Series B common stock of such Group (“Exchanged Group Series B Shares”) for an equal number of shares of Series C common stock of the same Group so as to maintain Mr. Malone’s voting power with respect to such Group as close as possible to, without exceeding, the Target Voting Power, on the terms and subject to the conditions of the Exchange Agreement. In connection with a Dilutive Event with respect to a Group, Mr. Malone and the JM Trust may exchange with the Company shares of Series C common stock of a Group for an equal number of shares of Series B common stock of the same Group equal to the lesser of (i) the number of shares of Series B common stock of the same Group which would maintain Mr. Malone’s voting power with respect to such Group as close as possible to, without exceeding, the Target Voting Power and (ii) the number of Exchanged Group Series B Shares at such time, on the terms and subject to the conditions of the Exchange Agreement. In a Voting Power Exchange, the Company will be required to exchange with Mr. Malone and the JM Trust shares of Series B common stock of any Group on a one -for- one basis for shares of Series C common stock of the same Group, with the maximum number of shares of Series B common stock to be delivered to Mr. Malone or the JM Trust equal to the number of Exchanged Group Series B Shares at such time that may be delivered without resulting in Mr. Malone’s aggregate voting power in the Company exceeding the Target Voting Power, on the terms and subject to the conditions of the Exchange Agreement. As of September 30, 2021, there have been no exchanges of the Company’s shares pursuant to the Exchange Agreement. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 9 Months Ended |
Sep. 30, 2021 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (11) Information About Liberty's Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration. For the nine months ended September 30, 2021, 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 through its two proprietary satellite radio systems and is 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. ● Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K. 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 amounts are included in the tables below and are subsequently eliminated in order to reconcile the account totals to the Company’s consolidated financial statements. 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 The following table disaggregates revenue by segment and by source: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,666 1,594 4,918 4,757 Advertising 452 345 1,235 866 Equipment 41 47 149 113 Other 39 39 113 115 Total Liberty SiriusXM Group 2,198 2,025 6,415 5,851 Braves Group Corporate and other: Baseball 222 102 433 119 Development 12 8 33 24 Total Braves Group 234 110 466 143 Formula One Group Formula 1: Primary 612 558 1,235 590 Other 56 39 114 70 Total Formula One Group 668 597 1,349 660 Consolidated Liberty $ 3,100 2,732 8,230 6,654 Live Nation’s revenue was $2,699 million and $184 million during the three months ended September 30, 2021 and 2020, respectively, and $3,565 million and $1,624 million during the nine months ended September 30, 2021 and 2020, respectively. Our subsidiaries’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the three months ended September 30, 2021 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the nine months ended September 30, 2021 were approximately $349 million and $504 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $631 million for the remainder of 2021 2022 2023 2024 2035 For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Adjusted OIBDA is summarized as follows: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 720 661 2,101 1,915 Live Nation 306 (320) 164 (647) Corporate and other (5) (7) (12) (26) 1,021 334 2,253 1,242 Eliminate equity method affiliate (306) 320 (164) 647 Total Liberty SiriusXM Group 715 654 2,089 1,889 Braves Group Corporate and other 55 5 86 (49) Total Braves Group 55 5 86 (49) Formula One Group Formula 1 180 14 312 (34) Live Nation NA NA NA (125) Corporate and other (4) (6) (14) (26) 176 8 298 (185) Eliminate equity method affiliate NA NA NA 125 Total Formula One Group 176 8 298 (60) Consolidated Liberty $ 946 667 2,473 1,780 Other Information September 30, 2021 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,739 725 244 Live Nation 13,331 246 110 Corporate and other 1,758 149 — 44,828 1,120 354 Eliminate equity method affiliate (13,331) (246) (110) Total Liberty SiriusXM Group 31,497 874 244 Braves Group Corporate and other 1,625 108 26 Total Braves Group 1,625 108 26 Formula One Group Formula 1 8,815 — 10 Corporate and other 3,020 34 — Total Formula One Group 11,835 34 10 Elimination (1) (538) — — Consolidated Liberty $ 44,419 1,016 280 (1) This amount is primarily comprised of 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. See note 2 for information regarding the intergroup interests. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Adjusted OIBDA $ 946 667 2,473 1,780 Impairment, restructuring and acquisition costs, net of recoveries (note 10) 95 — (13) (24) Legal reserves — — — 16 Stock-based compensation (65) (68) (188) (180) Depreciation and amortization (274) (279) (806) (812) Operating income (loss) 702 320 1,466 780 Interest expense (168) (153) (484) (480) Share of earnings (losses) of affiliates, net 9 (187) (134) (442) Realized and unrealized gains (losses) on financial instruments, net (40) 16 66 (163) Gains (losses) on dilution of investment in affiliate 142 — 152 1 Other, net (72) (32) (54) (2) Earnings (loss) before income taxes $ 573 (36) 1,012 (306) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Stock-Based Compensation Allocation of Expense | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 8 9 24 24 Customer service and billing 2 1 5 4 Other 1 1 4 4 Other operating expense 9 11 26 31 Selling, general and administrative 45 46 129 117 $ 65 68 188 180 |
Schedule of options granted and weighted average grant date fair value | Nine Months Ended September 30, 2021 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 33 $ 13.73 Series C Liberty SiriusXM common stock, Liberty CEO (2) 257 $ 13.73 Series C Liberty Formula One common stock, Liberty employees and directors (1) 30 $ 15.96 Series C Liberty Formula One common stock, Formula 1 employees (3) 718 $ 15.96 Series C Liberty Braves common stock, Liberty employees and directors (1) 16 $ 10.07 (1) Grants mainly vest between two and three years . (2) Grant cliff vests on December 31, 2021. Grant was made in connection with the CEO’s employment agreement. (3) Grants vest in equal quarterly installments over 2021. |
Liberty SiriusXM Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2021 10,870 $ 34.96 Granted 290 $ 45.34 Exercised (427) $ 31.77 Forfeited/Cancelled (1) $ 42.62 Outstanding at September 30, 2021 10,732 $ 35.36 2.6 years $ 130 Exercisable at September 30, 2021 8,298 $ 32.67 1.6 years $ 123 |
Braves Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2021 3,475 $ 24.81 Granted 16 $ 31.24 Exercised (36) $ 18.30 Forfeited/Cancelled — $ — Outstanding at September 30, 2021 3,455 $ 24.91 4.9 years $ 7 Exercisable at September 30, 2021 980 $ 19.05 1.9 years $ 7 |
Formula One Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2021 10,391 $ 31.78 Granted 748 $ 45.88 Exercised (338) $ 30.54 Forfeited/Cancelled — $ — Outstanding at September 30, 2021 10,801 $ 32.80 4.0 years $ 201 Exercisable at September 30, 2021 9,008 $ 30.68 3.6 years $ 187 |
Earnings Attributable to Libe_2
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Liberty SiriusXM Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 numbers of shares in millions Basic WASO 332 343 335 332 Potentially dilutive shares 3 1 2 2 Diluted WASO (a) 335 344 337 334 (a) 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 SiriusXM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 342 12 668 138 Unrealized (gain) loss on the intergroup interest NA NA NA (35) Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 342 12 668 103 |
Braves Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Three months ended September 30, Nine months ended September 30, 2021 2020 (a) 2021 2020 (a) numbers of shares in millions Basic WASO 52 51 52 51 Potentially dilutive shares 10 9 9 9 Diluted WASO (b) 62 60 61 60 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) Prior to the reattribution, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2021. 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 condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ 36 (31) 2 (16) Unrealized (gain) loss on the intergroup interests (12) 10 15 (78) Diluted earnings (loss) attributable to Liberty Braves stockholders $ 24 (21) 17 (94) |
Formula One Group | |
Reconciliation of Basic and Diluted Weighted Average Shares | Three months ended September 30, Nine months ended September 30, 2021 (a) 2020 (a) 2021 (a) 2020 (a) numbers of shares in millions Basic WASO 232 232 232 232 Potentially dilutive shares 8 6 8 6 Diluted WASO (b) 240 238 240 238 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) As discussed in note 2, the number of notional Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of September 30, 2021. 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 Liberty 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 condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 amounts in millions Basic earnings (loss) attributable to Formula One stockholders $ (50) (95) (41) (638) Unrealized (gain) loss on the intergroup interest 23 23 48 51 Diluted earnings (loss) attributable to Formula One stockholders $ (27) (72) 7 (587) |
Assets And Liabilities Measur_2
Assets And Liabilities Measured At Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Assets and Liabilities Measured at Fair Value | Fair Value Measurements at Fair Value Measurements at September 30, 2021 December 31, 2020 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,508 2,508 — 2,586 2,586 — Debt and equity securities $ 393 393 — 266 181 85 Financial instrument assets $ 511 94 417 424 84 340 Debt $ 4,713 — 4,713 4,545 — 4,545 Financial instrument liabilities $ 79 17 62 106 — 106 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Debt and equity securities $ (6) 4 210 (109) Debt measured at fair value (a) (57) 44 (241) 326 Change in fair value of bond hedges (b) 18 (32) 77 (282) Other derivatives 5 — 20 (98) $ (40) 16 66 (163) (a) The Company elected to account for its exchangeable senior debentures and cash convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and cash convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $46 million and a loss of $193 million for the three months ended September 30, 2021 and 2020, respectively, and a loss of $114 million and a gain of $109 million for the nine months ended September 30, 2021 and 2020, respectively, and the cumulative change since issuance was a gain of $61 million as of September 30, 2021. (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 8 for additional discussion of the bond hedges. |
Investments In Affiliates Acc_2
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule Of Equity Ownership And Carrying Amount | September 30, 2021 December 31, 2020 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a)(b) 31 % $ 6,347 $ 149 163 Sirius XM Canada 70 % $ NA 648 643 Other NA 77 80 Total Liberty SiriusXM Group 874 886 Braves Group Other various NA 108 94 Total Braves Group 108 94 Formula One Group Other various NA 34 38 Total Formula One Group 34 38 Consolidated Liberty $ 1,016 1,018 (a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2021 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”). (b) Due to Live Nation’s significant losses driven by COVID-19, Liberty’s basis in Live Nation was approximately zero as of June 30, 2021. In September 2021, Live Nation completed an offering of approximately 5.2 million shares of its common stock, resulting in a gain on dilution of our investment in Live Nation. |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Liberty SiriusXM Group Live Nation (a) $ 9 (177) (169) (321) Sirius XM Canada (1) — 6 8 Other (6) (6) (18) (18) Total Liberty SiriusXM Group 2 (183) (181) (331) Braves Group Other 9 (5) 20 (2) Total Braves Group 9 (5) 20 (2) Formula One Group Live Nation (a) NA NA NA (112) Other (2) 1 27 3 Total Formula One Group (2) 1 27 (109) Consolidated Liberty $ 9 (187) (134) (442) (a) Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2021 $ 15,082 3,956 180 19,218 Acquisitions (a) 29 — — 29 Balance at September 30, 2021 $ 15,111 3,956 180 19,247 (a) Sirius XM Holdings recorded goodwill related to an acquisition in April 2021 and recorded adjustments to contingent consideration for the prior year acquisition of Stitcher. |
Schedule of intangible assets subject to amortization | September 30, 2021 December 31, 2020 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (888) 2,742 3,630 (742) 2,888 Customer relationships 3,053 (1,606) 1,447 3,053 (1,389) 1,664 Licensing agreements 355 (237) 118 355 (221) 134 Other 1,883 (1,257) 626 1,748 (1,056) 692 Total $ 8,921 (3,988) 4,933 8,786 (3,408) 5,378 |
Schedule of future amortization expense | Based on its amortizable intangible assets as of September 30, 2021, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2021 $ 196 2022 $ 778 2023 $ 574 2024 $ 417 2025 $ 363 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal September 30, December 31, September 30, 2021 2021 2020 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Notes due 2023 (1) $ 1,000 1,369 1,251 2.125% Exchangeable Senior Debentures due 2048 (1) 400 414 418 2.25% Exchangeable Senior Debentures due 2048 (1) 385 532 475 2.75% Exchangeable Senior Debentures due 2049 (1) 604 627 628 0.5% Exchangeable Senior Debentures due 2050 (1) 920 1,111 982 Sirius XM Holdings Margin Loan 875 875 750 Live Nation Margin Loan — — — Subsidiary notes and loans: Sirius XM 3.875% Senior Notes due 2022 — — 997 Sirius XM 4.625% Senior Notes due 2024 — — 1,488 Sirius XM 5.375% Senior Notes due 2026 — — 993 Sirius XM 3.125% Senior Notes due 2026 1,000 989 — Sirius XM 5.0% Senior Notes due 2027 1,500 1,491 1,490 Sirius XM 4.0% Senior Notes due 2028 2,000 1,978 — Sirius XM 5.50% Senior Notes due 2029 1,250 1,239 1,237 Sirius XM 4.125% Senior Notes due 2030 1,500 1,485 1,484 Sirius XM 3.875% Senior Notes due 2031 1,500 1,483 — Pandora 1.75% Convertible Senior Notes due 2023 193 175 170 Sirius XM Senior Secured Revolving Credit Facility — — 649 Deferred financing costs (14) (12) Total Liberty SiriusXM Group 13,127 13,754 13,000 Braves Group Subsidiary notes and loans: Notes and loans 721 721 674 Deferred financing costs (3) (4) Total Braves Group 721 718 670 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) 450 635 582 2.25% Exchangeable Senior Debentures due 2046 (1) 25 25 209 Other 71 71 74 Subsidiary notes and loans: Senior Loan Facility 2,902 2,902 2,904 Deferred financing costs (7) (10) Total Formula One Group 3,448 3,626 3,759 Total debt $ 17,296 18,098 17,429 Debt classified as current (2,573) (743) Total long-term debt $ 15,525 16,686 (1) Measured at fair value |
Fair Value of Debt | The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions): September 30, 2021 Sirius XM 3.125% Senior Notes due 2026 $ 1,011 Sirius XM 5.0% Senior Notes due 2027 $ 1,560 Sirius XM 4.0% Senior Notes due 2028 $ 2,030 Sirius XM 5.50% Senior Notes due 2029 $ 1,345 Sirius XM 4.125% Senior Notes due 2030 $ 1,506 Sirius XM 3.875% Senior Notes due 2031 $ 1,461 Pandora 1.75% Convertible Senior Notes due 2023 $ 219 |
ANLBC | |
Schedule of Braves Holdings Debt | Carrying value As of September 30, 2021 September 30, December 31, Borrowing Weighted avg Maturity 2021 2020 Capacity interest rate Date amounts in millions Operating credit facilities $ 145 115 185 1.30% various Ballpark funding Senior secured note 178 184 NA 3.77% September 2041 Floating rate notes 56 60 NA 1.85% September 2029 Stadium credit facility 46 — 46 1.36% July 2026 Term loan — 46 NA NA August 2021 Mixed-use credit facilities and loans 266 239 307 3.66% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 721 674 |
Liberty Media Acquisition Cor_2
Liberty Media Acquisition Corporation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment in Liberty Media Acquisition Corporation | |
Schedule of changes in the components of redeemable noncontrolling interests | The changes in the components of redeemable noncontrolling interests were as follows (in millions): Balance at January 1, 2021 $ — Initial recognition of redeemable noncontrolling interests 524 Net earnings (loss) attributable to the noncontrolling interests (1) Change in redemption value of redeemable noncontrolling interests 52 Balance at September 30, 2021 $ 575 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Information About Liberty's Operating Segments | |
Schedule of revenue disaggregated by source | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,666 1,594 4,918 4,757 Advertising 452 345 1,235 866 Equipment 41 47 149 113 Other 39 39 113 115 Total Liberty SiriusXM Group 2,198 2,025 6,415 5,851 Braves Group Corporate and other: Baseball 222 102 433 119 Development 12 8 33 24 Total Braves Group 234 110 466 143 Formula One Group Formula 1: Primary 612 558 1,235 590 Other 56 39 114 70 Total Formula One Group 668 597 1,349 660 Consolidated Liberty $ 3,100 2,732 8,230 6,654 |
Adjusted OIBDA by segment | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 720 661 2,101 1,915 Live Nation 306 (320) 164 (647) Corporate and other (5) (7) (12) (26) 1,021 334 2,253 1,242 Eliminate equity method affiliate (306) 320 (164) 647 Total Liberty SiriusXM Group 715 654 2,089 1,889 Braves Group Corporate and other 55 5 86 (49) Total Braves Group 55 5 86 (49) Formula One Group Formula 1 180 14 312 (34) Live Nation NA NA NA (125) Corporate and other (4) (6) (14) (26) 176 8 298 (185) Eliminate equity method affiliate NA NA NA 125 Total Formula One Group 176 8 298 (60) Consolidated Liberty $ 946 667 2,473 1,780 |
Other Information By Segment | September 30, 2021 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,739 725 244 Live Nation 13,331 246 110 Corporate and other 1,758 149 — 44,828 1,120 354 Eliminate equity method affiliate (13,331) (246) (110) Total Liberty SiriusXM Group 31,497 874 244 Braves Group Corporate and other 1,625 108 26 Total Braves Group 1,625 108 26 Formula One Group Formula 1 8,815 — 10 Corporate and other 3,020 34 — Total Formula One Group 11,835 34 10 Elimination (1) (538) — — Consolidated Liberty $ 44,419 1,016 280 (1) This amount is primarily comprised of 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. See note 2 for information regarding the intergroup interests. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. |
Reconciliation of Adjusted OIBDA to operating income (loss) and earnings (loss) | Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 amounts in millions Adjusted OIBDA $ 946 667 2,473 1,780 Impairment, restructuring and acquisition costs, net of recoveries (note 10) 95 — (13) (24) Legal reserves — — — 16 Stock-based compensation (65) (68) (188) (180) Depreciation and amortization (274) (279) (806) (812) Operating income (loss) 702 320 1,466 780 Interest expense (168) (153) (484) (480) Share of earnings (losses) of affiliates, net 9 (187) (134) (442) Realized and unrealized gains (losses) on financial instruments, net (40) 16 66 (163) Gains (losses) on dilution of investment in affiliate 142 — 152 1 Other, net (72) (32) (54) (2) Earnings (loss) before income taxes $ 573 (36) 1,012 (306) |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Condensed Balance Sheet | BALANCE SHEET INFORMATION September 30, 2021 (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 $ 529 134 2,195 — 2,858 Trade and other receivables, net 652 50 110 — 812 Other current assets 632 127 161 — 920 Total current assets 1,813 311 2,466 — 4,590 Intergroup interests (note 1) 310 — 179 (489) — Investments in affiliates, accounted for using the equity method (note 1) 874 108 34 — 1,016 Property and equipment, at cost 2,781 997 203 — 3,981 Accumulated depreciation (1,645) (220) (85) — (1,950) 1,136 777 118 — 2,031 Intangible assets not subject to amortization Goodwill 15,110 180 3,957 — 19,247 FCC licenses 8,600 — — — 8,600 Other 1,242 143 — — 1,385 24,952 323 3,957 — 29,232 Intangible assets subject to amortization, net 1,310 22 3,601 — 4,933 Other assets 1,102 84 1,480 (49) 2,617 Total assets $ 31,497 1,625 11,835 (538) 44,419 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 3) $ (16) (37) 53 — — Accounts payable and accrued liabilities 1,272 55 191 — 1,518 Current portion of debt 1,900 12 661 — 2,573 Deferred revenue 1,500 73 421 — 1,994 Other current liabilities 69 6 28 — 103 Total current liabilities 4,725 109 1,354 — 6,188 Long-term debt (note 1) 11,854 706 2,965 — 15,525 Deferred income tax liabilities 2,206 63 — (49) 2,220 Redeemable intergroup interests (note 1) — 241 248 (489) — Other liabilities 623 206 188 — 1,017 Total liabilities 19,408 1,325 4,755 (538) 24,950 Redeemable noncontrolling interests in equity of subsidiary — — 575 — 575 Equity / Attributed net assets 8,130 300 6,481 — 14,911 Noncontrolling interests in equity of subsidiaries 3,959 — 24 — 3,983 Total liabilities and equity $ 31,497 1,625 11,835 (538) 44,419 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2021 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,198 — — 2,198 Formula 1 revenue — — 668 668 Other revenue — 234 — 234 Total revenue 2,198 234 668 3,100 Operating costs and expenses, including stock-based compensation (note 2): Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 671 — — 671 Programming and content 142 — — 142 Customer service and billing 128 — — 128 Other 57 — — 57 Cost of Formula 1 revenue — — 449 449 Subscriber acquisition costs 70 — — 70 Other operating expenses 67 154 — 221 Selling, general and administrative 402 28 51 481 Impairment, restructuring and acquisition costs, net of recoveries (95) — — (95) Depreciation and amortization 152 22 100 274 1,594 204 600 2,398 Operating income (loss) 604 30 68 702 Other income (expense): Interest expense (130) (6) (32) (168) Share of earnings (losses) of affiliates, net 2 9 (2) 9 Realized and unrealized gains (losses) on financial instruments, net (42) — 2 (40) Gains (losses) on dilution of investment in affiliate 142 — — 142 Unrealized gains (losses) on intergroup interests (note 1) 20 12 (32) — Other, net (75) 1 2 (72) (83) 16 (62) (129) Earnings (loss) before income taxes 521 46 6 573 Income tax (expense) benefit (108) (10) (55) (173) Net earnings (loss) 413 36 (49) 400 Less net earnings (loss) attributable to the noncontrolling interests 71 — 3 74 Less net earnings (loss) attributable to redeemable noncontrolling interest — — (2) (2) Net earnings (loss) attributable to Liberty stockholders $ 342 36 (50) 328 STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,025 — — 2,025 Formula 1 revenue — — 597 597 Other revenue — 110 — 110 Total revenue 2,025 110 597 2,732 Operating costs and expenses, including stock-based compensation (note 2): Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 602 — — 602 Programming and content 123 — — 123 Customer service and billing 119 — — 119 Other 51 — — 51 Cost of Formula 1 revenue — — 551 551 Subscriber acquisition costs 110 — — 110 Other operating expenses 64 90 — 154 Selling, general and administrative 363 17 43 423 Depreciation and amortization 142 19 118 279 1,574 126 712 2,412 Operating income (loss) 451 (16) (115) 320 Other income (expense): Interest expense (116) (6) (31) (153) Share of earnings (losses) of affiliates, net (183) (5) 1 (187) Realized and unrealized gains (losses) on financial instruments, net (39) — 55 16 Unrealized gains (losses) on intergroup interests (note 1) 25 (10) (15) — Other, net (36) (1) 5 (32) (349) (22) 15 (356) Earnings (loss) before income taxes 102 (38) (100) (36) Income tax (expense) benefit (22) 7 8 (7) Net earnings (loss) 80 (31) (92) (43) Less net earnings (loss) attributable to the noncontrolling interests 68 — 3 71 Net earnings (loss) attributable to Liberty stockholders $ 12 (31) (95) (114) STATEMENT OF OPERATIONS INFORMATION Nine months ended September 30, 2021 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 6,415 — — 6,415 Formula 1 revenue — — 1,349 1,349 Other revenue — 466 — 466 Total revenue 6,415 466 1,349 8,230 Operating costs and expenses, including stock-based compensation (note 2): Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 1,974 — — 1,974 Programming and content 407 — — 407 Customer service and billing 372 — — 372 Other 167 — — 167 Cost of Formula 1 revenue — — 931 931 Subscriber acquisition costs 245 — — 245 Other operating expenses 197 316 — 513 Selling, general and administrative 1,122 73 141 1,336 Impairment, restructuring and acquisition costs, net of recoveries 13 — — 13 Depreciation and amortization 451 56 299 806 4,948 445 1,371 6,764 Operating income (loss) 1,467 21 (22) 1,466 Other income (expense): Interest expense (373) (18) (93) (484) Share of earnings (losses) of affiliates, net (181) 20 27 (134) Realized and unrealized gains (losses) on financial instruments, net (42) 1 107 66 Gains (losses) on dilution of investment in affiliate 152 — — 152 Unrealized gains (losses) on intergroup interest (note 1) 52 (15) (37) — Other, net (66) 1 11 (54) (458) (11) 15 (454) Earnings (loss) before income taxes 1,009 10 (7) 1,012 Income tax (expense) benefit (126) (8) 36 (98) Net earnings (loss) 883 2 29 914 Less net earnings (loss) attributable to the noncontrolling interests 215 — 19 234 Less net earnings (loss) attributable to redeemable noncontrolling interest — — 51 51 Net earnings (loss) attributable to Liberty stockholders $ 668 2 (41) 629 STATEMENT OF OPERATIONS INFORMATION Nine months ended September 30, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 5,851 — — 5,851 Formula 1 revenue — — 660 660 Other revenue — 143 — 143 Total revenue 5,851 143 660 6,654 Operating costs and expenses, including stock-based compensation (note 2): Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 1,759 — — 1,759 Programming and content 351 — — 351 Customer service and billing 359 — — 359 Other 142 — — 142 Cost of Formula 1 revenue — — 610 610 Subscriber acquisition costs 257 — — 257 Other operating expenses 196 143 — 339 Selling, general and administrative 1,055 39 127 1,221 Impairment, restructuring and acquisition costs, net of recoveries 24 — — 24 Depreciation and amortization 432 54 326 812 4,575 236 1,063 5,874 Operating income (loss) 1,276 (93) (403) 780 Other income (expense): Interest expense (347) (19) (114) (480) Intergroup interest (expense) income (7) — 7 — Share of earnings (losses) of affiliates, net (331) (2) (109) (442) Realized and unrealized gains (losses) on financial instruments, net (228) (10) 75 (163) Gains (losses) on dilution of investment in affiliate 1 — — 1 Unrealized gains (losses) on intergroup interests (note 1) 92 78 (170) — Other, net (20) (1) 19 (2) (840) 46 (292) (1,086) Earnings (loss) before income taxes 436 (47) (695) (306) Income tax (expense) benefit (88) 31 60 3 Net earnings (loss) 348 (16) (635) (303) Less net earnings (loss) attributable to the noncontrolling interests 210 — 3 213 Net earnings (loss) attributable to Liberty stockholders $ 138 (16) (638) (516) |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2021 (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) $ 883 2 29 914 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 451 56 299 806 Stock-based compensation 158 9 21 188 Non-cash impairment and restructuring costs 24 — — 24 Changes in fair value of contingent consideration (17) — — (17) Share of (earnings) loss of affiliates, net 181 (20) (27) 134 Unrealized (gains) losses on intergroup interests, net (52) 15 37 — Realized and unrealized (gains) losses on financial instruments, net 42 (1) (107) (66) Losses (gains) on dilution of investment in affiliate (152) — — (152) Deferred income tax expense (benefit) 66 10 (43) 33 Intergroup tax allocation 5 (2) (3) — Other charges (credits), net 94 7 3 104 Changes in operating assets and liabilities Current and other assets 54 (52) (47) (45) Payables and other liabilities (439) (16) 205 (250) Net cash provided (used) by operating activities 1,298 8 367 1,673 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (66) — (152) (218) Investment of subsidiary initial public offering proceeds into trust account — — (575) (575) Return of investment in equity method affiliates — — 38 38 Cash proceeds from sale of investments 27 2 167 196 Cash (paid) received from acquisitions, net of cash acquired (14) — — (14) Capital expended for property and equipment, including internal-use software and website development (244) (26) (10) (280) Proceeds from insurance recoveries 225 — — 225 Other investing activities, net 6 8 (1) 13 Net cash provided (used) by investing activities (66) (16) (533) (615) Cash flows from financing activities: Borrowings of debt 6,294 113 — 6,407 Repayments of debt (5,871) (67) (191) (6,129) Liberty stock repurchases (351) — (47) (398) Subsidiary shares repurchased by subsidiary (1,174) — — (1,174) Cash dividends paid by subsidiary (41) — — (41) Taxes paid in lieu of shares issued for stock-based compensation (91) — (2) (93) Proceeds from initial public offering of subsidiary — — 575 575 Settlement of intergroup call spread (384) — 384 — Other financing activities, net (85) (6) (37) (128) Net cash provided (used) by financing activities (1,703) 40 682 (981) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — (5) (5) Net increase (decrease) in cash, cash equivalents and restricted cash (471) 32 511 72 Cash, cash equivalents and restricted cash at beginning of period 1,008 185 1,684 2,877 Cash, cash equivalents and restricted cash at end of period $ 537 217 2,195 2,949 STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 348 (16) (635) (303) Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 432 54 326 812 Stock-based compensation 173 (10) 17 180 Non-cash impairment and restructuring costs 24 — — 24 Share of (earnings) loss of affiliates, net 331 2 109 442 Unrealized (gains) losses on intergroup interests, net (92) (78) 170 — Realized and unrealized (gains) losses on financial instruments, net 228 10 (75) 163 Losses (gains) on dilution of investment in affiliate (1) — — (1) Deferred income tax expense (benefit) 33 (15) (61) (43) Intergroup tax allocation 4 (16) 12 — Other charges (credits), net 50 10 2 62 Changes in operating assets and liabilities Current and other assets 150 (16) (282) (148) Payables and other liabilities (301) 19 150 (132) Net cash provided (used) by operating activities 1,379 (56) (267) 1,056 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (91) — (3) (94) Return of investment in equity method affiliates — — 105 105 Cash proceeds from sale of investments — — 13 13 Cash (paid) received for acquisitions, net of cash acquired (28) — — (28) Capital expended for property and equipment, including internal-use software and website development (230) (69) (17) (316) Other investing activities, net 10 4 (3) 11 Net cash provided (used) by investing activities (339) (65) 95 (309) Cash flows from financing activities: Borrowings of debt 2,300 216 522 3,038 Repayments of debt (1,922) (62) (611) (2,595) Intergroup Loan (repayment) borrowing (750) — 750 — Liberty stock repurchases (135) — (69) (204) Subsidiary shares repurchased by subsidiary (870) — — (870) Reattribution between Liberty SiriusXM Group and Liberty Formula One Group (608) — 608 — Proceeds from Liberty SiriusXM common stock rights offering 754 — — 754 Cash dividends paid by subsidiary (49) — — (49) Taxes paid in lieu of shares issued for stock-based compensation (84) — (2) (86) Other financing activities, net (35) (5) (26) (66) Net cash provided (used) by financing activities (1,399) 149 1,172 (78) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — (1) (1) Net increase (decrease) in cash, cash equivalents and restricted cash (359) 28 999 668 Cash, cash equivalents and restricted cash at beginning of period 507 212 587 1,306 Cash, cash equivalents and restricted cash at end of period $ 148 240 1,586 1,974 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)item | Sep. 30, 2020USD ($) | |
Basis of Presentation | ||||
Number Of Expected Formula One Events | item | 22 | |||
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC and GCI Liberty | ||||
Basis of Presentation | ||||
Related Party Transaction, Amounts of Transaction | $ | $ 7 | $ 6 | $ 20 | $ 22 |
Tracking Stocks (Details)
Tracking Stocks (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 25, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 30, 2020 | Apr. 21, 2020 | Nov. 26, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Oct. 17, 2013 |
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 2,858 | $ 2,831 | |||||||||||
Proceeds from issuance of stock | $ 754 | ||||||||||||
Liberty SiriusXM Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 529 | ||||||||||||
Proceeds from issuance of stock | $ 754 | ||||||||||||
Liberty SiriusXM Group | Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Investment Owned, Balance, Shares | 2,292,037 | ||||||||||||
Percentage ownership | 3.70% | ||||||||||||
Liberty SiriusXM Group | Live Nation | |||||||||||||
Tracking Stocks | |||||||||||||
Percentage ownership | 31.00% | ||||||||||||
Payments to settle obligations under the call spread | $ 384 | ||||||||||||
Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 134 | ||||||||||||
Formula One Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 2,195 | ||||||||||||
Formula One Group | Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Investment Owned, Balance, Shares | 6,792,903 | 9,084,940 | |||||||||||
Percentage ownership | 11.10% | ||||||||||||
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% 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 | Liberty SiriusXM Group | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | |||||||||||
SIRIUS XM Holdings | |||||||||||||
Tracking Stocks | |||||||||||||
Payments of Dividends | $ 180 | ||||||||||||
Dividend paid to parent company | $ 139 | ||||||||||||
SIRIUS XM Holdings | Formula One Group | |||||||||||||
Tracking Stocks | |||||||||||||
Investment Owned, Balance, Shares | 5,271,475 | ||||||||||||
Percentage ownership | 2.20% | ||||||||||||
SIRIUS XM Holdings | Liberty SiriusXM Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 164 | ||||||||||||
SIRIUS XM Holdings | Subsequent Event | |||||||||||||
Tracking Stocks | |||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.0219615 | ||||||||||||
Formula 1 | Liberty SiriusXM Group | Live Nation | |||||||||||||
Tracking Stocks | |||||||||||||
Proceeds to settle obligations under the call spread | $ 384 | ||||||||||||
Formula 1 | Formula One Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | 585 | ||||||||||||
ANLBC | Braves Group | |||||||||||||
Tracking Stocks | |||||||||||||
Cash and cash equivalents | $ 61 | ||||||||||||
Liberty Media Acquisition Corporation | 1% Cash Convertible Notes Due 2023 | Formula One Group | |||||||||||||
Tracking Stocks | |||||||||||||
Debt instrument interest rate (as a percent) | 1.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-Based Compensation | ||||
Stock-based compensation | $ 65 | $ 68 | $ 188 | $ 180 |
Operating operating expense | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 9 | 11 | 26 | 31 |
Selling, General and Administrative Expenses | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 45 | 46 | 129 | 117 |
SIRIUS XM Holdings | Programming and content expense | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 8 | 9 | 24 | 24 |
SIRIUS XM Holdings | Customer service and billing | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 2 | 1 | 5 | 4 |
SIRIUS XM Holdings | Other cost of subscriber services | ||||
Stock-Based Compensation | ||||
Stock-based compensation | $ 1 | $ 1 | $ 4 | $ 4 |
Stock-Based Compensation - Gran
Stock-Based Compensation - Grants of stock options (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Stock-Based Compensation | |
Dividend rate | 0.00% |
Minimum [Member] | Liberty employees and directors | Series C | |
Stock-Based Compensation | |
Term of option | 2 years |
Maximum [Member] | Liberty employees and directors | Series C | |
Stock-Based Compensation | |
Vesting period | 3 years |
Liberty SiriusXM Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Liberty SiriusXM Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Liberty SiriusXM Group | Series C | |
Stock-Based Compensation | |
Grants of stock options | 290,000 |
Liberty SiriusXM Group | Liberty employees and directors | Series C | |
Stock-Based Compensation | |
Grants of stock options | 33,000 |
Weighted average GDFV | $ / shares | $ 13.73 |
Liberty SiriusXM Group | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Grants of stock options | 257,000 |
Weighted average GDFV | $ / shares | $ 13.73 |
Formula One Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Formula One Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Formula One Group | Series C | |
Stock-Based Compensation | |
Grants of stock options | 748,000 |
Formula One Group | Liberty employees and directors | Series C | |
Stock-Based Compensation | |
Grants of stock options | 30,000 |
Weighted average GDFV | $ / shares | $ 15.96 |
Formula One Group | Formula 1 employees | Series C | |
Stock-Based Compensation | |
Grants of stock options | 718,000 |
Weighted average GDFV | $ / shares | $ 15.96 |
Formula One Group | Performance based RSUs | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Vesting period | 1 year |
RSUs granted | 65,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 45.88 |
Braves Group | Common Class A | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Braves Group | Common Class B | |
Stock-Based Compensation | |
Grants of stock options | 0 |
Braves Group | Series C | |
Stock-Based Compensation | |
Grants of stock options | 16,000 |
Braves Group | Liberty employees and directors | Series C | |
Stock-Based Compensation | |
Grants of stock options | 16,000 |
Weighted average GDFV | $ / shares | $ 10.07 |
Braves Group | Performance based RSUs | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Vesting period | 1 year |
RSUs granted | 31,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 31.24 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Additional disclosures | |
Total unrecognized compensation cost related to unvested equity awards | $ | $ 53 |
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 3 months 18 days |
Liberty SiriusXM Group | |
Additional disclosures | |
Common stock reserved for issuance | 10,700,000 |
Liberty SiriusXM Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Liberty SiriusXM Group | Common Class B | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Liberty SiriusXM Group | Series C | |
Number of options | |
Outstanding at beginning of period | 10,870,000 |
Granted | 290,000 |
Exercised | (427,000) |
Forfeited/Cancelled | (1,000) |
Outstanding at end of period | 10,732,000 |
Exercisable at end of period | 8,298,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 34.96 |
Granted | $ / shares | 45.34 |
Exercised | $ / shares | 31.77 |
Forfeited/Cancelled | $ / shares | 42.62 |
Outstanding at end of period | $ / shares | 35.36 |
Exercisable at end of period | $ / shares | $ 32.67 |
Additional disclosures | |
Weighted average remaining life, outstanding | 2 years 7 months 6 days |
Weighted average remaining life, exercisable | 1 year 7 months 6 days |
Aggregate intrinsic value, outstanding | $ | $ 130 |
Aggregate intrinsic value, exercisable | $ | $ 123 |
Formula One Group | |
Additional disclosures | |
Common stock reserved for issuance | 10,800,000 |
Formula One Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 1,000 |
WAEP | |
Exercised | $ / shares | $ 12.63 |
Additional disclosures | |
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 2 months 12 days |
Formula One Group | Common Class B | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Formula One Group | Series C | |
Number of options | |
Outstanding at beginning of period | 10,391,000 |
Granted | 748,000 |
Exercised | (338,000) |
Outstanding at end of period | 10,801,000 |
Exercisable at end of period | 9,008,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 31.78 |
Granted | $ / shares | 45.88 |
Exercised | $ / shares | 30.54 |
Outstanding at end of period | $ / shares | 32.80 |
Exercisable at end of period | $ / shares | $ 30.68 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years |
Weighted average remaining life, exercisable | 3 years 7 months 6 days |
Aggregate intrinsic value, outstanding | $ | $ 201 |
Aggregate intrinsic value, exercisable | $ | $ 187 |
Braves Group | |
Number of options | |
Outstanding at end of period | 1,000 |
Additional disclosures | |
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 2 months 12 days |
Common stock reserved for issuance | 3,500,000 |
Braves Group | Common Class A | |
Number of options | |
Granted | 0 |
WAEP | |
Exercised | $ / shares | $ 12.35 |
Braves Group | Common Class B | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Braves Group | Series C | |
Number of options | |
Outstanding at beginning of period | 3,475,000 |
Granted | 16,000 |
Exercised | (36,000) |
Outstanding at end of period | 3,455,000 |
Exercisable at end of period | 980,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 24.81 |
Granted | $ / shares | 31.24 |
Exercised | $ / shares | 18.30 |
Outstanding at end of period | $ / shares | 24.91 |
Exercisable at end of period | $ / shares | $ 19.05 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years 10 months 24 days |
Weighted average remaining life, exercisable | 1 year 10 months 24 days |
Aggregate intrinsic value, outstanding | $ | $ 7 |
Aggregate intrinsic value, exercisable | $ | $ 7 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 188 | $ 180 | ||
Total unrecognized compensation cost related to unvested equity awards | $ 53 | $ 53 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 3 months 18 days | |||
SIRIUS XM Holdings | ||||
Stock-Based Compensation | ||||
Outstanding options | 170 | 170 | ||
Exercisable options | 99 | 99 | ||
Outstanding WAEP | $ 5.40 | $ 5.40 | ||
Exercisable WAEP | $ 4.80 | $ 4.80 | ||
Aggregate intrinsic value, outstanding | $ 144 | $ 144 | ||
Aggregate intrinsic value, exercisable | 142 | 142 | ||
Stock-based compensation expense | 51 | $ 58 | 149 | $ 165 |
Total unrecognized compensation cost related to unvested equity awards | $ 513 | $ 513 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 7 months 6 days | |||
SIRIUS XM Holdings | RSUs | ||||
Stock-Based Compensation | ||||
RSUs granted | 39 | |||
RSUs GDFV | $ 6.35 |
Earnings Attributable to Libe_3
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 21, 2020 | |
Diluted earnings per share calculation for the unrealized gain or loss | |||||
Basic earnings (loss) attributable to stockholders | $ 328 | $ (114) | $ 629 | $ (516) | |
SIRIUS XM Holdings | Formula One Group | |||||
Investment owned shares | |||||
Investment Owned, Balance, Shares | 5,271,475 | 5,271,475 | |||
Liberty SiriusXM Group | |||||
Weighted average outstanding shares of common stock | |||||
Basic WASO | 332,000,000 | 343,000,000 | 335,000,000 | 332,000,000 | |
Potentially dilutive shares | 3,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | |
Diluted WASO | 335,000,000 | 344,000,000 | 337,000,000 | 334,000,000 | |
Diluted earnings per share calculation for the unrealized gain or loss | |||||
Basic earnings (loss) attributable to stockholders | $ 342 | $ 12 | $ 668 | $ 138 | |
Unrealized (gain) loss on the intergroup interest | (35) | ||||
Diluted earnings (loss) attributable to stockholders | $ 342 | $ 12 | $ 668 | $ 103 | |
Liberty SiriusXM Group | Braves Group | |||||
Investment owned shares | |||||
Investment Owned, Balance, Shares | 2,292,037 | 2,292,037 | |||
Liberty SiriusXM Group | Common Class A and C | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 21,000,000 | 21,000,000 | |||
Braves Group | |||||
Weighted average outstanding shares of common stock | |||||
Basic WASO | 52,000,000 | 51,000,000 | 52,000,000 | 51,000,000 | |
Potentially dilutive shares | 10,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | |
Diluted WASO | 62,000,000 | 60,000,000 | 61,000,000 | 60,000,000 | |
Diluted earnings per share calculation for the unrealized gain or loss | |||||
Basic earnings (loss) attributable to stockholders | $ 36 | $ (31) | $ 2 | $ (16) | |
Unrealized (gain) loss on the intergroup interest | (12) | 10 | 15 | (78) | |
Diluted earnings (loss) attributable to stockholders | $ 24 | $ (21) | $ 17 | $ (94) | |
Braves Group | Common Class A and C | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000,000 | 5,000,000 | |||
Formula One Group | |||||
Weighted average outstanding shares of common stock | |||||
Basic WASO | 232,000,000 | 232,000,000 | 232,000,000 | 232,000,000 | |
Potentially dilutive shares | 8,000,000 | 6,000,000 | 8,000,000 | 6,000,000 | |
Diluted WASO | 240,000,000 | 238,000,000 | 240,000,000 | 238,000,000 | |
Diluted earnings per share calculation for the unrealized gain or loss | |||||
Basic earnings (loss) attributable to stockholders | $ (50) | $ (95) | $ (41) | $ (638) | |
Unrealized (gain) loss on the intergroup interest | 23 | 23 | 48 | 51 | |
Diluted earnings (loss) attributable to stockholders | $ (27) | $ (72) | $ 7 | $ (587) | |
Formula One Group | Liberty SiriusXM Group | |||||
Investment owned shares | |||||
Investment Owned, Balance, Shares | 1,945,491 | ||||
Formula One Group | Braves Group | |||||
Investment owned shares | |||||
Investment Owned, Balance, Shares | 6,792,903 | 6,792,903 | 9,084,940 | ||
Formula One Group | Common Class A and C | |||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000,000 | 5,000,000 |
Assets And Liabilities Measur_3
Assets And Liabilities Measured At Fair Value (Details) - Recurring - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | $ 2,508 | $ 2,586 |
Debt and equity securities | 393 | 266 |
Financial instrument assets | 511 | 424 |
Debt | 4,713 | 4,545 |
Financial instrument liabilities | 79 | 106 |
Level 1 | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,508 | 2,586 |
Debt and equity securities | 393 | 181 |
Financial instrument assets | 94 | 84 |
Financial instrument liabilities | 17 | |
Level 2 | ||
Assets and Liabilities Measured at Fair Value | ||
Debt and equity securities | 85 | |
Financial instrument assets | 417 | 340 |
Debt | 4,713 | 4,545 |
Financial instrument liabilities | $ 62 | $ 106 |
Assets And Liabilities Measur_4
Assets And Liabilities Measured At Fair Value - Realized and Unrealized Gains (Losses) on Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ (40) | $ 16 | $ 66 | $ (163) |
Debt and equity securities | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | (6) | 4 | 210 | (109) |
Debt measured at fair value | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | (57) | 44 | (241) | 326 |
Gain (loss) on changes in fair value | (46) | (193) | (114) | 109 |
Cumulative amount of gain in changes in fair value | 61 | 61 | ||
Change in fair value of bond hedges | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 18 | $ (32) | 77 | (282) |
Other derivatives | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 5 | $ 20 | $ (98) |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | $ 1,016 | $ 1,018 | |
Live Nation | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Rights offering shares issued | 5.2 | ||
Liberty SiriusXM Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | $ 874 | 886 | |
Liberty SiriusXM Group | Live Nation | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Percentage ownership | 31.00% | ||
Fair value | $ 6,347 | ||
Investments in affiliates | $ 149 | $ 0 | 163 |
Liberty SiriusXM Group | Sirius XM Canada | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Percentage ownership | 70.00% | ||
Investments in affiliates | $ 648 | 643 | |
Liberty SiriusXM Group | Other Investments [Member] | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | 77 | 80 | |
Braves Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | 108 | 94 | |
Braves Group | Other Investments [Member] | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | 108 | 94 | |
Formula One Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | 34 | 38 | |
Formula One Group | Other Investments [Member] | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Investments in affiliates | $ 34 | $ 38 |
Investments In Affiliates Acc_4
Investments In Affiliates Accounted For Using The Equity Method - Share Of Earnings (Losses) Of Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | $ 9 | $ (187) | $ (134) | $ (442) |
Liberty SiriusXM Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 2 | (183) | (181) | (331) |
Liberty SiriusXM Group | Sirius XM Canada | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | (1) | 6 | 8 | |
Liberty SiriusXM Group | Live Nation | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 9 | (177) | (169) | (321) |
Liberty SiriusXM Group | Other Investments [Member] | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | (6) | (6) | (18) | (18) |
Braves Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 9 | (5) | 20 | (2) |
Braves Group | Other Investments [Member] | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 9 | (5) | 20 | (2) |
Formula One Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | (2) | 1 | 27 | (109) |
Formula One Group | Live Nation | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | (112) | |||
Formula One Group | Other Investments [Member] | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | $ (2) | $ 1 | $ 27 | $ 3 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - USD ($) $ in Millions | May 25, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Live Nation | Maximum [Member] | ||||||
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 from related parties current assets | $ 10 | $ 10 | ||||
Revenue from related parties | $ 26 | $ 25 | $ 76 | $ 73 | ||
SIRIUS XM Holdings | Sirius XM Canada | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Percentage ownership | 70.00% | 70.00% | ||||
Equity Method Investment Voting Interest | 33.00% | |||||
Gross Dividends | $ 1 | $ 1 | ||||
SIRIUS XM Holdings | Sirius XM Canada | Services Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Related party transaction agreement term | 30 years | |||||
Gross revenue percentage | 25.00% | |||||
SIRIUS XM Holdings | Sirius XM Canada | Advisory Services Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Related party transaction agreement term | 30 years | |||||
Gross revenue percentage | 5.00% | |||||
SIRIUS XM Holdings | Sirius XM Canada | Related Party 7.62% Loan | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Notes receivable, related parties, non current | $ 121 | $ 121 | ||||
SIRIUS XM Holdings | Sirius XM Canada | Maximum [Member] | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Gross Dividends | $ 1 | $ 1 |
Investments In Affiliates Acc_6
Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Feb. 29, 2020 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Equity Method Investments | $ 1,016 | $ 1,016 | $ 1,018 | |||
SIRIUS XM Holdings | SoundCloud Holdings, LLC | Pandora Soundcloud Advertising Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Revenue share expense | 15 | $ 13 | 42 | $ 36 | ||
Due to related parties, non-current | $ 19 | $ 19 | ||||
SIRIUS XM Holdings | SoundCloud Holdings, LLC | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Equity Method Investments | $ 75 |
Intangible Assets - Goodwill Ro
Intangible Assets - Goodwill Rollforward (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill | |
Goodwill, Beginning Balance | $ 19,218 |
Acquisitions | 29 |
Goodwill, Ending Balance | 19,247 |
SIRIUS XM Holdings | |
Goodwill | |
Goodwill, Beginning Balance | 15,082 |
Acquisitions | 29 |
Goodwill, Ending Balance | 15,111 |
Formula 1 | |
Goodwill | |
Goodwill, Beginning Balance | 3,956 |
Goodwill, Ending Balance | 3,956 |
Corporate And Other | |
Goodwill | |
Goodwill, Beginning Balance | 180 |
Goodwill, Ending Balance | $ 180 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Intangible Assets | ||
Gross carrying amount | $ 8,921 | $ 8,786 |
Accumulated amortization | (3,988) | (3,408) |
Net carrying amount | 4,933 | 5,378 |
FIA Agreement | ||
Intangible Assets | ||
Gross carrying amount | 3,630 | 3,630 |
Accumulated amortization | (888) | (742) |
Net carrying amount | 2,742 | 2,888 |
Customer Relationships [Member] | ||
Intangible Assets | ||
Gross carrying amount | 3,053 | 3,053 |
Accumulated amortization | (1,606) | (1,389) |
Net carrying amount | 1,447 | 1,664 |
Licensing Agreements [Member] | ||
Intangible Assets | ||
Gross carrying amount | 355 | 355 |
Accumulated amortization | (237) | (221) |
Net carrying amount | 118 | 134 |
Other Intangible Assets [Member] | ||
Intangible Assets | ||
Gross carrying amount | 1,883 | 1,748 |
Accumulated amortization | (1,257) | (1,056) |
Net carrying amount | $ 626 | $ 692 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Intangible Assets | ||||
Amortization of Intangible Assets | $ 205 | $ 214 | $ 606 | $ 609 |
Remainder of 2021 | 196 | 196 | ||
2022 | 778 | 778 | ||
2023 | 574 | 574 | ||
2024 | 417 | 417 | ||
2025 | $ 363 | $ 363 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Aug. 31, 2021 | Aug. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Nov. 26, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Aug. 17, 2016 | Oct. 17, 2013 |
Debt Instrument | ||||||||||||
Outstanding principal | $ 17,296 | |||||||||||
Total debt | 18,098 | $ 17,429 | ||||||||||
Debt classified as current | (2,573) | (743) | ||||||||||
Total long-term debt | 15,525 | 16,686 | ||||||||||
1.375% Cash Convertible Senior Notes due 2023 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||
2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||
Liberty SiriusXM Group | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 13,127 | |||||||||||
Deferred financing costs | (14) | (12) | ||||||||||
Total debt | 13,754 | 13,000 | ||||||||||
Debt classified as current | (1,900) | |||||||||||
Total long-term debt | $ 11,854 | |||||||||||
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 | $ 1,369 | 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 | $ 414 | 418 | ||||||||||
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||
Outstanding principal | $ 385 | |||||||||||
Long term debt | $ 532 | 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 | $ 627 | 628 | ||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | ||||||||||
Outstanding principal | $ 920 | |||||||||||
Long term debt | 1,111 | 982 | ||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 875 | |||||||||||
Long term debt | $ 875 | 750 | ||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | 3.875% | ||||||||||
Long term debt | 997 | |||||||||||
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% | |||||||||
Long term debt | 1,488 | |||||||||||
Liberty SiriusXM Group | Sirius XM 5.375% Senior Notes due 2026 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 5.375% | 5.375% | ||||||||||
Long term debt | 993 | |||||||||||
Liberty SiriusXM Group | Sirius XM 3.125% Senior Notes due 2026 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 3.125% | |||||||||||
Outstanding principal | $ 1,000 | |||||||||||
Long term debt | $ 989 | |||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 5.00% | |||||||||||
Outstanding principal | $ 1,500 | |||||||||||
Long term debt | $ 1,491 | 1,490 | ||||||||||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 4.00% | 4.00% | ||||||||||
Outstanding principal | $ 2,000 | |||||||||||
Long term debt | $ 1,978 | |||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | |||||||||||
Outstanding principal | $ 1,250 | |||||||||||
Long term debt | $ 1,239 | 1,237 | ||||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 4.125% | |||||||||||
Outstanding principal | $ 1,500 | |||||||||||
Long term debt | $ 1,485 | 1,484 | ||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2031 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | |||||||||||
Outstanding principal | $ 1,500 | |||||||||||
Long term debt | $ 1,483 | |||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | |||||||||||
Outstanding principal | $ 193 | |||||||||||
Long term debt | 175 | 170 | ||||||||||
Liberty SiriusXM Group | Sirius XM credit facility | ||||||||||||
Debt Instrument | ||||||||||||
Long term debt | 649 | |||||||||||
Braves Group | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 721 | |||||||||||
Deferred financing costs | (3) | (4) | ||||||||||
Total debt | 718 | 670 | ||||||||||
Debt classified as current | (12) | |||||||||||
Total long-term debt | 706 | |||||||||||
Braves Group | Notes and loans | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 721 | |||||||||||
Long term debt | 721 | 674 | ||||||||||
Formula One Group | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 3,448 | |||||||||||
Deferred financing costs | (7) | (10) | ||||||||||
Total debt | 3,626 | 3,759 | ||||||||||
Debt classified as current | (661) | |||||||||||
Total long-term debt | $ 2,965 | |||||||||||
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 | 2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||
Debt Instrument | ||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||
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 | $ 635 | 582 | ||||||||||
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 | $ 25 | |||||||||||
Long term debt | 25 | 209 | ||||||||||
Formula One Group | Other Debt Obligations | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 71 | |||||||||||
Long term debt | 71 | 74 | ||||||||||
Formula One Group | Senior Loan Facility | ||||||||||||
Debt Instrument | ||||||||||||
Outstanding principal | 2,902 | |||||||||||
Long term debt | $ 2,902 | $ 2,904 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Aug. 31, 2021USD ($) | Feb. 24, 2021USD ($) | Nov. 09, 2020USD ($) | Nov. 26, 2019USD ($)$ / sharesshares | Dec. 10, 2018USD ($) | Jun. 22, 2018USD ($) | Mar. 06, 2018USD ($)$ / sharesshares | Jan. 23, 2017USD ($)$ / shares | Nov. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Oct. 31, 2021USD ($) | Aug. 01, 2021 | Jun. 30, 2021USD ($) | Mar. 27, 2020USD ($) | Aug. 17, 2016USD ($) | Oct. 17, 2013USD ($) |
1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | ||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||||||||||||
Principal amount | $ 385,000,000 | ||||||||||||||||||
Live Nation Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||
Maximum borrowing capacity | $ 200,000,000 | $ 600,000,000 | $ 270,000,000 | ||||||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||||||
Live Nation Margin Loan | LIBOR | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 1.80% | |||||||||||||||||
Minimum [Member] | Live Nation Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Undrawn commitment fee | 0.75% | ||||||||||||||||||
Maximum [Member] | Live Nation Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Undrawn commitment fee | 0.85% | ||||||||||||||||||
Live Nation | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Shares underlying the debentures | shares | 5,800,000 | ||||||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 66.28 | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||
Live Nation | Live Nation Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Share value | $ 817,000,000 | $ 817,000,000 | |||||||||||||||||
Shares | shares | 9,000,000 | 9,000,000 | |||||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities Basket price per share | $ / shares | $ 62.63 | $ 62.63 | |||||||||||||||||
Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities Basket price per share | $ / shares | 62.63 | $ 62.63 | |||||||||||||||||
Warrant expiration period | 81 days | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 61.16 | $ 61.16 | |||||||||||||||||
Formula One Group | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.25 | 0.25 | |||||||||||||||||
Formula One Group | 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 | ||||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.00% | 1.00% | 1.00% | ||||||||||||||||
Principal amount | $ 450,000,000 | ||||||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | Series C | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 27.11 | ||||||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 36.89 | ||||||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | ||||||||||||||||
Principal amount | $ 445,000,000 | ||||||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||||||
Extraordinary additional distribution | 229,000,000 | ||||||||||||||||||
Extraordinary additional distribution amount per debenture | $ 514.1295 | ||||||||||||||||||
Formula One Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||||||||||||
Formula One Group | Time Warner Inc | 2.25% Exchangeable Senior Debentures due 2046 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Shares sold | shares | 5,330,000 | ||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 178,000,000 | $ 178,000,000 | |||||||||||||||||
Formula One Group | Time Warner Inc | 2.25% Exchangeable Senior Debentures due 2046 | Subsequent Event | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 25,000,000 | ||||||||||||||||||
Formula One Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Forward contract, number of underlying shares | shares | 5,271,475 | ||||||||||||||||||
Formula One Group | Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 5,271,475 | 5,271,475 | |||||||||||||||||
Liberty SiriusXM Group | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Losses on extinguishment of debt | $ (83,000,000) | $ (83,000,000) | |||||||||||||||||
Liberty SiriusXM Group | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1.0163 | 1.0163 | |||||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||||||||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | 2.125% | ||||||||||||||||
Principal amount | $ 400,000,000 | ||||||||||||||||||
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% | 2.75% | ||||||||||||||||
Principal amount | $ 604,000,000 | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | 0.50% | ||||||||||||||||
Principal amount | $ 920,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Effective interest rate | 2.13% | 2.13% | |||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.75% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 875,000,000 | $ 875,000,000 | |||||||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||||||
Proceed from issuance of debt | $ 125,000,000 | ||||||||||||||||||
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 | 2.00% | 2.05% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Principal amount | $ 875,000,000 | $ 250,000,000 | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Revolving Credit Facility | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Principal amount | $ 875,000,000 | 500,000,000 | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Delayed Draw Term Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Principal amount | $ 600,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.00% | 4.00% | 4.00% | ||||||||||||||||
Principal amount | $ 2,000,000,000 | ||||||||||||||||||
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% | 4.625% | |||||||||||||||
Principal amount | $ 1,500,000,000 | ||||||||||||||||||
Redemption price | $ 1,541,000,000 | ||||||||||||||||||
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 | $ 1,000,000,000 | |||||||||||||||||
Redemption price | $ 1,034,000,000 | $ 1,034,000,000 | |||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2022 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | 3.875% | 3.875% | ||||||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||||||
Redemption price | $ 1,019,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.00% | 5.00% | |||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM credit facility | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument, unused borrowing capacity, fee, percent | 0.25% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,749,000,000 | $ 1,749,000,000 | |||||||||||||||||
Maximum borrowing capacity | $ 1,750,000,000 | $ 1,750,000,000 | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.125% Senior Notes Due 2026 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.125% | ||||||||||||||||||
Proceed from issuance of debt | $ 1,000,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes Due 2031 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | ||||||||||||||||||
Proceed from issuance of debt | $ 1,500,000,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Liberty SiriusXM Group | SIRIUS XM Holdings | Sirius XM Holdings Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Share value | $ 6,100,000,000 | $ 6,100,000,000 | |||||||||||||||||
Shares | shares | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||
Liberty SiriusXM Group | 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% | ||||||||||||||||||
Liberty SiriusXM Group | Pandora | Sirius XM 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 | 21,429,600 | |||||||||||||||||
Braves Group | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.1087 | 0.1087 | |||||||||||||||||
Braves Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Forward contract, number of underlying shares | shares | 2,292,037 | ||||||||||||||||||
Braves Group | Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 2,292,037 | 2,292,037 |
Long-Term Debt - Braves Holding
Long-Term Debt - Braves Holdings Notes (Details) - ANLBC - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Long term debt | $ 721 | $ 674 |
Term Loan | ||
Debt Instrument | ||
Long term debt | 46 | |
Senior Secured Notes | ||
Debt Instrument | ||
Weighted average interest rate | 3.77% | |
Long term debt | $ 178 | 184 |
Floating Rate Notes | ||
Debt Instrument | ||
Weighted average interest rate | 1.85% | |
Long term debt | $ 56 | 60 |
Stadium credit facility | ||
Debt Instrument | ||
Weighted average interest rate | 1.36% | |
Long term debt | $ 46 | |
Maximum borrowing capacity | $ 46 | |
Revolving Credit Facility | Operating Credit Facilities | ||
Debt Instrument | ||
Weighted average interest rate | 1.30% | |
Long term debt | $ 145 | 115 |
Maximum borrowing capacity | $ 185 | |
Revolving Credit Facility | Mixed Use Credit Facilities and Loans | ||
Debt Instrument | ||
Weighted average interest rate | 3.66% | |
Long term debt | $ 266 | 239 |
Maximum borrowing capacity | $ 307 | |
Revolving Credit Facility | Spring Training Credit Facility | ||
Debt Instrument | ||
Weighted average interest rate | 3.65% | |
Long term debt | $ 30 | $ 30 |
Long-Term Debt - Formula 1 (Det
Long-Term Debt - Formula 1 (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Formula 1 | Senior Loan Facility | ||
Debt Instrument | ||
Long term debt | $ 2,900 | |
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |
Line of Credit | $ 0 | |
Effective interest rate | 3.50% | |
Formula 1 | Interest Rate Swap | Senior Loan Facility | ||
Debt Instrument | ||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 2,100 | |
ANLBC | ||
Debt Instrument | ||
Long term debt | 721 | $ 674 |
Formula One Group | Senior Loan Facility | ||
Debt Instrument | ||
Long term debt | $ 2,902 | $ 2,904 |
Long-Term Debt - Fair Value of
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt, measured at fair value | $ 2,152 | $ 3,861 | |
Liberty SiriusXM Group | Sirius XM 3.125% Senior Notes due 2026 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 3.125% | ||
Long-term debt, measured at fair value | $ 1,011 | ||
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 | $ 1,560 | ||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 4.00% | 4.00% | |
Long-term debt, measured at fair value | $ 2,030 | ||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 5.50% | ||
Long-term debt, measured at fair value | $ 1,345 | ||
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% | ||
Long-term debt, measured at fair value | $ 1,506 | ||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes due 2031 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 3.875% | ||
Long-term debt, measured at fair value | $ 1,461 | ||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 1.75% | ||
Long-term debt, measured at fair value | $ 219 |
Liberty Media Acquisition Cor_3
Liberty Media Acquisition Corporation (Details) | Jan. 26, 2021USD ($)$ / shares$ / itemshares | Nov. 30, 2020USD ($)shares | Sep. 30, 2021USD ($) |
Schedule of Investments [Line Items] | |||
Proceeds from issuance IPO | $ | $ 575,000,000 | ||
Liberty Media Acquisition Corporation | |||
Schedule of Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Liberty Media Acquisition Corporation | |||
Schedule of Investments [Line Items] | |||
Founder shares purchased | shares | 14,400,000 | ||
Payment for founder shares | $ | $ 25,000 | ||
Liberty Media Acquisition Corporation | IPO | |||
Schedule of Investments [Line Items] | |||
Units issued | $ | 57,500,000 | ||
Issue price per share | $ / shares | $ 10 | ||
Proceeds from issuance IPO | $ | $ 575,000,000 | ||
Liberty Media Acquisition Corporation | Over-Allotment Option | |||
Schedule of Investments [Line Items] | |||
Units issued | $ | 7,500,000 | ||
Liberty Media Acquisition Corporation | Warrant | IPO | |||
Schedule of Investments [Line Items] | |||
Number of warrants issued per unit | shares | 0.2 | ||
Liberty Media Acquisition Corporation | Warrant | Liberty Media Acquisition Sponsor LLC | Private Placement | |||
Schedule of Investments [Line Items] | |||
Warrants outstanding | shares | 10,000,000 | ||
Number of shares issued per unit | shares | 1 | ||
Strike price | $ / item | 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 | ||
Proceeds from Issuance of Warrants | $ | $ 15,000,000 | ||
Liberty Media Acquisition Corporation | Common Class A | IPO | |||
Schedule of Investments [Line Items] | |||
Number of shares issued per unit | shares | 1 | ||
Liberty Media Acquisition Corporation | Common Class A | Warrant | IPO | |||
Schedule of Investments [Line Items] | |||
Strike price | $ / item | 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 | Forward Purchase Agreement | Warrant | |||
Schedule of Investments [Line Items] | |||
Issue price per share | $ / shares | $ 10 | ||
Liberty Media Acquisition Corporation | Forward Purchase Agreement | Common Class A | Warrant | |||
Schedule of Investments [Line Items] | |||
Number of warrants issued per unit | shares | 0.2 | ||
Liberty Media Acquisition Corporation | Forward Purchase Agreement | Common Class B | |||
Schedule of Investments [Line Items] | |||
Number of shares issued per unit | shares | 1 | ||
Liberty Media Acquisition Sponsor LLC | Forward Purchase Agreement | |||
Schedule of Investments [Line Items] | |||
Other Commitment | $ | $ 250,000,000 |
Liberty Media Acquisition Cor_4
Liberty Media Acquisition Corporation (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 15, 2021 | Sep. 30, 2021 | Jan. 26, 2021 | Dec. 31, 2020 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Initial recognition of redeemable noncontrolling interests | $ 524 | |||
Net earnings (loss) attributable to the noncontrolling interests | (1) | |||
Change in redemption value of redeemable noncontrolling interests | 52 | |||
Redeemable noncontrolling interests, ending balance | 575 | |||
Warrant liability | 17 | $ 20 | ||
Loan borrowed | 18,098 | $ 17,429 | ||
Liberty Media Acquisition Sponsor LLC | LMAC Working Capital Loan | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Maximum loans convertible into warrants | $ 2.5 | |||
Price of warrants | $ 1.50 | |||
Loan borrowed | $ 1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($)shares | Sep. 30, 2021USD ($)itemshares | Jul. 28, 2021 | |
Commitments and Contingencies | |||
Number of scheduled baseball games | item | 160 | ||
Number of scheduled Formula One events | item | 23 | ||
Number Of Expected Formula One Events | item | 22 | ||
Exchange agreement with chairman | John C. Malone | |||
Commitments and Contingencies | |||
Target Voting Power Maximum | 0.50% | 0.50% | 49.00% |
Target Voting Power additional percentage | 0.50% | ||
Share exchanges | shares | 0 | 0 | |
Exchange agreement with chairman | John C. Malone | Target voting power plus percentage | |||
Commitments and Contingencies | |||
Target Voting Power additional percentage | 0.50% | 0.50% | |
Exchange agreement with chairman | John C. Malone | Target voting power less percentage | |||
Commitments and Contingencies | |||
Target Voting Power additional percentage | 0.50% | 0.50% | |
Exchange agreement with chairman | John C. Malone | Braves Group | Common Class B | |||
Commitments and Contingencies | |||
Stock exchange ratio | 1 | ||
Exchange agreement with chairman | John C. Malone | Formula One Group | Common Class B | |||
Commitments and Contingencies | |||
Stock exchange ratio | 1 | ||
Exchange agreement with chairman | John C. Malone | Liberty SiriusXM Group | Common Class B | |||
Commitments and Contingencies | |||
Stock exchange ratio | 1 | ||
SIRIUS XM Holdings | |||
Commitments and Contingencies | |||
Asset impairment charges | $ 18 | ||
Accrued restructuring expense | $ 6 | 6 | |
Write-off of leasehold improvements | 1 | ||
Restructuring costs and asset impairment charges | 25 | ||
SIRIUS XM Holdings | SXM-7 Satellite | |||
Commitments and Contingencies | |||
Carrying value | 220 | 220 | |
Impairment charge | 220 | ||
Insurance policy coverage | 225 | ||
Insurance Recoveries | 225 | ||
SIRIUS XM Holdings | Impairment, restructuring and Acquisition costs, net of recoveries | SXM-7 Satellite | |||
Commitments and Contingencies | |||
Insurance Recoveries | 80 | 220 | |
SIRIUS XM Holdings | Other. | SXM-7 Satellite | |||
Commitments and Contingencies | |||
Insurance Recoveries | 5 | 5 | |
ANLBC | |||
Commitments and Contingencies | |||
Compensation guarantee aggregate total | 446 | 446 | |
Amounts payable under guarantee in 2021 | 189 | 189 | |
Amounts payable under guarantee in 2022 | 92 | 92 | |
Amounts payable under guarantee in 2023 | 62 | 62 | |
Amounts payable under guarantee in 2024 | 48 | 48 | |
Amounts payable under guarantee thereafter | $ 55 | $ 55 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) - item | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Live Nation | ||
Information About Liberty's Operating Segments | ||
Percentage included in segment reporting | 100.00% | |
Live Nation | Maximum [Member] | ||
Information About Liberty's Operating Segments | ||
Percentage ownership | 100.00% | |
SIRIUS XM Holdings | ||
Information About Liberty's Operating Segments | ||
Number of satellite systems | 2 | |
Formula 1 | ||
Information About Liberty's Operating Segments | ||
Duration of World Championship | 9 months | |
SIRIUS XM Holdings | ||
Information About Liberty's Operating Segments | ||
Number of complementary audio entertainment business | 2 |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Information About Liberty's Operating Segments | ||||
Revenue | $ 3,100 | $ 2,732 | $ 8,230 | $ 6,654 |
Adjusted OIBDA | 946 | 667 | 2,473 | 1,780 |
Live Nation | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 2,699 | 184 | 3,565 | 1,624 |
Liberty SiriusXM Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 2,198 | 2,025 | 6,415 | 5,851 |
Adjusted OIBDA | 715 | 654 | 2,089 | 1,889 |
Liberty SiriusXM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 720 | 661 | 2,101 | 1,915 |
Liberty SiriusXM Group | Operating Segments | Live Nation | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 306 | (320) | 164 | (647) |
Liberty SiriusXM Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (5) | (7) | (12) | (26) |
Liberty SiriusXM Group | Operating Segments and Corporate and Other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 1,021 | 334 | 2,253 | 1,242 |
Liberty SiriusXM Group | Consolidation Eliminations | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (306) | 320 | (164) | 647 |
Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 234 | 110 | 466 | 143 |
Adjusted OIBDA | 55 | 5 | 86 | (49) |
Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 55 | 5 | 86 | (49) |
Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 668 | 597 | 1,349 | 660 |
Adjusted OIBDA | 176 | 8 | 298 | (60) |
Formula One Group | Operating Segments | Live Nation | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (125) | |||
Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 180 | 14 | 312 | (34) |
Formula One Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (4) | (6) | (14) | (26) |
Formula One Group | Operating Segments and Corporate and Other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 176 | 8 | 298 | (185) |
Formula One Group | Consolidation Eliminations | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 125 | |||
Subscriber | Liberty SiriusXM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,666 | 1,594 | 4,918 | 4,757 |
Advertising | Liberty SiriusXM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 452 | 345 | 1,235 | 866 |
Equipment | Liberty SiriusXM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 41 | 47 | 149 | 113 |
Baseball | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 222 | 102 | 433 | 119 |
Development | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 12 | 8 | 33 | 24 |
Primary Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 668 | 597 | 1,349 | 660 |
Primary Formula 1 | Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 668 | 597 | 1,349 | 660 |
Primary Formula 1 | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 612 | 558 | 1,235 | 590 |
Other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 234 | 110 | 466 | 143 |
Other | Liberty SiriusXM Group | Operating Segments | SIRIUS XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 39 | 39 | 113 | 115 |
Other | Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 234 | 110 | 466 | 143 |
Other | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | $ 56 | $ 39 | $ 114 | $ 70 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Information About Liberty's Operating Segments | ||
Deferred revenue | $ 1,994 | $ 2,070 |
Liberty SiriusXM Group | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 1,500 | |
Formula One and Braves Holdings | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 504 | $ 349 |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 631 | |
Expected timing of satisfaction period | 3 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 2,060 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 1,718 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 3,592 | |
Expected timing of satisfaction period | 72 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 481 | |
Expected timing of satisfaction period | 72 months |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 44,419 | $ 44,004 | |
Investments in affiliates | 1,016 | 1,018 | |
Capital expenditures | 280 | $ 316 | |
Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (538) | ||
Liberty SiriusXM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 31,497 | ||
Investments in affiliates | 874 | 886 | |
Capital expenditures | 244 | 230 | |
Liberty SiriusXM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,758 | ||
Investments in affiliates | 149 | ||
Liberty SiriusXM Group | Operating Segments and Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 44,828 | ||
Investments in affiliates | 1,120 | ||
Capital expenditures | 354 | ||
Liberty SiriusXM Group | Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (13,331) | ||
Investments in affiliates | (246) | ||
Capital expenditures | (110) | ||
Liberty SiriusXM Group | SIRIUS XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 29,739 | ||
Investments in affiliates | 725 | ||
Capital expenditures | 244 | ||
Liberty SiriusXM Group | Live Nation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 13,331 | ||
Investments in affiliates | 246 | ||
Capital expenditures | 110 | ||
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,625 | ||
Investments in affiliates | 108 | 94 | |
Capital expenditures | 26 | 69 | |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,625 | ||
Investments in affiliates | 108 | ||
Capital expenditures | 26 | ||
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,835 | ||
Investments in affiliates | 34 | $ 38 | |
Capital expenditures | 10 | $ 17 | |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 3,020 | ||
Investments in affiliates | 34 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 8,815 | ||
Capital expenditures | $ 10 |
Information About Liberty's O_7
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | $ 946 | $ 667 | $ 2,473 | $ 1,780 |
Impairment, restructuring and acquisition costs, net of recoveries | 95 | (13) | (24) | |
Legal reserves | 16 | |||
Stock-based compensation | (65) | (68) | (188) | (180) |
Depreciation and amortization | (274) | (279) | (806) | (812) |
Operating income (loss) | 702 | 320 | 1,466 | 780 |
Interest expense | (168) | (153) | (484) | (480) |
Share of earnings (losses) of affiliates, net | 9 | (187) | (134) | (442) |
Realized and unrealized gains (losses) on financial instruments, net | (40) | 16 | 66 | (163) |
Gains (losses) on dilution of investment in affiliate | 142 | 152 | 1 | |
Other, net | (72) | (32) | (54) | (2) |
Earnings (loss) before income taxes | $ 573 | $ (36) | $ 1,012 | $ (306) |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,858 | $ 2,831 |
Trade and other receivables, net | 812 | 823 |
Other current assets | 920 | 376 |
Total current assets | 4,590 | 4,030 |
Investments in affiliates, accounted for using the equity method | 1,016 | 1,018 |
Property and equipment, at cost | 3,981 | 4,017 |
Accumulated depreciation | (1,950) | (1,778) |
Property and equipment, net | 2,031 | 2,239 |
Goodwill | 19,247 | 19,218 |
FCC licenses | 8,600 | 8,600 |
Other | 1,385 | 1,385 |
Intangible assets not subject to amortization | 29,232 | 29,203 |
Intangible assets subject to amortization, net | 4,933 | 5,378 |
Other assets | 2,617 | 2,136 |
Total assets | 44,419 | 44,004 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,518 | 1,583 |
Current portion of debt | 2,573 | 743 |
Deferred revenue | 1,994 | 2,070 |
Other current liabilities | 103 | 94 |
Total current liabilities | 6,188 | 4,490 |
Long-term debt | 15,525 | 16,686 |
Deferred income tax liabilities | 2,220 | 2,126 |
Other liabilities | 1,017 | 1,101 |
Total liabilities | 24,950 | 24,403 |
Redeemable noncontrolling interests in equity of subsidiary | 575 | |
Stockholders' equity: | ||
Total stockholders' equity | 14,911 | 15,091 |
Noncontrolling interests in equity of subsidiaries | 3,983 | 4,510 |
Total liabilities and equity | 44,419 | 44,004 |
Consolidation Eliminations | ||
Current assets: | ||
Intergroup interests | (489) | |
Other assets | (49) | |
Total assets | (538) | |
Current liabilities: | ||
Deferred income tax liabilities | (49) | |
Redeemable intergroup interests | (489) | |
Total liabilities | (538) | |
Stockholders' equity: | ||
Total liabilities and equity | (538) | |
Liberty SiriusXM Group | ||
Current assets: | ||
Cash and cash equivalents | 529 | |
Trade and other receivables, net | 652 | |
Other current assets | 632 | |
Total current assets | 1,813 | |
Intergroup interests | 310 | |
Investments in affiliates, accounted for using the equity method | 874 | 886 |
Property and equipment, at cost | 2,781 | |
Accumulated depreciation | (1,645) | |
Property and equipment, net | 1,136 | |
Goodwill | 15,110 | |
FCC licenses | 8,600 | |
Other | 1,242 | |
Intangible assets not subject to amortization | 24,952 | |
Intangible assets subject to amortization, net | 1,310 | |
Other assets | 1,102 | |
Total assets | 31,497 | |
Current liabilities: | ||
Intergroup payable (receivable) | (16) | |
Accounts payable and accrued liabilities | 1,272 | |
Current portion of debt | 1,900 | |
Deferred revenue | 1,500 | |
Other current liabilities | 69 | |
Total current liabilities | 4,725 | |
Long-term debt | 11,854 | |
Deferred income tax liabilities | 2,206 | |
Other liabilities | 623 | |
Total liabilities | 19,408 | |
Stockholders' equity: | ||
Total stockholders' equity | 8,130 | |
Noncontrolling interests in equity of subsidiaries | 3,959 | |
Total liabilities and equity | 31,497 | |
Liberty SiriusXM Group | Consolidation Eliminations | ||
Current assets: | ||
Investments in affiliates, accounted for using the equity method | (246) | |
Total assets | (13,331) | |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 134 | |
Trade and other receivables, net | 50 | |
Other current assets | 127 | |
Total current assets | 311 | |
Investments in affiliates, accounted for using the equity method | 108 | 94 |
Property and equipment, at cost | 997 | |
Accumulated depreciation | (220) | |
Property and equipment, net | 777 | |
Goodwill | 180 | |
Other | 143 | |
Intangible assets not subject to amortization | 323 | |
Intangible assets subject to amortization, net | 22 | |
Other assets | 84 | |
Total assets | 1,625 | |
Current liabilities: | ||
Intergroup payable (receivable) | (37) | |
Accounts payable and accrued liabilities | 55 | |
Current portion of debt | 12 | |
Deferred revenue | 73 | |
Other current liabilities | 6 | |
Total current liabilities | 109 | |
Long-term debt | 706 | |
Deferred income tax liabilities | 63 | |
Redeemable intergroup interests | 241 | |
Other liabilities | 206 | |
Total liabilities | 1,325 | |
Stockholders' equity: | ||
Total stockholders' equity | 300 | |
Total liabilities and equity | 1,625 | |
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 2,195 | |
Trade and other receivables, net | 110 | |
Other current assets | 161 | |
Total current assets | 2,466 | |
Intergroup interests | 179 | |
Investments in affiliates, accounted for using the equity method | 34 | $ 38 |
Property and equipment, at cost | 203 | |
Accumulated depreciation | (85) | |
Property and equipment, net | 118 | |
Goodwill | 3,957 | |
Intangible assets not subject to amortization | 3,957 | |
Intangible assets subject to amortization, net | 3,601 | |
Other assets | 1,480 | |
Total assets | 11,835 | |
Current liabilities: | ||
Intergroup payable (receivable) | 53 | |
Accounts payable and accrued liabilities | 191 | |
Current portion of debt | 661 | |
Deferred revenue | 421 | |
Other current liabilities | 28 | |
Total current liabilities | 1,354 | |
Long-term debt | 2,965 | |
Redeemable intergroup interests | 248 | |
Other liabilities | 188 | |
Total liabilities | 4,755 | |
Redeemable noncontrolling interests in equity of subsidiary | 575 | |
Stockholders' equity: | ||
Total stockholders' equity | 6,481 | |
Noncontrolling interests in equity of subsidiaries | 24 | |
Total liabilities and equity | $ 11,835 |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 3,100 | $ 2,732 | $ 8,230 | $ 6,654 |
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Subscriber acquisition costs | 70 | 110 | 245 | 257 |
Other operating expenses | 221 | 154 | 513 | 339 |
Selling, general and administrative | 481 | 423 | 1,336 | 1,221 |
Impairment, restructuring and acquisition costs, net of recoveries | (95) | 13 | 24 | |
Depreciation and amortization | 274 | 279 | 806 | 812 |
Total operating costs and expenses | 2,398 | 2,412 | 6,764 | 5,874 |
Operating income (loss) | 702 | 320 | 1,466 | 780 |
Other income (expense): | ||||
Interest expense | (168) | (153) | (484) | (480) |
Investments Share of Earnings (Losses) of Affiliates, Net | 9 | (187) | (134) | (442) |
Realized and unrealized gains (losses) on financial instruments, net | (40) | 16 | 66 | (163) |
Gains (losses) on dilution of investment in affiliate | 142 | 152 | 1 | |
Other, net | (72) | (32) | (54) | (2) |
Total other income (expense) | (129) | (356) | (454) | (1,086) |
Earnings (loss) before income taxes | 573 | (36) | 1,012 | (306) |
Income tax benefit (expense) | (173) | (7) | (98) | 3 |
Net earnings (loss) | 400 | (43) | 914 | (303) |
Less net earnings (loss) attributable to the noncontrolling interests | 74 | 71 | 234 | 213 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (2) | 51 | ||
Net earnings (loss) attributable to Liberty stockholders | 328 | (114) | 629 | (516) |
Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,198 | 2,025 | 6,415 | 5,851 |
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Subscriber acquisition costs | 70 | 110 | 245 | 257 |
Other operating expenses | 67 | 64 | 197 | 196 |
Selling, general and administrative | 402 | 363 | 1,122 | 1,055 |
Impairment, restructuring and acquisition costs, net of recoveries | (95) | 13 | 24 | |
Depreciation and amortization | 152 | 142 | 451 | 432 |
Total operating costs and expenses | 1,594 | 1,574 | 4,948 | 4,575 |
Operating income (loss) | 604 | 451 | 1,467 | 1,276 |
Other income (expense): | ||||
Interest expense | (130) | (116) | (373) | (347) |
Investments Share of Earnings (Losses) of Affiliates, Net | 2 | (183) | (181) | (331) |
Intergroup interest (expense) income | (7) | |||
Realized and unrealized gains (losses) on financial instruments, net | (42) | (39) | (42) | (228) |
Gains (losses) on dilution of investment in affiliate | 142 | 152 | 1 | |
Unrealized gains/( loss) on inter-group interests | 20 | 25 | 52 | 92 |
Other, net | (75) | (36) | (66) | (20) |
Total other income (expense) | (83) | (349) | (458) | (840) |
Earnings (loss) before income taxes | 521 | 102 | 1,009 | 436 |
Income tax benefit (expense) | (108) | (22) | (126) | (88) |
Net earnings (loss) | 413 | 80 | 883 | 348 |
Less net earnings (loss) attributable to the noncontrolling interests | 71 | 68 | 215 | 210 |
Net earnings (loss) attributable to Liberty stockholders | 342 | 12 | 668 | 138 |
Braves Group | ||||
Revenue: | ||||
Total revenue | 234 | 110 | 466 | 143 |
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Other operating expenses | 154 | 90 | 316 | 143 |
Selling, general and administrative | 28 | 17 | 73 | 39 |
Depreciation and amortization | 22 | 19 | 56 | 54 |
Total operating costs and expenses | 204 | 126 | 445 | 236 |
Operating income (loss) | 30 | (16) | 21 | (93) |
Other income (expense): | ||||
Interest expense | (6) | (6) | (18) | (19) |
Investments Share of Earnings (Losses) of Affiliates, Net | 9 | (5) | 20 | (2) |
Realized and unrealized gains (losses) on financial instruments, net | 1 | (10) | ||
Unrealized gains/( loss) on inter-group interests | 12 | (10) | (15) | 78 |
Other, net | 1 | (1) | 1 | (1) |
Total other income (expense) | 16 | (22) | (11) | 46 |
Earnings (loss) before income taxes | 46 | (38) | 10 | (47) |
Income tax benefit (expense) | (10) | 7 | (8) | 31 |
Net earnings (loss) | 36 | (31) | 2 | (16) |
Net earnings (loss) attributable to Liberty stockholders | 36 | (31) | 2 | (16) |
Formula One Group | ||||
Revenue: | ||||
Total revenue | 668 | 597 | 1,349 | 660 |
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Selling, general and administrative | 51 | 43 | 141 | 127 |
Depreciation and amortization | 100 | 118 | 299 | 326 |
Total operating costs and expenses | 600 | 712 | 1,371 | 1,063 |
Operating income (loss) | 68 | (115) | (22) | (403) |
Other income (expense): | ||||
Interest expense | (32) | (31) | (93) | (114) |
Investments Share of Earnings (Losses) of Affiliates, Net | (2) | 1 | 27 | (109) |
Intergroup interest (expense) income | 7 | |||
Realized and unrealized gains (losses) on financial instruments, net | 2 | 55 | 107 | 75 |
Unrealized gains/( loss) on inter-group interests | (32) | (15) | (37) | (170) |
Other, net | 2 | 5 | 11 | 19 |
Total other income (expense) | (62) | 15 | 15 | (292) |
Earnings (loss) before income taxes | 6 | (100) | (7) | (695) |
Income tax benefit (expense) | (55) | 8 | 36 | 60 |
Net earnings (loss) | (49) | (92) | 29 | (635) |
Less net earnings (loss) attributable to the noncontrolling interests | 3 | 3 | 19 | 3 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (2) | 51 | ||
Net earnings (loss) attributable to Liberty stockholders | (50) | (95) | (41) | (638) |
Sirius XM Holdings Revenue | ||||
Revenue: | ||||
Total revenue | 2,198 | 2,025 | 6,415 | 5,851 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,198 | 2,025 | 6,415 | 5,851 |
Revenue Share And Royalties | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 671 | 602 | 1,974 | 1,759 |
Revenue Share And Royalties | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 671 | 602 | 1,974 | 1,759 |
Programming and content expense | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 142 | 123 | 407 | 351 |
Programming and content expense | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 142 | 123 | 407 | 351 |
Customer service and billing | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 128 | 119 | 372 | 359 |
Customer service and billing | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 128 | 119 | 372 | 359 |
Other cost of subscriber services | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 57 | 51 | 167 | 142 |
Other cost of subscriber services | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 57 | 51 | 167 | 142 |
Primary Formula 1 | ||||
Revenue: | ||||
Total revenue | 668 | 597 | 1,349 | 660 |
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 449 | 551 | 931 | 610 |
Primary Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 668 | 597 | 1,349 | 660 |
Operating costs and expenses, including stock-based compensation (note 2): | ||||
Cost of services | 449 | 551 | 931 | 610 |
Other | ||||
Revenue: | ||||
Total revenue | 234 | 110 | 466 | 143 |
Other | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 234 | $ 110 | $ 466 | $ 143 |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||||
Net earnings (loss) | $ 400 | $ (43) | $ 914 | $ (303) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 274 | 279 | 806 | 812 |
Stock-based compensation | 188 | 180 | ||
Non-cash impairment and restructuring costs | 24 | 24 | ||
Changes in fair value of contingent consideration | (17) | |||
Share of (earnings) loss of affiliates, net | (9) | 187 | 134 | 442 |
Realized and unrealized (gains) losses on financial instruments, net | 40 | (16) | (66) | 163 |
Losses (gains) on dilution of investment in affiliate | (142) | (152) | (1) | |
Deferred income tax expense (benefit) | 33 | (43) | ||
Other charges (credits), net | 104 | 62 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (45) | (148) | ||
Payables and other liabilities | (250) | (132) | ||
Net cash provided (used) by operating activities | 1,673 | 1,056 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (218) | (94) | ||
Investment of subsidiary initial public offering proceeds into trust account | (575) | |||
Return of investment in equity method affiliates | 38 | 105 | ||
Cash proceeds from sale of investments | 196 | 13 | ||
Cash (paid) received for acquisitions, net of cash acquired | (14) | (28) | ||
Capital expended for property and equipment, including internal-use software and website development | (280) | (316) | ||
Proceeds from insurance recoveries | 225 | |||
Other investing activities, net | 13 | 11 | ||
Net cash provided (used) by investing activities | (615) | (309) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 6,407 | 3,038 | ||
Repayments of debt | (6,129) | (2,595) | ||
Liberty stock repurchases | (398) | (204) | ||
Subsidiary shares repurchased by subsidiary | (1,174) | (870) | ||
Proceeds from Liberty SiriusXM common stock rights offering | 754 | |||
Cash dividends paid by subsidiary | (41) | (49) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (93) | (86) | ||
Proceeds from initial public offering of subsidiary | 575 | |||
Other financing activities, net | (128) | (66) | ||
Net cash provided (used) by financing activities | (981) | (78) | ||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (5) | (1) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 72 | 668 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,877 | 1,306 | ||
Cash, cash equivalents and restricted cash at end of period | 2,949 | 1,974 | 2,949 | 1,974 |
Liberty SiriusXM Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | 413 | 80 | 883 | 348 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 152 | 142 | 451 | 432 |
Stock-based compensation | 158 | 173 | ||
Non-cash impairment and restructuring costs | 24 | 24 | ||
Changes in fair value of contingent consideration | (17) | |||
Share of (earnings) loss of affiliates, net | (2) | 183 | 181 | 331 |
Unrealized (gains) losses on intergroup interests, net | (20) | (25) | (52) | (92) |
Realized and unrealized (gains) losses on financial instruments, net | 42 | 39 | 42 | 228 |
Losses (gains) on dilution of investment in affiliate | (142) | (152) | (1) | |
Deferred income tax expense (benefit) | 66 | 33 | ||
Intergroup tax allocation | 5 | 4 | ||
Other charges (credits), net | 94 | 50 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | 54 | 150 | ||
Payables and other liabilities | (439) | (301) | ||
Net cash provided (used) by operating activities | 1,298 | 1,379 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (66) | (91) | ||
Cash proceeds from sale of investments | 27 | |||
Cash (paid) received for acquisitions, net of cash acquired | (14) | (28) | ||
Capital expended for property and equipment, including internal-use software and website development | (244) | (230) | ||
Proceeds from insurance recoveries | 225 | |||
Other investing activities, net | 6 | 10 | ||
Net cash provided (used) by investing activities | (66) | (339) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 6,294 | 2,300 | ||
Repayments of debt | (5,871) | (1,922) | ||
Intergroup Loan (repayment) borrowing | (750) | |||
Liberty stock repurchases | (351) | (135) | ||
Subsidiary shares repurchased by subsidiary | (1,174) | (870) | ||
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 | (41) | (49) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (91) | (84) | ||
Settlement of intergroup call spread | (384) | |||
Other financing activities, net | (85) | (35) | ||
Net cash provided (used) by financing activities | (1,703) | (1,399) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (471) | (359) | ||
Cash, cash equivalents and restricted cash at beginning of period | 1,008 | 507 | ||
Cash, cash equivalents and restricted cash at end of period | 537 | 148 | 537 | 148 |
Braves Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | 36 | (31) | 2 | (16) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 22 | 19 | 56 | 54 |
Stock-based compensation | 9 | (10) | ||
Share of (earnings) loss of affiliates, net | (9) | 5 | (20) | 2 |
Unrealized (gains) losses on intergroup interests, net | (12) | 10 | 15 | (78) |
Realized and unrealized (gains) losses on financial instruments, net | (1) | 10 | ||
Deferred income tax expense (benefit) | 10 | (15) | ||
Intergroup tax allocation | (2) | (16) | ||
Other charges (credits), net | 7 | 10 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (52) | (16) | ||
Payables and other liabilities | (16) | 19 | ||
Net cash provided (used) by operating activities | 8 | (56) | ||
Cash flows from investing activities: | ||||
Cash proceeds from sale of investments | 2 | |||
Capital expended for property and equipment, including internal-use software and website development | (26) | (69) | ||
Other investing activities, net | 8 | 4 | ||
Net cash provided (used) by investing activities | (16) | (65) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 113 | 216 | ||
Repayments of debt | (67) | (62) | ||
Other financing activities, net | (6) | (5) | ||
Net cash provided (used) by financing activities | 40 | 149 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 32 | 28 | ||
Cash, cash equivalents and restricted cash at beginning of period | 185 | 212 | ||
Cash, cash equivalents and restricted cash at end of period | 217 | 240 | 217 | 240 |
Formula One Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | (49) | (92) | 29 | (635) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 100 | 118 | 299 | 326 |
Stock-based compensation | 21 | 17 | ||
Share of (earnings) loss of affiliates, net | 2 | (1) | (27) | 109 |
Unrealized (gains) losses on intergroup interests, net | 32 | 15 | 37 | 170 |
Realized and unrealized (gains) losses on financial instruments, net | (2) | (55) | (107) | (75) |
Deferred income tax expense (benefit) | (43) | (61) | ||
Intergroup tax allocation | (3) | 12 | ||
Other charges (credits), net | 3 | 2 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (47) | (282) | ||
Payables and other liabilities | 205 | 150 | ||
Net cash provided (used) by operating activities | 367 | (267) | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (152) | (3) | ||
Investment of subsidiary initial public offering proceeds into trust account | (575) | |||
Return of investment in equity method affiliates | 38 | 105 | ||
Cash proceeds from sale of investments | 167 | 13 | ||
Capital expended for property and equipment, including internal-use software and website development | (10) | (17) | ||
Other investing activities, net | (1) | (3) | ||
Net cash provided (used) by investing activities | (533) | 95 | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 522 | |||
Repayments of debt | (191) | (611) | ||
Intergroup Loan (repayment) borrowing | 750 | |||
Liberty stock repurchases | (47) | (69) | ||
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group | 608 | |||
Taxes paid in lieu of shares issued for stock-based compensation | (2) | (2) | ||
Proceeds from initial public offering of subsidiary | 575 | |||
Settlement of intergroup call spread | 384 | |||
Other financing activities, net | (37) | (26) | ||
Net cash provided (used) by financing activities | 682 | 1,172 | ||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (5) | (1) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 511 | 999 | ||
Cash, cash equivalents and restricted cash at beginning of period | 1,684 | 587 | ||
Cash, cash equivalents and restricted cash at end of period | $ 2,195 | $ 1,586 | $ 2,195 | $ 1,586 |