Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 | 2022 | |
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 | 98,094,012 | |
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 | 218,565,844 | |
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 | 10,313,935 | |
Liberty Braves Group Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 981,262 | |
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 | 41,573,282 | |
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 | 23,974,078 | |
Liberty Formula One Group Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,445,666 | |
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 | 207,402,332 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,542 | $ 2,814 |
Trade and other receivables, net | 826 | 828 |
Other current assets | 602 | 1,170 |
Total current assets | 3,970 | 4,812 |
Investments in affiliates, accounted for using the equity method | 1,028 | 945 |
Property and equipment, at cost | 4,329 | 4,027 |
Accumulated depreciation | (2,147) | (2,017) |
Property and equipment, net | 2,182 | 2,010 |
Intangible assets not subject to amortization: | ||
Goodwill | 19,341 | 19,248 |
FCC licenses | 8,600 | 8,600 |
Other | 1,366 | 1,385 |
Intangible assets not subject to amortization | 29,307 | 29,233 |
Intangible assets subject to amortization, net | 4,406 | 4,797 |
Other assets | 2,342 | 2,554 |
Total assets | 43,235 | 44,351 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,640 | 1,832 |
Current portion of debt | 499 | 2,891 |
Deferred revenue | 1,930 | 1,790 |
Other current liabilities | 95 | 97 |
Total current liabilities | 4,164 | 6,610 |
Long-term debt | 17,066 | 15,699 |
Deferred income tax liabilities | 2,093 | 2,218 |
Other liabilities | 868 | 987 |
Total liabilities | 24,191 | 25,514 |
Redeemable noncontrolling interests in equity of subsidiary | 578 | 575 |
Stockholders' equity: | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 1,367 | 1,954 |
Accumulated other comprehensive earnings (loss), net of taxes | (42) | (5) |
Retained earnings | 14,004 | 12,718 |
Total stockholders' equity | 15,334 | 14,672 |
Noncontrolling interests in equity of subsidiaries | 3,132 | 3,590 |
Total equity | 18,466 | 18,262 |
Commitments and contingencies | ||
Total liabilities and equity | 43,235 | 44,351 |
Liberty Sirius XM Group Common Class A | ||
Stockholders' equity: | ||
Common stock value | 1 | 1 |
Liberty Braves Group Common Class A | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Formula One Group Common Class A | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Sirius XM Group Common Class B | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Braves Group Common Class B | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Formula One Group Common Class B | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Sirius Xm Group Common Class C | ||
Stockholders' equity: | ||
Common stock value | 2 | 2 |
Liberty Braves Group Common Class C | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Formula One Group Common Class C | ||
Stockholders' equity: | ||
Common stock value | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current portion of debt, measured at fair value | $ 424 | $ 2,850 |
Long-term debt, measured at fair value | $ 2,927 | $ 2,372 |
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 | 98,094,012 | 101,623,360 |
Common stock, shares outstanding | 98,094,012 | 101,623,360 |
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 | 10,313,935 | 10,313,703 |
Common stock, shares outstanding | 10,313,935 | 10,313,703 |
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 | 23,974,078 | 24,638,242 |
Common stock, shares outstanding | 23,974,078 | 24,638,242 |
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 | 9,802,232 |
Common stock, shares outstanding | 9,802,232 | 9,802,232 |
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 | 981,262 | 981,494 |
Common stock, shares outstanding | 981,262 | 981,494 |
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 | 2,445,666 | 2,445,895 |
Common stock, shares outstanding | 2,445,666 | 2,445,895 |
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 | 218,559,292 | 222,874,721 |
Common stock, shares outstanding | 218,559,292 | 222,874,721 |
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 | 41,572,400 | 41,494,524 |
Common stock, shares outstanding | 41,572,400 | 41,494,524 |
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 | 207,173,169 | 205,107,088 |
Common stock, shares outstanding | 207,173,169 | 205,107,088 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 3,247 | $ 3,100 | $ 9,074 | $ 8,230 |
Operating costs and expenses, including stock-based compensation: | ||||
Subscriber acquisition costs | 86 | 70 | 267 | 245 |
Other operating expense | 253 | 221 | 590 | 513 |
Selling, general and administrative | 525 | 481 | 1,527 | 1,336 |
Impairment, restructuring and acquisition costs, net of recoveries | 74 | (95) | 75 | 13 |
Depreciation and amortization | 268 | 274 | 790 | 806 |
Total operating costs and expenses | 2,741 | 2,398 | 7,549 | 6,764 |
Operating income (loss) | 506 | 702 | 1,525 | 1,466 |
Other income (expense): | ||||
Interest expense | (179) | (168) | (497) | (484) |
Share of earnings (losses) of affiliates, net | 111 | 9 | 158 | (134) |
Realized and unrealized gains (losses) on financial instruments, net | 106 | (40) | 545 | 66 |
Gains (losses) on dilution of investment in affiliate | 2 | 142 | 9 | 152 |
Other, net | 18 | (72) | 78 | (54) |
Total other income (expense) | 58 | (129) | 293 | (454) |
Earnings (loss) before income taxes | 564 | 573 | 1,818 | 1,012 |
Income tax (expense) benefit | (130) | (173) | (414) | (98) |
Net earnings (loss) | 434 | 400 | 1,404 | 914 |
Less net earnings (loss) attributable to the noncontrolling interests | 46 | 74 | 164 | 234 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (3) | (2) | (13) | 51 |
Net earnings (loss) attributable to Liberty stockholders | 391 | 328 | 1,253 | 629 |
Liberty SiriusXM Group | ||||
Other income (expense): | ||||
Net earnings (loss) attributable to Liberty stockholders | $ 305 | $ 342 | $ 1,040 | $ 668 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 0.93 | $ 1.03 | $ 3.16 | $ 1.99 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.82 | $ 1.02 | $ 2.89 | $ 1.98 |
Braves Group | ||||
Other income (expense): | ||||
Net earnings (loss) attributable to Liberty stockholders | $ (22) | $ 36 | $ 29 | $ 2 |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ (0.42) | $ 0.69 | $ 0.55 | $ 0.04 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ (0.42) | $ 0.39 | $ 0.39 | $ 0.04 |
Formula One Group | ||||
Other income (expense): | ||||
Net earnings (loss) attributable to Liberty stockholders | $ 108 | $ (50) | $ 184 | $ (41) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, basic earnings loss per share | $ 0.46 | $ (0.22) | $ 0.79 | $ (0.18) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | ||||
Series A, B and C common stock, diluted earnings loss per share | $ 0.31 | $ (0.22) | $ 0.60 | $ (0.18) |
Sirius XM Holdings Revenue | ||||
Revenue: | ||||
Total revenue | $ 2,280 | $ 2,198 | $ 6,720 | $ 6,415 |
Revenue Share And Royalties | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 709 | 671 | 2,090 | 1,974 |
Programming and content | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 156 | 142 | 448 | 407 |
Customer service and billing | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 122 | 128 | 373 | 372 |
Other cost of subscriber services | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 54 | 57 | 166 | 167 |
Formula 1 | ||||
Revenue: | ||||
Total revenue | 715 | 668 | 1,819 | 1,349 |
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 494 | 449 | 1,223 | 931 |
Other. | ||||
Revenue: | ||||
Total revenue | $ 252 | $ 234 | $ 535 | $ 466 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net earnings (loss) | $ 434 | $ 400 | $ 1,404 | $ 914 |
Other comprehensive earnings (loss), net of taxes: | ||||
Foreign currency translation adjustments | (36) | (16) | (50) | (2) |
Credit risk on fair value debt instruments gains (losses) | (26) | (35) | 29 | (88) |
Unrealized holding gains (losses) arising during the period | 4 | (1) | ||
Share of other comprehensive earnings (loss) of equity affiliates | (5) | (2) | (1) | 1 |
Recognition of previously unrealized (gains) losses on debt | (11) | (25) | (1) | |
Comprehensive earnings (loss) | 356 | 347 | 1,361 | 823 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 41 | 72 | 158 | 235 |
Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest | (3) | (2) | (13) | 51 |
Comprehensive earnings (loss) attributable to Liberty stockholders | 318 | 277 | 1,216 | 537 |
Liberty SiriusXM Group | ||||
Net earnings (loss) | 346 | 413 | 1,188 | 883 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | 241 | 296 | 1,018 | 589 |
Braves Group | ||||
Net earnings (loss) | (22) | 36 | 29 | 2 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | (22) | 36 | 33 | 1 |
Formula One Group | ||||
Net earnings (loss) | 110 | (49) | 187 | 29 |
Other comprehensive earnings (loss), net of taxes: | ||||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ 99 | $ (55) | $ 165 | $ (53) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 1,404 | $ 914 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 790 | 806 |
Stock-based compensation | 173 | 188 |
Non-cash impairment and restructuring costs | 73 | 24 |
Share of (earnings) loss of affiliates, net | (158) | 134 |
Realized and unrealized (gains) losses on financial instruments, net | (545) | (66) |
Losses (gains) on dilution of investment in affiliate | (9) | (152) |
Deferred income tax expense (benefit) | 277 | 33 |
Other, net | (18) | 87 |
Changes in operating assets and liabilities | ||
Current and other assets | (102) | (45) |
Payables and other liabilities | (145) | (250) |
Net cash provided (used) by operating activities | 1,740 | 1,673 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (41) | (218) |
Investment of subsidiary initial public offering proceeds into trust account | (575) | |
Cash proceeds from dispositions | 149 | 196 |
Cash (paid) received for acquisitions, net of cash acquired | (136) | (14) |
Capital expended for property and equipment, including internal-use software and website development | (555) | (280) |
Proceeds from insurance recoveries | 225 | |
Other investing activities, net | 77 | 51 |
Net cash provided (used) by investing activities | (506) | (615) |
Cash flows from financing activities: | ||
Borrowings of debt | 3,622 | 6,407 |
Repayments of debt | (3,948) | (6,129) |
Liberty stock repurchases | (395) | (398) |
Subsidiary shares repurchased by subsidiary | (599) | (1,174) |
Cash dividends paid by subsidiary | (233) | (41) |
Taxes paid in lieu of shares issued for stock-based compensation | (109) | (93) |
Proceeds from initial public offering of subsidiary | 575 | |
Other financing activities, net | 82 | (128) |
Net cash provided (used) by financing activities | (1,580) | (981) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (13) | (5) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (359) | 72 |
Cash, cash equivalents and restricted cash at beginning of period | 2,924 | 2,877 |
Cash, cash equivalents and restricted cash at end of period | $ 2,565 | $ 2,949 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Condensed Consolidated Statements of Cash Flows | ||
Cash and cash equivalents | $ 2,542 | $ 2,814 |
Restricted cash included in other current assets | $ 15 | $ 88 |
Restricted cash, current - location | Other current assets | Other current assets |
Restricted cash included in other assets | $ 8 | $ 22 |
Restricted cash, noncurrent - location | Other assets | Other assets |
Total cash and cash equivalents and restricted cash at end of period | $ 2,565 | $ 2,924 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Equity - USD ($) $ in Millions | Liberty SiriusXM Group Common Stock Common Class A | Liberty SiriusXM Group Common Stock Series C | Formula One Group Common Stock Series C | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest | Total |
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 |
Balance at Dec. 31, 2021 | 1 | 2 | 2 | 1,954 | (5) | 12,718 | 3,590 | 18,262 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | 1,253 | 148 | 1,401 | |||||
Other comprehensive earnings (loss) | (37) | (6) | (43) | |||||
Stock-based compensation | 157 | 28 | 185 | |||||
Withholding taxes on net share settlements of stock-based compensation | (109) | (109) | ||||||
Liberty stock repurchases | (395) | (395) | ||||||
Shares repurchased by subsidiary | (161) | (433) | (594) | |||||
Shares issued by subsidiary | (65) | 69 | 4 | |||||
Dividends paid by subsidiary | (233) | (233) | ||||||
Other, net | (14) | 33 | (31) | (12) | ||||
Balance at Sep. 30, 2022 | 1 | 2 | 2 | 1,367 | (42) | 14,004 | 3,132 | 18,466 |
Balance at Jun. 30, 2022 | 1 | 2 | 2 | 1,527 | 31 | 13,613 | 3,181 | 18,357 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | 391 | 41 | 432 | |||||
Other comprehensive earnings (loss) | (73) | (5) | (78) | |||||
Stock-based compensation | 55 | 9 | 64 | |||||
Withholding taxes on net share settlements of stock-based compensation | (64) | (64) | ||||||
Liberty stock repurchases | (39) | (39) | ||||||
Shares repurchased by subsidiary | (51) | (126) | (177) | |||||
Shares issued by subsidiary | (42) | 46 | 4 | |||||
Dividends paid by subsidiary | (16) | (16) | ||||||
Other, net | (19) | 2 | (17) | |||||
Balance at Sep. 30, 2022 | $ 1 | $ 2 | $ 2 | $ 1,367 | $ (42) | $ 14,004 | $ 3,132 | $ 18,466 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021, 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, 2021. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the determination of the useful life of Sirius XM Holdings’ broadcast/transmission system to be its most significant estimates . Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”) and Liberty Media Acquisition Corporation (“LMAC”), all of which are separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others, other than Liberty’s equity interests in LMAC. 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, TripCo, Liberty Broadband and LMAC with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, TripCo and Liberty Broadband 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. TripCo, Liberty Broadband and LMAC 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, TripCo, Liberty Broadband and LMAC at Liberty’s corporate headquarters. Under these various agreements, approximately $4 million and $7 million of these allocated expenses were reimbursed to Liberty during the three months ended September 30, 2022 and 2021, respectively, and $16 million and $20 million were reimbursed to Liberty during the nine months ended September 30, 2022 and 2021, respectively. In December 2019, each of TripCo, Liberty Broadband 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 are either 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 respective amended services agreement. Seasonality Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events in the past have generally taken place between March and 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. |
Tracking Stocks
Tracking Stocks | 9 Months Ended |
Sep. 30, 2022 | |
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, Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “Formula One Group”) have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. As of September 30, 2022, 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 Senior Notes due 2023 (the “Convertible Notes”) and related financial instruments, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group retains intergroup interests in the Formula One Group and the Braves Group as of September 30, 2022. As of September 30, 2022, the Liberty SiriusXM Group has cash and cash equivalents of approximately $264 million, which includes $39 million of subsidiary cash. During the nine months ended September 30, 2022, Sirius XM Holdings declared quarterly dividends and a special dividend and paid in cash an aggregate amount of $1,245 million, of which Liberty received $1,012 million. On November 1, 2022, Sirius XM Holdings’ board of directors declared a quarterly dividend on its common stock in the amount of $0.0242 per share of common stock payable on November 30, 2022 to stockholders of record as of the close of business on November 11, 2022. 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, 2022, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Atlanta Braves”) and certain assets and liabilities associated with ANLBC’s stadium and mixed use development project and corporate cash. The Formula One Group and the Liberty SiriusXM Group retain intergroup interests in the Braves Group as of September 30, 2022. As of September 30, 2022, the Braves Group has cash and cash equivalents of approximately $159 million, which includes $85 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, 2022, 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, cash, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Convertible Senior Notes due 2027. The Liberty SiriusXM Group retains an intergroup interest in the Formula One Group. As of September 30, 2022, the Formula One Group has cash and cash equivalents of approximately $2,119 million, which includes $1,115 million of subsidiary cash. During September 2022, the Formula One Group and the Braves Group paid approximately $64 million and $14 million, respectively, to the Liberty SiriusXM Group to settle a portion of the intergroup interests in the Formula One Group and Braves Group held by the Liberty SiriusXM Group, as a result of the repurchase of a portion of the Convertible Notes, as described in note 8. 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, 2022. The number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 1,811,066, representing a 2.9% intergroup interest at September 30, 2022. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 4,165,288, representing a 1.8% intergroup interest at September 30, 2022. 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, 2022 | |
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, 2022 2021 2022 2021 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 10 8 26 24 Customer service and billing 1 2 4 5 Other 1 1 4 4 Other operating expense 10 9 27 26 Selling, general and administrative 39 45 112 129 $ 61 65 173 188 Liberty—Grants of Awards Options granted during the nine months ended September 30, 2022 are summarized as follows: Nine Months Ended September 30, 2022 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty CEO (1) 212 $ 14.45 Series C Liberty Formula One common stock, Liberty CEO (1) 181 $ 21.31 Series C Liberty Formula One common stock, Formula 1 employees (2) 86 $ 21.31 Series C Liberty Braves common stock, Liberty CEO (1) 95 $ 9.16 (1) Grants cliff vest on December 30, 2022. Grants were made in connection with the CEO’s employment agreement. (2) Grants vest in equal quarterly installments over 2022. The Company did not grant any options Series A Series B 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, 2022 7,369 $ 38.79 Granted 212 $ 44.80 Exercised (536) $ 31.36 Forfeited/Cancelled — $ — Outstanding at September 30, 2022 7,045 $ 39.54 3.0 years $ 12 Exercisable at September 30, 2022 4,723 $ 37.06 2.0 years $ 12 Liberty Braves Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2022 3,125 $ 25.86 Granted 95 $ 25.49 Exercised (71) $ 18.17 Forfeited/Cancelled — $ — Outstanding at September 30, 2022 3,149 $ 26.02 4.5 years $ 5 Exercisable at September 30, 2022 595 $ 21.09 2.1 years $ 4 Liberty Formula One Series C Weighted Aggregate average intrinsic Liberty remaining value Awards (000's) WAEP life (millions) Outstanding at January 1, 2022 9,114 $ 34.38 Granted 267 $ 57.67 Exercised (2,057) $ 32.00 Forfeited/Cancelled — $ — Outstanding at September 30, 2022 7,324 $ 35.91 4.0 years $ 166 Exercisable at September 30, 2022 5,552 $ 32.95 3.6 years $ 142 As of September 30, 2022, there were no outstanding outstanding Liberty Braves As of September 30, 2022, Liberty Braves had 1 thousand Series A options outstanding and exercisable WAEP As of September 30, 2022, the total unrecognized compensation cost related to unvested Awards was approximately $34 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.9 years. As of September 30, 2022, Liberty reserved 7.0 million, 3.2 million and 7.3 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, 2022. As of September 30, 2022, Sirius XM Holdings has approximately 137 million options outstanding of which approximately 81 million are exercisable, each with a WAEP per share of $5.51 and $5.13, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of September 30, 2022 is $68 million and $68 million, respectively. During the nine months ended September 30, 2022, Sirius XM Holdings granted approximately 44 million nonvested RSUs with a GDFV per share of $6.62. Stock-based compensation expense related to Sirius XM Holdings was $51 million for each of the three months ended September 30, 2022 and 2021, and $143 million and $149 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and RSUs was $527 million. The Sirius XM Holdings unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.7 years. |
Earnings Attributable to Libert
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
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. In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) Excluded from diluted EPS for the three and nine months ended September 30, 2022 are approximately 21 million and 22 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, respectively, 11 million and 10 million potentially dilutive shares of Series A and Series C Liberty Braves common stock, respectively, and 4 million and 7 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, respectively, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 8) and shares of Series A Liberty Braves common stock and Series A Liberty Formula One common stock underlying the intergroup interests, 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 are attributed to the Liberty SiriusXM Group. Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 numbers of shares in millions Basic WASO 327 332 329 335 Potentially dilutive shares (a) 18 3 19 2 Diluted WASO (b) 345 335 348 337 (a) Potentially dilutive shares are excluded from the computation of EPS during period in which net losses are reported since the result would be antidilutive. (b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures and 2.75% Exchangeable Senior Debentures, which may be settled in shares of Series C Liberty SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 305 342 1,040 668 Adjustments (23) NA (36) NA Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 282 342 1,004 668 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, 2022 2021 2022 2021 numbers of shares in millions Basic WASO 53 52 53 52 Potentially dilutive shares (a)(b) — 10 9 9 Diluted WASO (b) 53 62 62 61 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) 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 1,811,066 as of September 30, 2022. 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, if dilutive, 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. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (22) 36 29 2 Adjustments — (12) (5) 15 Diluted earnings (loss) attributable to Liberty Braves stockholders $ (22) 24 24 17 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, 2022 2021 2022 2021 numbers of shares in millions Basic WASO 233 232 233 232 Potentially dilutive shares (a)(b) 13 8 10 8 Diluted WASO (b) 246 240 243 240 (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 Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 4,165,288 shares as of September 30, 2022. 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, if dilutive, 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. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period. For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 amounts in millions Basic earnings (loss) attributable to Formula One stockholders $ 108 (50) 184 (41) Adjustments (32) 23 (39) 48 Diluted earnings (loss) attributable to Formula One stockholders $ 76 (27) 145 7 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 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 $ 2,348 2,348 — 2,436 2,436 — Investment in trust account $ 578 578 — 575 575 — Debt and equity securities $ 108 108 — 217 217 — Financial instrument assets $ 380 81 299 640 99 541 Debt $ 3,351 — 3,351 5,222 — 5,222 Financial instrument liabilities $ — — — 59 20 39 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. Investments in the trust account and debt and equity securities included in the table above are included in the Other assets line item in the condensed consolidated balance sheets. As of September 30, 2022, $1 million and $379 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet. As of December 31, 2021, $527 million and $113 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet. 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, 2022 2021 2022 2021 amounts in millions Debt and equity securities $ 2 (6) (10) 210 Debt measured at fair value (a) 45 (57) 691 (241) Change in fair value of bond hedges (b) 21 18 (248) 77 Other 38 5 112 20 $ 106 (40) 545 66 (a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the exchangeable senior debentures and 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 convertible notes attributable to changes in the instrument specific credit risk was a loss of $41 million and a loss of $46 million for the three months ended September 30, 2022 and 2021, respectively, and zero net impact and a loss of $114 million for the nine months ended September 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $68 million as of September 30, 2022, net of the recognition of previously unrecognized gains and losses. (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, 2022 | |
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, 2022 and the carrying amount at December 31, 2021: September 30, 2022 December 31, 2021 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a) 31 % $ 5,296 $ 212 89 Sirius XM Canada 70 % $ NA 603 642 Other NA 70 74 Total Liberty SiriusXM Group 885 805 Braves Group Other various NA 114 110 Total Braves Group 114 110 Formula One Group Other various NA 29 30 Total Formula One Group 29 30 Consolidated Liberty $ 1,028 945 (a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2022 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”). The following table presents the Company's share of earnings (losses) of affiliates: Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Liberty SiriusXM Group Live Nation $ 107 9 140 (169) Sirius XM Canada (2) (1) 4 6 Other (1) (6) (4) (18) Total Liberty SiriusXM Group 104 2 140 (181) Braves Group Other 6 9 18 20 Total Braves Group 6 9 18 20 Formula One Group Other 1 (2) — 27 Total Formula One Group 1 (2) — 27 Consolidated Liberty $ 111 9 158 (134) Sirius XM Canada As of September 30, 2022, 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. On March 15, 2022, Sirius XM Holdings and Sirius XM Canada entered into an amended and restated services and distribution agreement which modified the existing Services Agreement and terminated the existing Advisory Agreement, each dated as of May 25, 2017. Pursuant to the amended and restated services and distribution agreement, the fee payable by Sirius XM Canada to Sirius XM Holdings was modified from a fixed percentage of revenue to a variable fee, based on a target operating profit for Sirius XM Canada. Such variable fee is expected to be evaluated annually based on comparable companies. In accordance with the amended and restated services and distribution agreement, the fee is payable on a monthly basis, in arrears, beginning January 1, 2022. In May 2017, Sirius XM Holdings extended a loan to Sirius XM Canada in the principal amount of $131 million. Prior to the March 2022 amendment, cumulative note repayments by Sirius XM Canada were $10 million. In connection with the execution of the amended and restated services and distribution agreement, Sirius XM Holdings forgave $113 million in principal amount of such loan to Sirius XM Canada, leaving an outstanding principal amount of $8 million on such loan as of September 30, 2022. The principal amount that was forgiven by Sirius XM Holdings was considered satisfied as contributed capital to Sirius XM Canada. Sirius XM Holdings has approximately $32 million in related party current assets as of September 30, 2022. Sirius XM Holdings recorded approximately $29 million and $26 million in revenue during the three months ended September 30, 2022 and 2021, respectively, and $84 million and $76 million in revenue during the nine months ended September 30, 2022 and 2021, respectively, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during the three months ended September 30, 2021 and less than $1 million and $1 million during the nine months ended September 30, 2022 and 2021, respectively. 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 ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $13 million and $15 million for the three months ended September 30, 2022 and 2021, respectively, and $40 million and $42 million for the nine months ended September 30, 2022 and 2021, respectively. Sirius XM Holdings also had related party liabilities of $18 million as of September 30, 2022 related to this agreement. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 $ 15,112 3,956 180 19,248 Acquisitions (a) 97 — — 97 Other — — (4) (4) Balance at September 30, 2022 $ 15,209 3,956 176 19,341 (a) Sirius XM Holdings recorded goodwill related to acquisitions in January 2022 and May 2022. Intangible Assets Subject to Amortization September 30, 2022 December 31, 2021 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (1,078) 2,552 3,630 (936) 2,694 Customer relationships 3,054 (1,870) 1,184 3,053 (1,679) 1,374 Licensing agreements 359 (267) 92 355 (243) 112 Other 2,116 (1,538) 578 1,933 (1,316) 617 Total $ 9,159 (4,753) 4,406 8,971 (4,174) 4,797 Amortization expense for intangible assets with finite useful lives was $199 million and $205 million for the three months ended September 30, 2022 and 2021, respectively, and $590 million and $606 million for the nine months ended September 30, 2022 and 2021, respectively. Based on its amortizable intangible assets as of September 30, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2022 $ 190 2023 $ 755 2024 $ 443 2025 $ 372 2026 $ 356 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt | (8) Long-Term Debt Debt is summarized as follows: Outstanding Carrying value Principal September 30, December 31, September 30, 2022 2022 2021 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Senior Notes due 2023 (1) $ 790 959 1,540 2.125% Exchangeable Senior Debentures due 2048 (1) 387 381 416 2.25% Exchangeable Senior Debentures due 2048 (1) — — 644 2.75% Exchangeable Senior Debentures due 2049 (1) 586 552 624 0.5% Exchangeable Senior Debentures due 2050 (1) 920 970 1,332 Sirius XM Holdings Margin Loan 875 875 875 Live Nation Margin Loan — — — Subsidiary notes and loans: Sirius XM 3.125% Senior Notes due 2026 1,000 991 990 Sirius XM 5.0% Senior Notes due 2027 1,500 1,492 1,491 Sirius XM 4.0% Senior Notes due 2028 2,000 1,981 1,979 Sirius XM 5.50% Senior Notes due 2029 1,250 1,240 1,239 Sirius XM 4.125% Senior Notes due 2030 1,500 1,486 1,485 Sirius XM 3.875% Senior Notes due 2031 1,500 1,485 1,484 Pandora 1.75% Convertible Senior Notes due 2023 193 193 177 Sirius XM Senior Secured Revolving Credit Facility 421 421 — Sirius XM Incremental Term Loan 500 500 — Deferred financing costs (12) (14) Total Liberty SiriusXM Group 13,422 13,514 14,262 Braves Group Subsidiary notes and loans: Notes and loans 601 601 700 Deferred financing costs (3) (3) Total Braves Group 601 598 697 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) 27 43 666 2.25% Convertible Senior Notes due 2027 (1) 475 446 — Other 65 65 69 Subsidiary notes and loans: Senior Loan Facility 2,902 2,902 2,902 Deferred financing costs (3) (6) Total Formula One Group 3,469 3,453 3,631 Total debt $ 17,492 17,565 18,590 Debt classified as current (499) (2,891) Total long-term debt $ 17,066 15,699 (1) Measured at fair value 1.375% Cash Convertible Senior Notes due 2023 On October 17, 2013, Liberty issued $1 billion aggregate principal amount of 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. During the three months ended September 30, 2022, Liberty paid approximately $284 million to repurchase approximately $210 million aggregate principal amount of the Convertible Notes. 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, 2022. 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. 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. During the three months ended September 30, 2022, Liberty received approximately $72 million for the settlement of the portion of the bond hedge related to the repurchase of Convertible Notes described above. As of September 30, 2022, the Bond Hedge Transaction covered, in the aggregate, 4,165,288 shares of Series A Liberty Formula One common stock, 16,932,727 shares of Series A Liberty SiriusXM common stock and 1,811,066 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. The bond hedge expires on October 15, 2023 and is included in Other assets as of September 30, 2022 and Other current assets as of December 31, 2021 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 the 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. During the three months ended September 30, 2022, Liberty paid approximately $45 million for the settlement of the portion of the obligation under the warrants related to the repurchase of Convertible Notes described above. As of September 30, 2022, the warrants covered, in the aggregate, 4,165,288 shares of Series A Liberty Formula One common stock, 16,932,727 shares of Series A Liberty SiriusXM common stock and 1,811,066 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, 2022. As of September 30, 2022, the basket price of the securities underlying the warrants was $54.88 per share, which is the same as the basket price of the securities underlying the Bond Hedge Transaction. 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 are attributed to the Liberty SiriusXM Group. 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 is 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. During the nine months ended September 30, 2022, Liberty paid approximately $630 million to repurchase approximately $359 million aggregate principal amount of the 1% Convertible Notes. As of September 30, 2022, 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% Convertible Senior Notes due 2027 On August 12, 2022, Liberty issued $475 million convertible notes at an interest rate of 2.25% per annum, which, at Liberty’s election, are convertible into cash, shares of Series C Liberty Formula One common stock or a combination of cash and shares of Series C Liberty Formula One common stock and mature on August 15, 2027 (the ‘‘2.25% Convertible Notes’’). The initial conversion rate for the notes is approximately 11.6198 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $86.06 per share of Series C Liberty Formula One common stock. The notes are attributed to the Formula One Group. Liberty has elected to account for the notes 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. Accordingly, the 2.125% Exchangeable Senior Debentures due 2048 are classified as a current liability in the condensed consolidated balance sheet as of September 30, 2022. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest. The debentures are 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. In accordance with the terms of the indenture governing the 2.125% Exchangeable Senior Debentures due 2048, following Liberty’s receipt of Sirius XM Holdings’ special cash dividend, as described in note 2, Liberty made an extraordinary cash distribution of $31.1731 per debenture to holders of the 2.125% Exchangeable Senior Debentures due 2048. Also pursuant to the indenture, the original principal amount of the 2.125% Exchangeable Senior Debentures due 2048 was reduced by an amount equal to the extraordinary distribution of approximately $12 million. 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”). The number of shares of Live Nation common stock attributable to a debenture represented an initial exchange price of approximately $66.28 per share and a total of approximately 5.8 million shares of Live Nation common stock were attributable to the debentures. Interest was payable quarterly on March 1, June 1, September 1 and December 1 of each year. Holders of the debentures had the right to require Liberty to purchase their debentures on December 1, 2021. In October 2021, Liberty issued a notice of redemption in full on December 1, 2021 of the 2.25% Exchangeable Debentures due 2048. All Holders exercised their right to exchange the debentures in the fourth quarter and, pursuant to a supplemental indenture entered into in September 2021, Liberty delivered cash upon settlement of the exchange of debentures. In January 2022, the exchanges of debentures were settled for $664 million. The debentures were attributed to the Liberty SiriusXM Group. 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 are 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. In accordance with the terms of the indenture governing the 2.75% Exchangeable Senior Debentures due 2049, following Liberty’s receipt of Sirius XM Holdings’ special cash dividend, as described in note 2, Liberty made an extraordinary cash distribution of $29.0057 per debenture to holders of the 2.75% Exchangeable Senior Debentures due 2049. Also pursuant to the indenture, the original principal amount of the 2.75% Exchangeable Senior Debentures due 2049 was reduced by an amount equal to the extraordinary distribution of approximately $18 million. 0.5% Exchangeable Senior Debe ntures 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 are 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, amended 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. 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 the Sirius XM Holdings Margin Loan bore interest at a rate of 5.67% per annum at September 30, 2022. As of September 30, 2022, availability under the Sirius XM Holdings Margin Loan was $875 million. As of September 30, 2022, 1.0 billion shares of the Company’s Sirius XM Holdings common stock with a value of $5,710 million were held in collateral Live Nation Margin Loan On November 9, 2020, the Live Nation Margin Loan agreement 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. On December 3, 2021, the margin loan was amended, increasing the borrowing capacity to $400 million. On May 9, 2022, the margin loan was amended, replacing the delayed draw term loan with a $400 million revolving line of credit, changing the interest rate to the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) plus Term SOFR Adjustment (0.1%) plus 2.0% and extending the maturity to May 9, 2025. Interest on the margin loan is payable on the last business day of each calendar quarter. As of September 30, 2022, availability under the Live Nation Margin Loan was $400 million. As of September 30, 2022, 9.0 million shares of the Company’s Live Nation common stock with a value of $682 million were pledged as collateral Sirius XM Holdings Senior Secured Revolving Credit Facility and Incremental Term Loan 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. Borrowings outstanding under the Credit Facility bore interest at a rate of 4.75% per annum as of September 30, 2022. 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, 2022 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. Availability under the Credit Facility was $1,329 million as of September 30, 2022. On April 11, 2022, Sirius XM Holdings entered into an amendment to the Credit Facility to incorporate an incremental term loan borrowing of $500 million which matures on April 11, 2024. Interest on the incremental term loan borrowing is based on Adjusted Term SOFR plus an applicable rate. Borrowings outstanding under the incremental term loan bore interest at a rate of 3.81% per annum as of September 30, 2022. 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, 2022 September 30, December 31, Borrowing Weighted avg Maturity 2022 2021 Capacity interest rate Date amounts in millions Operating credit facilities $ 55 120 275 4.29% various Ballpark funding Senior secured note 172 178 NA 3.77% September 2041 Floating rate notes — 55 NA NA September 2029 Stadium credit facility 44 46 44 4.42% July 2026 Mixed-use credit facilities and loans 300 271 316 4.25% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 601 700 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, 2022, there were no outstanding borrowings under the $500 million revolving credit facility. The interest rate on the Senior Loan Facility was approximately 5.62% as of September 30, 2022. The Senior Loan Facility is secured by share pledges and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, as of September 30, 2022, 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 and debt yield ratio. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings’ Credit Facility, Braves Holdings’ debt, Formula 1 debt and other borrowings contain certain non-financial covenants. The Company, Sirius XM Holdings, Formula 1 and Braves Holdings are in compliance with their debt covenants as of September 30, 2022. 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, 2022 Sirius XM 3.125% Senior Notes due 2026 $ 870 Sirius XM 5.0% Senior Notes due 2027 $ 1,376 Sirius XM 4.0% Senior Notes due 2028 $ 1,685 Sirius XM 5.50% Senior Notes due 2029 $ 1,125 Sirius XM 4.125% Senior Notes due 2030 $ 1,215 Sirius XM 3.875% Senior Notes due 2031 $ 1,159 Pandora 1.75% Convertible Senior Notes due 2023 $ 204 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, 2022. |
Liberty Media Acquisition Corpo
Liberty Media Acquisition Corporation | 9 Months Ended |
Sep. 30, 2022 | |
Liberty Media Acquisition Corporation. | |
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. 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, 2022 $ 575 Net earnings (loss) attributable to the noncontrolling interests 16 Change in redemption value of redeemable noncontrolling interests (13) Balance at September 30, 2022 $ 578 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 the value of the liability was zero 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 , LMAC had borrowed $3.3 million under the loan. On October 11, 2022, LMAC filed a Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) relating to a special meeting of stockholders that will be held on November 14, 2022 to approve an amendment to LMAC’s certificate of incorporation (the “Amendment”) which would, if implemented, allow LMAC to unwind and redeem all of its outstanding public shares prior to December 30, 2022, in advance of the contractual termination date of January 26, 2023. Since its IPO, LMAC has employed a broad set of search criteria for potential target business combinations, however, LMAC’s management has observed what it believes were high valuations in 2021, a declining IPO market in 2022, and significant public and private market volatility, which have prevented LMAC from securing an opportunity that it believes will offer a compelling return on investment for its stockholders. In light of these circumstances, LMAC has determined that it is not feasible to complete an initial business combination (or enter into an agreement in principle with respect to an initial business combination) by January 26, 2023. In addition, recent changes in U.S. tax law could create corporate-level tax liabilities in connection with stockholder redemptions following year end. As a result, LMAC has determined to seek the approval of its stockholders to complete an early unwind in 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 aggregated $912 million, which is payable as follows: $207 million in 2022, $171 million in 2023, $115 million in 2024, $96 million in 2025 and $323 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 During the nine months ended September 30, 2021, Sirius XM Holdings recorded an impairment charge of $220 million to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statement of operations related to the total loss of the SXM-7 satellite. 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 was $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 were 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 was 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. During the nine months ended September 30, 2022, the XM-5 satellite replaced the XM-4 satellite. As of September 30, 2022, the XM-3 satellite remains available as an in-orbit spare. Impact of COVID-19 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. The business operations of Formula 1, Braves Holdings and Live Nation initially were largely, if not completely, suspended at the outset of COVID-19. In 2020, the regular baseball season was comprised of 60 games and Formula 1 had 17 Events. The 2021 regular baseball season was comprised of 161 games. Formula 1 originally scheduled 23 Events in 2021, and after a number of Events were cancelled and/or replaced, a record 22 Events took place. Braves Holdings and Formula 1 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. In 2022, the Atlanta Braves played a full 162 game schedule and Formula 1 expects to hold 22 Events. It is unclear 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 face cancelled events, closed venues and reduced attendance in the future, 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 resume, 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. Sirius XM Holdings Restructuring During the three months ended September 30, 2022, Sirius XM Holdings evaluated its office space needs and, as a result of such analysis, vacated certain office spaces. Sirius XM Holdings assessed the recoverability of the carrying value of the operating lease right of use assets related to these locations. 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. recordings recorded prior to February 15, 1972 (“pre-1972 recordings”). On December 19, 2014, Pandora filed a motion to strike the complaint pursuant to California’s Anti-Strategic Lawsuit Against Public Participation (“anti-SLAPP”) statute, which following denial of Pandora’s motion was appealed to the Ninth Circuit Court of Appeals. In March 2017, the Ninth Circuit requested certification to the California Supreme Court on the substantive legal questions. The California Supreme Court accepted certification. In May 2019, the California Supreme Court issued an order dismissing consideration of the certified questions on the basis that, following the enactment of the Orrin G. Hatch-Bob Goodlatte Music Modernization Act, Pub. L. No. 115-264, 132 Stat. 3676 (2018) (the “MMA”), resolution of the questions posed by the Ninth Circuit Court of Appeals was no longer “necessary to . . . settle an important question of law.” 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. 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. 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. Pandora promptly filed an appeal of the District Court’s order denying the renewed motion to dismiss the case under California’s anti-SLAAP statute. On June 2, 2022, the Ninth Circuit upheld the District Court’s order denying dismissal of the case under California’s anti-SLAPP statute, finding that Pandora had failed to demonstrate that Flo & Eddie’s claims arise from Pandora’s protected conduct. As part of the decision, the Ninth Circuit noted that Pandora had forcefully argued that the Court’s decision in Flo & Eddie Inc. v. Sirius XM Radio Inc ., On September 29, 2022, Flo & Eddie filed an Amended Complaint, and on October 13, 2022, Pandora filed an Answer to the Amended Complaint. In accordance with the directive of the Ninth Circuit, the parties have agreed to a schedule for a Motion for Summary Judgment which provides for Pandora to file a Motion for Summary Judgment by November 18, 2022, Flo & Eddie to file an Opposition to such Motion for Summary Judgment by January 13, 2023 and Pandora to file a Reply by February 17, 2023. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 9 Months Ended |
Sep. 30, 2022 | |
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. Liberty’s chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company’s reportable 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, 2022, 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 and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM’s packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM also provides connected vehicle services and a suite of in-vehicle data services. Pandora operates a music 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. Pandora also sells advertising on other audio platforms in widely distributed podcasts, which are considered to be off-platform services. ● 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, 2021, 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 is attributed to the Liberty SiriusXM Group. Performance Measures The following table disaggregates revenue by segment and by source: Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,734 1,666 5,166 4,918 Advertising 457 452 1,292 1,235 Equipment 50 41 148 149 Other 39 39 114 113 Total Liberty SiriusXM Group 2,280 2,198 6,720 6,415 Braves Group Corporate and other: Baseball 238 222 496 433 Development 14 12 39 33 Total Braves Group 252 234 535 466 Formula One Group Formula 1: Primary 624 612 1,539 1,235 Other 91 56 280 114 Total Formula One Group 715 668 1,819 1,349 Consolidated Liberty $ 3,247 3,100 9,074 8,230 Live Nation’s revenue was $6,154 million and $2,699 million during the three months ended September 30, 2022 and 2021, respectively, and $12,391 million and $3,565 million during the nine months ended September 30, 2022 and 2021, 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, 2022 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, 2022 were approximately $347 million and $564 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 $622 million for the remainder of 2022 2023 2024 2025 2035 amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. 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, 2022 2021 2022 2021 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 722 720 2,091 2,101 Live Nation 621 306 1,309 164 Corporate and other (9) (5) (18) (12) 1,334 1,021 3,382 2,253 Eliminate equity method affiliate (621) (306) (1,309) (164) Total Liberty SiriusXM Group 713 715 2,073 2,089 Braves Group Corporate and other 38 55 74 86 Total Braves Group 38 55 74 86 Formula One Group Formula 1 170 180 446 312 Corporate and other (12) (4) (30) (14) Total Formula One Group 158 176 416 298 Consolidated Liberty $ 909 946 2,563 2,473 Other Information September 30, 2022 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,515 673 279 Live Nation 15,787 356 176 Corporate and other 914 212 — 46,216 1,241 455 Eliminate equity method affiliate (15,787) (356) (176) Total Liberty SiriusXM Group 30,429 885 279 Braves Group Corporate and other 1,534 114 13 Total Braves Group 1,534 114 13 Formula One Group Formula 1 9,138 — 11 Corporate and other 2,593 29 252 Total Formula One Group 11,731 29 263 Elimination (1) (459) — — Consolidated Liberty $ 43,235 1,028 555 (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, 2022 2021 2022 2021 amounts in millions Adjusted OIBDA $ 909 946 2,563 2,473 Impairment, restructuring and acquisition costs, net of recoveries (note 10) (74) 95 (75) (13) Stock-based compensation (61) (65) (173) (188) Depreciation and amortization (268) (274) (790) (806) Operating income (loss) 506 702 1,525 1,466 Interest expense (179) (168) (497) (484) Share of earnings (losses) of affiliates, net 111 9 158 (134) Realized and unrealized gains (losses) on financial instruments, net 106 (40) 545 66 Gains (losses) on dilution of investment in affiliate 2 142 9 152 Other, net 18 (72) 78 (54) Earnings (loss) before income taxes $ 564 573 1,818 1,012 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Stock-Based Compensation Allocation of Expense | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 10 8 26 24 Customer service and billing 1 2 4 5 Other 1 1 4 4 Other operating expense 10 9 27 26 Selling, general and administrative 39 45 112 129 $ 61 65 173 188 |
Schedule of options granted and weighted average grant date fair value | Nine Months Ended September 30, 2022 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty CEO (1) 212 $ 14.45 Series C Liberty Formula One common stock, Liberty CEO (1) 181 $ 21.31 Series C Liberty Formula One common stock, Formula 1 employees (2) 86 $ 21.31 Series C Liberty Braves common stock, Liberty CEO (1) 95 $ 9.16 (1) Grants cliff vest on December 30, 2022. Grants were made in connection with the CEO’s employment agreement. (2) Grants vest in equal quarterly installments over 2022. |
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, 2022 7,369 $ 38.79 Granted 212 $ 44.80 Exercised (536) $ 31.36 Forfeited/Cancelled — $ — Outstanding at September 30, 2022 7,045 $ 39.54 3.0 years $ 12 Exercisable at September 30, 2022 4,723 $ 37.06 2.0 years $ 12 |
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, 2022 9,114 $ 34.38 Granted 267 $ 57.67 Exercised (2,057) $ 32.00 Forfeited/Cancelled — $ — Outstanding at September 30, 2022 7,324 $ 35.91 4.0 years $ 166 Exercisable at September 30, 2022 5,552 $ 32.95 3.6 years $ 142 |
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, 2022 3,125 $ 25.86 Granted 95 $ 25.49 Exercised (71) $ 18.17 Forfeited/Cancelled — $ — Outstanding at September 30, 2022 3,149 $ 26.02 4.5 years $ 5 Exercisable at September 30, 2022 595 $ 21.09 2.1 years $ 4 |
Earnings Attributable to Libe_2
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Liberty SiriusXM Group | |
Schedule for reconciliation of basic and diluted weighted average shares | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 numbers of shares in millions Basic WASO 327 332 329 335 Potentially dilutive shares (a) 18 3 19 2 Diluted WASO (b) 345 335 348 337 (a) Potentially dilutive shares are excluded from the computation of EPS during period in which net losses are reported since the result would be antidilutive. (b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures and 2.75% Exchangeable Senior Debentures, which may be settled in shares of Series C Liberty SiriusXM common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 305 342 1,040 668 Adjustments (23) NA (36) NA Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 282 342 1,004 668 |
Braves Group | |
Schedule for reconciliation of basic and diluted weighted average shares | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 numbers of shares in millions Basic WASO 53 52 53 52 Potentially dilutive shares (a)(b) — 10 9 9 Diluted WASO (b) 53 62 62 61 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) 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 1,811,066 as of September 30, 2022. 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, if dilutive, 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. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (22) 36 29 2 Adjustments — (12) (5) 15 Diluted earnings (loss) attributable to Liberty Braves stockholders $ (22) 24 24 17 |
Formula One Group | |
Schedule for reconciliation of basic and diluted weighted average shares | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 numbers of shares in millions Basic WASO 233 232 233 232 Potentially dilutive shares (a)(b) 13 8 10 8 Diluted WASO (b) 246 240 243 240 (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 Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 4,165,288 shares as of September 30, 2022. 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, if dilutive, 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. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period. For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 amounts in millions Basic earnings (loss) attributable to Formula One stockholders $ 108 (50) 184 (41) Adjustments (32) 23 (39) 48 Diluted earnings (loss) attributable to Formula One stockholders $ 76 (27) 145 7 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Assets and Liabilities Measured at Fair Value | Fair Value Measurements at Fair Value Measurements at September 30, 2022 December 31, 2021 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 $ 2,348 2,348 — 2,436 2,436 — Investment in trust account $ 578 578 — 575 575 — Debt and equity securities $ 108 108 — 217 217 — Financial instrument assets $ 380 81 299 640 99 541 Debt $ 3,351 — 3,351 5,222 — 5,222 Financial instrument liabilities $ — — — 59 20 39 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Debt and equity securities $ 2 (6) (10) 210 Debt measured at fair value (a) 45 (57) 691 (241) Change in fair value of bond hedges (b) 21 18 (248) 77 Other 38 5 112 20 $ 106 (40) 545 66 (a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the exchangeable senior debentures and 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 convertible notes attributable to changes in the instrument specific credit risk was a loss of $41 million and a loss of $46 million for the three months ended September 30, 2022 and 2021, respectively, and zero net impact and a loss of $114 million for the nine months ended September 30, 2022 and 2021, respectively, and the cumulative change since issuance was a gain of $68 million as of September 30, 2022, net of the recognition of previously unrecognized gains and losses. (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, 2022 | |
Schedule Of Equity Ownership And Carrying Amount | September 30, 2022 December 31, 2021 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a) 31 % $ 5,296 $ 212 89 Sirius XM Canada 70 % $ NA 603 642 Other NA 70 74 Total Liberty SiriusXM Group 885 805 Braves Group Other various NA 114 110 Total Braves Group 114 110 Formula One Group Other various NA 29 30 Total Formula One Group 29 30 Consolidated Liberty $ 1,028 945 (a) See note 8 for details regarding the number and fair value of shares pledged as collateral as of September 30, 2022 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”). |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Liberty SiriusXM Group Live Nation $ 107 9 140 (169) Sirius XM Canada (2) (1) 4 6 Other (1) (6) (4) (18) Total Liberty SiriusXM Group 104 2 140 (181) Braves Group Other 6 9 18 20 Total Braves Group 6 9 18 20 Formula One Group Other 1 (2) — 27 Total Formula One Group 1 (2) — 27 Consolidated Liberty $ 111 9 158 (134) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2022 $ 15,112 3,956 180 19,248 Acquisitions (a) 97 — — 97 Other — — (4) (4) Balance at September 30, 2022 $ 15,209 3,956 176 19,341 (a) Sirius XM Holdings recorded goodwill related to acquisitions in January 2022 and May 2022. |
Schedule of intangible assets subject to amortization | September 30, 2022 December 31, 2021 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying amount amortization amount amount amortization amount amounts in millions FIA Agreement $ 3,630 (1,078) 2,552 3,630 (936) 2,694 Customer relationships 3,054 (1,870) 1,184 3,053 (1,679) 1,374 Licensing agreements 359 (267) 92 355 (243) 112 Other 2,116 (1,538) 578 1,933 (1,316) 617 Total $ 9,159 (4,753) 4,406 8,971 (4,174) 4,797 |
Schedule of future amortization expense | Based on its amortizable intangible assets as of September 30, 2022, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2022 $ 190 2023 $ 755 2024 $ 443 2025 $ 372 2026 $ 356 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal September 30, December 31, September 30, 2022 2022 2021 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Senior Notes due 2023 (1) $ 790 959 1,540 2.125% Exchangeable Senior Debentures due 2048 (1) 387 381 416 2.25% Exchangeable Senior Debentures due 2048 (1) — — 644 2.75% Exchangeable Senior Debentures due 2049 (1) 586 552 624 0.5% Exchangeable Senior Debentures due 2050 (1) 920 970 1,332 Sirius XM Holdings Margin Loan 875 875 875 Live Nation Margin Loan — — — Subsidiary notes and loans: Sirius XM 3.125% Senior Notes due 2026 1,000 991 990 Sirius XM 5.0% Senior Notes due 2027 1,500 1,492 1,491 Sirius XM 4.0% Senior Notes due 2028 2,000 1,981 1,979 Sirius XM 5.50% Senior Notes due 2029 1,250 1,240 1,239 Sirius XM 4.125% Senior Notes due 2030 1,500 1,486 1,485 Sirius XM 3.875% Senior Notes due 2031 1,500 1,485 1,484 Pandora 1.75% Convertible Senior Notes due 2023 193 193 177 Sirius XM Senior Secured Revolving Credit Facility 421 421 — Sirius XM Incremental Term Loan 500 500 — Deferred financing costs (12) (14) Total Liberty SiriusXM Group 13,422 13,514 14,262 Braves Group Subsidiary notes and loans: Notes and loans 601 601 700 Deferred financing costs (3) (3) Total Braves Group 601 598 697 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) 27 43 666 2.25% Convertible Senior Notes due 2027 (1) 475 446 — Other 65 65 69 Subsidiary notes and loans: Senior Loan Facility 2,902 2,902 2,902 Deferred financing costs (3) (6) Total Formula One Group 3,469 3,453 3,631 Total debt $ 17,492 17,565 18,590 Debt classified as current (499) (2,891) Total long-term debt $ 17,066 15,699 (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, 2022 Sirius XM 3.125% Senior Notes due 2026 $ 870 Sirius XM 5.0% Senior Notes due 2027 $ 1,376 Sirius XM 4.0% Senior Notes due 2028 $ 1,685 Sirius XM 5.50% Senior Notes due 2029 $ 1,125 Sirius XM 4.125% Senior Notes due 2030 $ 1,215 Sirius XM 3.875% Senior Notes due 2031 $ 1,159 Pandora 1.75% Convertible Senior Notes due 2023 $ 204 |
Braves Holdings | |
Schedule of Braves Holdings Debt | Carrying value As of September 30, 2022 September 30, December 31, Borrowing Weighted avg Maturity 2022 2021 Capacity interest rate Date amounts in millions Operating credit facilities $ 55 120 275 4.29% various Ballpark funding Senior secured note 172 178 NA 3.77% September 2041 Floating rate notes — 55 NA NA September 2029 Stadium credit facility 44 46 44 4.42% July 2026 Mixed-use credit facilities and loans 300 271 316 4.25% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 601 700 |
Liberty Media Acquisition Cor_2
Liberty Media Acquisition Corporation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 $ 575 Net earnings (loss) attributable to the noncontrolling interests 16 Change in redemption value of redeemable noncontrolling interests (13) Balance at September 30, 2022 $ 578 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Information About Liberty's Operating Segments | |
Schedule of revenue disaggregated by source | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,734 1,666 5,166 4,918 Advertising 457 452 1,292 1,235 Equipment 50 41 148 149 Other 39 39 114 113 Total Liberty SiriusXM Group 2,280 2,198 6,720 6,415 Braves Group Corporate and other: Baseball 238 222 496 433 Development 14 12 39 33 Total Braves Group 252 234 535 466 Formula One Group Formula 1: Primary 624 612 1,539 1,235 Other 91 56 280 114 Total Formula One Group 715 668 1,819 1,349 Consolidated Liberty $ 3,247 3,100 9,074 8,230 |
Adjusted OIBDA by segment | Three months ended Nine months ended September 30, September 30, 2022 2021 2022 2021 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 722 720 2,091 2,101 Live Nation 621 306 1,309 164 Corporate and other (9) (5) (18) (12) 1,334 1,021 3,382 2,253 Eliminate equity method affiliate (621) (306) (1,309) (164) Total Liberty SiriusXM Group 713 715 2,073 2,089 Braves Group Corporate and other 38 55 74 86 Total Braves Group 38 55 74 86 Formula One Group Formula 1 170 180 446 312 Corporate and other (12) (4) (30) (14) Total Formula One Group 158 176 416 298 Consolidated Liberty $ 909 946 2,563 2,473 |
Other Information By Segment | September 30, 2022 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,515 673 279 Live Nation 15,787 356 176 Corporate and other 914 212 — 46,216 1,241 455 Eliminate equity method affiliate (15,787) (356) (176) Total Liberty SiriusXM Group 30,429 885 279 Braves Group Corporate and other 1,534 114 13 Total Braves Group 1,534 114 13 Formula One Group Formula 1 9,138 — 11 Corporate and other 2,593 29 252 Total Formula One Group 11,731 29 263 Elimination (1) (459) — — Consolidated Liberty $ 43,235 1,028 555 (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, 2022 2021 2022 2021 amounts in millions Adjusted OIBDA $ 909 946 2,563 2,473 Impairment, restructuring and acquisition costs, net of recoveries (note 10) (74) 95 (75) (13) Stock-based compensation (61) (65) (173) (188) Depreciation and amortization (268) (274) (790) (806) Operating income (loss) 506 702 1,525 1,466 Interest expense (179) (168) (497) (484) Share of earnings (losses) of affiliates, net 111 9 158 (134) Realized and unrealized gains (losses) on financial instruments, net 106 (40) 545 66 Gains (losses) on dilution of investment in affiliate 2 142 9 152 Other, net 18 (72) 78 (54) Earnings (loss) before income taxes $ 564 573 1,818 1,012 |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Condensed Balance Sheets | BALANCE SHEET INFORMATION September 30, 2022 (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 $ 264 159 2,119 — 2,542 Trade and other receivables, net 658 65 103 — 826 Other current assets 325 81 196 — 602 Total current assets 1,247 305 2,418 — 3,970 Intergroup interests (note 1) 270 — 187 (457) — Investments in affiliates, accounted for using the equity method (note 1) 885 114 29 — 1,028 Property and equipment, at cost 2,863 999 467 — 4,329 Accumulated depreciation (1,779) (265) (103) — (2,147) 1,084 734 364 — 2,182 Intangible assets not subject to amortization Goodwill 15,209 176 3,956 — 19,341 FCC licenses 8,600 — — — 8,600 Other 1,242 124 — — 1,366 25,051 300 3,956 — 29,307 Intangible assets subject to amortization, net 1,132 25 3,249 — 4,406 Other assets 760 56 1,528 (2) 2,342 Total assets $ 30,429 1,534 11,731 (459) 43,235 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 3) $ 4 (7) 3 — — Accounts payable and accrued liabilities 1,315 58 267 — 1,640 Current portion of debt 381 75 43 — 499 Deferred revenue 1,381 78 471 — 1,930 Other current liabilities 65 4 26 — 95 Total current liabilities 3,146 208 810 — 4,164 Long-term debt (note 1) 13,133 523 3,410 — 17,066 Deferred income tax liabilities 2,042 53 — (2) 2,093 Redeemable intergroup interests (note 1) — 238 219 (457) — Other liabilities 544 173 151 — 868 Total liabilities 18,865 1,195 4,590 (459) 24,191 Redeemable noncontrolling interests in equity of subsidiary — — 578 — 578 Equity / Attributed net assets 8,457 339 6,538 — 15,334 Noncontrolling interests in equity of subsidiaries 3,107 — 25 — 3,132 Total liabilities and equity $ 30,429 1,534 11,731 (459) 43,235 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION Three months ended September 30, 2022 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,280 — — 2,280 Formula 1 revenue — — 715 715 Other revenue — 252 — 252 Total revenue 2,280 252 715 3,247 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 709 — — 709 Programming and content 156 — — 156 Customer service and billing 122 — — 122 Other 54 — — 54 Cost of Formula 1 revenue — — 494 494 Subscriber acquisition costs 86 — — 86 Other operating expenses 69 184 — 253 Selling, general and administrative 424 33 68 525 Impairment, restructuring and acquisition costs, net of recoveries 69 5 — 74 Depreciation and amortization 157 22 89 268 1,846 244 651 2,741 Operating income (loss) 434 8 64 506 Other income (expense): Interest expense (130) (8) (41) (179) Share of earnings (losses) of affiliates, net 104 6 1 111 Realized and unrealized gains (losses) on financial instruments, net 76 6 24 106 Gains (losses) on dilution of investment in affiliate 2 — — 2 Unrealized gains (losses) on intergroup interests (note 1) (16) (31) 47 — Other, net 11 — 7 18 47 (27) 38 58 Earnings (loss) before income taxes 481 (19) 102 564 Income tax (expense) benefit (135) (3) 8 (130) Net earnings (loss) 346 (22) 110 434 Less net earnings (loss) attributable to the noncontrolling interests 41 — 5 46 Less net earnings (loss) attributable to redeemable noncontrolling interest — — (3) (3) Net earnings (loss) attributable to Liberty stockholders $ 305 (22) 108 391 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 Nine months ended September 30, 2022 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 6,720 — — 6,720 Formula 1 revenue — — 1,819 1,819 Other revenue — 535 — 535 Total revenue 6,720 535 1,819 9,074 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 2,090 — — 2,090 Programming and content 448 — — 448 Customer service and billing 373 — — 373 Other 166 — — 166 Cost of Formula 1 revenue — — 1,223 1,223 Subscriber acquisition costs 267 — — 267 Other operating expenses 208 382 — 590 Selling, general and administrative 1,247 88 192 1,527 Impairment, restructuring and acquisition costs, net of recoveries 70 5 — 75 Depreciation and amortization 461 57 272 790 5,330 532 1,687 7,549 Operating income (loss) 1,390 3 132 1,525 Other income (expense): Interest expense (377) (20) (100) (497) Share of earnings (losses) of affiliates, net 140 18 — 158 Realized and unrealized gains (losses) on financial instruments, net 433 12 100 545 Gains (losses) on dilution of investment in affiliate 9 — — 9 Unrealized gains (losses) on intergroup interest (note 1) (31) 5 26 — Other, net 28 21 29 78 202 36 55 293 Earnings (loss) before income taxes 1,592 39 187 1,818 Income tax (expense) benefit (404) (10) — (414) Net earnings (loss) 1,188 29 187 1,404 Less net earnings (loss) attributable to the noncontrolling interests 148 — 16 164 Less net earnings (loss) attributable to redeemable noncontrolling interest — — (13) (13) Net earnings (loss) attributable to Liberty stockholders $ 1,040 29 184 1,253 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 interests (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 |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION Nine months ended September 30, 2022 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ 1,188 29 187 1,404 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 461 57 272 790 Stock-based compensation 152 9 12 173 Non-cash impairment and restructuring costs 68 5 — 73 Share of (earnings) loss of affiliates, net (140) (18) — (158) Unrealized (gains) losses on intergroup interests, net 31 (5) (26) — Realized and unrealized (gains) losses on financial instruments, net (433) (12) (100) (545) Losses (gains) on dilution of investment in affiliate (9) — — (9) Deferred income tax expense (benefit) 267 (6) 16 277 Intergroup tax allocation 80 15 (95) — Intergroup tax (payments) receipts (66) 9 57 — Other charges (credits), net (11) (3) (4) (18) Changes in operating assets and liabilities Current and other assets 41 (52) (91) (102) Payables and other liabilities (325) (8) 188 (145) Net cash provided (used) by operating activities 1,304 20 416 1,740 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (1) (5) (35) (41) Cash proceeds from dispositions 50 48 51 149 Cash (paid) received for acquisitions, net of cash acquired (136) — — (136) Capital expended for property and equipment, including internal-use software and website development (279) (13) (263) (555) Other investing activities, net 4 — 73 77 Net cash provided (used) by investing activities (362) 30 (174) (506) Cash flows from financing activities: Borrowings of debt 3,019 135 468 3,622 Repayments of debt (3,079) (235) (634) (3,948) Intergroup (repayments) borrowings 78 (14) (64) — Liberty stock repurchases (358) — (37) (395) Subsidiary shares repurchased by subsidiary (599) — — (599) Cash dividends paid by subsidiary (233) — — (233) Taxes paid in lieu of shares issued for stock-based compensation (134) — 25 (109) Other financing activities, net 30 (6) 58 82 Net cash provided (used) by financing activities (1,276) (120) (184) (1,580) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — (13) (13) Net increase (decrease) in cash, cash equivalents and restricted cash (334) (70) 45 (359) Cash, cash equivalents and restricted cash at beginning of period 606 244 2,074 2,924 Cash, cash equivalents and restricted cash at end of period $ 272 174 2,119 2,565 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 (loss) 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 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 77 7 3 87 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) Cash proceeds from dispositions 27 2 167 196 Cash (paid) received for 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 37 51 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 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC and GCI Liberty | ||||
Basis of Presentation | ||||
Related Party Transaction, Amounts of Transaction | $ 4 | $ 7 | $ 16 | $ 20 |
Tracking Stocks (Details)
Tracking Stocks (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||||||||||
Nov. 01, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 12, 2022 | Dec. 31, 2021 | Nov. 30, 2020 | Nov. 26, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Oct. 17, 2013 | |
Tracking Stocks | |||||||||||
Cash and cash equivalents | $ 2,542 | $ 2,814 | |||||||||
Cash dividends paid by subsidiary | 233 | $ 41 | |||||||||
Liberty SiriusXM Group | |||||||||||
Tracking Stocks | |||||||||||
Cash and cash equivalents | 264 | ||||||||||
Intergroup (repayments) borrowings | 78 | ||||||||||
Cash dividends paid by subsidiary | $ 233 | $ 41 | |||||||||
Liberty SiriusXM Group | Braves Group | |||||||||||
Tracking Stocks | |||||||||||
Investment Owned, Balance, Shares | 1,811,066 | ||||||||||
Percentage ownership | 2.90% | ||||||||||
Liberty SiriusXM Group | Formula One Group | |||||||||||
Tracking Stocks | |||||||||||
Investment Owned, Balance, Shares | 4,165,288 | ||||||||||
Liberty SiriusXM Group | Live Nation | |||||||||||
Tracking Stocks | |||||||||||
Percentage ownership | 31% | ||||||||||
Braves Group | |||||||||||
Tracking Stocks | |||||||||||
Cash and cash equivalents | $ 159 | ||||||||||
Intergroup (repayments) borrowings | (14) | ||||||||||
Formula One Group | |||||||||||
Tracking Stocks | |||||||||||
Cash and cash equivalents | 2,119 | ||||||||||
Intergroup (repayments) borrowings | $ (64) | ||||||||||
Formula One Group | Braves Group | |||||||||||
Tracking Stocks | |||||||||||
Investment Owned, Balance, Shares | 6,792,903 | ||||||||||
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 | Liberty SiriusXM Group | |||||||||||
Tracking Stocks | |||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||
1% Cash Convertible Notes Due 2023 | Formula One Group | |||||||||||
Tracking Stocks | |||||||||||
Debt instrument interest rate (as a percent) | 1% | 1% | |||||||||
2.25% Convertible Senior Notes due 2027 | |||||||||||
Tracking Stocks | |||||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||||
2.25% Convertible Senior Notes due 2027 | Formula One Group | |||||||||||
Tracking Stocks | |||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 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% | |||||||||
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 | |||||||||||
Dividend paid to parent company | $ 1,012 | ||||||||||
Payments of Dividends | $ 1,245 | ||||||||||
Sirius XM Holdings | Subsequent Event | |||||||||||
Tracking Stocks | |||||||||||
Common stock, dividends declared | $ 0.0242 | ||||||||||
Sirius XM Holdings | Formula One Group | |||||||||||
Tracking Stocks | |||||||||||
Investment Owned, Balance, Shares | 4,165,288 | ||||||||||
Percentage ownership | 1.80% | ||||||||||
Sirius XM Holdings | Liberty SiriusXM Group | |||||||||||
Tracking Stocks | |||||||||||
Cash and cash equivalents | $ 39 | ||||||||||
Formula 1 | Formula One Group | |||||||||||
Tracking Stocks | |||||||||||
Cash and cash equivalents | 1,115 | ||||||||||
Braves Holdings | Braves Group | |||||||||||
Tracking Stocks | |||||||||||
Cash and cash equivalents | $ 85 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-Based Compensation | ||||
Stock-based compensation | $ 61 | $ 65 | $ 173 | $ 188 |
Other operating expense | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 10 | 9 | 27 | 26 |
Selling, general and administrative | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 39 | 45 | 112 | 129 |
Sirius XM Holdings | Programming and content | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 10 | 8 | 26 | 24 |
Sirius XM Holdings | Customer service and billing | ||||
Stock-Based Compensation | ||||
Stock-based compensation | 1 | 2 | 4 | 5 |
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, 2022 $ / shares shares | |
Stock-Based Compensation | |
Dividend rate | 0% |
Liberty SiriusXM Group | Common Class A | |
Stock-Based Compensation | |
Options granted | 0 |
Liberty SiriusXM Group | Common Class B | |
Stock-Based Compensation | |
Options granted | 0 |
Liberty SiriusXM Group | Series C | |
Stock-Based Compensation | |
Options granted | 212,000 |
Liberty SiriusXM Group | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Options granted | 212,000 |
Weighted average GDFV | $ / shares | $ 14.45 |
Formula One Group | Common Class A | |
Stock-Based Compensation | |
Options granted | 0 |
Formula One Group | Common Class B | |
Stock-Based Compensation | |
Options granted | 0 |
Formula One Group | Series C | |
Stock-Based Compensation | |
Options granted | 267,000 |
Formula One Group | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Options granted | 181,000 |
Weighted average GDFV | $ / shares | $ 21.31 |
Formula One Group | Formula 1 employees | Series C | |
Stock-Based Compensation | |
Options granted | 86,000 |
Weighted average GDFV | $ / shares | $ 21.31 |
Braves Group | Common Class A | |
Stock-Based Compensation | |
Options granted | 0 |
Braves Group | Common Class B | |
Stock-Based Compensation | |
Options granted | 0 |
Braves Group | Series C | |
Stock-Based Compensation | |
Options granted | 95,000 |
Braves Group | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Options granted | 95,000 |
Weighted average GDFV | $ / shares | $ 9.16 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Additional disclosures | |
Total unrecognized compensation cost related to unvested equity awards | $ | $ 34 |
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 10 months 24 days |
Liberty SiriusXM Group | |
Additional disclosures | |
Common stock reserved for issuance | 7,000,000 |
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 | 7,369,000 |
Granted | 212,000 |
Exercised | (536,000) |
Outstanding at end of period | 7,045,000 |
Exercisable at end of period | 4,723,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 38.79 |
Granted | $ / shares | 44.80 |
Exercised | $ / shares | 31.36 |
Outstanding at end of period | $ / shares | 39.54 |
Exercisable at end of period | $ / shares | $ 37.06 |
Additional disclosures | |
Weighted average remaining life, outstanding | 3 years |
Weighted average remaining life, exercisable | 2 years |
Aggregate intrinsic value, outstanding | $ | $ 12 |
Aggregate intrinsic value, exercisable | $ | $ 12 |
Formula One Group | |
Additional disclosures | |
Common stock reserved for issuance | 7,300,000 |
Formula One Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
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 | 9,114,000 |
Granted | 267,000 |
Exercised | (2,057,000) |
Outstanding at end of period | 7,324,000 |
Exercisable at end of period | 5,552,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 34.38 |
Granted | $ / shares | 57.67 |
Exercised | $ / shares | 32 |
Outstanding at end of period | $ / shares | 35.91 |
Exercisable at end of period | $ / shares | $ 32.95 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years |
Weighted average remaining life, exercisable | 3 years 7 months 6 days |
Aggregate intrinsic value, outstanding | $ | $ 166 |
Aggregate intrinsic value, exercisable | $ | $ 142 |
Braves Group | |
Additional disclosures | |
Common stock reserved for issuance | 3,200,000 |
Braves Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 1,000 |
Exercisable at end of period | 1,000 |
WAEP | |
Outstanding at end of period | $ / shares | $ 12.35 |
Exercisable at end of period | $ / shares | $ 12.35 |
Additional disclosures | |
Weighted average period of recognition related to unvested equity awards (in years) | 2 months 12 days |
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 | 3,125,000 |
Granted | 95,000 |
Exercised | (71,000) |
Outstanding at end of period | 3,149,000 |
Exercisable at end of period | 595,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 25.86 |
Granted | $ / shares | 25.49 |
Exercised | $ / shares | 18.17 |
Outstanding at end of period | $ / shares | 26.02 |
Exercisable at end of period | $ / shares | $ 21.09 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years 6 months |
Weighted average remaining life, exercisable | 2 years 1 month 6 days |
Aggregate intrinsic value, outstanding | $ | $ 5 |
Aggregate intrinsic value, exercisable | $ | $ 4 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-Based Compensation | ||||
Stock-based compensation expense | $ 173 | $ 188 | ||
Total unrecognized compensation cost related to unvested equity awards | $ 34 | $ 34 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 10 months 24 days | |||
Sirius XM Holdings | ||||
Stock-Based Compensation | ||||
Outstanding options | 137 | 137 | ||
Exercisable options | 81 | 81 | ||
Outstanding WAEP | $ 5.51 | $ 5.51 | ||
Exercisable WAEP | $ 5.13 | $ 5.13 | ||
Aggregate intrinsic value, outstanding | $ 68 | $ 68 | ||
Aggregate intrinsic value, exercisable | 68 | 68 | ||
Stock-based compensation expense | 51 | $ 51 | 143 | $ 149 |
Total unrecognized compensation cost related to unvested equity awards | $ 527 | $ 527 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 8 months 12 days | |||
Sirius XM Holdings | RSUs | ||||
Stock-Based Compensation | ||||
RSUs granted | 44 | |||
RSUs GDFV | $ 6.62 |
Earnings Attributable to Libe_3
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 12, 2022 | Nov. 26, 2019 | Mar. 06, 2018 | |
Diluted earnings per share calculation for the unrealized gain or loss | |||||||
Basic earnings (loss) attributable to stockholders | $ 391 | $ 328 | $ 1,253 | $ 629 | |||
2.25% Convertible Senior Notes due 2027 | |||||||
Investment owned shares | |||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||
Sirius XM Holdings | Formula One Group | |||||||
Investment owned shares | |||||||
Investment Owned, Balance, Shares | 4,165,288 | 4,165,288 | |||||
Liberty SiriusXM Group | |||||||
Weighted average outstanding shares of common stock | |||||||
Basic WASO | 327,000,000 | 332,000,000 | 329,000,000 | 335,000,000 | |||
Potentially dilutive shares | 18,000,000 | 3,000,000 | 19,000,000 | 2,000,000 | |||
Diluted WASO | 345,000,000 | 335,000,000 | 348,000,000 | 337,000,000 | |||
Diluted earnings per share calculation for the unrealized gain or loss | |||||||
Basic earnings (loss) attributable to stockholders | $ 305 | $ 342 | $ 1,040 | $ 668 | |||
Adjustment | (23) | (36) | |||||
Diluted earnings (loss) attributable to stockholders | $ 282 | $ 342 | $ 1,004 | $ 668 | |||
Liberty SiriusXM Group | Braves Group | |||||||
Investment owned shares | |||||||
Investment Owned, Balance, Shares | 1,811,066 | 1,811,066 | |||||
Liberty SiriusXM Group | Formula One Group | |||||||
Investment owned shares | |||||||
Investment Owned, Balance, Shares | 4,165,288 | 4,165,288 | |||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||
Investment owned shares | |||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | 2.125% | ||||
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049 | |||||||
Investment owned shares | |||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | 2.75% | ||||
Liberty SiriusXM Group | ASU 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | |||||||
Diluted earnings per share | $ (0.11) | $ (0.16) | |||||
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 | 22,000,000 | |||||
Braves Group | |||||||
Weighted average outstanding shares of common stock | |||||||
Basic WASO | 53,000,000 | 52,000,000 | 53,000,000 | 52,000,000 | |||
Potentially dilutive shares | 10,000,000 | 9,000,000 | 9,000,000 | ||||
Diluted WASO | 53,000,000 | 62,000,000 | 62,000,000 | 61,000,000 | |||
Diluted earnings per share calculation for the unrealized gain or loss | |||||||
Basic earnings (loss) attributable to stockholders | $ (22) | $ 36 | $ 29 | $ 2 | |||
Adjustment | (12) | (5) | 15 | ||||
Diluted earnings (loss) attributable to stockholders | $ (22) | $ 24 | $ 24 | $ 17 | |||
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 | 11,000,000 | 10,000,000 | |||||
Formula One Group | |||||||
Weighted average outstanding shares of common stock | |||||||
Basic WASO | 233,000,000 | 232,000,000 | 233,000,000 | 232,000,000 | |||
Potentially dilutive shares | 13,000,000 | 8,000,000 | 10,000,000 | 8,000,000 | |||
Diluted WASO | 246,000,000 | 240,000,000 | 243,000,000 | 240,000,000 | |||
Diluted earnings per share calculation for the unrealized gain or loss | |||||||
Basic earnings (loss) attributable to stockholders | $ 108 | $ (50) | $ 184 | $ (41) | |||
Adjustment | (32) | 23 | (39) | 48 | |||
Diluted earnings (loss) attributable to stockholders | $ 76 | $ (27) | $ 145 | $ 7 | |||
Formula One Group | Braves Group | |||||||
Investment owned shares | |||||||
Investment Owned, Balance, Shares | 6,792,903 | 6,792,903 | |||||
Formula One Group | 2.25% Convertible Senior Notes due 2027 | |||||||
Investment owned shares | |||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | ||||
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 | 4,000,000 | 7,000,000 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Other Current Assets | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | $ 1 | $ 527 |
Other Noncurrent Assets | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 379 | 113 |
Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,348 | 2,436 |
Investment in trust account | 578 | 575 |
Debt and equity securities | 108 | 217 |
Financial instrument assets | 380 | 640 |
Debt | 3,351 | 5,222 |
Financial instrument liabilities | 59 | |
Level 1 | Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,348 | 2,436 |
Investment in trust account | 578 | 575 |
Debt and equity securities | 108 | 217 |
Financial instrument assets | 81 | 99 |
Financial instrument liabilities | 20 | |
Level 2 | Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 299 | 541 |
Debt | $ 3,351 | 5,222 |
Financial instrument liabilities | $ 39 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 106 | $ (40) | $ 545 | $ 66 |
Debt and equity securities | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 2 | (6) | (10) | 210 |
Debt measured at fair value | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 45 | (57) | 691 | (241) |
Gain (loss) on changes in fair value | (41) | (46) | 0 | (114) |
Cumulative amount of gain in changes in fair value | 68 | 68 | ||
Change in fair value of bond hedges | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | 21 | 18 | (248) | 77 |
Other | ||||
Assets and Liabilities Measured at Fair Value | ||||
Realized and unrealized gains (losses) on financial instruments, net | $ 38 | $ 5 | $ 112 | $ 20 |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 1,028 | $ 945 |
Liberty SiriusXM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 885 | 805 |
Liberty SiriusXM Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 31% | |
Fair value | $ 5,296 | |
Investments in affiliates | $ 212 | 89 |
Liberty SiriusXM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 70% | |
Investments in affiliates | $ 603 | 642 |
Liberty SiriusXM Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 70 | 74 |
Braves Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 114 | 110 |
Braves Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 114 | 110 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 29 | 30 |
Formula One Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 29 | $ 30 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | $ 111 | $ 9 | $ 158 | $ (134) |
Liberty SiriusXM Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 104 | 2 | 140 | (181) |
Liberty SiriusXM Group | Sirius XM Canada | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | (2) | (1) | 4 | 6 |
Liberty SiriusXM Group | Live Nation | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 107 | 9 | 140 | (169) |
Liberty SiriusXM Group | Other Investments | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | (1) | (6) | (4) | (18) |
Braves Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 6 | 9 | 18 | 20 |
Braves Group | Other Investments | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 6 | 9 | $ 18 | 20 |
Formula One Group | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | 1 | (2) | 27 | |
Formula One Group | Other Investments | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Earnings (loss) before income taxes | $ 1 | $ (2) | $ 27 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 14, 2022 | Dec. 31, 2021 | May 31, 2017 | |
Live Nation | Maximum | |||||||
Investments in Affiliates Accounted for Using the Equity Method | |||||||
Percentage ownership | 100% | ||||||
Sirius XM Holdings | Sirius XM Canada | |||||||
Investments in Affiliates Accounted for Using the Equity Method | |||||||
Due from related parties current assets | $ 32 | $ 32 | |||||
Revenue from related parties | 29 | $ 26 | 84 | $ 76 | |||
Sirius XM Holdings | Sirius XM Canada | Related Party 7.62% Loan | |||||||
Investments in Affiliates Accounted for Using the Equity Method | |||||||
Notes receivable, related parties, non current | $ 131 | ||||||
Note receivable, related parties, cumulative note repayments | $ 10 | ||||||
Due from Related Parties | 8 | 8 | |||||
Loan obligation reduced | $ 113 | $ 113 | |||||
Sirius XM Holdings | Sirius XM Canada | |||||||
Investments in Affiliates Accounted for Using the Equity Method | |||||||
Percentage ownership | 70% | 70% | |||||
Equity Method Investment Voting Interest | 33% | ||||||
Gross Dividends | $ 1 | ||||||
Sirius XM Holdings | Sirius XM Canada | Maximum | |||||||
Investments in Affiliates Accounted for Using the Equity Method | |||||||
Gross Dividends | $ 1 | $ 1 |
Investments In Affiliates Acc_6
Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Feb. 29, 2020 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Equity Method Investments | $ 1,028 | $ 1,028 | $ 945 | |||
Sirius XM Holdings | SoundCloud Holdings, LLC | Pandora Soundcloud Advertising Agreement | ||||||
Investments in Affiliates Accounted for Using the Equity Method | ||||||
Revenue share expense | 13 | $ 15 | 40 | $ 42 | ||
Due to related parties, non-current | $ 18 | $ 18 | ||||
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, 2022 USD ($) | |
Goodwill | |
Goodwill, Beginning Balance | $ 19,248 |
Acquisitions | 97 |
Other | (4) |
Goodwill, Ending Balance | 19,341 |
Sirius XM Holdings | |
Goodwill | |
Goodwill, Beginning Balance | 15,112 |
Acquisitions | 97 |
Goodwill, Ending Balance | 15,209 |
Formula 1 | |
Goodwill | |
Goodwill, Beginning Balance | 3,956 |
Goodwill, Ending Balance | 3,956 |
Corporate And Other. | |
Goodwill | |
Goodwill, Beginning Balance | 180 |
Other | (4) |
Goodwill, Ending Balance | $ 176 |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Intangible Assets | ||
Gross carrying amount | $ 9,159 | $ 8,971 |
Accumulated amortization | (4,753) | (4,174) |
Net carrying amount | 4,406 | 4,797 |
FIA Agreement | ||
Intangible Assets | ||
Gross carrying amount | 3,630 | 3,630 |
Accumulated amortization | (1,078) | (936) |
Net carrying amount | 2,552 | 2,694 |
Customer Relationships | ||
Intangible Assets | ||
Gross carrying amount | 3,054 | 3,053 |
Accumulated amortization | (1,870) | (1,679) |
Net carrying amount | 1,184 | 1,374 |
Licensing Agreements | ||
Intangible Assets | ||
Gross carrying amount | 359 | 355 |
Accumulated amortization | (267) | (243) |
Net carrying amount | 92 | 112 |
Other Intangible Assets | ||
Intangible Assets | ||
Gross carrying amount | 2,116 | 1,933 |
Accumulated amortization | (1,538) | (1,316) |
Net carrying amount | $ 578 | $ 617 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Intangible Assets | ||||
Amortization of Intangible Assets | $ 199 | $ 205 | $ 590 | $ 606 |
Remainder of 2022 | 190 | 190 | ||
2023 | 755 | 755 | ||
2024 | 443 | 443 | ||
2025 | 372 | 372 | ||
2026 | $ 356 | $ 356 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Aug. 12, 2022 | Dec. 31, 2021 | Nov. 30, 2020 | Nov. 26, 2019 | Dec. 31, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Oct. 17, 2013 |
Debt Instrument | |||||||||
Outstanding principal | $ 17,492 | ||||||||
Total debt | 17,565 | $ 18,590 | |||||||
Debt classified as current | (499) | (2,891) | |||||||
Total long-term debt | $ 17,066 | 15,699 | |||||||
2.25% Convertible Senior Notes due 2027 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||
Liberty SiriusXM Group | |||||||||
Debt Instrument | |||||||||
Outstanding principal | $ 13,422 | ||||||||
Deferred financing costs | (12) | (14) | |||||||
Total debt | 13,514 | 14,262 | |||||||
Debt classified as current | (381) | ||||||||
Total long-term debt | $ 13,133 | ||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||
Outstanding principal | $ 790 | ||||||||
Long term debt | $ 959 | 1,540 | |||||||
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 | $ 387 | ||||||||
Long term debt | $ 381 | 416 | |||||||
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||
Long term debt | 644 | ||||||||
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 | $ 586 | ||||||||
Long term debt | $ 552 | 624 | |||||||
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 | 970 | 1,332 | |||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 875 | ||||||||
Long term debt | $ 875 | 875 | |||||||
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 | $ 991 | 990 | |||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 5% | ||||||||
Outstanding principal | $ 1,500 | ||||||||
Long term debt | $ 1,492 | 1,491 | |||||||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 4% | ||||||||
Outstanding principal | $ 2,000 | ||||||||
Long term debt | $ 1,981 | 1,979 | |||||||
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 | $ 1,240 | 1,239 | |||||||
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 | $ 1,486 | 1,485 | |||||||
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 | $ 1,485 | 1,484 | |||||||
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 | $ 193 | 177 | |||||||
Liberty SiriusXM Group | Sirius XM credit facility | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 4.75% | ||||||||
Outstanding principal | $ 421 | ||||||||
Long term debt | $ 421 | ||||||||
Liberty SiriusXM Group | Sirius XM Incremental Term Loan | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 3.81% | ||||||||
Outstanding principal | $ 500 | ||||||||
Long term debt | 500 | ||||||||
Braves Group | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 601 | ||||||||
Deferred financing costs | (3) | (3) | |||||||
Total debt | 598 | 697 | |||||||
Debt classified as current | (75) | ||||||||
Total long-term debt | 523 | ||||||||
Braves Group | Notes and loans | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 601 | ||||||||
Long term debt | 601 | 700 | |||||||
Formula One Group | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 3,469 | ||||||||
Deferred financing costs | (3) | (6) | |||||||
Total debt | 3,453 | 3,631 | |||||||
Debt classified as current | (43) | ||||||||
Total long-term debt | $ 3,410 | ||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 1% | 1% | |||||||
Outstanding principal | $ 27 | ||||||||
Long term debt | $ 43 | 666 | |||||||
Formula One Group | 2.25% Convertible Senior Notes due 2027 | |||||||||
Debt Instrument | |||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||
Outstanding principal | $ 475 | ||||||||
Long term debt | 446 | ||||||||
Formula One Group | Other Debt Obligations | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 65 | ||||||||
Long term debt | 65 | 69 | |||||||
Formula One Group | Senior Loan Facility | |||||||||
Debt Instrument | |||||||||
Outstanding principal | 2,902 | ||||||||
Long term debt | $ 2,902 | $ 2,902 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 1 Months Ended | 9 Months Ended | |||||||||||||
Aug. 12, 2022 USD ($) $ / shares | May 09, 2022 USD ($) | Feb. 24, 2021 USD ($) | Nov. 09, 2020 USD ($) | Nov. 26, 2019 USD ($) $ / shares shares | Mar. 06, 2018 USD ($) $ / shares shares | Jan. 23, 2017 USD ($) $ / shares | Jan. 31, 2022 USD ($) | Nov. 30, 2020 USD ($) $ / shares shares | Mar. 31, 2020 USD ($) | Dec. 31, 2018 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Apr. 11, 2022 USD ($) | Dec. 03, 2021 USD ($) | Oct. 17, 2013 USD ($) | |
2.25% Convertible Senior Notes due 2027 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||||||||
Live Nation Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 400,000,000 | ||||||||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 200,000,000 | $ 400,000,000 | ||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||
Live Nation Margin Loan | LIBOR | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||
Live Nation Margin Loan | Adjusted Term SOFR | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | Adjusted Term SOFR | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||||
Live Nation | Live Nation Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Share value | $ 682,000,000 | ||||||||||||||
Financial Instrument, Owned, Pledged Status [Extensible Enumeration] | us-gaap:AssetPledgedAsCollateralMember | ||||||||||||||
Shares | shares | 9,000,000 | ||||||||||||||
1.375% Convertible Notes Bond Hedge Transaction | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Proceeds from Derivative Instrument, Financing Activities | $ 72,000,000 | ||||||||||||||
Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities Basket price per share | $ / shares | $ 54.88 | ||||||||||||||
Warrant expiration period | 81 days | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 61.16 | ||||||||||||||
Warrant transaction | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Payments for Derivative Instrument, Financing Activities | $ 45,000,000 | ||||||||||||||
Formula One Group | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.25 | ||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1% | 1% | |||||||||||||
Principal amount | $ 450,000,000 | ||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||
Repurchase amount | $ 359,000,000 | ||||||||||||||
Payments of debt | $ 630,000,000 | ||||||||||||||
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% Convertible Senior Notes due 2027 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||||||||
Principal amount | $ 475,000,000 | ||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||
Formula One Group | 2.25% Convertible Senior Notes due 2027 | Series C | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 11.6198 | ||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 86.06 | ||||||||||||||
Formula One Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Forward contract, number of underlying shares | shares | 4,165,288 | ||||||||||||||
Formula One Group | Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Class of Warrant or Right, Outstanding | shares | 4,165,288 | ||||||||||||||
Liberty SiriusXM Group | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1.0163 | ||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||
Repurchase amount | $ 210,000,000 | ||||||||||||||
Payments of debt | $ 284,000,000 | ||||||||||||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | |||||||||||||
Principal amount | $ 400,000,000 | ||||||||||||||
Extraordinary additional distribution | $ 12,000,000 | ||||||||||||||
Extraordinary additional distribution amount per debenture | $ 31.1731 | ||||||||||||||
Liberty SiriusXM Group | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||||||||
Principal amount | $ 385,000,000 | ||||||||||||||
Payments of debt | $ 664,000,000 | ||||||||||||||
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | |||||||||||||
Principal amount | $ 604,000,000 | ||||||||||||||
Extraordinary additional distribution | $ 18,000,000 | ||||||||||||||
Extraordinary additional distribution amount per debenture | $ 29.0057 | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | |||||||||||||
Principal amount | $ 920,000,000 | ||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Effective interest rate | 5.67% | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 875,000,000 | ||||||||||||||
Undrawn commitment fee | 0.50% | 0.75% | |||||||||||||
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 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 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% | ||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | ||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 5% | ||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | ||||||||||||||
Liberty SiriusXM Group | Sirius XM credit facility | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 4.75% | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,329,000,000 | ||||||||||||||
Maximum borrowing capacity | $ 1,750,000,000 | ||||||||||||||
Undrawn commitment fee | 0.25% | ||||||||||||||
Liberty SiriusXM Group | Sirius XM credit facility | LIBOR | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 4.125% | ||||||||||||||
Liberty SiriusXM Group | Sirius XM Incremental Term Loan | |||||||||||||||
Debt Instrument | |||||||||||||||
Debt instrument interest rate (as a percent) | 3.81% | ||||||||||||||
Principal amount | $ 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% | ||||||||||||||
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 | $ 5,710,000,000 | ||||||||||||||
Financial Instrument, Owned, Pledged Status [Extensible Enumeration] | us-gaap:AssetPledgedAsCollateralMember | ||||||||||||||
Shares | shares | 1,000,000,000 | ||||||||||||||
Liberty SiriusXM Group | Live Nation | 2.25% Exchangeable Senior Debentures due 2048 | |||||||||||||||
Debt Instrument | |||||||||||||||
Shares underlying the debentures | shares | 5,800,000 | ||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 66.28 | ||||||||||||||
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% | ||||||||||||||
Liberty SiriusXM Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Forward contract, number of underlying shares | shares | 16,932,727 | ||||||||||||||
Liberty SiriusXM Group | Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Class of Warrant or Right, Outstanding | shares | 16,932,727 | ||||||||||||||
Braves Group | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.1087 | ||||||||||||||
Braves Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Forward contract, number of underlying shares | shares | 1,811,066 | ||||||||||||||
Braves Group | Warrant transaction | Common Class A | |||||||||||||||
Debt Instrument | |||||||||||||||
Class of Warrant or Right, Outstanding | shares | 1,811,066 |
Long-Term Debt - Braves Holding
Long-Term Debt - Braves Holdings Notes (Details) - Braves Holdings - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Long term debt | $ 601 | $ 700 |
Senior Secured Notes | ||
Debt Instrument | ||
Weighted average interest rate | 3.77% | |
Long term debt | $ 172 | 178 |
Floating Rate Notes | ||
Debt Instrument | ||
Long term debt | 55 | |
Stadium credit facility | ||
Debt Instrument | ||
Weighted average interest rate | 4.42% | |
Long term debt | $ 44 | 46 |
Maximum borrowing capacity | $ 44 | |
Revolving Credit Facility | Operating Credit Facilities | ||
Debt Instrument | ||
Weighted average interest rate | 4.29% | |
Long term debt | $ 55 | 120 |
Maximum borrowing capacity | $ 275 | |
Revolving Credit Facility | Mixed Use Credit Facilities and Loans | ||
Debt Instrument | ||
Weighted average interest rate | 4.25% | |
Long term debt | $ 300 | 271 |
Maximum borrowing capacity | $ 316 | |
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, 2022 | Dec. 31, 2021 |
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 | 5.62% | |
Formula 1 | Interest Rate Swap | Senior Loan Facility | ||
Debt Instrument | ||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 2,100 | |
Braves Holdings | ||
Debt Instrument | ||
Long term debt | 601 | $ 700 |
Formula One Group | Senior Loan Facility | ||
Debt Instrument | ||
Long term debt | $ 2,902 | $ 2,902 |
Long-Term Debt - Fair Value of
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt, measured at fair value | $ 2,927 | $ 2,372 |
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 | $ 870 | |
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% | |
Long-term debt, measured at fair value | $ 1,376 | |
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% | |
Long-term debt, measured at fair value | $ 1,685 | |
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 | $ 1,125 | |
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 | $ 1,215 | |
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 | $ 1,159 | |
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 | $ 204 |
Liberty Media Acquisition Cor_3
Liberty Media Acquisition Corporation (Details) | 1 Months Ended | 9 Months Ended | ||
Jan. 26, 2021 USD ($) $ / shares $ / item shares | Nov. 30, 2020 USD ($) shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 | |
Schedule of Investments [Line Items] | ||||
Proceeds from issuance IPO | $ | $ 575,000,000 | |||
Liberty Media Acquisition Corporation | ||||
Schedule of Investments [Line Items] | ||||
Ownership percentage | 20% | |||
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 - Redeemable noncontrolling interests (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | Apr. 15, 2021 | Jan. 26, 2021 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Redeemable noncontrolling interests, beginning balance | $ 575 | |||
Net earnings (loss) attributable to the noncontrolling interests | 16 | |||
Change in redemption value of redeemable noncontrolling interests | (13) | |||
Redeemable noncontrolling interests, ending balance | 578 | |||
Warrant liability | 0 | $ 20 | ||
Long-term debt | 17,565 | $ 18,590 | ||
Liberty Media Acquisition Sponsor LLC | LMAC Working Capital Loan | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Long-term debt | 3.3 | |||
Maximum borrowing capacity | 4 | $ 2.5 | ||
Maximum loans convertible into warrants | $ 2.5 | |||
Price of warrants | $ 1.50 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 item | Dec. 31, 2021 item | Dec. 31, 2020 item | |
Commitments and Contingencies | |||||||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring, Settlement and Impairment Provisions | ||||||
Number of baseball games | item | 162 | 161 | 60 | ||||
Number of scheduled Formula 1 Events | item | 22 | 23 | |||||
Number of Formula One events | item | 22 | 17 | |||||
Restructuring costs and asset impairment charges | $ 73 | $ 24 | |||||
Braves Group | |||||||
Commitments and Contingencies | |||||||
Restructuring costs and asset impairment charges | 5 | ||||||
Liberty SiriusXM Group | |||||||
Commitments and Contingencies | |||||||
Restructuring costs and asset impairment charges | 68 | 24 | |||||
Braves Holdings | |||||||
Commitments and Contingencies | |||||||
Compensation guarantee aggregate total | $ 912 | 912 | |||||
Amounts payable under guarantee in 2022 | 207 | 207 | |||||
Amounts payable under guarantee in 2023 | 171 | 171 | |||||
Amounts payable under guarantee in 2024 | 115 | 115 | |||||
Amounts payable under guarantee in 2025 | 96 | 96 | |||||
Amounts payable under guarantee thereafter | 323 | 323 | |||||
Sirius XM Holdings | |||||||
Commitments and Contingencies | |||||||
Impairment charge | 4 | ||||||
Asset impairment charges | 16 | 18 | |||||
Accrued restructuring expense | $ 6 | 6 | |||||
Write-off of leasehold improvements | 1 | ||||||
Severance Costs | 5 | ||||||
Restructuring costs and asset impairment charges | 68 | 68 | 25 | ||||
Sirius XM Holdings | SXM-7 Satellite | |||||||
Commitments and Contingencies | |||||||
Impairment charge | 220 | ||||||
Insurance policy coverage | $ 225 | ||||||
Insurance Recoveries | 225 | ||||||
Sirius XM Holdings | Software Projects | |||||||
Commitments and Contingencies | |||||||
Impairment charge | $ 43 | ||||||
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 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) - item | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Live Nation | ||
Information About Liberty's Operating Segments | ||
Percentage included in segment reporting | 100% | |
Live Nation | Maximum | ||
Information About Liberty's Operating Segments | ||
Percentage ownership | 100% | |
Liberty SiriusXM Group | Live Nation | ||
Information About Liberty's Operating Segments | ||
Percentage ownership | 31% | |
Formula 1 | ||
Information About Liberty's Operating Segments | ||
Duration of World Championship | 9 months | |
Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Number of complementary audio entertainment business | 2 | |
Number of satellite systems | 2 |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Information About Liberty's Operating Segments | ||||
Revenue | $ 3,247 | $ 3,100 | $ 9,074 | $ 8,230 |
Adjusted OIBDA | 909 | 946 | 2,563 | 2,473 |
Live Nation | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 6,154 | 2,699 | 12,391 | 3,565 |
Liberty SiriusXM Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 2,280 | 2,198 | 6,720 | 6,415 |
Adjusted OIBDA | 713 | 715 | 2,073 | 2,089 |
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 722 | 720 | 2,091 | 2,101 |
Liberty SiriusXM Group | Operating Segments | Live Nation | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 621 | 306 | 1,309 | 164 |
Liberty SiriusXM Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (9) | (5) | (18) | (12) |
Liberty SiriusXM Group | Operating Segments and Corporate and Other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 1,334 | 1,021 | 3,382 | 2,253 |
Liberty SiriusXM Group | Consolidation Eliminations | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (621) | (306) | (1,309) | (164) |
Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 252 | 234 | 535 | 466 |
Adjusted OIBDA | 38 | 55 | 74 | 86 |
Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 38 | 55 | 74 | 86 |
Formula One Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 715 | 668 | 1,819 | 1,349 |
Adjusted OIBDA | 158 | 176 | 416 | 298 |
Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | 170 | 180 | 446 | 312 |
Formula One Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | (12) | (4) | (30) | (14) |
Subscriber | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 1,734 | 1,666 | 5,166 | 4,918 |
Advertising | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 457 | 452 | 1,292 | 1,235 |
Equipment | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 50 | 41 | 148 | 149 |
Baseball | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 238 | 222 | 496 | 433 |
Development | Braves Group | Corporate and other | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 14 | 12 | 39 | 33 |
Primary | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 624 | 612 | 1,539 | 1,235 |
Other. | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 252 | 234 | 535 | 466 |
Other. | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 39 | 39 | 114 | 113 |
Other. | Braves Group | ||||
Information About Liberty's Operating Segments | ||||
Revenue | 252 | 234 | 535 | 466 |
Other. | Formula One Group | Operating Segments | Formula 1 | ||||
Information About Liberty's Operating Segments | ||||
Revenue | $ 91 | $ 56 | $ 280 | $ 114 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Information About Liberty's Operating Segments | ||
Deferred revenue | $ 1,930 | $ 1,790 |
Liberty SiriusXM Group | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 1,381 | |
Braves Group | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 78 | |
Formula One and Braves Holdings | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 564 | $ 347 |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 622 | |
Expected timing of satisfaction period | 3 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 | $ 2,193 | |
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 | $ 1,878 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 5,826 | |
Expected timing of satisfaction period | 72 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 799 | |
Expected timing of satisfaction period | 60 months |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 43,235 | $ 44,351 | |
Investments in affiliates | 1,028 | 945 | |
Capital expenditures | 555 | $ 280 | |
Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (459) | ||
Liberty SiriusXM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 30,429 | ||
Investments in affiliates | 885 | 805 | |
Capital expenditures | 279 | 244 | |
Liberty SiriusXM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 914 | ||
Investments in affiliates | 212 | ||
Liberty SiriusXM Group | Operating Segments and Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 46,216 | ||
Investments in affiliates | 1,241 | ||
Capital expenditures | 455 | ||
Liberty SiriusXM Group | Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (15,787) | ||
Investments in affiliates | (356) | ||
Capital expenditures | (176) | ||
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 29,515 | ||
Investments in affiliates | 673 | ||
Capital expenditures | 279 | ||
Liberty SiriusXM Group | Live Nation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 15,787 | ||
Investments in affiliates | 356 | ||
Capital expenditures | 176 | ||
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,534 | ||
Investments in affiliates | 114 | 110 | |
Capital expenditures | 13 | 26 | |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,534 | ||
Investments in affiliates | 114 | ||
Capital expenditures | 13 | ||
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,731 | ||
Investments in affiliates | 29 | $ 30 | |
Capital expenditures | 263 | $ 10 | |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,593 | ||
Investments in affiliates | 29 | ||
Capital expenditures | 252 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 9,138 | ||
Capital expenditures | $ 11 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Information About Liberty's Operating Segments | ||||
Adjusted OIBDA | $ 909 | $ 946 | $ 2,563 | $ 2,473 |
Stock-based compensation | (61) | (65) | (173) | (188) |
Impairment, restructuring and acquisition costs, net of recoveries | (74) | 95 | (75) | (13) |
Depreciation and amortization | (268) | (274) | (790) | (806) |
Operating income (loss) | 506 | 702 | 1,525 | 1,466 |
Interest expense | (179) | (168) | (497) | (484) |
Share of earnings (losses) of affiliates, net | 111 | 9 | 158 | (134) |
Realized and unrealized gains (losses) on financial instruments, net | 106 | (40) | 545 | 66 |
Gains (losses) on dilution of investment in affiliate | 2 | 142 | 9 | 152 |
Other, net | 18 | (72) | 78 | (54) |
Earnings (loss) before income taxes | $ 564 | $ 573 | $ 1,818 | $ 1,012 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,542 | $ 2,814 |
Trade and other receivables, net | 826 | 828 |
Other current assets | 602 | 1,170 |
Total current assets | 3,970 | 4,812 |
Investments in affiliates, accounted for using the equity method | 1,028 | 945 |
Property and equipment, at cost | 4,329 | 4,027 |
Accumulated depreciation | (2,147) | (2,017) |
Property and equipment, net | 2,182 | 2,010 |
Goodwill | 19,341 | 19,248 |
FCC licenses | 8,600 | 8,600 |
Other | 1,366 | 1,385 |
Intangible assets not subject to amortization | 29,307 | 29,233 |
Intangible assets subject to amortization, net | 4,406 | 4,797 |
Other assets | 2,342 | 2,554 |
Total assets | 43,235 | 44,351 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,640 | 1,832 |
Current portion of debt | 499 | 2,891 |
Deferred revenue | 1,930 | 1,790 |
Other current liabilities | 95 | 97 |
Total current liabilities | 4,164 | 6,610 |
Long-term debt | 17,066 | 15,699 |
Deferred income tax liabilities | 2,093 | 2,218 |
Other liabilities | 868 | 987 |
Total liabilities | 24,191 | 25,514 |
Redeemable noncontrolling interests in equity of subsidiary | 578 | 575 |
Stockholders' equity: | ||
Total stockholders' equity | 15,334 | 14,672 |
Noncontrolling interests in equity of subsidiaries | 3,132 | 3,590 |
Total liabilities and equity | 43,235 | 44,351 |
Consolidation Eliminations | ||
Current assets: | ||
Intergroup interests | (457) | |
Other assets | (2) | |
Total assets | (459) | |
Current liabilities: | ||
Deferred income tax liabilities | (2) | |
Redeemable intergroup interests | (457) | |
Total liabilities | (459) | |
Stockholders' equity: | ||
Total liabilities and equity | (459) | |
Liberty SiriusXM Group | ||
Current assets: | ||
Cash and cash equivalents | 264 | |
Trade and other receivables, net | 658 | |
Other current assets | 325 | |
Total current assets | 1,247 | |
Intergroup interests | 270 | |
Investments in affiliates, accounted for using the equity method | 885 | 805 |
Property and equipment, at cost | 2,863 | |
Accumulated depreciation | (1,779) | |
Property and equipment, net | 1,084 | |
Goodwill | 15,209 | |
FCC licenses | 8,600 | |
Other | 1,242 | |
Intangible assets not subject to amortization | 25,051 | |
Intangible assets subject to amortization, net | 1,132 | |
Other assets | 760 | |
Total assets | 30,429 | |
Current liabilities: | ||
Intergroup payable (receivable) | 4 | |
Accounts payable and accrued liabilities | 1,315 | |
Current portion of debt | 381 | |
Deferred revenue | 1,381 | |
Other current liabilities | 65 | |
Total current liabilities | 3,146 | |
Long-term debt | 13,133 | |
Deferred income tax liabilities | 2,042 | |
Other liabilities | 544 | |
Total liabilities | 18,865 | |
Stockholders' equity: | ||
Total stockholders' equity | 8,457 | |
Noncontrolling interests in equity of subsidiaries | 3,107 | |
Total liabilities and equity | 30,429 | |
Liberty SiriusXM Group | Consolidation Eliminations | ||
Current assets: | ||
Investments in affiliates, accounted for using the equity method | (356) | |
Total assets | (15,787) | |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 159 | |
Trade and other receivables, net | 65 | |
Other current assets | 81 | |
Total current assets | 305 | |
Investments in affiliates, accounted for using the equity method | 114 | 110 |
Property and equipment, at cost | 999 | |
Accumulated depreciation | (265) | |
Property and equipment, net | 734 | |
Goodwill | 176 | |
Other | 124 | |
Intangible assets not subject to amortization | 300 | |
Intangible assets subject to amortization, net | 25 | |
Other assets | 56 | |
Total assets | 1,534 | |
Current liabilities: | ||
Intergroup payable (receivable) | (7) | |
Accounts payable and accrued liabilities | 58 | |
Current portion of debt | 75 | |
Deferred revenue | 78 | |
Other current liabilities | 4 | |
Total current liabilities | 208 | |
Long-term debt | 523 | |
Deferred income tax liabilities | 53 | |
Redeemable intergroup interests | 238 | |
Other liabilities | 173 | |
Total liabilities | 1,195 | |
Stockholders' equity: | ||
Total stockholders' equity | 339 | |
Total liabilities and equity | 1,534 | |
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 2,119 | |
Trade and other receivables, net | 103 | |
Other current assets | 196 | |
Total current assets | 2,418 | |
Intergroup interests | 187 | |
Investments in affiliates, accounted for using the equity method | 29 | $ 30 |
Property and equipment, at cost | 467 | |
Accumulated depreciation | (103) | |
Property and equipment, net | 364 | |
Goodwill | 3,956 | |
Intangible assets not subject to amortization | 3,956 | |
Intangible assets subject to amortization, net | 3,249 | |
Other assets | 1,528 | |
Total assets | 11,731 | |
Current liabilities: | ||
Intergroup payable (receivable) | 3 | |
Accounts payable and accrued liabilities | 267 | |
Current portion of debt | 43 | |
Deferred revenue | 471 | |
Other current liabilities | 26 | |
Total current liabilities | 810 | |
Long-term debt | 3,410 | |
Redeemable intergroup interests | 219 | |
Other liabilities | 151 | |
Total liabilities | 4,590 | |
Redeemable noncontrolling interests in equity of subsidiary | 578 | |
Stockholders' equity: | ||
Total stockholders' equity | 6,538 | |
Noncontrolling interests in equity of subsidiaries | 25 | |
Total liabilities and equity | $ 11,731 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 3,247 | $ 3,100 | $ 9,074 | $ 8,230 |
Operating costs and expenses, including stock-based compensation: | ||||
Subscriber acquisition costs | 86 | 70 | 267 | 245 |
Other operating expense | 253 | 221 | 590 | 513 |
Selling, general and administrative | 525 | 481 | 1,527 | 1,336 |
Impairment, restructuring and acquisition costs, net of recoveries | 74 | (95) | 75 | 13 |
Depreciation and amortization | 268 | 274 | 790 | 806 |
Total operating costs and expenses | 2,741 | 2,398 | 7,549 | 6,764 |
Operating income (loss) | 506 | 702 | 1,525 | 1,466 |
Other income (expense): | ||||
Interest expense | (179) | (168) | (497) | (484) |
Share of earnings (losses) of affiliates, net | 111 | 9 | 158 | (134) |
Realized and unrealized gains (losses) on financial instruments, net | 106 | (40) | 545 | 66 |
Gains (losses) on dilution of investment in affiliate | 2 | 142 | 9 | 152 |
Other, net | 18 | (72) | 78 | (54) |
Total other income (expense) | 58 | (129) | 293 | (454) |
Earnings (loss) before income taxes | 564 | 573 | 1,818 | 1,012 |
Income tax benefit (expense) | (130) | (173) | (414) | (98) |
Net earnings (loss) | 434 | 400 | 1,404 | 914 |
Less net earnings (loss) attributable to the noncontrolling interests | 46 | 74 | 164 | 234 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (3) | (2) | (13) | 51 |
Net earnings (loss) attributable to Liberty stockholders | 391 | 328 | 1,253 | 629 |
Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,280 | 2,198 | 6,720 | 6,415 |
Operating costs and expenses, including stock-based compensation: | ||||
Subscriber acquisition costs | 86 | 70 | 267 | 245 |
Other operating expense | 69 | 67 | 208 | 197 |
Selling, general and administrative | 424 | 402 | 1,247 | 1,122 |
Impairment, restructuring and acquisition costs, net of recoveries | 69 | (95) | 70 | 13 |
Depreciation and amortization | 157 | 152 | 461 | 451 |
Total operating costs and expenses | 1,846 | 1,594 | 5,330 | 4,948 |
Operating income (loss) | 434 | 604 | 1,390 | 1,467 |
Other income (expense): | ||||
Interest expense | (130) | (130) | (377) | (373) |
Share of earnings (losses) of affiliates, net | 104 | 2 | 140 | (181) |
Realized and unrealized gains (losses) on financial instruments, net | 76 | (42) | 433 | (42) |
Gains (losses) on dilution of investment in affiliate | 2 | 142 | 9 | 152 |
Unrealized gains/( loss) on inter-group interests | (16) | 20 | (31) | 52 |
Other, net | 11 | (75) | 28 | (66) |
Total other income (expense) | 47 | (83) | 202 | (458) |
Earnings (loss) before income taxes | 481 | 521 | 1,592 | 1,009 |
Income tax benefit (expense) | (135) | (108) | (404) | (126) |
Net earnings (loss) | 346 | 413 | 1,188 | 883 |
Less net earnings (loss) attributable to the noncontrolling interests | 41 | 71 | 148 | 215 |
Net earnings (loss) attributable to Liberty stockholders | 305 | 342 | 1,040 | 668 |
Braves Group | ||||
Revenue: | ||||
Total revenue | 252 | 234 | 535 | 466 |
Operating costs and expenses, including stock-based compensation: | ||||
Other operating expense | 184 | 154 | 382 | 316 |
Selling, general and administrative | 33 | 28 | 88 | 73 |
Impairment, restructuring and acquisition costs, net of recoveries | 5 | 5 | ||
Depreciation and amortization | 22 | 22 | 57 | 56 |
Total operating costs and expenses | 244 | 204 | 532 | 445 |
Operating income (loss) | 8 | 30 | 3 | 21 |
Other income (expense): | ||||
Interest expense | (8) | (6) | (20) | (18) |
Share of earnings (losses) of affiliates, net | 6 | 9 | 18 | 20 |
Realized and unrealized gains (losses) on financial instruments, net | 6 | 12 | 1 | |
Unrealized gains/( loss) on inter-group interests | (31) | 12 | 5 | (15) |
Other, net | 1 | 21 | 1 | |
Total other income (expense) | (27) | 16 | 36 | (11) |
Earnings (loss) before income taxes | (19) | 46 | 39 | 10 |
Income tax benefit (expense) | (3) | (10) | (10) | (8) |
Net earnings (loss) | (22) | 36 | 29 | 2 |
Net earnings (loss) attributable to Liberty stockholders | (22) | 36 | 29 | 2 |
Formula One Group | ||||
Revenue: | ||||
Total revenue | 715 | 668 | 1,819 | 1,349 |
Operating costs and expenses, including stock-based compensation: | ||||
Selling, general and administrative | 68 | 51 | 192 | 141 |
Depreciation and amortization | 89 | 100 | 272 | 299 |
Total operating costs and expenses | 651 | 600 | 1,687 | 1,371 |
Operating income (loss) | 64 | 68 | 132 | (22) |
Other income (expense): | ||||
Interest expense | (41) | (32) | (100) | (93) |
Share of earnings (losses) of affiliates, net | 1 | (2) | 27 | |
Realized and unrealized gains (losses) on financial instruments, net | 24 | 2 | 100 | 107 |
Unrealized gains/( loss) on inter-group interests | 47 | (32) | 26 | (37) |
Other, net | 7 | 2 | 29 | 11 |
Total other income (expense) | 38 | (62) | 55 | 15 |
Earnings (loss) before income taxes | 102 | 6 | 187 | (7) |
Income tax benefit (expense) | 8 | (55) | 36 | |
Net earnings (loss) | 110 | (49) | 187 | 29 |
Less net earnings (loss) attributable to the noncontrolling interests | 5 | 3 | 16 | 19 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (3) | (2) | (13) | 51 |
Net earnings (loss) attributable to Liberty stockholders | 108 | (50) | 184 | (41) |
Sirius XM Holdings Revenue | ||||
Revenue: | ||||
Total revenue | 2,280 | 2,198 | 6,720 | 6,415 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | ||||
Revenue: | ||||
Total revenue | 2,280 | 2,198 | 6,720 | 6,415 |
Revenue Share And Royalties | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 709 | 671 | 2,090 | 1,974 |
Revenue Share And Royalties | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 709 | 671 | 2,090 | 1,974 |
Programming and content | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 156 | 142 | 448 | 407 |
Programming and content | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 156 | 142 | 448 | 407 |
Customer service and billing | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 122 | 128 | 373 | 372 |
Customer service and billing | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 122 | 128 | 373 | 372 |
Other cost of subscriber services | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 54 | 57 | 166 | 167 |
Other cost of subscriber services | Liberty SiriusXM Group | ||||
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 54 | 57 | 166 | 167 |
Formula 1 | ||||
Revenue: | ||||
Total revenue | 715 | 668 | 1,819 | 1,349 |
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 494 | 449 | 1,223 | 931 |
Formula 1 | Formula One Group | ||||
Revenue: | ||||
Total revenue | 715 | 668 | 1,819 | 1,349 |
Operating costs and expenses, including stock-based compensation: | ||||
Cost of services | 494 | 449 | 1,223 | 931 |
Other. | ||||
Revenue: | ||||
Total revenue | 252 | 234 | 535 | 466 |
Other. | Braves Group | ||||
Revenue: | ||||
Total revenue | $ 252 | $ 234 | $ 535 | $ 466 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||||
Net earnings (loss) | $ 434 | $ 400 | $ 1,404 | $ 914 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 268 | 274 | 790 | 806 |
Stock-based compensation | 173 | 188 | ||
Non-cash impairment and restructuring costs | 73 | 24 | ||
Share of (earnings) loss of affiliates, net | (111) | (9) | (158) | 134 |
Realized and unrealized (gains) losses on financial instruments, net | (106) | 40 | (545) | (66) |
Gains (losses) on dilution of investment in affiliate | (2) | (142) | (9) | (152) |
Deferred income tax expense (benefit) | 277 | 33 | ||
Other charges (credits), net | (18) | 87 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (102) | (45) | ||
Payables and other liabilities | (145) | (250) | ||
Net cash provided (used) by operating activities | 1,740 | 1,673 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (41) | (218) | ||
Investment of subsidiary initial public offering proceeds into trust account | (575) | |||
Cash proceeds from dispositions | 149 | 196 | ||
Cash (paid) received for acquisitions, net of cash acquired | (136) | (14) | ||
Capital expended for property and equipment, including internal-use software and website development | (555) | (280) | ||
Proceeds from insurance recoveries | 225 | |||
Other investing activities, net | 77 | 51 | ||
Net cash provided (used) by investing activities | (506) | (615) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 3,622 | 6,407 | ||
Repayments of debt | (3,948) | (6,129) | ||
Liberty stock repurchases | (395) | (398) | ||
Subsidiary shares repurchased by subsidiary | (599) | (1,174) | ||
Cash dividends paid by subsidiary | (233) | (41) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (109) | (93) | ||
Proceeds from initial public offering of subsidiary | 575 | |||
Other financing activities, net | 82 | (128) | ||
Net cash provided (used) by financing activities | (1,580) | (981) | ||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (13) | (5) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (359) | 72 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,924 | 2,877 | ||
Cash, cash equivalents and restricted cash at end of period | 2,565 | 2,949 | 2,565 | 2,949 |
Liberty SiriusXM Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | 346 | 413 | 1,188 | 883 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 157 | 152 | 461 | 451 |
Stock-based compensation | 152 | 158 | ||
Non-cash impairment and restructuring costs | 68 | 24 | ||
Share of (earnings) loss of affiliates, net | (104) | (2) | (140) | 181 |
Unrealized (gains) losses on intergroup interests, net | 16 | (20) | 31 | (52) |
Realized and unrealized (gains) losses on financial instruments, net | (76) | 42 | (433) | 42 |
Gains (losses) on dilution of investment in affiliate | (2) | (142) | (9) | (152) |
Deferred income tax expense (benefit) | 267 | 66 | ||
Intergroup tax allocation | 80 | 5 | ||
Intergroup tax (payments) receipts | (66) | |||
Other charges (credits), net | (11) | 77 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | 41 | 54 | ||
Payables and other liabilities | (325) | (439) | ||
Net cash provided (used) by operating activities | 1,304 | 1,298 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (1) | (66) | ||
Cash proceeds from dispositions | 50 | 27 | ||
Cash (paid) received for acquisitions, net of cash acquired | (136) | (14) | ||
Capital expended for property and equipment, including internal-use software and website development | (279) | (244) | ||
Proceeds from insurance recoveries | 225 | |||
Other investing activities, net | 4 | 6 | ||
Net cash provided (used) by investing activities | (362) | (66) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 3,019 | 6,294 | ||
Repayments of debt | (3,079) | (5,871) | ||
Intergroup (repayments) borrowings | 78 | |||
Liberty stock repurchases | (358) | (351) | ||
Subsidiary shares repurchased by subsidiary | (599) | (1,174) | ||
Cash dividends paid by subsidiary | (233) | (41) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (134) | (91) | ||
Settlement of intergroup call spread | (384) | |||
Other financing activities, net | 30 | (85) | ||
Net cash provided (used) by financing activities | (1,276) | (1,703) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (334) | (471) | ||
Cash, cash equivalents and restricted cash at beginning of period | 606 | 1,008 | ||
Cash, cash equivalents and restricted cash at end of period | 272 | 537 | 272 | 537 |
Braves Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | (22) | 36 | 29 | 2 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 22 | 22 | 57 | 56 |
Stock-based compensation | 9 | 9 | ||
Non-cash impairment and restructuring costs | 5 | |||
Share of (earnings) loss of affiliates, net | (6) | (9) | (18) | (20) |
Unrealized (gains) losses on intergroup interests, net | 31 | (12) | (5) | 15 |
Realized and unrealized (gains) losses on financial instruments, net | (6) | (12) | (1) | |
Deferred income tax expense (benefit) | (6) | 10 | ||
Intergroup tax allocation | 15 | (2) | ||
Intergroup tax (payments) receipts | 9 | |||
Other charges (credits), net | (3) | 7 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (52) | (52) | ||
Payables and other liabilities | (8) | (16) | ||
Net cash provided (used) by operating activities | 20 | 8 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (5) | |||
Cash proceeds from dispositions | 48 | 2 | ||
Capital expended for property and equipment, including internal-use software and website development | (13) | (26) | ||
Other investing activities, net | 8 | |||
Net cash provided (used) by investing activities | 30 | (16) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 135 | 113 | ||
Repayments of debt | (235) | (67) | ||
Intergroup (repayments) borrowings | (14) | |||
Other financing activities, net | (6) | (6) | ||
Net cash provided (used) by financing activities | (120) | 40 | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (70) | 32 | ||
Cash, cash equivalents and restricted cash at beginning of period | 244 | 185 | ||
Cash, cash equivalents and restricted cash at end of period | 174 | 217 | 174 | 217 |
Formula One Group | ||||
Cash flows from operating activities: | ||||
Net earnings (loss) | 110 | (49) | 187 | 29 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 89 | 100 | 272 | 299 |
Stock-based compensation | 12 | 21 | ||
Share of (earnings) loss of affiliates, net | (1) | 2 | (27) | |
Unrealized (gains) losses on intergroup interests, net | (47) | 32 | (26) | 37 |
Realized and unrealized (gains) losses on financial instruments, net | (24) | (2) | (100) | (107) |
Deferred income tax expense (benefit) | 16 | (43) | ||
Intergroup tax allocation | (95) | (3) | ||
Intergroup tax (payments) receipts | 57 | |||
Other charges (credits), net | (4) | 3 | ||
Changes in operating assets and liabilities | ||||
Current and other assets | (91) | (47) | ||
Payables and other liabilities | 188 | 205 | ||
Net cash provided (used) by operating activities | 416 | 367 | ||
Cash flows from investing activities: | ||||
Investments in equity method affiliates and debt and equity securities | (35) | (152) | ||
Investment of subsidiary initial public offering proceeds into trust account | (575) | |||
Cash proceeds from dispositions | 51 | 167 | ||
Capital expended for property and equipment, including internal-use software and website development | (263) | (10) | ||
Other investing activities, net | 73 | 37 | ||
Net cash provided (used) by investing activities | (174) | (533) | ||
Cash flows from financing activities: | ||||
Borrowings of debt | 468 | |||
Repayments of debt | (634) | (191) | ||
Intergroup (repayments) borrowings | (64) | |||
Liberty stock repurchases | (37) | (47) | ||
Taxes paid in lieu of shares issued for stock-based compensation | 25 | (2) | ||
Proceeds from initial public offering of subsidiary | 575 | |||
Settlement of intergroup call spread | 384 | |||
Other financing activities, net | 58 | (37) | ||
Net cash provided (used) by financing activities | (184) | 682 | ||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (13) | (5) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 45 | 511 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,074 | 1,684 | ||
Cash, cash equivalents and restricted cash at end of period | $ 2,119 | $ 2,195 | $ 2,119 | $ 2,195 |