Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 25.7 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Denver, CO | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001560385 | ||
Amendment Flag | false | ||
Liberty Sirius XM Group Common Class A | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series A Liberty SiriusXM Common Stock | ||
Trading Symbol | LSXMA | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 98,093,908 | ||
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 | 218,658,787 | ||
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 | 10,314,744 | ||
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 | 41,761,388 | ||
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 | 23,974,052 | ||
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 | 207,451,917 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,246 | $ 2,814 |
Trade and other receivables, net | 837 | 828 |
Other current assets | 768 | 1,170 |
Total current assets | 3,851 | 4,812 |
Investments in affiliates, accounted for using the equity method | 952 | 945 |
Property and equipment, at cost | 4,481 | 4,027 |
Accumulated depreciation | (2,226) | (2,017) |
Property and equipment, net | 2,255 | 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 | 4,288 | 4,797 |
Other assets | 1,811 | 2,554 |
Total assets | 42,464 | 44,351 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,856 | 1,832 |
Current portion of debt | 1,679 | 2,891 |
Deferred revenue | 1,773 | 1,790 |
Other current liabilities | 102 | 97 |
Total current liabilities | 5,410 | 6,610 |
Long-term debt | 14,953 | 15,699 |
Deferred income tax liabilities | 2,101 | 2,218 |
Other liabilities | 874 | 987 |
Total liabilities | 23,338 | 25,514 |
Redeemable noncontrolling interests in equity of subsidiary | 575 | |
Stockholders' equity | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 1,408 | 1,954 |
Accumulated other comprehensive earnings (loss), net of taxes | (39) | (5) |
Retained earnings | 14,589 | 12,718 |
Total stockholders' equity | 15,963 | 14,672 |
Noncontrolling interests in equity of subsidiaries | 3,163 | 3,590 |
Total equity | 19,126 | 18,262 |
Commitments and contingencies | ||
Total liabilities and equity | 42,464 | 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 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current portion of debt, measured at fair value | $ 1,394 | $ 2,850 |
Long-term debt, measured at fair value | $ 1,937 | $ 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 | 98,093,908 | 101,623,360 |
Common stock, shares outstanding | 98,093,908 | 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 | 10,314,744 | 10,313,703 |
Common stock, shares outstanding | 10,314,744 | 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 | 23,974,052 | 24,638,242 |
Common stock, shares outstanding | 23,974,052 | 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 | 218,618,614 | 222,874,721 |
Common stock, shares outstanding | 218,618,614 | 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 | 41,749,434 | 41,494,524 |
Common stock, shares outstanding | 41,749,434 | 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 | 207,445,741 | 205,107,088 |
Common stock, shares outstanding | 207,445,741 | 205,107,088 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Total revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Operating costs and expenses, including stock-based compensation : | |||
Subscriber acquisition costs | 352 | 325 | 362 |
Other operating expenses | 719 | 642 | 434 |
Selling, general and administrative | 2,031 | 1,907 | 1,750 |
Impairment, restructuring and acquisition costs, net of recoveries | 74 | 20 | 1,004 |
Depreciation and amortization | 1,044 | 1,072 | 1,083 |
Total operating costs and expenses | 10,100 | 9,423 | 9,186 |
Operating income (loss) | 2,064 | 1,977 | 177 |
Other income (expense): | |||
Interest expense | (689) | (642) | (634) |
Share of earnings (losses) of affiliates, net | 99 | (200) | (586) |
Realized and unrealized gains (losses) on financial instruments, net | 599 | (451) | (402) |
Gains (losses) on dilution of investment in affiliate | 10 | 152 | 4 |
Other, net | 110 | (47) | 6 |
Total other income (expense) | 129 | (1,188) | (1,612) |
Earnings (loss) before income taxes | 2,193 | 789 | (1,435) |
Income tax (expense) benefit | (164) | (45) | 44 |
Net earnings (loss) | 2,029 | 744 | (1,391) |
Less net earnings (loss) attributable to the noncontrolling interests | 227 | 292 | 30 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (13) | 54 | |
Net earnings (loss) attributable to Liberty stockholders | 1,815 | 398 | (1,421) |
Liberty SiriusXM Group | |||
Other income (expense): | |||
Net earnings (loss) attributable to Liberty stockholders | $ 1,292 | $ 599 | $ (747) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, basic earnings loss per share | $ 3.94 | $ 1.79 | $ (2.24) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, diluted earnings loss per share | $ 3.66 | $ 1.78 | $ (2.33) |
Braves Group | |||
Other income (expense): | |||
Net earnings (loss) attributable to Liberty stockholders | $ (35) | $ (11) | $ (78) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, basic earnings loss per share | $ (0.66) | $ (0.21) | $ (1.53) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, diluted earnings loss per share | $ (0.66) | $ (0.21) | $ (2) |
Formula One Group | |||
Other income (expense): | |||
Net earnings (loss) attributable to Liberty stockholders | $ 558 | $ (190) | $ (596) |
Basic net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, basic earnings loss per share | $ 2.39 | $ (0.82) | $ (2.57) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share | |||
Series A, B and C common stock, diluted earnings loss per share | $ 2.15 | $ (0.82) | $ (2.57) |
Sirius XM Holdings Revenue | |||
Revenue: | |||
Total revenue | $ 9,003 | $ 8,696 | $ 8,040 |
Revenue Share And Royalties | |||
Operating costs and expenses, including stock-based compensation : | |||
Cost of services | 2,802 | 2,672 | 2,421 |
Programming and content | |||
Operating costs and expenses, including stock-based compensation : | |||
Cost of services | 604 | 559 | 481 |
Customer service and billing | |||
Operating costs and expenses, including stock-based compensation : | |||
Cost of services | 497 | 501 | 481 |
Other cost of subscriber services | |||
Operating costs and expenses, including stock-based compensation : | |||
Cost of services | 227 | 236 | 196 |
Formula 1 | |||
Revenue: | |||
Total revenue | 2,573 | 2,136 | 1,145 |
Operating costs and expenses, including stock-based compensation : | |||
Cost of services | 1,750 | 1,489 | 974 |
Other. | |||
Revenue: | |||
Total revenue | $ 588 | $ 568 | $ 178 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net earnings (loss) | $ 2,029 | $ 744 | $ (1,391) |
Other comprehensive earnings (loss), net of taxes: | |||
Foreign currency translation adjustments | (70) | (4) | 12 |
Unrealized holding gains (losses) arising during the period | 18 | (1) | (7) |
Credit risk on fair value debt instruments gains (losses) | 22 | (83) | 117 |
Share of other comprehensive earnings (loss) of equity affiliates | 16 | 7 | (9) |
Recognition of previously unrealized (gains) losses on debt | (25) | (2) | |
Other comprehensive earnings (loss) | (39) | (83) | 113 |
Comprehensive earnings (loss) | 1,990 | 661 | (1,278) |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 222 | 292 | 32 |
Less comprehensive earnings (loss) attributable to redeemable noncontrolling interests | (13) | 54 | |
Comprehensive earnings (loss) attributable to Liberty stockholders | 1,781 | 315 | (1,310) |
Liberty SiriusXM Group | |||
Net earnings (loss) | 1,502 | 875 | (719) |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | 1,292 | 528 | (712) |
Braves Group | |||
Net earnings (loss) | (35) | (11) | (78) |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | (15) | (12) | (86) |
Formula One Group | |||
Net earnings (loss) | 562 | (120) | (594) |
Other comprehensive earnings (loss), net of taxes: | |||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ 504 | $ (201) | $ (512) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 2,029 | $ 744 | $ (1,391) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,044 | 1,072 | 1,083 |
Stock-based compensation | 237 | 256 | 261 |
Non-cash impairment and restructuring costs | 70 | 24 | 1,000 |
Share of (earnings) loss of affiliates, net | (99) | 200 | 586 |
Realized and unrealized (gains) losses on financial instruments, net | (599) | 451 | 402 |
Noncash interest expense | 26 | 16 | 17 |
Losses (gains) on dilution of investment in affiliate | (10) | (152) | (4) |
Loss (gain) on early extinguishment of debt | (35) | 80 | 40 |
Deferred income tax expense (benefit) | 13 | (41) | (95) |
Other charges (credits), net | 10 | 2 | 11 |
Changes in operating assets and liabilities | |||
Current and other assets | (17) | (104) | (34) |
Payables and other liabilities | (123) | (111) | (146) |
Net cash provided (used) by operating activities | 2,546 | 2,437 | 1,730 |
Cash flows from investing activities: | |||
Subsidiary initial public offering proceeds returned from (invested in) trust account | 579 | (575) | |
Cash proceeds from dispositions of investments | 167 | 383 | 13 |
Cash (paid) received for acquisitions, net of cash acquired | (136) | (14) | (300) |
Investments in equity method affiliates and debt and equity securities | (58) | (252) | (113) |
Return of investment in equity method affiliates | 38 | 40 | 105 |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 2 | 12 | 20 |
Capital expended for property and equipment, including internal-use software and website development | (735) | (440) | (452) |
Proceeds from insurance recoveries | 225 | ||
Other investing activities, net | 97 | (68) | (9) |
Net cash provided (used) by investing activities | (46) | (689) | (736) |
Cash flows from financing activities: | |||
Borrowings of debt | 6,189 | 6,411 | 4,898 |
Repayments of debt | (7,426) | (6,287) | (2,931) |
Liberty stock repurchases | (395) | (555) | (318) |
Subsidiary shares repurchased by subsidiary | (647) | (1,523) | (1,555) |
Repayment of initial public offering proceeds to subsidiary shareholders | (579) | ||
Proceeds from initial public offering of subsidiary | 575 | ||
Proceeds from Liberty SiriusXM common stock rights offering | 754 | ||
Cash dividends paid by subsidiary | (249) | (58) | (64) |
Taxes paid in lieu of shares issued for stock-based compensation | (123) | (154) | (120) |
Other financing activities, net | 82 | (107) | (90) |
Net cash provided (used) by financing activities | (3,148) | (1,698) | 574 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3) | 3 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (648) | 47 | 1,571 |
Cash, cash equivalents and restricted cash at beginning of period | 2,924 | 2,877 | 1,306 |
Cash, cash equivalents and restricted cash at end of period | $ 2,276 | $ 2,924 | $ 2,877 |
Consolidated Statement of Equit
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 Earnings | Retained Earnings | Noncontrolling Interest in Equity of Subsidiaries | Total |
Balance at Dec. 31, 2019 | $ 1 | $ 2 | $ 2 | $ 2,575 | $ (33) | $ 13,748 | $ 5,630 | $ 21,925 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | (1,421) | 30 | (1,391) | |||||
Other comprehensive earnings (loss) | 111 | 2 | 113 | |||||
Stock-based compensation | 213 | 64 | 277 | |||||
Withholding taxes on net share settlements of stock-based compensation | (120) | (120) | ||||||
Liberty stock repurchases | (318) | (318) | ||||||
Shares repurchased by subsidiary | (346) | (1,228) | (1,574) | |||||
Shares issued by subsidiary | (75) | 75 | ||||||
Dividends paid by subsidiary | (64) | (64) | ||||||
Common stock issued pursuant to the Series C Liberty SiriusXM common stock rights offering | 754 | 754 | ||||||
Other, net | 5 | (7) | 1 | (1) | ||||
Balance at Dec. 31, 2020 | 1 | 2 | 2 | 2,688 | 78 | 12,320 | 4,510 | 19,601 |
Stockholders' equity rollforward | ||||||||
Net earnings (loss) (excludes net earnings (loss) attributable to redeemable noncontrolling interest) | 398 | 295 | 693 | |||||
Other comprehensive earnings (loss) | (83) | (83) | ||||||
Stock-based compensation | 222 | 47 | 269 | |||||
Withholding taxes on net share settlements of stock-based compensation | (154) | (154) | ||||||
Liberty stock repurchases | (555) | (555) | ||||||
Shares repurchased by subsidiary | (404) | (1,108) | (1,512) | |||||
Shares issued by subsidiary | (96) | 106 | 10 | |||||
Dividends paid by subsidiary | (58) | (58) | ||||||
Exchange of Series A Liberty SiriusXM common stock for shares of subsidiary | 203 | (203) | ||||||
Other, net | 50 | 1 | 51 | |||||
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) | 1,815 | 210 | 2,025 | |||||
Other comprehensive earnings (loss) | (34) | (5) | (39) | |||||
Stock-based compensation | 214 | 39 | 253 | |||||
Withholding taxes on net share settlements of stock-based compensation | (123) | (123) | ||||||
Liberty stock repurchases | (395) | (395) | ||||||
Shares repurchased by subsidiary | (172) | (467) | (639) | |||||
Shares issued by subsidiary | (73) | 77 | 4 | |||||
Dividends paid by subsidiary | (249) | (249) | ||||||
Other, net | 3 | 56 | (32) | 27 | ||||
Balance at Dec. 31, 2022 | $ 1 | $ 2 | $ 2 | $ 1,408 | $ (39) | $ 14,589 | $ 3,163 | $ 19,126 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation | (1) Basis of Presentatio n The accompanying consolidated financial statements of Liberty Media Corporation (“Liberty,” “we,” “our,” “us” or the “Company” unless the context otherwise requires) represent a consolidation of certain media and entertainment related assets and businesses. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom (“U.K”). Our most significant subsidiaries include Sirius XM Holdings Inc. (“Sirius XM Holdings”), 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”). On November 3, 2021, pursuant to an exchange agreement with certain counterparties, Liberty acquired an aggregate of 43,658,800 shares of Sirius XM Holdings common stock in exchange for the issuance by Liberty to the counterparties of an aggregate of 5,347,320 shares of Series A Liberty SiriusXM common stock. As of December 31, 2022, we owned approximately 82% of the outstanding equity interest in Sirius XM Holdings. Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“Liberty TripAdvisor”), Liberty Broadband Corporation (“Liberty Broadband”), Liberty Media Acquisition Corporation (“LMAC”) and GCI Liberty, Inc. (“GCI Liberty”), all of which are, or were (in the case of LMAC and GCI Liberty), separate publicly traded companies, in order to govern relationships between the companies. None of these entities has any stock ownership, beneficial or otherwise, in any of the others, other than Liberty’s equity interests in LMAC prior to its dissolution, as described in note 11, and GCI Liberty’s ownership of shares of Liberty Broadband’s Series C non-voting common stock prior to the merger of GCI Liberty and Liberty Broadband in December 2020. These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters. The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Qurate Retail and Liberty Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC (prior to termination) and GCI Liberty (prior to termination) with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (prior to termination) reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and in the case of Qurate Retail, Qurate Retail’s allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. Liberty TripAdvisor, Liberty Broadband, LMAC (prior to termination) and GCI Liberty (prior to termination) reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities with Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC (prior to termination) and GCI Liberty (prior to termination) at Liberty’s corporate headquarters. Under these various agreements, approximately $21 million, $27 million and $28 million of these allocated expenses were reimbursed to Liberty during the years ended December 31, 2022, 2021 and 2020, respectively. In December 2019, Liberty entered into amendments to the Services Agreements with each of Qurate Retail, Liberty TripAdvisor, Liberty Broadband and GCI Liberty (collectively, the “Service Companies”) in connection with Liberty’s entry into a new employment arrangement with Gregory B. Maffei, its President and Chief Executive Officer. Under the amended Services Agreements, components of 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 amended Services Agreements. Following the merger between GCI Liberty and Liberty Broadband in December 2020, GCI Liberty no longer participates in the Services Agreement arrangement due to the termination of its Services Agreement with Liberty. In December 2020, in conjunction with the merger, GCI Liberty made an executive termination payment to Liberty of approximately $6 million. See note 14 for additional information related to termination payments. |
Tracking Stocks
Tracking Stocks | 12 Months Ended |
Dec. 31, 2022 | |
Tracking Stocks | (2) Tracking Stocks During November 2015, Liberty’s board of directors (the “Board of Directors”) authorized management to pursue a reclassification of the Company’s common stock into three new tracking stock groups, one to be designated as the Liberty Braves common stock, one to be designated as the Liberty Formula One common stock (formerly known as Liberty Media common stock) and one to be designated as the Liberty SiriusXM common stock (the “Recapitalization”), and to cause to be distributed subscription rights related to the Liberty Braves common stock following the creation of the new tracking stocks. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “Formula One Group”) have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group’s stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. Additionally, as a result of the Recapitalization, Liberty’s 1.375% Cash Convertible Senior Notes due 2023 (the “Convertible Notes”) are convertible into cash based on the product of the conversion rate specified in the indenture and the basket of tracking stocks into which each outstanding share of Series A Liberty Media Corporation common stock was reclassified (the “Securities Basket”). Furthermore, the Company entered into amended agreements with the counterparties with regard the Recapitalization-related adjustments to the outstanding Series A Liberty Media Corporation common stock warrants as well as the outstanding cash convertible note hedges and purchased call options. As part of the Recapitalization, the Formula One Group initially held a 20% intergroup interest in the Braves Group. As a result of a rights offering in May 2016 to holders of Liberty Braves common stock to acquire shares of Series C Liberty Braves common stock, the number of notional shares representing the intergroup interest held by the Formula One Group was adjusted to 9,084,940, representing a 15.1% intergroup interest in the Braves Group at December 31, 2019. In addition, during the fourth quarter of 2019, the Formula One Group began purchasing shares of Liberty SiriusXM common stock. As of December 31, 2019, the number of notional shares representing the intergroup interest held by the Formula One Group was 493,278, representing a 0.2% intergroup interest in the Liberty SiriusXM Group. On April 22, 2020, the Board of Directors approved the immediate reattribution of certain assets and liabilities between the Formula One Group and the Liberty SiriusXM Group (collectively, the “reattribution”). The assets reattributed from the Formula One Group to the Liberty SiriusXM Group, valued at $2.8 billion, consisted of: ● Liberty’s entire Live Nation stake, consisting of approximately 69.6 million shares of Live Nation common stock; ● a newly-created Formula One Group intergroup interest, consisting of approximately 5.3 million notional shares of Liberty Formula One common stock, to cover exposure under the Convertible Notes; ● the bond hedge and warrants associated with the Convertible Notes; ● the entire Liberty SiriusXM Group intergroup interest, consisting of approximately 1.9 million notional shares of Liberty SiriusXM common stock, thereby eliminating the Liberty SiriusXM Group intergroup interest; and ● a portion, consisting of approximately 2.3 million notional shares of Liberty Braves common stock, of the Formula One Group’s intergroup interest in the Braves Group, to cover exposure under the Convertible Notes. The reattributed liabilities, valued at $1.3 billion, consisted of: ● ● ● Similarly, $1.5 billion of net asset value has been reattributed from the Liberty SiriusXM Group to the Formula One Group, comprised of: ● a call spread between the Formula One Group and the Liberty SiriusXM Group with respect to 34.8 million of the Live Nation shares that were reattributed to the Liberty SiriusXM Group; and ● a net cash payment of $1.4 billion from the Liberty SiriusXM Group to the Formula One Group, which was funded by a combination of (x) cash on hand, (y) an additional $400 million drawn from the Company’s existing margin loan secured by shares of common stock of Sirius XM Holdings, and (z) the creation of an intergroup loan obligation from the Liberty SiriusXM Group to the Formula One Group in the principal amount of $750 million, plus interest thereon, which was repaid with the proceeds from the LSXMK rights offering described below (the “Intergroup Loan”). The reattribution is reflected in the Company’s financial statements on a prospective basis. The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group, which, as of December 31, 2022, include its interests in Sirius XM Holdings and Live Nation, corporate cash, 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 Braves Group and the Formula One Group as of December 31, 2022. As of December 31, 2022, the Liberty SiriusXM Group has cash and cash equivalents of approximately $362 million, which includes $57 million of subsidiary cash. The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group, which, as of December 31, 2022, include its subsidiary, Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Braves”), certain assets and liabilities associated with the Braves’ stadium (“Truist Park” or the “Stadium”) and a mixed-use development around Truist Park that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”) and cash. The Liberty SiriusXM Group and the Formula One Group retain intergroup interests in the Braves Group as of December 31, 2022. As of December 31, 2022, the Braves Group has cash and cash equivalents of approximately $151 million, which includes $81 million of subsidiary cash. The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group, which, as of December 31, 2022, include all of the businesses, assets and liabilities of Liberty other than those specifically attributed to the Braves Group or the Liberty SiriusXM Group, including Liberty’s interest in Formula 1, cash, an intergroup interest in the Braves Group, Liberty’s 1% Cash Convertible Notes due 2023 and Liberty’s 2.25% Convertible Senior Notes due 2027. As of December 31, 2022, the Formula One Group has cash and cash equivalents of approximately $1,733 million, which includes $752 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 9. 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 11.0% intergroup interest at December 31, 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 December 31, 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 1.7% intergroup interest at December 31, 2022. The intergroup interests represent quasi-equity interests that 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, through the transfer of newly issued shares of Liberty Braves common stock and Liberty Formula One common stock, respectively, cash and/or other assets to the respective tracking stock group. Accordingly, the Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group. The offsetting amounts between tracking stock groups are eliminated in consolidation. The intergroup interests will remain outstanding until the redemption of the outstanding interests, at the discretion of the Board of Directors, through a transfer of securities, cash and/or other assets from the Braves Group or Formula One Group to the respective tracking stock group. On April 22, 2020, the Board of Directors authorized management of the Company to cause subscription rights (the “Series C Liberty SiriusXM Rights”) to purchase shares of Series C Liberty SiriusXM common stock, par value $0.01 per share (“LSXMK”), in a rights offering (the “LSXMK rights offering”) to be distributed to holders of Series A Liberty SiriusXM common stock, par value $0.01 per share, Series B Liberty SiriusXM common stock, par value $0.01 per share, and LSXMK offering, which aggregated approximately $754 million, were used to repay the outstanding balance on the Intergroup Loan and accrued interest. During November 2022, the Board of Directors authorized management of the Company to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). Atlanta Braves Holdings, Inc. will be comprised of the businesses, assets and liabilities attributed to the Braves Group. The intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and Formula One Group remaining immediately prior to the Split-Off, however, will be settled and extinguished in connection with the Split-Off. Following the Split-Off, the Company intends to reclassify its then-outstanding shares of common stock into three new tracking stocks to be designated Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Live common stock, and, in connection therewith, provide for the attribution of the businesses, assets and liabilities of the Company’s remaining tracking stock groups among its newly created Liberty SiriusXM Group, Formula One Group and Liberty Live Group (the “Reclassification”). The Split-Off and the Reclassification will be subject to various conditions. Both transactions will be conditioned on, among other things, certain requisite approvals of the holders of the Company’s common stock and the receipt of opinions of tax counsel. In addition, the Split-Off will be conditioned on the requisite approval of Major League Baseball (“MLB”) and the receipt of an IRS ruling. In addition, the Reclassification is dependent and conditioned on the approval and completion of the Split-Off, and will not be implemented unless the Split-Off is completed; however, the Split-Off is not dependent upon the approval of the Reclassification and may be implemented even if the Reclassification is not approved. Each of the Split-Off and the Reclassification is intended to be tax-free to stockholders of the Company. Subject to the satisfaction of the conditions, the Company expects to complete the Split-Off and the Reclassification in the first half of 2023. See Exhibit 99.1 to this Annual Report on Form 10-K for unaudited attributed financial information for Liberty’s tracking stock groups. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | (3) Summary of Significant Accounting Policies Cash and Cash Equivalents Cash equivalents consist of investments which are readily convertible into cash and have maturities of three months or less at the time of acquisition. Receivables Receivables are reflected net of an allowance for credit losses and sales returns. Such allowance aggregated $14 million and $13 million at December 31, 2022 and 2021, respectively. Activity in the year ended December 31, 2022 included an increase of $59 million of bad debt charged to expense, $1 million related to foreign currency translation adjustments and $59 million of write-offs. Activity in the year ended December 31, 2021 included an increase of $54 million of bad debt charged to expense and $58 million of write-offs. Activity in the year ended December 31, 2020 included an increase of $61 million of bad debt charged to expense and $62 million of write-offs. Investments All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. The total value of marketable equity securities aggregated $80 million and $217 million as of December 31, 2022 and 2021, respectively. For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag. Changes in the Company’s proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the other, net line item. To the extent there is a difference between our ownership percentage in the underlying equity of an equity method investee and our carrying value, such difference is accounted for as if the equity method investee were a consolidated subsidiary. The Company continually reviews its equity investments to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts’ ratings and estimates of 12-month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company’s assessment of the foregoing factors involves a high degree of judgment and accordingly, actual results may differ materially from the Company’s estimates and judgments. Writedowns for equity method investments are included in share of earnings (losses) of affiliates. The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security’s fair value is less than its carrying value, an impairment is recorded in the consolidated statements of operations. Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. None of the Company’s derivatives are currently designated as hedges. The fair value of certain of the Company’s derivative instruments are estimated using the Black-Scholes model. The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company’s estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Considerable management judgment was required in estimating the Black-Scholes variables. Property and Equipment Property and equipment consisted of the following: Estimated December 31, Useful Life 2022 2021 amounts in millions Land NA $ 390 145 Buildings and improvements 10 972 959 Support equipment 3 864 804 Satellite system 15 years 1,944 1,969 Construction in progress NA 311 150 Total property and equipment $ 4,481 4,027 Property and equipment, including significant improvements, is stated at cost. Depreciation is computed using the straight-line method using estimated useful lives. Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $262 million, $270 million and $268 million, respectively. Sirius XM Holdings capitalizes a portion of the interest on funds borrowed to finance the construction and launch of its satellites. Capitalized interest is recorded as part of the asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs for the years ended December 31, 2022 and 2021 were approximately $5 million and $7 million, respectively. Intangible Assets Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment upon certain triggering events. Goodwill and other intangible assets with indefinite useful lives (collectively, “indefinite lived intangible assets”) are not amortized, but instead are tested for impairment at least annually. Our annual impairment assessment of our indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in Liberty’s valuation analysis are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Impairment of Long-lived Assets The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangibles) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds their fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. Noncontrolling Interests The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity. Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company elected to utilize certain practical expedients as permitted under ASC 606. The Company elected to apply the guidance from ASC 606 only to contracts that were not completed as of January 1, 2018. Completed contracts are those contracts for which substantially all of the revenue had been recognized under ASC 605. The Company also elected to utilize the practical expedient for contract modifications. For modified contracts, the Company did not separately evaluate the effects of each contract modification that occurred prior to January 1, 2018. Instead, the Company reflected the aggregate effect of all contract modifications (on a contract-by-contract basis) that occurred prior to January 1, 2018 by identifying the satisfied and unsatisfied performance obligations and allocating the transaction price to such performance obligations. Our customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the year ended December 31, 2022 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings was approximately $347 million and $466 million, respectively. As the majority of Sirius XM Holdings contracts are one three Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $2,426 million in 2023 2024 2025 thereafter Sirius XM Holdings The following table disaggregates Sirius XM Holdings’ revenue by source: Years ended December 31, 2022 2021 2020 amounts in millions Subscriber $ 6,892 6,614 6,372 Advertising 1,772 1,730 1,340 Equipment 189 201 173 Other 150 151 155 Total Sirius XM Holdings revenue $ 9,003 8,696 8,040 Subscriber revenue. three Music royalty fee primarily consists of U.S. music royalty fees (“MRF”) collected from subscribers. The related costs Sirius XM Holdings incurs for the right to broadcast music and other programming are recorded as revenue share and royalties expense in the consolidated statements of operations. Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to subscriber revenue ratably over the service period. Advertising revenue. Equipment revenue. are recorded as revenue. Shipping and handling costs associated with shipping goods to customers are reported as a component of cost of services. Other revenue. Sirius XM Holdings revenue is reported net of any taxes assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in the consolidated statements of operations. Formula 1 The following table disaggregates Formula 1’s revenue by source: Years ended December 31, 2022 2021 2020 amounts in millions Primary $ 2,107 1,850 1,029 Other 466 286 116 Total Formula 1 revenue $ 2,573 2,136 1,145 Upon entering into a new arrangement, Formula 1 occasionally incurs certain incremental costs of obtaining a contract. These incremental costs relate to commission amounts that will be paid over the life of the contract for which the recipient does not have any substantive future performance requirement to earn such commission. Accordingly, the commission costs are capitalized and amortized over the life of the contract. The following is a description of principal activities from which Formula 1 generates its revenue. Primary revenue. Other revenue. Braves Holdings The following table disaggregates Braves Holdings’ revenue by source: Years ended December 31, 2022 2021 2020 amounts in millions Baseball $ 535 526 142 Mixed-Use Development 53 42 36 Total Braves Holdings revenue $ 588 568 178 Braves Holdings is required to estimate the entire transaction price of its contractual arrangements and recognize revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. Such performance obligations are typically satisfied over time and result in differences between revenue recognized and cash received, dependent on how far into a contractual arrangement Braves Holdings is at any given reporting period. The following is a description of principal activities from which Braves Holdings generates its revenue. Baseball revenue. Mixed-Use Development revenue. Cost of Sirius XM Holdings Services Revenue Share Sirius XM Holdings shares a portion of its subscription revenue earned from self-pay subscribers with certain automakers. The terms of the revenue share agreements vary with each automaker, but are typically based upon the earned audio revenue as reported or gross billed audio revenue. Revenue share on self-pay revenue is recognized as an expense and recorded in revenue share and royalties in our consolidated statements of operations. Sirius XM Holdings also pays revenue share to certain talent on non-music stations on its satellite radio service and to podcast talent based on advertising revenue for the related channel or podcast. Revenue share on non-music channels and podcasts is recognized in Revenue share and royalties when it is earned. In some cases, Sirius XM Holdings pays minimum guarantees for revenue share to podcast owners which is recorded in other current assets in the consolidated balance sheets. The minimum guarantee is recognized in revenue share and royalties primarily on a straight line basis over the contractual term. The prepaid balance is regularly reviewed for recoverability and any amount not deemed to be recoverable is recognized as an expense in the period. Royalties In connection with its businesses, Sirius XM Holdings must enter into royalty arrangements with two sets of rights holders: holders of musical compositions copyrights (that is, the music and lyrics) and holders of sound recordings copyrights (that is, the actual recording of a work). The Sirius XM and Pandora businesses use both statutory and direct music licenses as part of their businesses. Sirius XM Holdings licenses varying rights - such as performance and mechanical rights - for use in its Sirius XM and Pandora businesses based on the various radio and interactive services they offer. The music rights licensing arrangements for the Sirius XM and Pandora businesses are complex. Sirius XM Holdings pays performance royalties for its Sirius XM and Pandora businesses to holders and rights administrators of musical compositions copyrights, including performing rights organizations and other copyright owners. These performance royalties are based on agreements with performing rights organizations which represent the holders of these performance rights. The Sirius XM and Pandora businesses have arrangements with these performance rights organizations. Arrangements with Sirius XM generally include fixed payments during the term of the agreement and arrangements with Pandora for its ad-supported radio service have variable payments based on usage and ownership of a royalty pool. Pandora must also license reproduction rights, which are also referred to as mechanical rights, to offer the interactive features of the Pandora services. For Pandora subscription services, copyright holders receive payments for these rights at the rates determined in accordance with the statutory license set forth in Section 115 of the U.S. Copyright Act (the “Copyright Act”). For Sirius XM Holdings’ non-interactive satellite radio or streaming services, it may license sound recordings under direct licenses with the owners of sound recordings or based on the royalty rate established by the CRB. For Sirius XM, the royalty rate for sound recordings has been set by the CRB. The revenue subject to royalty includes subscription revenue from Sirius XM Holdings’ U.S. satellite digital audio radio subscribers, and advertising revenue from channels other than those channels that make only incidental performances of sound recordings. The rates and terms permit Sirius XM to reduce the payment due each month for those sound recording directly licensed from copyright owners and exclude from its revenue certain other items, such as royalties paid to Sirius XM for intellectual property, sales and use taxes, bad debt expense and generally revenue attributable to areas of Sirius XM’s business that do not involve the use of copyrighted sound recordings. Pandora has entered into direct license agreements with major and independent music labels and distributors for a significant majority of the sound recordings that stream on the Pandora ad-supported service, Pandora Plus and Pandora Premium. For sound recordings that Pandora streams and for which it has not entered into a direct license agreement with the sound recording rights holders, the sound recordings are streamed pursuant to the statutory royalty rates set by the CRB. Programming Costs Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming costs which are for a specified season or include programming through a dedicated channel are amortized over the season or period on a straight-line basis. Sirius XM Holdings allocates a portion of certain programming costs which are related to sponsorship and marketing activities to selling, general and administrative expense on a straight-line basis over the term of the agreement. Cost of Formula 1 Revenue Cost of Formula 1 revenue consists of team payments and hospitality costs, which are principally related to catering and other aspects of the production and delivery of the Paddock Club, and circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Events, including the right to sell advertising, hospitality and support race opportunities. Other costs include annual FIA regulatory fees, sponsorship commissions and those incurred in the provision and sale of freight, travel and logistical services, Formula 2 and Formula 3 cars, parts and maintenance services, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and relate directly to revenue opportunities. Subscriber Acquisition Costs Subscriber acquisition costs consist of costs incurred to acquire new subscribers which include hardware subsidies paid to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a prepaid subscription to Sirius XM service in the sale or lease price of a new vehicle; subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for inventory allowance attributable to inventory consumed in Sirius XM Holdings’ automotive and retail distribution channels. Subscriber acquisition costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to automakers and retailers of radios. Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or activation and are included in subscriber acquisition costs because Sirius XM Holdings is responsible for providing the service to the customers. Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios. Chipsets that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as subscriber acquisition costs when placed into production by radio manufacturers. Costs for chipsets are expensed as subscriber acquisition costs when the automaker confirms receipt. Advertising Costs Stock-Based Compensation As more fully described in note 15, Liberty has granted to its directors, employees and employees of its subsidiaries options and restricted stock to purchase shares of Liberty common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an Award based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation: Years ended December 31, 2022 2021 2020 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 34 33 32 Customer service and billing 6 6 6 Other 6 6 6 Other operating expense 39 36 43 Selling, general and administrative 152 175 174 $ 237 256 261 Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. Earnings Attributable to Liberty Stockholders Per Common Share Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares 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) Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the years ended December 31, 2022, 2021 and 2020 are 25 million, 19 million and 25 million potentially dilutive shares of Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2022 2021 2020 (a) number of shares in millions Basic WASO 328 335 334 Potentially dilutive shares (b) 17 2 2 Diluted WASO (c) 345 337 336 (a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the WASO. (b) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. (c) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included 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 2.125% 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 1,292 599 (747) Adjustments (31) — (35) Diluted earnings (loss) attributable to Liberty Siriu |
Supplemental Disclosures to Con
Supplemental Disclosures to Consolidated Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Disclosures to Consolidated Statements of Cash Flows | (4) Supplemental Disclosures to Consolidated Statements of Cash Flows Years ended December 31, 2022 2021 2020 amounts in millions Cash paid for acquisitions: Fair value of assets acquired $ 25 (1) 62 Intangibles not subject to amortization 98 30 235 Intangibles subject to amortization 20 — 50 Net liabilities assumed (4) (11) (46) Deferred tax liabilities (3) (1) (1) Fair value of equity consideration — (3) — Cash paid (received) for acquisitions, net of cash acquired $ 136 14 300 Stock repurchased by subsidiary not yet settled $ 8 11 (19) Cash paid for interest, net of amounts capitalized $ 656 607 576 Cash paid for income taxes, net $ 168 97 48 The following table reconciles cash and cash equivalents and restricted cash reported in our consolidated balance sheets to the total amount presented in our consolidated statements of cash flows: December 31, 2022 2021 2020 amounts in millions Cash and cash equivalents $ 2,246 2,814 2,831 Restricted cash included in other current assets 22 88 16 Restricted cash included in other assets 8 22 30 Total cash, cash equivalents and restricted cash at end of period $ 2,276 2,924 2,877 |
Acquisitions and Restructurings
Acquisitions and Restructurings | 12 Months Ended |
Dec. 31, 2022 | |
Business Acquisition [Line Items] | |
Acquisitions and Restructurings | (5) Acquisitions and Restructurings Sirius XM Holdings acquisition of Stitcher On October 16, 2020, Sirius XM Holdings acquired certain assets and liabilities of Stitcher, a leader in podcast production, distribution, and ad sales, from The E.W. Scripps Company and certain of its subsidiaries (“Scripps”) for $266 million in cash, which includes net working capital adjustments. The total purchase consideration of $302 million included $36 million related to the acquisition date fair value of the contingent consideration. During the year ended December 31, 2021, Sirius XM Holdings recorded a $17 million benefit related to the change in fair value of the 2021 portion of the contingent consideration associated with the transaction to impairment, restructuring and acquisition costs in the consolidated statement of operations. The fair value of the contingent consideration was determined using a probability-weighted cash flow model. Stitcher is included in the Pandora reporting unit. In connection with the acquisition, Sirius XM Holdings recognized goodwill of $224 million and intangible assets subject to amortization of $38 million. The goodwill of Stitcher is deductible for tax purposes as it was an asset acquisition. Sirius XM Holdings recognized $4 million of costs related to the acquisition of Stitcher during the year ended December 31, 2020. The acquisition of Stitcher was financed through borrowings under Sirius XM Holdings’ Senior Secured Revolving Credit Facility. Sirius XM Holdings acquisition of Simplecast On June 16, 2020, Sirius XM Holdings acquired Simplecast for $28 million in cash. Simplecast is a podcast management and analytics platform. Simplecast complements AdsWizz, Inc.’s advertising technology platform, allowing Sirius XM Holdings to offer podcasters of all sizes a powerful, comprehensive solution for publishing, analytics, distribution and advertising sales, and is included in the Pandora reporting unit. In connection with the acquisition, Sirius XM Holdings recognized goodwill of $17 million, intangible assets subject to amortization of $12 million, other assets of less than $1 million and deferred income tax liabilities of $1 million. The goodwill of Simplecast is not deductible for tax purposes. Sirius XM Holdings recognized less than $1 million of costs related to the acquisition of Simplecast during the year ended December 31, 2020. Sirius XM Holdings restructuring costs During the years ended December 31, 2022 and 2021, Sirius XM Holdings evaluated its office space needs and, as a result of such analyses, 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 and recorded impairments of $16 million and $18 million during the years ended December 31, 2022 and 2021, respectively, to reduce the carrying values of the operating lease right of use assets to their respective fair values. 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. Separately, during the year ended December 31, 2022, Sirius XM Holdings performed an analysis surrounding initiatives that it is no longer pursuing and recorded an impairment of $43 million associated with terminated software projects and an impairment of $6 million related to personnel severance. In addition, Sirius XM Holdings sold real estate as part of an evaluation of its property needs and recognized a $4 million gain on the sale during the year ended December 31, 2022. These costs and gain on the real estate sale are included in impairment, restructuring and acquisition costs, net of recoveries in the consolidated statements of operations for the year ended December 31, 2022. In May 2020, Sirius XM Holdings terminated the Automatic Labs Inc. ("Automatic") service, which was part of its connected services business. During the year ended December 31, 2020, Sirius XM Holdings recorded $24 million of restructuring expenses related to the termination of the service. The termination of the Automatic service did not meet the requirements to be reported as a discontinued operation because the termination of the service does not represent a strategic shift that will have a major effect on our operations and financial results. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Assets and Liabilities Measured at Fair Value | (6) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3. Liberty’s assets and liabilities measured at fair value are as follows: December 31, 2022 December 31, 2021 Quoted prices Significant other Quoted prices Significant other in active markets observable in active markets observable for identical assets inputs for identical assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,026 2,026 — 2,436 2,436 — Short-term marketable securities $ — — — 70 70 — Investment in trust account $ — — — 575 575 — Debt and equity securities $ 80 80 — 217 217 — Financial instrument assets $ 393 86 307 640 99 541 Debt $ 3,331 — 3,331 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. The fair value of debt related instruments are based on quoted market prices but not considered to be traded on “active markets,” as defined by GAAP. Accordingly, those debt and equity securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Short-term marketable securities in the table above are included in the Other current assets line item in the consolidated balance sheets. Investments in the trust account and debt and equity securities and financial instrument assets included in the table above are included in the Other assets line item in the consolidated balance sheets. As of December 31, 2022, $219 million and $174 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 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 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 (amounts in millions): Years ended December 31, 2022 2021 2020 Debt and equity securities $ (7) 204 (74) Debt measured at fair value (a) 717 (886) (114) Change in fair value of bond hedges (b) (236) 193 (127) Other 125 38 (87) $ 599 (451) (402) (a) The Company elected to account for its exchangeable senior debentures and convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $4 million, loss of $107 million and gain of $148 million for the years ended December 31, 2022, 2021 and 2020, respectively, and the cumulative change was a gain of $64 million as of December 31, 2022. (b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the Convertible Notes and the bond hedges . |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 12 Months Ended |
Dec. 31, 2022 | |
Investments In Affiliates Accounted For Using The Equity Method | (7) Investments in Affiliates Accounted for Using the Equity Method Liberty has various investments accounted for using the equity method. The following table includes the Company’s carrying amount and percentage ownership and market value (Level 1) of the more significant investments in affiliates at December 31, 2022, and the carrying amount at December 31, 2021: December 31, 2022 December 31, 2021 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation 31% $ 4,857 $ 158 89 Sirius XM Canada 70% NA 597 642 Other 68 74 Total Liberty SiriusXM Group 823 805 Braves Group Other various NA 95 110 Total Braves Group 95 110 Formula One Group Other various NA 34 30 Total Formula One Group 34 30 Consolidated Liberty $ 952 945 The following table presents the Company’s share of earnings (losses) of affiliates: Years ended December 31, 2022 2021 2020 amounts in millions Liberty SiriusXM Group Live Nation $ 72 (235) (465) Sirius XM Canada — 4 5 Other (5) (22) (24) Total Liberty SiriusXM Group 67 (253) (484) Braves Group Other 32 30 6 Total Braves Group 32 30 6 Formula One Group Live Nation NA NA (112) Other — 23 4 Total Formula One Group — 23 (108) Consolidated Liberty $ 99 (200) (586) Live Nation Live Nation is considered the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020. Due to the impact of COVID-19, Live Nation recorded significant losses during the years ended December 31, 2021 and 2020. In September 2021, Live Nation completed an offering of approximately 5.2 million shares of its common stock, resulting in a gain on dilution of our investment in Live Nation. See note 9 for details regarding the number and fair value of Live Nation common stock pledged as collateral pursuant to the Live Nation Margin Loan as of December 31, 2022. Consolidated Balance Sheets December 31, 2022 2021 amounts in millions Current assets $ 8,160 6,684 Property, plant and equipment, net 1,488 1,092 Intangible assets 1,419 1,395 Goodwill 2,529 2,591 Other assets 2,865 2,640 Total assets $ 16,461 14,402 Current liabilities $ 8,303 6,856 Long-term debt, net 5,283 5,145 Other liabilities 2,111 2,037 Redeemable noncontrolling interests 670 552 Equity 94 (188) Total liabilities and equity $ 16,461 14,402 Consolidated Statements of Operations Years ended December 31, 2022 2021 2020 amounts in millions Revenue $ 16,681 6,268 1,861 Operating expenses: Direct operating expenses 12,337 4,356 1,402 Selling, general and administrative expenses 2,956 1,755 1,524 Depreciation and amortization 450 416 485 Other operating expenses 206 159 103 15,949 6,686 3,514 Operating income (loss) 732 (418) (1,653) Interest expense (278) (282) (227) Other income (expense), net 51 89 23 Earnings (loss) before income taxes 505 (611) (1,857) Income tax (expense) benefit (96) 2 29 Net earnings (loss) 409 (609) (1,828) Less net earnings (loss) attributable to noncontrolling interests 113 42 (103) Net earnings (loss) attributable to Live Nation stockholders $ 296 (651) (1,725) Sirius XM Canada As of December 31, 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 December 31, 2022. The principal amount that was forgiven by Sirius XM Holdings was considered satisfied as contributed capital to Sirius XM Canada. Sirius XM Holdings had approximately $42 million and $21 million in related party current assets as of December 31, 2022 and 2021, respectively. At December 31, 2021, Sirius XM Holdings had approximately $5 million in related party liabilities. Sirius XM Holdings recorded approximately $111 million, $101 million and $97 million in revenue for the years ended December 31, 2022, 2021 and 2020, respectively, associated with these various agreements. Sirius XM Canada paid dividends to Sirius XM Holdings of $9 million, $2 million and $2 million during the years ended December 31, 2022, 2021 and 2020. SoundCloud In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The Series G Units are convertible at the option of the holders at any time into shares of ordinary membership units of SoundCloud at a ratio of one ordinary membership unit for each Series G Unit. The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance. In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns in the U.S. across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $55 million, $60 million and $55 million during years ended December 31, 2022, 2021 and 2020, respectively. Sirius XM Holdings also had related party liabilities of $19 million and $24 million as of December 31, 2022 and 2021, respectively, related to this agreement. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Other Intangible Assets | (8) Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2021 $ 15,082 3,956 180 19,218 Acquisitions (a) 30 — — 30 Balance at December 31, 2021 15,112 3,956 180 19,248 Acquisitions (b) 97 — — 97 Other — — (4) (4) Balance at December 31, 2022 $ 15,209 3,956 176 19,341 (a) Sirius XM Holdings recorded goodwill related to an acquisition in April 2021 and recorded adjustments to contingent consideration for the prior year acquisition of Stitcher. (b) During January 2022 and May 2022, Sirius XM Holdings completed immaterial acquisitions for total cash consideration of approximately $136 million. Other Intangible Assets Not Subject to Amortization Other intangible assets not subject to amortization, not separately disclosed, are trademarks ($1,242 million) at December 31, 2022 and 2021 and franchise rights owned by Braves Holdings ($124 million and $143 million) as of December 31, 2022 and 2021. We identified these assets as indefinite life intangible assets after considering the expected use of the assets, the regulatory and economic environment within which they are used and the effects of obsolescence on their use. Sirius XM Holdings’ Federal Communications Commission (“FCC”) licenses for its Sirius satellites expire in 2025 and 2030 and the FCC licenses for its XM satellites expire in 2023, 2026 and 2029. Prior to expiration, Sirius XM Holdings is required to apply for a renewal of its FCC licenses. The renewal and extension of its licenses is reasonably certain at minimal cost, which is expensed as incurred. Each of the FCC licenses authorizes Sirius XM Holdings to use the broadcast spectrum, which is a renewable, reusable resource that does not deplete or exhaust over time. Intangible Assets Subject to Amortization Intangible assets subject to amortization are comprised of the following: December 31, 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 (1,125) 2,505 3,630 (936) 2,694 Customer relationships 3,054 (1,936) 1,118 3,053 (1,679) 1,374 Licensing agreements 359 (272) 87 355 (243) 112 Other 2,191 (1,613) 578 1,933 (1,316) 617 Total $ 9,234 (4,946) 4,288 8,971 (4,174) 4,797 The FIA Agreement is amortized over 35 years, customer relationships are amortized over 10 2023 $ 732 2024 $ 610 2025 $ 358 2026 $ 333 2027 $ 279 Impairments Due to an increase in projected costs related to royalty rates from streaming, increasing uncertainty surrounding the projected demand for advertising and a decrease in listening hours, impairment losses of $956 million and $20 million were recorded during the year ended December 31, 2020 A quantitative assessment of Pandora’s goodwill and trademark during the fourth quarter of 2022 indicated the estimated fair values of such assets were in excess of their respective carrying values. As of December 31, 2022, accumulated goodwill impairment losses for Liberty totaled $956 million and related entirely to the Sirius XM Holdings reportable segment. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt | (9) Debt Debt is summarized as follows: Outstanding Carrying value Principal December 31, December 31, December 31, 2022 2022 2021 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Senior Notes due 2023 (1) $ 790 968 1,540 2.125% Exchangeable Senior Debentures due 2048 (1) 387 382 416 2.25% Exchangeable Senior Debentures due 2048 (1) — — 644 2.75% Exchangeable Senior Debentures due 2049 (1) 586 559 624 0.5% Exchangeable Senior Debentures due 2050 (1) 920 920 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 1,000 992 990 Sirius XM 5.0% Senior Notes due 2027 1,500 1,492 1,491 Sirius XM 4.0% Senior Notes due 2028 2,000 1,982 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 1,487 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 80 80 — Sirius XM Incremental Term Loan 500 500 — Deferred financing costs (12) (14) Total Liberty SiriusXM Group 13,081 13,143 14,262 Braves Group Subsidiary notes and loans: Notes and loans 546 546 700 Deferred financing costs (4) (3) Total Braves Group 546 542 697 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) 27 44 666 2.25% Convertible Senior Notes due 2027 (1) 475 458 — Other 63 63 69 Subsidiary notes and loans: Senior Loan Facility 2,425 2,389 2,902 Deferred financing costs (7) (6) Total Formula One Group 2,990 2,947 3,631 Total debt $ 16,617 16,632 18,590 Debt classified as current (1,679) (2,891) Total long-term debt $ 14,953 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. Accordingly, as of December 31, 2022, the Convertible Notes are classified as a current liability in the consolidated balance sheet. 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 year ended December 31, 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 December 31, 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 6 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 year ended December 31, 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 December 31, 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 current assets as of December 31, 2022 and 2021 in the accompanying consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying consolidated statements of operations. Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same underlying shares of 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 year ended December 31, 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 December 31, 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 December 31, 2022. As of December 31, 2022, the basket price of the securities underlying the warrants was $56.86 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’’). Accordingly, as of December 31, 2022, the 1% Convertible Notes are classified as a current liability in the consolidated balance sheet. The initial conversion rate for the notes was 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 was settled solely in cash, and not through the delivery of any securities. During the year ended December 31, 2022, Liberty paid approximately $630 million to repurchase approximately $359 million aggregate principal amount of the 1% Convertible Notes. In January 2023, Liberty paid approximately $46 million to settle the remaining 1% Convertible Notes. 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 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 6 for information related to unrealized gains (losses) on debt measured at fair value. 2.125% Exchangeable Senior Debentures due 2048 On March 6, 2018, Liberty closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, pursuant to a supplemental indenture entered into in February 2023, Liberty will deliver solely cash to satisfy its exchange obligations. 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 consolidated balance sheet as of December 31, 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 6 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 13, 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. Liberty elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. 2.75% Exchangeable Senior Debentures due 2049 On November 26, 2019, Liberty closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the “ 2.75% Exchangeable Senior Debentures due 2049”). Upon an exchange of debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. 0.5% Exchangeable Senior Debentures due 2050 In November 2020, Liberty closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the “ 0.5% Exchangeable Senior Debentures due 2050”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $90.10 per share. A total of approximately 10 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2021. The debentures may be redeemed by Liberty, in whole or in part, on or after September 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on September 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. Margin Loans Sirius XM Holdings Margin Loan In March 2020, Liberty 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%. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 2.30% per annum at December 31, 2020. 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 6.73% and 2.22% per annum at December 31, 2022 and 2021, respectively. As of December 31, 2022, availability under the Sirius XM Holdings Margin Loan was $875 million. As of December 31, 2022, 1.0 billion shares of the Company’s Sirius XM Holdings common stock with a value of $5,840 million were held in collateral accounts related to the Sirius XM Holdings Margin Loan. The margin loan contains various affirmative and negative covenants that restrict the activities of the borrower. The margin loan does not include any financial covenants. Live Nation Margin Loan On December 10, 2018, LMC LYV, a wholly owned subsidiary of Liberty, amended the Live Nation Margin Loan agreement, increasing the borrowing capacity to $600 million, decreasing the interest rate to LIBOR plus 1.80% and increasing the undrawn commitment fee to either 0.75% or 0.85% per annum (based on the undrawn amount). On March 19, 2020, the Company repaid all amounts outstanding on the margin loan. On March 27, 2020, the margin loan agreement was amended, reducing the borrowing capacity to $270 million. On November 9, 2020, the margin loan was amended, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0%, decreasing the undrawn commitment fee to 0.5% per annum and extending the maturity date to December 9, 2022. 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 December 31, 2022, availability under the Live Nation Margin Loan was $400 million. As of December 31, 2022, 9.0 million shares of the Company’s Live Nation common stock with a value of $626 million were pledged as collateral to the loan. The Live Nation Margin Loan contains various affirmative and negative covenants that restrict the activities of the borrower. The loan agreement does not include any financial covenants. The Live Nation Margin Loan is attributed to the Liberty SiriusXM Group. Sirius XM Holdings Senior Notes Sirius XM 3.125% Senior Notes Due 2026 and Sirius XM 3.875% Senior Notes Due 2031 In August 2021, Sirius XM Holdings issued $1.0 billion aggregate principal amount of 3.125% Senior Notes due 2026 (the “3.125% Notes”) and $1.5 billion aggregate principal amount of 3.875% Senior Notes due 2031 (the “3.875% Notes”). Interest on the 3.125% Notes and 3.875% Notes is payable semi-annually on March 1 and September 1. The 3.125% Notes mature on September 1, 2026 and the 3.875% Notes mature on September 1, 2031. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 5.00% In July 2017, Sirius XM Holdings issued $1.5 billion aggregate principal amount of 5.00% Senior Notes due 2027 (the “5.00% Notes”). Interest is payable semi-annually in arrears on February 1 and August 1. The 5.00% Notes will mature on August 1, 2027. The 5.00% notes are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 4.0% Senior Notes Due 2028 In June 2021, Sirius XM issued $2.0 billion aggregate principal amount of 4.0% Senior Notes due 2028 (the “4.0% Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year at a rate of 4.0% per annum. The 4.0% Notes will mature on July 15, 2028. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 5.50% Senior Notes due 2029 In June 2019, Sirius XM Holdings issued $1.25 billion aggregate principal amount of 5.50% Senior Notes due 2029 (the “5.50% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at an annual rate of 5.50%. The 5.50% Notes will mature on July 1, 2029 and are recorded net of the remaining unamortized discount. Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Sirius XM 4.125% Senior Notes due 2030 In June 2020, Sirius XM Holdings issued $1.5 billion aggregate principal amount of 4.125% Senior Notes due 2030 (the “ 4.125% Notes”). Interest is payable semi-annually in arrears on January 1 and July 1 of each year at an annual rate of 4.125% . The 4.125% Notes will mature on July 1, 2030 . Substantially all of Sirius XM Holdings’ domestic wholly-owned subsidiaries guarantee Sirius XM Holdings’ obligations under the notes. Pandora 1.75% Convertible Senior Notes due 2023 Sirius XM Holdings acquired $193 million principal amount of the 1.75% Convertible Senior Notes due 2023 (the “Pandora Notes due 2023”) as part of the Pandora acquisition in February 2019. As of December 31, 2022, the conversion rate applicable to the Pandora Notes due 2023 was 162.7373 shares of Sirius XM Holdings’ common stock per one thousand principal amount of the Pandora Notes due 2023. Prior to the adoption of ASU 2020-06, as described in note 3, Sirius XM Holdings allocated the principal amount of the Pandora Notes due 2023 between the liability and equity components. Upon adoption of ASU 2020-06 on January 1, 2022, as further described in note 3, the separation model for convertible debt with cash conversion features was removed and, as a result, Sirius XM Holdings recorded an immaterial adjustment to the carrying value of the Pandora Notes due 2023 and a corresponding cumulative effect adjustment to retained earnings. The Pandora Notes due 2023 were not convertible into Sirius XM Holdings’ common stock and not redeemable as of December 31, 2022. 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 5.89% per annum as of December 31, 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 December 31, 2022 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. Availability under the Credit Facility was $1,670 million as of December 31, 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 5.36% per annum as of December 31, 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 December 31, 2022 December 31, December 31, Borrowing Weighted avg Maturity 2022 2021 Capacity interest rate Date dollar amounts in millions Operating credit facilities $ — 120 275 NA 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 5.73% July 2026 Mixed-use credit facilities and loans 300 271 428 4.49% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 546 700 Formula 1 Loans On November 23, 2022, Formula 1 refinanced its previous $2.9 billion first lien Term Loan B and $500 million revolving credit facility (collectively, the “Senior Loan Facility”) with a new $725 million first lien Term Loan A, a refinanced $1.7 billion Term Loan B and a new $500 million revolving credit facility. The Term Loan A and revolving credit facility mature on January 15, 2028 and the Term Loan B matures on January 15, 2030. As of December 31, 2022, there were no outstanding borrowings under the $500 million revolving credit facility. The margin for the Term Loan B is 3.25% with the potential to step down to 3.00% if a certain leverage test is met. The margin for the new Term Loan A and revolving credit 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. As of December 31, 2022, the Company, Sirius XM Holdings, Formula 1 and Braves Holdings were in compliance with all debt covenants. Fair Value of Debt The fair values, 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): December 31, 2022 Sirius XM 3.125% Senior Notes due 2026 $ 884 Sirius XM 5.0% Senior Notes due 2027 $ 1,386 Sirius XM 4.0% Senior Notes due 2028 $ 1,725 Sirius XM 5.50% Senior Notes due 2029 $ 1,141 Sirius XM 4.125% Senior Notes due 2030 $ 1,245 Sirius XM 3.875% Senior Notes due 2031 $ 1,192 Pandora 1.75% Convertible Senior Notes due 2023 $ 197 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 December 31, 2022. Five Year Maturities The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions): 2023 $ 1,109 2024 $ 1,460 2025 $ 147 2026 $ 1,194 2027 $ 2,173 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | (10) Leases Effective January 1, 2019, the Company adopted Accounting Standards Codification Topic 842 (“ASC 842”) and elected the transition method that allows for a cumulative-effect adjustment in the period of adoption. ASC 842 requires a company to recognize lease assets and lease liabilities arising from operating leases in the statement of financial position. Additionally, the criteria for classifying a lease as a finance lease versus an operating lease are substantially the same as the previous guidance. We elected certain of the available transition practical expedients, including those that permit us to not reassess (1) whether any expired or existing contracts are leases or contain leases, (2) the lease classification for any expired or existing leases, and (3) initial direct costs for any existing leases as of the effective date. We elected the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. The most significant impact of ASC 842 was the recognition of right-of-use assets and lease liabilities for operating leases. In addition, the Company elected the practical expedient to account for the lease and non-lease components as a single component and will not recognize right-of-use assets or lease liabilities for short-term leases, which are those leases with a term of twelve months or less at the lease commencement date. The Company and its subsidiaries lease a baseball stadium and facilities, business offices, satellite transponders and equipment. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate at the commencement date of the lease. Our leases have remaining lease terms some options within 1 Braves Holdings’ baseball stadium was historically accounted for as a financing obligation under the build-to-suit lease guidance. The transition guidance for a build-to-suit lease arrangement requires the lessee to derecognize the assets and liabilities that were recognized solely as a result of a transaction’s build-to-suit designation under the previous accounting guidance, with any difference recorded as an adjustment to equity as of the adoption date. Braves Holdings then applied the general lessee guidance under ASC 842 to the baseball stadium lease, including classifying it as a finance lease, and recorded a right-of-use asset and lease liability on the balance sheet, which has been initially measured at the present value of the remaining lease payments over the lease term. The following table presents the components of lease expense: Years ended December 31, 2022 2021 2020 amounts in millions Finance lease cost Depreciation of leased assets $ 32 35 35 Interest on lease liabilities 5 6 6 Total finance lease cost 37 41 41 Operating lease cost 89 89 93 Sublease income (3) (4) (2) Total lease cost $ 123 126 132 The remaining weighted-average lease terms and the weighted average discount rates were as follows: 2022 2021 2020 Weighted-average remaining lease term (years): Finance leases 24.4 27.7 28.3 Operating leases 8.2 8.4 9.2 Weighted-average discount rate: Finance leases 4.5% 4.7% 4.6% Operating leases 5.3% 5.2% 5.2% The following table presents supplemental balance sheet information related to leases: December 31, 2022 2021 amounts in millions Operating leases: Operating lease right-of-use assets (1) $ 344 403 Current operating lease liabilities (2) $ 53 54 Operating lease liabilities (3) 349 405 Total operating lease liabilities $ 402 459 Finance Leases: Property and equipment, at cost $ 491 477 Accumulated depreciation (181) (150) Property and equipment, net $ 310 327 Current finance lease liabilities (2) $ 7 5 Finance lease liabilities (3) 117 111 Total finance lease liabilities $ 124 116 (1) Included in Other assets in the consolidated balance sheet (2) Included in Other current liabilities in the consolidated balance sheet (3) Included in Other liabilities in the consolidated balance sheet Supplemental cash flow information related to leases was as follows: Years ended December 31, 2022 2021 amounts in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 86 89 Financing cash flows for finance leases $ 7 5 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 17 11 Future minimum payments under noncancelable operating leases and finance leases with initial terms of one year or more at December 31, 2022 consisted of the following: Finance leases Operating leases amounts in millions 2023 $ 13 73 2024 12 66 2025 9 65 2026 9 62 2027 9 56 Thereafter 134 169 Total lease payments 186 491 Less: implied interest 62 89 Present value of lease liabilities $ 124 402 |
Liberty Media Acquisition Corpo
Liberty Media Acquisition Corporation | 12 Months Ended |
Dec. 31, 2022 | |
Liberty Media Acquisition Corporation. | |
Liberty Media Acquisition Corporation. | (11) 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 consisted of one share of Series A common stock of LMAC and one -fifth of one redeemable warrant of LMAC. Each whole warrant entitled 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 was included in other assets in the consolidated balance sheet as of December 31, 2021. 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 entitled the holder thereof to purchase one share of LMAC’s Series A common stock for $11.50 per share, subject to adjustment, following the later of 30 days after the completion of LMAC’s initial business combination and 12 months from the closing of the IPO and the Sponsor 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 would close substantially concurrently with the consummation of LMAC’s initial business combination. The Company, through the Sponsor’s ownership of the Founder Shares, owned 20% of LMAC’s issued and outstanding common stock. The Founder Shares had certain governance rights which allow the Company to control LMAC’s affairs, policies and operations through the initial business combination and therefore the Company consolidated The Public Warrants, issued as part of the Units in the IPO, had certain provisions which required 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. LMAC’s Series A common stock, issued as part of the Units in the IPO, had certain provisions which allowed the holder to put back the stock to LMAC upon an initial business combination at their election. This conditional redemption feature required the Company to account for those shares that were subject to potential redemption as redeemable noncontrolling interests which required temporary equity classification (outside of permanent equity). Since its IPO, LMAC employed a broad set of search criteria for potential target business combinations, however, LMAC’s management observed what it believes were high valuations in 2021, a declining IPO market in 2022, and significant public and private market volatility, which prevented LMAC from securing an opportunity that it believed would offer a compelling return on investment for its stockholders. In light of these circumstances, LMAC determined that it was not feasible to complete an initial business combination in advance of the contractual termination date of January 26, 2023. As a result, on November 14, 2022, stockholders of LMAC approved an amendment to LMAC’s certificate of incorporation which allowed LMAC to unwind and redeem all of its outstanding public shares prior to December 30, 2022. The redemption was completed during December 2022 and LMAC was subsequently dissolved. The changes in the components of redeemable noncontrolling interests were as follows: Years ended December 31, 2022 2021 amounts in millions Balance, beginning of period $ 575 — Initial recognition of redeemable noncontrolling interests — 524 Net earnings (loss) attributable to the noncontrolling interests 17 (3) Change in redemption value of redeemable noncontrolling interests (13) 54 Redemption of noncontrolling interests (579) — Balance, end of period $ — 575 The Company’s interest in LMAC was attributed to the Formula One Group. Transactions and ownership interests with the Sponsor eliminated upon consolidation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | (12) Income Taxes Income tax benefit (expense) consists of: Years ended December 31, 2022 2021 2020 amounts in millions Current: Federal $ (77) (26) 13 State and local (50) (51) (62) Foreign (24) (9) (2) (151) (86) (51) Deferred: Federal (299) (130) 12 State and local (44) 84 (1) Foreign 330 87 84 (13) 41 95 Income tax benefit (expense) $ (164) (45) 44 The following table presents a summary of our domestic and foreign earnings (loss) before income taxes: Years ended December 31, 2022 2021 2020 amounts in millions Domestic $ 1,852 666 (969) Foreign 341 123 (466) Total $ 2,193 789 (1,435) Expected income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 as a result of the following: Years ended December 31, 2022 2021 2020 amounts in millions Computed expected tax benefit (expense) $ (461) (166) 301 State and local income taxes, net of federal income taxes (76) (58) (42) Foreign income taxes, net of foreign tax credit 27 34 20 Income tax reserves 12 140 (19) Taxable dividends, net of dividends received deductions (7) (11) (12) Federal tax credits 25 55 24 Change in valuation allowance affecting tax expense 303 (135) (69) Change in tax rate 6 146 30 Deductible stock-based compensation 26 36 14 Non-deductible executive compensation (21) (17) (17) Non-taxable gain / non-deductible (loss) 11 (76) — Impairment of nondeductible goodwill — — (194) Other, net (9) 7 8 Income tax benefit (expense) $ (164) (45) 44 For the year ended December 31, 2022, the significant reconciling items, as noted in the table above, are a decrease in our valuation allowance, partially offset by the effect of state income taxes. For the year ended December 31, 2021, the significant reconciling items, as noted in the table above, are federal income tax credits, the settlement of state income tax audits at Sirius XM Holdings and a change in the Company’s foreign effective tax rate, partially offset by an increase in our valuation allowance, the effect of state income taxes and certain losses that are not deductible for income tax purposes. For the year ended December 31, 2020, the significant reconciling items, as noted in the table above, are additional tax expense related to an impairment loss on goodwill that is not deductible for tax purposes and an increase in the Company’s valuation allowance, partially offset by tax benefits related to changes in the Company’s foreign effective tax rate and federal tax credits. The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: December 31, 2022 2021 amounts in millions Deferred tax assets: Tax loss and credit carryforwards $ 1,170 1,475 Other accrued liabilities 256 232 Investments 139 83 Accrued stock compensation 81 84 Deferred revenue 34 41 Discount on debt — 207 Other future deductible amounts 16 19 Deferred tax assets 1,696 2,141 Valuation allowance (116) (424) Net deferred tax assets 1,580 1,717 Deferred tax liabilities: Intangible assets 2,696 2,767 Fixed assets 371 478 Discount on debt 29 — Deferred tax liabilities 3,096 3,245 Net deferred tax liabilities $ 1,516 1,528 During the year ended December 31, 2022, there was a $303 million decrease in the Company’s valuation allowance that affected tax expense and a $5 million decrease that affected equity. At December 31, 2022, the Company had a deferred tax asset of $1,170 million for federal, state and foreign net operating losses (“NOLs”), interest expense carryforwards and tax credit carryforwards. Of this amount, the Company has $4 million of federal NOLs, $205 million of state NOLs, $76 million of federal interest expense carryforwards, $72 million of federal tax credit carryforwards, $101 million of state tax credit carryforwards, $322 million of foreign NOLs and $301 million of foreign interest expense carryforwards that may be carried forward indefinitely. The remaining $89 million of carryforwards expire at certain future dates. These carryforwards are expected to be utilized in future periods and are not subject to a valuation allowance. A reconciliation of unrecognized tax benefits is as follows: December 31, 2022 2021 2020 amounts in millions Balance at beginning of year $ 179 432 405 Decrease for tax positions of prior years (17) (2) (7) Increase (decrease) in tax positions for current year 31 (10) 20 Increase in tax positions from prior years 5 9 14 Settlements with tax authorities — (250) — Balance at end of year $ 198 179 432 As of December 31, 2022, the Company had unrecognized tax benefits and uncertain tax positions of $198 million. If such tax benefits were to be recognized for financial statement purposes, approximately $198 million would be reflected in the Company’s tax expense and affect its effective tax rate. We do not currently anticipate that our existing reserves related to uncertain tax positions as of December 31, 2022 will significantly increase or decrease during the twelve-month period ending December 31, 2023; however, various events could cause our current expectations to change in the future. The Company’s estimate of its unrecognized tax benefits related to uncertain tax positions requires a high degree of judgment. As of December 31, 2022, the Company’s tax years prior to 2019 are closed for federal income tax purposes, and the IRS has completed its examination of the Company’s 2019 and 2020 tax years. The Company’s 2021 tax year is not under IRS examination. The Company’s 2022 tax year is currently under examination by the IRS. Various states are currently examining the Company’s prior years’ state income tax returns. We do not expect the ultimate disposition of these audits to have a material adverse effect on our financial position or results of operations. As of December 31, 2022, the Company had approximately $2 million in accrued interest and penalties recorded related to uncertain tax positions. On February 1, 2021, the Company entered into a tax sharing agreement with Sirius XM Holdings governing the allocation of consolidated U.S. income tax liabilities and setting forth agreements with respect to other tax matters. The tax sharing agreement was negotiated by the Company with a special committee of Sirius XM Holdings’ board of directors, all of whom are independent of the Company, and approved by the executive committee of the Board of Directors. The tax sharing agreement contains provisions that the Company believes are customary for tax sharing agreements between members of a consolidated group. Under the Internal Revenue Code, two eligible corporations may form a consolidated tax group, and file a consolidated federal income tax return, if one corporation owns stock representing at least 80% of the voting power and value of the outstanding capital stock of the other corporation. Following the closing of the share exchange on November 3, 2021, as described in note 1, Liberty owned greater than 80% of the outstanding equity interest of Sirius XM Holdings, and, as a result, Liberty and Sirius XM Holdings became members of the same consolidated federal income tax group. On November 1, 2021, Sirius XM Holdings entered into (i) an agreement with Liberty whereby Liberty agreed not to effect any merger with Sirius XM Holdings pursuant to Section 253 of the General Corporation Law of the State of Delaware (or any successor to such statute) without obtaining the prior approval of a special committee of the Sirius XM Holdings board of directors, all of whom are independent of Liberty (the “Special Committee”) (or any successor special committee of Sirius XM Holdings’ independent and disinterested directors) and (ii) an agreement regarding certain tax matters relating to the exchange. Each of these agreements was negotiated by the Special Committee with Liberty. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity | (13) Stockholders’ Equity Preferred Stock Liberty’s preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by the Board of Directors. As of December 31, 2022, no shares of preferred stock were issued. Common Stock Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have one vote per share, Series B Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have ten votes per share and Series C Liberty SiriusXM, Liberty Braves and Liberty Formula One common stock have no votes per share except as otherwise required by Delaware law. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock of the same group. All series of our common stock participate on an equal basis with respect to dividends and distributions. Purchases of Common Stock During the year ended December 31, 2020, the Company repurchased 4.0 million shares of Series A Liberty SiriusXM common stock for aggregate cash consideration of $174 million and 3.8 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $144 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty Braves common stock or Liberty Formula One common common During the year ended December 31, 2021, the Company repurchased 3.1 million shares of Series A Liberty SiriusXM common stock for aggregate cash consideration of $141 million, 7.7 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $359 million and 1.2 million shares of Series A Liberty Formula One common stock for aggregate cash consideration of $55 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty Braves common stock and no repurchases of Series C Liberty Braves common stock or Liberty Formula One common During the year ended December 31, 2022, the Company repurchased 3.5 million shares of Series A Liberty SiriusXM common stock for aggregate cash consideration of $161 million, 4.5 million shares of Series C Liberty SiriusXM common stock for aggregate cash consideration of $197 million and 0.7 million shares of Series A Liberty Formula One common stock for aggregate cash consideration of $37 million under the authorized repurchase program. All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance. There were no repurchases of Series A Liberty Braves common stock and no repurchases of Series C Liberty Braves common stock or Liberty Formula One common Dividends Declared by Subsidiary During the year ended December 31, 2020, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $237 million, of which Liberty received $173 million. During the year ended December 31, 2021, Sirius XM Holdings declared a cash dividend each quarter, and paid in cash an aggregate amount of $268 million, of which Liberty received $210 million. During the year ended December 31, 2022, Sirius XM Holdings declared quarterly dividends and a special dividend and paid in cash an aggregate amount of $1,339 million, of which Liberty received $1,090 million. On January 25, 2023, 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 February 24, 2023 to stockholders of record at the close of business on February 9, 2023. |
Related Party Transactions with
Related Party Transactions with Officers and Directors | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions with Officers and Directors | (14) Related Party Transactions with Officers and Directors Chief Executive Officer Compensation Arrangement In December 2019, the Compensation Committee (the “Committee”) of Liberty approved a compensation arrangement (the “CEO Arrangement”) for its President and Chief Executive Officer (the “CEO”). Also in December 2019, each of the Service Companies executed an amendment to each Service Company’s services agreement with Liberty, pursuant to which components of the CEO’s compensation described below are either paid directly to the CEO by each Service Company or reimbursed to Liberty, in each case based on allocations among Liberty and each of the Service Companies set forth in the service agreement amendments. T his allocation percentage will be determined based on a combination of (1) relative market capitalizations, weighted 50% , and (2) a blended average of historical time allocation on a Liberty-wide and CEO basis, weighted 50% , in each case, absent agreement to the contrary by Liberty and the Service Companies in consultation with the CEO. The allocation percentage will then be adjusted annually and following certain events. The CEO Arrangement provides for a five year employment term which began on January 1, 2020 and ends December 31, 2024, with an annual base salary of $3 million (with no contracted increase), a one-time cash commitment bonus of $5 million (paid in December 2019) and an annual target cash performance bonus of $17 million (with payment subject to the achievement of one or more performance metrics as determined by the applicable company’s Compensation Committee), upfront equity awards and annual equity awards (as described below). The CEO was entitled to receive term equity awards with an aggregate grant date fair value of $90 million (the “Upfront Awards”) which were granted in two equal tranches. The first tranche consisted of time-vested stock options from each of Liberty, Qurate Retail, Liberty Broadband and GCI Liberty and time-vested restricted stock units from Liberty TripAdvisor (collectively, the “2019 term awards”) that vest, in each case, on December 31, 2023 (except Liberty TripAdvisor’s award of time-vested restricted stock units, which vests on December 15, 2023), subject to the CEO’s continued employment, except under certain circumstances. Liberty’s portion of the 2019 term awards, granted in December 2019, had an aggregate grant date fair value of $19,800,000 and consisted of stock options to purchase 927,334 Series C Liberty SiriusXM common stock (“LSXMK”) shares, 313,342 Series C Liberty Braves (“BATRK”) shares and 588,954 Series C Formula One common stock (“FWONK”) shares, with exercise prices of $47.11 , $29.10 and $43.85 , respectively. The second tranche of the Upfront Awards consisted of time-vested stock options from each of Liberty, Qurate Retail, Liberty Broadband and GCI Liberty and time-vested restricted stock units from Liberty TripAdvisor (collectively, the “2020 term awards”) that vest, in each case, on December 31, 2024 (except Liberty TripAdvisor’s award of time-vested restricted stock units, which vests on December 7, 2024), subject to the CEO’s continued employment, except under certain circumstances. Liberty’s portion of the 2020 term awards, granted in December 2020, had an aggregate grant date fair value of $19,107,000 and consisted of stock options to purchase 665,140 LSXMK shares, 352,224 BATRK shares and 544,508 FWONK shares, with exercise prices of $42.13 , $26.36 and $43.01 , respectively. Beginning in 2020, the CEO received annual equity award grants with an annual aggregate grant date fair value of $17.5 million, consisting of time-vested options and/or performance-based restricted stock units. Vesting of any of these annual performance-based restricted stock units will be subject to the achievement of one or more performance metrics to be approved by the Compensation Committee of the applicable company with respect to its respective allocable portion of the annual performance-based restricted stock units. At Liberty, the CEO’s annual equity awards were issued with respect to LSXMK, BATRK and FWONK. The CEO will be entitled to payments and benefits if his employment is terminated, subject to the execution of releases. Such payments and benefits generally will take the form of cash payments, issuance of fully vested shares and the acceleration of unvested equity awards, depending on the type of termination. In the event that the CEO’s services to a Service Company are discontinued and he remains employed by Liberty following such discontinuation (unless such discontinuation is for cause (as defined in his employment agreement)), the Service Company will be required to make a termination payment to Liberty, as well as provide the CEO with certain payments and benefits upon termination under certain circumstances. Exchange Agreement with Chairman On July 28, 2021, the Company entered into an exchange agreement, among the Company, John C. Malone (the Chairman of the Board of the Company), and a revocable trust of which Mr. Malone is the sole trustee and beneficiary (the “JM Trust”) (the “Exchange Agreement”), whereby, among other things, Mr. Malone agreed to an arrangement under which his aggregate voting power in the Company would not exceed 49% (the “Target Voting Power”) plus 0.5% (under certain circumstances). The Exchange Agreement provides for exchanges by the Company and Mr. Malone or the JM Trust of shares of Series B Liberty SiriusXM common stock, Series B Liberty Braves common stock or Series B Liberty Formula One common stock for shares of Series C Liberty SiriusXM common stock, Series C Liberty Braves common stock or Series C Liberty Formula One common stock, respectively, in connection with certain events, including (i) any event that would result in a reduction in the outstanding votes of any of the Company’s tracking stock groups (each, a “Group”) or an increase of Mr. Malone’s beneficially-owned voting power in any Group (other than a Voting Power Exchange (as defined below)) (an “Accretive Event”), in each case, such that Mr. Malone’s voting power with respect to such Group would exceed the Target Voting Power plus 0.5%, (ii) from and after the occurrence of any Accretive Event, any event that would result in an increase in the outstanding votes of any Group or a decrease of Mr. Malone’s beneficially-owned voting power in any Group (a “Dilutive Event”), in each case, such that Mr. Malone’s voting power with respect to such Group falls below the Target Voting Power less 0.5%, or (iii) on a quarterly basis or in connection with any annual or special meeting of stockholders, upon request by Mr. Malone or the JM Trust, if Mr. Malone’s aggregate voting power in the Company is less than the Target Voting Power and would continue to be less than the Target Voting Power upon completion of such exchange (a “Voting Power Exchange”). Additionally, the Exchange Agreement contains certain provisions with respect to fundamental events at the Company, meaning any combination, consolidation, merger, exchange offer, split-off, spin-off, rights offering or dividend, in each case, as a result of which holders of Series B common stock of one or more Groups are entitled to receive securities of the Company, securities of another person, property or cash, or a combination thereof. In connection with an Accretive Event with respect to a Group, Mr. Malone or the JM Trust will be required to exchange with the Company shares of Series B common stock of such Group (“Exchanged Group Series B Shares”) for an equal number of shares of Series C common stock of the same Group so as to maintain Mr. Malone’s voting power with respect to such Group as close as possible to, without exceeding, the Target Voting Power, on the terms and subject to the conditions of the Exchange Agreement. In connection with a Dilutive Event with respect to a Group, Mr. Malone and the JM Trust may exchange with the Company shares of Series C common stock of a Group for an equal number of shares of Series B common stock of the same Group equal to the lesser of (i) the number of shares of Series B common stock of the same Group which would maintain Mr. Malone’s voting power with respect to such Group as close as possible to, without exceeding, the Target Voting Power and (ii) the number of Exchanged Group Series B Shares at such time, on the terms and subject to the conditions of the Exchange Agreement. In a Voting Power Exchange, the Company will be required to exchange with Mr. Malone and the JM Trust shares of Series B common stock of any Group on a one -for- one basis for shares of Series C common stock of the same Group, with the maximum number of shares of Series B common stock to be delivered to Mr. Malone or the JM Trust equal to the number of Exchanged Group Series B Shares at such time that may be delivered without resulting in Mr. Malone’s aggregate voting power in the Company exceeding the Target Voting Power, on the terms and subject to the conditions of the Exchange Agreement. As of December 31, 2022, there have been no exchanges of the Company’s shares pursuant to the Exchange Agreement. Chairman’s Employment Agreement On December 12, 2008, the Committee determined to modify its employment arrangements with Mr. Malone, to permit Mr. Malone to begin receiving payments in 2009 while he remains employed by the Company (instead of following his termination) in satisfaction of Liberty’s obligations to him under two deferred compensation plans and a salary continuation plan. Under one of the deferred compensation plans (the “8% Plan”), compensation has been deferred by Mr. Malone since January 1, 1993 and accrues interest at the rate of 8% per annum compounded annually from the applicable date of deferral. Under the second plan (the “13% Plan”), compensation was deferred by Mr. Malone from 1982 until December 31, 1992 and accrues interest at the rate of 13% per annum compounded annually from the applicable date of deferral. The amounts owed to Mr. Malone under the 8% Plan and 13% Plan aggregated approximately $2.4 million and $20 million, respectively, at December 31, 2008. The amount owed to Mr. Malone under his salary continuation plan aggregated approximately $39 million at December 31, 2008. Mr. Malone will receive 240 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation | (15) Stock-Based Compensation Liberty—Incentive Plans Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the “2022 Plan”), the Company may grant Awards in respect of a maximum of 20.0 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1-5 years and have a term of 7-10 years. Liberty issues new shares upon exercise of equity awards. Liberty—Grants of Awards Awards granted in 2022, 2021 and 2020 are summarized as follows: Years ended December 31, 2022 2021 2020 Options Weighted Options Weighted Options Weighted granted average granted average granted average (000's) GDFV (000's) GDFV (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 42 $ 13.31 66 $ 14.54 372 $ 12.12 Series C Liberty SiriusXM common stock, Liberty CEO (2) 212 $ 14.45 257 $ 13.73 1,053 $ 11.03 Series C Liberty Formula One common stock, Liberty employees and directors (1) 34 $ 23.94 55 $ 18.79 305 $ 14.29 Series C Liberty Formula One common stock, Liberty CEO (2) 181 $ 21.31 — $ — 791 $ 12.42 Series C Liberty Formula One common stock, Formula 1 employees (3) 86 $ 21.31 718 $ 15.96 1,435 $ 7.55 Series C Liberty Braves common stock, Liberty employees and directors (1) 10 $ 12.40 23 $ 9.93 146 $ 7.79 Series C Liberty Braves common stock, Liberty CEO (2) 95 $ 9.16 — $ — 489 $ 7.26 Series C Liberty Braves common stock, Braves employees (4) — $ — — $ — 1,585 $ 8.52 (1) Mainly vests between two and four years for employees and in one year for directors. (2) Grants made in March 2022 cliff vested in December 2022. Grant made in March 2021 cliff vested in December 2021. Grants made in March 2020 cliff vested in December 2020, and grants made in December 2020 in connection with the CEO’s employment agreement cliff vest in December 2024. See discussion in note 14 regarding the compensation agreement with the Company’s CEO. (3) Grants made in 2022 and 2021 vested in equal quarterly installments over one year . Grants made in 2020 vested monthly over one year . (4) Grants made in December 2020 vested 50% in December 2022 and vest 50% in December 2023. In addition to the stock option grants to the Liberty CEO, and in connection with his employment agreement, the Company granted time-based and performance-based RSUs. During the year ended December 31, 2020, the Company granted 9 thousand, 7 thousand and 3 thousand time-based RSUs of Series C common stock of Liberty SiriusXM, Liberty Formula One and Liberty Braves, respectively, to our CEO. The RSUs had a GDFV of $33.11, $24.68 and $18.17 per share, respectively, and cliff vested on December 10, 2020. These RSU grants were issued in lieu of our CEO receiving 50% of his remaining base salary for the last three quarters of calendar year 2020, and he waived his right to receive the other 50%, in each case, in light of the ongoing financial impact of COVID-19. During the year ended December 31, 2021, the Company granted 65 thousand and 31 thousand performance-based RSUs of Series C common stock of Liberty Formula One and Liberty Braves, respectively, to our CEO. Such RSUs had a GDFV of $45.88 per share and $31.24 per share, respectively, and cliff vested one year from the month of grant, subject to the satisfaction of certain performance objectives and based on an amount determined by the compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is re-measured at each reporting period. The Company did not grant any options to purchase shares of Series A or Series B Liberty SiriusXM, Liberty Formula One or Liberty Braves common stock during the year ended December 31, 2022. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2022, 2021 and 2020, the range of expected terms was 5.3 to 5.6 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty’s stocks and the implied volatility of publicly traded Liberty options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. The following table presents the volatilities used by the Company in the Black-Scholes Model for the 2022, 2021 and 2020 grants. Volatility 2022 grants Liberty options 25.5 % - 37.4 % 2021 grants Liberty options 30.9 % - 37.4 % 2020 grants Liberty options 21.8 % - 37.2 % Liberty—Outstanding Awards The following tables present the number and weighted average exercise price (“WAEP”) of options 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 options. Liberty SiriusXM Series C Weighted Aggregate average intrinsic Liberty remaining value Options (000's) WAEP life (in millions) Outstanding at January 1, 2022 7,369 $ 38.79 Granted 254 $ 44.29 Exercised (760) $ 31.22 Forfeited/Cancelled (1) $ 31.87 Outstanding at December 31, 2022 6,862 $ 39.83 2.8 years $ 14 Exercisable at December 31, 2022 4,883 $ 37.89 2.2 years $ 14 Liberty Formula One Series C Weighted Aggregate average intrinsic Liberty remaining value Options (000's) WAEP life (in millions) Outstanding at January 1, 2022 9,114 $ 34.38 Granted 301 $ 57.92 Exercised (2,329) $ 31.96 Forfeited/Cancelled — $ — Outstanding at December 31, 2022 7,086 $ 36.18 3.8 years $ 167 Exercisable at December 31, 2022 5,625 $ 34.19 3.5 years $ 144 Liberty Braves Series C Weighted Aggregate average intrinsic Liberty remaining value Options (000's) WAEP life (in millions) Outstanding at January 1, 2022 3,125 $ 25.86 Granted 105 $ 26.20 Exercised (122) $ 18.12 Forfeited/Cancelled — $ — Outstanding at December 31, 2022 3,108 $ 26.17 4.4 years $ 19 Exercisable at December 31, 2022 1,493 $ 24.92 3.9 years $ 11 As of December 31, 2022, there were no outstanding Liberty Braves As of December 31, 2022, the total unrecognized compensation cost related to unvested Liberty Awards was approximately $31 million. Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 1.4 years. As of December 31, 2022, 6.9 million, 7.1 million and 3.1 million shares of Series C Liberty SiriusXM, Liberty Formula One and Liberty Braves common stock, respectively, were reserved for issuance under exercise privileges of outstanding stock options. Liberty—Exercises The aggregate intrinsic value of all options exercised during the years ended December 31, 2022, 2021 and 2020 was $84 million, $144 million and $8 million, respectively. Liberty—Restricted Stock and Restricted Stock Units The Company had approximately 73 thousand, 74 thousand and 178 thousand unvested RSAs and RSUs of Liberty SiriusXM, Liberty Formula One and Liberty Braves common stock, respectively, held by certain directors, officers and employees of the Company as of December 31, 2022. These Series A and Series C unvested RSAs and RSUs of Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Braves common stock had a weighted average GDFV of $41.28, $55.34 and $31.55 per share, respectively. The aggregate fair value of all RSAs and RSUs of Liberty common stock that vested during the years ended December 31, 2022, 2021 and 2020 was $16 million, $13 million and $45 million, respectively. Sirius XM Holdings—Stock-based Compensation During the years ended December 31, 2022, 2021 and 2020, Sirius XM Holdings granted various types of stock awards to its employees and members of its board of directors. Stock-based awards are generally subject to a graded vesting requirement, which is generally three |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit Plans | (16) Employee Benefit Plans Liberty is the sponsor of the Liberty Media 401(k) Savings Plan (the “Liberty 401(k) Plan”), which provides its employees and the employees of certain of its subsidiaries an opportunity for ownership in the Company and creates a retirement fund. The Liberty 401(k) Plan provides for employees to make contributions to a trust for investment in Liberty common stock, as well as several mutual funds. The Company and its subsidiaries make matching contributions to the Liberty 401(k) Plan based on a percentage of the amount contributed by employees. In addition, certain of the Company’s subsidiaries have similar employee benefit plans. Employer cash contributions to all plans aggregated $32 million, $35 million and $30 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. |
Other Comprehensive Earnings (l
Other Comprehensive Earnings (loss) | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Earnings (Loss) | (17) Other Comprehensive Earnings (Loss) Accumulated other comprehensive earnings (loss) included in Liberty’s consolidated balance sheets and consolidated statements of equity reflect the aggregate of foreign currency translation adjustments, unrealized holding gains and losses on debt and equity securities and Liberty’s share of accumulated other comprehensive earnings of affiliates. The change in the components of accumulated other comprehensive earnings (loss), net of taxes (“AOCI”), is summarized as follows: Unrealized Foreign holding currency gains (losses) translation on securities adjustment Other AOCI amounts in millions Balance at January 1, 2020 $ (12) (17) (4) (33) Other comprehensive earnings (loss) attributable to Liberty stockholders (7) 10 108 111 Balance at December 31, 2020 (19) (7) 104 78 Other comprehensive earnings (loss) attributable to Liberty stockholders (1) (4) (78) (83) Balance at December 31, 2021 (20) (11) 26 (5) Other comprehensive earnings (loss) attributable to Liberty stockholders 18 (65) 13 (34) Balance at December 31, 2022 $ (2) (76) 39 (39) The components of other comprehensive earnings (loss) are reflected in Liberty’s consolidated statements of comprehensive earnings (loss) net of taxes. The following table summarizes the tax effects related to each component of other comprehensive earnings (loss). Tax Before-tax (expense) Net-of-tax amount benefit amount amounts in millions Year ended December 31, 2022: Unrealized holding gains (losses) arising during period $ 23 (5) 18 Credit risk on fair value debt instruments gains (losses) 28 (6) 22 Foreign currency translation adjustments (69) 15 (54) Recognition of previously unrealized (gains) losses on debt (32) 7 (25) Other comprehensive earnings $ (50) 11 (39) Year ended December 31, 2021: Unrealized holding gains (losses) arising during period $ (1) — (1) Credit risk on fair value debt instruments gains (losses) (106) 23 (83) Foreign currency translation adjustments 4 (1) 3 Recognition of previously unrealized (gains) losses on debt (3) 1 (2) Other comprehensive earnings $ (106) 23 (83) Year ended December 31, 2020: Unrealized holding gains (losses) arising during period $ (9) 2 (7) Credit risk on fair value debt instruments gains (losses) 149 (32) 117 Foreign currency translation adjustments 4 (1) 3 Other comprehensive earnings $ 144 (31) 113 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | (18) Commitments and Contingencies Guarantees In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification guarantees. Employment Contracts Long-term employment contacts provide for, among other items, annual compensation for certain Braves players (current and former) and other employees. Amounts due under such contracts as of December 31, 2022 aggregated $868 million, which is payable as follows: $184 million in 2023, $132 million in 2024, $115 million in 2025, $114 million in 2026, $90 million in 2027 and $233 million thereafter. Additionally, these contracts may include incentive compensation (although certain incentive compensation awards cannot be earned by more than one player per season). Programming, music royalties and other contractual arrangements Sirius XM Holdings has entered into various programming agreements under which Sirius XM Holdings’ obligations include fixed payments, advertising commitments and revenue sharing arrangements. In addition, Sirius XM Holdings has entered into certain music royalty arrangements that include fixed payments. Amounts due under programming and music royalty agreements are payable as follows: $738 million in 2023, $525 million in 2024, $274 million in 2025, $163 million in 2026 and $62 million in 2027. Future revenue sharing costs are dependent upon many factors and are difficult to estimate; therefore, they are not included in the amounts above. In addition, Sirius XM Holdings has entered into agreements related to certain satellite and transmission costs, sales and marketing costs and in-orbit performance payments to the manufacturer of its satellites. Amounts due under these agreements are payable as follows: $354 million in 2023, $312 million in 2024, $194 million in 2025, $80 million in 2026 and $10 million in 2027. SXM-7 Satellite During the year ended December 31, 2021, Sirius XM Holdings recorded an impairment charge of $220 million to impairment, restructuring and acquisition costs, net of recoveries in the 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 year ended December 31, 2021 Sirius XM Holdings collected insurance recoveries of $225 million. Of this amount, $220 million was recorded as a reduction to impairment, restructuring and acquisition costs in the consolidated statements of operations. The remaining $5 million was recorded in other, net in the consolidated statements of operations. SXM-7 remains in-orbit at its assigned orbital location, but is not being used to provide satellite radio service. 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 year ended December 31, 2022, the XM-5 satellite replaced the XM-4 satellite. As of December 31, 2022, the XM-3 and XM-4 satellites remain available as in-orbit spares. Impact of COVID-19 At the outset of the coronavirus outbreak (“COVID-19”), the business operations of Formula 1, Braves Holdings and Live Nation initially were largely, if not completely, suspended. 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 U.S. and U.K. In 2022, the Braves played a full 162 game schedule and Formula 1 held 22 Events. Although Formula 1, Braves Holdings and Live Nation saw a more complete return to normal business operations, schedules and events in 2022, it is unclear whether and to what extent COVID-19 concerns, or a future pandemic or epidemic, will impact the use of and/or demand for the entertainment, events and services provided by these businesses and demand for sponsorship and advertising assets. 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 in 2020 and 2021, 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. Litigation The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. We record a liability when we believe that it is both probable that a liability will be incurred and the amount of loss can be reasonably estimated. We evaluate developments in legal matters that could affect the amount of the liability accrual and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount of a loss or potential loss. We may be unable to reasonably estimate the reasonably possible loss or range of loss for a particular legal contingency for various reasons, including, among others, because: (i) the damages sought are indeterminate; (ii) the proceedings are in the relative early stages; (iii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals); (iv) there is uncertainty as to the likelihood of settlement and the outcome of any negotiations with respect thereto; (v) there remain significant factual issues to be determined or resolved; (vi) the relevant law is unsettled; or (vii) the proceedings involve novel or untested legal theories. In such instances, there may be considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying consolidated financial statements. Pre-1972 Sound Recording Litigation. The MMA grants a potential federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora took steps to avail itself of this preemption defense, including making the required payments under the MMA for certain of its uses of pre-1972 recordings. Based on the federal preemption contained in the MMA (along with other considerations), Pandora asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. In October 2020, the District Court denied Pandora’s renewed motion to dismiss the case under California’s anti-SLAPP statute, finding the case no longer qualified for anti-SLAPP due to intervening changes in the law, and denied Pandora’s renewed attempt to end the case. Alternatively, the District Court ruled that the preemption defense likely did not apply to Flo & Eddie’s claims, in part because the District Court believed that the Music Modernization Act did not apply retroactively. Pandora promptly appealed the District Court’s decision to the Ninth Circuit, and moved to stay appellate briefing pending the appeal of a related case against Sirius XM. On January 13, 2021, the Ninth Circuit issued an order granting the stay of appellate proceedings pending the resolution of a related case against Sirius XM. On August 23, 2021, the U.S. Court of Appeals for the Ninth Circuit issued an Opinion in a related case, Flo & Eddie Inc. v. Sirius XM Radio Inc. Flo & Eddie Inc. v. Sirius XM Radio Inc. Following issuance of the Flo & Eddie Inc. v. Sirius XM Radio Inc. Flo & Eddie, Inc. v. Pandora Media, LLC 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. In November 2022, Pandora filed a Motion for Summary Judgment and briefing on this Motion is expected to be completed in February 2023. Sirius XM Holdings believes it has substantial defenses to the claims asserted in these actions, and it intends to defend these actions vigorously. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 12 Months Ended |
Dec. 31, 2022 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (19) Information About Liberty’s Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings (losses) represent 10% or more of the Company’s annual pre-tax earnings (loss). 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 segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. The Company has identified the following subsidiaries as its reportable segments: ● Sirius XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, Sirius XM and Pandora 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 U.S. 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 reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments that are also consolidated subsidiaries are the same as those described in the Company’s summary of significant policies. As of December 31, 2021, Live Nation met the Company’s reportable segment threshold for equity method affiliates due to significant losses driven by COVID-19. As of December 31, 2022, Live Nation did not meet the Company’s reportable segment threshold for equity method affiliates. Accordingly, the segment presentation for prior periods has been conformed to the current period segment presentation. Performance Measures Years ended December 31, 2022 2021 2020 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 9,003 2,833 8,696 2,770 8,040 2,575 Corporate and other — (26) — (15) — (31) Total Liberty SiriusXM Group 9,003 2,807 8,696 2,755 8,040 2,544 Braves Group Corporate and other 588 61 568 104 178 (53) Total Braves Group 588 61 568 104 178 (53) Formula One Group Formula 1 2,573 593 2,136 495 1,145 56 Corporate and other — (42) — (29) — (38) Total Formula One Group 2,573 551 2,136 466 1,145 18 Total $ 12,164 3,419 11,400 3,325 9,363 2,509 Other Information December 31, 2022 December 31, 2021 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,501 665 426 29,812 716 388 Corporate and other 978 158 — 1,862 89 — Total Liberty SiriusXM Group 30,479 823 426 31,674 805 388 Braves Group Corporate and other 1,477 95 18 1,636 110 35 Total Braves Group 1,477 95 18 1,636 110 35 Formula One Group Formula 1 8,980 — 38 8,819 — 17 Corporate and other 2,036 34 253 2,845 30 — Total Formula One Group 11,016 34 291 11,664 30 17 Elimination (1) (508) — — (623) — — Consolidated Liberty $ 42,464 952 735 44,351 945 440 (1) As of December 31, 2022 and 2021, this amount includes the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. As of December 31, 2020, this amount was also comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group. During the year ended December 31, 2021, the Liberty SiriusXM Group paid approximately $384 million to the Formula One Group to settle its obligation under the call spread. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) from continuing operations before income taxes: Years ended December 31, 2022 2021 2020 amounts in millions Adjusted OIBDA $ 3,419 3,325 2,509 Litigation settlements and reserves — — 16 Stock-based compensation (237) (256) (261) Impairment, restructuring and acquisition costs, net of recoveries (notes 5 and 8) (74) (20) (1,004) Depreciation and amortization (1,044) (1,072) (1,083) Operating income (loss) 2,064 1,977 177 Interest expense (689) (642) (634) Share of earnings (losses) of affiliates, net 99 (200) (586) Realized and unrealized gains (losses) on financial instruments, net 599 (451) (402) Gains (losses) on dilution of investment in affiliate 10 152 4 Other, net 110 (47) 6 Earnings (loss) from continuing operations before income taxes $ 2,193 789 (1,435) Revenue by Geographic Area Revenue by geographic area based on the country of domicile is as follows: Years ended December 31, 2022 2021 2020 amounts in millions United States $ 9,480 9,163 8,121 United Kingdom 2,573 2,136 1,145 Other 111 101 97 $ 12,164 11,400 9,363 Long-lived Assets by Geographic Area December 31, 2022 2021 amounts in millions United States $ 2,208 1,984 United Kingdom 47 26 $ 2,255 2,010 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist of investments which are readily convertible into cash and have maturities of three months or less at the time of acquisition. |
Receivables | Receivables Receivables are reflected net of an allowance for credit losses and sales returns. Such allowance aggregated $14 million and $13 million at December 31, 2022 and 2021, respectively. Activity in the year ended December 31, 2022 included an increase of $59 million of bad debt charged to expense, $1 million related to foreign currency translation adjustments and $59 million of write-offs. Activity in the year ended December 31, 2021 included an increase of $54 million of bad debt charged to expense and $58 million of write-offs. Activity in the year ended December 31, 2020 included an increase of $61 million of bad debt charged to expense and $62 million of write-offs. |
Investments | Investments All marketable equity and debt securities held by the Company are carried at fair value, generally based on quoted market prices and changes in the fair value of such securities are reported in realized and unrealized gain (losses) on financial instruments in the accompanying consolidated statements of operations. The Company elected the measurement alternative (defined as the cost of the security, adjusted for changes in fair value when there are observable prices, less impairments) for its equity securities without readily determinable fair values. The total value of marketable equity securities aggregated $80 million and $217 million as of December 31, 2022 and 2021, respectively. For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. In the event the Company is unable to obtain accurate financial information from an equity affiliate in a timely manner, the Company records its share of earnings or losses of such affiliate on a lag. Changes in the Company’s proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the other, net line item. To the extent there is a difference between our ownership percentage in the underlying equity of an equity method investee and our carrying value, such difference is accounted for as if the equity method investee were a consolidated subsidiary. The Company continually reviews its equity investments to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors the Company considers in its determination are the length of time that the fair value of the investment is below the Company’s carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, the Company considers the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts’ ratings and estimates of 12-month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. If the decline in fair value is deemed to be other than temporary, the carrying value of the equity method investment is written down to fair value. In situations where the fair value of an investment is not evident due to a lack of a public market price or other factors, the Company uses its best estimates and assumptions to arrive at the estimated fair value of such investment. The Company’s assessment of the foregoing factors involves a high degree of judgment and accordingly, actual results may differ materially from the Company’s estimates and judgments. Writedowns for equity method investments are included in share of earnings (losses) of affiliates. The Company performs a qualitative assessment for equity securities without readily determinable fair values each reporting period to determine whether the security could be impaired. If the qualitative assessment indicates that an impairment could exist, we estimate the fair value of the investments, and, to the extent the security’s fair value is less than its carrying value, an impairment is recorded in the consolidated statements of operations. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in other comprehensive earnings and are recognized in the statement of operations when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. None of the Company’s derivatives are currently designated as hedges. The fair value of certain of the Company’s derivative instruments are estimated using the Black-Scholes model. The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company’s estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Considerable management judgment was required in estimating the Black-Scholes variables. |
Property and Equipment | Property and Equipment Property and equipment consisted of the following: Estimated December 31, Useful Life 2022 2021 amounts in millions Land NA $ 390 145 Buildings and improvements 10 972 959 Support equipment 3 864 804 Satellite system 15 years 1,944 1,969 Construction in progress NA 311 150 Total property and equipment $ 4,481 4,027 Property and equipment, including significant improvements, is stated at cost. Depreciation is computed using the straight-line method using estimated useful lives. Depreciation expense for the years ended December 31, 2022, 2021 and 2020 was $262 million, $270 million and $268 million, respectively. Sirius XM Holdings capitalizes a portion of the interest on funds borrowed to finance the construction and launch of its satellites. Capitalized interest is recorded as part of the asset’s cost and depreciated over the asset’s useful life. Capitalized interest costs for the years ended December 31, 2022 and 2021 were approximately $5 million and $7 million, respectively. |
Intangible Assets | Intangible Assets Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment upon certain triggering events. Goodwill and other intangible assets with indefinite useful lives (collectively, “indefinite lived intangible assets”) are not amortized, but instead are tested for impairment at least annually. Our annual impairment assessment of our indefinite-lived intangible assets is performed during the fourth quarter of each year, or more frequently if events and circumstances indicate impairment may have occurred. The accounting guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test. The accounting guidance also allows entities the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. In evaluating goodwill on a qualitative basis, the Company reviews the business performance of each reporting unit and evaluates other relevant factors as identified in the relevant accounting guidance to determine whether it is more likely than not that an indicated impairment exists for any of our reporting units. The Company considers whether there are any negative macroeconomic conditions, industry specific conditions, market changes, increased competition, increased costs in doing business, management challenges, the legal environments and how these factors might impact company specific performance in future periods. As part of the analysis, the Company also considers fair value determinations for certain reporting units that have been made at various points throughout the current and prior years for other purposes. If based on the qualitative analysis it is more likely than not that an impairment exists, the Company performs the quantitative impairment test. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit to its carrying value. Developing estimates of fair value requires significant judgments, including making assumptions about appropriate discount rates, perpetual growth rates, relevant comparable market multiples, public trading prices and the amount and timing of expected future cash flows. The cash flows employed in Liberty’s valuation analysis are based on management’s best estimates considering current marketplace factors and risks as well as assumptions of growth rates in future years. There is no assurance that actual results in the future will approximate these forecasts. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The accounting guidance also permits entities to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The accounting guidance also allows entities the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to the quantitative impairment test. The entity may resume performing the qualitative assessment in any subsequent period. If the qualitative assessment supports that it is more likely than not that the carrying value of the Company’s indefinite-lived intangible assets, other than goodwill, exceeds its fair value, then a quantitative assessment is performed. If the carrying value of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company periodically reviews the carrying amounts of its property and equipment and its intangible assets (other than goodwill and indefinite-lived intangibles) to determine whether current events or circumstances indicate that such carrying amounts may not be recoverable. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by such asset group, an impairment adjustment is to be recognized. Such adjustment is measured by the amount that the carrying value of such asset groups exceeds their fair value. The Company generally measures fair value by considering sale prices for similar assets or by discounting estimated future cash flows using an appropriate discount rate. Considerable management judgment is necessary to estimate the fair value of asset groups. Accordingly, actual results could vary significantly from such estimates. Asset groups to be disposed of are carried at the lower of their financial statement carrying amount or fair value less costs to sell. |
Noncontrolling Interests | Noncontrolling Interests The Company reports noncontrolling interests of subsidiaries within equity in the balance sheet and the amount of consolidated net income attributable to the parent and to the noncontrolling interest is presented in the statement of operations. Also, changes in ownership interests in subsidiaries in which the Company maintains a controlling interest are recorded in equity. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company elected to utilize certain practical expedients as permitted under ASC 606. The Company elected to apply the guidance from ASC 606 only to contracts that were not completed as of January 1, 2018. Completed contracts are those contracts for which substantially all of the revenue had been recognized under ASC 605. The Company also elected to utilize the practical expedient for contract modifications. For modified contracts, the Company did not separately evaluate the effects of each contract modification that occurred prior to January 1, 2018. Instead, the Company reflected the aggregate effect of all contract modifications (on a contract-by-contract basis) that occurred prior to January 1, 2018 by identifying the satisfied and unsatisfied performance obligations and allocating the transaction price to such performance obligations. Our customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the year ended December 31, 2022 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings was approximately $347 million and $466 million, respectively. As the majority of Sirius XM Holdings contracts are one three Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $2,426 million in 2023 2024 2025 thereafter Sirius XM Holdings The following table disaggregates Sirius XM Holdings’ revenue by source: Years ended December 31, 2022 2021 2020 amounts in millions Subscriber $ 6,892 6,614 6,372 Advertising 1,772 1,730 1,340 Equipment 189 201 173 Other 150 151 155 Total Sirius XM Holdings revenue $ 9,003 8,696 8,040 Subscriber revenue. three Music royalty fee primarily consists of U.S. music royalty fees (“MRF”) collected from subscribers. The related costs Sirius XM Holdings incurs for the right to broadcast music and other programming are recorded as revenue share and royalties expense in the consolidated statements of operations. Fees received from subscribers for the MRF are recorded as deferred revenue and amortized to subscriber revenue ratably over the service period. Advertising revenue. Equipment revenue. are recorded as revenue. Shipping and handling costs associated with shipping goods to customers are reported as a component of cost of services. Other revenue. Sirius XM Holdings revenue is reported net of any taxes assessed by a governmental authority that is both imposed on, and concurrent with, a specific revenue-producing transaction between a seller and a customer in the consolidated statements of operations. Formula 1 The following table disaggregates Formula 1’s revenue by source: Years ended December 31, 2022 2021 2020 amounts in millions Primary $ 2,107 1,850 1,029 Other 466 286 116 Total Formula 1 revenue $ 2,573 2,136 1,145 Upon entering into a new arrangement, Formula 1 occasionally incurs certain incremental costs of obtaining a contract. These incremental costs relate to commission amounts that will be paid over the life of the contract for which the recipient does not have any substantive future performance requirement to earn such commission. Accordingly, the commission costs are capitalized and amortized over the life of the contract. The following is a description of principal activities from which Formula 1 generates its revenue. Primary revenue. Other revenue. Braves Holdings The following table disaggregates Braves Holdings’ revenue by source: Years ended December 31, 2022 2021 2020 amounts in millions Baseball $ 535 526 142 Mixed-Use Development 53 42 36 Total Braves Holdings revenue $ 588 568 178 Braves Holdings is required to estimate the entire transaction price of its contractual arrangements and recognize revenue allocated to each of the performance obligations within the contractual arrangements as those performance obligations are satisfied. Such performance obligations are typically satisfied over time and result in differences between revenue recognized and cash received, dependent on how far into a contractual arrangement Braves Holdings is at any given reporting period. The following is a description of principal activities from which Braves Holdings generates its revenue. Baseball revenue. Mixed-Use Development revenue. |
Cost of Sirius XM Holdings Services | Cost of Sirius XM Holdings Services Revenue Share Sirius XM Holdings shares a portion of its subscription revenue earned from self-pay subscribers with certain automakers. The terms of the revenue share agreements vary with each automaker, but are typically based upon the earned audio revenue as reported or gross billed audio revenue. Revenue share on self-pay revenue is recognized as an expense and recorded in revenue share and royalties in our consolidated statements of operations. Sirius XM Holdings also pays revenue share to certain talent on non-music stations on its satellite radio service and to podcast talent based on advertising revenue for the related channel or podcast. Revenue share on non-music channels and podcasts is recognized in Revenue share and royalties when it is earned. In some cases, Sirius XM Holdings pays minimum guarantees for revenue share to podcast owners which is recorded in other current assets in the consolidated balance sheets. The minimum guarantee is recognized in revenue share and royalties primarily on a straight line basis over the contractual term. The prepaid balance is regularly reviewed for recoverability and any amount not deemed to be recoverable is recognized as an expense in the period. Royalties In connection with its businesses, Sirius XM Holdings must enter into royalty arrangements with two sets of rights holders: holders of musical compositions copyrights (that is, the music and lyrics) and holders of sound recordings copyrights (that is, the actual recording of a work). The Sirius XM and Pandora businesses use both statutory and direct music licenses as part of their businesses. Sirius XM Holdings licenses varying rights - such as performance and mechanical rights - for use in its Sirius XM and Pandora businesses based on the various radio and interactive services they offer. The music rights licensing arrangements for the Sirius XM and Pandora businesses are complex. Sirius XM Holdings pays performance royalties for its Sirius XM and Pandora businesses to holders and rights administrators of musical compositions copyrights, including performing rights organizations and other copyright owners. These performance royalties are based on agreements with performing rights organizations which represent the holders of these performance rights. The Sirius XM and Pandora businesses have arrangements with these performance rights organizations. Arrangements with Sirius XM generally include fixed payments during the term of the agreement and arrangements with Pandora for its ad-supported radio service have variable payments based on usage and ownership of a royalty pool. Pandora must also license reproduction rights, which are also referred to as mechanical rights, to offer the interactive features of the Pandora services. For Pandora subscription services, copyright holders receive payments for these rights at the rates determined in accordance with the statutory license set forth in Section 115 of the U.S. Copyright Act (the “Copyright Act”). For Sirius XM Holdings’ non-interactive satellite radio or streaming services, it may license sound recordings under direct licenses with the owners of sound recordings or based on the royalty rate established by the CRB. For Sirius XM, the royalty rate for sound recordings has been set by the CRB. The revenue subject to royalty includes subscription revenue from Sirius XM Holdings’ U.S. satellite digital audio radio subscribers, and advertising revenue from channels other than those channels that make only incidental performances of sound recordings. The rates and terms permit Sirius XM to reduce the payment due each month for those sound recording directly licensed from copyright owners and exclude from its revenue certain other items, such as royalties paid to Sirius XM for intellectual property, sales and use taxes, bad debt expense and generally revenue attributable to areas of Sirius XM’s business that do not involve the use of copyrighted sound recordings. Pandora has entered into direct license agreements with major and independent music labels and distributors for a significant majority of the sound recordings that stream on the Pandora ad-supported service, Pandora Plus and Pandora Premium. For sound recordings that Pandora streams and for which it has not entered into a direct license agreement with the sound recording rights holders, the sound recordings are streamed pursuant to the statutory royalty rates set by the CRB. Programming Costs Programming costs which are for a specified number of events are amortized on an event-by-event basis; programming costs which are for a specified season or include programming through a dedicated channel are amortized over the season or period on a straight-line basis. Sirius XM Holdings allocates a portion of certain programming costs which are related to sponsorship and marketing activities to selling, general and administrative expense on a straight-line basis over the term of the agreement. |
Cost of Formula 1 Revenue | Cost of Formula 1 Revenue Cost of Formula 1 revenue consists of team payments and hospitality costs, which are principally related to catering and other aspects of the production and delivery of the Paddock Club, and circuit rights’ fees payable under various agreements with race promoters to acquire certain commercial rights at Events, including the right to sell advertising, hospitality and support race opportunities. Other costs include annual FIA regulatory fees, sponsorship commissions and those incurred in the provision and sale of freight, travel and logistical services, Formula 2 and Formula 3 cars, parts and maintenance services, television production and post-production services, advertising production services and digital and social media activities. These costs are largely variable in nature and relate directly to revenue opportunities. |
Subscriber Acquisition Costs | Subscriber Acquisition Costs Subscriber acquisition costs consist of costs incurred to acquire new subscribers which include hardware subsidies paid to radio manufacturers, distributors and automakers, including subsidies paid to automakers who include a satellite radio and a prepaid subscription to Sirius XM service in the sale or lease price of a new vehicle; subsidies paid for chipsets and certain other components used in manufacturing radios; device royalties for certain radios and chipsets; commissions paid to retailers and automakers as incentives to purchase, install and activate radios; product warranty obligations; freight; and provisions for inventory allowance attributable to inventory consumed in Sirius XM Holdings’ automotive and retail distribution channels. Subscriber acquisition costs do not include advertising costs, loyalty payments to distributors and dealers of radios and revenue share payments to automakers and retailers of radios. Subsidies paid to radio manufacturers and automakers are expensed upon installation, shipment, receipt of product or activation and are included in subscriber acquisition costs because Sirius XM Holdings is responsible for providing the service to the customers. Commissions paid to retailers and automakers are expensed upon either the sale or activation of radios. Chipsets that are shipped to radio manufacturers and held on consignment are recorded as inventory and expensed as subscriber acquisition costs when placed into production by radio manufacturers. Costs for chipsets are expensed as subscriber acquisition costs when the automaker confirms receipt. |
Advertising Costs | Advertising Costs |
Stock-Based Compensation | Stock-Based Compensation As more fully described in note 15, Liberty has granted to its directors, employees and employees of its subsidiaries options and restricted stock to purchase shares of Liberty common stock (collectively, “Awards”). The Company measures the cost of employee services received in exchange for an Award based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation: Years ended December 31, 2022 2021 2020 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 34 33 32 Customer service and billing 6 6 6 Other 6 6 6 Other operating expense 39 36 43 Selling, general and administrative 152 175 174 $ 237 256 261 |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not such net deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. |
Earnings Attributable to Liberty Stockholders Per Common Share | Earnings Attributable to Liberty Stockholders Per Common Share Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares 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) Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the years ended December 31, 2022, 2021 and 2020 are 25 million, 19 million and 25 million potentially dilutive shares of Liberty SiriusXM common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2022 2021 2020 (a) number of shares in millions Basic WASO 328 335 334 Potentially dilutive shares (b) 17 2 2 Diluted WASO (c) 345 337 336 (a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the WASO. (b) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. (c) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included 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 2.125% 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 1,292 599 (747) Adjustments (31) — (35) Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 1,261 599 (782) Series A, Series B and Series C Liberty Braves Common Stock The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the years ended December 31, 2022, 2021 and 2020 are 10 million, 2 million and 5 million potentially dilutive shares of Liberty Braves common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2022 2021 2020 number of shares in millions Basic WASO 53 52 51 Potentially dilutive shares (a) — 10 9 Diluted WASO (b) 53 62 60 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. (b) As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 1,811,066 as of December 31, 2022. The intergroup interests are quasi-equity interests that are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (35) (11) (78) Adjustments — 31 (42) Diluted earnings (loss) attributable to Liberty Braves stockholders $ (35) 20 (120) Series A, Series B and Series C Liberty Formula One Common Stock The basic and diluted EPS calculations are based on the following WASO. Excluded from diluted EPS for the years ended December 31, 2022, 2021 and 2020 are 6 million, 5 million and 7 million potentially dilutive shares of Liberty Formula One common stock, respectively, because their inclusion would be antidilutive. Years ended December 31, 2022 2021 2020 number of shares in millions Basic WASO 233 232 232 Potentially dilutive shares (a) 11 8 6 Diluted WASO (b) 244 240 238 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group are reported since the result would be antidilutive. (b) As discussed in note 2, the number of notional Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 4,165,288 shares as of December 31, 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 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty Formula One stockholders $ 558 (190) (596) Adjustments (34) 112 75 Diluted earnings (loss) attributable to Liberty Formula One stockholders $ 524 (78) (521) |
Reclasses and Adjustments | Reclasses and Adjustments Certain prior period amounts have been reclassified for comparability with the current year presentation. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the determination of the useful life of Sirius XM Holdings’ broadcast/transmission system to be its most significant estimates. The Company holds investments that are accounted for using the equity method. The Company does not control the decision making process or business management practices of these affiliates. Accordingly, the Company relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, the Company relies on audit reports that are provided by the affiliates’ independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment | Estimated December 31, Useful Life 2022 2021 amounts in millions Land NA $ 390 145 Buildings and improvements 10 972 959 Support equipment 3 864 804 Satellite system 15 years 1,944 1,969 Construction in progress NA 311 150 Total property and equipment $ 4,481 4,027 |
Share-based compensation expense | Years ended December 31, 2022 2021 2020 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 34 33 32 Customer service and billing 6 6 6 Other 6 6 6 Other operating expense 39 36 43 Selling, general and administrative 152 175 174 $ 237 256 261 |
Liberty SiriusXM Group | |
Schedule of revenue disaggregated by source | Years ended December 31, 2022 2021 2020 amounts in millions Subscriber $ 6,892 6,614 6,372 Advertising 1,772 1,730 1,340 Equipment 189 201 173 Other 150 151 155 Total Sirius XM Holdings revenue $ 9,003 8,696 8,040 |
Schedule for reconciliation of basic and diluted weighted average shares | Years ended December 31, 2022 2021 2020 (a) number of shares in millions Basic WASO 328 335 334 Potentially dilutive shares (b) 17 2 2 Diluted WASO (c) 345 337 336 (a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Series C Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the WASO. (b) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Liberty SiriusXM Group are reported since the result would be antidilutive. (c) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included 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 2.125% 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 1,292 599 (747) Adjustments (31) — (35) Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 1,261 599 (782) |
Braves Group | |
Schedule of revenue disaggregated by source | Years ended December 31, 2022 2021 2020 amounts in millions Baseball $ 535 526 142 Mixed-Use Development 53 42 36 Total Braves Holdings revenue $ 588 568 178 |
Schedule for reconciliation of basic and diluted weighted average shares | Years ended December 31, 2022 2021 2020 number of shares in millions Basic WASO 53 52 51 Potentially dilutive shares (a) — 10 9 Diluted WASO (b) 53 62 60 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Braves Group are reported since the result would be antidilutive. (b) As discussed in note 2, following the Recapitalization and Series C Liberty Braves common stock rights offering, the number of notional shares representing the Formula One Group’s intergroup interest in the Braves Group was adjusted to 9,084,940 shares. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 1,811,066 as of December 31, 2022. The intergroup interests are quasi-equity interests that are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (35) (11) (78) Adjustments — 31 (42) Diluted earnings (loss) attributable to Liberty Braves stockholders $ (35) 20 (120) |
Formula One Group | |
Schedule of revenue disaggregated by source | Years ended December 31, 2022 2021 2020 amounts in millions Primary $ 2,107 1,850 1,029 Other 466 286 116 Total Formula 1 revenue $ 2,573 2,136 1,145 |
Schedule for reconciliation of basic and diluted weighted average shares | Years ended December 31, 2022 2021 2020 number of shares in millions Basic WASO 233 232 232 Potentially dilutive shares (a) 11 8 6 Diluted WASO (b) 244 240 238 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses attributable to the Formula One Group are reported since the result would be antidilutive. (b) As discussed in note 2, the number of notional Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 4,165,288 shares as of December 31, 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 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. Years ended December 31, 2022 2021 2020 amounts in millions Basic earnings (loss) attributable to Liberty Formula One stockholders $ 558 (190) (596) Adjustments (34) 112 75 Diluted earnings (loss) attributable to Liberty Formula One stockholders $ 524 (78) (521) |
Supplemental Disclosures to C_2
Supplemental Disclosures to Consolidated Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Cash Flow, Supplemental Disclosures | Years ended December 31, 2022 2021 2020 amounts in millions Cash paid for acquisitions: Fair value of assets acquired $ 25 (1) 62 Intangibles not subject to amortization 98 30 235 Intangibles subject to amortization 20 — 50 Net liabilities assumed (4) (11) (46) Deferred tax liabilities (3) (1) (1) Fair value of equity consideration — (3) — Cash paid (received) for acquisitions, net of cash acquired $ 136 14 300 Stock repurchased by subsidiary not yet settled $ 8 11 (19) Cash paid for interest, net of amounts capitalized $ 656 607 576 Cash paid for income taxes, net $ 168 97 48 |
Schedule of cash, cash equivalents, restricted cash and restricted cash equivalents | December 31, 2022 2021 2020 amounts in millions Cash and cash equivalents $ 2,246 2,814 2,831 Restricted cash included in other current assets 22 88 16 Restricted cash included in other assets 8 22 30 Total cash, cash equivalents and restricted cash at end of period $ 2,276 2,924 2,877 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Assets and Liabilities Measured at Fair Value | December 31, 2022 December 31, 2021 Quoted prices Significant other Quoted prices Significant other in active markets observable in active markets observable for identical assets inputs for identical assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 2,026 2,026 — 2,436 2,436 — Short-term marketable securities $ — — — 70 70 — Investment in trust account $ — — — 575 575 — Debt and equity securities $ 80 80 — 217 217 — Financial instrument assets $ 393 86 307 640 99 541 Debt $ 3,331 — 3,331 5,222 — 5,222 Financial instrument liabilities $ — — — 59 20 39 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following (amounts in millions): Years ended December 31, 2022 2021 2020 Debt and equity securities $ (7) 204 (74) Debt measured at fair value (a) 717 (886) (114) Change in fair value of bond hedges (b) (236) 193 (127) Other 125 38 (87) $ 599 (451) (402) (a) The Company elected to account for its exchangeable senior debentures and convertible notes using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and cash convertible notes attributable to changes in the instrument specific credit risk was a loss of $4 million, loss of $107 million and gain of $148 million for the years ended December 31, 2022, 2021 and 2020, respectively, and the cumulative change was a gain of $64 million as of December 31, 2022. (b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 9 for additional discussion of the Convertible Notes and the bond hedges . |
Investments In Affiliates Acc_2
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule Of Equity Ownership And Carrying Amount | December 31, 2022 December 31, 2021 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation 31% $ 4,857 $ 158 89 Sirius XM Canada 70% NA 597 642 Other 68 74 Total Liberty SiriusXM Group 823 805 Braves Group Other various NA 95 110 Total Braves Group 95 110 Formula One Group Other various NA 34 30 Total Formula One Group 34 30 Consolidated Liberty $ 952 945 |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Years ended December 31, 2022 2021 2020 amounts in millions Liberty SiriusXM Group Live Nation $ 72 (235) (465) Sirius XM Canada — 4 5 Other (5) (22) (24) Total Liberty SiriusXM Group 67 (253) (484) Braves Group Other 32 30 6 Total Braves Group 32 30 6 Formula One Group Live Nation NA NA (112) Other — 23 4 Total Formula One Group — 23 (108) Consolidated Liberty $ 99 (200) (586) |
Summarized financial information | Consolidated Balance Sheets December 31, 2022 2021 amounts in millions Current assets $ 8,160 6,684 Property, plant and equipment, net 1,488 1,092 Intangible assets 1,419 1,395 Goodwill 2,529 2,591 Other assets 2,865 2,640 Total assets $ 16,461 14,402 Current liabilities $ 8,303 6,856 Long-term debt, net 5,283 5,145 Other liabilities 2,111 2,037 Redeemable noncontrolling interests 670 552 Equity 94 (188) Total liabilities and equity $ 16,461 14,402 Consolidated Statements of Operations Years ended December 31, 2022 2021 2020 amounts in millions Revenue $ 16,681 6,268 1,861 Operating expenses: Direct operating expenses 12,337 4,356 1,402 Selling, general and administrative expenses 2,956 1,755 1,524 Depreciation and amortization 450 416 485 Other operating expenses 206 159 103 15,949 6,686 3,514 Operating income (loss) 732 (418) (1,653) Interest expense (278) (282) (227) Other income (expense), net 51 89 23 Earnings (loss) before income taxes 505 (611) (1,857) Income tax (expense) benefit (96) 2 29 Net earnings (loss) 409 (609) (1,828) Less net earnings (loss) attributable to noncontrolling interests 113 42 (103) Net earnings (loss) attributable to Live Nation stockholders $ 296 (651) (1,725) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill | Sirius XM Holdings Formula 1 Other Total amounts in millions Balance at January 1, 2021 $ 15,082 3,956 180 19,218 Acquisitions (a) 30 — — 30 Balance at December 31, 2021 15,112 3,956 180 19,248 Acquisitions (b) 97 — — 97 Other — — (4) (4) Balance at December 31, 2022 $ 15,209 3,956 176 19,341 (a) Sirius XM Holdings recorded goodwill related to an acquisition in April 2021 and recorded adjustments to contingent consideration for the prior year acquisition of Stitcher. (b) During January 2022 and May 2022, Sirius XM Holdings completed immaterial acquisitions for total cash consideration of approximately $136 million. |
Schedule of intangible assets subject to amortization | December 31, 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 (1,125) 2,505 3,630 (936) 2,694 Customer relationships 3,054 (1,936) 1,118 3,053 (1,679) 1,374 Licensing agreements 359 (272) 87 355 (243) 112 Other 2,191 (1,613) 578 1,933 (1,316) 617 Total $ 9,234 (4,946) 4,288 8,971 (4,174) 4,797 |
Schedule of future amortization expense | 2023 $ 732 2024 $ 610 2025 $ 358 2026 $ 333 2027 $ 279 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal December 31, December 31, December 31, 2022 2022 2021 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Senior Notes due 2023 (1) $ 790 968 1,540 2.125% Exchangeable Senior Debentures due 2048 (1) 387 382 416 2.25% Exchangeable Senior Debentures due 2048 (1) — — 644 2.75% Exchangeable Senior Debentures due 2049 (1) 586 559 624 0.5% Exchangeable Senior Debentures due 2050 (1) 920 920 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 1,000 992 990 Sirius XM 5.0% Senior Notes due 2027 1,500 1,492 1,491 Sirius XM 4.0% Senior Notes due 2028 2,000 1,982 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 1,487 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 80 80 — Sirius XM Incremental Term Loan 500 500 — Deferred financing costs (12) (14) Total Liberty SiriusXM Group 13,081 13,143 14,262 Braves Group Subsidiary notes and loans: Notes and loans 546 546 700 Deferred financing costs (4) (3) Total Braves Group 546 542 697 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) 27 44 666 2.25% Convertible Senior Notes due 2027 (1) 475 458 — Other 63 63 69 Subsidiary notes and loans: Senior Loan Facility 2,425 2,389 2,902 Deferred financing costs (7) (6) Total Formula One Group 2,990 2,947 3,631 Total debt $ 16,617 16,632 18,590 Debt classified as current (1,679) (2,891) Total long-term debt $ 14,953 15,699 (1) Measured at fair value |
Fair Value of Debt | The fair values, 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): December 31, 2022 Sirius XM 3.125% Senior Notes due 2026 $ 884 Sirius XM 5.0% Senior Notes due 2027 $ 1,386 Sirius XM 4.0% Senior Notes due 2028 $ 1,725 Sirius XM 5.50% Senior Notes due 2029 $ 1,141 Sirius XM 4.125% Senior Notes due 2030 $ 1,245 Sirius XM 3.875% Senior Notes due 2031 $ 1,192 Pandora 1.75% Convertible Senior Notes due 2023 $ 197 |
Schedule of Maturities of Long-term Debt | The annual principal maturities of outstanding debt obligations for each of the next five years is as follows (amounts in millions): 2023 $ 1,109 2024 $ 1,460 2025 $ 147 2026 $ 1,194 2027 $ 2,173 |
Braves Holdings | |
Schedule of Braves Holdings Debt | Carrying value As of December 31, 2022 December 31, December 31, Borrowing Weighted avg Maturity 2022 2021 Capacity interest rate Date dollar amounts in millions Operating credit facilities $ — 120 275 NA 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 5.73% July 2026 Mixed-use credit facilities and loans 300 271 428 4.49% various Spring training credit facility 30 30 NA 3.65% December 2030 Total Braves Holdings $ 546 700 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of components of lease expense | Years ended December 31, 2022 2021 2020 amounts in millions Finance lease cost Depreciation of leased assets $ 32 35 35 Interest on lease liabilities 5 6 6 Total finance lease cost 37 41 41 Operating lease cost 89 89 93 Sublease income (3) (4) (2) Total lease cost $ 123 126 132 |
Schedule of remaining weighted-average lease term and weighted-average discount rate | 2022 2021 2020 Weighted-average remaining lease term (years): Finance leases 24.4 27.7 28.3 Operating leases 8.2 8.4 9.2 Weighted-average discount rate: Finance leases 4.5% 4.7% 4.6% Operating leases 5.3% 5.2% 5.2% |
Supplemental balance sheet information for leases | December 31, 2022 2021 amounts in millions Operating leases: Operating lease right-of-use assets (1) $ 344 403 Current operating lease liabilities (2) $ 53 54 Operating lease liabilities (3) 349 405 Total operating lease liabilities $ 402 459 Finance Leases: Property and equipment, at cost $ 491 477 Accumulated depreciation (181) (150) Property and equipment, net $ 310 327 Current finance lease liabilities (2) $ 7 5 Finance lease liabilities (3) 117 111 Total finance lease liabilities $ 124 116 (1) Included in Other assets in the consolidated balance sheet (2) Included in Other current liabilities in the consolidated balance sheet (3) Included in Other liabilities in the consolidated balance sheet |
Schedule of cash flow information related to our leases | Years ended December 31, 2022 2021 amounts in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 86 89 Financing cash flows for finance leases $ 7 5 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 17 11 |
Summary of maturities of our operating leases | Finance leases Operating leases amounts in millions 2023 $ 13 73 2024 12 66 2025 9 65 2026 9 62 2027 9 56 Thereafter 134 169 Total lease payments 186 491 Less: implied interest 62 89 Present value of lease liabilities $ 124 402 |
Summary of maturities of our finance leases | Finance leases Operating leases amounts in millions 2023 $ 13 73 2024 12 66 2025 9 65 2026 9 62 2027 9 56 Thereafter 134 169 Total lease payments 186 491 Less: implied interest 62 89 Present value of lease liabilities $ 124 402 |
Liberty Media Acquisition Cor_2
Liberty Media Acquisition Corporation (Tables) | 12 Months Ended |
Dec. 31, 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: Years ended December 31, 2022 2021 amounts in millions Balance, beginning of period $ 575 — Initial recognition of redeemable noncontrolling interests — 524 Net earnings (loss) attributable to the noncontrolling interests 17 (3) Change in redemption value of redeemable noncontrolling interests (13) 54 Redemption of noncontrolling interests (579) — Balance, end of period $ — 575 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Components of Income Tax Expense (Benefit) | Years ended December 31, 2022 2021 2020 amounts in millions Current: Federal $ (77) (26) 13 State and local (50) (51) (62) Foreign (24) (9) (2) (151) (86) (51) Deferred: Federal (299) (130) 12 State and local (44) 84 (1) Foreign 330 87 84 (13) 41 95 Income tax benefit (expense) $ (164) (45) 44 |
Summary of domestic and foreign earnings | Years ended December 31, 2022 2021 2020 amounts in millions Domestic $ 1,852 666 (969) Foreign 341 123 (466) Total $ 2,193 789 (1,435) |
Schedule of Effective Income Tax Rate Reconciliation | Years ended December 31, 2022 2021 2020 amounts in millions Computed expected tax benefit (expense) $ (461) (166) 301 State and local income taxes, net of federal income taxes (76) (58) (42) Foreign income taxes, net of foreign tax credit 27 34 20 Income tax reserves 12 140 (19) Taxable dividends, net of dividends received deductions (7) (11) (12) Federal tax credits 25 55 24 Change in valuation allowance affecting tax expense 303 (135) (69) Change in tax rate 6 146 30 Deductible stock-based compensation 26 36 14 Non-deductible executive compensation (21) (17) (17) Non-taxable gain / non-deductible (loss) 11 (76) — Impairment of nondeductible goodwill — — (194) Other, net (9) 7 8 Income tax benefit (expense) $ (164) (45) 44 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: December 31, 2022 2021 amounts in millions Deferred tax assets: Tax loss and credit carryforwards $ 1,170 1,475 Other accrued liabilities 256 232 Investments 139 83 Accrued stock compensation 81 84 Deferred revenue 34 41 Discount on debt — 207 Other future deductible amounts 16 19 Deferred tax assets 1,696 2,141 Valuation allowance (116) (424) Net deferred tax assets 1,580 1,717 Deferred tax liabilities: Intangible assets 2,696 2,767 Fixed assets 371 478 Discount on debt 29 — Deferred tax liabilities 3,096 3,245 Net deferred tax liabilities $ 1,516 1,528 |
Summary of Income Tax Contingencies | December 31, 2022 2021 2020 amounts in millions Balance at beginning of year $ 179 432 405 Decrease for tax positions of prior years (17) (2) (7) Increase (decrease) in tax positions for current year 31 (10) 20 Increase in tax positions from prior years 5 9 14 Settlements with tax authorities — (250) — Balance at end of year $ 198 179 432 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of options granted and weighted average grant date fair value | Years ended December 31, 2022 2021 2020 Options Weighted Options Weighted Options Weighted granted average granted average granted average (000's) GDFV (000's) GDFV (000's) GDFV Series C Liberty SiriusXM common stock, Liberty employees and directors (1) 42 $ 13.31 66 $ 14.54 372 $ 12.12 Series C Liberty SiriusXM common stock, Liberty CEO (2) 212 $ 14.45 257 $ 13.73 1,053 $ 11.03 Series C Liberty Formula One common stock, Liberty employees and directors (1) 34 $ 23.94 55 $ 18.79 305 $ 14.29 Series C Liberty Formula One common stock, Liberty CEO (2) 181 $ 21.31 — $ — 791 $ 12.42 Series C Liberty Formula One common stock, Formula 1 employees (3) 86 $ 21.31 718 $ 15.96 1,435 $ 7.55 Series C Liberty Braves common stock, Liberty employees and directors (1) 10 $ 12.40 23 $ 9.93 146 $ 7.79 Series C Liberty Braves common stock, Liberty CEO (2) 95 $ 9.16 — $ — 489 $ 7.26 Series C Liberty Braves common stock, Braves employees (4) — $ — — $ — 1,585 $ 8.52 (1) Mainly vests between two and four years for employees and in one year for directors. (2) Grants made in March 2022 cliff vested in December 2022. Grant made in March 2021 cliff vested in December 2021. Grants made in March 2020 cliff vested in December 2020, and grants made in December 2020 in connection with the CEO’s employment agreement cliff vest in December 2024. See discussion in note 14 regarding the compensation agreement with the Company’s CEO. (3) Grants made in 2022 and 2021 vested in equal quarterly installments over one year . Grants made in 2020 vested monthly over one year . (4) Grants made in December 2020 vested 50% in December 2022 and vest 50% in December 2023. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Volatility 2022 grants Liberty options 25.5 % - 37.4 % 2021 grants Liberty options 30.9 % - 37.4 % 2020 grants Liberty options 21.8 % - 37.2 % |
Liberty SiriusXM Group | |
Schedule of stock awards activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Options (000's) WAEP life (in millions) Outstanding at January 1, 2022 7,369 $ 38.79 Granted 254 $ 44.29 Exercised (760) $ 31.22 Forfeited/Cancelled (1) $ 31.87 Outstanding at December 31, 2022 6,862 $ 39.83 2.8 years $ 14 Exercisable at December 31, 2022 4,883 $ 37.89 2.2 years $ 14 |
Formula One Group | |
Schedule of stock awards activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Options (000's) WAEP life (in millions) Outstanding at January 1, 2022 9,114 $ 34.38 Granted 301 $ 57.92 Exercised (2,329) $ 31.96 Forfeited/Cancelled — $ — Outstanding at December 31, 2022 7,086 $ 36.18 3.8 years $ 167 Exercisable at December 31, 2022 5,625 $ 34.19 3.5 years $ 144 |
Braves Group | |
Schedule of stock awards activity | Series C Weighted Aggregate average intrinsic Liberty remaining value Options (000's) WAEP life (in millions) Outstanding at January 1, 2022 3,125 $ 25.86 Granted 105 $ 26.20 Exercised (122) $ 18.12 Forfeited/Cancelled — $ — Outstanding at December 31, 2022 3,108 $ 26.17 4.4 years $ 19 Exercisable at December 31, 2022 1,493 $ 24.92 3.9 years $ 11 |
Other Comprehensive Earnings _2
Other Comprehensive Earnings (loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Unrealized Foreign holding currency gains (losses) translation on securities adjustment Other AOCI amounts in millions Balance at January 1, 2020 $ (12) (17) (4) (33) Other comprehensive earnings (loss) attributable to Liberty stockholders (7) 10 108 111 Balance at December 31, 2020 (19) (7) 104 78 Other comprehensive earnings (loss) attributable to Liberty stockholders (1) (4) (78) (83) Balance at December 31, 2021 (20) (11) 26 (5) Other comprehensive earnings (loss) attributable to Liberty stockholders 18 (65) 13 (34) Balance at December 31, 2022 $ (2) (76) 39 (39) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Tax Before-tax (expense) Net-of-tax amount benefit amount amounts in millions Year ended December 31, 2022: Unrealized holding gains (losses) arising during period $ 23 (5) 18 Credit risk on fair value debt instruments gains (losses) 28 (6) 22 Foreign currency translation adjustments (69) 15 (54) Recognition of previously unrealized (gains) losses on debt (32) 7 (25) Other comprehensive earnings $ (50) 11 (39) Year ended December 31, 2021: Unrealized holding gains (losses) arising during period $ (1) — (1) Credit risk on fair value debt instruments gains (losses) (106) 23 (83) Foreign currency translation adjustments 4 (1) 3 Recognition of previously unrealized (gains) losses on debt (3) 1 (2) Other comprehensive earnings $ (106) 23 (83) Year ended December 31, 2020: Unrealized holding gains (losses) arising during period $ (9) 2 (7) Credit risk on fair value debt instruments gains (losses) 149 (32) 117 Foreign currency translation adjustments 4 (1) 3 Other comprehensive earnings $ 144 (31) 113 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Information About Liberty's Operating Segments | |
Performance Measures | Years ended December 31, 2022 2021 2020 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 9,003 2,833 8,696 2,770 8,040 2,575 Corporate and other — (26) — (15) — (31) Total Liberty SiriusXM Group 9,003 2,807 8,696 2,755 8,040 2,544 Braves Group Corporate and other 588 61 568 104 178 (53) Total Braves Group 588 61 568 104 178 (53) Formula One Group Formula 1 2,573 593 2,136 495 1,145 56 Corporate and other — (42) — (29) — (38) Total Formula One Group 2,573 551 2,136 466 1,145 18 Total $ 12,164 3,419 11,400 3,325 9,363 2,509 |
Other Information By Segment | December 31, 2022 December 31, 2021 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,501 665 426 29,812 716 388 Corporate and other 978 158 — 1,862 89 — Total Liberty SiriusXM Group 30,479 823 426 31,674 805 388 Braves Group Corporate and other 1,477 95 18 1,636 110 35 Total Braves Group 1,477 95 18 1,636 110 35 Formula One Group Formula 1 8,980 — 38 8,819 — 17 Corporate and other 2,036 34 253 2,845 30 — Total Formula One Group 11,016 34 291 11,664 30 17 Elimination (1) (508) — — (623) — — Consolidated Liberty $ 42,464 952 735 44,351 945 440 (1) As of December 31, 2022 and 2021, this amount includes the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as discussed in note 2. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. As of December 31, 2020, this amount was also comprised of the call spread between the Formula One Group and the Liberty SiriusXM Group with respect to the Live Nation shares that were reattributed to the Liberty SiriusXM Group. During the year ended December 31, 2021, the Liberty SiriusXM Group paid approximately $384 million to the Formula One Group to settle its obligation under the call spread. |
Reconciliation of Adjusted OIBDA to operating income (loss) and earnings (loss) | Years ended December 31, 2022 2021 2020 amounts in millions Adjusted OIBDA $ 3,419 3,325 2,509 Litigation settlements and reserves — — 16 Stock-based compensation (237) (256) (261) Impairment, restructuring and acquisition costs, net of recoveries (notes 5 and 8) (74) (20) (1,004) Depreciation and amortization (1,044) (1,072) (1,083) Operating income (loss) 2,064 1,977 177 Interest expense (689) (642) (634) Share of earnings (losses) of affiliates, net 99 (200) (586) Realized and unrealized gains (losses) on financial instruments, net 599 (451) (402) Gains (losses) on dilution of investment in affiliate 10 152 4 Other, net 110 (47) 6 Earnings (loss) from continuing operations before income taxes $ 2,193 789 (1,435) |
Revenue by Geographic Area | Years ended December 31, 2022 2021 2020 amounts in millions United States $ 9,480 9,163 8,121 United Kingdom 2,573 2,136 1,145 Other 111 101 97 $ 12,164 11,400 9,363 |
Long-lived Assets by Geographic Area | December 31, 2022 2021 amounts in millions United States $ 2,208 1,984 United Kingdom 47 26 $ 2,255 2,010 |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Balance Sheets | BALANCE SHEET INFORMATION December 31, 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 $ 362 151 1,733 — 2,246 Trade and other receivables, net 669 45 123 — 837 Other current assets 523 78 167 — 768 Total current assets 1,554 274 2,023 — 3,851 Intergroup interests (note 1) 282 — 219 (501) — Investments in affiliates, accounted for using the equity method (note 1) 823 95 34 — 952 Property and equipment, at cost 2,957 1,008 516 — 4,481 Accumulated depreciation (1,840) (278) (108) — (2,226) 1,117 730 408 — 2,255 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 1,101 24 3,163 — 4,288 Other assets 551 54 1,213 (7) 1,811 Total assets $ 30,479 1,477 11,016 (508) 42,464 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 4) $ 7 (7) — — — Accounts payable and accrued liabilities 1,405 55 396 — 1,856 Current portion of debt (note 1) 1,543 75 61 — 1,679 Deferred revenue 1,321 105 347 — 1,773 Other current liabilities 68 5 29 — 102 Total current liabilities 4,344 233 833 — 5,410 Long-term debt (note 1) 11,600 467 2,886 — 14,953 Deferred income tax liabilities (note 3) 2,054 54 — (7) 2,101 Redeemable intergroup interests (note 1) — 278 223 (501) — Other liabilities 584 151 139 — 874 Total liabilities 18,582 1,183 4,081 (508) 23,338 Equity / Attributed net assets 8,759 294 6,910 — 15,963 Noncontrolling interests in equity of subsidiaries 3,138 — 25 — 3,163 Total liabilities and equity $ 30,479 1,477 11,016 (508) 42,464 BALANCE SHEET INFORMATION December 31, 2021 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Inter-Group Consolidated Group Group Group Eliminations Liberty amounts in millions Assets Current assets: Cash and cash equivalents $ 598 142 2,074 — 2,814 Trade and other receivables, net 722 40 66 — 828 Other current assets 793 148 229 — 1,170 Total current assets 2,113 330 2,369 — 4,812 Intergroup interests (note 1) 379 — 191 (570) — Investments in affiliates, accounted for using the equity method (note 1) 805 110 30 — 945 Property and equipment, at cost 2,811 1,008 208 — 4,027 Accumulated depreciation (1,697) (231) (89) — (2,017) 1,114 777 119 — 2,010 Intangible assets not subject to amortization Goodwill 15,111 180 3,957 — 19,248 FCC licenses 8,600 — — — 8,600 Other 1,242 143 — — 1,385 24,953 323 3,957 — 29,233 Intangible assets subject to amortization, net 1,269 21 3,507 — 4,797 Other assets 1,041 75 1,491 (53) 2,554 Total assets $ 31,674 1,636 11,664 (623) 44,351 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 4) $ 14 (31) 17 — — Accounts payable and accrued liabilities 1,458 66 308 — 1,832 Current portion of debt (note 1) 2,184 12 695 — 2,891 Deferred revenue 1,454 83 253 — 1,790 Other current liabilities 68 6 23 — 97 Total current liabilities 5,178 136 1,296 — 6,610 Long-term debt (note 1) 12,078 685 2,936 — 15,699 Deferred income tax liabilities (note 3) 2,206 65 — (53) 2,218 Redeemable intergroup interests (note 1) — 257 313 (570) — Other liabilities 611 197 179 — 987 Total liabilities 20,073 1,340 4,724 (623) 25,514 Redeemable noncontrolling interests in equity of subsidiary — — 575 — 575 Equity / Attributed net assets 8,036 296 6,340 — 14,672 Noncontrolling interests in equity of subsidiaries 3,565 — 25 — 3,590 Total liabilities and equity $ 31,674 1,636 11,664 (623) 44,351 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION December 31, 2022 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 9,003 — — 9,003 Formula 1 revenue — — 2,573 2,573 Other revenue — 588 — 588 Total revenue 9,003 588 2,573 12,164 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 2,802 — — 2,802 Programming and content 604 — — 604 Customer service and billing 497 — — 497 Other 227 — — 227 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 1,750 1,750 Subscriber acquisition costs 352 — — 352 Other operating expenses 285 434 — 719 Selling, general and administrative 1,638 105 288 2,031 Impairment, restructuring and acquisition costs, net of recoveries 68 6 — 74 Depreciation and amortization 611 71 362 1,044 7,084 616 2,400 10,100 Operating income (loss) 1,919 (28) 173 2,064 Other income (expense): Interest expense (511) (29) (149) (689) Share of earnings (losses) of affiliates, net 67 32 — 99 Unrealized gain/(loss) on intergroup interests (19) (35) 54 — Realized and unrealized gains (losses) on financial instruments, net 471 13 115 599 Gains (losses) on dilution of investment in affiliate 10 — — 10 Other, net 32 20 58 110 50 1 78 129 Earnings (loss) before income taxes 1,969 (27) 251 2,193 Income tax (expense) benefit (note 3) (467) (8) 311 (164) Net earnings (loss) 1,502 (35) 562 2,029 Less net earnings (loss) attributable to the noncontrolling interests 210 — 17 227 Less net earnings (loss) attributable to the redeemable noncontrolling interests — — (13) (13) Net earnings (loss) attributable to Liberty stockholders $ 1,292 (35) 558 1,815 STATEMENT OF OPERATIONS INFORMATION December 31, 2021 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 8,696 — — 8,696 Formula 1 revenue — — 2,136 2,136 Other revenue — 568 — 568 Total revenue 8,696 568 2,136 11,400 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 2,672 — — 2,672 Programming and content 559 — — 559 Customer service and billing 501 — — 501 Other 236 — — 236 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 1,489 1,489 Subscriber acquisition costs 325 — — 325 Other operating expenses 265 377 — 642 Selling, general and administrative 1,598 99 210 1,907 Impairment, restructuring and acquisition costs, net of recoveries 20 — — 20 Depreciation and amortization 603 72 397 1,072 6,779 548 2,096 9,423 Operating income (loss) 1,917 20 40 1,977 Other income (expense): Interest expense (495) (24) (123) (642) Share of earnings (losses) of affiliates, net (253) 30 23 (200) Unrealized gain/(loss) on intergroup interests 121 (31) (90) — Realized and unrealized gains (losses) on financial instruments, net (433) 3 (21) (451) Gains (losses) on dilution of investment in affiliate 152 — — 152 Other, net (60) (1) 14 (47) (968) (23) (197) (1,188) Earnings (loss) before income taxes 949 (3) (157) 789 Income tax (expense) benefit (note 3) (74) (8) 37 (45) Net earnings (loss) 875 (11) (120) 744 Less net earnings (loss) attributable to the noncontrolling interests 276 — 16 292 Less net earnings (loss) attributable to the redeemable noncontrolling interests — — 54 54 Net earnings (loss) attributable to Liberty stockholders $ 599 (11) (190) 398 STATEMENT OF OPERATIONS INFORMATION December 31, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 8,040 — — 8,040 Formula 1 revenue — — 1,145 1,145 Other revenue — 178 — 178 Total revenue 8,040 178 1,145 9,363 Operating costs and expenses, including stock-based compensation (note 2): Cost of Sirius XM Holdings services (exclusive of depreciation shown separately below): Revenue share and royalties 2,421 — — 2,421 Programming and content 481 — — 481 Customer service and billing 481 — — 481 Other 196 — — 196 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 974 974 Subscriber acquisition costs 362 — — 362 Other operating expenses 264 170 — 434 Selling, general and administrative 1,509 67 174 1,750 Impairment, restructuring and acquisition costs, net of recoveries 1,004 — — 1,004 Depreciation and amortization 573 69 441 1,083 7,291 306 1,589 9,186 Operating income (loss) 749 (128) (444) 177 Other income (expense): Interest expense (462) (26) (146) (634) Intergroup interest income (expense) (7) — 7 — Share of earnings (losses) of affiliates, net (484) 6 (108) (586) Unrealized gain/(loss) on inter-group interests 125 42 (167) — Realized and unrealized gains (losses) on financial instruments, net (521) (10) 129 (402) Gains (losses) on dilution of investment in affiliate 4 — — 4 Other, net (17) — 23 6 (1,362) 12 (262) (1,612) Earnings (loss) before income taxes (613) (116) (706) (1,435) Income tax (expense) benefit (note 3) (106) 38 112 44 Net earnings (loss) (719) (78) (594) (1,391) Less net earnings (loss) attributable to the noncontrolling interests 28 — 2 30 Net earnings (loss) attributable to Liberty stockholders $ (747) (78) (596) (1,421) |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION December 31, 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) $ 1,502 (35) 562 2,029 Adjustments to reconcile net earnings to net cash provided by operating activities: . Depreciation and amortization 611 71 362 1,044 Stock-based compensation 209 12 16 237 Non-cash impairment and restructuring costs 65 5 — 70 Share of (earnings) loss of affiliates, net (67) (32) — (99) Unrealized (gains) losses on intergroup interests, net 19 35 (54) — Realized and unrealized (gains) losses on financial instruments, net (471) (13) (115) (599) Noncash interest expense 19 2 5 26 Losses (gains) on dilution of investment in affiliate (10) — — (10) Loss (gain) on early extinguishment of debt (21) — (14) (35) Deferred income tax expense (benefit) 329 (10) (306) 13 Intergroup tax allocation 91 18 (109) — Intergroup tax (payments) receipts (80) 8 72 — Other charges (credits), net 10 1 (1) 10 Changes in operating assets and liabilities Current and other assets 80 (10) (87) (17) Payables and other liabilities (327) 1 203 (123) Net cash provided (used) by operating activities 1,959 53 534 2,546 Cash flows from investing activities: Subsidiary initial public offering proceeds returned from (invested in) trust account — — 579 579 Cash proceeds from dispositions of investments 66 48 53 167 Cash (paid) received for acquisitions, net of cash acquired (136) — — (136) Investments in equity method affiliates and debt and equity securities (1) (5) (52) (58) Return of investment in equity method affiliates 1 28 9 38 Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 2 — — 2 Capital expended for property and equipment, including internal-use software and website development (426) (18) (291) (735) Other investing activities, net 1 — 96 97 Net cash provided (used) by investing activities (493) 53 394 (46) Cash flows from financing activities: Borrowings of debt 3,150 155 2,884 6,189 Repayments of debt (3,553) (309) (3,564) (7,426) Repayment of initial public offering proceeds to subsidiary shareholders — — (579) (579) Intergroup (repayments) borrowings 78 (14) (64) — Liberty stock repurchases (358) — (37) (395) Subsidiary shares repurchased by subsidiary (647) — — (647) Cash dividends paid by subsidiary (249) — — (249) Taxes paid in lieu of shares issued for stock-based compensation (147) — 24 (123) Other financing activities, net 24 (9) 67 82 Net cash provided (used) by financing activities (1,702) (177) (1,269) (3,148) Net increase (decrease) in cash, cash equivalents and restricted cash (236) (71) (341) (648) 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 $ 370 173 1,733 2,276 STATEMENT OF CASH FLOWS INFORMATION December 31, 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) $ 875 (11) (120) 744 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 603 72 397 1,072 Stock-based compensation 215 12 29 256 Non-cash impairment and restructuring costs 24 — — 24 Share of (earnings) loss of affiliates, net 253 (30) (23) 200 Unrealized (gains) losses on intergroup interests, net (121) 31 90 — Realized and unrealized (gains) losses on financial instruments, net 433 (3) 21 451 Noncash interest expense 15 — 1 16 Losses (gains) on dilution of investment in affiliate (152) — — (152) Loss (gain) on early extinguishment of debt 83 — (3) 80 Deferred income tax expense (benefit) (12) 12 (41) (41) Intergroup tax allocation 9 (4) (5) — Intergroup tax (payments) receipts (2) 7 (5) — Other charges (credits), net (15) 20 (3) 2 Changes in operating assets and liabilities Current and other assets (59) (43) (2) (104) Payables and other liabilities (255) (1) 145 (111) Net cash provided (used) by operating activities 1,894 62 481 2,437 Cash flows from investing activities: Subsidiary initial public offering proceeds returned from (invested in) trust account — — (575) (575) Cash proceeds from dispositions of investments 177 2 204 383 Cash (paid) received for acquisitions, net of cash acquired (14) — — (14) Investments in equity method affiliates and debt and equity securities (73) — (179) (252) Return of investment in equity method affiliates 1 — 39 40 Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 12 — — 12 Capital expended for property and equipment, including internal-use software and website development (388) (35) (17) (440) Proceeds from insurance recoveries 225 — — 225 Other investing activities, net (4) 8 (72) (68) Net cash provided (used) by investing activities (64) (25) (600) (689) Cash flows from financing activities: Borrowings of debt 6,294 117 — 6,411 Repayments of debt (5,872) (93) (322) (6,287) Liberty stock repurchases (500) — (55) (555) Subsidiary shares repurchased by subsidiary (1,523) — — (1,523) Proceeds from initial public offering of subsidiary — — 575 575 Cash dividends paid by subsidiary (58) — — (58) Taxes paid in lieu of shares issued for stock-based compensation (106) — (48) (154) Settlement of intergroup call spread (384) — 384 — Other financing activities, net (83) (2) (22) (107) Net cash provided (used) by financing activities (2,232) 22 512 (1,698) Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — (3) (3) Net increase (decrease) in cash, cash equivalents and restricted cash (402) 59 390 47 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 $ 606 244 2,074 2,924 STATEMENT OF CASH FLOWS INFORMATION December 31, 2020 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Cash flows from operating activities: Net earnings (loss) $ (719) (78) (594) (1,391) Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 573 69 441 1,083 Stock-based compensation 234 6 21 261 Non-cash impairment and restructuring costs 1,000 — — 1,000 Share of (earnings) loss of affiliates, net 484 (6) 108 586 Unrealized (gains) losses on intergroup interests, net (125) (42) 167 — Realized and unrealized (gains) losses on financial instruments, net 521 10 (129) 402 Noncash interest expense 12 1 4 17 Losses (gains) on dilution of investment in affiliate (4) — — (4) Loss (gain) on early extinguishment of debt 40 — — 40 Deferred income tax expense (benefit) 40 (10) (125) (95) Intergroup tax allocation 5 (28) 23 — Intergroup tax (payments) receipts 8 2 (10) — Other charges (credits), net 2 9 — 11 Changes in operating assets and liabilities Current and other assets 32 (29) (37) (34) Payables and other liabilities (179) 41 (8) (146) Net cash provided (used) by operating activities 1,924 (55) (139) 1,730 Cash flows from investing activities: Cash proceeds from dispositions of investments — — 13 13 Cash (paid) received for acquisitions, net of cash acquired (300) — — (300) Investments in equity method affiliates and debt and equity securities (96) — (17) (113) Return of investment in equity method affiliates — — 105 105 Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities 20 — — 20 Capital expended for property and equipment, including internal-use software and website development (350) (81) (21) (452) Other investing activities, net (8) 4 (5) (9) Net cash provided (used) by investing activities (734) (77) 75 (736) Cash flows from financing activities: Borrowings of debt 4,149 228 521 4,898 Repayments of debt (2,203) (114) (614) (2,931) Intergroup loan (repayment) borrowing (750) — 750 — Liberty stock repurchases (249) — (69) (318) Subsidiary shares repurchased by subsidiary (1,555) — — (1,555) Reattribution between Liberty SiriusXM Group and Liberty Formula One Group (608) — 608 — Proceeds from Liberty SiriusXM common stock rights offering 754 — — 754 Cash dividends paid by subsidiary (64) — — (64) Taxes paid in lieu of shares issued for stock-based compensation (116) (1) (3) (120) Other financing activities, net (47) (8) (35) (90) Net cash provided (used) by financing activities (689) 105 1,158 574 Effect of foreign exchange rates on cash, cash equivalents and restricted cash — — 3 3 Net increase (decrease) in cash, cash equivalents and restricted cash 501 (27) 1,097 1,571 Cash, cash equivalents and restricted cash at beginning of period 507 212 587 1,306 Cash, cash equivalents and restricted cash at end of period $ 1,008 185 1,684 2,877 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 03, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis of Presentation | |||||
Termination payments | $ 6 | ||||
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC and GCI Liberty (prior to termination) | |||||
Basis of Presentation | |||||
Allocated expenses | $ 21 | $ 27 | $ 28 | ||
Liberty Sirius XM Group Common Class A | |||||
Basis of Presentation | |||||
Shares issued | 5,347,320 | ||||
Sirius XM Holdings | |||||
Basis of Presentation | |||||
Shares acquired | 43,658,800 | ||||
Sirius XM Holdings | |||||
Basis of Presentation | |||||
Ownership percentage | 82% |
Tracking Stocks (Details)
Tracking Stocks (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 05, 2020 USD ($) shares | May 18, 2020 $ / shares shares | Nov. 30, 2015 item | Jun. 30, 2023 item | Dec. 31, 2022 USD ($) shares | Dec. 31, 2020 USD ($) | Aug. 12, 2022 | Dec. 31, 2021 USD ($) | Nov. 30, 2020 | Apr. 22, 2020 $ / shares shares | Apr. 21, 2020 shares | Dec. 31, 2019 shares | Nov. 26, 2019 | Dec. 31, 2018 | Dec. 03, 2018 | Mar. 06, 2018 | Jan. 23, 2017 | Apr. 15, 2016 | Oct. 17, 2013 | |
Tracking Stocks | |||||||||||||||||||
Number of tracking stock groups | item | 3 | 3 | |||||||||||||||||
Cash and cash equivalents | $ 2,246 | $ 2,831 | $ 2,814 | ||||||||||||||||
Proceeds from issuance of stock | 754 | ||||||||||||||||||
Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Cash and cash equivalents | 362 | 598 | |||||||||||||||||
Intergroup (repayments) borrowings | $ 78 | (750) | |||||||||||||||||
Proceeds from issuance of stock | 754 | ||||||||||||||||||
Liberty SiriusXM Group | Braves Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Shares owned | shares | 1,811,066 | 2,300,000 | |||||||||||||||||
Percentage ownership | 2.90% | ||||||||||||||||||
Liberty SiriusXM Group | Formula One Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Shares owned | shares | 4,165,288 | 5,300,000 | |||||||||||||||||
Percentage ownership | 1.70% | ||||||||||||||||||
Liberty SiriusXM Group | Live Nation | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Shares owned | shares | 69,600,000 | ||||||||||||||||||
Percentage ownership | 31% | ||||||||||||||||||
Liberty SiriusXM Group | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Shares owned | shares | 1,900,000 | ||||||||||||||||||
Liberty SiriusXM Group | Common Class A | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | ||||||||||||||||||
Liberty SiriusXM Group | Common Class B | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Common stock, par or stated value per share | $ / shares | 0.01 | ||||||||||||||||||
Liberty SiriusXM Group | Series C | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Common stock, par or stated value per share | $ / shares | $ 0.01 | ||||||||||||||||||
Rights offering shares distributed per share held | shares | 0.0939 | ||||||||||||||||||
Number of shares offered for sale for each right owned | shares | 1 | ||||||||||||||||||
Stock subscription price | $ / shares | $ 25.47 | ||||||||||||||||||
Percentage discount on stock subscriptions | 20 | ||||||||||||||||||
Rights offering trading period | 3 days | ||||||||||||||||||
Rights offering shares issued | shares | 29,594,089 | ||||||||||||||||||
Proceeds from issuance of stock | $ 754 | ||||||||||||||||||
Braves Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Cash and cash equivalents | $ 151 | 142 | |||||||||||||||||
Intergroup (repayments) borrowings | (14) | ||||||||||||||||||
Split-off ratio | 1 | ||||||||||||||||||
Formula One Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Cash and cash equivalents | 1,733 | $ 2,074 | |||||||||||||||||
Intergroup (repayments) borrowings | $ (64) | $ 750 | |||||||||||||||||
Formula One Group | Braves Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Shares owned | shares | 6,792,903 | 9,084,940 | 9,084,940 | ||||||||||||||||
Percentage ownership | 11% | 15.10% | 20% | ||||||||||||||||
Formula One Group | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Shares owned | shares | 1,945,491 | 493,278 | |||||||||||||||||
Percentage ownership | 0.20% | ||||||||||||||||||
2.125% Exchangeable Senior Debentures Due 2048 | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | |||||||||||||||||
2.75% Exchangeable Senior Debentures Due 2049 | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | |||||||||||||||||
1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||||||||||
1.375% Cash Convertible Senior Notes due 2023 | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | ||||||||||||||||||
1% Cash Convertible Notes Due 2023 | Formula One Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1% | 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 | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 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 | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | ||||||||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | ||||||||||||||||||
Sirius XM Holdings | Liberty SiriusXM Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Cash and cash equivalents | $ 57 | ||||||||||||||||||
Formula 1 | Formula One Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Cash and cash equivalents | 752 | ||||||||||||||||||
Braves Holdings | Braves Group | |||||||||||||||||||
Tracking Stocks | |||||||||||||||||||
Cash and cash equivalents | $ 81 |
Tracking Stocks - Reattribution
Tracking Stocks - Reattribution (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Apr. 22, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 21, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 03, 2018 | |
Tracking Stocks | ||||||||
Borrowings of debt | $ 6,189 | $ 6,411 | $ 4,898 | |||||
Liberty SiriusXM Group | ||||||||
Tracking Stocks | ||||||||
Reattribution assets | $ 2,800 | |||||||
Reattribution liabilities | $ 1,300 | |||||||
Borrowings of debt | $ 3,150 | $ 6,294 | 4,149 | |||||
Liberty SiriusXM Group | Live Nation | ||||||||
Tracking Stocks | ||||||||
Shares owned | 69,600,000 | |||||||
Liberty SiriusXM Group | Formula One Group | ||||||||
Tracking Stocks | ||||||||
Shares owned | 5,300,000 | 4,165,288 | ||||||
Liberty SiriusXM Group | Liberty SiriusXM Group | ||||||||
Tracking Stocks | ||||||||
Shares owned | 1,900,000 | |||||||
Liberty SiriusXM Group | Braves Group | ||||||||
Tracking Stocks | ||||||||
Shares owned | 2,300,000 | 1,811,066 | ||||||
Formula One Group | ||||||||
Tracking Stocks | ||||||||
Reattributed net asset value | $ 1,500 | |||||||
payment for reattribution | $ 1,400 | |||||||
Borrowings of debt | $ 2,884 | $ 521 | ||||||
Formula One Group | Liberty SiriusXM Group | ||||||||
Tracking Stocks | ||||||||
Shares owned | 1,945,491 | 493,278 | ||||||
Formula One Group | Braves Group | ||||||||
Tracking Stocks | ||||||||
Shares owned | 6,792,903 | 9,084,940 | 9,084,940 | |||||
Call Option | Formula One Group | Live Nation | ||||||||
Tracking Stocks | ||||||||
Shares owned | 34,800,000 | |||||||
Intergroup Note | Liberty SiriusXM Group | ||||||||
Tracking Stocks | ||||||||
Long term debt | $ 750 | |||||||
2.25% Exchangeable Senior Debentures due 2048 | ||||||||
Tracking Stocks | ||||||||
Debt instrument interest rate (as a percent) | 2.25% | 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% | ||||||
Long term debt | $ 644 | |||||||
Sirius XM Holdings Margin Loan | Liberty SiriusXM Group | ||||||||
Tracking Stocks | ||||||||
Borrowings of debt | $ 400 | |||||||
Long term debt | $ 875 | $ 875 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Doubtful Accounts Receivable, Current | $ 14 | $ 13 | |
Provision for Doubtful Accounts | 59 | 54 | $ 61 |
Write-offs | (59) | (58) | (62) |
Foreign currency translation adjustments | 1 | ||
Debt and equity securities | 80 | 217 | |
Property, Plant and Equipment, Gross | 4,481 | 4,027 | |
Depreciation | 262 | 270 | 268 |
Interest costs capitalized | 5 | 7 | |
Advertising Expense | 537 | 532 | $ 452 |
Liberty SiriusXM Group | |||
Property, Plant and Equipment, Gross | 2,957 | 2,811 | |
Braves Group | |||
Property, Plant and Equipment, Gross | 1,008 | 1,008 | |
Formula One Group | |||
Property, Plant and Equipment, Gross | 516 | 208 | |
Land | |||
Property, Plant and Equipment, Gross | 390 | 145 | |
Building improvements | |||
Property, Plant and Equipment, Gross | 972 | 959 | |
Support equipment | |||
Property, Plant and Equipment, Gross | $ 864 | 804 | |
Satellite system | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Property, Plant and Equipment, Gross | $ 1,944 | 1,969 | |
Construction in Progress | |||
Property, Plant and Equipment, Gross | $ 311 | $ 150 | |
Minimum | Building improvements | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum | Support equipment | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | Building improvements | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum | Support equipment | |||
Property, Plant and Equipment, Useful Life | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue recognition - Deferred revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred revenue | ||
Deferred revenue | $ 1,773 | $ 1,790 |
Formula One Group | ||
Deferred revenue | ||
Deferred revenue | 347 | 253 |
Liberty SiriusXM Group | ||
Deferred revenue | ||
Deferred revenue | 1,321 | 1,454 |
Braves Group | ||
Deferred revenue | ||
Deferred revenue | $ 105 | 83 |
Sirius XM Holdings | ASC 606 | ||
Optional exemption | ||
Optional exemption utilized | true | |
Sirius XM Holdings | ASC 606 | Minimum | ||
Optional exemption | ||
Prepaid data trials, contract period | 3 years | |
Sirius XM Holdings | ASC 606 | Maximum | ||
Optional exemption | ||
Percent of total deferred revenue balance related to contracts that extend beyond one year | 6% | |
Prepaid data trials, contract period | 5 years | |
Self-pay customers, audio subscriptions prepayment period | 3 years | |
Formula One and Braves Holdings | ||
Deferred revenue | ||
Deferred revenue | $ 466 | $ 347 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue recognition - Performance obligations (Details) - Formula One and Braves Holdings $ in Millions | Dec. 31, 2022 USD ($) |
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 | $ 2,426 |
Expected timing of satisfaction period | 12 months |
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 | $ 2,073 |
Expected timing of satisfaction period | 12 months |
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 | $ 6,552 |
Expected timing of satisfaction period | 72 months |
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 | $ 1,234 |
Expected timing of satisfaction period | 72 months |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - SIRIUS XM (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue disaggregated by source | |||
Revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Other. | |||
Revenue disaggregated by source | |||
Revenue | 588 | 568 | 178 |
Sirius XM Holdings | |||
Revenue disaggregated by source | |||
Revenue | $ 9,003 | 8,696 | 8,040 |
Activation fees, recognition period | 1 month | ||
Sirius XM Holdings | Minimum | |||
Revenue disaggregated by source | |||
Subscription period | 3 months | ||
Sirius XM Holdings | Maximum | |||
Revenue disaggregated by source | |||
Subscription period | 12 months | ||
Sirius XM Holdings | Subscriber | |||
Revenue disaggregated by source | |||
Revenue | $ 6,892 | 6,614 | 6,372 |
Sirius XM Holdings | Advertising | |||
Revenue disaggregated by source | |||
Revenue | 1,772 | 1,730 | 1,340 |
Sirius XM Holdings | Equipment | |||
Revenue disaggregated by source | |||
Revenue | 189 | 201 | 173 |
Sirius XM Holdings | Other. | |||
Revenue disaggregated by source | |||
Revenue | $ 150 | $ 151 | $ 155 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - Formula 1 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue disaggregated by source | |||
Revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Other. | |||
Revenue disaggregated by source | |||
Revenue | 588 | 568 | 178 |
Formula 1 | |||
Revenue disaggregated by source | |||
Revenue | 2,573 | 2,136 | 1,145 |
Formula 1 | Primary | |||
Revenue disaggregated by source | |||
Revenue | 2,107 | 1,850 | 1,029 |
Formula 1 | Other. | |||
Revenue disaggregated by source | |||
Revenue | $ 466 | $ 286 | $ 116 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue recognition - Disaggregation of revenue - Braves Holdings (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Revenue disaggregated by source | |||
Revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Number of MLB clubs | item | 30 | ||
Braves Holdings | |||
Revenue disaggregated by source | |||
Revenue | $ 588 | 568 | 178 |
Braves Holdings | Baseball | |||
Revenue disaggregated by source | |||
Revenue | 535 | 526 | 142 |
Braves Holdings | Development | |||
Revenue disaggregated by source | |||
Revenue | $ 53 | $ 42 | $ 36 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based compensation | $ 237 | $ 256 | $ 261 |
Programming and content | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based compensation | 34 | 33 | 32 |
Customer service and billing | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based compensation | 6 | 6 | 6 |
Other cost of subscriber services | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based compensation | 6 | 6 | 6 |
Other operating expense | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based compensation | 39 | 36 | 43 |
Selling, general and administrative | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock-based compensation | $ 152 | $ 175 | $ 174 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 12, 2022 | Apr. 22, 2020 | Apr. 21, 2020 | Dec. 31, 2019 | Nov. 26, 2019 | Mar. 06, 2018 | |
Liberty SiriusXM Group | |||||||||
Anti-dilutive shares excluded from EPS | 25,000,000 | 19,000,000 | 25,000,000 | ||||||
Basic earnings (loss) attributable to stockholders | $ 1,292 | $ 599 | $ (747) | ||||||
Unrealized (gain) loss on the intergroup interest | (31) | (35) | |||||||
Diluted earnings (loss) attributable to stockholders | $ 1,261 | $ 599 | $ (782) | ||||||
Liberty SiriusXM Group | ASU 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Diluted earnings per share | $ (0.27) | ||||||||
Liberty SiriusXM Group | Formula One Group | |||||||||
Shares owned | 4,165,288 | 5,300,000 | |||||||
Liberty SiriusXM Group | Liberty SiriusXM Group | |||||||||
Shares owned | 1,900,000 | ||||||||
Liberty SiriusXM Group | Braves Group | |||||||||
Shares owned | 1,811,066 | 2,300,000 | |||||||
Braves Group | |||||||||
Anti-dilutive shares excluded from EPS | 10,000,000 | 2,000,000 | 5,000,000 | ||||||
Basic earnings (loss) attributable to stockholders | $ (35) | $ (11) | $ (78) | ||||||
Unrealized (gain) loss on the intergroup interest | 31 | (42) | |||||||
Diluted earnings (loss) attributable to stockholders | $ (35) | $ 20 | $ (120) | ||||||
Formula One Group | |||||||||
Anti-dilutive shares excluded from EPS | 6,000,000 | 5,000,000 | 7,000,000 | ||||||
Basic earnings (loss) attributable to stockholders | $ 558 | $ (190) | $ (596) | ||||||
Unrealized (gain) loss on the intergroup interest | (34) | 112 | 75 | ||||||
Diluted earnings (loss) attributable to stockholders | $ 524 | $ (78) | $ (521) | ||||||
Formula One Group | ASU 2020-06 | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Diluted earnings per share | $ (0.06) | ||||||||
Formula One Group | Liberty SiriusXM Group | |||||||||
Shares owned | 1,945,491 | 493,278 | |||||||
Formula One Group | Braves Group | |||||||||
Shares owned | 6,792,903 | 9,084,940 | 9,084,940 | ||||||
Common Class Series A, Series B, Series C | Liberty SiriusXM Group | |||||||||
Basic WASO | 328,000,000 | 335,000,000 | 334,000,000 | ||||||
Potentially dilutive shares | 17,000,000 | 2,000,000 | 2,000,000 | ||||||
Diluted WASO | 345,000,000 | 337,000,000 | 336,000,000 | ||||||
Common Class Series A, Series B, Series C | Braves Group | |||||||||
Basic WASO | 53,000,000 | 52,000,000 | 51,000,000 | ||||||
Potentially dilutive shares | 10,000,000 | 9,000,000 | |||||||
Diluted WASO | 53,000,000 | 62,000,000 | 60,000,000 | ||||||
Common Class Series A, Series B, Series C | Formula One Group | |||||||||
Basic WASO | 233,000,000 | 232,000,000 | 232,000,000 | ||||||
Potentially dilutive shares | 11,000,000 | 8,000,000 | 6,000,000 | ||||||
Diluted WASO | 244,000,000 | 240,000,000 | 238,000,000 | ||||||
2.25% Convertible Senior Notes due 2027 | |||||||||
Debt instrument interest rate (as a percent) | 2.25% | ||||||||
2.25% Convertible Senior Notes due 2027 | Formula One Group | |||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | |||||||
2.125% Exchangeable Senior Debentures Due 2048 | Liberty SiriusXM Group | |||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | |||||||
2.75% Exchangeable Senior Debentures Due 2049 | Liberty SiriusXM Group | |||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% |
Supplemental Disclosures to C_3
Supplemental Disclosures to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value of assets acquired | $ 25 | $ (1) | $ 62 |
Intangibles not subject to amortization | 98 | 30 | 235 |
Intangibles subject to amortization | 20 | 50 | |
Net liabilities assumed | (4) | (11) | (46) |
Deferred tax liabilities | (3) | (1) | (1) |
Fair value of equity consideration | (3) | ||
Cash paid (received) for acquisitions, net of cash acquired | 136 | 14 | 300 |
Stock repurchased by subsidiary not yet settled | 8 | 11 | (19) |
Cash paid for interest, net of amounts capitalized | 656 | 607 | 576 |
Cash paid for income taxes, net | $ 168 | $ 97 | $ 48 |
Supplemental Disclosures to C_4
Supplemental Disclosures to Consolidated Statements of Cash Flows - Cash flow changes, reconciliation of components of cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Supplemental Disclosures to Consolidated Statements of Cash Flows | ||||
Cash and cash equivalents | $ 2,246 | $ 2,814 | $ 2,831 | |
Restricted cash included in other current assets | $ 22 | $ 88 | $ 16 | |
Restricted cash, current - location | Other current assets | Other current assets | Other current assets | |
Restricted cash included in other assets | $ 8 | $ 22 | $ 30 | |
Restricted cash, noncurrent - location | Other assets | Other assets | Other assets | |
Total cash and cash equivalents and restricted cash at end of period | $ 2,276 | $ 2,924 | $ 2,877 | $ 1,306 |
Acquisitions and Restructurin_2
Acquisitions and Restructurings - Stitcher (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 16, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 19,248 | $ 19,218 | $ 19,341 | |
Sirius XM Holdings | Stitcher | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 266 | |||
Consideration for acquisition | 302 | |||
Contingent consideration | 36 | |||
Change in fair value of the contingent consideration | $ (17) | |||
Goodwill | 224 | |||
Amortizable intangible assets acquired | $ 38 | |||
Acquisition and other related costs | $ 4 |
Acquisitions and Restructurin_3
Acquisitions and Restructurings - Simplecast (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 19,218 | $ 19,341 | $ 19,248 | |
Sirius XM Holdings | Simplecast | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 28 | |||
Goodwill | 17 | |||
Amortizable intangible assets acquired | 12 | |||
Deferred tax liabilities | 1 | |||
Sirius XM Holdings | Simplecast | Maximum | ||||
Business Acquisition [Line Items] | ||||
Acquisition and other related costs | $ 1 | |||
Other assets | $ 1 |
Acquisitions and Restructurin_4
Acquisitions and Restructurings - Restructuring costs (Details) - Sirius XM Holdings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||
Operating lease impairment | $ 16 | $ 18 | |
Impairment charge | 5 | ||
Severance Costs | 6 | ||
Accrued restructuring expense | 6 | ||
Write-off of leasehold improvements | $ 1 | ||
Gain on sale of property | 4 | ||
Automatic Labs Inc. | Disposal Group, Not Discontinued Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 24 | ||
Software Projects | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment charge | $ 43 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets and Liabilities Measured at Fair Value | ||
Debt and equity securities | $ 80 | $ 217 |
Other Current Assets | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 219 | 527 |
Other Noncurrent Assets | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 174 | 113 |
Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,026 | 2,436 |
Short-term marketable securities | 70 | |
Investment in trust account | 575 | |
Debt and equity securities | 80 | 217 |
Financial instrument assets | 393 | 640 |
Debt | 3,331 | 5,222 |
Financial instrument liabilities | 59 | |
Level 1 | Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 2,026 | 2,436 |
Short-term marketable securities | 70 | |
Investment in trust account | 575 | |
Debt and equity securities | 80 | 217 |
Financial instrument assets | 86 | 99 |
Financial instrument liabilities | 20 | |
Level 2 | Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 307 | 541 |
Debt | $ 3,331 | 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | $ 599 | $ (451) | $ (402) |
Debt and equity securities | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | (7) | 204 | (74) |
Debt measured at fair value | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | 717 | (886) | (114) |
Gain (loss) on changes in fair value | (4) | (107) | 148 |
Cumulative amount of gain in changes in fair value | 64 | ||
Change in fair value of bond hedges | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | (236) | 193 | (127) |
Other | |||
Assets and Liabilities Measured at Fair Value | |||
Realized and unrealized gains (losses) on financial instruments, net | $ 125 | $ 38 | $ (87) |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 952 | $ 945 |
Liberty SiriusXM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 823 | 805 |
Liberty SiriusXM Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 31% | |
Fair value | $ 4,857 | |
Investments in affiliates | $ 158 | 89 |
Liberty SiriusXM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 70% | |
Investments in affiliates | $ 597 | 642 |
Liberty SiriusXM Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 68 | 74 |
Braves Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 95 | 110 |
Braves Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 95 | 110 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 34 | 30 |
Formula One Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 34 | $ 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | $ 99 | $ (200) | $ (586) |
Liberty SiriusXM Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | 67 | (253) | (484) |
Liberty SiriusXM Group | Sirius XM Canada | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | 4 | 5 | |
Liberty SiriusXM Group | Live Nation | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | 72 | (235) | (465) |
Liberty SiriusXM Group | Other Investments | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | (5) | (22) | (24) |
Braves Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | 32 | 30 | 6 |
Braves Group | Other Investments | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | $ 32 | 30 | 6 |
Formula One Group | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | 23 | (108) | |
Formula One Group | Live Nation | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | (112) | ||
Formula One Group | Other Investments | |||
Investments in Affiliates Accounted for Using the Equity Method | |||
Earnings (loss) before income taxes | $ 23 | $ 4 |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Live Nation - Consolidated Balance Sheets (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Balance Sheets | |||||
Current assets | $ 3,851 | $ 4,812 | |||
Goodwill | 19,341 | 19,248 | $ 19,218 | ||
Other assets | 1,811 | 2,554 | |||
Total assets | 42,464 | 44,351 | |||
Current liabilities | 5,410 | 6,610 | |||
Long-term debt, net | 14,953 | 15,699 | |||
Other liabilities | 874 | 987 | |||
Redeemable noncontrolling interests in equity of subsidiary | 575 | ||||
Equity | 19,126 | 18,262 | $ 19,601 | $ 21,925 | |
Total liabilities and equity | 42,464 | 44,351 | |||
Live Nation | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Rights offering shares issued | 5.2 | ||||
Liberty SiriusXM Group | |||||
Consolidated Balance Sheets | |||||
Current assets | 1,554 | 2,113 | |||
Goodwill | 15,209 | 15,111 | |||
Other assets | 551 | 1,041 | |||
Total assets | 30,479 | 31,674 | |||
Current liabilities | 4,344 | 5,178 | |||
Long-term debt, net | 11,600 | 12,078 | |||
Other liabilities | 584 | 611 | |||
Total liabilities and equity | 30,479 | 31,674 | |||
Liberty SiriusXM Group | Live Nation | |||||
Consolidated Balance Sheets | |||||
Current assets | 8,160 | 6,684 | |||
Property, plant and equipment, net | 1,488 | 1,092 | |||
Intangible assets | 1,419 | 1,395 | |||
Goodwill | 2,529 | 2,591 | |||
Other assets | 2,865 | 2,640 | |||
Total assets | 16,461 | 14,402 | |||
Current liabilities | 8,303 | 6,856 | |||
Long-term debt, net | 5,283 | 5,145 | |||
Other liabilities | 2,111 | 2,037 | |||
Redeemable noncontrolling interests in equity of subsidiary | 670 | 552 | |||
Equity | 94 | (188) | |||
Total liabilities and equity | $ 16,461 | $ 14,402 |
Investments In Affiliates Acc_6
Investments In Affiliates Accounted For Using The Equity Method - Live Nation - Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Operations | |||
Revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Operating costs and expenses, including stock-based compensation: | |||
Selling, general and administrative expenses | 2,031 | 1,907 | 1,750 |
Depreciation and amortization | 1,044 | 1,072 | 1,083 |
Other operating expenses | 719 | 642 | 434 |
Total operating costs and expenses | 10,100 | 9,423 | 9,186 |
Operating income (loss) | 2,064 | 1,977 | 177 |
Interest expense | (689) | (642) | (634) |
Other income (expense), net | 129 | (1,188) | (1,612) |
Earnings (loss) before income taxes | 2,193 | 789 | (1,435) |
Income tax benefit (expense) | (164) | (45) | 44 |
Net earnings (loss) | 2,029 | 744 | (1,391) |
Less net earnings (loss) attributable to the noncontrolling interests | 227 | 292 | 30 |
Net earnings (loss) attributable to Liberty stockholders | 1,815 | 398 | (1,421) |
Liberty SiriusXM Group | |||
Consolidated Statements of Operations | |||
Revenue | 9,003 | 8,696 | 8,040 |
Operating costs and expenses, including stock-based compensation: | |||
Selling, general and administrative expenses | 1,638 | 1,598 | 1,509 |
Depreciation and amortization | 611 | 603 | 573 |
Other operating expenses | 285 | 265 | 264 |
Total operating costs and expenses | 7,084 | 6,779 | 7,291 |
Operating income (loss) | 1,919 | 1,917 | 749 |
Interest expense | (511) | (495) | (462) |
Other income (expense), net | 50 | (968) | (1,362) |
Earnings (loss) before income taxes | 1,969 | 949 | (613) |
Income tax benefit (expense) | (467) | (74) | (106) |
Net earnings (loss) | 1,502 | 875 | (719) |
Less net earnings (loss) attributable to the noncontrolling interests | 210 | 276 | 28 |
Net earnings (loss) attributable to Liberty stockholders | 1,292 | 599 | (747) |
Liberty SiriusXM Group | Live Nation | |||
Consolidated Statements of Operations | |||
Revenue | 16,681 | 6,268 | 1,861 |
Operating costs and expenses, including stock-based compensation: | |||
Direct operating expenses | 12,337 | 4,356 | 1,402 |
Selling, general and administrative expenses | 2,956 | 1,755 | 1,524 |
Depreciation and amortization | 450 | 416 | 485 |
Other operating expenses | 206 | 159 | 103 |
Total operating costs and expenses | 15,949 | 6,686 | 3,514 |
Operating income (loss) | 732 | (418) | (1,653) |
Interest expense | (278) | (282) | (227) |
Other income (expense), net | 51 | 89 | 23 |
Earnings (loss) before income taxes | 505 | (611) | (1,857) |
Income tax benefit (expense) | (96) | 2 | 29 |
Net earnings (loss) | 409 | (609) | (1,828) |
Less net earnings (loss) attributable to the noncontrolling interests | 113 | 42 | (103) |
Net earnings (loss) attributable to Liberty stockholders | $ 296 | $ (651) | $ (1,725) |
Investments In Affiliates Acc_7
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - Sirius XM Holdings - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 14, 2022 | May 31, 2017 | |
Sirius XM Canada | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Due from related parties current assets | $ 42 | $ 21 | |||
Due to related parties current | 5 | ||||
Revenue from related parties | 111 | 101 | $ 97 | ||
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 | ||||
Loan obligation reduced | $ 113 | ||||
Sirius XM Canada | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Percentage ownership | 70% | ||||
Equity Method Investment Voting Interest | 33% | ||||
Gross Dividends | $ 9 | $ 2 | $ 2 |
Investments In Affiliates Acc_8
Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Equity Method Investments | $ 952 | $ 945 | ||
Sirius XM Holdings | SoundCloud Holdings, LLC | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Revenue share expense | 55 | 60 | $ 55 | |
Due to related parties, non-current | $ 19 | $ 24 | ||
Sirius XM Holdings | SoundCloud Holdings, LLC | Equity Method Investee | Series G Membership Units | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Equity Method Investments | $ 75 | |||
Series G membership unit conversion ratio (ordinary membership unit per series G membership unit) | 1 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | ||
Goodwill, Beginning Balance | $ 19,248 | $ 19,218 |
Acquisitions | 97 | 30 |
Other | (4) | |
Goodwill, Ending Balance | 19,341 | 19,248 |
Sirius XM Holdings | ||
Goodwill | ||
Goodwill, Beginning Balance | 15,112 | 15,082 |
Acquisitions | 97 | 30 |
Goodwill, Ending Balance | 15,209 | 15,112 |
Acquisition | ||
Consideration for acquisition | 136 | |
Formula 1 | ||
Goodwill | ||
Goodwill, Beginning Balance | 3,956 | 3,956 |
Goodwill, Ending Balance | 3,956 | 3,956 |
Corporate And Other. | ||
Goodwill | ||
Goodwill, Beginning Balance | 180 | 180 |
Other | (4) | |
Goodwill, Ending Balance | $ 176 | $ 180 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets | |||
Intangibles not subject to amortization | $ 98 | $ 30 | $ 235 |
Sirius XM Holdings | Trademarks | |||
Intangible Assets | |||
Intangibles not subject to amortization | 1,242 | 1,242 | |
Braves Holdings | Franchise Rights | |||
Intangible Assets | |||
Intangibles not subject to amortization | $ 124 | $ 143 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | ||
Gross carrying amount | $ 9,234 | $ 8,971 |
Accumulated amortization | (4,946) | (4,174) |
Net carrying amount | 4,288 | 4,797 |
FIA Agreement | ||
Intangible Assets | ||
Gross carrying amount | 3,630 | 3,630 |
Accumulated amortization | (1,125) | (936) |
Net carrying amount | $ 2,505 | 2,694 |
Weighted average remaining life (in years) | 35 years | |
Customer Relationships | ||
Intangible Assets | ||
Gross carrying amount | $ 3,054 | 3,053 |
Accumulated amortization | (1,936) | (1,679) |
Net carrying amount | $ 1,118 | 1,374 |
Customer Relationships | Minimum | ||
Intangible Assets | ||
Weighted average remaining life (in years) | 10 years | |
Customer Relationships | Maximum | ||
Intangible Assets | ||
Weighted average remaining life (in years) | 15 years | |
Licensing Agreements | ||
Intangible Assets | ||
Gross carrying amount | $ 359 | 355 |
Accumulated amortization | (272) | (243) |
Net carrying amount | $ 87 | 112 |
Weighted average remaining life (in years) | 15 years | |
Other Intangible Assets | ||
Intangible Assets | ||
Gross carrying amount | $ 2,191 | 1,933 |
Accumulated amortization | (1,613) | (1,316) |
Net carrying amount | $ 578 | $ 617 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets | |||
Amortization of Intangible Assets | $ 782 | $ 802 | $ 815 |
2023 | 732 | ||
2024 | 610 | ||
2025 | 358 | ||
2026 | 333 | ||
2027 | $ 279 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Impairments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Restructuring, Settlement and Impairment Provisions | |
Goodwill, Impaired, Accumulated Impairment Loss | $ 956 | |
Pandora | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairments of goodwill | $ 956 | |
Pandora | Trademarks | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 20 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Aug. 12, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Nov. 30, 2020 | Jun. 30, 2020 | Apr. 22, 2020 | Nov. 26, 2019 | Jun. 30, 2019 | Feb. 01, 2019 | Dec. 31, 2018 | Dec. 03, 2018 | Mar. 06, 2018 | Jul. 31, 2017 | Jan. 23, 2017 | Oct. 17, 2013 |
Debt Instrument | ||||||||||||||||
Outstanding principal | $ 16,617 | |||||||||||||||
Total debt | 16,632 | $ 18,590 | ||||||||||||||
Debt classified as current | (1,679) | (2,891) | ||||||||||||||
Total long-term debt | $ 14,953 | $ 15,699 | ||||||||||||||
1.375% Cash Convertible Senior Notes due 2023 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | |||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||
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 | $ 13,081 | |||||||||||||||
Deferred financing costs | (12) | $ (14) | ||||||||||||||
Total debt | 13,143 | 14,262 | ||||||||||||||
Debt classified as current | (1,543) | (2,184) | ||||||||||||||
Total long-term debt | $ 11,600 | 12,078 | ||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||||
Outstanding principal | $ 790 | |||||||||||||||
Long term debt | $ 968 | 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 | $ 382 | 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 | $ 559 | 624 | ||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||
Outstanding principal | $ 920 | |||||||||||||||
Long term debt | 920 | 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 | $ 992 | 990 | ||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 5% | 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% | 4% | ||||||||||||||
Outstanding principal | $ 2,000 | |||||||||||||||
Long term debt | $ 1,982 | 1,979 | ||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | ||||||||||||||
Outstanding principal | $ 1,250 | |||||||||||||||
Long term debt | $ 1,240 | 1,239 | ||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | ||||||||||||||
Outstanding principal | $ 1,500 | |||||||||||||||
Long term debt | $ 1,487 | 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% | 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) | 5.89% | |||||||||||||||
Outstanding principal | $ 80 | |||||||||||||||
Long term debt | $ 80 | |||||||||||||||
Liberty SiriusXM Group | Sirius XM Incremental Term Loan | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Debt instrument interest rate (as a percent) | 5.36% | |||||||||||||||
Outstanding principal | $ 500 | |||||||||||||||
Long term debt | 500 | |||||||||||||||
Braves Group | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Outstanding principal | 546 | |||||||||||||||
Deferred financing costs | (4) | (3) | ||||||||||||||
Total debt | 542 | 697 | ||||||||||||||
Debt classified as current | (75) | (12) | ||||||||||||||
Total long-term debt | 467 | 685 | ||||||||||||||
Braves Group | Notes and loans | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Outstanding principal | 546 | |||||||||||||||
Long term debt | 546 | 700 | ||||||||||||||
Formula One Group | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Outstanding principal | 2,990 | |||||||||||||||
Deferred financing costs | (7) | (6) | ||||||||||||||
Total debt | 2,947 | 3,631 | ||||||||||||||
Debt classified as current | (61) | (695) | ||||||||||||||
Total long-term debt | $ 2,886 | 2,936 | ||||||||||||||
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 | $ 44 | 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 | 458 | |||||||||||||||
Formula One Group | Other Debt Obligations | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Outstanding principal | 63 | |||||||||||||||
Long term debt | 63 | 69 | ||||||||||||||
Formula One Group | Senior Loan Facility | ||||||||||||||||
Debt Instrument | ||||||||||||||||
Outstanding principal | 2,425 | |||||||||||||||
Long term debt | $ 2,389 | $ 2,902 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Aug. 12, 2022 USD ($) $ / shares | May 09, 2022 USD ($) | Feb. 24, 2021 USD ($) | Dec. 31, 2020 USD ($) | Nov. 09, 2020 USD ($) | Nov. 26, 2019 USD ($) $ / shares shares | Dec. 10, 2018 USD ($) | Mar. 06, 2018 USD ($) $ / shares shares | Jan. 23, 2017 USD ($) $ / shares | Jan. 31, 2023 USD ($) | Jan. 31, 2022 USD ($) | Nov. 30, 2020 USD ($) $ / shares shares | Dec. 31, 2018 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 11, 2022 USD ($) | Dec. 03, 2021 USD ($) | Aug. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Apr. 22, 2020 shares | Mar. 27, 2020 USD ($) | Jun. 30, 2019 USD ($) | Feb. 01, 2019 USD ($) | Dec. 03, 2018 | Jul. 31, 2017 USD ($) | Oct. 17, 2013 USD ($) | |
Debt Instrument | ||||||||||||||||||||||||||||
Losses on extinguishment of debt | $ 35,000,000 | $ (80,000,000) | $ (40,000,000) | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
2.25% Convertible Senior Notes due 2027 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | |||||||||||||||||||||||||||
2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | 2.25% | |||||||||||||||||||||||||
Principal amount | $ 385,000,000 | |||||||||||||||||||||||||||
Payments of debt | $ 664,000,000 | |||||||||||||||||||||||||||
0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||||||||||||||
Principal amount | $ 920,000,000 | |||||||||||||||||||||||||||
Live Nation Margin Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
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 | $ 600,000,000 | $ 400,000,000 | $ 270,000,000 | |||||||||||||||||||||||
Undrawn commitment fee | 0.50% | |||||||||||||||||||||||||||
Live Nation Margin Loan | LIBOR | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 1.80% | ||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
Minimum | Live Nation Margin Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Undrawn commitment fee | 0.75% | |||||||||||||||||||||||||||
Maximum | Live Nation Margin Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Undrawn commitment fee | 0.85% | |||||||||||||||||||||||||||
Live Nation | 2.25% Exchangeable Senior Debentures due 2048 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Shares underlying the debentures | shares | 5,800,000 | |||||||||||||||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 66.28 | |||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
Live Nation | Collateral Pledged | Live Nation Margin Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt Instrument, Collateral Amount | $ 626,000,000 | |||||||||||||||||||||||||||
Investment Owned, Balance, 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 | $ 56.86 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Losses on extinguishment of debt | $ 14,000,000 | $ 3,000,000 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Conversion amount | $ 1,000 | |||||||||||||||||||||||||||
Repurchase amount | $ 359,000,000 | |||||||||||||||||||||||||||
Payments of debt | $ 630,000,000 | |||||||||||||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | Subsequent Event | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1% | |||||||||||||||||||||||||||
Payments of debt | $ 46,000,000 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Losses on extinguishment of debt | $ 21,000,000 | $ (83,000,000) | $ (40,000,000) | |||||||||||||||||||||||||
Liberty SiriusXM Group | Common Class A | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1.0163 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | |||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Effective interest rate | 2.30% | 6.73% | 2.22% | 2.30% | ||||||||||||||||||||||||
Undrawn commitment fee | 0.75% | 0.50% | ||||||||||||||||||||||||||
Proceed from issuance of debt | $ 125,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | LIBOR | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | ||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | 2% | ||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Principal amount | 875,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Revolving Credit Facility | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 875,000,000 | |||||||||||||||||||||||||||
Maximum borrowing capacity | $ 875,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Delayed Draw Term Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Principal amount | $ 600,000,000 | $ 600,000,000 | ||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 4% | 4% | ||||||||||||||||||||||||||
Principal amount | $ 2,000,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | ||||||||||||||||||||||||||
Principal amount | $ 1,250,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5% | 5% | ||||||||||||||||||||||||||
Principal amount | $ 1,500,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | ||||||||||||||||||||||||||
Principal amount | $ 193,000,000 | |||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 162.7373 | |||||||||||||||||||||||||||
Conversion amount | $ 1,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM credit facility | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.89% | |||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,670,000,000 | |||||||||||||||||||||||||||
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% | 4.125% | ||||||||||||||||||||||||||
Principal amount | $ 1,500,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.125% Senior Notes Due 2026 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.125% | 3.125% | ||||||||||||||||||||||||||
Principal amount | $ 1,000,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM 3.875% Senior Notes Due 2031 | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.875% | 3.875% | ||||||||||||||||||||||||||
Principal amount | $ 1,500,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Incremental Term Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.36% | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Debt instrument redemption price percentage | 100% | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | Collateral Pledged | Sirius XM Holdings Margin Loan | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Share value | $ 5,840,000,000 | |||||||||||||||||||||||||||
Investment Owned, Balance, Shares | shares | 1,000,000,000 | |||||||||||||||||||||||||||
Liberty SiriusXM Group | Live Nation | ||||||||||||||||||||||||||||
Debt Instrument | ||||||||||||||||||||||||||||
Investment Owned, Balance, Shares | shares | 69,600,000 | |||||||||||||||||||||||||||
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 |
Debt - Braves Holdings Notes (D
Debt - Braves Holdings Notes (Details) - Braves Holdings - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
Long term debt | $ 546 | $ 700 |
Operating Credit Facilities | ||
Debt Instrument | ||
Long term debt | 120 | |
Maximum borrowing capacity | $ 275 | |
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 | 5.73% | |
Long term debt | $ 44 | 46 |
Maximum borrowing capacity | $ 44 | |
Mixed Use Credit Facilities and Loans | ||
Debt Instrument | ||
Weighted average interest rate | 4.49% | |
Long term debt | $ 300 | 271 |
Maximum borrowing capacity | $ 428 | |
Spring Training Credit Facility | ||
Debt Instrument | ||
Weighted average interest rate | 3.65% | |
Long term debt | $ 30 | $ 30 |
Debt - Formula 1 (Details)
Debt - Formula 1 (Details) - USD ($) $ in Millions | Nov. 23, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Braves Holdings | |||
Debt Instrument | |||
Long term debt | $ 546 | $ 700 | |
Formula One Group | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Formula One Group | Revolving Credit Facility | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | 500 | |
Formula One Group | Senior Loan Facility | |||
Debt Instrument | |||
Long term debt | $ 2,389 | $ 2,902 | |
Effective interest rate | 7.12% | 3.50% | |
Formula One Group | First lien Term Loan A | |||
Debt Instrument | |||
Long term debt | 725 | ||
Formula One Group | First lien Term Loan B | |||
Debt Instrument | |||
Long term debt | $ 1,700 | $ 2,900 | |
Formula One Group | First lien Term Loan B | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
Formula One Group | Line of Credit | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | ||
Line of Credit | 0 | ||
Formula One Group | Interest Rate Swap | Senior Loan Facility | |||
Debt Instrument | |||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 2,100 | $ 2,400 | |
Formula One Group | Minimum | First lien Term Loan A | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Formula One Group | Minimum | First lien Term Loan B | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 3% | ||
Formula One Group | Minimum | New revolving credit facility | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Formula One Group | Maximum | First lien Term Loan A | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Formula One Group | Maximum | New revolving credit facility | SOFR | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Feb. 01, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Long-term debt, measured at fair value | $ 1,937 | $ 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 | $ 884 | |||||
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 | $ 1,386 | |||||
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% | 4% | ||||
Long-term debt, measured at fair value | $ 1,725 | |||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | ||||
Long-term debt, measured at fair value | $ 1,141 | |||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Debt instrument interest rate (as a percent) | 4.125% | 4.125% | ||||
Long-term debt, measured at fair value | $ 1,245 | |||||
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 | $ 1,192 | |||||
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% | 1.75% | ||||
Long-term debt, measured at fair value | $ 197 |
Debt - Five Year Maturities (De
Debt - Five Year Maturities (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Instrument | |
2023 | $ 1,109 |
2024 | 1,460 |
2025 | 147 |
2026 | 1,194 |
2027 | $ 2,173 |
Leases - Effect of adoption (De
Leases - Effect of adoption (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Practical expedients to not reassess | true |
Practical expedient entities to use hindsight | true |
Operating lease, existence of option to extend | true |
Finance lease, existence of option to extend | true |
Operating lease, existence of option to terminate | true |
Finance lease, existence of option to terminate | true |
Minimum | |
Leases | |
Operating lease, remaining lease term | 1 year |
Finance lease, remaining lease term | 1 year |
Operating lease, terminate term | 1 year |
Finance lease, terminate term | 1 year |
Maximum | |
Leases | |
Operating lease, remaining lease term | 38 years |
Finance lease, remaining lease term | 38 years |
Option to extend period - Operating | 10 years |
Option to extend period - Finance | 10 years |
Operating lease, terminate term | 10 years |
Finance lease, terminate term | 10 years |
Leases - Components of lease ex
Leases - Components of lease expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance lease cost | |||
Depreciation of leased assets | $ 32 | $ 35 | $ 35 |
Interest on lease liabilities | 5 | 6 | 6 |
Total finance lease cost | 37 | 41 | 41 |
Operating lease cost | 89 | 89 | 93 |
Sublease income | (3) | (4) | (2) |
Total lease cost | $ 123 | $ 126 | $ 132 |
Leases - Weighted average lease
Leases - Weighted average lease term and discount rate (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | |||
Weighted-average remaining lease term - finance leases (years) | 24 years 4 months 24 days | 27 years 8 months 12 days | 28 years 3 months 18 days |
Weighted-average remaining lease term - operating leases (years) | 8 years 2 months 12 days | 8 years 4 months 24 days | 9 years 2 months 12 days |
Weighted-average discount rate - finance leases | 4.50% | 4.70% | 4.60% |
Weighted-average discount rate - operating leases | 5.30% | 5.20% | 5.20% |
Leases - Supplemental balance s
Leases - Supplemental balance sheet information related to leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease right-of-use assets | $ 344 | $ 403 |
Operating lease right-of-use assets location | Other assets | Other assets |
Current operating lease liabilities | $ 53 | $ 54 |
Current operating lease liabilities location | Other current liabilities | Other current liabilities |
Operating lease liabilities | $ 349 | $ 405 |
Operating lease liabilities location | Other liabilities | Other liabilities |
Total operating lease liabilities | $ 402 | $ 459 |
Property and equipment, at cost | 4,481 | 4,027 |
Accumulated depreciation | (2,226) | (2,017) |
Property and equipment, net | 2,255 | 2,010 |
Current finance lease liabilities | $ 7 | $ 5 |
Current finance lease liabilities location | Other current liabilities | Other current liabilities |
Finance lease noncurrent liabilities | $ 117 | $ 111 |
Finance lease liabilities location | Other liabilities | Other liabilities |
Total finance lease liabilities | $ 124 | $ 116 |
Finance Leases | ||
Leases | ||
Property and equipment, at cost | 491 | 477 |
Accumulated depreciation | (181) | (150) |
Property and equipment, net | $ 310 | $ 327 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information related to leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating lease | $ 86 | $ 89 |
Financing cash flows for finance leases | 7 | 5 |
Right-of-use assets obtained in exchange for lease obligations- operating leases | $ 17 | $ 11 |
Leases - Finance leases and Ope
Leases - Finance leases and Operating leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finance leases | ||
2023 | $ 13 | |
2024 | 12 | |
2025 | 9 | |
2026 | 9 | |
2027 | 9 | |
Thereafter | 134 | |
Total lease payments | 186 | |
Less: imputed interest | 62 | |
Total finance lease liabilities | 124 | $ 116 |
Operating leases | ||
2023 | 73 | |
2024 | 66 | |
2025 | 65 | |
2026 | 62 | |
2027 | 56 | |
Thereafter | 169 | |
Total lease payments | 491 | |
Less: implied interest | 89 | |
Total operating lease liabilities | $ 402 | $ 459 |
Liberty Media Acquisition Cor_3
Liberty Media Acquisition Corporation (Details) | 12 Months Ended | ||
Jan. 26, 2021 USD ($) $ / shares $ / item shares | Nov. 30, 2020 USD ($) shares | Dec. 31, 2021 USD ($) | |
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 | 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 | Warrant | Private Placement | Liberty Media Acquisition Corporation | |||
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 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 ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 26, 2021 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Redeemable noncontrolling interests, beginning balance | $ 575 | ||
Initial recognition of redeemable noncontrolling interests | $ 524 | ||
Net earnings (loss) attributable to the noncontrolling interests | 17 | (3) | |
Change in redemption value of redeemable noncontrolling interests | (13) | 54 | |
Redemption of noncontrolling interests | $ (579) | ||
Redeemable noncontrolling interests, ending balance | $ 575 | ||
Warrant liability | $ 20 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit) | |||
Federal | $ (77) | $ (26) | $ 13 |
State and local | (50) | (51) | (62) |
Foreign | (24) | (9) | (2) |
Current Income Tax Expense (Benefit) | (151) | (86) | (51) |
Federal | (299) | (130) | 12 |
State and local | (44) | 84 | (1) |
Foreign | 330 | 87 | 84 |
Deferred Income Tax Expense (Benefit), Total | (13) | 41 | 95 |
Income tax benefit (expense) | (164) | (45) | 44 |
Earnings (loss) from continuing operations before income taxes | 2,193 | 789 | (1,435) |
Domestic | |||
Income Tax Expense (Benefit) | |||
Earnings (loss) from continuing operations before income taxes | 1,852 | 666 | (969) |
Foreign | |||
Income Tax Expense (Benefit) | |||
Earnings (loss) from continuing operations before income taxes | $ 341 | $ 123 | $ (466) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate, Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective income tax rate reconciliation | |||
Computed expected tax benefit (expense) | $ (461) | $ (166) | $ 301 |
State and local income taxes, net of federal income taxes | (76) | (58) | (42) |
Foreign income taxes, net of foreign tax credit | 27 | 34 | 20 |
Income tax reserves | 12 | 140 | (19) |
Taxable dividends, net of dividends received deductions | (7) | (11) | (12) |
Federal tax credits | 25 | 55 | 24 |
Change in valuation allowance affecting tax expense | 303 | (135) | (69) |
Change in tax rate | 6 | 146 | 30 |
Deductible stock-based compensation | 26 | 36 | 14 |
Non-deductible executive compensation | (21) | (17) | (17) |
Non-taxable gain / non-deductible (loss) | 11 | (76) | |
Impairment of nondeductible goodwill | (194) | ||
Other, net | (9) | 7 | 8 |
Income tax (expense) benefit | $ (164) | $ (45) | $ 44 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Income Taxes - Tax Effects And
Income Taxes - Tax Effects And Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 03, 2021 | |
Deferred income assets and liabilities | ||||
Tax loss and credit carryforwards | $ 1,170 | $ 1,475 | ||
Accrued stock compensation | 81 | 84 | ||
Other accrued liabilities | 256 | 232 | ||
Deferred revenue | 34 | 41 | ||
Discount on debt | 207 | |||
Investments | 139 | 83 | ||
Other future deductible amounts | 16 | 19 | ||
Deferred tax assets | 1,696 | 2,141 | ||
Valuation allowance | (116) | (424) | ||
Net deferred tax assets | 1,580 | 1,717 | ||
Fixed assets | 371 | 478 | ||
Intangible assets | 2,696 | 2,767 | ||
Discount on debt | 29 | |||
Deferred tax liabilities | 3,096 | 3,245 | ||
Net deferred tax liabilities | 1,516 | 1,528 | ||
Valuation allowance decrease that affected tax expense | 303 | |||
Valuation allowance decrease that affected equity | 5 | |||
Tax losses and tax credit carryforwards that expire | 89 | |||
Income tax uncertainties | ||||
Unrecognized Tax Benefits, Beginning Balance | 179 | 432 | $ 405 | |
Decrease for tax positions of prior years | (17) | (2) | (7) | |
Increase (decrease) in tax positions for current year | 31 | 20 | ||
Increase (decrease) in tax positions for current year | (10) | |||
Increase in tax positions from prior years | 5 | 9 | 14 | |
Settlements with taxing authorities | (250) | |||
Unrecognized Tax Benefits, Ending Balance | 198 | $ 179 | $ 432 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 198 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 2 | |||
Sirius XM Holdings | ||||
Deferred income assets and liabilities | ||||
Ownership percentage | 82% | |||
Domestic | ||||
Deferred income assets and liabilities | ||||
Deferred tax assets, operating loss carryforwards | $ 4 | |||
Interest expense carryforwards | 76 | |||
Tax credit carryforwards | 72 | |||
State | ||||
Deferred income assets and liabilities | ||||
Deferred tax assets, operating loss carryforwards | 205 | |||
Tax credit carryforwards | 101 | |||
Foreign | ||||
Deferred income assets and liabilities | ||||
Deferred tax assets, operating loss carryforwards | 322 | |||
Interest expense carryforwards | $ 301 | |||
Minimum | Sirius XM Holdings | ||||
Deferred income assets and liabilities | ||||
Ownership percentage | 80% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jan. 25, 2023 $ / shares | Dec. 31, 2022 USD ($) Vote / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Preferred stock, shares issued | 0 | 0 | ||
Common Class A | ||||
Votes per share | Vote / shares | 1 | |||
Number of shares received in exchange for a share of Series B | 1 | |||
Common Class A | Formula One Group | ||||
Stock repurchased during period (Shares) | 700,000 | 1,200,000 | 0 | |
Stock repurchased during period | $ | $ 37 | $ 55 | ||
Common Class A | Braves Group | ||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | |
Common Class A | Liberty SiriusXM Group | ||||
Stock repurchased during period (Shares) | 3,500,000 | 3,100,000 | 4,000,000 | |
Stock repurchased during period | $ | $ 161 | $ 141 | $ 174 | |
Common Class B | ||||
Votes per share | Vote / shares | 10 | |||
Series C | ||||
Votes per share | Vote / shares | 0 | |||
Series C | Formula One Group | ||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | |
Series C | Braves Group | ||||
Stock repurchased during period (Shares) | 0 | 0 | 0 | |
Series C | Liberty SiriusXM Group | ||||
Stock repurchased during period (Shares) | 4,500,000 | 7,700,000 | 3,800,000 | |
Stock repurchased during period | $ | $ 197 | $ 359 | $ 144 | |
Sirius XM Holdings | ||||
Payments of Dividends | $ | 1,339 | 268 | 237 | |
Dividend paid to parent company | $ | $ 1,090 | $ 210 | $ 173 | |
Sirius XM Holdings | Subsequent Event | ||||
Common stock, dividends declared | $ / shares | $ 0.0242 |
Related Party Transactions wi_2
Related Party Transactions with Officers and Directors (Details) | 1 Months Ended | 12 Months Ended | |||||
Jan. 01, 2020 | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2019 USD ($) tranche $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 | Dec. 31, 2020 USD ($) | Jul. 28, 2021 | |
Chief Executive Officer | |||||||
Allocation percentage | 49% | 41% | 44% | ||||
Relative market capitalization percentage | 50% | ||||||
Blended average of historical time allocation on a Liberty Media-wide and CEO basis weighted average | 50% | ||||||
Employment agreement term | 5 years | ||||||
Annual base salary | $ 3,000,000 | ||||||
One-time cash commitment bonus | $ 5,000,000 | ||||||
Annual target cash performance bonus | $ 17,000,000 | ||||||
Upfront awards | $ 90,000,000 | ||||||
Number Of equal tranches | tranche | 2 | ||||||
Grant date fair value | $ 19,107,000 | $ 19,800,000 | |||||
Annual equity awards | $ 17,500,000 | ||||||
Exchange agreement with chairman | John C. Malone | |||||||
Target Voting Power Maximum | 49% | ||||||
Target Voting Power additional percentage | 0.50% | ||||||
Share exchanges | shares | 0 | ||||||
Target voting power plus percentage | Exchange agreement with chairman | John C. Malone | |||||||
Target Voting Power Maximum | 0.50% | ||||||
Target voting power less percentage | Exchange agreement with chairman | John C. Malone | |||||||
Target Voting Power additional percentage | 0.50% | ||||||
Liberty Sirius Xm Group Common Class C | Chief Executive Officer | |||||||
Options granted | shares | 665,140 | 927,334 | |||||
Weighted average GDFV | $ / shares | $ 42.13 | $ 47.11 | |||||
Liberty Braves Group Common Class C | Chief Executive Officer | |||||||
Options granted | shares | 352,224 | 313,342 | |||||
Weighted average GDFV | $ / shares | $ 26.36 | $ 29.10 | |||||
Liberty Formula One Group Common Class C | Chief Executive Officer | |||||||
Options granted | shares | 544,508 | 588,954 | |||||
Weighted average GDFV | $ / shares | $ 43.01 | $ 43.85 | |||||
Common Class B | Liberty SiriusXM Group | Exchange agreement with chairman | John C. Malone | |||||||
Stock exchange ratio | 1 | ||||||
Common Class B | Braves Group | Exchange agreement with chairman | John C. Malone | |||||||
Stock exchange ratio | 1 | ||||||
Common Class B | Formula One Group | Exchange agreement with chairman | John C. Malone | |||||||
Stock exchange ratio | 1 |
Related Party Transactions wi_3
Related Party Transactions with Officers and Directors - Chairman's Employment Agreement (Details) - Chairman - USD ($) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2008 | Dec. 31, 2009 | |
Deferred compensation installments | 240 months | |
8% Plan [Member] | ||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 8% | 8% |
Deferred Compensation Liability, Current and Noncurrent | $ 2,400,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $ 20,000 | |
13% plan [Member] | ||
Accrued Interest Rate per Annum compounded annually from applicable date of deferral | 13% | 13% |
Deferred Compensation Liability, Current and Noncurrent | $ 20,000,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $ 237,000 | |
Salary Continuation Plan [Member] | ||
Deferred Compensation Liability, Current and Noncurrent | $ 39,000,000 | |
Deferred Compensation Arrangement with Individual, Distributions Paid | $ 164,000 |
Stock-Based Compensation - Gran
Stock-Based Compensation - Grants of stock options (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 item $ / shares shares | |
2017 Plan | |||
Stock-Based Compensation | |||
Dividend rate | 0% | 0% | 0% |
2022 Omnibus Incentive Plan | |||
Stock-Based Compensation | |||
Shares authorized | 20,000 | ||
Minimum | 2017 Plan | |||
Stock-Based Compensation | |||
Expected term | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 3 months 18 days |
Minimum | 2022 Omnibus Incentive Plan | |||
Stock-Based Compensation | |||
Vesting period | 1 year | ||
Term of option | 7 years | ||
Maximum | 2017 Plan | |||
Stock-Based Compensation | |||
Expected term | 5 years 7 months 6 days | 5 years 7 months 6 days | 5 years 7 months 6 days |
Maximum | 2022 Omnibus Incentive Plan | |||
Stock-Based Compensation | |||
Vesting period | 5 years | ||
Term of option | 10 years | ||
Employee Stock Option | Liberty Director | Series C | |||
Stock-Based Compensation | |||
Vesting period | 1 year | ||
Employee Stock Option | 2017 Plan | |||
Stock-Based Compensation | |||
Expected volatility rate, minimum | 25.50% | 30.90% | 21.80% |
Expected volatility rate, maximum | 37.40% | 37.40% | 37.20% |
Employee Stock Option | Minimum | Liberty employees | Series C | |||
Stock-Based Compensation | |||
Vesting period | 2 years | ||
Employee Stock Option | Maximum | Liberty employees | Series C | |||
Stock-Based Compensation | |||
Vesting period | 4 years | ||
Performance based RSUs | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
Vesting period | 1 year | ||
Time-based RSUs | Chief Executive Officer | |||
Stock-Based Compensation | |||
Percentage of base salary of three quarters | 50% | ||
Number of quarters of fifty percent base salary | item | 3 | ||
Percentage of base salary agreed to be waived | 50% | ||
Liberty SiriusXM Group | Series C | |||
Stock-Based Compensation | |||
Options granted | 254 | ||
Liberty SiriusXM Group | Employee Stock Option | Liberty employees and directors | Series C | |||
Stock-Based Compensation | |||
Options granted | 42 | 66 | 372 |
Weighted average GDFV | $ / shares | $ 13.31 | $ 14.54 | $ 12.12 |
Liberty SiriusXM Group | Employee Stock Option | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
Options granted | 212 | 257 | 1,053 |
Weighted average GDFV | $ / shares | $ 14.45 | $ 13.73 | $ 11.03 |
Liberty SiriusXM Group | Time-based RSUs | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
RSUs granted | 9 | ||
Restricted stock weighted average grant-date fair value | $ / shares | $ 33.11 | ||
Formula One Group | Series C | |||
Stock-Based Compensation | |||
Options granted | 301 | ||
Formula One Group | Employee Stock Option | Liberty employees and directors | Series C | |||
Stock-Based Compensation | |||
Options granted | 34 | 55 | 305 |
Weighted average GDFV | $ / shares | $ 23.94 | $ 18.79 | $ 14.29 |
Formula One Group | Employee Stock Option | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
Options granted | 181 | 791 | |
Weighted average GDFV | $ / shares | $ 21.31 | $ 12.42 | |
Formula One Group | Employee Stock Option | Formula 1 employees | Series C | |||
Stock-Based Compensation | |||
Vesting period | 1 year | 1 year | 1 year |
Options granted | 86 | 718 | 1,435 |
Weighted average GDFV | $ / shares | $ 21.31 | $ 15.96 | $ 7.55 |
Formula One Group | Performance based RSUs | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
RSUs granted | 65 | ||
Restricted stock weighted average grant-date fair value | $ / shares | $ 45.88 | ||
Formula One Group | Time-based RSUs | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
RSUs granted | 7 | ||
Restricted stock weighted average grant-date fair value | $ / shares | $ 24.68 | ||
Braves Group | Series C | |||
Stock-Based Compensation | |||
Options granted | 105 | ||
Braves Group | Employee Stock Option | Liberty employees and directors | Series C | |||
Stock-Based Compensation | |||
Options granted | 10 | 23 | 146 |
Weighted average GDFV | $ / shares | $ 12.40 | $ 9.93 | $ 7.79 |
Braves Group | Employee Stock Option | Braves employees | Series C | |||
Stock-Based Compensation | |||
Options granted | 1,585 | ||
Weighted average GDFV | $ / shares | $ 8.52 | ||
Braves Group | Employee Stock Option | Braves employees | Series C | Vested in December 2022 | |||
Stock-Based Compensation | |||
Vesting percentage | 50% | ||
Braves Group | Employee Stock Option | Braves employees | Series C | Vested in December 2023 | |||
Stock-Based Compensation | |||
Vesting percentage | 50% | ||
Braves Group | Employee Stock Option | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
Options granted | 95 | 489 | |
Weighted average GDFV | $ / shares | $ 9.16 | $ 7.26 | |
Braves Group | Performance based RSUs | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
RSUs granted | 31 | ||
Restricted stock weighted average grant-date fair value | $ / shares | $ 31.24 | ||
Braves Group | Time-based RSUs | Chief Executive Officer | Series C | |||
Stock-Based Compensation | |||
RSUs granted | 3 | ||
Restricted stock weighted average grant-date fair value | $ / shares | $ 18.17 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional disclosures | |||
Total unrecognized compensation cost related to unvested equity awards | $ 31 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 4 months 24 days | ||
Options, exercises in period, total intrinsic value | $ 84 | $ 144 | $ 8 |
Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, vested in period, fair value | $ 16 | $ 13 | $ 45 |
Liberty SiriusXM Group | |||
Additional disclosures | |||
Common stock reserved for issuance | 6,900 | ||
Liberty SiriusXM Group | Common Class A and B | |||
Number of options | |||
Outstanding at end of period | 0 | ||
Liberty SiriusXM Group | Series C | |||
Number of options | |||
Outstanding at beginning of period | 7,369 | ||
Granted | 254 | ||
Exercised | (760) | ||
Forfeited/Cancelled | (1) | ||
Outstanding at end of period | 6,862 | 7,369 | |
Exercisable at end of period | 4,883 | ||
WAEP | |||
Outstanding at beginning of period | $ 38.79 | ||
Granted | 44.29 | ||
Exercised | 31.22 | ||
Forfeited/Cancelled | 31.87 | ||
Outstanding at end of period | 39.83 | $ 38.79 | |
Exercisable at end of period | $ 37.89 | ||
Additional disclosures | |||
Weighted average remaining life, outstanding | 2 years 9 months 18 days | ||
Weighted average remaining life, exercisable | 2 years 2 months 12 days | ||
Aggregate intrinsic value, outstanding | $ 14 | ||
Aggregate intrinsic value, exercisable | $ 14 | ||
Liberty SiriusXM Group | Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, nonvested, number | 73 | ||
Restricted stock weighted average grant-date fair value | $ 41.28 | ||
Formula One Group | |||
Additional disclosures | |||
Common stock reserved for issuance | 7,100 | ||
Formula One Group | Common Class A and B | |||
Number of options | |||
Outstanding at end of period | 0 | ||
Formula One Group | Series C | |||
Number of options | |||
Outstanding at beginning of period | 9,114 | ||
Granted | 301 | ||
Exercised | (2,329) | ||
Outstanding at end of period | 7,086 | 9,114 | |
Exercisable at end of period | 5,625 | ||
WAEP | |||
Outstanding at beginning of period | $ 34.38 | ||
Granted | 57.92 | ||
Exercised | 31.96 | ||
Outstanding at end of period | 36.18 | $ 34.38 | |
Exercisable at end of period | $ 34.19 | ||
Additional disclosures | |||
Weighted average remaining life, outstanding | 3 years 9 months 18 days | ||
Weighted average remaining life, exercisable | 3 years 6 months | ||
Aggregate intrinsic value, outstanding | $ 167 | ||
Aggregate intrinsic value, exercisable | $ 144 | ||
Formula One Group | Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, nonvested, number | 74 | ||
Restricted stock weighted average grant-date fair value | $ 55.34 | ||
Braves Group | |||
Additional disclosures | |||
Common stock reserved for issuance | 3,100 | ||
Braves Group | Common Class A and B | |||
Number of options | |||
Outstanding at end of period | 0 | ||
Braves Group | Series C | |||
Number of options | |||
Outstanding at beginning of period | 3,125 | ||
Granted | 105 | ||
Exercised | (122) | ||
Outstanding at end of period | 3,108 | 3,125 | |
Exercisable at end of period | 1,493 | ||
WAEP | |||
Outstanding at beginning of period | $ 25.86 | ||
Granted | 26.20 | ||
Exercised | 18.12 | ||
Outstanding at end of period | 26.17 | $ 25.86 | |
Exercisable at end of period | $ 24.92 | ||
Additional disclosures | |||
Weighted average remaining life, outstanding | 4 years 4 months 24 days | ||
Weighted average remaining life, exercisable | 3 years 10 months 24 days | ||
Aggregate intrinsic value, outstanding | $ 19 | ||
Aggregate intrinsic value, exercisable | $ 11 | ||
Braves Group | Restricted Stock and Restricted Stock Units | |||
Additional disclosures | |||
Equity instruments other than options, nonvested, number | 178 | ||
Restricted stock weighted average grant-date fair value | $ 31.55 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-Based Compensation | |||
Stock-based compensation expense | $ 237,000 | $ 256,000 | $ 261,000 |
Total unrecognized compensation cost related to unvested equity awards | $ 31,000 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 4 months 24 days | ||
Sirius XM Holdings | |||
Stock-Based Compensation | |||
Stock-based compensation expense | $ 197,000 | $ 202,000 | $ 223,000 |
Sirius XM Holdings | Employee Stock Option | |||
Stock-Based Compensation | |||
Term of option | 10 years | ||
Weighted average volatility rate | 31% | 33% | 28% |
Granted | 11 | ||
Granted, WAEP | $ 6.46 | ||
Weighted average GDFV | $ 1.48 | ||
Outstanding options | 134 | ||
Exercisable options | 78 | ||
Outstanding WAEP | $ 5.55 | ||
Exercisable WAEP | $ 5.18 | ||
Aggregate intrinsic value, outstanding | $ 69,000 | ||
Aggregate intrinsic value, exercisable | 69,000 | ||
Total unrecognized compensation cost related to unvested equity awards | $ 472,000 | ||
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 6 months | ||
Sirius XM Holdings | Employee Stock Option | Minimum | |||
Stock-Based Compensation | |||
Vesting period | 3 years | ||
Sirius XM Holdings | Employee Stock Option | Maximum | |||
Stock-Based Compensation | |||
Vesting period | 4 years | ||
Sirius XM Holdings | Restricted Stock | |||
Stock-Based Compensation | |||
RSUs granted | 46 | ||
RSUs GDFV | $ 6.55 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer cash contributions | $ 32 | $ 35 | $ 30 |
Other Comprehensive Earnings _3
Other Comprehensive Earnings (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | $ 18,262 | $ 19,601 | $ 21,925 |
Balance | 19,126 | 18,262 | 19,601 |
Unrealized holding gains (losses) arising during period | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (20) | (19) | (12) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | 18 | (1) | (7) |
Balance | (2) | (20) | (19) |
Foreign currency translation adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (11) | (7) | (17) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | (65) | (4) | 10 |
Balance | (76) | (11) | (7) |
Accumulated other comprehensive income, other [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | 26 | 104 | (4) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | 13 | (78) | 108 |
Balance | 39 | 26 | 104 |
Accumulated Other Comprehensive Earnings | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (5) | 78 | (33) |
Other comprehensive earnings (loss) attributable to Liberty stockholders | (34) | (83) | 111 |
Balance | $ (39) | $ (5) | $ 78 |
Other Comprehensive Earnings _4
Other Comprehensive Earnings (Loss) - Tax Effects of Components of OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), before Tax | $ (50) | $ (106) | $ 144 |
Other Comprehensive Income (Loss), Tax | 11 | 23 | (31) |
Other Comprehensive earnings (Loss) | (39) | (83) | 113 |
Unrealized holding gains (losses) arising during period | |||
Other Comprehensive Income (Loss), before Tax | 23 | (1) | (9) |
Other Comprehensive Income (Loss), Tax | (5) | 2 | |
Other Comprehensive earnings (Loss) | 18 | (1) | (7) |
Credit risk on fair value debt instruments gains (losses) | |||
Other Comprehensive Income (Loss), before Tax | 28 | (106) | 149 |
Other Comprehensive Income (Loss), Tax | (6) | 23 | (32) |
Other Comprehensive earnings (Loss) | 22 | (83) | 117 |
Foreign currency translation adjustments | |||
Other Comprehensive Income (Loss), before Tax | (69) | 4 | 4 |
Other Comprehensive Income (Loss), Tax | 15 | (1) | (1) |
Other Comprehensive earnings (Loss) | (54) | 3 | $ 3 |
Recognition of previously unrealized (gains) losses on debt | |||
Other Comprehensive Income (Loss), before Tax | (32) | (3) | |
Other Comprehensive Income (Loss), Tax | 7 | 1 | |
Other Comprehensive earnings (Loss) | $ (25) | $ (2) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) 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 | 161 | 60 | |
Number of full scheduled Atlanta Braves games | item | 162 | ||
Number of scheduled Formula 1 Events | item | 23 | ||
Number of Formula One events | item | 22 | 22 | 17 |
Impairment, restructuring and Acquisition costs, net of recoveries | |||
Commitments and Contingencies | |||
Insurance Recoveries | $ 220 | ||
Other | |||
Commitments and Contingencies | |||
Insurance Recoveries | 5 | ||
Braves Holdings | |||
Commitments and Contingencies | |||
Compensation guarantee aggregate total | $ 868 | ||
Amounts payable under guarantee in 2023 | 184 | ||
Amounts payable under guarantee in 2024 | 132 | ||
Amounts payable under guarantee in 2025 | 115 | ||
Amounts payable under guarantee in 2026 | 114 | ||
Amounts payable under guarantee in 2027 | 90 | ||
Amounts payable under guarantee thereafter | 233 | ||
Sirius XM Holdings | |||
Commitments and Contingencies | |||
Estimate of amounts payable for programming and music royalties in 2023 | 738 | ||
Estimate of amounts payable for programming and music royalties in 2024 | 525 | ||
Estimate of amounts payable for programming and music royalties in 2025 | 274 | ||
Estimate of amounts payable for programming and music royalties in 2026 | 163 | ||
Estimate of amounts payable for programming and music royalties in 2027 | 62 | ||
Sirius XM other contractual arrangements amounts payable in 2023 | 354 | ||
Sirius XM other contractual arrangements amounts payable in 2024 | 312 | ||
Sirius XM other contractual arrangements amounts payable in 2025 | 194 | ||
Sirius XM other contractual arrangements amounts payable in 2026 | 80 | ||
Sirius XM other contractual arrangements amounts payable in 2027 | 10 | ||
Impairment charge | 5 | ||
Severance Costs | 6 | ||
Sirius XM Holdings | SXM-7 Satellite | |||
Commitments and Contingencies | |||
Impairment charge | 220 | ||
Insurance policy coverage | 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 | $ 225 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 item | Dec. 31, 2021 USD ($) | |
Information About Liberty's Operating Segments | ||
Number of satellite systems | 2 | |
Liberty SiriusXM Group | ||
Information About Liberty's Operating Segments | ||
Payments to settle obligations under the call spread | $ | $ 384 | |
Formula 1 | ||
Information About Liberty's Operating Segments | ||
Duration of World Championship | 9 months | |
Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Number of complementary audio entertainment business | 2 |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Information About Liberty's Operating Segments | |||
Revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Adjusted OIBDA | 3,419 | 3,325 | 2,509 |
Liberty SiriusXM Group | |||
Information About Liberty's Operating Segments | |||
Revenue | 9,003 | 8,696 | 8,040 |
Adjusted OIBDA | 2,807 | 2,755 | 2,544 |
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | |||
Information About Liberty's Operating Segments | |||
Revenue | 9,003 | 8,696 | 8,040 |
Adjusted OIBDA | 2,833 | 2,770 | 2,575 |
Liberty SiriusXM Group | Corporate and other | |||
Information About Liberty's Operating Segments | |||
Adjusted OIBDA | (26) | (15) | (31) |
Braves Group | |||
Information About Liberty's Operating Segments | |||
Revenue | 588 | 568 | 178 |
Adjusted OIBDA | 61 | 104 | (53) |
Braves Group | Corporate and other | |||
Information About Liberty's Operating Segments | |||
Revenue | 588 | 568 | 178 |
Adjusted OIBDA | 61 | 104 | (53) |
Formula One Group | |||
Information About Liberty's Operating Segments | |||
Revenue | 2,573 | 2,136 | 1,145 |
Adjusted OIBDA | 551 | 466 | 18 |
Formula One Group | Operating Segments | Formula 1 | |||
Information About Liberty's Operating Segments | |||
Revenue | 2,573 | 2,136 | 1,145 |
Adjusted OIBDA | 593 | 495 | 56 |
Formula One Group | Corporate and other | |||
Information About Liberty's Operating Segments | |||
Adjusted OIBDA | (42) | (29) | (38) |
Other. | |||
Information About Liberty's Operating Segments | |||
Revenue | 588 | 568 | 178 |
Other. | Braves Group | |||
Information About Liberty's Operating Segments | |||
Revenue | $ 588 | $ 568 | $ 178 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 42,464 | $ 44,351 | |
Investments in affiliates | 952 | 945 | |
Capital expenditures | 735 | 440 | $ 452 |
Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (508) | (623) | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (508) | (623) | |
Liberty SiriusXM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 30,479 | 31,674 | |
Investments in affiliates | 823 | 805 | |
Capital expenditures | 426 | 388 | 350 |
Liberty SiriusXM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 978 | 1,862 | |
Investments in affiliates | 158 | 89 | |
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 29,501 | 29,812 | |
Investments in affiliates | 665 | 716 | |
Capital expenditures | 426 | 388 | |
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,477 | 1,636 | |
Investments in affiliates | 95 | 110 | |
Capital expenditures | 18 | 35 | 81 |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,477 | 1,636 | |
Investments in affiliates | 95 | 110 | |
Capital expenditures | 18 | 35 | |
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 11,016 | 11,664 | |
Investments in affiliates | 34 | 30 | |
Capital expenditures | 291 | 17 | $ 21 |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,036 | 2,845 | |
Investments in affiliates | 34 | 30 | |
Capital expenditures | 253 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 8,980 | 8,819 | |
Capital expenditures | $ 38 | $ 17 |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Information About Liberty's Operating Segments | |||
Adjusted OIBDA | $ 3,419 | $ 3,325 | $ 2,509 |
Litigation settlements and reserves | 16 | ||
Stock-based compensation | (237) | (256) | (261) |
Impairment, restructuring and acquisition costs, net of recoveries | (74) | (20) | (1,004) |
Depreciation and amortization | (1,044) | (1,072) | (1,083) |
Operating income (loss) | 2,064 | 1,977 | 177 |
Interest expense | (689) | (642) | (634) |
Share of earnings (losses) of affiliates, net | 99 | (200) | (586) |
Realized and unrealized gains (losses) on financial instruments, net | 599 | (451) | (402) |
Gains (losses) on dilution of investment in affiliate | 10 | 152 | 4 |
Other, net | 110 | (47) | 6 |
Earnings (loss) before income taxes | $ 2,193 | $ 789 | $ (1,435) |
Information About Liberty's O_7
Information About Liberty's Operating Segments - Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Long-Lived Assets | 2,255 | 2,010 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 9,480 | 9,163 | 8,121 |
Long-Lived Assets | 2,208 | 1,984 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 2,573 | 2,136 | 1,145 |
Long-Lived Assets | 47 | 26 | |
Other Countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 111 | $ 101 | $ 97 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 2,246 | $ 2,814 | $ 2,831 |
Trade and other receivables, net | 837 | 828 | |
Other current assets | 768 | 1,170 | |
Total current assets | 3,851 | 4,812 | |
Investments in affiliates, accounted for using the equity method | 952 | 945 | |
Property and equipment, at cost | 4,481 | 4,027 | |
Accumulated depreciation | (2,226) | (2,017) | |
Property and equipment, net | 2,255 | 2,010 | |
Goodwill | 19,341 | 19,248 | $ 19,218 |
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 | 4,288 | 4,797 | |
Other assets | 1,811 | 2,554 | |
Total assets | 42,464 | 44,351 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 1,856 | 1,832 | |
Current portion of debt | 1,679 | 2,891 | |
Deferred revenue | 1,773 | 1,790 | |
Other current liabilities | 102 | 97 | |
Total current liabilities | 5,410 | 6,610 | |
Long-term debt | 14,953 | 15,699 | |
Deferred income tax liabilities | 2,101 | 2,218 | |
Other liabilities | 874 | 987 | |
Total liabilities | 23,338 | 25,514 | |
Redeemable noncontrolling interests in equity of subsidiary | 575 | ||
Stockholders' equity | |||
Total stockholders' equity | 15,963 | 14,672 | |
Noncontrolling interests in equity of subsidiaries | 3,163 | 3,590 | |
Total liabilities and equity | 42,464 | 44,351 | |
Consolidation Eliminations | |||
Current assets: | |||
Intergroup interests | (501) | (570) | |
Other assets | (7) | (53) | |
Total assets | (508) | (623) | |
Current liabilities: | |||
Deferred income tax liabilities | (7) | (53) | |
Redeemable intergroup interests | (501) | (570) | |
Total liabilities | (508) | (623) | |
Stockholders' equity | |||
Total liabilities and equity | (508) | (623) | |
Liberty SiriusXM Group | |||
Current assets: | |||
Cash and cash equivalents | 362 | 598 | |
Trade and other receivables, net | 669 | 722 | |
Other current assets | 523 | 793 | |
Total current assets | 1,554 | 2,113 | |
Intergroup interests | 282 | 379 | |
Investments in affiliates, accounted for using the equity method | 823 | 805 | |
Property and equipment, at cost | 2,957 | 2,811 | |
Accumulated depreciation | (1,840) | (1,697) | |
Property and equipment, net | 1,117 | 1,114 | |
Goodwill | 15,209 | 15,111 | |
FCC licenses | 8,600 | 8,600 | |
Other | 1,242 | 1,242 | |
Intangible assets not subject to amortization | 25,051 | 24,953 | |
Intangible assets subject to amortization, net | 1,101 | 1,269 | |
Other assets | 551 | 1,041 | |
Total assets | 30,479 | 31,674 | |
Current liabilities: | |||
Intergroup payable (receivable) | 7 | 14 | |
Accounts payable and accrued liabilities | 1,405 | 1,458 | |
Current portion of debt | 1,543 | 2,184 | |
Deferred revenue | 1,321 | 1,454 | |
Other current liabilities | 68 | 68 | |
Total current liabilities | 4,344 | 5,178 | |
Long-term debt | 11,600 | 12,078 | |
Deferred income tax liabilities | 2,054 | 2,206 | |
Other liabilities | 584 | 611 | |
Total liabilities | 18,582 | 20,073 | |
Stockholders' equity | |||
Total stockholders' equity | 8,759 | 8,036 | |
Noncontrolling interests in equity of subsidiaries | 3,138 | 3,565 | |
Total liabilities and equity | 30,479 | 31,674 | |
Braves Group | |||
Current assets: | |||
Cash and cash equivalents | 151 | 142 | |
Trade and other receivables, net | 45 | 40 | |
Other current assets | 78 | 148 | |
Total current assets | 274 | 330 | |
Investments in affiliates, accounted for using the equity method | 95 | 110 | |
Property and equipment, at cost | 1,008 | 1,008 | |
Accumulated depreciation | (278) | (231) | |
Property and equipment, net | 730 | 777 | |
Goodwill | 176 | 180 | |
Other | 124 | 143 | |
Intangible assets not subject to amortization | 300 | 323 | |
Intangible assets subject to amortization, net | 24 | 21 | |
Other assets | 54 | 75 | |
Total assets | 1,477 | 1,636 | |
Current liabilities: | |||
Intergroup payable (receivable) | (7) | (31) | |
Accounts payable and accrued liabilities | 55 | 66 | |
Current portion of debt | 75 | 12 | |
Deferred revenue | 105 | 83 | |
Other current liabilities | 5 | 6 | |
Total current liabilities | 233 | 136 | |
Long-term debt | 467 | 685 | |
Deferred income tax liabilities | 54 | 65 | |
Redeemable intergroup interests | 278 | 257 | |
Other liabilities | 151 | 197 | |
Total liabilities | 1,183 | 1,340 | |
Stockholders' equity | |||
Total stockholders' equity | 294 | 296 | |
Total liabilities and equity | 1,477 | 1,636 | |
Formula One Group | |||
Current assets: | |||
Cash and cash equivalents | 1,733 | 2,074 | |
Trade and other receivables, net | 123 | 66 | |
Other current assets | 167 | 229 | |
Total current assets | 2,023 | 2,369 | |
Intergroup interests | 219 | 191 | |
Investments in affiliates, accounted for using the equity method | 34 | 30 | |
Property and equipment, at cost | 516 | 208 | |
Accumulated depreciation | (108) | (89) | |
Property and equipment, net | 408 | 119 | |
Goodwill | 3,956 | 3,957 | |
Intangible assets not subject to amortization | 3,956 | 3,957 | |
Intangible assets subject to amortization, net | 3,163 | 3,507 | |
Other assets | 1,213 | 1,491 | |
Total assets | 11,016 | 11,664 | |
Current liabilities: | |||
Intergroup payable (receivable) | 17 | ||
Accounts payable and accrued liabilities | 396 | 308 | |
Current portion of debt | 61 | 695 | |
Deferred revenue | 347 | 253 | |
Other current liabilities | 29 | 23 | |
Total current liabilities | 833 | 1,296 | |
Long-term debt | 2,886 | 2,936 | |
Redeemable intergroup interests | 223 | 313 | |
Other liabilities | 139 | 179 | |
Total liabilities | 4,081 | 4,724 | |
Redeemable noncontrolling interests in equity of subsidiary | 575 | ||
Stockholders' equity | |||
Total stockholders' equity | 6,910 | 6,340 | |
Noncontrolling interests in equity of subsidiaries | 25 | 25 | |
Total liabilities and equity | $ 11,016 | $ 11,664 |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Total revenue | $ 12,164 | $ 11,400 | $ 9,363 |
Operating costs and expenses, including stock-based compensation: | |||
Subscriber acquisition costs | 352 | 325 | 362 |
Other operating expenses | 719 | 642 | 434 |
Selling, general and administrative | 2,031 | 1,907 | 1,750 |
Impairment, restructuring and acquisition costs, net of recoveries | 74 | 20 | 1,004 |
Depreciation and amortization | 1,044 | 1,072 | 1,083 |
Total operating costs and expenses | 10,100 | 9,423 | 9,186 |
Operating income (loss) | 2,064 | 1,977 | 177 |
Other income (expense): | |||
Interest expense | (689) | (642) | (634) |
Share of earnings (losses) of affiliates, net | 99 | (200) | (586) |
Realized and unrealized gains (losses) on financial instruments, net | 599 | (451) | (402) |
Gains (losses) on dilution of investment in affiliate | 10 | 152 | 4 |
Other, net | 110 | (47) | 6 |
Total other income (expense) | 129 | (1,188) | (1,612) |
Earnings (loss) before income taxes | 2,193 | 789 | (1,435) |
Income tax benefit (expense) | (164) | (45) | 44 |
Net earnings (loss) | 2,029 | 744 | (1,391) |
Less net earnings (loss) attributable to the noncontrolling interests | 227 | 292 | 30 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (13) | 54 | |
Net earnings (loss) attributable to Liberty stockholders | 1,815 | 398 | (1,421) |
Liberty SiriusXM Group | |||
Revenue: | |||
Total revenue | 9,003 | 8,696 | 8,040 |
Operating costs and expenses, including stock-based compensation: | |||
Subscriber acquisition costs | 352 | 325 | 362 |
Other operating expenses | 285 | 265 | 264 |
Selling, general and administrative | 1,638 | 1,598 | 1,509 |
Impairment, restructuring and acquisition costs, net of recoveries | 68 | 20 | 1,004 |
Depreciation and amortization | 611 | 603 | 573 |
Total operating costs and expenses | 7,084 | 6,779 | 7,291 |
Operating income (loss) | 1,919 | 1,917 | 749 |
Other income (expense): | |||
Interest expense | (511) | (495) | (462) |
Share of earnings (losses) of affiliates, net | 67 | (253) | (484) |
Intergroup interest income (expense) | (7) | ||
Realized and unrealized gains (losses) on financial instruments, net | 471 | (433) | (521) |
Gains (losses) on dilution of investment in affiliate | 10 | 152 | 4 |
Unrealized gains/( loss) on inter-group interests | (19) | 121 | 125 |
Other, net | 32 | (60) | (17) |
Total other income (expense) | 50 | (968) | (1,362) |
Earnings (loss) before income taxes | 1,969 | 949 | (613) |
Income tax benefit (expense) | (467) | (74) | (106) |
Net earnings (loss) | 1,502 | 875 | (719) |
Less net earnings (loss) attributable to the noncontrolling interests | 210 | 276 | 28 |
Net earnings (loss) attributable to Liberty stockholders | 1,292 | 599 | (747) |
Braves Group | |||
Revenue: | |||
Total revenue | 588 | 568 | 178 |
Operating costs and expenses, including stock-based compensation: | |||
Other operating expenses | 434 | 377 | 170 |
Selling, general and administrative | 105 | 99 | 67 |
Impairment, restructuring and acquisition costs, net of recoveries | 6 | ||
Depreciation and amortization | 71 | 72 | 69 |
Total operating costs and expenses | 616 | 548 | 306 |
Operating income (loss) | (28) | 20 | (128) |
Other income (expense): | |||
Interest expense | (29) | (24) | (26) |
Share of earnings (losses) of affiliates, net | 32 | 30 | 6 |
Realized and unrealized gains (losses) on financial instruments, net | 13 | 3 | (10) |
Unrealized gains/( loss) on inter-group interests | (35) | (31) | 42 |
Other, net | 20 | (1) | |
Total other income (expense) | 1 | (23) | 12 |
Earnings (loss) before income taxes | (27) | (3) | (116) |
Income tax benefit (expense) | (8) | (8) | 38 |
Net earnings (loss) | (35) | (11) | (78) |
Net earnings (loss) attributable to Liberty stockholders | (35) | (11) | (78) |
Formula One Group | |||
Revenue: | |||
Total revenue | 2,573 | 2,136 | 1,145 |
Operating costs and expenses, including stock-based compensation: | |||
Selling, general and administrative | 288 | 210 | 174 |
Depreciation and amortization | 362 | 397 | 441 |
Total operating costs and expenses | 2,400 | 2,096 | 1,589 |
Operating income (loss) | 173 | 40 | (444) |
Other income (expense): | |||
Interest expense | (149) | (123) | (146) |
Share of earnings (losses) of affiliates, net | 23 | (108) | |
Intergroup interest income (expense) | 7 | ||
Realized and unrealized gains (losses) on financial instruments, net | 115 | (21) | 129 |
Unrealized gains/( loss) on inter-group interests | 54 | (90) | (167) |
Other, net | 58 | 14 | 23 |
Total other income (expense) | 78 | (197) | (262) |
Earnings (loss) before income taxes | 251 | (157) | (706) |
Income tax benefit (expense) | 311 | 37 | 112 |
Net earnings (loss) | 562 | (120) | (594) |
Less net earnings (loss) attributable to the noncontrolling interests | 17 | 16 | 2 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (13) | 54 | |
Net earnings (loss) attributable to Liberty stockholders | 558 | (190) | (596) |
Sirius XM Holdings Revenue | |||
Revenue: | |||
Total revenue | 9,003 | 8,696 | 8,040 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | |||
Revenue: | |||
Total revenue | 9,003 | 8,696 | 8,040 |
Revenue Share And Royalties | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 2,802 | 2,672 | 2,421 |
Revenue Share And Royalties | Liberty SiriusXM Group | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 2,802 | 2,672 | 2,421 |
Programming and content | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 604 | 559 | 481 |
Programming and content | Liberty SiriusXM Group | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 604 | 559 | 481 |
Customer service and billing | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 497 | 501 | 481 |
Customer service and billing | Liberty SiriusXM Group | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 497 | 501 | 481 |
Other cost of subscriber services | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 227 | 236 | 196 |
Other cost of subscriber services | Liberty SiriusXM Group | |||
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 227 | 236 | 196 |
Formula 1 | |||
Revenue: | |||
Total revenue | 2,573 | 2,136 | 1,145 |
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 1,750 | 1,489 | 974 |
Formula 1 | Formula One Group | |||
Revenue: | |||
Total revenue | 2,573 | 2,136 | 1,145 |
Operating costs and expenses, including stock-based compensation: | |||
Cost of services | 1,750 | 1,489 | 974 |
Other. | |||
Revenue: | |||
Total revenue | 588 | 568 | 178 |
Other. | Braves Group | |||
Revenue: | |||
Total revenue | $ 588 | $ 568 | $ 178 |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 2,029 | $ 744 | $ (1,391) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,044 | 1,072 | 1,083 |
Stock-based compensation | 237 | 256 | 261 |
Non-cash impairment and restructuring costs | 70 | 24 | 1,000 |
Share of (earnings) loss of affiliates, net | (99) | 200 | 586 |
Realized and unrealized (gains) losses on financial instruments, net | (599) | 451 | 402 |
Noncash interest expense | 26 | 16 | 17 |
Losses (gains) on dilution of investment in affiliate | (10) | (152) | (4) |
Loss (gain) on early extinguishment of debt | (35) | 80 | 40 |
Deferred income tax expense (benefit) | 13 | (41) | (95) |
Other charges (credits), net | 10 | 2 | 11 |
Changes in operating assets and liabilities | |||
Current and other assets | (17) | (104) | (34) |
Payables and other liabilities | (123) | (111) | (146) |
Net cash provided (used) by operating activities | 2,546 | 2,437 | 1,730 |
Cash flows from investing activities: | |||
Subsidiary initial public offering proceeds returned from (invested in) trust account | 579 | (575) | |
Cash proceeds from dispositions of investments | 167 | 383 | 13 |
Cash (paid) received for acquisitions, net of cash acquired | (136) | (14) | (300) |
Investments in equity method affiliates and debt and equity securities | (58) | (252) | (113) |
Return of investment in equity method affiliates | 38 | 40 | 105 |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 2 | 12 | 20 |
Capital expended for property and equipment, including internal-use software and website development | (735) | (440) | (452) |
Proceeds from insurance recoveries | 225 | ||
Other investing activities, net | 97 | (68) | (9) |
Net cash provided (used) by investing activities | (46) | (689) | (736) |
Cash flows from financing activities: | |||
Borrowings of debt | 6,189 | 6,411 | 4,898 |
Repayments of debt | (7,426) | (6,287) | (2,931) |
Repayment of initial public offering proceeds to subsidiary shareholders | (579) | ||
Liberty stock repurchases | (395) | (555) | (318) |
Subsidiary shares repurchased by subsidiary | (647) | (1,523) | (1,555) |
Proceeds from initial public offering of subsidiary | 575 | ||
Proceeds from Liberty SiriusXM common stock rights offering | 754 | ||
Cash dividends paid by subsidiary | (249) | (58) | (64) |
Taxes paid in lieu of shares issued for stock-based compensation | (123) | (154) | (120) |
Other financing activities, net | 82 | (107) | (90) |
Net cash provided (used) by financing activities | (3,148) | (1,698) | 574 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3) | 3 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (648) | 47 | 1,571 |
Cash, cash equivalents and restricted cash at beginning of period | 2,924 | 2,877 | 1,306 |
Cash, cash equivalents and restricted cash at end of period | 2,276 | 2,924 | 2,877 |
Liberty SiriusXM Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | 1,502 | 875 | (719) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 611 | 603 | 573 |
Stock-based compensation | 209 | 215 | 234 |
Non-cash impairment and restructuring costs | 65 | 24 | 1,000 |
Share of (earnings) loss of affiliates, net | (67) | 253 | 484 |
Unrealized (gains) losses on intergroup interests, net | 19 | (121) | (125) |
Realized and unrealized (gains) losses on financial instruments, net | (471) | 433 | 521 |
Noncash interest expense | 19 | 15 | 12 |
Losses (gains) on dilution of investment in affiliate | (10) | (152) | (4) |
Loss (gain) on early extinguishment of debt | (21) | 83 | 40 |
Deferred income tax expense (benefit) | 329 | (12) | 40 |
Intergroup tax allocation | 91 | 9 | 5 |
Intergroup tax (payments) receipts | (80) | (2) | 8 |
Other charges (credits), net | 10 | (15) | 2 |
Changes in operating assets and liabilities | |||
Current and other assets | 80 | (59) | 32 |
Payables and other liabilities | (327) | (255) | (179) |
Net cash provided (used) by operating activities | 1,959 | 1,894 | 1,924 |
Cash flows from investing activities: | |||
Cash proceeds from dispositions of investments | 66 | 177 | |
Cash (paid) received for acquisitions, net of cash acquired | (136) | (14) | (300) |
Investments in equity method affiliates and debt and equity securities | (1) | (73) | (96) |
Return of investment in equity method affiliates | 1 | 1 | |
Repayment of loans and other cash receipts from equity method affiliates and debt and equity securities | 2 | 12 | 20 |
Capital expended for property and equipment, including internal-use software and website development | (426) | (388) | (350) |
Proceeds from insurance recoveries | 225 | ||
Other investing activities, net | 1 | (4) | (8) |
Net cash provided (used) by investing activities | (493) | (64) | (734) |
Cash flows from financing activities: | |||
Borrowings of debt | 3,150 | 6,294 | 4,149 |
Repayments of debt | (3,553) | (5,872) | (2,203) |
Intergroup loan (repayment) borrowing | 78 | (750) | |
Liberty stock repurchases | (358) | (500) | (249) |
Subsidiary shares repurchased by subsidiary | (647) | (1,523) | (1,555) |
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group | (608) | ||
Proceeds from Liberty SiriusXM common stock rights offering | 754 | ||
Cash dividends paid by subsidiary | (249) | (58) | (64) |
Taxes paid in lieu of shares issued for stock-based compensation | (147) | (106) | (116) |
Settlement of intergroup call spread | (384) | ||
Other financing activities, net | 24 | (83) | (47) |
Net cash provided (used) by financing activities | (1,702) | (2,232) | (689) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (236) | (402) | 501 |
Cash, cash equivalents and restricted cash at beginning of period | 606 | 1,008 | 507 |
Cash, cash equivalents and restricted cash at end of period | 370 | 606 | 1,008 |
Braves Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (35) | (11) | (78) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 71 | 72 | 69 |
Stock-based compensation | 12 | 12 | 6 |
Non-cash impairment and restructuring costs | 5 | ||
Share of (earnings) loss of affiliates, net | (32) | (30) | (6) |
Unrealized (gains) losses on intergroup interests, net | 35 | 31 | (42) |
Realized and unrealized (gains) losses on financial instruments, net | (13) | (3) | 10 |
Noncash interest expense | 2 | 1 | |
Deferred income tax expense (benefit) | (10) | 12 | (10) |
Intergroup tax allocation | 18 | (4) | (28) |
Intergroup tax (payments) receipts | 8 | 7 | 2 |
Other charges (credits), net | 1 | 20 | 9 |
Changes in operating assets and liabilities | |||
Current and other assets | (10) | (43) | (29) |
Payables and other liabilities | 1 | (1) | 41 |
Net cash provided (used) by operating activities | 53 | 62 | (55) |
Cash flows from investing activities: | |||
Cash proceeds from dispositions of investments | 48 | 2 | |
Investments in equity method affiliates and debt and equity securities | (5) | ||
Return of investment in equity method affiliates | 28 | ||
Capital expended for property and equipment, including internal-use software and website development | (18) | (35) | (81) |
Other investing activities, net | 8 | 4 | |
Net cash provided (used) by investing activities | 53 | (25) | (77) |
Cash flows from financing activities: | |||
Borrowings of debt | 155 | 117 | 228 |
Repayments of debt | (309) | (93) | (114) |
Intergroup loan (repayment) borrowing | (14) | ||
Taxes paid in lieu of shares issued for stock-based compensation | (1) | ||
Other financing activities, net | (9) | (2) | (8) |
Net cash provided (used) by financing activities | (177) | 22 | 105 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (71) | 59 | (27) |
Cash, cash equivalents and restricted cash at beginning of period | 244 | 185 | 212 |
Cash, cash equivalents and restricted cash at end of period | 173 | 244 | 185 |
Formula One Group | |||
Cash flows from operating activities: | |||
Net earnings (loss) | 562 | (120) | (594) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 362 | 397 | 441 |
Stock-based compensation | 16 | 29 | 21 |
Share of (earnings) loss of affiliates, net | (23) | 108 | |
Unrealized (gains) losses on intergroup interests, net | (54) | 90 | 167 |
Realized and unrealized (gains) losses on financial instruments, net | (115) | 21 | (129) |
Noncash interest expense | 5 | 1 | 4 |
Loss (gain) on early extinguishment of debt | (14) | (3) | |
Deferred income tax expense (benefit) | (306) | (41) | (125) |
Intergroup tax allocation | (109) | (5) | 23 |
Intergroup tax (payments) receipts | 72 | (5) | (10) |
Other charges (credits), net | (1) | (3) | |
Changes in operating assets and liabilities | |||
Current and other assets | (87) | (2) | (37) |
Payables and other liabilities | 203 | 145 | (8) |
Net cash provided (used) by operating activities | 534 | 481 | (139) |
Cash flows from investing activities: | |||
Subsidiary initial public offering proceeds returned from (invested in) trust account | 579 | (575) | |
Cash proceeds from dispositions of investments | 53 | 204 | 13 |
Investments in equity method affiliates and debt and equity securities | (52) | (179) | (17) |
Return of investment in equity method affiliates | 9 | 39 | 105 |
Capital expended for property and equipment, including internal-use software and website development | (291) | (17) | (21) |
Other investing activities, net | 96 | (72) | (5) |
Net cash provided (used) by investing activities | 394 | (600) | 75 |
Cash flows from financing activities: | |||
Borrowings of debt | 2,884 | 521 | |
Repayments of debt | (3,564) | (322) | (614) |
Repayment of initial public offering proceeds to subsidiary shareholders | (579) | ||
Intergroup loan (repayment) borrowing | (64) | 750 | |
Liberty stock repurchases | (37) | (55) | (69) |
Reattribution between Liberty SiriusXM Group and Liberty Formula One Group | 608 | ||
Proceeds from initial public offering of subsidiary | 575 | ||
Taxes paid in lieu of shares issued for stock-based compensation | 24 | (48) | (3) |
Settlement of intergroup call spread | 384 | ||
Other financing activities, net | 67 | (22) | (35) |
Net cash provided (used) by financing activities | (1,269) | 512 | 1,158 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3) | 3 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (341) | 390 | 1,097 |
Cash, cash equivalents and restricted cash at beginning of period | 2,074 | 1,684 | 587 |
Cash, cash equivalents and restricted cash at end of period | $ 1,733 | $ 2,074 | $ 1,684 |