Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35707 | |
Entity Registrant Name | LIBERTY MEDIA CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1699499 | |
Entity Address, Address Line One | 12300 Liberty Boulevard | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 720 | |
Local Phone Number | 875-5400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
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 | 98,093,816 | |
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 | 218,679,664 | |
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 | 10,314,735 | |
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 | 41,817,514 | |
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 | 23,973,877 | |
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 | 207,974,112 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,229 | $ 2,246 |
Trade and other receivables, net | 701 | 837 |
Other current assets | 706 | 768 |
Total current assets | 3,636 | 3,851 |
Investments in affiliates, accounted for using the equity method | 993 | 952 |
Property and equipment, at cost | 4,563 | 4,481 |
Accumulated depreciation | (2,146) | (2,226) |
Property and equipment, net | 2,417 | 2,255 |
Intangible assets not subject to amortization: | ||
Goodwill | 19,341 | 19,341 |
FCC licenses | 8,600 | 8,600 |
Other | 1,366 | 1,366 |
Intangible assets not subject to amortization | 29,307 | 29,307 |
Intangible assets subject to amortization, net | 4,171 | 4,288 |
Other assets | 1,809 | 1,811 |
Total assets | 42,333 | 42,464 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,613 | 1,856 |
Current portion of debt | 706 | 1,679 |
Deferred revenue | 2,153 | 1,773 |
Other current liabilities | 120 | 102 |
Total current liabilities | 4,592 | 5,410 |
Long-term debt | 15,690 | 14,953 |
Deferred income tax liabilities | 2,088 | 2,101 |
Other liabilities | 879 | 874 |
Total liabilities | 23,249 | 23,338 |
Stockholders' equity: | ||
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued | ||
Additional paid-in capital | 1,395 | 1,408 |
Accumulated other comprehensive earnings (loss), net of taxes | (42) | (39) |
Retained earnings | 14,604 | 14,589 |
Total stockholders' equity | 15,962 | 15,963 |
Noncontrolling interests in equity of subsidiaries | 3,122 | 3,163 |
Total equity | 19,084 | 19,126 |
Commitments and contingencies | ||
Total liabilities and equity | 42,333 | 42,464 |
Liberty Sirius XM Group Common Class A | ||
Stockholders' equity: | ||
Common stock value | 1 | 1 |
Liberty Braves Group Common Class A | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Formula One Group Common Class A | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Sirius XM Group Common Class B | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Braves Group Common Class B | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Formula One Group Common Class B | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Sirius Xm Group Common Class C | ||
Stockholders' equity: | ||
Common stock value | 2 | 2 |
Liberty Braves Group Common Class C | ||
Stockholders' equity: | ||
Common stock value | ||
Liberty Formula One Group Common Class C | ||
Stockholders' equity: | ||
Common stock value | $ 2 | $ 2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current portion of debt, measured at fair value | $ 490 | $ 1,394 |
Long-term debt, measured at fair value | $ 2,553 | $ 1,937 |
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 | 98,093,908 |
Common stock, shares outstanding | 98,093,908 | 98,093,908 |
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 | 10,314,744 |
Common stock, shares outstanding | 10,314,744 | 10,314,744 |
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 | 23,973,877 | 23,974,052 |
Common stock, shares outstanding | 23,973,877 | 23,974,052 |
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 | 981,262 |
Common stock, shares outstanding | 981,262 | 981,262 |
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 | 2,445,666 |
Common stock, shares outstanding | 2,445,666 | 2,445,666 |
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 | 218,679,847 | 218,618,614 |
Common stock, shares outstanding | 218,679,847 | 218,618,614 |
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 | 41,809,016 | 41,749,434 |
Common stock, shares outstanding | 41,809,016 | 41,749,434 |
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 | 207,912,240 | 207,445,741 |
Common stock, shares outstanding | 207,912,240 | 207,445,741 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Total revenue | $ 2,556 | $ 2,569 |
Operating costs and expenses, including stock-based compensation: | ||
Subscriber acquisition costs | 90 | 90 |
Other operating expense | 118 | 90 |
Selling, general and administrative | 486 | 482 |
Impairment, restructuring and acquisition costs, net of recoveries | 32 | |
Depreciation and amortization | 260 | 260 |
Total operating costs and expenses | 2,216 | 2,106 |
Operating income (loss) | 340 | 463 |
Other income (expense): | ||
Interest expense | (196) | (157) |
Share of earnings (losses) of affiliates, net | (10) | (14) |
Realized and unrealized gains (losses) on financial instruments, net | (46) | 59 |
Other, net | 14 | 45 |
Total other income (expense) | (238) | (67) |
Earnings (loss) before income taxes | 102 | 396 |
Income tax (expense) benefit | (50) | (100) |
Net earnings (loss) | 52 | 296 |
Less net earnings (loss) attributable to the noncontrolling interests | 37 | 65 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (9) | |
Net earnings (loss) attributable to Liberty stockholders | 15 | 240 |
Liberty SiriusXM Group | ||
Other income (expense): | ||
Net earnings (loss) attributable to Liberty stockholders | $ 183 | $ 288 |
Basic net earnings (loss) attributable to Liberty stockholders per common share: | ||
Series A, B and C common stock, basic earnings loss per share | $ 0.56 | $ 0.87 |
Diluted net earnings (loss) attributable to Liberty stockholders per common share: | ||
Series A, B and C common stock, diluted earnings loss per share | $ 0.38 | $ 0.82 |
Braves Group | ||
Other income (expense): | ||
Net earnings (loss) attributable to Liberty stockholders | $ (59) | $ (13) |
Basic net earnings (loss) attributable to Liberty stockholders per common share: | ||
Series A, B and C common stock, basic earnings loss per share | $ (1.11) | $ (0.25) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share: | ||
Series A, B and C common stock, diluted earnings loss per share | $ (1.22) | $ (0.25) |
Formula One Group | ||
Other income (expense): | ||
Net earnings (loss) attributable to Liberty stockholders | $ (109) | $ (35) |
Basic net earnings (loss) attributable to Liberty stockholders per common share: | ||
Series A, B and C common stock, basic earnings loss per share | $ (0.47) | $ (0.15) |
Diluted net earnings (loss) attributable to Liberty stockholders per common share: | ||
Series A, B and C common stock, diluted earnings loss per share | $ (0.58) | $ (0.15) |
Sirius XM Holdings Revenue | ||
Revenue: | ||
Total revenue | $ 2,144 | $ 2,186 |
Revenue Share And Royalties | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 700 | 670 |
Programming and content | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 150 | 140 |
Customer service and billing | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 122 | 125 |
Other cost of subscriber services | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 52 | 54 |
Formula 1 | ||
Revenue: | ||
Total revenue | 381 | 360 |
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 206 | 195 |
Other | ||
Revenue: | ||
Total revenue | $ 31 | $ 23 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net earnings (loss) | $ 52 | $ 296 |
Other comprehensive earnings (loss), net of taxes: | ||
Foreign currency translation adjustments | 4 | 9 |
Credit risk on fair value debt instruments gains (losses) | (4) | 5 |
Unrealized holding gains (losses) arising during the period | 4 | |
Share of other comprehensive earnings (loss) of equity affiliates | 17 | 13 |
Recognition of previously unrealized (gains) losses on debt | (20) | (11) |
Comprehensive earnings (loss) | 49 | 316 |
Less comprehensive earnings (loss) attributable to the noncontrolling interests | 37 | 67 |
Less comprehensive earnings (loss) attributable to redeemable noncontrolling interest | (9) | |
Comprehensive earnings (loss) attributable to Liberty stockholders | 12 | 258 |
Liberty SiriusXM Group | ||
Net earnings (loss) | 220 | 344 |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty stockholders | 185 | 304 |
Braves Group | ||
Net earnings (loss) | (59) | (13) |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty stockholders | (59) | (9) |
Formula One Group | ||
Net earnings (loss) | (109) | (35) |
Other comprehensive earnings (loss), net of taxes: | ||
Comprehensive earnings (loss) attributable to Liberty stockholders | $ (114) | $ (37) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 52 | $ 296 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 260 | 260 |
Stock-based compensation | 56 | 55 |
Non-cash impairment and restructuring costs | 8 | |
Share of (earnings) loss of affiliates, net | 10 | 14 |
Realized and unrealized (gains) losses on financial instruments, net | 46 | (59) |
Deferred income tax expense (benefit) | (6) | 55 |
Other, net | 2 | (33) |
Changes in operating assets and liabilities | ||
Current and other assets | 65 | (114) |
Payables and other liabilities | 168 | 77 |
Net cash provided (used) by operating activities | 661 | 551 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (169) | (9) |
Cash proceeds from dispositions | 34 | 97 |
Capital expended for property and equipment, including internal-use software and website development | (281) | (111) |
Other investing activities, net | 1 | 34 |
Net cash provided (used) by investing activities | (415) | 11 |
Cash flows from financing activities: | ||
Borrowings of debt | 1,479 | 1,755 |
Repayments of debt | (1,690) | (1,242) |
Liberty stock repurchases | (239) | |
Subsidiary shares repurchased by subsidiary | (62) | (206) |
Cash dividends paid by subsidiary | (17) | (201) |
Taxes paid in lieu of shares issued for stock-based compensation | (24) | (35) |
Other financing activities, net | 57 | 4 |
Net cash provided (used) by financing activities | (257) | (164) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 2 | (2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (9) | 396 |
Cash, cash equivalents and restricted cash at beginning of period | 2,276 | 2,924 |
Cash, cash equivalents and restricted cash at end of period | $ 2,267 | $ 3,320 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Consolidated Statements of Cash Flows | ||
Cash and cash equivalents | $ 2,229 | $ 2,246 |
Restricted cash included in other current assets | $ 30 | $ 22 |
Restricted cash, current - location | Other current assets | Other current assets |
Restricted cash included in other assets | $ 8 | $ 8 |
Restricted cash, noncurrent - location | Other assets | Other assets |
Total cash and cash equivalents and restricted cash at end of period | $ 2,267 | $ 2,276 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Equity - USD ($) $ in Millions | Liberty SiriusXM Group Common Stock Common Class A | Liberty SiriusXM Group Common Stock Series C | Liberty SiriusXM Group | Braves Group | Formula One Group Common Stock Series C | Formula One Group | Additional Paid-in Capital | Accumulated Other Comprehensive Earnings | Retained Earnings | Noncontrolling Interest in Equity of Subsidiaries | Total |
Balance at Dec. 31, 2021 | $ 1 | $ 2 | $ 2 | $ 1,954 | $ (5) | $ 12,718 | $ 3,590 | $ 18,262 | |||
Stockholders' equity rollforward | |||||||||||
Net earnings (loss) excluding net earnings (loss) attributable to redeemable noncontrolling interest | 240 | 56 | 296 | ||||||||
Net earnings (loss) | $ 344 | $ (13) | $ (35) | 296 | |||||||
Other comprehensive earnings (loss) | 18 | 2 | 20 | ||||||||
Stock-based compensation | 50 | 10 | 60 | ||||||||
Withholding taxes on net share settlements of stock-based compensation | (35) | (35) | |||||||||
Liberty stock repurchases | (239) | (239) | |||||||||
Shares repurchased by subsidiary | (50) | (150) | (200) | ||||||||
Shares issued by subsidiary | (15) | 15 | |||||||||
Dividends paid by subsidiary | (201) | (201) | |||||||||
Other, net | (11) | 33 | (32) | (10) | |||||||
Balance at Mar. 31, 2022 | 1 | 2 | 2 | 1,654 | 13 | 12,991 | 3,290 | 17,953 | |||
Balance at Dec. 31, 2022 | 1 | 2 | 2 | 1,408 | (39) | 14,589 | 3,163 | 19,126 | |||
Stockholders' equity rollforward | |||||||||||
Net earnings (loss) | $ 220 | $ (59) | $ (109) | 15 | 37 | 52 | |||||
Other comprehensive earnings (loss) | (3) | (3) | |||||||||
Stock-based compensation | 51 | 9 | 60 | ||||||||
Withholding taxes on net share settlements of stock-based compensation | (24) | (24) | |||||||||
Shares repurchased by subsidiary | 9 | (76) | (67) | ||||||||
Shares issued by subsidiary | (11) | 11 | |||||||||
Dividends paid by subsidiary | (17) | (17) | |||||||||
Other, net | (38) | (5) | (43) | ||||||||
Balance at Mar. 31, 2023 | $ 1 | $ 2 | $ 2 | $ 1,395 | $ (42) | $ 14,604 | $ 3,122 | $ 19,084 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation | (1) Basis of Presentation The accompanying condensed consolidated financial statements include all the accounts of Liberty Media Corporation and its controlled subsidiaries ("Liberty," the "Company," "we," "us," or "our" unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated. Liberty, through its ownership of interests in subsidiaries and other companies, is primarily engaged in the media and entertainment industries primarily in North America and the United Kingdom. Liberty’s significant subsidiaries include Sirius XM Holdings Inc. ("Sirius XM Holdings"), Delta Topco Limited (the parent company of Formula 1) and Braves Holdings, LLC ("Braves Holdings"). Our most significant investment accounted for under the equity method is Live Nation Entertainment, Inc. ("Live Nation"). The accompanying (a) condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty's Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurement of non-financial instruments, (ii) accounting for income taxes and (iii) the determination of the useful life of Sirius XM Holdings’ broadcast/transmission system to be its most significant estimates . Liberty holds investments that are accounted for using the equity method. Liberty does not control the decision making process or business management practices of these affiliates. Accordingly, Liberty relies on management of these affiliates to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty relies on audit reports that are provided by the affiliates' independent auditors on the financial statements of such affiliates. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliates that would have a material effect on Liberty's condensed consolidated financial statements. Liberty has entered into certain agreements with Qurate Retail, Inc. (“Qurate Retail”), Liberty TripAdvisor Holdings, Inc. (“TripCo”), Liberty Broadband Corporation (“Liberty Broadband”) and Liberty Media Acquisition Corporation (“LMAC”), all of which are, or were (in the case of LMAC) 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 interest in LMAC prior to its liquidation and dissolution in December 2022. These agreements include Reorganization Agreements (in the case of Qurate Retail and Liberty Broadband only), Services Agreements, Facilities Sharing Agreements and Tax Sharing Agreements (in the case of Liberty Broadband only). In addition, as a result of certain corporate transactions, Liberty and Qurate Retail may have obligations to each other for certain tax related matters. The Reorganization Agreements provide for, among other things, provisions governing the relationships between Liberty and each of Qurate Retail and Liberty Broadband, including certain cross-indemnities. Pursuant to the Services Agreements, Liberty provides Qurate Retail, TripCo, Liberty Broadband and LMAC (prior to termination) with general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail, TripCo and Liberty Broadband reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services and, in the case of Qurate Retail, Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. TripCo, Liberty Broadband and LMAC (prior to termination) reimburse Liberty for shared services and personnel based on a flat fee. Under the Facilities Sharing Agreements, Liberty shares office space and related amenities at its corporate headquarters with Qurate Retail, TripCo, Liberty Broadband and LMAC (prior to termination) at Liberty’s corporate headquarters. Under these various agreements, approximately $4 million and $6 million of these allocated expenses were reimbursed to Liberty during the three months ended March 31, 2023 and 2022, respectively. In December 2019, each of TripCo, Liberty Broadband and Qurate Retail (collectively, the “Service Companies”) entered into an amendment to its respective services agreement with Liberty in connection with Liberty's entry into a new employment arrangement with Gregory B. Maffei, Liberty's President and Chief Executive Officer. Under the amended services agreements, components of Mr. Maffei's compensation are either paid directly to him by each Service Company or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the respective amended services agreement. Seasonality Formula 1 recognizes the majority of its revenue and expenses in connection with World Championship race events (“Events”) that take place in different countries around the world throughout the year. The Events in the past have generally taken place between March and December each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year. Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season. |
Tracking Stocks
Tracking Stocks | 3 Months Ended |
Mar. 31, 2023 | |
Tracking Stocks | (2) Tracking Stocks A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. While the Liberty SiriusXM Group, Liberty Braves Group (the “Braves Group”) and the Liberty Formula One Group (the “Formula One Group”) have separate collections of businesses, assets and liabilities attributed to them, no group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Therefore, the Liberty SiriusXM Group, Braves Group and Formula One Group do not represent separate legal entities, but rather represent those businesses, assets and liabilities that have been attributed to each respective group. Holders of tracking stock have no direct claim to the group's stock or assets and therefore, do not own, by virtue of their ownership of a Liberty tracking stock, any equity or voting interest in a public company, such as Sirius XM Holdings or Live Nation, in which Liberty holds an interest that is attributed to a Liberty tracking stock group, such as the Liberty SiriusXM Group. Holders of tracking stock are also not represented by separate boards of directors. Instead, holders of tracking stock are stockholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. The Liberty SiriusXM common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group. As of March 31, 2023, the Liberty SiriusXM Group is comprised of Liberty’s interests in Sirius XM Holdings and Live Nation, corporate cash, Liberty’s 1.375% Cash Convertible Senior Notes due 2023 (the “Convertible Notes”) and related financial instruments, Liberty’s 3.75% Convertible Senior Notes due 2028, Liberty’s 2.125% Exchangeable Senior Debentures due 2048, Liberty’s 2.75% Exchangeable Senior Debentures due 2049, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and margin loan obligations incurred by wholly-owned special purpose subsidiaries of Liberty. The Liberty SiriusXM Group retains intergroup interests in the Formula One Group and the Braves Group as of March 31, 2023. As of March 31, 2023, the Liberty SiriusXM Group has cash and cash equivalents of approximately $430 million, which includes $53 million of subsidiary cash. During the three months ended March 31, 2023, Sirius XM Holdings declared a quarterly dividend and paid in cash an aggregate amount of $94 million, of which Liberty received $77 million. On April 19, 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 May 24, 2023 to stockholders of record as of the close of business on May 5, 2023. The Liberty Braves common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Braves Group. As of March 31, 2023, the Braves Group is comprised primarily of Braves Holdings, which indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC” or the “Atlanta Braves”), certain assets and liabilities associated with ANLBC’s stadium (the “Stadium”) and a mixed-use development around the Stadium that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”) and corporate cash. The Formula One Group and the Liberty SiriusXM Group retain intergroup interests in the Braves Group as of March 31, 2023. As of March 31, 2023, the Braves Group has cash and cash equivalents of approximately $215 million, which includes $149 million of subsidiary cash. The Liberty Formula One common stock is intended to track and reflect the separate economic performance of the businesses, assets and liabilities attributed to the Formula One Group. As of March 31, 2023, the Formula One Group is comprised of all of the businesses, assets and liabilities of Liberty, other than those specifically attributed to the Braves Group or the Liberty SiriusXM Group, including Liberty’s interest in Formula 1, cash, an intergroup interest in the Braves Group and Liberty’s 2.25% Convertible Senior Notes due 2027. The Liberty SiriusXM Group retains an intergroup interest in the Formula One Group. As of March 31, 2023, the Formula One Group has cash and cash equivalents of approximately $1,584 million, which includes $1,043 million of subsidiary cash. During March 2023, the Formula One Group paid approximately $202 million to the Liberty SiriusXM Group to settle a portion of the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group, as a result of the repurchase of a portion of the Convertible Notes, as described in note 7. 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 March 31, 2023. 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 March 31, 2023. The number of notional shares representing the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group is 1,051,238, representing a 0.4% intergroup interest at March 31, 2023. The intergroup interests represent quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group have attributed interests in the Braves Group, which are generally stated in terms of a number of shares of Liberty Braves common stock, and the Liberty SiriusXM Group also has an attributed interest in the Formula One Group, which is generally stated in terms of a number of shares of Liberty Formula One common stock. The intergroup interests may be settled, at the discretion of the board of directors of the Company (the “Board of Directors”), through the transfer of newly issued shares of Liberty Braves common stock and Liberty Formula One common stock, respectively, cash and/or other assets to the respective tracking stock group. Accordingly, the Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group. Similarly, the Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group. The offsetting amounts between tracking stock groups are eliminated in consolidation. The intergroup interests will remain outstanding until the settlement 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. 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. 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, except with respect to the receipt of cash in lieu of fractional shares. Subject to the satisfaction of the conditions, the Company expects to complete the Split-Off and the Reclassification in the second quarter of 2023. See Exhibit 99.1 to this Quarterly Report on Form 10-Q for unaudited attributed financial information for Liberty's tracking stock groups. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation | (3) Stock-Based Compensation Liberty grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, as discussed below: Three months ended March 31, 2023 2022 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 7 8 Customer service and billing 1 1 Other 1 1 Other operating expense 11 8 Selling, general and administrative 36 37 $ 56 55 Liberty—Grants of Awards Options granted during the three months ended March 31, 2023 are summarized as follows: Three Months Ended March 31, 2023 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty CEO (1) 370 $ 10.34 Series C Liberty Formula One common stock, Formula 1 employee (2) 71 $ 30.70 (1) Grant cliff vests on December 29, 2023. Grant was made in connection with the CEO’s employment agreement. (2) Grant vests in equal quarterly installments over 2023. The Company did not grant any options Series A Series B Also during the three months ended March 31, 2023, the Company granted 31 thousand and 81 thousand performance-based RSUs of Series C common stock of Liberty Braves and Liberty Formula One, respectively, to our CEO. The RSUs had a GDFV of $34.44 per share and $75.12 per share, respectively, and cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. When the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The probability of satisfying the performance objectives is assessed at the end of each reporting period. Liberty calculates the GDFV for all of its equity classified options and the subsequent remeasurement of its liability classified options using the Black-Scholes Model. Liberty estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for options is based on the historical volatility of Liberty common stock and the implied volatility of publicly traded Liberty options. Liberty uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. 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 (millions) Outstanding at January 1, 2023 6,862 $ 39.83 Granted 370 $ 31.19 Exercised (213) $ 32.61 Forfeited/Cancelled (980) $ 31.33 Outstanding at March 31, 2023 6,039 $ 40.94 3.4 years $ — Exercisable at March 31, 2023 3,722 $ 39.97 2.6 years $ — Liberty Braves Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2023 3,108 $ 26.17 Granted — $ — Exercised (146) $ 18.32 Forfeited/Cancelled (4) $ 22.75 Outstanding at March 31, 2023 2,958 $ 26.57 4.3 years $ 21 Exercisable at March 31, 2023 1,357 $ 25.68 4.1 years $ 11 Liberty Formula One Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2023 7,086 $ 36.18 Granted 71 $ 75.12 Exercised (669) $ 29.06 Forfeited/Cancelled — $ — Outstanding at March 31, 2023 6,488 $ 37.34 3.7 years $ 243 Exercisable at March 31, 2023 5,002 $ 35.08 3.5 years $ 199 As of March 31, 2023, there were no outstanding A B One Braves As of March 31, 2023, the total unrecognized compensation cost related to unvested Awards was approximately $35 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.2 years. As of March 31, 2023, Liberty reserved 6.0 million, 3.0 million and 6.5 million shares of Series C common stock of Liberty SiriusXM, Liberty Braves and Liberty Formula One, respectively, for issuance under exercise privileges of outstanding stock options. Sirius XM Holdings — Stock-based Compensation Sirius XM Holdings granted various types of stock awards to its employees during the three months ended March 31, 2023. As of March 31, 2023, Sirius XM Holdings has approximately 141 million options outstanding of which approximately 95 million are exercisable, each with a WAEP per share of $5.52 and $5.36, respectively. The aggregate intrinsic value of Sirius XM Holdings options outstanding and exercisable as of March 31, 2023 is $10 million and $10 million, respectively. During the three months ended March 31, 2023, Sirius XM Holdings granted approximately 8 million nonvested RSUs with a GDFV per share of $4.76. Stock-based compensation expense related to Sirius XM Holdings was $45 million for each of the three months ended March 31, 2023 and 2022. As of March 31, 2023, the total unrecognized compensation cost related to unvested Sirius XM Holdings stock options and RSUs was $436 million. The Sirius XM Holdings unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.4 years. |
Earnings Attributable to Libert
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | (4) Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders. Excluded from diluted EPS for the three months ended March 31, 2023 are approximately 25 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, 9 million potentially dilutive shares of Series A and Series C Liberty Braves common stock and 8 million potentially dilutive shares of Series A and Series C Liberty Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 7) and shares of Series A Liberty Braves common stock and Series A Liberty Formula One common stock underlying the intergroup interests, because their inclusion would be antidilutive. The warrant transactions (as described in note 7) may have a dilutive effect with respect to the shares comprising the basket of Liberty’s tracking stocks as specified in the indenture, as amended, related to the Convertible Notes (the “Securities Basket”) underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement are attributed to the Liberty SiriusXM Group. Series A, Series B and Series C Liberty SiriusXM Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended March 31, 2023 2022 numbers of shares in millions Basic WASO 327 332 Potentially dilutive shares (a) 19 20 Diluted WASO (b) 346 352 (a) Potentially dilutive shares are excluded from the computation of EPS during periods in which net losses are reported since the result would be antidilutive. (b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which may be settled in shares of Series C Liberty SiriusXM common stock and 3.75% Convertible Senior Notes due 2028, which may be settled in shares of Series A 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. As disclosed in note 7, the settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended March 31, 2023 2022 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 183 288 Adjustments (52) 1 Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 131 289 Series A, Series B and Series C Liberty Braves Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended March 31, 2023 2022 numbers of shares in millions Basic WASO 53 53 Potentially dilutive shares (a) 1 — Diluted WASO (b) 54 53 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 1,811,066 as of March 31, 2023. The intergroup interests are quasi-equity interests, which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended March 31, 2023 2022 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (59) (13) Adjustments (7) — Diluted earnings (loss) attributable to Liberty Braves stockholders $ (66) (13) Series A, Series B and Series C Liberty Formula One Common Stock The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. Three months ended March 31, 2023 2022 numbers of shares in millions Basic WASO 234 232 Potentially dilutive shares (a) 3 4 Diluted WASO (b) 237 236 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) As discussed in note 2, the number of notional Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 1,051,238 shares as of March 31, 2023. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock underlie the Convertible Notes. Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period. For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement. Three months ended March 31, 2023 2022 amounts in millions Basic earnings (loss) attributable to Liberty Formula One stockholders $ (109) (35) Adjustments (29) — Diluted earnings (loss) attributable to Liberty Formula One stockholders $ (138) (35) |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2023 | |
Assets and Liabilities Measured at Fair Value | (5) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Liberty does not have any assets or liabilities required to be measured at fair value considered to be Level 3. Liberty's assets and liabilities measured at fair value are as follows: Fair Value Measurements at Fair Value Measurements at March 31, 2023 December 31, 2022 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 1,794 1,794 — 2,026 2,026 — Debt and equity securities $ 172 172 — 80 80 — Financial instrument assets $ 184 91 93 393 86 307 Debt $ 3,043 — 3,043 3,331 — 3,331 The majority of Liberty's Level 2 financial instruments are debt related instruments and derivative instruments. These assets and liabilities are not always traded publicly or not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs or a trading price of a similar asset or liability is utilized. Accordingly, those debt securities, financial instruments and debt or debt related instruments are reported in the foregoing table as Level 2 fair value. Debt and equity securities included in the table above are included in the Other assets line item in the condensed consolidated balance sheets. As of March 31, 2023, $25 million and $159 million of financial instrument assets included in the table above are included in the Other current assets and Other assets line items, respectively, in the condensed consolidated balance sheet. As of December 31, 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 condensed consolidated balance sheet. Realized and Unrealized Gains (Losses) on Financial Instruments, net Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following: Three months ended March 31, 2023 2022 amounts in millions Debt and equity securities $ 6 (5) Debt measured at fair value (a) 55 69 Change in fair value of bond hedges (b) (110) (68) Other 3 63 $ (46) 59 (a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 7) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk were losses of $7 million and $11 million for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, the Company recognized $25 million of previously unrecognized gains related to the retirement of the 1% Convertible Notes (defined below), a portion of the 2.125 % Exchangeable Senior Debentures due 2048 and a portion of the Convertible Notes, which was recognized through other, net in the condensed consolidated statements of operations. The cumulative change since issuance was a gain of $32 million as of March 31, 2023, net of the recognition of previously unrecognized gains and losses. (b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 7 for additional discussion of the bond hedges. |
Investments In Affiliates Accou
Investments In Affiliates Accounted For Using The Equity Method | 3 Months Ended |
Mar. 31, 2023 | |
Investments In Affiliates Accounted For Using The Equity Method | (6) Investments in Affiliates Accounted for Using the Equity Method Liberty has various investments accounted for using the equity method. The following table includes the Company's carrying amount and percentage ownership of the more significant investments in affiliates at March 31, 2023 and the carrying amount at December 31, 2022: March 31, 2023 December 31, 2022 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a) 30 % $ 4,875 $ 157 158 Sirius XM Canada 70 % $ NA 601 597 Other NA 104 68 Total Liberty SiriusXM Group 862 823 Braves Group Other various NA 94 95 Total Braves Group 94 95 Formula One Group Other various NA 37 34 Total Formula One Group 37 34 Consolidated Liberty $ 993 952 (a) See note 7 for details regarding the number and fair value of shares pledged as collateral as of March 31, 2023 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”). The following table presents the Company's share of earnings (losses) of affiliates: Three months ended March 31, 2023 2022 amounts in millions Liberty SiriusXM Group Live Nation $ (6) (21) Sirius XM Canada 4 3 Other (5) — Total Liberty SiriusXM Group (7) (18) Braves Group Other (1) 4 Total Braves Group (1) 4 Formula One Group Other (2) — Total Formula One Group (2) — Consolidated Liberty $ (10) (14) Sirius XM Canada As of March 31, 2023, 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 March 31, 2023. The principal amount that was forgiven by Sirius XM Holdings was considered satisfied as contributed capital to Sirius XM Canada. Sirius XM Holdings recorded approximately $26 million and $27 million in revenue during the three months ended March 31, 2023 and 2022, respectively, associated with these various agreements. Sirius XM Canada paid gross dividends to Sirius XM Holdings of less than $1 million during each of the three months ended March 31, 2023 and 2022. SoundCloud In February 2020, Sirius XM Holdings completed a $75 million investment in Series G Membership Units of SoundCloud Holdings, LLC (“SoundCloud”). The investment in SoundCloud is accounted for as an equity method investment as Sirius XM Holdings does not have the ability to direct the most significant activities that impact SoundCloud's economic performance. In addition to Sirius XM Holdings’ investment in SoundCloud, Pandora has an agreement with SoundCloud to be its exclusive ad sales representative in the U.S. and certain European countries. Through this arrangement, Pandora offers advertisers the ability to execute campaigns across the Pandora and SoundCloud platforms. Sirius XM Holdings recorded revenue share expense related to this agreement of $12 million and $13 million for the three months ended March 31, 2023 and 2022, respectively. Sirius XM Holdings also had related party liabilities of $17 million and $19 million as of March 31, 2023 and December 31, 2022, respectively, related to this agreement. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Long-Term Debt | (7) Long-Term Debt Debt is summarized as follows: Outstanding Carrying value Principal March 31, December 31, March 31, 2023 2023 2022 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Senior Notes due 2023 (1) $ 199 215 968 3.75% Convertible Senior Notes due 2028 (1) 575 585 — 2.125% Exchangeable Senior Debentures due 2048 (1) 275 275 382 2.75% Exchangeable Senior Debentures due 2049 (1) 586 544 559 0.5% Exchangeable Senior Debentures due 2050 (1) 920 908 920 Sirius XM Holdings Margin Loan 875 875 875 Live Nation Margin Loan — — — Subsidiary notes and loans: Sirius XM 3.125% Senior Notes due 2026 1,000 992 992 Sirius XM 5.0% Senior Notes due 2027 1,500 1,493 1,492 Sirius XM 4.0% Senior Notes due 2028 2,000 1,983 1,982 Sirius XM 5.50% Senior Notes due 2029 1,250 1,240 1,240 Sirius XM 4.125% Senior Notes due 2030 1,500 1,487 1,487 Sirius XM 3.875% Senior Notes due 2031 1,500 1,485 1,485 Pandora 1.75% Convertible Senior Notes due 2023 118 118 193 Sirius XM Senior Secured Revolving Credit Facility 210 210 80 Sirius XM Incremental Term Loan 500 500 500 Deferred financing costs (10) (12) Total Liberty SiriusXM Group 13,008 12,900 13,143 Braves Group Subsidiary notes and loans: Notes and loans 542 542 546 Deferred financing costs (4) (4) Total Braves Group 542 538 542 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) — — 44 2.25% Convertible Senior Notes due 2027 (1) 475 516 458 Other 63 63 63 Subsidiary notes and loans: Senior Loan Facility 2,420 2,386 2,389 Deferred financing costs (7) (7) Total Formula One Group 2,958 2,958 2,947 Total debt $ 16,508 16,396 16,632 Debt classified as current (706) (1,679) Total long-term debt $ 15,690 14,953 (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, the Convertible Notes are classified as a current liability in the condensed consolidated balance sheets. Interest on the Convertible Notes is payable semi-annually in arrears on April 15 and October 15 of each year at a rate of 1.375% per annum. All conversions of the Convertible Notes will be settled solely in cash, and not through the delivery of any securities. During the three months ended March 31, 2023, Liberty paid approximately $662 million to repurchase approximately $591 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 March 31, 2023. Holders of the Convertible Notes may convert their notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date of the notes under certain circumstances. Liberty has elected to account for this instrument using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value. Additionally, contemporaneously with the issuance of the Convertible Notes, Liberty entered into a bond hedge transaction (the “Bond Hedge Transaction”). The Bond Hedge Transaction is expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes in the event that the volume-weighted average price per share of the components of the Securities Basket, as measured under the cash convertible note hedge transactions on each trading day of the relevant cash settlement averaging period or other relevant valuation period, was greater than the strike price of the components of the Securities Basket. During the three months ended March 31, 2023, Liberty received approximately $83 million for the settlement of the portion of the bond hedge related to the repurchase of Convertible Notes described above. As of March 31, 2023, the Bond Hedge Transaction covered, in the aggregate, 1,051,238 shares of Series A Liberty Formula One common stock, 4,273,491 shares of Series A Liberty SiriusXM common stock and 457,078 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 March 31, 2023 and December 31, 2022 in the accompanying condensed consolidated balance sheets, with changes in the fair value recorded as unrealized gains (losses) on financial instruments in the accompanying condensed consolidated statements of operations. Concurrently with the Convertible Notes and Bond Hedge Transaction, Liberty also entered into separate privately negotiated warrant transactions under which Liberty sold warrants relating to the same underlying shares of the Convertible Notes and Bond Hedge Transaction, subject to anti-dilution adjustments. The first expiration date of the warrants is January 16, 2024 and the remainder expire over a period covering 81 days thereafter. Liberty may elect to settle its delivery obligation under the warrant transactions with cash. During the three months ended March 31, 2023, Liberty paid approximately $44 million for the settlement of the portion of the obligation under the warrants related to the repurchase of Convertible Notes described above. As of March 31, 2023, the warrants covered, in the aggregate, 1,051,238 shares of Series A Liberty Formula One common stock, 4,273,491 shares of Series A Liberty SiriusXM common stock and 457,078 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 March 31, 2023. As of March 31, 2023, the basket price of the securities underlying the warrants was $49.18 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 were convertible, under certain circumstances, into cash based on the trading prices of the underlying shares of Series C Liberty Formula One common stock and matured on January 30, 2023 (the ‘‘1% Convertible Notes’’). 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. In January 2023, Liberty paid approximately $47 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 5 for information related to unrealized gains (losses) on debt measured at fair value. 3.75% Convertible Senior Notes due 2028 On March 10, 2023 Liberty issued $575 million convertible notes at an interest rate of 3.75% per annum, which, at Liberty’s election, are convertible into cash, shares of Series A Liberty SiriusXM common stock or a combination of cash and shares of Series A Liberty SiriusXM common stock and mature on March 15, 2028. The initial conversion rate for the notes is approximately 25.9000 shares of Series A Liberty SiriusXM common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $38.61 per share of Series A Liberty SiriusXM common stock. The notes are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the notes using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value. 2.125% Exchangeable Senior Debentures due 2048 On March 6, 2018, Liberty closed a private offering of approximately $400 million aggregate principal amount of its 2.125% exchangeable senior debentures due 2048 (the “2.125% Exchangeable Senior Debentures due 2048”). Upon an exchange of debentures, pursuant to a supplemental indenture entered into in February 2023, Liberty could deliver solely cash to satisfy its exchange obligations. The number of shares of Sirius XM Holdings common stock attributable to a debenture represented an initial exchange price of approximately $8.02 per share. A total of approximately 49.9 million shares of Sirius XM Holdings common stock were attributable to the debentures. Interest was payable quarterly on March 31, June 30, September 30 and December 31 of each year. The debentures could be redeemed by Liberty, in whole or in part, on or after April 7, 2023. Holders of the debentures also had the right to require Liberty to purchase their debentures on April 7, 2023. Accordingly, the 2.125% Exchangeable Senior Debentures due 2048 are classified as a current liability in the condensed consolidated balance sheets. During the three months ended March 31, 2023, Liberty paid approximately $112 million to repurchase approximately $112 million aggregate principal amount of the debentures. In April 2023, Liberty paid approximately $275 million to settle the remaining debentures. The debentures were attributed to the Liberty SiriusXM Group. Liberty elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value. 2.75% Exchangeable Senior Debentures due 2049 On November 26, 2019, Liberty closed a private offering of approximately $604 million aggregate principal amount of its 2.75% exchangeable senior debentures due 2049 (the “2.75% Exchangeable Senior Debentures due 2049”). Upon an exchange of debentures, Liberty, at its option, may deliver Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock, cash or a combination of Sirius XM Holdings common stock, Series C Liberty SiriusXM common stock and/or cash. The number of shares of Sirius XM Holdings common stock attributable to a debenture represents an initial exchange price of approximately $8.62 per share. A total of approximately 70 million shares of Sirius XM Holdings common stock are attributable to the debentures. Interest is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2020. The debentures may be redeemed by Liberty, in whole or in part, on or after December 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on December 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value. 0.5% Exchangeable Senior Debe ntures due 2050 In November 2020, Liberty closed a private offering of approximately $920 million aggregate principal amount of its 0.5% exchangeable senior debentures due 2050 (the “ 0.5% Exchangeable Senior Debentures due 2050”). Upon an exchange of debentures, Liberty, at its option, may deliver Live Nation common stock, cash or a combination of Live Nation common stock and/or cash. The number of shares of Live Nation common stock attributable to a debenture represents an initial exchange price of approximately $90.10 per share. A total of approximately 10 million shares of Live Nation common stock are attributable to the debentures. Interest is payable quarterly on March 1, June 1, September 1 and December 1 of each year, commencing March 1, 2021. The debentures may be redeemed by Liberty, in whole or in part, on or after September 1, 2024. Holders of the debentures also have the right to require Liberty to purchase their debentures on September 1, 2024. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. The debentures are attributed to the Liberty SiriusXM Group. Liberty has elected to account for the debentures using the fair value option. See note 5 for information related to unrealized gains (losses) on debt measured at fair value. Margin Loans Sirius XM Holdings Margin Loan In February 2021, 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 an $875 million term loan and an $875 million revolving line of credit. The term loan and any drawn portion of the revolver carried an interest rate of LIBOR plus 2.00% with the undrawn portion carrying a fee of 0.50%. In March 2023, Siri MarginCo amended the Sirius XM Holdings Margin Loan, increasing the revolving line of credit to $1,075 million, extending the maturity to March 2026 and changing the interest rate to the Secured Overnight Financing Rate (“SOFR”) plus 2.25%. Borrowings outstanding under the Sirius XM Holdings Margin Loan bore interest at a rate of 7.25% per annum at March 31, 2023. As of March 31, 2023, availability under the Sirius XM Holdings Margin Loan was $1,075 million. As of March 31, 2023, 1.0 billion shares of the Company’s Sirius XM Holdings common stock with a value of $3,970 million were held in collateral Live Nation Margin Loan On November 9, 2020, the Live Nation Margin Loan agreement was amended, reducing the borrowing capacity to $200 million, increasing the interest rate to LIBOR plus 2.0%, decreasing the undrawn commitment fee to 0.5% per annum and extending the maturity date to December 9, 2022. On December 3, 2021, the margin loan was amended, increasing the borrowing capacity to $400 million. On May 9, 2022, the margin loan was amended, replacing the delayed draw term loan with a $400 million revolving line of credit, changing the interest rate to the Adjusted Term 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 March 31, 2023, availability under the Live Nation Margin Loan was $400 million. As of March 31, 2023, 9.0 million shares of the Company’s Live Nation common stock with a value of $628 million were pledged as collateral Pandora 1.75% Convertible Senior Notes due 2023 Sirius XM Holdings acquired $193 million aggregate principal amount of the 1.75% Convertible Senior Notes due 2023 (the “Pandora Notes due 2023”) as part of the acquisition of Pandora Media, Inc. in 2019. During the three months ended March 31, 2023, certain investors exercised their right to require a Special Repurchase, as defined in the indenture governing such notes, and Pandora repurchased $75 million principal amount of the Pandora Notes due 2023 with cash for an aggregate purchase price equal to 100% of the principal amount of the notes repurchased plus accrued and unpaid interest to the date of repurchase. The Pandora Notes due 2023 were not convertible into common stock and were not redeemable as of March 31, 2023. 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 either the SOFR or LIBOR plus an applicable rate. Pursuant to an amendment to the Credit Facility entered into during March 2023, interest on borrowings on or after July 1, 2023 will no longer be based on LIBOR. Borrowings outstanding under the Credit Facility bore interest at a rate of 7.09% per annum as of March 31, 2023. 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 March 31, 2023 and is payable on a quarterly basis. The Credit Facility contains customary covenants, including a maintenance covenant. Availability under the Credit Facility was $1,540 million as of March 31, 2023. 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 SOFR plus an applicable rate. Borrowings outstanding under the incremental term loan bore interest at a rate of 5.85% per annum as of March 31, 2023. Braves Holdings Notes and Loans Braves Holdings’ debt, primarily related to the Stadium and Mixed-Use Development, is summarized as follows: Carrying value As of March 31, 2023 March 31, December 31, Borrowing Weighted avg Maturity 2023 2022 Capacity interest rate Date dollar amounts in millions Operating credit facilities $ — — 275 NA various Ballpark funding Senior secured note 169 172 NA 3.77% September 2041 Stadium credit facility 43 44 44 6.18% July 2026 Spring training credit facility 30 30 NA 3.65% December 2030 Mixed-use credit facilities and loans 300 300 428 5.12% various Total Braves Holdings $ 542 546 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 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 (collectively, the “Senior Loan 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 March 31, 2023, 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. This leverage test was met as of March 31, 2023. The margin for the new Term Loan A and revolving credit facility is between 1.50% and 2.25% depending on leverage ratios, amongst other things, and is fixed at 1.75% for the first year. The reference rate for the Term Loan A, Term Loan B and dollar borrowings under the revolving credit facility is Term SOFR. The interest rate on the Senior Loan Facility was approximately 7.62% as of March 31, 2023. The Senior Loan Facility remains non-recourse to Liberty. The Senior Loan Facility is secured by share pledges and floating charges over Formula 1’s primary operating companies with certain cross guarantees. Additionally, in order to manage its interest rate risk, as of March 31, 2023, Formula 1 has interest rate swaps on $2.1 billion of the $2.4 billion Senior Loan Facility which expire during the first quarter of 2024 and has entered into $1.1 billion of forward starting swaps with a termination date in December 2029 and an optional early termination date in December 2027. Debt Covenants The Sirius XM Holdings Credit Facility contains certain financial covenants related to Sirius XM Holdings’ leverage ratio. Braves Holdings’ debt contains certain financial covenants related to Braves Holdings’ debt service coverage ratio, fixed charge coverage ratio and debt yield ratio. The Formula 1 Senior Loan Facility contains certain financial covenants, including a leverage ratio. Additionally, Sirius XM Holdings’ Credit Facility, Braves Holdings’ debt, Formula 1 debt and other borrowings contain certain non-financial covenants. The Company, Sirius XM Holdings, Formula 1 and Braves Holdings were in compliance with their debt covenants as of March 31, 2023. Fair Value of Debt The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions): March 31, 2023 Sirius XM 3.125% Senior Notes due 2026 $ 884 Sirius XM 5.0% Senior Notes due 2027 $ 1,365 Sirius XM 4.0% Senior Notes due 2028 $ 1,683 Sirius XM 5.50% Senior Notes due 2029 $ 1,105 Sirius XM 4.125% Senior Notes due 2030 $ 1,192 Sirius XM 3.875% Senior Notes due 2031 $ 1,133 Pandora 1.75% Convertible Senior Notes due 2023 $ 117 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 March 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies | (8) Commitments and Contingencies Guarantees In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a third party asserts a claim against the purchaser that relates to a liability retained by the Company. These types of indemnification obligations may extend for a number of years. The Company is unable to estimate the maximum potential liability for these types of indemnification obligations as the sale agreements may not specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the accompanying condensed consolidated financial statements with respect to these indemnification guarantees. Employment Contracts Long-term employment contracts provide for, among other items, annual compensation for certain Atlanta Braves players (current and former) and other employees. Amounts due under such contracts as of March 31, 2023 aggregated $1,007 million, which is payable as follows: $220 million in 2023, $149 million in 2024, $142 million in 2025, $135 million in 2026 and $361 million thereafter. In addition to the foregoing amounts, certain players, coaches and executives may earn incentive compensation under the terms of their employment contracts. Sirius XM Holdings Restructuring During the three months ended March 31, 2023, Sirius XM Holdings initiated measures to pursue greater efficiency and to realign its business and focus on strategic priorities. As part of these measures, Sirius XM Holdings reduced the size of its workforce by approximately 475 roles, or 8%. Sirius XM Holdings recorded a charge of $23 million, primarily related to severance and other employee costs. In addition, Sirius XM Holdings vacated one of its leased locations. Sirius XM Holdings assessed the recoverability of the carrying value of the operating lease right of use asset related to this location and determined that the carrying value of the asset was not recoverable. As a result, Sirius XM Holdings recorded an impairment of $5 million to reduce its carrying value to its estimated fair value. Additionally, Sirius XM Holdings accrued expenses of $2 million for which it will not recognize any future economic benefits, and wrote off fixed assets of less than $1 million in connection with furniture and equipment located at the impaired office space. These changes were recorded to impairment, restructuring and acquisition costs, net of recoveries in the condensed consolidated statements of operations during the three months ended March 31, 2023. Litigation The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements. Pre-1972 Sound Recording Litigation. The MMA grants a potential federal preemption defense to the claims asserted in the aforementioned lawsuits. In July 2019, Pandora took steps to avail itself of this preemption defense, including making the required payments under the MMA for certain of its uses of pre-1972 recordings. Based on the federal preemption contained in the MMA (along with other considerations), Pandora asked the Ninth Circuit to order the dismissal of the Flo & Eddie, Inc. v. Pandora Media, Inc. In October 2020, the District Court denied Pandora’s renewed motion to dismiss the case under California’s anti-SLAPP statute, finding the case no longer qualified for anti-SLAPP due to intervening changes in the law, and denied Pandora’s renewed attempt to end the case. Alternatively, the District Court ruled that the preemption defense likely did not apply to Flo & Eddie’s claims, in part because the District Court believed that the MMA did not apply retroactively. Pandora promptly appealed the District Court’s decision to the Ninth Circuit, and moved to stay appellate briefing pending the appeal of a related case against Sirius XM. On January 13, 2021, the Ninth Circuit issued an order granting the stay of appellate proceedings pending the resolution of a related case against Sirius XM. On August 23, 2021, the United States Court of Appeals for the Ninth Circuit issued an Opinion in a related case, Flo & Eddie Inc. v. Sirius XM Radio Inc. The related case also concerned a class action suit brought by Flo & Eddie Inc. regarding the public performance of pre-1972 recordings under California law. Relying on California’s copyright statute, Flo & Eddie argued that California law gave it the “exclusive ownership” of its pre-1972 songs, including the right of public performance. The Ninth Circuit reversed the District Court’s grant of partial summary judgment to Flo & Eddie Inc. The Ninth Circuit held that the District Court in this related case erred in concluding that “exclusive ownership” under California’s copyright statute included the right of public performance. The Ninth Circuit remanded the case for entry of judgment consistent with the terms of the parties’ contingent settlement agreement, and on October 6, 2021, the parties to the related case stipulated to its dismissal with prejudice. The Flo & Eddie Inc. v. Sirius XM Radio Inc. decision is precedential in the Ninth Circuit, and therefore Sirius XM Holdings believes substantially narrows the claims that Flo & Eddie may continue to assert against Pandora. Following issuance of the Flo & Eddie Inc. v. Sirius XM Radio Inc. opinion, on September 3, 2021, the Ninth Circuit lifted the stay of appellate proceedings in Flo & Eddie, Inc. v. Pandora Media, LLC. Pandora promptly filed an appeal of the District Court’s order denying the renewed motion to dismiss the case under California’s anti-SLAAP statute. On June 2, 2022, the Ninth Circuit upheld the District Court’s order denying dismissal of the case under California’s anti-SLAPP statute, finding that Pandora had failed to demonstrate that Flo & Eddie’s claims arise from Pandora’s protected conduct. As part of the decision, the Ninth Circuit noted that Pandora had forcefully argued that the Court’s decision in Flo & Eddie Inc. v. Sirius XM Radio Inc ., On September 29, 2022, Flo & Eddie filed an Amended Complaint, and on October 13, 2022, Pandora filed an Answer to the Amended Complaint. In accordance with the directive of the Ninth Circuit, the parties have agreed to a schedule for a Motion for Summary Judgment. In November 2022, Pandora filed a Motion for Summary Judgment and briefing on this Motion is complete. |
Information About Liberty's Ope
Information About Liberty's Operating Segments | 3 Months Ended |
Mar. 31, 2023 | |
Information About Liberty's Operating Segments | |
Information About Liberty's Operating Segments | (9) Information About Liberty's Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings. Liberty’s chief operating decision maker evaluates performance and makes decisions about allocating resources to the Company’s reportable segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration. For the three months ended March 31, 2023, the Company has identified the following subsidiaries as its reportable segments: ● Sirius XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, Sirius XM and Pandora and Off-platform. Sirius XM features music, sports, entertainment, comedy, talk, news, traffic and weather channels and other content, as well as podcasts and infotainment services, in the United States on a subscription fee basis. Sirius XM’s packages include live, curated and certain exclusive and on demand programming. The Sirius XM service is distributed through its two proprietary satellite radio systems and streamed via applications for mobile devices, home devices and other consumer electronic equipment. Sirius XM also provides connected vehicle services and a suite of in-vehicle data services. Pandora and Off-platform operates a music and podcast streaming discovery platform. Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand subscription service, called Pandora Premium. Pandora also sells advertising on other audio platforms in widely distributed podcasts, which are considered to be off-platform services. ● Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K. Performance Measures The following table disaggregates revenue by segment and by source: Three months ended March 31, 2023 2022 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,691 1,713 Advertising 375 383 Equipment 46 53 Other 32 37 Total Liberty SiriusXM Group 2,144 2,186 Braves Group Corporate and other: Baseball 18 11 Mixed-Use Development 13 12 Total Braves Group 31 23 Formula One Group Formula 1: Primary 314 287 Other 67 73 Total Formula One Group 381 360 Consolidated Liberty $ 2,556 2,569 Our subsidiaries’ customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for Sirius XM Holdings during the three months ended March 31, 2023 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the three months ended March 31, 2023 were approximately $466 million and $860 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $2,204 million for the remainder of 2023 2024 2025 2026 2035 For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Adjusted OIBDA is summarized as follows: Three months ended March 31, 2023 2022 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 625 690 Corporate and other (11) (5) Total Liberty SiriusXM Group 614 685 Braves Group Corporate and other (31) (19) Total Braves Group (31) (19) Formula One Group Formula 1 117 122 Corporate and other (12) (10) Total Formula One Group 105 112 Consolidated Liberty $ 688 778 Other Information March 31, 2023 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,501 696 205 Corporate and other 702 166 — Total Liberty SiriusXM Group 30,203 862 205 Braves Group Corporate and other 1,518 94 14 Total Braves Group 1,518 94 14 Formula One Group Formula 1 9,210 — 9 Corporate and other 1,768 37 53 Total Formula One Group 10,978 37 62 Elimination (1) (366) — — Consolidated Liberty $ 42,333 993 281 (1) This amount is primarily comprised of the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group. See note 2 for information regarding the intergroup interests. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: Three months ended March 31, 2023 2022 amounts in millions Adjusted OIBDA $ 688 778 Impairment, restructuring and acquisition costs, net of recoveries (note 8) (32) — Stock-based compensation (56) (55) Depreciation and amortization (260) (260) Operating income (loss) 340 463 Interest expense (196) (157) Share of earnings (losses) of affiliates, net (10) (14) Realized and unrealized gains (losses) on financial instruments, net (46) 59 Other, net 14 45 Earnings (loss) before income taxes $ 102 396 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Stock-Based Compensation Allocation of Expense | Three months ended March 31, 2023 2022 amounts in millions Cost of Sirius XM Holdings services: Programming and content $ 7 8 Customer service and billing 1 1 Other 1 1 Other operating expense 11 8 Selling, general and administrative 36 37 $ 56 55 |
Schedule of options granted and weighted average grant date fair value | Three Months Ended March 31, 2023 Options Weighted granted average (000's) GDFV Series C Liberty SiriusXM common stock, Liberty CEO (1) 370 $ 10.34 Series C Liberty Formula One common stock, Formula 1 employee (2) 71 $ 30.70 (1) Grant cliff vests on December 29, 2023. Grant was made in connection with the CEO’s employment agreement. (2) Grant vests in equal quarterly installments over 2023. |
Liberty SiriusXM Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2023 6,862 $ 39.83 Granted 370 $ 31.19 Exercised (213) $ 32.61 Forfeited/Cancelled (980) $ 31.33 Outstanding at March 31, 2023 6,039 $ 40.94 3.4 years $ — Exercisable at March 31, 2023 3,722 $ 39.97 2.6 years $ — |
Braves Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2023 3,108 $ 26.17 Granted — $ — Exercised (146) $ 18.32 Forfeited/Cancelled (4) $ 22.75 Outstanding at March 31, 2023 2,958 $ 26.57 4.3 years $ 21 Exercisable at March 31, 2023 1,357 $ 25.68 4.1 years $ 11 |
Formula One Group | |
Schedule Of Outstanding Options To Purchase Liberty Common Stock | Series C Weighted Aggregate average intrinsic Liberty remaining value options (000's) WAEP life (millions) Outstanding at January 1, 2023 7,086 $ 36.18 Granted 71 $ 75.12 Exercised (669) $ 29.06 Forfeited/Cancelled — $ — Outstanding at March 31, 2023 6,488 $ 37.34 3.7 years $ 243 Exercisable at March 31, 2023 5,002 $ 35.08 3.5 years $ 199 |
Earnings Attributable to Libe_2
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Liberty SiriusXM Group | |
Schedule for reconciliation of basic and diluted weighted average shares | Three months ended March 31, 2023 2022 numbers of shares in millions Basic WASO 327 332 Potentially dilutive shares (a) 19 20 Diluted WASO (b) 346 352 (a) Potentially dilutive shares are excluded from the computation of EPS during periods in which net losses are reported since the result would be antidilutive. (b) For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which may be settled in shares of Series C Liberty SiriusXM common stock and 3.75% Convertible Senior Notes due 2028, which may be settled in shares of Series A 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. As disclosed in note 7, the settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty SiriusXM common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended March 31, 2023 2022 amounts in millions Basic earnings (loss) attributable to Liberty SiriusXM stockholders $ 183 288 Adjustments (52) 1 Diluted earnings (loss) attributable to Liberty SiriusXM stockholders $ 131 289 |
Braves Group | |
Schedule for reconciliation of basic and diluted weighted average shares | Three months ended March 31, 2023 2022 numbers of shares in millions Basic WASO 53 53 Potentially dilutive shares (a) 1 — Diluted WASO (b) 54 53 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 1,811,066 as of March 31, 2023. The intergroup interests are quasi-equity interests, which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period. Additionally, a hypothetical mark to market adjustment on the shares of Series A Liberty Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement. Three months ended March 31, 2023 2022 amounts in millions Basic earnings (loss) attributable to Liberty Braves stockholders $ (59) (13) Adjustments (7) — Diluted earnings (loss) attributable to Liberty Braves stockholders $ (66) (13) |
Formula One Group | |
Schedule for reconciliation of basic and diluted weighted average shares | Three months ended March 31, 2023 2022 numbers of shares in millions Basic WASO 234 232 Potentially dilutive shares (a) 3 4 Diluted WASO (b) 237 236 (a) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. (b) As discussed in note 2, the number of notional Liberty Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 1,051,238 shares as of March 31, 2023. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock underlie the Convertible Notes. Therefore, the market price of Series A Liberty Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. For periods in which share settlement of the intergroup interest is dilutive, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period. For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment is also made to the numerator for a hypothetical mark to market adjustment on the shares of Series A Liberty Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement. Three months ended March 31, 2023 2022 amounts in millions Basic earnings (loss) attributable to Liberty Formula One stockholders $ (109) (35) Adjustments (29) — Diluted earnings (loss) attributable to Liberty Formula One stockholders $ (138) (35) |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Assets and Liabilities Measured at Fair Value | Fair Value Measurements at Fair Value Measurements at March 31, 2023 December 31, 2022 Quoted Quoted prices prices in active Significant in active Significant markets other markets other for identical observable for identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 1,794 1,794 — 2,026 2,026 — Debt and equity securities $ 172 172 — 80 80 — Financial instrument assets $ 184 91 93 393 86 307 Debt $ 3,043 — 3,043 3,331 — 3,331 |
Realized and Unrealized Gains (Losses) on Financial Instruments | Three months ended March 31, 2023 2022 amounts in millions Debt and equity securities $ 6 (5) Debt measured at fair value (a) 55 69 Change in fair value of bond hedges (b) (110) (68) Other 3 63 $ (46) 59 (a) The Company elected to account for its exchangeable senior debentures and convertible notes (as described in note 7) using the fair value option. Changes in the fair value of the exchangeable senior debentures and convertible notes recognized in the condensed consolidated statements of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures and convertible notes attributable to changes in the instrument specific credit risk were losses of $7 million and $11 million for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023, the Company recognized $25 million of previously unrecognized gains related to the retirement of the 1% Convertible Notes (defined below), a portion of the 2.125 % Exchangeable Senior Debentures due 2048 and a portion of the Convertible Notes, which was recognized through other, net in the condensed consolidated statements of operations. The cumulative change since issuance was a gain of $32 million as of March 31, 2023, net of the recognition of previously unrecognized gains and losses. (b) Contemporaneously with the issuance of the Convertible Notes, Liberty entered into privately negotiated cash convertible note hedges, which are expected to offset potential cash payments Liberty would be required to make in excess of the principal amount of the Convertible Notes, upon conversion of the notes. The bond hedges are marked to market based on the trading price of underlying Series A Liberty SiriusXM, Liberty Braves and Liberty Formula One securities and other observable market data as the significant inputs (Level 2). See note 7 for additional discussion of the bond hedges. |
Investments In Affiliates Acc_2
Investments In Affiliates Accounted For Using The Equity Method (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule Of Equity Ownership And Carrying Amount | March 31, 2023 December 31, 2022 Percentage Fair Value Carrying Carrying ownership (Level 1) amount amount dollar amounts in millions Liberty SiriusXM Group Live Nation (a) 30 % $ 4,875 $ 157 158 Sirius XM Canada 70 % $ NA 601 597 Other NA 104 68 Total Liberty SiriusXM Group 862 823 Braves Group Other various NA 94 95 Total Braves Group 94 95 Formula One Group Other various NA 37 34 Total Formula One Group 37 34 Consolidated Liberty $ 993 952 (a) See note 7 for details regarding the number and fair value of shares pledged as collateral as of March 31, 2023 pursuant to Liberty’s margin loan secured by shares of Live Nation (the “Live Nation Margin Loan”). |
Schedule Of Liberty's Share Of Earnings (Losses) Of Affiliates | Three months ended March 31, 2023 2022 amounts in millions Liberty SiriusXM Group Live Nation $ (6) (21) Sirius XM Canada 4 3 Other (5) — Total Liberty SiriusXM Group (7) (18) Braves Group Other (1) 4 Total Braves Group (1) 4 Formula One Group Other (2) — Total Formula One Group (2) — Consolidated Liberty $ (10) (14) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Long-term Debt Instruments | Outstanding Carrying value Principal March 31, December 31, March 31, 2023 2023 2022 amounts in millions Liberty SiriusXM Group Corporate level notes and loans: 1.375% Cash Convertible Senior Notes due 2023 (1) $ 199 215 968 3.75% Convertible Senior Notes due 2028 (1) 575 585 — 2.125% Exchangeable Senior Debentures due 2048 (1) 275 275 382 2.75% Exchangeable Senior Debentures due 2049 (1) 586 544 559 0.5% Exchangeable Senior Debentures due 2050 (1) 920 908 920 Sirius XM Holdings Margin Loan 875 875 875 Live Nation Margin Loan — — — Subsidiary notes and loans: Sirius XM 3.125% Senior Notes due 2026 1,000 992 992 Sirius XM 5.0% Senior Notes due 2027 1,500 1,493 1,492 Sirius XM 4.0% Senior Notes due 2028 2,000 1,983 1,982 Sirius XM 5.50% Senior Notes due 2029 1,250 1,240 1,240 Sirius XM 4.125% Senior Notes due 2030 1,500 1,487 1,487 Sirius XM 3.875% Senior Notes due 2031 1,500 1,485 1,485 Pandora 1.75% Convertible Senior Notes due 2023 118 118 193 Sirius XM Senior Secured Revolving Credit Facility 210 210 80 Sirius XM Incremental Term Loan 500 500 500 Deferred financing costs (10) (12) Total Liberty SiriusXM Group 13,008 12,900 13,143 Braves Group Subsidiary notes and loans: Notes and loans 542 542 546 Deferred financing costs (4) (4) Total Braves Group 542 538 542 Formula One Group Corporate level notes and loans: 1% Cash Convertible Notes due 2023 (1) — — 44 2.25% Convertible Senior Notes due 2027 (1) 475 516 458 Other 63 63 63 Subsidiary notes and loans: Senior Loan Facility 2,420 2,386 2,389 Deferred financing costs (7) (7) Total Formula One Group 2,958 2,958 2,947 Total debt $ 16,508 16,396 16,632 Debt classified as current (706) (1,679) Total long-term debt $ 15,690 14,953 (1) Measured at fair value |
Fair Value of Debt | The fair value, based on quoted market prices of the same instruments but not considered to be active markets (Level 2), of Sirius XM Holdings’ publicly traded debt securities, not reported at fair value, are as follows (amounts in millions): March 31, 2023 Sirius XM 3.125% Senior Notes due 2026 $ 884 Sirius XM 5.0% Senior Notes due 2027 $ 1,365 Sirius XM 4.0% Senior Notes due 2028 $ 1,683 Sirius XM 5.50% Senior Notes due 2029 $ 1,105 Sirius XM 4.125% Senior Notes due 2030 $ 1,192 Sirius XM 3.875% Senior Notes due 2031 $ 1,133 Pandora 1.75% Convertible Senior Notes due 2023 $ 117 |
Braves Holdings | |
Schedule of Braves Holdings Debt | Carrying value As of March 31, 2023 March 31, December 31, Borrowing Weighted avg Maturity 2023 2022 Capacity interest rate Date dollar amounts in millions Operating credit facilities $ — — 275 NA various Ballpark funding Senior secured note 169 172 NA 3.77% September 2041 Stadium credit facility 43 44 44 6.18% July 2026 Spring training credit facility 30 30 NA 3.65% December 2030 Mixed-use credit facilities and loans 300 300 428 5.12% various Total Braves Holdings $ 542 546 |
Information About Liberty's O_2
Information About Liberty's Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Information About Liberty's Operating Segments | |
Schedule of revenue disaggregated by source | Three months ended March 31, 2023 2022 amounts in millions Liberty SiriusXM Group Sirius XM Holdings: Subscriber $ 1,691 1,713 Advertising 375 383 Equipment 46 53 Other 32 37 Total Liberty SiriusXM Group 2,144 2,186 Braves Group Corporate and other: Baseball 18 11 Mixed-Use Development 13 12 Total Braves Group 31 23 Formula One Group Formula 1: Primary 314 287 Other 67 73 Total Formula One Group 381 360 Consolidated Liberty $ 2,556 2,569 |
Adjusted OIBDA by segment | Three months ended March 31, 2023 2022 amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 625 690 Corporate and other (11) (5) Total Liberty SiriusXM Group 614 685 Braves Group Corporate and other (31) (19) Total Braves Group (31) (19) Formula One Group Formula 1 117 122 Corporate and other (12) (10) Total Formula One Group 105 112 Consolidated Liberty $ 688 778 |
Other Information By Segment | March 31, 2023 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group Sirius XM Holdings $ 29,501 696 205 Corporate and other 702 166 — Total Liberty SiriusXM Group 30,203 862 205 Braves Group Corporate and other 1,518 94 14 Total Braves Group 1,518 94 14 Formula One Group Formula 1 9,210 — 9 Corporate and other 1,768 37 53 Total Formula One Group 10,978 37 62 Elimination (1) (366) — — Consolidated Liberty $ 42,333 993 281 (1) This amount is primarily comprised of the intergroup interests in the Braves Group held by the Formula One Group and the Liberty SiriusXM Group and the intergroup interest in the Formula One Group held by the Liberty SiriusXM Group. See note 2 for information regarding the intergroup interests. The Braves Group intergroup interests attributable to the Formula One Group and the Liberty SiriusXM Group are presented as assets of the Formula One Group and Liberty SiriusXM Group, respectively, and are presented as liabilities of the Braves Group in the attributed financial statements. The Formula One Group intergroup interest attributable to the Liberty SiriusXM Group is presented as an asset of the Liberty SiriusXM Group and is presented as a liability of the Formula One Group in the attributed financial statements. The offsetting amounts between tracking stock groups are eliminated in consolidation. |
Reconciliation of Adjusted OIBDA to operating income (loss) and earnings (loss) | Three months ended March 31, 2023 2022 amounts in millions Adjusted OIBDA $ 688 778 Impairment, restructuring and acquisition costs, net of recoveries (note 8) (32) — Stock-based compensation (56) (55) Depreciation and amortization (260) (260) Operating income (loss) 340 463 Interest expense (196) (157) Share of earnings (losses) of affiliates, net (10) (14) Realized and unrealized gains (losses) on financial instruments, net (46) 59 Other, net 14 45 Earnings (loss) before income taxes $ 102 396 |
Financial Information for Track
Financial Information for Tracking Stock Groups (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Condensed Balance Sheets | BALANCE SHEET INFORMATION March 31, 2023 (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 $ 430 215 1,584 — 2,229 Trade and other receivables, net 587 23 91 — 701 Other current assets 366 62 278 — 706 Total current assets 1,383 300 1,953 — 3,636 Intergroup interests (note 1) 134 — 228 (362) — Investments in affiliates, accounted for using the equity method (note 1) 862 94 37 — 993 Property and equipment, at cost 2,926 1,021 616 — 4,563 Accumulated depreciation (1,742) (292) (112) — (2,146) 1,184 729 504 — 2,417 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 1,060 28 3,083 — 4,171 Other assets 529 67 1,217 (4) 1,809 Total assets $ 30,203 1,518 10,978 (366) 42,333 Liabilities and Equity Current liabilities: Intergroup payable (receivable) (note 3) $ 35 (2) (33) — — Accounts payable and accrued liabilities 1,229 66 318 — 1,613 Current portion of debt 608 75 23 — 706 Deferred revenue 1,307 191 655 — 2,153 Other current liabilities 80 5 35 — 120 Total current liabilities 3,259 335 998 — 4,592 Long-term debt (note 1) 12,292 463 2,935 — 15,690 Deferred income tax liabilities 2,046 46 — (4) 2,088 Redeemable intergroup interests (note 1) — 291 71 (362) — Other liabilities 596 147 136 — 879 Total liabilities 18,193 1,282 4,140 (366) 23,249 Equity / Attributed net assets 8,920 229 6,813 — 15,962 Noncontrolling interests in equity of subsidiaries 3,090 7 25 — 3,122 Total liabilities and equity $ 30,203 1,518 10,978 (366) 42,333 |
Condensed Statement of Operations | STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2023 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,144 — — 2,144 Formula 1 revenue — — 381 381 Other revenue — 31 — 31 Total revenue 2,144 31 381 2,556 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 700 — — 700 Programming and content 150 — — 150 Customer service and billing 122 — — 122 Other 52 — — 52 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 206 206 Subscriber acquisition costs 90 — — 90 Other operating expenses 79 39 — 118 Selling, general and administrative 385 26 75 486 Impairment, restructuring and acquisition costs, net of recoveries 32 — — 32 Depreciation and amortization 161 15 84 260 1,771 80 365 2,216 Operating income (loss) 373 (49) 16 340 Other income (expense): Interest expense (136) (9) (51) (196) Share of earnings (losses) of affiliates, net (7) (1) (2) (10) Realized and unrealized gains (losses) on financial instruments, net 2 (1) (47) (46) Unrealized gains (losses) on intergroup interests (note 1) 54 (13) (41) — Other, net 3 1 10 14 (84) (23) (131) (238) Earnings (loss) before income taxes 289 (72) (115) 102 Income tax (expense) benefit (69) 13 6 (50) Net earnings (loss) 220 (59) (109) 52 Less net earnings (loss) attributable to the noncontrolling interests 37 — — 37 Net earnings (loss) attributable to Liberty stockholders $ 183 (59) (109) 15 STATEMENT OF OPERATIONS INFORMATION Three months ended March 31, 2022 (unaudited) Attributed (note 1) Liberty SiriusXM Braves Formula One Consolidated Group Group Group Liberty amounts in millions Revenue: Sirius XM Holdings revenue $ 2,186 — — 2,186 Formula 1 revenue — — 360 360 Other revenue — 23 — 23 Total revenue 2,186 23 360 2,569 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 670 — — 670 Programming and content 140 — — 140 Customer service and billing 125 — — 125 Other 54 — — 54 Cost of Formula 1 revenue (exclusive of depreciation shown separately below) — — 195 195 Subscriber acquisition costs 90 — — 90 Other operating expenses 67 23 — 90 Selling, general and administrative 404 22 56 482 Depreciation and amortization 152 18 90 260 1,702 63 341 2,106 Operating income (loss) 484 (40) 19 463 Other income (expense): Interest expense (122) (6) (29) (157) Share of earnings (losses) of affiliates, net (18) 4 — (14) Realized and unrealized gains (losses) on financial instruments, net 61 5 (7) 59 Unrealized gains (losses) on intergroup interests (note 1) 20 1 (21) — Other, net 20 20 5 45 (39) 24 (52) (67) Earnings (loss) before income taxes 445 (16) (33) 396 Income tax (expense) benefit (101) 3 (2) (100) Net earnings (loss) 344 (13) (35) 296 Less net earnings (loss) attributable to the noncontrolling interests 56 — 9 65 Less net earnings (loss) attributable to redeemable noncontrolling interest — — (9) (9) Net earnings (loss) attributable to Liberty stockholders $ 288 (13) (35) 240 |
Condensed Statement of Cash Flows | STATEMENT OF CASH FLOWS INFORMATION Three months ended March 31, 2023 (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) $ 220 (59) (109) 52 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 161 15 84 260 Stock-based compensation 48 3 5 56 Non-cash impairment and restructuring costs 8 — — 8 Share of (earnings) loss of affiliates, net 7 1 2 10 Unrealized (gains) losses on intergroup interests, net (54) 13 41 — Realized and unrealized (gains) losses on financial instruments, net (2) 1 47 46 Deferred income tax expense (benefit) 7 (8) (5) (6) Intergroup tax allocation 31 (5) (26) — Other charges (credits), net 4 1 (3) 2 Changes in operating assets and liabilities Current and other assets 46 27 (8) 65 Payables and other liabilities (157) 96 229 168 Net cash provided (used) by operating activities 319 85 257 661 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (39) — (130) (169) Cash proceeds from dispositions — — 34 34 Capital expended for property and equipment, including internal-use software and website development (205) (14) (62) (281) Other investing activities, net 2 — (1) 1 Net cash provided (used) by investing activities (242) (14) (159) (415) Cash flows from financing activities: Borrowings of debt 1,479 — — 1,479 Repayments of debt (1,633) (4) (53) (1,690) Intergroup (repayments) borrowings 202 — (202) — Subsidiary shares repurchased by subsidiary (62) — — (62) Cash dividends paid by subsidiary (17) — — (17) Taxes paid in lieu of shares issued for stock-based compensation (15) (1) (8) (24) Other financing activities, net 37 6 14 57 Net cash provided (used) by financing activities (9) 1 (249) (257) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — 2 2 Net increase (decrease) in cash, cash equivalents and restricted cash 68 72 (149) (9) Cash, cash equivalents and restricted cash at beginning of period 370 173 1,733 2,276 Cash, cash equivalents and restricted cash at end of period $ 438 245 1,584 2,267 STATEMENT OF CASH FLOWS INFORMATION Three months ended March 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) $ 344 (13) (35) 296 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation and amortization 152 18 90 260 Stock-based compensation 49 3 3 55 Share of (earnings) loss of affiliates, net 18 (4) — 14 Unrealized (gains) losses on intergroup interests, net (20) (1) 21 — Realized and unrealized (gains) losses on financial instruments, net (61) (5) 7 (59) Deferred income tax expense (benefit) 39 (10) 26 55 Intergroup tax allocation 42 7 (49) — Other charges (credits), net (11) (20) (2) (33) Changes in operating assets and liabilities Current and other assets 21 23 (158) (114) Payables and other liabilities (238) 83 232 77 Net cash provided (used) by operating activities 335 81 135 551 Cash flows from investing activities: Investments in equity method affiliates and debt and equity securities (1) (5) (3) (9) Cash proceeds from dispositions 50 47 — 97 Capital expended for property and equipment, including internal-use software and website development (97) (4) (10) (111) Other investing activities, net (42) — 76 34 Net cash provided (used) by investing activities (90) 38 63 11 Cash flows from financing activities: Borrowings of debt 1,740 15 — 1,755 Repayments of debt (1,204) (37) (1) (1,242) Liberty stock repurchases (202) — (37) (239) Subsidiary shares repurchased by subsidiary (206) — — (206) Cash dividends paid by subsidiary (201) — — (201) Taxes paid in lieu of shares issued for stock-based compensation (61) — 26 (35) Other financing activities, net 1 (4) 7 4 Net cash provided (used) by financing activities (133) (26) (5) (164) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash — — (2) (2) Net increase (decrease) in cash, cash equivalents and restricted cash 112 93 191 396 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 $ 718 337 2,265 3,320 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Qurate Retail, Liberty TripAdvisor, Liberty Broadband, LMAC and GCI Liberty | ||
Basis of Presentation | ||
Allocated expenses | $ 4 | $ 6 |
Tracking Stocks (Details)
Tracking Stocks (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||||
Apr. 19, 2023 $ / shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2023 item | Mar. 10, 2023 | Dec. 31, 2022 USD ($) | Sep. 30, 2022 | Aug. 12, 2022 | Nov. 30, 2020 | Nov. 26, 2019 | Mar. 06, 2018 | Jan. 23, 2017 | Oct. 17, 2013 | |
Tracking Stocks | ||||||||||||
Number of tracking stock groups | item | 3 | |||||||||||
Cash and cash equivalents | $ 2,229 | $ 2,246 | ||||||||||
Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Cash and cash equivalents | 430 | |||||||||||
Intergroup (payments) receipts | $ 202 | |||||||||||
Liberty SiriusXM Group | Braves Group | ||||||||||||
Tracking Stocks | ||||||||||||
Shares owned | shares | 1,811,066 | |||||||||||
Percentage ownership | 2.90% | |||||||||||
Liberty SiriusXM Group | Formula One Group | ||||||||||||
Tracking Stocks | ||||||||||||
Shares owned | shares | 1,051,238 | |||||||||||
Percentage ownership | 0.40% | |||||||||||
Liberty SiriusXM Group | Live Nation | ||||||||||||
Tracking Stocks | ||||||||||||
Percentage ownership | 30% | |||||||||||
Braves Group | ||||||||||||
Tracking Stocks | ||||||||||||
Cash and cash equivalents | $ 215 | |||||||||||
Split-off ratio | 1 | |||||||||||
Formula One Group | ||||||||||||
Tracking Stocks | ||||||||||||
Cash and cash equivalents | 1,584 | |||||||||||
Intergroup (payments) receipts | $ (202) | |||||||||||
Formula One Group | Braves Group | ||||||||||||
Tracking Stocks | ||||||||||||
Shares owned | shares | 6,792,903 | |||||||||||
Percentage ownership | 11% | |||||||||||
2.125% Exchangeable Senior Debentures Due 2048 | Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | ||||||||||
2.75% Exchangeable Senior Debentures Due 2049 | Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | ||||||||||
1.375% Cash Convertible Senior Notes due 2023 | Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||||||||
3.75% Convertible Senior Notes due 2028 | Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 3.75% | 3.75% | ||||||||||
1% Cash Convertible Notes Due 2023 | Formula One Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 1% | 1% | 1% | |||||||||
2.25% Convertible Senior Notes due 2027 | Formula One Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | ||||||||||
0.5% Exchangeable Senior Debentures due 2050 | Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | ||||||||||
Sirius XM Holdings | ||||||||||||
Tracking Stocks | ||||||||||||
Common stock, dividends declared | $ / shares | $ 0.0242 | |||||||||||
Payments of Dividends | $ 94 | |||||||||||
Dividends Paid to Parent Company | 77 | |||||||||||
Sirius XM Holdings | Liberty SiriusXM Group | ||||||||||||
Tracking Stocks | ||||||||||||
Cash and cash equivalents | 53 | |||||||||||
Formula 1 | Formula One Group | ||||||||||||
Tracking Stocks | ||||||||||||
Cash and cash equivalents | 1,043 | |||||||||||
Braves Holdings | Braves Group | ||||||||||||
Tracking Stocks | ||||||||||||
Cash and cash equivalents | $ 149 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based compensation expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-Based Compensation | ||
Stock-based compensation | $ 56 | $ 55 |
Other operating expense | ||
Stock-Based Compensation | ||
Stock-based compensation | 11 | 8 |
Selling, general and administrative | ||
Stock-Based Compensation | ||
Stock-based compensation | 36 | 37 |
Sirius XM Holdings | Programming and content | ||
Stock-Based Compensation | ||
Stock-based compensation | 7 | 8 |
Sirius XM Holdings | Customer service and billing | ||
Stock-Based Compensation | ||
Stock-based compensation | 1 | 1 |
Sirius XM Holdings | Other cost of subscriber services | ||
Stock-Based Compensation | ||
Stock-based compensation | $ 1 | $ 1 |
Stock-Based Compensation - Gran
Stock-Based Compensation - Grants of stock options (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Stock-Based Compensation | |
Dividend rate | 0% |
Performance based RSUs | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Vesting period | 1 year |
Liberty SiriusXM Group | Common Class A | |
Stock-Based Compensation | |
Options granted | 0 |
Liberty SiriusXM Group | Common Class B | |
Stock-Based Compensation | |
Options granted | 0 |
Liberty SiriusXM Group | Series C | |
Stock-Based Compensation | |
Options granted | 370,000 |
Liberty SiriusXM Group | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
Options granted | 370,000 |
Weighted average GDFV | $ / shares | $ 10.34 |
Formula One Group | Common Class A | |
Stock-Based Compensation | |
Options granted | 0 |
Formula One Group | Common Class B | |
Stock-Based Compensation | |
Options granted | 0 |
Formula One Group | Series C | |
Stock-Based Compensation | |
Options granted | 71,000 |
Formula One Group | Formula 1 employees | Series C | |
Stock-Based Compensation | |
Options granted | 71,000 |
Weighted average GDFV | $ / shares | $ 30.70 |
Formula One Group | Performance based RSUs | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
RSUs granted | 81,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 75.12 |
Braves Group | Common Class A | |
Stock-Based Compensation | |
Options granted | 0 |
Braves Group | Common Class B | |
Stock-Based Compensation | |
Options granted | 0 |
Braves Group | Performance based RSUs | Chief Executive Officer | Series C | |
Stock-Based Compensation | |
RSUs granted | 31,000 |
Restricted stock weighted average grant-date fair value | $ / shares | $ 34.44 |
Stock-Based Compensation - Libe
Stock-Based Compensation - Liberty - Outstanding Awards (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Additional disclosures | |
Total unrecognized compensation cost related to unvested equity awards | $ | $ 35 |
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 2 months 12 days |
Liberty SiriusXM Group | |
Additional disclosures | |
Common stock reserved for issuance | 6,000,000 |
Liberty SiriusXM Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Liberty SiriusXM Group | Common Class B | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Liberty SiriusXM Group | Series C | |
Number of options | |
Outstanding at beginning of period | 6,862,000 |
Granted | 370,000 |
Exercised | (213,000) |
Forfeited/Cancelled | (980,000) |
Outstanding at end of period | 6,039,000 |
Exercisable at end of period | 3,722,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 39.83 |
Granted | $ / shares | 31.19 |
Exercised | $ / shares | 32.61 |
Forfeited/Cancelled | $ / shares | 31.33 |
Outstanding at end of period | $ / shares | 40.94 |
Exercisable at end of period | $ / shares | $ 39.97 |
Additional disclosures | |
Weighted average remaining life, outstanding | 3 years 4 months 24 days |
Weighted average remaining life, exercisable | 2 years 7 months 6 days |
Formula One Group | |
Additional disclosures | |
Common stock reserved for issuance | 6,500,000 |
Formula One Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Formula One Group | Common Class B | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Formula One Group | Series C | |
Number of options | |
Outstanding at beginning of period | 7,086,000 |
Granted | 71,000 |
Exercised | (669,000) |
Outstanding at end of period | 6,488,000 |
Exercisable at end of period | 5,002,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 36.18 |
Granted | $ / shares | 75.12 |
Exercised | $ / shares | 29.06 |
Outstanding at end of period | $ / shares | 37.34 |
Exercisable at end of period | $ / shares | $ 35.08 |
Additional disclosures | |
Weighted average remaining life, outstanding | 3 years 8 months 12 days |
Weighted average remaining life, exercisable | 3 years 6 months |
Aggregate intrinsic value, outstanding | $ | $ 243 |
Aggregate intrinsic value, exercisable | $ | $ 199 |
Braves Group | |
Additional disclosures | |
Common stock reserved for issuance | 3,000,000 |
Braves Group | Common Class A | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Braves Group | Common Class B | |
Number of options | |
Granted | 0 |
Outstanding at end of period | 0 |
Braves Group | Series C | |
Number of options | |
Outstanding at beginning of period | 3,108,000 |
Exercised | (146,000) |
Forfeited/Cancelled | (4,000) |
Outstanding at end of period | 2,958,000 |
Exercisable at end of period | 1,357,000 |
WAEP | |
Outstanding at beginning of period | $ / shares | $ 26.17 |
Exercised | $ / shares | 18.32 |
Forfeited/Cancelled | $ / shares | 22.75 |
Outstanding at end of period | $ / shares | 26.57 |
Exercisable at end of period | $ / shares | $ 25.68 |
Additional disclosures | |
Weighted average remaining life, outstanding | 4 years 3 months 18 days |
Weighted average remaining life, exercisable | 4 years 1 month 6 days |
Aggregate intrinsic value, outstanding | $ | $ 21 |
Aggregate intrinsic value, exercisable | $ | $ 11 |
Stock-Based Compensation - SIRI
Stock-Based Compensation - SIRIUS XM Holdings (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-Based Compensation | ||
Stock-based compensation expense | $ 56 | $ 55 |
Total unrecognized compensation cost related to unvested equity awards | $ 35 | |
Weighted average period of recognition related to unvested equity awards (in years) | 1 year 2 months 12 days | |
Sirius XM Holdings | ||
Stock-Based Compensation | ||
Outstanding options | 141 | |
Exercisable options | 95 | |
Outstanding WAEP | $ 5.52 | |
Exercisable WAEP | $ 5.36 | |
Aggregate intrinsic value, outstanding | $ 10 | |
Aggregate intrinsic value, exercisable | 10 | |
Stock-based compensation expense | 45 | $ 45 |
Total unrecognized compensation cost related to unvested equity awards | $ 436 | |
Weighted average period of recognition related to unvested equity awards (in years) | 2 years 4 months 24 days | |
Sirius XM Holdings | RSUs | ||
Stock-Based Compensation | ||
RSUs granted | 8 | |
RSUs GDFV | $ 4.76 |
Earnings Attributable to Libe_3
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 10, 2023 | Aug. 12, 2022 | Nov. 26, 2019 | Mar. 06, 2018 | |
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ 15 | $ 240 | ||||
Liberty SiriusXM Group | ||||||
Weighted average outstanding shares of common stock | ||||||
Basic WASO | 327,000,000 | 332,000,000 | ||||
Potentially dilutive shares | 19,000,000 | 20,000,000 | ||||
Diluted WASO | 346,000,000 | 352,000,000 | ||||
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ 183 | $ 288 | ||||
Adjustment | (52) | 1 | ||||
Diluted earnings (loss) attributable to stockholders | $ 131 | $ 289 | ||||
Liberty SiriusXM Group | Braves Group | ||||||
Investment owned shares | ||||||
Shares owned | 1,811,066 | |||||
Liberty SiriusXM Group | Formula One Group | ||||||
Investment owned shares | ||||||
Shares owned | 1,051,238 | |||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | ||||||
Investment owned shares | ||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | ||||
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049 | ||||||
Investment owned shares | ||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | ||||
Liberty SiriusXM Group | 3.75% Convertible Senior Notes due 2028 | ||||||
Investment owned shares | ||||||
Debt instrument interest rate (as a percent) | 3.75% | 3.75% | ||||
Liberty SiriusXM Group | Common Class A and C | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,000,000 | |||||
Braves Group | ||||||
Weighted average outstanding shares of common stock | ||||||
Basic WASO | 53,000,000 | 53,000,000 | ||||
Potentially dilutive shares | 1,000,000 | |||||
Diluted WASO | 54,000,000 | 53,000,000 | ||||
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ (59) | $ (13) | ||||
Adjustment | (7) | |||||
Diluted earnings (loss) attributable to stockholders | $ (66) | $ (13) | ||||
Braves Group | Common Class A and C | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,000,000 | |||||
Formula One Group | ||||||
Weighted average outstanding shares of common stock | ||||||
Basic WASO | 234,000,000 | 232,000,000 | ||||
Potentially dilutive shares | 3,000,000 | 4,000,000 | ||||
Diluted WASO | 237,000,000 | 236,000,000 | ||||
Diluted earnings per share calculation for the unrealized gain or loss | ||||||
Basic earnings (loss) attributable to stockholders | $ (109) | $ (35) | ||||
Adjustment | (29) | |||||
Diluted earnings (loss) attributable to stockholders | $ (138) | $ (35) | ||||
Formula One Group | Braves Group | ||||||
Investment owned shares | ||||||
Shares owned | 6,792,903 | |||||
Formula One Group | 2.25% Convertible Senior Notes due 2027 | ||||||
Investment owned shares | ||||||
Debt instrument interest rate (as a percent) | 2.25% | 2.25% | ||||
Formula One Group | Common Class A and C | ||||||
Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,000,000 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Current Assets | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | $ 25 | $ 219 |
Other Noncurrent Assets | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 159 | 174 |
Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 1,794 | 2,026 |
Debt and equity securities | 172 | 80 |
Financial instrument assets | 184 | 393 |
Debt | 3,043 | 3,331 |
Level 1 | Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Cash equivalents | 1,794 | 2,026 |
Debt and equity securities | 172 | 80 |
Financial instrument assets | 91 | 86 |
Level 2 | Recurring | ||
Assets and Liabilities Measured at Fair Value | ||
Financial instrument assets | 93 | 307 |
Debt | $ 3,043 | $ 3,331 |
Assets and Liabilities Measur_4
Assets and Liabilities Measured at Fair Value - Realized and Unrealized Gains (Losses) on Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | Mar. 06, 2018 | Jan. 23, 2017 | Oct. 17, 2013 | |
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | $ (46) | $ 59 | ||||
Formula One Group | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | (47) | (7) | ||||
Liberty SiriusXM Group | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | $ 2 | 61 | ||||
1.375% Cash Convertible Senior Notes due 2023 | Liberty SiriusXM Group | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | ||||
1% Cash Convertible Notes Due 2023 | Formula One Group | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Debt instrument interest rate (as a percent) | 1% | 1% | 1% | |||
2.125% Exchangeable Senior Debentures Due 2048 | Liberty SiriusXM Group | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | ||||
Debt and equity securities | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | $ 6 | (5) | ||||
Debt measured at fair value | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | 55 | 69 | ||||
Gain (loss) on changes in fair value | (7) | (11) | ||||
Cumulative amount of gain in changes in fair value | 32 | |||||
Recognition of previously unrealized (gains) losses on debt | 25 | |||||
Change in fair value of bond hedges | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | (110) | (68) | ||||
Other | ||||||
Assets and Liabilities Measured at Fair Value | ||||||
Realized and unrealized gains (losses) on financial instruments, net | $ 3 | $ 63 |
Investments In Affiliates Acc_3
Investments In Affiliates Accounted For Using The Equity Method (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 993 | $ 952 |
Liberty SiriusXM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 862 | 823 |
Liberty SiriusXM Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 30% | |
Fair value | $ 4,875 | |
Investments in affiliates | $ 157 | 158 |
Liberty SiriusXM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Percentage ownership | 70% | |
Investments in affiliates | $ 601 | 597 |
Liberty SiriusXM Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 104 | 68 |
Braves Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 94 | 95 |
Braves Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 94 | 95 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | 37 | 34 |
Formula One Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Investments in affiliates | $ 37 | $ 34 |
Investments In Affiliates Acc_4
Investments In Affiliates Accounted For Using The Equity Method - Share Of Earnings (Losses) Of Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | $ (10) | $ (14) |
Liberty SiriusXM Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | (7) | (18) |
Liberty SiriusXM Group | Sirius XM Canada | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | 4 | 3 |
Liberty SiriusXM Group | Live Nation | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | (6) | (21) |
Liberty SiriusXM Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | (5) | |
Braves Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | (1) | 4 |
Braves Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | (1) | $ 4 |
Formula One Group | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | (2) | |
Formula One Group | Other Investments | ||
Investments in Affiliates Accounted for Using the Equity Method | ||
Earnings (loss) before income taxes | $ (2) |
Investments In Affiliates Acc_5
Investments In Affiliates Accounted For Using The Equity Method - Sirius XM Canada (Details) - Sirius XM Holdings - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 15, 2022 | Mar. 14, 2022 | May 31, 2017 | |
Sirius XM Canada | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Revenue from related parties | $ 26 | $ 27 | |||
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% | ||||
Sirius XM Canada | Maximum | |||||
Investments in Affiliates Accounted for Using the Equity Method | |||||
Gross Dividends | $ 1 | $ 1 |
Investments In Affiliates Acc_6
Investments In Affiliates Accounted For Using The Equity Method - SoundCloud (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Feb. 29, 2020 | |
Investments in Affiliates Accounted for Using the Equity Method | ||||
Equity Method Investments | $ 993 | $ 952 | ||
Sirius XM Holdings | SoundCloud Holdings, LLC | Pandora Soundcloud Advertising Agreement | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Revenue share expense | 12 | $ 13 | ||
Due to related parties, non-current | $ 17 | $ 19 | ||
Sirius XM Holdings | SoundCloud Holdings, LLC | ||||
Investments in Affiliates Accounted for Using the Equity Method | ||||
Equity Method Investments | $ 75 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 10, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Aug. 12, 2022 | Nov. 30, 2020 | Dec. 31, 2019 | Nov. 26, 2019 | Mar. 06, 2018 | Jan. 23, 2017 | Oct. 17, 2013 |
Debt Instrument | |||||||||||
Outstanding principal | $ 16,508 | ||||||||||
Total debt | 16,396 | $ 16,632 | |||||||||
Debt classified as current | (706) | (1,679) | |||||||||
Total long-term debt | 15,690 | 14,953 | |||||||||
Liberty SiriusXM Group | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 13,008 | ||||||||||
Deferred financing costs | (10) | (12) | |||||||||
Total debt | 12,900 | 13,143 | |||||||||
Debt classified as current | (608) | ||||||||||
Total long-term debt | $ 12,292 | ||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | |||||||||
Outstanding principal | $ 199 | ||||||||||
Long term debt | $ 215 | 968 | |||||||||
Liberty SiriusXM Group | 3.75% Convertible Senior Notes due 2028 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 3.75% | 3.75% | |||||||||
Outstanding principal | $ 575 | ||||||||||
Long term debt | $ 585 | ||||||||||
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 | $ 275 | ||||||||||
Long term debt | $ 275 | 382 | |||||||||
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 | $ 544 | 559 | |||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | |||||||||
Outstanding principal | $ 920 | ||||||||||
Long term debt | 908 | 920 | |||||||||
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 | 992 | |||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5% | ||||||||||
Outstanding principal | $ 1,500 | ||||||||||
Long term debt | $ 1,493 | 1,492 | |||||||||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 4% | ||||||||||
Outstanding principal | $ 2,000 | ||||||||||
Long term debt | $ 1,983 | 1,982 | |||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5.50% | ||||||||||
Outstanding principal | $ 1,250 | ||||||||||
Long term debt | $ 1,240 | 1,240 | |||||||||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 4.125% | ||||||||||
Outstanding principal | $ 1,500 | ||||||||||
Long term debt | $ 1,487 | 1,487 | |||||||||
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 | 1,485 | |||||||||
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 | $ 118 | ||||||||||
Long term debt | $ 118 | 193 | |||||||||
Liberty SiriusXM Group | Sirius XM credit facility | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 7.09% | ||||||||||
Outstanding principal | $ 210 | ||||||||||
Long term debt | $ 210 | 80 | |||||||||
Liberty SiriusXM Group | Sirius XM Incremental Term Loan | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 5.85% | ||||||||||
Outstanding principal | $ 500 | ||||||||||
Long term debt | 500 | 500 | |||||||||
Braves Group | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 542 | ||||||||||
Deferred financing costs | (4) | (4) | |||||||||
Total debt | 538 | 542 | |||||||||
Debt classified as current | (75) | ||||||||||
Total long-term debt | 463 | ||||||||||
Braves Group | Notes and loans | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 542 | ||||||||||
Long term debt | 542 | 546 | |||||||||
Formula One Group | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 2,958 | ||||||||||
Deferred financing costs | (7) | (7) | |||||||||
Total debt | 2,958 | 2,947 | |||||||||
Debt classified as current | (23) | ||||||||||
Total long-term debt | $ 2,935 | ||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||
Debt Instrument | |||||||||||
Debt instrument interest rate (as a percent) | 1% | 1% | 1% | ||||||||
Long term debt | 44 | ||||||||||
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 | 516 | 458 | |||||||||
Formula One Group | Other Debt Obligations | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 63 | ||||||||||
Long term debt | 63 | 63 | |||||||||
Formula One Group | Senior Loan Facility | |||||||||||
Debt Instrument | |||||||||||
Outstanding principal | 2,420 | ||||||||||
Long term debt | $ 2,386 | $ 2,389 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 1 Months Ended | 3 Months Ended | |||||||||||||||||
Mar. 10, 2023 USD ($) $ / shares | Nov. 23, 2022 | Aug. 12, 2022 USD ($) $ / shares | May 09, 2022 USD ($) | Nov. 09, 2020 USD ($) | Nov. 26, 2019 USD ($) $ / shares shares | Mar. 06, 2018 USD ($) $ / shares shares | Jan. 23, 2017 USD ($) $ / shares | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) $ / shares shares | Jan. 31, 2023 USD ($) | Feb. 28, 2021 USD ($) | Nov. 30, 2020 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Sep. 30, 2022 | Apr. 11, 2022 USD ($) | Dec. 03, 2021 USD ($) | Dec. 31, 2019 USD ($) | Oct. 17, 2013 USD ($) | |
Live Nation Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | |||||||||||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 200,000,000 | $ 400,000,000 | ||||||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||||||
Live Nation Margin Loan | LIBOR | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||||||
Live Nation Margin Loan | Adjusted Term SOFR | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||||||||||||
Live Nation | Live Nation Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Share value | $ 628,000,000 | $ 628,000,000 | |||||||||||||||||
Financial Instrument, Owned, Pledged Status [Extensible Enumeration] | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember | |||||||||||||||||
Financial Instruments, Owned and Pledged as Collateral , Number | shares | 9,000,000 | 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 | $ 83,000,000 | ||||||||||||||||||
Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities Basket price per share | $ / shares | $ 49.18 | $ 49.18 | |||||||||||||||||
Warrant expiration period | 81 days | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 61.16 | $ 61.16 | |||||||||||||||||
Warrant transaction | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Payments for Derivative Instrument, Financing Activities | $ 44,000,000 | ||||||||||||||||||
Formula One Group | SOFR | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||
Formula One Group | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.25 | 0.25 | |||||||||||||||||
Formula One Group | 1% Cash Convertible Notes Due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1% | 1% | 1% | 1% | |||||||||||||||
Principal amount | $ 450,000,000 | ||||||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||||||
Payments of debt | $ 47,000,000 | ||||||||||||||||||
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% | 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 | 1,051,238 | ||||||||||||||||||
Formula One Group | Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 1,051,238 | 1,051,238 | |||||||||||||||||
Liberty SiriusXM Group | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 1.0163 | 1.0163 | |||||||||||||||||
Liberty SiriusXM Group | 1.375% Cash Convertible Senior Notes due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.375% | 1.375% | 1.375% | ||||||||||||||||
Principal amount | $ 1,000,000,000 | ||||||||||||||||||
Repurchase amount | $ 591,000,000 | $ 591,000,000 | |||||||||||||||||
Payments of debt | $ 662,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | 3.75% Convertible Senior Notes due 2028 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 3.75% | 3.75% | 3.75% | ||||||||||||||||
Principal amount | $ 575,000,000 | ||||||||||||||||||
Debt instrument, face amount per debenture | $ 1,000 | ||||||||||||||||||
Liberty SiriusXM Group | 3.75% Convertible Senior Notes due 2028 | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 25.9000 | ||||||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 38.61 | ||||||||||||||||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.125% | 2.125% | 2.125% | ||||||||||||||||
Principal amount | $ 400,000,000 | ||||||||||||||||||
Repurchase amount | $ 112,000,000 | $ 112,000,000 | |||||||||||||||||
Payments of debt | $ 112,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | 2.125% Exchangeable Senior Debentures Due 2048 | Subsequent Event | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Payments of debt | $ 275,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | 2.75% Exchangeable Senior Debentures Due 2049 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 2.75% | 2.75% | 2.75% | ||||||||||||||||
Principal amount | $ 604,000,000 | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||||||||||
Liberty SiriusXM Group | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 0.50% | 0.50% | 0.50% | ||||||||||||||||
Principal amount | $ 920,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Effective interest rate | 7.25% | 7.25% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,075,000,000 | $ 1,075,000,000 | |||||||||||||||||
Undrawn commitment fee | 0.50% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | LIBOR | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | SOFR | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | SOFR | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Term loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Principal amount | $ 875,000,000 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings Margin Loan | Revolving Credit Facility | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Maximum borrowing capacity | $ 1,075,000,000 | $ 875,000,000 | $ 1,075,000,000 | ||||||||||||||||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 4% | 4% | |||||||||||||||||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.50% | 5.50% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM 5.00% Senior Notes due 2027 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 5% | 5% | |||||||||||||||||
Liberty SiriusXM Group | Pandora 1.75% Convertible Senior Notes due 2023 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 1.75% | 1.75% | 1.75% | ||||||||||||||||
Principal amount | $ 193,000,000 | ||||||||||||||||||
Repurchase amount | $ 75,000,000 | $ 75,000,000 | |||||||||||||||||
Debt Instruments, Repurchase Price Percentage | 100% | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM credit facility | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 7.09% | 7.09% | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,540,000,000 | $ 1,540,000,000 | |||||||||||||||||
Maximum borrowing capacity | $ 1,750,000,000 | $ 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 | the SOFR or 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% | |||||||||||||||||
Liberty SiriusXM Group | Sirius XM Incremental Term Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Debt instrument interest rate (as a percent) | 5.85% | 5.85% | |||||||||||||||||
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 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | 2.75% Exchangeable Senior Debentures Due 2049 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Shares underlying the debentures | shares | 70,000,000 | ||||||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 8.62 | ||||||||||||||||||
Liberty SiriusXM Group | Sirius XM Holdings | Sirius XM Holdings Margin Loan | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Share value | $ 3,970,000,000 | $ 3,970,000,000 | |||||||||||||||||
Financial Instrument, Owned, Pledged Status [Extensible Enumeration] | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember | |||||||||||||||||
Financial Instruments, Owned and Pledged as Collateral , Number | shares | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||
Liberty SiriusXM Group | Live Nation | 0.5% Exchangeable Senior Debentures due 2050 | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Shares underlying the debentures | shares | 10,000,000 | ||||||||||||||||||
Conversion price for exchangeable debt | $ / shares | $ 90.10 | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||||||||||||
Liberty SiriusXM Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Forward contract, number of underlying shares | shares | 4,273,491 | ||||||||||||||||||
Liberty SiriusXM Group | Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 4,273,491 | 4,273,491 | |||||||||||||||||
Braves Group | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Securities basket conversion ratio from shares of Liberty Media Corporation common stock | 0.1087 | 0.1087 | |||||||||||||||||
Braves Group | 1.375% Convertible Notes Bond Hedge Transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Forward contract, number of underlying shares | shares | 457,078 | ||||||||||||||||||
Braves Group | Warrant transaction | Common Class A | |||||||||||||||||||
Debt Instrument | |||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 457,078 | 457,078 |
Long-Term Debt - Braves Holding
Long-Term Debt - Braves Holdings Notes (Details) - Braves Holdings - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument | ||
Long term debt | $ 542 | $ 546 |
Senior Secured Notes | ||
Debt Instrument | ||
Weighted average interest rate | 3.77% | |
Long term debt | $ 169 | 172 |
Stadium credit facility | ||
Debt Instrument | ||
Weighted average interest rate | 6.18% | |
Long term debt | $ 43 | 44 |
Maximum borrowing capacity | 44 | |
Revolving Credit Facility | Operating Credit Facilities | ||
Debt Instrument | ||
Maximum borrowing capacity | $ 275 | |
Revolving Credit Facility | Mixed Use Credit Facilities and Loans | ||
Debt Instrument | ||
Weighted average interest rate | 5.12% | |
Long term debt | $ 300 | 300 |
Maximum borrowing capacity | $ 428 | |
Revolving Credit Facility | Spring Training Credit Facility | ||
Debt Instrument | ||
Weighted average interest rate | 3.65% | |
Long term debt | $ 30 | $ 30 |
Long-Term Debt - Formula 1 (Det
Long-Term Debt - Formula 1 (Details) - USD ($) $ in Millions | Nov. 23, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 22, 2022 |
Forward Starting Swap [Member] | Senior Loan Facility | ||||
Debt Instrument | ||||
Notional Amount of Derivatives | $ 1,100 | |||
Formula 1 | Senior Loan Facility | ||||
Debt Instrument | ||||
Long term debt | $ 2,400 | |||
Effective interest rate | 7.62% | |||
Formula 1 | Interest Rate Swap | Senior Loan Facility | ||||
Debt Instrument | ||||
Notional Amount of Derivatives | $ 2,100 | |||
Braves Holdings | ||||
Debt Instrument | ||||
Long term debt | 542 | $ 546 | ||
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 | 2,386 | $ 2,389 | ||
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 | 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 | Maximum | First lien Term Loan A | SOFR | ||||
Debt Instrument | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Long-Term Debt - Fair Value of
Long-Term Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt, measured at fair value | $ 2,553 | $ 1,937 | |
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 | $ 1,365 | ||
Liberty SiriusXM Group | Sirius XM 4.0% Senior Notes Due 2028 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 4% | ||
Long-term debt, measured at fair value | $ 1,683 | ||
Liberty SiriusXM Group | Sirius Xm 5.50% Senior Notes Due 2029 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 5.50% | ||
Long-term debt, measured at fair value | $ 1,105 | ||
Liberty SiriusXM Group | Sirius XM 4.125% Senior Notes Due 2030 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Debt instrument interest rate (as a percent) | 4.125% | ||
Long-term debt, measured at fair value | $ 1,192 | ||
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 | $ 1,133 | ||
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 | $ 117 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) item | |
Braves Holdings | |
Commitments and Contingencies | |
Compensation guarantee aggregate total | $ 1,007 |
Amounts payable under guarantee remainder of 2023 | 220 |
Amounts payable under guarantee in 2024 | 149 |
Amounts payable under guarantee in 2025 | 142 |
Amounts payable under guarantee in 2026 | 135 |
Amounts payable under guarantee thereafter | 361 |
Sirius XM Holdings | |
Commitments and Contingencies | |
Severance Costs | 23 |
Operating lease impairment | 5 |
Restructuring Reserve | $ 2 |
Number of roles reduced | item | 475 |
Percentage of reduction in workforce | 8% |
Sirius XM Holdings | Maximum | |
Commitments and Contingencies | |
Tangible asset impairment | $ 1 |
Information About Liberty's O_3
Information About Liberty's Operating Segments (Details) | 3 Months Ended |
Mar. 31, 2023 item | |
Formula 1 | |
Information About Liberty's Operating Segments | |
Duration of World Championship | 9 months |
Sirius XM Holdings | |
Information About Liberty's Operating Segments | |
Number of complementary audio entertainment business | 2 |
Number of satellite systems | 2 |
Information About Liberty's O_4
Information About Liberty's Operating Segments - Revenue and Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Information About Liberty's Operating Segments | ||
Revenue | $ 2,556 | $ 2,569 |
Adjusted OIBDA | 688 | 778 |
Liberty SiriusXM Group | ||
Information About Liberty's Operating Segments | ||
Revenue | 2,144 | 2,186 |
Adjusted OIBDA | 614 | 685 |
Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Adjusted OIBDA | 625 | 690 |
Liberty SiriusXM Group | Corporate and other | ||
Information About Liberty's Operating Segments | ||
Adjusted OIBDA | (11) | (5) |
Braves Group | ||
Information About Liberty's Operating Segments | ||
Revenue | 31 | 23 |
Adjusted OIBDA | (31) | (19) |
Braves Group | Corporate and other | ||
Information About Liberty's Operating Segments | ||
Adjusted OIBDA | (31) | (19) |
Formula One Group | ||
Information About Liberty's Operating Segments | ||
Revenue | 381 | 360 |
Adjusted OIBDA | 105 | 112 |
Formula One Group | Operating Segments | Formula 1 | ||
Information About Liberty's Operating Segments | ||
Adjusted OIBDA | 117 | 122 |
Formula One Group | Corporate and other | ||
Information About Liberty's Operating Segments | ||
Adjusted OIBDA | (12) | (10) |
Subscriber | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Revenue | 1,691 | 1,713 |
Advertising | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Revenue | 375 | 383 |
Equipment | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Revenue | 46 | 53 |
Baseball | Braves Group | Corporate and other | ||
Information About Liberty's Operating Segments | ||
Revenue | 18 | 11 |
Mixed-Use Development | Braves Group | Corporate and other | ||
Information About Liberty's Operating Segments | ||
Revenue | 13 | 12 |
Primary | Formula One Group | Operating Segments | Formula 1 | ||
Information About Liberty's Operating Segments | ||
Revenue | 314 | 287 |
Other | ||
Information About Liberty's Operating Segments | ||
Revenue | 31 | 23 |
Other | Liberty SiriusXM Group | Operating Segments | Sirius XM Holdings | ||
Information About Liberty's Operating Segments | ||
Revenue | 32 | 37 |
Other | Braves Group | ||
Information About Liberty's Operating Segments | ||
Revenue | 31 | 23 |
Other | Formula One Group | Operating Segments | Formula 1 | ||
Information About Liberty's Operating Segments | ||
Revenue | $ 67 | $ 73 |
Information About Liberty's O_5
Information About Liberty's Operating Segments - Performance obligations (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Information About Liberty's Operating Segments | ||
Deferred revenue | $ 2,153 | $ 1,773 |
Liberty SiriusXM Group | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 1,307 | |
Braves Group | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 191 | |
Formula One and Braves Holdings | ||
Information About Liberty's Operating Segments | ||
Deferred revenue | 860 | $ 466 |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 2,204 | |
Expected timing of satisfaction period | 9 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 2,256 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 2,010 | |
Expected timing of satisfaction period | 12 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 5,250 | |
Expected timing of satisfaction period | 72 months | |
Formula One and Braves Holdings | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2032-01-01 | ||
Remaining performance obligations | ||
Remaining performance obligation, revenue expected to be recognized | $ 1,133 | |
Expected timing of satisfaction period | 60 months |
Information About Liberty's O_6
Information About Liberty's Operating Segments - Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 42,333 | $ 42,464 | |
Investments in affiliates | 993 | 952 | |
Capital expenditures | 281 | $ 111 | |
Consolidation Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total assets | (366) | ||
Liberty SiriusXM Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 30,203 | ||
Investments in affiliates | 862 | 823 | |
Capital expenditures | 205 | 97 | |
Liberty SiriusXM Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 702 | ||
Investments in affiliates | 166 | ||
Liberty SiriusXM Group | Sirius XM Holdings | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 29,501 | ||
Investments in affiliates | 696 | ||
Capital expenditures | 205 | ||
Braves Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,518 | ||
Investments in affiliates | 94 | 95 | |
Capital expenditures | 14 | 4 | |
Braves Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,518 | ||
Investments in affiliates | 94 | ||
Capital expenditures | 14 | ||
Formula One Group | |||
Segment Reporting Information [Line Items] | |||
Total assets | 10,978 | ||
Investments in affiliates | 37 | $ 34 | |
Capital expenditures | 62 | $ 10 | |
Formula One Group | Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,768 | ||
Investments in affiliates | 37 | ||
Capital expenditures | 53 | ||
Formula One Group | Formula 1 | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 9,210 | ||
Capital expenditures | $ 9 |
Information About Liberty's O_7
Information About Liberty's Operating Segments - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Information About Liberty's Operating Segments | ||
Adjusted OIBDA | $ 688 | $ 778 |
Impairment, restructuring and acquisition costs, net of recoveries (note 8) | (32) | |
Stock-based compensation | (56) | (55) |
Depreciation and amortization | (260) | (260) |
Operating income (loss) | 340 | 463 |
Interest expense | (196) | (157) |
Share of earnings (losses) of affiliates, net | (10) | (14) |
Realized and unrealized gains (losses) on financial instruments, net | (46) | 59 |
Other, net | 14 | 45 |
Earnings (loss) before income taxes | $ 102 | $ 396 |
Financial Information for Tra_2
Financial Information for Tracking Stock Groups - Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,229 | $ 2,246 |
Trade and other receivables, net | 701 | 837 |
Other current assets | 706 | 768 |
Total current assets | 3,636 | 3,851 |
Investments in affiliates, accounted for using the equity method | 993 | 952 |
Property and equipment, at cost | 4,563 | 4,481 |
Accumulated depreciation | (2,146) | (2,226) |
Property and equipment, net | 2,417 | 2,255 |
Goodwill | 19,341 | 19,341 |
FCC licenses | 8,600 | 8,600 |
Other | 1,366 | 1,366 |
Intangible assets not subject to amortization | 29,307 | 29,307 |
Intangible assets subject to amortization, net | 4,171 | 4,288 |
Other assets | 1,809 | 1,811 |
Total assets | 42,333 | 42,464 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,613 | 1,856 |
Current portion of debt | 706 | 1,679 |
Deferred revenue | 2,153 | 1,773 |
Other current liabilities | 120 | 102 |
Total current liabilities | 4,592 | 5,410 |
Long-term debt | 15,690 | 14,953 |
Deferred income tax liabilities | 2,088 | 2,101 |
Other liabilities | 879 | 874 |
Total liabilities | 23,249 | 23,338 |
Stockholders' equity: | ||
Total stockholders' equity | 15,962 | 15,963 |
Noncontrolling interests in equity of subsidiaries | 3,122 | 3,163 |
Total liabilities and equity | 42,333 | 42,464 |
Consolidation Eliminations | ||
Current assets: | ||
Intergroup interests | (362) | |
Other assets | (4) | |
Total assets | (366) | |
Current liabilities: | ||
Deferred income tax liabilities | (4) | |
Redeemable intergroup interests | (362) | |
Total liabilities | (366) | |
Stockholders' equity: | ||
Total liabilities and equity | (366) | |
Liberty SiriusXM Group | ||
Current assets: | ||
Cash and cash equivalents | 430 | |
Trade and other receivables, net | 587 | |
Other current assets | 366 | |
Total current assets | 1,383 | |
Intergroup interests | 134 | |
Investments in affiliates, accounted for using the equity method | 862 | 823 |
Property and equipment, at cost | 2,926 | |
Accumulated depreciation | (1,742) | |
Property and equipment, net | 1,184 | |
Goodwill | 15,209 | |
FCC licenses | 8,600 | |
Other | 1,242 | |
Intangible assets not subject to amortization | 25,051 | |
Intangible assets subject to amortization, net | 1,060 | |
Other assets | 529 | |
Total assets | 30,203 | |
Current liabilities: | ||
Intergroup payable (receivable) | 35 | |
Accounts payable and accrued liabilities | 1,229 | |
Current portion of debt | 608 | |
Deferred revenue | 1,307 | |
Other current liabilities | 80 | |
Total current liabilities | 3,259 | |
Long-term debt | 12,292 | |
Deferred income tax liabilities | 2,046 | |
Other liabilities | 596 | |
Total liabilities | 18,193 | |
Stockholders' equity: | ||
Total stockholders' equity | 8,920 | |
Noncontrolling interests in equity of subsidiaries | 3,090 | |
Total liabilities and equity | 30,203 | |
Braves Group | ||
Current assets: | ||
Cash and cash equivalents | 215 | |
Trade and other receivables, net | 23 | |
Other current assets | 62 | |
Total current assets | 300 | |
Investments in affiliates, accounted for using the equity method | 94 | 95 |
Property and equipment, at cost | 1,021 | |
Accumulated depreciation | (292) | |
Property and equipment, net | 729 | |
Goodwill | 176 | |
Other | 124 | |
Intangible assets not subject to amortization | 300 | |
Intangible assets subject to amortization, net | 28 | |
Other assets | 67 | |
Total assets | 1,518 | |
Current liabilities: | ||
Intergroup payable (receivable) | (2) | |
Accounts payable and accrued liabilities | 66 | |
Current portion of debt | 75 | |
Deferred revenue | 191 | |
Other current liabilities | 5 | |
Total current liabilities | 335 | |
Long-term debt | 463 | |
Deferred income tax liabilities | 46 | |
Redeemable intergroup interests | 291 | |
Other liabilities | 147 | |
Total liabilities | 1,282 | |
Stockholders' equity: | ||
Total stockholders' equity | 229 | |
Noncontrolling interests in equity of subsidiaries | 7 | |
Total liabilities and equity | 1,518 | |
Formula One Group | ||
Current assets: | ||
Cash and cash equivalents | 1,584 | |
Trade and other receivables, net | 91 | |
Other current assets | 278 | |
Total current assets | 1,953 | |
Intergroup interests | 228 | |
Investments in affiliates, accounted for using the equity method | 37 | $ 34 |
Property and equipment, at cost | 616 | |
Accumulated depreciation | (112) | |
Property and equipment, net | 504 | |
Goodwill | 3,956 | |
Intangible assets not subject to amortization | 3,956 | |
Intangible assets subject to amortization, net | 3,083 | |
Other assets | 1,217 | |
Total assets | 10,978 | |
Current liabilities: | ||
Intergroup payable (receivable) | (33) | |
Accounts payable and accrued liabilities | 318 | |
Current portion of debt | 23 | |
Deferred revenue | 655 | |
Other current liabilities | 35 | |
Total current liabilities | 998 | |
Long-term debt | 2,935 | |
Redeemable intergroup interests | 71 | |
Other liabilities | 136 | |
Total liabilities | 4,140 | |
Stockholders' equity: | ||
Total stockholders' equity | 6,813 | |
Noncontrolling interests in equity of subsidiaries | 25 | |
Total liabilities and equity | $ 10,978 |
Financial Information for Tra_3
Financial Information for Tracking Stock Groups - Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Total revenue | $ 2,556 | $ 2,569 |
Operating costs and expenses, including stock-based compensation: | ||
Subscriber acquisition costs | 90 | 90 |
Other operating expense | 118 | 90 |
Selling, general and administrative | 486 | 482 |
Impairment, restructuring and acquisition costs, net of recoveries | 32 | |
Depreciation and amortization | 260 | 260 |
Total operating costs and expenses | 2,216 | 2,106 |
Operating income (loss) | 340 | 463 |
Other income (expense): | ||
Interest expense | (196) | (157) |
Share of earnings (losses) of affiliates, net | (10) | (14) |
Realized and unrealized gains (losses) on financial instruments, net | (46) | 59 |
Other, net | 14 | 45 |
Total other income (expense) | (238) | (67) |
Earnings (loss) before income taxes | 102 | 396 |
Income tax benefit (expense) | (50) | (100) |
Net earnings (loss) | 52 | 296 |
Less net earnings (loss) attributable to the noncontrolling interests | 37 | 65 |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (9) | |
Net earnings (loss) attributable to Liberty stockholders | 15 | 240 |
Liberty SiriusXM Group | ||
Revenue: | ||
Total revenue | 2,144 | 2,186 |
Operating costs and expenses, including stock-based compensation: | ||
Subscriber acquisition costs | 90 | 90 |
Other operating expense | 79 | 67 |
Selling, general and administrative | 385 | 404 |
Impairment, restructuring and acquisition costs, net of recoveries | 32 | |
Depreciation and amortization | 161 | 152 |
Total operating costs and expenses | 1,771 | 1,702 |
Operating income (loss) | 373 | 484 |
Other income (expense): | ||
Interest expense | (136) | (122) |
Share of earnings (losses) of affiliates, net | (7) | (18) |
Realized and unrealized gains (losses) on financial instruments, net | 2 | 61 |
Unrealized gains/( loss) on inter-group interests | 54 | 20 |
Other, net | 3 | 20 |
Total other income (expense) | (84) | (39) |
Earnings (loss) before income taxes | 289 | 445 |
Income tax benefit (expense) | (69) | (101) |
Net earnings (loss) | 220 | 344 |
Less net earnings (loss) attributable to the noncontrolling interests | 56 | |
Net earnings (loss) attributable to Liberty stockholders | 183 | 288 |
Braves Group | ||
Revenue: | ||
Total revenue | 31 | 23 |
Operating costs and expenses, including stock-based compensation: | ||
Other operating expense | 39 | 23 |
Selling, general and administrative | 26 | 22 |
Depreciation and amortization | 15 | 18 |
Total operating costs and expenses | 80 | 63 |
Operating income (loss) | (49) | (40) |
Other income (expense): | ||
Interest expense | (9) | (6) |
Share of earnings (losses) of affiliates, net | (1) | 4 |
Realized and unrealized gains (losses) on financial instruments, net | (1) | 5 |
Unrealized gains/( loss) on inter-group interests | (13) | 1 |
Other, net | 1 | 20 |
Total other income (expense) | (23) | 24 |
Earnings (loss) before income taxes | (72) | (16) |
Income tax benefit (expense) | 13 | 3 |
Net earnings (loss) | (59) | (13) |
Net earnings (loss) attributable to Liberty stockholders | (59) | (13) |
Formula One Group | ||
Revenue: | ||
Total revenue | 381 | 360 |
Operating costs and expenses, including stock-based compensation: | ||
Selling, general and administrative | 75 | 56 |
Depreciation and amortization | 84 | 90 |
Total operating costs and expenses | 365 | 341 |
Operating income (loss) | 16 | 19 |
Other income (expense): | ||
Interest expense | (51) | (29) |
Share of earnings (losses) of affiliates, net | (2) | |
Realized and unrealized gains (losses) on financial instruments, net | (47) | (7) |
Unrealized gains/( loss) on inter-group interests | (41) | (21) |
Other, net | 10 | 5 |
Total other income (expense) | (131) | (52) |
Earnings (loss) before income taxes | (115) | (33) |
Income tax benefit (expense) | 6 | (2) |
Net earnings (loss) | (109) | (35) |
Less net earnings (loss) attributable to the noncontrolling interests | 9 | |
Less net earnings (loss) attributable to redeemable noncontrolling interest | (9) | |
Net earnings (loss) attributable to Liberty stockholders | (109) | (35) |
Sirius XM Holdings Revenue | ||
Revenue: | ||
Total revenue | 2,144 | 2,186 |
Sirius XM Holdings Revenue | Liberty SiriusXM Group | ||
Revenue: | ||
Total revenue | 2,144 | 2,186 |
Revenue Share And Royalties | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 700 | 670 |
Revenue Share And Royalties | Liberty SiriusXM Group | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 700 | 670 |
Programming and content | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 150 | 140 |
Programming and content | Liberty SiriusXM Group | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 150 | 140 |
Customer service and billing | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 122 | 125 |
Customer service and billing | Liberty SiriusXM Group | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 122 | 125 |
Other cost of subscriber services | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 52 | 54 |
Other cost of subscriber services | Liberty SiriusXM Group | ||
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 52 | 54 |
Formula 1 | ||
Revenue: | ||
Total revenue | 381 | 360 |
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 206 | 195 |
Formula 1 | Formula One Group | ||
Revenue: | ||
Total revenue | 381 | 360 |
Operating costs and expenses, including stock-based compensation: | ||
Cost of services | 206 | 195 |
Other | ||
Revenue: | ||
Total revenue | 31 | 23 |
Other | Braves Group | ||
Revenue: | ||
Total revenue | $ 31 | $ 23 |
Financial Information for Tra_4
Financial Information for Tracking Stock Groups - Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 52 | $ 296 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 260 | 260 |
Stock-based compensation | 56 | 55 |
Non-cash impairment and restructuring costs | 8 | |
Share of (earnings) loss of affiliates, net | 10 | 14 |
Realized and unrealized (gains) losses on financial instruments, net | 46 | (59) |
Deferred income tax expense (benefit) | (6) | 55 |
Other charges (credits), net | 2 | (33) |
Changes in operating assets and liabilities | ||
Current and other assets | 65 | (114) |
Payables and other liabilities | 168 | 77 |
Net cash provided (used) by operating activities | 661 | 551 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (169) | (9) |
Cash proceeds from dispositions of investments | 34 | 97 |
Capital expended for property and equipment, including internal-use software and website development | (281) | (111) |
Other investing activities, net | 1 | 34 |
Net cash provided (used) by investing activities | (415) | 11 |
Cash flows from financing activities: | ||
Borrowings of debt | 1,479 | 1,755 |
Repayments of debt | (1,690) | (1,242) |
Liberty stock repurchases | (239) | |
Subsidiary shares repurchased by subsidiary | (62) | (206) |
Cash dividends paid by subsidiary | (17) | (201) |
Taxes paid in lieu of shares issued for stock-based compensation | (24) | (35) |
Other financing activities, net | 57 | 4 |
Net cash provided (used) by financing activities | (257) | (164) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 2 | (2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (9) | 396 |
Cash, cash equivalents and restricted cash at beginning of period | 2,276 | 2,924 |
Cash, cash equivalents and restricted cash at end of period | 2,267 | 3,320 |
Liberty SiriusXM Group | ||
Cash flows from operating activities: | ||
Net earnings (loss) | 220 | 344 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 161 | 152 |
Stock-based compensation | 48 | 49 |
Non-cash impairment and restructuring costs | 8 | |
Share of (earnings) loss of affiliates, net | 7 | 18 |
Unrealized (gains) losses on intergroup interests, net | (54) | (20) |
Realized and unrealized (gains) losses on financial instruments, net | (2) | (61) |
Deferred income tax expense (benefit) | 7 | 39 |
Intergroup tax allocation | 31 | 42 |
Other charges (credits), net | 4 | (11) |
Changes in operating assets and liabilities | ||
Current and other assets | 46 | 21 |
Payables and other liabilities | (157) | (238) |
Net cash provided (used) by operating activities | 319 | 335 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (39) | (1) |
Cash proceeds from dispositions of investments | 50 | |
Capital expended for property and equipment, including internal-use software and website development | (205) | (97) |
Other investing activities, net | 2 | (42) |
Net cash provided (used) by investing activities | (242) | (90) |
Cash flows from financing activities: | ||
Borrowings of debt | 1,479 | 1,740 |
Repayments of debt | (1,633) | (1,204) |
Intergroup loan (repayment) borrowing | 202 | |
Liberty stock repurchases | (202) | |
Subsidiary shares repurchased by subsidiary | (62) | (206) |
Cash dividends paid by subsidiary | (17) | (201) |
Taxes paid in lieu of shares issued for stock-based compensation | (15) | (61) |
Other financing activities, net | 37 | 1 |
Net cash provided (used) by financing activities | (9) | (133) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 68 | 112 |
Cash, cash equivalents and restricted cash at beginning of period | 370 | 606 |
Cash, cash equivalents and restricted cash at end of period | 438 | 718 |
Braves Group | ||
Cash flows from operating activities: | ||
Net earnings (loss) | (59) | (13) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 15 | 18 |
Stock-based compensation | 3 | 3 |
Share of (earnings) loss of affiliates, net | 1 | (4) |
Unrealized (gains) losses on intergroup interests, net | 13 | (1) |
Realized and unrealized (gains) losses on financial instruments, net | 1 | (5) |
Deferred income tax expense (benefit) | (8) | (10) |
Intergroup tax allocation | (5) | 7 |
Other charges (credits), net | 1 | (20) |
Changes in operating assets and liabilities | ||
Current and other assets | 27 | 23 |
Payables and other liabilities | 96 | 83 |
Net cash provided (used) by operating activities | 85 | 81 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (5) | |
Cash proceeds from dispositions of investments | 47 | |
Capital expended for property and equipment, including internal-use software and website development | (14) | (4) |
Net cash provided (used) by investing activities | (14) | 38 |
Cash flows from financing activities: | ||
Borrowings of debt | 15 | |
Repayments of debt | (4) | (37) |
Taxes paid in lieu of shares issued for stock-based compensation | (1) | |
Other financing activities, net | 6 | (4) |
Net cash provided (used) by financing activities | 1 | (26) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 72 | 93 |
Cash, cash equivalents and restricted cash at beginning of period | 173 | 244 |
Cash, cash equivalents and restricted cash at end of period | 245 | 337 |
Formula One Group | ||
Cash flows from operating activities: | ||
Net earnings (loss) | (109) | (35) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 84 | 90 |
Stock-based compensation | 5 | 3 |
Share of (earnings) loss of affiliates, net | 2 | |
Unrealized (gains) losses on intergroup interests, net | 41 | 21 |
Realized and unrealized (gains) losses on financial instruments, net | 47 | 7 |
Deferred income tax expense (benefit) | (5) | 26 |
Intergroup tax allocation | (26) | (49) |
Other charges (credits), net | (3) | (2) |
Changes in operating assets and liabilities | ||
Current and other assets | (8) | (158) |
Payables and other liabilities | 229 | 232 |
Net cash provided (used) by operating activities | 257 | 135 |
Cash flows from investing activities: | ||
Investments in equity method affiliates and debt and equity securities | (130) | (3) |
Cash proceeds from dispositions of investments | 34 | |
Capital expended for property and equipment, including internal-use software and website development | (62) | (10) |
Other investing activities, net | (1) | 76 |
Net cash provided (used) by investing activities | (159) | 63 |
Cash flows from financing activities: | ||
Repayments of debt | (53) | (1) |
Intergroup loan (repayment) borrowing | (202) | |
Liberty stock repurchases | (37) | |
Taxes paid in lieu of shares issued for stock-based compensation | (8) | 26 |
Other financing activities, net | 14 | 7 |
Net cash provided (used) by financing activities | (249) | (5) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 2 | (2) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (149) | 191 |
Cash, cash equivalents and restricted cash at beginning of period | 1,733 | 2,074 |
Cash, cash equivalents and restricted cash at end of period | $ 1,584 | $ 2,265 |