|
Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
March 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Inter-group
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Eliminations
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
530
|
|
1,820
|
|
—
|
|
2,350
|
|
|
Trade and other receivables, net
|
|
|
836
|
|
31
|
|
—
|
|
867
|
|
|
Inventory, net
|
|
|
966
|
|
153
|
|
—
|
|
1,119
|
|
|
Short-term marketable securities
|
|
|
9
|
|
851
|
|
—
|
|
860
|
|
|
Other current assets
|
|
|
269
|
|
11
|
|
(205)
|
|
75
|
|
|
Total current assets
|
|
|
2,610
|
|
2,866
|
|
(205)
|
|
5,271
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
1,232
|
|
—
|
|
1,236
|
|
|
Investments in affiliates, accounted for using the equity method
(note 3)
|
|
|
193
|
|
1,226
|
|
—
|
|
1,419
|
|
|
Property and equipment, net
|
|
|
971
|
|
67
|
|
—
|
|
1,038
|
|
|
Intangible assets not subject to amortization
|
|
|
7,576
|
|
268
|
|
—
|
|
7,844
|
|
|
Intangible assets subject to amortization, net
|
|
|
1,061
|
|
61
|
|
—
|
|
1,122
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
66
|
|
6
|
|
—
|
|
72
|
|
|
Total assets
|
|
$
|
12,481
|
|
5,726
|
|
(205)
|
|
18,002
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
47
|
|
(47)
|
|
—
|
|
—
|
|
|
Accounts payable
|
|
|
554
|
|
85
|
|
—
|
|
639
|
|
|
Accrued liabilities
|
|
|
543
|
|
48
|
|
—
|
|
591
|
|
|
Current portion of debt (note 4)
|
|
|
8
|
|
931
|
|
—
|
|
939
|
|
|
Current deferred tax liabilities
|
|
|
—
|
|
1,196
|
|
(205)
|
|
991
|
|
|
Other current liabilities
|
|
|
163
|
|
73
|
|
—
|
|
236
|
|
|
Total current liabilities
|
|
|
1,315
|
|
2,286
|
|
(205)
|
|
3,396
|
|
|
Long-term debt (note 4)
|
|
|
5,740
|
|
1,241
|
|
—
|
|
6,981
|
|
|
Deferred income tax liabilities
|
|
|
936
|
|
803
|
|
—
|
|
1,739
|
|
|
Other liabilities
|
|
|
169
|
|
12
|
|
—
|
|
181
|
|
|
Total liabilities
|
|
|
8,160
|
|
4,342
|
|
(205)
|
|
12,297
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
4,231
|
|
1,378
|
|
—
|
|
5,609
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
90
|
|
6
|
|
—
|
|
96
|
|
|
Total liabilities and equity
|
|
$
|
12,481
|
|
5,726
|
|
(205)
|
|
18,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Condensed Income Statement |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Net retail sales
|
|
$
|
1,938
|
|
276
|
|
2,214
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,221
|
|
194
|
|
1,415
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
169
|
|
22
|
|
191
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
159
|
|
45
|
|
204
|
|
|
Depreciation and amortization
|
|
|
152
|
|
16
|
|
168
|
|
|
|
|
|
1,701
|
|
277
|
|
1,978
|
|
|
Operating income (loss)
|
|
|
237
|
|
(1)
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(75)
|
|
(20)
|
|
(95)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
24
|
|
(21)
|
|
3
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(10)
|
|
6
|
|
(4)
|
|
|
Other, net
|
|
|
8
|
|
7
|
|
15
|
|
|
|
|
|
(53)
|
|
(28)
|
|
(81)
|
|
|
Earnings (loss) before income taxes
|
|
|
184
|
|
(29)
|
|
155
|
|
|
Income tax benefit (expense)
|
|
|
(24)
|
|
21
|
|
(3)
|
|
|
Net earnings (loss)
|
|
|
160
|
|
(8)
|
|
152
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
9
|
|
—
|
|
9
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
151
|
|
(8)
|
|
143
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Net retail sales
|
|
$
|
2,434
|
|
—
|
|
2,434
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,556
|
|
—
|
|
1,556
|
|
|
Operating, including stock-based compensation
|
|
|
213
|
|
—
|
|
213
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
253
|
|
3
|
|
256
|
|
|
Depreciation and amortization
|
|
|
162
|
|
1
|
|
163
|
|
|
|
|
|
2,184
|
|
4
|
|
2,188
|
|
|
Operating income (loss)
|
|
|
250
|
|
(4)
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(76)
|
|
(19)
|
|
(95)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
21
|
|
(23)
|
|
(2)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
1
|
|
(26)
|
|
(25)
|
|
|
Other, net
|
|
|
1
|
|
6
|
|
7
|
|
|
|
|
|
(53)
|
|
(62)
|
|
(115)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
197
|
|
(66)
|
|
131
|
|
|
Income tax benefit (expense)
|
|
|
(73)
|
|
33
|
|
(40)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
124
|
|
(33)
|
|
91
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(4)
|
|
23
|
|
19
|
|
|
Net earnings (loss)
|
|
|
120
|
|
(10)
|
|
110
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
10
|
|
18
|
|
28
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
110
|
|
(28)
|
|
82
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Net retail sales
|
|
$
|
1,938
|
|
276
|
|
2,214
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,221
|
|
194
|
|
1,415
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
169
|
|
22
|
|
191
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
159
|
|
45
|
|
204
|
|
|
Depreciation and amortization
|
|
|
152
|
|
16
|
|
168
|
|
|
|
|
|
1,701
|
|
277
|
|
1,978
|
|
|
Operating income (loss)
|
|
|
237
|
|
(1)
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(75)
|
|
(20)
|
|
(95)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
24
|
|
(21)
|
|
3
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(10)
|
|
6
|
|
(4)
|
|
|
Other, net
|
|
|
8
|
|
7
|
|
15
|
|
|
|
|
|
(53)
|
|
(28)
|
|
(81)
|
|
|
Earnings (loss) before income taxes
|
|
|
184
|
|
(29)
|
|
155
|
|
|
Income tax benefit (expense)
|
|
|
(24)
|
|
21
|
|
(3)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
160
|
|
(8)
|
|
152
|
|
|
Net earnings (loss) from discontinued operations, net of taxes
|
|
|
—
|
|
—
|
|
—
|
|
|
Net earnings (loss)
|
|
|
160
|
|
(8)
|
|
152
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
9
|
|
—
|
|
9
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
151
|
|
(8)
|
|
143
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Net retail sales
|
|
$
|
2,434
|
|
—
|
|
2,434
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,556
|
|
—
|
|
1,556
|
|
|
Operating, including stock-based compensation
|
|
|
213
|
|
—
|
|
213
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
253
|
|
3
|
|
256
|
|
|
Depreciation and amortization
|
|
|
162
|
|
1
|
|
163
|
|
|
|
|
|
2,184
|
|
4
|
|
2,188
|
|
|
Operating income (loss)
|
|
|
250
|
|
(4)
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(76)
|
|
(19)
|
|
(95)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
21
|
|
(23)
|
|
(2)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
1
|
|
(26)
|
|
(25)
|
|
|
Other, net
|
|
|
1
|
|
6
|
|
7
|
|
|
|
|
|
(53)
|
|
(62)
|
|
(115)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
197
|
|
(66)
|
|
131
|
|
|
Income tax benefit (expense)
|
|
|
(73)
|
|
33
|
|
(40)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
124
|
|
(33)
|
|
91
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(4)
|
|
23
|
|
19
|
|
|
Net earnings (loss)
|
|
|
120
|
|
(10)
|
|
110
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
10
|
|
18
|
|
28
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
110
|
|
(28)
|
|
82
|
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
160
|
|
(8)
|
|
152
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
152
|
|
16
|
|
168
|
|
|
Stock-based compensation
|
|
|
12
|
|
3
|
|
15
|
|
|
Cash payments for stock based compensation
|
|
|
—
|
|
(2)
|
|
(2)
|
|
|
Excess tax benefit from stock based compensation
|
|
|
(13)
|
|
—
|
|
(13)
|
|
|
Share of (earnings) losses of affiliates, net
|
|
|
(24)
|
|
21
|
|
(3)
|
|
|
Cash receipts from return on equity investments
|
|
|
7
|
|
6
|
|
13
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
10
|
|
(6)
|
|
4
|
|
|
Deferred income tax (benefit) expense
|
|
|
(79)
|
|
25
|
|
(54)
|
|
|
Other, net
|
|
|
(9)
|
|
1
|
|
(8)
|
|
|
Intergroup tax allocation
|
|
|
47
|
|
(47)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(6)
|
|
6
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
238
|
|
20
|
|
258
|
|
|
Payables and other current liabilities
|
|
|
(268)
|
|
(42)
|
|
(310)
|
|
|
Net cash provided (used) by operating activities
|
|
|
227
|
|
(7)
|
|
220
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisitions
|
|
|
—
|
|
(20)
|
|
(20)
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(1)
|
|
(44)
|
|
(45)
|
|
|
Cash receipts from returns of equity investments
|
|
|
200
|
|
—
|
|
200
|
|
|
Capital expended for property and equipment
|
|
|
(31)
|
|
(13)
|
|
(44)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(54)
|
|
(233)
|
|
(287)
|
|
|
Sales of short term and other marketable securities
|
|
|
66
|
|
247
|
|
313
|
|
|
Other investing activities, net
|
|
|
(44)
|
|
—
|
|
(44)
|
|
|
Net cash provided (used) by investing activities
|
|
|
136
|
|
(63)
|
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
351
|
|
180
|
|
531
|
|
|
Repayments of debt
|
|
|
(466)
|
|
(176)
|
|
(642)
|
|
|
Repurchases of Liberty common stock
|
|
|
(123)
|
|
—
|
|
(123)
|
|
|
Minimum withholding taxes on net settlements of stock-based compensation
|
|
|
(12)
|
|
1
|
|
(11)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
13
|
|
—
|
|
13
|
|
|
Other financing activities, net
|
|
|
(8)
|
|
1
|
|
(7)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(245)
|
|
6
|
|
(239)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(10)
|
|
—
|
|
(10)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
108
|
|
(64)
|
|
44
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
422
|
|
1,884
|
|
2,306
|
|
|
Cash and cash equivalents at end period
|
|
$
|
530
|
|
1,820
|
|
2,350
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
120
|
|
(10)
|
|
110
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations
|
|
|
4
|
|
(23)
|
|
(19)
|
|
|
Depreciation and amortization
|
|
|
162
|
|
1
|
|
163
|
|
|
Stock-based compensation
|
|
|
24
|
|
1
|
|
25
|
|
|
Cash payments for stock based compensation
|
|
|
(3)
|
|
(1)
|
|
(4)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(8)
|
|
—
|
|
(8)
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(21)
|
|
23
|
|
2
|
|
|
Cash receipts from return on equity investments
|
|
|
5
|
|
5
|
|
10
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(1)
|
|
26
|
|
25
|
|
|
Deferred income tax (benefit) expense
|
|
|
(49)
|
|
17
|
|
(32)
|
|
|
Other, net
|
|
|
1
|
|
(1)
|
|
—
|
|
|
Intergroup tax allocation
|
|
|
50
|
|
(50)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(225)
|
|
225
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
175
|
|
1
|
|
176
|
|
|
Payables and other current liabilities
|
|
|
(54)
|
|
3
|
|
(51)
|
|
|
Net cash provided (used) by operating activities
|
|
|
180
|
|
217
|
|
397
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
25
|
|
25
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(18)
|
|
(18)
|
|
|
Capital expended for property and equipment
|
|
|
(41)
|
|
—
|
|
(41)
|
|
|
Purchases of short term and other marketable securities
|
|
|
—
|
|
(106)
|
|
(106)
|
|
|
Sales of short term and other marketable securities
|
|
|
—
|
|
68
|
|
68
|
|
|
Other investing activities, net
|
|
|
(9)
|
|
1
|
|
(8)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(50)
|
|
(30)
|
|
(80)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,551
|
|
—
|
|
1,551
|
|
|
Repayments of debt
|
|
|
(1,347)
|
|
(5)
|
|
(1,352)
|
|
|
Repurchases of Liberty Interactive common stock
|
|
|
(213)
|
|
—
|
|
(213)
|
|
|
Minimum withholding taxes on net settlements of stock-based compensation
|
|
|
(6)
|
|
(2)
|
|
(8)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
8
|
|
—
|
|
8
|
|
|
Intergroup receipts (payments), net
|
|
|
2
|
|
(2)
|
|
—
|
|
|
Other financing activities, net
|
|
|
(35)
|
|
(2)
|
|
(37)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(40)
|
|
(11)
|
|
(51)
|
|
|
Net cash provided (used) by discontinued operations:
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
(6)
|
|
135
|
|
129
|
|
|
Investing
|
|
|
(1)
|
|
(153)
|
|
(154)
|
|
|
Financing
|
|
|
—
|
|
(13)
|
|
(13)
|
|
|
Change in available cash held by discontinued operations
|
|
|
1
|
|
31
|
|
32
|
|
|
Net cash provided (used) by discontinued operations
|
|
|
(6)
|
|
—
|
|
(6)
|
|
|
Effect of foreign currency rates on cash
|
|
|
—
|
|
—
|
|
—
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
84
|
|
176
|
|
260
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
595
|
|
307
|
|
902
|
|
|
Cash and cash equivalents at end period
|
|
$
|
679
|
|
483
|
|
1,162
|
|
|
|
|
|
|
|
|
|
|
|
|