Financial Information for Tracking Stock Groups (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
June 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Inter-group
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Eliminations
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
497
|
|
2,092
|
|
—
|
|
2,589
|
|
|
Trade and other receivables, net
|
|
|
800
|
|
59
|
|
—
|
|
859
|
|
|
Inventory, net
|
|
|
964
|
|
65
|
|
—
|
|
1,029
|
|
|
Short-term marketable securities
|
|
|
8
|
|
837
|
|
—
|
|
845
|
|
|
Other current assets
|
|
|
273
|
|
8
|
|
(204)
|
|
77
|
|
|
Total current assets
|
|
|
2,542
|
|
3,061
|
|
(204)
|
|
5,399
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
1,401
|
|
—
|
|
1,405
|
|
|
Investments in affiliates, accounted for using the equity method
(note 3)
|
|
|
196
|
|
1,325
|
|
—
|
|
1,521
|
|
|
Property and equipment, net
|
|
|
982
|
|
38
|
|
—
|
|
1,020
|
|
|
Intangible assets not subject to amortization
|
|
|
7,592
|
|
127
|
|
—
|
|
7,719
|
|
|
Intangible assets subject to amortization, net
|
|
|
976
|
|
38
|
|
—
|
|
1,014
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
59
|
|
5
|
|
—
|
|
64
|
|
|
Total assets
|
|
$
|
12,351
|
|
5,995
|
|
(204)
|
|
18,142
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
1
|
|
(1)
|
|
—
|
|
—
|
|
|
Accounts payable
|
|
|
567
|
|
34
|
|
—
|
|
601
|
|
|
Accrued liabilities
|
|
|
570
|
|
45
|
|
—
|
|
615
|
|
|
Current portion of debt (note 4)
|
|
|
9
|
|
907
|
|
—
|
|
916
|
|
|
Current deferred tax liabilities
|
|
|
—
|
|
1,244
|
|
(204)
|
|
1,040
|
|
|
Other current liabilities
|
|
|
155
|
|
82
|
|
—
|
|
237
|
|
|
Total current liabilities
|
|
|
1,302
|
|
2,311
|
|
(204)
|
|
3,409
|
|
|
Long-term debt (note 4)
|
|
|
5,685
|
|
1,380
|
|
—
|
|
7,065
|
|
|
Deferred income tax liabilities
|
|
|
949
|
|
790
|
|
—
|
|
1,739
|
|
|
Other liabilities
|
|
|
190
|
|
12
|
|
—
|
|
202
|
|
|
Total liabilities
|
|
|
8,126
|
|
4,493
|
|
(204)
|
|
12,415
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
4,130
|
|
1,509
|
|
—
|
|
5,639
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
95
|
|
(7)
|
|
—
|
|
88
|
|
|
Total liabilities and equity
|
|
$
|
12,351
|
|
5,995
|
|
(204)
|
|
18,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Condensed Income Statement |
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
1,998
|
|
254
|
|
2,252
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,234
|
|
175
|
|
1,409
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
174
|
|
24
|
|
198
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
157
|
|
58
|
|
215
|
|
|
Depreciation and amortization
|
|
|
149
|
|
12
|
|
161
|
|
|
|
|
|
1,714
|
|
269
|
|
1,983
|
|
|
Operating income (loss)
|
|
|
284
|
|
(15)
|
|
269
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(70)
|
|
(20)
|
|
(90)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
9
|
|
78
|
|
87
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
8
|
|
24
|
|
32
|
|
|
Gains (losses) on dispositions, net (note 1)
|
|
|
—
|
|
111
|
|
111
|
|
|
Other, net
|
|
|
(31)
|
|
2
|
|
(29)
|
|
|
|
|
|
(84)
|
|
195
|
|
111
|
|
|
Earnings (loss) before income taxes
|
|
|
200
|
|
180
|
|
380
|
|
|
Income tax benefit (expense)
|
|
|
(80)
|
|
(42)
|
|
(122)
|
|
|
Net earnings (loss)
|
|
|
120
|
|
138
|
|
258
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
8
|
|
8
|
|
16
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
112
|
|
130
|
|
242
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,483
|
|
—
|
|
2,483
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,558
|
|
—
|
|
1,558
|
|
|
Operating, including stock-based compensation
|
|
|
217
|
|
—
|
|
217
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
272
|
|
6
|
|
278
|
|
|
Impairment of Long Lived Assets
|
|
|
7
|
|
—
|
|
7
|
|
|
Depreciation and amortization
|
|
|
165
|
|
(1)
|
|
164
|
|
|
|
|
|
2,219
|
|
5
|
|
2,224
|
|
|
Operating income (loss)
|
|
|
264
|
|
(5)
|
|
259
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(79)
|
|
(19)
|
|
(98)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
7
|
|
(3)
|
|
4
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
6
|
|
(47)
|
|
(41)
|
|
|
Other, net
|
|
|
(1)
|
|
4
|
|
3
|
|
|
|
|
|
(67)
|
|
(65)
|
|
(132)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
197
|
|
(70)
|
|
127
|
|
|
Income tax benefit (expense)
|
|
|
(76)
|
|
36
|
|
(40)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
121
|
|
(34)
|
|
87
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(7)
|
|
26
|
|
19
|
|
|
Net earnings (loss)
|
|
|
114
|
|
(8)
|
|
106
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
9
|
|
20
|
|
29
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
105
|
|
(28)
|
|
77
|
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
3,936
|
|
530
|
|
4,466
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
2,455
|
|
369
|
|
2,824
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
343
|
|
46
|
|
389
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
316
|
|
103
|
|
419
|
|
|
Depreciation and amortization
|
|
|
301
|
|
28
|
|
329
|
|
|
|
|
|
3,415
|
|
546
|
|
3,961
|
|
|
Operating income (loss)
|
|
|
521
|
|
(16)
|
|
505
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(145)
|
|
(40)
|
|
(185)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
33
|
|
57
|
|
90
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(2)
|
|
30
|
|
28
|
|
|
Gains (losses) on dispositions, net (note 1)
|
|
|
—
|
|
111
|
|
111
|
|
|
Other, net
|
|
|
(23)
|
|
9
|
|
(14)
|
|
|
|
|
|
(137)
|
|
167
|
|
30
|
|
|
Earnings (loss) before income taxes
|
|
|
384
|
|
151
|
|
535
|
|
|
Income tax benefit (expense)
|
|
|
(104)
|
|
(21)
|
|
(125)
|
|
|
Net earnings (loss)
|
|
|
280
|
|
130
|
|
410
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
17
|
|
8
|
|
25
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
263
|
|
122
|
|
385
|
|
STATEMENT OF OPERATIONS INFORMATION
Six months ended June 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
4,917
|
|
—
|
|
4,917
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
3,114
|
|
—
|
|
3,114
|
|
|
Operating, including stock-based compensation
|
|
|
430
|
|
—
|
|
430
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
525
|
|
9
|
|
534
|
|
|
Impairment of intangible assets
|
|
|
7
|
|
—
|
|
7
|
|
|
Depreciation and amortization
|
|
|
327
|
|
—
|
|
327
|
|
|
|
|
|
4,403
|
|
9
|
|
4,412
|
|
|
Operating income (loss)
|
|
|
514
|
|
(9)
|
|
505
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(155)
|
|
(38)
|
|
(193)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
28
|
|
(26)
|
|
2
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
7
|
|
(73)
|
|
(66)
|
|
|
Other, net
|
|
|
—
|
|
10
|
|
10
|
|
|
|
|
|
(120)
|
|
(127)
|
|
(247)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
394
|
|
(136)
|
|
258
|
|
|
Income tax benefit (expense)
|
|
|
(149)
|
|
69
|
|
(80)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
245
|
|
(67)
|
|
178
|
|
|
Earnings (loss) from discontinued operations, net of taxes
|
|
|
(11)
|
|
49
|
|
38
|
|
|
Net earnings (loss)
|
|
|
234
|
|
(18)
|
|
216
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
19
|
|
38
|
|
57
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
215
|
|
(56)
|
|
159
|
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
280
|
|
130
|
|
410
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
301
|
|
28
|
|
329
|
|
|
Stock-based compensation
|
|
|
24
|
|
20
|
|
44
|
|
|
Cash payments for stock based compensation
|
|
|
—
|
|
(10)
|
|
(10)
|
|
|
Excess tax benefit from stock based compensation
|
|
|
(14)
|
|
(2)
|
|
(16)
|
|
|
Share of (earnings) losses of affiliates, net
|
|
|
(33)
|
|
(57)
|
|
(90)
|
|
|
Cash receipts from return on equity investments
|
|
|
14
|
|
13
|
|
27
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
2
|
|
(30)
|
|
(28)
|
|
|
(Gains) losses on dispositions
|
|
|
—
|
|
(111)
|
|
(111)
|
|
|
Deferred income tax (benefit) expense
|
|
|
(91)
|
|
61
|
|
(30)
|
|
|
Other, net
|
|
|
25
|
|
7
|
|
32
|
|
|
Intergroup tax allocation
|
|
|
43
|
|
(43)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(55)
|
|
55
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
283
|
|
4
|
|
287
|
|
|
Payables and other current liabilities
|
|
|
(208)
|
|
(38)
|
|
(246)
|
|
|
Net cash provided (used) by operating activities
|
|
|
571
|
|
27
|
|
598
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisitions
|
|
|
—
|
|
(20)
|
|
(20)
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
271
|
|
271
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(2)
|
|
(96)
|
|
(98)
|
|
|
Cash receipts from returns of equity investments
|
|
|
200
|
|
—
|
|
200
|
|
|
Capital expended for property and equipment
|
|
|
(80)
|
|
(24)
|
|
(104)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(80)
|
|
(546)
|
|
(626)
|
|
|
Sales of short term and other marketable securities
|
|
|
93
|
|
584
|
|
677
|
|
|
Other investing activities, net
|
|
|
(47)
|
|
—
|
|
(47)
|
|
|
Net cash provided (used) by investing activities
|
|
|
84
|
|
169
|
|
253
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,098
|
|
369
|
|
1,467
|
|
|
Repayments of debt
|
|
|
(1,288)
|
|
(340)
|
|
(1,628)
|
|
|
Repurchases of Liberty common stock
|
|
|
(377)
|
|
—
|
|
(377)
|
|
|
Minimum withholding taxes on net settlements of stock-based compensation
|
|
|
(14)
|
|
1
|
|
(13)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
14
|
|
2
|
|
16
|
|
|
Other financing activities, net
|
|
|
(4)
|
|
(20)
|
|
(24)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(571)
|
|
12
|
|
(559)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(9)
|
|
—
|
|
(9)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
75
|
|
208
|
|
283
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
422
|
|
1,884
|
|
2,306
|
|
|
Cash and cash equivalents at end period
|
|
$
|
497
|
|
2,092
|
|
2,589
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
234
|
|
(18)
|
|
216
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations
|
|
|
11
|
|
(49)
|
|
(38)
|
|
|
Depreciation and amortization
|
|
|
327
|
|
—
|
|
327
|
|
|
Stock-based compensation
|
|
|
48
|
|
3
|
|
51
|
|
|
Cash payments for stock based compensation
|
|
|
(5)
|
|
(1)
|
|
(6)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
(9)
|
|
(1)
|
|
(10)
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(28)
|
|
26
|
|
(2)
|
|
|
Cash receipts from return on equity investments
|
|
|
10
|
|
10
|
|
20
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(7)
|
|
73
|
|
66
|
|
|
Impairment of intangible assets
|
|
|
7
|
|
|
|
7
|
|
|
Deferred income tax (benefit) expense
|
|
|
(101)
|
|
35
|
|
(66)
|
|
|
Other, net
|
|
|
4
|
|
3
|
|
7
|
|
|
Intergroup tax allocation
|
|
|
105
|
|
(105)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(276)
|
|
276
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
310
|
|
1
|
|
311
|
|
|
Payables and other current liabilities
|
|
|
(46)
|
|
(5)
|
|
(51)
|
|
|
Net cash provided (used) by operating activities
|
|
|
584
|
|
248
|
|
832
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
25
|
|
25
|
|
|
Investments in and loans to cost and equity investees
|
|
|
(2)
|
|
(29)
|
|
(31)
|
|
|
Capital expended for property and equipment
|
|
|
(88)
|
|
3
|
|
(85)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(38)
|
|
(219)
|
|
(257)
|
|
|
Sales of short term and other marketable securities
|
|
|
27
|
|
210
|
|
237
|
|
|
Other investing activities, net
|
|
|
(10)
|
|
15
|
|
5
|
|
|
Net cash provided (used) by investing activities
|
|
|
(111)
|
|
5
|
|
(106)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,895
|
|
—
|
|
1,895
|
|
|
Repayments of debt
|
|
|
(1,739)
|
|
(5)
|
|
(1,744)
|
|
|
Repurchases of Liberty Interactive common stock
|
|
|
(478)
|
|
—
|
|
(478)
|
|
|
Minimum withholding taxes on net settlements of stock-based compensation
|
|
|
(14)
|
|
—
|
|
(14)
|
|
|
Excess tax benefit from stock-based compensation
|
|
|
9
|
|
1
|
|
10
|
|
|
Intergroup receipts (payments), net
|
|
|
2
|
|
(2)
|
|
—
|
|
|
Other financing activities, net
|
|
|
(36)
|
|
—
|
|
(36)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(361)
|
|
(6)
|
|
(367)
|
|
|
Net cash provided (used) by discontinued operations:
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
(14)
|
|
269
|
|
255
|
|
|
Investing
|
|
|
1
|
|
(12)
|
|
(11)
|
|
|
Financing
|
|
|
(1)
|
|
(23)
|
|
(24)
|
|
|
Effect of foreign currency rates on cash
|
|
|
|
|
3
|
|
3
|
|
|
Change in available cash held by discontinued operations
|
|
|
2
|
|
(237)
|
|
(235)
|
|
|
Net cash provided (used) by discontinued operations
|
|
|
(12)
|
|
—
|
|
(12)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(5)
|
|
—
|
|
(5)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
95
|
|
247
|
|
342
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
595
|
|
307
|
|
902
|
|
|
Cash and cash equivalents at end period
|
|
$
|
690
|
|
554
|
|
1,244
|
|
|
|
|
|
|
|
|
|
|
|
|