| Investments In Affiliates Accounted For Using The Equity Method |
(8) Investments in Affiliates Accounted for Using the Equity Method
Liberty has various investments accounted for using the equity method. The following table includes Liberty's carrying amount, fair value, and percentage ownership of the more significant investments in affiliates at September 30, 2015 and the carrying amount at December 31, 2014:
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December 31,
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September 30, 2015
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2014
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Percentage
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Fair value
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Carrying
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Carrying
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ownership
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(Level 1)
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amount
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amount
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dollar amounts in millions
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QVC Group
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HSN, Inc. (1)
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38
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%
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$
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1,146
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$
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159
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328
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Other
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various
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NA
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45
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47
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Total QVC Group
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204
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375
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Ventures Group
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Expedia, Inc.
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18
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%
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$
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2,778
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626
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514
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FTD Companies, Inc.
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36
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%
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304
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343
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355
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Other
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various
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NA
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333
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389
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Total Ventures Group
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1,302
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1,258
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Consolidated Liberty
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$
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1,506
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1,633
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(1)
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As further discussed in note 10, HSN, Inc. (“HSNi”) declared a special dividend during January 2015 of $10 per share from which Liberty received approximately $200 million in cash during February 2015. Accordingly, the carrying amount of Liberty’s investment in HSNi was reduced by this return of our investment during the period.
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The following table presents Liberty's share of earnings (losses) of affiliates:
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Three months ended September 30,
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Nine months ended September 30,
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2015
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2014
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2015
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2014
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amounts in millions
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QVC Group
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HSN, Inc.
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$
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15
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15
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52
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46
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Other
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(2)
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(2)
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(6)
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(5)
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Total QVC Group
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13
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13
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46
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41
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Ventures Group
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Expedia, Inc.
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45
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38
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125
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42
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FTD Companies, Inc. (1)
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(14)
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NA
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(9)
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NA
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Other
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(13)
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(15)
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(41)
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(45)
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Total Ventures Group
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18
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23
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75
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(3)
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Consolidated Liberty
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$
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31
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36
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121
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38
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(1)
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As discussed in note 3, on December 31, 2014, Liberty completed a transaction with FTD for Provide, which was one of Liberty’s wholly-owned Digital Commerce businesses (as defined in note 2). Under the terms of the transaction, Liberty received approximately 10.2 million shares of FTD common stock representing approximately 35% of the combined company and approximately $145 million in cash (the “FTD Transaction”). Subsequent to completion of the transaction, Liberty accounts for FTD as an equity-method affiliate based on the ownership level and board representation.
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