Financial Information for Tracking Stock Groups (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
September 30, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
348
|
|
157
|
|
505
|
|
|
Trade and other receivables, net
|
|
|
809
|
|
39
|
|
848
|
|
|
Inventory, net
|
|
|
1,148
|
|
41
|
|
1,189
|
|
|
Other current assets
|
|
|
149
|
|
5
|
|
154
|
|
|
Total current assets
|
|
|
2,454
|
|
242
|
|
2,696
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
1,815
|
|
1,819
|
|
|
Investments in affiliates, accounted for using the equity method (note 3)
|
|
|
226
|
|
1,319
|
|
1,545
|
|
|
Investment in Liberty Broadband measured at fair value (note 3)
|
|
|
—
|
|
3,051
|
|
3,051
|
|
|
Property and equipment, net
|
|
|
1,185
|
|
26
|
|
1,211
|
|
|
Intangible assets not subject to amortization
|
|
|
9,399
|
|
107
|
|
9,506
|
|
|
Intangible assets subject to amortization, net
|
|
|
1,120
|
|
27
|
|
1,147
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
54
|
|
3
|
|
57
|
|
|
Total assets
|
|
$
|
14,442
|
|
6,590
|
|
21,032
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
127
|
|
(127)
|
|
—
|
|
|
Accounts payable
|
|
|
724
|
|
8
|
|
732
|
|
|
Accrued liabilities
|
|
|
579
|
|
37
|
|
616
|
|
|
Current portion of debt (note 4)
|
|
|
13
|
|
887
|
|
900
|
|
|
Other current liabilities
|
|
|
157
|
|
10
|
|
167
|
|
|
Total current liabilities
|
|
|
1,600
|
|
815
|
|
2,415
|
|
|
Long-term debt (note 4)
|
|
|
6,439
|
|
816
|
|
7,255
|
|
|
Deferred income tax liabilities
|
|
|
1,145
|
|
2,733
|
|
3,878
|
|
|
Other liabilities
|
|
|
180
|
|
2
|
|
182
|
|
|
Total liabilities
|
|
|
9,364
|
|
4,366
|
|
13,730
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
4,956
|
|
2,233
|
|
7,189
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
122
|
|
(9)
|
|
113
|
|
|
Total liabilities and equity
|
|
$
|
14,442
|
|
6,590
|
|
21,032
|
|
|
| Condensed Income Statement |
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,303
|
|
109
|
|
2,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,504
|
|
71
|
|
1,575
|
|
|
Operating
|
|
|
152
|
|
13
|
|
165
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
261
|
|
29
|
|
290
|
|
|
Depreciation and amortization
|
|
|
219
|
|
6
|
|
225
|
|
|
|
|
|
2,136
|
|
119
|
|
2,255
|
|
|
Operating income (loss)
|
|
|
167
|
|
(10)
|
|
157
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(73)
|
|
(19)
|
|
(92)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
8
|
|
10
|
|
18
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(6)
|
|
612
|
|
606
|
|
|
Gains (losses) on dispositions, net
|
|
|
—
|
|
—
|
|
—
|
|
|
Other, net
|
|
|
6
|
|
(14)
|
|
(8)
|
|
|
|
|
|
(65)
|
|
589
|
|
524
|
|
|
Earnings (loss) before income taxes
|
|
|
102
|
|
579
|
|
681
|
|
|
Income tax benefit (expense)
|
|
|
(32)
|
|
(171)
|
|
(203)
|
|
|
Net earnings (loss)
|
|
|
70
|
|
408
|
|
478
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
9
|
|
—
|
|
9
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
61
|
|
408
|
|
469
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,007
|
|
146
|
|
2,153
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,266
|
|
92
|
|
1,358
|
|
|
Operating
|
|
|
144
|
|
16
|
|
160
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
192
|
|
46
|
|
238
|
|
|
Depreciation and amortization
|
|
|
141
|
|
9
|
|
150
|
|
|
|
|
|
1,743
|
|
163
|
|
1,906
|
|
|
Operating income (loss)
|
|
|
264
|
|
(17)
|
|
247
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(70)
|
|
(18)
|
|
(88)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
13
|
|
18
|
|
31
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
30
|
|
40
|
|
70
|
|
|
Gains (losses) on dispositions, net (note 1)
|
|
|
—
|
|
(1)
|
|
(1)
|
|
|
Other, net
|
|
|
14
|
|
11
|
|
25
|
|
|
|
|
|
(13)
|
|
50
|
|
37
|
|
|
Earnings (loss) before income taxes
|
|
|
251
|
|
33
|
|
284
|
|
|
Income tax benefit (expense)
|
|
|
(89)
|
|
3
|
|
(86)
|
|
|
Net earnings (loss)
|
|
|
162
|
|
36
|
|
198
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
8
|
|
—
|
|
8
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
154
|
|
36
|
|
190
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
7,094
|
|
391
|
|
7,485
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
4,577
|
|
245
|
|
4,822
|
|
|
Operating, including stock-based compensation (note 5)
|
|
|
462
|
|
50
|
|
512
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
786
|
|
106
|
|
892
|
|
|
Depreciation and amortization
|
|
|
642
|
|
21
|
|
663
|
|
|
|
|
|
6,467
|
|
422
|
|
6,889
|
|
|
Operating income (loss)
|
|
|
627
|
|
(31)
|
|
596
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(220)
|
|
(57)
|
|
(277)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
38
|
|
(41)
|
|
(3)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(2)
|
|
944
|
|
942
|
|
|
Gains (losses) on dispositions, net
|
|
|
—
|
|
9
|
|
9
|
|
|
Other, net
|
|
|
31
|
|
87
|
|
118
|
|
|
|
|
|
(153)
|
|
942
|
|
789
|
|
|
Earnings (loss) before income taxes
|
|
|
474
|
|
911
|
|
1,385
|
|
|
Income tax benefit (expense)
|
|
|
(161)
|
|
(280)
|
|
(441)
|
|
|
Net earnings (loss)
|
|
|
313
|
|
631
|
|
944
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
28
|
|
—
|
|
28
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
285
|
|
631
|
|
916
|
|
STATEMENT OF OPERATIONS INFORMATION
Nine months ended September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
5,943
|
|
676
|
|
6,619
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
3,721
|
|
461
|
|
4,182
|
|
|
Operating, including stock-based compensation
|
|
|
424
|
|
62
|
|
486
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
571
|
|
149
|
|
720
|
|
|
Depreciation and amortization
|
|
|
442
|
|
37
|
|
479
|
|
|
|
|
|
5,158
|
|
709
|
|
5,867
|
|
|
Operating income (loss)
|
|
|
785
|
|
(33)
|
|
752
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(215)
|
|
(58)
|
|
(273)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
46
|
|
75
|
|
121
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
28
|
|
70
|
|
98
|
|
|
Gains (losses) on dispositions, net (note 1)
|
|
|
—
|
|
110
|
|
110
|
|
|
Other, net
|
|
|
(9)
|
|
20
|
|
11
|
|
|
|
|
|
(150)
|
|
217
|
|
67
|
|
|
Earnings (loss) before income taxes
|
|
|
635
|
|
184
|
|
819
|
|
|
Income tax benefit (expense)
|
|
|
(193)
|
|
(18)
|
|
(211)
|
|
|
Net earnings (loss)
|
|
|
442
|
|
166
|
|
608
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
25
|
|
8
|
|
33
|
|
|
Net earnings (loss) attributable to Liberty stockholders
|
|
$
|
417
|
|
158
|
|
575
|
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
313
|
|
631
|
|
944
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
642
|
|
21
|
|
663
|
|
|
Stock-based compensation
|
|
|
57
|
|
18
|
|
75
|
|
|
Cash payments for stock based compensation
|
|
|
—
|
|
(92)
|
|
(92)
|
|
|
Share of (earnings) losses of affiliates, net
|
|
|
(38)
|
|
41
|
|
3
|
|
|
Cash receipts from return on equity investments
|
|
|
21
|
|
20
|
|
41
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
2
|
|
(944)
|
|
(942)
|
|
|
(Gains) losses on dispositions
|
|
|
—
|
|
(9)
|
|
(9)
|
|
|
Deferred income tax (benefit) expense
|
|
|
(167)
|
|
588
|
|
421
|
|
|
Other, net
|
|
|
31
|
|
(65)
|
|
(34)
|
|
|
Intergroup tax allocation
|
|
|
301
|
|
(301)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(224)
|
|
224
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
312
|
|
37
|
|
349
|
|
|
Payables and other current liabilities
|
|
|
(357)
|
|
(27)
|
|
(384)
|
|
|
Net cash provided (used) by operating activities
|
|
|
893
|
|
142
|
|
1,035
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
350
|
|
350
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(67)
|
|
(67)
|
|
|
Capital expended for property and equipment
|
|
|
(158)
|
|
(19)
|
|
(177)
|
|
|
Purchases of short term and other marketable securities
|
|
|
—
|
|
(264)
|
|
(264)
|
|
|
Sales of short term and other marketable securities
|
|
|
12
|
|
1,162
|
|
1,174
|
|
|
Investment in Liberty Broadband
|
|
|
—
|
|
(2,400)
|
|
(2,400)
|
|
|
Other investing activities, net
|
|
|
(11)
|
|
(3)
|
|
(14)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(157)
|
|
(1,241)
|
|
(1,398)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,143
|
|
1,545
|
|
2,688
|
|
|
Repayments of debt
|
|
|
(1,340)
|
|
(2,289)
|
|
(3,629)
|
|
|
Repurchases of QVC Group common stock
|
|
|
(603)
|
|
—
|
|
(603)
|
|
|
Withholding taxes on net settlements of stock-based compensation
|
|
|
(15)
|
|
(1)
|
|
(16)
|
|
|
Other financing activities, net
|
|
|
(6)
|
|
(22)
|
|
(28)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(821)
|
|
(767)
|
|
(1,588)
|
|
|
Effect of foreign currency rates on cash
|
|
|
7
|
|
—
|
|
7
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(78)
|
|
(1,866)
|
|
(1,944)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
426
|
|
2,023
|
|
2,449
|
|
|
Cash and cash equivalents at end period
|
|
$
|
348
|
|
157
|
|
505
|
|
STATEMENT OF CASH FLOWS INFORMATION
Nine months ended September 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
442
|
|
166
|
|
608
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
442
|
|
37
|
|
479
|
|
|
Stock-based compensation
|
|
|
40
|
|
41
|
|
81
|
|
|
Cash payments for stock based compensation
|
|
|
—
|
|
(11)
|
|
(11)
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(46)
|
|
(75)
|
|
(121)
|
|
|
Cash receipts from return on equity investments
|
|
|
21
|
|
21
|
|
42
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(28)
|
|
(70)
|
|
(98)
|
|
|
(Gains) losses on dispositions
|
|
|
—
|
|
(110)
|
|
(110)
|
|
|
Deferred income tax (benefit) expense
|
|
|
(103)
|
|
105
|
|
2
|
|
|
Other, net
|
|
|
16
|
|
(1)
|
|
15
|
|
|
Intergroup tax allocation
|
|
|
90
|
|
(90)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(51)
|
|
51
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
(39)
|
|
4
|
|
(35)
|
|
|
Payables and other current liabilities
|
|
|
2
|
|
(51)
|
|
(49)
|
|
|
Net cash provided (used) by operating activities
|
|
|
786
|
|
17
|
|
803
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
(4)
|
|
(122)
|
|
(126)
|
|
|
Cash receipts from returns of equity investments
|
|
|
200
|
|
50
|
|
250
|
|
|
Capital expended for property and equipment
|
|
|
(132)
|
|
(32)
|
|
(164)
|
|
|
Purchases of short term and other marketable securities
|
|
|
(154)
|
|
(1,040)
|
|
(1,194)
|
|
|
Sales of short term and other marketable securities
|
|
|
160
|
|
1,020
|
|
1,180
|
|
|
Other investing activities, net
|
|
|
(48)
|
|
—
|
|
(48)
|
|
|
Net cash provided (used) by investing activities
|
|
|
22
|
|
127
|
|
149
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
1,470
|
|
486
|
|
1,956
|
|
|
Repayments of debt
|
|
|
(1,638)
|
|
(462)
|
|
(2,100)
|
|
|
Repurchases of QVC Group common stock
|
|
|
(531)
|
|
—
|
|
(531)
|
|
|
Withholding taxes on net settlements of stock-based compensation
|
|
|
(17)
|
|
—
|
|
(17)
|
|
|
Other financing activities, net
|
|
|
2
|
|
(18)
|
|
(16)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(714)
|
|
6
|
|
(708)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(4)
|
|
—
|
|
(4)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
90
|
|
150
|
|
240
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
422
|
|
1,884
|
|
2,306
|
|
|
Cash and cash equivalents at end period
|
|
$
|
512
|
|
2,034
|
|
2,546
|
|
|