Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
March 31, 2017
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
379
|
|
442
|
|
821
|
|
|
Trade and other receivables, net
|
|
|
933
|
|
36
|
|
969
|
|
|
Inventory, net
|
|
|
1,050
|
|
—
|
|
1,050
|
|
|
Other current assets
|
|
|
78
|
|
2
|
|
80
|
|
|
Total current assets
|
|
|
2,440
|
|
480
|
|
2,920
|
|
|
Investments in available-for-sale securities and other cost investments (note 2)
|
|
|
4
|
|
2,181
|
|
2,185
|
|
|
Investments in affiliates, accounted for using the equity method (note 3)
|
|
|
233
|
|
334
|
|
567
|
|
|
Investment in Liberty Broadband measured at fair value (note 3)
|
|
|
—
|
|
3,688
|
|
3,688
|
|
|
Property and equipment, net
|
|
|
1,123
|
|
1
|
|
1,124
|
|
|
Intangible assets not subject to amortization
|
|
|
9,347
|
|
30
|
|
9,377
|
|
|
Intangible assets subject to amortization, net
|
|
|
858
|
|
4
|
|
862
|
|
|
Other assets, at cost, net of accumulated amortization
|
|
|
35
|
|
—
|
|
35
|
|
|
Total assets
|
|
$
|
14,040
|
|
6,718
|
|
20,758
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7)
|
|
$
|
172
|
|
(172)
|
|
—
|
|
|
Accounts payable
|
|
|
727
|
|
—
|
|
727
|
|
|
Accrued liabilities
|
|
|
579
|
|
22
|
|
601
|
|
|
Current portion of debt (note 4)
|
|
|
15
|
|
902
|
|
917
|
|
|
Other current liabilities
|
|
|
178
|
|
2
|
|
180
|
|
|
Total current liabilities
|
|
|
1,671
|
|
754
|
|
2,425
|
|
|
Long-term debt (note 4)
|
|
|
6,169
|
|
844
|
|
7,013
|
|
|
Deferred income tax liabilities
|
|
|
1,111
|
|
2,800
|
|
3,911
|
|
|
Other liabilities
|
|
|
165
|
|
(3)
|
|
162
|
|
|
Total liabilities
|
|
|
9,116
|
|
4,395
|
|
13,511
|
|
|
Equity/Attributed net assets (liabilities)
|
|
|
4,830
|
|
2,332
|
|
7,162
|
|
|
Noncontrolling interests in equity of subsidiaries
|
|
|
94
|
|
(9)
|
|
85
|
|
|
Total liabilities and equity
|
|
$
|
14,040
|
|
6,718
|
|
20,758
|
|
|
| Condensed Income Statement |
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2017
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,323
|
|
4
|
|
2,327
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,505
|
|
—
|
|
1,505
|
|
|
Operating
|
|
|
148
|
|
3
|
|
151
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
237
|
|
13
|
|
250
|
|
|
Depreciation and amortization
|
|
|
207
|
|
1
|
|
208
|
|
|
|
|
|
2,097
|
|
17
|
|
2,114
|
|
|
Operating income (loss)
|
|
|
226
|
|
(13)
|
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(75)
|
|
(15)
|
|
(90)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
14
|
|
(41)
|
|
(27)
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(1)
|
|
702
|
|
701
|
|
|
Other, net
|
|
|
(2)
|
|
3
|
|
1
|
|
|
|
|
|
(64)
|
|
649
|
|
585
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
162
|
|
636
|
|
798
|
|
|
Income tax benefit (expense)
|
|
|
(59)
|
|
(220)
|
|
(279)
|
|
|
Net earnings (loss)
|
|
|
103
|
|
416
|
|
519
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
12
|
|
—
|
|
12
|
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
|
$
|
91
|
|
416
|
|
507
|
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Total revenue, net
|
|
$
|
2,367
|
|
143
|
|
2,510
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
1,535
|
|
91
|
|
1,626
|
|
|
Operating
|
|
|
153
|
|
17
|
|
170
|
|
|
Selling, general and administrative, including stock-based compensation (note 5)
|
|
|
264
|
|
44
|
|
308
|
|
|
Depreciation and amortization
|
|
|
209
|
|
8
|
|
217
|
|
|
|
|
|
2,161
|
|
160
|
|
2,321
|
|
|
Operating income (loss)
|
|
|
206
|
|
(17)
|
|
189
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(76)
|
|
(17)
|
|
(93)
|
|
|
Share of earnings (losses) of affiliates, net (note 3)
|
|
|
21
|
|
(18)
|
|
3
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
(1)
|
|
(6)
|
|
(7)
|
|
|
Other, net
|
|
|
5
|
|
33
|
|
38
|
|
|
|
|
|
(51)
|
|
(8)
|
|
(59)
|
|
|
Earnings (loss) from continuing operations before income taxes
|
|
|
155
|
|
(25)
|
|
130
|
|
|
Income tax benefit (expense)
|
|
|
(53)
|
|
15
|
|
(38)
|
|
|
Net earnings (loss) from continuing operations
|
|
|
102
|
|
(10)
|
|
92
|
|
|
Earnings (loss) from discontinued operations
|
|
|
—
|
|
(16)
|
|
(16)
|
|
|
Net earnings (loss)
|
|
|
102
|
|
(26)
|
|
76
|
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
|
|
8
|
|
—
|
|
8
|
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
|
$
|
94
|
|
(26)
|
|
68
|
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2017
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
103
|
|
416
|
|
519
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
207
|
|
1
|
|
208
|
|
|
Stock-based compensation
|
|
|
12
|
|
4
|
|
16
|
|
|
Share of (earnings) losses of affiliates, net
|
|
|
(14)
|
|
41
|
|
27
|
|
|
Cash receipts from return on equity investments
|
|
|
7
|
|
—
|
|
7
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
1
|
|
(702)
|
|
(701)
|
|
|
(Gains) losses on dispositions
|
|
|
2
|
|
(2)
|
|
—
|
|
|
Deferred income tax (benefit) expense
|
|
|
(25)
|
|
280
|
|
255
|
|
|
Other, net
|
|
|
2
|
|
1
|
|
3
|
|
|
Intergroup tax allocation
|
|
|
60
|
|
(60)
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
244
|
|
10
|
|
254
|
|
|
Payables and other current liabilities
|
|
|
(154)
|
|
(8)
|
|
(162)
|
|
|
Net cash provided (used) by operating activities
|
|
|
445
|
|
(19)
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Investment in and loans to cost and equity investees
|
|
|
—
|
|
(21)
|
|
(21)
|
|
|
Capital expended for property and equipment
|
|
|
(29)
|
|
(1)
|
|
(30)
|
|
|
Other investing activities, net
|
|
|
(1)
|
|
—
|
|
(1)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(30)
|
|
(22)
|
|
(52)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
499
|
|
—
|
|
499
|
|
|
Repayments of debt
|
|
|
(699)
|
|
(5)
|
|
(704)
|
|
|
Repurchases of QVC Group common stock
|
|
|
(152)
|
|
—
|
|
(152)
|
|
|
Withholding taxes on net settlements of stock-based compensation
|
|
|
(4)
|
|
—
|
|
(4)
|
|
|
Other financing activities, net
|
|
|
(27)
|
|
1
|
|
(26)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(383)
|
|
(4)
|
|
(387)
|
|
|
Effect of foreign currency rates on cash
|
|
|
9
|
|
—
|
|
9
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
41
|
|
(45)
|
|
(4)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
338
|
|
487
|
|
825
|
|
|
Cash and cash equivalents at end period
|
|
$
|
379
|
|
442
|
|
821
|
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2016
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1)
|
|
|
|
|
|
|
QVC
|
|
Ventures
|
|
Consolidated
|
|
|
|
|
Group
|
|
Group
|
|
Liberty
|
|
|
|
|
amounts in millions
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
102
|
|
(26)
|
|
76
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
(Earnings) loss from discontinued operations
|
|
|
—
|
|
16
|
|
16
|
|
|
Depreciation and amortization
|
|
|
209
|
|
8
|
|
217
|
|
|
Stock-based compensation
|
|
|
18
|
|
13
|
|
31
|
|
|
Cash payments for stock based compensation
|
|
|
—
|
|
(10)
|
|
(10)
|
|
|
Share of losses (earnings) of affiliates, net
|
|
|
(21)
|
|
18
|
|
(3)
|
|
|
Cash receipts from return on equity investments
|
|
|
6
|
|
3
|
|
9
|
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
|
|
1
|
|
6
|
|
7
|
|
|
Deferred income tax (benefit) expense
|
|
|
(30)
|
|
36
|
|
6
|
|
|
Other, net
|
|
|
(6)
|
|
(30)
|
|
(36)
|
|
|
Intergroup tax allocation
|
|
|
49
|
|
(49)
|
|
—
|
|
|
Intergroup tax (payments) receipts
|
|
|
(54)
|
|
54
|
|
—
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
Current and other assets
|
|
|
268
|
|
13
|
|
281
|
|
|
Payables and other current liabilities
|
|
|
(297)
|
|
(3)
|
|
(300)
|
|
|
Net cash provided (used) by operating activities
|
|
|
245
|
|
49
|
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Cash proceeds from dispositions
|
|
|
—
|
|
9
|
|
9
|
|
|
Investments in and loans to cost and equity investees
|
|
|
—
|
|
(22)
|
|
(22)
|
|
|
Capital expended for property and equipment
|
|
|
(43)
|
|
(8)
|
|
(51)
|
|
|
Purchases of short term and other marketable securities
|
|
|
—
|
|
(116)
|
|
(116)
|
|
|
Sales of short term and other marketable securities
|
|
|
12
|
|
413
|
|
425
|
|
|
Other investing activities, net
|
|
|
(13)
|
|
1
|
|
(12)
|
|
|
Net cash provided (used) by investing activities
|
|
|
(44)
|
|
277
|
|
233
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Borrowings of debt
|
|
|
515
|
|
108
|
|
623
|
|
|
Repayments of debt
|
|
|
(438)
|
|
(160)
|
|
(598)
|
|
|
Repurchases of QVC Group common stock
|
|
|
(238)
|
|
—
|
|
(238)
|
|
|
Withholding taxes on net settlements of stock-based compensation
|
|
|
(7)
|
|
(1)
|
|
(8)
|
|
|
Other financing activities, net
|
|
|
(6)
|
|
1
|
|
(5)
|
|
|
Net cash provided (used) by financing activities
|
|
|
(174)
|
|
(52)
|
|
(226)
|
|
|
Effect of foreign currency rates on cash
|
|
|
(13)
|
|
—
|
|
(13)
|
|
|
Net cash provided (used) by discontinued operations:
|
|
|
|
|
|
|
|
|
|
Cash provided (used) by operating activities
|
|
|
—
|
|
6
|
|
6
|
|
|
Cash provided (used) by investing activities
|
|
|
—
|
|
—
|
|
—
|
|
|
Cash provided (used) by financing activities
|
|
|
—
|
|
—
|
|
—
|
|
|
Change in available cash held by discontinued operations
|
|
|
—
|
|
—
|
|
—
|
|
|
Net cash provided (used) by discontinued operations
|
|
|
—
|
|
6
|
|
6
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
14
|
|
280
|
|
294
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
426
|
|
2,023
|
|
2,449
|
|
|
Cash and cash equivalents at end period
|
|
$
|
440
|
|
2,303
|
|
2,743
|
|
|