Qurate Retail, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Financial Information for Tracking Stock Groups (Tabels)

Financial Information for Tracking Stock Groups (Tabels)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

BALANCE SHEET INFORMATION

December 31, 2014

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Inter-group	Consolidated
	Group		Group	eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	422	1,884	—	2,306
Trade and other receivables, net		1,196	36	—	1,232
Inventory, net		882	167	—	1,049
Short-term marketable securities		21	868	—	889
Other current assets		262	9	(199)	72
Total current assets		2,783	2,964	(199)	5,548
Investments in available-for-sale securities and other cost investments (note 2)		4	1,220	—	1,224
Investments in affiliates, accounted for using the equity method (note 3)		375	1,258	—	1,633
Property and equipment, net		1,026	67	—	1,093
Intangible assets not subject to amortization, net		7,634	259	—	7,893
Intangible assets subject to amortization, net		1,130	55	—	1,185
Other assets, at cost, net of accumulated amortization		60	5	—	65
Total assets	$	13,012	5,828	(199)	18,641
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable)	$	(5)	5	—	—
Accounts payable		629	106	—	735
Accrued liabilities		688	55	—	743
Current portion of debt (note 4)		9	937	—	946
Deferred tax liabilities		—	1,171	(199)	972
Other current liabilities		269	74	—	343
Total current liabilities		1,590	2,348	(199)	3,739
Long-term debt (note 4)		5,851	1,254	—	7,105
Deferred income tax liabilities		1,033	816	—	1,849
Other liabilities		157	11	—	168
Total liabilities		8,631	4,429	(199)	12,861
Equity/Attributed net assets (liabilities)		4,280	1,393	—	5,673
Noncontrolling interests in equity of subsidiaries		101	6	—	107
Total liabilities and equity	$	13,012	5,828	(199)	18,641

BALANCE SHEET INFORMATION

December 31, 2013

(unaudited)

Condensed Income Statement



	Attributed (note 1)
	QVC		Ventures	Inter-group	Consolidated
	Group		Group	eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	595	307	—	902
Trade and other receivables, net		1,148	4	—	1,152
Inventory, net		1,123	—	—	1,123
Short-term marketable securities		—	412	—	412
Other current assets		354	—	(170)	184
Current assets of discontinued operations		25	628	—	653
Total current assets		3,245	1,351	(170)	4,426
Investments in available-for-sale securities and other cost investments (note 2)		4	1,309	—	1,313
Investments in affiliates, accounted for using the equity method (note 3)		343	894	—	1,237
Property and equipment, net		1,208	—	—	1,208
Intangible assets not subject to amortization, net		8,383	—	—	8,383
Intangible assets subject to amortization, net		1,587	—	—	1,587
Other assets, at cost, net of accumulated amortization		80	—	—	80
Noncurrent assets of discontinued operations		12	6,430	—	6,442
Total assets	$	14,862	9,984	(170)	24,676
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable)	$	221	(221)	—	—
Accounts payable		606	—	—	606
Accrued liabilities		883	20	—	903
Current portion of debt (note 4)		39	870	—	909
Deferred tax liabilities		—	1,095	(170)	925
Other current liabilities		145	3	—	148
Current liabilities of discontinued operations		22	243	—	265
Total current liabilities		1,916	2,010	(170)	3,756
Long-term debt (note 4)		5,044	1,062	—	6,106
Deferred income tax liabilities		1,207	790	4	2,001
Other liabilities		191	—	—	191
Noncurrent liabilities of discontinued operations		2	1,189	(4)	1,187
Total liabilities		8,360	5,051	(170)	13,241
Equity/Attributed net assets (liabilities)		6,378	558	—	6,936
Noncontrolling interests in equity of subsidiaries		124	4,375	—	4,499
Total liabilities and equity	$	14,862	9,984	(170)	24,676

STATEMENT OF OPERATIONS INFORMATION

Year ended December 31, 2014

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Consolidated
	Group		Group	Liberty
	amounts in millions
Total revenue, net	$	10,028	471	10,499
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)		6,378	306	6,684
Operating		854	37	891
Selling, general and administrative, including stock-based compensation (note 5)		940	127	1,067
Depreciation and amortization		643	19	662
Impairment of intangible assets		7	—	7
		8,822	489	9,311
Operating income (loss)		1,206	(18)	1,188
Other income (expense):
Interest expense		(312)	(75)	(387)
Share of earnings (losses) of affiliates, net (note 3)		51	(12)	39
Realized and unrealized gains (losses) on financial instruments, net		(22)	(35)	(57)
Gains (losses) on transactions, net		—	74	74
Other, net		(43)	22	(21)
		(326)	(26)	(352)
Earnings (loss) from continuing operations before income taxes		880	(44)	836
Income tax benefit (expense)		(306)	48	(258)
Net earnings (loss) from continuing operations		574	4	578
Net earnings (loss) from discontinued operations, net of taxes		(15)	63	48
Net earnings (loss)		559	67	626
Less net earnings (loss) attributable to noncontrolling interests		39	50	89
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders	$	520	17	537

STATEMENT OF OPERATIONS INFORMATION

Year ended December 31, 2013

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Consolidated
	Group		Group	Liberty
		amounts in millions
Total revenue, net	$	10,219	—	10,219
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)		6,533	—	6,533
Operating		862	—	862
Selling, general and administrative, including stock-based compensation (note 5)		1,010	19	1,029
Depreciation and amortization		629	—	629
Impairment of intangible assets		30	—	30
		9,064	19	9,083
Operating income (loss)		1,155	(19)	1,136
Other income (expense):
Interest expense		(290)	(90)	(380)
Share of earnings (losses) of affiliates, net (note 3)		48	(15)	33
Realized and unrealized gains (losses) on financial instruments, net		(12)	(10)	(22)
Gains (losses) on transactions, net		(1)	—	(1)
Other, net		(54)	25	(29)
		(309)	(90)	(399)
Earnings (loss) from continuing operations before income taxes		846	(109)	737
Income tax benefit (expense)		(346)	163	(183)
Earnings (loss) from continuing operations, net of taxes		500	54	554
Earnings (loss) from discontinued operations, net of taxes		(17)	43	26
Net earnings (loss)		483	97	580
Less net earnings (loss) attributable to noncontrolling interests		45	34	79
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders	$	438	63	501

STATEMENT OF OPERATIONS INFORMATION

Year ended December 31, 2012

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Consolidated
	Group		Group	Liberty
	amounts in millions
Total revenue, net	$	9,888	—	9,888
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)		6,307	—	6,307
Operating		819	—	819
Selling, general and administrative, including stock-based compensation (note 5)		943	12	955
Depreciation and amortization		591	—	591
Impairment of intangible assets		53	—	53
		8,713	12	8,725
Operating income (loss)		1,175	(12)	1,163
Other income (expense):
Interest expense		(322)	(144)	(466)
Share of earnings (losses) of affiliates, net (note 3)		28	19	47
Realized and unrealized gains (losses) on financial instruments, net		51	(402)	(351)
Gains (losses) on transactions, net		—	443	443
Other, net		—	47	47
		(243)	(37)	(280)
Earnings (loss) before income taxes		932	(49)	883
Income tax benefit (expense)		(357)	79	(278)
Earnings (loss) from continuing operations		575	30	605
Earnings (loss) from discontinued operations, net of taxes		(46)	1,032	986
Net earnings (loss)		529	1,062	1,591
Less net earnings (loss) attributable to noncontrolling interests		63	(2)	61
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders	$	466	1,064	1,530

Condensed Cash Flow Statement

BALANCE SHEET INFORMATION

December 31, 2014

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Inter-group	Consolidated
	Group		Group	eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	422	1,884	—	2,306
Trade and other receivables, net		1,196	36	—	1,232
Inventory, net		882	167	—	1,049
Short-term marketable securities		21	868	—	889
Other current assets		262	9	(199)	72
Total current assets		2,783	2,964	(199)	5,548
Investments in available-for-sale securities and other cost investments (note 2)		4	1,220	—	1,224
Investments in affiliates, accounted for using the equity method (note 3)		375	1,258	—	1,633
Property and equipment, net		1,026	67	—	1,093
Intangible assets not subject to amortization, net		7,634	259	—	7,893
Intangible assets subject to amortization, net		1,130	55	—	1,185
Other assets, at cost, net of accumulated amortization		60	5	—	65
Total assets	$	13,012	5,828	(199)	18,641
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable)	$	(5)	5	—	—
Accounts payable		629	106	—	735
Accrued liabilities		688	55	—	743
Current portion of debt (note 4)		9	937	—	946
Deferred tax liabilities		—	1,171	(199)	972
Other current liabilities		269	74	—	343
Total current liabilities		1,590	2,348	(199)	3,739
Long-term debt (note 4)		5,851	1,254	—	7,105
Deferred income tax liabilities		1,033	816	—	1,849
Other liabilities		157	11	—	168
Total liabilities		8,631	4,429	(199)	12,861
Equity/Attributed net assets (liabilities)		4,280	1,393	—	5,673
Noncontrolling interests in equity of subsidiaries		101	6	—	107
Total liabilities and equity	$	13,012	5,828	(199)	18,641

BALANCE SHEET INFORMATION

December 31, 2013

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Inter-group	Consolidated
	Group		Group	eliminations	Liberty
	amounts in millions
Assets
Current assets:
Cash and cash equivalents	$	595	307	—	902
Trade and other receivables, net		1,148	4	—	1,152
Inventory, net		1,123	—	—	1,123
Short-term marketable securities		—	412	—	412
Other current assets		354	—	(170)	184
Current assets of discontinued operations		25	628	—	653
Total current assets		3,245	1,351	(170)	4,426
Investments in available-for-sale securities and other cost investments (note 2)		4	1,309	—	1,313
Investments in affiliates, accounted for using the equity method (note 3)		343	894	—	1,237
Property and equipment, net		1,208	—	—	1,208
Intangible assets not subject to amortization, net		8,383	—	—	8,383
Intangible assets subject to amortization, net		1,587	—	—	1,587
Other assets, at cost, net of accumulated amortization		80	—	—	80
Noncurrent assets of discontinued operations		12	6,430	—	6,442
Total assets	$	14,862	9,984	(170)	24,676
Liabilities and Equity
Current liabilities:
Intergroup payable (receivable)	$	221	(221)	—	—
Accounts payable		606	—	—	606
Accrued liabilities		883	20	—	903
Current portion of debt (note 4)		39	870	—	909
Deferred tax liabilities		—	1,095	(170)	925
Other current liabilities		145	3	—	148
Current liabilities of discontinued operations		22	243	—	265
Total current liabilities		1,916	2,010	(170)	3,756
Long-term debt (note 4)		5,044	1,062	—	6,106
Deferred income tax liabilities		1,207	790	4	2,001
Other liabilities		191	—	—	191
Noncurrent liabilities of discontinued operations		2	1,189	(4)	1,187
Total liabilities		8,360	5,051	(170)	13,241
Equity/Attributed net assets (liabilities)		6,378	558	—	6,936
Noncontrolling interests in equity of subsidiaries		124	4,375	—	4,499
Total liabilities and equity	$	14,862	9,984	(170)	24,676

STATEMENT OF OPERATIONS INFORMATION

Year ended December 31, 2014

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Consolidated
	Group		Group	Liberty
	amounts in millions
Total revenue, net	$	10,028	471	10,499
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)		6,378	306	6,684
Operating		854	37	891
Selling, general and administrative, including stock-based compensation (note 5)		940	127	1,067
Depreciation and amortization		643	19	662
Impairment of intangible assets		7	—	7
		8,822	489	9,311
Operating income (loss)		1,206	(18)	1,188
Other income (expense):
Interest expense		(312)	(75)	(387)
Share of earnings (losses) of affiliates, net (note 3)		51	(12)	39
Realized and unrealized gains (losses) on financial instruments, net		(22)	(35)	(57)
Gains (losses) on transactions, net		—	74	74
Other, net		(43)	22	(21)
		(326)	(26)	(352)
Earnings (loss) from continuing operations before income taxes		880	(44)	836
Income tax benefit (expense)		(306)	48	(258)
Net earnings (loss) from continuing operations		574	4	578
Net earnings (loss) from discontinued operations, net of taxes		(15)	63	48
Net earnings (loss)		559	67	626
Less net earnings (loss) attributable to noncontrolling interests		39	50	89
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders	$	520	17	537

STATEMENT OF OPERATIONS INFORMATION

Year ended December 31, 2013

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Consolidated
	Group		Group	Liberty
		amounts in millions
Total revenue, net	$	10,219	—	10,219
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)		6,533	—	6,533
Operating		862	—	862
Selling, general and administrative, including stock-based compensation (note 5)		1,010	19	1,029
Depreciation and amortization		629	—	629
Impairment of intangible assets		30	—	30
		9,064	19	9,083
Operating income (loss)		1,155	(19)	1,136
Other income (expense):
Interest expense		(290)	(90)	(380)
Share of earnings (losses) of affiliates, net (note 3)		48	(15)	33
Realized and unrealized gains (losses) on financial instruments, net		(12)	(10)	(22)
Gains (losses) on transactions, net		(1)	—	(1)
Other, net		(54)	25	(29)
		(309)	(90)	(399)
Earnings (loss) from continuing operations before income taxes		846	(109)	737
Income tax benefit (expense)		(346)	163	(183)
Earnings (loss) from continuing operations, net of taxes		500	54	554
Earnings (loss) from discontinued operations, net of taxes		(17)	43	26
Net earnings (loss)		483	97	580
Less net earnings (loss) attributable to noncontrolling interests		45	34	79
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders	$	438	63	501

STATEMENT OF OPERATIONS INFORMATION

Year ended December 31, 2012

(unaudited)



	Attributed (note 1)
	QVC		Ventures	Consolidated
	Group		Group	Liberty
	amounts in millions
Total revenue, net	$	9,888	—	9,888
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)		6,307	—	6,307
Operating		819	—	819
Selling, general and administrative, including stock-based compensation (note 5)		943	12	955
Depreciation and amortization		591	—	591
Impairment of intangible assets		53	—	53
		8,713	12	8,725
Operating income (loss)		1,175	(12)	1,163
Other income (expense):
Interest expense		(322)	(144)	(466)
Share of earnings (losses) of affiliates, net (note 3)		28	19	47
Realized and unrealized gains (losses) on financial instruments, net		51	(402)	(351)
Gains (losses) on transactions, net		—	443	443
Other, net		—	47	47
		(243)	(37)	(280)
Earnings (loss) before income taxes		932	(49)	883
Income tax benefit (expense)		(357)	79	(278)
Earnings (loss) from continuing operations		575	30	605
Earnings (loss) from discontinued operations, net of taxes		(46)	1,032	986
Net earnings (loss)		529	1,062	1,591
Less net earnings (loss) attributable to noncontrolling interests		63	(2)	61
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders	$	466	1,064	1,530

STATEMENT OF CASH FLOWS INFORMATION

Year ended December 31, 2014

(unaudited)



	Attributed (note 1)
	QVC Group		Ventures Group	Consolidated Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	559	67	626
Adjustments to reconcile net earnings to net cash provided by operating activities:
(Earnings) loss from discontinued operations		15	(63)	(48)
Depreciation and amortization		643	19	662
Stock-based compensation		83	25	108
Cash payments for stock-based compensation		(13)	(2)	(15)
Excess tax benefit from stock-based compensation		(20)	(1)	(21)
Noncash interest expense		6	—	6
Share of (earnings) losses of affiliates, net		(51)	12	(39)
Cash receipts from returns on equity investments		22	23	45
Realized and unrealized (gains) losses on financial instruments, net		22	35	57
(Gains) losses on transactions, net		—	(74)	(74)
(Gains) losses on extinguishment of debt		48	—	48
Impairment of intangible assets		7	—	7
Deferred income tax expense (benefit)		(160)	119	(41)
Intergroup tax allocation		169	(169)	—
Intergroup tax payments		(388)	388	—
Other noncash charges (credits), net		(3)	1	(2)
Changes in operating assets and liabilities
Current and other assets		(80)	(4)	(84)
Payables and other liabilities		345	60	405
Net cash provided (used) by operating activities		1,204	436	1,640
Cash flows from investing activities:
Cash proceeds from dispositions		—	163	163
Investment in and loans to cost and equity investees		(4)	(87)	(91)
Capital expended for property and equipment		(226)	(15)	(241)
Purchases of short term investments and other marketable securities		(73)	(791)	(864)
Sales of short term investments and other marketable securities		52	539	591
Other investing activities, net		(30)	14	(16)
Net cash provided (used) by investing activities		(281)	(177)	(458)
Cash flows from financing activities:
Borrowings of debt		4,360	146	4,506
Repayments of debt		(3,563)	(186)	(3,749)
Intergroup receipts (payments), net		(1,035)	1,035	—
Repurchases of Liberty Interactive common stock		(785)	—	(785)
Taxes paid in lieu of shares issued for stock-based compensation		(25)	(1)	(26)
Excess tax benefit from stock-based compensation		20	1	21
Other financing activities, net		(8)	(25)	(33)
Net cash provided (used) by financing activities		(1,036)	970	(66)
Effect of foreign currency exchange rates on cash		(46)	—	(46)
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities		(20)	293	273
Cash provided (used) by investing activities		—	(194)	(194)
Cash provided (used) by financing activities		3	368	371
Change in available cash held by discontinued operations		3	(119)	(116)
Net cash provided (used) by discontinued operations		(14)	348	334
Net increase (decrease) in cash and cash equivalents		(173)	1,577	1,404
Cash and cash equivalents at beginning of period		595	307	902
Cash and cash equivalents at end of period	$	422	1,884	2,306

STATEMENT OF CASH FLOWS INFORMATION

Year ended December 31, 2013

(unaudited)



	Attributed (note 1)
				Consolidated
	QVC Group		Ventures Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	483	97	580
Adjustments to reconcile net earnings to net cash provided by operating activities:
(Earnings) loss from discontinued operations		17	(43)	(26)
Depreciation and amortization		629	—	629
Stock-based compensation		110	8	118
Cash payments for stock-based compensation		(8)	—	(8)
Excess tax benefit from stock-based compensation		(13)	—	(13)
Noncash interest expense		12	1	13
Share of losses (earnings) of affiliates, net		(48)	15	(33)
Cash receipts from return on equity investments		16	19	35
Realized and unrealized gains (losses) on financial instruments, net		12	10	22
(Gains) losses on transactions, net		1	—	1
(Gains) losses on extinguishment of debt		57	—	57
Impairment of intangible assets		30	—	30
Deferred income tax (benefit) expense		(132)	110	(22)
Intergroup tax allocation		272	(272)	—
Intergroup tax payments		(52)	52	—
Other noncash charges (credits), net		(14)	11	(3)
Changes in operating assets and liabilities
Current and other assets		(81)	(3)	(84)
Payables and other current liabilities		(306)	37	(269)
Net cash provided (used) by operating activities		985	42	1,027
Cash flows from investing activities:
Cash proceeds from dispositions		1	1,136	1,137
Investments in and loans to cost and equity investees		(4)	(380)	(384)
Capital expended for property and equipment		(291)	—	(291)
Cash paid for acquisitions, net of cash acquired		(24)	—	(24)
Purchases of short term and other marketable securities		—	(959)	(959)
Sales of short term investments and other marketable securities		—	400	400
Other investing activities, net		(38)	(3)	(41)
Net cash provided (used) by investing activities		(356)	194	(162)
Cash flows from financing activities:
Borrowings of debt		3,520	841	4,361
Repayments of debt		(3,052)	(2,363)	(5,415)
Repurchases of Liberty Interactive common stock		(1,089)	—	(1,089)
Taxes paid in lieu of shares issued for stock-based compensation		(21)	—	(21)
Excess tax benefit from stock-based compensation		13	—	13
Other financing activities, net		(57)	—	(57)
Net cash provided (used) by financing activities		(686)	(1,522)	(2,208)
Effect of foreign currency rates on cash		(24)	—	(24)
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities		(13)	346	333
Cash provided (used) by investing activities		(6)	(192)	(198)
Cash provided (used) by financing activities		(1)	(171)	(172)
Change in available cash held by discontinued operations		(2)	17	15
Net cash provided (used) by discontinued operations		(22)	—	(22)
Net increase (decrease) in cash and cash equivalents		(103)	(1,286)	(1,389)
Cash and cash equivalents at beginning of period		698	1,593	2,291
Cash and cash equivalents at end period	$	595	307	902

STATEMENT OF CASH FLOWS INFORMATION

Year ended December 31, 2012

(unaudited)



	Attributed (note 1)
				Consolidated
	QVC Group		Ventures Group	Liberty
	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	529	1,062	1,591
Adjustments to reconcile net earnings to net cash provided by operating activities:
(Earnings) loss from discontinued operations		46	(1,032)	(986)
Depreciation and amortization		591	—	591
Stock-based compensation		84	7	91
Cash payments for stock-based compensation		(12)	—	(12)
Excess tax benefit from stock-based compensation		(56)	(8)	(64)
Noncash interest expense		9	—	9
Share of losses (earnings) of affiliates, net		(28)	(19)	(47)
Cash receipts from return on equity investments		11	34	45
Realized and unrealized gains (losses) on financial instruments, net		(51)	402	351
(Gains) losses on transactions, net		—	(443)	(443)
Impairment of intangible assets		53	—	53
Deferred income tax (benefit) expense		(177)	123	(54)
Intergroup tax allocation		152	(152)	—
Intergroup tax payments		(33)	33	—
Other noncash charges (credits), net		1	1	2
Changes in operating assets and liabilities
Current and other assets		(77)	(1)	(78)
Payables and other current liabilities		430	(32)	398
Net cash provided (used) by operating activities		1,472	(25)	1,447
Cash flows from investing activities:
Cash proceeds from dispositions		—	692	692
Proceeds (settlements) of financial instruments, net		—	(258)	(258)
Investments in and loans to cost and equity investees		(59)	(177)	(236)
Capital expended for property and equipment		(333)	—	(333)
Cash paid for acquisitions, net of cash acquired		(83)	—	(83)
Purchases of short term investments and other marketable securities		—	(58)	(58)
Sales of short term investments and other marketable securities		46	—	46
Other investing activities, net		(29)	(10)	(39)
Net cash provided (used) by investing activities		(458)	189	(269)
Cash flows from financing activities:
Borrowings of debt		2,305	—	2,305
Repayments of debt		(1,385)	(115)	(1,500)
Intergroup receipts (payments), net		160	(160)	—
Reattribution of cash between groups		(1,346)	1,346	—
Repurchases of Liberty common stock		(815)	—	(815)
Proceeds from rights offering		—	328	328
Taxes paid in lieu of shares issued for stock-based compensation		(112)	(16)	(128)
Excess tax benefit from stock-based compensation		56	8	64
Other financing activities, net		(5)	—	(5)
Net cash provided (used) by financing activities		(1,142)	1,391	249
Effect of foreign currency rates on cash		(20)	—	(20)
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities		(2)	(13)	(15)
Cash provided (used) by investing activities		(4)	426	422
Cash provided (used) by financing activities		6	(7)	(1)
Change in available cash held by discontinued operations		—	(368)	(368)
Net cash provided (used) by discontinued operations		—	38	38
Net increase (decrease) in cash and cash equivalents		(148)	1,593	1,445
Cash and cash equivalents at beginning of period		846	—	846
Cash and cash equivalents at end period	$	698	1,593	2,291