| Investments In Affiliates Accounted For Using The Equity Method |
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, 2013 and the carrying amount at December 31, 2012:
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September 30, 2013 |
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December 31, 2012 |
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Percentage
ownership
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Fair value (Level 1) |
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Carrying
amount
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Carrying
amount
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dollars in millions |
Interactive Group |
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HSN, Inc. |
38 |
% |
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$ |
1,073 |
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$ |
283 |
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242 |
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Other |
various |
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NA |
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52 |
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62 |
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Total Interactive Group |
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335 |
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304 |
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Ventures Group |
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Expedia, Inc. (1) |
17 |
% |
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1,196 |
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465 |
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431 |
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Other (2) |
various |
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NA |
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425 |
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116 |
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Total Ventures Group |
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890 |
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547 |
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Consolidated Liberty |
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$ |
1,225 |
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851 |
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(1) |
Liberty's 22% owned consolidated subsidiary TripAdvisor, Inc. earned revenue of approximately $56 million and $171 million for the three and nine months ended September 30, 2013, respectively, and $57 million and $164 million for the three and nine months ended September 30, 2012, respectively, from Expedia, Inc. (TripAdvisor's former parent).
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(2) |
Liberty invested $300 million in a solar energy plant on September 30, 2013. Liberty expects to receive a portion of the initial investment back within a year as the entity expects to receive grant proceeds and other favorable tax attributes once the solar plant is operational. Similar to some of Liberty's other alternative energy investments, the Company expects to record the Company's share of losses of the solar plant initially but expects to record the impacts of favorable tax attributes (primarily accelerated depreciation) as a current tax benefit with an offsetting deferred tax expense in the tax expense (benefit) line item in the Statement of Operations.
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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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2013 |
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2012 |
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2013 |
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2012 |
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amounts in millions |
Interactive Group |
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HSN, Inc. |
$ |
15 |
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10 |
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46 |
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34 |
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Other |
(2 |
) |
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(4 |
) |
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(13 |
) |
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(8 |
) |
Total Interactive Group |
13 |
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6 |
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33 |
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26 |
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Ventures Group |
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Expedia, Inc. |
27 |
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41 |
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17 |
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65 |
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TripAdvisor, Inc. (1) |
NA |
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10 |
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NA |
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33 |
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Other |
(11 |
) |
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(14 |
) |
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(25 |
) |
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(35 |
) |
Total Ventures Group |
16 |
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37 |
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(8 |
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63 |
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Consolidated Liberty |
$ |
29 |
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43 |
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25 |
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89 |
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(1) |
On December 11, 2012, we acquired approximately 4.8 million additional shares of common stock of TripAdvisor (an additional 4% equity ownership interest), for $300 million, and obtained voting control of TripAdvisor. Following the date of this transaction, TripAdvisor is accounted for as a consolidated subsidiary. See note 1 for additional details of this transaction.
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